UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08004
Aston Funds
(Exact name of registrant as specified in charter)
120 North LaSalle Street, 25th Floor
Chicago, IL 60602
(Address of principal executive offices) (Zip code)
Kenneth C. Anderson, President
Aston Funds
120 North LaSalle Street, 25th Floor
Chicago, IL 60602
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 268-1400
Date of fiscal year end: October 31
Date of reporting period: April 30, 2010
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. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
The Report to Shareholders is attached herewith.
(ASTON ASSET MANAGEMENT LOGO)
SEMI ANNUAL REPORT 2010
APRIL 30, 2010
CLASS N, I & R SHARES
EQUITY
INTERNATIONAL
ALTERNATIVE
SECTOR
BALANCED
FIXED INCOME
ASTON FUNDS
THIS PRIVACY STATEMENT IS NOT PART OF THE SEMI ANNUAL REPORT
PRIVACY STATEMENT
At Aston Funds, we appreciate the privacy concerns and expectations of our
customers and we have established the following policies to maintain the privacy
of information you share with us.
INFORMATION WE COLLECT
We collect and retain nonpublic personal information about you that may include:
- Information we receive on your account applications or other forms
such as your name, address, financial information and/or social
security number;
- Information we receive about your mutual fund transactions, such as
purchases, sales, exchanges and account balances; and
- Information we collect through the use of Internet "cookies" when you
access our website. Cookies are software files we use to track which
of our sites you visit.
INFORMATION WE MAY SHARE
We do not sell any of your nonpublic personal information to third parties. We
may share the information we collect with affiliates or with non-affiliated
third parties only when those parties are acting on our behalf in servicing your
account, or as required by law. These third parties may include:
- Administrative service providers who, for example, process
transactions for your account, print checks or prepare account
statements;
- Companies that provide services for us to help market our products to
you; and
- Governmental or other legal agencies, as required by law
When information is shared with third parties, they are legally obligated to
maintain the confidentiality of the information and to limit their use of it to
servicing your account, except as permitted or required by law.
CONFIDENTIALITY AND SECURITY
We restrict access to your nonpublic personal information to authorized
employees who need to access such information in order to provide services or
products to you. We maintain physical, electronic and procedural safeguards to
protect your nonpublic personal information.
As previously mentioned, we may collect information through the use of Internet
"cookies" on our Web site. In addition, in order to provide you with access to
your account via the web, it is necessary for us to collect certain nonpublic
personal information such as your name, social security number and account
information. Special measures such as data encryption and authentication apply
to all nonpublic personal information and communications on our Web site.
APPLICABILITY
Our privacy policies apply only to those individual investors who have a direct
customer relationship with us. If you are an individual shareholder of record of
any of the Funds, the Funds consider you to be their customer. Shareholders
purchasing or owning shares of any of the Funds through their bank, broker, or
other financial institution should also consult that financial institution's
privacy policies.
The Aston Funds value your business. We understand the importance of maintaining
the integrity of your personal information and are committed to keeping your
trust. Please contact us at 800 992-8151 if you have any questions concerning
our policy, or visit us at www.astonfunds.com for additional copies of this
policy.
This page intentionally left blank.
Aston Funds
LARGE CAP FUNDS
Montag & Caldwell Growth Fund
Veredus Select Growth Fund
Optimum Large Cap Opportunity Fund
TAMRO Diversified Equity Fund
M.D. Sass Enhanced Equity Fund
Herndon Large Cap Value Fund
Value Fund
EQUITY INCOME FUND
River Road Dividend All Cap Value Fund
MID CAP FUNDS
Montag & Caldwell Mid Cap Growth Fund
Optimum Mid Cap Fund
Cardinal Mid Cap Value Fund
SMALL CAP FUNDS
Veredus Aggressive Growth Fund
Fasciano Small Cap Fund
TAMRO Small Cap Fund
River Road Select Value Fund (formerly known as River Road Small-Mid 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
Lake Partners LASSO Alternatives Fund
SECTOR FUND
Fortis Real Estate Fund
BALANCED FUND
Montag & Caldwell Balanced Fund
FIXED INCOME FUND
TCH Fixed Income Fund
TABLE OF CONTENTS
Performance Summary ...................................................... 2
Schedules of Investments ................................................. 4
Statements of Assets and Liabilities ..................................... 46
Statements of Operations ................................................. 52
Statements of Changes in Net Assets ...................................... 58
Financial Highlights ..................................................... 68
Notes to Financial Statements ............................................ 109
Additional Information ................................................... 125
THIS REPORT IS SUBMITTED FOR GENERAL INFORMATION TO THE SHAREHOLDERS OF THE
FUNDS. IT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE
FUNDS UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS WHICH INCLUDES
DETAILS REGARDING THE FUNDS' OBJECTIVES, POLICIES, EXPENSES AND OTHER
INFORMATION.
ASTON FUNDS ARE DISTRIBUTED BY PFPC DISTRIBUTORS, INC., 760 MOORE ROAD, KING OF
PRUSSIA, PA 19406.
SHAREHOLDER SERVICES 800 992-8151 - www.astonfunds.com
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
1
Aston Funds
PERFORMANCE SUMMARY (UNAUDITED) AS OF APRIL 30, 2010
AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------------------------------------------------
SIX MONTH TOTAL NET
TOTAL ONE FIVE TEN SINCE EXPENSE EXPENSE INCEPTION
CLASS RETURN (a) YEAR YEAR YEAR INCEPTION RATIO RATIO DATE
----- ---------- ----- ---- ----- --------- ------- ------- ---------
EQUITY FUNDS
Montag & Caldwell Growth Fund N 11.11% 29.18% 5.08% -0.24% 8.61% 1.12% 1.12% 11/02/94
I 11.21 29.48 5.35 0.03 6.50 0.87 0.87 06/28/96
R 10.91 28.88 4.83 N/A 5.58 1.37 1.37 12/31/02
Veredus Select Growth Fund (1) N 29.12 45.30 5.20 N/A 3.92 1.39 1.32 12/31/01
I 29.10 45.64 N/A N/A 4.16 1.14 1.07 09/11/06
Optimum Large Cap Opportunity Fund (1) N 9.96 28.88 N/A N/A 4.11 3.19 1.23 12/28/06
TAMRO Diversified Equity Fund (1) N 15.97 34.68 3.57 N/A 4.05 2.18 1.21 11/30/00
M.D. Sass Enhanced Equity Fund (1) N 8.44 26.47 N/A N/A 1.36 2.12 1.41 01/15/08
I N/A N/A N/A N/A 2.51(c) 1.87 1.16 03/03/10
Herndon Large Cap Value Fund (2) N N/A N/A N/A N/A 0.70(c) 14.93 1.30 03/31/10
Value Fund (b) N 12.03 32.20 2.90 2.39 6.96 1.21 1.21 01/04/93
I 12.16 32.52 N/A N/A 2.07 0.96 0.96 09/20/05
River Road Dividend All Cap
Value Fund N 17.56 36.07 N/A N/A 4.46 1.22 1.22 06/28/05
I 17.73 36.28 N/A N/A -4.07 0.97 0.97 06/28/07
Montag & Caldwell Mid Cap Growth
Fund (1) N 20.01 39.64 N/A N/A -7.66 5.03 1.41 11/02/07
Optimum Mid Cap Fund N 27.92 67.00 9.48 10.25 12.72 1.21 1.21 09/19/94
I 28.05 67.34 9.75 N/A 8.21 0.96 0.96 07/06/04
Cardinal Mid Cap Value Fund (1) N 16.90 34.10 N/A N/A -6.39 11.2 1.42 11/02/07
Veredus Aggressive Growth Fund (1) N 39.13 61.45 2.83 -0.79 7.86 1.83 1.50 06/30/98
I 39.35 61.93 3.13 N/A 0.83 1.58 1.25 10/05/01
Fasciano Small Cap Fund (1) N N/A N/A N/A N/A 8.90(c) 15.17 1.40 12/23/09
TAMRO Small Cap N 28.34 42.84 8.05 N/A 10.55 1.38 1.38 11/30/00
I 28.51 43.15 8.35 N/A 6.38 1.13 1.13 01/04/05
River Road Select Value Fund N 18.55 31.70 N/A N/A -2.81 1.51 1.51 03/29/07
I 18.87 32.21 N/A N/A -4.49 1.26 1.26 06/28/07
River Road Small Cap Value Fund N 18.40 34.45 N/A N/A 5.22 1.42 1.42 06/28/05
I 18.50 34.83 N/A N/A 2.46 1.17 1.17 12/13/06
INTERNATIONAL FUNDS
Neptune International Fund (1) N 8.57 36.24 N/A N/A -17.66 2.67 1.30 06/17/08
I 8.79 36.51 N/A N/A -8.33 2.42 1.05 08/06/07
Barings International Fund (d) N N/A N/A N/A N/A 2.78(c) 2.28 1.52 03/03/10
I 3.56 29.45 N/A N/A -14.89 2.03 1.27 11/02/07
ALTERNATIVE FUNDS
Dynamic Allocation Fund (1) N 8.15 21.70 N/A N/A 0.62 1.99 1.60 01/10/08
New Century Absolute Return ETF
Fund (1) N 12.24 28.26 N/A N/A 0.33 2.64 1.91 03/04/08
Lake Partners LASSO Alternatives
Fund (1) N N/A N/A N/A N/A 2.79(c) 19.94 2.98 03/03/10
I 7.10 17.66 N/A N/A 17.87 19.69 2.73 04/01/09
2
Aston Funds
PERFORMANCE SUMMARY (UNAUDITED) - CONTINUED AS OF APRIL 30, 2010
AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------------------------------------------------
SIX MONTH TOTAL NET
TOTAL ONE FIVE TEN SINCE EXPENSE EXPENSE INCEPTION
CLASS RETURN (a) YEAR YEAR YEAR INCEPTION RATIO RATIO DATE
----- ---------- ----- ---- ----- --------- ------- ------- ---------
SECTOR FUND
Fortis Real Estate Fund (1) N 34.08% 67.81% 2.41% 10.11% 7.45% 1.95% 1.38% 12/30/97
I 34.20 68.18 N/A N/A 0.11 1.70 1.13 09/20/05
BALANCED FUND
Montag & Caldwell Balanced Fund (1) N 7.88 20.49 5.07 1.86 7.64 1.83 1.36 11/02/94
I 7.90 20.56 5.28 2.08 2.82 1.58 1.11 12/31/98
FIXED INCOME FUND
TCH Fixed Income Fund (1) N 4.77 19.22 5.98 6.11 5.92 1.11 0.76 12/13/93
I 4.77 19.22 6.19 N/A 6.25 0.86 0.51 07/31/00
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE DOES
NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, UPON REDEMPTION MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN
THE PERFORMANCE DATA QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT
MONTH-END, PLEASE VISIT OUR WEBSITE AT www.astonfunds.com
PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTIONS OF FUND SHARES.
(1) CERTAIN EXPENSES WERE SUBSIDIZED. IF THESE SUBSIDIES WERE NOT IN EFFECT,
THE RETURNS WOULD HAVE BEEN LOWER. THE ADVISER IS CONTRACTUALLY OBLIGATED
TO WAIVE MANAGEMENT FEES AND/OR REIMBURSE EXPENSES THROUGH FEBRUARY 28,
2011.
(2) CERTAIN EXPENSES WERE SUBSIDIZED. IF THESE SUBSIDIES WERE NOT IN EFFECT,
THE RETURNS WOULD HAVE BEEN LOWER. THE ADVISER IS CONTRACTUALLY OBLIGATED
TO WAIVE MANAGEMENT FEES AND/OR REIMBURSE EXPENSES THROUGH APRIL 1, 2011.
(a) Not annualized.
(b) The Adviser voluntarily waived management fees and/or reimbursed expenses
for the Value Fund at 1.07% and 0.82% for the class N and I shares,
respectively. Voluntary waivers can end at any time.
(c) Returns are cumulative since inception and are not annualized.
(d) The Adviser voluntarily waived management fees and/or reimbursed expenses
for the Barings International Fund class I shares at 1.15%. Voluntary fee
waivers can end at anytime.
MID AND SMALL COMPANY STOCKS MAY BE SUBJECT TO A HIGHER DEGREE OF MARKET RISK
BECAUSE THEY TEND TO BE MORE VOLATILE AND LESS LIQUID. BOND AND BALANCED FUNDS
HAVE THE SAME INTEREST RATE, HIGH YIELD, AND CREDIT RISKS ASSOCIATED WITH THE
UNDERLYING BONDS IN THE PORTFOLIO, ALL OF WHICH COULD REDUCE A FUND'S VALUE.
EXCHANGE-TRADED FUNDS (ETFS) ARE SECURITIES OF OTHER INVESTMENT COMPANIES. AN
ETF SEEKS TO TRACK THE PERFORMANCE OF AN INDEX BY HOLDING ALL OR A SAMPLING, OF
THE SECURITIES OF THAT INDEX. ETF FUNDS INVEST IN MANY DIFFERENT AREAS OF THE
MARKET, EACH OF WHICH MAY INVOLVE ITS OWN ELEMENT OF RISK. BY SELLING COVERED
CALL OPTIONS, A FUND LIMITS ITS OPPORTUNITY TO PROFIT FROM AN INCREASE IN THE
PRICE OF THE UNDERLYING STOCK ABOVE THE EXERCISE PRICE, BUT CONTINUES TO BEAR
THE RISK OF A DECLINE IN THE STOCK. SECTOR FUNDS MAY BE SUBJECT TO A HIGHER
DEGREE OF MARKET RISK BECAUSE OF CONCENTRATION IN A SPECIFIC INDUSTRY SECTOR.
INTERNATIONAL INVESTING MAY INCLUDE THE RISK OF SOCIAL AND POLITICAL
INSTABILITY, MARKET ILLIQUIDITY AND CURRENCY VOLATILITY. HEDGED MUTUAL FUNDS USE
DERIVATIVE INSTRUMENTS, SHORT SELLING, LEVERAGING AND INVESTING IN COMMODITIES,
COMMODITY-LINKED AND NON-U.S. COMPANIES THAT INVOLVE SIGNIFICANT RISKS AND
LOSSES MAY OCCUR. REAL ESTATE FUNDS ARE NON-DIVERSIFIED AND MAY BE MORE
SUSCEPTIBLE TO RISK THAN FUNDS THAT INVEST MORE BROADLY AND MAY BE SUBJECT TO A
HIGHER DEGREE OF MARKET RISK BECAUSE OF CHANGES IN PROPERTY VALUES OF THE
UNDERLYING PROPERTY AND DEFAULTS BY BORROWERS.
3
Aston Funds
MONTAG & CALDWELL GROWTH FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
INFORMATION TECHNOLOGY 26%
CONSUMER STAPLES 21%
HEALTH CARE 16%
CONSUMER DISCRETIONARY 13%
INDUSTRIALS 9%
ENERGY 9%
FINANCIALS 5%
CASH & NET OTHER ASSETS AND LIABILITIES 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 98.90%
CONSUMER DISCRETIONARY - 12.51%
1,761,549 McDonald's ................................. $ 124,347,744
1,025,013 NIKE, Class B .............................. 77,808,737
2,211,892 TJX ........................................ 102,499,075
2,215,921 Walt Disney ................................ 81,634,530
---------------
386,290,086
---------------
CONSUMER STAPLES - 21.34%
2,010,000 Coca-Cola .................................. 107,434,500
1,078,014 Colgate-Palmolive .......................... 90,660,977
1,680,000 Costco Wholesale ........................... 99,254,400
1,000,700 Kellogg .................................... 54,978,458
2,001,192 PepsiCo .................................... 130,517,742
1,000,000 Procter & Gamble ........................... 62,160,000
2,125,508 Wal-Mart Stores ............................ 114,033,504
---------------
659,039,581
---------------
ENERGY - 9.12%
1,770,000 Cameron International * .................... 69,844,200
853,000 Occidental Petroleum ....................... 75,626,980
1,910,000 Schlumberger ............................... 136,412,200
---------------
281,883,380
---------------
FINANCIALS - 5.12%
4,230,790 Charles Schwab ............................. 81,611,939
1,800,000 JPMorgan Chase ............................. 76,644,000
---------------
158,255,939
---------------
HEALTH CARE - 15.52%
2,550,000 Abbott Laboratories ........................ 130,458,000
1,682,100 Allergan ................................... 107,132,949
1,524,000 Gilead Sciences * .......................... 60,457,080
3,184,117 Merck ...................................... 111,571,460
1,212,440 Stryker .................................... 69,642,554
---------------
479,262,043
---------------
INDUSTRIALS - 9.44%
1,292,800 3M ......................................... 114,632,576
1,084,479 Emerson Electric ........................... 56,642,338
MARKET
SHARES VALUE
- --------------- ---------------
INDUSTRIALS (CONTINUED)
1,335,464 Fluor ...................................... $ 70,565,918
719,200 United Parcel Service, Class B ............. 49,725,488
---------------
291,566,320
---------------
INFORMATION TECHNOLOGY - 25.85%
492,102 Apple * .................................... 128,497,674
260,000 Google, Class A * .......................... 136,614,400
2,349,416 Hewlett-Packard ............................ 122,099,149
1,851,905 Juniper Networks * ......................... 52,612,621
3,079,424 QUALCOMM ................................... 119,296,886
1,799,336 Research In Motion * ....................... 128,094,730
1,231,417 Visa, Class A .............................. 111,110,756
---------------
798,326,216
---------------
TOTAL COMMON STOCKS
(Cost $2,568,579,803) ................... 3,054,623,565
---------------
INVESTMENT COMPANY - 1.15%
35,427,387 BlackRock Liquidity Funds
TempCash Portfolio ...................... 35,427,387
---------------
TOTAL INVESTMENT COMPANY
(Cost $35,427,387) ...................... 35,427,387
---------------
TOTAL INVESTMENTS - 100.05%
(Cost $2,604,007,190)** ................................... 3,090,050,952
---------------
NET OTHER ASSETS AND LIABILITIES - (0.05)% ................... (1,490,161)
---------------
NET ASSETS - 100.00% ......................................... $ 3,088,560,791
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .................................. $ 501,582,061
Gross unrealized depreciation .................................. (15,538,299)
-------------
Net unrealized appreciation .................................... $ 486,043,762
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
Aston Funds
VEREDUS SELECT GROWTH FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
INFORMATION TECHNOLOGY 37%
CONSUMER DISCRETIONARY 32%
FINANCIALS 12%
INDUSTRIALS 11%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
ENERGY 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 95.08%
CONSUMER DISCRETIONARY - 32.06%
110,425 American Eagle Outfitters .................. $ 1,856,244
67,800 BorgWarner * ............................... 2,938,452
52,100 Carnival ................................... 2,172,570
257,275 Ford Motor * ............................... 3,349,720
250,200 Interpublic Group of Companies (The) * ..... 2,229,282
83,100 Johnson Controls ........................... 2,791,329
216,450 Las Vegas Sands * .......................... 5,380,947
101,400 Limited Brands ............................. 2,717,520
214,375 MGM MIRAGE * ............................... 3,406,419
142,625 News ....................................... 2,199,278
82,200 Urban Outfitters * ......................... 3,083,322
20,325 Wynn Resorts ............................... 1,793,478
---------------
33,918,561
---------------
ENERGY - 3.22%
164,025 Valero Energy .............................. 3,410,080
---------------
FINANCIALS - 11.63%
157,500 Fifth Third Bancorp ........................ 2,348,325
424,075 KeyCorp .................................... 3,825,156
42,300 Prudential Financial ....................... 2,688,588
388,625 Regions Financial .......................... 3,435,445
---------------
12,297,514
---------------
INDUSTRIALS - 10.89%
118,325 Continental Airlines, Class B * ............ 2,644,564
164,375 Delta Air Lines * .......................... 1,985,650
47,475 FedEx ...................................... 4,273,225
198,500 Southwest Airlines ......................... 2,616,230
---------------
11,519,669
---------------
INFORMATION TECHNOLOGY - 37.28%
40,700 Akamai Technologies * ...................... 1,580,381
62,850 Broadcom, Class A .......................... 2,167,696
119,900 Cisco Systems * ............................ 3,227,708
MARKET
SHARES VALUE
- --------------- ---------------
INFORMATION TECHNOLOGY (CONTINUED)
166,050 Corning .................................... $ 3,196,462
117,850 EMC * ...................................... 2,240,328
58,500 Hewlett-Packard ............................ 3,040,245
186,425 Intel ...................................... 4,256,083
91,075 Lam Research * ............................. 3,693,091
213,675 Logitech International SA * ................ 3,499,996
148,850 Marvell Technology Group * ................. 3,073,753
209,550 Micron Technology * ........................ 1,959,293
210,200 National Semiconductor ..................... 3,106,756
41,525 SanDisk * .................................. 1,656,432
66,750 Western Digital * .......................... 2,742,758
---------------
39,440,982
---------------
TOTAL COMMON STOCKS
(Cost $83,466,991) ...................... 100,586,806
---------------
INVESTMENT COMPANY - 5.09%
5,386,008 BlackRock Liquidity Funds
TempCash Portfolio ...................... 5,386,008
---------------
TOTAL INVESTMENT COMPANY
(Cost $5,386,008) ....................... 5,386,008
---------------
TOTAL INVESTMENTS - 100.17%
(Cost $88,852,999)** ...................................... 105,972,814
---------------
NET OTHER ASSETS AND LIABILITIES - (0.17)% ................... (179,375)
---------------
NET ASSETS - 100.00% ......................................... $ 105,793,439
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .................................... $17,890,799
Gross unrealized depreciation .................................... (770,984)
-----------
Net unrealized appreciation ...................................... $17,119,815
===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
INFORMATION TECHNOLOGY 21%
CONSUMER DISCRETIONARY 16%
INDUSTRIALS 12%
HEALTH CARE 12%
ENERGY 11%
FINANCIALS 10%
MATERIALS 6%
CONSUMER STAPLES 6%
TELECOMMUNICATION SERVICES 3%
CASH & NET OTHER ASSETS AND LIABILITIES 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 97.32%
CONSUMER DISCRETIONARY - 15.59%
2,575 Apollo Group, Class A * .................... $ 147,831
2,100 NIKE, Class B .............................. 159,411
2,950 Target ..................................... 167,767
1,950 VF ......................................... 168,519
3,975 Yum! Brands ................................ 168,620
---------------
812,148
---------------
CONSUMER STAPLES - 5.94%
3,000 Wal-Mart Stores ............................ 160,950
4,225 Walgreen ................................... 148,509
---------------
309,459
---------------
ENERGY - 11.57%
2,075 Chevron .................................... 168,988
1,750 Diamond Offshore Drilling .................. 138,425
3,750 National-Oilwell Varco ..................... 165,113
1,800 Transocean * ............................... 130,410
---------------
602,936
---------------
FINANCIALS - 9.93%
3,775 American Express ........................... 174,103
11,300 Fifth Third Bancorp ........................ 168,483
1,500 IntercontinentalExchange * ................. 174,945
---------------
517,531
---------------
HEALTH CARE - 11.86%
2,500 DaVita * ................................... 156,075
4,000 Gilead Sciences * .......................... 158,680
3,825 St. Jude Medical * ......................... 156,137
2,500 Teva Pharmaceutical Industries,
SP ADR (Israel) ......................... 146,825
---------------
617,717
---------------
INDUSTRIALS - 12.33%
2,200 Bucyrus International ...................... 138,622
2,625 Deere ...................................... 157,028
MARKET
SHARES VALUE
- --------------- ---------------
INDUSTRIALS (CONTINUED)
3,350 Fluor ...................................... $ 177,014
3,525 Jacobs Engineering Group * ................. 169,976
---------------
642,640
---------------
INFORMATION TECHNOLOGY - 20.99%
675 Apple * .................................... 176,256
6,125 Cisco Systems * ............................ 164,885
290 Google, Class A * .......................... 152,378
1,000 International Business Machines ............ 129,000
5,500 Juniper Networks * ......................... 156,255
625 MasterCard, Class A ........................ 155,025
6,175 Oracle ..................................... 159,562
---------------
1,093,361
---------------
MATERIALS - 6.05%
2,100 BHP Billiton, SP ADR (Australia) ........... 152,859
2,150 Freeport-McMoRan Copper & Gold ............. 162,390
---------------
315,249
---------------
TELECOMMUNICATION SERVICES - 3.06%
3,100 America Movil, Series L, ADR
(Mexico) ................................ 159,584
---------------
TOTAL COMMON STOCKS
(Cost $4,609,782) ....................... 5,070,625
---------------
INVESTMENT COMPANY - 2.74%
142,994 BlackRock Liquidity Funds
TempCash Portfolio ...................... 142,994
---------------
TOTAL INVESTMENT COMPANY
(Cost $142,994) ......................... 142,994
---------------
TOTAL INVESTMENTS - 100.06%
(Cost $4,752,776)** ....................................... 5,213,619
---------------
NET OTHER ASSETS AND LIABILITIES - (0.06)% ................... (3,330)
---------------
NET ASSETS - 100.00% ......................................... $ 5,210,289
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ...................................... $ 584,309
Gross unrealized depreciation ...................................... (123,466)
---------
Net unrealized appreciation ........................................ $ 460,843
=========
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
Aston Funds
TAMRO DIVERSIFIED EQUITY FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CONSUMER DISCRETIONARY 22%
INFORMATION TECHNOLOGY 21%
FINANCIALS 16%
INDUSTRIALS 12%
HEALTH CARE 11%
ENERGY 8%
CONSUMER STAPLES 4%
CASH & NET OTHER ASSETS AND LIABILITIES 2%
UTILITIES 2%
MATERIALS 1%
PURCHASED OPTIONS 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 97.62%
CONSUMER DISCRETIONARY - 22.24%
8,728 BorgWarner * ............................... $ 378,272
16,082 CarMax * ................................... 395,135
5,463 Dollar Tree * .............................. 331,713
15,407 Gannett .................................... 262,227
7,307 Grand Canyon Education * ................... 176,683
9,502 Home Depot ................................. 334,946
8,790 Johnson Controls ........................... 295,256
13,690 Lennar, Class A ............................ 272,431
4,009 Mohawk Industries * ........................ 255,534
6,496 Morningstar * .............................. 305,377
11,556 Texas Roadhouse * .......................... 170,798
612 Washington Post, Class B ................... 310,382
---------------
3,488,754
---------------
CONSUMER STAPLES - 3.67%
10,233 Kraft Foods, Class A ....................... 302,897
5,546 Philip Morris International ................ 272,198
---------------
575,095
---------------
ENERGY - 8.57%
3,530 CONSOL Energy .............................. 157,720
4,328 Exxon Mobil ................................ 293,655
6,623 National-Oilwell Varco ..................... 291,611
2,840 Occidental Petroleum ....................... 251,794
7,327 Range Resources ............................ 349,938
---------------
1,344,718
---------------
FINANCIALS - 15.81%
21,369 Bank of America ............................ 381,009
10,482 BB&T ....................................... 348,422
2,511 Franklin Resources ......................... 290,372
14,317 Glacier Bancorp ............................ 264,721
7,858 JPMorgan Chase ............................. 334,594
8,489 Loews ...................................... 316,130
14,307 Redwood Trust, REIT ........................ 238,641
5,344 T. Rowe Price Group ........................ 307,333
---------------
2,481,222
---------------
MARKET
SHARES VALUE
- --------------- ---------------
HEALTH CARE - 11.51%
5,736 Allergan ................................... $ 365,326
5,374 Amgen * .................................... 308,253
5,995 Cerner * ................................... 509,035
5,118 Johnson & Johnson .......................... 329,087
4,587 Quality Systems ............................ 293,614
---------------
1,805,315
---------------
INDUSTRIALS - 11.89%
10,724 Advisory Board * ........................... 353,141
4,387 Boeing ..................................... 317,750
3,909 Danaher .................................... 329,451
9,007 Iron Mountain .............................. 226,526
5,400 Joy Global ................................. 306,774
4,421 United Technologies ........................ 331,354
---------------
1,864,996
---------------
INFORMATION TECHNOLOGY - 20.55%
32,285 3PAR * ..................................... 301,219
8,436 ARM Holdings, SP ADR (Britain) ............. 96,424
19,030 Dell * ..................................... 307,905
19,031 EMC * ...................................... 361,779
5,131 F5 Networks * .............................. 351,114
642 Google, Class A * .......................... 337,332
9,041 Microsoft .................................. 276,112
18,323 NVIDIA * ................................... 288,038
3,439 Salesforce.com * ........................... 294,378
16,666 Symantec * ................................. 279,489
20,007 Yahoo! * ................................... 330,716
---------------
3,224,506
---------------
MATERIALS - 1.59%
4,889 Mosaic ..................................... 250,023
---------------
UTILITIES - 1.79%
24,292 AES * ...................................... 280,330
---------------
TOTAL COMMON STOCKS
(Cost $12,963,445) ...................... 15,314,959
---------------
NUMBER OF
CONTRACTS
- ---------------
PURCHASED OPTIONS - 0.43%
205 Dell - Call Strike @ 20
Exp 01/12 ............................... 33,620
118 Kraft Foods, Class A -
Call Strike @ $30
Exp 01/11 ............................... 21,240
114 Wal-Mart Stores -
Call Strike @ $60
Exp 01/11 ............................... 12,198
---------------
TOTAL PURCHASED OPTIONS
(Cost $85,092) .......................... 67,058
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
Aston Funds
TAMRO DIVERSIFIED EQUITY FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------------- ---------------
INVESTMENT COMPANY - 1.67%
262,026 BlackRock Liquidity Funds
TempCash Portfolio ...................... $ 262,026
---------------
TOTAL INVESTMENT COMPANY
(Cost $262,026) ......................... 262,026
---------------
TOTAL INVESTMENTS - 99.72%
(Cost $13,310,563)** ...................................... 15,644,043
---------------
NET OTHER ASSETS AND LIABILITIES - 0.28% ..................... 44,683
---------------
NET ASSETS - 100.00% ......................................... $ 15,688,726
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ..................................... $2,457,686
Gross unrealized depreciation ..................................... (124,206)
----------
Net unrealized appreciation ....................................... $2,333,480
==========
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
Aston Funds
M.D. SASS ENHANCED EQUITY FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
INFORMATION TECHNOLOGY 19%
HEALTH CARE 18%
INDUSTRIALS 18%
FINANCIALS 12%
UTILITIES 9%
TELECOMMUNICATION SERVICES 9%
CONSUMER DISCRETIONARY 8%
ENERGY 6%
CASH 4%
MATERIALS 3%
PURCHASED OPTIONS 2%
% OF TOTAL NET ASSETS
THE CHART REPRESENTS TOTAL INVESTMENTS IN THE FUND. NET OTHER ASSETS AND
LIABILITIES ARE NEGATIVE 8.15% AND CANNOT BE REPRESENTED IN THE PIE CHART
FORMAT.
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 102.80%
CONSUMER DISCRETIONARY - 8.27%
35,000 Carnival (a) ............................... $ 1,459,500
33,000 Home Depot (a) ............................. 1,163,250
85,000 International Game Technology (a) .......... 1,791,800
---------------
4,414,550
---------------
ENERGY - 5.96%
48,000 Halliburton (a) ............................ 1,471,200
24,000 Schlumberger (a) ........................... 1,714,080
---------------
3,185,280
---------------
FINANCIALS - 12.10%
45,000 Allstate (a) ............................... 1,470,150
90,000 Bank of America (a) ........................ 1,604,700
30,000 Citigroup * ................................ 131,100
12,000 SunTrust Banks (a) ......................... 355,200
31,000 Travelers (a) .............................. 1,572,940
40,000 Wells Fargo (a) ............................ 1,324,400
---------------
6,458,490
---------------
HEALTH CARE - 18.06%
32,000 Abbott Laboratories (a) .................... 1,637,120
32,000 Baxter International ....................... 1,511,040
33,000 Covidien PLC (Ireland) (a) ................. 1,583,670
47,000 Eli Lilly (a) .............................. 1,643,590
25,000 Johnson & Johnson (a) ...................... 1,607,500
38,000 Medtronic (a) .............................. 1,660,220
---------------
9,643,140
---------------
INDUSTRIALS - 17.55%
18,000 Fluor (a) .................................. 951,120
82,000 General Electric (a) ....................... 1,546,520
16,000 Goodrich (a) ............................... 1,186,880
31,000 Jacobs Engineering Group * (a) ............. 1,494,820
80,000 Quanta Services * (a) ...................... 1,610,400
16,000 Raytheon (a) ............................... 932,800
43,000 Shaw Group * (a) ........................... 1,646,040
---------------
9,368,580
---------------
MARKET
SHARES VALUE
- --------------- ---------------
INFORMATION TECHNOLOGY - 19.32%
145,000 Activision Blizzard (a) .................... $ 1,606,600
32,000 Automatic Data Processing (a) .............. 1,387,520
75,000 Corning (a) ................................ 1,443,750
80,000 EMC * (a) .................................. 1,520,800
70,000 Intel (a) .................................. 1,598,100
37,000 Intuit * (a) ............................... 1,337,920
55,000 Xilinx (a) ................................. 1,417,900
---------------
10,312,590
---------------
MATERIALS - 2.91%
39,000 duPont (E. I.) de Nemours (a) .............. 1,553,760
---------------
TELECOMMUNICATION SERVICES - 9.14%
61,000 AT&T (a) ................................... 1,589,660
49,000 CenturyTel (a) ............................. 1,671,390
56,000 Verizon Communications (a) ................. 1,617,840
---------------
4,878,890
---------------
UTILITIES - 9.49%
20,000 Entergy (a) ................................ 1,625,800
45,000 FirstEnergy ................................ 1,704,150
54,000 Public Service Enterprise Group (a) ........ 1,735,020
---------------
5,064,970
---------------
TOTAL COMMON STOCKS
(Cost $53,018,876) ...................... 54,880,250
---------------
NUMBER OF
CONTRACTS
- ---------------
PURCHASED OPTIONS (B) - 1.73%
SPDR S&P 500 ETF Trust
500 Strike @ 102 Exp 06/10 ..................... 35,000
100 Strike @ 102 Exp 06/10 ..................... 7,000
600 Strike @ 103 Exp 06/10 ..................... 45,900
600 Strike @ 104 Exp 06/10 ..................... 50,100
1,000 Strike @ 105 Exp 06/10 ..................... 93,000
600 Strike @ 106 Exp 06/10 ..................... 54,600
600 Strike @ 107 Exp 06/10 ..................... 60,000
800 Strike @ 108 Exp 06/10 ..................... 96,800
500 Strike @ 109 Exp 06/10 ..................... 60,500
300 Strike @ 110 Exp 06/10 ..................... 43,800
2,000 Strike @ 110 Exp 07/10 ..................... 376,000
---------------
TOTAL PURCHASED OPTIONS
(Cost $809,573) ......................... 922,700
---------------
SHARES
- ---------------
INVESTMENT COMPANY - 3.62%
1,933,447 BlackRock Liquidity Funds
FedFund Portfolio ....................... 1,933,447
---------------
TOTAL INVESTMENT COMPANY
(Cost $1,933,447) ....................... 1,933,447
---------------
TOTAL INVESTMENTS - 108.15%
(Cost $55,761,896)** ...................................... 57,736,397
---------------
NET OTHER ASSETS AND LIABILITIES - (8.15)% ................... (4,350,021)
---------------
NET ASSETS - 100.00% ......................................... $ 53,386,376
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
Aston Funds
M.D. SASS ENHANCED EQUITY FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ...... $ 3,839,516
Gross unrealized depreciation ...... (1,865,015)
-----------
Net unrealized appreciation ........ $ 1,974,501
===========
(a) These securities are pledged as collateral for call options written.
(b) Primary risk exposure is equity contracts.
ETF Exchange-Traded Fund
S&P Standard & Poor
SPDR Standard & Poor's Depositary Receipt
Transactions in written call options for the period ended April 30, 2010 were as
follows:
NUMBER OF
CONTRACTS PREMIUM
--------- -----------
BEGINNING OF PERIOD 6,915 $ 840,418
CALL OPTIONS WRITTEN 29,512 3,103,327
CALL OPTIONS CLOSED OR EXPIRED (18,177) (1,955,363)
CALL OPTIONS EXERCISED (1,923) (265,574)
------- -----------
OUTSTANDING, APRIL 30, 2010 16,327 $ 1,722,808
======= ===========
Premiums received and value of written equity options outstanding as of April
30, 2010.
NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE (b)
- --------- ------------------------------------------ ---------- ----------
Abbott Laboratories
20 Strike @ $52.5 Exp 11/10 ................. $ 4,080 $ 4,640
300 Strike @ $55 Exp 01/11 ................... 39,896 54,900
Activision Blizzard
950 Strike @ $13 Exp 11/10 ................... 64,596 47,975
112 Strike @ $14 Exp 11/10 ................... 5,486 3,808
350 Strike @ $12.5 Exp 01/11 ................. 26,546 29,750
Allstate
260 Strike @ $34 Exp 10/10 ................... 25,646 50,700
190 Strike @ $35 Exp 10/10 ................... 14,557 29,450
AT&T
610 Strike @ 28 Exp 10/10 .................... 23,703 28,670
Automatic Data Processing
170 Strike @ $43 Exp 08/10 ................... 19,424 41,650
150 Strike @ $44 Exp 08/10 ................... 19,374 23,250
Bank of America
650 Strike @ $19 Exp 08/10 ................... 46,208 61,750
100 Strike @ $20 Exp 08/10 ................... 4,089 6,500
100 Strike @ $21 Exp 11/10 ................... 10,099 9,100
50 Strike @ $22.5 Exp 11/10 ................. 2,999 3,050
Carnival
150 Strike @ $37 Exp 07/10 ................... 24,124 84,000
20 Strike @ $38 Exp 07/10 ................... 2,650 9,600
150 Strike @ $40 Exp 07/10 ................... 12,774 55,500
30 Strike @ $41 Exp 10/10 ................... 6,239 12,900
CenturyTel
190 Strike @ $35 Exp 01/11 ................... 21,917 22,800
NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE (b)
- --------- ------------------------------------------ ---------- ----------
Corning
250 Strike @ $18 Exp 05/10 ................... $ 15,874 $ 37,000
50 Strike @ $19 Exp 05/10 ................... 2,675 3,550
400 Strike @ $20 Exp 08/10 ................... 30,678 44,400
50 Strike @ $22 Exp 11/10 ................... 4,749 4,800
Covidien PLC
330 Strike @ $50 Exp 10/10 ................... 57,085 77,550
duPont (E. I.) de Nemours
290 Strike @ $36 Exp 07/10 ................... 40,773 130,500
50 Strike @ $37 Exp 07/10 ................... 3,925 19,000
30 Strike @ $38 Exp 10/10 ................... 3,975 11,790
20 Strike @ $40 Exp 10/10 ................... 2,820 5,480
Eli Lilly
40 Strike @ $36 Exp 10/10 ................... 4,599 5,100
410 Strike @ $37 Exp 10/10 ................... 40,135 41,000
EMC
150 Strike @ $18 Exp 07/10 ................... 13,274 24,300
650 Strike @ $20 Exp 10/10 ................... 39,680 68,250
Entergy
100 Strike @ $85 Exp 12/10 ................... 30,349 30,750
30 Strike @ $90 Exp 12/10 ................... 4,590 4,650
70 Strike @ $85 Exp 01/11 ................... 21,559 23,940
Fluor
180 Strike @ $45 Exp 10/10 ................... 61,492 199,980
General Electric
520 Strike @ $18 Exp 09/10 ................... 29,218 94,640
300 Strike @ $19 Exp 09/10 ................... 17,949 38,100
Goodrich
50 Strike @ $65 Exp 05/10 ................... 13,685 49,350
50 Strike @ $70 Exp 05/10 ................... 7,625 23,500
60 Strike @ $70 Exp 08/10 ................... 13,950 41,700
Halliburton
200 Strike @ $31 Exp 10/10 ................... 64,937 55,600
60 Strike @ $35 Exp 10/10 ................... 8,549 8,580
220 Strike @ $36 Exp 10/10 ................... 33,779 29,700
Home Depot
50 Strike @ $29 Exp 05/10 ................... 4,475 34,250
70 Strike @ $30 Exp 05/10 ................... 6,575 37,730
150 Strike @ $30 Exp 08/10 ................... 18,974 85,125
60 Strike @ $31 Exp 08/10 ................... 4,470 28,800
Intel
84 Strike @ $21 Exp 07/10 ................... 8,190 18,564
416 Strike @ $22 Exp 07/10 ................... 32,260 63,648
100 Strike @ $23 Exp 07/10 ................... 5,699 10,200
50 Strike @ $23 Exp 10/10 ................... 3,325 7,750
50 Strike @ $24 Exp 10/10 ................... 4,899 5,800
International Game Technology
100 Strike @ $20 Exp 07/10 ................... 6,899 19,600
420 Strike @ $21 Exp 10/10 ................... 36,073 84,000
330 Strike @ $22 Exp 10/10 ................... 21,155 52,800
Intuit
370 Strike @ $32.5 Exp 07/10 ................. 23,893 153,550
Jacobs Engineering Group
130 Strike @ $45 Exp 07/10 ................... 17,224 64,350
50 Strike @ $45 Exp 10/10 ................... 15,400 31,750
130 Strike @ $55 Exp 10/10 ................... 18,388 27,300
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10
Aston Funds
M.D. SASS ENHANCED EQUITY FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE (b)
- --------- ------------------------------------------ ---------- ----------
Johnson & Johnson
50 Strike @ $65 Exp 07/10 ................... $ 8,892 $ 6,650
180 Strike @ $65 Exp 10/10 ................... 42,823 39,960
20 Strike @ $67.5 Exp 10/10 ................. 2,660 2,440
Medtronic
350 Strike @ $50 Exp 11/10 ................... 57,465 43,750
1 Strike @ $50 Exp 01/11 188 190
Public Service Enterprise
110 Strike @ $30 Exp 09/10 ................... 22,878 33,000
430 Strike @ $35 Exp 12/10 ................... 25,926 43,000
Quanta Services
450 Strike @ $20 Exp 08/10 ................... 42,073 70,875
350 Strike @ $22.5 Exp 11/10 ................. 32,647 36,750
Raytheon
130 Strike @ $55 Exp 05/10 ................... 9,954 50,700
30 Strike @ $57.5 Exp 08/10 ................. 4,725 9,600
Schlumberger
180 Strike @ $70 Exp 08/10 ................... 35,029 115,200
20 Strike @ $75 Exp 08/10 ................... 2,750 8,100
40 Strike @ $72.5 Exp 11/10 ................. 11,627 29,000
Shaw Group
430 Strike @ $40 Exp 10/10 ................... 72,023 129,000
SunTrust Banks
120 Strike @ $30 Exp 07/10 ................... 7,619 27,120
Travelers
110 Strike @ $50 Exp 07/10 ................... 25,574 25,850
104 Strike @ $55 Exp 07/10 ................... 8,163 5,720
40 Strike @ $55 Exp 10/10 ................... 9,519 5,440
Verizon Communications
70 Strike @ $31 Exp 10/10 ................... 4,199 4,410
390 Strike @ $32 Exp 10/10 ................... 20,753 15,210
100 Strike @ $33 Exp 10/10 ................... 3,500 2,500
Wells Fargo
50 Strike @ $31 Exp 07/10 ................... 5,725 16,500
289 Strike @ $32 Exp 07/10 ................... 30,716 75,140
1 Strike @ $35 Exp 07/10 ................... 58 110
60 Strike @ $35 Exp 10/10 ................... 4,290 12,300
Xilinx
50 Strike @ $23 Exp 06/10 ................... 9,125 15,375
50 Strike @ $25 Exp 06/10 ................... 5,465 8,250
210 Strike @ $26 Exp 06/10 ................... 20,094 22,050
240 Strike @ $28 Exp 09/10 ................... (26,118) 27,000
---------- ----------
TOTAL WRITTEN CALL OPTIONS ............... $1,722,808 $3,259,610
========== ==========
(b) Primary risk exposure is equity contracts.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11
Aston Funds
HERNDON LARGE CAP VALUE FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
ENERGY 27%
FINANCIALS 17%
HEALTH CARE 10%
CONSUMER STAPLES 10%
CONSUMER DISCRETIONARY 9%
MATERIALS 6%
INDUSTRIALS 5%
INFORMATION TECHNOLOGY 5%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
UTILITIES 4%
TELECOMMUNICATION SERVICES 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 95.46%
CONSUMER DISCRETIONARY - 8.72%
336 Aeropostale * .............................. $ 9,757
552 Coach ...................................... 23,046
534 Garmin ..................................... 19,961
751 TJX ........................................ 34,801
---------------
87,565
---------------
CONSUMER STAPLES - 9.75%
1,020 Altria Group ............................... 21,614
490 Hansen Natural * ........................... 21,599
359 Kellogg .................................... 19,723
252 PepsiCo .................................... 16,435
378 Philip Morris International ................ 18,552
---------------
97,923
---------------
ENERGY - 26.75%
231 Apache ..................................... 23,507
630 Atwood Oceanics * .......................... 22,938
236 Chevron .................................... 19,220
359 ConocoPhillips ............................. 21,249
467 CONSOL Energy .............................. 20,866
184 Diamond Offshore Drilling .................. 14,554
267 Exxon Mobil ................................ 18,116
709 Frontier Oil ............................... 10,777
687 Holly ...................................... 18,549
527 Marathon Oil ............................... 16,943
289 Murphy Oil ................................. 17,383
1,053 Patterson-UTI Energy ....................... 16,100
632 Sunoco ..................................... 20,717
208 Tidewater .................................. 11,151
352 XTO Energy ................................. 16,727
---------------
268,797
---------------
FINANCIALS - 16.88%
407 Aflac ...................................... 20,741
374 Allied World Assurance Company Holdings .... 16,295
649 Assurant ................................... 23,643
MARKET
SHARES VALUE
- --------------- ---------------
FINANCIALS (CONTINUED)
574 Eaton Vance ................................ $ 20,228
809 Federated Investors, Class B ............... 19,513
347 RenaissanceRe Holdings ..................... 19,415
245 StanCorp Financial Group ................... 11,015
399 Torchmark .................................. 21,362
678 Validus Holdings ........................... 17,336
---------------
169,548
---------------
HEALTH CARE - 10.50%
840 Endo Pharmaceuticals Holdings * ............ 18,396
610 Forest Laboratories * ...................... 16,629
250 Johnson & Johnson .......................... 16,075
632 Kinetic Concepts * ......................... 27,366
376 Waters * ................................... 27,068
---------------
105,534
---------------
INDUSTRIALS - 5.31%
227 3M ......................................... 20,128
587 Copa Holdings SA, Class A .................. 33,271
---------------
53,399
---------------
INFORMATION TECHNOLOGY - 4.93%
641 Microsoft .................................. 19,576
729 Western Digital * .......................... 29,955
---------------
49,531
---------------
MATERIALS - 6.10%
118 CF Industries Holdings ..................... 9,873
234 Cliffs Natural Resources ................... 14,632
245 Freeport-McMoRan Copper & Gold ............. 18,505
515 Owens-Illinois * ........................... 18,252
---------------
61,262
---------------
TELECOMMUNICATION SERVICES - 2.44%
2,223 Windstream ................................. 24,564
---------------
UTILITIES - 4.08%
1,837 AES * ...................................... 21,199
405 Energen .................................... 19,794
---------------
40,993
---------------
TOTAL COMMON STOCKS
(Cost $952,467) ......................... 959,116
---------------
INVESTMENT COMPANY - 4.31%
43,252 BlackRock Liquidity Funds
TempCash Portfolio ...................... 43,252
---------------
TOTAL INVESTMENT COMPANY
(Cost $43,252) .......................... 43,252
---------------
TOTAL INVESTMENTS - 99.77%
(Cost $995,719)** ......................................... 1,002,368
---------------
NET OTHER ASSETS AND LIABILITIES - 0.23% ..................... 2,320
---------------
NET ASSETS - 100.00% ......................................... $ 1,004,688
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ..... $ 29,686
Gross unrealized depreciation ..... (23,037)
--------
Net unrealized appreciation ....... $ 6,649
========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
Aston Funds
VALUE FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
FINANCIALS 23%
ENERGY 13%
INDUSTRIALS 12%
CONSUMER STAPLES 11%
HEALTH CARE 11%
CONSUMER DISCRETIONARY 8%
INFORMATION TECHNOLOGY 8%
TELECOMMUNICATION SERVICES 5%
UTILITIES 4%
MATERIALS 3%
CASH & NET OTHER ASSETS AND LIABILITIES 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 97.32%
CONSUMER DISCRETIONARY - 8.00%
5,800 Advance Auto Parts ......................... $ 261,580
22,470 Apollo Group, Class A * .................... 1,290,003
21,200 Comcast, Class A ........................... 399,620
91,420 Hasbro ..................................... 3,506,871
78,000 Home Depot ................................. 2,749,500
7,855 Johnson Controls ........................... 263,849
5,200 Kohl's * ................................... 285,948
5,700 McDonald's ................................. 402,363
58,540 NIKE, Class B .............................. 4,443,771
10,288 Omnicom Group .............................. 438,886
15,150 Sherwin-Williams ........................... 1,182,760
17,948 Staples .................................... 422,316
2,380 Starwood Hotels & Resorts Worldwide ........ 129,734
14,210 Target ..................................... 808,123
10,200 Time Warner ................................ 337,416
90,708 Walt Disney ................................ 3,341,683
---------------
20,264,423
---------------
CONSUMER STAPLES - 10.76%
6,320 Clorox ..................................... 408,904
12,756 CVS Caremark ............................... 471,079
25,020 DANONE, SP ADR (France) .................... 290,983
51,210 Diageo, SP ADR (Britain) ................... 3,489,449
43,163 General Mills .............................. 3,072,342
12,320 Heineken, SP ADR (Netherlands) ............. 285,208
18,000 Kellogg .................................... 988,920
13,960 Kroger ..................................... 310,331
88,975 Nestle, SP ADR (Switzerland) ............... 4,350,878
54,138 PepsiCo .................................... 3,530,880
163,480 Philip Morris International ................ 8,023,598
19,147 Procter & Gamble ........................... 1,190,155
5,880 Wal-Mart Stores ............................ 315,462
15,490 Walgreen ................................... 544,474
---------------
27,272,663
---------------
MARKET
SHARES VALUE
- --------------- ---------------
ENERGY - 12.98%
8,950 Anadarko Petroleum ......................... $ 556,332
57,515 Apache ..................................... 5,852,726
89,771 Chevron .................................... 7,310,950
3,700 EOG Resources .............................. 414,844
88,730 Exxon Mobil ................................ 6,020,331
7,260 Halliburton ................................ 222,519
70,280 Hess ....................................... 4,466,294
17,005 Marathon Oil ............................... 546,711
57,600 National-Oilwell Varco ..................... 2,536,128
8,480 Noble Energy ............................... 647,872
3,800 Schlumberger ............................... 271,396
67,480 Total, SP ADR (France) ..................... 3,669,562
16,660 Williams ................................... 393,343
---------------
32,909,008
---------------
FINANCIALS - 23.45%
12,000 ACE ........................................ 638,280
5,400 Aflac ...................................... 275,184
54,930 Aon ........................................ 2,332,328
59,730 Bank of America ............................ 1,064,986
308,167 Bank of New York Mellon .................... 9,593,239
25,940 Charles Schwab ............................. 500,383
51,042 Chubb ...................................... 2,698,591
34,880 Deutsche Boerse, ADR (Germany) ............. 268,576
3,383 Franklin Resources ......................... 391,210
51,670 Goldman Sachs Group ........................ 7,502,484
204,940 JPMorgan Chase ............................. 8,726,345
156,570 MetLife .................................... 7,136,461
83,630 Prudential Financial ....................... 5,315,523
33,420 Regions Financial .......................... 295,433
21,910 State Street ............................... 953,085
91,000 Travelers .................................. 4,617,340
214,760 Wells Fargo ................................ 7,110,704
---------------
59,420,152
---------------
HEALTH CARE - 10.68%
105,720 Abbott Laboratories ........................ 5,408,635
29,600 Becton, Dickinson .......................... 2,260,552
5,000 DaVita * ................................... 312,150
101,360 Johnson & Johnson .......................... 6,517,448
102,570 Medtronic .................................. 4,481,283
15,473 Merck ...................................... 542,174
248,322 Pfizer ..................................... 4,151,944
67,900 St. Jude Medical * ......................... 2,771,678
5,680 Waters * ................................... 408,903
3,735 WellPoint * ................................ 200,943
---------------
27,055,710
---------------
INDUSTRIALS - 12.04%
31,650 3M ......................................... 2,806,406
9,960 Danaher .................................... 839,429
30,025 Eaton ...................................... 2,316,729
7,300 Fluor ...................................... 385,732
18,500 General Electric ........................... 348,910
3,340 Goodrich ................................... 247,761
124,820 Lockheed Martin ............................ 10,595,970
99,365 Northrop Grumman ........................... 6,739,928
2,500 Precision Castparts ........................ 320,850
2,500 Union Pacific .............................. 189,150
6,280 United Parcel Service, Class B ............. 434,199
70,440 United Technologies ........................ 5,279,478
---------------
30,504,542
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13
Aston Funds
VALUE FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------------- ---------------
INFORMATION TECHNOLOGY - 8.05%
106,335 Accenture, Class A ......................... $ 4,640,459
8,740 Cisco Systems * ............................ 235,281
27,100 Dell * ..................................... 438,478
530 Google, Class A * .......................... 278,483
19,290 Hewlett-Packard ............................ 1,002,501
188,060 Intel ...................................... 4,293,410
18,970 International Business Machines ............ 2,447,130
21,180 Nokia, SP ADR (Finland) .................... 257,549
227,380 Oracle ..................................... 5,875,499
10,060 Tyco Electronics ........................... 323,127
3,540 Visa, Class A .............................. 319,414
15,480 Western Union .............................. 282,510
---------------
20,393,841
---------------
MATERIALS - 3.03%
33,455 Air Products and Chemicals ................. 2,568,675
8,400 duPont (E.I.) de Nemours ................... 334,656
3,700 Monsanto ................................... 233,322
60,630 PPG Industries ............................. 4,266,533
5,000 United States Steel ........................ 273,300
---------------
7,676,486
---------------
TELECOMMUNICATION SERVICES - 4.72%
285,170 AT&T ....................................... 7,431,530
10,890 CenturyTel ................................. 371,458
187,909 Vodafone Group, SP ADR (Britain) ........... 4,171,580
---------------
11,974,568
---------------
UTILITIES - 3.61%
11,970 American Electric Power .................... 410,571
7,060 CMS Energy ................................. 114,796
7,100 Entergy .................................... 577,159
6,008 FPL Group .................................. 312,716
4,260 Northeast Utilities ........................ 118,385
14,420 NRG Energy * ............................... 348,531
87,993 PG&E ....................................... 3,854,093
8,960 PPL ........................................ 221,850
87,700 Public Service Enterprise Group ............ 2,817,801
7,690 Sempra Energy .............................. 378,194
---------------
9,154,096
---------------
TOTAL COMMON STOCKS
(Cost $229,514,335) ..................... 246,625,489
---------------
INVESTMENT COMPANY - 2.48%
6,274,770 BlackRock Liquidity Funds
TempCash Portfolio ......................... 6,274,770
---------------
TOTAL INVESTMENT COMPANY
(Cost $6,274,770) ....................... 6,274,770
---------------
TOTAL INVESTMENTS - 99.80%
(Cost $235,789,105)** ..................................... 252,900,259
---------------
NET OTHER ASSETS AND LIABILITIES - 0.20% ..................... 503,242
---------------
NET ASSETS - 100.00% ......................................... $ 253,403,501
===============
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ..... $24,829,662
Gross unrealized depreciation ..... (7,718,508)
-----------
Net unrealized appreciation ....... $17,111,154
===========
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CONSUMER STAPLES 20%
FINANCIALS 18%
INDUSTRIALS 13%
CONSUMER DISCRETIONARY 12%
ENERGY 9%
UTILITIES 8%
INFORMATION TECHNOLOGY 6%
HEALTH CARE 5%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
MATERIALS 3%
TELECOMMUNICATION SERVICES 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 95.87%
CONSUMER DISCRETIONARY - 12.10%
76,625 Bob Evans Farms ............................ $ 2,370,011
74,925 Cracker Barrel Old Country Store ........... 3,699,047
50,600 Darden Restaurants ......................... 2,264,350
90,475 Genuine Parts .............................. 3,872,330
80,950 Hillenbrand ................................ 1,989,751
47,025 McDonald's ................................. 3,319,495
83,750 PetSmart ................................... 2,769,613
20,750 VF ......................................... 1,793,215
87,475 Yum! Brands ................................ 3,710,690
---------------
25,788,502
---------------
CONSUMER STAPLES - 19.56%
49,025 Brown-Forman, Class B ...................... 2,852,274
66,425 Clorox ..................................... 4,297,697
54,750 Compania Cervecerias Unidas, ADR (Chile) ... 2,362,462
26,950 Diageo, SP ADR (Britain) ................... 1,836,373
56,775 General Mills .............................. 4,041,244
70,700 Kimberly-Clark ............................. 4,331,082
104,975 McCormick & Co (Non-Voting Shares) ......... 4,153,861
61,050 PepsiCo .................................... 3,981,681
50,250 Procter & Gamble ........................... 3,123,540
232,525 Sara Lee ................................... 3,306,506
31,475 Smucker (J.M.) ............................. 1,922,178
142,450 Sysco ...................................... 4,492,873
18,500 Wal-Mart Stores ............................ 992,525
---------------
41,694,296
---------------
ENERGY - 9.43%
21,575 Alliance Resource Partners LP .............. 1,045,525
142,115 BreitBurn Energy Partners LP * ............. 2,211,309
44,825 Chevron .................................... 3,650,548
69,250 ConocoPhillips ............................. 4,098,907
85,723 Encore Energy Partners LP .................. 1,844,759
445,300 Provident Energy Trust ..................... 3,647,007
154,150 Spectra Energy ............................. 3,597,861
---------------
20,095,916
---------------
MARKET
SHARES VALUE
- --------------- ---------------
FINANCIALS - 17.48%
95,725 Apollo Investment .......................... $ 1,164,016
98,650 BancorpSouth ............................... 2,184,111
72,250 Bank of Hawaii ............................. 3,820,580
69,900 Chubb ...................................... 3,695,613
137,575 Cincinnati Financial ....................... 3,907,130
52,707 Commerce Bancshares ........................ 2,183,124
69,900 Compass Diversified Holdings ............... 1,014,948
46,425 Cullen/Frost Bankers ....................... 2,755,788
18,925 Erie Indemnity, Class A .................... 876,417
120,040 Gallagher (Arthur J.) ...................... 3,153,451
19,300 Mercury General ............................ 868,307
127,275 OneBeacon Insurance Group, Class A ......... 2,064,401
33,275 PartnerRe .................................. 2,581,475
226,500 People's United Financial .................. 3,517,545
55,525 Safety Insurance Group ..................... 2,070,527
53,000 U.S. Bancorp ............................... 1,418,810
---------------
37,276,243
---------------
HEALTH CARE - 5.30%
26,750 Becton, Dickinson .......................... 2,042,897
56,050 Johnson & Johnson .......................... 3,604,015
64,987 Owens & Minor .............................. 2,043,841
152,900 Pfizer ..................................... 2,556,488
38,075 Pharmaceutical Product Development ......... 1,047,063
---------------
11,294,304
---------------
INDUSTRIALS - 12.61%
24,650 3M ......................................... 2,185,716
29,800 General Dynamics ........................... 2,275,528
36,650 Grupo Aeroportuario del Sureste SAB de CV,
ADR (Mexico) ............................ 2,028,211
67,675 Honeywell International .................... 3,212,532
55,125 Norfolk Southern ........................... 3,270,566
59,100 United Parcel Service, Class B ............. 4,086,174
45,125 United Technologies ........................ 3,382,119
186,025 Waste Management ........................... 6,451,347
---------------
26,892,193
---------------
INFORMATION TECHNOLOGY - 6.04%
109,400 Automatic Data Processing .................. 4,743,584
178,750 Intel ...................................... 4,080,862
49,775 Microsoft .................................. 1,520,129
82,575 Paychex .................................... 2,526,795
---------------
12,871,370
---------------
MATERIALS - 3.18%
66,825 Nucor ...................................... 3,028,509
170,425 RPM International .......................... 3,762,984
---------------
6,791,493
---------------
TELECOMMUNICATION SERVICES - 2.45%
70,950 Verizon Communications ..................... 2,049,746
40,025 Vivo Participacoes, ADR (Brazil) ........... 1,059,462
95,100 Vodafone Group, SP ADR (Britain) ........... 2,111,220
---------------
5,220,428
---------------
UTILITIES - 7.72%
89,750 Avista ..................................... 1,941,292
212,025 Duke Energy ................................ 3,557,779
33,275 Exelon ..................................... 1,450,457
38,950 National Fuel Gas .......................... 2,026,179
110,825 Portland General Electric .................. 2,203,201
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15
Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------------- ---------------
UTILITIES (CONTINUED)
71,000 Southern ................................... $ 2,453,760
84,825 UniSource Energy ........................... 2,826,369
---------------
16,459,037
---------------
TOTAL COMMON STOCKS
(Cost $169,720,054) ..................... 204,383,782
---------------
INVESTMENT COMPANY - 5.05%
10,765,624 BlackRock Liquidity Funds TempFund
Portfolio ............................... 10,765,624
---------------
TOTAL INVESTMENT COMPANY
(Cost $10,765,624) ...................... 10,765,624
---------------
TOTAL INVESTMENTS - 100.92%
(Cost $180,485,678)** ..................................... 215,149,406
---------------
NET OTHER ASSETS AND LIABILITIES - (0.92)% ................... (1,970,651)
---------------
NET ASSETS - 100.00% ......................................... $ 213,178,755
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ...... $35,509,125
Gross unrealized depreciation ...... (845,397)
-----------
Net unrealized appreciation ........ $34,663,728
===========
ADR American Depositary Receipt
LP Limited Partnership
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16
Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
INFORMATION TECHNOLOGY 22%
CONSUMER DISCRETIONARY 21%
INDUSTRIALS 21%
HEALTH CARE 14%
ENERGY 7%
FINANCIALS 6%
CONSUMER STAPLES 5%
MATERIALS 3%
CASH & NET OTHER ASSETS AND LIABILITIES 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 99.29%
CONSUMER DISCRETIONARY - 21.20%
1,390 Bed Bath & Beyond * ........................ $ 63,884
330 Chipotle Mexican Grill * ................... 44,520
540 DeVry ...................................... 33,691
1,150 Dick's Sporting Goods * .................... 33,476
970 Kohl's * ................................... 53,340
1,910 LKQ * ...................................... 40,225
1,490 O'Reilly Automotive * ...................... 72,846
1,560 Omnicom Group .............................. 66,550
480 Panera Bread, Class A * .................... 37,411
910 Polo Ralph Lauren .......................... 81,809
1,620 TJX ........................................ 75,071
880 Tractor Supply ............................. 59,110
800 Wiley (John) & Sons, Class A ............... 33,816
---------------
695,749
---------------
CONSUMER STAPLES - 4.73%
2,080 Alberto-Culver ............................. 59,904
1,280 Avon Products .............................. 41,382
780 Church & Dwight ............................ 54,015
---------------
155,301
---------------
ENERGY - 7.33%
1,630 Cameron International * .................... 64,320
355 Core Laboratories .......................... 53,211
1,120 Oceaneering International * ................ 73,360
1,250 Southwestern Energy * ...................... 49,600
---------------
240,491
---------------
FINANCIALS - 5.69%
1,740 Eaton Vance ................................ 61,318
230 IntercontinentalExchange * ................. 26,825
1,260 Lazard, Class A ............................ 48,712
1,440 MSCI, Class A * ............................ 49,896
---------------
186,751
---------------
MARKET
SHARES VALUE
- --------------- ---------------
HEALTH CARE - 14.32%
950 Covance * .................................. $ 54,283
1,700 Dentsply International ..................... 62,288
330 Edwards Lifesciences * ..................... 34,016
970 Henry Schein * ............................. 58,656
400 Quality Systems ............................ 25,604
840 St. Jude Medical * ......................... 34,289
780 Techne ..................................... 51,675
1,380 Varian Medical Systems * ................... 77,804
990 Waters * ................................... 71,270
---------------
469,885
---------------
INDUSTRIALS - 20.75%
1,540 AMETEK ..................................... 66,605
1,070 Donaldson .................................. 49,541
1,440 Expeditors International Washington ........ 58,666
1,640 Fastenal ................................... 89,691
1,230 FTI Consulting * ........................... 50,590
1,630 J.B. Hunt Transport Services ............... 60,082
1,440 Jacobs Engineering Group * ................. 69,437
1,240 Joy Global ................................. 70,444
680 L-3 Communications Holdings ................ 63,628
1,090 Roper Industries ........................... 66,512
610 Stericycle * ............................... 35,929
---------------
681,125
---------------
INFORMATION TECHNOLOGY - 21.96%
2,610 Altera ..................................... 66,190
2,170 Amphenol, Class A .......................... 100,276
1,120 ANSYS * .................................... 50,400
660 F5 Networks * .............................. 45,164
520 FactSet Research Systems ................... 39,114
1,780 Fiserv * ................................... 90,940
1,360 FLIR Systems * ............................. 41,602
2,220 Juniper Networks * ......................... 63,070
2,720 Microchip Technology ....................... 79,451
2,570 Polycom * .................................. 83,653
2,370 Xilinx ..................................... 61,099
---------------
720,959
---------------
MATERIALS - 3.31%
800 Air Products and Chemicals ................. 61,424
970 Ecolab ..................................... 47,375
---------------
108,799
---------------
TOTAL COMMON STOCKS
(Cost $2,622,373) ....................... 3,259,060
---------------
INVESTMENT COMPANY - 1.32%
43,410 BlackRock Liquidity Funds
TempCash Portfolio ...................... 43,410
---------------
TOTAL INVESTMENT COMPANY
(Cost $43,410) .......................... 43,410
---------------
TOTAL INVESTMENTS - 100.61%
(Cost $2,665,783)** ....................................... 3,302,470
---------------
NET OTHER ASSETS AND LIABILITIES - (0.61)% ................... (20,124)
---------------
NET ASSETS - 100.00% ......................................... $ 3,282,346
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .......... $650,241
Gross unrealized depreciation .......... (13,554)
--------
Net unrealized appreciation ............ $636,687
========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17
Aston Funds
OPTIMUM MID CAP FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
INFORMATION TECHNOLOGY 25%
CONSUMER DISCRETIONARY 24%
INDUSTRIALS 14%
HEALTH CARE 14%
ENERGY 7%
MATERIALS 5%
CONSUMER STAPLES 5%
FINANCIALS 4%
CASH & NET OTHER ASSETS AND LIABILITIES 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 97.89%
CONSUMER DISCRETIONARY - 24.40%
4,464,700 Belo, Class A .............................. $ 38,708,949
1,195,440 BorgWarner * ............................... 51,810,370
2,590,900 Gannett .................................... 44,097,118
3,493,500 H&R Block .................................. 63,965,985
3,811,000 Interpublic Group * ........................ 33,956,010
1,406,000 Mattel ..................................... 32,408,300
1,448,855 McGraw-Hill ................................ 48,855,391
5,186,745 New York Times, Class A * .................. 51,452,510
1,924,800 Pearson, SP ADR (Britain) .................. 30,739,056
774,557 Scholastic ................................. 20,920,785
---------------
416,914,474
---------------
CONSUMER STAPLES - 4.67%
680,520 Bunge ...................................... 36,033,534
984,400 Molson Coors Brewing, Class B .............. 43,667,984
---------------
79,701,518
---------------
ENERGY - 6.74%
1,231,325 Compagnie Generale de Geophysique-Veritas,
SP ADR (France) * ....................... 37,013,632
1,208,200 Denbury Resources * ........................ 23,137,030
812,946 FMC Technologies * ......................... 55,028,315
---------------
115,178,977
---------------
FINANCIALS - 3.85%
1,544,345 Cincinnati Financial ....................... 43,859,398
622,900 Eaton Vance ................................ 21,950,996
---------------
65,810,394
---------------
HEALTH CARE - 13.87%
749,300 Beckman Coulter ............................ 46,756,320
1,300,200 Charles River Laboratories * ............... 43,530,696
73,700 Edwards Lifesciences * ..................... 7,596,996
1,233,800 Forest Laboratories * ...................... 33,633,388
756,400 Lincare Holdings * ......................... 35,316,316
MARKET
SHARES VALUE
- --------------- ---------------
HEALTH CARE (CONTINUED)
1,175,050 PerkinElmer ................................ $ 29,435,003
721,300 Varian Medical Systems * ................... 40,666,894
---------------
236,935,613
---------------
INDUSTRIALS - 14.16%
2,311,300 Chicago Bridge & Iron * .................... 54,176,872
1,054,900 Con-way .................................... 40,972,316
746,000 Manpower ................................... 41,850,600
3,462,800 Southwest Airlines ......................... 45,639,704
555,200 URS * ...................................... 28,509,520
1,371,400 Werner Enterprises ......................... 30,746,788
---------------
241,895,800
---------------
INFORMATION TECHNOLOGY - 25.25%
2,077,300 Akamai Technologies * ...................... 80,661,559
427,500 FactSet Research Systems ................... 32,156,550
809,725 Harris ..................................... 41,684,643
955,500 Intuit * ................................... 34,550,880
2,269,900 Jabil Circuit .............................. 34,774,868
1,180,900 Lexmark International Group, Class A * ..... 43,752,345
1,209,004 Mentor Graphics * .......................... 10,868,946
1,498,470 Molex ...................................... 33,580,713
1,130,160 Molex, Class A ............................. 21,473,040
1,686,100 Nuance Communications * .................... 30,805,047
1,108,608 Unisys * ................................... 31,063,196
1,243,055 Zebra Technologies * ....................... 36,110,748
---------------
431,482,535
---------------
MATERIALS - 4.95%
618,900 FMC ........................................ 39,386,796
761,200 Sigma-Aldrich .............................. 45,139,158
---------------
84,525,954
---------------
TOTAL COMMON STOCKS
(Cost $1,356,515,713) ................... 1,672,445,265
---------------
INVESTMENT COMPANY - 2.07%
35,414,682 BlackRock Liquidity Funds
TempCash Portfolio ...................... 35,414,682
---------------
TOTAL INVESTMENT COMPANY
(Cost $35,414,682) ...................... 35,414,682
---------------
TOTAL INVESTMENTS - 99.96%
(Cost $1,391,930,395)** ................................... 1,707,859,947
---------------
NET OTHER ASSETS AND LIABILITIES - 0.04% ..................... 688,845
---------------
NET ASSETS - 100.00% ......................................... $ 1,708,548,792
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ........... $366,859,941
Gross unrealized depreciation ........... (50,930,389)
------------
Net unrealized appreciation ............. $315,929,552
============
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18
Aston Funds
CARDINAL MID CAP VALUE FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
INFORMATION TECHNOLOGY 21%
FINANCIALS 17%
INDUSTRIALS 16%
CONSUMER DISCRETIONARY 14%
ENERGY 9%
HEALTH CARE 8%
MATERIALS 5%
CONSUMER STAPLES 4%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
TELECOMMUNICATION SERVICES 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 95.81%
CONSUMER DISCRETIONARY - 14.25%
1,211 American Eagle Outfitters .................. $ 20,357
500 Interactive Data ........................... 16,735
1,479 Speedway Motorsports ....................... 24,034
625 Stanley Black & Decker ..................... 38,844
300 Tiffany .................................... 14,544
1,824 Virgin Media ............................... 32,084
1,915 Wendy's/Arby's Group, Class A .............. 10,169
---------------
156,767
---------------
CONSUMER STAPLES - 4.07%
200 NBTY * ..................................... 8,136
600 Smucker (J.M.) ............................. 36,642
---------------
44,778
---------------
ENERGY - 8.85%
400 Chesapeake Energy .......................... 9,520
100 Comstock Resources * ....................... 3,206
750 Concho Resources * ......................... 42,615
350 Oceaneering International * ................ 22,925
650 Plains Exploration & Production * .......... 19,051
---------------
97,317
---------------
FINANCIALS - 17.19%
600 Annaly Capital Management, REIT ............ 10,170
700 Ares Capital ............................... 11,102
675 Cash America International ................. 25,015
400 Entertainment Properties Trust, REIT ....... 17,488
400 Hatteras Financial, REIT ................... 10,668
1,300 Hudson City Bancorp ........................ 17,290
300 Investment Technology Group * .............. 5,211
1,500 Janus Capital Group ........................ 21,120
1,600 SLM * ...................................... 19,584
200 T. Rowe Price Group ........................ 11,502
400 Waddell & Reed Financial, Class A .......... 14,848
728 Willis Group Holdings ...................... 25,080
---------------
189,078
---------------
MARKET
SHARES VALUE
- --------------- ---------------
HEALTH CARE - 8.08%
300 Beckman Coulter ............................ $ 18,720
311 Henry Schein * ............................. 18,806
300 Laboratory Corp of America Holdings * ...... 23,571
300 Quest Diagnostics .......................... 17,148
255 West Pharmaceutical Services ............... 10,672
---------------
88,917
---------------
INDUSTRIALS - 15.79%
200 Alliant Techsystems * ...................... 16,182
300 AMETEK ..................................... 12,975
541 Equifax .................................... 18,177
550 J.B. Hunt Transport Services ............... 20,273
400 KAR Auction Services * ..................... 6,224
325 L-3 Communications Holdings ................ 30,410
200 Roper Industries ........................... 12,204
1,646 RR Donnelley & Sons ........................ 35,372
500 Teledyne Technologies * .................... 21,800
---------------
173,617
---------------
INFORMATION TECHNOLOGY - 20.91%
1,200 Broadridge Financial Solutions ............. 28,572
2,100 Convergys * ................................ 26,544
600 Fiserv * ................................... 30,654
300 Harris ..................................... 15,444
710 Hewitt Associates, Class A * ............... 29,103
1,010 Intuit * ................................... 36,522
1,051 Progress Software * ........................ 33,895
1,600 Western Union .............................. 29,200
---------------
229,934
---------------
MATERIALS - 5.11%
200 FMC ........................................ 12,728
720 Silgan Holdings ............................ 43,438
---------------
56,166
---------------
TELECOMMUNICATION SERVICES - 1.56%
1,553 Windstream ................................. 17,161
---------------
TOTAL COMMON STOCKS
(Cost $897,248) ......................... 1,053,735
---------------
INVESTMENT COMPANY - 5.41%
59,523 BlackRock Liquidity Funds
TempCash Portfolio ...................... 59,523
---------------
TOTAL INVESTMENT COMPANY
(Cost $59,523) .......................... 59,523
---------------
TOTAL INVESTMENTS - 101.22%
(Cost $956,771)** ......................................... 1,113,258
---------------
NET OTHER ASSETS AND LIABILITIES - (1.22)% ................... (13,391)
---------------
NET ASSETS - 100.00% ......................................... $ 1,099,867
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .............. $180,692
Gross unrealized depreciation .............. (24,205)
--------
Net unrealized appreciation ................ $156,487
========
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
INFORMATION TECHNOLOGY 50%
CONSUMER DISCRETIONARY 21%
INDUSTRIALS 11%
FINANCIALS 10%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
HEALTH CARE 2%
MATERIALS 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 94.73%
CONSUMER DISCRETIONARY - 21.03%
64,200 Callaway Golf .............................. $ 602,838
6,150 Chipotle Mexican Grill * ................... 829,697
25,700 Ethan Allen Interiors ...................... 519,140
72,650 Gentex ..................................... 1,561,249
31,125 Kenneth Cole Productions, Class A * ........ 387,818
9,025 Lululemon Athletica * ...................... 339,521
29,175 MarineMax * ................................ 325,301
20,125 Oxford Industries .......................... 434,499
36,050 Perry Ellis International * ................ 869,887
77,250 Pier 1 Imports * ........................... 639,630
75,300 Quiksilver * ............................... 401,349
63,150 Ruby Tuesday * ............................. 706,649
23,950 Rue21 * .................................... 756,820
47,075 Saks * ..................................... 458,981
87,850 Shuffle Master * ........................... 843,360
27,000 Tempur-Pedic International * ............... 909,900
45,550 Tenneco * .................................. 1,173,824
41,825 Ulta Salon, Cosmetics & Fragrance * ........ 966,994
---------------
12,727,457
---------------
FINANCIALS - 9.81%
58,025 FelCor Lodging Trust, REIT * ............... 470,583
34,250 First Midwest Bancorp ...................... 520,600
56,625 KKR Financial Holdings ..................... 500,565
28,125 LaSalle Hotel Properties, REIT ............. 741,094
24,525 MB Financial ............................... 600,863
55,475 Old National Bancorp ....................... 743,920
158,750 Strategic Hotels & Resorts * ............... 1,019,175
63,225 Sunstone Hotel Investors * ................. 804,854
48,675 Susquehanna Bancshares ..................... 530,558
---------------
5,932,212
---------------
HEALTH CARE - 2.35%
10,075 Almost Family * ............................ 426,777
86,450 Alphatec Holdings * ........................ 577,486
41,025 Vivus * .................................... 418,045
---------------
1,422,308
---------------
MARKET
SHARES VALUE
- --------------- ---------------
INDUSTRIALS - 10.80%
91,975 AMR * ...................................... $ 678,776
14,750 Atlas Air Worldwide Holdings * ............. 815,233
60,925 Avis Budget Group * ........................ 921,186
24,050 CDI ........................................ 419,192
15,750 Kforce * ................................... 218,768
42,350 Knight Transportation ...................... 901,632
128,100 Pacer International * ...................... 850,584
131,575 US Airways Group * ......................... 930,235
50,550 UTI Worldwide .............................. 801,218
---------------
6,536,824
---------------
INFORMATION TECHNOLOGY - 49.78%
48,650 ACI Worldwide .............................. 914,134
148,550 Amkor Technology * ......................... 1,120,067
46,725 Cavium Networks * .......................... 1,290,077
46,900 Cypress Semiconductor * .................... 604,541
27,100 Diodes * ................................... 581,837
153,000 Entegris * ................................. 947,070
50,975 Fairchild Semiconductor International * .... 571,940
20,800 FARO Technologies * ........................ 524,368
32,475 GSI Commerce * ............................. 884,944
63,175 Intevac * .................................. 879,396
33,275 JDS Uniphase * ............................. 432,242
121,450 Kulicke & Soffa Industries * ............... 995,890
75,150 LSI * ...................................... 452,403
436,800 LTX-Credence * ............................. 1,480,752
211,975 Mattson Technology * ....................... 953,888
73,725 NetScout Systems * ......................... 1,070,487
138,350 ON Semiconductor * ......................... 1,098,499
163,000 PLX Technology * ........................... 855,750
178,100 RF Micro Devices * ......................... 1,000,922
25,950 Riverbed Technology * ...................... 804,191
53,125 Rubicon Technology * ....................... 1,441,813
51,175 Seagate Technology ......................... 940,085
53,200 Silicon Graphics International * ........... 526,148
183,125 Sonic Solutions * .......................... 2,298,219
38,525 Standard Microsystems * .................... 989,322
97,100 Teradyne * ................................. 1,187,533
79,625 TriQuint Semiconductor * ................... 600,372
80,050 TTM Technologies * ......................... 869,341
17,525 Veeco Instruments * ........................ 770,923
16,500 WebMD Health * ............................. 799,258
32,700 Western Digital * .......................... 1,343,641
50,875 Xyratex * .................................. 895,400
---------------
30,125,453
---------------
MATERIALS - 0.96%
32,825 Solutia * .................................. 577,718
---------------
TOTAL COMMON STOCKS
(Cost $44,002,775) ...................... 57,321,972
---------------
INVESTMENT COMPANY - 4.73%
2,864,251 BlackRock Liquidity Funds
TempCash Portfolio ...................... 2,864,251
---------------
TOTAL INVESTMENT COMPANY
(Cost $2,864,251) ....................... 2,864,251
---------------
TOTAL INVESTMENTS - 99.46%
(Cost $46,867,026)** ...................................... 60,186,223
---------------
NET OTHER ASSETS AND LIABILITIES - 0.54% ..................... 328,731
---------------
NET ASSETS - 100.00% ......................................... $ 60,514,954
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .............. $13,915,091
Gross unrealized depreciation .............. (595,894)
-----------
Net unrealized appreciation ................ $13,319,197
===========
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21
Aston Funds
FASCIANO SMALL CAP FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 32%
CONSUMER DISCRETIONARY 16%
INDUSTRIALS 12%
HEALTH CARE 10%
FINANCIALS 10%
CONSUMER STAPLES 7%
ENERGY 5%
MATERIALS 4%
INFORMATION TECHNOLOGY 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 67.45%
CONSUMER DISCRETIONARY - 15.84%
700 Bank (Jos A. ) Clothiers * ................. $ 42,602
1,000 Buckle ..................................... 36,180
1,800 Lincoln Educational Services * ............. 44,928
1,300 M.D.C. Holdings ............................ 49,790
400 National Presto Industries ................. 44,788
2,500 PetMed Express ............................. 55,350
1,000 Steiner Leisure * .......................... 46,870
700 Steven Madden * ............................ 40,572
---------------
361,080
---------------
CONSUMER STAPLES - 6.81%
1,100 J & J Snack Foods .......................... 51,249
800 Lancaster Colony ........................... 43,976
1,500 Orchids Paper Products * ................... 22,215
2,500 Spartan Stores ............................. 37,725
---------------
155,165
---------------
ENERGY - 4.71%
1,000 Arena Resources * .......................... 36,930
500 Contango Oil & Gas * ....................... 27,450
800 Tidewater .................................. 42,888
---------------
107,268
---------------
FINANCIALS - 9.69%
1,300 American Physicians Service Group .......... 30,394
1,200 First of Long Island ....................... 30,888
700 Navigators Group * ......................... 28,091
2,500 PrivateBancorp ............................. 35,800
2,500 S.Y. Bancorp ............................... 59,350
2,000 Walter Investment Management REIT .......... 36,260
---------------
220,783
---------------
MARKET
SHARES VALUE
- --------------- ---------------
HEALTH CARE - 10.06%
300 Atrion ..................................... $ 42,534
6,000 Health Grades * ............................ 42,060
1,500 Kensey Nash * .............................. 33,975
700 Landauer ................................... 47,705
1,500 Meridian Bioscience ........................ 29,985
1,050 Owens & Minor .............................. 33,023
---------------
229,282
---------------
INDUSTRIALS - 11.88%
1,200 Esterline Technologies * ................... 66,936
1,000 FTI Consulting * ........................... 41,130
2,500 John Bean Technologies ..................... 45,925
1,500 Omega Flex ................................. 18,360
30 Seaboard ................................... 43,800
1,300 Thomas & Betts * ........................... 54,522
---------------
270,673
---------------
INFORMATION TECHNOLOGY - 4.18%
1,000 Mesa Laboratories .......................... 25,820
5,000 Spectrum Control * ......................... 69,500
---------------
95,320
---------------
MATERIALS - 4.28%
3,000 KMG Chemicals .............................. 55,320
700 Silgan Holdings ............................ 42,231
---------------
97,551
---------------
TOTAL COMMON STOCKS
(Cost $1,354,475) ....................... 1,537,122
---------------
INVESTMENT COMPANY - 31.81%
724,780 BlackRock Liquidity Funds
TempCash Portfolio ...................... 724,780
---------------
TOTAL INVESTMENT COMPANY
(Cost $724,780) ......................... 724,780
---------------
TOTAL INVESTMENTS - 99.26%
(Cost $2,079,255)** ....................................... 2,261,902
---------------
NET OTHER ASSETS AND LIABILITIES - 0.74% ..................... 16,836
---------------
NET ASSETS - 100.00% ......................................... $ 2,278,738
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................... $203,102
Gross unrealized depreciation ................... (20,455)
--------
Net unrealized appreciation ..................... $182,647
========
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22
Aston Funds
TAMRO SMALL CAP FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CONSUMER DISCRETIONARY 25%
FINANCIALS 20%
INFORMATION TECHNOLOGY 17%
INDUSTRIALS 13%
HEALTH CARE 11%
ENERGY 5%
CONSUMER STAPLES 3%
MATERIALS 3%
TELECOMMUNICATION SERVICES 2%
CASH & NET OTHER ASSETS AND LIABILITIES 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 99.21%
CONSUMER DISCRETIONARY - 24.91%
870,480 Aaron Rents ................................ $ 19,646,734
902,909 BJ's Restaurants * ......................... 21,787,194
325,980 Blue Nile * ................................ 17,599,660
1,335,126 Domino's Pizza * ........................... 20,574,292
639,487 DSW, Class A * ............................. 19,312,507
1,851,743 E.W. Scripps, Class A * .................... 20,258,068
293,379 Gannett .................................... 4,993,311
629,969 Grand Canyon Education * ................... 15,232,650
1,613,700 Liz Claiborne * ............................ 14,103,738
692,593 Lumber Liquidators * ....................... 21,096,383
585,617 M.D.C. Holdings ............................ 22,429,131
443,883 Morningstar * .............................. 20,866,940
1,174,454 Texas Roadhouse * .......................... 17,358,430
1,047,888 Winnebago Industries * ..................... 17,426,377
---------------
252,685,415
---------------
CONSUMER STAPLES - 3.35%
440,857 TreeHouse Foods * .......................... 18,643,843
498,111 United Natural Foods * ..................... 15,287,027
---------------
33,930,870
---------------
ENERGY - 4.89%
456,752 Bill Barrett * ............................. 15,566,108
807,948 Hornbeck Offshore Services * ............... 19,770,488
1,288,933 Precision Drilling Trust * ................. 9,821,669
350,604 Willbros Group * ........................... 4,400,080
---------------
49,558,345
---------------
FINANCIALS - 20.23%
550,615 Bank of the Ozarks ......................... 21,182,159
1,084,578 BioMed Realty Trust, REIT .................. 20,075,539
1,109,906 East West Bancorp .......................... 21,743,059
366,981 GAMCO Investors ............................ 16,884,796
1,158,569 Glacier Bancorp ............................ 21,421,941
1,305,496 Janus Capital Group ........................ 18,381,384
825,548 LaSalle Hotel Properties, REIT ............. 21,753,190
671,927 Raymond James Financial .................... 20,587,843
MARKET
SHARES VALUE
- --------------- ---------------
FINANCIALS (CONTINUED)
1,397,729 Redwood Trust, REIT ........................ $ 23,314,120
2,828 Teton Advisors (a) ......................... 31,179
631,022 Washington, REIT ........................... 19,845,642
---------------
205,220,852
---------------
HEALTH CARE - 10.91%
113,130 Amedisys * ................................. 6,514,025
306,869 Analogic ................................... 14,674,475
2,197,582 Health Management Associates, Class A * .... 20,481,464
395,870 NuVasive * ................................. 16,468,192
310,490 Quality Systems ............................ 19,874,465
331,405 Teleflex ................................... 20,321,755
216,610 United Therapeutics * ...................... 12,322,943
---------------
110,657,319
---------------
INDUSTRIALS - 13.41%
650,910 Advisory Board * ........................... 21,434,466
667,233 Colfax Corp * .............................. 8,707,391
698,419 Corporate Executive Board .................. 19,178,586
681,575 EMCOR Group * .............................. 19,465,782
224,110 ESCO Technologies .......................... 6,913,793
743,913 Forward Air ................................ 20,844,442
748,559 Terex * .................................... 19,851,785
411,877 Wabtec ..................................... 19,597,108
---------------
135,993,353
---------------
INFORMATION TECHNOLOGY - 16.98%
1,941,179 3PAR * ..................................... 18,111,200
754,815 Acme Packet * .............................. 19,730,864
439,101 Blackboard * ............................... 18,683,747
255,114 FactSet Research Systems ................... 19,189,675
1,616,040 Netezza * .................................. 22,123,588
648,361 NETGEAR * .................................. 17,544,649
1,090,088 RightNow Technologies * .................... 17,877,443
1,219,007 SeaChange International * .................. 10,154,328
1,574,090 VASCO Data Security International * ........ 10,200,103
819,205 Websense * ................................. 18,653,298
---------------
172,268,895
---------------
MATERIALS - 2.76%
318,951 Royal Gold ................................. 16,323,912
309,313 Texas Industries ........................... 11,704,404
---------------
28,028,316
---------------
TELECOMMUNICATION SERVICES - 1.77%
1,169,177 Cbeyond * .................................. 17,981,942
---------------
TOTAL COMMON STOCKS
(Cost $764,353,553) ..................... 1,006,325,307
---------------
INVESTMENT COMPANY - 1.03%
10,471,087 BlackRock Liquidity Funds
TempCash Portfolio ...................... 10,471,087
---------------
TOTAL INVESTMENT COMPANY
(Cost $10,471,087) ...................... 10,471,087
---------------
TOTAL INVESTMENTS - 100.24%
(Cost $774,824,640)** ..................................... 1,016,796,394
---------------
NET OTHER ASSETS AND LIABILITIES - (0.24)% ................... (2,478,028)
---------------
NET ASSETS - 100.00% ......................................... $ 1,014,318,366
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23
Aston Funds
TAMRO SMALL CAP FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .............. $247,089,424
Gross unrealized depreciation .............. (5,117,670)
------------
Net unrealized appreciation ................ $241,971,754
============
(a) This security has been determined by the Sub-Adviser to be an illiquid
security. At April 30, 2010, this security amounted to $31,179 or 0.00% of
net assets.
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24
Aston Funds
RIVER ROAD SELECT VALUE FUND (FORMERLY KNOWN AS
RIVER ROAD SMALL-MID CAP FUND) APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
FINANCIALS 24%
CONSUMER DISCRETIONARY 22%
INDUSTRIALS 13%
CONSUMER STAPLES 10%
HEALTH CARE 8%
INFORMATION TECHNOLOGY 7%
MATERIALS 6%
UTILITIES 6%
CASH & NET OTHER ASSETS AND LIABILITIES 2%
ENERGY 1%
TELECOMMUNICATION SERVICES 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 98.21%
CONSUMER DISCRETIONARY - 22.24%
106,260 Big Lots * ................................. $ 4,059,132
89,200 Bob Evans Farms ............................ 2,758,956
37,960 Corinthian Colleges * ...................... 592,935
88,650 Cracker Barrel Old Country Store ........... 4,376,650
84,860 Dollar Tree * .............................. 5,152,699
114,420 Dress Barn * ............................... 3,167,145
232,500 Fred's, Class A ............................ 3,229,425
81,020 Hillenbrand ................................ 1,991,472
100,650 International Speedway, Class A ............ 3,075,864
145,460 Lincoln Educational Services * ............. 3,630,682
98,640 Papa John's International * ................ 2,702,736
323,680 PetSmart ................................... 10,704,098
200,640 Rent-A-Center * ............................ 5,180,525
10,830 Signet Jewelers * .......................... 346,777
27,360 UniFirst ................................... 1,337,083
---------------
52,306,179
---------------
CONSUMER STAPLES - 10.41%
24,680 BJ's Wholesale Club * ...................... 944,750
12,283 Casey's General Stores ..................... 474,492
30,380 Coca-Cola Bottling ......................... 1,673,330
51,920 Compania Cervecerias Unidas, ADR (Chile) ... 2,240,348
195,850 Dean Foods * ............................... 3,074,845
89,280 Industrias Bachoco, SP ADR (Mexico) ........ 1,964,160
37,086 J & J Snack Foods .......................... 1,727,837
43,970 National Beverage .......................... 510,052
257,160 Ruddick .................................... 9,088,034
103,600 Village Super Market, Class A (a) .......... 2,787,876
---------------
24,485,724
---------------
ENERGY - 1.26%
33,820 Bristow Group * ............................ 1,309,172
109,440 Frontier Oil ............................... 1,663,488
---------------
2,972,660
---------------
MARKET
SHARES VALUE
- --------------- ---------------
FINANCIALS - 23.49%
12,699 Alleghany * ................................ $ 3,773,635
90,300 BancorpSouth ............................... 1,999,242
29,060 Bank of Hawaii ............................. 1,536,693
123,840 Cincinnati Financial ....................... 3,517,056
89,887 Commerce Bancshares ........................ 3,723,119
114,140 eHealth * .................................. 1,564,859
67,720 FirstService * ............................. 1,616,476
258,120 Hilltop Holdings * ......................... 3,027,748
132,000 Knight Capital Group, Class A * ............ 2,052,600
143,335 Max Capital Group .......................... 3,196,370
50,220 Navigators Group * ......................... 2,015,329
79,390 OneBeacon Insurance Group, Class A ......... 1,287,706
53,550 Oppenheimer Holdings, Class A .............. 1,556,699
64,990 PartnerRe .................................. 5,041,924
346,640 People's United Financial .................. 5,383,319
20,580 Republic Bancorp, Class A .................. 497,007
105,200 UMB Financial .............................. 4,431,024
247,000 W. R. Berkley .............................. 6,669,000
6,872 White Mountains Insurance Group ............ 2,361,219
---------------
55,251,025
---------------
HEALTH CARE - 7.79%
7,460 Air Methods * .............................. 246,777
19,290 Chemed ..................................... 1,061,143
15,560 Genoptix * ................................. 602,016
35,020 Haemonetics * .............................. 2,026,257
93,970 ICU Medical * .............................. 3,346,272
213,150 Kindred Healthcare * ....................... 3,802,596
105,160 Martek Biosciences * ....................... 2,316,675
29,250 National Healthcare ........................ 1,034,280
44,260 Odyssey HealthCare * ....................... 921,936
89,340 STERIS ..................................... 2,973,235
---------------
18,331,187
---------------
INDUSTRIALS - 12.62%
76,880 Administaff ................................ 1,702,123
53,455 AMERCO * ................................... 3,338,265
202,170 Brink's .................................... 5,383,787
87,160 Copart * ................................... 3,110,740
80,170 Corporate Executive Board .................. 2,201,468
164,760 Equifax .................................... 5,535,936
245,920 Geo Group * ................................ 5,208,586
58,785 Korn/Ferry International * ................. 952,905
92,980 Tutor Perini * ............................. 2,256,625
---------------
29,690,435
---------------
INFORMATION TECHNOLOGY - 7.33%
29,810 Daktronics ................................. 249,808
90,540 DST Systems ................................ 3,843,423
41,490 Forrester Research * ....................... 1,332,244
92,100 Hewitt Associates, Class A * ............... 3,775,179
155,150 Ingram Micro, Class A * .................... 2,817,524
81,580 Ituran Location and Control ................ 1,215,542
81,460 j2 Global Communications * ................. 1,961,557
296,300 TeleCommunication Systems, Class A * ....... 2,047,433
---------------
17,242,710
---------------
MATERIALS - 6.13%
221,220 AptarGroup ................................. 9,521,309
235,060 Glatfelter ................................. 3,453,031
18,970 Stepan ..................................... 1,436,978
---------------
14,411,318
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25
Aston Funds
RIVER ROAD SELECT VALUE FUND (FORMERLY KNOWN AS
RIVER ROAD SMALL-MID CAP FUND) APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------------- ---------------
TELECOMMUNICATION SERVICES - 1.00%
53,660 nTelos Holdings ............................ $ 1,053,346
30,770 United States Cellular * ................... 1,294,802
---------------
2,348,148
---------------
UTILITIES - 5.94%
113,220 Avista ..................................... 2,448,949
63,820 Energen .................................... 3,118,883
53,100 National Fuel Gas .......................... 2,762,262
46,896 Portland General Electric .................. 932,292
105,712 SJW ........................................ 2,904,966
54,580 UniSource Energy ........................... 1,818,606
---------------
13,985,958
---------------
TOTAL COMMON STOCKS
(Cost $197,381,626) ..................... 231,025,344
---------------
INVESTMENT COMPANY - 1.71%
4,022,548 BlackRock Liquidity Funds
TempFund Portfolio ...................... 4,022,548
---------------
TOTAL INVESTMENT COMPANY
(Cost $4,022,548) ....................... 4,022,548
---------------
TOTAL INVESTMENTS - 99.92%
(Cost $201,404,174)** ..................................... 235,047,892
---------------
NET OTHER ASSETS AND LIABILITIES - 0.08% ..................... 184,710
---------------
NET ASSETS - 100.00% ......................................... $ 235,232,602
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .......... $36,100,310
Gross unrealized depreciation .......... (2,456,592)
-----------
Net unrealized appreciation ............ $33,643,718
===========
(a) This security has been determined by the Sub-Adviser to be an illiquid
security. At April 30, 2010, this security amounted to $2,787,876 or 1.19 %
of net assets.
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CONSUMER DISCRETIONARY 24%
FINANCIALS 18%
CONSUMER STAPLES 11%
INDUSTRIALS 11%
HEALTH CARE 10%
INFORMATION TECHNOLOGY 7%
MATERIALS 6%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
UTILITIES 4%
ENERGY 3%
TELECOMMUNICATION SERVICES 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 95.21%
CONSUMER DISCRETIONARY - 24.04%
95,030 Ambassadors Group .......................... $ 1,153,664
247,030 Big Lots * ................................. 9,436,546
227,640 Bob Evans Farms ............................ 7,040,905
98,040 Churchill Downs ............................ 3,757,873
92,880 Corinthian Colleges * ...................... 1,450,786
215,226 Cracker Barrel Old Country Store ........... 10,625,708
110,931 Dollar Tree * .............................. 6,735,730
266,559 Dress Barn * ............................... 7,378,353
707,418 Fred's, Class A ............................ 9,826,036
144,102 Frisch's Restaurants ....................... 3,157,275
197,440 Hillenbrand ................................ 4,853,075
270,920 International Speedway, Class A ............ 8,279,315
339,380 Lincoln Educational Services * ............. 8,470,925
655,838 Mac-Gray (a) ............................... 7,640,513
331,830 Monarch Casino & Resort * (a) .............. 3,855,865
97,194 Nathan's Famous * (a) ...................... 1,524,002
248,708 Papa John's International * ................ 6,814,599
281,647 PetMed Express ............................. 6,235,665
236,700 PetSmart ................................... 7,827,669
462,325 Rent-A-Center * ............................ 11,937,231
66,043 UniFirst ................................... 3,227,521
297,480 Universal Electronics * .................... 6,312,526
---------------
137,541,782
---------------
CONSUMER STAPLES - 11.27%
60,150 BJ's Wholesale Club * ...................... 2,302,542
29,839 Casey's General Stores ..................... 1,152,681
72,713 Coca-Cola Bottling ......................... 4,005,032
679,073 Harbinger Group * (a) ...................... 4,542,998
319,638 HQ Sustainable Maritime
Industries * ............................ 1,818,740
306,944 Industrias Bachoco, SP ADR
(Mexico) ................................... 6,752,768
119,983 J & J Snack Foods .......................... 5,590,008
102,377 National Beverage .......................... 1,187,573
625,731 Ruddick .................................... 22,113,334
MARKET
SHARES VALUE
- --------------- ---------------
CONSUMER STAPLES (CONTINUED)
200,270 Seneca Foods, Class A * (a) ................ $ 6,576,867
314,609 Village Super Market, Class A (a) .......... 8,466,128
---------------
64,508,671
---------------
ENERGY - 3.05%
84,100 Bristow Group * ............................ 3,255,511
15,813 Eastern American Natural Gas Trust ......... 355,634
862,179 Evolution Petroleum * ...................... 5,155,830
261,160 Frontier Oil ............................... 3,969,632
891,600 Gastar Exploration * ....................... 4,743,312
---------------
17,479,919
---------------
FINANCIALS - 17.81%
147,290 Avatar Holdings * .......................... 3,511,394
273,000 BancorpSouth ............................... 6,044,220
70,820 Bank of Hawaii ............................. 3,744,962
15,200 Capital Southwest .......................... 1,429,560
300,860 Dime Community Bancshares .................. 3,835,965
399,460 eHealth * .................................. 5,476,597
47,585 First Citizens BancShares, Class A ......... 9,802,510
172,330 FirstService * ............................. 4,113,517
156,890 FPIC Insurance Group * ..................... 4,270,546
30,009 Gyrodyne Company of America
REIT * (a) .............................. 1,231,119
553,930 Hilltop Holdings * ......................... 6,497,599
321,710 Knight Capital Group, Class A * ............ 5,002,591
342,821 Max Capital Group .......................... 7,644,908
706,799 Medallion Financial ........................ 5,654,392
118,927 Navigators Group * ......................... 4,772,541
193,168 OneBeacon Insurance Group, Class A ......... 3,133,185
163,909 Oppenheimer Holdings, Class A 4,764,835
60,130 Republic Bancorp, Class A .................. 1,452,140
104,520 Student Loan ............................... 2,951,645
249,560 UMB Financial .............................. 10,511,467
17,594 White Mountains Insurance Group ............ 6,045,298
---------------
101,890,991
---------------
HEALTH CARE - 10.19%
177,340 Air Methods * .............................. 5,866,407
22,130 Chemed ..................................... 1,217,371
261,646 Chindex International * .................... 3,307,205
194,760 Ensign Group ............................... 3,381,034
38,068 Genoptix * ................................. 1,472,851
87,780 Haemonetics * .............................. 5,078,951
229,034 ICU Medical * .............................. 8,155,901
549,740 Kindred Healthcare * ....................... 9,807,362
300,580 Martek Biosciences * ....................... 6,621,777
94,400 National Healthcare ........................ 3,337,984
107,660 Odyssey HealthCare * ....................... 2,242,558
234,240 STERIS ..................................... 7,795,507
---------------
58,284,908
---------------
INDUSTRIALS - 11.27%
194,250 Administaff ................................ 4,300,695
123,960 AMERCO * ................................... 7,741,302
491,756 Brink's .................................... 13,095,462
127,770 Copart * ................................... 4,560,111
190,340 Corporate Executive Board .................. 5,226,736
587,220 Geo Group * ................................ 12,437,320
134,870 Korn/Ferry International * ................. 2,186,243
141,240 Sterling Construction * .................... 2,471,700
232,580 Tutor Perini * ............................. 5,644,717
484,700 Volt Information Sciences * ................ 6,078,138
152,068 WCA Waste * ................................ 754,257
---------------
64,496,681
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------------- ---------------
INFORMATION TECHNOLOGY - 7.33%
685,310 BigBand Networks * ......................... $ 2,261,523
49,440 Computer Services (a) ...................... 2,014,680
107,000 Daktronics ................................. 896,660
209,850 DST Systems ................................ 8,908,132
366,980 Electro Rent (a) ........................... 5,244,144
101,051 Forrester Research * ....................... 3,244,748
323,993 Ingram Micro, Class A * .................... 5,883,713
196,500 Ituran Location and Control ................ 2,927,850
221,380 j2 Global Communications * ................. 5,330,830
759,520 TeleCommunication Systems, Class A * ....... 5,248,283
---------------
41,960,563
---------------
MATERIALS - 6.28%
552,486 AptarGroup ................................. 23,778,997
502,326 Glatfelter ................................. 7,379,169
62,950 Stepan ..................................... 4,768,463
---------------
35,926,629
---------------
TELECOMMUNICATION SERVICES - 0.51%
147,580 nTelos Holdings ............................ 2,896,995
---------------
UTILITIES - 3.46%
271,920 Avista ..................................... 5,881,630
139,890 Portland General Electric 2,781,013
238,876 SJW (a) .................................... 6,564,312
137,750 UniSource Energy ........................... 4,589,830
---------------
19,816,785
---------------
TOTAL COMMON STOCKS
(Cost $461,431,942) ..................... 544,803,924
---------------
INVESTMENT COMPANY - 5.23%
29,935,816 BlackRock Liquidity Funds
TempFund Portfolio ...................... 29,935,816
---------------
TOTAL INVESTMENT COMPANY
(Cost $29,935,816) ...................... 29,935,816
---------------
TOTAL INVESTMENTS - 100.44%
(Cost $491,367,758)** ..................................... 574,739,740
---------------
NET OTHER ASSETS AND LIABILITIES - (0.44)% ................... (2,509,515)
---------------
NET ASSETS - 100.00% ......................................... $ 572,230,225
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................................... $ 94,553,392
Gross unrealized depreciation ................................... (11,181,410)
------------
Net unrealized appreciation ..................................... $ 83,371,982
============
(a) These securities have been determined by the Sub-Adviser to be illiquid
securities. At April 30, 2010, these securities amounted to $47,660,628 or
8.33% of net assets.
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28
Aston Funds
NEPTUNE INTERNATIONAL FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CONSUMER STAPLES 23%
ENERGY 15%
FINANCIALS 13%
INFORMATION TECHNOLOGY 13%
MATERIALS 9%
HEALTH CARE 6%
TELECOMMUNICATION SERVICES 6%
INDUSTRIALS 5%
CONSUMER DISCRETIONARY 5%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 94.65%
AUSTRALIA - 1.55%
5,000 Foster's Group (a) ......................... $ 25,056
---------------
BRAZIL - 2.62%
1,000 Petroleo Brasileiro, ADR ................... 42,430
---------------
CHINA - 29.23%
175 Baidu, SP ADR * ............................ 120,627
55,000 Bank of China (a) .......................... 28,313
40,000 China Construction Bank (a) ................ 32,483
10,000 China Life Insurance ....................... 46,045
5,000 China Mobile (a) ........................... 48,945
25,000 China Oilfield Services (a) ................ 34,863
20,000 China South Locomotive and
Rolling Stock (a) ....................... 15,060
30,000 CNOOC (a) .................................. 52,769
20,000 Mandarin Oriental International (a) ........ 34,676
20,000 Shangri-La Asia (a) ........................ 38,595
1,000 Tencent Holdings (a) ....................... 20,680
---------------
473,056
---------------
INDIA - 1.85%
500 Infosys Technologies, SP ADR ............... 29,940
---------------
ITALY - 1.38%
1,000 Eni (a) .................................... 22,349
---------------
JAPAN - 1.25%
1,000 Komatsu (a) ................................ 20,157
---------------
LUXEMBOURG - 1.12%
500 Evraz Group, GDR * (a) ..................... 18,032
---------------
NETHERLANDS - 3.65%
1,000 Akzo Nobel (a) ............................. 59,135
---------------
NORWAY - 2.14%
1,000 Yara International (a) ..................... 34,699
---------------
MARKET
SHARES VALUE
- --------------- ---------------
RUSSIA - 20.55%
1,000 Gazprom, SP ADR ............................ $ 23,220
500 LUKOIL, SP ADR ............................. 28,700
2,000 Mining and Metallurgical Company
Norilsk Nickel, ADR * ................... 38,400
500 Mobile TeleSystems, SP ADR ................. 27,625
2,000 Polyus Gold, SP ADR ........................ 50,020
5,000 Rosneft Oil, GDR (a) ....................... 40,015
1,000 Vimpel-Communications, SP ADR .............. 14,950
3,000 Wimm-Bill-Dann Foods, ADR * ................ 65,250
1,250 X 5 Retail Group, GDR * (a) ................ 44,401
---------------
332,581
---------------
SWITZERLAND - 2.44%
250 Roche Holding (a) .......................... 39,472
---------------
TAIWAN - 1.96%
3,000 Taiwan Semiconductor
Manufacturing, SP ADR ................... 31,770
---------------
UNITED KINGDOM - 24.91%
1,000 AstraZeneca (a) ............................ 44,187
1,000 British American Tobacco (a) ............... 31,445
2,500 Diageo (a) ................................. 42,638
1,000 GlaxoSmithKline (a) ........................ 18,561
3,000 HSBC Holdings PLC (a) ...................... 30,544
5,000 ICAP (a) ................................... 28,847
1,000 Imperial Tobacco Group (a) ................. 28,488
5,000 Rolls-Royce Group PLC (a) .................. 44,057
300,000 Rolls-Royce Group PLC,
C Shares * (a) (b) ...................... 459
450,000 Rolls-Royce Group PLC,
C Shares * (a) (b) ...................... 689
1,500 Standard Chartered PLC (a) ................. 40,012
5,000 Tesco PLC (a) .............................. 33,164
2,000 Unilever PLC (a) ........................... 60,101
---------------
403,192
---------------
TOTAL COMMON STOCKS
(Cost $1,687,683) ....................... 1,531,869
---------------
INVESTMENT COMPANY - 5.82%
94,257 BlackRock Liquidity Funds
TempCash Portfolio ...................... 94,257
---------------
TOTAL INVESTMENT COMPANY
(Cost $94,257) .......................... 94,257
---------------
TOTAL INVESTMENTS - 100.47%
(Cost $1,781,940)** ....................................... 1,626,126
---------------
NET OTHER ASSETS AND LIABILITIES - (0.47)% ................... (7,687)
---------------
NET ASSETS - 100.00% ......................................... $ 1,618,439
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29
Aston Funds
NEPTUNE INTERNATIONAL FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ...................................... $ 145,644
Gross unrealized depreciation ...................................... (301,458)
---------
Net unrealized depreciation ........................................ $(155,814)
=========
(a) Securities with a total aggregate market value of $1,012,892 or 62.58% of
the net assets, were valued under the fair value procedures established by
the Funds' Board of Trustees.
(b) These securities have been determined by the Adviser to be illiquid
securities. At April 30, 2010, these securities amounted to $1,148 or 0.07%
of net assets.
ADR American Depositary Receipt
GDR Global Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30
Aston Funds
BARINGS INTERNATIONAL FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
FINANCIALS 20%
MATERIALS 14%
ENERGY 12%
INDUSTRIALS 11%
CONSUMER STAPLES 10%
INFORMATION TECHNOLOGY 9%
CONSUMER DISCRETIONARY 7%
HEALTH CARE 6%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
TELECOMMUNICATION SERVICES 4%
UTILITIES 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 95.34%
AUSTRALIA - 1.47%
10,000 Rio Tinto (a) .............................. $ 653,401
---------------
BRAZIL - 4.29%
51,500 BRF- Brasil Foods SA, ADR .................. 687,525
14,137 Petroleo Brasileiro, ADR ................... 599,833
37,800 Redecard ................................... 627,590
---------------
1,914,948
---------------
CANADA - 1.94%
7,894 Niko Resources ............................. 865,325
---------------
CHINA - 1.38%
846,000 Industrial and Commercial Bank
of China, Class H (a) ................... 616,605
---------------
FRANCE - 7.51%
5,700 LVMH Moet Hennessy Louis
Vuitton SA (a) .......................... 655,963
16,000 Publicis Groupe (a) ........................ 705,957
32,266 Suez Environnement (a) ..................... 699,309
12,714 Total (a) .................................. 691,735
10,700 Vinci (a) .................................. 596,262
---------------
3,349,226
---------------
GERMANY - 9.14%
10,050 Bayer (a) .................................. 641,966
9,661 Deutsche Boerse (a) ........................ 750,008
45,216 Deutsche Telekom ........................... 588,724
11,514 Fresenius (a) .............................. 834,742
11,490 K+S (a) .................................... 660,777
4,259 Muenchener Rueckversicherungs-
Gesellschaft (a) ........................ 600,237
---------------
4,076,454
---------------
HONG KONG - 3.41%
346,000 BOC Hong Kong Holdings (a) ................. 828,074
50,000 Sun Hung Kai Properties (a) ................ 693,202
---------------
1,521,276
---------------
MARKET
SHARES VALUE
- --------------- ---------------
JAPAN - 18.79%
7,800 DISCO (a) .................................. $ 550,642
101,000 FUJITSU (a) ................................ 710,228
66,000 Hitachi Metals (a) ......................... 708,192
2,700 KEYENCE (a) ................................ 645,152
22,200 Kurita Water Industries (a) ................ 641,948
40,700 Mitsui (a) ................................. 611,684
6,200 Nidec (a) .................................. 636,116
94,200 Nomura Holdings (a) ........................ 651,121
402 NTT DoCoMo (a) ............................. 625,428
900 Rakuten (a) ................................ 697,773
13,700 Secom (a) .................................. 594,792
10,500 Shin-Etsu Chemical (a) ..................... 605,278
7,200 UniCharm (a) ............................... 699,845
---------------
8,378,199
---------------
NETHERLANDS - 4.37%
12,600 Heineken NV (a) ............................ 587,511
8,177 Koninklijke Vopak * (a) .................... 670,690
22,654 Unilever (a) ............................... 689,199
---------------
1,947,400
---------------
NORWAY - 2.74%
49,600 Telenor ASA * (a) .......................... 705,117
14,859 Yara International (a) ..................... 515,599
---------------
1,220,716
---------------
PAGUA NEW GUINEA - 3.24%
212,400 Lihir Gold (a) ............................. 750,587
133,846 Oil Search (a) ............................. 695,344
---------------
1,445,931
---------------
RUSSIA - 1.54%
85,700 Rosneft Oil, GDR (a) ....................... 685,849
---------------
SINGAPORE - 3.28%
72,000 DBS Group Holdings (a) ..................... 792,791
355,000 Olam International (a) ..................... 669,843
---------------
1,462,634
---------------
SPAIN - 1.29%
45,300 Grifols SA (a) ............................. 573,502
---------------
SWITZERLAND - 5.71%
18,815 Julius Baer Group (a) ...................... 646,638
2,650 Syngenta (a) ............................... 671,430
41,966 UBS * (a) .................................. 650,145
2,603 Zurich Financial Services (a) .............. 577,072
---------------
2,545,285
---------------
UNITED KINGDOM - 23.71%
35,281 Admiral Group (a) .......................... 707,593
24,320 Autonomy * (a) ............................. 667,131
35,996 BG Group (a) ............................... 608,430
47,918 Capita Group (a) ........................... 584,449
413,088 Centamin Egypt * (a) ....................... 836,471
31,215 Dana Petroleum * (a) ....................... 575,604
37,069 De La Rue (a) .............................. 516,385
22,468 Imperial Tobacco Group (a) ................. 640,072
41,754 Petropavlovsk (a) .......................... 745,952
82,050 Prudential (a) ............................. 720,353
12,753 Reckitt Benckiser Group (a) ................ 662,494
81,173 Rolls-Royce Group * (a) .................... 715,256
7,035,570 Rolls-Royce Group, C Shares * (a) (b) ...... 10,765
35,534 Shire (a) .................................. 782,753
26,500 Standard Chartered (a) ..................... 706,877
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31
Aston Funds
BARINGS INTERNATIONAL FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------------- ---------------
UNITED KINGDOM (CONTINUED)
119,755 Tui Travel (a) ............................. $ 510,896
33,192 Tullow Oil (a) ............................. 578,088
---------------
10,569,569
---------------
UNITED STATES - 1.53%
38,500 Virgin Media (a) ........................... 680,271
---------------
TOTAL COMMON STOCKS
(Cost $38,900,039) ...................... 42,506,591
---------------
INVESTMENT COMPANY - 1.99%
887,564 BlackRock Liquidity Funds
TempCash Portfolio ...................... 887,564
---------------
TOTAL INVESTMENT COMPANY
(Cost $887,564) ......................... 887,564
---------------
TOTAL INVESTMENTS - 97.33%
(Cost $39,787,603)** ...................................... 43,394,155
---------------
NET OTHER ASSETS AND LIABILITIES - 2.67% ..................... 1,189,856
---------------
NET ASSETS - 100.00% ......................................... $ 44,584,011
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ..................................... $4,356,522
Gross unrealized depreciation ..................................... (749,970)
----------
Net unrealized appreciation ....................................... $3,606,552
==========
(a) Securities with a total aggregate market value of $39,137,594 or 87.78% 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 April 30, 2010, this security amounted to $10,765 or 0.02% of
net assets.
ADR American Depositary Receipt
GDR Global Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32
Aston Funds
DYNAMIC ALLOCATION FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
DOMESTIC EQUITIES 37%
INTERNATIONAL EQUITIES 25%
DOMESTIC FIXED INCOME 24%
COMMODITIES 6%
REAL ESTATE 5%
CASH & NET OTHER ASSETS AND LIABILITIES 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
EXCHANGE TRADED FUNDS - 96.67%
COMMODITIES - 5.98%
58,930 ishares Silver Trust * ..................... $ 1,076,651
31,208 PowerShares DB Agriculture Fund * .......... 777,079
187,176 United States Natural Gas Fund * ........... 1,284,027
---------------
3,137,757
---------------
DOMESTIC EQUITIES - 37.01%
21,502 Energy Select Sector SPDR Fund ............. 1,288,185
89,463 Health Care Select Sector SPDR Fund ........ 2,767,091
56,193 Industrial Select Sector SPDR Fund ......... 1,833,578
32,056 ishares Dow Jones US Basic
Materials Sector Index Fund ............. 2,052,546
38,363 iShares Russell 2000 Value Index
Fund .................................... 2,615,973
61,858 iShares Russell Midcap Value Index
Fund .................................... 2,604,840
45,156 Materials Select Sector SPDR Trust ......... 1,535,756
12,180 SPDR S&P Midcap 400 ETF Trust,
Series 1 ................................ 1,816,403
95,271 Utilities Select Sector SPDR Fund .......... 2,902,907
---------------
19,417,279
---------------
DOMESTIC FIXED INCOME - 23.39%
131,149 iShares Barclays 1-3 Year Treasury
Bond Fund ............................... 10,956,187
12,268 iShares iBoxx $ Investment Grade
Corporate Bond Fund ..................... 1,316,479
---------------
12,272,666
---------------
INTERNATIONAL EQUITIES - 24.89%
24,539 iShares FTSE/Xinhua China 25
Index Fund .............................. 1,001,682
42,213 iShares MSCI Brazil Index Fund ............. 3,052,000
108,898 iShares MSCI Canada Index Fund ............. 3,081,813
18,284 iShares MSCI EAFE Index Fund ............... 995,198
MARKET
SHARES VALUE
- --------------- ---------------
INTERNATIONAL EQUITIES (CONTINUED)
45,494 iSHares MSCI South Korea Index
Fund .................................... $ 2,362,503
53,512 iShares S&P Latin America 40 Index
Fund .................................... 2,562,155
---------------
13,055,351
---------------
REAL ESTATE - 5.40%
46,127 iShares Cohen & Steers Realty
Majors Index Fund ....................... 2,830,353
---------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $48,848,089) ...................... 50,713,406
---------------
INVESTMENT COMPANY - 3.44%
1,803,519 BlackRock Liquidity Funds
TempCash Portfolio ...................... 1,803,519
---------------
TOTAL INVESTMENT COMPANY
(Cost $1,803,519) ....................... 1,803,519
---------------
TOTAL INVESTMENTS - 100.11%
(Cost $50,651,608)** ...................................... 52,516,925
---------------
NET OTHER ASSETS AND LIABILITIES - (0.11)% ................... (57,142)
---------------
NET ASSETS - 100.00% ......................................... $ 52,459,783
===============
- ----------
* Non-income producing security.
** At April 30, 2010 cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ..................................... $2,566,207
Gross unrealized depreciation ..................................... (700,890)
----------
Net unrealized appreciation ....................................... $1,865,317
==========
DB Deutsche Bank
EAFE Europe, Australasia, and Far East
ETF Exchange-Traded Fund
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.
33
Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
DOMESTIC EQUITIES 87%
CASH & NET OTHER ASSETS AND LIABILITIES 7%
INTERNATIONAL EQUITIES 4%
REAL ESTATE 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
EXCHANGE TRADED FUNDS - 92.60%
DOMESTIC EQUITIES - 86.52%
35,540 First Trust Consumer Discretionary
AlphaDEX Fund ........................... $ 635,811
14,100 First Trust Financial AlphaDEX Fund 195,426
8,440 First Trust Health Care AlphaDEX
Fund * .................................. 200,112
27,800 First Trust Materials AlphaDEX Fund ........ 610,488
18,730 First Trust NASDAQ 100 Equal
Weighted Index Fund ..................... 405,504
19,490 Industrial Select Sector SPDR Fund ......... 635,959
6,420 iShares Dow Jones U.S. Consumer
Services Sector Index Fund . ............ 405,872
13,160 iShares Dow Jones U.S. Home
Construction Index Fund ................. 200,690
6,790 iShares Dow Jones U.S. Technology
Sector Index Fund ....................... 404,820
4,730 iShares Dow Jones U.S.
Transportation Average Index Fund ....... 399,023
4,840 iShares Morningstar Small Core
Index Fund .............................. 397,074
3,190 iShares Russell 1000 Value
Index Fund .............................. 199,885
5,890 iShares Russell 2000 Growth
Index Fund .............................. 449,819
5,720 iShares Russell 2000 Index Fund ............ 409,438
9,110 iShares Russell 2000 Value
Index Fund .............................. 621,211
2,830 iShares Russell 3000 Index Fund ............ 199,034
13,330 iShares Russell MicroCap Index Fund ........ 622,911
2,230 iShares Russell MidCap Index Fund .......... 206,676
10,300 iShares Russell MidCap Value
Index Fund .............................. 433,733
4,800 iShares S&P MidCap 400 Growth
Index Fund .............................. 423,024
4,950 iShares S&P MidCap 400 Index Fund .......... 406,642
14,220 PowerShares Dynamic Media
Portfolio ............................... 194,814
10,940 Rydex S&P 500 Pure Growth ETF .............. 408,171
MARKET
SHARES VALUE
- --------------- ---------------
DOMESTIC EQUITIES (CONTINUED)
15,030 Rydex S&P 500 Pure Value ETF ............... $ 416,030
3,810 Rydex S&P Equal Weight Energy ETF .......... 205,835
14,420 Rydex S&P Equal Weight ETF . ............... 630,298
22,620 Rydex S&P Equal Weight Financial
ETF ..................................... 610,512
9,260 Rydex S&P MidCap 400 Pure
Growth ETF .............................. 611,160
19,600 Rydex S&P MidCap 400 Pure Value
ETF ..................................... 648,721
14,650 Rydex S&P SmallCap 600 Pure
Growth ETF .............................. 616,472
16,930 Rydex S&P SmallCap 600 Pure
Value ETF ............................... 668,227
14,780 SPDR KBW Bank ETF .......................... 408,815
10,150 SPDR KBW Insurance ETF ..................... 419,398
22,730 SPDR KBW Regional Banking ETF .............. 634,849
22,840 SPDR S&P Homebuilders ETF . ................ 436,701
12,710 SPDR S&P Oil & Gas Equipment &
Services ETF ............................ 402,907
10,300 SPDR S&P Retail ETF ........................ 440,119
4,020 SPDR S&P Semiconductor ETF ................. 196,739
9,730 UltraShort SmallCap 600 ProShares .......... 185,843
3,520 Vanguard Information Technology ETF ........ 202,118
6,220 Vanguard Mid-Cap ETF ....................... 419,726
---------------
17,220,607
---------------
INTERNATIONAL EQUITIES - 4.05%
12,380 Claymore/Delta Global Shipping
Index ETF (a) ........................... 196,471
4,520 iShares FTSE/Xinhua China 25
Index Fund .............................. 184,506
10,240 PowerShares Global Gold and
Precious Metals Portfolio ............... 423,936
---------------
804,913
---------------
REAL ESTATE - 2.03%
3,380 iShares Cohen & Steers Realty
Majors Index Fund ....................... 207,397
3,720 iShares Dow Jones U.S. Real Estate
Index Fund .............................. 197,011
---------------
404,408
---------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $17,201,928) ...................... 18,429,928
---------------
INVESTMENT COMPANY - 15.06%
2,998,347 BlackRock Liquidity Funds
TempCash Portfolio ...................... 2,998,347
---------------
TOTAL INVESTMENT COMPANY
(Cost $2,998,347) ....................... 2,998,347
---------------
TOTAL INVESTMENTS - 107.66%
(Cost $20,200,275)** ...................................... 21,428,275
---------------
NET OTHER ASSETS AND LIABILITIES - (7.66)% ................... (1,525,515)
---------------
NET ASSETS - 100.00% ......................................... $ 19,902,760
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34
Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ..................................... $1,296,539
Gross unrealized depreciation ..................................... (68,539)
----------
Net unrealized appreciation ....................................... $1,228,000
==========
(a) Security with a total aggregate market value of $196,471 or 0.99% of the
net assets, was valued under the fair value procedures established by the
Funds' Board of Trustees.
BLDRS Baskets of Listed Depositary Receipts
ETF Exchange-Traded Fund
FTSE Financial Times Stock Exchange
KBW Keefe, Bruyette & Woods
NASDAQ National Association of Securities Dealers Automated Quotations
S&P Standard & Poor
SPDR Standard & Poor's Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35
Aston Funds
LAKE PARTNERS LASSO ALTERNATIVES FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
LONG/SHORT STRATEGIES 45%
HEDGED FIXED INCOME 34%
ARBITRAGE 16%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
INVESTMENT COMPANIES - 99.67%
ARBITRAGE - 15.79%
79,427 Arbitrage Fund-I ........................... $ 1,042,080
66,080 Merger Fund ................................ 1,040,104
---------------
2,082,184
---------------
HEDGED FIXED INCOME - 34.15%
88,479 Driehaus Active Income Fund ................ 984,774
67,184 Eaton Vance Global Macro
Absolute Return Fund-A .................. 699,384
30,669 John Hancock Funds II - Strategic
Income Opportunities Fund ............... 329,693
83,962 JPMorgan Strategic Income
Opportunities Fund ...................... 987,390
23,580 MainStay 130/30 High Yield Fund-A .......... 278,947
104,438 Metropolitan West High Yield Bond
Fund-I .................................. 1,100,774
2,750 ProShares UltraShort 20+ Year
Treasury * .............................. 124,190
---------------
4,505,152
---------------
LONG/SHORT STRATEGIES - 45.56%
55,526 BlackRock Global Allocation Fund ........... 1,020,570
42,667 FPA Crescent Fund-I ........................ 1,105,112
11,814 JPMorgan U.S. Large Cap Core Plus
Fund-S .................................. 228,717
25,547 Needham Growth Fund * ...................... 859,397
3,800 ProShares UltraShort FTSE/Xinhua
China 25 * .............................. 155,534
16,471 Royce Global Select Fund-INV ............... 261,721
20,090 Royce Select Fund I ........................ 381,707
125,590 The Weitz Funds - Partners III
Opportunity Fund * ...................... 1,321,204
56,532 Wasatch-1st Source Long/Short
Fund * ..................................... 676,122
---------------
6,010,084
---------------
MARKET
SHARES VALUE
- --------------- ---------------
CASH EQUIVALENTS - 4.17%
549,606 BlackRock Liquidity Funds
TempCash Portfolio $ 549,606
---------------
TOTAL INVESTMENT COMPANIES
(Cost $12,799,212) 13,147,026
---------------
TOTAL INVESTMENTS - 99.67%
(Cost $12,799,212)** 13,147,026
---------------
NET OTHER ASSETS AND LIABILITIES - 0.33% 43,230
---------------
NET ASSETS - 100.00% $ 13,190,256
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ..................................... $ 356,438
Gross unrealized depreciation ..................................... (8,624)
---------
Net unrealized appreciation ....................................... $ 347,814
=========
FTSE Financial Times Stock Exchange
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36
Aston Funds
FORTIS REAL ESTATE FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
RETAIL 28%
RESIDENTIAL 18%
OFFICE PROPERTIES 15%
STORAGE 9%
HOTELS 9%
HEALTH CARE 7%
DIVERSIFIED 7%
INDUSTRIAL 5%
FOREIGN COMMON STOCKS 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 98.25%
DIVERSIFIED - 6.90%
11,998 Digital Realty Trust ....................... $ 704,283
8,475 Entertainment Properties Trust,
REIT .................................... 370,527
15,442 Vornado Realty Trust ....................... 1,287,400
---------------
2,362,210
---------------
HEALTH CARE - 7.31%
1,026 HCP ........................................ 32,955
7,117 Health Care, REIT .......................... 319,767
23,825 Nationwide Health Properties ............... 834,352
27,819 Ventas ..................................... 1,313,891
---------------
2,500,965
---------------
HOTELS - 8.95%
105,092 Host Hotels & Resorts ...................... 1,708,796
24,864 Starwood Hotels & Resorts Worldwide ........ 1,355,337
---------------
3,064,133
---------------
INDUSTRIAL - 5.37%
7,290 AMB Property ............................... 203,099
12,478 EastGroup Properties ....................... 510,101
85,544 ProLogis Trust ............................. 1,126,614
---------------
1,839,814
---------------
OFFICE PROPERTIES - 14.72%
33,160 Boston Properties .......................... 2,614,998
27,245 Brookfield Properties ...................... 435,375
82,729 Douglas Emmett ............................. 1,384,883
17,273 Kilroy Realty .............................. 605,591
---------------
5,040,847
---------------
RESIDENTIAL - 17.53%
14,399 AvalonBay Communities ...................... 1,498,072
62,622 Equity Residential Properties Trust ........ 2,834,898
15,765 Essex Property Trust ....................... 1,668,252
---------------
6,001,222
---------------
MARKET
SHARES VALUE
- --------------- ---------------
RETAIL - 28.15%
23,286 Federal Realty Investment Trust ............ $ 1,802,104
75,586 Kimco Realty ............................... 1,178,386
49,455 Simon Property Group ....................... 4,402,485
35,084 Taubman Centers ............................ 1,521,593
31,717 Weingarten Realty Investors ................ 733,297
---------------
9,637,865
---------------
STORAGE - 9.32%
32,273 Extra Space Storage ........................ 484,740
27,902 Public Storage ............................. 2,703,983
---------------
3,188,723
---------------
TOTAL COMMON STOCKS
(Cost $25,852,695) ...................... 33,635,779
---------------
FOREIGN COMMON STOCK - 1.56%
CANADA - 1.56%
3,658 Boardwalk Real Estate Investment
Trust ................................... 147,645
20,258 RioCan Real Estate Investment
Trust ................................... 386,892
---------------
TOTAL FOREIGN COMMON STOCK
(Cost $509,595) ......................... 534,537
---------------
INVESTMENT COMPANY - 0.35%
120,175 BlackRock Liquidity Funds
TempCash Portfolio ...................... 120,175
---------------
TOTAL INVESTMENT COMPANY
(Cost $120,175) ......................... 120,175
---------------
TOTAL INVESTMENTS - 100.16%
(Cost $26,482,465)* ....................................... 34,290,491
---------------
NET OTHER ASSETS AND LIABILITIES - (0.16)% ................... (54,999)
---------------
NET ASSETS - 100.00% ......................................... $ 34,235,492
===============
- ----------
* At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .................................... $7,817,264
Gross unrealized depreciation .................................... (9,238)
----------
Net unrealized appreciation ...................................... $7,808,026
==========
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37
Aston Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
COMMON STOCKS 63%
CORPORATE NOTES AND BONDS 20%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 12%
CASH & NET OTHER ASSETS AND LIABILITIES 3%
ASSET-BACKED SECURITIES 1%
FOREIGN GOVERNMENT BOND 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 62.85%
CONSUMER DISCRETIONARY - 8.27%
11,850 McDonald's ................................. $ 836,491
7,000 NIKE, Class B .............................. 531,370
15,600 TJX ........................................ 722,904
15,550 Walt Disney ................................ 572,862
---------------
2,663,627
---------------
CONSUMER STAPLES - 13.81%
13,700 Coca-Cola .................................. 732,265
7,500 Colgate-Palmolive .......................... 630,750
11,600 Costco Wholesale ........................... 685,328
6,200 Kellogg .................................... 340,628
13,670 PepsiCo .................................... 891,557
6,350 Procter & Gamble ........................... 394,716
14,450 Wal-Mart Stores ............................ 775,243
---------------
4,450,487
---------------
ENERGY - 6.13%
11,650 Cameron International * .................... 459,709
6,250 Occidental Petroleum ....................... 554,125
13,450 Schlumberger ............................... 960,599
---------------
1,974,433
---------------
FINANCIALS - 3.37%
30,250 Charles Schwab ............................. 583,523
11,800 JPMorgan Chase ............................. 502,444
---------------
1,085,967
---------------
HEALTH CARE - 9.56%
16,850 Abbott Laboratories ........................ 862,046
10,750 Allergan ................................... 684,668
9,450 Gilead Sciences * .......................... 374,881
21,896 Merck ...................................... 767,236
6,850 Stryker .................................... 393,464
---------------
3,082,295
---------------
MARKET
SHARES VALUE
- --------------- ---------------
INDUSTRIALS - 5.87%
7,600 3M ......................................... $ 673,892
7,850 Emerson Electric ........................... 410,005
9,400 Fluor ...................................... 496,696
4,500 United Parcel Service, Class B ............. 311,130
---------------
1,891,723
---------------
INFORMATION TECHNOLOGY - 15.84%
3,070 Apple * .................................... 801,638
1,550 Google, Class A * .......................... 814,432
14,600 Hewlett-Packard ............................ 758,762
13,650 Juniper Networks * ......................... 387,796
21,250 QUALCOMM ................................... 823,225
11,150 Research In Motion * ....................... 793,769
8,050 Visa, Class A .............................. 726,352
---------------
5,105,974
---------------
TOTAL COMMON STOCKS
(Cost $16,969,526) ...................... 20,254,506
---------------
PAR VALUE
- ---------------
CORPORATE NOTES AND BONDS - 20.49%
CONSUMER STAPLES - 3.34%
$ 400,000 Coca-Cola (The)
5.350%, 11/15/17 ........................ 446,265
400,000 PepsiCo
5.000%, 06/01/18 ........................ 429,302
200,000 Wal-Mart Stores
4.125%, 07/01/10 ........................ 200,945
---------------
1,076,512
---------------
ENERGY - 1.28%
350,000 ConocoPhillips
4.750%, 02/01/14 ........................ 381,627
25,000 Trans-Canada Pipelines
Senior Unsecured Notes
7.625%, 01/15/39 ........................ 31,247
---------------
412,874
---------------
FINANCIALS - 4.06%
125,000 AFLAC
Senior Unsecured Notes
6.900%, 12/17/39 ........................ 135,638
400,000 General Electric Capital
MTN, Series A
5.875%, 02/15/12 ........................ 429,737
350,000 JPMorgan Chase
4.750%, 05/01/13 ........................ 374,041
350,000 U.S. Bancorp
Senior Unsecured Notes
4.200%, 05/15/14 ........................ 369,564
---------------
1,308,980
---------------
HEALTH CARE - 5.44%
400,000 Abbott Laboratories
4.350%, 03/15/14 ........................ 429,604
300,000 Johnson & Johnson
5.950%, 08/15/37 ........................ 335,169
Medtronic
Senior Unsecured Notes
400,000 3.000%, 03/15/15 ........................ 404,604
50,000 6.500%, 03/15/39 ........................ 57,952
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38
Aston Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- --------------- ---------------
HEALTH CARE (CONTINUED)
$ 400,000 Pfizer
4.450%, 03/15/12 ........................ $ 423,829
100,000 UnitedHealth Group
Senior Unsecured Notes
1.549%, 02/07/11 (a) .................... 100,723
---------------
1,751,881
---------------
INFORMATION TECHNOLOGY - 3.92%
350,000 Cisco Systems
5.500%, 02/22/16 ........................ 395,247
400,000 Hewlett-Packard
4.500%, 03/01/13 ........................ 431,108
400,000 Oracle
4.950%, 04/15/13 ........................ 435,602
---------------
1,261,957
---------------
TELECOMMUNICATION SERVICES - 2.45%
375,000 AT&T
Senior Unsecured Notes
4.950%, 01/15/13 ........................ 404,749
350,000 Verizon Communications
5.550%, 02/15/16 ........................ 385,987
---------------
790,736
---------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $6,393,320) ....................... 6,602,940
---------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 12.16%
FANNIE MAE - 2.19%
100,000 6.000%, 05/15/11 ........................... 105,645
75,000 4.375%, 09/15/12 ........................... 80,275
35,188 7.500%, 02/01/35, Pool # 787557 ............ 39,822
17,476 7.500%, 04/01/35, Pool # 819231 ............ 19,777
118,009 6.000%, 11/01/35, Pool # 844078 ............ 126,278
144,372 5.500%, 06/01/37, Pool # 918778 ............ 152,306
171,911 5.500%, 03/01/38, Pool # 962344 ............ 181,358
---------------
705,461
---------------
FREDDIE MAC - 1.27%
150,000 4.500%, 01/15/13 ........................... 161,682
37,127 5.500%, 12/01/20, Gold Pool
# G11820 ................................ 39,973
199,267 5.000%, 04/01/38, Gold Pool
# G04334 ................................ 206,826
---------------
408,481
---------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 0.79%
158,559 5.000%, 08/20/37, Pool # 4015 .............. 165,852
82,896 5.500%, 02/15/39, Pool # 698060 ............ 88,183
---------------
254,035
---------------
U.S. TREASURY BONDS - 1.04%
100,000 8.000%, 11/15/21 ........................... 138,250
175,000 5.375%, 02/15/31 ........................... 198,707
---------------
336,957
---------------
U.S. TREASURY INFLATION INDEX NOTE - 0.85%
252,373 2.125%, 01/15/19 ........................... 272,819
---------------
MARKET
PAR VALUE VALUE
- --------------- ---------------
U.S. TREASURY NOTES - 6.02%
$ 450,000 1.375%, 05/15/12........................... $ 453,621
175,000 4.000%, 02/15/15........................... 188,426
425,000 4.500%, 02/15/16........................... 466,736
425,000 2.625%, 04/30/16........................... 420,352
375,000 4.625%, 02/15/17........................... 412,647
---------------
1,941,782
---------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $3,759,557)....................... 3,919,535
---------------
ASSET-BACKED SECURITIES - 0.96%
48,638 Daimler Chrysler Auto Trust
Series 2006-C, Class A4
4.980%, 11/08/11........................ 48,835
116,101 Ford Credit Auto Owner Trust
Series 2008-B, Class A3A
4.280%, 05/15/12........................ 118,117
141,374 USAA Auto Owner Trust
Series 2007-2, Class A3
4.900%, 02/15/12........................ 142,412
---------------
TOTAL ASSET-BACKED SECURITIES
(Cost $310,887)......................... 309,364
---------------
FOREIGN GOVERNMENT BOND - 0.33%
100,000 State of Qatar
Senior Notes
6.400%, 01/20/40 (b).................... 105,250
---------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $99,800).......................... 105,250
---------------
SHARES
- ---------------
INVESTMENT COMPANY - 2.27%
730,477 BlackRock Liquidity Funds
TempCash Portfolio...................... 730,477
---------------
TOTAL INVESTMENT COMPANY
(Cost $730,477)......................... 730,477
---------------
TOTAL INVESTMENTS - 99.06%
(Cost $28,263,567)**...................................... 31,922,072
---------------
NET OTHER ASSETS AND LIABILITIES - 0.94%..................... 303,178
---------------
NET ASSETS - 100.00%......................................... $ 32,225,250
===============
- ----------
* Non-income producing security.
** At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .................................... $3,829,925
Gross unrealized depreciation .................................... (171,420)
----------
Net unrealized appreciation ...................................... $3,658,505
==========
(a) Floating rate note. The interest rate shown reflects the rate in effect at
April 30, 2010.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. This security was purchased in accordance with guidelines
approved by the Fund's Board of Trustees and may only be resold, in
transactions exempt from registration, to qualified institutional buyers.
At April 30, 2010, this security amounted to $105,250 or 0.33% of net
assets. This security has been determined by the Sub-Adviser to be a liquid
security.
MTN Medium Term Note
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39
Aston Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
PORTFOLIO COMPOSITION
Common Stocks ................................ 63%
Investment Company ........................... 3%
U.S. Government Obligations .................. 8%
U.S. Government Agency Obligations ........... 4%
Corporate Notes and Bonds (Moody's Ratings)
Aaa ....................................... 2%
Aa ........................................ 7%
A ......................................... 12%
Baa ....................................... 1%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CORPORATE NOTES AND BONDS 60%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 34%
COMMERCIAL MORTGAGE-BACKED SECURITIES 3%
ASSET-BACKED SECURITIES 1%
FOREIGN GOVERNMENT BOND 1%
NET OTHER ASSETS AND LIABILITIES 1%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- --------------- ---------------
CORPORATE NOTES AND BONDS - 60.50%
CONSUMER DISCRETIONARY - 8.16%
$ 250,000 CBS
8.875%, 05/15/19 ........................ $ 310,108
500,000 JC Penney
6.375%, 10/15/36 ........................ 516,250
1,000,000 Limited Brands
Senior Unsecured Notes
7.600%, 07/15/37 ........................ 960,000
Macy's Retail Holdings
100,000 8.875%, 07/15/15 (a) .................... 115,250
500,000 6.375%, 03/15/37 ........................ 485,000
250,000 Staples
Senior Unsecured Notes
9.750%, 01/15/14 ........................ 306,471
450,000 Time Warner Cable
8.250%, 02/14/14 ........................ 531,681
250,000 TJX
Senior Unsecured Notes
6.950%, 04/15/19 ........................ 299,063
250,000 Tyco Electronics Group
7.125%, 10/01/37 ........................ 282,006
250,000 Viacom
Senior Unsecured Notes
6.125%, 10/05/17 ........................ 275,102
450,000 Whirlpool, MTN
Senior Unsecured Notes
8.600%, 05/01/14 ........................ 527,177
Wyndham Worldwide
Senior Unsecured Notes
250,000 6.000%, 12/01/16 ........................ 249,290
250,000 7.375%, 03/01/20 ........................ 258,599
---------------
5,115,997
---------------
CONSUMER STAPLES - 5.19%
Altria Group
500,000 8.500%, 11/10/13 ........................ 588,170
200,000 10.200%, 02/06/39 ....................... 276,329
MARKET
PAR VALUE VALUE
- --------------- ---------------
CONSUMER STAPLES (CONTINUED)
$ 250,000 CVS Caremark
6.600%, 03/15/19 ........................ $ 285,741
1,000,000 Kraft Foods
Senior Unsecured Notes
7.000%, 08/11/37 ........................ 1,142,896
250,000 Kroger
6.900%, 04/15/38 ........................ 289,152
PepsiCo
Senior Unsecured Notes
250,000 0.333%, 07/15/11 (b) .................... 250,164
150,000 7.900%, 11/01/18 ........................ 189,516
200,000 Reynolds American
7.750%, 06/01/18 ........................ 229,496
---------------
3,251,464
---------------
ENERGY - 8.93%
500,000 Ecopetrol SA
7.625%, 07/23/19 ........................ 562,500
250,000 Energy Transfer Partners
Senior Unsecured Notes
9.000%, 04/15/19 ........................ 312,866
250,000 Halliburton
Senior Unsecured Notes
7.450%, 09/15/39 ........................ 310,104
400,000 Hess
Senior Unsecured Notes
8.125%, 02/15/19 ........................ 498,056
400,000 Kinder Morgan Energy Partners
Senior Unsecured Notes
9.000%, 02/01/19 ........................ 512,759
1,005,000 Marathon Oil Canada
Senior Secured Notes
8.375%, 05/01/12 ........................ 1,129,770
450,000 Nabors Industries
9.250%, 01/15/19 ........................ 570,149
500,000 Nexen
Senior Unsecured Notes
7.500%, 07/30/39 ........................ 599,415
225,000 Trans-Canada Pipelines
Senior Unsecured Notes
7.625%, 01/15/39 ........................ 281,225
250,000 Valero Energy
Senior Unsecured Notes
9.375%, 03/15/19 ........................ 307,164
400,000 Weatherford International
9.625%, 03/01/19 ........................ 518,137
---------------
5,602,145
---------------
FINANCIALS - 17.21%
250,000 AFLAC
Senior Notes
8.500%, 05/15/19 ........................ 306,794
450,000 American Financial Group
Senior Unsecured Notes
9.875%, 06/15/19 ........................ 549,655
1,500,000 Bear Stearns, MTN
Senior Unsecured Notes
0.641%, 11/21/16 (b) .................... 1,410,557
Berkshire Hathaway Finance
100,000 0.423%, 01/13/12 (b) .................... 100,075
Senior Unsecured Notes
250,000 0.680%, 02/11/13 (b) .................... 250,955
150,000 Blackstone Holdings Finance
6.625%, 08/15/19 (c) .................... 155,660
250,000 Bunge Ltd Finance
8.500%, 06/15/19 ........................ 297,447
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- --------------- ---------------
FINANCIALS (CONTINUED)
$ 2,000,000 Citigroup
Subordinated Notes
0.802%, 08/25/36 (b) .................... $ 1,391,936
250,000 Discover Bank
Subordinated Notes
7.000%, 04/15/20 ........................ 257,322
500,000 General Electric Capital, MTN,
Series A
0.629%, 05/05/26 (b) .................... 414,123
800,000 Goldman Sachs Capital I
6.345%, 02/15/34 ........................ 717,976
450,000 Harley-Davidson Funding
5.750%, 12/15/14 (c) .................... 461,597
500,000 Jefferies Group
Senior Unsecured Notes
8.500%, 07/15/19 ........................ 569,177
300,000 Marsh & McLennan
Senior Unsecured Notes
9.250%, 04/15/19 ........................ 375,362
750,000 Merrill Lynch, MTN
6.875%, 04/25/18 ........................ 808,968
1,000,000 NB Capital Trust II
7.830%, 12/15/26 ........................ 1,000,000
650,000 Nomura Holdings
Senior Unsecured Notes
6.700%, 03/04/20 ........................ 697,529
1,000,000 SLM, MTN
Senior Unsecured Notes
5.625%, 08/01/33 ........................ 760,153
250,000 Vale Overseas
6.875%, 11/10/39 ........................ 263,622
---------------
10,788,908
---------------
HEALTH CARE - 6.92%
500,000 Biogen Idec
Senior Unsecured Notes
6.875%, 03/01/18 ........................ 557,935
300,000 Boston Scientific
Senior Unsecured Notes
7.000%, 11/15/35 ........................ 289,471
200,000 Hospira
Senior Unsecured Notes, GMTN
6.400%, 05/15/15 ........................ 225,233
250,000 Humana
Senior Unsecured Notes
8.150%, 06/15/38 ........................ 268,129
500,000 Lorillard Tobacco
8.125%, 05/01/40 ........................ 514,220
750,000 McKesson
Senior Unsecured Notes
7.500%, 02/15/19 ........................ 897,455
450,000 Medtronic
Senior Unsecured Notes
6.500%, 03/15/39 ........................ 521,568
250,000 Pfizer
Senior Unsecured Notes
7.200%, 03/15/39 ........................ 311,319
250,000 Valeant Pharmaceuticals
Senior Unsecured Notes
7.625%, 03/15/20 (c) .................... 255,625
450,000 WellPoint
Senior Unsecured Notes
6.800%, 08/01/12 ........................ 498,348
---------------
4,339,303
---------------
MARKET
PAR VALUE VALUE
- --------------- ---------------
INDUSTRIALS - 1.44%
$ 250,000 Caterpillar
7.000%, 12/15/13 ........................ $ 290,876
250,000 FedEx
Senior Notes
8.000%, 01/15/19 ........................ 312,668
250,000 Waste Management
7.375%, 03/11/19 ........................ 297,245
---------------
900,789
---------------
INFORMATION TECHNOLOGY - 1.61%
250,000 KLA Instruments
Senior Unsecured Notes
6.900%, 05/01/18 ........................ 276,891
200,000 Motorola
Senior Unsecured Notes
6.625%, 11/15/37 ........................ 195,130
500,000 Telecom Italia Capital SA
7.721%, 06/04/38 ........................ 537,393
---------------
1,009,414
---------------
MATERIALS - 4.37%
300,000 ArcelorMittal
Senior Unsecured Notes
7.000%, 10/15/39 ........................ 324,044
700,000 Bemis
Senior Unsecured Notes
6.800%, 08/01/19 ........................ 798,648
250,000 Dow Chemical (The)
Senior Unsecured Notes
8.550%, 05/15/19 ........................ 305,981
500,000 International Paper
8.700%, 06/15/38 ........................ 642,321
550,000 Rio Tinto Finance
8.950%, 05/01/14 ........................ 666,994
---------------
2,737,988
---------------
TELECOMMUNICATION SERVICES - 0.95%
250,000 NBC Universal
6.400%, 04/30/40 (c) .................... 259,032
315,000 Telus
Senior Unsecured Notes
8.000%, 06/01/11 ........................ 338,390
---------------
597,422
---------------
UTILITIES - 5.72%
200,000 Allegheny Energy Supply
Senior Unsecured Notes
6.750%, 10/15/39 (c) .................... 199,938
995,000 CenterPoint Energy
Senior Notes, Series B
7.250%, 09/01/10 ........................ 1,012,617
500,000 Dubai Electricity & Water Authority
Senior Unsecured Notes
8.500%, 04/22/15 (c) .................... 516,448
450,000 FPL Group Capital
7.875%, 12/15/15 ........................ 549,126
250,000 Oncor Electric Delivery
7.500%, 09/01/38 ........................ 305,423
150,000 Pacific Gas & Electric
8.250%, 10/15/18 ........................ 186,450
450,000 Sempra Energy
Senior Unsecured Notes
9.800%, 02/15/19 ........................ 598,629
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- --------------- ---------------
UTILITIES (CONTINUED)
$ 150,000 Virginia Electric and Power
Senior Unsecured Notes
8.875%, 11/15/38........................ $ 216,679
---------------
3,585,310
---------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $34,628,947)...................... 37,928,740
---------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 33.76%
FANNIE MAE - 14.09%
577,960 6.000%, 11/01/17, Pool # 662854............ 624,704
298,617 6.000%, 04/01/18, Pool # 725175............ 322,302
459,511 5.500%, 11/01/18, Pool # 748886............ 495,096
261,114 4.500%, 06/01/19, Pool # 747860............ 275,228
1,006,208 6.000%, 01/01/21, Pool # 850787............ 1,086,960
562,357 6.000%, 09/01/32, Pool # 847899............ 609,847
209,332 6.000%, 02/01/34, Pool # 771952............ 226,749
224,447 7.500%, 02/01/35, Pool # 787557............ 254,001
111,440 7.500%, 04/01/35, Pool # 819231............ 126,113
663,296 6.000%, 11/01/35, Pool # 844078............ 709,775
623,815 5.000%, 05/01/36, Pool # 745581............ 649,430
464,345 6.000%, 12/01/36, Pool # 888029............ 495,722
577,489 5.500%, 06/01/37, Pool # 918778............ 609,225
491,672 6.500%, 10/01/37, Pool # 888890............ 532,880
1,719,109 5.500%, 03/01/38, Pool # 962344............ 1,813,581
---------------
8,831,613
---------------
FREDDIE MAC - 11.40%
1,174,787 5.500%, 11/01/20,
Gold Pool # G18083...................... 1,264,845
208,765 5.500%, 12/01/20,
Gold Pool # G11820...................... 224,769
232,034 6.000%, 10/01/35,
Gold Pool # A47772...................... 249,992
555,133 5.500%, 05/01/37,
Pool # A60048........................... 587,201
1,208,664 5.500%, 09/01/37,
Gold Pool # G03202...................... 1,278,485
1,422,456 5.000%, 02/01/38,
Gold Pool # A73409...................... 1,476,420
1,992,668 5.000%, 04/01/38,
Gold Pool # G04334...................... 2,068,264
---------------
7,149,976
---------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 5.94%
601,791 5.000%, 05/01/37, Pool # 782156............ 629,238
1,268,472 5.000%, 08/20/37, Pool # 4015.............. 1,326,815
1,056,507 6.000%, 07/20/38, Pool # 4195.............. 1,137,703
589,801 6.000%, 01/15/39, Pool # 698036............ 633,557
---------------
3,727,313
---------------
U.S. TREASURY BILLS (D) - 0.80%
500,000 0.155%, 08/05/10........................... 499,791
---------------
U.S. TREASURY INFLATION INDEX NOTE - 1.53%
928,200 2.375%, 04/15/11........................... 957,278
---------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $19,872,735)...................... 21,165,971
---------------
MARKET
PAR VALUE VALUE
- --------------- ---------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.78%
$ 275,000 Bear Stearns Commercial
Mortgage Securities
Series 2007-T28, Class A4
5.742%, 09/11/42 (e) .................... $ 289,538
500,000 CS First Boston Mortgage Securities
Series 2005-C5, Class A2
5.100%, 08/15/38 (e) .................... 504,395
940,000 JP Morgan Chase Commercial
Mortgage Securities
Series 2005-CB13, Class A2
5.247%, 01/12/43 (e) .................... 951,594
---------------
TOTAL COMMERCIAL MORTGAGE-BACKED
SECURITIES
(Cost $1,548,456) ....................... 1,745,527
---------------
ASSET-BACKED SECURITIES - 1.02%
453,611 Ford Credit Auto Owner Trust
Series 2007-B, Class A3A
5.150%, 11/15/11 (e) .................... 460,269
175,669 Nissan Auto Receivables Owner Trust
Series 2006-C, Class A4
5.450%, 06/15/12 (e) .................... 177,754
---------------
TOTAL ASSET-BACKED SECURITIES
(Cost $640,866) ......................... 638,023
---------------
FOREIGN GOVERNMENT BOND - 0.67%
400,000 State of Qatar
Senior Notes
6.400%, 01/20/40 (c) .................... 421,000
---------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $399,188) ......................... 421,000
---------------
TOTAL INVESTMENTS - 98.73%
(Cost $57,090,192)* ....................................... 61,899,261
---------------
NET OTHER ASSETS AND LIABILITIES - 1.27% ..................... 796,874
---------------
NET ASSETS - 100.00% ......................................... $ 62,696,135
===============
- ----------
* At April 30, 2010, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................................... $ 5,824,608
Gross unrealized depreciation ................................... (1,015,539)
-----------
Net unrealized appreciation ..................................... $ 4,809,069
===========
(a) Step Coupon. A bond that pays an initial coupon rate for the first period
and then a higher coupon rate for the following periods until maturity. The
coupon rate was 8.375% until April 17, 2009 and is 8.875% thereafter.
(b) Variable rate bond. The interest rate shown reflects the rate in effect at
April 30, 2010.
(c) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities were purchased in accordance with
guidelines approved by the Fund's Board of Trustees and may only be resold,
in transactions exempt from registration, to qualified institutional
buyers. At April 30, 2010, these securities amounted to $2,269,300 or 3.62%
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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
GMTN Global Medium Term Note
MTN Medium Term Note
S&P Standard & Poor
PORTFOLIO COMPOSITION
U.S. Government Obligations ................... 2%
U.S. Government Agency Obligations ............ 32%
Corporate Notes and Bonds (Moody's Ratings (e))
Aaa ........................................ 4%
Aa ......................................... 5%
A .......................................... 7%
Baa ........................................ 41%
Ba ......................................... 9%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44
This page intentionally left blank.
Aston Funds
APRIL 30, 2010
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
MONTAG & VEREDUS
CALDWELL SELECT
GROWTH FUND GROWTH FUND
-------------- ------------
ASSETS:
Investments:
Investments at cost ...................................................... $2,604,007,190 $ 88,852,999
Net unrealized appreciation .............................................. 486,043,762 17,119,815
-------------- ------------
Total investments at value ............................................ 3,090,050,952 105,972,814
Receivables:
Dividends and interest ................................................... 2,142,054 219
Dividend reclaims ........................................................ -- --
Fund shares sold ......................................................... 9,641,700 115,942
Investments sold ......................................................... 29,986,507 --
Due from Adviser, net (Note G) ........................................... -- --
Deferred offering costs (Note B-11) ............................................ -- --
Other assets. .................................................................. 85,732 3,131
-------------- ------------
Total assets .......................................................... 3,131,906,945 106,092,106
-------------- ------------
LIABILITIES:
Payables:
Dividend distribution .................................................... -- --
Investments purchased .................................................... 34,929,674 --
Fund shares redeemed ..................................................... 6,166,238 194,795
Due to Adviser, net (Note G) ............................................. 1,662,376 68,651
Administration fees (Note G) ............................................. 135,003 5,112
Distribution fees (Note G) ............................................... 123,491 3,483
Audit and tax fees ....................................................... 20,152 11,590
Custodian fees ........................................................... 9,994 321
Transfer agent fees ...................................................... 94,602 3,975
Registration fees ........................................................ 47,179 3,672
Trustees fees and related expenses (Note G) .............................. 12,627 385
Deferred organization cost ............................................... -- --
Accrued expenses and other payables ...................................... 144,818 6,683
Outstanding options written, at value (premiums received $1,722,808) ........... -- --
-------------- ------------
Total liabilities ..................................................... 43,346,154 298,667
-------------- ------------
NET ASSETS ..................................................................... $3,088,560,791 $105,793,439
============== ============
NET ASSETS CONSIST OF:
Paid in capital ............................................................. $2,648,064,174 $115,390,498
Accumulated undistributed (distribution in excess of) net investment
income (loss) ............................................................ 3,135,644 11,878
Accumulated net realized loss on investments and purchased and
written options ....................................................... (48,682,789) (26,728,752)
Net unrealized appreciation on investments and written options .............. 486,043,762 17,119,815
-------------- ------------
TOTAL NET ASSETS ............................................................... $3,088,560,791 $105,793,439
============== ============
CLASS N:
Net Assets .................................................................. $1,613,882,502 $ 44,975,334
Shares of beneficial interest outstanding (unlimited authorization) ......... 69,835,749 3,842,308
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................................... $ 23.11 $ 11.71
============== ============
CLASS I:
Net Assets .................................................................. $1,468,322,109 $ 60,818,105
Shares of beneficial interest outstanding (unlimited authorization) ......... 63,270,075 5,144,793
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................................... $ 23.21 $ 11.82
============== ============
CLASS R:
Net Assets .................................................................. $ 6,356,180 $ --
Shares of beneficial interest outstanding (unlimited authorization) ......... 277,409 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................................... $ 22.91 $ --
============== ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46
Aston Funds
OPTIMUM TAMRO M.D. SASS HERNDON RIVER ROAD MONTAG & CALDWELL
LARGE CAP DIVERSIFIED ENHANCED LARGE CAP VALUE DIVIDEND ALL MID CAP
OPPORTUNITY FUND EQUITY FUND EQUITY FUND VALUE FUND FUND CAP VALUE FUND GROWTH FUND
- ---------------- ----------- ----------- ----------- ------------ -------------- -----------------
$ 4,752,776 $13,310,563 $55,761,896 $ 995,719 $235,789,105 $180,485,678 $2,665,783
460,843 2,333,480 1,974,501 6,649 17,111,154 34,663,728 636,687
------------ ----------- ----------- ----------- ------------ ------------ ----------
5,213,619 15,644,043 57,736,397 1,002,368 252,900,259 215,149,406 3,302,470
6,943 2,884 64,698 1,262 461,647 438,247 739
-- -- -- -- 820 10,729 --
3,000 1,163 87,184 -- 38,725 372,645 29
275,765 727,730 87,684 8,915 1,570,795 -- 11
2,258 -- -- 11,741 -- -- 3,967
-- -- -- 54,904 -- -- --
151 360 18,428 -- 7,958 5,507 106
------------ ----------- ----------- ----------- ------------ ------------ ----------
5,501,736 16,376,180 57,994,391 1,079,190 254,980,204 215,976,534 3,307,322
------------ ----------- ----------- ----------- ------------ ------------ ----------
-- -- -- -- -- 66,810 --
265,272 639,575 1,291,227 9,905 1,296,572 2,208,587 --
3,805 17,956 1,200 -- 38,143 316,075 2,009
-- 7,300 29,133 -- 144,026 120,151 --
947 1,620 3,011 1,284 13,435 9,257 1,037
405 -- 2,857 77 1,747 7,842 260
10,981 11,418 12,126 2,824 13,717 11,509 11,520
1,589 22 4,939 382 8,290 4,535 3,222
2,736 3,866 1,799 1,484 5,742 7,627 1,510
3,916 4,171 -- 1,529 8,539 7,486 4,271
210 62 445 3 1,636 711 50
-- -- -- 57,014 -- -- --
1,586 1,464 1,668 -- 44,856 37,189 1,097
-- -- 3,259,610 -- -- -- --
------------ ----------- ----------- ----------- ------------ ------------ ----------
291,447 687,454 4,608,015 74,502 1,576,703 2,797,779 24,976
------------ ----------- ----------- ----------- ------------ ------------ ----------
$ 5,210,289 $15,688,726 $53,386,376 $ 1,004,688 $253,403,501 $213,178,755 $3,282,346
============ =========== =========== =========== ============ ============ ==========
$ 11,047,888 $14,211,475 $53,307,033 $ 998,139 $270,925,814 $183,898,967 $3,396,689
(1,557) (22,698) (1,680) 145 246,127 111,517 (16,565)
(6,296,885) (833,531) (356,676) (245) (34,879,594) (5,495,457) (734,465)
460,843 2,333,480 437,699 6,649 17,111,154 34,663,728 636,687
------------ ----------- ----------- ----------- ------------ ------------ ----------
$ 5,210,289 $15,688,726 $53,386,376 $ 1,004,688 $253,403,501 $213,178,755 $3,282,346
============ =========== =========== =========== ============ ============ ==========
$ 5,210,289 $15,688,726 $36,136,011 $ 1,004,688 $ 22,860,038 $103,572,485 $3,282,346
601,836 1,395,354 3,912,155 99,789 2,473,796 10,390,669 401,387
$ 8.66 $ 11.24 $ 9.24 $ 10.07 $ 9.24 $ 9.97 $ 8.18
============ =========== =========== =========== ============ ============ ==========
$ -- $ -- $17,250,365 $ -- $230,543,463 $109,606,270 $ --
-- -- 1,866,625 -- 24,958,968 11,000,970 --
$ -- $ -- $ 9.24 $ -- $ 9.24 $ 9.96 $ --
============ =========== =========== =========== ============ ============ ==========
$ -- $ -- $ -- $ -- $ -- $ -- $ --
-- -- -- -- -- -- --
$ -- $ -- $ -- $ -- $ -- $ -- $ --
============ =========== =========== =========== ============ ============ ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47
Aston Funds
APRIL 30, 2010
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
OPTIMUM CARDINAL
MID-CAP MID CAP
FUND VALUE FUND
-------------- ----------
ASSETS:
Investments:
Investments at cost ..................................................... $1,391,930,395 $ 956,771
Net unrealized appreciation (depreciation) .............................. 315,929,552 156,487
-------------- ----------
Total investments at value ........................................... 1,707,859,947 1,113,258
Receivables:
Dividends and interest .................................................. 985,330 473
Dividend reclaims ....................................................... -- --
Fund shares sold ........................................................ 7,043,599 --
Investments sold ........................................................ 5,727,466 --
Due from Adviser, net (Note G) .......................................... -- 5,184
Deferred offering costs (Note B-11) ........................................... -- --
Other assets .................................................................. 45,070 32
-------------- ----------
Total assets ......................................................... 1,721,661,412 1,118,947
-------------- ----------
LIABILITIES:
Payables:
Dividend distribution ................................................... 110 --
Investments purchased ................................................... 9,386,172 --
Fund shares redeemed .................................................... 2,413,951 --
Due to Adviser, net (Note G) ............................................ 988,184 --
Administration fees (Note G) ............................................ 73,565 184
Distribution fees (Note G) .............................................. 108,060 84
Audit and tax fees ...................................................... 14,979 10,817
Custodian fees .......................................................... 2,497 805
Transfer agent fees ..................................................... 51,901 1,471
Registration fees ....................................................... -- 4,119
Trustees fees and related expenses (Note G) ............................. 8,410 10
Deferred organization cost .............................................. -- --
Accrued expenses and other payables ..................................... 64,791 1,590
-------------- ----------
Total liabilities .................................................... 13,112,620 19,080
-------------- ----------
NET ASSETS .................................................................... $1,708,548,792 $1,099,867
============== ==========
NET ASSETS CONSIST OF:
Paid in capital ............................................................ $1,388,840,409 $1,276,222
Accumulated undistributed (distribution in excess of) net
investment income (loss) ................................................ (1,268,952) (1,154)
Accumulated net realized gain (loss) on investments and foreign currency
transactions ............................................................ 5,047,783 (331,688)
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency ............... 315,929,552 156,487
-------------- ----------
TOTAL NET ASSETS .............................................................. $1,708,548,792 $1,099,867
============== ==========
CLASS N:
Net Assets ................................................................. $1,414,424,320 $1,099,867
Shares of beneficial interest outstanding (unlimited authorization) ........ 48,747,643 131,672
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ...................................... $ 29.02 $ 8.35
============== ==========
CLASS I:
Net Assets ................................................................. $ 294,124,472 $ --
Shares of beneficial interest outstanding (unlimited authorization) ........ 10,020,744 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ...................................... $ 29.35 $ --
============== ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48
Aston Funds
VEREDUS FASCIANO TAMRO RIVER ROAD RIVER ROAD NEPTUNE
AGGRESSIVE SMALL CAP SMALL CAP SELECT VALUE SMALL CAP INTERNATIONAL
GROWTH FUND FUND FUND FUND VALUE FUND FUND
- ------------ ---------- -------------- ------------ ------------ -------------
$ 46,867,026 $2,079,255 $ 774,824,640 $201,404,174 $491,367,758 $ 1,781,940
13,319,197 182,647 241,971,754 33,643,718 83,371,982 (155,814)
- ------------ ---------- -------------- ------------ ------------ -----------
60,186,223 2,261,902 1,016,796,394 235,047,892 574,739,740 1,626,126
531 339 807 251,601 313,459 7,005
-- -- -- -- -- 3,472
60,242 -- 1,497,147 2,048,304 1,666,712 --
2,827,770 -- 13,923,658 953,837 3,760,600 --
-- 10,016 -- -- -- 9,564
-- 38,795 -- -- -- --
1,836 79 25,514 11,427 15,394 1,849
- ------------ ---------- -------------- ------------ ------------ -----------
63,076,602 2,311,131 1,032,243,520 238,313,061 580,495,905 1,648,016
- ------------ ---------- -------------- ------------ ------------ -----------
-- -- -- -- -- --
2,351,883 -- 14,015,078 2,337,686 5,546,006 --
102,419 -- 2,905,301 470,379 2,085,640 --
44,900 -- 737,946 193,482 419,094 --
6,629 1,143 43,746 11,338 25,517 1,030
3,269 173 25,842 4,229 17,506 27
13,685 8,223 14,055 12,341 13,950 12,118
5,421 965 5,235 6,683 17,042 6,096
13,192 2,054 147,317 3,631 106,015 2,748
3,199 4,982 -- -- 1,767 7,251
277 8 3,833 1,497 2,452 15
-- 14,311 -- -- -- --
16,774 534 26,801 39,193 30,691 292
- ------------ ---------- -------------- ------------ ------------ -----------
2,561,648 32,393 17,925,154 3,080,459 8,265,680 29,577
- ------------ ---------- -------------- ------------ ------------ -----------
$ 60,514,954 $2,278,738 $1,014,318,366 $235,232,602 $572,230,225 $ 1,618,439
============ ========== ============== ============ ============ ===========
$ 77,616,232 $2,095,557 $ 819,153,467 $201,367,341 $535,384,304 $ 5,186,234
(330,452) (1,988) (1,595,008) 234,817 138,109 6,898
(30,090,023) 2,522 (45,211,847) (13,274) (46,664,170) (3,419,043)
13,319,197 182,647 241,971,754 33,643,718 83,371,982 (155,650)
- ------------ ---------- -------------- ------------ ------------ -----------
$ 60,514,954 $2,278,738 $1,014,318,366 $235,232,602 $572,230,225 $ 1,618,439
============ ========== ============== ============ ============ ===========
$ 41,853,684 $2,278,738 $ 339,754,168 $ 55,530,593 $229,978,782 $ 350,966
3,353,279 209,219 18,032,008 6,073,417 19,022,198 48,149
$ 12.48 $ 10.89 $ 18.84 $ 9.14 $ 12.09 $ 7.29
============ ========== ============== ============ ============ ===========
$ 18,661,270 $ -- $ 674,564,198 $179,702,009 $342,251,443 $ 1,267,473
1,448,379 -- 35,351,877 19,606,811 28,292,102 173,894
$ 12.88 $ -- $ 19.08 $ 9.17 $ 12.10 $ 7.29
============ ========== ============== ============ ============ ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49
Aston Funds
APRIL 30, 2010
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
BARINGS DYNAMIC
INTERNATIONAL ALLOCATION
FUND FUND
------------- -----------
ASSETS:
Investments:
Investments at cost .................................................................... $39,787,603 $50,651,608
Net unrealized appreciation ............................................................ 3,606,552 1,865,317
----------- -----------
Total investments at value .......................................................... 43,394,155 52,516,925
Cash (a) ..................................................................................... -- --
Receivables:
Dividends and interest ................................................................. 151,365 108
Dividend reclaims ...................................................................... 31,876 --
Fund shares sold ....................................................................... 1,109,500 34,468
Investments sold ....................................................................... -- --
Other assets ................................................................................. 9,494 6,574
----------- -----------
Total assets ........................................................................ 44,696,390 52,558,075
----------- -----------
LIABILITIES:
Payables:
Dividend distribution .................................................................. -- --
Investments and foreign currency purchased ............................................. 52,029 --
Fund shares redeemed ................................................................... -- 50,383
Due to Adviser, net (Note G) ........................................................... 25,544 27,510
Administration fees (Note G) ........................................................... 3,725 3,019
Distribution fees (Note G) ............................................................. 34 3,957
Audit and tax fees ..................................................................... 11,579 11,028
Custodian fees ......................................................................... 13,735 553
Transfer agent fees .................................................................... 2,726 1,447
Registration fees ...................................................................... -- --
Trustees fees and related expenses (Note G) ............................................ 166 202
Accrued expenses and other payables .................................................... 2,841 193
----------- -----------
Total liabilities ................................................................... 112,379 98,292
----------- -----------
NET ASSETS ................................................................................... $44,584,011 $52,459,783
=========== ===========
NET ASSETS CONSIST OF:
Paid in capital ........................................................................... $43,467,268 $49,111,732
Accumulated undistributed (distribution in excess of) net investment income (loss) ........ 169,129 (52,255)
Accumulated net realized gain (loss) on investments and foreign currency transactions ..... (2,658,632) 1,534,989
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currency ........................................................ 3,606,246 1,865,317
----------- -----------
TOTAL NET ASSETS ............................................................................. $44,584,011 $52,459,783
=========== ===========
CLASS N:
Net Assets ................................................................................ $ 437,174 $52,459,783
Shares of beneficial interest outstanding (unlimited authorization) ....................... 65,686 5,659,110
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ..................................................... $ 6.66 $ 9.27
=========== ===========
CLASS I:
Net Assets ................................................................................ $44,146,837 $ --
Shares of beneficial interest outstanding (unlimited authorization) ....................... 6,627,309 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ..................................................... $ 6.66 $ --
=========== ===========
- ----------
(a) Includes margin deposit of $200,000 segregated for futures contracts,
offset by a cash overdraft of $(52,448), in the TCH Fixed Income Fund.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50
Aston Funds
NEW CENTURY LAKE PARTNERS FORTIS TCH
ABSOLUTE RETURN LASSO ALTERNATIVES REAL ESTATE MONTAG & CALDWELL FIXED INCOME
ETF FUND FUND FUND BALANCED FUND FUND
- --------------- ------------------ ------------ ----------------- ------------
$20,200,275 $12,799,212 $ 26,482,465 $28,263,567 $57,090,192
1,228,000 347,814 7,808,026 3,658,505 4,809,069
----------- ----------- ------------ ----------- -----------
21,428,275 13,147,026 34,290,491 31,922,072 61,899,261
-- -- -- 9 147,552
614 12,191 2,901 121,862 713,799
-- -- -- -- --
85,466 35,078 909 68,326 19,027
1,103,387 -- -- 310,621 --
5,115 14,468 1,000 541 2,604
----------- ----------- ------------ ----------- -----------
22,622,857 13,208,763 34,295,301 32,423,431 62,782,243
----------- ----------- ------------ ----------- -----------
-- -- -- -- 16,807
2,640,036 -- -- 141,544 --
51,392 -- 6,727 429 25,641
9,998 2,801 19,388 17,078 9,767
1,358 1,024 3,186 1,997 3,495
1,520 266 359 -- --
10,431 10,873 12,748 13,682 13,812
445 683 2,182 1,024 1,069
2,550 1,907 4,937 7,997 8,257
-- -- 5,037 1,848 --
356 548 551 234 1,187
2,011 405 4,694 12,348 6,073
----------- ----------- ------------ ----------- -----------
2,720,097 18,507 59,809 198,181 86,108
----------- ----------- ------------ ----------- -----------
$19,902,760 $13,190,256 $ 34,235,492 $32,225,250 $62,696,135
=========== =========== ============ =========== ===========
$19,238,687 $12,698,051 $ 52,679,959 $35,925,052 $67,000,455
(67,553) (15,050) 198,397 (240,286) (5,748)
(496,374) 159,441 (26,450,879) (7,118,021) (9,107,641)
1,228,000 347,814 7,808,015 3,658,505 4,809,069
----------- ----------- ------------ ----------- -----------
$19,902,760 $13,190,256 $ 34,235,492 $32,225,250 $62,696,135
=========== =========== ============ =========== ===========
$19,902,760 $ 3,581,062 $ 4,818,535 $30,842,275 $46,440,450
2,015,289 303,551 633,336 1,625,033 4,537,684
$ 9.88 $ 11.80 $ 7.61 $ 18.98 $ 10.23
=========== =========== ============ =========== ===========
$ -- $ 9,609,194 $ 29,416,957 $ 1,382,975 $16,255,685
-- 814,501 3,893,231 73,059 1,588,344
$ -- $ 11.80 $ 7.56 $ 18.93 $ 10.23
=========== =========== ============ =========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2010
STATEMENT OF OPERATIONS
MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
----------------- --------------
INVESTMENT INCOME:
Dividends ......................................................... $ 20,491,592 $ 601,214
Less: foreign taxes withheld ...................................... -- --
------------ -----------
Total investment income ........................................ 20,491,592 601,214
------------ -----------
EXPENSES:
Investment advisory fees (Note G) ................................. 9,134,200 386,109
Distribution expenses (Note G)(b) ................................. 1,847,216 52,368
Transfer agent fees (Note G) ...................................... 896,947 49,113
Administration fees (Note G) ...................................... 735,111 32,958
Registration expenses ............................................. 79,343 16,647
Custodian fees .................................................... 45,894 4,917
Audit and tax fees ................................................ 14,228 9,535
Legal fees ........................................................ 64,858 2,523
Amortization of offering costs (Note B-11) ........................ -- --
Reports to shareholder expense .................................... 172,067 5,926
Trustees fees and related expenses (Note G) ....................... 86,879 3,038
Other expenses .................................................... 154,890 7,514
------------ -----------
Total expenses before waivers/reimbursements ................... 13,231,633 570,648
------------ -----------
Less: Investment advisory fees waived (Note G) ................. -- (11,512)
------------ -----------
Net expenses ................................................... 13,231,633 559,136
------------ -----------
NET INVESTMENT INCOME (LOSS) ......................................... 7,259,959 42,078
------------ -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ........................... 61,596,914 12,539,513
Net realized loss on purchased options(c) ......................... -- --
Net realized gain on written option transactions(c) ............... -- --
Net change in unrealized appreciation of investments .............. 214,653,902(d) 12,134,537
Net change in unrealized appreciation on purchased options(c) ..... -- --
Net change in unrealized depreciation on written options(c) ....... -- --
------------ -----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ................... 276,250,816 24,674,050
------------ -----------
NET INCREASE IN NET ASSETS FROM OPERATIONS ........................ $283,510,775 $24,716,128
============ ===========
- ----------
(a) Herndon Large Cap Value Fund commenced investment operations on March 31,
2010.
(b) Distribution expense is incurred at the Class N level for all funds except
Montag & Caldwell Growth Fund. The distribution expense for Class N and R
of the Montag & Caldwell Growth Fund is $1,833,155 and $14,061,
respectively.
(c) Primary risk exposure is equity contracts.
(d) Change in unrealized appreciation does not include unrealized appreciation
of $2,459,459 of the merged fund in connection with the Reorganization
(Note J).
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52
Aston Funds
OPTIMUM TAMRO M.D. SASS HERNDON RIVER ROAD MONTAG & CALDWELL
LARGE CAP DIVERSIFIED ENHANCED LARGE CAP VALUE DIVIDEND ALL MID CAP
OPPORTUNITY FUND EQUITY FUND EQUITY FUND VALUE FUND(a) FUND CAP VALUE FUND GROWTH FUND
- ---------------- ----------- ----------- ------------- ----------- -------------- -----------------
$ 31,953 $ 71,058 $ 454,031 $ 1,262 $ 3,139,353 $ 3,418,542 $ 11,979
(283) -- -- -- (45,339) (51,609) (19)
-------- ---------- ----------- -------- ----------- ----------- --------
31,670 71,058 454,031 1,262 3,094,014 3,366,933 11,960
-------- ---------- ----------- -------- ----------- ----------- --------
18,266 47,296 128,333 687 962,215 650,212 13,459
5,708 -- 42,878 215 26,758 115,512 3,959
10,994 13,552 26,189 1,483 21,542 55,688 9,283
8,206 10,739 18,219 1,318 71,545 56,628 9,186
8,927 8,927 13,147 1,529 16,364 18,372 9,026
734 1,396 12,505 382 12,157 8,480 3,553
10,035 9,479 11,090 2,824 11,369 9,912 9,702
118 302 623 3 5,030 4,491 85
-- -- -- 5,096 -- -- --
214 661 1,888 8 14,511 11,912 185
130 371 770 3 7,561 5,683 137
1,917 2,267 3,426 389 16,199 11,588 1,848
-------- ---------- ----------- -------- ----------- ----------- --------
65,249 94,990 259,068 13,937 1,165,251 948,478 60,423
-------- ---------- ----------- -------- ----------- ----------- --------
(37,393) (24,046) (5,357) (12,820) (152,222) -- (38,255)
-------- ---------- ----------- -------- ----------- ----------- --------
27,856 70,944 253,711 1,117 1,013,029 948,478 22,168
-------- ---------- ----------- -------- ----------- ----------- --------
3,814 114 200,320 145 2,080,985 2,418,455 (10,208)
-------- ---------- ----------- -------- ----------- ----------- --------
71,866 642,565 908,765 (245) (3,549,308) 6,898,010 63,533
-- (16,259) (1,433,646) -- -- -- --
-- -- 435,748 -- -- -- --
323,324 965,199 3,436,106 6,649 28,856,047 20,470,303 537,200
-- 5,967 135,134 -- -- -- --
-- -- (1,093,595) -- -- -- --
-------- ---------- ----------- -------- ----------- ----------- --------
395,190 1,597,472 2,388,512 6,404 25,306,739 27,368,313 600,733
-------- ---------- ----------- -------- ----------- ----------- --------
$399,004 $1,597,586 $ 2,588,832 $ 6,549 $27,387,724 $29,786,768 $590,525
======== ========== =========== ======== =========== =========== ========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2010
STATEMENT OF OPERATIONS - CONTINUED
OPTIMUM CARDINAL
MID CAP MID CAP
FUND VALUE FUND
------------ ----------
INVESTMENT INCOME:
Dividends .......................................................... $ 8,354,420 $ 8,798
Less: foreign taxes withheld ....................................... -- --
------------ --------
Total investment income ......................................... 8,354,420 8,798
------------ --------
EXPENSES:
Investment advisory fees (Note G) .................................. 4,717,155 4,533
Distribution expenses (Note G) ..................................... 1,378,249 1,259
Transfer agent fees (Note G) ....................................... 400,679 8,478
Administration fees (Note G) ....................................... 348,639 7,599
Registration expenses .............................................. 25,043 8,874
Custodian fees ..................................................... 20,142 1,059
Audit and tax fees ................................................. 11,479 9,702
Legal fees ......................................................... 26,489 34
Amortization of offering costs (Note B-11) ......................... -- --
Reports to shareholder expense ..................................... 74,252 74
Trustees fees and related expenses (Note G) ........................ 37,440 37
Interest expense (Note H) .......................................... -- --
Other expenses ..................................................... 66,130 1,712
------------ --------
Total expenses before waivers/reimbursements .................... 7,105,697 43,361
------------ --------
Less: Investment advisory fees waived (Note G) .................. -- (36,311)
Less: Expenses reimbursed (Note G) .............................. -- --
Plus: Net expenses recouped (Note G) ............................ -- --
------------ --------
Net expenses .................................................... 7,105,697 7,050
------------ --------
NET INVESTMENT INCOME (LOSS) .......................................... 1,248,723 1,748
------------ --------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ............................ 5,850,427 44,407
Net realized loss on foreign currency transactions ................. -- --
Net change in unrealized appreciation of investments ............... 296,548,067 110,338
Net change in unrealized depreciation on translation of assets
and liabilities denominated in foreign currency ................. -- --
------------ --------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS .................... 302,398,494 154,745
------------ --------
NET INCREASE IN NET ASSETS FROM OPERATIONS ......................... $303,647,217 $156,493
============ ========
- ----------
(a) Fasciano Small Cap Fund commenced investment operations on December 23,
2009.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54
Aston Funds
VEREDUS FASCIANO TAMRO RIVER ROAD RIVER ROAD NEPTUNE
AGGRESSIVE SMALL CAP SMALL CAP SELECT VALUE SMALL CAP INTERNATIONAL
GROWTH FUND FUND(a) FUND FUND VALUE FUND FUND
- ----------- --------- ------------ ------------ ----------- -------------
$ 50,844 $ 8,441 $ 4,027,097 $ 1,912,948 $ 4,144,046 $ 16,288
-- -- -- (62,639) (92,484) (942)
- ----------- -------- ------------ ----------- ----------- --------
50,844 8,441 4,027,097 1,850,309 4,051,562 15,346
- ----------- -------- ------------ ----------- ----------- --------
269,400 7,449 3,956,884 1,133,315 2,327,975 7,739
47,240 1,862 360,164 61,646 274,759 408
44,148 6,673 458,432 27,532 356,746 16,813
21,996 6,029 238,179 67,564 144,491 12,996
13,493 6,362 20,629 18,488 28,920 15,016
5,127 1,541 18,149 12,384 27,592 4,382
11,702 8,222 11,579 10,813 11,369 11,090
1,223 27 21,917 5,955 13,802 310
-- 21,205 -- -- -- --
2,623 49 58,208 14,410 33,267 110
1,510 40 27,706 7,261 16,825 143
-- -- -- 616 -- 138
4,653 1,299 49,235 14,784 32,074 2,378
- ----------- -------- ------------ ----------- ----------- --------
423,115 60,758 5,221,082 1,374,768 3,267,820 71,523
- ----------- -------- ------------ ----------- ----------- --------
(41,819) (7,449) -- -- -- (7,739)
-- (42,880) -- -- -- (55,344)
-- -- -- 41,111 -- --
- ----------- -------- ------------ ----------- ----------- --------
381,296 10,429 5,221,082 1,415,879 3,267,820 8,440
- ----------- -------- ------------ ----------- ----------- --------
(330,452) (1,988) (1,193,985) 434,430 783,742 6,906
- ----------- -------- ------------ ----------- ----------- --------
8,863,341 2,522 53,298,508 17,522,399 27,620,119 (5,394)
-- -- -- -- -- (263)
9,047,606 182,647 166,914,074 21,518,983 59,981,417 127,943
-- -- -- -- -- (340)
- ----------- -------- ------------ ----------- ----------- --------
17,910,947 185,169 220,212,582 39,041,382 87,601,536 121,946
- ----------- -------- ------------ ----------- ----------- --------
$17,580,495 $183,181 $219,018,597 $39,475,812 $88,385,278 $128,852
=========== ======== ============ =========== =========== ========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2010
STATEMENT OF OPERATIONS (UNAUDITED) - CONTINUED
BARINGS DYNAMIC
INTERNATIONAL ALLOCATION
FUND FUND
------------- ----------
INVESTMENT INCOME:
Dividends ................................................................ $ 426,475 $ 499,805
Less: foreign taxes withheld ............................................. (33,827) --
Interest ................................................................. -- --
---------- ----------
Total investment income ............................................... 392,648 499,805
---------- ----------
EXPENSES:
Investment advisory fees (Note G) ........................................ 194,138 192,664
Distribution expenses (Note G) ........................................... 104 60,208
Transfer agent fees (Note G) ............................................. 11,233 36,580
Administration fees (Note G) ............................................. 27,635 19,422
Registration expenses .................................................... 12,041 11,903
Custodian fees ........................................................... 19,672 2,518
Audit and tax fees ....................................................... 10,536 9,979
Legal fees ............................................................... 807 1,093
Amortization of offering costs (Note B-11) ............................... -- --
Reports to shareholder expense ........................................... 2,245 2,780
Trustees fees and related expenses (Note G) .............................. 1,156 1,435
Interest expense (Note H) ................................................ -- 329
Other expenses ........................................................... 3,420 4,249
---------- ----------
Total expenses before waivers/reimbursements .......................... 282,987 343,160
---------- ----------
Less: Investment advisory fees waived (Note G) ........................ (59,625) (29,751)
---------- ----------
Net expenses .......................................................... 223,362 313,409
---------- ----------
NET INVESTMENT INCOME ....................................................... 169,286 186,396
---------- ----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ......................................... 1,148,028 1,471,115
Net realized loss on foreign currency transactions ....................... (68,190) --
Capital gain distributions received ...................................... -- 113,375
Net change in unrealized appreciation (depreciation) on investments ...... (701,494) 1,739,491
Net change in unrealized appreciation (depreciation) on translation
of assets and liabilities denominated in foreign currency ............. 4,467 --
---------- ----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS .......................... 382,811 3,323,981
---------- ----------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............................... $ 552,097 $3,510,377
========== ==========
- ----------
(a) Change in unrealized appreciation does not include unrealized appreciation
of $2,373,822 of the merged fund in connection with the Reorganization
(Note J).
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56
Aston Funds
NEW CENTURY LAKE PARTNERS FORTIS TCH
ABSOLUTE RETURN LASSO ALTERNATIVES REAL ESTATE MONTAG & CALDWELL FIXED INCOME
ETF FUND FUND FUND BALANCED FUND FUND
- --------------- ------------------ ----------- ----------------- ------------
$ 177,809 $ 74,237 $ 576,739 $ 83,851 $ 602
(16) -- (3,343) -- --
-- -- -- 127,996 1,782,614
---------- -------- ---------- ---------- ----------
177,793 74,237 573,396 211,847 1,783,216
---------- -------- ---------- ---------- ----------
67,803 40,576 146,921 69,071 176,069
23,559 542 5,400 -- --
19,326 11,620 20,046 22,284 23,075
12,493 9,281 14,267 13,787 29,712
9,768 12,143 14,112 12,913 13,267
1,890 1,149 3,524 2,088 2,802
9,979 9,425 11,356 11,924 11,924
505 101 552 484 1,868
-- 32,121 -- -- --
1,143 339 1,578 1,038 4,971
521 162 1,049 530 3,024
-- -- -- -- --
2,745 1,603 3,253 2,884 5,856
---------- -------- ---------- ---------- ----------
149,732 119,062 222,058 137,003 272,568
---------- -------- ---------- ---------- ----------
(28,308) (65,396) (52,108) (35,699) (115,707)
---------- -------- ---------- ---------- ----------
121,424 53,666 169,950 101,304 156,861
---------- -------- ---------- ---------- ----------
56,369 20,571 403,446 110,543 1,626,355
---------- -------- ---------- ---------- ----------
2,013,132 148,494 1,183,221 692,728 247,471
-- -- (1,597) -- --
2,332 12,746 -- -- --
47,322 290,276 7,192,215 460,061(a) 1,146,364
-- -- (4) -- --
---------- -------- ---------- ---------- ----------
2,062,786 451,516 8,373,835 1,152,789 1,393,835
---------- -------- ---------- ---------- ----------
$2,119,155 $472,087 $8,777,281 $1,263,332 $3,020,190
========== ======== ========== ========== ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS
MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
--------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31,
(UNAUDITED) 2009 (UNAUDITED) 2009
---------------- -------------- ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD ........................ $2,486,823,315 $1,357,841,579 $ 87,136,460 $ 83,181,659
-------------- -------------- ------------ ------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ....................... 7,259,959 9,768,338 42,078 (21,533)
Net realized gain (loss) on investments ............ 61,596,914 (96,925,383) 12,539,513 (16,636,677)
Net change in unrealized appreciation on
investments ..................................... 214,653,902 456,976,612 12,134,537 19,891,920
-------------- -------------- ------------ ------------
Net increase in net assets from operations ......... 283,510,775 369,819,567 24,716,128 3,233,710
-------------- -------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ............................................ (4,941,364) (1,824,308) (3,622) --
Class I ............................................ (6,531,635) (4,451,761) (26,578) --
Class R ............................................ (24,320) -- -- --
Net realized gain on investments:
Class N ............................................ -- (19,144,013) -- --
Class I ............................................ -- (23,968,862) -- --
Class R ............................................ -- (9,145) -- --
-------------- -------------- ------------ ------------
Total distributions ............................. (11,497,319) (49,398,089) (30,200) --
-------------- -------------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ............................................ 407,048,896 840,785,556 5,466,114 12,155,911
Class I ............................................ 321,703,267 507,027,301 3,497,452 11,156,007
Class R ............................................ 5,215,125 4,289,265 -- --
Proceeds from reinvestment of distributions:
Class N ............................................ 4,752,706 20,185,047 3,602 --
Class I ............................................ 5,274,852 25,893,503 26,498 --
Class R ............................................ 13,943 9,071 -- --
Cost of shares redeemed:
Class N ............................................ (276,165,268) (366,430,503) (10,632,051) (11,304,011)
Class I ............................................ (213,419,982) (222,156,312) (4,390,564) (11,286,816)
Class R ............................................ (3,836,763) (1,042,670) -- --
Issued due to merger:
Class N ............................................ 58,169,278 -- -- --
Class I ............................................ 20,321,841 -- -- --
Class R ............................................ 646,125 -- -- --
-------------- -------------- ------------ ------------
Net increase (decrease) from capital
share transactions ........................... 329,724,020 808,560,258 (6,028,949) 721,091
-------------- -------------- ------------ ------------
Total increase in net assets .................... 601,737,476 1,128,981,736 18,656,979 3,954,801
-------------- -------------- ------------ ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........... $3,088,560,791 $2,486,823,315 $105,793,439 $ 87,136,460
============== ============== ============ ============
(A) Undistributed (distributions in excess of)
net investment income (loss) ................... $ 3,135,644 $ 7,373,004 $ 11,878 $ --
============== ============== ============ ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58
Aston Funds
M.D. SASS
OPTIMUM LARGE CAP TAMRO DIVERSIFIED ENHANCED EQUITY
OPPORTUNITY FUND EQUITY FUND FUND
- ------------------------------ ------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31,
(UNAUDITED) 2009 (UNAUDITED) 2009 (UNAUDITED) 2009
- ---------------- ----------- ---------------- ----------- ---------------- -----------
$ 4,333,664 $ 3,690,736 $10,485,972 $ 8,562,093 $ 22,551,815 $14,388,959
----------- ----------- ----------- ----------- ------------ -----------
3,814 8,948 114 (1,640) 200,320 234,819
71,866 (1,308,390) 626,306 (1,049,419) (89,133) (176,593)
323,324 1,778,793 971,166 2,484,282 2,477,645 2,619,625
----------- ----------- ----------- ----------- ------------ -----------
399,004 479,351 1,597,586 1,433,223 2,588,832 2,677,851
----------- ----------- ----------- ----------- ------------ -----------
(14,319) -- (22,812) (38,534) (199,457) (267,832)
-- -- -- -- (15,113) --
-- -- -- -- -- --
-- -- -- -- -- (1,029,769)
-- -- -- -- -- --
-- -- -- -- -- --
----------- ----------- ----------- ----------- ------------ -----------
(14,319) -- (22,812) (38,534) (214,570) (1,297,601)
----------- ----------- ----------- ----------- ------------ -----------
1,562,725 1,871,676 5,055,261 2,135,995 24,479,595 8,226,815
-- -- -- -- 17,267,987 --
-- -- -- -- -- --
14,292 -- 22,602 38,207 163,838 890,192
-- -- -- -- 15,113 --
-- -- -- -- -- --
(1,085,077) (1,708,099) (1,449,883) (1,645,012) (13,466,070) (2,334,401)
-- -- -- -- (164) --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
----------- ----------- ----------- ----------- ------------ -----------
491,940 163,577 3,627,980 529,190 28,460,299 6,782,606
----------- ----------- ----------- ----------- ------------ -----------
876,625 642,928 5,202,754 1,923,879 30,834,561 8,162,856
----------- ----------- ----------- ----------- ------------ -----------
$ 5,210,289 $ 4,333,664 $15,688,726 $10,485,972 $ 53,386,376 $22,551,815
=========== =========== =========== =========== ============ ===========
$ (1,557) $ 8,948 $ (22,698) $ -- $ (1,680) $ 12,570
=========== =========== =========== =========== ============ ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
59
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
HERNDON
LARGE CAP
VALUE FUND VALUE FUND
----------------- -------------------------------
PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2010(a) APRIL 30, 2010 OCTOBER 31,
(UNAUDITED) (UNAUDITED) 2009
----------------- ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD ...................... $ -- $225,753,541 $208,391,708
---------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................ 145 2,080,985 4,302,806
Net realized gain (loss) on investments .......... (245) (3,549,308) (27,626,230)
Net change in unrealized appreciation on
investments ................................... 6,649 28,856,047 41,983,428
---------- ------------ ------------
Net increase in net assets from operations ....... 6,549 27,387,724 18,660,004
---------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .......................................... -- (161,671) (367,357)
Class I .......................................... -- (1,936,223) (3,870,466)
Net realized gain on investments:
Class N .......................................... -- -- (2,607,605)
Class I .......................................... -- -- (24,382,406)
---------- ------------ ------------
Total distributions ........................... -- (2,097,894) (31,227,834)
---------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .......................................... 998,139 1,956,918 5,005,683
Class I .......................................... -- -- --
Proceeds from reinvestment of distributions:
Class N .......................................... -- 153,119 2,912,811
Class I .......................................... -- 1,936,223 28,252,872
Cost of shares redeemed:
Class N .......................................... -- (1,686,130) (6,241,703)
Class I .......................................... -- -- --
---------- ------------ ------------
Net increase (decrease) from capital share
transactions ............................... 998,139 2,360,130 29,929,663
---------- ------------ ------------
Total increase in net assets .................. 1,004,688 27,649,960 17,361,833
---------- ------------ ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $1,004,688 $253,403,501 $225,753,541
---------- ------------ ------------
(A) Undistributed (distributions in excess of)
net investment income (loss) ................. $ 145 $ 246,127 $ 263,036
========== ============ ============
- ----------
(a) Herndon Large Cap Value Fund commenced investment operations on March 31,
2010.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
60
Aston Funds
RIVER ROAD DIVIDEND MONTAG & CALDWELL
ALL CAP VALUE FUND MID CAP GROWTH FUND OPTIMUM MID CAP FUND
- ------------------------------- ------------------------------ --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31,
(UNAUDITED) 2009 (UNAUDITED) 2009 (UNAUDITED) 2009
- ---------------- ------------ ---------------- ----------- ---------------- -------------
$159,027,298 $ 51,648,751 $2,959,374 $1,814,569 $ 993,185,657 $ 602,061,413
------------ ------------ ---------- ---------- -------------- -------------
2,418,455 3,627,748 (10,208) (11,237) 1,248,723 3,442,294
6,898,010 (8,621,021) 63,533 (403,883) 5,850,427 (545,644)
20,470,303 24,704,160 537,200 841,452 296,548,067 233,642,408
------------ ------------ ---------- ---------- -------------- -------------
29,786,768 19,710,887 590,525 426,332 303,647,217 236,539,058
------------ ------------ ---------- ---------- -------------- -------------
(1,094,862) (1,721,842) (6,357) -- (1,961,196) (4,132,092)
(1,239,703) (954,273) -- -- (687,104) (1,143,451)
-- -- -- -- -- (8,736,848)
-- -- -- -- -- (1,689,593)
------------ ------------ ---------- ---------- -------------- -------------
(2,334,565) (2,676,115) (6,357) -- (2,648,300) (15,701,984)
------------ ------------ ---------- ---------- -------------- -------------
17,299,510 62,751,999 368,213 793,491 507,313,275 319,711,144
22,310,170 66,394,520 -- -- 122,985,839 64,914,636
1,052,493 1,657,312 5,382 -- 1,860,076 12,136,985
756,644 529,398 -- -- 670,342 2,654,628
(10,508,154) (39,807,148) (634,791) (75,018) (190,001,009) (181,783,742)
(4,211,409) (1,182,306) -- -- (28,464,305) (47,346,481)
------------ ------------ ---------- ---------- -------------- -------------
26,699,254 90,343,775 (261,196) 718,473 414,364,218 170,287,170
------------ ------------ ---------- ---------- -------------- -------------
54,151,457 107,378,547 322,972 1,144,805 715,363,135 391,124,244
------------ ------------ ---------- ---------- -------------- -------------
$213,178,755 $159,027,298 $3,282,346 $2,959,374 $1,708,548,792 $ 993,185,657
------------ ------------ ---------- ---------- -------------- -------------
$ 111,517 $ 27,627 $ (16,565) $ -- $ (1,268,952) $ 130,625
============ ============ ========== ========== ============== =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
61
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
CARDINAL MID CAP VEREDUS AGGRESSIVE
VALUE FUND GROWTH FUND
------------------------------ -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31,
(UNAUDITED) 2009 (UNAUDITED) 2009
---------------- ----------- ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD .................. $ 916,100 $ 782,776 $45,496,186 $ 59,868,093
---------- --------- ----------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................. 1,748 2,357 (330,452) (490,865)
Net realized gain (loss) on investments ...... 44,407 (294,095) 8,863,341 (14,966,950)
Net change in unrealized appreciation on
investments ............................... 110,338 421,964 9,047,606 17,053,720
---------- --------- ----------- ------------
Net increase in net assets from operations ... 156,493 130,226 17,580,495 1,595,905
---------- --------- ----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ...................................... (3,806) (8,532) -- --
Class I ...................................... -- -- -- --
Net realized gain on investments:
Class N ...................................... -- -- -- (241,471)
Class I ...................................... -- -- -- (88,235)
---------- --------- ----------- ------------
Total distributions ....................... (3,806) (8,532) -- (329,706)
---------- --------- ----------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ...................................... 30,776 25,746 2,441,482 3,773,701
Class I ...................................... -- -- 186,389 453,913
Proceeds from reinvestment of distributions:
Class N ...................................... 837 1,742 -- 233,197
Class I ...................................... -- -- -- 87,459
Cost of shares redeemed:
Class N ...................................... (533) (15,858) (5,048,133) (16,017,794)
Class I ...................................... -- -- (141,465) (4,168,582)
---------- --------- ----------- ------------
Net increase (decrease) from capital
share transactions ..................... 31,080 11,630 (2,561,727) (15,638,106)
---------- --------- ----------- ------------
Total increase (decrease) in net assets ... 183,767 133,324 15,018,768 (14,371,907)
---------- --------- ----------- ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ..... $1,099,867 $ 916,100 $60,514,954 $ 45,496,186
========== ========= =========== ============
(A) Undistributed (distributions in excess of)
net investment income (loss) ................ $ (1,154) $ 904 $ (330,452) $ --
========== ========= =========== ============
- ----------
(a) Fasciano Small Cap Fund commenced investment operations on December 23,
2009.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
62
Aston Funds
FASCIANO TAMRO RIVER ROAD
SMALL CAP FUND SMALL CAP FUND SELECT VALUE FUND
- ----------------- -------------------------------- -------------------------------
PERIOD ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2010(a) APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31,
(UNAUDITED) (UNAUDITED) 2009 (UNAUDITED) 2009
- ----------------- ---------------- ------------- ---------------- ------------
$ -- $ 757,115,466 $ 398,363,783 $209,134,875 $110,715,839
---------- -------------- ------------- ------------ ------------
(1,988) (1,193,985) (1,180,294) 434,430 275,131
2,522 53,298,508 (67,769,370) 17,522,399 (12,229,527)
182,647 166,914,074 132,865,248 21,518,983 32,098,705
---------- -------------- ------------- ------------ ------------
183,181 219,018,597 63,915,584 39,475,812 20,144,309
---------- -------------- ------------- ------------ ------------
-- -- -- -- (80,194)
-- (491,277) (343,822) (374,080) (188,448)
-- -- -- -- --
-- -- -- -- --
---------- -------------- ------------- ------------ ------------
-- (491,277) (343,822) (374,080) (268,642)
---------- -------------- ------------- ------------ ------------
2,096,624 75,964,823 135,349,839 14,157,954 42,964,602
-- 97,688,164 337,277,664 24,027,214 96,650,247
-- -- -- -- 79,361
-- 192,068 192,771 293,793 141,129
(1,067) (49,289,430) (63,379,709) (9,057,916) (32,256,463)
-- (85,880,045) (114,260,644) (42,425,050) (29,035,507)
---------- -------------- ------------- ------------ ------------
2,095,557 38,675,580 295,179,921 (13,004,005) 78,543,369
---------- -------------- ------------- ------------ ------------
2,278,738 257,202,900 358,751,683 26,097,727 98,419,036
---------- -------------- ------------- ------------ ------------
$2,278,738 $1,014,318,366 $ 757,115,466 $235,232,602 $209,134,875
========== ============== ============= ============ ============
$ (1,988) $ (1,595,008) $ 90,254 $ 234,817 $ 174,467
========== ============== ============= ============ ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
63
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
RIVER ROAD NEPTUNE
SMALL CAP VALUE FUND INTERNATIONAL FUND
------------------------------ -----------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31,
(UNAUDITED) 2009 (UNAUDITED) 2009
---------------- ------------ ---------------- -----------
NET ASSETS AT BEGINNING OF PERIOD ............................... $498,763,125 $274,911,304 $1,486,850 $ 8,602,575
------------ ------------ ---------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... 783,742 668,149 6,906 145,615
Net realized gain (loss) on investments,
capital gain distributions and foreign
currency transactions .................................. 27,620,119 (37,285,006) (5,657) (2,734,910)
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currency ............ 59,981,417 90,342,485 127,603 5,432,787
------------ ------------ ---------- -----------
Net increase (decrease) in net assets from operations ..... 88,385,278 53,725,628 128,852 2,843,492
------------ ------------ ---------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ................................................... (199,557) (130,237) (16,538) (1,002)
Class I ................................................... (819,436) (454,107) (67,930) (64,620)
Net realized gain on investments:
Class N ................................................... -- -- -- --
------------ ------------ ---------- -----------
Total distributions .................................... (1,018,993) (584,344) (84,468) (65,622)
------------ ------------ ---------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ................................................... 33,494,095 109,581,610 35,221 79,336
Class I ................................................... 52,029,378 177,743,809 12,597 29,066
Proceeds from reinvestment of distributions:
Class N ................................................... 196,294 127,352 16,107 1,002
Class I ................................................... 738,653 353,414 58,454 6,234
Cost of shares redeemed:
Class N ................................................... (56,069,780) (70,119,952) (2,269) (56,971)
Class I ................................................... (44,287,825) (46,975,696) (32,905) (9,952,262)
------------ ------------ ---------- -----------
Net increase (decrease) from capital share
transactions ........................................ (13,899,185) 170,710,537 87,205 (9,893,595)
------------ ------------ ---------- -----------
Total increase (decrease) in net assets ................ 73,467,100 223,851,821 131,589 (7,115,725)
------------ ------------ ---------- -----------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) .................. $572,230,225 $498,763,125 $1,618,439 $ 1,486,850
============ ============ ========== ===========
(A) Undistributed (distributions in excess of)
net investment income (loss) .......................... $ 138,109 $ 373,360 $ 6,898 $ 84,460
============ ============ ========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
64
Aston Funds
NEW CENTURY
BARINGS DYNAMIC ABSOLUTE RETURN
INTERNATIONAL FUND ALLOCATION FUND ETF FUND
- ------------------------------ ------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31,
(UNAUDITED) 2009 (UNAUDITED) 2009 (UNAUDITED) 2009
- ---------------- ----------- ---------------- ----------- ---------------- -----------
$28,276,692 $ 5,517,433 $39,190,617 $ 6,070,423 $ 17,706,406 $13,747,979
----------- ----------- ----------- ----------- ------------ -----------
169,286 271,081 186,396 179,911 56,369 73,877
1,079,838 (1,481,892) 1,584,490 3,123,543 2,015,464 (2,046,887)
(697,027) 6,643,060 1,739,491 732,438 47,322 2,779,288
----------- ----------- ----------- ----------- ------------ -----------
552,097 5,432,249 3,510,377 4,035,892 2,119,155 806,278
----------- ----------- ----------- ----------- ------------ -----------
-- -- (261,689) (187,961) (146,952) (121,220)
(114,624) (4,815) -- -- -- --
-- -- (2,887,100) -- -- --
----------- ----------- ----------- ----------- ------------ -----------
(114,624) (4,815) (3,148,789) (187,961) (146,952) (121,220)
----------- ----------- ----------- ----------- ------------ -----------
448,759 -- 19,207,347 36,466,180 3,763,446 11,470,790
15,848,500 20,249,535 -- -- -- --
-- -- 3,145,004 187,829 134,238 91,694
81,688 2,023 -- -- -- --
-- -- (9,444,773) (7,381,746) (3,673,533) (8,289,115)
(509,101) (2,919,733) -- -- -- --
----------- ----------- ----------- ----------- ------------ -----------
15,869,846 17,331,825 12,907,578 29,272,263 224,151 3,273,369
----------- ----------- ----------- ----------- ------------ -----------
16,307,319 22,759,259 13,269,166 33,120,194 2,196,354 3,958,427
----------- ----------- ----------- ----------- ------------ -----------
$44,584,011 $28,276,692 $52,459,783 $39,190,617 $ 19,902,760 $17,706,406
=========== =========== =========== =========== ============ ===========
$ 169,129 $ 114,467 $ (52,255) $ 23,038 $ (67,553) $ 23,030
=========== =========== =========== =========== ============ ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
65
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
LAKE PARTNERS
LASSO FORTIS
ALTERNATIVES FUND REAL ESTATE FUND
------------------------------- -------------------------------
SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31,
(UNAUDITED) 2009(a) (UNAUDITED) 2009
---------------- ------------ ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD ........................ $ 1,844,834 $ -- $25,916,242 $ 29,440,875
----------- ---------- ----------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ....................... 20,571 (628) 403,446 728,653
Net realized gain (loss) on investments,
capital gain distributions and foreign
currency transactions ........................... 161,240 33,119 1,181,624 (13,479,329)
Net change in unrealized appreciation on
investments and translation of assets and
liabilities denominated in foreign currency ..... 290,276 57,538 7,192,211 11,547,398
----------- ---------- ----------- ------------
Net increase (decrease) in net assets from
operations ...................................... 472,087 90,029 8,777,281 (1,203,278)
----------- ---------- ----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ............................................ -- -- (72,917) (169,447)
Class I ............................................ (36,852) -- (473,146) (807,903)
Net realized gain on investments:
Class I ............................................ (34,918) -- -- --
----------- ---------- ----------- ------------
Total distributions ............................. (71,770) -- (546,063) (977,350)
----------- ---------- ----------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ............................................ 3,726,593 -- 282,499 485,760
Class I ............................................ 9,018,829 2,017,587 16,777 --
Proceeds from reinvestment of distributions:
Class N ............................................ -- -- 71,964 163,314
Class I ............................................ 70,540 -- 473,146 807,903
Cost of shares redeemed:
Class N ............................................ (147,928) -- (756,289) (1,833,927)
Class I ............................................ (1,722,929) (262,782) (65) (967,055)
Issued due to merger:
Class N ............................................ -- -- -- --
----------- ---------- ----------- ------------
Net increase (decrease) from capital
share transactions ........................... 10,945,105 1,754,805 88,032 (1,344,005)
----------- ---------- ----------- ------------
Total increase (decrease) in net assets ......... 11,345,422 1,844,834 8,319,250 (3,524,633)
----------- ---------- ----------- ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........... $13,190,256 $1,844,834 $34,235,492 $ 25,916,242
=========== ========== =========== ============
(A) Undistributed (distributions in excess of)
net investment income (loss) ................... $ (15,050) $ 1,231 $ 198,397 $ 341,014
=========== ========== =========== ============
- ----------
(a) Lake Partners LASSO Alternative Fund commenced investment operations on
April 1, 2009.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
66
Aston Funds
MONTAG & CALDWELL
BALANCED FUND TCH FIXED INCOME FUND
- ------------------------------ -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2010 OCTOBER 31, APRIL 30, 2010 OCTOBER 31,
(UNAUDITED) 2009 (UNAUDITED) 2009
- ---------------- ----------- ---------------- ------------
$16,086,414 $17,504,601 $67,283,501 $ 68,655,177
----------- ----------- ----------- ------------
110,543 226,949 1,626,355 3,626,011
692,728 (505,443) 247,471 (1,327,665)
460,061 2,858,743 1,146,364 11,829,836
----------- ----------- ----------- ------------
1,263,332 2,580,249 3,020,190 14,128,182
----------- ----------- ----------- ------------
(109,128) (249,501) (1,174,654) (2,378,032)
(9,432) (16,924) (488,384) (1,340,088)
-- -- -- --
----------- ----------- ----------- ------------
(118,560) (266,425) (1,663,038) (3,718,120)
----------- ----------- ----------- ------------
710,505 2,450,539 3,837,340 9,530,426
214,830 116,672 1,020,837 2,287,740
102,983 179,931 1,127,337 2,291,237
9,432 16,883 435,371 1,215,866
(3,243,120) (6,460,170) (6,498,395) (14,228,978)
(72,473) (35,866) (5,867,008) (12,878,029)
17,271,907 -- -- --
----------- ----------- ----------- ------------
14,994,064 (3,732,011) (5,944,518) (11,781,738)
----------- ----------- ----------- ------------
16,138,836 (1,418,187) (4,587,366) (1,371,676)
----------- ----------- ----------- ------------
$32,225,250 $16,086,414 $62,696,135 $ 67,283,501
=========== =========== =========== ============
$ (240,286) $ (232,269) $ (5,748) $ 30,935
=========== =========== =========== ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
67
Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
---------- ---------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $ 20.87 $ 18.84 $ 31.51 $ 25.15 $ 23.35 $ 21.53
---------- ---------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.05(a) 0.08(a) 0.07(a) 0.06(a) 0.07(a) 0.05(a)
Net realized and unrealized gain (loss)
on investments ..................... 2.27 2.61 (8.66) 6.54 1.80 1.83
---------- ---------- -------- -------- -------- --------
Total from investment operations ... 2.32 2.69 (8.59) 6.60 1.87 1.88
---------- ---------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.08) (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 ................ (0.08) (0.66) (4.08) (0.24) (0.07) (0.06)
---------- ---------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. 2.24 2.03 (12.67) 6.36 1.80 1.82
---------- ---------- -------- -------- -------- --------
Net Asset Value, End of period .............. $ 23.11 $ 20.87 $ 18.84 $ 31.51 $ 25.15 $ 23.35
========== ========== ======== ======== ======== ========
TOTAL RETURN (b) ............................ 11.11%(c) 15.08% (31.13)% 26.41% 8.02% 8.72%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $1,613,883 $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 ................ 1.07%(d) 1.11% 1.08%(e) 1.07%(e) 1.06%(e) 1.03%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.07%(d) 1.11% 1.08%(e) 1.07%(e) 1.06%(e) 1.03%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.41%(d) 0.41% 0.26% 0.23% 0.28% 0.20%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.41%(d) 0.41% 0.26% 0.23% 0.28% 0.20%
Portfolio Turnover ....................... 16.43%(c) 35.09%(e) 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) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, October 31, 2007 and
October 31, 2006. The interest expense is from utilizing the line of credit
as discussed in Note H to Financial Statements.
(f) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
68
Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS I
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
---------- ---------- -------- ---------- ---------- ----------
Net Asset Value, Beginning of period ........ $ 20.97 $ 18.94 $ 31.61 $ 25.24 $ 23.44 $ 21.61
---------- ---------- -------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.07(a) 0.12(a) 0.13(a) 0.14(a) 0.13(a) 0.11(a)
Net realized and unrealized gain (loss)
on investments ..................... 2.29 2.62 (8.70) 6.55 1.82 1.83
---------- ---------- -------- ---------- ---------- ----------
Total from investment operations ... 2.36 2.74 (8.57) 6.69 1.95 1.94
---------- ---------- -------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.12) (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 ................ (0.12) (0.71) (4.10) (0.32) (0.15) (0.11)
---------- ---------- -------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 2.24 2.03 (12.67) 6.37 1.80 1.83
---------- ---------- -------- ---------- ---------- ----------
Net Asset Value, End of period .............. $ 23.21 $ 20.97 $ 18.94 $ 31.61 $ 25.24 $ 23.44
========== ========== ======== ========== ========== ==========
TOTAL RETURN (c) ............................ 11.21%(b) 15.36% (30.96)% 26.72% 8.36% 8.99%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $1,468,322 $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 ................ 0.82%(d) 0.86% 0.83%(e) 0.79%(e) 0.78%(e) 0.75%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.82%(d) 0.86% 0.83%(e) 0.79%(e) 0.78%(e) 0.75%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.66%(d) 0.66% 0.51% 0.51% 0.56% 0.48%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.66%(d) 0.66% 0.51% 0.51% 0.56% 0.48%
Portfolio Turnover ....................... 16.43%(b) 35.09%(f) 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) Not Annualized.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, October 31, 2007 and
October 31, 2006. The interest expense is from utilizing the line of credit
as discussed in Note H to Financial Statements.
(f) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
69
Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS R
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
---------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $20.73 $18.69 $ 31.33 $25.04 $23.23 $21.43
------ ------ ------- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.02(a) 0.03(a) --(a)(b) --(a)(b) 0.01(a) (0.01)(a)
Net realized and unrealized gain (loss)
on investments ..................... 2.24 2.61 (8.58) 6.49 1.80 1.83
------ ------ ------- ------ ------ ------
Total from investment operations ... 2.26 2.64 (8.58) 6.49 1.81 1.82
------ ------ ------- ------ ------ ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.08) -- (0.03) (0.02) -- (0.02)
Distributions from net realized gain
on investments ..................... -- (0.60) (4.03) (0.18) -- --
------ ------ ------- ------ ------ ------
Total distributions ................ (0.08) (0.60) (4.06) (0.20) -- (0.02)
------ ------ ------- ------ ------ ------
Net increase (decrease) in net asset value .. 2.18 2.04 (12.64) 6.29 1.81 1.80
------ ------ ------- ------ ------ ------
Net Asset Value, End of period .............. $22.91 $20.73 $ 18.69 $31.33 $25.04 $23.23
====== ====== ======= ====== ====== ======
TOTAL RETURN (c) ............................ 10.91%(d) 14.87% (31.28)% 26.06% 7.79% 8.50%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $6,356 $3,840 $ 266 $4,062 $ 693 $ 703
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.32%(e) 1.36% 1.33%(f) 1.29%(f) 1.28%(f) 1.25%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.32%(e) 1.36% 1.33%(f) 1.29%(f) 1.28%(f) 1.25%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.16%(e) 0.16% 0.01% 0.01% 0.06% (0.02)%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.16%(e) 0.16% 0.01% 0.01% 0.06% (0.02)%
Portfolio Turnover ....................... 16.43%(d) 35.09%(g) 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) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
(f) 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.
(g) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
70
Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
---------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $ 9.07 $ 8.69 $ 16.77 $ 13.08 $ 11.88 $ 10.31
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (--)(a)(b) (0.01) (0.06) (0.08) (0.03)(a) (0.02)
Net realized and unrealized gain (loss)
on investments ..................... 2.64 0.39 (5.60) 3.77 1.24 1.59
------- ------- ------- ------- ------- -------
Total from investment operations ... 2.64 0.38 (5.66) 3.69 1.21 1.57
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. --(b) -- -- -- -- --
Distributions from net realized gain
on investments ..................... -- -- (2.42) -- (0.01) --
------- ------- ------- ------- ------- -------
Total distributions ................ -- -- (2.42) -- (0.01) --
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. 2.64 0.38 (8.08) 3.69 1.20 1.57
------- ------- ------- ------- ------- -------
Net Asset Value, End of period .............. $ 11.71 $ 9.07 $ 8.69 $ 16.77 $ 13.08 $ 11.88
======= ======= ======= ======= ======= =======
TOTAL RETURN (c) ............................ 29.12%(d) 4.37% (39.09)% 28.14% 10.22% 15.23%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $44,975 $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 ................ 1.32%(e) 1.37% 1.34% 1.52% 1.75% 2.57%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.30%(e) 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 ................ (0.08)%(e) (0.24)% (0.55)% (0.81)% (0.72)% (1.76)%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.05)%(e) (0.17)% (0.51)% (0.59)% (0.27)% (0.49)%
Portfolio Turnover ....................... 132.19%(d) 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.
(b) Represents less than $(0.005) per share.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
71
Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS I
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of period ........ $ 9.16 $ 8.74 $ 16.83 $ 13.08 $ 11.97
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.01(b) 0.01 (0.02) (0.02) --(b)(c)
Net realized and unrealized gain (loss)
on investments ..................... 2.66 0.41 (5.65) 3.77 1.11
------- ------- ------- ------- -------
Total from investment operations ... 2.67 0.42 (5.67) 3.75 1.11
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. (0.01) -- -- -- --
Distributions from net realized gain
on investments ..................... -- -- (2.42) -- --
------- ------- ------- ------- -------
Total distributions ................ (0.01) -- (2.42) -- --
------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. 2.66 0.42 (8.09) 3.75 1.11
------- ------- ------- ------- -------
Net Asset Value, End of period .............. $ 11.82 $ 9.16 $ 8.74 $ 16.83 $ 13.08
======= ======= ======= ======= =======
TOTAL RETURN (d) ............................ 29.10%(e) 4.81% (38.96)% 28.52% 9.27%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $60,818 $47,699 $46,040 $ 3,216 $ 1,015
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.07%(f) 1.12% 1.09% 1.19% 1.43%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.05%(f) 1.05% 1.05% 0.97% 0.98%(f)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.17%(f) 0.01% (0.30)% (0.48)% (0.55)%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.20%(f) 0.08% (0.26)% (0.26)% (0.10)%(f)
Portfolio Turnover ....................... 132.19%(e) 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.
(c) Represents less than $(0.005) per share.
(d) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(e) Not Annualized.
(f) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
72
Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of period ........ $ 7.90 $ 6.79 $ 12.56 $ 10.00
------ ------ ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.01 0.02 (0.02) (0.01)
Net realized and unrealized gain (loss)
on investments ..................... 0.78 1.09 (5.74) 2.57
------ ------ ------- -------
Total from investment operations ... 0.79 1.11 (5.76) 2.56
------ ------ ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. (0.03) -- (0.01) --
------ ------ ------- -------
Total distributions ................ (0.03) -- (0.01) --
------ ------ ------- -------
Net increase (decrease) in net asset value .. 0.76 1.11 (5.77) 2.56
------ ------ ------- -------
Net Asset Value, End of period .............. $ 8.66 $ 7.90 $ 6.79 $ 12.56
====== ====== ======= =======
TOTAL RETURN (b) ............................ 9.96%(c) 16.35% (45.90)% 25.60%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $5,210 $4,334 $ 3,691 $40,563
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 2.86%(d) 3.18 1.89%(f) 2.30%(d)(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.22%(d) 1.19(e) 1.12%(f) 1.13%(d)(f)(g)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (1.47)%(d) (1.73) (0.86)% (1.31)%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.17%(d) 0.26 (0.09)% (0.14)%(d)
Portfolio Turnover ....................... 36.69%(c) 76.59% 48.87% 76.40%(c)
- ----------
(a) Optimum Large Cap Opportunity Fund, Class N, commenced investment
operations on December 28, 2006.
(b) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
(e) Effective March 1, 2009, the Adviser removed the voluntary expense
limitation of 1.10%, the contractual expense limitation is 1.22%.
(f) 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.
(g) The Adviser's expense reimbursement level, which affects the net expense
ratio, was implemented on May 1, 2007.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
73
Aston Funds
TAMRO DIVERSIFIED EQUITY FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $ 9.72 $ 8.34 $ 14.41 $ 13.91 $ 12.40 $ 11.35
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... --(a) --(a) 0.04 0.03 0.09 0.08
Net realized and unrealized gain (loss)
on investments ..................... 1.54 1.42 (4.94) 2.13 1.53 1.05
------- ------- ------- ------- ------- -------
Total from investment operations ... 1.54 1.42 (4.90) 2.16 1.62 1.13
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.02) (0.04) (0.01) (0.03) (0.11) (0.08)
Distributions from net realized gain
on investments ..................... -- -- (1.16) (1.63) -- --
------- ------- ------- ------- ------- -------
Total distributions ................ (0.02) (0.04) (1.17) (1.66) (0.11) (0.08)
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. 1.52 1.38 (6.07) 0.50 1.51 1.05
------- ------- ------- ------- ------- -------
Net Asset Value, End of period .............. $ 11.24 $ 9.72 $ 8.34 $ 14.41 $ 13.91 $ 12.40
======= ======= ======= ======= ======= =======
TOTAL RETURN (c) ............................ 15.97%(b) 17.13% (36.75)% 16.98% 13.10% 9.98%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $15,689 $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 ................ 1.61%(d) 1.95% 1.88% 1.74%(e) 1.54%(e) 1.54%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.20%(d) 1.20% 1.20% 1.20%(e) 1.22%(e) 1.20%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.40)%(d) (0.77)% (0.37)% (0.30)% 0.36% 0.35%
After reimbursement and/or waiver of
expenses by Adviser ................ --%(d)(f) (0.02)% 0.31% 0.24% 0.68% 0.69%
Portfolio Turnover ....................... 46.72%(b) 85.49% 93.82% 37.87% 43.88% 36.84%
- ----------
(a) Represents less than $(0.005) per share.
(b) Not Annualized.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 2007 and 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.
(f) Represents less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
74
Aston Funds
M.D. SASS ENHANCED EQUITY FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/10 ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08(a)
----------- -------- -----------
Net Asset Value, Beginning of period ........ $ 8.57 $ 8.09 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.05(b) 0.11 0.14
Net realized and unrealized gain (loss)
on investments ..................... 0.67 1.02 (1.91)
------- ------- -------
Total from investment operations ... 0.72 1.13 (1.77)
------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.05) (0.13) (0.14)
Distributions from net realized gain
on investments ..................... -- (0.52) --
------- ------- -------
Total distributions ................ (0.05) (0.65) (0.14)
------- ------- -------
Net increase (decrease) in net asset value .. 0.67 0.48 (1.91)
------- ------- -------
Net Asset Value, End of period .............. $ 9.24 $ 8.57 $ 8.09
======= ======= =======
TOTAL RETURN (c) ............................ 8.44%(d) 15.86% (17.91)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $36,136 $22,552 $14,389
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.43%(e) 2.11% 2.38%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.40%(e) 1.25%(f) 1.10%(e)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.11%(e) 0.55% 0.86%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.14%(e) 1.41% 2.14%(e)
Portfolio Turnover ....................... 16.46%(d) 51.56% 23.68%(d)
- ----------
(a) M.D. Sass Enhanced Equity Fund, Class N, commenced investment operations on
January 15, 2008.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
(f) Effective June 1, 2009, the contractual expense limitation was increased
from 1.10% to 1.40% due to the change in Sub-Adviser.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
75
Aston Funds
M.D. SASS ENHANCED EQUITY FUND - CLASS I
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
PERIOD
ENDED
04/30/10(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of period ........ $ 9.04
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.01(b)
Net realized and unrealized gain on
investments ........................ 0.22
-------
Total from investment operations ... 0.23
-------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.03)
-------
Total distributions ................ (0.03)
-------
Net increase in net asset value ............. 0.20
-------
Net Asset Value, End of period .............. $ 9.24
=======
TOTAL RETURN (c) ............................ 2.51%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $17,250
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.17%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.15%(e)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.44%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.46%(e)
Portfolio Turnover .......................... 16.46%(d)
- ----------
(a) M.D. Sass Enhanced Equity Fund, Class I, commenced investment operations on
March 3, 2010.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
76
Aston Funds
HERNDON LARGE CAP VALUE FUND -- CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
PERIOD
ENDED
04/30/10(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of period ........ $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. --(b)
Net realized and unrealized gain on
investments ........................ 0.07
-------
Total from investment operations ... 0.07
-------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. --
-------
Total distributions ................ --
-------
Net increase in net asset value ............. 0.07
-------
Net Asset Value, End of period .............. $ 10.07
=======
TOTAL RETURN (c) ............................ 0.70%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $ 1,005
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 16.22%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.30%(e)
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (14.75)%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.17%(e)
Portfolio Turnover ....................... 4.14%(d)
- ----------
(a) Herndon Large Cap Value Fund, Class N, commenced investment operations on
March 31, 2010.
(b) Represents less than $0.005 per share.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
77
Aston Funds
VALUE FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $ 8.31 $ 9.07 $ 15.57 $ 14.06 $ 12.15 $ 11.05
------- ------- ------- -------- -------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.07 0.15 0.15 0.19 0.21 0.17(a)
Net realized and unrealized gain (loss)
on investments ..................... 0.93 0.41 (5.08) 2.09 2.09 1.10
------- ------- ------- -------- -------- -------
Total from investment operations ... 1.00 0.56 (4.93) 2.28 2.30 1.27
------- ------- ------- -------- -------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.07) (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 ................ (0.07) (1.32) (1.57) (0.77) (0.39) (0.17)
------- ------- ------- -------- -------- -------
Net increase (decrease) in net asset value .. 0.93 (0.76) (6.50) 1.51 1.91 1.10
------- ------- ------- -------- -------- -------
Net Asset Value, End of period .............. $ 9.24 $ 8.31 $ 9.07 $ 15.57 $ 14.06 $ 12.15
======= ======= ======= ======== ======== =======
TOTAL RETURN (b) ............................ 12.03%(c) 8.60% (34.85)% 16.77% 19.35% 11.48%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $22,860 $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 ................ 1.20%(d) 1.21% 1.18%(f) 1.16% 1.16% 1.16%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.07%(d) 1.07%(e) 1.02%(f) 0.94% 0.94% 0.94%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.38%(d) 1.77% 1.22% 1.06% 1.37% 1.19%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.50%(d) 1.91% 1.38% 1.28% 1.59% 1.41%
Portfolio Turnover ....................... 17.65%(c) 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 total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
(e) The Adviser removed the contractual expense limitation, not including
interest expense or acquired fund fees and expenses, and implemented a
voluntary expense limitation of 1.07% effective March 1, 2009.
(f) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 2008, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
78
Aston Funds
VALUE FUND - CLASS I
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -------- -------- -----------
Net Asset Value, Beginning of period ........ $ 8.31 $ 9.06 $ 15.57 $ 14.07 $ 12.16 $ 12.36
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.08 0.17 0.20 0.23 0.24 0.01(b)
Net realized and unrealized gain (loss)
on investments ..................... 0.93 0.42 (5.10) 2.07 2.09 (0.21)
-------- -------- -------- -------- -------- --------
Total from investment operations ... 1.01 0.59 (4.90) 2.30 2.33 (0.20)
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.08) (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 ................ (0.08) (1.34) (1.61) (0.80) (0.42) --
-------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. 0.93 (0.75) (6.51) 1.50 1.91 (0.20)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of period .............. $ 9.24 $ 8.31 $ 9.06 $ 15.57 $ 14.07 $ 12.16
======== ======== ======== ======== ======== ========
TOTAL RETURN (c) ............................ 12.16%(d) 9.01% (34.73)% 16.98% 19.64% (1.62)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $230,543 $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 ................ 0.95%(e) 0.96% 0.93%(g) 0.91% 0.91% 0.91%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.82%(e) 0.82%(f) 0.77%(g) 0.69% 0.69% 0.69%(e)
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.63%(e) 2.02% 1.47% 1.31% 1.62% 0.40%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.75%(e) 2.16% 1.63% 1.53% 1.84% 0.62%(e)
Portfolio Turnover ....................... 17.65%(d) 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.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
(f) 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.
(g) Ratios of expense to average net assets included interest expense of less
than 0.005% for the year ended October 31, 2008, which is not included in
the contractual expense limitation. The interest expenses is from utilizing
the line of credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
79
Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -------- -------- -----------
Net Asset Value, Beginning of period ........ $ 8.58 $ 8.43 $ 12.58 $ 11.81 $ 9.91 $ 10.00
-------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.11(b) 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 ..................... 1.39 0.08 (3.54) 0.81 1.89 (0.10)
-------- ------- ------- ------- ------- -------
Total from investment operations ... 1.50 0.34 (3.16) 1.27 2.31 0.03
-------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.11) (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 ................ (0.11) (0.19) (0.99) (0.50) (0.41) (0.12)
-------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. 1.39 0.15 (4.15) 0.77 1.90 (0.09)
-------- ------- ------- ------- ------- -------
Net Asset Value, End of period .............. $ 9.97 $ 8.58 $ 8.43 $ 12.58 $ 11.81 $ 9.91
======== ======= ======= ======= ======= =======
TOTAL RETURN (d) ............................ 17.56%(e) 4.33% (26.82)% 10.89% 23.71% 0.30%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $103,572 $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 ................ 1.15%(f) 1.21% 1.35%(g) 1.53% 2.48% 2.71%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.15%(f) 1.21% 1.30%(g) 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 ................ 2.48%(f) 3.36% 3.81% 3.48% 2.77% 2.65%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 2.48%(f) 3.36% 3.86% 3.71% 3.95% 4.06%(f)
Portfolio Turnover ....................... 20.49%(e) 47.34% 48.95% 114.56% 45.50% 14.37%(e)
- ----------
(a) River Road Dividend All Cap Value Fund, Class N, commenced investment
operations on June 28, 2005.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $0.005 per share.
(d) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(e) Not Annualized.
(f) Annualized.
(g) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 2008, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
80
Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS I
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of period ........ $ 8.57 $ 8.42 $ 12.57 $ 12.94
-------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.13(b) 0.29(b) 0.41 0.16(b)
Net realized and unrealized gain (loss)
on investments ..................... 1.38 0.07 (3.55) (0.37)
-------- ------- ------- -------
Total from investment operations ... 1.51 0.36 (3.14) (0.21)
-------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.12) (0.21) (0.34) (0.16)
Return of Capital ..................... -- -- (0.01) --
Distributions from net realized gain on
investments ........................ -- -- (0.66) --
-------- ------- ------- -------
Total distributions ................ (0.12) (0.21) (1.01) (0.16)
-------- ------- ------- -------
Net increase (decrease) in net asset value .. 1.39 0.15 (4.15) (0.37)
-------- ------- ------- -------
Net Asset Value, End of period .............. $ 9.96 $ 8.57 $ 8.42 $ 12.57
======== ======= ======= =======
TOTAL RETURN (c) ............................ 17.73%(d) 4.59% (26.66)% (1.58)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $109,606 $77,185 $ 144 $ 197
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.90%(e) 0.96% 1.10%(f) 1.42%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.90%(e) 0.96% 1.05%(f) 0.96%(e)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 2.73%(e) 3.61% 4.06% 2.86%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 2.73%(e) 3.61% 4.11% 3.33%(e)
Portfolio Turnover ....................... 20.49%(d) 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.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
(f) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 2008, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
81
Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/10 ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08(a)
----------- -------- -----------
Net Asset Value, Beginning of period ........ $ 6.83 $ 5.85 $ 10.00
------ ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.02) (0.04) (0.05)
Net realized and unrealized gain (loss)
on investments ..................... 1.39 1.02 (4.10)
------ ------ -------
Total from investment operations ... 1.37 0.98 (4.15)
------ ------ -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.02) -- --
------ ------ -------
Total distributions ................ (0.02) -- --
------ ------ -------
Net increase (decrease) in net asset value .. 1.35 0.98 (4.15)
------ ------ -------
Net Asset Value, End of period .............. $ 8.18 $ 6.83 $ 5.85
====== ====== =======
TOTAL RETURN (b) ............................ 20.01%(c) 16.75% (41.50)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $3,282 $2,959 $ 1,815
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 3.82%(d) 5.02% 5.80%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.40%(d) 1.40% 1.40%(d)
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (3.06)%(d) (4.13)% (5.07)%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ (0.64)%(d) (0.51)% (0.67)%(d)
Portfolio Turnover ....................... 16.15%(c) 54.37% 63.66%(c)
- ----------
(a) Montag & Caldwell Mid Cap Growth Fund, Class N, commenced investment
operations on November 2, 2007.
(b) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
82
Aston Funds
OPTIMUM MID CAP FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $ 22.73 $ 17.25 $ 32.32 $ 27.16 $ 23.21 $ 22.93
---------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.03 0.09 0.05 (0.02) (0.02) (0.02)
Net realized and unrealized gain (loss)
on investments ..................... 6.31 5.82 (12.93) 7.01 4.88 1.04
---------- -------- -------- -------- -------- --------
Total from investment operations ... 6.34 5.91 (12.88) 6.99 4.86 1.02
---------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.05) (0.14) -- -- -- --
Distributions from net realized gain
on investments ..................... -- (0.29) (2.19) (1.83) (0.91) (0.74)
---------- -------- -------- -------- -------- --------
Total distributions ................ (0.05) (0.43) (2.19) (1.83) (0.91) (0.74)
---------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. 6.29 5.48 (15.07) 5.16 3.95 0.28
---------- -------- -------- -------- -------- --------
Net Asset Value, End of period .............. $ 29.02 $ 22.73 $ 17.25 $ 32.32 $ 27.16 $ 23.21
========== ======== ======== ======== ======== ========
TOTAL RETURN (a) ............................ 27.92%(b) 35.60% (42.50)% 27.08% 21.39% 4.43%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $1,414,424 $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 ................ 1.12%(c)(d) 1.20%(d) 1.16%(d) 1.15%(d) 1.16% 1.23%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.12%(c)(d) 1.20%(d) 1.16%(d) 1.15%(d) 1.16% 1.23%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.15%(c) 0.46% 0.18% (0.09)% (0.09)% (0.08)%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.15%(c) 0.46% 0.18% (0.09)% (0.09)% (0.08)%
Portfolio Turnover ....................... 3.11%(b) 17.72% 22.58% 26.15% 30.65% 27.42%
- ----------
(a) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(b) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 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.
83
Aston Funds
OPTIMUM MID CAP FUND - CLASS I
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $ 23.00 $ 17.47 $ 32.64 $ 27.34 $ 23.30 $ 22.96
-------- -------- ------- -------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.05 0.13 0.11 0.05 0.05 0.04
Net realized and unrealized gain (loss)
on investments ..................... 6.39 5.89 (13.09) 7.08 4.90 1.04
-------- -------- ------- -------- ------- -------
Total from investment operations ... 6.44 6.02 (12.98) 7.13 4.95 1.08
-------- -------- ------- -------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.09) (0.20) -- -- -- --
Distributions from net realized gain
on investment ...................... -- (0.29) (2.19) (1.83) (0.91) (0.74)
-------- -------- ------- -------- ------- -------
Total distributions ................ (0.09) (0.49) (2.19) (1.83) (0.91) (0.74)
-------- -------- ------- -------- ------- -------
Net increase (decrease) in net asset value .. 6.35 5.53 (15.17) 5.30 4.04 0.34
-------- -------- ------- -------- ------- -------
Net Asset Value, End of period .............. $ 29.35 $ 23.00 $ 17.47 $ 32.64 $ 27.34 $ 23.30
======== ======== ======= ======== ======= =======
TOTAL RETURN (a) ............................ 28.05%(b) 35.97% (42.39)% 27.43% 21.76% 4.69%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $294,124 $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 ................ 0.87%(c)(d) 0.95%(d) 0.91%(d) 0.87%(d) 0.89% 0.94%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.87%(c)(d) 0.95%(d) 0.91%(d) 0.87%(d) 0.89% 0.94%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.40%(c) 0.71% 0.43% 0.19% 0.18% 0.21%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.40%(c) 0.71% 0.43% 0.19% 0.18% 0.21%
Portfolio Turnover ....................... 3.11%(b) 17.72% 22.58% 26.15% 30.65% 27.42%
- ----------
(a) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(b) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 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.
84
Aston Funds
CARDINAL MID CAP VALUE FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/10 ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08(a)
----------- -------- -----------
Net Asset Value, Beginning of period ........ $ 7.17 $ 6.23 $ 10.00
------ ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.01 0.02 0.01
Net realized and unrealized gain (loss)
on investments ..................... 1.20 0.99 (3.78)
------ ------ -------
Total from investment operations ... 1.21 1.01 (3.77)
------ ------ -------
LESS DISTRIBUTIONS:
Distributions from net investment
income ............................. (0.03) (0.07) --
------ ------ -------
Total distributions ................ (0.03) (0.07) --
------ ------ -------
Net increase (decrease) in net asset value .. 1.18 0.94 (3.77)
------ ------ -------
Net Asset Value, End of period .............. $ 8.35 $ 7.17 $ 6.23
====== ====== =======
TOTAL RETURN (b) ............................ 16.90%(c) 16.45% (37.70)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $1,100 $ 916 $ 783
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 8.61%(d) 11.18% 11.20%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.40%(d) 1.40% 1.40%(d)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (6.86)%(d) (9.48)% (9.64)%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.35%(d) 0.30% 0.16%(d)
Portfolio Turnover ....................... 22.10%(c) 65.55% 50.79%(c)
- ----------
(a) Cardinal Mid Cap Value Fund, Class N, commenced investment operations on
November 2, 2007.
(b) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
85
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $ 8.97 $ 8.38 $ 22.42 $ 18.44 $ 18.35 $ 16.26
------- ------- ------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.07) (0.10) (0.17) (0.24)(a) (0.22)(a) (0.20)
Net realized and unrealized gain (loss)
on investments ..................... 3.58 0.74 (8.31) 5.45 0.31 2.29
------- ------- ------- -------- -------- --------
Total from investment operations ... 3.51 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 .. 3.51 0.59 (14.04) 3.98 0.09 2.09
------- ------- ------- -------- -------- --------
Net Asset Value, End of period .............. $ 12.48 $ 8.97 $ 8.38 $ 22.42 $ 18.44 $ 18.35
======= ======= ======= ======== ======== ========
TOTAL RETURN (b) ............................ 39.13%(c) 7.79% (47.87)% 30.01% 0.49% 12.85%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $41,854 $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 ................ 1.65%(d) 1.82%(e) 1.55%(e) 1.48%(e) 1.41%(e) 1.42%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.49%(d) 1.49%(e) 1.49%(e) 1.48%(e) 1.41%(e) 1.42%
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (1.46)%(d) (1.48)% (1.21)% (1.27)% (1.15)% (1.06)%
After reimbursement and/or waiver of
expenses by Adviser ................ (1.30)%(d) (1.15)% (1.15)% (1.27)% (1.15)% (1.06)%
Portfolio Turnover ....................... 81.97%(c) 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) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 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.
86
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS I
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $ 9.25 $ 8.61 $ 22.83 $ 18.71 $ 18.57 $ 16.40
------- ------- ------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.06) (0.08) (0.21) (0.19)(a) (0.17)(a) (0.12)
Net realized and unrealized gain (loss)
on investments ..................... 3.69 0.77 (8.45) 5.54 0.31 2.29
------- ------- ------- -------- -------- --------
Total from investment operations ... 3.63 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 .. 3.63 0.64 (14.22) 4.12 0.14 2.17
------- ------- ------- -------- -------- --------
Net Asset Value, End of period .............. $ 12.88 $ 9.25 $ 8.61 $ 22.83 $ 18.71 $ 18.57
======= ======= ======= ======== ======== ========
TOTAL RETURN (c) ............................ 39.35%(b) 8.16% (47.77)% 30.34% 0.75% 13.23%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $18,661 $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 ................ 1.40%(d) 1.57%(e) 1.30%(e) 1.19%(e) 1.13%(e) 1.14%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.24%(d) 1.24%(e) 1.24%(e) 1.19%(e) 1.13%(e) 1.14%
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (1.21)%(d) (1.23)% (0.96)% (0.98)% (0.87)% (0.78)%
After reimbursement and/or waiver of
expenses by Adviser ................ (1.05)%(d) (0.90)% (0.90)% (0.98)% (0.87)% (0.78)%
Portfolio Turnover ....................... 81.97%(b) 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) Not Annualized.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Annualized.
(e) 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.
87
Aston Funds
FASCIANO SMALL CAP FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
PERIOD
ENDED
04/30/10(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of period ........ $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.01)
Net realized and unrealized gain on
investments ........................ 0.90
-------
Total from investment operations ... 0.89
-------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. --
-------
Total distributions ................ --
-------
Net increase in net asset value ............. 0.89
-------
Net Asset Value, End of period .............. $ 10.89
=======
TOTAL RETURN (b) ............................ 8.90%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $ 2,279
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 8.16%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.40%(d)
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (7.02)%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ (0.27)%(d)
Portfolio Turnover ....................... 4.15%(c)
- ----------
(a) Fasciano Small Cap Fund, Class N, commenced investment operations on
December 23, 2009.
(b) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
88
Aston Funds
TAMRO SMALL CAP FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $ 14.67 $ 13.64 $ 20.99 $ 19.73 $ 15.63 $ 15.25
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... (0.04) (0.05)(a) 0.05 (0.08)(a) (0.07)(a) (0.07)(a)
Net realized and unrealized gain (loss)
on investments ..................... 4.21 1.08 (6.43) 2.48 4.17 1.45
-------- -------- -------- -------- -------- --------
Total from investment operations ... 4.17 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 .. 4.17 1.03 (7.35) 1.26 4.10 0.38
-------- -------- -------- -------- -------- --------
Net Asset Value, End of period .............. $ 18.84 $ 14.67 $ 13.64 $ 20.99 $ 19.73 $ 15.63
======== ======== ======== ======== ======== ========
TOTAL RETURN (b) ............................ 28.34%(c) 7.63% (31.58)% 12.56% 26.23% 9.16%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $339,754 $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 ................ 1.36%(d) 1.37% 1.32% 1.33%(f) 1.42% 1.41%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.36%(d) 1.36%(e) 1.30% 1.30%(f) 1.30% 1.30%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.44)%(d) (0.41)% 0.29% (0.42)% (0.51)% (0.58)%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.44)%(d) (0.40)% 0.31% (0.39)% (0.39)% (0.47)%
Portfolio Turnover ....................... 33.42%(c) 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 total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
(e) The Adviser removed the contractual expense limitation of 1.30%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
(f) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the year ended October 31, 2007, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
89
Aston Funds
TAMRO SMALL CAP FUND - CLASS I
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -------- -------- -----------
Net Asset Value, Beginning of period ........ $ 14.87 $ 13.79 $ 21.16 $ 19.83 $ 15.67 $ 15.32
-------- -------- -------- -------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... (0.02) (0.02)(b) 0.02 (0.02)(b) (0.02)(b) (0.04)(b)
Net realized and unrealized gain (loss)
on investments ..................... 4.24 1.12 (6.42) 2.49 4.18 0.39
-------- -------- -------- -------- ------- -------
Total from investment operations ... 4.22 1.10 (6.40) 2.47 4.16 0.35
-------- -------- -------- -------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.01) (0.02) -- -- -- --
Distributions from net realized gain
on investments ..................... -- -- (0.97) (1.14) -- --
-------- -------- -------- -------- ------- -------
Total distributions ................ (0.01) (0.02) (0.97) (1.14) -- --
-------- -------- -------- -------- ------- -------
Net increase (decrease) in net asset value .. 4.21 1.08 (7.37) 1.33 4.16 0.35
-------- -------- -------- -------- ------- -------
Net Asset Value, End of period .............. $ 19.08 $ 14.87 $ 13.79 $ 21.16 $ 19.83 $ 15.67
======== ======== ======== ======== ======= =======
TOTAL RETURN (c) ............................ 28.51%(d) 7.94% (31.42)% 12.86% 26.55% 2.28%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $674,564 $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 ................ 1.11%(e) 1.12% 1.07% 1.05%(g) 1.11% 1.16%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.11%(e) 1.11%(f) 1.05% 1.02%(g) 0.99% 1.05%(e)
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.19)%(e) (0.16)% 0.54% (0.14)% (0.20)% (0.39)%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ (0.19)%(e) (0.15)% 0.56% (0.11)% (0.08)% (0.28)%(e)
Portfolio Turnover ....................... 33.42%(d) 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.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
(f) The Adviser removed the contractual expense limitation of 1.05%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
(g) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the year ended October 31, 2007, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
90
Aston Funds
RIVER ROAD SELECT VALUE FUND - CLASS N
APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of period ......... $ 7.71 $ 7.13 $ 10.13 $ 10.00
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ........... 0.01 --(b)(c) --(b)(c) 0.01
Net realized and unrealized gain (loss)
on investments ...................... 1.42 0.59 (3.00) 0.12
------- ------- ------- -------
Total from investment operations .... 1.43 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 ... 1.43 0.58 (3.00) 0.13
------- ------- ------- -------
Net Asset Value, End of period ............... $ 9.14 $ 7.71 $ 7.13 $ 10.13
======= ======= ======= =======
TOTAL RETURN (d) ............................. 18.55%(e) 8.33% (29.62)% 1.30%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ...... $55,531 $41,801 $26,714 $10,292
Ratios of expenses to average net assets:
Before recoupment and/or waiver of
expenses by Adviser ................. 1.41%(f)(g) 1.44% 1.56% 3.18%(f)
After recoupment and/or waiver of
expenses by Adviser ................. 1.44%(f)(g) 1.50% 1.50% 1.50%(f)
Ratios of net investment income (loss) to
average net assets:
Before recoupment and/or waiver of
expenses by Adviser ................. 0.22%(f) 0.04% (0.08)% (1.43)%(f)
After recoupment and/or waiver of
expenses by Adviser ................. 0.19%(f) (0.02)% (0.02)% 0.25%(f)
Portfolio Turnover ........................ 33.78%(e) 44.09% 54.93% 41.51%(e)
- ----------
(a) River Road Select Value Fund, Class N, commenced investment operations on
March 29, 2007.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $(0.005) per share.
(d) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(e) Not Annualized.
(f) Annualized.
(g) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2010, which is not included
in the contractual expense limitation. The interest expense is from
utilizing the line of credit as discussed in Note H to Financial
Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
91
Aston Funds
RIVER ROAD SELECT VALUE FUND - CLASS I APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07(a)
----------- -------- -------- ----------
Net Asset Value, Beginning of period ................. $ 7.73 $ 7.14 $ 10.13 $ 10.51
-------- -------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.02 0.02(b) 0.02(b) 0.01
Net realized and unrealized gain (loss) on
investments ................................. 1.44 0.59 (3.00) (0.39)
-------- -------- ------- -------
Total from investment operations ............ 1.46 0.61 (2.98) (0.38)
-------- -------- ------- -------
LESS DISTRIBUTIONS:
Distributions from net investment income ....... (0.02) (0.02) (0.01) --
-------- -------- ------- -------
Total distributions ......................... (0.02) (0.02) (0.01) --
-------- -------- ------- -------
Net increase (decrease) in net asset value ........... 1.44 0.59 (2.99) (0.38)
-------- -------- ------- -------
Net Asset Value, End of period ....................... $ 9.17 $ 7.73 $ 7.14 $ 10.13
======== ======== ======= =======
TOTAL RETURN (c) ..................................... 18.87%(d) 8.52% (29.49)% (3.52)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............. $179,702 $167,334 $84,002 $ 7,482
Ratios of expenses to average net assets:
Before recoupment and/or waiver of expenses by
Adviser ..................................... 1.16%(e)(f) 1.19% 1.31% 2.57%(e)
After recoupment and/or waiver of expenses by
Adviser ..................................... 1.19%(e)(f) 1.25% 1.25% 1.24%(e)
Ratios of net investment income (loss) to average
net assets:
Before recoupment and/or waiver of expenses by
Adviser ..................................... 0.47%(e) 0.29% 0.17% (0.91)%(e)
After recoupment and/or waiver of expenses by
Adviser ..................................... 0.44%(e) 0.23% 0.23% 0.42%(e)
Portfolio Turnover ................................ 33.78%(d) 44.09% 54.93% 41.51%(d)
- ----------
(a) River Road Select Value Fund, Class I, commenced investment operations on
June 28, 2007.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
(f) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2010, 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.
92
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS N APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -------- -------- ----------
Net Asset Value, Beginning of
period ............................... $ 10.22 $ 9.30 $ 14.37 $ 13.46 $ 10.28 $ 10.00
-------- -------- -------- -------- -------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss) ...... 0.01 0.01 0.01(b) 0.05(b) 0.02 --(c)
Net realized and unrealized
gain (loss) on investments ..... 1.87 0.92 (4.54) 1.04 3.16 0.28
-------- -------- -------- -------- -------- -------
Total from investment
operations .................. 1.88 0.93 (4.53) 1.09 3.18 0.28
-------- -------- -------- -------- -------- -------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment income (0.01) (0.01) -- (0.05) -- --
Distributions from net realized
gain on investments ............ -- -- (0.54) (0.13) -- --
-------- -------- -------- -------- -------- -------
Total distributions ............ (0.01) (0.01) (0.54) (0.18) -- --
-------- -------- -------- -------- -------- -------
Net increase (decrease) in net
asset value .......................... 1.87 0.92 (5.07) 0.91 3.18 0.28
-------- -------- -------- -------- -------- -------
Net Asset Value, End of period .......... $ 12.09 $ 10.22 $ 9.30 $ 14.37 $ 13.46 $ 10.28
======== ======== ======== ======== ======== =======
TOTAL RETURN (d) ........................ 18.40%(e) 9.99% (32.51)% 8.12% 30.93% 2.80%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in
000's) ............................ $229,979 $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 .. 1.41%(f) 1.40% 1.45%(g) 1.44%(h) 1.78% 2.86%(f)
After reimbursement and/or
waiver of expenses by Adviser .. 1.41%(f) 1.40%(g) 1.45%(g) 1.44%(h) 1.43% 1.50%(f)
Ratios of net investment income
(loss) to average net assets:
Before reimbursement and/or
waiver of expenses by Adviser .. 0.16%(f) 0.05% 0.08% 0.38% 0.25% (1.41)%(f)
After reimbursement and/or
waiver of expenses by Adviser .. 0.16%(f) 0.05% 0.08% 0.38% 0.60% (0.05)%(f)
Portfolio Turnover ................... 32.95%(e) 35.83% 57.32% 74.18% 51.63% 20.82%(e)(i)
- ----------
(a) River Road Small Cap Value Fund, Class N, commenced investment operations
on June 28, 2005.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $(0.005) per share.
(d) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(e) Not Annualized.
(f) Annualized.
(g) The Adviser removed the contractual expense limitation of 1.50%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
(h) 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.
(i) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
93
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS I APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07(a)
---------- -------- -------- ----------
Net Asset Value, Beginning of period .................. $ 10.24 $ 9.32 $ 14.37 $ 14.04
-------- -------- -------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................... 0.02 0.03 0.04(b) 0.09(b)
Net realized and unrealized gain (loss) on
investments .................................. 1.87 0.92 (4.54) 0.46
-------- -------- -------- -------
Total from investment operations ............. 1.89 0.95 (4.50) 0.55
-------- -------- -------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ........................ (0.03) (0.03) (0.01) (0.09)
Distributions from net realized gain
on investments ............................... -- -- (0.54) (0.13)
-------- -------- -------- -------
Total distributions .......................... (0.03) (0.03) (0.55) (0.22)
-------- -------- -------- -------
Net increase (decrease) in net asset value ............ 1.86 0.92 (5.05) 0.33
-------- -------- -------- -------
Net Asset Value, End of period ........................ $ 12.10 $ 10.24 $ 9.32 $ 14.37
======== ======== ======== =======
TOTAL RETURN (c) ...................................... 18.50%(d) 10.31% (32.34)% 3.91%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ............... $345,251 $282,542 $114,666 $64,525
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ...................................... 1.16%(e) 1.15% 1.20%(g) 1.16%(e)(g)
After reimbursement and/or waiver of expenses by
Adviser ...................................... 1.16%(e) 1.15%(f) 1.20%(g) 1.16%(e)(g)
Ratios of net investment income to average net
assets:
Before reimbursement and/or waiver of expenses by
Adviser ...................................... 0.41%(e) 0.30% 0.33% 0.31%(e)
After reimbursement and/or waiver of expenses by
Adviser ...................................... 0.41%(e) 0.30% 0.33% 0.31%(e)
Portfolio Turnover ................................. 32.95%(d) 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.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
(f) The Adviser removed the contractual expense limitation of 1.25%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
(g) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the year ended October 31, 2008 and the period ended
October 31, 2007, which is not included in the contractual expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
94
Aston Funds
NEPTUNE INTERNATIONAL FUND - CLASS N APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/10 ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08(a)
----------- -------- ----------
Net Asset Value, Beginning of period ........ $ 7.09 $ 5.85 $ 11.14
------ ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02(b) 0.09(b) 0.02(b)
Net realized and unrealized gain (loss)
on investments ..................... 0.58 1.18(c) (5.31)
------ ------ -------
Total from investment operations ... 0.60 1.27 (5.29)
------ ------ -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.40) (0.03) --
------ ------ -------
Total distributions ................ (0.40) (0.03) --
------ ------ -------
Net increase (decrease) in net asset value .. 0.20 1.24 (5.29)
------ ------ -------
Net Asset Value, End of period .............. $ 7.29 $ 7.09 $ 5.85
====== ====== =======
TOTAL RETURN (d) ............................ 8.57%(e) 21.94% (47.49)%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $ 351 $ 293 $ 225
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 9.44%(f)(g) 2.64% 3.15%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.29%(f)(g) 1.27% 1.27%(f)
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (7.46)%(f) 0.07% (1.24)%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.70%(f) 1.44% 0.64%(f)
Portfolio Turnover ....................... 5.59%(e) 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.
(c) Includes payments by affiliates which is less than $0.005 per share.
(d) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(e) Not Annualized.
(f) Annualized.
(g) Ratios of expenses to average net assets include interest expense of 0.02%
for the six months ended April 30, 2010, which is not included in the
contractual expense limitation. The interest expense is from utilizing the
line of credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
95
Aston Funds
NEPTUNE INTERNATIONAL FUND - CLASS I APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07(a)
------------- --------- ----------- -----------
Net Asset Value, Beginning of period ............................. $ 7.09 $ 5.85 $ 12.24 $ 10.00
------ ------ ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.03(b) 0.10(b) 0.17(b) 0.03
Net realized and unrealized gain (loss) on investments ..... 0.58 1.19(c) (6.42) 2.21
------ ------ ------- -------
Total from investment operations ........................ 0.61 1.29 (6.25) 2.24
------ ------ ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.41) (0.05) (0.14) --
------ ------ ------- -------
Total distributions ..................................... (0.41) (0.05) (0.14) --
------ ------ ------- -------
Net increase (decrease) in net asset value ....................... 0.20 1.24 (6.39) 2.24
------ ------ ------- -------
Net Asset Value, End of period ................................... $ 7.29 $ 7.09 $ 5.85 $ 12.24
====== ====== ======= =======
TOTAL RETURN (d) ................................................. 8.79%(e) 22.23% (51.55)% 22.30%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $1,267 $1,194 $ 8,378 $ 2,370
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 9.19%(f)(g) 2.39% 3.02% 11.72%(f)
After reimbursement and/or waiver of expenses by Adviser ... 1.04%(f)(g) 1.02% 1.04%(h) 1.25%(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. (7.21)%(f) 0.32% (0.24)% (9.21)%(f)
After reimbursement and/or waiver of expenses by Adviser ... 0.95%(f) 1.69% 1.74% 1.26%(f)
Portfolio Turnover ............................................ 5.59%(e) 42.65% 7.39% 5.14%(e)
- ----------
(a) Neptune International Fund, Class I, commenced investment operations on
August 6, 2007.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Includes payments by affiliates which is less than $0.005 per share.
(d) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(e) Not Annualized.
(f) Annualized.
(g) Ratios of expenses to average net assets include interest expense of 0.02%
for the six months ended April 30, 2010, which is not included in the
contractual expense limitation. The interest expense is from utilizing the
line of credit as discussed in Note H to Financial Statements.
(h) Effective February 11, 2008, the contractual expense limitation of 1.40%
was removed and Aston agreed to voluntarily waive management fees and/or
reimburse expenses for the Fund so that the net expense ratio is no more
than 1.02% for Class I Shares. This voluntary waiver became the contractual
expense limitation on February 29, 2008.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
96
Aston Funds
BARINGS INTERNATIONAL FUND - CLASS N APRIL 30, 2010
FINANCIAL HIGHLIGHTS
PERIOD
ENDED
04/30/10(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of period ............................. $ 6.48
------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.03(b)
Net realized and unrealized gain on investments ............ 0.15
------
Total from investment operations ........................ 0.18
------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. --
------
Total distributions ..................................... --
------
Net increase in net asset value .................................. 0.18
------
Net Asset Value, End of period ................................... $ 6.66
======
TOTAL RETURN (c) ................................................. 2.78(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $ 437
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.71%(e)
After reimbursement and/or waiver of expenses by Adviser ... 1.40%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 2.48%(e)
After reimbursement and/or waiver of expenses by Adviser ... 2.79%(e)
Portfolio Turnover ............................................ 31.23%(d)
- ----------
(a) Barings International Fund, Class N, commenced investment operations on
March 3, 2010.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
97
Aston Funds
BARINGS INTERNATIONAL FUND - CLASS I APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/10 ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08(a)
----------- -------- -----------
Net Asset Value, Beginning of period ............................. $ 6.44 $ 5.08 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.03(b) 0.10(b) 0.10
Net realized and unrealized gain (loss) on investments ..... 0.21 1.27(c) (5.02)
------- ------- -------
Total from investment operations ........................ 0.24 1.37 (4.92)
------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ..... (0.02) (0.01) --
------- ------- -------
Total distributions ..................................... (0.02) (0.01) --
------- ------- -------
Net increase (decrease) in net asset value ....................... 0.22 1.36 (4.92)
------- ------- -------
Net Asset Value, End of period ................................... $ 6.66 $ 6.44 $ 5.08
======= ======= =======
TOTAL RETURN (d) ................................................. 3.56%(e) 27.11% (49.20)%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $44,147 $28,277 $ 5,517
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.46%(f) 2.01% 3.95 %(f)(g)
After reimbursement and/or waiver of expenses by Adviser ... 1.15%(f) 1.15% 1.18 %(f)(g)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.56%(f) 0.80% (1.11)%(f)
After reimbursement and/or waiver of expenses by Adviser ... 0.87%(f) 1.66% 1.66 %(f)
Portfolio Turnover ............................................ 31.23%(e) 115.51% 121.99 %(e)
- ----------
(a) Barings International Fund, Class I, commenced investment operations on
November 2, 2007.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Includes payments by affiliates which is less than $0.005 per share.
(d) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(e) Not Annualized.
(f) Annualized.
(g) Ratios of expenses to average net assets include interest expense of less
than 0.01% for the period ended October 31, 2008, which is not included in
the contractual or voluntary expense limitation. The interest expense is
from utilizing the line of credit as discussed in Note H to Financial
Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
98
Aston Funds
DYNAMIC ALLOCATION FUND - CLASS N APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/10 ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08(a)
-------------- -------- -----------
Net Asset Value, Beginning of period ............................. $ 9.17 $ 8.24 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.04 0.06 0.07
Net realized and unrealized income (loss) on investments ... 0.69 0.99(b) (1.76)
------- ------- -------
Total from investment operations ........................ 0.73 1.05 (1.69)
------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.05) (0.12) (0.07)
Distributions from net realized gains on investments ....... (0.58) -- --
------- ------- -------
Total distributions ..................................... (0.63) (0.12) (0.07)
------- ------- -------
Net increase (decrease) in net asset value ....................... 0.10 0.93 (1.76)
------- ------- -------
Net Asset Value, End of period ................................... $ 9.27 $ 9.17 $ 8.24
======= ======= =======
TOTAL RETURN (c) ................................................. 8.15%(d) 12.98% (16.98)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $52,460 $39,191 $ 6,070
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser(e) .............................................. 1.42%(f)(g) 1.69% 5.11 %(f)(g)
After reimbursement and/or waiver of expenses
by Adviser(e) ........................................... 1.30%(f)(g) 1.30% 1.31 %(f)(g)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.65%(f)(g) 0.39% (2.48)%(f)(g)
After reimbursement and/or waiver of expenses by Adviser ... 0.77%(f)(g) 0.78% 1.32 %(f)(g)
Portfolio Turnover ............................................ 196.77%(d) 365.93% 498.68 %(d)
- ----------
(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.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Does not include expenses of the underlying funds in which the Fund
invests.
(f) Annualized.
(g) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2010 and 0.01% for the
period ended October 31, 2008, which is not included in the contractual
expense limitation. The interest expense is from utilizing the line of
credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
99
Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND -- CLASS N APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/10 ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08(a)
----------- -------- -----------
Net Asset Value, Beginning of period ................................. $ 8.89 $ 8.64 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................................... 0.03 0.04 0.01
Net realized and unrealized gain (loss) on investments ......... 1.04 0.28 (1.37)
------- ------- -------
Total from investment operations ............................ 1.07 0.32 (1.36)
------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ...... (0.08) (0.07) --
------- ------- -------
Total distributions ......................................... (0.08) (0.07) --
------- ------- -------
Net increase (decrease) in net asset value ........................... 0.99 0.25 (1.36)
------- ------- -------
Net Asset Value, End of period ....................................... $ 9.88 $ 8.89 $ 8.64
======= ======= =======
TOTAL RETURN (b) ..................................................... 12.24%(c) 3.85% (13.60)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............................. $19,903 $17,706 $13,748
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser(d) ... 1.59%(e) 1.51% 3.77%(e)
After reimbursement and/or waiver of expenses by Adviser(d) .... 1.29%(e)(f) 1.21%(f) 1.50%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... 0.30%(e) 0.21% (2.02)%(e)
After reimbursement and/or waiver of expenses by Adviser ....... 0.60%(e) 0.51% 0.25%(e)
Portfolio Turnover ................................................ 186.24%(c) 325.31% 172.11%(c)
- ----------
(a) New Century Absolute Return ETF Fund, Class N, commenced investment
operations on March 4, 2008.
(b) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Does not include expenses of the underlying funds in which the Fund
invests.
(e) Annualized.
(f) 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 calendar
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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
100
Aston Funds
LAKE PARTNERS LASSO ALTERNATIVES FUND -- CLASS N APRIL 30, 2010
FINANCIAL HIGHLIGHTS
PERIOD
ENDED
04/30/10(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of period ................................. $ 11.48
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ............................................ (--)(b)
Net realized and unrealized gain on investments ................ 0.32
-------
Total from investment operations ............................ 0.32
-------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ...... --
-------
Total distributions ......................................... --
-------
Net increase in net asset value ...................................... 0.32
-------
Net Asset Value, End of period ....................................... $ 11.80
=======
TOTAL RETURN (c) ..................................................... 2.79%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............................. $ 3,581
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (e) .. 2.30%(f)
After reimbursement and/or waiver of expenses by Adviser (e) ... 1.46%(f)(g)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... (0.98)%(f)
After reimbursement and/or waiver of expenses by Adviser ....... (0.14)%(f)
Portfolio Turnover ................................................ 69.70%(d)
- ----------
(a) Lake Partners LASSO Alternatives Fund, Class N, commenced investment
operations on March 3, 2010.
(b) Represents less than $(0.005) per share.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Does not include expenses of the underlying funds in which the Fund
invests.
(f) Annualized.
(g) Effective March 30, 2010, the contractual expense limitation was decreased
from 1.60% to 1.45%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
101
Aston Funds
LAKE PARTNERS LASSO ALTERNATIVES FUND -- CLASS I APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/10 ENDED
(UNAUDITED) 10/31/09(a)
----------- -----------
Net Asset Value, Beginning of period ................................. $ 11.15 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................... 0.04 (--)(b)
Net realized and unrealized gain on investments ................ 0.75 1.15
------- -------
Total from investment operations ............................ 0.79 1.15
------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ...... (0.07) --
Distributions from net realized gain on investments ............ (0.07) --
------- -------
Total distributions ......................................... (0.14) --
------- -------
Net increase in net asset value ...................................... 0.65 1.15
------- -------
Net Asset Value, End of period ....................................... $ 11.80 $ 11.15
======= =======
TOTAL RETURN (c) ..................................................... 7.10%(d) 11.50%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............................. $ 9,609 $ 1,845
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (e) .. 2.97%(f) 18.16%(f)
After reimbursement and/or waiver of expenses by Adviser (e) ... 1.32%(f)(g) 1.35%(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... (1.11)%(f) (16.92)%(f)
After reimbursement and/or waiver of expenses by Adviser ....... 0.54%(f) (0.11)%(f)
Portfolio Turnover ................................................ 69.70%(d) 65.93%(d)
- ----------
(a) Lake Partners LASSO Alternatives Fund, Class I, commenced investment
operations on April 1, 2009.
(b) Represents less than $(0.005) per share.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Does not include expenses of the underlying funds in which the Fund
invests.
(f) Annualized.
(g) Effective March 30, 2010, the contractual expense limitation was decreased
from 1.35% to 1.20%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
102
Aston Funds
FORTIS REAL ESTATE FUND -- CLASS N APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ............. $ 5.77 $ 6.08 $ 15.59 $ 19.99 $ 16.23 $ 14.56
------ ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................... 0.09 0.15(a) 0.07(a) 0.30(a) 0.32(a) 0.46(a)
Net realized and unrealized gain (loss)
on investments .......................... 1.86 (0.28) (5.50) (0.40) 5.42 2.10
------ ------- ------- ------- ------- -------
Total from investment operations ........ 1.95 (0.13) (5.43) (0.10) 5.74 2.56
------ ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ....................... (0.11) (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 ..................... (0.11) (0.18) (4.08) (4.30) (1.98) (0.89)
------ ------- ------- ------- ------- -------
Net increase (decrease) in net asset value ....... 1.84 (0.31) (9.51) (4.40) 3.76 1.67
------ ------- ------- ------- ------- -------
Net Asset Value, End of period ................... $ 7.61 $ 5.77 $ 6.08 $ 15.59 $ 19.99 $ 16.23
====== ======= ======= ======= ======= =======
TOTAL RETURN (b) ................................. 34.08%(c) (1.44)% (43.76)% (1.41)% 39.19% 18.06%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......... $4,819 $ 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 ..................... 1.72%(d) 1.94% 1.57%(e) 1.46%(e) 1.46%(e) 1.45%
After reimbursement and/or
waiver of expenses by Adviser ........... 1.37%(d) 1.37% 1.37%(e) 1.37%(e) 1.37%(e) 1.37%
Ratios of net investment income
to average net assets:
Before reimbursement and/or
waiver of expenses by Adviser ........... 2.18%(d) 2.55% 0.49% 1.73% 1.77% 2.91%
After reimbursement and/or
waiver of expenses by Adviser ........... 2.53%(d) 3.12% 0.69% 1.82% 1.86% 2.99%
Portfolio Turnover ............................ 39.81%(c) 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) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, October 31, 2007 and
October 31, 2006, which is not included in the contractual expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
103
Aston Funds
FORTIS REAL ESTATE FUND - CLASS I APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -------- -------- -----------
Net Asset Value, Beginning of period ............. $ 5.74 $ 6.08 $ 15.62 $ 20.00 $ 16.23 $ 16.64
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................... 0.09 0.16(b) 0.09(b) 0.34(b) 0.36(b) 0.10(b)
Net realized and unrealized gain (loss)
on investments .......................... 1.85 (0.28) (5.51) (0.40) 5.42 (0.51)
------- ------- ------- ------- ------- -------
Total from investment operations ........ 1.94 (0.12) (5.42) (0.06) 5.78 (0.41)
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ....................... (0.12) (0.22) (0.13) (0.07) (0.16) --
Distributions from net realized gain
on investments .......................... -- -- (3.99) (4.25) (1.85) --
------- ------- ------- ------- ------- -------
Total distributions ..................... (0.12) (0.22) (4.12) (4.32) (2.01) --
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value ....... 1.82 (0.34) (9.54) (4.38) 3.77 (0.41)
------- ------- ------- ------- ------- -------
Net Asset Value, End of period ................... $ 7.56 $ 5.74 6.08 $ 15.62 $ 20.00 $ 16.23
======= ======= ======= ======= ======= =======
TOTAL RETURN (c) ................................. 34.20%(d) (1.27)% (43.58)% (1.18)% 39.54% (2.46)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......... $29,417 $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 ..................... 1.47%(e) 1.69% 1.32%(f) 1.20%(f) 1.21%(f) 1.32%(e)
After reimbursement and/or waiver of
expenses by Adviser ..................... 1.12%(e) 1.12% 1.12%(f) 1.11%(f) 1.12%(f) 1.11%(e)
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 2.43%(e) 2.80% 0.74% 1.99% 2.02% 5.11%(e)
After reimbursement and/or waiver of
expenses by Adviser ..................... 2.78%(e) 3.37% 0.94% 2.08% 2.11% 5.32%(e)
Portfolio Turnover ............................ 39.81%(d) 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.
(c) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(d) Not Annualized.
(e) Annualized.
(f) 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.
104
Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS N APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ............. $ 17.73 $ 15.61 $ 19.98 $ 17.21 $ 16.41 $ 15.81
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................... 0.11(a) 0.21(a) 0.29 0.19(a) 0.18(a) 0.17(a)
Net realized and unrealized gain (loss)
on investments .......................... 1.28 2.15 (4.42) 2.82 0.87 0.67
------- ------- ------- ------- ------- -------
Total from investment operations ........ 1.39 2.36 (4.13) 3.01 1.05 0.84
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ....................... (0.14) (0.24) (0.24) (0.24) (0.25) (0.24)
------- ------- ------- ------- ------- -------
Total distributions ..................... (0.14) (0.24) (0.24) (0.24) (0.25) (0.24)
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value ....... 1.25 2.12 (4.37) 2.77 0.80 0.60
------- ------- ------- ------- ------- -------
Net Asset Value, End of period ................... $ 18.98 $ 17.73 $ 15.61 $ 19.98 $ 17.21 $ 16.41
======= ======= ======= ======= ======= =======
TOTAL RETURN (b) ................................. 7.88%(c) 15.32% (20.87)% 17.63% 6.56% 5.27%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......... $30,842 $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 ..................... 1.49%(d) 1.73% 1.74% 1.72%(e) 1.33%(e) 1.16%
After reimbursement and/or waiver of
expenses by Adviser ..................... 1.10%(d) 1.26% 1.35% 1.36%(e) 1.33%(e) 1.16%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 0.81%(d) 0.81% 0.74% 0.71% 1.07% 1.04%
After reimbursement and/or waiver of
expenses by Adviser ..................... 1.20%(d) 1.28% 1.13% 1.07% 1.07% 1.04%
Portfolio Turnover ............................ 28.68%(c) 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) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
(e) 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.
105
Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS I APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ............. $17.68 $15.57 $ 19.94 $17.19 $16.39 $ 15.81
------ ------ ------- ------ ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................... 0.11(a) 0.23(a) 0.27 0.24(a) 0.22(a) 0.21(a)
Net realized and unrealized gain (loss)
on investments .......................... 1.28 2.16 (4.35) 2.80 0.88 0.66
------ ------ ------- ------ ------ -------
Total from investment operations ........ 1.39 2.39 (4.08) 3.04 1.10 0.87
------ ------ ------- ------ ------ -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ....................... (0.14) (0.28) (0.29) (0.29) (0.30) (0.29)
------ ------ ------- ------ ------ -------
Total distributions ..................... (0.14) (0.28) (0.29) (0.29) (0.30) (0.29)
------ ------ ------- ------ ------ -------
Net increase (decrease) in net asset value ....... 1.25 2.11 (4.37) 2.75 0.80 0.58
------ ------ ------- ------ ------ -------
Net Asset Value, End of period ................... $18.93 $17.68 $ 15.57 $19.94 $17.19 $ 16.39
====== ====== ======= ====== ====== =======
TOTAL RETURN (b) ................................. 7.90%(c) 15.53% (20.71)% 17.87% 6.80% 5.50%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......... $1,383 $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 ..................... 1.49%(d) 1.57% 1.49% 1.44%(e) 1.07%(e) 0.91%
After reimbursement and/or waiver of
expenses by Adviser ..................... 1.10%(d) 1.10% 1.10% 1.08%(e) 1.07%(e) 0.91%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 0.81%(d) 0.97% 0.99% 0.99% 1.33% 1.29%
After reimbursement and/or waiver of
expenses by Adviser ..................... 1.20%(d) 1.44% 1.38% 1.35% 1.33% 1.29%
Portfolio Turnover ............................ 28.68%(c) 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.
(b) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
(e) 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.
106
Aston Funds
TCH FIXED INCOME FUND - CLASS N APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ............. $ 10.02 $ 8.60 $ 9.73 $ 9.62 $ 9.69 $ 10.13
------- ------- ------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................... 0.25(a) 0.49(a) 0.47 0.48(a) 0.45(a) 0.42(a)
Net realized and unrealized gain (loss)
on investments .......................... 0.22 1.44 (1.10) 0.14 (0.04) (0.38)
------- ------- ------- ------- ------- --------
Total from investment operations ........ 0.47 1.93 (0.63) 0.62 0.41 0.04
------- ------- ------- ------- ------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ....................... (0.26) (0.51) (0.50) (0.51) (0.48) (0.48)
------- ------- ------- ------- ------- --------
Total distributions ..................... (0.26) (0.51) (0.50) (0.51) (0.48) (0.48)
------- ------- ------- ------- ------- --------
Net increase (decrease) in net asset value ....... 0.21 1.42 (1.13) 0.11 (0.07) (0.44)
------- ------- ------- ------- ------- --------
Net Asset Value, End of period ................... $ 10.23 $ 10.02 $ 8.60 $ 9.73 $ 9.62 $ 9.69
======= ======= ======= ======= ======= ========
TOTAL RETURN (b) ................................. 4.77%(c) 22.99% (6.89)% 6.56% 4.42% 0.40%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......... $46,440 $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 ..................... 0.85%(d) 0.96% 1.06% 1.04%(e) 0.96%(e) 0.95%
After reimbursement and/or waiver of
expenses by Adviser ..................... 0.49%(d) 0.61% 0.65%(f) 0.73%(e)(f) 0.75%(e) 0.74%
Ratios of net investment income to average net
assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 4.72%(d) 4.93% 4.59% 4.63% 4.45% 3.98%
After reimbursement and/or waiver of
expenses by Adviser ..................... 5.08%(d) 5.28% 5.00% 4.94% 4.66% 4.19%
Portfolio Turnover ............................ 11.50%(c) 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) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 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.
(f) The Adviser's expense reimbursement level, which affects the net expense
ratio was changed from 0.74% to 0.64% on September 1, 2007. Subsequently,
on October 1, 2008, the Adviser's expense reimbursement level changed from
0.64% to 0.74%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
107
Aston Funds
TCH FIXED INCOME FUND - CLASS I APRIL 30, 2010
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/10 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........ $ 10.02 $ 8.60 $ 9.73 $ 9.62 $ 9.69 $ 10.13
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.25(a) 0.50(a) 0.48 0.51(a) 0.47(a) 0.44(a)
Net realized and unrealized gain
(loss) on investments .............. 0.22 1.44 (1.09) 0.13 (0.03) (0.37)
------- ------- ------- ------- ------- -------
Total from investment operations ... 0.47 1.94 (0.61) 0.64 0.44 0.07
------- ------- ------- ------- ------- -------
Less Distributions:
Distributions from and in excess of
net investment income .............. (0.26) (0.52) (0.52) (0.53) (0.51) (0.51)
------- ------- ------- ------- ------- -------
Total distributions ................ (0.26) (0.52) (0.52) (0.53) (0.51) (0.51)
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. 0.21 1.42 (1.13) 0.11 (0.07) (0.44)
------- ------- ------- ------- ------- -------
Net Asset Value, End of period .............. $ 10.23 $ 10.02 $ 8.60 $ 9.73 $ 9.62 $ 9.69
======= ======= ======= ======= ======= =======
TOTAL RETURN (b) ............................ 4.77%(c) 23.14% (6.65)% 6.84% 4.68% 0.65%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $16,256 $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 ................ 0.85%(d) 0.84% 0.81% 0.78%(e) 0.71%(e) 0.70%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.49%(d) 0.49% 0.40%(f) 0.47%(e)(f) 0.50%(e) 0.49%
Ratios of net investment income to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 4.72%(d) 5.05% 4.84% 4.89% 4.70% 4.23%
After reimbursement and/or waiver of
expenses by Adviser ................ 5.08%(d) 5.40% 5.25% 5.20% 4.91% 4.44%
Portfolio Turnover ....................... 11.50%(c) 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) The total return is calculated using the Net Asset Values used for trading
at the close of business at period end.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 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.
(f) The Adviser's expense reimbursement level, which affects the net expense
ratio, was changed from 0.49% to 0.39% on September 1, 2007. Subsequently,
on October 1, 2008, the Adviser's expense reimbursement level changed from
0.39% to 0.49%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
108
Aston Funds
APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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 April 30, 2010.
Aston Asset Management, LP ("Aston LP" or the "Adviser") (formerly known as
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/Optimum Large Cap Opportunity Fund
(the "Optimum Large Cap Opportunity Fund")
Aston/TAMRO Diversified Equity Fund
(the "TAMRO Diversified Equity Fund")
Aston/M.D. Sass Enhanced Equity Fund
(the "M.D. Sass Enhanced Equity Fund")
Aston/Herndon Large Cap Value Fund
(the "Herndon Large Cap Value Fund")
Aston Value Fund (the "Value Fund")
Aston/River Road Dividend All Cap Value Fund
(the "River Road Dividend All Cap Value Fund")
Aston/Montag & Caldwell Mid Cap Growth Fund
(the "M&C Mid Cap Growth Fund")
Aston/Optimum Mid Cap Fund (the "Optimum Mid Cap Fund")
Aston/Cardinal Mid Cap Value Fund
(the "Cardinal Mid Cap Value Fund")
Aston/Veredus Aggressive Growth Fund
(the "Veredus Aggressive Growth Fund")
Aston/Fasciano Small Cap Fund (the "Fasciano Small Cap Fund")
Aston/TAMRO Small Cap Fund (the "TAMRO Small Cap Fund")
Aston/River Road Select Value Fund, formerly known as Aston/River
Road Small-Mid Cap Fund (the "River Road Select Value 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 (the "Dynamic Allocation Fund")
Aston/New Century Absolute Return ETF Fund (the "New Century
Absolute Return ETF 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/TCH Fixed Income Fund (the "TCH Fixed Income Fund")
M&C Growth Fund is authorized to issue three classes of shares (Class N Shares,
Class I Shares and Class R Shares). Veredus Select Growth Fund, M.D. Sass
Enhanced Equity Fund, Value Fund, River Road Dividend All Cap Value Fund,
Optimum Mid Cap Fund, Veredus Aggressive Growth Fund, TAMRO Small Cap Fund,
River Road Select Value Fund, River Road Small Cap Value Fund, Neptune
International Fund, Barings International Fund, Lake Partners LASSO Alternatives
Fund, Fortis Real Estate Fund, M&C 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,
Herndon Large Cap Value Fund, M&C Mid Cap Growth Fund, Cardinal Mid Cap Value
Fund, Fasciano Small Cap Fund, Dynamic Allocation Fund and New Century Absolute
Return ETF Fund are each authorized to issue one class of shares (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 GROWTH FUND Capital appreciation.
OPTIMUM LARGE CAP OPPORTUNITY FUND Long-term capital appreciation.
TAMRO DIVERSIFIED EQUITY FUND Long-term capital appreciation.
M.D. SASS ENHANCED EQUITY FUND Total return through a combination of a high level
of current income and capital appreciation.
HERNDON LARGE CAP VALUE FUND Long-term capital appreciation.
VALUE FUND Total return through long-term capital appreciation
and current income.
RIVER ROAD DIVIDEND ALL CAP VALUE FUND High current income and, secondarily, long-term
capital appreciation.
M&C MID CAP GROWTH FUND Long-term capital appreciation and secondarily,
current income, by investing primarily in common
stocks and convertible securities.
OPTIMUM MID CAP FUND Long-term total return through capital appreciation
by investing primarily in common and preferred stocks
and convertible securities.
CARDINAL MID CAP VALUE FUND High level of total return.
VEREDUS AGGRESSIVE GROWTH FUND Capital appreciation.
FASCIANO SMALL CAP FUND Long-term capital appreciation.
TAMRO SMALL CAP FUND Long-term capital appreciation.
109
Aston Funds
APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
RIVER ROAD SELECT VALUE FUND Long-term capital appreciation.
RIVER ROAD SMALL CAP VALUE FUND Long-term capital appreciation.
NEPTUNE INTERNATIONAL FUND Long-term capital appreciation.
BARINGS INTERNATIONAL FUND Total return.
DYNAMIC ALLOCATION FUND Long-term capital appreciation.
NEW CENTURY ABSOLUTE RETURN ETF FUND Positive total return.
LAKE PARTNERS LASSO ALTERNATIVES FUND Long term total return with reduced correlation
to the conventional stock and bond markets.
FORTIS REAL ESTATE FUND Total return through a combination of growth and
income.
M&C BALANCED FUND Long-term total return.
TCH FIXED INCOME FUND High current income consistent with prudent risk of
capital.
NOTE (B) SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of the
significant accounting policies consistently followed by each Fund in the
preparation of its financial statements. These policies are in conformity with
US generally accepted accounting principles.
(1) SECURITY VALUATION: Equity securities, closed-end funds and index options
traded on a national securities exchange and over-the-counter securities listed
on the NASDAQ National Market System are valued at the last sale price or the
NASDAQ Official Closing Price ("NOCP"), if applicable. If no last sale price or
NOCP, if applicable, is reported, the mean of the last bid and asked prices 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 and other mutual 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)
110
Aston Funds
APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. A summary
of the inputs used to value the Fund's net assets as of April 30, 2010 is as
follows:
Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 04/30/10 Price Input Input
- ----- -------------- -------------- ----------- ------------
M&C GROWTH FUND
Investments in Securities* ........ $3,090,050,952 $3,090,050,952 $ -- $--
============== ============== ========== ===
VEREDUS SELECT GROWTH FUND
Investments in Securities* ........ $ 105,972,814 $ 105,972,814 $ -- $--
============== ============== ========== ===
OPTIMUM LARGE CAP OPPORTUNITY FUND
Investments in Securities* ........ $ 5,213,619 $ 5,213,619 $ -- $--
============== ============== ========== ===
TAMRO DIVERSIFIED EQUITY FUND
Investments in Securities* ........ $ 15,644,043 $ 15,644,043 $ -- $--
============== ============== ========== ===
M.D. SASS ENHANCED EQUITY FUND
Investments in Securities* ........ $ 57,736,397 $ 57,736,397 $ -- $--
Other Financial Instruments** ..... (3,259,610) (3,259,610) -- --
-------------- -------------- ---------- ---
Total ............................. $ 54,476,787 $ 54,476,787 $ -- $--
============== ============== ========== ===
HERNDON LARGE CAP VALUE FUND
Investments in Securities* ........ $ 1,002,368 $ 1,002,368 $ -- $--
============== ============== ========== ===
VALUE FUND
Investments in Securities* ........ $ 252,900,259 $ 252,900,259 $ -- $--
============== ============== ========== ===
RIVER ROAD DIVIDEND ALL CAP VALUE FUND
Investments in Securities* ........ $ 215,149,406 $ 215,149,406 $ -- $--
============== ============== ========== ===
M&C MID CAP GROWTH FUND
Investments in Securities* ........ $ 3,302,470 $ 3,302,470 $ -- $--
============== ============== ========== ===
OPTIMUM MID CAP FUND
Investments in Securities* ........ $1,707,859,947 $1,707,859,947 $ -- $--
============== ============== ========== ===
CARDINAL MID CAP VALUE FUND
Investments in Securities* ........ $ 1,113,258 $ 1,113,258 $ -- $--
============== ============== ========== ===
VEREDUS AGGRESSIVE GROWTH FUND
Investments in Securities* ........ $ 60,186,223 $ 60,186,223 $ -- $--
============== ============== ========== ===
FASCIANO SMALL CAP FUND
Investments in Securities* ........ $ 2,261,902 $ 2,261,902 $ -- $--
============== ============== ========== ===
TAMRO SMALL CAP FUND
Common Stocks
Consumer Discretionary ............ $ 252,685,415 $ 252,685,415 $ -- $--
Consumer Staples .................. 33,930,870 33,930,870 -- --
Energy ............................ 49,558,345 49,558,345 -- --
Financials ........................ 205,220,852 205,189,673 31,179 --
Health Care ....................... 110,657,319 110,657,319 -- --
Industrials ....................... 135,993,353 135,993,353 -- --
Information Technology ............ 172,268,895 172,268,895 -- --
Materials ......................... 28,028,316 28,028,316 -- --
Telecommunication Services ........ 17,981,942 17,981,942 -- --
-------------- -------------- ---------- ---
1,006,325,307 1,006,294,128 31,179 --
-------------- -------------- ---------- ---
Investment Company* ............... 10,471,087 10,471,087 -- --
-------------- -------------- ---------- ---
Total ............................. $1,016,796,394 $1,016,765,215 $ 31,179 $--
============== ============== ========== ===
RIVER ROAD SELECT VALUE FUND
Common Stocks
Consumer Discretionary ............ $ 52,306,179 $ 52,306,179 $ -- $--
Consumer Staples .................. 24,485,724 21,697,848 2,787,876 --
Energy ............................ 2,972,660 2,972,660 -- --
Financials ........................ 55,251,025 55,251,025 -- --
Health Care ....................... 18,331,187 18,331,187 -- --
111
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APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)-- CONTINUED
Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 04/30/10 Price Input Input
- ----- ------------ ------------ ----------- ------------
RIVER ROAD SELECT VALUE FUND (CONTINUED)
Industrials ................................. $ 29,690,435 $ 29,690,435 $ -- $ --
Information Technology ...................... 17,242,710 17,242,710 -- --
Materials ................................... 14,411,318 14,411,318 -- --
Telecommunication Services .................. 2,348,148 2,348,148 -- --
Utilities ................................... 13,985,958 13,985,958 -- --
------------ ------------ ----------- --------
231,025,344 228,237,468 2,787,876 --
------------ ------------ ----------- --------
Investment Company* ......................... 4,022,548 4,022,548 -- --
------------ ------------ ----------- --------
Total ....................................... $235,047,892 $232,260,016 $ 2,787,876 $ --
============ ============ =========== ========
RIVER ROAD SMALL CAP VALUE FUND
Common Stocks
Consumer Discretionary ...................... $137,541,782 $124,521,402 $13,020,380 $ --
Consumer Staples ............................ 64,508,671 44,922,678 19,585,993 --
Energy ...................................... 17,479,919 17,479,919 -- --
Financials .................................. 101,890,991 100,659,872 1,231,119 --
Health Care ................................. 58,284,908 58,284,908 -- --
Industrials ................................. 64,496,681 64,496,681 -- --
Information Technology ...................... 41,960,563 34,701,739 7,258,824 --
Materials ................................... 35,926,629 35,926,629 -- --
Telecommunication Services .................. 2,896,995 2,896,995 -- --
Utilities ................................... 19,816,785 13,252,473 6,564,312 --
------------ ------------ ----------- --------
544,803,924 497,143,296 47,660,628 --
------------ ------------ ----------- --------
Investment Company* ......................... 29,935,816 29,935,816 -- --
------------ ------------ ----------- --------
Total ....................................... $574,739,740 $527,079,112 $47,660,628 $ --
============ ============ =========== ========
NEPTUNE INTERNATIONAL FUND
Common Stocks
Australia ................................... $ 25,056 $ -- $ 25,056 $ --
Brazil ...................................... 42,430 42,430 -- --
China ....................................... 473,056 166,672 306,384 --
India ....................................... 29,940 29,940 -- --
Italy ....................................... 22,349 -- 22,349 --
Japan ....................................... 20,157 -- 20,157 --
Luxembourg .................................. 18,032 -- 18,032 --
Netherlands ................................. 59,135 -- 59,135 --
Norway ...................................... 34,699 -- 34,699 --
Russia ...................................... 332,581 248,165 84,416 --
Switzerland ................................. 39,472 -- 39,472 --
Taiwan ...................................... 31,770 31,770 -- --
United Kingdom .............................. 403,192 -- 402,044 1,148
------------ ------------ ----------- --------
1,531,869 518,977 1,011,744 1,148
------------ ------------ ----------- --------
Investment Company* ......................... 94,257 94,257 -- --
------------ ------------ ----------- --------
Total ....................................... $ 1,626,126 $ 613,234 $ 1,011,744 $ 1,148
============ ============ =========== ========
BARINGS INTERNATIONAL FUND
Common Stocks
Australia ................................... $ 653,401 $ -- $ 653,401 $ --
Brazil ...................................... 1,914,948 1,914,948 -- --
Canada ...................................... 865,325 865,325 -- --
China ....................................... 616,605 -- 616,605 --
France ...................................... 3,349,226 -- 3,349,226 --
Germany ..................................... 4,076,454 588,724 3,487,730 --
Hong Kong ................................... 1,521,276 -- 1,521,276 --
Japan ....................................... 8,378,199 -- 8,378,199 --
Netherlands ................................. 1,947,400 -- 1,947,400 --
Norway ...................................... 1,220,716 -- 1,220,716 --
Papua New Guinea ............................ 1,445,931 -- 1,445,931 --
Russia ...................................... 685,849 -- 685,849 --
Singapore ................................... 1,462,634 -- 1,462,634 --
Spain ....................................... 573,502 -- 573,502 --
Switzerland ................................. 2,545,285 -- 2,545,285 --
112
Aston Funds
APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)-- CONTINUED
Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 04/30/10 Price Input Input
- ----- ----------- ------------ ----------- ------------
BARINGS INTERNATIONAL FUND (CONTINUED)
United Kingdom .............................. $10,569,569 $ -- $10,558,804 $ 10,765
United States ............................... 680,271 -- 680,271 --
----------- ------------ ----------- --------
42,506,591 3,368,997 39,126,829 10,765
----------- ------------ ----------- --------
Investment Company* ......................... 887,564 887,564 -- --
----------- ------------ ----------- --------
Total ....................................... $43,394,155 $ 4,256,561 $39,126,829 $ 10,765
=========== ============ =========== ========
DYNAMIC ALLOCATION FUND
Investments in Securities* .................. $52,516,925 $ 52,516,925 $ -- $ --
=========== ============ =========== ========
NEW CENTURY ABSOLUTE RETURN ETF FUND
Exchange Traded Funds
Domestic Equities ........................... $17,220,607 $ 17,220,607 $ -- $ --
International Equities ...................... 804,913 608,442 -- 196,471
Real Estate ................................. 404,408 404,408 -- --
----------- ------------ ----------- --------
18,429,928 18,233,457 -- 196,471
----------- ------------ ----------- --------
Investment Company* ......................... 2,998,347 2,998,347 -- --
----------- ------------ ----------- --------
Total ....................................... $21,428,275 $ 21,231,804 $ -- $196,471
=========== ============ =========== ========
LAKE PARTNERS LASSO ALTERNATIVES FUND
Investments in Securities* .................. $13,147,026 $ 13,147,026 $ -- $ --
=========== ============ =========== ========
FORTIS REAL ESTATE FUND
Investments in Securities* .................. $34,290,491 $ 34,290,491 $ -- $ --
=========== ============ =========== ========
M&C BALANCED FUND
Common Stocks* .............................. $20,254,506 $ 20,254,506 $ -- $ --
Corporate Notes and Bonds ................... 6,602,940 -- 6,602,940 --
U.S. Government and Agency
Obligations .............................. 3,919,535 -- 3,919,535 --
Asset-Backed Securities ..................... 309,364 -- 309,364 --
Foreign Government Bond ..................... 105,250 -- 105,250 --
Investment Company* ......................... 730,477 730,477 -- --
----------- ------------ ----------- --------
Total ....................................... $31,922,072 $ 20,984,983 $10,937,089 $ --
=========== ============ =========== ========
TCH FIXED INCOME FUND
Corporate Notes and Bonds ................... $37,928,740 $ -- $37,928,740 $ --
U.S. Government and Agency
Obligations .............................. 21,165,971 -- 21,165,971 --
Commercial Mortgage-Backed
Securities ............................... 1,745,527 -- 1,745,527 --
Asset-Backed Securities ..................... 638,023 -- 638,023 --
Foreign Government Bond ..................... 421,000 -- 421,000 --
----------- ------------ ----------- --------
Total ....................................... $61,899,261 $ -- $61,899,261 $ --
=========== ============ =========== ========
* 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 April 30, 2010:
Common Stocks
-------------
NEPTUNE INTERNATIONAL FUND
United Kingdom
Fair Value, beginning of period .......................... $ 492
Net purchases (sales) .................................... 450
Total net realized gains (losses) ........................ --
Total change in unrealized appreciation (deprecation) .... 206
------
Fair Value, end of period ................................ $1,148
======
Change in net unrealized appreciation (depreciation)
on Level 3 holdings held at end of period ............. $ 206
======
Common Stocks
-------------
BARINGS INTERNATIONAL FUND
United Kingdom
Fair Value, beginning of period .......................... $ 5,810
Net purchases (sales) .................................... 1,375
Total net realized gains (losses) ........................ (136)
Total change in unrealized appreciation (deprecation) .... 3,716
-------
Fair Value, end of period ................................ $10,765
=======
Change in net unrealized appreciation (depreciation)
on Level 3 holdings held at end of period ............. $ 3,729
=======
113
Aston Funds
APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)-- CONTINUED
Exchange
Traded Funds
------------
NEW CENTURY ABSOLUTE RETURN ETF FUND
International Equities
Fair Value, beginning of period........................... $ --
Net purchases (sales)..................................... 210,526
Total net realized gains (losses)......................... (11,663)
Total change in unrealized appreciation (deprecation)..... (2,392)
--------
Fair Value, end of period................................. $196,471
========
Change in net unrealized appreciation (depreciation)
on Level 3 holdings held at end of period.............. $ (2,392)
========
(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 April
30, 2010, 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 April 30, 2010, the Funds did not
own any when issued or delayed delivery securities.
(4) MORTGAGE-BACKED SECURITIES: M&C 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. 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 six-month period in the TAMRO Diversified
Equity and M.D. Sass Enhanced Equity Funds. The fair value of purchased options
in the TAMRO Diversified Equity and M.D. Sass Enhanced Equity Funds 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 April 30, 2010. For the six months ended April 30, 2010, the average* volume
of derivative activities are as follows:
PURCHASED WRITTEN
OPTIONS OPTIONS
FUNDS (COST) (PREMIUMS RECEIVED)
- ----- --------- -------------------
TAMRO Diversified Equity Fund $ 62,769 $ --
M.D. Sass Enhanced Equity Fund 538,099 1,216,096
* ESTIMATE BASED ON QUARTER-END HOLDINGS
114
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APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)-- CONTINUED
(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 April
30, 2010, 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 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
Optimum Large Cap
Opportunity Fund ......... -- -- -- -- -- 900,934 4,340,402 1,110,827 6,352,163
TAMRO Diversified
Equity Fund .............. -- -- -- -- -- -- 323,950 1,119,889 1,443,839
M.D. Sass Enhanced
Equity Fund .............. -- -- -- -- -- -- -- 152,602 152,602
Value Fund .................. -- -- -- -- -- -- -- 29,923,488 29,923,488
River Road Dividend
All Cap Value Fund ....... -- -- -- -- -- -- 3,845,894 6,959,803 10,805,697
M&C Mid Cap
Growth Fund .............. -- -- -- -- -- -- 343,633 413,601 757,234
Optimum Mid Cap Fund ........ -- -- -- -- -- -- -- 409,568 409,568
Cardinal Mid Cap
Value Fund ............... -- -- -- -- -- -- 81,755 294,280 376,035
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 Select Value
Fund ..................... -- -- -- -- -- 171,820 4,200,696 11,382,935 15,755,451
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
115
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APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)-- CONTINUED
2010 2011 2012 2013 2014 2015 2016 2017 Total
---------- ---------- -------- ---- ---------- -------- ----------- ----------- -----------
New Century Absolute
Return ETF Fund .......... $ -- $ -- $ -- $-- $ -- $ -- $ 454,248 $ 2,031,844 $ 2,486,092
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
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, 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, M.D. Sass Enhanced Equity Fund, Value Fund, River Road Dividend All
Cap Value Fund, Optimum Mid Cap Fund, Veredus Aggressive Growth Fund, TAMRO
Small Cap Fund, River Road Select Value Fund, River Road Small Cap Value Fund,
Neptune International Fund, Barings International Fund, Lake Partners LASSO
Alternatives 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.
(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
- ---- ----------------- --------------
Lake Partners LASSO Alternatives
Fund April 1, 2009 $75,292
Fasciano Small Cap Fund December 23, 2009 60,000
Herndon Large Cap Value Fund March 31, 2010 60,000
(12) USE OF ESTIMATES: The preparation of financial statements in conformity
with US generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
(13) COMMITMENTS AND CONTINGENCIES: In the normal course of business, the Trust
enters into contracts on behalf of the Funds that contain a variety of
provisions for general indemnifications. Each Fund's maximum exposure under
these arrangements is unknown, as this would involve future claims that may be
made against each Fund that are not known at this time. However, based on
experience, the Funds believe the risk of loss is remote.
(14) RECENT ACCOUNTING PRONOUNCEMENT: In January 2010, the Financial Accounting
Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2010-06,
"Improving Disclosures about Fair Value Measurements". ASU No. 2010-06 amends
FASB Accounting Standards Codification Topic 820, Fair Value Measurements and
Disclosures, to require additional disclosures regarding fair value
measurements. Certain disclosures required by ASU No. 2010-06 are effective for
interim and annual reporting periods beginning after December 15, 2009, and
other required disclosures are effective for fiscal years beginning after
December 15, 2010, and for interim periods within those fiscal years. Management
is currently evaluating the impact ASU No. 2010-06 will have on its financial
statement disclosures.
NOTE (C) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: Dividends and distributions to shareholders are recorded on the
ex-dividend date. River Road Dividend All Cap Value Fund and TCH Fixed Income
Fund distribute dividends from net investment income to shareholders monthly and
net realized gains from investment transactions, if any, are generally
distributed annually, usually in December.
M.D. Sass Enhanced Equity Fund, Value Fund, Dynamic Allocation Fund and M&C
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, Optimum Large Cap Opportunity Fund,
TAMRO Diversified Equity Fund, Herndon Large Cap Value Fund, M&C Mid Cap Growth
Fund, Optimum Mid Cap Fund, Cardinal Mid Cap Value Fund, Veredus Aggressive
Growth Fund, Fasciano Small Cap Fund, TAMRO Small Cap Fund, River Road Select
Value Fund, River Road Small Cap Value Fund, Neptune International Fund, Barings
International Fund, New Century Absolute Return ETF Fund, Lake Partners LASSO
Alternatives Fund and Fortis Real Estate Fund distribute dividends from net
investment income to shareholders annually and net realized gains from
investment transactions, if any, are generally distributed annually, usually in
December.
Dividends and distributions are automatically reinvested in additional Fund
shares on ex-date 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, M.D. Sass Enhanced Equity Fund, Value Fund, River Road
Dividend All Cap Value Fund, Optimum Mid Cap Fund, Veredus Aggressive Growth
Fund, TAMRO Small Cap Fund, River Road Select
116
Aston Funds
APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
Value Fund, River Road Small Cap Value Fund, Neptune International Fund, Barings
International Fund, Lake Partners LASSO Alternatives 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.
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 --
Optimum Large Cap Opportunity Fund ...... -- -- 26,900 -- --
TAMRO Diversified Equity Fund ........... 38,534 -- 252,035 976,804 --
M.D. Sass Enhanced Equity Fund .......... 1,297,601 -- 210,633 -- --
Value Fund .............................. 4,238,721 26,989,113 7,735,979 35,024,643 --
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 -- -- -- --
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 Select Value Fund ............ 268,642 -- 58,969 -- --
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 -- -- -- --
Fortis Real Estate Fund ................. 977,351 -- 3,500,548 19,703,911 --
M&C Balanced Fund ....................... 266,425 -- 243,807 -- --
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)
Optimum Large Cap
Opportunity Fund ........... (6,352,163) 8,948 -- 120,931 (6,222,284)
TAMRO Diversified Equity
Fund ....................... (1,443,839) -- -- 1,346,316 (97,523)
M.D. Sass Enhanced Equity
Fund ....................... (152,602) 12,570 -- (2,154,887) (2,294,919)
Value Fund .................... (29,923,488) 263,036 -- (13,151,691) (42,812,143)
River Road Dividend All
Cap Value Fund ............. (10,805,697) 45,315 -- 12,605,656 1,845,274
M&C Mid Cap Growth Fund ....... (757,234) -- -- 58,723 (698,511)
Optimum Mid Cap Fund .......... (409,568) 130,625 -- 18,988,409 18,709,466
Cardinal Mid Cap Value Fund ... (376,035) 904 -- 46,089 (329,042)
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 Select Value
Fund ....................... (15,755,451) 174,467 -- 10,344,513 (5,236,471)
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)
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)
TCH Fixed Income Fund ......... (9,355,112) 35,529 -- 3,675,147 (5,644,436)
117
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
NOTE (D) SHARES OF BENEFICIAL INTEREST: Each Fund is authorized to issue an
unlimited number of shares of beneficial interest with no par value. Share
transactions of the Funds were as follows:
SIX MONTHS ENDED APRIL 30, 2010
PROCEEDS FROM NET INCREASE
ISSUED FROM REINVESTMENT (DECREASE) IN
CLASS N SOLD MERGER OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ----------- ---------------- ----------- ------------------
M&C Growth Fund ........................ 18,033,806 2,522,281 210,111 (12,128,532) 8,637,666
Veredus Select Growth Fund ............. 512,380 -- 344 (1,017,137) (504,413)
Optimum Large Cap Opportunity Fund ..... 179,750 -- 1,682 (127,957) 53,475
TAMRO Diversified Equity Fund .......... 449,685 -- 2,101 (135,465) 316,321
M.D. Sass Enhanced Equity Fund ......... 2,719,843 -- 18,053 (1,456,602) 1,281,294
Herndon Large Cap Value Fund (a) ....... 99,789 -- -- -- 99,789
Value Fund ............................. 218,895 -- 17,094 (189,137) 46,852
River Road Dividend All Cap Value
Fund ................................ 1,857,923 -- 112,257 (1,119,995) 850,185
M&C Mid Cap Growth Fund ................ 50,960 -- 722 (83,752) (32,070)
Optimum Mid Cap Fund ................... 18,778,282 -- 70,458 (7,152,287) 11,696,453
Cardinal Mid Cap Value Fund ............ 3,860 -- 106 (68) 3,898
Veredus Aggressive Growth Fund ......... 225,032 -- -- (455,368) (230,336)
Fasciano Small Cap Fund (b) ............ 209,320 -- -- (101) 209,219
TAMRO Small Cap Fund ................... 4,485,762 -- -- (2,916,928) 1,568,834
River Road Select Value Fund ........... 1,714,713 -- -- (1,062,857) 651,856
River Road Small Cap Value Fund ........ 3,071,041 -- 18,091 (5,221,134) (2,132,002)
Neptune International Fund ............. 4,824 -- 2,252 (315) 6,761
Barings International Fund (c) ......... 65,686 -- -- -- 65,686
Dynamic Allocation Fund ................ 2,080,949 -- 349,834 (1,047,624) 1,383,159
New Century Absolute Return ETF Fund ... 395,783 -- 14,071 (385,677) 24,177
Lake Partners LASSO Alternatives
Fund (d) ............................ 316,099 -- -- (12,548) 303,551
Fortis Real Estate Fund ................ 41,400 -- 10,887 (114,104) (61,817)
M&C Balanced Fund ...................... 38,033 914,176 5,490 (175,140) 782,559
TCH Fixed Income Fund .................. 379,190 -- 111,555 (643,830) (153,085)
(a) Herndon Large Cap Value Fund commenced investment operations on March 31,
2010.
(b) Fasciano Small Cap Fund commenced investment operations on December 23,
2009.
(c) Barings International Fund began issuing Class N Shares on March 3, 2010.
(d) Lake Partners LASSO Alternatives Fund began issuing Class N Shares on March
3, 2010.
PROCEEDS FROM NET INCREASE
ISSUED FROM REINVESTMENT (DECREASE) IN
CLASS I SOLD MERGER OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ----------- ---------------- ----------- ------------------
M&C Growth Fund ........................ 14,143,174 877,488 232,372 (9,474,529) 5,778,505
Veredus Select Growth Fund ............. 337,318 -- 2,512 (404,789) (64,959)
M.D. Sass Enhanced Equity Fund (a) ..... 1,865,005 -- 1,637 (17) 1,866,625
Value Fund ............................. -- -- 216,185 -- 216,185
River Road Dividend All Cap Value
Fund ................................ 2,373,618 -- 80,732 (455,388) 1,998,962
Optimum Mid Cap Fund ................... 4,501,198 -- 25,129 (1,068,799) 3,457,528
Veredus Aggressive Growth Fund ......... 15,896 -- -- (11,735) 4,161
TAMRO Small Cap Fund ................... 5,669,865 -- 11,365 (5,012,074) 669,156
River Road Select Value Fund ........... 2,875,043 -- 35,741 (4,937,800) (2,027,016)
River Road Small Cap Value Fund ........ 4,710,982 -- 68,079 (4,091,783) 687,278
Neptune International Fund ............. 1,747 -- 8,186 (4,341) 5,592
Barings International Fund ............. 2,301,396 -- 11,960 (75,532) 2,237,824
Lake Partners LASSO Alternatives
Fund ................................ 789,365 -- 6,188 (146,499) 649,054
Fortis Real Estate Fund ................ 2,386 -- 72,126 (54) 74,458
M&C Balanced Fund ...................... 11,416 -- 504 (3,833) 8,087
TCH Fixed Income Fund .................. 101,043 -- 43,103 (579,068) (434,922)
(a) M.D. Sass Enhanced Equity Fund began issuing Class I Shares on March 3,
2010.
PROCEEDS FROM
ISSUED FROM REINVESTMENT NET INCREASE IN
CLASS R SOLD MERGER OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ----------- ---------------- ----------- ------------------
M&C Growth Fund ........................ 232,777 28,243 621 (169,525) 92,116
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
Optimum Large Cap Opportunity Fund ..... 259,201 -- (254,514) 4,687
TAMRO Diversified Equity Fund .......... 249,737 5,047 (202,928) 51,856
118
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS N (CONTINUED) SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------------------- ---------- ---------------- ----------- ------------------
M.D. Sass Enhanced Equity Fund ......... 1,054,061 128,775 (329,897) 852,939
Value Fund ............................. 665,155 404,427 (815,629) 253,953
River Road Dividend All Cap Value
Fund ................................ 8,295,005 214,554 (5,079,305) 3,430,254
M&C Mid Cap Growth Fund ................ 135,121 -- (12,022) 123,099
Optimum Mid Cap Fund ................... 17,386,101 815,658 (10,657,995) 7,543,764
Cardinal Mid Cap Value Fund ............ 4,306 304 (2,494) 2,116
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 Select Value Fund ........... 6,490,418 12,419 (4,828,043) 1,674,794
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
Fortis Real Estate Fund ................ 97,559 34,728 (428,785) (296,498)
M&C Balanced Fund ...................... 155,060 11,210 (386,570) (220,300)
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)
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
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 Select Value Fund ........... 14,234,102 22,086 (4,387,141) 9,869,047
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 (a) ............................ 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
REINVESTMENT NET INCREASE IN
CLASS R SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------
M&C Growth Fund 224,401 542 (53,875) 171,068
NOTE (E) INVESTMENT TRANSACTIONS: Aggregate purchases and proceeds from sales of
investment securities (other than short-term investments) for the six months
ended April 30, 2010 were as follows:
AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------------------- ------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ------------- --------------- ------------
M&C Growth Fund* ....................... $-- $ 788,546,279 $-- $446,611,214
Veredus Select Growth Fund ............. -- 120,476,303 -- 129,958,305
Optimum Large Cap Opportunity
Fund ................................ -- 2,416,615 -- 1,607,005
TAMRO Diversified Equity Fund .......... -- 8,907,250 -- 5,366,145
M.D. Sass Enhanced Equity Fund ......... -- 40,390,506 -- 6,025,144
Herndon Large Cap Value Fund ........... -- 991,614 -- 38,902
Value Fund ............................. -- 41,571,328 -- 43,178,720
River Road Dividend All Cap
Value Fund .......................... -- 58,135,114 -- 36,973,677
M&C Mid Cap Growth Fund ................ -- 493,447 -- 729,829
Optimum Mid Cap Fund ................... -- 434,807,806 -- 39,060,491
Cardinal Mid Cap Value Fund ............ -- 229,803 -- 214,885
Veredus Aggressive Growth Fund ......... -- 41,926,645 -- 46,676,989
Fasciano Small Cap Fund ................ -- 1,400,088 -- 48,135
TAMRO Small Cap Fund ................... -- 332,931,924 -- 287,959,868
River Road Select Value Fund ........... -- 73,708,955 -- 84,059,067
River Road Small Cap Value Fund ........ -- 164,413,567 -- 183,941,349
Neptune International Fund ............. -- 83,985 -- 149,375
Barings International Fund ............. -- 25,883,602 -- 11,560,733
119
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APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------------------ -----------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ------------ --------------- -----------
Dynamic Allocation Fund ........................ $ -- $100,532,232 $ -- $91,256,954
New Century Absolute Return ETF
Fund ........................................ -- 33,461,660 -- 31,283,712
Lake Partners LASSO Alternatives Fund .......... -- 15,670,371 -- 5,301,111
Fortis Real Estate Fund ........................ -- 11,804,502 -- 11,687,426
M&C Balanced Fund* ............................. 1,139,691 4,535,282 969,008 6,977,104
TCH Fixed Income Fund .......................... -- 7,125,743 3,595,541 6,309,902
* The cost of purchases excludes securities received from the reorganization
(see Note J).
NOTE (F) REDEMPTION FEES: In accordance with the prospectuses, certain Funds
assessed a 2% redemption fee on fund share redemptions and exchanges within
specified time periods, as indicated in the following table for the six months
ended April 30, 2010 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 $396
NOTE (G) ADVISORY, ADMINISTRATION, DISTRIBUTION SERVICES AND TRUSTEE AGREEMENTS:
ADVISORY. Aston LP 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.
The Expense Limitation Agreements are effective through February 28, 2011,
except as noted below. The advisory rates and contractual expense limitations
for the six months ended April 30, 2010 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%
Optimum Large Cap Opportunity Fund .......... 0.80% 1.22%(a) N/A
TAMRO Diversified Equity Fund ............... 0.80% 1.20% N/A
M.D. Sass Enhanced Equity Fund .............. 0.70% 1.40%(a) 1.15%(a)
Herndon Large Cap Value Fund ................ 0.80% 1.30%(a)* N/A
Value Fund (b) .............................. 0.80% N/A N/A
River Road Dividend All Cap Value Fund ...... 0.70% 1.30% 1.05%
M&C Mid Cap Growth Fund ..................... 0.85% 1.40%(a) N/A
Optimum Mid Cap Fund ........................ 0.80% on first $100,000,000
0.75% next $300,000,000
0.70% over $400,000,000 N/A N/A
Cardinal Mid Cap Value Fund ................. 0.90% 1.40%(a) N/A
Veredus Aggressive Growth Fund .............. 1.00% 1.49% 1.24%
Fasciano Small Cap Fund ..................... 1.00% 1.40%(a) N/A
TAMRO Small Cap Fund ........................ 0.90% N/A N/A
River Road Select Value Fund ................ 1.00% 1.50%(a) 1.25%(a)
River Road Small Cap Value Fund ............. 0.90% N/A N/A
Neptune International Fund .................. 1.00% 1.27%(a) 1.02%(a)
Barings International Fund (c) .............. 1.00% 1.50%(a) 1.25%(a)
Dynamic Allocation Fund ..................... 0.80% 1.30%(a) N/A
New Century Absolute Return ETF Fund (d) .... 1.00% 1.50%(a) N/A
Lake Partners LASSO Alternatives Fund (e) ... 1.00% 1.45%(a) 1.20%(a)
Fortis Real Estate Fund ..................... 1.00% 1.37% 1.12%
M&C Balanced Fund ........................... 0.75% 1.35% 1.10%
TCH Fixed Income Fund ....................... 0.55% 0.74% 0.49%
(a) Pursuant to a contractual expense reimbursement agreement between the
Adviser and the Fund, from commencement of operations through the
completion of the first three full fiscal years for a period up to three
years from the fiscal year end during which such amount was waived or
reduced, 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 interest expense and acquired fund fees
and expenses) remains at or below the operating expense cap after such
reimbursement.
(b) The Adviser 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.
120
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APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
(c) The Adviser 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 1.40% for Class N and 1.15% for Class I.
(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 next
succeeding calendar year. Based on these terms, no waiver is in effect for
the 2010 calendar year. 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. Additionally, the Adviser
voluntarily waived 0.15% of its advisory fees for the New Century Absolute
Return ETF Fund for the period November 1, 2009 - December 31, 2009.
(e) Effective April 1, 2010, the contractual expense limitations for the Lake
Partners LASSO Alternatives Fund were decreased from 1.60% and 1.35% to
1.45% and 1.20%, for Class N and I, respectively.
* The Expense Limitation/Reimbursement Agreement for Herndon Large Cap Value
Fund is in effect through April 1, 2011.
Pursuant to a contractual expense reimbursement agreement between the Adviser
and the following Funds, from commencement of operations through the completion
of the first three full fiscal years for a period of up to three years from the
fiscal year end during which such amount was waived or reduced of each of the
Optimum Large Cap Opportunity Fund-Class N, M.D. Sass Enhanced Equity
Fund-Classes N and I, Herndon Large Cap Value Fund-Class N, M&C Mid Cap Growth
Fund-Class N, Cardinal Mid Cap Value Fund-Class N, Fasciano Small Cap Fund-Class
N, River Road Select Value Fund-Classes N and I, Neptune International
Fund-Classes N and I, Barings International Fund-Classes N and I, Dynamic
Allocation Fund-Class N, New Century Absolute Return ETF Fund-Class N, and Lake
Partners LASSO Alternatives Fund-Classes N and I; the Adviser is entitled to be
reimbursed by each Fund for previously waived fees and reimbursed expenses to
the extent that each Fund's expense ratio (not including interest expense and
acquired fund fees and expenses) remains at or below the operating expense cap
after such reimbursement.
The cumulative reimbursement amounts as of April 30, 2010 that are entitled to
be reimbursed for each Fund are as follows:
EXPIRATION
--------------------------------
FUNDS 2011 2012 2013
- ----- ---------- -------- --------
Optimum Large Cap Opportunity Fund $ 119,883 $ 68,339 $ 37,393
M.D. Sass Enhanced Equity Fund 127,941 143,213 5,357
Herndon Large Cap Value Fund (1) N/A N/A 12,820
M&C Mid Cap Growth Fund 98,808 79,648 38,255
Cardinal Mid Cap Value Fund 103,064 77,563 36,311
Fasciano Small Cap Fund (1) N/A N/A 50,329
River Road Select Value Fund -- -- --
Neptune International Fund 181,699 118,000 63,083
Barings International Fund 174,288 139,755 59,625
Dynamic Allocation Fund 105,329 89,827 29,751
New Century Absolute Return ETF Fund 97,083 26,954 23,644
Lake Partners LASSO Alternatives Fund N/A 94,071 65,396
---------- -------- --------
TOTALS $1,008,095 $837,370 $421,964
========== ======== ========
(1) The Fund commenced operations in the current fiscal year.
For the six months ended April 30, 2010, the Adviser was reimbursed $41,111 by
the River Road Select Value Fund. No other Fund in the above table reimbursed
the Adviser during the period.
The Adviser 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)
Optimum Large Cap Opportunity Fund Optimum Investment Advisers, LLC
TAMRO Diversified Equity Fund TAMRO Capital Partners LLC
M.D. Sass Enhanced Equity Fund M.D. Sass Investors Services, Inc.(2)
Herndon Large Cap Value Fund Herndon Capital Management, LLC
Value Fund MFS Institutional Advisors Inc.
River Road Dividend
All Cap Value Fund River Road Asset Management, LLC
M&C Mid Cap Growth Fund Montag & Caldwell, Inc.
Optimum Mid Cap Fund Optimum Investment Advisors, LLC
Cardinal Mid Cap Value Fund Cardinal Capital Management, L.L.C.
Veredus Aggressive Growth Fund Todd-Veredus Asset Management LLC(1)
Fasciano Small Cap Fund Fasciano Associates, LLC
TAMRO Small Cap Fund TAMRO Capital Partners LLC
River Road Select Value Fund River Road Asset Management, 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 New Century Capital Management, LLC
Return ETF Fund
Lake Partners LASSO Lake Partners, Inc.
Alternatives Fund
Fortis Real Estate Fund Fortis Investment Management USA,
Inc.(3)
M&C Balanced Fund Montag & Caldwell, Inc.
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 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.
(3) Effective August 1, 2008, Fortis Asset Management USA, Inc. became the
subadviser to the Fund. Prior to August 1, 2008, ABN AMRO Asset Management,
Inc. was the subadviser.
Sub-advisory fees are paid monthly by Aston LP. The factors considered by the
Board of Trustees in approving the current sub-investment advisory agreements
are included in the additional information section of the Funds' annual or
semi-annual report to shareholders covering the period in which such approval
occurred.
RECENT EVENTS. Prior to April 15, 2010, Aston was a wholly-owned subsidiary of
Highbury Financial Inc. ("Highbury"). On December 14, 2009, Affiliated Managers
Group, Inc. ("AMG") entered into a definitive merger agreement with Highbury to
acquire a majority equity interest in Aston through the merger of Highbury into
a subsidiary of AMG (the "Transaction"). Upon completion of the Transaction on
April 15, 2010, Aston was converted to a Delaware limited partnership and
changed its name to "Aston LP." AMG owns a majority equity interest in Aston LP,
and certain members of senior management and key employees of Aston LP have
retained an equity interest in Aston LP. As of the closing of the Transaction,
Aston LP has 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.
121
Aston Funds
APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
As required by the 1940 Act, the investment advisory agreement for each Fund
provides for its automatic termination in the event of its assignment. The
completion of the Transaction constituted an "assignment," as that term is
defined in the 1940 Act, of each Fund's then current investment advisory
agreement. At in person meetings held on December 6, 2009 and December 17, 2009
with respect to the Aston/Fasciano Small Cap Fund, the Board of Trustees of the
Trust (the "Board") approved a new Investment Advisory Agreement and
Sub-Investment Advisory Agreement(s) with respect to each Fund. The terms of the
new Investment Advisory Agreements and Sub-Investment Advisory Agreements are
substantially the same as the previous agreements, except for their effective
date and term. The new Investment Advisory Agreement and Sub-Investment Advisory
Agreement(s) with respect to each Fund took effect upon the closing of the
Transaction. (See page 125 for additional information).
A discussion regarding the Board's basis for approving the Investment Advisory
Agreements and Sub-Investment Advisory Agreements in connection with the
Transaction is available in the additional information section of this
semiannual report.
RIVER ROAD TRANSACTION. River Road Asset Management, LLC ("River Road") serves
as the subadviser to the Aston/River Road Dividend All Cap Value Fund,
Aston/River Road Small Cap Value Fund and Aston/River Road Select Value Fund
("each a "River Road Fund" and collectively, the "River Road Funds"). On
December 30, 2009, Aviva Investors North America Holdings, Inc. ("Aviva
Investors") agreed to buy 100% of the outstanding membership interests of River
Road from River Road Partners, LLC (the "River Road Transaction"). On February
24, 2010, the River Road Transaction was completed and River Road became part of
Aviva Investors, a wholly-owned subsidiary of Aviva plc.
The River Road Transaction may be deemed to have caused an "assignment" and
automatic termination of the then current sub-investment advisory agreement
between Aston and River Road with respect to each River Road Fund (each a
"sub-investment advisory agreement"). In anticipation of the River Road
Transaction, the Board of Trustees of the Trust met in-person on January 22,
2010 and approved the continuance of the sub-investment advisory agreement for
each River Road Fund, on the same terms following the automatic termination of
the agreement in connection with the River Road Transaction.
ADMINISTRATION. Under the terms of the administration agreement between the
Funds and Aston LP, 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") provides certain
administrative services to the Funds pursuant to a Sub-administration and
Accounting Services Agreement between Aston LP and PNC (the "Sub-Administration
Agreement"). Under the terms of the Sub-Administration Agreement,
sub-administration fees, which are paid by Aston LP, are accrued daily and paid
monthly, at a rate of 0.022% of average daily net assets of the Trust and a base
fee at an annual rate of $12,000 per Fund.
DISTRIBUTION SERVICES. PFPC Distributors, Inc. (the "Distributor") serves as
principal underwriter and distributor of the Fund's shares. Pursuant to Rule
12b-1 distribution plans (the "Plans") adopted by the Funds, with respect to
Class N shares and Class R shares, the Funds pay certain expenses associated
with the distribution of their shares. Under the Plans, each Fund may pay actual
expenses not exceeding, on an annual basis, 0.25% of each participating Fund's
Class N average daily net assets and 0.50% of each participating Fund's Class R
average daily net assets. The Class I shares do not have distribution plans. For
the six months ended April 30, 2010 the TAMRO Diversified Equity Fund, 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 six months ended April 30, 2010 was
$203,411.
NOTE (H) CREDIT AGREEMENT: The Credit Agreement with PNC Bank, National
Association, which was renewed on April 27, 2010, 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, the
Fasciano Small Cap Fund and the Herndon Large Cap Value Fund. The facility 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. For the Funds that utilized the line of credit during the six months
ended April 30, 2010, the average daily loan balance outstanding on the days
where borrowings existed, the weighted average interest rate and the interest
expense, which
122
Aston Funds
APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
is included on the Statement of Operations, allocated to each Fund for use of
the line of credit were as follows:
AVERAGE WEIGHTED
DAILY LOAN AVERAGE INTEREST
BALANCE INTEREST RATE EXPENSE
---------- ------------- --------
River Road Select Value Fund $2,779,967 2.66% $616
Neptune International Fund 951,250 2.64% 138
Dynamic Allocation Fund 900,825 2.63% 329
NOTE (I) REFLOW FUND LLC: The Veredus Aggressive Growth Fund may participate in
the ReFlow Fund LLC program ("ReFlow"), which is designed to provide an
alternative liquidity source for mutual funds experiencing redemptions of their
shares. In order to pay cash to shareholders who redeem their shares on a given
day, a mutual fund typically must hold cash in its portfolio, liquidate
portfolio securities, or borrow money, all of which impose certain costs on the
fund. ReFlow provides participating mutual funds with another source of cash by
standing ready to purchase shares from a fund equal to the amount of the fund's
net redemptions on a given day. ReFlow then generally redeems those shares when
the fund experiences net sales or when the shares have been outstanding for the
holding limit of 28 days, whichever comes first. In return for this service, the
Veredus Aggressive Growth Fund will pay a fee to ReFlow at a rate determined by
a daily auction with other participating mutual funds.
The costs to the Veredus Aggressive Growth Fund for participating in ReFlow are
expected to be influenced by and comparable to the cost of other sources of
liquidity, such as the Fund's short-term lending arrangements or the costs of
selling portfolio securities to meet redemptions. ReFlow will be prohibited from
acquiring more than 3% of the outstanding voting securities of the Fund.
As of April 30, 2010, the Veredus Aggressive Growth Fund had not utilized
ReFlow.
NOTE (J) REORGANIZATION: On December 6, 2009, the Board of Trustees approved an
agreement and plan of merger and liquidation ("Agreement") which provided for
the transfer of all of the assets, and liabilities of the Aston Growth Fund
("Growth Fund") for shares of the M&C Growth Fund and the Aston Balanced Fund
("Balanced Fund") for the shares of the M&C Balanced Fund. The purpose of the
transactions were to merge the Growth Fund into the M&C Growth Fund and to merge
the Balanced Fund into the M&C Balanced Fund. Shareholders of each of the Growth
Fund and Balanced Fund approved the merger at a shareholder meeting held on
March 22, 2010 and the reorganization took place on March 29, 2010. The
acquisition was accomplished by a tax-free exchange of shares on March 29, 2010.
For financial reporting purposes, assets received and shares issued by the
Growth Fund and the Balanced Fund were recorded at fair value; however, the cost
basis of the investments received from M&C Growth Fund and M&C Balanced Fund
were carried forward to align ongoing reporting of the Growth Fund's and
Balanced Fund's realized and unrealized gains and losses with amounts
distributable to shareholders for tax purposes.
CLASS N CLASS I CLASS R
CLASS N NET CLASS N CLASS I NET CLASS I CLASS R NET CLASS R
ACQUIRING SHARES ASSET CONVERSION SHARES ASSET CONVERSION SHARES ASSET CONVERSION
MERGED FUND FUND ISSUED VALUE RATIO ISSUED VALUE RATIO ISSUED VALUE RATIO
- ----------- ----------------- --------- ------- ---------- ------- ------- ---------- ------- ------- ----------
Growth Fund M&C Growth Fund 2,522,281 $23.07 0.60227 877,488 $23.16 0.61050 28,243 $22.88 0.59803
Balanced Fund M&C Balanced Fund 914,176 $18.89 0.31392 N/A N/A N/A N/A N/A N/A
The net assets and net unrealized appreciation immediately before the
acquisitions were as follows:
UNREALIZED
MERGED FUND NET ASSETS APPRECIATION ACQUIRING FUND NET ASSETS
- ----------- ----------- ------------ ----------------- --------------
Growth Fund........ $79,137,244 $2,459,459 M&C Growth Fund $2,979,183,520
Balanced Fund...... 17,271,907 2,373,822 M&C Balanced Fund 15,029,884
Assuming the acquisition had been completed on November 1, 2009 the Fund results
of operations for the six months ended April 30, 2010 are as follows:
M&C GROWTH FUND M&C BALANCED FUND
--------------- -----------------
Net investment income....................... $ 7,596,081 $ 225,593
Net realized and unrealized gain
on investments........................... 292,240,876 2,322,162
Net increase in assets from operations...... 299,836,957 2,547,755
Because the combined investment portfolios have been managed as a single
portfolio since the acquisition was completed, it is not practicable to separate
the amounts of revenue and earnings of the Growth Fund and Balanced Fund that
have been included in M&C Growth Fund's and M&C Balanced Fund's statement of
operations since March 29, 2010.
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APRIL 30, 2010
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
NOTE (K) SUBSEQUENT EVENTS: Management has evaluated the impact of all
subsequent events on the Funds through the date the financial statements were
issued, and has determined that there were subsequent events as follows:
On February 2, 2010, The PNC Financial Services Group, Inc. entered into a Stock
Purchase Agreement (the "Stock Purchase Agreement") with The Bank of New York
Mellon Corporation ("BNY Mellon"), under which, subject to regulatory approvals,
all of the stock of PNC Global Investment Servicing Inc., an indirect, wholly
owned subsidiary of The PNC Financial Services Group, Inc., will be sold to BNY
Mellon ("Stock Sale"). The Stock Sale will include PNC Global Investment
Servicing (U.S.) Inc., PFPC Trust Company and PFPC Distributors, Inc. and is
expected to close on or about July 1, 2010. At the closing, PNC Global
Investment Servicing (U.S.) Inc. and PFPC Distributors, Inc. will change their
names to BNY Mellon Investment Servicing (US) Inc. and BNY Mellon Distributors
Inc., respectively. PFPC Trust Company will not change its name until a later
date to be announced.
124
Aston Funds
APRIL 30, 2010
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.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING NEW INVESTMENT ADVISORY
AGREEMENTS WITH ASTON ASSET MANAGEMENT, LP
At an in-person meeting held on December 6, 2009, the Board of Trustees (the
"Board") of Aston Funds (the "Trust"), including all of the Independent
Trustees, considered the terms of a new investment advisory agreement (each, a
"New Advisory Agreement" and collectively, the "New Advisory Agreements")
between Aston Asset Management, LP (then known as Aston Asset Management LLC)
("Aston") and the Trust on behalf of Aston Balanced Fund, Aston Dynamic
Allocation Fund, Aston Growth Fund, Aston Value Fund, Aston/Barings
International Fund, Aston/Cardinal Mid Cap Value Fund, Aston/Fortis Real Estate
Fund, Aston/Lake Partners LASSO Alternatives Fund, Aston/M.D. Sass Enhanced
Equity Fund, Aston/Montag & Caldwell Balanced Fund, Aston/Montag & Caldwell
Growth Fund, Aston/Montag & Caldwell Mid Cap Growth Fund, Aston/Neptune
International Fund, Aston/New Century Absolute Return ETF Fund, Aston/Optimum
Mid Cap Fund, Aston/Optimum Large Cap Opportunity Fund, Aston/River Road
Dividend All Cap Value Fund, Aston/River Road Small Cap Value Fund, Aston/River
Road Small-Mid Cap Fund, Aston/TAMRO Diversified Equity Fund, Aston/TAMRO Small
Cap Fund, Aston/TCH Fixed Income Fund, Aston/Veredus Aggressive Growth Fund, and
Aston/Veredus Select Growth Fund (each, a "Fund" and collectively, the "Funds").
The circumstances giving rise to the Board's consideration of the New Advisory
Agreements was the proposed acquisition by Affiliated Managers Group, Inc.
("AMG") of Highbury Financial Inc. ("Highbury"), the parent company of Aston
(the "Highbury Transaction"). The independent trustees met in executive session
on November 20, 2009 and December 2, 2009, and the Board met in person on
December 6, 2009 to consider the proposals in connection with the Highbury
Transaction. The Board considered information about the Highbury Transaction
that had been provided by Aston, AMG and Highbury. The Board noted that upon
completion of the Highbury Transaction, Aston would be converted from a limited
liability company to a limited partnership and that AMG would hold a majority
equity interest in Aston. The Board considered that completion of the Highbury
Transaction would result in the "assignment" of the investment advisory
agreement then in effect for each Fund, causing those agreements to
automatically terminate.
In anticipation of the termination of the current investment advisory agreements
in connection with the Highbury Transaction, the Board, including the
Independent Trustees, determined that the terms of the New Advisory Agreements
between the Trust, on behalf of each Fund, and Aston are fair and reasonable and
approved each New Advisory Agreement, as being in the best interests of each
Fund. The Independent Trustees met separately from the "interested" Trustee of
the Trust to consider the approval of the New Advisory Agreement with respect to
each Fund and were assisted by independent legal counsel in their deliberations.
In determining whether to approve the New Advisory Agreement for each Fund in
connection with the Highbury Transaction and whether to recommend the approval
of the New Investment Advisory Agreements to shareholders, the Board received
information and made inquiries into all matters deemed relevant and considered
the following factors, among others:
- Based on representations from Aston and AMG, the Highbury Transaction
is not expected to result in any changes to the senior management team
or key personnel of Aston or otherwise affect the nature, extent and
quality of services to be provided by Aston, nor is the Highbury
Transaction expected to result in any changes to the sub-advisers of
the Funds.
- Based on representations from Aston and AMG, neither Aston nor AMG
have any present intention to make any material changes in the
operations of the Funds or its service providers, except for such
changes which the Board discussed and determined to be consistent with
the best interests of the Funds and their shareholders.
- The Board compared the platform that AMG would provide for Aston, the
subadvisers and the Funds with the platform currently provided by
Highbury and concluded that AMG's platform offers greater stability
and longevity, and was likely to provide a more supportive environment
for members of Aston's management in performing their duties for the
Funds.
- AMG's platform offers additional resources to Aston that are likely to
benefit the Funds, such as a broader distribution network, access to
in-house legal and compliance services, economies of scale in
purchasing services from service providers, and the additional breadth
of skills and experience that the new trustees who have been
recommended to serve upon the closing of the Transaction would bring
to the Board.
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Aston Funds
APRIL 30, 2010
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- The terms of each New Investment Advisory Agreement with Aston were
substantially the same as the then current investment advisory
agreement, and the investment advisory fee rate would remain the same.
- The Funds will not bear any of the costs relating to the Highbury
Transaction, including the costs of preparing, printing and mailing a
proxy statement to shareholders of the Funds and related solicitation
expenses.
The Board considered that it had renewed the current investment advisory
agreements pursuant to an extensive process that concluded at its December 2008
meeting, or pursuant to an extensive initial contract approval process in the
last year, and that the Board was in the process of completing this year's
contract renewal process. The Board also determined that it was appropriate to
take into consideration the extensive information received throughout the year
regarding performance and operating results of the Funds, given the continuity
of portfolio management expected following the Highbury Transaction. The Board
concluded, based upon all of these considerations, along with the conclusions
the Board reached with respect to the initial approval or last renewal of each
current investment advisory agreement, that it need not reconsider all of the
factors that it would typically consider in connection with an initial contract
approval or contract renewal.
Based upon its evaluation of all information and factors it deemed relevant and
assisted by the advice of independent legal counsel, the Board, including all of
the Independent Trustees, concluded that the terms of the New Advisory
Agreements, including the proposed advisory fees, were fair and reasonable, and
that the New Advisory Agreement on behalf of each Fund should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE CONTINUATION OF
SUB-INVESTMENT ADVISORY AGREEMENTS WITH ASTON ASSET MANAGEMENT, LP
At an in-person meeting held on December 6, 2009, the Board of Trustees (the
"Board") of Aston Funds (the "Trust"), including all of the Independent
Trustees, considered whether to approve new sub-investment advisory agreements
between Aston Asset Management, LP (then known as Aston Asset Management, LLC)
("Aston") and the following subadvisers (each a "Subadviser," and collectively,
the "Subadvisers") on behalf of the following funds (each a "Fund" and
collectively, the "Funds"):
SUBADVISER FUND
- ---------- --------------------------------------------------
Fortis Investment Management USA, Aston/Fortis Real Estate Fund
Inc.
Montag & Caldwell, Inc. Aston Balanced Fund (equity portion), Aston Growth
Fund, Aston/Montag & Caldwell Balanced Fund,
Aston/Montag & Caldwell Growth Fund and
Aston/Montag & Caldwell Mid Cap Growth Fund
Todd-Veredus Asset Management LLC Aston/Veredus Aggressive Growth Fund and
Aston/Veredus Select Growth Fund
River Road Asset Management, LLC Aston/River Road Dividend All Cap Value Fund,
Aston/River Road Small Cap Value Fund and
Aston/River Road Small-Mid Cap Fund
Baring International Investment
Limited Aston/Barings International Fund
Cardinal Capital Management, L.L.C. Aston/Cardinal Mid Cap Value Fund
Lake Partners, Inc. Aston/Lake Partners LASSO Alternatives Fund
M.D. Sass Investors Services, Inc. Aston/M.D. Sass Enhanced Equity Fund
MFS Institutional Advisors, Inc. Aston Value Fund
Neptune Investment Management Aston/Neptune International Fund
Limited
New Century Capital Management, LLC Aston/New Century Absolute Return ETF Fund
Optimum Investment Advisors, LLC Aston/Optimum Mid Cap Fund and
Aston/Optimum Large Cap Opportunity Fund
Smart Portfolios, LLC Aston Dynamic Allocation Fund
TAMRO Capital Partners, LLC Aston/TAMRO Diversified Equity Fund and
Aston/TAMRO Small Cap Fund
Taplin, Canida & Habacht LLC Aston Balanced Fund (fixed income portion)
and Aston/TCH Fixed Income Fund
The Board considered that completion of the Highbury Transaction would result in
the "assignment" of the current investment advisory agreement for each Fund,
causing the agreements to automatically terminate, which shall cause each
sub-investment advisory agreement to automatically terminate upon its terms. In
anticipation of the termination of the sub-investment advisory agreements, the
Board, including the Independent Trustees, determined that the approval of a new
sub-investment advisory agreement is in the best interests of each Fund. The
Independent Trustees met separately from the "interested" Trustee of the Trust
to consider the approval of the sub-investment advisory agreements with respect
to each Fund and were assisted by independent legal counsel in their
deliberations.
In determining whether to approve new sub-investment advisory agreements with
respect to each Fund, the Board considered information provided by Aston, AMG
and Highbury regarding the impact of the Highbury Transaction on the nature,
extent and quality of services to be provided by the Subadvisers. The Board also
considered that the terms of the sub-investment advisory agreements, including
the fees payable to the Subadvisers, would not change in connection with the
Highbury Transaction. The Board also considered that the Funds will not bear any
of the costs relating to the Highbury Transaction, including the costs of
preparing, printing and mailing a Proxy Statement to shareholders of the Funds
and related solicitation expenses. The Board considered that it had recently
approved or renewed each sub-investment advisory agreement pursuant to an
extensive annual renewal process that concluded at its December 2008 meeting or
pursuant to an extensive initial contract approval process in the last year, and
that it was in the process of completing this year's contract renewal process.
The Board also determined that it was appropriate to take into consideration the
extensive information received throughout the year regarding performance and
operating results of the Funds, given the continuity of portfolio management
expected following the Highbury Transaction. The Board concluded, based upon all
of these considerations, along with the conclusions the Board reached with
respect to the initial approval or last
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Aston Funds
APRIL 30, 2010
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
renewal of each sub-investment advisory agreement, that it need not reconsider
all of the factors that it would typically consider in connection with an
initial contract approval or contract renewal.
Based upon its evaluation of all information and factors it deemed relevant and
assisted by the advice of independent legal counsel, the Board, including all of
the Independent Trustees, concluded that a new sub-investment advisory agreement
on behalf of each Fund should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH RENEWAL OF THE
INVESTMENT ADVISORY AGREEMENTS WITH ASTON ASSET MANAGEMENT LLC
At an in-person meeting on December 17, 2009, the Board of Trustees (the
"Board") of Aston Funds (the "Trust"), including the Independent Trustees,
determined that the terms of the Investment Advisory Agreements (each an
"Investment Advisory Agreement" and collectively, the "Investment Advisory
Agreements") between the Trust and Aston Asset Management LLC ("Aston") with
respect to Aston Balanced Fund, Aston Dynamic Allocation Fund, Aston Value Fund,
Aston Growth Fund, Aston/Barings International Fund, Aston/Cardinal Mid Cap
Value Fund, Aston/Fortis Real Estate Fund, Aston/M.D. Sass Enhanced Equity Fund,
Aston/Montag & Caldwell Balanced Fund, Aston/Montag & Caldwell Growth Fund,
Aston/Montag & Caldwell Mid Cap Growth Fund, Aston/Neptune International Fund,
Aston/New Century Absolute Return ETF Fund, Aston/Optimum Mid Cap Fund,
Aston/Optimum Large Cap Opportunity Fund, Aston/River Road Dividend All Cap
Value Fund, Aston/River Road Small Cap Value Fund, Aston/River Road Small-Mid
Cap Fund, Aston/TAMRO Diversified Equity Fund, Aston/TAMRO Small Cap Fund,
Aston/TCH Fixed Income Fund, Aston/Veredus Aggressive Growth Fund, and
Aston/Veredus Select Growth Fund (each a "Fund" and collectively, the "Funds")
continued to be fair and reasonable and approved the continuation of the
Investment Advisory Agreement for each Fund as being in the best interests of
the Fund. In making such determinations, the Board, including the Independent
Trustees, considered materials received and discussions held with respect to the
continuation of each Investment Advisory Agreement at meetings in September and
December. The Board also noted that it had recently approved new Investment
Advisory Agreements with respect to each Fund at a special meeting held in
connection with the proposed acquisition of a majority interest in Aston by
Affiliated Managers Group, Inc. through the acquisition of Highbury Financial
Inc. (the "Highbury Transaction"). The Independent Trustees met separately from
the "interested" Trustee of the Trust and any officers of Aston or its
affiliates to consider the continuation of the Investment Advisory Agreement
with respect to each Fund and were assisted by independent legal counsel in
their deliberations.
In evaluating the Investment Advisory Agreement on behalf of each Fund, the
Board reviewed information regarding: (1) the nature, extent and quality of the
services to be provided to the Fund, including information regarding the
personnel involved in the investment oversight process; (2) the advisory fees
charged and total expense ratios of the Fund compared to a peer group of funds
compiled by Lipper, Inc. ("Lipper"); (3) fee waivers or expenses to be
reimbursed by the investment adviser and/or subadviser and the duration of terms
of such waivers; and (4) potential benefits to be received by affiliates of the
investment adviser from its relationship with the Fund. In considering the
Investment Advisory Agreement on behalf of each Fund, the Board, including the
Independent Trustees, did not identify any single factor or group of factors as
all-important or controlling, but considered all factors together. The following
summary does not detail all the matters considered.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services provided under the Investment Advisory Agreements. The
Board considered that Aston manages each Fund by delegating the day-to-day
investment responsibility for managing each Fund to a subadviser. The Board
considered Aston's ability and procedures to monitor the performance of
subadvisers, business practices and compliance policies and procedures. In this
regard, the Board noted the responsibilities and experience of Aston personnel,
the resources made available to such personnel, the ability of Aston to attract
and retain high quality personnel and the organizational depth and stability of
Aston. It also reviewed each Fund's investment performance over short-term and
long-term periods, and reviewed that performance as compared to a relevant peer
group of mutual funds compiled by Lipper and an appropriate index. The Board
considered whether investment results were consistent with each Fund's
investment objectives and policies. On the basis of this evaluation and its
ongoing review of operations, the Board concluded that the nature, quality and
extent of services provided by Aston historically have been and continue to be
satisfactory. With respect to all Funds, the Board concluded that the
performance of each Fund over time was satisfactory.
FEES AND EXPENSES. The Board considered each Fund's management fee rate,
operating expenses and total expense ratio, and compared this information to the
fees and expenses of a peer group based on information and data supplied by
Lipper. As a part of this analysis, the Board considered the investment advisory
fee paid by each Fund and the fees waived or expenses reimbursed by Aston and/or
a subadviser and compared the gross and net advisory fees to those of a peer
group. The Board considered modifications to the expense limitation and expense
reimbursement agreements proposed at the meeting and the effect those agreements
would have on expense ratios of the Funds, if any. The Board also considered the
advisory fees charged by Aston to other mutual fund and separate account
clients, but noted that in many cases the services provided were not comparable.
On the basis of the information provided, the Board concluded that management
fees were reasonable and appropriate in light of the nature, quality and extent
of services provided by Aston.
COSTS AND PROFITABILITY. The Board considered certain financial information and
statistics related to the costs and profitability of Aston's advisory agreements
with the Funds in light of
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Aston Funds
APRIL 30, 2010
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
Aston's business model, as well as fee waivers or expenses to be reimbursed, as
applicable. The Board noted that for certain funds, Aston and the subadviser
generally will each bear 50% of any fee waivers or expense reimbursements. This
information was provided by Aston and contained a number of estimates and
allocations. Because the Board recognized the inherently subjective nature of
profitability analysis, this information was utilized as an approximate rather
than a definitive measure of profitability. The Board considered that Aston must
be able to compensate its employees at competitive rates in order to attract and
retain high quality personnel to provide high quality services to the Funds.
Based on the information provided, the Board concluded that the profits realized
by Aston in connection with the management of the Funds were not unreasonable.
ECONOMIES OF SCALE. The Board considered whether there are economies of scale
with respect to the management of the Funds and whether the Funds benefit from
any economies of scale. The Board considered the size of the Funds, any
breakpoints in fees, and the nature of the asset class and any capacity limits.
The Board concluded that economies of scale were limited at this time for
certain Funds due to their size and that for certain Funds with breakpoints the
management fee schedule reflects an appropriate level of sharing of economies of
scale.
OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board considered the character and
amount of other incidental benefits received by Aston as a result of its
relationship with the Funds. The Board also considered the nature and amount of
fees to be paid by the Funds for services provided by Aston for administration
services. The Board also considered payments under the Rule 12b-1 distribution
plan and noted that Aston does not manage any of the Aston Funds directly and
therefore will not benefit from the use of "soft" commission dollars to pay for
research and brokerage services. The Board concluded that any incidental
benefits to be received by Aston from its relationship with the Funds are
expected to be reasonable and that the advisory fees were reasonable taking into
account any other benefits to be received by the Adviser.
CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board, including all of the
Independent Trustees, concluded that the terms of the Investment Advisory
Agreement for each Fund including the advisory fees were fair and reasonable,
and that the Investment Advisory Agreement on behalf of each Fund should be
approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH THE RENEWAL OF
SUB-INVESTMENT ADVISORY AGREEMENTS
At an in-person meeting on December 17, 2009, the Board of Trustees (the
"Board") of Aston Funds (the "Trust") determined that the terms of the
Sub-Investment Advisory Agreements (each a "Sub-Investment Advisory Agreement"
and collectively, the "Sub-Investment Advisory Agreements") between Aston and
each of the following subadvisers (each a "Subadviser," and collectively, the
"Subadvisers"): (i) Fortis Investment Management USA, Inc., with respect to
Aston/Fortis Real Estate Fund, (ii) Montag & Caldwell, Inc., with respect to
Aston/Montag & Caldwell Growth Fund, Aston Growth Fund, the equity portion of
Aston Balanced Fund, Aston/Montag & Caldwell Balanced Fund and Aston/Montag &
Caldwell Mid-Cap Growth Fund, (iii) Todd-Veredus Asset Management LLC, with
respect to Aston/Veredus Aggressive Growth Fund and Aston/Veredus Select Growth
Fund, (iv) MFS Institutional Advisors Inc., with respect to Aston Value Fund,
(v) Baring International Investment Limited, with respect to Aston/Barings
International Fund, (vi) Cardinal Capital Management, L.L.C., with respect to
Aston/Cardinal Mid Cap Value Fund, (vii) New Century Capital Management, LLC,
with respect to Aston/New Century Absolute Return ETF Fund, (viii) Neptune
Investment Management Limited, with respect to Aston/Neptune International Fund,
(ix) Optimum Investment Advisors, LLC, with respect to Aston/Optimum Mid Cap
Fund and Aston/Optimum Large Cap Opportunity Fund, (x) River Road Asset
Management, LLC, with respect to Aston/River Road Dividend All Cap Value Fund,
Aston/River Road Small Cap Value Fund and Aston/River Road Small-Mid Cap Fund,
(xi) Smart Portfolios, LLC, with respect to Aston Dynamic Allocation Fund, (xii)
TAMRO Capital Partners, LLC, with respect to Aston/TAMRO Diversified Equity Fund
and Aston/TAMRO Small Cap Fund, and (xiii) Taplin, Canida & Habacht, LLC
("TCH"), with respect to Aston/TCH Fixed Income Fund and the fixed income
portion of Aston Balanced Fund; (the foregoing funds each being referred to as a
"Fund," and collectively as the "Funds") continued to be fair and reasonable and
approved the continuation of the Sub-Investment Advisory Agreement for each Fund
as being in the best interest of the Fund. In making such determinations, the
Board, including the Independent Trustees, considered materials received and
discussions held with respect to the continuation of each Sub-Investment
Advisory Agreement at meetings in September and December. The Board also noted
that it had recently considered new Sub-Investment Advisory Agreements in
connection with a potential change of control of Aston. The Independent Trustees
met separately from the "interested" Trustee of the Trust and any officers of
Aston, the Subadvisers or their affiliates to consider the continuation of each
Sub-Investment Advisory Agreement with respect to each Fund and were assisted by
independent legal counsel in their deliberations. Among the matters considered
by the Board, including the Independent Trustees, in connection with its
approval of the Sub-Investment Advisory Agreements were the following:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services provided under the Sub-Investment Advisory Agreements.
The Board considered the experience and skills of senior management and
investment personnel of each Subadviser, the resources made available to such
personnel, the ability of each Subadviser to attract and retain high-quality
personnel, and the organizational depth and stability of each Subadviser. It
also reviewed each Fund's investment performance over short-term and long-term
periods, and reviewed that performance as compared to a relevant peer group of
mutual funds compiled by Lipper Inc. and to an appropriate index. The Board
considered whether investment results were consistent with each Fund's
investment objective(s) and policies.
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On the basis of this evaluation and its ongoing review of operations, the Board
concluded that the nature, quality and extent of services provided by each
Subadviser historically have been and continue to be satisfactory, and that the
performance of each Fund over time was satisfactory.
FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the subadvisory
fee rates under the Sub-Investment Advisory Agreements as well as the overall
management fee structure of the Funds. The Board considered that the
subadvisory fee rates were negotiated at arm's length between Aston and each
Subadviser, each an unaffiliated third party, and that Aston will compensate
each Subadviser from its fees. As part of its review of the investment advisory
agreement with Aston, the Board considered whether there will be economies of
scale with respect to the overall fee structure of each Fund and whether a Fund
will benefit from any economies of scale. The Board concluded that the proposed
subadvisory fee rates were reasonable in light of the nature, quality and extent
of services provided and that the economies of scale were limited at this time.
OTHER BENEFITS TO THE SUBADVISER. The Board also considered the character and
amount of other incidental benefits received by the Subadvisers. The Board
considered potential benefits to certain Subadvisers from the use of "soft
dollars" to pay for research services generated by parties other than the
executing broker dealer. The Board concluded that the subadvisory fees were
reasonable taking into account any other benefits to be received by the
Subadvisers from their relationship with the Funds.
CONCLUSION. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of each Sub-Investment Advisory
Agreement are fair and reasonable, and that the continuance of each
Sub-Investment Advisory Agreement is in the best interests of each Fund. No
single factor was determinative in the Board's analysis.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE CONTINUATION OF
CERTAIN SUB-INVESTMENT ADVISORY AGREEMENTS
At an in-person meeting held on January 22, 2010, the Board of Trustees (the
"Board") of Aston Funds (the "Trust"), including all of the Independent
Trustees, considered whether to approve the continuation of the sub-investment
advisory agreements between Aston Asset Management LLC ("Aston") and River Road
Asset Management, LLC (the "Subadviser") on behalf of Aston/River Road Dividend
All Cap Value Fund, Aston/River Road Small-Mid Cap Fund and Aston/River Road
Small Cap Value Fund (each a "Fund" and collectively, the "Funds").
The Board considered that the acquisition of the Subadviser by Aviva Investors
North America Holdings, Inc. ("Aviva Investors") (the "River Road Transaction")
may be deemed a change of control of the Subadviser under the Investment Company
Act of 1940, as amended, (the "1940 Act"), and may result, upon its completion,
in the automatic termination of the sub-investment advisory agreements. In
anticipation of the termination of the sub-investment advisory agreements, the
Board, including the Independent Trustees, determined that the continuation of
each sub-investment advisory agreement is in the best interests of each Fund.
The Independent Trustees met separately from the "interested" Trustee of the
Trust to consider the approval of the continuation of the sub-investment
advisory agreements with respect to each Fund and were assisted by independent
legal counsel in their deliberations.
In determining whether to approve the continuation of the sub-investment
advisory agreement on behalf of each Fund in connection with the River Road
Transaction, the Board received and considered information regarding the River
Road Transaction and representations from the Subadviser that the River Road
Transaction is not expected to result in any changes to investment personnel or
otherwise affect the nature, extent and quality of services to be provided by
the Subadviser. The Board also considered that the terms, including the fees
payable to the Subadviser, of the sub-investment advisory agreements would not
change. The Board also considered that River Road will bear all costs of the
Funds relating to the River Road Transaction, including the costs of preparing,
printing and mailing an Information Statement to shareholders of the Funds, if
required. The Board considered that it had recently renewed the sub-investment
advisory agreements pursuant to an extensive annual renewal process that
concluded at its December 2009 meeting, and that it had recently approved new
subadvisory agreements in connection with a change of control of Aston. The
Board concluded, based upon all of these considerations, along with the
conclusions the Board reached with respect to the last renewal of the
sub-investment advisory agreements, that it need not reconsider all of the
factors that it would typically consider in connection with an initial contract
approval or contract renewal.
Based upon its evaluation of all information and factors it deemed relevant and
assisted by the advice of independent legal counsel, the Board, including all of
the Independent Trustees, concluded that the continuation of the sub-investment
advisory agreement on behalf of each Fund should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH APPROVAL OF THE
INVESTMENT ADVISORY AGREEMENT FOR ASTON/HERNDON LARGE CAP VALUE FUND
At an in-person meeting on March 18, 2010, the Board of Trustees (the "Board")
of Aston Funds (the "Trust"), including the Independent Trustees, determined
that the terms of the Investment Advisory Agreement with Aston Asset Management
LLC ("Aston") with respect to the Aston/Herndon Large Cap Fund (the "New Fund")
are fair and reasonable and approved the Investment Advisory Agreement for the
New Fund as being in the best interests of the New Fund. The Board also
determined that a new Investment Advisory Agreement with Aston Asset Management,
LP on substantially the same terms following the consummation of a transaction
by which Affiliated Managers Group, Inc. would acquire a majority interest in
Aston
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ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
through the acquisition of Highbury Financial Inc. (the "Highbury Transaction")
was in the best interests of the Fund. In making such determinations, the Board,
including the Independent Trustees, considered materials received and
discussions held with respect to the approval of the Investment Advisory
Agreement at the March meeting and prior meetings. The Board also considered
information received and discussions held at special meetings held in connection
with the Highbury Transaction. The Independent Trustees met separately from the
"interested" Trustee of the Trust and any officers of Aston or its affiliates to
consider approval of the Investment Advisory Agreements with respect to the New
Fund and were assisted by independent legal counsel in their deliberations.
In evaluating the Investment Advisory Agreements on behalf of the New Fund, the
Board reviewed information regarding: (1) the nature, extent and quality of the
services to be provided to the New Fund, including information regarding the
personnel involved in the investment oversight process; (2) the advisory fees to
be charged and estimated total expense ratio of the New Fund compared to a peer
group of funds; (3) fee waivers or expenses to be reimbursed by the investment
adviser and/or subadviser; and (4) potential benefits to be received by Aston or
its affiliates from Aston's relationship with the New Fund. In considering the
Investment Advisory Agreements on behalf of the New Fund, the Board, including
the Independent Trustees, did not identify any single factor or group of factors
as all-important or controlling, but considered all factors together. The
following summary does not detail all the matters considered.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered that Aston intends
to manage the New Fund by delegating the day-to-day investment responsibility
for managing the New Fund to a subadviser. The Board considered Aston's ability
and procedures to monitor the performance of subadvisers, business practices and
compliance policies and procedures. In this regard, the Board noted the
responsibilities and experience of Aston personnel. The Board also noted the
nature and quality of administration services currently provided by Aston to the
Trust. The Board also considered all of the information previously considered at
special meetings held in connection with the Highbury Transaction. On the basis
of this evaluation, the Board concluded that the nature, quality and extent of
services to be provided by Aston are expected to be satisfactory.
EXPENSES. The Board considered the New Fund's proposed management fee rate and
total net expense ratio after contractual expense reimbursements and fee
waivers. As a part of this analysis, the Board compared the proposed advisory
fees and total net expenses to those of a relevant peer group for the New Fund.
The Board concluded that the proposed advisory fees were reasonable and
appropriate in light of the nature, quality and extent of services to be
provided by Aston.
COSTS AND PROFITABILITY. With respect to the costs of services to be provided
and profits to be realized by the investment adviser, the Board considered the
resources involved in managing the New Fund in light of Aston's business model
as well as fee waivers or expenses to be reimbursed under an Expense
Reimbursement Agreement with Aston. The Board noted that, with respect to the
New Fund, the adviser and subadviser each generally will bear 50% of any fee
waivers or expense reimbursements. Because the New Fund has not yet commenced
operations, profitability information was not available. However, based upon
projected asset size and the impact of fee waivers or expenses to be reimbursed
by the investment adviser, the Board concluded that profitability was not
expected to be unreasonable.
ECONOMIES OF SCALE. The Board considered the extent to which economies of scale
would be realized as the New Fund grows. The Board considered the potential
asset size of the New Fund, as well as the Expense Reimbursement Agreement, and
concluded that at this time the potential for economies of scale are limited.
OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board considered the nature and
amount of fees to be paid by the New Fund for services to be provided by Aston
for administration services. The Board noted that Aston currently does not
intend to manage any of the Aston Funds directly, and therefore, will not
benefit from the use of "soft" commission dollars to pay for research and
brokerage services. The Board concluded that any other benefits to be received
by the Adviser from its relationship with the New Fund was not expected to be
unreasonable.
CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board, including all of the
Independent Trustees, concluded that the terms of the Investment Advisory
Agreement for the New Fund, including the proposed advisory fee, were fair and
reasonable, and that the Investment Advisory Agreement on behalf of the New Fund
should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH THE APPROVAL OF
THE SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON/HERNDON LARGE CAP VALUE FUND
The Board of Trustees (the "Board") of Aston Funds (the "Trust") approved a
Sub-Investment Advisory Agreement (the "Sub-Investment Advisory Agreement")
between Aston Asset Management LLC ("Adviser" or "Aston") and Herndon Capital
Management, LLC ("Subadviser" or "Herndon") with respect to the Aston/Herndon
Large Cap Fund (the "New Fund") at an in-person meeting on March 18, 2010. The
Board considered information provided and discussions held at the March meeting
and at prior meetings. The Board also determined that a new Sub-Investment
Advisory Agreement on substantially the same terms as the initial Sub-Investment
Advisory Agreement, which would take effect following the closing of the
Highbury Transaction (as defined in Exhibit A), was in the best interests of the
New Fund. 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:
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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 New Fund and the
resources made available to such personnel. On the basis of this evaluation, the
Board concluded that the nature, quality and extent of services to be provided
by the Subadviser are expected to be satisfactory.
FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the subadvisory
fee rates under the Sub-Investment Advisory Agreement as well as the overall
management fee structure of the New Fund. The Board considered that the
sub-advisory fee rates were negotiated at arm's length between Aston and the
Subadviser, an unaffiliated third party, and that Aston will compensate the
Subadviser from its fees. As part of its review of the investment advisory
agreement with Aston, the Board considered whether there will be economies of
scale with respect to the overall fee structure of the New Fund and whether the
New Fund will benefit from any economies of scale.
The Board concluded that the proposed subadvisory fee rates were reasonable in
light of the nature, quality and extent of services to be provided and that the
economies of scale were limited at this time.
OTHER BENEFITS TO THE SUBADVISER. The Board also considered the character and
amount of other incidental benefits received by the Subadviser. The Board
considered potential benefits to the Subadviser from the use of "soft dollars"
to pay for research services generated by parties other than the executing
broker dealer. The Board concluded that any other benefits to be received by the
Subadviser from its relationship with the New Fund were not expected to be
unreasonable.
CONCLUSION. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of the Sub-Investment Advisory
Agreement are fair and reasonable, and that the approval of the Sub-Investment
Advisory Agreement is in the best interests of the New Fund. No single factor
was determinative in the Board's analysis.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH APPROVAL OF THE
INVESTMENT ADVISORY AGREEMENT FOR ASTON/FASCIANO SMALL CAP FUND
At an in-person meeting on December 17, 2009, the Board of Trustees (the
"Board") of Aston Funds (the "Trust"), including the Independent Trustees,
determined that the terms of the Investment Advisory Agreement with Aston Asset
Management LLC ("Aston") with respect to the Aston/Fasciano Small Cap Fund (the
"New Fund") are fair and reasonable and approved the Investment Advisory
Agreement for the New Fund as being in the best interests of the New Fund. The
Board also determined that a new Investment Advisory Agreement with Aston Asset
Management, LP on substantially the same terms following the consummation of a
transaction by which Affiliated Managers Group, Inc. would acquire a majority
interest in Aston through the acquisition of Highbury Financial Inc. (the
"Highbury Transaction") was in the best interest of the Fund. In making such
determinations, the Board, including the Independent Trustees, considered
materials received and discussions held with respect to the approval of the
Investment Advisory Agreement at the December meeting and prior meetings. The
Board also considered information received and discussions held at special
meetings held in connection with the Highbury Transaction. The Independent
Trustees met separately from the "interested" Trustee of the Trust and any
officers of Aston or its affiliates to consider approval of the Investment
Advisory Agreements with respect to the New Fund and were assisted by
independent legal counsel in their deliberations.
In evaluating the Investment Advisory Agreements on behalf of the New Fund, the
Board reviewed information regarding: (1) the nature, extent and quality of the
services to be provided to the New Fund, including information regarding the
personnel involved in the investment oversight process; (2) the advisory fees to
be charged and estimated total expense ratio of the New Fund compared to a peer
group of funds; (3) fee waivers or expenses to be reimbursed by the investment
adviser and/or subadviser; and (4) potential benefits to be received by Aston or
its affiliates from Aston's relationship with the New Fund. In considering the
Investment Advisory Agreements on behalf of the New Fund, the Board, including
the Independent Trustees, did not identify any single factor or group of factors
as all-important or controlling, but considered all factors together. The
following summary does not detail all the matters considered.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered that Aston intends
to manage the New Fund by delegating the day-to-day investment responsibility
for managing the New Fund to a subadviser. The Board considered Aston's ability
and procedures to monitor the performance of subadvisers, business practices and
compliance policies and procedures. In this regard, the Board noted the
responsibilities and experience of Aston personnel. The Board also noted the
nature and quality of administration services currently provided by Aston to the
Trust. The Board also considered all of the information previously considered at
special meetings held in connection with the Highbury Transaction. On the basis
of this evaluation, the Board concluded that the nature, quality and extent of
services to be provided by Aston are expected to be satisfactory.
EXPENSES. The Board considered the New Fund's proposed management fee rate and
total net expense ratio after contractual expense reimbursements and fee
waivers. As a part of this analysis, the Board compared the proposed advisory
fees and total net expenses to those of a relevant peer group for the New Fund.
The Board concluded that the proposed advisory fees were reasonable and
appropriate in light of the nature, quality and extent of services to be
provided by Aston.
COSTS AND PROFITABILITY. With respect to the costs of services to be provided
and profits to be realized by the investment adviser,
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APRIL 30, 2010
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
the Board considered the resources involved in managing the New Fund in light of
Aston's business model as well as fee waivers or expenses to be reimbursed under
an Expense Reimbursement Agreement with Aston. The Board noted that, with
respect to the New Fund, the adviser and subadviser each generally will bear 50%
of any fee waivers or expense reimbursements. Because the New Fund has not yet
commenced operations, profitability information was not available. However,
based upon projected asset size and the impact of fee waivers or expenses to be
reimbursed by the investment adviser, the Board concluded that profitability was
not expected to be unreasonable.
ECONOMIES OF SCALE. The Board considered the extent to which economies of scale
would be realized as the New Fund grows. The Board considered the potential
asset size of the New Fund, as well as the Expense Reimbursement Agreement, and
concluded that at this time the potential for economies of scale are limited.
OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board considered the nature and
amount of fees to be paid by the New Fund for services to be provided by Aston
for administration services. The Board noted that Aston currently does not
intend to manage any of the Aston Funds directly, and therefore, will not
benefit from the use of "soft" commission dollars to pay for research and
brokerage services. The Board concluded that the advisory fees were reasonable
taking into account any other benefits to be received by the Adviser from its
relationship with the New Fund.
CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board, including all of the
Independent Trustees, concluded that the terms of the Investment Advisory
Agreement for the New Fund, including the proposed advisory fee, were fair and
reasonable, and that the Investment Advisory Agreement on behalf of the New Fund
should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH THE APPROVAL OF
THE SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON/FASCIANO SMALL CAP FUND
The Board of Trustees (the "Board") of Aston Funds (the "Trust") approved a
Sub-Investment Advisory Agreement (the "Sub-Investment Advisory Agreement")
between Aston Asset Management LLC ("Adviser" or "Aston") and Fasciano
Associates, LLC ("Subadviser" or "Fasciano") with respect to the Aston/Fasciano
Small Cap Fund (the "New Fund") at an in-person meeting on December 17, 2009.
The Board considered information provided and discussions held at the December
meeting and at prior meetings. The Board also determined that a new
Sub-Investment Advisory Agreement on substantially the same terms as the initial
Sub-Investment Advisory Agreement, which would take effect following the closing
of the Highbury Transaction (as defined in Exhibit A), was in the best interests
of the New Fund. 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:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, extent
and quality of services expected to be provided under the Sub-Investment
Advisory Agreement. The Board considered the reputation, qualifications and
background of the proposed Subadviser. The Board also considered the investment
approach of the Subadviser, the experience and skills of investment personnel
responsible for the day-to-day investment management of the New Fund and the
resources made available to such personnel. On the basis of this evaluation, the
Board concluded that the nature, quality and extent of services to be provided
by the Subadviser are expected to be satisfactory.
FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the subadvisory
fee rates under the Sub-Investment Advisory Agreement as well as the overall
management fee structure of the New Fund. The Board considered that the
sub-advisory fee rates were negotiated at arm's length between Aston and the
Subadviser, an unaffiliated third party, and that Aston will compensate the
Subadviser from its fees. As part of its review of the investment advisory
agreement with Aston, the Board considered whether there will be economies of
scale with respect to the overall fee structure of the New Fund and whether the
New Fund will benefit from any economies of scale.
The Board concluded that the proposed subadvisory fee rates were reasonable in
light of the nature, quality and extent of services to be provided and that the
economies of scale were limited at this time.
OTHER BENEFITS TO THE SUBADVISER. The Board also considered the character and
amount of other incidental benefits received by the Subadviser. The Board
considered potential benefits to the Subadviser from the use of "soft dollars"
to pay for research services generated by parties other than the executing
broker dealer. The Board concluded that the subadvisory fees were reasonable
taking into account any other benefits to be received by the Subadviser from its
relationship with the New Fund.
CONCLUSION. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of the Sub-Investment Advisory
Agreement are fair and reasonable, and that the approval of the Sub-Investment
Advisory Agreement is in the best interests of the New Fund. No single factor
was determinative in the Board's analysis.
SHAREHOLDER VOTING RESULTS: On March 22, 2010, the Trust held a Special Meeting
of Shareholders (the "Meeting") for the following purposes:
(1) To approve a new investment advisory agreement between the Trust, on
behalf of each Fund, and Aston Asset Management, LP ("Proposal 1");
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APRIL 30, 2010
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
(2) To approve an amendment to the By-Laws of the Trust relating to the
retirement age of the trustees ("Proposal 2");
(3) To elect ten trustees to the Board of the Trust ("Proposal 3");
(4) To approve the reorganization of each of the following Funds listed
below ("Proposal 4"):
(a) For shareholders of Aston Balanced Fund, to approve the
reorganization of the Fund into Aston/Montag & Caldwell Balanced
Fund; and
(b) For shareholders of Aston Growth Fund, to approve the
reorganization of the Fund into Aston/Montag & Caldwell Growth
Fund.
With respect to Proposal 1 for the Aston/Barings International Fund, the meeting
was adjourned and reconvened on March 24, 2010. All proposals were approved by
the shareholders for all Funds. The results of the voting are as follows:
PROPOSAL 1: APPROVAL OF INVESTMENT ADVISORY AGREEMENT
FOR AGAINST ABSTAIN
-------------- ----------- -----------
Aston Growth Fund.............................................. 3,295,149.454 35,883.704 44,979.210
Aston/Montag & Caldwell Growth Fund............................ 66,512,109.988 562,310.623 977,543.073
Aston/Veredus Select Growth Fund............................... 4,284,339.829 16,099.000 33,491.953
Aston/Optimum Large Cap Opportunity Fund....................... 340,806.364 1,232.000 15,229.000
Aston/TAMRO Diversified Equity Fund............................ 484,881.737 1,979.944 8,658.082
Aston/M.D. Sass Enhanced Equity Fund........................... 2,905,937.553 2,300.000 --
Aston Value Fund............................................... 25,748,765.155 27,895.084 107,248.454
Aston/River Road Dividend All Cap Value Fund................... 11,995,011.888 61,915.758 31,219.000
Aston/Montag & Caldwell Mid Cap Growth Fund.................... 170,250.033 188.383 --
Aston/Optimum Mid Cap Fund..................................... 22,092,933.629 152,372.661 767,265.008
Aston/Cardinal Mid Cap Value Fund.............................. 107,179.768 -- --
Aston/Veredus Aggressive Growth Fund........................... 2,872,775.736 24,858.953 30,514.867
Aston/Fasciano Small Cap Fund.................................. 202,001.000 -- --
Aston/TAMRO Small Cap Fund..................................... 35,762,904.282 73,621.220 224,965.509
Aston/River Road Select Value Fund............................. 14,257,362.985 76,268.662 53,830.000
Aston/River Road Small Cap Value Fund.......................... 28,363,415.233 105,513.019 244,873.390
Aston/Neptune International Fund............................... 202,274.009 -- --
Aston/Barings International Fund............................... 4,415,162.483 -- --
Aston Dynamic Allocation Fund.................................. 2,895,903.539 16,592.000 64,426.000
Aston/New Century Absolute Return ETF Fund..................... 842,243.072 9,625.000 22,913.164
Aston/Lake Partners LASSO Alternatives Fund.................... 475,974.413 -- --
Aston/Fortis Real Estate Fund.................................. 4,043,692.753 7,843.164 7,969.835
Aston Balanced Fund............................................ 2,063,880.588 68,785.505 4,087.584
Aston/Montag & Caldwell Balanced Fund.......................... 499,456.600 5,991.600 2,577.868
Aston/TCH Fixed Income Fund.................................... 2,305,605.011 29,176.514 46,634.009
PROPOSAL 2: APPROVAL OF AMENDMENT TO THE BY-LAWS
FOR AGAINST ABSTAIN
- --------------- ------------- -------------
311,929,757.490 2,859,663.236 4,609,982.176
PROPOSAL 3: ELECTION OF TRUSTEES
NUMBER OF
SHARES VOTING
-------------------------------
FOR WITHHELD
--------------- -------------
Jack W. Aber 315,090,981.354 4,308,421.548
Stuart D. Bilton 309,602,205.053 9,797,197.849
William E. Chapman II 315,198,637.361 4,200,765.541
Edward J. Kaier 315,211,513.607 4,187,889.295
NUMBER OF
SHARES VOTING
-------------------------------
FOR WITHHELD
--------------- -------------
Jeffrey S. Murphy 309,614,087.264 9,785,315.638
Gregory T. Mutz 309,572,090.932 9,827,311.970
Steven J. Paggioli 315,259,153.899 4,140,249.003
Eric Rakowski 315,227,141.196 4,172,261.706
Robert B. Scherer 315,172,474.478 4,226,928.424
Thomas R. Schneeweis 315,209,349.941 4,190,052.961
PROPOSAL 4: APPROVAL OF REORGANIZATION OF THE ASTON BALANCED FUND AND ASTON
GROWTH FUND
FOR AGAINST ABSTAIN
------------- ---------- ----------
Aston Growth Fund ..... 3,285,077.971 50,234.873 40,699.524
Aston Balanced Fund ... 2,063,988.588 68,784.505 3,980.584
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.
133
Aston Funds
APRIL 30, 2010
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
Please note that the expenses shown in the table are meant to highlight and help
you compare your ongoing costs only and do not reflect any transactional costs
such as sales charges (loads) and redemption fees, which are described in the
Prospectus. If these costs were applied to your account, your costs would be
higher.
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/09 04/30/10 RATIO(1) PERIOD(2)
--------- --------- ------- -----------
M&C GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,111.10 1.07% $5.60
Class I ........................... 1,000 1,112.10 0.82% 4.29
Class R ........................... 1,000 1,109.10 1.32% 6.90
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.49 1.07% $5.36
Class I ........................... 1,000 1,020.73 0.82% 4.11
Class R ........................... 1,000 1,018.25 1.32% 6.61
VEREDUS SELECT GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,291.20 1.30% $7.39
Class I ........................... 1,000 1,291.00 1.05% 5.96
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.35 1.30% $6.51
Class I ........................... 1,000 1,019.59 1.05% 5.26
OPTIMUM LARGE CAP OPPORTUNITY FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,099.60 1.22% $6.35
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.74 1.22% $6.11
TAMRO DIVERSIFIED EQUITY FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,159.70 1.20% $6.43
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.84 1.20% $6.01
M.D. SASS ENHANCED EQUITY FUND (3)
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,084.40 1.40% $7.24
Class I ........................... 1,000 1,025.10 1.15% 1.88
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.85 1.40% $7.00
Class I ........................... 1,000 1,019.09 1.15% 5.76
HERNDON LARGE CAP VALUE FUND (4)
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,007.00 1.30% $1.11
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.35 1.30% $6.51
VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,120.30 1.07% $5.63
Class I ........................... 1,000 1,121.60 0.82% 4.31
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.49 1.07% $5.36
Class I ........................... 1,000 1,020.73 0.82% 4.11
RIVER ROAD DIVIDEND ALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,175.60 1.15% $6.20
Class I ........................... 1,000 1,177.30 0.90% 4.86
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.09 1.15% $5.76
Class I ........................... 1,000 1,020.33 0.90% 4.51
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/09 04/30/10 RATIO(1) PERIOD(2)
--------- --------- ------- -----------
M&C MID CAP GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,200.10 1.40% $7.64
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.85 1.40% $7.00
OPTIMUM MID CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,279.20 1.12% $6.33
Class I ........................... 1,000 1,280.50 0.87% 4.92
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.24 1.12% $5.61
Class I ........................... 1,000 1,020.48 0.87% 4.36
CARDINAL MID CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,169.00 1.40% $7.53
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.85 1.40% $7.00
VEREDUS AGGRESSIVE GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,391.30 1.49% $8.83
Class I ........................... 1,000 1,393.50 1.24% 7.36
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.41 1.49% $7.45
Class I ........................... 1,000 1,018.65 1.24% 6.21
FASCIANO SMALL CAP FUND (5)
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,089.00 1.40% $5.17
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.85 1.40% $7.00
TAMRO SMALL CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,283.40 1.36% $7.70
Class I ........................... 1,000 1,285.10 1.11% 6.29
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.05 1.36% $6.80
Class I ........................... 1,000 1,019.29 1.11% 5.56
RIVER ROAD SELECT VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,185.50 1.44% $7.80
Class I ........................... 1,000 1,188.70 1.19% 6.46
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.65 1.44% $7.20
Class I ........................... 1,000 1,018.89 1.19% 5.96
RIVER ROAD SMALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,184.00 1.41% $7.64
Class I ........................... 1,000 1,185.00 1.16% 6.28
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.80 1.41% $7.05
Class I ........................... 1,000 1,019.04 1.16% 5.81
NEPTUNE INTERNATIONAL FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,085.70 1.27% $6.57
Class I ........................... 1,000 1,087.90 1.02% 5.28
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.50 1.27% $6.36
Class I ........................... 1,000 1,019.74 1.02% 5.11
134
Aston Funds
APRIL 30, 2010
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/09 04/30/10 RATIO(1) PERIOD(2)
--------- --------- ------- -----------
BARINGS INTERNATIONAL FUND (6)
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,027.80 1.40% $2.29
Class I ........................... 1,000 1,035.60 1.15% 5.80
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.85 1.40% $7.00
Class I ........................... 1,000 1,019.09 1.15% 5.76
DYNAMIC ALLOCATION FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,081.50 1.30% $6.71
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.35 1.30% $6.51
NEW CENTURY ABSOLUTE RETURN ETF FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,122.40 1.29% $6.79
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.40 1.29% $6.46
LAKE PARTNERS LASSO ALTERNATIVES FUND
(7)
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,027.90 1.46% $2.39
Class I ........................... 1,000 1,071.00 1.32% 6.78
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.55 1.46% $7.30
Class I ........................... 1,000 1,018.25 1.32% 6.61
FORTIS REAL ESTATE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,340.80 1.37% $7.95
Class I ........................... 1,000 1,342.00 1.12% 6.50
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.00 1.37% $6.85
Class I ........................... 1,000 1,019.24 1.12% 5.61
M&C BALANCED FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,078.80 1.10% $5.67
Class I ........................... 1,000 1,079.00 1.10% 5.67
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.34 1.10% $5.51
Class I ........................... 1,000 1,019.34 1.10% 5.51
TCH FIXED INCOME FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,047.70 0.49% $2.49
Class I ........................... 1,000 1,047.70 0.49% 2.49
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,022.36 0.49% $2.46
Class I ........................... 1,000 1,022.36 0.49% 2.46
(1) Annualized, based on the Funds' most recent fiscal half-year expenses.
(2) Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in
the most recent fiscal half-year or partial year, if applicable, for the
actual return and multiplied by the most recent fiscal half-year for the
hypothetical 5% return, then divided by 365. Expense ratios do not include
interest expense, if applicable.
(3) M.D. Sass Enhanced Equity Fund began issuing Class I Shares on March 3,
2010.
(4) Herndon Large Cap Value Fund commenced investment operations on March 31,
2010.
(5) Fasciano Small Cap Fund commenced investment operations on December 23,
2009.
(6) Barings International Fund began issuing Class N Shares on March 3, 2010.
(7) Lake Partners LASSO Alternatives Fund began issuing class N Shares on March
3, 2010.
135
Aston Funds
ADVISER
Aston Asset Management, LP
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
Fasciano Associates, LLC
737 N. Michigan Avenue, Suite 2210
Chicago, IL 60011
Herndon Capital Management, LLC
100 Auburn Avenue, Suite 300
Atlanta, GA 30303
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
3 Shortlands
London, W6 8DA
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
National City Tower
101 South 5th Street, Suite 3100
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.
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Guide to Shareholder Benefits
We're delighted to offer all Aston Funds shareholders a variety of services and
convenient options. To receive more information about any of these benefits,
simply call an Investor Services Associate Monday through Friday, 9 a.m. -
7 p.m. ET.
THE EASY WAY TO ADD TO YOUR ACCOUNT: START AN AUTOMATIC INVESTMENT PLAN
For N class shareholders, systematic investing is an easy, effortless way to
help reach any investment goal. Just choose a fixed amount, and we'll
automatically deduct it from your checking or savings account on a regular
schedule and invest it in your Aston Funds account. Periodic investment plans
involve continuous investments in securities regardless of price. You should
consider your financial ability to continue to purchase shares through periods
of both high and low price levels. This plan does not assure a profit and does
not protect against loss in declining markets.
COMPOUND YOUR EARNINGS WITH AUTOMATIC DIVIDEND REINVESTMENT
By automatically reinvesting dividends into your Fund account, profits have the
opportunity to mount. Monthly and quarterly dividends and annual capital gain
distributions are reinvested at no charge.
ACCESS INFORMATION AND MAKE TRANSACTIONS ONLINE AT OUR WEB SITE
You can open a new account, access account balances, view statements, obtain
fund information, and make transactions online 24 hours a day, 7 days a week.
www.astonfunds.com
Our Shareholder Services Line
Is at Your Service 24 Hours a Day
800 992-8151
Investor Services Associates are available to assist you Monday - Friday 9 a.m.
to 7 p.m., ET. Or, call any time, day or night, for automated account
information to make exchanges or check fund performance.
(ASTON ASSET MANAGEMENT LOGO)
Aston Funds
P.O. Box 9765
Providence, RI 02940
ATSEM 10
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) Schedule of Investments in securities of unaffiliated issuers as of the
close of the reporting period is included as part of the report to
shareholders filed under Item 1 of this form.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),
or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's second
fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) Aston Funds
By (Signature and Title)* /s/ Stuart D. Bilton
-----------------------------------------
Stuart D. Bilton, Chief Executive Officer
(principal executive officer)
Date 6/29/10
----------
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/ Stuart D. Bilton
-----------------------------------------
Stuart D. Bilton, Chief Executive Officer
(principal executive officer)
Date 6/29/10
----------
By (Signature and Title)* /s/ Gerald F. Dillenburg
-----------------------------------------
Gerald F. Dillenburg, Senior Vice President,
Secretary & Treasurer
(principal financial officer)
Date 6/29/10
----------
* Print the name and title of each signing officer under his or her
signature.