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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
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(Exact name of registrant as specified in charter)
120 North LaSalle Street, 25th Floor
Chicago, IL 60602
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(Address of principal executive offices) (Zip code)
Kenneth C. Anderson, President
Aston Funds
120 North LaSalle Street, 25th Floor
Chicago, IL 60602
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(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, 2011
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.
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ITEM 1. REPORTS TO STOCKHOLDERS.
(ASTON FUNDS LOGO)
Semi Annual Report 2011 April 30, 2011
CLASS N, I & R SHARES
Equity
International
Alternative
Sector
Balanced
Fixed Income
The Report to Shareholders is attached herewith.
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.
Aston Funds values 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
ASTON/Montag & Caldwell Growth Fund
ASTON/Veredus Select Growth Fund
ASTON/TAMRO Diversified Equity Fund
ASTON/Herndon Large Cap Value Fund
ASTON Value Fund
EQUITY INCOME FUND
ASTON/River Road Dividend All Cap Value Fund
MID CAP FUNDS
ASTON/Montag & Caldwell Mid Cap Growth Fund
ASTON/Fairpointe Mid Cap Fund
(FORMERLY KNOWN AS ASTON/OPTIMUM MID CAP FUND)
ASTON/Cardinal Mid Cap Value Fund
SMALL CAP FUNDS
ASTON/Veredus Aggressive Growth Fund
ASTON/Crosswind Small Cap Growth Fund
ASTON/TAMRO Small Cap Fund
ASTON/River Road Select Value Fund
ASTON/River Road Small Cap Value Fund
ASTON/River Road Independent Value Fund
INTERNATIONAL FUNDS
ASTON/Neptune International Fund
ASTON/Barings International Fund
ALTERNATIVE FUNDS
ASTON Dynamic Allocation Fund
ASTON/M.D. Sass Enhanced Equity Fund
ASTON/New Century Absolute Return ETF Fund
ASTON/Lake Partners LASSO Alternatives Fund
SECTOR FUND
ASTON/Fortis Real Estate Fund
BALANCED FUND
ASTON/Montag & Caldwell Balanced Fund
FIXED INCOME FUND
ASTON/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
inancial Highlights ...................................................... 68
Notes to Financial Statements ............................................ 111
Additional Information ................................................... 127
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 BNY MELLON 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, 2011
AVERAGE ANNUAL TOTAL RETURNS
SIX
MONTH TOTAL NET
TOTAL ONE FIVE TEN SINCE EXPENSE EXPENSE INCEPTION
CLASS RETURN(a) YEAR YEAR YEAR INCEPTION RATIO(b) RATIO (b) DATE
----- --------- ----- ----- ----- --------- -------- --------- ---------
EQUITY FUNDS
Montag & Caldwell Growth Fund N 12.95% 12.03% 5.09% 2.46% 8.81% 1.09% 1.09% 11/02/94
I 13.11 12.38 5.37 2.74 6.88 0.84 0.84 06/28/96
R 12.81 11.77 4.85 N/A 6.31 1.34 1.34 12/31/02
Veredus Select Growth Fund (1) N 17.45 13.83 2.85 N/A 4.94 1.35 1.32 12/31/01
I 17.60 14.21 N/A N/A 6.25 1.10 1.07 09/11/06
TAMRO Diversified Equity Fund (1) N 16.74 22.76 5.28 5.38 5.72 1.64 1.21 11/30/00
Herndon Large Cap Value Fund (1) N 16.90 20.61 N/A N/A 19.62 13.86 1.32 03/31/10
I N/A N/A N/A N/A 5.66(c) 13.61 1.07 03/02/11
Value Fund (d) N 16.33 16.69 2.96 3.80 7.47 1.19 1.19 01/04/93
I 16.60 16.98 3.23 N/A 4.58 0.94 0.94 09/20/05
River Road Dividend All Cap Value Fund N 12.11 16.53 4.63 N/A 6.43 1.15 1.15 06/28/05
I 12.26 16.83 N/A N/A 0.98 0.90 0.90 06/28/07
Montag & Caldwell Mid Cap Growth
Fund (1) N 22.68 27.63 N/A N/A 1.30 3.56 1.41 11/02/07
Fairpointe Mid Cap Fund N 18.69 18.77 10.13 10.22 13.07 1.15 1.15 09/19/94
I 18.84 19.08 10.41 N/A 9.74 0.90 0.90 07/06/04
Cardinal Mid Cap Value Fund (1) N 21.44 23.76 N/A N/A 1.39 7.66 1.42 11/02/07
Veredus Aggressive Growth Fund (1) N 33.14 25.88 1.93 1.64 9.17 1.64 1.50 06/30/98
I 33.39 26.15 2.20 N/A 3.22 1.39 1.25 10/05/01
Crosswind Small Cap Growth Fund (1) N N/A N/A N/A N/A 26.00(c) 13.35 1.36 11/03/10
TAMRO Small Cap Fund N 23.88 27.69 6.54 11.10 12.09 1.34 1.34 11/30/00
I 24.06 28.03 6.82 N/A 9.55 1.09 1.09 01/04/05
River Road Select Value Fund N 15.76 14.11 N/A N/A 1.08 1.42 1.42 03/29/07
I 15.98 14.33 N/A N/A 0.09 1.17 1.17 06/28/07
River Road Small Cap Value Fund N 15.06 10.39 2.47 N/A 6.08 1.40 1.40 06/28/05
I 15.21 10.64 N/A N/A 0.38 1.15 1.15 12/13/06
River Road Independent Value Fund (1) N N/A N/A N/A N/A 8.70(c) 2.15 1.42 12/31/10
INTERNATIONAL FUNDS
Neptune International Fund (1) N 11.77 27.41 N/A N/A -4.14 8.59 1.29 06/17/08
I 11.92 27.73 N/A N/A 0.17 8.34 1.04 08/06/07
Barings International Fund (e) N 9.85 19.41 N/A N/A 19.28 1.73 1.41 03/03/10
I 9.83 19.73 N/A N/A -6.16 1.48 1.16 11/02/07
ALTERNATIVE FUNDS
Dynamic Allocation Fund (e) N 10.67 10.43 N/A N/A 3.49 1.78 1.63 01/10/08
I N/A N/A N/A N/A 10.47(c) 1.53 1.38 11/02/10
M.D. Sass Enhanced Equity Fund (1) N 7.30 9.88 N/A N/A 3.87 1.37 1.37 01/15/08
I 7.54 10.25 N/A N/A 11.11 1.12 1.12 03/03/10
New Century Absolute Return ETF
Fund (1) N 11.17 9.93 N/A N/A 3.27 2.34 1.91 03/04/08
Lake Partners LASSO Alternatives
Fund (1) N 7.43 8.98 N/A N/A 10.26 3.82 2.79 03/03/10
I 7.64 9.29 N/A N/A 13.66 3.57 2.54 04/01/09
| 2
Aston Funds
PERFORMANCE SUMMARY (UNAUDITED) AS OF APRIL 30, 2011
AVERAGE ANNUAL TOTAL RETURNS
SIX
MONTH TOTAL NET
TOTAL ONE FIVE TEN SINCE EXPENSE EXPENSE INCEPTION
CLASS RETURN(a) YEAR YEAR YEAR INCEPTION RATIO(b) RATIO(b) DATE
----- --------- ----- ----- ----- --------- -------- -------- ---------
SECTOR FUND
Fortis Real Estate Fund (1) N 17.63% 26.13% 2.09% 11.13% 8.75% 1.68% 1.37% 12/30/97
I 17.71 26.43 2.33 N/A 4.37 1.43 1.12 09/20/05
BALANCED FUND
Montag & Caldwell Balanced Fund (1) N 7.31 8.96 5.44 3.36 7.72 1.61 1.36 11/02/94
I 7.44 9.09 5.63 3.57 3.32 1.36 1.11 12/31/98
FIXED INCOME FUND
TCH Fixed Income Fund (f) N 2.51 7.60 7.44 5.76 6.01 1.11 0.86 12/13/93
I 2.64 7.87 7.66 6.01 6.40 0.95 0.70 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 AS OF 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,
2012.
(a) Not annualized.
(b) Per prospectus. The expense ratios presented above may vary from the
expense ratios presented in other sections of this report that are based on
expenses incurred during the period covered by this report.
(c) Returns are cumulative since inception and are not annualized.
(d) Effective March 22, 2011, the Adviser has agreed to a voluntary expense
limitation for the Value Fund of 1.19% for Class N and 0.94% for Class I.
Prior to March 22, 2011, the Adviser had agreed to a voluntary expense
limitation of 1.07% for Class N and 0.82% for Class I.
(e) Effective March 1, 2011, the contractual expense limitations for the
Barings International Fund were decreased from 1.50% and 1.25% to 1.40% and
1.15%, for Class N and I, respectively. Prior to March 1, 2011, the Adviser
had agreed to a voluntary expense limitation of 1.40% for Class N and 1.15%
for Class I.
(f) For the period November 1, 2010 through February 28, 2011, the contractual
expense limitations for the TCH Fixed Income Fund were 0.74% and 0.49%, for
class N and I shares, respectively. Effective March 1, 2011, the
contractual expense limitations for the TCH Fixed Income Fund were
increased to 0.94% and 0.69%, for class N and I shares, respectively.
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
ASTON/MONTAG & CALDWELL GROWTH FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 2%
INFORMATION TECHNOLOGY 23%
CONSUMER STAPLES 19%
ENERGY 14%
CONSUMER DISCRETIONARY 18%
HEALTH CARE 10%
INDUSTRIALS 11%
FINANCIALS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 98.38%
CONSUMER DISCRETIONARY - 18.01%
776,800 Bed Bath & Beyond * ............................. $ 43,594,017
454,100 Coach ........................................... 27,159,721
1,693,000 McDonald's ...................................... 132,578,830
1,341,313 NIKE, Class B ................................... 110,416,886
1,231,400 Omnicom Group ................................... 60,572,566
1,892,400 TJX ............................................. 101,470,488
3,042,821 Walt Disney ..................................... 131,145,585
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606,938,093
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CONSUMER STAPLES - 19.43%
2,300,000 Coca-Cola ....................................... 155,158,000
394,100 Colgate-Palmolive ............................... 33,242,335
1,360,000 Costco Wholesale ................................ 110,051,200
2,807,400 Kraft Foods, Class A ............................ 94,272,492
1,989,900 PepsiCo ......................................... 137,084,211
1,922,400 Procter & Gamble ................................ 124,763,760
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654,571,998
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ENERGY - 13.98%
818,900 Apache .......................................... 109,216,693
1,251,500 Cameron International * ......................... 65,979,080
1,355,600 Halliburton ..................................... 68,430,688
1,025,700 Occidental Petroleum ............................ 117,227,253
1,230,000 Schlumberger .................................... 110,392,500
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471,246,214
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FINANCIALS - 3.02%
2,230,200 JPMorgan Chase .................................. 101,764,026
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HEALTH CARE - 10.13%
2,000,000 Abbott Laboratories ............................. 104,080,000
1,478,200 Allergan ........................................ 117,605,592
2,028,900 Stryker ......................................... 119,705,100
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341,390,692
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MARKET
SHARES VALUE
---------- ---------------
INDUSTRIALS - 11.06%
1,107,600 Emerson Electric ................................ $ 67,297,776
1,447,500 Fluor ........................................... 101,238,150
2,513,900 General Electric ................................ 51,409,255
2,039,100 United Parcel Service, Class B .................. 152,871,327
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372,816,508
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INFORMATION TECHNOLOGY - 22.75%
2,520,700 Accenture, Class A .............................. 144,007,591
433,570 Apple * ......................................... 150,982,081
897,400 Broadcom, Class A * ............................. 31,570,532
270,100 Google, Class A * ............................... 146,961,410
3,899,300 Oracle .......................................... 140,569,765
2,681,724 QUALCOMM ........................................ 152,429,192
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766,520,571
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TOTAL COMMON STOCKS
(Cost $2,692,173,308) ........................ 3,315,248,102
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INVESTMENT COMPANY - 1.04%
35,004,530 BlackRock Liquidity Funds
TempCash Portfolio ........................... 35,004,530
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TOTAL INVESTMENT COMPANY
(Cost $35,004,530) ........................... 35,004,530
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TOTAL INVESTMENTS - 99.42%
(Cost $2,727,177,838)** ................................... 3,350,252,632
---------------
NET OTHER ASSETS AND LIABILITIES - 0.58% ..................... 19,594,146
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NET ASSETS - 100.00% ......................................... $ 3,369,846,778
===============
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* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ..... $624,246,136
Gross unrealized depreciation ..... (1,171,342)
------------
Net unrealized appreciation ....... $623,074,794
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 4
Aston Funds
ASTON/VEREDUS SELECT GROWTH FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 6%
ENERGY 19%
INFORMATION TECHNOLOGY 19%
CONSUMER DISCRETIONARY 18%
HEALTH CARE 14%
INDUSTRIALS 10%
MATERIALS 8%
FINANCIALS 6%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 93.94%
CONSUMER DISCRETIONARY - 17.79%
151,250 CBS, Class B .................................... $ 3,814,525
276,475 Ford Motor * .................................... 4,277,068
316,800 Interpublic Group ............................... 3,722,400
202,675 News, Class A ................................... 3,611,669
36,150 Wynn Resorts .................................... 5,319,473
---------------
20,745,135
---------------
ENERGY - 19.54%
65,350 Arch Coal ....................................... 2,241,505
32,575 Baker Hughes .................................... 2,521,631
43,450 Consol Energy ................................... 2,350,210
39,675 Ensco, SP ADR (Britain) ......................... 2,365,423
74,375 Halliburton ..................................... 3,754,450
94,375 McDermott International * ....................... 2,179,119
217,400 SandRidge Energy * .............................. 2,687,064
26,350 Schlumberger .................................... 2,364,913
107,450 Weatherford International (Switzerland) * ....... 2,318,771
---------------
22,783,086
---------------
FINANCIALS - 6.14%
8,500 CME Group ....................................... 2,514,045
73,850 Discover Financial Services ..................... 1,834,434
112,975 Invesco ......................................... 2,809,688
---------------
7,158,167
---------------
HEALTH CARE - 14.49%
39,575 Humana * ........................................ 3,012,449
33,225 Illumina * ...................................... 2,358,311
6,275 Intuitive Surgical * ............................ 2,194,368
43,175 Life Technologies * ............................. 2,383,260
212,975 Pfizer .......................................... 4,463,956
50,525 UnitedHealth Group .............................. 2,487,346
---------------
16,899,690
---------------
MARKET
SHARES VALUE
---------- ---------------
INDUSTRIALS - 9.72%
23,000 Caterpillar ..................................... $ 2,654,430
169,875 General Electric ................................ 3,473,944
46,325 Jacobs Engineering Group * ...................... 2,298,183
30,800 Parker Hannifin ................................. 2,905,056
---------------
11,331,613
---------------
INFORMATION TECHNOLOGY - 18.56%
537,550 Alcatel-Lucent, SP ADR (France) * ............... 3,515,577
179,000 Atmel * ......................................... 2,738,700
44,890 Broadcom, Class A * ............................. 1,579,230
4,025 Google, Class A * ............................... 2,190,002
103,575 Intel ........................................... 2,401,904
119,150 JDS Uniphase * .................................. 2,483,086
62,950 Rovi * .......................................... 3,056,852
47,400 SanDisk * ....................................... 2,329,236
9,975 SINA (China) * .................................. 1,344,131
---------------
21,638,718
---------------
MATERIALS - 7.70%
28,550 Eastman Chemical ................................ 3,061,987
60,450 Freeport-McMoRan Copper & Gold .................. 3,326,563
34,675 Mosaic .......................................... 2,595,771
---------------
8,984,321
---------------
TOTAL COMMON STOCKS
(Cost $99,554,223) ........................... 109,540,730
---------------
INVESTMENT COMPANY - 8.71%
10,161,368 BlackRock Liquidity Funds
TempCash Portfolio ........................... 10,161,368
---------------
TOTAL INVESTMENT COMPANY
(Cost $10,161,368) ........................... 10,161,368
---------------
TOTAL INVESTMENTS - 102.65%
(Cost $109,715,591)** ..................................... 119,702,098
---------------
NET OTHER ASSETS AND LIABILITIES - (2.65)% ................... (3,094,451)
---------------
NET ASSETS - 100.00% ......................................... $ 116,607,647
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......... $11,804,958
Gross unrealized depreciation ......... (1,818,451)
-----------
Net unrealized appreciation ........... $ 9,986,507
===========
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 5
Aston Funds
ASTON/TAMRO DIVERSIFIED EQUITY FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
UTILITIES 2%
PURCHASED OPTIONS 1%
INFORMATION TECHNOLOGY 16%
INDUSTRIALS 16%
ENERGY 15%
CONSUMER DISCRETIONARY 13%
FINANCIALS 12%
HEALTH CARE 11%
MATERIALS 6%
CONSUMER STAPLES 5%
CASH & NET OTHER ASSETS AND LIABILITIES 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 95.97%
CONSUMER DISCRETIONARY - 13.13%
13,035 CarMax * ........................................ $ 452,314
9,309 Home Depot ...................................... 345,736
13,930 Johnson Controls ................................ 571,130
22,546 Lennar, Class A ................................. 428,149
7,895 Morningstar ..................................... 454,752
23,859 Texas Roadhouse ................................. 388,186
1,083 Washington Post, Class B ........................ 472,080
---------------
3,112,347
---------------
CONSUMER STAPLES - 4.85%
11,817 Kraft Foods, Class A ............................ 396,815
6,261 McCormick & Co (Non-Voting Shares) .............. 307,540
6,405 Philip Morris International ..................... 444,763
---------------
1,149,118
---------------
ENERGY - 15.10%
5,040 Atwood Oceanics * ............................... 226,447
3,229 EOG Resources ................................... 364,586
7,905 Exxon Mobil ..................................... 695,640
4,021 Global Geophysical Services * ................... 76,359
7,762 National-Oilwell Varco .......................... 595,268
4,326 Occidental Petroleum ............................ 494,419
10,939 Range Resources ................................. 617,507
11,625 Southwestern Energy * ........................... 509,873
---------------
3,580,099
---------------
FINANCIALS - 11.60%
7,324 American Express ................................ 359,462
3,138 Franklin Resources .............................. 405,179
30,310 Glacier Bancorp ................................. 455,559
11,472 JPMorgan Chase .................................. 523,467
12,388 MetLife ......................................... 579,635
6,629 T. Rowe Price Group ............................. 425,913
---------------
2,749,215
---------------
MARKET
SHARES VALUE
---------- ---------------
HEALTH CARE - 11.17%
6,624 Allergan ........................................ $ 527,005
8,255 Amgen * ......................................... 469,297
10,641 Athenahealth * .................................. 491,933
5,763 Cerner * ........................................ 692,597
7,132 Johnson & Johnson ............................... 468,715
---------------
2,649,547
---------------
INDUSTRIALS - 16.20%
9,867 Advisory Board * ................................ 460,986
10,412 AGCO * .......................................... 599,523
6,734 Boeing .......................................... 537,238
8,730 Corporate Executive Board (The) ................. 347,891
10,509 Danaher ......................................... 580,517
6,820 Fluor ........................................... 476,991
3,779 Joy Global ...................................... 381,490
5,106 United Technologies ............................. 457,395
---------------
3,842,031
---------------
INFORMATION TECHNOLOGY - 16.14%
34,510 Dell * .......................................... 535,250
16,432 EMC * ........................................... 465,683
2,597 F5 Networks * ................................... 263,232
877 Google, Class A * ............................... 477,176
29,109 Ixia * .......................................... 475,641
13,487 Meru Networks * ................................. 234,809
13,621 Microsoft ....................................... 354,418
10,102 Research In Motion (Canada) * ................... 491,462
28,905 Smith Micro Software * .......................... 223,147
24,813 VASCO Data Security International * ............. 306,192
---------------
3,827,010
---------------
MATERIALS - 6.21%
6,423 Monsanto ........................................ 437,021
6,550 Mosaic .......................................... 490,333
8,954 Royal Gold ...................................... 546,015
---------------
1,473,369
---------------
UTILITIES - 1.57%
28,055 AES * ........................................... 371,448
---------------
TOTAL COMMON STOCKS
(Cost $18,611,129) ........................... 22,754,184
---------------
NUMBER OF
CONTRACTS
----------
PURCHASED OPTIONS - 0.71%
42 Boeing - Call Strike @ $70
Exp 01/12 .................................... 51,870
29 Boeing - Call Strike @ $80
Exp 01/13 .................................... 28,710
351 Dell - Call Strike @ $20
Exp 01/12 .................................... 10,179
209 Johnson & Johnson - Call Strike @ $70
Exp 01/12 .................................... 22,781
63 Johnson & Johnson - Call Strike @ $70
Exp 01/13 .................................... 16,884
123 JPMorgan Chase - Call Strike @ $52.5
Exp 01/12 .................................... 13,530
50 JPMorgan Chase - Call Strike @ $55
Exp 01/13 .................................... 12,000
111 MetLife - Call Strike @ $55
Exp 01/12 .................................... 12,210
---------------
TOTAL PURCHASED OPTIONS
(Cost $211,392) .............................. 168,164
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 6
Aston Funds
ASTON/TAMRO DIVERSIFIED EQUITY FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
---------- ---------------
INVESTMENT COMPANY - 3.35%
795,054 BlackRock Liquidity Funds
TempCash Portfolio ........................... $ 795,054
---------------
TOTAL INVESTMENT COMPANY
(Cost $795,054) .............................. 795,054
---------------
TOTAL INVESTMENTS - 100.03%
(Cost $19,617,575)** ...................................... 23,717,402
---------------
NET OTHER ASSETS AND LIABILITIES - (0.03)% ................... (7,675)
---------------
NET ASSETS - 100.00% ......................................... $ 23,709,727
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .......... $4,379,566
Gross unrealized depreciation .......... (279,739)
----------
Net unrealized appreciation ............ $4,099,827
==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 7
Aston Funds
ASTON/HERNDON LARGE CAP VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 4%
TELECOMMUNICATION SERVICES 2%
FINANCIALS 17%
CONSUMER STAPLES 17%
HEALTH CARE 15%
CONSUMER DISCRETIONARY 11%
ENERGY 10%
INFORMATION TECHNOLOGY 9%
INDUSTRIALS 6%
MATERIALS 5%
UTILITIES 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 96.37%
CONSUMER DISCRETIONARY - 11.25%
5,393 Coach ........................................... $ 322,555
5,211 Garmin (Switzerland) * .......................... 178,373
1,584 Strayer Education ............................... 196,226
7,334 TJX ............................................. 393,249
4,598 Yum! Brands ..................................... 246,637
---------------
1,337,040
---------------
CONSUMER STAPLES - 16.87%
9,957 Altria Group .................................... 267,246
6,422 Avon Products ................................... 188,678
4,092 Coca-Cola Enterprises ........................... 116,254
2,201 Colgate-Palmolive ............................... 185,654
3,177 Energizer Holdings * ............................ 239,959
2,927 Herbalife (Cayman) .............................. 262,786
3,505 Kellogg ......................................... 200,731
4,153 PepsiCo ......................................... 286,100
3,692 Philip Morris International ..................... 256,372
---------------
2,003,780
---------------
ENERGY - 10.05%
6,158 Atwood Oceanics * ............................... 276,679
2,299 Chevron ......................................... 251,603
1,481 Diamond Offshore Drilling ....................... 112,363
5,040 Exxon Mobil ..................................... 443,520
4,937 Frontline (Bermuda) ............................. 109,157
---------------
1,193,322
---------------
FINANCIALS - 17.32%
4,452 Aflac ........................................... 250,158
5,707 American Express ................................ 280,100
12,565 Annaly Capital Management, REIT ................. 224,160
58,983 Chimera Investment, REIT ........................ 238,881
8,192 Eaton Vance ..................................... 276,644
10,021 Federated Investors, Class B .................... 258,341
5,491 Lazard, Class A (Bahamas) ....................... 225,131
7,413 Waddell & Reed Financial, Class A ............... 304,007
---------------
2,057,422
---------------
MARKET
SHARES VALUE
---------- ---------------
HEALTH CARE - 15.07%
1,755 Eli Lilly ....................................... $ 64,953
7,903 Endo Pharmaceuticals Holdings * ................. 309,482
5,957 Forest Laboratories * ........................... 197,534
5,701 Gilead Sciences * ............................... 221,427
4,157 Johnson & Johnson ............................... 273,198
6,172 Kinetic Concepts * .............................. 364,333
3,667 Waters * ........................................ 359,366
---------------
1,790,293
---------------
INDUSTRIALS - 6.06%
2,221 3M .............................................. 215,903
5,437 Babcock & Wilcox * .............................. 170,776
5,726 Copa Holdings SA, Class A (Philippines) ......... 332,967
---------------
719,646
---------------
INFORMATION TECHNOLOGY - 8.63%
10,477 Corning ......................................... 219,388
1,417 International Business Machines ................. 241,712
10,803 Microsoft ....................................... 281,094
7,119 Western Digital * ............................... 283,336
---------------
1,025,530
---------------
MATERIALS - 4.65%
1,338 CF Industries Holdings .......................... 189,394
2,285 Cliffs Natural Resources ........................ 214,150
5,025 Owens-Illinois * ................................ 149,092
---------------
552,636
---------------
TELECOMMUNICATION SERVICES - 2.46%
22,779 Windstream ...................................... 291,799
---------------
UTILITIES - 4.01%
17,944 AES * ........................................... 237,579
2,835 Exelon .......................................... 119,495
3,569 UGI ............................................. 118,848
---------------
475,922
---------------
TOTAL COMMON STOCKS
(Cost $10,353,968) ........................... 11,447,390
---------------
INVESTMENT COMPANY - 3.36%
399,192 BlackRock Liquidity Funds
TempCash Portfolio ........................... 399,192
---------------
TOTAL INVESTMENT COMPANY
(Cost $399,192) .............................. 399,192
---------------
TOTAL INVESTMENTS - 99.73%
(Cost $10,753,160)** ...................................... 11,846,582
---------------
NET OTHER ASSETS AND LIABILITIES - 0.27% ..................... 31,715
---------------
NET ASSETS - 100.00% ......................................... $ 11,878,297
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .......... $1,128,852
Gross unrealized depreciation .......... (35,430)
----------
Net unrealized appreciation ............ $1,093,422
==========
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 8
Aston Funds
ASTON VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
UTILITIES 2%
CASH & NET OTHER ASSETS AND LIABILITIES 1%
FINANCIALS 22%
HEALTH CARE 13%
INDUSTRIALS 12%
CONSUMER STAPLES 11%
INFORMATION TECHNOLOGY 11%
ENERGY 11%
CONSUMER DISCRETIONARY 10%
MATERIALS 4%
TELECOMMUNICATION SERVICES 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
CONVERTIBLE PREFERRED STOCK - 0.12%
CONSUMER DISCRETIONARY - 0.12%
606 General Motors, Series B ........................ $ 30,185
---------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $30,116) ............................... 30,185
---------------
COMMON STOCKS - 99.03%
CONSUMER DISCRETIONARY - 9.57%
2,740 Comcast, Class A ................................ 67,267
477 General Motors * ................................ 15,307
4,051 Hasbro .......................................... 189,749
8,373 Johnson Controls ................................ 343,293
1,117 Kohl's .......................................... 58,877
5,033 McDonald's ...................................... 394,134
341 NIKE, Class B ................................... 28,071
980 Omnicom Group ................................... 48,206
2,999 Stanley Black & Decker .......................... 217,877
1,704 Staples ......................................... 36,023
7,704 Target .......................................... 378,266
4,403 Viacom, Class B ................................. 225,257
7,764 Walt Disney ..................................... 334,628
---------------
2,336,955
---------------
CONSUMER STAPLES - 11.42%
1,099 Avon Products ................................... 32,289
1,510 CVS Caremark .................................... 54,722
2,438 DANONE, SP ADR (France) ......................... 35,741
3,620 Diageo, SP ADR (Britain) ........................ 294,559
9,676 General Mills ................................... 373,300
1,171 Heineken, ADR (Netherlands) ..................... 35,095
1,274 Kroger .......................................... 30,971
5,464 Nestle, SP ADR (Switzerland) .................... 339,861
4,497 PepsiCo ......................................... 309,798
14,014 Philip Morris International ..................... 973,132
1,581 Procter & Gamble ................................ 102,607
2,740 Reckitt Benckiser Group ADR (Britain) ........... 30,524
MARKET
SHARES VALUE
---------- ---------------
CONSUMER STAPLES (CONTINUED)
3,587 Reynolds American ............................... $ 133,114
1,010 Walgreen ........................................ 43,147
---------------
2,788,860
---------------
ENERGY - 11.15%
566 Anadarko Petroleum .............................. 44,680
4,222 Apache .......................................... 563,088
6,313 Chevron ......................................... 690,895
356 EOG Resources ................................... 40,196
8,737 Exxon Mobil ..................................... 768,856
3,498 Hess ............................................ 300,688
568 Kinder Morgan ................................... 16,233
693 Noble Energy .................................... 66,715
655 Occidental Petroleum ............................ 74,860
548 QEP Resources ................................... 23,416
355 Schlumberger .................................... 31,861
867 Southwestern Energy * ........................... 38,027
1,922 Williams ........................................ 63,753
---------------
2,723,268
---------------
FINANCIALS - 22.21%
3,846 ACE (Switzerland) ............................... 258,644
4,785 Aon ............................................. 249,633
28,771 Bank of America ................................. 353,308
77 BlackRock ....................................... 15,087
1,898 Charles Schwab .................................. 34,752
3,311 Deutsche Boerse, ADR (Germany) .................. 27,382
398 Franklin Resources .............................. 51,390
4,455 Goldman Sachs Group (The) ....................... 672,750
22,838 JPMorgan Chase .................................. 1,042,098
14,510 MetLife ......................................... 678,923
3,695 PNC Financial Services Group .................... 230,346
7,446 Prudential Financial ............................ 472,225
8,131 State Street .................................... 378,498
280 SunTrust Banks .................................. 7,893
1,495 TCF Financial ................................... 23,307
9,330 Travelers ....................................... 590,402
10,388 Wells Fargo ..................................... 302,395
1,341 Zions Bancorporation ............................ 32,787
---------------
5,421,820
---------------
HEALTH CARE - 12.89%
9,119 Abbott Laboratories ............................. 474,553
832 AmerisourceBergen ............................... 33,812
373 Bayer AG, SP ADR (Germany) ...................... 32,022
3,538 Becton, Dickinson ............................... 304,056
1,021 Covidien (Ireland) .............................. 56,859
9,541 Johnson & Johnson ............................... 627,035
10,782 Medtronic ....................................... 450,149
28,872 Pfizer .......................................... 605,157
3,862 Quest Diagnostics ............................... 217,740
5,144 St. Jude Medical ................................ 274,895
893 Thermo Fisher Scientific * ...................... 53,571
220 WellPoint ....................................... 16,894
---------------
3,146,743
---------------
INDUSTRIALS - 11.97%
4,314 3M .............................................. 419,364
328 CSX ............................................. 25,810
4,820 Danaher ......................................... 266,257
862 Eaton ........................................... 46,143
684 Fluor ........................................... 47,839
5,858 Honeywell International ......................... 358,685
9,818 Lockheed Martin ................................. 778,077
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 9
Aston Funds
ASTON VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
---------- ---------------
INDUSTRIALS (CONTINUED)
3,965 Northrop Grumman ................................ $ 252,214
233 Precision Castparts ............................. 36,003
596 United Parcel Service, Class B .................. 44,682
7,215 United Technologies ............................. 646,320
---------------
2,921,394
---------------
INFORMATION TECHNOLOGY - 11.17%
12,367 Accenture, Class A .............................. 706,527
300 ASML Holding (Netherlands) ...................... 12,528
640 Check Point Software Technologies (Israel) * .... 35,155
2,288 Cisco Systems ................................... 40,177
1,861 Hewlett-Packard ................................. 75,129
10,227 Intel ........................................... 237,164
3,567 International Business Machines ................. 608,459
774 MasterCard, Class A ............................. 213,539
839 Microchip Technology ............................ 34,433
1,076 Microsoft ....................................... 27,998
19,142 Oracle .......................................... 690,069
600 Visa, Class A ................................... 46,872
---------------
2,728,050
---------------
MATERIALS - 3.48%
2,795 Air Products and Chemicals ...................... 266,978
184 Airgas .......................................... 12,779
286 Celanese, Class A ............................... 14,277
299 Cliffs Natural Resources ........................ 28,022
759 duPont (E. I.) de Nemours ....................... 43,104
5,108 PPG Industries .................................. 483,574
---------------
848,734
---------------
TELECOMMUNICATION SERVICES - 3.38%
16,476 AT&T ............................................ 512,733
823 CenturyLink ..................................... 33,562
9,559 Vodafone Group, SP ADR (Britain) ................ 278,358
---------------
824,653
---------------
UTILITIES - 1.79%
1,124 American Electric Power ......................... 41,004
647 Entergy ......................................... 45,109
564 NextEra Energy .................................. 31,905
1,380 NRG Energy * .................................... 33,396
3,883 PG&E ............................................ 178,929
1,802 PPL ............................................. 49,429
1,756 Public Service Enterprise Group ................. 56,491
---------------
436,263
---------------
TOTAL COMMON STOCKS
(Cost $21,051,824) ........................... 24,176,740
---------------
INVESTMENT COMPANY - 0.89%
217,414 BlackRock Liquidity Funds
TempCash Portfolio ........................... 217,414
---------------
TOTAL INVESTMENT COMPANY
(Cost $217,414) .............................. 217,414
---------------
TOTAL INVESTMENTS - 100.04%
(Cost $21,299,354)** ...................................... 24,424,339
---------------
NET OTHER ASSETS AND LIABILITIES - (0.04)% ................... (9,653)
---------------
NET ASSETS - 100.00% ......................................... $ 24,414,686
===============
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............. $3,326,604
Gross unrealized depreciation ............. (201,619)
----------
Net unrealized appreciation ............... $3,124,985
==========
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 10
Aston Funds
ASTON/RIVER ROAD DIVIDEND ALL CAP VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 3%
MATERIALS 2%
CONSUMER STAPLES 20%
FINANCIALS 16%
INDUSTRIALS 15%
ENERGY 11%
CONSUMER DISCRETIONARY 10%
INFORMATION TECHNOLOGY 6%
HEALTH CARE 6%
UTILITIES 6%
TELECOMMUNICATION SERVICES 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 97.07%
CONSUMER DISCRETIONARY - 9.80%
256,435 American Eagle Outfitters ....................... $ 3,990,129
143,495 Bob Evans Farms ................................. 4,500,003
42,370 Cracker Barrel Old Country Store ................ 2,170,615
94,705 Darden Restaurants .............................. 4,448,294
169,380 Genuine Parts ................................... 9,095,706
211,355 Hillenbrand ..................................... 4,844,257
84,865 McDonald's ...................................... 6,645,778
98,995 PetSmart ........................................ 4,174,619
254,545 Regal Entertainment Group, Class A .............. 3,507,630
---------------
43,377,031
---------------
CONSUMER STAPLES - 19.97%
124,360 Clorox .......................................... 8,662,918
100,065 Compania Cervecerias Unidas, ADR (Chile) ........ 6,003,900
47,655 Diageo, SP ADR (Britain) ........................ 3,877,687
252,080 General Mills ................................... 9,725,246
132,365 Kimberly-Clark .................................. 8,744,032
182,655 McCormick & Co (Non-Voting Shares) .............. 8,972,014
134,685 PepsiCo ......................................... 9,278,450
94,140 Procter & Gamble ................................ 6,109,686
509,480 Sara Lee ........................................ 9,782,016
58,960 Smucker (J.M.) .................................. 4,426,127
304,355 Sysco ........................................... 8,798,903
73,110 Wal-Mart Stores ................................. 4,019,588
---------------
88,400,567
---------------
ENERGY - 11.20%
470,405 BreitBurn Energy Partners LP .................... 10,447,695
83,945 Chevron ......................................... 9,186,941
77,495 ConocoPhillips .................................. 6,116,680
85,565 Frontline (Bermuda) ............................. 1,891,842
173,135 Nordic American Tanker Shipping (Bermuda) ....... 3,978,642
190,735 Seadrill, ADR (Bahamas) ......................... 6,799,703
MARKET
SHARES VALUE
---------- ---------------
ENERGY (CONTINUED)
207,445 Ship Finance International (Bermuda) ............ $ 4,146,826
242,280 Spectra Energy .................................. 7,035,811
---------------
49,604,140
---------------
FINANCIALS - 16.23%
179,190 Apollo Investment ............................... 2,123,401
135,220 Bank of Hawaii .................................. 6,597,384
130,820 Chubb ........................................... 8,528,156
257,390 Cincinnati Financial ............................ 8,154,115
103,420 Commerce Bancshares ............................. 4,401,555
203,275 Compass Diversified Holdings .................... 3,406,889
77,695 Cullen/Frost Bankers ............................ 4,602,652
280,915 Federated Investors, Class B .................... 7,241,989
295,140 First Niagara Financial Group ................... 4,250,016
233,465 OneBeacon Insurance Group, Class A .............. 3,280,183
96,755 PartnerRe (Bahamas) ............................. 7,775,232
244,675 Sabra Health Care, REIT ......................... 4,115,433
103,005 Safety Insurance Group .......................... 4,822,694
99,225 U.S. Bancorp .................................... 2,561,989
---------------
71,861,688
---------------
HEALTH CARE - 6.23%
108,930 AstraZeneca PLC, SP ADR (Britain) ............... 5,427,982
63,880 Becton, Dickinson ............................... 5,489,847
105,035 Johnson & Johnson ............................... 6,902,900
121,677 Owens & Minor ................................... 4,191,773
265,505 Pfizer .......................................... 5,564,985
---------------
27,577,487
---------------
INDUSTRIALS - 14.78%
46,305 3M .............................................. 4,501,309
55,835 General Dynamics ................................ 4,065,905
34,295 Grupo Aeroportuario del Sureste SAB de CV, ADR
(Mexico) ..................................... 2,028,892
138,075 Iron Mountain ................................... 4,397,689
57,810 Lockheed Martin ................................. 4,581,442
143,720 Norfolk Southern ................................ 10,733,010
112,010 Raytheon ........................................ 5,438,085
127,245 United Parcel Service, Class B .................. 9,539,558
84,560 United Technologies ............................. 7,574,885
318,815 Waste Management ................................ 12,580,440
---------------
65,441,215
---------------
INFORMATION TECHNOLOGY - 6.56%
204,915 Automatic Data Processing ....................... 11,137,130
375,760 Intel ........................................... 8,713,874
158,405 Microsoft ....................................... 4,121,698
154,595 Paychex ......................................... 5,056,802
---------------
29,029,504
---------------
MATERIALS - 1.65%
155,600 Nucor ........................................... 7,306,976
---------------
TELECOMMUNICATION SERVICES - 4.78%
66,555 Atlantic Tele-Network ........................... 2,444,565
132,820 Verizon Communications .......................... 5,017,940
142,201 Vivo Participacoes, ADR (Brazil) ................ 5,945,424
267,060 Vodafone Group, SP ADR (Britain) ................ 7,776,787
---------------
21,184,716
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 11
Aston Funds
ASTON/RIVER ROAD DIVIDEND ALL CAP VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
---------- ---------------
UTILITIES - 5.87%
221,480 Avista .......................................... $ 5,393,038
396,920 Duke Energy ..................................... 7,402,558
30,180 Entergy ......................................... 2,104,150
132,895 Southern ........................................ 5,188,221
158,730 UniSource Energy ................................ 5,893,645
---------------
25,981,612
---------------
TOTAL COMMON STOCKS
(Cost $363,939,409) .......................... 429,764,936
---------------
INVESTMENT COMPANY - 4.94%
21,874,205 BlackRock Liquidity Funds
TempCash Portfolio ........................... 21,874,205
---------------
TOTAL INVESTMENT COMPANY
(Cost $21,874,205) ........................... 21,874,205
---------------
TOTAL INVESTMENTS - 102.01%
(Cost $385,813,614) ....................................... 451,639,141
---------------
NET OTHER ASSETS AND LIABILITIES - (2.01)% ................... (8,892,305)
---------------
NET ASSETS - 100.00% ......................................... $ 442,746,836
===============
----------
* At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............ $67,004,419
Gross unrealized depreciation ............ (1,178,892)
-----------
Net unrealized appreciation .............. $65,825,527
===========
ADR American Depositary Receipt
LP Limited Partnership
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 12
Aston Funds
ASTON/MONTAG & CALDWELL MID CAP GROWTH FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
MATERIALS 4%
INFORMATION TECHNOLOGY 21%
CONSUMER DISCRETIONARY 20%
INDUSTRIALS 20%
HEALTH CARE 14%
FINANCIALS 6%
ENERGY 6%
CONSUMER STAPLES 5%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 95.66%
CONSUMER DISCRETIONARY - 20.41%
1,010 Bed Bath & Beyond * ............................. $ 56,681
880 BorgWarner * .................................... 67,971
140 Chipotle Mexican Grill * ........................ 37,351
1,250 Dick's Sporting Goods * ......................... 51,163
1,130 Harman International Industries ................. 54,839
2,980 LKQ * ........................................... 75,156
1,620 O'Reilly Automotive * ........................... 95,677
2,060 Omnicom Group ................................... 101,331
380 Panera Bread, Class A * ......................... 46,022
1,260 Phillips-Van Heusen ............................. 88,717
570 Polo Ralph Lauren ............................... 74,539
1,330 TJX ............................................. 71,315
1,080 Tractor Supply .................................. 66,820
1,440 Wiley (John) & Sons, Class A .................... 73,339
---------------
960,921
---------------
CONSUMER STAPLES - 5.07%
1,070 Church & Dwight ................................. 88,254
1,780 McCormick & Co (Non Voting Shares) .............. 87,434
940 Mead Johnson Nutrition .......................... 62,867
---------------
238,555
---------------
ENERGY - 5.44%
1,780 Cameron International * ......................... 93,841
810 Core Laboratories (Netherlands) ................. 77,744
970 Oceaneering International * ..................... 84,797
---------------
256,382
---------------
FINANCIALS - 5.54%
1,920 Eaton Vance ..................................... 64,838
570 IntercontinentalExchange * ...................... 68,600
1,390 Lazard, Class A (Bahamas) ....................... 56,990
1,990 MSCI, Class A * ................................. 70,585
---------------
261,013
---------------
MARKET
SHARES VALUE
---------- ---------------
HEALTH CARE - 13.58%
2,790 Dentsply International .......................... $ 104,736
460 Edwards Lifesciences * .......................... 39,721
1,070 Henry Schein * .................................. 78,185
1,030 Quality Systems ................................. 92,412
2,070 St. Jude Medical ................................ 110,621
1,520 Varian Medical Systems * ........................ 106,704
1,090 Waters * ........................................ 106,820
---------------
639,199
---------------
INDUSTRIALS - 20.16%
2,040 AMETEK .......................................... 93,921
1,840 Donaldson ....................................... 112,663
2,100 Expeditors International Washington ............. 113,967
1,300 Fastenal ........................................ 87,217
1,280 J.B. Hunt Transport Services .................... 61,030
2,110 Jacobs Engineering Group * ...................... 104,677
700 Joy Global ...................................... 70,665
2,550 Robert Half International ....................... 77,342
940 Roper Industries ................................ 81,301
780 Stericycle * .................................... 71,198
2,290 Verisk Analytics, Class A * ..................... 75,341
---------------
949,322
---------------
INFORMATION TECHNOLOGY - 21.23%
1,790 Altera .......................................... 87,173
2,400 Amphenol, Class A ............................... 134,184
1,700 ANSYS * ......................................... 93,993
720 F5 Networks * ................................... 72,979
780 FactSet Research Systems ........................ 85,340
1,620 Fiserv * ........................................ 99,322
2,210 FLIR Systems .................................... 77,836
3,010 Microchip Technology ............................ 123,530
4,130 NVIDIA * ........................................ 82,600
2,380 Polycom * ....................................... 142,395
---------------
999,352
---------------
MATERIALS - 4.23%
880 Air Products and Chemicals ...................... 84,058
2,180 Ecolab .......................................... 115,017
---------------
199,075
---------------
TOTAL COMMON STOCKS
(Cost $3,163,262) ............................ 4,503,819
---------------
INVESTMENT COMPANY - 5.24%
246,695 BlackRock Liquidity Funds
TempCash Portfolio ........................... 246,695
---------------
TOTAL INVESTMENT COMPANY
(Cost $246,695) .............................. 246,695
---------------
TOTAL INVESTMENTS - 100.90%
(Cost $3,409,957)** ....................................... 4,750,514
---------------
NET OTHER ASSETS AND LIABILITIES - (0.90)% ................... (42,305)
---------------
NET ASSETS - 100.00% ......................................... $ 4,708,209
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $1,341,182
Gross unrealized depreciation ................. (625)
----------
Net unrealized appreciation ................... $1,340,557
==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 13
Aston Funds
ASTON/FAIRPOINTE MID CAP FUND APRIL 30, 2011
(FORMERLY KNOWN AS ASTON/OPTIMUM MID CAP FUND)
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 3%
INFORMATION TECHNOLOGY 25%
CONSUMER DISCRETIONARY 24%
HEALTH CARE 16%
INDUSTRIALS 14%
ENERGY 5%
CONSUMER STAPLES 5%
FINANCIALS 4%
MATERIALS 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 97.11%
CONSUMER DISCRETIONARY - 23.73%
6,278,800 Belo, Class A * ................................. $ 53,055,860
875,500 BorgWarner * .................................... 67,623,620
5,457,500 Gannett ......................................... 82,189,950
7,856,100 H&R Block ....................................... 135,831,969
6,397,200 Interpublic Group ............................... 75,167,100
2,320,800 Mattel .......................................... 62,011,776
2,323,955 McGraw-Hill ..................................... 94,050,459
10,657,145 New York Times, Class A * ....................... 86,642,589
2,147,600 Pearson, SP ADR (Britain) ....................... 40,911,780
1,383,857 Scholastic ...................................... 36,367,762
---------------
733,852,865
---------------
CONSUMER STAPLES - 4.66%
888,260 Bunge ........................................... 67,010,334
1,577,900 Molson Coors Brewing, Class B ................... 76,922,625
---------------
143,932,959
---------------
ENERGY - 5.12%
1,183,625 Compagnie Generale de Geophysique-Veritas,
SP ADR (France) * ............................... 41,888,489
1,588,200 Denbury Resources * ............................. 35,845,674
1,732,092 FMC Technologies * .............................. 80,507,636
---------------
158,241,799
---------------
FINANCIALS - 4.49%
2,031,238 Cincinnati Financial ............................ 64,349,620
2,210,200 Eaton Vance ..................................... 74,638,454
---------------
138,988,074
---------------
HEALTH CARE - 16.41%
941,100 Beckman Coulter ................................. 77,970,135
17,849,950 Boston Scientific * ............................. 133,696,126
2,078,800 Charles River Laboratories * .................... 87,704,572
2,221,050 Forest Laboratories * ........................... 73,650,018
1,383,950 Lincare Holdings ................................ 43,483,709
MARKET
SHARES VALUE
----------- ---------------
HEALTH CARE (CONTINUED)
1,240,550 PerkinElmer ..................................... $ 35,070,349
795,900 Varian Medical Systems * ........................ 55,872,180
---------------
507,447,089
---------------
INDUSTRIALS - 13.59%
2,212,400 Chicago Bridge & Iron (Netherlands) ............. 89,690,696
1,970,300 Con-way ......................................... 76,684,076
945,700 Manpower ........................................ 62,652,625
6,758,700 Southwest Airlines .............................. 79,414,725
900,300 URS * ........................................... 40,288,425
2,735,600 Werner Enterprises .............................. 71,590,652
---------------
420,321,199
---------------
INFORMATION TECHNOLOGY - 24.62%
3,117,425 Akamai Technologies * ........................... 107,364,117
348,300 FactSet Research Systems ........................ 38,107,503
1,321,325 Harris .......................................... 70,201,997
1,423,900 Itron * ......................................... 77,502,877
2,796,100 Jabil Circuit ................................... 55,474,624
2,522,350 Lexmark International Group, Class A * .......... 81,345,788
1,565,704 Mentor Graphics * ............................... 23,094,134
1,716,670 Molex ........................................... 46,350,090
1,423,960 Molex, Class A .................................. 32,067,579
4,150,200 Nuance Communications * ......................... 85,909,140
2,734,538 Unisys * ........................................ 81,161,088
1,592,755 Zebra Technologies * ............................ 62,579,344
---------------
761,158,281
---------------
MATERIALS - 4.49%
662,700 FMC ............................................. 58,503,156
1,137,100 Sigma-Aldrich ................................... 80,256,517
---------------
138,759,673
---------------
TOTAL COMMON STOCKS
(Cost $2,306,949,093) ........................ 3,002,701,939
---------------
INVESTMENT COMPANY - 3.58%
110,860,727 BlackRock Liquidity Funds
TempCash Portfolio ........................... 110,860,727
---------------
TOTAL INVESTMENT COMPANY
(Cost $110,860,727) .......................... 110,860,727
---------------
TOTAL INVESTMENTS - 100.69%
(Cost $2,417,809,820)** ................................... 3,113,562,666
---------------
NET OTHER ASSETS AND LIABILITIES - (0.69)% ................... (21,468,989)
---------------
NET ASSETS - 100.00% ......................................... $ 3,092,093,677
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $741,079,685
Gross unrealized depreciation ................. (45,326,839)
------------
Net unrealized appreciation ................... $695,752,846
============
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 14
Aston Funds
ASTON/CARDINAL MID CAP VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
TELECOMMUNICATION SERVICES 1%
INFORMATION TECHNOLOGY 20%
INDUSTRIALS 20%
FINANCIALS 19%
CONSUMER DISCRETIONARY 10%
HEALTH CARE 8%
ENERGY 7%
MATERIALS 7%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
CONSUMER STAPLES 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 94.89%
CONSUMER DISCRETIONARY - 10.29%
2,041 American Eagle Outfitters ....................... $ 31,757
400 Six Flags Entertainment ......................... 27,411
835 Stanley Black & Decker .......................... 60,663
1,664 Virgin Media .................................... 50,353
2,415 Wendy's/Arby's Group, Class A ................... 11,640
---------------
181,824
---------------
CONSUMER STAPLES - 3.02%
710 Smucker (J.M.) .................................. 53,300
---------------
ENERGY - 7.41%
1,420 Chesapeake Energy ............................... 47,811
290 Concho Resources * .............................. 30,987
922 Oasis Petroleum * ............................... 28,333
600 World Fuel Services ............................. 23,748
---------------
130,879
---------------
FINANCIALS - 18.65%
1,020 Annaly Capital Management, REIT ................. 18,197
1,580 Ares Capital .................................... 27,982
4,040 CapitalSource ................................... 26,987
885 Cash America International ...................... 41,993
510 Entertainment Properties Trust, REIT ............ 24,281
610 Government Properties Income Trust, REIT ........ 16,726
800 Hatteras Financial, REIT ........................ 22,728
1,620 Nelnet, Class A ................................. 37,309
1,110 Starwood Property Trust, REIT ................... 25,297
500 T. Rowe Price Group ............................. 32,125
820 Waddell & Reed Financial, Class A ............... 33,628
538 Willis Group Holdings (Britain) ................. 22,230
---------------
329,483
---------------
HEALTH CARE - 7.72%
521 Henry Schein * .................................. 38,069
235 Laboratory Corp of America Holdings * ........... 22,670
MARKET
SHARES VALUE
---------- ---------------
HEALTH CARE (CONTINUED)
410 Quest Diagnostics ............................... $ 23,116
560 Teleflex ........................................ 35,286
365 West Pharmaceutical Services .................... 17,243
---------------
136,384
---------------
INDUSTRIALS - 19.45%
310 Alliant Techsystems ............................. 21,902
275 AMETEK .......................................... 12,661
785 Atlas Air Worldwide Holdings * .................. 54,094
851 Equifax ......................................... 31,938
970 GrafTech International * ........................ 22,504
620 J.B. Hunt Transport Services .................... 29,562
2,440 KAR Auction Services * .......................... 47,580
225 L-3 Communications Holdings ..................... 18,043
2,896 RR Donnelley & Sons ............................. 54,619
1,006 Teledyne Technologies * ......................... 50,793
---------------
343,696
---------------
INFORMATION TECHNOLOGY - 20.10%
670 Broadridge Financial Solutions .................. 15,571
2,750 Convergys * ..................................... 39,875
760 Fiserv * ........................................ 46,596
360 Global Payments ................................. 19,166
310 Harris .......................................... 16,470
1,520 IAC/InterActiveCorp * ........................... 54,887
550 InterDigital .................................... 25,460
730 Intuit * ........................................ 40,559
1,576 Progress Software * ............................. 46,728
2,340 Western Union ................................... 49,725
---------------
355,037
---------------
MATERIALS - 6.88%
510 FMC ............................................. 45,023
1,670 Silgan Holdings ................................. 76,586
---------------
121,609
---------------
TELECOMMUNICATION SERVICES - 1.37%
1,883 Windstream ...................................... 24,121
---------------
TOTAL COMMON STOCKS
(Cost $1,271,629) ............................ 1,676,333
---------------
INVESTMENT COMPANY - 6.09%
107,532 BlackRock Liquidity Funds
TempCash Portfolio ........................... 107,532
---------------
TOTAL INVESTMENT COMPANY
(Cost $107,532) .............................. 107,532
---------------
TOTAL INVESTMENTS - 100.98%
(Cost $1,379,161)** ....................................... 1,783,865
---------------
NET OTHER ASSETS AND LIABILITIES - (0.98)% ................... (17,265)
---------------
NET ASSETS - 100.00% ......................................... $ 1,766,600
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............... $408,655
Gross unrealized depreciation ............... (3,951)
--------
Net unrealized appreciation ................. $404,704
========
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 15
Aston Funds
ASTON/VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 2%
INFORMATION TECHNOLOGY 20%
INDUSTRIALS 16%
CONSUMER DISCRETIONARY 15%
ENERGY 14%
HEALTH CARE 14%
FINANCIALS 9%
MATERIALS 8%
CONSUMER STAPLES 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 98.31%
CONSUMER DISCRETIONARY - 15.31%
39,925 Amerigon * ...................................... $ 680,721
28,250 CROCS * ......................................... 568,108
61,725 Exide Technologies * ............................ 619,719
17,100 G-III Apparel Group * ........................... 767,106
9,350 Gentex .......................................... 293,123
9,050 Lululemon Athletica * ........................... 905,272
21,600 ReachLocal * .................................... 501,984
11,300 Shutterfly * .................................... 695,628
40,375 Sonic Automotive, Class A * ..................... 569,288
19,875 Tenneco * ....................................... 918,424
19,025 Ulta Salon, Cosmetics & Fragrance * ............. 1,011,940
64,125 Valuevision Media, Class A * .................... 409,118
30,425 Zumiez * ........................................ 855,247
---------------
8,795,678
---------------
CONSUMER STAPLES - 1.70%
32,500 Elizabeth Arden * ............................... 976,950
---------------
ENERGY - 13.97%
32,800 Basic Energy Services * ......................... 1,008,272
26,575 Cloud Peak Energy * ............................. 553,292
70,750 Global Industries ............................... 697,595
39,975 Helix Energy Solutions Group * .................. 756,727
79,675 International Coal Group * ...................... 878,815
45,550 Key Energy Services * ........................... 829,010
7,650 Lufkin Industries ............................... 706,325
69,425 Magnum Hunter Resources * ....................... 566,508
42,400 RigNet * ........................................ 822,560
13,500 Superior Energy Services * ...................... 518,670
46,400 TETRA Technologies * ............................ 685,328
---------------
8,023,102
---------------
FINANCIALS - 8.92%
60,600 Calamos Asset Management, Class A ............... 985,962
39,175 CoBiz Financial ................................. 265,998
88,875 FelCor Lodging Trust, REIT ...................... 565,245
55,175 First Commonwealth Financial .................... 342,085
48,575 Imperial Holdings * ............................. 482,836
69,525 KKR Financial Holdings, REIT .................... 702,203
MARKET
SHARES VALUE
---------- ---------------
FINANCIALS (CONTINUED)
3,000 Portfolio Recovery Associates * ................. $ 270,780
68,850 Strategic Hotels & Resorts, REIT * .............. 469,557
24,725 Sunstone Hotel Investors, REIT * ................ 258,624
6,750 Waddell & Reed Financial, Class A ............... 276,818
15,050 Wintrust Financial .............................. 507,035
---------------
5,127,143
---------------
HEALTH CARE - 13.86%
79,850 Caliper Life Sciences * ......................... 534,197
16,925 Cantel Medical .................................. 438,865
53,575 Cepheid * ....................................... 1,731,008
7,125 Complete Genomics * ............................. 117,420
61,150 DepoMed * ....................................... 539,955
33,675 Fluidigm * ...................................... 557,321
15,100 Healthspring * .................................. 626,499
29,750 MAKO Surgical * ................................. 817,233
14,950 Questcor Pharmaceuticals * ...................... 306,475
44,125 Skilled Healthcare Group, Class A * ............. 534,795
18,625 SonoSite * ...................................... 646,288
58,150 Spectrum Pharmaceuticals * ...................... 523,350
50,050 Sun Healthcare Group * .......................... 590,090
---------------
7,963,496
---------------
INDUSTRIALS - 16.47%
29,150 Accuride * ...................................... 403,728
34,225 Dycom Industries * .............................. 508,584
16,750 Dynamic Materials ............................... 435,835
15,225 EnerSys * ....................................... 576,875
12,150 Graco ........................................... 607,865
22,375 H&E Equipment Services * ........................ 445,263
6,375 Houston Wire & Cable ............................ 107,036
26,025 Kelly Services, Class A * ....................... 497,338
20,925 Polypore International * ........................ 1,292,537
12,100 Robbins & Myers ................................. 525,987
30,550 Titan Machinery * ............................... 961,103
20,775 Trinity Industries .............................. 752,055
40,050 Tutor Perini .................................... 1,067,733
5,325 Valmont Industries .............................. 560,723
65,300 Wabash National * ............................... 720,259
---------------
9,462,921
---------------
INFORMATION TECHNOLOGY - 20.35%
23,975 ACI Worldwide * ................................. 792,134
19,775 Constant Contact * .............................. 547,965
57,275 Dice Holdings * ................................. 1,049,851
33,275 Entropic Communications * ....................... 291,489
10,175 FARO Technologies * ............................. 439,255
28,025 Finisar * ....................................... 787,222
163,550 Glu Mobile * .................................... 649,294
70,325 Limelight Networks * ............................ 447,970
40,975 LivePerson * .................................... 547,426
93,150 Move * .......................................... 222,629
39,100 Oclaro * ........................................ 438,507
23,188 Rovi * .......................................... 1,126,008
17,000 Standard Microsystems * ......................... 461,550
41,400 STEC * .......................................... 866,087
7,325 Universal Display * ............................. 402,435
50,400 VASCO Data Security International * ............. 621,935
28,425 Vocus * ......................................... 842,232
10,900 Youku.com (Cayman) * ............................ 644,407
13,050 Zebra Technologies * ............................ 512,734
---------------
11,691,130
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 16
Aston Funds
ASTON/VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
---------- ---------------
MATERIALS - 7.73%
31,750 Huntsman ........................................ $ 661,987
20,450 Intrepid Potash * ............................... 700,616
11,825 Kronos Worldwide ................................ 727,946
15,575 Materion * ...................................... 650,411
8,500 Rockwood Holdings * ............................. 482,290
92,550 Zagg * .......................................... 821,843
31,025 Zoltek * ........................................ 398,670
---------------
4,443,763
---------------
TOTAL COMMON STOCKS
(Cost $44,839,273) ........................... 56,484,183
---------------
INVESTMENT COMPANY - 0.80%
456,992 BlackRock Liquidity Funds
TempCash Portfolio ........................... 456,992
---------------
TOTAL INVESTMENT COMPANY
(Cost $456,992) .............................. 456,992
---------------
TOTAL INVESTMENTS - 99.11%
(Cost $45,296,265)** ...................................... 56,941,175
---------------
NET OTHER ASSETS AND LIABILITIES - 0.89% ..................... 511,748
---------------
NET ASSETS - 100.00% ......................................... $ 57,452,923
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ....... $12,420,157
Gross unrealized depreciation ....... (775,247)
-----------
Net unrealized appreciation ......... $11,644,910
===========
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 17
Aston Funds
ASTON/CROSSWIND SMALL CAP GROWTH FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
MATERIALS 2%
INFORMATION TECHNOLOGY 25%
HEALTH CARE 23%
CONSUMER DISCRETIONARY 22%
INDUSTRIALS 11%
ENERGY 9%
TELECOMMUNICATION SERVICES 5%
FINANCIALS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 100.16%
CONSUMER DISCRETIONARY - 22.47%
1,032 American Axle & Manufacturing Holdings * ........ $ 13,210
717 Dana Holding * .................................. 13,028
305 G-III Apparel Group * ........................... 13,682
255 Genesco * ....................................... 10,297
369 Gentex .......................................... 11,568
362 HSN * ........................................... 12,011
2,664 Jarden .......................................... 96,943
5,691 Knology * ....................................... 86,788
756 Life Time Fitness * ............................. 29,575
9,751 Office Depot * .................................. 42,027
1,967 OfficeMax * ..................................... 19,591
2,039 Pep Boys (The) -Manny, Moe, & Jack .............. 27,934
393 Tenneco * ....................................... 18,161
---------------
394,815
---------------
ENERGY - 8.95%
1,478 BPZ Resources * ................................. 7,035
1,503 Cloud Peak Energy * ............................. 31,292
1,672 James River Coal * .............................. 38,991
3,032 Kodiak Oil & Gas * .............................. 21,285
4,540 Magnum Hunter Resources * ....................... 37,046
907 Northern Oil and Gas * .......................... 21,550
---------------
157,199
---------------
FINANCIALS - 3.26%
1,144 Dollar Financial * .............................. 26,300
369 Encore Capital Group * .......................... 11,048
1,723 Netspend Holdings * ............................. 20,004
---------------
57,352
---------------
HEALTH CARE - 22.56%
1,129 Amarin PLC, ADR (Britain) * ..................... 18,064
207 Catalyst Health Solutions * ..................... 12,329
1,870 Conceptus * ..................................... 28,854
396 Cubist Pharmaceuticals * ........................ 13,405
281 Dendreon * ...................................... 12,204
MARKET
SHARES VALUE
---------- ---------------
HEALTH CARE - (CONTINUED)
2,210 Endologix * ..................................... $ 17,570
576 Exelixis * ...................................... 7,062
714 Healthspring * .................................. 29,624
1,486 ICON PLC, SP ADR (Ireland) * .................... 36,496
452 Incyte * ........................................ 8,353
39 Nektar Therapeutics * ........................... 405
106 Pharmasset * .................................... 10,756
431 Sirona Dental Systems * ......................... 24,597
12,610 Tenet Healthcare * .............................. 87,387
1,839 Tornier BV (Netherlands) * ...................... 40,090
1,849 Volcano * ....................................... 49,294
---------------
396,490
---------------
INDUSTRIALS - 10.73%
919 Ameresco * ...................................... 14,805
1,291 DigitalGlobe * .................................. 37,439
1,318 GrafTech International * ........................ 30,578
601 Hexcel * ........................................ 12,940
1,911 Kelly Services, Class A * ....................... 36,519
905 Meritor * ....................................... 15,575
281 Navistar International * ........................ 19,535
2,329 US Airways Group * .............................. 21,171
---------------
188,562
---------------
INFORMATION TECHNOLOGY - 24.74%
704 Applied Micro Circuits * ........................ 7,378
526 Blackboard * .................................... 25,306
199 Cavium Networks * ............................... 9,397
1,644 Convio * ........................................ 20,123
677 InterDigital .................................... 31,338
908 Internap Network Services * ..................... 7,346
1,900 Kenexa * ........................................ 55,898
1,002 Liquidity Services * ............................ 19,489
199 LogMein ......................................... 8,571
3,128 Monster Worldwide * ............................. 51,330
269 Omnivision Technologies * ....................... 9,038
3,135 Radiant Systems * ............................... 62,449
389 Riverbed Technology * ........................... 13,669
1,221 SAVVIS * ........................................ 48,059
400 Syntel .......................................... 21,872
419 TIBCO Software * ................................ 12,566
568 VistaPrint NV (Netherlands) * ................... 30,899
---------------
434,728
---------------
MATERIALS - 2.43%
1,620 Solutia * ....................................... 42,687
---------------
TELECOMMUNICATION SERVICES - 5.02%
159 AboveNet ........................................ 10,613
1,357 General Communication, Class A * ................ 15,606
1,490 NII Holdings * .................................. 61,954
---------------
88,173
---------------
TOTAL COMMON STOCKS
(Cost $1,601,280) ............................ 1,760,006
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 18
Aston Funds
ASTON/CROSSWIND SMALL CAP GROWTH FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
---------- ---------------
INVESTMENT COMPANY - 8.29%
145,613 BlackRock Liquidity Funds
TempCash Portfolio ........................... $ 145,613
---------------
TOTAL INVESTMENT COMPANY
(Cost $145,613) .............................. 145,613
---------------
TOTAL INVESTMENTS - 108.45%
(Cost $1,746,893)** ....................................... 1,905,619
---------------
NET OTHER ASSETS AND LIABILITIES - (8.45)% ................... (148,403)
---------------
NET ASSETS - 100.00% ......................................... $ 1,757,216
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............. $187,006
Gross unrealized depreciation ............. (28,280)
--------
Net unrealized appreciation ............... $158,726
========
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 19
Aston Funds
ASTON/TAMRO SMALL CAP FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CONSUMER STAPLES 3%
TELECOMMUNICATION SERVICES 2%
INFORMATION TECHNOLOGY 19%
INDUSTRIALS 16%
FINANCIALS 16%
CONSUMER DISCRETIONARY 15%
ENERGY 11%
HEALTH CARE 10%
MATERIALS 4%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 96.14%
CONSUMER DISCRETIONARY - 15.33%
754,260 Aaron's ......................................... $ 21,715,145
411,528 BJ's Restaurants * .............................. 19,321,240
1,831,785 E.W. Scripps, Class A * ......................... 17,401,958
985,705 Grand Canyon Education * ........................ 14,253,294
410,190 Harman International Industries ................. 19,906,521
691,427 Lumber Liquidators * ............................ 17,942,531
363,055 Morningstar ..................................... 20,911,968
633,848 Rosetta Stone * ................................. 8,924,580
1,029,086 Texas Roadhouse ................................. 16,743,229
1,150,465 Winnebago Industries * .......................... 14,242,757
---------------
171,363,223
---------------
CONSUMER STAPLES - 3.41%
343,161 TreeHouse Foods * ............................... 20,819,578
404,831 United Natural Foods * .......................... 17,282,235
---------------
38,101,813
---------------
ENERGY - 10.69%
377,298 Atwood Oceanics * ............................... 16,951,999
537,235 Bill Barrett * .................................. 22,418,816
815,258 Comstock Resources * ............................ 26,137,171
264,876 Contango Oil & Gas * ............................ 16,401,122
500,347 Global Geophysical Services * ................... 9,501,590
1,855,722 Precision Drilling (Canada) * ................... 28,095,631
---------------
119,506,329
---------------
FINANCIALS - 15.58%
509,437 Bank of the Ozarks .............................. 22,685,229
1,194,716 Colonial Properties Trust, REIT ................. 25,280,191
993,874 East West Bancorp ............................... 21,000,558
314,220 GAMCO Investors (a) ............................. 16,166,619
1,468,531 Glacier Bancorp ................................. 22,072,021
152,279 Iberiabank ...................................... 9,138,263
467,694 LaSalle Hotel Properties, REIT .................. 13,160,909
321,668 Raymond James Financial ......................... 12,062,550
348,153 Stifel Financial * .............................. 15,903,629
396,795 UMB Financial ................................... 16,709,037
---------------
174,179,006
---------------
MARKET
SHARES VALUE
---------- ---------------
HEALTH CARE - 10.11%
268,828 Analogic ........................................ $ 15,503,311
543,289 Athenahealth * .................................. 25,116,250
1,088,032 Health Management Associates, Class A * ......... 12,273,001
507,083 NuVasive * ...................................... 15,663,794
196,094 Quality Systems ................................. 17,593,554
315,450 Teleflex ........................................ 19,876,505
103,779 United Therapeutics * ........................... 6,949,042
---------------
112,975,457
---------------
INDUSTRIALS - 16.47%
495,346 Advisory Board * ................................ 23,142,565
310,121 Aerovironment * ................................. 8,884,966
343,161 Chicago Bridge & Iron (Netherlands) ............. 13,911,747
743,127 Colfax * ........................................ 16,237,325
572,134 Corporate Executive Board (The) ................. 22,799,540
513,105 ESCO Technologies ............................... 18,820,691
608,340 Forward Air ..................................... 20,452,391
405,703 Franklin Electric ............................... 18,301,262
508,110 Terex * ......................................... 17,672,066
335,005 Wabtec .......................................... 23,912,657
---------------
184,135,210
---------------
INFORMATION TECHNOLOGY - 19.13%
355,694 Blackboard * .................................... 17,112,438
596,339 Blue Coat Systems * ............................. 17,174,563
816,024 Ceragon Networks (Israel) * ..................... 10,306,383
987,708 DemandTec * ..................................... 10,933,928
1,362,265 Ixia * .......................................... 22,259,410
800,177 Meru Networks * ................................. 13,931,082
636,390 NETGEAR * ....................................... 26,569,283
668,111 RightNow Technologies * ......................... 24,172,256
1,408,565 SeaChange International * ....................... 15,085,731
1,600,000 Smith Micro Software * .......................... 12,352,000
1,790,701 VASCO Data Security International * ............. 22,097,250
849,980 Websense * ...................................... 21,920,984
---------------
213,915,308
---------------
MATERIALS - 3.91%
395,914 Royal Gold ...................................... 24,142,836
464,312 Texas Industries ................................ 19,580,037
---------------
43,722,873
---------------
TELECOMMUNICATION SERVICES - 1.51%
1,320,423 Cbeyond * ....................................... 16,848,597
---------------
TOTAL COMMON STOCKS
(Cost $756,272,651) .......................... 1,074,747,816
---------------
INVESTMENT COMPANY - 4.52%
50,541,595 BlackRock Liquidity Funds
TempCash Portfolio ........................... 50,541,595
---------------
TOTAL INVESTMENT COMPANY
(Cost $50,541,595) ........................... 50,541,595
---------------
TOTAL INVESTMENTS - 100.66%
(Cost $806,814,246)** ..................................... 1,125,289,411
---------------
NET OTHER ASSETS AND LIABILITIES - (0.66)% ................... (7,335,071)
---------------
NET ASSETS - 100.00% ......................................... $ 1,117,954,340
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 20
Aston Funds
ASTON/TAMRO SMALL CAP FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
Gross unrealized appreciation .................. $334,435,962
Gross unrealized depreciation .................. (15,960,797)
------------
Net unrealized appreciation .................... $318,475,165
============
(a) This security has been determined by the Sub-Adviser to be an illiquid
security. At April 30, 2011, this security amounted to $16,166,619 or 1.45%
of net assets.
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 21
Aston Funds
ASTON/RIVER ROAD SELECT VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
ENERGY 3%
TELECOMMUNICATION SERVICES 1%
CONSUMER DISCRETIONARY 26%
FINANCIALS 17%
INDUSTRIALS 14%
INFORMATION TECHNOLOGY 11%
CONSUMER STAPLES 10%
HEALTH CARE 7%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
UTILITIES 4%
MATERIALS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 96.03%
CONSUMER DISCRETIONARY - 23.83%
203,640 Ascena Retail Group * ........................... $ 6,371,896
40,380 Ascent Media, Class A * ......................... 1,939,451
125,290 Big Lots * ...................................... 5,150,672
108,250 Bob Evans Farms ................................. 3,394,720
47,410 Cracker Barrel Old Country Store ................ 2,428,814
227,610 Fred's, Class A ................................. 3,177,436
56,400 International Speedway, Class A ................. 1,725,840
232,040 Madison Square Garden, Class A * ................ 6,346,294
201,200 OfficeMax * ..................................... 2,003,952
72,160 Papa John's International * ..................... 2,169,130
210,980 Pep Boys (The) -Manny, Moe, & Jack .............. 2,890,426
154,730 PetSmart ........................................ 6,524,964
180,950 Regis ........................................... 3,076,150
175,190 Rent-A-Center ................................... 5,334,536
58,710 Skechers U.S.A., Class A * ...................... 1,118,426
78,890 True Religion Apparel * ......................... 2,384,056
---------------
56,036,763
---------------
CONSUMER STAPLES - 10.18%
56,740 BJ's Wholesale Club * ........................... 2,911,897
72,270 Cott (Canada) * ................................. 644,648
67,910 Industrias Bachoco, SP ADR (Mexico) ............. 1,936,114
58,566 J & J Snack Foods ............................... 2,976,324
261,010 Ruddick ......................................... 10,837,135
90,630 Village Super Market, Class A ................... 2,450,635
306,480 Winn-Dixie Stores * ............................. 2,172,943
---------------
23,929,696
---------------
ENERGY - 2.77%
76,200 Endeavour International * ....................... 1,104,900
119,710 Penn Virginia ................................... 1,850,717
104,150 Rex Energy * .................................... 1,336,245
150,130 TETRA Technologies * ............................ 2,217,420
---------------
6,509,282
---------------
MARKET
SHARES VALUE
---------- ---------------
FINANCIALS - 16.52%
12,076 Alleghany * ..................................... $ 3,972,932
187,015 Alterra Capital Holdings (Bahamas) .............. 4,110,590
77,950 Artio Global Investors .......................... 1,280,718
7,900 Capital Southwest ............................... 760,296
88,200 Commerce Bancshares ............................. 3,753,792
148,900 Federated Investors, Class B .................... 3,838,642
182,060 Hilltop Holdings * .............................. 1,765,982
176,510 Knight Capital Group, Class A * ................. 2,421,717
43,080 Navigators Group * .............................. 2,232,836
50,330 Oppenheimer Holdings, Class A ................... 1,545,634
62,250 PartnerRe (Bahamas) ............................. 5,002,410
118,890 W. R. Berkley ................................... 3,877,003
12,010 White Mountains Insurance Group ................. 4,293,695
---------------
38,856,247
---------------
HEALTH CARE - 7.18%
31,280 Chemed .......................................... 2,178,026
81,980 Ensign Group .................................... 2,267,567
13,480 Haemonetics * ................................... 946,296
96,850 ICU Medical * ................................... 4,368,903
133,350 Immucor * ....................................... 2,911,031
20,060 National Healthcare ............................. 931,988
90,880 STERIS .......................................... 3,275,315
---------------
16,879,126
---------------
INDUSTRIALS - 16.24%
37,000 Allegiant Travel ................................ 1,660,190
190,020 Brink's ......................................... 6,272,560
31,087 Copart * ........................................ 1,410,417
27,910 Cubic ........................................... 1,509,373
109,550 Dolan * ......................................... 1,289,403
169,160 Equifax ......................................... 6,348,575
86,850 G & K Services, Class A ......................... 2,874,735
273,410 Geo Group * ..................................... 7,294,579
81,370 Insperity ....................................... 2,464,697
86,580 Tutor Perini .................................... 2,308,223
91,650 Unifirst ........................................ 4,743,804
---------------
38,176,556
---------------
INFORMATION TECHNOLOGY - 11.24%
76,250 CSG Systems International * ..................... 1,619,550
113,680 DST Systems ..................................... 5,605,561
263,070 Ingram Micro, Class A * ......................... 4,927,301
75,110 Ituran Location and Control (Israel) ............ 1,221,289
56,670 j2 Global Communications * ...................... 1,669,498
89,790 ManTech International, Class A * ................ 3,940,883
158,360 NeuStar, Class A * .............................. 4,258,300
168,950 Total System Services ........................... 3,184,708
---------------
26,427,090
---------------
MATERIALS - 3.11%
89,500 AptarGroup ...................................... 4,694,275
36,430 Stepan .......................................... 2,621,867
---------------
7,316,142
---------------
TELECOMMUNICATION SERVICES - 1.33%
47,540 Atlantic Tele-Network ........................... 1,746,144
70,320 nTelos Holdings ................................. 1,387,414
---------------
3,133,558
---------------
UTILITIES - 3.63%
105,460 Avista .......................................... 2,567,951
55,920 Energen ......................................... 3,635,359
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 22
Aston Funds
ASTON/RIVER ROAD SELECT VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
---------- ---------------
UTILITIES - (CONTINUED)
18,402 SJW ............................................. $ 427,662
51,280 UniSource Energy ................................ 1,904,026
---------------
8,534,998
---------------
TOTAL COMMON STOCKS
(Cost $182,086,843) .......................... 225,799,458
---------------
INVESTMENT COMPANY - 3.79%
8,910,456 BlackRock Liquidity Funds
TempCash Portfolio ........................... 8,910,456
---------------
TOTAL INVESTMENT COMPANY
(Cost $8,910,456) ............................ 8,910,456
---------------
TOTAL INVESTMENTS - 99.82%
(Cost $190,997,299)** ..................................... 234,709,914
---------------
NET OTHER ASSETS AND LIABILITIES - 0.18% ..................... 430,261
---------------
NET ASSETS - 100.00% ......................................... $ 235,140,175
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................ $45,859,918
Gross unrealized depreciation ................ (2,147,303)
-----------
Net unrealized appreciation .................. $43,712,615
===========
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 23
Aston Funds
ASTON/RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
UTILITIES 2%
TELECOMMUNICATION SERVICES 1%
CONSUMER DISCRETIONARY 24%
FINANCIALS 15%
INDUSTRIALS 15%
CONSUMER STAPLES 13%
INFORMATION TECHNOLOGY 11%
HEALTH CARE 8%
ENERGY 5%
CASH & NET OTHER ASSETS AND LIABILITIES 3%
MATERIALS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 96.74%
CONSUMER DISCRETIONARY - 24.47%
431,579 Ascena Retail Group * ........................... $ 13,504,107
86,757 Ascent Media, Class A * ......................... 4,166,939
268,150 Big Lots * ...................................... 11,023,646
232,700 Bob Evans Farms ................................. 7,297,472
101,799 Cracker Barrel Old Country Store ................ 5,215,163
529,238 Fred's, Class A ................................. 7,388,162
76,582 Frisch's Restaurants (a) ........................ 1,736,880
120,970 International Speedway, Class A ................. 3,701,682
637,618 Mac-Gray (a) .................................... 10,801,249
498,390 Madison Square Garden, Class A * ................ 13,630,967
302,540 Monarch Casino & Resort * (a) ................... 3,467,108
432,270 OfficeMax * ..................................... 4,305,409
177,915 Papa John's International * ..................... 5,348,125
453,790 Pep Boys (The) -Manny, Moe, & Jack .............. 6,216,923
390,580 Regis ........................................... 6,639,860
390,335 Rent-A-Center ................................... 11,885,701
126,230 Skechers U.S.A., Class A * ...................... 2,404,682
177,400 True Religion Apparel * ......................... 5,361,028
---------------
124,095,103
---------------
CONSUMER STAPLES - 12.63%
123,940 BJ's Wholesale Club * ........................... 6,360,601
154,980 Cott (Canada) * ................................. 1,382,422
628,337 Harbinger Group * (a) ........................... 3,814,006
231,653 Industrias Bachoco, SP ADR (Mexico) ............. 6,604,427
135,183 J & J Snack Foods ............................... 6,870,000
562,211 Ruddick ......................................... 23,343,001
155,520 Seneca Foods, Class A * ......................... 4,348,339
246,241 Village Super Market, Class A ................... 6,658,357
653,360 Winn-Dixie Stores * ............................. 4,632,322
---------------
64,013,475
---------------
ENERGY - 4.85%
133,843 Endeavour International * ....................... 1,940,724
830,909 Evolution Petroleum * ........................... 6,589,108
518,149 Gastar Exploration * ............................ 2,331,671
397,522 Miller Energy Resources * ....................... 2,293,702
MARKET
SHARES VALUE
---------- ---------------
ENERGY (CONTINUED)
245,700 Penn Virginia ................................... $ 3,798,522
223,880 Rex Energy * .................................... 2,872,380
321,370 TETRA Technologies * ............................ 4,746,635
---------------
24,572,742
---------------
FINANCIALS - 14.89%
400,801 Alterra Capital Holdings (Bahamas) .............. 8,809,606
166,780 Artio Global Investors .......................... 2,740,195
152,880 Avatar Holdings * ............................... 2,751,840
24,653 Capital Southwest ............................... 2,372,605
386,850 Dime Community Bancshares ....................... 5,980,701
239,500 Federated Investors, Class B .................... 6,174,310
42,845 First Citizens BancShares, Class A .............. 8,569,428
143,380 FPIC Insurance Group * .......................... 5,293,590
22,509 Gyrodyne Company of America REIT * (a) .......... 1,645,183
355,400 Hilltop Holdings * .............................. 3,447,380
369,710 Knight Capital Group, Class A * ................. 5,072,421
473,869 Medallion Financial (a) ......................... 4,373,811
98,107 Navigators Group * .............................. 5,084,886
163,909 Oppenheimer Holdings, Class A ................... 5,033,645
22,244 SWS Group ....................................... 135,688
22,474 White Mountains Insurance Group ................. 8,034,680
---------------
75,519,969
---------------
HEALTH CARE - 7.77%
65,355 Chemed .......................................... 4,550,669
175,820 Ensign Group .................................... 4,863,181
28,980 Haemonetics * ................................... 2,034,396
247,174 ICU Medical * ................................... 11,150,019
286,400 Immucor * ....................................... 6,252,112
61,225 National Healthcare ............................. 2,844,514
213,260 STERIS .......................................... 7,685,890
---------------
39,380,781
---------------
INDUSTRIALS - 14.85%
70,510 Allegiant Travel ................................ 3,163,784
516,228 APAC Customer Services * ........................ 2,947,662
419,506 Brink's ......................................... 13,847,893
68,260 Copart * ........................................ 3,096,956
50,966 Cubic ........................................... 2,756,241
314,550 Dolan * ......................................... 3,702,253
176,349 G & K Services, Class A ......................... 5,837,152
606,040 Geo Group * ..................................... 16,169,147
177,090 Insperity ....................................... 5,364,056
184,455 Standard Parking * .............................. 3,226,118
187,020 Tutor Perini .................................... 4,985,953
196,543 Unifirst ........................................ 10,173,066
---------------
75,270,281
---------------
INFORMATION TECHNOLOGY - 10.86%
72,528 Computer Services (a) ........................... 1,958,256
163,430 CSG Systems International * ..................... 3,471,253
244,970 DST Systems ..................................... 12,079,471
347,460 Electro Rent (a) ................................ 5,472,495
472,003 Ingram Micro, Class A * ......................... 8,840,616
175,680 Ituran Location and Control (Israel) ............ 2,856,557
86,120 j2 Global Communications * ...................... 2,537,095
197,620 ManTech International, Class A * ................ 8,673,542
341,680 NeuStar, Class A * .............................. 9,187,775
---------------
55,077,060
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 24
Aston Funds
ASTON/RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
---------- ---------------
MATERIALS - 2.80%
158,823 AptarGroup ...................................... $ 8,330,266
81,800 Stepan .......................................... 5,887,146
---------------
14,217,412
---------------
TELECOMMUNICATION SERVICES - 1.33%
101,810 Atlantic Tele-Network ........................... 3,739,481
151,063 nTelos Holdings ................................. 2,980,473
---------------
6,719,954
---------------
UTILITIES - 2.29%
247,130 Avista .......................................... 6,017,615
39,709 SJW ............................................. 922,837
126,370 UniSource Energy ................................ 4,692,118
---------------
11,632,570
---------------
TOTAL COMMON STOCKS
(Cost $384,310,215) .......................... 490,499,347
---------------
INVESTMENT COMPANY - 3.30%
16,731,642 BlackRock Liquidity Funds
TempFund Portfolio ........................... 16,731,642
---------------
TOTAL INVESTMENT COMPANY
(Cost $16,731,642) ........................... 16,731,642
---------------
TOTAL INVESTMENTS - 100.04%
(Cost $401,041,857)** ..................................... 507,230,989
---------------
NET OTHER ASSETS AND LIABILITIES - (0.04)% ................... (183,515)
---------------
NET ASSETS - 100.00% ......................................... $ 507,047,474
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................ $111,033,034
Gross unrealized depreciation ................ (4,843,902)
------------
Net unrealized appreciation .................. $106,189,132
============
(a) These securities have been determined by the Sub-Adviser to be illiquid
securities. At April 30, 2011, these securities amounted to $33,268,988 or
6.56% of net assets.
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 25
Aston Funds
ASTON/RIVER ROAD INDEPENDENT VALUE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
INDUSTRIALS 2%
HEALTH CARE 2%
CASH & NET OTHER ASSETS AND LIABILITIES 48%
INFORMATION TECHNOLOGY 15%
CONSUMER DISCRETIONARY 10%
CONSUMER STAPLES 8%
ENERGY 6%
UTILITIES 5%
FINANCIALS 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 52.32%
CONSUMER DISCRETIONARY - 10.36%
51,390 Ambassadors Group ............................... $ 518,011
51,410 American Greetings, Class A ..................... 1,264,686
50,640 Core-Mark Holding * ............................. 1,696,946
16,990 Frisch's Restaurants ............................ 385,333
54,445 Papa John's International * ..................... 1,636,617
30,630 Rent-A-Center ................................... 932,684
---------------
6,434,277
---------------
CONSUMER STAPLES - 7.51%
22,840 Arden Group, Class A ............................ 1,890,924
85,539 Central Garden & Pet * .......................... 835,716
91,880 Cott (Canada) * ................................. 819,570
38,236 Oil-Dri Corporation of America .................. 844,633
6,510 Weis Markets .................................... 268,668
---------------
4,659,511
---------------
ENERGY - 5.62%
56,720 Bill Barrett * .................................. 2,366,926
18,100 Contango Oil & Gas * ............................ 1,120,752
---------------
3,487,678
---------------
FINANCIALS - 4.29%
13,740 AMERISAFE * ..................................... 306,814
32,195 Baldwin & Lyons, Class B ........................ 743,383
62,650 Federated Investors, Class B .................... 1,615,117
---------------
2,665,314
---------------
HEALTH CARE - 1.88%
25,805 ICU Medical * ................................... 1,164,064
---------------
INDUSTRIALS - 2.19%
26,220 Unifirst ........................................ 1,357,147
---------------
INFORMATION TECHNOLOGY - 15.36%
21,830 Communications Systems .......................... 347,097
85,280 CSG Systems International * ..................... 1,811,347
113,075 EPIQ Systems .................................... 1,609,057
54,225 ManTech International, Class A * ................ 2,379,935
MARKET
SHARES VALUE
---------- ---------------
INFORMATION TECHNOLOGY (CONTINUED)
22,670 NeuStar, Class A * .............................. $ 609,596
120,060 Tellabs 590,695
116,057 Total System Services ........................... 2,187,674
---------------
9,535,401
---------------
UTILITIES - 5.11%
31,160 Artesian Resources, Class A ..................... 608,866
65,940 Avista .......................................... 1,605,639
25,420 California Water Service Group .................. 958,842
---------------
3,173,347
---------------
TOTAL COMMON STOCKS
(Cost $31,506,521) ........................... 32,476,739
---------------
INVESTMENT COMPANY - 49.96%
31,011,684 BlackRock Liquidity Funds
TempCash Portfolio ........................... 31,011,684
---------------
TOTAL INVESTMENT COMPANY
(Cost $31,011,684) ........................... 31,011,684
---------------
TOTAL INVESTMENTS - 102.28%
(Cost $62,518,205)** ...................................... 63,488,423
---------------
NET OTHER ASSETS AND LIABILITIES - (2.28)% ................... (1,413,299)
---------------
NET ASSETS - 100.00% ......................................... $ 62,075,124
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............................ $1,141,608
Gross unrealized depreciation ............................ (171,390)
----------
Net unrealized appreciation .............................. $ 970,218
==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 26
Aston Funds
ASTON/NEPTUNE INTERNATIONAL FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 2%
CONSUMER STAPLES 23%
ENERGY 16%
MATERIALS 16%
INDUSTRIALS 12%
INFORMATION TECHNOLOGY 12%
FINANCIALS 7%
CONSUMER DISCRETIONARY 7%
HEALTH CARE 3%
TELECOMMUNICATION SERVICES 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 98.53%
BRAZIL - 1.76%
1,000 Petroleo Brasileiro, ADR ........................ $ 37,330
---------------
CHINA - 26.50%
1,000 Baidu, SP ADR * ................................. 148,520
10,000 China Life Insurance ............................ 35,538
5,000 China Mobile .................................... 45,968
25,000 China Oilfield Services ......................... 49,445
7,000 China Resources Enterprise ...................... 28,212
40,000 China South Locomotive and
Rolling Stock ................................... 44,140
30,000 Mandarin Oriental International ................. 63,600
40,000 PetroChina, Class H ............................. 57,480
21,666 Shangri-La Asia ................................. 60,398
1,000 Tencent Holdings ................................ 28,457
---------------
561,758
---------------
FRANCE - 2.57%
850 Total ........................................... 54,413
---------------
INDIA - 1.54%
500 Infosys Technologies, SP ADR .................... 32,590
---------------
JAPAN - 10.52%
300 FANUC ........................................... 49,744
2,000 Komatsu ......................................... 70,024
3,500 Kubota .......................................... 33,225
1,200 Sony ............................................ 33,434
5,000 Toray Industries ................................ 36,676
---------------
223,103
---------------
LUXEMBOURG - 0.80%
500 Evraz Group, GDR * .............................. 16,950
---------------
NETHERLANDS - 3.66%
1,000 Akzo Nobel ...................................... 77,672
---------------
MARKET
SHARES VALUE
---------- ---------------
NORWAY - 2.76%
1,000 Yara International .............................. $ 58,571
---------------
RUSSIA - 22.17%
4,000 Gazprom, SP ADR ................................. 68,240
500 LUKOIL, SP ADR .................................. 34,850
2,000 Mining and Metallurgical
Company Norilsk Nickel, ADR ..................... 55,700
2,000 Polyus Gold, SP ADR ............................. 72,900
5,000 Rosneft Oil, GDR ................................ 44,625
110 Sberbank, GDR ................................... 43,868
3,000 Wimm-Bill-Dann Foods, ADR * ..................... 105,870
1,250 X 5 Retail Group, GDR * ......................... 44,063
---------------
470,116
---------------
SWITZERLAND - 2.24%
800 Novartis AG ..................................... 47,491
---------------
TAIWAN - 1.91%
3,000 Taiwan Semiconductor
Manufacturing, SP ADR ........................... 40,500
---------------
UNITED KINGDOM - 22.10%
1,300 Antofagasta PLC ................................. 29,684
1,300 BHP Billiton PLC ................................ 54,818
1,000 British American Tobacco ........................ 43,613
2,500 Diageo .......................................... 50,862
1,000 GlaxoSmithKline ................................. 21,806
2,999 HSBC Holdings ................................... 32,831
1,000 Imperial Tobacco Group .......................... 35,194
5,000 Rolls-Royce Group * ............................. 53,576
480,000 Rolls-Royce Group,
C Shares * (a) .................................. 802
1,687 Standard Chartered .............................. 46,748
5,000 Tesco ........................................... 33,703
2,000 Unilever ........................................ 64,876
---------------
468,513
---------------
TOTAL COMMON STOCKS
(Cost $1,834,075) ............................ 2,089,007
---------------
INVESTMENT COMPANY - 2.25%
47,801 BlackRock Liquidity Funds
TempCash Portfolio ........................... 47,801
---------------
TOTAL INVESTMENT COMPANY
(Cost $47,801) ............................... 47,801
---------------
TOTAL INVESTMENTS - 100.78%
(Cost $1,881,876)** ....................................... 2,136,808
---------------
NET OTHER ASSETS AND LIABILITIES - (0.78)% ................... (16,595)
---------------
NET ASSETS - 100.00% ......................................... $ 2,120,213
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............... $ 372,849
Gross unrealized depreciation ............... (117,917)
---------
Net unrealized appreciation ................. $ 254,932
=========
(a) A security with a total aggregate market value of $802 or 0.04% of the net
assets, was valued under the fair value procedures established by the
Fund's Board of Trustees. This security has been determined by the
Sub-Adviser to be an illiquid security.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 27
Aston Funds
ASTON/NEPTUNE INTERNATIONAL FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
ADR American Depositary Receipt
GDR Global Depositary Receipt
SP ADR Sponsored American Depositary Receipt
Forward foreign currency contracts outstanding as of April 30, 2011 were as
follows:
PRINCIPAL
CONTRACTS AMOUNT NET
TO BUY OR COVERED BY UNREALIZED
TO SELL CURRENCY CONTRACTS EXPIRATION COUNTERPARTY DEPRECIATION
--------- -------- ---------- ---------- ------------ ------------
Sell JPY 17,012,125 02/12 JPM $(9,938)
-------
$(9,938)
=======
JPY Japanese Yen
JPM JPMorgan Chase
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 28
Aston Funds
ASTON/BARINGS INTERNATIONAL FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
TELECOMMUNICATION SERVICES 3%
UTILITIES 2%
FINANCIALS 20%
MATERIALS 13%
ENERGY 12%
CONSUMER DISCRETIONARY 12%
HEALTH CARE 9%
INDUSTRIALS 9%
INFORMATION TECHNOLOGY 8%
CONSUMER STAPLES 7%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 95.17%
AUSTRALIA - 3.39%
28,249 Newcrest Mining ................................. $ 1,283,441
210,158 Paladin Energy * ................................ 760,165
---------------
2,043,606
---------------
BRAZIL - 1.13%
50,799 Hypermarcas ..................................... 681,001
---------------
CHINA - 1.45%
30,600 Tencent Holdings ................................ 870,768
---------------
FRANCE - 6.71%
18,842 Publicis Groupe ................................. 1,067,755
12,899 Sanofi-Aventis .................................. 1,020,228
37,073 SES ............................................. 973,568
42,365 Suez Environnement .............................. 976,375
---------------
4,037,926
---------------
GERMANY - 8.33%
12,232 Bayer ........................................... 1,075,271
10,770 Bayerische Motoren Werke ........................ 1,015,665
11,212 Deutsche Boerse ................................. 931,635
11,604 Fresenius ....................................... 1,217,891
4,698 Muenchener Rueckversicherungs-Gesellschaft ...... 775,520
---------------
5,015,982
---------------
HONG KONG - 2.70%
385,000 SJM Holdings .................................... 829,860
51,000 Sun Hung Kai Properties ......................... 796,562
---------------
1,626,422
---------------
INDIA - 1.29%
9,164 Niko Resources .................................. 774,361
---------------
ISRAEL - 1.67%
56,932 Israel Chemicals ................................ 1,003,815
---------------
MARKET
SHARES VALUE
---------- ---------------
ITALY - 1.50%
33,910 ENI ............................................. $ 906,577
---------------
JAPAN - 17.68%
5,400 Chugai Pharmaceutical ........................... 88,315
9,200 Daito Trust Construction ........................ 731,554
5,200 FANUC ........................................... 862,233
72,000 Hitachi Metals .................................. 942,662
18,200 Honda Motor ..................................... 715,749
654 Jupiter Telecommunications ...................... 702,255
3,100 KEYENCE ......................................... 808,679
8,600 Kyocera ......................................... 942,538
50,900 Mitsui .......................................... 898,586
8,600 Nidec ........................................... 746,397
563 NTT DoCoMo ...................................... 1,036,256
936 Rakuten ......................................... 860,822
6,300 Tokio Marine Holdings ........................... 174,663
21,300 UniCharm ........................................ 842,914
800 Yahoo Japan ..................................... 291,833
---------------
10,645,456
---------------
NETHERLANDS - 2.82%
15,607 Heineken ........................................ 934,247
15,883 Koninklijke Vopak ............................... 761,274
---------------
1,695,521
---------------
NORWAY - 3.21%
669,840 Marine Harvest .................................. 884,762
17,859 Yara International .............................. 1,046,024
---------------
1,930,786
---------------
PAPUA NEW GUINEA - 1.50%
116,800 Oil Search ...................................... 902,568
---------------
RUSSIA - 1.84%
64,820 Gazprom, SP ADR ................................. 1,105,829
---------------
SINGAPORE - 3.37%
81,000 DBS Group Holdings .............................. 991,283
106,700 Keppel .......................................... 1,037,319
---------------
2,028,602
---------------
SOUTH KOREA - 1.39%
4,220 NHN * ........................................... 836,794
---------------
SPAIN - 1.55%
47,144 Grifols ......................................... 933,593
---------------
SWEDEN - 1.50%
110,373 TeliaSonera ..................................... 901,258
---------------
SWITZERLAND - 7.00%
24,610 Julius Baer Group * ............................. 1,149,984
3,273 Syngenta ........................................ 1,158,226
48,593 UBS * ........................................... 971,298
3,325 Zurich Financial Services * ..................... 934,075
---------------
4,213,583
---------------
UNITED KINGDOM - 25.14%
28,703 Admiral Group ................................... 811,209
35,347 Autonomy * ...................................... 950,569
41,945 BG Group ........................................ 1,074,408
129,048 BP .............................................. 997,046
394,516 Centamin Egypt * ................................ 856,669
91,670 ICAP ............................................ 793,928
24,696 Imperial Tobacco Group .......................... 869,153
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 29
Aston Funds
ASTON/BARINGS INTERNATIONAL FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
---------- ---------------
UNITED KINGDOM (CONTINUED)
57,490 Petropavlovsk ................................... $ 857,529
95,032 Prudential ...................................... 1,227,028
192,170 Resolution ...................................... 971,635
13,300 Rio Tinto ....................................... 968,597
85,146 Rolls-Royce Group ............................... 912,360
8,174,016 Rolls-Royce Group, C Shares * (a) ............... 13,653
38,086 Shire ........................................... 1,176,907
32,073 Standard Chartered .............................. 888,774
37,192 Tullow Oil ...................................... 890,227
66,647 WPP ............................................. 869,991
---------------
15,129,683
---------------
TOTAL COMMON STOCKS
(Cost $46,492,650) ........................... 57,284,131
---------------
INVESTMENT COMPANY - 4.18%
2,517,447 BlackRock Liquidity Funds
TempCash Portfolio ........................... 2,517,447
---------------
TOTAL INVESTMENT COMPANY
(Cost $2,517,447) ............................ 2,517,447
---------------
TOTAL INVESTMENTS - 99.35%
(Cost $49,010,097)** ...................................... 59,801,578
---------------
NET OTHER ASSETS AND LIABILITIES - 0.65% ..................... 388,302
---------------
NET ASSETS - 100.00% ......................................... $ 60,189,880
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............... $10,829,440
Gross unrealized depreciation ............... (37,959)
-----------
Net unrealized appreciation ................. $10,791,481
===========
(a) A security with a total aggregate market value of $13,653 or 0.02% of the
net assets was valued under the fair value procedures established by the
Fund's Board of Trustees. This security has been determined by the
Sub-Adviser to be an illiquid security.
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 30
Aston Funds
ASTON DYNAMIC ALLOCATION FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
COMMODITIES 6%
DOMESTIC EQUITIES 48%
DOMESTIC FIXED INCOME 15%
INTERNATIONAL EQUITIES 12%
REAL ESTATE 10%
CASH & NET OTHER ASSETS AND LIABILITIES 9%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
EXCHANGE TRADED FUNDS - 90.78%
COMMODITIES - 5.76%
88,617 PowerShares DB Agriculture Fund * ............... $ 3,018,295
---------------
DOMESTIC EQUITIES - 48.25%
33,099 Energy Select Sector SPDR Fund .................. 2,662,483
68,914 Industrial Select Sector SPDR Fund .............. 2,666,972
32,681 iShares Russell 2000 Growth Index Fund .......... 3,227,902
41,728 iShares Russell 2000 Value Index Fund ........... 3,194,278
50,495 iShares Russell Midcap Growth Index Fund ........ 3,185,224
53,599 iShares Russell Midcap Value Index Fund ......... 2,640,287
26,431 Market Vectors-Coal ............................. 1,348,510
77,616 Materials Select Sector SPDR Trust .............. 3,172,166
17,333 SPDR S&P Midcap 400 ETF Trust, Series 1 ......... 3,199,845
---------------
25,297,667
---------------
DOMESTIC FIXED INCOME - 14.52%
165,988 SPDR Barclays Capital 1-3 Month T-Bill ETF * .... 7,610,550
---------------
INTERNATIONAL EQUITIES - 12.06%
92,074 iShares MSCI Canada Index Fund .................. 3,102,894
50,739 iShares MSCI EAFE Index Fun ..................... 3,219,897
---------------
6,322,791
---------------
MARKET
SHARES VALUE
---------- ---------------
REAL ESTATE - 10.19%
28,789 iShares Cohen & Steers Realty
Majors Index Fund .............................. $ 2,139,023
51,837 Vanguard REIT .................................. 3,205,082
---------------
5,344,105
---------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $42,850,319) .......................... 47,593,408
---------------
INVESTMENT COMPANY - 9.04%
4,739,265 BlackRock Liquidity Funds
TempCash Portfolio .......................... 4,739,265
---------------
TOTAL INVESTMENT COMPANY
(Cost $4,739,265) ........................... 4,739,265
---------------
TOTAL INVESTMENTS - 99.82%
(Cost $47,589,584)** ..................................... 52,332,673
---------------
NET OTHER ASSETS AND LIABILITIES - 0.18% .................... 95,600
---------------
NET ASSETS - 100.00% ........................................ $ 52,428,273
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ........ $4,746,409
Gross unrealized depreciation ........ (3,320)
----------
Net unrealized appreciation .......... $4,743,089
==========
DB Deutsche Bank
EAFE Europe, Australasia, and Far East
ETF Exchange-Traded Fund
MSCI Morgan Stanley Capital International
REIT Real Estate Investment Trust
S&P Standard & Poor
SPDR Standard & Poor's Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 31
Aston Funds
ASTON/M.D. SASS ENHANCED EQUITY FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH EQUIVALENTS 1%
INFORMATION TECHNOLOGY 19%
UTILITIES 17%
HEALTH CARE 16%
INDUSTRIALS 14%
FINANCIALS 13%
CONSUMER DISCRETIONARY 12%
CONSUMER STAPLES 10%
TELECOMMUNICATION SERVICES 3%
% OF TOTAL NET ASSETS
THE CHART REPRESENTS TOTAL INVESTMENTS IN THE FUND. NET OTHER ASSETS AND
LIABILITIES ARE NEGATIVE 4.64% AND CANNOT BE REPRESENTED IN THE PIE CHART
FORMAT.
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 103.85%
CONSUMER DISCRETIONARY - 11.43%
95,000 Carnival (a) .................................... $ 3,616,650
145,000 International Game Technology (a) ............... 2,565,050
70,000 Kohl's (a) ...................................... 3,689,700
190,000 Staples (a) ..................................... 4,016,600
---------------
13,888,000
---------------
CONSUMER STAPLES - 10.07%
120,000 CVS Caremark (a) ................................ 4,348,800
60,000 PepsiCo (a) ..................................... 4,133,400
130,000 Sysco (a) ....................................... 3,758,300
---------------
12,240,500
---------------
FINANCIALS - 12.91%
240,000 Bank of America (a) ............................. 2,947,200
30,000 Citigroup (a) ................................... 137,700
83,000 MetLife (a) ..................................... 3,883,570
110,000 NYSE Euronext (a) ............................... 4,405,500
50,000 SunTrust Banks (a) .............................. 1,409,500
100,000 Wells Fargo (a) ................................. 2,911,000
---------------
15,694,470
---------------
HEALTH CARE - 15.88%
69,000 Abbott Laboratories (a) ......................... 3,590,760
65,000 Baxter International (a) ........................ 3,698,500
105,000 Eli Lilly (a) ................................... 3,886,050
60,000 Johnson & Johnson (a) ........................... 3,943,200
100,000 Medtronic (a) ................................... 4,175,000
---------------
19,293,510
---------------
INDUSTRIALS - 14.09%
150,000 General Electric (a) ............................ 3,067,500
40,000 ITT (a) ......................................... 2,311,600
47,000 Lockheed Martin (a) ............................. 3,724,750
130,000 Quanta Services * (a) ........................... 2,818,400
75,000 Raytheon (a) .................................... 3,641,250
40,000 Shaw Group * (a) ................................ 1,556,000
---------------
17,119,500
---------------
MARKET
SHARES VALUE
---------- ---------------
INFORMATION TECHNOLOGY - 19.25%
215,000 Cisco Systems (a) ............................... $ 3,775,400
185,000 Corning (a) ..................................... 3,873,900
80,000 Harris (a) ...................................... 4,250,400
185,000 Intel (a) ....................................... 4,290,150
45,000 Visa, Class A (a) ............................... 3,515,400
365,000 Xerox (a) ....................................... 3,682,850
---------------
23,388,100
---------------
TELECOMMUNICATION SERVICES - 3.03%
100,000 AT&T (a) ........................................ 3,112,000
15,000 Verizon Communications (a) ...................... 566,700
---------------
3,678,700
---------------
UTILITIES - 17.19%
40,000 Constellation Energy Group ...................... 1,456,800
55,000 Entergy ......................................... 3,834,600
93,000 Exelon .......................................... 3,919,950
102,000 FirstEnergy (a) ................................. 4,075,920
79,000 Progress Energy (a) ............................. 3,748,550
120,000 Public Service Enterprise Group (a) ............. 3,860,400
---------------
20,896,220
---------------
TOTAL COMMON STOCKS
(Cost $119,835,146) .......................... 126,199,000
---------------
NUMBER OF
CONTRACTS
----------
PURCHASED OPTIONS - 0.22%
SPDR S&P 500 ETF Trust
700 Strike @ $115 Exp 05/21/11 ...................... 3,500
700 Strike @ $116 Exp 05/21/11 ...................... 3,500
700 Strike @ $117 Exp 05/21/11 ...................... 3,500
700 Strike @ $118 Exp 05/21/11 ...................... 3,500
1,100 Strike @ $115 Exp 06/18/11 ...................... 17,600
1,100 Strike @ $116 Exp 06/18/11 ...................... 23,100
1,100 Strike @ $117 Exp 06/18/11 ...................... 24,200
1,100 Strike @ $118 Exp 06/18/11 ...................... 25,300
900 Strike @ $119 Exp 06/18/11 ...................... 24,300
200 Strike @ $120 Exp 06/18/11 ...................... 5,600
500 Strike @ $117 Exp 06/30/11 ...................... 15,000
1,000 Strike @ $118 Exp 06/30/11 ...................... 35,000
1,000 Strike @ $119 Exp 06/30/11 ...................... 39,000
500 Strike @ $120 Exp 06/30/11 ...................... 23,000
200 Strike @ $117 Exp 07/16/11 ...................... 9,200
200 Strike @ $118 Exp 07/16/11 ...................... 10,000
---------------
TOTAL PURCHASED OPTIONS
(Cost $1,323,406) ............................ 265,300
---------------
SHARES
----------
INVESTMENT COMPANY - 0.57%
695,161 BlackRock Liquidity Funds
FedFund Portfolio ............................ 695,161
---------------
TOTAL INVESTMENT COMPANY
(Cost $695,161) .............................. 695,161
---------------
TOTAL INVESTMENTS - 104.64%
(Cost $121,853,713)** ..................................... 127,159,461
---------------
NET OTHER ASSETS AND LIABILITIES - (4.64)% ................... (5,640,516)
---------------
NET ASSETS - 100.00% ......................................... $ 121,518,945
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 32
Aston Funds
ASTON/M.D. SASS ENHANCED EQUITY FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 9,111,692
Gross unrealized depreciation ................. (3,805,944)
-----------
Net unrealized appreciation ................... $ 5,305,748
===========
(a) These securities are pledged as collateral for call options written.
ETF Exchange-Traded Fund
NYSE New York Stock Exchange
S&P Standard & Poor
SPDR Standard & Poor's Depositary Receipt
Transactions in written call options for the period ended April 30, 2011 were as
follows:
NUMBER OF
CONTRACTS PREMIUM
--------- -----------
BEGINNING OF PERIOD 31,691 $ 3,105,267
CALL OPTIONS WRITTEN 57,451 4,929,990
CALL OPTIONS CLOSED OR EXPIRED (52,312) (4,331,001)
CALL OPTIONS EXERCISED (1,829) (223,101)
------ -----------
OUTSTANDING, APRIL 30, 2011 35,001 $ 3,481,155
====== ===========
Premiums received and value of written equity options outstanding as of April
30, 2011.
NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE
--------- ------------------------------- ---------- ----------
Abbott Laboratories
690 Strike @ $52.5 Exp 08/11 ...... $ 55,058 $ 102,810
AT&T
33 Strike @ $28 Exp 07/11 ........ 6,698 11,220
400 Strike @ $29 Exp 07/11 ........ 21,594 96,400
280 Strike @ $30 Exp 07/11 ........ 17,616 46,480
120 Strike @ $30 Exp 10/11 ........ 7,288 23,520
167 Strike @ $32 Exp 10/11 ........ 12,355 14,529
Bank of America
170 Strike @ $16 Exp 08/11 ........ 8,837 680
430 Strike @ $15 Exp 11/11 ........ 32,243 9,460
1,500 Strike @ $16 Exp 11/11 ........ 73,527 18,000
Baxter International
60 Strike @ $52.5 Exp 05/11 ...... 10,199 27,240
590 Strike @ $50 Exp 08/11 ........ 127,414 451,350
Carnival
568 Strike @ $42 Exp 10/11 ........ 89,734 85,200
250 Strike @ $43 Exp 10/11 ........ 30,746 29,375
132 Strike @ $44 Exp 10/11 ........ 15,574 11,880
Cisco Systems
200 Strike @ $20 Exp 10/11 ........ 24,533 8,000
Corning
1,050 Strike @ $23 Exp 08/11 ........ 67,455 48,300
200 Strike @ $21 Exp 11/11 ........ 25,997 33,600
600 Strike @ $23 Exp 11/11 ........ 71,640 52,800
CVS Caremark
600 Strike @ $35 Exp 05/11 ........ 38,999 100,800
200 Strike @ $35 Exp 08/11 ........ 23,797 48,800
200 Strike @ $36 Exp 08/11 ........ 20,597 38,400
200 Strike @ $37 Exp 08/11 ........ 15,197 28,400
NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE
--------- ------------------------------- ---------- ----------
Eli Lilly
200 Strike @ $36 Exp 07/11 ........ $ 19,197 $ 25,800
50 Strike @ $37 Exp 07/11 ........ 2,949 3,400
800 Strike @ $36 Exp 10/11 ........ 75,411 142,400
FirstEnergy
380 Strike @ $40 Exp 07/11 ........ 30,014 30,400
612 Strike @ $40 Exp 10/11 ........ 54,721 77,112
General Electric
1,040 Strike @ $18 Exp 06/11 ........ 59,844 265,200
450 Strike @ $19 Exp 06/11 ........ 22,493 72,000
10 Strike @ $21 Exp 12/11 ........ 1,040 1,190
Harris
527 Strike @ $50 Exp 05/11 ........ 110,063 200,260
50 Strike @ $50 Exp 08/11 ........ 8,899 21,625
223 Strike @ $55 Exp 08/11 ........ 22,113 39,025
Intel
100 Strike @ $20 Exp 06/11 ........ 7,498 31,000
200 Strike @ $22 Exp 07/11 ........ 16,797 28,000
1,550 Strike @ $22 Exp 10/11 ........ 113,675 275,900
International Game Technology
1,450 Strike @ $17 Exp 10/11 ........ 111,032 263,900
ITT
400 Strike @ $55 Exp 07/11 ........ 66,010 154,000
Johnson & Johnson
390 Strike @ $62.5 Exp 07/11 ...... 44,843 136,890
210 Strike @ $65 Exp 07/11 ........ 31,675 36,120
Kohl's
50 Strike @ $57.5 Exp 10/11 ...... 12,399 7,000
650 Strike @ $62.5 Exp 10/11 ...... 69,708 26,000
Lockheed Martin
100 Strike @ $75 Exp 06/11 ........ 27,298 46,700
370 Strike @ $80 Exp 06/11 ........ 45,057 49,950
Medtronic
150 Strike @ $39 Exp 05/11 ........ 14,698 47,100
850 Strike @ $40 Exp 05/11 ........ 64,737 170,000
MetLife
100 Strike @ $46 Exp 06/11 ........ 14,798 19,400
730 Strike @ $49 Exp 09/11 ........ 164,360 133,590
NYSE Euronext
500 Strike @ $34 Exp 06/11 ........ 45,492 306,250
400 Strike @ $38 Exp 09/11 ........ 55,193 118,400
200 Strike @ $40 Exp 09/11 ........ 28,203 36,000
PepsiCo
200 Strike @ $67.5 Exp 07/11 ...... 12,697 45,600
400 Strike @ $67.5 Exp 10/11 ...... 54,797 124,000
Progress Energy
319 Strike @ $46 Exp 07/11 ........ 27,636 55,825
400 Strike @ $47 Exp 07/11 ........ 18,344 41,000
50 Strike @ $47 Exp 10/11 ........ 5,149 7,000
Public Service Enterprise Group
1,100 Strike @ $35 Exp 09/11 ........ 81,398 35,200
Quanta Services
379 Strike @ $21 Exp 05/11 ........ 33,830 43,585
721 Strike @ $22 Exp 05/11 ........ 66,423 43,260
200 Strike @ $22 Exp 08/11 ........ 31,841 27,500
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 33
Aston Funds
ASTON/M.D. SASS ENHANCED EQUITY FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE
--------- ------------------------------- ---------- ----------
Raytheon
90 Strike @ $52.5 Exp 08/11 ...... $ 17,368 $ 5,040
660 Strike @ $52.5 Exp 11/11 ...... 81,169 77,880
Shaw Group
400 Strike @ $32 Exp 07/11 ........ 113,192 300,000
Staples
250 Strike @ $24 Exp 09/11 ........ 22,246 7,500
825 Strike @ $22 Exp 12/11 ........ 86,331 103,125
825 Strike @ $23 Exp 12/11 ........ 61,037 74,250
SunTrust Banks
332 Strike @ $31 Exp 07/11 ........ 46,504 11,620
168 Strike @ $35 Exp 07/11 ........ 9,884 840
Sysco
450 Strike @ $29 Exp 08/11 ........ 28,793 43,650
850 Strike @ $29 Exp 11/11 ........ 75,636 106,250
Verizon Communications
100 Strike @ $35 Exp 07/11 ........ 8,099 30,500
50 Strike @ $36 Exp 07/11 ........ 2,849 10,900
Visa, Class A
346 Strike @ $75 Exp 06/11 ........ 96,151 157,430
54 Strike @ $80 Exp 06/11 ........ 9,287 9,882
50 Strike @ $80 Exp 09/11 ........ 16,649 19,500
Wells Fargo
800 Strike @ $32 Exp 10/11 ........ 149,786 69,600
Xerox
200 Strike @ $11 Exp 07/11 ........ 13,397 2,600
3,400 Strike @ $11 Exp 10/11 ........ 173,347 139,400
---------- ----------
TOTAL WRITTEN CALL OPTIONS .... $3,481,155 $5,644,793
========== ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 34
Aston Funds
ASTON/NEW CENTURY ABSOLUTE RETURN ETF FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 5%
DOMESTIC EQUITIES 68%
INTERNATIONAL EQUITIES 21%
COMMODITIES 6%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
EXCHANGE TRADED FUNDS - 94.90%
COMMODITIES - 6.33%
2,020 PowerShares DB Agriculture Fund * ............... $ 68,801
2,350 PowerShares DB Commodity
Index Tracking Fund * ........................ 74,965
1,010 PowerShares DB Silver Fund * .................... 85,234
---------------
229,000
---------------
DOMESTIC EQUITIES - 67.48%
3,630 First Trust Consumer Discretionary
AlphaDEX Fund ................................ 79,751
1,030 First Trust Dow Jones Internet
Index Fund ................................... 38,831
1,800 First Trust ISE-Revere Natural Gas
Index Fund ................................... 42,354
1,200 First Trust Large Cap Growth
Alphadex Fund ................................ 37,476
1,290 First Trust Multi Cap Value
AlphaDEX Fund ................................ 40,635
1,200 iShares Dow Jones U.S. Healthcare
Providers Index Fund ......................... 78,216
1,050 iShares Russell 1000 Index Fund ................. 79,853
560 iShares Russell 1000 Value
Index Fund ................................... 39,452
850 iShares Russell 2000 Growth
Index Fund ................................... 83,955
980 iShares Russell 2000 Index
Fund ......................................... 84,643
1,010 iShares Russell 2000 Value
Index Fund ................................... 77,316
1,290 iShares Russell MidCap Growth
Index Fund ................................... 81,373
730 iShares Russell MidCap Index
Fund ......................................... 81,935
1,640 iShares Russell MidCap Value
Index Fund ................................... 80,786
1,190 iShares S&P 500 Value Index
Fund ......................................... 77,207
720 iShares S&P MidCap 400 Growth
Index Fund ................................... 82,066
MARKET
SHARES VALUE
---------- ---------------
DOMESTIC EQUITIES (CONTINUED)
790 iShares S&P MidCap 400 Index
Fund ......................................... $ 80,098
1,050 iShares S&P SmallCap 600 Growth
Index Fund ................................... 86,279
1,010 Market Vectors-Coal ETF ......................... 51,530
980 Market Vectors-Junior Gold
Miners ETF ................................... 40,817
660 ProShares Ultra S&P 500 ......................... 37,237
680 ProShares Ultra SmallCap 600 .................... 37,856
1,800 Rydex S&P 500 Pure Growth ETF ................... 86,670
3,510 Rydex S&P 500 Pure Value ETF .................... 113,303
1,610 Rydex S&P Equal Weight ETF ...................... 83,784
1,240 Rydex S&P MidCap 400 Pure
Growth ETF ................................... 110,794
3,010 Rydex S&P MidCap 400 Pure
Value ETF .................................... 109,534
2,060 Rydex S&P SmallCap 600 Pure
Growth ETF ................................... 111,750
2,820 Rydex S&P SmallCap 600 Pure
Value ETF .................................... 115,479
490 SPDR S&P Metals & Mining ETF .................... 37,039
970 SPDR S&P Oil & Gas Equipment
& Services ETF ............................... 42,767
1,330 SPDR S&P Oil & Gas Exploration
& Production ETF ............................. 84,748
770 SPDR S&P Retail ETF ............................. 41,018
1,010 Vanguard MSCI Mid-Cap ETF ....................... 83,557
---------------
2,440,109
---------------
INTERNATIONAL EQUITIES - 21.09%
1,670 iShares FTSE China 25 Index Fund ................ 75,501
2,560 iShares MSCI Australia Index Fund ............... 72,371
450 iShares MSCI Brazil Index Fund .................. 34,974
810 iShares MSCI BRIC Index Fund .................... 40,800
510 iShares MSCI Chile Investable
Market Index Fund ............................ 39,902
800 iShares MSCI Spain Index Fund ................... 36,640
2,250 iShares MSCI Sweden Index Fund .................. 80,347
1,550 iShares MSCI Turkey Investable
Market Index Fund ............................ 109,523
1,290 Market Vectors Indonesia
Index ETF .................................... 40,970
1,130 PowerShares Global Agriculture
Portfolio .................................... 37,934
760 PowerShares Global Gold and
Precious Metals Portfolio .................... 38,688
1,520 Vanguard Emerging Markets ETF ................... 76,882
3,140 WisdomTree India Earnings Fund .................. 78,186
---------------
762,718
---------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,063,909) ............................ 3,431,827
---------------
INVESTMENT COMPANY - 5.32%
192,520 BlackRock Liquidity Funds
TempCash Portfolio ........................... 192,520
---------------
TOTAL INVESTMENT COMPANY
(Cost $192,520) .............................. 192,520
---------------
TOTAL INVESTMENTS - 100.22%
(Cost $3,256,429)** ....................................... 3,624,347
---------------
NET OTHER ASSETS AND LIABILITIES - (0.22)% ................... (7,970)
---------------
NET ASSETS - 100.00% ......................................... $ 3,616,377
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 35
Aston Funds
ASTON/NEW CENTURY ABSOLUTE RETURN ETF FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - continued
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .. $369,499
Gross unrealized depreciation .. (1,581)
--------
Net unrealized appreciation .... $367,918
========
BRIC Brazil, Russia, India and China
DB Deutsche Bank
ETF Exchange-Traded Fund
FTSE Financial Times Stock Exchange
ISE International Securities Exchange
MSCI Morgan Stanley Capital International
S&P Standard & Poor
SPDR Standard & Poor's Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 36
Aston Funds
ASTON/LAKE PARTNERS LASSO ALTERNATIVES FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
LONG/SHORT STRATEGIES 48%
HEDGED FIXED INCOME 31%
HEDGED FUTURES/COMMODITIES 10%
ARBITRAGE 7%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
INVESTMENT COMPANIES - 98.15%
ARBITRAGE - 6.90%
16,027 Arbitrage Fund-I ................................ $ 207,716
79,363 Dunham Monthly Distribution
Fund-N ....................................... 2,986,430
261,684 Merger Fund ..................................... 4,252,363
---------------
7,446,509
---------------
HEDGED FIXED INCOME - 31.26%
331,672 Driehaus Active Income Fund ..................... 3,734,629
152,885 Driehaus Select Credit Fund ..................... 1,611,408
11,435 Eaton Vance Global Macro
Absolute Return Fund-I ....................... 117,208
356,261 John Hancock Funds II -
Strategic Income Opportunities
Fund ......................................... 4,007,938
262,907 Loomis Sayles Absolute Strategies
Fund ......................................... 2,684,276
657,126 MainStay High Yield Opportunities
Fund-I ....................................... 7,964,367
726,850 Metropolitan West High Yield Bond
Fund-I ....................................... 8,002,619
44,600 ProShares UltraShort 20+ Year
Treasury * ................................... 1,589,990
291,278 Templeton Global Total Return
Fund-AD ...................................... 4,016,730
---------------
33,729,165
---------------
HEDGED FUTURES/COMMODITIES - 9.91%
257,829 Altegris Managed Futures
Strategy Fund-I .............................. 2,671,107
1,053 ASG Diversifying Strategies
Fund-Y ....................................... 11,434
231,538 ASG Managed Futures Strategy
Fund-Y ....................................... 2,674,270
MARKET
SHARES VALUE
---------- ---------------
HEDGED FUTURES/COMMODITIES (CONTINUED)
263,532 Managers AMG FQ Global
Alternative Fund-A * ......................... $ 2,659,038
249,959 MutualHedge Frontier Legends
Fund-A ....................................... 2,672,064
---------------
10,687,913
---------------
LONG/SHORT STRATEGIES - 48.42%
279,238 FPA Crescent Fund-I ............................. 8,016,936
175,207 Needham Aggressive Growth Fund .................. 3,202,775
210,227 Needham Small Cap Growth Fund ................... 3,220,676
782,131 Robeco Boston Partners
Long/Short Equity Fund-IS .................... 15,955,466
189,914 Royce Global Select Fund-INV .................... 4,010,985
80,161 Royce Select Fund I ............................. 1,797,198
622,738 The Weitz Funds - Partners III
Opportunity Fund * ........................... 7,995,955
583,885 Wasatch-1st Source
Long/Short Fund .............................. 8,034,251
---------------
52,234,242
---------------
CASH EQUIVALENTS - 1.66%
1,794,176 BlackRock Liquidity Funds
TempCash Portfolio ........................... 1,794,176
---------------
TOTAL INVESTMENT COMPANIES
(Cost $102,130,053) .......................... 105,892,005
---------------
TOTAL INVESTMENTS - 98.15%
(Cost $102,130,053)** ..................................... 105,892,005
---------------
NET OTHER ASSETS AND LIABILITIES - 1.85% ..................... 1,993,724
---------------
NET ASSETS - 100.00% ......................................... $ 107,885,729
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .. $3,856,363
Gross unrealized depreciation .. (94,411)
----------
Net unrealized appreciation .... $3,761,952
==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 37
Aston Funds
ASTON/FORTIS REAL ESTATE FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
RETAIL 29%
RESIDENTIAL 18%
OFFICE PROPERTIES 15%
STORAGE 8%
DIVERSIFIED 8%
HEALTH CARE 8%
INDUSTRIAL 6%
HOTELS 4%
CASH & NET OTHER ASSETS AND LIABILITIES 3%
FOREIGN COMMON STOCK 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 96.38%
DIVERSIFIED - 7.89%
7,767 American Assets Trust ........................... $ 171,495
18,050 Digital Realty Trust ............................ 1,089,137
18,188 Liberty Property Trust .......................... 639,672
13,929 Vornado Realty Trust ............................ 1,346,656
---------------
3,246,960
---------------
HEALTH CARE - 7.54%
7,536 HCP ............................................. 298,576
4,303 Health Care, REIT ............................... 231,372
24,819 Nationwide Health Properties .................... 1,087,072
26,607 Ventas .......................................... 1,488,130
---------------
3,105,150
---------------
HOTELS - 4.32%
100,036 Host Hotels & Resorts ........................... 1,779,640
---------------
INDUSTRIAL - 5.75%
14,457 AMB Property .................................... 526,235
13,277 EastGroup Properties ............................ 611,539
75,583 ProLogis ........................................ 1,231,247
---------------
2,369,021
---------------
OFFICE PROPERTIES - 15.09%
30,583 Boston Properties ............................... 3,196,841
51,848 Brandywine Realty Trust ......................... 658,469
86,549 Douglas Emmett .................................. 1,801,085
6,762 SL Green Realty ................................. 558,068
---------------
6,214,463
---------------
RESIDENTIAL - 18.14%
21,041 AvalonBay Communities ........................... 2,664,001
15,932 Brookdale Senior Living * ....................... 433,988
40,122 Equity Residential .............................. 2,396,086
14,595 Essex Property Trust ............................ 1,977,331
---------------
7,471,406
---------------
MARKET
SHARES VALUE
---------- ---------------
RETAIL - 29.40%
22,817 Federal Realty Investment Trust ................. $ 1,997,856
64,578 Glimcher Realty Trust ........................... 616,720
19,681 Regency Centers ................................. 926,188
45,642 Simon Property Group ............................ 5,227,835
24,708 Tanger Factory Outlet Centers ................... 682,682
31,859 Taubman Centers ................................. 1,852,601
30,497 Weingarten Realty Investors ..................... 805,426
---------------
12,109,308
---------------
STORAGE - 8.25%
28,950 Public Storage .................................. 3,396,124
---------------
TOTAL COMMON STOCKS
(Cost $27,272,685) ........................... 39,692,072
---------------
FOREIGN COMMON STOCKS - 0.89%
CANADA - 0.89%
3,772 Boardwalk Real Estate
Investment Trust ............................. 192,158
4,860 Canadian Real Estate
Investment Trust ............................. 172,076
---------------
TOTAL FOREIGN COMMON STOCKS
(Cost $282,406) .............................. 364,234
---------------
INVESTMENT COMPANY - 2.87%
1,183,182 BlackRock Liquidity Funds
TempCash Portfolio ........................... 1,183,182
---------------
TOTAL INVESTMENT COMPANY
(Cost $1,183,182) ............................ 1,183,182
---------------
TOTAL INVESTMENTS - 100.14%
(Cost $28,738,273)** ...................................... 41,239,488
---------------
NET OTHER ASSETS AND LIABILITIES - (0.14)% ................... (55,906)
---------------
NET ASSETS - 100.00% ......................................... $ 41,183,582
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .. $12,501,215
Gross unrealized depreciation .. --
-----------
Net unrealized appreciation .... $12,501,215
===========
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 38
Aston Funds
ASTON/MONTAG & CALDWELL BALANCED FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
COMMON STOCKS 62%
CORPORATE NOTES AND BONDS 22%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 11%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
ASSET-BACKED SECURITY 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS - 61.93%
CONSUMER DISCRETIONARY - 11.32%
4,200 Bed Bath & Beyond * ............................. $ 235,703
2,700 Coach ........................................... 161,486
9,650 McDonald's ...................................... 755,691
7,700 NIKE, Class B ................................... 633,863
6,700 Omnicom Group ................................... 329,573
10,700 TJX ............................................. 573,734
17,450 Walt Disney ..................................... 752,095
---------------
3,442,145
---------------
CONSUMER STAPLES - 12.58%
14,400 Coca-Cola ....................................... 971,424
2,400 Colgate-Palmolive ............................... 202,440
8,400 Costco Wholesale ................................ 679,728
16,500 Kraft Foods, Class A ............................ 554,070
10,770 PepsiCo ......................................... 741,945
10,450 Procter & Gamble ................................ 678,205
---------------
3,827,812
---------------
ENERGY - 8.63%
4,800 Apache .......................................... 640,176
6,850 Cameron International * ......................... 361,132
7,400 Halliburton ..................................... 373,552
5,550 Occidental Petroleum ............................ 634,310
6,850 Schlumberger .................................... 614,788
---------------
2,623,958
---------------
FINANCIALS - 1.83%
12,200 JPMorgan Chase .................................. 556,686
---------------
HEALTH CARE - 6.23%
11,750 Abbott Laboratories ............................. 611,470
7,950 Allergan ........................................ 632,502
11,050 Stryker ......................................... 651,950
---------------
1,895,922
---------------
MARKET
SHARES VALUE
---------- ---------------
INDUSTRIALS - 6.84%
6,250 Emerson Electric ................................ $ 379,750
7,900 Fluor ........................................... 552,526
13,700 General Electric ................................ 280,165
11,600 United Parcel Service, Class B .................. 869,652
---------------
2,082,093
---------------
INFORMATION TECHNOLOGY - 14.50%
14,300 Accenture, Class A .............................. 816,959
2,460 Apple * ......................................... 856,646
4,900 Broadcom, Class A * ............................. 172,382
1,530 Google, Class A * ............................... 832,473
22,100 Oracle .......................................... 796,705
16,450 QUALCOMM ........................................ 935,018
---------------
4,410,183
---------------
TOTAL COMMON STOCKS
(Cost $14,977,621) .......................... 18,838,799
---------------
PAR VALUE
----------
CORPORATE NOTES AND BONDS - 22.08%
CONSUMER STAPLES - 3.98%
$ 325,000 Coca-Cola
Senior Unsecured Notes
5.350%, 11/15/17 ............................. 373,181
400,000 PepsiCo
Senior Unsecured Notes
5.000%, 06/01/18 ............................. 442,183
375,000 Wal-Mart Stores
Senior Unsecured Notes
3.200%, 05/15/14 ............................. 396,504
---------------
1,211,868
---------------
ENERGY - 1.25%
350,000 ConocoPhillips
4.750%, 02/01/14 ............................. 381,474
---------------
FINANCIALS - 5.24%
300,000 General Electric Capital
Senior Unsecured Notes,
MTN, Series A
5.875%, 02/15/12 ............................. 312,790
400,000 JPMorgan Chase
Senior Unsecured Notes
4.750%, 05/01/13 ............................. 426,579
400,000 U.S. Bancorp
Senior Unsecured Notes
4.200%, 05/15/14 ............................. 429,113
400,000 Wells Fargo
Senior Unsecured Notes,
MTN, Series 1
3.750%, 10/01/14 ............................. 423,822
---------------
1,592,304
---------------
HEALTH CARE - 4.95%
350,000 Abbott Laboratories
Senior Unsecured Notes
4.350%, 03/15/14 ............................. 379,308
350,000 Johnson & Johnson
Senior Unsecured Notes
5.950%, 08/15/37 ............................. 398,586
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 39
Aston Funds
ASTON/MONTAG & CALDWELL BALANCED FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - continued
MARKET
PAR VALUE VALUE
---------- ---------------
HEALTH CARE (CONTINUED)
$ 400,000 Medtronic
Senior Unsecured Notes
3.000%, 03/15/15 ............................. $ 416,008
300,000 Pfizer
Senior Unsecured Notes
4.450%, 03/15/12 ............................. 310,419
---------------
1,504,321
---------------
INFORMATION TECHNOLOGY - 4.14%
400,000 Cisco Systems
Senior Unsecured Notes
5.500%, 02/22/16 ............................. 455,791
400,000 Hewlett-Packard
Senior Unsecured Notes
4.500%, 03/01/13 ............................. 426,750
350,000 Oracle
Senior Unsecured Notes
4.950%, 04/15/13 ............................. 377,722
---------------
1,260,263
---------------
TELECOMMUNICATION SERVICES - 2.52%
350,000 AT&T
Senior Unsecured Notes
4.950%, 01/15/13 ............................. 372,909
350,000 Verizon Communications
Senior Unsecured Notes
5.550%, 02/15/16 ............................. 393,521
---------------
766,430
---------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $6,436,762) ............................ 6,716,660
---------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 11.58%
FANNIE MAE - 0.33%
29,092 7.500%, 02/01/35,
Pool # 787557 ................................ 33,775
10,098 7.500%, 04/01/35,
Pool # 819231 ................................ 11,724
48,829 6.000%, 11/01/35,
Pool # 844078 ................................ 53,697
---------------
99,196
---------------
FREDDIE MAC - 0.62%
150,000 4.500%, 01/15/13 ................................ 160,031
27,463 5.500%, 12/01/20,
Gold Pool # G11820 ........................... 29,799
---------------
189,830
---------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.18%
50,729 5.500%, 02/15/39,
Pool # 698060 ................................ 55,324
---------------
U.S. TREASURY BONDS - 2.06%
175,000 8.000%, 11/15/21 ................................ 246,777
325,000 5.375%, 02/15/31 ................................ 378,320
---------------
625,097
---------------
MARKET
PAR VALUE VALUE
---------- ---------------
U.S. TREASURY NOTES - 8.39%
$ 450,000 1.375%, 05/15/12 ................................ $ 455,168
325,000 4.000%, 02/15/15 ................................ 356,358
425,000 4.500%, 02/15/16 ................................ 477,129
400,000 2.625%, 04/30/16 ................................ 412,688
350,000 4.625%, 02/15/17 ................................ 394,981
450,000 3.125%, 05/15/19 ................................ 456,575
---------------
2,552,899
---------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $3,394,741) ............................ 3,522,346
---------------
ASSET-BACKED SECURITY - 0.04%
12,952 Ford Credit Auto Owner Trust
Series 2008-B, Class A3A
4.280%, 05/15/12 ............................. 12,989
---------------
TOTAL ASSET-BACKED SECURITY
(Cost $13,245) ............................... 12,989
---------------
SHARES
----------
INVESTMENT COMPANY - 2.94%
895,740 BlackRock Liquidity Funds
TempCash Portfolio ........................... 895,740
---------------
TOTAL INVESTMENT COMPANY
(Cost $895,740) .............................. 895,740
---------------
TOTAL INVESTMENTS - 98.57%
(Cost $25,718,109)** ...................................... 29,986,534
---------------
NET OTHER ASSETS AND LIABILITIES - 1.43% ..................... 434,834
---------------
NET ASSETS - 100.00% ......................................... $ 30,421,368
===============
----------
* Non-income producing security.
** At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .. $4,290,371
Gross unrealized depreciation .. (21,946)
----------
Net unrealized appreciation .... $4,268,425
==========
MTN Medium Term Note
PORTFOLIO COMPOSITION
Common Stocks ............................. 63%
Investment Company ........................ 3%
U.S. Government Obligations ............... 11%
U.S. Government Agency Obligations ........ 1%
Corporate Notes and Bonds (Moody's Ratings)
Aaa .................................... 1%
Aa ..................................... 8%
A ...................................... 13%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 40
Aston Funds
ASTON/TCH FIXED INCOME FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
ASSET-BACKED SECURITIES 2%
FOREIGN GOVERNMENT BONDS 1%
CORPORATE NOTES AND BONDS 60%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 29%
CASH & NET OTHER ASSETS AND LIABILITIES 6%
COMMERCIAL MORTGAGE-BACKED SECURITIES 2%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
---------- ---------------
CORPORATE NOTES AND BONDS - 59.88%
CONSUMER DISCRETIONARY - 6.46%
JC Penney
Senior Unsecured Notes
$ 300,000 6.375%, 10/15/36 ............................. $ 271,500
250,000 7.400%, 04/01/37 ............................. 239,375
1,000,000 Limited Brands
Senior Unsecured Notes
7.600%, 07/15/37 ............................. 992,500
Macy's Retail Holdings
100,000 8.375%, 07/15/15 (a) ......................... 117,250
500,000 6.375%, 03/15/37 ............................. 502,500
250,000 Mattel
Senior Unsecured Notes
6.200%, 10/01/40 ............................. 250,488
250,000 Staples
9.750%, 01/15/14 ............................. 300,855
450,000 Whirlpool, MTN
Unsecured Notes
8.600%, 05/01/14 ............................. 526,167
Wyndham Worldwide
Senior Unsecured Notes
250,000 6.000%, 12/01/16 ............................. 268,038
250,000 7.375%, 03/01/20 ............................. 277,508
---------------
3,746,181
---------------
CONSUMER STAPLES - 3.69%
Altria Group
500,000 8.500%, 11/10/13 ............................. 584,333
200,000 10.200%, 02/06/39 ............................ 293,995
250,000 Corn Products International
Senior Unsecured Notes
6.625%, 04/15/37 ............................. 272,681
250,000 Kraft Foods
Senior Unsecured Notes
7.000%, 08/11/37 ............................. 293,389
150,000 PepsiCo
Senior Unsecured Notes
7.900%, 11/01/18 ............................. 191,982
MARKET
PAR VALUE VALUE
---------- ---------------
CONSUMER STAPLES (CONTINUED)
$ 250,000 Ralcorp Holdings
6.625%, 08/15/39 ............................. $ 269,505
200,000 Reynolds American
7.750%, 06/01/18 ............................. 237,542
---------------
2,143,427
---------------
ENERGY - 8.61%
250,000 Anadarko Petroleum
Senior Unsecured Notes
6.450%, 09/15/36 ............................. 258,729
250,000 Chesapeake Energy
6.625%, 08/15/20 ............................. 270,625
500,000 Ecopetrol SA
Senior Unsecured Notes
7.625%, 07/23/19 ............................. 590,000
250,000 El Paso Pipeline Partners Operating
7.500%, 11/15/40 ............................. 292,892
250,000 Energy Transfer Partners
Senior Unsecured Notes
9.000%, 04/15/19 ............................. 319,602
400,000 Hess
Senior Unsecured Notes
8.125%, 02/15/19 ............................. 507,357
400,000 Kinder Morgan Energy Partners
Senior Unsecured Notes
9.000%, 02/01/19 ............................. 515,248
450,000 Nabors Industries
9.250%, 01/15/19 ............................. 579,423
250,000 Pride International
Senior Unsecured Notes
6.875%, 08/15/20 ............................. 289,734
250,000 Rockies Express Pipeline
Senior Unsecured Notes
6.875%, 04/15/40 (c) ......................... 258,649
250,000 Rowan
Senior Unsecured Notes
5.000%, 09/01/17 ............................. 265,869
250,000 Valero Energy
9.375%, 03/15/19 ............................. 325,427
400,000 Weatherford International
9.625%, 03/01/19 ............................. 519,808
---------------
4,993,363
---------------
FINANCIALS - 17.28%
250,000 AFLAC
Senior Unsecured Notes
8.500%, 05/15/19 ............................. 306,522
450,000 American Financial Group
Senior Unsecured Notes
9.875%, 06/15/19 ............................. 559,685
500,000 Barclays Bank
Senior Unsecured Notes
1.343%, 01/13/14 (b) ......................... 504,940
500,000 Bear Stearns, MTN
Senior Unsecured Notes
0.674%, 11/21/16 (b) ......................... 484,093
Berkshire Hathaway Finance
100,000 0.428%, 01/13/12 (b) ......................... 100,110
Senior Unsecured Notes
250,000 0.742%, 02/11/13 (b) ......................... 251,409
150,000 Blackstone Holdings Finance
6.625%, 08/15/19 (c) (d) ..................... 160,419
250,000 Bunge Ltd Finance
8.500%, 06/15/19 ............................. 304,530
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 41
Aston Funds
ASTON/TCH FIXED INCOME FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
---------- ---------------
FINANCIALS (CONTINUED)
$1,500,000 Citigroup
Senior Subordinated Notes
0.862%, 08/25/36 (b) ......................... $ 1,176,636
125,000 Daimler Finance North America
5.750%, 09/08/11 ............................. 127,252
250,000 Discover Bank
Subordinated Notes
7.000%, 04/15/20 ............................. 281,799
800,000 Goldman Sachs Capital I
6.345%, 02/15/34 ............................. 791,356
450,000 Harley-Davidson Funding
5.750%, 12/15/14 (c) ......................... 488,130
250,000 IPIC GMTN
5.000%, 11/15/20 (c) ......................... 249,999
500,000 Jefferies Group
Senior Unsecured Notes
8.500%, 07/15/19 ............................. 600,960
300,000 Marsh & McLennan
Senior Unsecured Notes
9.250%, 04/15/19 ............................. 386,410
750,000 Merrill Lynch, MTN
6.875%, 04/25/18 ............................. 852,735
1,000,000 NB Capital Trust II
7.830%, 12/15/26 ............................. 1,029,250
500,000 Sinochem Overseas Capital
6.300%, 11/12/40 (c) ......................... 489,759
1,000,000 SLM, MTN
Senior Unsecured Notes
5.625%, 08/01/33 ............................. 878,470
---------------
10,024,464
---------------
HEALTH CARE - 5.73%
300,000 Boston Scientific
Senior Unsecured Notes
7.000%, 11/15/35 ............................. 323,876
Davita
125,000 6.375%, 11/01/18 ............................. 128,281
125,000 6.625%, 11/01/20 ............................. 128,906
250,000 Endo Pharmaceuticals Holdings
7.000%, 12/15/20 (c) ......................... 257,500
200,000 Hospira
Senior Unsecured Notes, GMTN
6.400%, 05/15/15 ............................. 226,404
250,000 Humana
Senior Unsecured Notes
8.150%, 06/15/38 ............................. 297,329
500,000 Lorillard Tobacco
8.125%, 05/01/40 ............................. 561,621
750,000 McKesson
Senior Unsecured Notes
7.500%, 02/15/19 ............................. 919,177
450,000 WellPoint
Senior Unsecured Notes
6.800%, 08/01/12 ............................. 481,789
---------------
3,324,883
---------------
INDUSTRIALS - 2.00%
250,000 Ball
6.625%, 03/15/18 ............................. 258,750
250,000 Caterpillar
Senior Unsecured Notes
7.000%, 12/15/13 ............................. 286,467
MARKET
PAR VALUE VALUE
---------- ---------------
INDUSTRIALS (CONTINUED)
$ 250,000 FedEx
Senior Notes
8.000%, 01/15/19 ............................. $ 312,952
250,000 Waste Management
7.375%, 03/11/19 ............................. 303,272
---------------
1,161,441
---------------
INFORMATION TECHNOLOGY - 2.66%
500,000 Hewlett-Packard
Senior Unsecured Notes
0.435%, 09/13/12 (b) ......................... 501,062
250,000 KLA Instruments
Senior Unsecured Notes
6.900%, 05/01/18 ............................. 283,428
200,000 Motorola
Senior Unsecured Notes
6.625%, 11/15/37 ............................. 219,287
500,000 Telecom Italia Capital SA
7.721%, 06/04/38 ............................. 541,471
---------------
1,545,248
---------------
MATERIALS - 5.39%
400,000 ArcelorMittal
Senior Unsecured Notes
7.000%, 10/15/39 ............................. 420,346
700,000 Bemis
Senior Unsecured Notes
6.800%, 08/01/19 ............................. 808,998
250,000 Dow Chemical (The)
Senior Unsecured Notes
8.550%, 05/15/19 ............................. 321,209
250,000 Hyundai Steel
Senior Unsecured Notes
4.625%, 04/21/16 (c) ......................... 255,209
500,000 International Paper
Senior Unsecured Notes
8.700%, 06/15/38 ............................. 652,989
550,000 Rio Tinto Finance
8.950%, 05/01/14 ............................. 666,458
---------------
3,125,209
---------------
TELECOMMUNICATION SERVICES - 3.56%
250,000 CBS
8.875%, 05/15/19 ............................. 318,854
400,000 Expedia
5.950%, 08/15/20 ............................. 396,000
350,000 Frontier Communications
Senior Unsecured Notes
9.000%, 08/15/31 ............................. 362,250
173,000 Telus
Senior Unsecured Notes
8.000%, 06/01/11 ............................. 174,008
450,000 Time Warner Cable
8.250%, 02/14/14 ............................. 526,338
250,000 Viacom
Senior Unsecured Notes
6.125%, 10/05/17 ............................. 285,809
---------------
2,063,259
---------------
UTILITIES - 4.50%
200,000 Allegheny Energy Supply
Senior Unsecured Notes
6.750%, 10/15/39 (c) ......................... 197,969
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 42
Aston Funds
ASTON/TCH FIXED INCOME FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
---------- ---------------
UTILITIES (CONTINUED)
$ 500,000 Dubai Electricity & Water Authority
Senior Unsecured Notes
8.500%, 04/22/15 (c) ......................... $ 548,426
450,000 FPL Group Capital
7.875%, 12/15/15 ............................. 539,444
250,000 Oncor Electric Delivery
7.500%, 09/01/38 ............................. 309,046
150,000 Pacific Gas & Electric
Senior Unsecured Notes
8.250%, 10/15/18 ............................. 192,567
450,000 Sempra Energy
Senior Unsecured Notes
9.800%, 02/15/19 ............................. 602,836
150,000 Virginia Electric and Power
Senior Unsecured Notes
8.875%, 11/15/38 ............................. 221,917
---------------
2,612,205
---------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $31,150,530) ........................... 34,739,680
---------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 29.31%
FANNIE MAE - 10.59%
424,435 6.000%, 11/01/17,
Pool # 662854 ................................ 464,365
209,764 6.000%, 04/01/18,
Pool # 725175 ................................ 229,236
376,046 5.500%, 11/01/18,
Pool # 748886 ................................ 408,842
189,315 4.500%, 06/01/19,
Pool # 747860 ................................ 201,638
753,127 6.000%, 01/01/21,
Pool # 850787 ................................ 824,687
386,080 6.000%, 09/01/32,
Pool # 847899 ................................ 427,106
161,842 6.000%, 02/01/34,
Pool # 771952 ................................ 178,736
185,562 7.500%, 02/01/35,
Pool # 787557 ................................ 215,435
64,392 7.500%, 04/01/35,
Pool # 819231 ................................ 74,758
274,456 6.000%, 11/01/35,
Pool # 844078 ................................ 301,819
443,922 5.000%, 05/01/36,
Pool # 745581 ................................ 470,945
287,398 6.000%, 12/01/36,
Pool # 888029 ................................ 315,422
364,404 5.500%, 06/01/37,
Pool # 918778 ................................ 393,034
354,619 6.500%, 10/01/37,
Pool # 888890 ................................ 399,670
1,146,713 5.500%, 03/01/38,
Pool # 962344 ................................ 1,236,090
---------------
6,141,783
---------------
FREDDIE MAC - 9.48%
250,000 4.000%, 04/05/20, ............................... 248,594
845,370 5.500%, 11/01/20,
Gold Pool # G18083 ........................... 917,281
154,425 5.500%, 12/01/20,
Gold Pool # G11820 ........................... 167,561
165,053 6.000%, 10/01/35,
Gold Pool # A47772 ........................... 181,354
MARKET
PAR VALUE VALUE
---------- ---------------
FREDDIE MAC (CONTINUED)
$ 407,271 5.500%, 05/01/37,
Gold Pool # A60048 ........................... $ 438,569
834,605 5.500%, 09/01/37,
Gold Pool # G03202 ........................... 898,743
1,067,989 5.000%, 02/01/38,
Gold Pool # A73409 ........................... 1,127,660
1,434,924 5.000%, 04/01/38,
Gold Pool # G04334 ........................... 1,519,133
---------------
5,498,895
---------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 4.75%
447,276 5.000%, 05/01/37,
Pool # 782156 ................................ 480,158
1,009,972 5.000%, 08/20/37,
Pool # 4015 .................................. 1,084,390
754,516 6.000%, 07/20/38,
Pool # 4195 .................................. 831,442
324,043 6.000%, 01/15/39,
Pool # 698036 ................................ 358,610
---------------
2,754,600
---------------
U.S. TREASURY BILLS - 2.58%
500,000 0.050%, 05/19/11 ................................ 499,989
1,000,000 0.050%, 07/14/11 ................................ 999,949
---------------
1,499,938
---------------
U.S. TREASURY INFLATION INDEX BOND - 1.91%
1,055,870 1.750%, 01/15/28 ................................ 1,108,168
---------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $15,809,660) ........................... 17,003,384
---------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.16%
275,000 Bear Stearns Commercial
Mortgage Securities
Series 2007-T28, Class A4
5.742%, 09/11/42 (d) ......................... 307,680
46,673 CS First Boston Mortgage Securities
Series 2005-C5, Class A2
5.100%, 08/15/38 (d) ......................... 47,666
898,263 JPMorgan Chase Commercial
Mortgage Securities
Series 2005-CB13, Class A2
5.247%, 01/12/43 ............................. 897,699
---------------
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,077,805) ............................ 1,253,045
---------------
ASSET-BACKED SECURITIES - 2.09%
260,000 Ford Credit Auto Owner Trust
Series 2008-B, Class A4A
4.950%, 03/15/13 ............................. 266,133
405,643 Honda Auto Receivables Owner Trust
Series 2008-1, Class A4
4.880%, 09/18/14 ............................. 411,196
264,010 Nissan Auto Receivables Owner Trust
Series 2009-1, Class A3
5.000%, 09/15/14 ............................. 270,031
261,858 USAA Auto Owner Trust
Series 2008-1, Class A4
4.500%, 10/15/13 ............................. 266,174
---------------
TOTAL ASSET-BACKED SECURITIES
(Cost $1,215,673) ............................ 1,213,534
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 43
Aston Funds
ASTON/TCH FIXED INCOME FUND APRIL 30, 2011
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
---------- ---------------
FOREIGN GOVERNMENT BONDS - 0.72%
$ 250,000 Croatia Government International Bond
6.375%, 03/24/21 (c) ......................... $ 254,751
150,000 State of Qatar
Senior Notes
6.400%, 01/20/40 (c) ......................... 161,625
---------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $393,932) .............................. 416,376
---------------
SHARES
----------
INVESTMENT COMPANY - 4.34%
2,516,660 BlackRock Liquidity Funds
TempCash Portfolio ........................... 2,516,660
---------------
TOTAL INVESTMENT COMPANY
(Cost $2,516,660) ............................ 2,516,660
---------------
TOTAL INVESTMENTS - 98.50%
(Cost $52,164,260)* ....................................... 57,142,679
---------------
NET OTHER ASSETS AND LIABILITIES - 1.50% ..................... 867,855
---------------
NET ASSETS - 100.00% ......................................... $ 58,010,534
===============
----------
* At April 30, 2011, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ..... $5,432,028
Gross unrealized depreciation ..... (453,609)
----------
Net unrealized appreciation ....... $4,978,419
==========
(a) Step Coupon. A bond that pays an initial coupon rate for the first period
and then a higher coupon rate for the following peri-ods until maturity.
The coupon rate was 8.375% until April 17, 2009, 8.875% until May 15, 2010,
8.625% until May 18, 2010 and will be 8.375% untill maturity.
(b) Variable rate bond. The interest rate shown reflects the rate in effect at
April 30, 2011.
(c) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities are pur-chased 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, 2011, these securities amounted to $3,322,436 or 5.73%
of net assets. These securities have been determined by the Sub-Adviser to
be liquid securities.
(d) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
GMTN Global Medium Term Note
MTN Medium Term Note
S&P Standard & Poor
PORTFOLIO COMPOSITION
Investment Company .............................. 5%
U.S. Government Obligations ..................... 5%
U.S. Government Agency Obligations .............. 25%
Corporate Notes and Bonds (Moody's Ratings(d))
Aaa .......................................... 4%
Aa ........................................... 3%
A ............................................ 7%
Baa .......................................... 37%
Ba ........................................... 13%
B ............................................ 1%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 44
This page intentionally left blank.
Aston Funds
APRIL 30, 2011
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
----------------- --------------
ASSETS:
Investments:
Investments at cost ...................................................... $2,727,177,838 $ 109,715,591
Net unrealized appreciation .............................................. 623,074,794 9,986,507
-------------- -------------
Total investments at value ............................................ 3,350,252,632 119,702,098
Receivables:
Dividends and interest ................................................... 4,440,635 30,760
Dividend reclaims ........................................................ -- --
Fund shares sold ......................................................... 7,489,282 99,901
Investments sold ......................................................... 38,215,474 5,242,855
Due from Adviser, net (Note G) ........................................... -- --
Other assets ................................................................... 75,064 2,674
-------------- -------------
Total assets .......................................................... 3,400,473,087 125,078,288
-------------- -------------
LIABILITIES:
Payables:
Dividend distribution .................................................... -- --
Investments purchased .................................................... 15,722,668 8,193,174
Fund shares redeemed ..................................................... 12,294,486 153,365
Due to Adviser, net (Note G) ............................................. 1,757,790 75,785
Administration fees (Note G) ............................................. 155,244 5,816
Distribution fees (Note G) ............................................... 121,848 3,400
Audit and tax fees ....................................................... 13,897 10,513
Custodian fees ........................................................... 25,509 1,182
Transfer agent fees ...................................................... 275,642 8,179
Registration fees ........................................................ 6,146 8,452
Trustees fees and related expenses (Note G) .............................. 8,019 158
Accrued expenses and other payables ...................................... 245,060 10,617
-------------- -------------
Total liabilities ..................................................... 30,626,309 8,470,641
-------------- -------------
NET ASSETS ..................................................................... $3,369,846,778 $ 116,607,647
============== =============
NET ASSETS CONSIST OF:
Paid in capital ............................................................. $2,610,435,308 $ 110,843,455
Accumulated undistributed (distribution in excess of) net investment
income (loss) ............................................................ 5,376,609 132,748
Accumulated net realized gain (loss) on investments and purchased options ... 130,960,067 (4,355,063)
Net unrealized appreciation on investments and purchased options ............ 623,074,794 9,986,507
-------------- -------------
TOTAL NET ASSETS ............................................................... $3,369,846,778 $ 116,607,647
============== =============
CLASS N:
Net Assets .................................................................. $1,623,987,252 $ 45,274,616
Shares of beneficial interest outstanding (unlimited authorization) ......... 63,157,313 3,395,657
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................................... $ 25.71 $ 13.33
============== =============
CLASS I:
Net Assets .................................................................. $1,737,589,168 $ 71,333,031
Shares of beneficial interest outstanding (unlimited authorization) ......... 67,280,438 5,285,682
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................................... $ 25.83 $ 13.50
============== =============
CLASS R:
Net Assets .................................................................. $ 8,270,358 $ --
Shares of beneficial interest outstanding (unlimited authorization) ......... 324,891 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................................... $ 25.46 $ --
============== =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 46
Aston Funds
TAMRO HERNDON RIVER ROAD MONTAG & CALDWELL FAIRPOINTE CARDINAL
DIVERSIFIED LARGE CAP VALUE DIVIDEND ALL MID CAP MID-CAP MID CAP
EQUITY FUND VALUE FUND FUND CAP VALUE FUND GROWTH FUND FUND VALUE FUND
------------ ----------- ------------ -------------- ----------------- -------------- ----------
$ 19,617,575 $10,753,160 $ 21,299,354 $385,813,614 $3,409,957 $2,417,809,820 $1,379,161
4,099,827 1,093,422 3,124,985 65,825,527 1,340,557 695,752,846 404,704
------------ ----------- ------------ ------------ ---------- -------------- ----------
23,717,402 11,846,582 24,424,339 451,639,141 4,750,514 3,113,562,666 1,783,865
7,699 8,066 49,862 990,367 1,037 1,531,591 1,240
-- -- 1,827 1,182 -- -- --
45,553 10,000 25,849 1,147,470 34 9,568,654 686
305,805 -- 68,736 -- 69,773 48,261 14,300
-- 2,990 488 -- 2,334 -- 4,790
983 28,770 5,688 22,753 102 254,050 34
------------ ----------- ------------ ------------ ---------- -------------- ----------
24,077,442 11,896,408 24,576,789 453,800,913 4,823,794 3,124,965,222 1,804,915
------------ ----------- ------------ ------------ ---------- -------------- ----------
-- -- -- 140,856 -- -- --
313,936 -- 102,334 9,797,218 95,061 21,263,876 17,648
19,389 -- 7,817 806,089 -- 9,358,838 --
8,828 -- -- 245,251 -- 1,778,685 --
1,512 948 3,512 19,197 833 133,305 663
1,745 839 1,806 14,284 349 140,734 131
10,481 10,566 11,548 11,260 10,607 14,264 10,607
1,233 626 5,888 2,144 290 10,697 349
3,598 4,015 6,354 3,689 2,718 50,402 2,737
4,772 -- 7,994 -- 4,230 15,442 4,726
-- 58 567 -- -- -- 2
2,221 1,059 14,283 14,089 1,497 105,302 1,452
------------ ----------- ------------ ------------ ---------- -------------- ----------
367,715 18,111 162,103 11,054,077 115,585 32,871,545 38,315
------------ ----------- ------------ ------------ ---------- -------------- ----------
$ 23,709,727 $11,878,297 $ 24,414,686 $442,746,836 $4,708,209 $3,092,093,677 $1,766,600
============ =========== ============ ============ ========== ============== ==========
$ 18,657,178 $10,463,041 $ 25,243,354 $368,707,758 $3,818,597 $2,370,626,433 $1,585,929
(17,429) 9,359 (43,772) 329,658 (18,550) (254,281) (754)
970,151 312,475 (3,909,881) 7,883,893 (432,395) 25,968,679 (223,279)
4,099,827 1,093,422 3,124,985 65,825,527 1,340,557 695,752,846 404,704
------------ ----------- ------------ ------------ ---------- -------------- ----------
$ 23,709,727 $11,878,297 $ 24,414,686 $442,746,836 $4,708,209 $3,092,093,677 $1,766,600
============ =========== ============ ============ ========== ============== ==========
$ 23,709,727 $11,350,035 $ 24,282,675 $192,251,318 $4,708,209 $1,861,338,600 $1,766,600
1,716,878 935,775 2,282,635 16,969,113 451,173 54,271,204 171,756
$ 13.81 $ 12.13 $ 10.64 $ 11.33 $ 10.44 $ 34.30 $ 10.29
============ =========== ============ ============ ========== ============== ==========
$ -- $ 528,262 $ 132,011 $250,495,518 $ -- $1,230,755,077 $ --
-- 43,554 12,404 22,121,515 -- 35,400,744 --
$ -- $ 12.13 $ 10.64 $ 11.32 $ -- $ 34.77 $ --
============ =========== ============ ============ ========== ============== ==========
$ -- $ -- $ -- $ -- $ -- $ -- $ --
-- -- -- -- -- -- --
$ -- $ -- $ -- $ -- $ -- $ -- $ --
============ =========== ============ ============ ========== ============== ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 47
Aston Funds
APRIL 30, 2011
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
VEREDUS CROSSWIND
AGGRESSIVE SMALL CAP
GROWTH FUND GROWTH FUND
----------- -----------
ASSETS:
Investments:
Investments at cost ............................................................... $ 45,296,265 $1,746,893
Net unrealized appreciation ....................................................... 11,644,910 158,726
------------ ----------
Total investments at value ..................................................... 56,941,175 1,905,619
Receivables:
Dividends and interest ............................................................ 8,093 8
Dividend reclaims ................................................................. -- --
Fund shares sold .................................................................. 38,874 2,500
Investments sold .................................................................. 1,136,472 40,657
Due from Adviser, net (Note G) .................................................... -- 9,932
Deferred offering costs (Note B-11) ..................................................... -- 29,936
Other assets ............................................................................ 1,321 326
------------ ----------
Total assets ................................................................... 58,125,935 1,988,978
------------ ----------
LIABILITIES:
Unrealized depreciation on open forward foreign currency contracts ...................... -- --
Payables:
Investments purchased ............................................................. 556,889 156,280
Fund shares redeemed .............................................................. 27,709 --
Due to Adviser, net (Note G) ...................................................... 40,036 --
Administration fees (Note G) ...................................................... 3,297 1,081
Distribution fees (Note G) ........................................................ 2,717 128
Audit and tax fees ................................................................ 11,737 8,970
Custodian fees .................................................................... 951 --
Transfer agent fees ............................................................... 13,426 2,925
Registration fees ................................................................. 9,718 6,542
Trustees fees and related expenses (Note G) ....................................... 169 2
Deferred organization cost ........................................................ -- 55,023
Accrued expenses and other payables ............................................... 6,363 811
------------ ----------
Total liabilities .............................................................. 673,012 231,762
------------ ----------
NET ASSETS .............................................................................. $ 57,452,923 $1,757,216
============ ==========
NET ASSETS CONSIST OF:
Paid in capital ...................................................................... $ 62,626,683 $1,433,314
Accumulated undistributed (distribution in excess of) net investment income (loss) ... (204,862) (8,149)
Accumulated net realized gain (loss) on investments, foreign currency
transactions and capital gain distributions received .............................. (16,613,808) 173,325
Net unrealized appreciation on investments and translation of assets
and liabilities denominated in foreign currency ................................... 11,644,910 158,726
------------ ----------
TOTAL NET ASSETS ........................................................................ $ 57,452,923 $1,757,216
============ ==========
CLASS N:
Net Assets ........................................................................... $ 35,814,240 $1,757,216
Shares of beneficial interest outstanding (unlimited authorization) .................. 2,279,339 139,418
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................................ $ 15.71 $ 12.60
============ ==========
CLASS I:
Net Assets ........................................................................... $ 21,638,683 $--
Shares of beneficial interest outstanding (unlimited authorization) .................. 1,330,618 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................................ $ 16.26 $--
============ ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 48
Aston Funds
TAMRO RIVER ROAD RIVER ROAD RIVER ROAD NEPTUNE BARINGS DYNAMIC
SMALL CAP SELECT VALUE SMALL CAP INDEPENDENT INTERNATIONAL INTERNATIONAL ALLOCATION
FUND FUND VALUE FUND VALUE FUND FUND FUND FUND
-------------- ------------ ------------ ----------- ------------- ------------- -----------
$ 806,814,246 $190,997,299 $401,041,857 $62,518,205 $ 1,881,876 $49,010,097 $47,589,584
318,475,165 43,712,615 106,189,132 970,218 254,932 10,791,481 4,743,089
-------------- ------------ ------------ ----------- ----------- ----------- -----------
1,125,289,411 234,709,914 507,230,989 63,488,423 2,136,808 59,801,578 52,332,673
2,428 57,875 81,150 8,052 8,266 346,886 304
-- -- -- -- 2,238 24,406 --
3,901,311 71,561 636,664 1,191,930 -- 323,300 207,824
9,779,802 1,952,400 2,207,201 41,099 -- 155,778 --
-- -- -- -- 8,135 -- --
-- -- -- 37,355 -- -- --
22,601 9,514 12,244 4,611 1,141 1,122 28,227
-------------- ------------ ------------ ----------- ----------- ----------- -----------
1,138,995,553 236,801,264 510,168,248 64,771,470 2,156,588 60,653,070 52,569,028
-------------- ------------ ------------ ----------- ----------- ----------- -----------
-- -- -- -- 9,938 -- --
18,275,657 476,014 1,726,987 2,640,171 -- 380,089 --
1,577,017 934,646 829,758 1 -- 2,862 90,927
797,857 195,102 377,179 38,131 -- 35,582 24,072
50,806 11,837 24,814 3,486 1,512 4,858 2,984
30,774 4,357 16,688 4,456 38 36 3,388
12,200 11,234 11,548 7,240 11,392 11,077 10,765
8,050 4,745 23,929 -- -- 13,946 1,642
213,992 5,200 67,058 2,703 5,475 5,747 4,503
-- -- -- -- 6,804 5,448 --
1,001 502 1,220 -- 4 158 356
-- -- -- -- -- -- --
73,859 17,452 41,593 158 1,212 3,387 2,118
-------------- ------------ ------------ ----------- ----------- ----------- -----------
21,041,213 1,661,089 3,120,774 2,696,346 36,375 463,190 140,755
-------------- ------------ ------------ ----------- ----------- ----------- -----------
$1,117,954,340 $235,140,175 $507,047,474 $62,075,124 $ 2,120,213 $60,189,880 $52,428,273
============== ============ ============ =========== =========== =========== ===========
$ 707,794,019 $174,647,417 $428,388,452 $60,097,986 $ 5,251,938 $50,819,228 $45,761,626
(2,431,418) (161,949) (488,546) (81,794) 7,574 291,017 (136,018)
94,116,574 16,942,092 (27,041,564) 1,088,714 (3,384,566) (1,720,878) 2,059,576
318,475,165 43,712,615 106,189,132 970,218 245,267 10,800,513 4,743,089
-------------- ------------ ------------ ----------- ----------- ----------- -----------
$1,117,954,340 $235,140,175 $507,047,474 $62,075,124 $ 2,120,213 $60,189,880 $52,428,273
============== ============ ============ =========== =========== =========== ===========
$ 423,426,834 $ 57,807,762 $221,867,362 $62,075,124 $ 509,247 $ 445,955 $45,646,077
17,970,398 5,607,817 16,674,000 5,708,444 55,337 57,110 4,620,603
$ 23.56 $ 10.31 $ 13.31 $ 10.87 $ 9.20 $ 7.81 $ 9.88
============== ============ ============ =========== =========== =========== ===========
$ 694,527,506 $177,332,413 $285,180,112 $ -- $ 1,610,966 $59,743,925 $ 6,782,196
29,023,111 17,153,409 21,414,881 -- 174,902 7,644,874 687,008
$ 23.93 $ 10.34 $ 13.32 $ -- $ 9.21 $ 7.81 $ 9.87
============== ============ ============ =========== =========== =========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 49
Aston Funds
APRIL 30, 2011
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
M.D. SASS NEW CENTURY
ENHANCED ABSOLUTE RETURN
EQUITY FUND ETF FUND
------------ ---------------
ASSETS:
Investments:
Investments at cost ............................................................... $121,853,713 $3,256,429
Net unrealized appreciation ....................................................... 5,305,748 367,918
------------ ----------
Total investments at value ..................................................... 127,159,461 3,624,347
Cash .................................................................................... 5 --
Receivables:
Dividends and interest ............................................................ 143,901 11
Fund shares sold .................................................................. 104,398 307
Investments sold .................................................................. 1,902,972 151,945
Due from Adviser, net (Note G) .................................................... -- 5,549
Other assets ............................................................................ 16,137 4,245
------------ ----------
Total assets ................................................................... 129,326,874 3,786,404
------------ ----------
LIABILITIES:
Payables:
Dividend distribution -- --
Investments purchased ............................................................. 1,995,795 144,868
Fund shares redeemed .............................................................. 66,555 1,843
Due to Adviser, net (Note G) ...................................................... 69,740 --
Administration fees (Note G) ...................................................... 5,611 873
Distribution fees (Note G) ........................................................ 3,809 268
Audit and tax fees ................................................................ 11,392 10,369
Custodian fees .................................................................... 100 142
Transfer agent fees ............................................................... 4,088 7,770
Registration fees -- --
Trustees fees and related expenses (Note G) ....................................... -- 158
Accrued expenses and other payables ............................................... 6,046 3,736
Call options written, at value (premiums received $3,481,155) ........................... 5,644,793 --
------------ ----------
Total liabilities .............................................................. 7,807,929 170,027
------------ ----------
NET ASSETS .............................................................................. $121,518,945 $3,616,377
============ ==========
NET ASSETS CONSIST OF:
Paid in capital ...................................................................... $116,047,931 $2,105,118
Accumulated undistributed (distribution in excess of) net investment income (loss) ... 144,365 (9,444)
Accumulated net realized gain (loss) on investments, purchased and written options,
foreign currency transactions and capital gain distributions received ............. 2,184,539 1,152,785
Net unrealized appreciation on investments, purchased and written options and
translation of assets and liabilities denominated in foreign currency ............. 3,142,110 367,918
------------ ----------
TOTAL NET ASSETS ........................................................................ $121,518,945 $3,616,377
============ ==========
CLASS N:
Net Assets ........................................................................... $ 51,069,704 $3,616,377
Shares of beneficial interest outstanding (unlimited authorization) .................. 5,289,031 332,834
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................................ $ 9.66 $ 10.87
============ ==========
CLASS I:
Net Assets ........................................................................... $ 70,449,241 $ --
Shares of beneficial interest outstanding (unlimited authorization) .................. 7,290,135 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................................ $ 9.66 $ --
============ ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 50
Aston Funds
LAKE PARTNERS
LASSO FORTIS TCH
ALTERNATIVES REAL ESTATE MONTAG & CALDWELL FIXED INCOME
FUND FUND BALANCED FUND FUND
------------ ------------ ----------------- ------------
$102,130,053 $ 28,738,273 $25,718,109 $52,164,260
3,761,952 12,501,215 4,268,425 4,978,419
------------ ------------ ----------- -----------
105,892,005 41,239,488 29,986,534 57,142,679
-- -- -- 200,000
98,758 6,033 137,287 662,108
6,702,027 4,419 3,341 37,027
-- -- 425,361 300,930
-- -- -- --
20,701 821 674 1,387
------------ ------------ ----------- -----------
112,713,491 41,250,761 30,553,197 58,344,131
------------ ------------ ----------- -----------
-- -- -- 17,233
4,685,517 -- 76,425 243,431
48,823 13,755 485 20,532
70,293 23,764 13,635 16,241
3,779 2,298 2,777 4,097
1,181 481 1,815 3,328
11,271 12,524 12,609 11,861
1,199 715 1,001 1,373
4,907 5,841 7,070 7,817
-- 4,440 6,628 --
-- 142 142 433
792 3,219 9,242 7,251
-- -- -- --
------------ ------------ ----------- -----------
4,827,762 67,179 131,829 333,597
------------ ------------ ----------- -----------
$107,885,729 $ 41,183,582 $30,421,368 $58,010,534
============ ============ =========== ===========
$103,417,408 $ 51,659,615 $31,504,774 $60,806,668
33,411 (9,617) (223,556) 303,675
672,958 (22,967,643) (5,128,275) (8,078,228)
3,761,952 12,501,227 4,268,425 4,978,419
------------ ------------ ----------- -----------
$107,885,729 $ 41,183,582 $30,421,368 $58,010,534
============ ============ =========== ===========
$ 15,992,862 $ 6,533,129 $24,386,967 $44,330,205
1,258,014 690,997 1,194,237 4,222,487
$ 12.71 $ 9.45 $ 20.42 $ 10.50
============ ============ =========== ===========
$ 91,892,867 $ 34,650,453 $ 6,034,401 $13,680,329
7,219,272 3,689,469 296,168 1,303,298
$ 12.73 $ 9.39 $ 20.37 $ 10.50
============ ============ =========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 51
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2011
STATEMENTS OF OPERATIONS (UNAUDITED)
MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
----------------- --------------
INVESTMENT INCOME:
Dividends ............................................................................ $ 25,941,106 $ 795,214
Less: foreign taxes withheld ......................................................... -- --
------------ -----------
Total investment income ........................................................... 25,941,106 795,214
------------ -----------
EXPENSES:
Investment advisory fees (Note G) .................................................... 10,426,775 455,116
Distribution expenses (Note G)(a) .................................................... 1,984,282 56,755
Transfer agent fees .................................................................. 1,040,040 51,294
Administration fees (Note G) ......................................................... 847,505 36,989
Registration expenses ................................................................ 46,217 17,555
Custodian fees ....................................................................... 58,023 3,110
Audit and tax fees ................................................................... 14,149 9,341
Legal fees ........................................................................... 95,221 3,388
Amortization of offering costs (Note B-11) ........................................... -- --
Reports to shareholder expense ....................................................... 183,291 5,882
Trustees fees and related expenses (Note G) .......................................... 140,766 4,831
Other expenses ....................................................................... 136,502 7,798
------------ -----------
Total expenses before waivers/reimbursements ...................................... 14,972,771 652,059
------------ -----------
Less: Investment advisory fees waived (Note G) .................................... -- --
Less: Expenses reimbursed (Note G) ................................................ -- --
------------ -----------
Net expenses ...................................................................... 14,972,771 652,059
------------ -----------
NET INVESTMENT INCOME (LOSS) ............................................................ 10,968,335 143,155
------------ -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ..................................................... 171,032,027 17,623,084
Net realized gain (loss) on purchased options ........................................ -- --
Net change in unrealized appreciation (depreciation) on investments .................. 209,674,680 187,688
Net change in unrealized appreciation on purchased options ........................... -- --
------------ -----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ......................................... 380,706,707 17,810,772
------------ -----------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................................. $391,675,042 $17,953,927
============ ===========
----------
(a) 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 $1,963,933 and $20,349,
respectively.
(b) On March 18, 2011, Value Fund had a redemption in kind with total proceeds
in the amount of $218,362,400. The net realized gain on the transactions of
$27,254,548 will not be realized by the Fund for tax purposes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 52
Aston Funds
TAMRO HERNDON RIVER ROAD MONTAG & CALDWELL FAIRPOINTE CARDINAL
DIVERSIFIED LARGE CAP VALUE DIVIDEND ALL MID CAP MID CAP MID CAP
EQUITY FUND VALUE FUND FUND CAP VALUE FUND GROWTH FUND FUND VALUE FUND
----------- ---------- ------------ -------------- ----------------- ------------ ----------
$ 95,190 $ 78,109 $ 2,291,370 $ 6,658,821 $ 10,681 $ 18,581,378 $ 15,680
-- -- (1,776) (72,407) (60) (16,698) --
---------- ---------- ------------ ----------- -------- ------------ --------
95,190 78,109 2,289,594 6,586,414 10,621 18,564,680 15,680
---------- ---------- ------------ ----------- -------- ------------ --------
75,079 36,638 756,289 1,206,214 17,711 8,914,681 7,105
23,462 11,240 27,505 204,504 5,209 2,137,808 1,976
14,326 9,785 21,447 74,453 9,246 634,796 8,715
12,550 9,858 59,230 97,161 8,837 656,012 8,067
9,224 9,785 15,571 17,456 8,331 62,184 8,827
2,395 1,674 11,539 9,554 1,291 36,627 1,083
9,287 9,280 11,133 9,810 9,504 11,242 9,504
501 2,007 7,218 8,724 110 60,629 45
-- 20,631 -- -- -- -- --
907 954 6,093 8,657 425 96,015 388
717 332 10,292 12,440 158 89,861 65
2,681 2,201 12,315 13,961 2,159 83,715 2,066
---------- ---------- ------------ ----------- -------- ------------ --------
151,129 114,385 938,632 1,662,934 62,981 12,783,570 47,841
---------- ---------- ------------ ----------- -------- ------------ --------
(38,510) (36,638) (132,809) -- (17,711) -- (7,105)
-- (18,420) -- -- (16,099) -- (29,685)
---------- ---------- ------------ ----------- -------- ------------ --------
112,619 59,327 805,823 1,662,934 29,171 12,783,570 11,051
---------- ---------- ------------ ----------- -------- ------------ --------
(17,429) 18,782 1,483,771 4,923,480 (18,550) 5,781,110 4,629
---------- ---------- ------------ ----------- -------- ------------ --------
1,243,864 341,276 33,672,799(b) 10,526,397 224,600 27,204,550 91,581
(23,906) -- -- -- -- -- --
1,576,663 1,021,247 (12,965,598) 24,726,751 633,119 367,877,437 209,886
6,055 -- -- -- -- -- --
---------- ---------- ------------ ----------- -------- ------------ --------
2,802,676 1,362,523 20,707,201 35,253,148 857,719 395,081,987 301,467
---------- ---------- ------------ ----------- -------- ------------ --------
$2,785,247 $1,381,305 $ 22,190,972 $40,176,628 $839,169 $400,863,097 $306,096
========== ========== ============ =========== ======== ============ ========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 53
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2011
STATEMENTS OF OPERATIONS (UNAUDITED) - CONTINUED
VEREDUS CROSSWIND
AGGRESSIVE SMALL CAP
GROWTH FUND GROWTH FUND (a)
------------ ---------------
INVESTMENT INCOME:
Dividends ............................................................ $ 172,642 $ 994
Less: foreign taxes withheld ......................................... -- --
Interest ............................................................. -- --
------------ --------
Total investment income ........................................... 172,642 994
------------ --------
EXPENSES:
Investment advisory fees (Note G) .................................... 269,248 6,773
Distribution expenses (Note G) ....................................... 43,567 1,693
Transfer agent fees .................................................. 41,621 8,695
Administration fees (Note G) ......................................... 22,193 7,900
Registration expenses ................................................ 17,456 8,828
Custodian fees ....................................................... 3,450 2,210
Audit and tax fees ................................................... 11,459 8,970
Legal fees ........................................................... 1,625 32
Amortization of offering costs (Note B-11) ........................... -- 26,653
Reports to shareholder expense ....................................... 4,804 371
Trustees fees and related expenses (Note G) .......................... 2,320 55
Interest expense (Note H) ............................................ 69 --
Other expenses ....................................................... 4,490 2,007
------------ --------
Total expenses before waivers/reimbursements ...................... 422,302 74,187
------------ --------
Less: Investment advisory fees waived (Note G) .................... (44,798) (6,773)
Less: Expenses reimbursed (Note G) ................................ -- (58,271)
------------ --------
Net expenses ...................................................... 377,504 9,143
------------ --------
NET INVESTMENT INCOME (LOSS) ............................................ (204,862) (8,149)
------------ --------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ..................................... 10,560,633 173,325
Net realized gain (loss) on foreign currency transactions ............ -- --
Capital gain distributions received .................................. -- --
Net change in unrealized appreciation of investments ................. 5,175,480 158,726
Net change in unrealized appreciation (depreciation) on translation of
assets and liabilities denominated in foreign currency ............ -- --
------------ --------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ...................... 15,736,113 332,051
------------ --------
NET INCREASE IN NET ASSETS FROM OPERATIONS ........................... $ 15,531,251 $323,902
============ ========
----------
(a) Crosswind Small Cap Growth Fund commenced investment operations on November
3, 2010.
(b) River Road Independent Value Fund commenced investment operations on
December 31, 2010.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 54
Aston Funds
TAMRO RIVER ROAD RIVER ROAD RIVER ROAD NEPTUNE BARINGS DYNAMIC
SMALL CAP SELECT VALUE SMALL CAP INDEPENDENT INTERNATIONAL INTERNATIONAL ALLOCATION
FUND FUND VALUE FUND VALUE FUND (b) FUND FUND FUND
------------ ------------ ----------- -------------- ------------- ------------- ----------
$ 3,247,893 $ 1,527,105 $ 3,286,689 $ 36,534 $ 19,513 $ 625,419 $ 303,649
(2,574) (15,022) (35,136) -- (1,096) (40,273) --
11,233 -- -- -- -- -- --
------------ ------------ ----------- ---------- -------- ---------- ----------
3,256,552 1,512,083 3,251,553 36,534 18,417 585,146 303,649
------------ ------------ ----------- ---------- -------- ---------- ----------
4,461,162 1,152,681 2,250,111 83,329 10,016 255,182 210,089
465,460 70,035 280,926 20,832 617 433 61,733
377,113 34,506 271,808 6,550 16,804 17,078 44,884
266,043 68,554 139,442 9,355 12,942 31,217 20,836
24,645 17,901 21,820 5,731 14,332 18,451 19,687
19,412 10,538 25,416 1,819 912 25,012 3,012
11,439 10,590 11,133 7,241 10,862 10,319 9,776
26,785 6,718 15,189 22 60 1,542 10,320
-- -- -- 16,576 -- -- --
43,985 9,617 24,714 300 376 1,484 6,147
40,836 9,922 21,660 250 85 2,201 2,548
-- -- -- -- -- -- --
41,344 11,836 23,378 1,334 2,319 4,202 4,606
------------ ------------ ----------- ---------- -------- ---------- ----------
5,778,224 1,402,898 3,085,597 153,339 69,325 367,121 393,638
------------ ------------ ----------- ---------- -------- ---------- ----------
-- -- -- (35,011) (10,016) (73,229) (56,163)
-- -- -- -- (48,476) -- --
------------ ------------ ----------- ---------- -------- ---------- ----------
5,778,224 1,402,898 3,085,597 118,328 10,833 293,892 337,475
------------ ------------ ----------- ---------- -------- ---------- ----------
(2,521,672) 109,185 165,956 (81,794) 7,584 291,254 (33,826)
------------ ------------ ----------- ---------- -------- ---------- ----------
101,244,732 18,271,686 31,845,829 1,088,714 80,685 1,289,004 3,130,182
-- -- -- -- 194 (45,706) --
-- -- -- -- -- -- 2,561
112,428,661 15,364,519 37,760,793 970,218 138,515 3,674,748 2,181,917
-- -- -- -- (117) 3,048 --
------------ ------------ ----------- ---------- -------- ---------- ----------
213,673,393 33,636,205 69,606,622 2,058,932 219,277 4,921,094 5,314,660
------------ ------------ ----------- ---------- -------- ---------- ----------
$211,151,721 $ 33,745,390 $69,772,578 $1,977,138 $226,861 $5,212,348 $5,280,834
============ ============ =========== ========== ======== ========== ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 55
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2011
STATEMENTS OF OPERATIONS (UNAUDITED) - CONTINUED
M.D. SASS NEW CENTURY
ENHANCED ABSOLUTE RETURN
EQUITY FUND ETF FUND
------------- ---------------
INVESTMENT INCOME:
Dividends ............................................................. $ 1,539,656 $ 69,375
Less: foreign taxes withheld .......................................... -- --
Interest .............................................................. -- --
----------- ----------
Total investment income ............................................ 1,539,656 69,375
----------- ----------
EXPENSES:
Investment advisory fees (Note G) ..................................... 391,856 52,360
Distribution expenses (Note G) ........................................ 62,785 13,090
Transfer agent fees ................................................... 41,874 18,960
Administration fees (Note G) .......................................... 37,759 10,484
Registration expenses ................................................. 20,084 9,372
Custodian fees ........................................................ 12,520 2,172
Audit and tax fees .................................................... 10,862 9,776
Legal fees ............................................................ 2,987 494
Reports to shareholder expense ........................................ 3,759 1,920
Trustees fees and related expenses (Note G) ........................... 4,259 708
Interest expense (Note H) ............................................. -- 261
Other expenses ........................................................ 5,979 2,690
----------- ----------
Total expenses before waivers/reimbursements ....................... 594,724 122,287
----------- ----------
Less: Investment advisory fees waived (Note G) ..................... -- (43,486)
Plus: Net expenses recouped (Note G) ............................... 68,826 --
----------- ----------
Net expenses ....................................................... 663,550 78,801
----------- ----------
NET INVESTMENT INCOME (LOSS) ............................................. 876,106 (9,426)
----------- ----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ............................... 7,164,273 2,000,076
Net realized loss on purchased options ................................ (2,411,153) (53,753)
Net realized loss on written option transactions ...................... (2,460,346) (8,601)
Net realized gain on foreign currency transactions .................... -- --
Capital gain distributions received ................................... -- 10,102
Net change in unrealized appreciation (depreciation) on investments ... 6,125,268 (573,557)
Net change in unrealized depreciation on purchased options ............ (692,893) --
Net change in unrealized depreciation on written options .............. (452,961) --
Net change in unrealized depreciation on translation of assets
and liabilities denominated in foreign currency .................... -- --
----------- ----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................ 7,272,188 1,374,267
----------- ----------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............................ $ 8,148,294 $1,364,841
=========== ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 56
Aston Funds
LAKE PARTNERS FORTIS TCH
LASSO ALTERNATIVES REAL ESTATE MONTAG & CALDWELL FIXED INCOME
FUND FUND BALANCED FUND FUND
------------------ ----------- ----------------- ------------
$ 495,788 $ 355,345 $ 157,807 $ 937
-- (1,490) -- --
-- -- 166,952 1,607,340
---------- ---------- ---------- ----------
495,788 353,855 324,759 1,608,277
---------- ---------- ---------- ----------
259,653 184,424 114,559 157,307
14,086 7,616 32,483 54,176
25,339 20,936 25,745 27,406
20,062 16,956 17,896 28,998
17,952 14,728 16,315 16,661
3,421 2,295 2,232 2,688
9,613 11,371 11,924 11,676
896 1,155 986 1,967
1,415 1,573 1,517 2,109
1,276 1,645 1,405 2,805
-- -- -- --
3,142 3,703 3,458 4,774
---------- ---------- ---------- ----------
356,855 266,402 228,520 310,567
---------- ---------- ---------- ----------
(31,185) (52,231) (28,017) (97,093)
-- -- -- --
---------- ---------- ---------- ----------
325,670 214,171 200,503 213,474
---------- ---------- ---------- ----------
170,118 139,684 124,256 1,394,803
---------- ---------- ---------- ----------
590,811 1,026,337 1,290,285 (122,591)
-- -- -- --
-- -- -- --
-- 649 -- --
117,704 -- -- --
2,726,189 5,073,108 763,239 108,812
-- -- -- --
-- -- -- --
-- (14) -- --
---------- ---------- ---------- ----------
3,434,704 6,100,080 2,053,524 (13,779)
---------- ---------- ---------- ----------
$3,604,822 $6,239,764 $2,177,780 $1,381,024
========== ========== ========== ==========
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, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31,
(UNAUDITED) 2010 (UNAUDITED) 2010
---------------- -------------- ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD ................. $3,042,348,287 $2,486,823,315 $104,506,310 $ 87,136,460
-------------- -------------- ------------ ------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................... 10,968,335 19,358,582 143,155 (199,352)
Net realized gain (loss) on investments
and purchased options ....................... 171,032,027 96,521,962 17,623,084 17,169,063
Net change in unrealized appreciation
(depreciation) on investments and
purchased options ........................... 209,674,680 142,010,254 187,688 4,813,541
-------------- -------------- ------------ ------------
Net increase in net assets from
operations ............................... 391,675,042 257,890,798 17,953,927 21,783,252
-------------- -------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ..................................... (8,322,107) (4,941,364) -- (3,622)
Class I ..................................... (12,483,309) (6,531,635) -- (26,578)
Class R ..................................... (29,409) (24,320) -- --
Net realized gain on investments:
Class N ..................................... (2,646,170) -- -- --
Class I ..................................... (2,724,240) -- -- --
Class R ..................................... (13,510) -- -- --
-------------- -------------- ------------ ------------
Total distributions ...................... (26,218,745) (11,497,319) -- (30,200)
-------------- -------------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ..................................... 296,135,819 906,639,869 6,606,090 8,614,679
Class I ..................................... 271,691,229 620,271,729 4,037,247 8,223,060
Class R ..................................... 1,981,994 7,202,511 -- --
Proceeds from reinvestment of distributions:
Class N ..................................... 10,562,919 4,752,706 -- 3,602
Class I ..................................... 11,978,807 5,274,852 -- 26,498
Class R ..................................... 21,213 13,943 -- --
Cost of shares redeemed:
Class N ..................................... (368,036,277) (869,245,198) (10,998,413) (14,744,386)
Class I ..................................... (260,335,316) (440,027,582) (5,497,514) (6,506,655)
Class R ..................................... (1,958,194) (4,888,581) -- --
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 .......................... (37,957,806) 309,131,493 (5,852,590) (4,383,202)
-------------- -------------- ------------ ------------
Total increase (decrease) in net assets .. 327,498,491 555,524,972 12,101,337 17,369,850
-------------- -------------- ------------ ------------
NET ASSETS AT END OF PERIOD ....................... $3,369,846,778 $3,042,348,287 $116,607,647 $104,506,310
============== ============== ============ ============
Undistributed (distributions in excess of)
net investment income (loss) ............. $ 5,376,609 $ 15,243,099 $ 132,748 $ (10,407)
============== ============== ============ ============
----------
(a) Herndon Large Cap Value Fund commenced investment operations on March 31,
2010.
(b) Value Fund had a redemption in kind on March 18, 2011, which resulted in a
redemption out of the Fund of $222,180,158. The redemption was comprised of
securities and cash in the amounts of $218,362,400 and $3,817,758,
respectively.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 58
Aston Funds
TAMRO DIVERSIFIED HERNDON LARGE CAP
EQUITY FUND VALUE FUND VALUE FUND
-------------------------------- ------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31,
(UNAUDITED) 2010 (UNAUDITED) 2010(a) (UNAUDITED) 2010
---------------- ------------- ---------------- ------------ ---------------- ------------
$15,669,792 $10,485,972 $ 1,472,096 $ -- $ 224,034,670 $225,753,541
----------- ----------- ----------- ---------- ------------- ------------
(17,429) (2,277) 18,782 3,550 1,483,771 3,861,943
1,219,958 1,187,218 341,276 (28,801) 33,672,799 (6,252,394)
1,582,718 1,154,795 1,021,247 72,175 (12,965,598) 27,835,476
----------- ----------- ----------- ---------- ------------- ------------
2,785,247 2,339,736 1,381,305 46,924 22,190,972 25,445,025
----------- ----------- ----------- ---------- ------------- ------------
-- (22,812) (13,657) -- (128,233) (305,038)
-- -- -- -- (1,540,630) (3,678,621)
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
----------- ----------- ----------- ---------- ------------- ------------
-- (22,812) (13,657) -- (1,668,863) (3,983,659)
----------- ----------- ----------- ---------- ------------- ------------
7,531,853 5,840,571 9,060,650 1,428,401 3,316,487 3,014,802
-- -- 500,000 -- -- --
-- -- -- -- -- --
-- 22,603 13,657 -- 122,321 288,807
-- -- -- -- 963,552 3,678,621
-- -- -- -- -- --
(2,277,165) (2,996,278) (535,754) (3,229) (2,364,295) (5,418,381)
-- -- -- -- (222,180,158)(b) (24,744,086)
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
----------- ----------- ----------- ---------- ------------- ------------
5,254,688 2,866,896 9,038,553 1,425,172 (220,142,093) (23,180,237)
----------- ----------- ----------- ---------- ------------- ------------
8,039,935 5,183,820 10,406,201 1,472,096 (199,619,984) (1,718,871)
----------- ----------- ----------- ---------- ------------- ------------
$23,709,727 $15,669,792 $11,878,297 $1,472,096 $ 24,414,686 $224,034,670
=========== =========== =========== ========== ============= ============
$ (17,429) $ -- $ 9,359 $ 4,234 $ (43,772) $ 141,320
=========== =========== =========== ========== ============= ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 59
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
RIVER ROAD DIVIDEND MONTAG & CALDWELL
ALL CAP VALUE FUND MID CAP GROWTH FUND
--------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31,
(UNAUDITED) 2010 (UNAUDITED) 2010
---------------- -------------- ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD ................. $273,172,565 $159,027,298 $3,399,072 $2,959,374
------------ ------------ ---------- ----------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................... 4,923,480 5,907,080 (18,550) (18,949)
Net realized gain on investments ............... 10,526,397 8,828,438 224,600 134,523
Net change in unrealized appreciation on
investments ................................. 24,726,751 26,905,351 633,119 607,951
------------ ------------ ---------- ----------
Net increase in net assets from
operations ............................... 40,176,628 41,640,869 839,169 723,525
------------ ------------ ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ..................................... (2,042,379) (2,577,718) -- --
Class I ..................................... (2,520,587) (2,888,679) -- --
Return of Capital:
Class N ..................................... -- -- -- (6,357)
Net realized gain on investments:
Class N ..................................... -- -- -- --
Class I ..................................... -- -- -- --
------------ ------------ ---------- ----------
Total distributions ...................... (4,562,966) (5,466,397) -- (6,357)
------------ ------------ ---------- ----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ..................................... 58,914,378 56,553,326 498,173 505,165
Class I ..................................... 97,717,146 48,602,138 -- --
Proceeds from reinvestment of distributions:
Class N ..................................... 1,965,086 2,482,393 -- 5,382
Class I ..................................... 1,670,638 1,740,946 -- --
Cost of shares redeemed:
Class N ..................................... (20,992,161) (23,745,216) (28,205) (788,017)
Class I ..................................... (5,314,478) (7,662,792) -- --
------------ ------------ ---------- ----------
Net increase (decrease) from capital share
transactions .......................... 133,960,609 77,970,795 469,968 (277,470)
------------ ------------ ---------- ----------
Total increase in net assets ............. 169,574,271 114,145,267 1,309,137 439,698
------------ ------------ ---------- ----------
NET ASSETS AT END OF PERIOD ....................... $442,746,836 $273,172,565 $4,708,209 $3,399,072
============ ============ ========== ==========
Undistributed (distributions in excess of)
net investment income (loss) ............. $ 329,658 $ (30,856) $ (18,550) $ --
============ ============ ========== ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 60
Aston Funds
CARDINAL MID CAP VEREDUS AGGRESSIVE
FAIRPOINTE MID CAP FUND VALUE FUND GROWTH FUND
--------------------------------- ------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31,
(UNAUDITED) 2010 (UNAUDITED) 2010 (UNAUDITED) 2010
---------------- -------------- ---------------- ----------- ---------------- -----------
$1,969,004,161 $ 993,185,657 $1,408,743 $ 916,100 $49,784,390 $45,496,186
-------------- -------------- ---------- ---------- ----------- -----------
5,781,110 725,513 4,629 4,200 (204,862) (621,543)
27,204,550 6,795,563 91,581 61,235 10,560,633 11,778,923
367,877,437 308,493,924 209,886 148,669 5,175,480 2,197,839
-------------- -------------- ---------- ---------- ----------- -----------
400,863,097 316,015,000 306,096 214,104 15,531,251 13,355,219
-------------- -------------- ---------- ---------- ----------- -----------
(4,195,319) (1,961,201) (6,680) (3,807) -- --
(1,840,072) (686,988) -- -- -- --
-- -- -- -- -- --
(3,944,537) -- -- -- -- --
(1,492,202) -- -- -- -- --
-------------- -------------- ---------- ---------- ----------- -----------
(11,472,130) (2,648,189) (6,680) (3,807) -- --
-------------- -------------- ---------- ---------- ----------- -----------
478,259,957 863,805,979 60,251 289,027 1,470,575 5,838,650
697,923,604 364,135,081 -- -- 229,767 351,858
7,690,209 1,860,075 2,608 837 -- --
2,953,474 670,342 -- -- -- --
(369,453,923) (492,583,645) (4,418) (7,518) (9,370,397) 13,708,906)
(83,674,772) (75,436,139) -- -- (192,663) (1,548,617)
-------------- -------------- ---------- ---------- ----------- -----------
733,698,549 662,451,693 58,441 282,346 (7,862,718) (9,067,015)
-------------- -------------- ---------- ---------- ----------- -----------
1,123,089,516 975,818,504 357,857 492,643 7,668,533 4,288,204
-------------- -------------- ---------- ---------- ----------- -----------
$3,092,093,677 $1,969,004,161 $1,766,600 $1,408,743 $57,452,923 $49,784,390
============== ============== ========== ========== =========== ===========
$ (254,281) $ -- $ (754) $ 1,297 $ (204,862) $ --
============== ============== ========== ========== =========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 61
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
CROSSWIND
SMALL CAP TAMRO
GROWTH FUND SMALL CAP FUND
----------------- --------------------------------
PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2011(a) APRIL 30, 2011 OCTOBER 31,
(UNAUDITED) (UNAUDITED) 2010
----------------- ---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ -- $ 885,435,944 $ 757,115,466
---------- --------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ............................ (8,149) (2,521,672) (2,912,307)
Net realized gain on investments ........................ 173,325 101,244,732 111,675,635
Net change in unrealized appreciation on investments .... 158,726 112,428,661 130,988,824
---------- --------------- -------------
Net increase in net assets from operations ........... 323,902 211,151,721 239,752,152
---------- --------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .............................................. -- -- --
Class I .............................................. -- -- (491,279)
Net realized gain on investments:
Class N .............................................. -- (7,598,056) --
Class I .............................................. -- (12,204,103) --
---------- --------------- -------------
Total distributions ............................... -- (19,802,159) (491,279)
---------- --------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 1,433,325 66,502,939 123,423,489
Class I .............................................. -- 120,163,477 164,792,738
Proceeds from reinvestment of distributions:
Class N .............................................. -- 7,455,712 --
Class I .............................................. -- 8,709,830 192,068
Cost of shares redeemed:
Class N .............................................. (11) (58,250,371) (109,428,646)
Class I .............................................. -- (103,412,753) (289,920,044)
---------- --------------- -------------
Net increase (decrease) from capital share
transactions ................................... 1,433,314 41,168,834 (110,940,395)
---------- --------------- -------------
Total increase (decrease) in net assets ........... 1,757,216 232,518,396 128,320,478
---------- --------------- -------------
NET ASSETS AT END OF PERIOD ................................ $1,757,216 $ 1,117,954,340 $ 885,435,944
========== =============== =============
Undistributed (distributions in excess of)
net investment income (loss) ...................... $ (8,149) $ (2,431,418) $ 90,254
========== =============== =============
----------
(a) Crosswind Small Cap Growth Fund commenced investment operations on November
3, 2010.
(b) River Road Independent Value Fund commenced investment operations on
December 31, 2010.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 62
Aston Funds
RIVER ROAD
RIVER ROAD RIVER ROAD INDEPENDENT
SELECT VALUE FUND SMALL CAP VALUE FUND VALUE FUND
------------------------------- -------------------------------- -----------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED PERIOD ENDED
APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011(B)
(UNAUDITED) 2010 (UNAUDITED) 2010 (UNAUDITED)
---------------- ------------ ---------------- ------------- -----------------
$215,753,587 $209,134,875 $468,670,448 $ 498,763,125 $ --
------------ ------------ ------------ ------------- -----------
109,185 1,062,506 165,956 2,039,621 (81,794)
18,271,686 18,165,826 31,845,829 15,396,896 1,088,714
15,364,519 16,223,361 37,760,793 45,037,774 970,218
------------ ------------ ------------ ------------- -----------
33,745,390 35,451,693 69,772,578 62,474,291 1,977,138
------------ ------------ ------------ ------------- -----------
(176,002) -- (643,153) (199,557) --
(958,025) (374,080) (1,405,337) (819,436) --
(475,432) -- -- -- --
(1,484,315) -- -- -- --
------------ ------------ ------------ ------------- -----------
(3,093,774) (374,080) (2,048,490) (1,018,993) --
------------ ------------ ------------ ------------- -----------
6,885,317 19,315,647 28,253,483 58,476,220 61,011,546
25,957,883 38,032,765 32,719,687 71,368,734 --
633,791 -- 639,592 196,294 --
2,107,208 293,793 1,383,335 738,653 --
(9,728,433) (16,335,985) (51,095,405) (88,216,081) (913,560)
(37,120,794) (69,765,121) (41,247,754) (134,111,795) --
------------ ------------ ------------ ------------- -----------
(11,265,028) (28,458,901) (29,347,062) (91,547,975) 60,097,986
------------ ------------ ------------ ------------- -----------
19,386,588 6,618,712 38,377,026 (30,092,677) 62,075,124
------------ ------------ ------------ ------------- -----------
$235,140,175 $215,753,587 $507,047,474 $ 468,670,448 $62,075,124
============ ============ ============ ============= ===========
$ (161,949) $ 862,893 $ (488,546) $ 1,393,988 $ (81,794)
============ ============ ============ ============= ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 63
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
NEPTUNE BARINGS
INTERNATIONAL FUND INTERNATIONAL FUND
------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31,
(UNAUDITED) 2010 (UNAUDITED) 2010
---------------- ----------- ---------------- -----------
NET ASSETS AT BEGINNING OF PERIOD .......................... $1,874,755 $1,486,850 $48,168,829 $28,276,692
---------- ---------- ----------- -----------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ............................ 7,584 19,265 291,254 398,247
Net realized gain (loss) on investments, purchased
and written options, foreign currency transactions
and capital gain distributions ....................... 80,879 (50,012) 1,243,298 1,395,577
Net change in unrealized appreciation (depreciation)
on investments, purchased and written options
and translation of assets and liabilities
denominated in foreign currency ...................... 138,398 390,122 3,677,796 2,819,445
---------- ---------- ----------- -----------
Net increase in net assets from operations ........... 226,861 359,375 5,212,348 4,613,269
---------- ---------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .............................................. (4,729) (16,538) (3,391) --
Class I .............................................. (16,585) (67,930) (1,016,220) (114,624)
Net realized gain on investments:
Class N .............................................. -- -- -- --
Class I .............................................. -- -- -- --
---------- ---------- ----------- -----------
Total distributions ............................... (21,314) (84,468) (1,019,611) (114,624)
---------- ---------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 72,000 64,062 289,750 459,905
Class I .............................................. -- 12,597 10,027,438 18,795,602
Proceeds from reinvestment of distributions:
Class N .............................................. 4,729 16,107 3,391 --
Class I .............................................. 12,301 58,454 816,360 81,689
Cost of shares redeemed:
Class N .............................................. (49,123) (2,269) (62,698) (275,007)
Class I .............................................. 4 (35,953) (3,245,927) (3,668,697)
---------- ---------- ----------- -----------
Net increase (decrease) from capital share
transactions ................................... 39,911 112,998 7,828,314 15,393,492
---------- ---------- ----------- -----------
Total increase (decrease) in net assets ........... 245,458 387,905 12,021,051 19,892,137
---------- ---------- ----------- -----------
NET ASSETS AT END OF PERIOD ................................ $2,120,213 $1,874,755 $60,189,880 $48,168,829
========== ========== =========== ===========
Undistributed (distributions in excess of)
net investment income (loss) ......................... $ 7,574 $ 21,304 $ 291,017 $ 1,019,374
========== ========== =========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 64
Aston Funds
M.D. SASS NEW CENTURY
DYNAMIC ENHANCED EQUITY ABSOLUTE RETURN
ALLOCATION FUND FUND ETF FUND
------------------------------- ------------------------------- ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31,
(UNAUDITED) 2010 (UNAUDITED) 2010 (UNAUDITED) 2010
---------------- ------------ ---------------- ------------ ---------------- -----------
$ 54,234,248 $ 39,190,617 $ 92,563,052 $ 22,551,815 $ 15,302,474 $17,706,406
------------ ------------ ------------ ------------ ------------ -----------
(33,826) 264,081 876,106 683,504 (9,426) 20,462
3,132,743 741,477 2,292,774 4,370,881 1,947,824 1,736,045
2,181,917 2,435,346 4,979,414 202,642 (573,557) (239,203)
------------ ------------ ------------ ------------ ------------ -----------
5,280,834 3,440,904 8,148,294 5,257,027 1,364,841 1,517,304
------------ ------------ ------------ ------------ ------------ -----------
(145,930) (261,689) (293,648) (426,131) (19,264) (146,952)
(916) -- (449,117) (259,819) -- --
(1,740,103) (2,887,100) (1,928,441) -- -- --
(5,816) -- (2,282,232) -- -- --
------------ ------------ ------------ ------------ ------------ -----------
(1,892,765) (3,148,789) (4,953,438) (685,950) (19,264) (146,952)
------------ ------------ ------------ ------------ ------------ -----------
8,755,962 32,698,165 14,596,861 44,586,779 1,603,732 5,937,875
6,598,631 -- 22,873,164 48,514,306 -- --
1,882,196 3,145,004 2,192,592 382,851 16,478 134,238
6,732 -- 2,204,053 199,668 -- --
(22,367,565) (21,091,653) (13,519,569) (24,359,831) (14,651,884) (9,846,397)
(70,000) -- (2,586,064) (3,883,613) -- --
------------ ------------ ------------ ------------ ------------ -----------
(5,194,044) 14,751,516 25,761,037 65,440,160 (13,031,674) (3,774,284)
------------ ------------ ------------ ------------ ------------ -----------
(1,805,975) 15,043,631 28,955,893 70,011,237 (11,686,097) (2,403,932)
------------ ------------ ------------ ------------ ------------ -----------
$ 52,428,273 $ 54,234,248 $121,518,945 $ 92,563,052 $ 3,616,377 $15,302,474
============ ============ ============ ============ ============ ===========
$ (136,018) $ 44,654 $ 144,365 $ 11,024 $ (9,444) $ 19,246
============ ============ ============ ============ ============ ===========
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 YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31,
(UNAUDITED) 2010 (UNAUDITED) 2010
---------------- ----------- ---------------- -----------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ 28,019,637 $ 1,844,834 $35,582,298 $25,916,242
------------- ----------- ----------- -----------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ................................... 170,118 85,500 139,684 686,822
Net realized gain (loss) on investments and foreign
currency transactions ................................ 708,515 201,877 1,026,986 3,634,054
Net change in unrealized appreciation on
investments and translation of assets and
liabilities denominated in foreign currency .......... 2,726,189 978,225 5,073,094 6,812,329
------------- ----------- ----------- -----------
Net increase in net assets from operations ........... 3,604,822 1,265,602 6,239,764 11,133,205
------------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .............................................. (60,987) -- (95,034) (72,917)
Class I .............................................. (200,883) (36,852) (532,220) (473,146)
Net realized gain on investments:
Class N .............................................. (51,647) -- -- --
Class I .............................................. (141,825) (34,918) -- --
------------- ----------- ----------- -----------
Total distributions ............................... (455,342) (71,770) (627,254) (546,063)
------------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 7,802,011 8,267,290 824,008 1,712,572
Class I .............................................. 72,609,639 19,246,775 -- 17,423
Proceeds from reinvestment of distributions:
Class N .............................................. 112,282 -- 93,419 71,964
Class I .............................................. 314,308 70,540 532,220 473,146
Cost of shares redeemed:
Class N .............................................. (893,853) (230,156) (1,453,951) (1,218,520)
Class I .............................................. (3,227,775) (2,373,478) (6,922) (1,977,671)
Class N .............................................. -- -- -- --
------------- ----------- ----------- -----------
Net increase (decrease) from capital share
transactions ................................... 76,716,612 24,980,971 (11,226) (921,086)
------------- ----------- ----------- -----------
Total increase (decrease) in net assets ........... 79,866,092 26,174,803 5,601,284 9,666,056
------------- ----------- ----------- -----------
NET ASSETS AT END OF PERIOD ................................ $ 107,885,729 $28,019,637 $41,183,582 $35,582,298
============= =========== =========== ===========
Undistributed (distributions in excess of)
net investment income (loss) ...................... $ 33,411 $ 125,163 $ (9,617) $ 477,953
============= =========== =========== ===========
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, 2011 OCTOBER 31, APRIL 30, 2011 OCTOBER 31,
(UNAUDITED) 2010 (UNAUDITED) 2010
---------------- ----------- ---------------- ------------
$30,555,528 $16,086,414 $61,154,711 $ 67,283,501
----------- ----------- ----------- ------------
124,256 281,365 1,394,803 3,098,126
1,290,285 1,068,509 (122,591) 1,687,483
763,239 306,742 108,812 1,206,902
----------- ----------- ----------- ------------
2,177,780 1,656,616 1,381,024 5,992,511
----------- ----------- ----------- ------------
(133,126) (325,346) (1,033,950) (2,251,206)
(36,015) (19,082) (348,357) (874,684)
-- -- -- --
-- -- -- --
----------- ----------- ----------- ------------
(169,141) (344,428) (1,382,307) (3,125,890)
----------- ----------- ----------- ------------
702,293 1,799,160 3,736,266 9,803,619
4,559,497 243,509 752,385 2,920,795
128,983 314,990 985,456 2,152,347
30,090 15,241 283,658 763,701
(7,381,958) (6,350,713) (6,677,965) (14,792,052)
(181,704) (137,168) (2,222,694) (9,843,821)
-- 17,271,907 -- --
----------- ----------- ----------- ------------
(2,142,799) 13,156,926 (3,142,894) (8,995,411)
----------- ----------- ----------- ------------
(134,160) 14,469,114 (3,144,177) (6,128,790)
----------- ----------- ----------- ------------
$30,421,368 $30,555,528 $58,010,534 $ 61,154,711
=========== =========== =========== ============
$ (223,556) $ (178,671) $ 303,675 $ 291,179
=========== =========== =========== ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 67
Aston Funds
ASTON/MONTAG & CALDWELL GROWTH FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- ---------- ---------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 22.92 $ 20.87 $ 18.84 $ 31.51 $ 25.15 $ 23.35
---------- ---------- ---------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (a) ............. 0.07 0.12 0.08 0.07 0.06 0.07
Net realized and unrealized gain (loss)
on investments ..................... 2.89 2.01(b) 2.61 (8.66) 6.54 1.80
---------- ---------- ---------- -------- -------- --------
Total from investment operations ... 2.96 2.13 2.69 (8.59) 6.60 1.87
---------- ---------- ---------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.13) (0.08) (0.06) (0.05) (0.06) (0.07)
Distributions from net realized gain
on investments ..................... (0.04) -- (0.60) (4.03) (0.18) --
---------- ---------- ---------- -------- -------- --------
Total distributions ................ (0.17) (0.08) (0.66) (4.08) (0.24) (0.07)
---------- ---------- ---------- -------- -------- --------
Net increase (decrease) in net asset value .. 2.79 2.05 2.03 (12.67) 6.36 1.80
---------- ---------- ---------- -------- -------- --------
Net Asset Value, End of Period .............. $ 25.71 $ 22.92 $ 20.87 $ 18.84 $ 31.51 $ 25.15
========== ========== ========== ======== ======== ========
TOTAL RETURN (c) ............................ 12.95%(d) 10.20% 15.08% (31.13)% 26.41% 8.02%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $1,623,987 $1,506,075 $1,277,346 $602,905 $759,567 $846,100
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.06%(e) 1.08%(f) 1.11% 1.08%(f) 1.07%(f) 1.06%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.06%(e) 1.08%(f) 1.11% 1.08%(f) 1.07%(f) 1.06%(f)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.56%(e) 0.56% 0.41% 0.26% 0.23% 0.28%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.56%(e) 0.56% 0.41% 0.26% 0.23% 0.28%
Portfolio Turnover ....................... 32.17%(d) 57.39%(g) 35.09%(h) 52.32% 69.02% 68.74%
----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Includes payments by affiliates of 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, 2010, 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 a reorganization.
(h) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 68
Aston Funds
ASTON/MONTAG & CALDWELL GROWTH FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- ---------- ---------- -------- ---------- ----------
Net Asset Value, Beginning of Period ...... $ 23.05 $ 20.97 $ 18.94 $ 31.61 $ 25.24 $ 23.44
---------- ---------- ---------- -------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (a) ........... 0.10 0.18 0.12 0.13 0.14 0.13
Net realized and unrealized gain
(loss) on investments ............ 2.91 2.02(b) 2.62 (8.70) 6.55 1.82
---------- ---------- ---------- -------- ---------- ----------
Total from investment operations . 3.01 2.20 2.74 (8.57) 6.69 1.95
---------- ---------- ---------- -------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ............ (0.19) (0.12) (0.11) (0.07) (0.14) (0.15)
Distributions from net realized gain
on investments ................... (0.04) -- (0.60) (4.03) (0.18) --
---------- ---------- ---------- -------- ---------- ----------
Total distributions .............. (0.23) (0.12) (0.71) (4.10) (0.32) (0.15)
---------- ---------- ---------- -------- ---------- ----------
Net increase (decrease) in net asset
value .................................. 2.78 2.08 2.03 (12.67) 6.37 1.80
---------- ---------- ---------- -------- ---------- ----------
Net Asset Value, End of Period ............ $ 25.83 $ 23.05 $ 20.97 $ 18.94 $ 31.61 $ 25.24
========== ========== ========== ======== ========== ==========
TOTAL RETURN (c) .......................... 13.11%(d) 10.49% 15.36% (30.96)% 26.72% 8.36%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ... $1,737,589 $1,528,981 $1,205,637 $754,671 $1,254,382 $1,246,683
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver of
expenses by Adviser .............. 0.81%(e) 0.83%(f) 0.86% 0.83%(f) 0.79%(f) 0.78%(f)
After reimbursement and/or waiver of
expenses by Adviser .............. 0.81%(e) 0.83%(f) 0.86% 0.83%(f) 0.79%(f) 0.78%(f)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser .............. 0.81%(e) 0.81% 0.66% 0.51% 0.51% 0.56%
After reimbursement and/or waiver of
expenses by Adviser .............. 0.81%(e) 0.81% 0.66% 0.51% 0.51% 0.56%
Portfolio Turnover ..................... 32.17%(d) 57.39%(g) 35.09%(h) 52.32% 69.02% 68.74%
----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Includes payments by affiliates of 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, 2010, 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 a reorganization.
(h) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 69
Aston Funds
ASTON/MONTAG & CALDWELL GROWTH FUND - CLASS R APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $22.70 $20.73 $18.69 $ 31.33 $25.04 $23.23
------ ------ ------ ------- ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (a) ............. 0.04 0.07 0.03 --(b) --(b) 0.01
Net realized and unrealized gain (loss)
on investments ..................... 2.85 1.98(c) 2.61 (8.58) 6.49 1.80
------ ------ ------ ------- ------ ------
Total from investment operations ... 2.89 2.05 2.64 (8.58) 6.49 1.81
------ ------ ------ ------- ------ ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.09) (0.08) -- (0.03) (0.02) --
Distributions from net realized gain
on investments ..................... (0.04) -- (0.60) (4.03) (0.18) --
------ ------ ------ ------- ------ ------
Total distributions ................ (0.13) (0.08) (0.60) (4.06) (0.20) --
------ ------ ------ ------- ------ ------
Net increase (decrease) in net asset value .. 2.76 1.97 2.04 (12.64) 6.29 1.81
------ ------ ------ ------- ------ ------
Net Asset Value, End of Period .............. $25.46 $22.70 $20.73 $ 18.69 $31.33 $25.04
====== ====== ====== ======= ====== ======
TOTAL RETURN (d) ............................ 12.81%(e) 9.90% 14.87% (31.28)% 26.06% 7.79%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $8,270 $7,292 $3,840 $ 266 $4,062 $ 693
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.31%(f) 1.33%(g) 1.36% 1.33%(g) 1.29%(g) 1.28%(g)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.31%(f) 1.33%(g) 1.36% 1.33%(g) 1.29%(g) 1.28%(g)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.31%(f) 0.31% 0.16% 0.01% 0.01% 0.06%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.31%(f) 0.31% 0.16% 0.01% 0.01% 0.06%
Portfolio Turnover ...................... 32.17%(e) 57.39%(h) 35.09%(i) 52.32% 69.02% 68.74%
----------
(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) Includes payments by affiliates of 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 years ended October 31, 2010, 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.
(h) Portfolio turnover rate excludes securities received from a reorganization.
(i) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 70
Aston Funds
ASTON/VEREDUS SELECT GROWTH FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 11.35 $ 9.07 $ 8.69 $ 16.77 $ 13.08 $ 11.88
------- ------- ------- ------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.01(a) (0.04) (0.01) (0.06) (0.08) (0.03)(a)
Net realized and unrealized gain (loss)
on investments ..................... 1.97 2.32 0.39 (5.60) 3.77 1.24
------- ------- ------- ------- -------- --------
Total from investment operations ... 1.98 2.28 0.38 (5.66) 3.69 1.21
------- ------- ------- ------- -------- --------
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 .. 1.98 2.28 0.38 (8.08) 3.69 1.20
------- ------- ------- ------- -------- --------
Net Asset Value, End of Period .............. $ 13.33 $ 11.35 $ 9.07 $ 8.69 $ 16.77 $ 13.08
======= ======= ======= ======= ======== ========
TOTAL RETURN (c) ............................ 17.45%(d) 25.15% 4.37% (39.09)% 28.14% 10.22%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $45,275 $42,567 $39,437 $37,142 $ 50,783 $ 34,687
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.30%(e) 1.33% 1.37% 1.34% 1.52% 1.75%
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 income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.10%(e) (0.38)% (0.24)% (0.55)% (0.81)% (0.72)%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.10%(e) (0.35)% (0.17)% (0.51)% (0.59)% (0.27)%
Portfolio Turnover ....................... 128.50%(d) 325.01% 331.55% 387.57% 283.38% 269.88%
----------
(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
ASTON/VEREDUS SELECT GROWTH FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06(a)
----------- -------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period .......... $ 11.48 $ 9.16 $ 8.74 $ 16.83 $ 13.08 $ 11.97
------- ------- ------- ------- ------- -------
Income from Investment Operations:
Net investment income (loss) ............ 0.02(b) (0.01) 0.01 (0.02) (0.02) --(b)(c)
Net realized and unrealized gain (loss)
on investments ....................... 2.00 2.34 0.41 (5.65) 3.77 1.11
------- ------- ------- ------- ------- -------
Total from investment operations ..... 2.02 2.33 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 .... 2.02 2.32 0.42 (8.09) 3.75 1.11
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period ................ $ 13.50 $ 11.48 $ 9.16 $ 8.74 $ 16.83 $ 13.08
======= ======= ======= ======= ======= =======
TOTAL RETURN (d) .............................. 17.60%(e) 25.39% 4.81% (38.96)% 28.52% 9.27%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $ 71,333 $ 61,939 $ 47,699 $ 46,040 $ 3,216 $ 1,015
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................. 1.05%(f) 1.08% 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% 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 .................. 0.35%(f) (0.13)% 0.01% (0.30)% (0.48)% (0.55)%(f)
After reimbursement and/or waiver of
expenses by Adviser .................. 0.35%(f) (0.10)% 0.08% (0.26)% (0.26)% (0.10)%(f)
Portfolio Turnover ......................... 128.50%(e) 325.01% 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
ASTON/TAMRO DIVERSIFIED EQUITY FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 11.83 $ 9.72 $ 8.34 $ 14.41 $13.91 $ 12.40
------- ------ ------ ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... (0.01) --(a) --(a) 0.04 0.03 0.09
Net realized and unrealized gain (loss)
on investments ..................... 1.99 2.13 1.42 (4.94) 2.13 1.53
------- ------ ------ ------- ------- -------
Total from investment operations ... 1.98 2.13 1.42 (4.90) 2.16 1.62
------- ------ ------ ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. -- (0.02) (0.04) (0.01) (0.03) (0.11)
Distributions from net realized gain
on investments ..................... -- -- -- (1.16) (1.63) --
------- ------ ------ ------- ------- -------
Total distributions ................ -- (0.02) (0.04) (1.17) (1.66) (0.11)
------- ------ ------ ------- ------- -------
Net increase (decrease) in net asset value .. 1.98 2.11 1.38 (6.07) 0.50 1.51
------- ------ ------ ------- ------- -------
Net Asset Value, End of Period .............. $ 13.81 $11.83 $ 9.72 $ 8.34 $14.41 $ 13.91
======= ====== ====== ======= ====== =======
TOTAL RETURN (b) ............................ 16.74%(c) 21.95% 17.13% (36.75)% 16.98% 13.10%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 23,710 $15,670 $10,486 $ 8,562 $15,359 $15,864
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.61%(d) 1.63% 1.95% 1.88% 1.74%(e) 1.54%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.20%(d) 1.20% 1.20% 1.20% 1.20%(e) 1.22%(e)
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.60)%(d) (0.45)% (0.77)% (0.37)% (0.30)% 0.36%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.19)%(d) (0.02)% (0.02)% 0.31% 0.24% 0.68%
Portfolio Turnover ....................... 22.31%(c) 81.75% 85.49% 93.82% 37.87% 43.88%
----------
(a) Represents less than $(0.005) per share.
(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 year ended October 31, 2007 and 0.02% for the year
ended October 31, 2006, which is not included in the contractual expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 73
Aston Funds
ASTON/HERNDON LARGE CAP VALUE FUND -- CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/11 ENDED
(UNAUDITED) 10/31/10(a)
----------- -----------
Net Asset Value, Beginning of Period ............................. $ 10.39 $10.00
------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.02(b) 0.03
Net realized and unrealized gain on investments ............ 1.73 0.36
------- ------
Total from investment operations ........................ 1.75 0.39
------- ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.01) --
------- ------
Total distributions ..................................... (0.01) --
------- ------
Net increase in net asset value .................................. 1.74 0.39
------- ------
Net Asset Value, End of Period ................................... $ 12.13 $10.39
======= ======
TOTAL RETURN (c) ................................................. 16.90%(d) 3.90%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................... $11,350 $1,472
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 2.50%(e) 13.84%(e)
After reimbursement and/or waiver of expenses by Adviser ... 1.30%(e) 1.30%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. (0.80)%(e) (11.94)%(e)
After reimbursement and/or waiver of expenses by Adviser ... 0.41%(e) 0.60%(e)
Portfolio Turnover ............................................ 36.91%(d) 38.64%(d)
----------
(a) Herndon Large Cap Value Fund, Class N, commenced investment operations on
March 31, 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.
| 74
Aston Funds
ASTON/HERNDON LARGE CAP VALUE FUND -- CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
PERIOD
ENDED
04/30/11
(UNAUDITED)(a)
--------------
Net Asset Value, Beginning of Period ............................. $11.48
------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.01(b)
Net realized and unrealized gain on investments ............ 0.64
------
Total from investment operations ........................ 0.65
------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. --
------
Total distributions ..................................... --
------
Net increase in net asset value .................................. 0.65
------
Net Asset Value, End of Period ................................... $12.13
======
Total Return (b) ................................................. 5.66%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................... $ 528
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 2.25%(e)
After reimbursement and/or waiver of expenses by Adviser ... 1.05%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. (0.55)%(e)
After reimbursement and/or waiver of expenses by Adviser ... 0.66%(e)
Portfolio Turnover ............................................ 36.91%(d)
----------
(a) Herndon Large Cap Value Fund, Class I, commenced investment operations on
March 2, 2011.
(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.
| 75
Aston Funds
ASTON VALUE FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 9.20 $ 8.31 $ 9.07 $ 15.57 $ 14.06 $ 12.15
------- ------- ------- ------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.07(a) 0.13 0.15 0.15 0.19 0.21
Net realized and unrealized gain (loss)
on investments ..................... 1.43 0.89 0.41 (5.08) 2.09 2.09
------- ------- ------- ------- -------- --------
Total from investment operations ... 1.50 1.02 0.56 (4.93) 2.28 2.30
------- ------- ------- ------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.06) (0.13) (0.15) (0.16) (0.20) (0.20)
Distributions from net realized gain
on investments ..................... -- -- (1.17) (1.41) (0.57) (0.19)
------- ------- ------- ------- -------- --------
Total distributions ................ (0.06) (0.13) (1.32) (1.57) (0.77) (0.39)
------- ------- ------- ------- -------- --------
Net increase (decrease) in net asset value .. 1.44 0.89 (0.76) (6.50) 1.51 1.91
------- ------- ------- ------- -------- --------
Net Asset Value, End of Period .............. $ 10.64 $ 9.20 $ 8.31 $ 9.07 $ 15.57 $ 14.06
======= ======= ======= ======= ======== ========
TOTAL RETURN (b) ............................ 16.33%(c) 12.37% 8.60% (34.85)% 16.77% 19.35%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $24,283 $19,984 $20,173 $19,704 $130,476 $103,819
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.39%(d) 1.19%(e) 1.21% 1.18%(e) 1.16% 1.16%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.10%(d)(f) 1.07%(e) 1.07%(g) 1.02%(e) 0.94% 0.94%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.21%(d) 1.32% 1.77% 1.22% 1.06% 1.37%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.35%(d) 1.44% 1.91% 1.38% 1.28% 1.59%
Portfolio Turnover ....................... 19.54%(c)(h) 37.44% 39.00% 67.57% 28.05% 26.86%
----------
(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, 2010 and October 31, 2008,
which is not included in the contractual expense limitation. The interest
expense is from utilizing the line of credit as discussed in Note H to
Financial Statements.
(f) Effective March 22, 2011, the Adviser changed the voluntary expense
limitation from 1.07% to 1.19%. Voluntary expense limitations can end at
anytime.
(g) 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. Voluntary
waivers can end at anytime.
(h) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 76
Aston Funds
ASTON VALUE FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 9.19 $ 8.31 $ 9.06 $ 15.57 $ 14.07 $ 12.16
------ -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.08(a) 0.15 0.17 0.20 0.23 0.24
Net realized and unrealized gain (loss)
on investments ..................... 1.44 0.88 0.42 (5.10) 2.07 2.09
------ -------- -------- -------- -------- --------
Total from investment operations ... 1.52 1.03 0.59 (4.90) 2.30 2.33
------ -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.07) (0.15) (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 ................ (0.07) (0.15) (1.34) (1.61) (0.80) (0.42)
------ -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. 1.45 0.88 (0.75) (6.51) 1.50 1.91
------ -------- -------- -------- -------- --------
Net Asset Value, End of Period .............. $10.64 $ 9.19 $ 8.31 $ 9.06 $ 15.57 $ 14.07
====== ======== ======== ======== ======== ========
TOTAL RETURN (b) ............................ 16.60%(c) 12.53% 9.01% (34.73)% 16.98% 19.64%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 132 $204,051 $205,580 $188,688 $289,024 $247,667
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.94%(d) 0.94%(e) 0.96% 0.93%(e) 0.91% 0.91%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.82%(f) 0.82%(e) 0.82%(g) 0.77%(e) 0.69% 0.69%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.46%(d) 1.57% 2.02% 1.47% 1.31% 1.62%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.60%(d) 1.69% 2.16% 1.63% 1.53% 1.84%
Portfolio Turnover ....................... 19.54%(c)(h) 37.44% 39.00% 67.57% 28.05% 26.86%
----------
(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 expense to average net assets included interest expense of less
than 0.005% for the years ended October 31, 2010 and October 31, 2008,
which is not included in the contractual expense limitation. The interest
expenses is from utilizing the line of credit as discussed in Note H to
Financial Statements.
(f) Effective March 22, 2011, the Adviser changed the voluntary expense
limitation from 0.82% to 0.94%. Voluntary expense limitations can end at
anytime.
(g) 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. Voluntary
expense limitations can end at anytime.
(h) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 77
Aston Funds
ASTON/RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 10.23 $ 8.58 $ 8.43 $ 12.58 $ 11.81 $ 9.91
-------- -------- ------- ------- ------- -------
Income from Investment Operations:
Net investment income ................. 0.15(a) 0.26(a) 0.26(a) 0.38 0.46(a) 0.42
Short-term capital gains distributions
received ........................... -- -- -- -- -- --(b)
Net realized and unrealized gain (loss)
on investments ..................... 1.08 1.62 0.08 (3.54) 0.81 1.89
-------- -------- ------- ------- ------- -------
Total from investment operations ... 1.23 1.88 0.34 (3.16) 1.27 2.31
-------- -------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.13) (0.23) (0.19) (0.32) (0.37) (0.41)
Return of capital ..................... -- -- -- (0.01) -- --
Distributions from net realized gain
on investments ..................... -- -- -- (0.66) (0.13) --
-------- -------- ------- ------- ------- -------
Total distributions ................ (0.13) (0.23) (0.19) (0.99) (0.50) (0.41)
-------- -------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. 1.10 1.65 0.15 (4.15) 0.77 1.90
-------- -------- ------- ------- ------- -------
Net Asset Value, End of Period .............. $ 11.33 $ 10.23 $ 8.58 $ 8.43 $ 12.58 $ 11.81
======== ======== ======= ======= ======= =======
TOTAL RETURN (c) ............................ 12.11%(d) 22.20% 4.33% (26.82)% 10.89% 23.71%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $192,251 $135,544 $81,842 $51,504 $32,313 $15,899
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.10%(e) 1.14% 1.21% 1.35%(f) 1.53% 2.48%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.10%(e) 1.14% 1.21% 1.30%(f) 1.30% 1.30%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .......... 2.73%(e) 2.69% 3.36% 3.81% 3.48% 2.77%
After reimbursement and/or waiver of
expenses by Adviser ................ 2.73%(e) 2.69% 3.36% 3.86% 3.71% 3.95%
Portfolio Turnover ....................... 14.52%(d) 29.92% 47.34% 48.95% 114.56% 45.50%
----------
(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 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
ASTON/RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 10.22 $ 8.57 $ 8.42 $ 12.57 $ 12.94
-------- -------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.16(b) 0.28(b) 0.29(b) 0.41 0.16(b)
Net realized and unrealized gain (loss)
on investments ..................... 1.08 1.63 0.07 (3.55) (0.37)
-------- -------- ------- ------- -------
Total from investment operations ... 1.24 1.91 0.36 (3.14) (0.21)
-------- -------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.14) (0.26) (0.21) (0.34) (0.16)
Return of capital ..................... -- -- -- (0.01) --
Distributions from net realized gain on
investments ........................ -- -- -- (0.66) --
-------- -------- ------- ------- -------
Total distributions ................ (0.14) (0.26) (0.21) (1.01) (0.16)
-------- -------- ------- ------- -------
Net increase (decrease) in net asset value .. 1.10 1.65 0.15 (4.15) (0.37)
-------- -------- ------- ------- -------
Net Asset Value, End of Period .............. $ 11.32 $ 10.22 $ 8.57 $ 8.42 $ 12.57
======== ======== ======= ======= =======
TOTAL RETURN (c) ............................ 12.26%(d) 22.53% 4.59% (26.66)% (1.58)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $250,496 $137,629 $77,185 $ 144 $ 197
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.85%(e) 0.89% 0.96% 1.10%(f) 1.42%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.85%(e) 0.89% 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 ................ 2.98%(e) 2.94% 3.61% 4.06% 2.86%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 2.98%(e) 2.94% 3.61% 4.11% 3.33%(e)
Portfolio Turnover .......................... 14.52%(d) 29.92% 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.
| 79
Aston Funds
ASTON/MONTAG & CALDWELL MID CAP GROWTH FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 8.51 $ 6.83 $ 5.85 $ 10.00
------ ------ ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.04) (0.04) (0.04) (0.05)
Net realized and unrealized gain (loss)
on investments ..................... 1.97 1.74 1.02 (4.10)
------ ------ ------- -------
Total from investment operations ... 1.93 1.70 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 .. 1.93 1.68 0.98 (4.15)
------ ------ ------- -------
Net Asset Value, End of Period .............. $10.44 $ 8.51 $ 6.83 $ 5.85
====== ====== ======= =======
TOTAL RETURN (b) ............................ 22.68%(c) 24.85% 16.75% (41.50)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $4,708 $3,399 $ 2,959 $ 1,815
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 3.02%(d) 3.55% 5.02% 5.80%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.40%(d) 1.40% 1.40% 1.40%(d)
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (2.51)%(d) (2.75)% (4.13)% 5.07)%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ (0.89)%(d) (0.60)% (0.51)% (0.67)%(d)
Portfolio Turnover ....................... 15.42%(c) 31.49% 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.
| 80
Aston Funds
ASTON/FAIRPOINTE MID CAP FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- ---------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 29.04 $ 22.73 $ 17.25 $ 32.32 $ 27.16 $ 23.21
--------- ---------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.06 0.01 0.09 0.05 (0.02) (0.02)
Net realized and unrealized gain (loss)
on investments ..................... 5.36 6.35 5.82 (12.93) 7.01 4.88
--------- ---------- -------- -------- -------- --------
Total from investment operations ... 5.42 6.36 5.91 (12.88) 6.99 4.86
--------- ---------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.06) (0.05) (0.14) -- -- --
Distributions from net realized gain
on investments ..................... (0.10) -- (0.29) (2.19) (1.83) (0.91)
--------- ---------- -------- -------- -------- --------
Total distributions ................ (0.16) (0.05) (0.43) (2.19) (1.83) (0.91)
--------- ---------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. 5.26 6.31 5.48 (15.07) 5.16 3.95
--------- ---------- -------- -------- -------- --------
Net Asset Value, End of Period .............. $ 34.30 $ 29.04 $ 22.73 $ 17.25 $ 32.32 $ 27.16
========= ========== ======== ======== ======== ========
TOTAL RETURN (a) ............................ 18.69%(b) 28.01% 35.60% (42.50)% 27.08% 21.39%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $1,861,339 $1,469,354 $842,233 $508,886 $823,036 $577,891
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.10%(c) 1.14%(d) 1.20%(d) 1.16%(d) 1.15%(d) 1.16%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.10%(c) 1.14%(d) 1.20%(d) 1.16%(d) 1.15%(d) 1.16%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.38%(c) --%(e) 0.46% 0.18% (0.09)% (0.09)%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.38%(c) --%(e) 0.46% 0.18% (0.09)% (0.09)%
Portfolio Turnover ....................... 2.35%(b) 13.82% 17.72% 22.58% 26.15% 30.65%
----------
(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, 2010, 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.
(e) Represents less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 81
Aston Funds
ASTON/FAIRPOINTE MID CAP FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 29.41 $23.00 $17.47 $ 32.64 $ 27.34 $ 23.30
-------- ------ ------ ------- -------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.10 0.07 0.13 0.11 0.05 0.05
Net realized and unrealized gain (loss)
on investments ..................... 5.43 6.43 5.89 (13.09) 7.08 4.90
-------- ------ ------ ------- -------- -------
Total from investment operations ... 5.53 6.50 6.02 (12.98) 7.13 4.95
-------- ------ ------ ------- -------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.07) (0.09) (0.20) -- -- --
Distributions from net realized gain
on investment ...................... (0.10) -- (0.29) (2.19) (1.83) (0.91)
-------- ------ ------ ------- -------- -------
Total distributions ................ (0.17) (0.09) (0.49) (2.19) (1.83) (0.91)
-------- ------ ------ ------- -------- -------
Net increase (decrease) in net asset value .. 5.36 6.41 5.53 (15.17) 5.30 4.04
-------- ------ ------ ------- -------- -------
Net Asset Value, End of Period .............. $ 34.77 $29.41 $23.00 $ 17.47 $ 32.64 $ 27.34
======== ====== ====== ======= ======== =======
TOTAL RETURN (a) ............................ 18.84%(b) 28.31% 35.97% (42.39)% 27.43% 21.76%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $1,230,755 $499,651 $150,953 $93,176 $126,691 $81,670
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.85%(c) 0.89%(d) 0.95%(d) 0.91%(d) 0.87%(d) 0.89%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.85%(c) 0.89%(d) 0.95%(d) 0.91%(d) 0.87%(d) 0.89%
Ratios of net investment income to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.63%(c) 0.25% 0.71% 0.43% 0.19% 0.18%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.63%(c) 0.25% 0.71% 0.43% 0.19% 0.18%
Portfolio Turnover ....................... 2.35%(b) 13.82% 17.72% 22.58% 26.15% 30.65%
----------
(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, 2010, 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.
| 82
Aston Funds
ASTON/CARDINAL MID CAP VALUE FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 8.51 $ 7.17 $ 6.23 $ 10.00
------ ------ ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.03(b) 0.03 0.02 0.01
Net realized and unrealized gain (loss)
on investments ..................... 1.79 1.34 0.99 (3.78)
------ ------ ------ -------
Total from investment operations ... 1.82 1.37 1.01 (3.77)
------ ------ ------ -------
LESS DISTRIBUTIONS:
Distributions from net investment
income ............................. (0.04) (0.03) (0.07) --
------ ------ ------ -------
Total distributions ................ (0.04) (0.03) (0.07) --
------ ------ ------ -------
Net increase (decrease) in net asset value .. 1.78 1.34 0.94 (3.77)
------ ------ ------ -------
Net Asset Value, End of Period .............. $10.29 $ 8.51 $ 7.17 $ 6.23
====== ====== ====== =======
Total Return (c) ............................ 21.44%(d) 19.14% 16.45% (37.70)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $1,767 $1,409 $ 916 $ 783
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 6.06%(e) 7.64% 11.18% 11.20%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.40%(e) 1.40% 1.40% 1.40%(e)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (4.07)%(e) (5.87)% (9.48)% (9.64)%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.59%(e) 0.37% 0.30% 0.16%(e)
Portfolio Turnover ....................... 24.08%(d) 39.23% 65.55% 50.79%(d)
----------
(a) Cardinal Mid Cap Value Fund, Class N, 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) 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.
| 83
Aston Funds
ASTON/VEREDUS AGGRESSIVE GROWTH FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 11.80 $ 8.97 $ 8.38 $ 22.42 $ 18.44 $ 18.35
------- ------- ------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.06)(a) (0.14)(a) (0.10) (0.17) (0.24)(a) (0.22)(a)
Net realized and unrealized gain (loss)
on investments ..................... 3.97 2.97 0.74 (8.31) 5.45 0.31
------- ------- ------- -------- -------- --------
Total from investment operations ... 3.91 2.83 0.64 (8.48) 5.21 0.09
------- ------- ------- -------- -------- --------
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 .. 3.91 2.83 0.59 (14.04) 3.98 0.09
------- ------- ------- -------- -------- --------
Net Asset Value, End of Period .............. $ 15.71 $ 11.80 $ 8.97 $ 8.38 $ 22.42 $ 18.44
======= ======= ======= ======== ======== ========
TOTAL RETURN (b) ............................ 33.14%(c) 31.55% 7.79% (47.87)% 30.01% 0.49%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $35,814 $33,594 $32,140 $ 43,149 $114,803 $367,113
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.66%(d)(e) 1.63% 1.82%(e) 1.55%(e) 1.48%(e) 1.41%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.49%(d)(e) 1.49% 1.49%(e) 1.49%(e) 1.48%(e) 1.41%(e)
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (1.02)%(d) (1.40)% (1.48)% (1.21)% (1.27)% (1.15)%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.85)%(d) (1.27)% (1.15)% (1.15)% (1.27)% (1.15)%
Portfolio Turnover ....................... 94.37%(c) 187.83% 264.98% 166.19% 126.54% 133.21%
----------
(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 six months ended April 30, 2011, and 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.
| 84
Aston Funds
ASTON/VEREDUS AGGRESSIVE GROWTH FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 12.19 $ 9.25 $ 8.61 $ 22.83 $ 18.71 $ 18.57
------- ------- ------- ------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.04)(a) (0.11)(a) (0.08) (0.21) (0.19)(a) (0.17)(a)
Net realized and unrealized gain (loss)
on investments ..................... 4.11 3.05 0.77 (8.45) 5.54 0.31
------- ------- ------- ------- -------- --------
Total from investment operations ... 4.07 2.94 0.69 (8.66) 5.35 0.14
------- ------- ------- ------- -------- --------
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 .. 4.07 2.94 0.64 (14.22) 4.12 0.14
------- ------- ------- ------- -------- --------
Net Asset Value, End of Period .............. $ 16.26 $ 12.19 $ 9.25 $ 8.61 $ 22.83 $ 18.71
======= ======= ======= ======= ======== ========
TOTAL RETURN (b) ............................ 33.39%(c) 31.78% 8.16% (47.77)% 30.34% 0.75%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $21,639 $16,190 $13,356 $16,719 $115,942 $150,697
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.41%(d)(e) 1.38% 1.57%(e) 1.30%(e) 1.19%(e) 1.13%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.24%(d)(e) 1.24% 1.24%(e) 1.24%(e) 1.19%(e) 1.13%(e)
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.77)%(d) (1.15)% (1.23)% (0.96)% (0.98)% (0.87)%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.60)%(d) (1.02)% (0.90)% (0.90)% (0.98)% (0.87)%
Portfolio Turnover ....................... 94.37%(c) 187.83% 264.98% 166.19% 126.54% 133.21%
----------
(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 six months ended April 30, 2011, and 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.
| 85
Aston Funds
ASTON/CROSSWIND SMALL CAP GROWTH FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
PERIOD
ENDED
04/30/11(a)
(UNAUDITED)
------------
Net Asset Value, Beginning of Period ............................. $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ........................................ (0.07)(b)
Net realized and unrealized gain on investments ............ 2.67
-------
Total from investment operations ........................ 2.60
-------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. --
-------
Total distributions ..................................... --
-------
Net increase in net asset value .................................. 2.60
-------
Net Asset Value, End of Period ................................... $ 12.60
=======
TOTAL RETURN (c) ................................................. 26.00%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................... $ 1,757
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 10.95%(e)
After reimbursement and/or waiver of expenses by Adviser ... 1.35%(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. (10.81)%(e)
After reimbursement and/or waiver of expenses by Adviser ... (1.20)%(e)
Portfolio Turnover ............................................ 96.53%(d)
----------
(a) Crosswind Small Cap Growth Fund, Class N, commenced investment operations
on November 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.
| 86
Aston Funds
ASTON/TAMRO SMALL CAP FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 19.42 $ 14.67 $ 13.64 $ 20.99 $ 19.73 $ 15.63
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... (0.07) (0.08)(a) (0.05)(a) 0.05 (0.08)(a) (0.07)(a)
Net realized and unrealized gain (loss)
on investments ..................... 4.66 4.83 1.08 (6.43) 2.48 4.17
-------- -------- -------- -------- -------- --------
Total from investment operations ... 4.59 4.75 1.03 (6.38) 2.40 4.10
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized gain
on investments ..................... (0.45) -- -- (0.97) (1.14) --
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.45) -- -- (0.97) (1.14) --
-------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. 4.14 4.75 1.03 (7.35) 1.26 4.10
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period .............. $ 23.56 $ 19.42 $ 14.67 $ 13.64 $ 20.99 $ 19.73
======== ======== ======== ======== ======== ========
TOTAL RETURN (b) ............................ 23.88%(c) 32.29% 7.63% (31.58)% 12.56% 26.23%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $423,427 $335,809 $241,524 $159,965 $235,242 $182,462
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.32%(d) 1.34% 1.37% 1.32% 1.33%(e) 1.42%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.32%(d) 1.34% 1.36%(f) 1.30% 1.30%(e) 1.30%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.66)%(d) (0.49)% (0.41)% 0.29% (0.42)% (0.51)%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.66)%(d) (0.49)% (0.40)% 0.31% (0.39)% (0.39)%
Portfolio Turnover ....................... 25.72%(c) 62.13% 89.92% 66.65% 58.88% 58.28%
----------
(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) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the year ended October 31, 2007, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.
(f) The Adviser removed the contractual expense limitation of 1.30%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 87
Aston Funds
ASTON/TAMRO SMALL CAP FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 19.69 $ 14.87 $ 13.79 $ 21.16 $ 19.83 $ 15.67
-------- -------- -------- -------- -------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... (0.04) (0.04)(a) (0.02)(a) 0.02 (0.02)(a) (0.02)(a)
Net realized and unrealized gain (loss)
on investments ..................... 4.73 4.87 1.12 (6.42) 2.49 4.18
-------- -------- -------- -------- -------- -------
Total from investment operations ... 4.69 4.83 1.10 (6.40) 2.47 4.16
-------- -------- -------- -------- -------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. -- (0.01) (0.02) -- -- --
Distributions from net realized gain
on investments ..................... (0.45) -- -- (0.97) (1.14) --
-------- -------- -------- -------- -------- -------
Total distributions ................ (0.45) (0.01) (0.02) (0.97) (1.14) --
-------- -------- -------- -------- -------- -------
Net increase (decrease) in net asset value .. 4.24 4.82 1.08 (7.37) 1.33 4.16
-------- -------- -------- -------- -------- -------
Net Asset Value, End of Period .............. $ 23.93 $ 19.69 $ 14.87 $ 13.79 $ 21.16 $ 19.83
======== ======== ======== ======== ======== =======
TOTAL RETURN (b) ............................ 24.06%(c) 32.62% 7.94% (31.42)% 12.86% 26.55%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $694,527 $549,627 $515,592 $238,399 $137,059 $63,982
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.07%(d) 1.09% 1.12% 1.07% 1.05%(e) 1.11%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.07%(d) 1.09% 1.11%(f) 1.05% 1.02%(e) 0.99%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.41)%(d) (0.24)% (0.16)% 0.54% (0.14)% (0.20)%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.41)%(d) (0.24)% (0.15)% 0.56% (0.11)% (0.08)%
Portfolio Turnover ....................... 25.72%(c) 62.13% 89.92% 66.65% 58.88% 58.28%
----------
(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) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the year ended October 31, 2007, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.
(f) The Adviser removed the contractual expense limitation of 1.05%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 88
Aston Funds
ASTON/RIVER ROAD SELECT VALUE FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period .......................... $ 9.01 $ 7.71 $ 7.13 $ 10.13 $ 10.00
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................ --(b)(c) 0.02(b) --(b)(c) --(b)(c) 0.01
Net realized and unrealized gain (loss) on investments .. 1.41 1.28 0.59 (3.00) 0.12
------- ------- ------- ------- -------
Total from investment operations ..................... 1.41 1.30 0.59 (3.00) 0.13
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from net investment income ................ (0.03) -- (0.01) -- --
Distributions from net realized gains on investments .... (0.08)
------- ------- ------- ------- -------
Total distributions .................................. (0.11) -- (0.01) -- --
------- ------- ------- ------- -------
Net increase (decrease) in net asset value .................... 1.30 1.30 0.58 (3.00) 0.13
------- ------- ------- ------- -------
Net Asset Value, End of Period ................................ $ 10.31 $ 9.01 $ 7.71 $ 7.13 $ 10.13
======= ======= ======= ======= =======
TOTAL RETURN (d) .............................................. 15.76%(e) 16.86% 8.33% (29.62)% 1.30%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....................... $57,808 $52,522 $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) 1.41%(g) 1.44% 1.56% 3.18%(f)
After recoupment and/or waiver of
expenses by Adviser .................................. 1.41%(f) 1.43%(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 ............................... (0.09)%(f) 0.31% 0.04% (0.08)% (1.43)%(f)
After recoupment and/or waiver of
expenses by Adviser ............................... (0.09)%(f) 0.29% (0.02)% (0.02)% 0.25%(f)
Portfolio Turnover ......................................... 27.13%(e) 53.73% 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 year ended October 31, 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.
| 89
Aston Funds
ASTON/RIVER ROAD SELECT VALUE FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period ........................... $ 9.04 $ 7.73 $ 7.14 $ 10.13 $10.51
-------- -------- -------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................... 0.01(b) 0.05(b) 0.02(b) 0.02(b) 0.01
Net realized and unrealized gain (loss) on investments ... 1.42 1.28 0.59 (3.00) (0.39)
-------- -------- -------- ------- ------
Total from investment operations ...................... 1.43 1.33 0.61 (2.98) (0.38)
-------- -------- -------- ------- ------
LESS DISTRIBUTIONS:
Distributions from net investment income ................. (0.05) (0.02) (0.02) (0.01) --
Distributions from net realized gains on investments ..... (0.08)
-------- -------- -------- ------- ------
Total distributions ................................... (0.13) (0.02) (0.02) (0.01) --
-------- -------- -------- ------- ------
Net increase (decrease) in net asset value ..................... 1.30 1.31 0.59 (2.99) (0.38)
-------- -------- -------- ------- ------
Net Asset Value, End of Period ................................. $ 10.34 $ 9.04 $ 7.73 $ 7.14 $10.13
======== ======== ======== ======= ======
TOTAL RETURN (c) ............................................... 15.98%(d) 17.19% 8.52% (29.49)% (3.52)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................ $177,332 $163,232 $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) 1.16%(f) 1.19% 1.31% 2.57%(e)
After recoupment and/or waiver of expenses by Adviser .... 1.16%(e) 1.18%(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 ... 0.16%(e) 0.56% 0.29% 0.17% (0.91)%(e)
After recoupment and/or waiver of expenses by Adviser .... 0.16%(e) 0.54% 0.23% 0.23% 0.42%(e)
Portfolio Turnover .......................................... 27.13%(d) 53.73% 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 year ended October 31, 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.
| 90
Aston Funds
ASTON/RIVER ROAD SMALL CAP VALUE FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 11.60 $ 10.22 $ 9.30 $ 14.37 $ 13.46 $ 10.28
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... (--)(a) 0.03 0.01 0.01(b) 0.05(b) 0.02
Net realized and unrealized gain (loss)
on investments ..................... 1.75 1.36 0.92 (4.54) 1.04 3.16
-------- -------- -------- -------- -------- --------
Total from investment operations ... 1.75 1.39 0.93 (4.53) 1.09 3.18
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.04) (0.01) (0.01) -- (0.05) --
Distributions from net realized gain
on investments ..................... -- -- -- (0.54) (0.13) --
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.04) (0.01) (0.01) (0.54) (0.18) --
-------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. 1.71 1.38 0.92 (5.07) 0.91 3.18
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period .............. $ 13.31 $ 11.60 $ 10.22 $ 9.30 $ 14.37 $ 13.46
======== ======== ======== ======== ======== ========
TOTAL RETURN (c) ............................ 15.06%(d) 13.60% 9.99% (32.51)% 8.12% 30.93%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $221,867 $213,326 $216,221 $160,245 $237,695 $167,438
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.37%(e) 1.39%(f) 1.40% 1.45%(f) 1.44%(f) 1.78%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.37%(e) 1.39%(f) 1.40%(g) 1.45%(f) 1.44%(f) 1.43%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.07)%(e) 0.27% 0.05% 0.08% 0.38% 0.25%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.07)%(e) 0.27% 0.05% 0.08% 0.38% 0.60%
Portfolio Turnover ....................... 21.69%(d) 51.05% 35.83% 57.32% 74.18% 51.63%
----------
(a) Represents less than $(0.005) per share.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) 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 expenses of less
than 0.005% for the years ended October 31, 2010, October 31, 2008 and
October 31, 2007, which is not included in the contractual expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.
(g) The Adviser removed the contractual expense limitation of 1.50%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 91
Aston Funds
ASTON/RIVER ROAD SMALL CAP VALUE FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/11 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 11.62 $ 10.24 $ 9.32 $ 14.37 $ 14.04
-------- -------- -------- -------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.01 0.06 0.03 0.04(b) 0.09(b)
Net realized and unrealized gain (loss)
on investments ..................... 1.75 1.35 0.92 (4.54) 0.46
-------- -------- -------- -------- -------
Total from investment operations ... 1.76 1.41 0.95 (4.50) 0.55
-------- -------- -------- -------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. (0.06) (0.03) (0.03) (0.01) (0.09)
Distributions from net realized gain
on investments ..................... -- -- -- (0.54) (0.13)
-------- -------- -------- -------- -------
Total distributions ................ (0.06) (0.03) (0.03) (0.55) (0.22)
-------- -------- -------- -------- -------
Net increase (decrease) in net asset value .. 1.70 1.38 0.92 (5.05) 0.33
-------- -------- -------- -------- -------
Net Asset Value, End of Period ........... $ 13.32 $ 11.62 $ 10.24 $ 9.32 $ 14.37
======== ======== ======== ======== =======
TOTAL RETURN (c) ......................... 15.21%(d) 13.80% 10.31% (32.34)% 3.91%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $285,180 $255,344 $282,542 $114,666 $64,525
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.12%(e) 1.14%(f) 1.15% 1.20%(f) 1.16%(e)(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.12%(e) 1.14%(f) 1.15%(g) 1.20%(f) 1.16%(e)(f)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.18%(e) 0.52% 0.30% 0.33% 0.31%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.18%(e) 0.52% 0.30% 0.33% 0.31%(e)
Portfolio Turnover ....................... 21.69%(d) 51.05% 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) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the years ended October 31, 2010, 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.
(g) The Adviser removed the contractual expense limitation of 1.25%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 92
Aston Funds
ASTON/RIVER ROAD INDEPENDENT VALUE FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
PERIOD
ENDED
04/30/11(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of Period ........ $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.03)(b)
Net realized and unrealized gain on
investments ........................ 0.90
-------
Total from investment operations ... 0.87
-------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. --
-------
Total distributions ................ --
-------
Net increase in net asset value ............. 0.87
-------
Net Asset Value, End of Period .............. $ 10.87
=======
TOTAL RETURN (c) ............................ 8.70%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $62,075
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.84%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.42%(e)
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (1.40)%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ (0.98)%(e)
Portfolio Turnover ....................... 64.25%(d)
----------
(a) River Road Independent Value Fund, Class N, commenced investment operations
on December 31, 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.
| 93
Aston Funds
ASTON/NEPTUNE INTERNATIONAL FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/11 ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 8.31 $ 7.09 $ 5.85 $ 11.14
------- ------ ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02(b) 0.07(b) 0.09(b) 0.02(b)
Net realized and unrealized gain (loss)
on investments ..................... 0.95 1.55(c) 1.18(c) (5.31)
------- ------ ------ -------
Total from investment operations ... 0.97 1.62 1.27 (5.29)
------- ------ ------ -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.08) (0.40) (0.03) --
------- ------ ------ -------
Total distributions ................ (0.08) (0.40) (0.03) --
------- ------ ------ -------
Net increase (decrease) in net asset value .. 0.89 1.22 1.24 (5.29)
------- ------ ------ -------
Net Asset Value, End of Period .............. $ 9.20 $ 8.31 $ 7.09 $ 5.85
======= ====== ====== =======
Total Return (d) ............................ 11.77%(e) 23.76% 21.94% (47.49)%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 509 $ 432 $ 293 $ 225
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 7.11%(f) 8.58%(g) 2.64% 3.15%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.27%(f) 1.28%(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 ................ (5.27)%(f) (6.29)% 0.07% (1.24)%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.57%(f) 1.01% 1.44% 0.64%(f)
Portfolio Turnover ....................... 20.04%(e) 18.94% 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 of $0.01 per share for the year ended
October 31, 2010 and less than $0.005 per share for the year ended October
31, 2009.
(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 0.01%
for the year ended October 31, 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.
| 94
Aston Funds
ASTON/NEPTUNE INTERNATIONAL FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/11 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 8.32 $ 7.09 $ 5.85 $ 12.24 $10.00
------ ------ ------ ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.04(b) 0.09(b) 0.10(b) 0.17(b) 0.03
Net realized and unrealized gain (loss)
on investments ..................... 0.95 1.55(c) 1.19(c) (6.42) 2.21
------ ------ ------ ------- ------
Total from investment operations ... 0.99 1.64 1.29 (6.25) 2.24
------ ------ ------ ------- ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.10) (0.41) (0.05) (0.14) --
------ ------ ------ ------- ------
Total distributions ................ (0.10) (0.41) (0.05) (0.14) --
------ ------ ------ ------- ------
Net increase (decrease) in net asset value .. 0.89 1.23 1.24 (6.39) 2.24
------ ------ ------ ------- ------
Net Asset Value, End of Period .............. $ 9.21 $ 8.32 $ 7.09 $ 5.85 $12.24
====== ====== ====== ======= ======
TOTAL RETURN (d) ............................ 11.92%(e) 24.16% 22.23% (51.55)% 22.30%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $1,611 $1,443 $1,194 $ 8,378 $2,370
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 6.86%(f) 8.33%(g) 2.39% 3.02% 11.72%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.02%(f) 1.03%(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 ................ (5.02)%(f) (6.04)% 0.32% (0.24)% (9.21)%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.82%(f) 1.26% 1.69% 1.74% 1.26%(f)
Portfolio Turnover ....................... 20.04%(e) 18.94% 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 of $0.01 per share for the year ended
October 31, 2010 and less than $0.005 per share for the year ended October
31, 2009.
(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 0.01%
for the year ended October 31, 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%, excluding interest expense, for Class I Shares. This voluntary
waiver became the contractual expense limitation on February 29, 2008.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 95
Aston Funds
ASTON/BARINGS INTERNATIONAL FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/11 ENDED
(UNAUDITED) 10/31/10(a)
----------- -----------
Net Asset Value, Beginning of Period ........ $ 7.24 $ 6.48
------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.03(b) 0.06(b)
Net realized and unrealized gain on
investments ........................ 0.67 0.70
------ ------
Total from investment operations ... 0.70 0.76
------ ------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. (0.13) --
------ ------
Total distributions ................ (0.13) --
------ ------
Net increase in net asset value ............. 0.57 0.76
------ ------
Net Asset Value, End of Period .............. $ 7.81 $ 7.24
====== ======
TOTAL RETURN (c) ............................ 9.85%(d) 11.73%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 446 $ 184
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.69%(e)(f) 1.72%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.40%(e)(f) 1.40%(e)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.61%(e) 1.07%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.89%(e) 1.39%(e)
Portfolio Turnover ....................... 29.77%(d) 65.32%
----------
(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.
(f) For the period November 1, 2010 through February 28, 2011, the Adviser
voluntarily waived management fees and/or reimbursed expenses at 1.40%.
Effective March 1, 2011, the contractual expense limitation was decreased
from 1.50% to 1.40%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 96
Aston Funds
ASTON/BARINGS INTERNATIONAL FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/11 ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 7.26 $ 6.44 $ 5.08 $ 10.00
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.04(b) 0.06(b) 0.10(b) 0.10
------- ------- ------- -------
Net realized and unrealized gain (loss)
on investments ..................... 0.66 0.78 1.27(c) (5.02)
------- ------- ------- -------
Total from investment operations ... 0.70 0.84 1.37 (4.92)
------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. (0.15) (0.02) (0.01) --
------- ------- ------- -------
Total distributions ................ (0.15) (0.02) (0.01) --
------- ------- ------- -------
Net increase (decrease) in net asset value .. 0.55 0.82 1.36 (4.92)
------- ------- ------- -------
Net Asset Value, End of Period .............. $ 7.81 $ 7.26 $ 6.44 $ 5.08
======= ======= ======= =======
Total Return (d) ............................ 9.83%(e) 12.89% 27.11% (49.20)%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $59,744 $47,985 $28,277 $ 5,517
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.44%(f)(g) 1.47% 2.01% 3.95%(f)(h)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.15%(f)(g) 1.15% 1.15% 1.18%(f)(h)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.86%(f) 0.63% 0.80% (1.11)%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.14%(f) 0.95% 1.66% 1.66%(f)
Portfolio Turnover ....................... 29.77%(e) 65.32% 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 of 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) For the period November 1, 2010 through February 28, 2011, the Adviser
voluntarily waived management fees and/or reimbursed expenses at 1.15%.
Effective March 1, 2011, the contractual expense limitation was decreased
from 1.25% to 1.15%.
(h) 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.
| 97
Aston Funds
ASTON DYNAMIC ALLOCATION FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/11 ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08(a)
----------- -------- --------- -----------
Net Asset Value, Beginning of Period ........ $ 9.25 $ 9.17 $ 8.24 $ 10.00
------- ------- ------- -------
Income from Investment Operations:
Net investment income (loss) .......... (0.01)(b) 0.05 0.06 0.07
Net realized and unrealized income
(loss) on investments .............. 0.98 0.66 0.99(c) (1.76)
------- ------- ------- -------
Total from investment operations ... 0.97 0.71 1.05 (1.69)
------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.03) (0.05) (0.12) (0.07)
Distributions from net realized gains
on investments ..................... (0.31) (0.58) -- --
------- ------- ------- -------
Total distributions ................ (0.34) (0.63) (0.12) (0.07)
------- ------- ------- -------
Net increase (decrease) in net asset value .. 0.63 0.08 0.93 (1.76)
------- ------- ------- -------
Net Asset Value, End of Period .............. $ 9.88 $ 9.25 $ 9.17 $ 8.24
======= ======= ======= =======
Total Return (d) ............................ 10.67%(e) 7.92% 12.98% (16.98)%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $45,646 $54,234 $39,191 $ 6,070
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser (f) ............ 1.51%(g) 1.45%(h) 1.69% 5.11%(g)(h)
After reimbursement and/or waiver of
expenses by Adviser (f) ............ 1.30%(g) 1.30%(h) 1.30% 1.31%(g)(h)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.36)%(g) 0.38%(h) 0.39% (2.48)%(g)(h)
After reimbursement and/or waiver of
expenses by Adviser ................ (0.14)%(g) 0.53%(h) 0.78% 1.32%(g)(h)
Portfolio Turnover ....................... 156.73%(e) 519.43% 365.93% 498.68%(e)
----------
(a) Dynamic Allocation Fund, Class N, commenced investment operations on
January 10, 2008.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Includes payments by affiliates of 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) Does not include expenses of the underlying funds in which the Fund
invests.
(g) Annualized.
(h) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 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.
| 98
Aston Funds
ASTON DYNAMIC ALLOCATION FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
PERIOD
ENDED
04/30/11(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of Period ........ $ 9.28
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.01(b)
Net realized and unrealized gain on
investments ........................ 0.94
-------
Total from investment operations ... 0.95
-------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.05)
Distributions from net realized gains
on investments ..................... (0.31)
-------
Total distributions ................ (0.36)
-------
Net increase in net asset value ............. 0.59
-------
Net Asset Value, End of Period .............. $ 9.87
=======
TOTAL RETURN (c) ............................ 10.47%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 6,782
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser (e) ............ 1.26%(f)
After reimbursement and/or waiver of
expenses by Adviser (e) ............ 1.05%(f)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.11)%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.11%(f)
Portfolio Turnover ....................... 156.73%(d)
----------
(a) Dynamic Allocation Fund, Class I, commenced investment operations on
November 2, 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) Does not include expenses of the underlying funds in which the Fund
invests.
(f) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 99
Aston Funds
ASTON/M.D. SASS ENHANCED EQUITY FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/11 ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 9.41 $ 8.57 $ 8.09 $ 10.00
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.07 0.10 0.11 0.14
Net realized and unrealized gain (loss)
on investments ..................... 0.61 0.84 1.02 (1.91)
------- ------- ------- -------
Total from investment operations ... 0.68 0.94 1.13 (1.77)
------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.06) (0.10) (0.13) (0.14)
Distributions from net realized gain on
investments ........................ (0.37) -- (0.52) --
------- ------- ------- -------
Total distributions ................ (0.43) (0.10) (0.65) (0.14)
------- ------- ------- -------
Net increase (decrease) in net asset value .. 0.25 0.84 0.48 (1.91)
------- ------- ------- -------
Net Asset Value, End of Period .............. $ 9.66 $ 9.41 $ 8.57 $ 8.09
======= ======= ======= =======
Total Return (b) ............................ 7.30%(c) 11.05% 15.86% (17.91)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $51,070 $46,423 $22,552 $14,389
Ratios of expenses to average net assets:
Before reimbursement, waiver and/or
recoupment of expenses by Adviser .. 1.20%(d) 1.37% 2.11% 2.38%(d)
After reimbursement, waiver and/or
recoupment of expenses by Adviser .. 1.32%(d) 1.40% 1.25%(e) 1.10%(d)
Ratios of net investment income to average
net assets:
Before reimbursement, waiver and/or
recoupment of expenses by Adviser .. 1.55%(d) 1.20% 0.55% 0.86%(d)
After reimbursement, waiver and/or
recoupment of expenses by Adviser .. 1.43%(d) 1.17% 1.41% 2.14%(d)
Portfolio Turnover ....................... 45.42%(c) 41.33% 51.56% 23.68%(c)
----------
(a) M.D. Sass Enhanced Equity Fund, Class N, commenced investment operations on
January 15, 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) Annualized.
(e) 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.
| 100
Aston Funds
ASTON/M.D. SASS ENHANCED EQUITY FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/11 ENDED
(UNAUDITED) 10/31/10(a)
----------- -----------
Net Asset Value, Beginning of Period ........ $ 9.41 $ 9.04
------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.08 0.09
Net realized and unrealized gain on
investments ........................ 0.61 0.37
------- ----------
Total from investment operations ... 0.69 0.46
------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.07) (0.09)
Distributions from net realized gain on
investments ........................ (0.37) --
------- ----------
Total distributions ................ (0.44) (0.09)
------- ----------
Net increase in net asset value ............. 0.25 0.37
------- ----------
Net Asset Value, End of Period .............. $ 9.66 $ 9.41
======= ==========
TOTAL RETURN (b) ............................ 7.54%(c) 5.10%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $70,449 $ 46,140
Ratios of expenses to average net assets:
Before reimbursement, waiver and/or
recoupment of expenses by Adviser .. 0.95%(d) 1.10%(d)
After reimbursement, waiver and/or
recoupment of expenses by Adviser .. 1.07%(d) 1.15%(d)
Ratios of net investment income to average
net assets:
Before reimbursement, waiver and/or
recoupment of expenses by Adviser .. 1.80%(d) 1.37%(d)
After reimbursement, waiver and/or
recoupment of expenses by Adviser .. 1.68%(d) 1.32%(d)
Portfolio Turnover ....................... 45.42%(c) 41.33%
----------
(a) M.D. Sass Enhanced Equity Fund, Class I, commenced investment operations on
March 3, 2010.
(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.
| 101
Aston Funds
ASTON/NEW CENTURY ABSOLUTE RETURN ETF FUND -- CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/11 ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08(a)
----------- -------- -------- ----------
Net Asset Value, Beginning of Period ........ $ 9.79 $ 8.89 $ 8.64 $ 10.00
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... (0.01)(b) --(c) 0.04 0.01
Net realized and unrealized gain (loss)
on investments ..................... 1.10 0.98 0.28 (1.37)
------- ------- ------- -------
Total from investment operations ... 1.09 0.98 0.32 (1.36)
------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.01) (0.08) (0.07) --
------- ------- ------- -------
Total distributions ................ (0.01) (0.08) (0.07) --
------- ------- ------- -------
Net increase (decrease) in net asset value .. 1.08 0.90 0.25 (1.36)
------- ------- ------- -------
Net Asset Value, End of Period .............. $ 10.87 $ 9.79 $ 8.89 $ 8.64
======= ======= ======= =======
Total Return (d) ............................ 11.17%(e) 11.00% 3.85% (13.60)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 3,616 $15,302 $17,706 $13,748
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser (f) ............ 2.34%(g)(h) 1.78% 1.51% 3.77%(g)
After reimbursement and/or waiver of
expenses by Adviser (f) ............ 1.50%(g)(h) 1.39% 1.21%(i) 1.50%(g)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (1.01)%(g) (0.27)% 0.21% (2.02)%(g)
After reimbursement and/or waiver of
expenses by Adviser ................ (0.18)%(g) 0.12% 0.51% 0.25%(g)
Portfolio Turnover ....................... 183.20%(e) 338.88% 325.31% 172.11%(e)
----------
(a) New Century Absolute Return ETF Fund, Class N, commenced investment
operations on March 4, 2008.
(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) Does not include expenses of the underlying funds in which the Fund
invests.
(g) Annualized.
(h) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2011, 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) 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.
| 102
Aston Funds
ASTON/LAKE PARTNERS LASSO ALTERNATIVES FUND -- CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/11 ENDED
(UNAUDITED) 10/31/10(a)
----------- -----------
Net Asset Value, Beginning of Period ........ $ 11.97 $ 11.48
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment gain ...................... 0.03 0.04(b)
Net realized and unrealized gain on
investments ........................... 0.86 0.45
------- -------
Total from investment operations ...... 0.89 0.49
------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.08) --
Distributions from capital gains ...... (0.07) --
------- -------
Total distributions ................ (0.15) --
------- -------
Net increase in net asset value ............. 0.74 0.49
------- -------
Net Asset Value, End of Period .............. $ 12.71 $ 11.97
======= =======
TOTAL RETURN (c) ............................ 7.43%(d) 4.27%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $15,993 $ 8,296
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser (e) ............ 1.57%(f) 2.19%(f)
After reimbursement and/or waiver of
expenses by Adviser (e) ............ 1.45%(f) 1.45%(f)(g)
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.34%(f) (0.25)%(f)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.46%(f) 0.49%(f)
Portfolio Turnover ....................... 31.05%(d) 116.68%
----------
(a) Lake Partners LASSO Alternatives 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) 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.
| 103
Aston Funds
ASTON/LAKE PARTNERS LASSO ALTERNATIVES FUND -- CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/11 ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09(a)
----------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 11.98 $ 11.15 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.04 0.08(b) (--)(c)
Net realized and unrealized gain on
investments ........................ 0.87 0.89 1.15
------- ------- -------
Total from investment operations ... 0.91 0.97 1.15
------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.09) (0.07) --
Distributions from net realized gain on
investments ........................ (0.07) (0.07) --
------- ------- -------
Total distributions ................ (0.16) (0.14) --
------- ------- -------
Net increase in net asset value ............. 0.75 0.83 1.15
------- ------- -------
Net Asset Value, End of Period .............. $ 12.73 $ 11.98 $ 11.15
======= ======= =======
TOTAL RETURN (d) ............................ 7.64%(e) 8.74% 11.50%(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $91,893 $19,723 $ 1,845
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser (f) ............ 1.32%(g) 2.32% 18.16%(g)
After reimbursement and/or waiver of
expenses by Adviser (f) ............ 1.20%(g) 1.24%(h) 1.35%(g)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.59%(g) (0.41)% (16.92)%(g)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.71%(g) 0.67% (0.11)%(g)
Portfolio Turnover ....................... 31.05%(e) 116.68% 65.93%(e)
----------
(a) Lake Partners LASSO Alternatives Fund, Class I, commenced investment
operations on April 1, 2009.
(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) Does not include expenses of the underlying funds in which the Fund
invests.
(g) Annualized.
(h) Effective March 30, 2010, the contractual expense limitation was decreased
from 1.35% to 1.20%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 104
Aston Funds
ASTON/FORTIS REAL ESTATE FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 8.16 $ 5.77 $ 6.08 $ 15.59 $ 19.99 $ 16.23
------ ------ ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02(a) 0.14(a) 0.15(a) 0.07(a) 0.30(a) 0.32(a)
Net realized and unrealized gain (loss)
on investments ..................... 1.40 2.36 (0.28) (5.50) (0.40) 5.42
------ ------ ------- ------- ------- -------
Total from investment operations ... 1.42 2.50 (0.13) (5.43) (0.10) 5.74
------ ------ ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.13) (0.11) (0.18) (0.09) (0.05) (0.13)
Distributions from net realized gain
on investments ..................... -- -- -- (3.99) (4.25) (1.85)
------ ------ ------- ------- ------- -------
Total distributions ................ (0.13) (0.11) (0.18) (4.08) (4.30) (1.98)
------ ------ ------- ------- ------- -------
Net increase (decrease) in net asset value .. 1.29 2.39 (0.31) (9.51) (4.40) 3.76
------ ------ ------- ------- ------- -------
Net Asset Value, End of Period .............. $ 9.45 $ 8.16 $ 5.77 $ 6.08 $ 15.59 $ 19.99
====== ====== ======= ======= ======= =======
TOTAL RETURN (b) ............................ 17.63%(c) 43.77% (1.44)% (43.76)% (1.41)% 39.19%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $6,533 $6,158 $ 4,011 $ 6,030 $49,123 $72,506
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.65%(d) 1.68%(e) 1.94% 1.57%(e) 1.46%(e) 1.46%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.37%(d) 1.37%(e) 1.37% 1.37%(e) 1.37%(e) 1.37%(e)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.27%(d) 1.65% 2.55% 0.49% 1.73% 1.77%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.55%(d) 1.96% 3.12% 0.69% 1.82% 1.86%
Portfolio Turnover ....................... 14.17%(c) 75.30% 139.76% 85.08% 88.75% 83.15%
----------
(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, 2010, 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.
| 105
Aston Funds
ASTON/FORTIS REAL ESTATE FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 8.12 $ 5.74 $ 6.08 $ 15.62 $ 20.00 $ 16.23
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.03(a) 0.16(a) 0.16(a) 0.09(a) 0.34(a) 0.36(a)
Net realized and unrealized gain (loss)
on investments ..................... 1.39 2.34 (0.28) (5.51) (0.40) 5.42
------- ------- ------- ------- ------- -------
Total from investment operations ... 1.42 2.50 (0.12) (5.42) (0.06) 5.78
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.15) (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 ................ (0.15) (0.12) (0.22) (4.12) (4.32) (2.01)
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. 1.27 2.38 (0.34) (9.54) (4.38) 3.77
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period .............. $ 9.39 $ 8.12 $ 5.74 $ 6.08 $ 15.62 $ 20.00
======= ======= ======= ======= ======= =======
TOTAL RETURN (b) ............................ 17.71%(c) 44.14% (1.27)% (43.58)% (1.18)% 39.54%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $34,650 $29,425 $21,905 $23,411 $41,545 $46,025
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.40%(d) 1.43%(e) 1.69% 1.32%(e) 1.20%(e) 1.21%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.12%(d) 1.12%(e) 1.12% 1.12%(e) 1.11%(e) 1.12%(e)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.52%(d) 1.90% 2.80% 0.74% 1.99% 2.02%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.80%(d) 2.21% 3.37% 0.94% 2.08% 2.11%
Portfolio Turnover ....................... 14.17%(c) 75.30% 139.76% 85.08% 88.75% 83.15%
----------
(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, 2010, 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.
| 106
Aston Funds
ASTON/MONTAG & CALDWELL BALANCED FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 19.13 $ 17.73 $ 15.61 $ 19.98 $ 17.21 $ 16.41
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.08(a) 0.21(a) 0.21(a) 0.29 0.19(a) 0.18(a)
Net realized and unrealized gain (loss)
on investments ..................... 1.31 1.47 2.15 (4.42) 2.82 0.87
------- ------- ------- ------- ------- -------
Total from investment operations ... 1.39 1.68 2.36 (4.13) 3.01 1.05
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.10) (0.28) (0.24) (0.24) (0.24) (0.25)
------- ------- ------- ------- ------- -------
Total distributions ................ (0.10) (0.28) (0.24) (0.24) (0.24) (0.25)
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. 1.29 1.40 2.12 (4.37) 2.77 0.80
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period .............. $ 20.42 $ 19.13 $ 17.73 $ 15.61 $ 19.98 $ 17.21
======= ======= ======= ======= ======= =======
TOTAL RETURN (b) ............................ 7.31%(c) 9.54% 15.32% (20.87)% 17.63% 6.56%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $24,387 $29,194 $14,938 $16,586 $16,703 $23,355
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.53%(d) 1.38% 1.73% 1.74% 1.72%(e) 1.33%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.35%(d) 1.13% 1.26% 1.35% 1.36%(e) 1.33%(e)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.59%(d) 0.89% 0.81% 0.74% 0.71% 1.07%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.78%(d) 1.15% 1.28% 1.13% 1.07% 1.07%
Portfolio Turnover ....................... 21.40%(c) 51.68%(f) 38.72% 43.65% 36.25% 33.70%
----------
(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.
(f) Portfolio turnover rate excludes securities received from a reorganization.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 107
Aston Funds
ASTON/Montag & CALDWELL BALANCED FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $19.08 $17.68 $15.57 $ 19.94 $17.19 $16.39
------ ------ ------ ------- ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.10(a) 0.22(a) 0.23(a) 0.27 0.24(a) 0.22(a)
Net realized and unrealized gain (loss)
on investments ..................... 1.31 1.46 2.16 (4.35) 2.80 0.88
------ ------ ------ ------- ------ ------
Total from investment operations ... 1.41 1.68 2.39 (4.08) 3.04 1.10
------ ------ ------ ------- ------ ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.12) (0.28) (0.28) (0.29) (0.29) (0.30)
------ ------ ------ ------- ------ ------
Total distributions ................ (0.12) (0.28) (0.28) (0.29) (0.29) (0.30)
------ ------ ------ ------- ------ ------
Net increase (decrease) in net asset value .. 1.29 1.40 2.11 (4.37) 2.75 0.80
------ ------ ------ ------- ------ ------
Net Asset Value, End of Period .............. $20.37 $19.08 $17.68 $ 15.57 $19.94 $17.19
====== ====== ====== ======= ====== ======
TOTAL RETURN (b) ............................ 7.44%(c) 9.57% 15.53% (20.71)% 17.87% 6.80%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $6,034 $1,362 $1,149 $ 919 $1,158 $7,640
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.28%(d) 1.35% 1.57% 1.49% 1.44%(e) 1.07%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.10%(d) 1.10% 1.10% 1.10% 1.08%(e) 1.07%(e)
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.84%(d) 0.92% 0.97% 0.99% 0.99% 1.33%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.03%(d) 1.17% 1.44% 1.38% 1.35% 1.33%
Portfolio Turnover ....................... 21.40%(c) 51.68% 38.72% 43.65% 36.25% 33.70%
----------
(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.
| 108
Aston Funds
ASTON/TCH FIXED INCOME FUND - CLASS N APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 10.49 $ 10.02 $ 8.60 $ 9.73 $ 9.62 $ 9.69
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.25 0.50(a) 0.49(a) 0.47 0.48(a) 0.45(a)
Net realized and unrealized gain (loss)
on investments ..................... 0.01 0.47 1.44 (1.10) 0.14 (0.04)
------- ------- ------- ------- ------- -------
Total from investment operations ... 0.26 0.97 1.93 (0.63) 0.62 0.41
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.25) (0.50) (0.51) (0.50) (0.51) (0.48)
------- ------- ------- ------- ------- -------
Total distributions ................ (0.25) (0.50) (0.51) (0.50) (0.51) (0.48)
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. 0.01 0.47 1.42 (1.13) 0.11 (0.07)
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period .............. $ 10.50 $ 10.49 $ 10.02 $ 8.60 $ 9.73 $ 9.62
======= ======= ======= ======= ======= =======
TOTAL RETURN (b) ............................ 2.51%(c) 9.98% 22.99% (6.89)% 6.56% 4.42%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $44,330 $46,274 $47,008 $42,765 $52,662 $77,096
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.15%(d)(f) 0.98% 0.96% 1.06% 1.04%(e) 0.96%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.81%(d)(f) 0.62% 0.61% 0.65%(f) 0.73%(e)(f) 0.75%(e)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 4.48%(d) 4.51% 4.93% 4.59% 4.63% 4.45%
After reimbursement and/or waiver of
expenses by Adviser ................ 4.82%(d) 4.87% 5.28% 5.00% 4.94% 4.66%
Portfolio Turnover ....................... 10.68%(c) 23.92% 40.81% 78.39% 71.61% 71.19%
----------
(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%. Subsequently, on March 1, 2011, the Adviser's expense
reimbursement level changed from 0.74% to 0.94%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 109
Aston Funds
ASTON/TCH FIXED INCOME FUND - CLASS I APRIL 30, 2011
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/11 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 10.49 $ 10.02 $ 8.60 $ 9.73 $ 9.62 $ 9.69
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.26(a) 0.51(a) 0.50(a) 0.48 0.51(a) 0.47(a)
Net realized and unrealized gain (loss)
on investments ..................... 0.01 0.48 1.44 (1.09) 0.13 (0.03)
------- ------- ------- ------- ------- -------
Total from investment operations ... 0.27 0.99 1.94 (0.61) 0.64 0.44
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.26) (0.52) (0.52) (0.52) (0.53) (0.51)
------- ------- ------- ------- ------- -------
Total distributions ................ (0.26) (0.52) (0.52) (0.52) (0.53) (0.51)
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. 0.01 0.47 1.42 (1.13) 0.11 (0.07)
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period .............. $ 10.50 $ 10.49 $ 10.02 $ 8.60 $ 9.73 $ 9.62
======= ======= ======= ======= ======= =======
TOTAL RETURN (b) ............................ 2.64%(c) 10.11% 23.14% (6.65)% 6.84% 4.68%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $13,680 $14,881 $20,276 $25,891 $39,318 $43,148
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.90%(d)(f) 0.85% 0.84% 0.81% 0.78%(e) 0.71%(e)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.56%(d)(f) 0.49% 0.49% 0.40%(f) 0.47%(e)(f) 0.50%(e)
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 4.73%(d)(f) 4.64% 5.05% 4.84% 4.89% 4.70%
After reimbursement and/or waiver of
expenses by Adviser ................ 5.07%(d)(f) 5.00% 5.40% 5.25% 5.20% 4.91%
Portfolio Turnover ....................... 10.68%(c) 23.92% 40.81% 78.39% 71.61% 71.19%
----------
(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%. Subsequently, on March 1, 2011, the Adviser's expense
reimbursement level changed from 0.49% to 0.69%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 110
Aston Funds
APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE (A) FUND ORGANIZATION: 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, 2011.
Aston Asset Management, LP ("Aston" or the "Adviser") the investment adviser and
the administrator, 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/TAMRO Diversified Equity Fund
(the "TAMRO Diversified 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/Fairpointe Mid Cap Fund, formerly known as
ASTON/Optimum Mid Cap Fund (the "Fairpointe 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/Crosswind Small Cap Growth Fund
(the "Crosswind Small Cap Growth Fund")
ASTON/TAMRO Small Cap Fund
(the "TAMRO Small Cap Fund")
ASTON/River Road Select Value Fund
(the "River Road Select Value Fund")
ASTON/River Road Small Cap Value Fund
(the "River Road Small Cap Value Fund")
ASTON/River Road Independent Value Fund
(the "River Road Independent 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/M.D. Sass Enhanced Equity Fund
(the "M.D. Sass Enhanced Equity 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, Herndon Large
Cap Value Fund, Value Fund, River Road Dividend All Cap Value Fund, Fairpointe
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, Dynamic Allocation Fund, M.D. Sass Enhanced Equity
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). TAMRO Diversified Equity Fund,
M&C Mid Cap Growth Fund, Cardinal Mid Cap Value Fund, Crosswind Small Cap Growth
Fund, River Road Independent Value 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 Capital appreciation.
GROWTH FUND
TAMRO DIVERSIFIED Long-term capital appreciation.
EQUITY FUND
HERNDON LARGE Long-term capital appreciation.
CAP VALUE FUND
VALUE FUND Total return through long-term capital apprecia-
tion and current income.
RIVER ROAD DIVIDEND High current income and, secondarily, long-term
ALL CAP VALUE FUND capital appreciation.
M&C MID CAP Long-term capital appreciation and secondarily,
GROWTH FUND current income, by investing primarily in common
stocks and convertible securities.
FAIRPOINTE MID CAP Long-term total return through capital apprecia-
FUND tion by investing primarily in common and pre-
ferred stocks and convertible securities.
CARDINAL MID CAP High level of total return.
VALUE FUND
VEREDUS AGGRESSIVE Capital appreciation.
GROWTH FUND
CROSSWIND SMALL Long-term capital appreciation.
CAP GROWTH FUND
TAMRO SMALL CAP Long-term capital appreciation.
FUND
RIVER ROAD SELECT Long-term capital appreciation.
VALUE FUND
RIVER ROAD SMALL Long-term capital appreciation.
CAP VALUE FUND
RIVER ROAD Long-term total return.
INDEPENDENT VALUE FUND
| 111
Aston Funds
APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
NEPTUNE Long-term capital appreciation.
INTERNATIONAL FUND
BARINGS Total return.
INTERNATIONAL FUND
DYNAMIC ALLOCATION Long-term capital appreciation.
FUND
M.D. SASS ENHANCED Total return through a combination of a high level
EQUITY FUND of current income and capital appreciation.
NEW CENTURY Positive total return.
ABSOLUTE RETURN
ETF FUND
LAKE PARTNERS LASSO Long term total return with reduced correlation
ALTERNATIVES FUND to the conventional stock and bond markets.
FORTIS REAL ESTATE Total return through a combination of growth and
FUND income.
M&C BALANCED FUND Long-term total return.
TCH FIXED INCOME High current income consistent with prudent risk
FUND of capital.
NOTE (B) SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of the
significant accounting policies consistently followed by each Fund in the
preparation of its financial statements. These policies are in conformity with
US generally accepted accounting principles.
(1) SECURITY VALUATION: Equity securities, closed-end funds, exchange traded
funds, 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 securities of other investment companies, including
exchange traded funds ("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.
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. 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 valuation 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)
| 112
Aston Funds
APRIL 30, 2011
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. Transfers
in and out of the levels are recognized at the market value at the end of the
period. A summary of the inputs used to value the Funds' net assets as of April
30, 2011 is as follows:
Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 04/30/11 Prices Inputs Inputs
----- -------------- -------------- ----------- ------------
M&C GROWTH FUND
Investments in Securities* ................. $3,350,252,632 $3,350,252,632 $ -- $ --
============== ============== =========== =======
VEREDUS SELECT GROWTH FUND
Investments in Securities* ................. $ 119,702,098 $ 119,702,098 $ -- $ --
============== ============== =========== =======
TAMRO DIVERSIFIED EQUITY FUND
Common Stocks* ............................. $ 22,754,184 $ 22,754,184 $ -- $ --
Investment Company* ........................ 795,054 795,054 -- --
Derivatives - Assets:
Equity Options Contracts ................ 168,164 168,164 -- --
-------------- -------------- ----------- -------
Total ...................................... $ 23,717,402 $ 23,717,402 $ -- $ --
============== ============== =========== =======
HERNDON LARGE CAP VALUE FUND
Investments in Securities* ................. $ 11,846,582 $ 11,846,582 $ -- $ --
============== ============== =========== =======
VALUE FUND
Investments in Securities* ................. $ 24,424,339 $ 24,424,339 $ -- $ --
============== ============== =========== =======
RIVER ROAD DIVIDEND ALL CAP VALUE FUND
Investments in Securities* ................. $ 451,639,141 $ 451,639,141 $ -- $ --
============== ============== =========== =======
M&C MID CAP GROWTH FUND
Investments in Securities* ................. $ 4,750,514 $ 4,750,514 $ -- $ --
============== ============== =========== =======
FAIRPOINTE MID CAP FUND
Investments in Securities* ................. $3,113,562,666 $3,113,562,666 $ -- --
============== ============== =========== =======
CARDINAL MID CAP VALUE FUND
Investments in Securities* ................. $ 1,783,865 $ 1,783,865 $ -- $ --
============== ============== =========== =======
VEREDUS AGGRESSIVE GROWTH FUND
Investment in Securities* .................. $ 56,941,175 $ 56,941,175 $ -- $ --
============== ============== =========== =======
CROSSWIND SMALL CAP GROWTH FUND
Investment in Securities* .................. $ 1,905,619 $ 1,905,619 $ -- $ --
============== ============== =========== =======
TAMRO SMALL CAP FUND
Common Stocks
Consumer Discretionary ..................... $ 171,363,223 $ 171,363,223 $ -- $ --
Consumer Staples ........................... 38,101,813 38,101,813 -- --
Energy ..................................... 119,506,329 119,506,329 -- --
Financials ................................. 174,179,006 158,012,387 16,166,619 --
Health Care ................................ 112,975,457 112,975,457 -- --
Industrials ................................ 184,135,210 184,135,210 -- --
Information Technology ..................... 213,915,308 213,915,308 -- --
Materials .................................. 43,722,873 43,722,873 -- --
Telecommunication Services ................. 16,848,597 16,848,597 -- --
-------------- -------------- ----------- -------
1,074,747,816 1,058,581,197 16,166,619 --
-------------- -------------- ----------- -------
Investment Company* ........................ 50,541,595 50,541,595 -- --
-------------- -------------- ----------- -------
Total ...................................... $1,125,289,411 $1,109,122,792 $16,166,619 $ --
============== ============== =========== =======
RIVER ROAD SELECT VALUE FUND
Investments in Securities* ................. $ 234,709,914 $ 234,709,914 $ -- $ --
============== ============== =========== =======
| 113
Aston Funds
APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 04/30/11 Prices Inputs Inputs
----- -------------- -------------- ----------- ------------
RIVER ROAD SMALL CAP VALUE FUND
Common Stocks
Consumer Discretionary ..................... $ 124,095,103 $ 108,089,866 $16,005,237 $ --
Consumer Staples ........................... 64,013,475 60,199,469 3,814,006 --
Energy ..................................... 24,572,742 24,572,742 -- --
Financials ................................. 75,519,969 69,500,975 6,018,994 --
Health Care ................................ 39,380,781 39,380,781 -- --
Industrials ................................ 75,270,281 75,270,281 -- --
Information Technology ..................... 55,077,060 47,646,309 7,430,751 --
Materials .................................. 14,217,412 14,217,412 -- --
Telecommunication Services ................. 6,719,954 6,719,954 -- --
Utilities .................................. 11,632,570 11,632,570 -- --
-------------- -------------- ----------- -------
490,499,347 457,230,359 33,268,988 --
-------------- -------------- ----------- -------
Investment Company* ........................ 16,731,642 16,731,642 -- --
-------------- -------------- ----------- -------
Total ...................................... $ 507,230,989 $ 473,962,001 $33,268,988 $ --
============== ============== =========== =======
RIVER ROAD INDEPENDENT VALUE FUND
Investments in Securities* ................. $ 63,488,423 $ 63,488,423 $ -- $ --
============== ============== =========== =======
NEPTUNE INTERNATIONAL FUND
Common Stocks
Brazil ..................................... $ 37,330 $ 37,330 $ -- $ --
China ...................................... 561,758 561,758 -- --
France ..................................... 54,413 54,413 -- --
India ...................................... 32,590 32,590 -- --
Japan ...................................... 223,103 223,103 -- --
Luxembourg ................................. 16,950 16,950 -- --
Netherlands ................................ 77,672 77,672 -- --
Norway ..................................... 58,571 58,571 -- --
Russia ..................................... 470,116 470,116 -- --
Switzerland ................................ 47,491 47,491 -- --
Taiwan ..................................... 40,500 40,500 -- --
United Kingdom ............................. 468,513 467,711 -- 802
-------------- -------------- ----------- -------
2,089,007 2,088,205 -- 802
-------------- -------------- ----------- -------
Investment Company* ........................ 47,801 47,801 -- --
Derivatives - Liabilities:
Foreign Currency Contracts .............. (9,938) -- (9,938) --
-------------- -------------- ----------- -------
Total ...................................... $ 2,126,870 $ 2,136,006 $ (9,938) $ 802
============== ============== =========== =======
BARINGS INTERNATIONAL FUND
Common Stocks
Australia .................................. $ 2,043,606 $ 2,043,606 $ -- $ --
Brazil ..................................... 681,001 681,001 -- --
China ...................................... 870,768 870,768 -- --
France ..................................... 4,037,926 4,037,926 -- --
Germany .................................... 5,015,982 5,015,982 -- --
Hong Kong .................................. 1,626,422 1,626,422 -- --
India ...................................... 774,361 774,361 -- --
Israel ..................................... 1,003,815 1,003,815 -- --
Italy ...................................... 906,577 906,577 -- --
Japan ...................................... 10,645,456 10,645,456 -- --
Netherlands ................................ 1,695,521 1,695,521 -- --
Norway ..................................... 1,930,786 1,930,786 -- --
Papua New Guinea ........................... 902,568 902,568 -- --
Russia ..................................... 1,105,829 1,105,829 -- --
Singapore .................................. 2,028,602 2,028,602 -- --
South Korea ................................ 836,794 836,794 -- --
Spain ...................................... 933,593 933,593 -- --
Sweden ..................................... 901,258 901,258 -- --
Switzerland ................................ 4,213,583 4,213,583 -- --
United Kingdom ............................. 15,129,683 15,116,030 -- 13,653
-------------- -------------- ----------- -------
57,284,131 57,270,478 -- 13,653
-------------- -------------- ----------- -------
Investment Company* ........................ 2,517,447 2,517,447 -- --
-------------- -------------- ----------- -------
Total ...................................... $ 59,801,578 $ 59,787,925 $ -- $13,653
============== ============== =========== =======
| 114
Aston Funds
APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 04/30/11 Prices Inputs Inputs
----- -------------- -------------- ----------- ------------
DYNAMIC ALLOCATION FUND
Investments in Securities* ................. $ 52,332,673 $ 52,332,673 $ -- $ --
============== ============== =========== =======
M.D. SASS ENHANCED EQUITY FUND
Common Stocks* ............................. $ 126,199,000 $ 126,199,000 $ -- $ --
Investment Company* ........................ 695,161 695,161 -- --
Derivatives - Assets:
Equity Contracts ........................ 265,300 265,300 -- --
Derivatives - Liabilities:
Equity Covered Call Contracts ........... (5,644,793) (5,644,793) -- --
-------------- -------------- ----------- -------
Total ...................................... $ 121,514,668 $ 121,514,668 $ -- $ --
============== ============== =========== =======
NEW CENTURY ABSOLUTE RETURN ETF FUND
Investments in Securities* ................. $ 3,624,347 $ 3,624,347 $ -- $ --
============== ============== =========== =======
LAKE PARTNERS LASSO ALTERNATIVE FUND
Investments in Securities* ................. $ 105,892,005 $ 105,892,005 $ -- $ --
============== ============== =========== =======
FORTIS REAL ESTATE FUND
Investments in Securities* ................. $ 41,239,488 $ 41,239,488 $ -- $ --
============== ============== =========== =======
M&C BALANCED FUND
Common Stocks* ............................. 18,838,799 $ 18,838,799 $ -- $ --
Corporate Notes and Bonds .................. 6,716,660 -- 6,716,660 --
U.S. Government and Agency Obligations ..... 3,522,346 -- 3,522,346 --
Asset-Backed Security ...................... 12,989 -- 12,989 --
Investment Company* ........................ 895,740 895,740 -- --
-------------- -------------- ----------- -------
Total ...................................... $ 29,986,534 $ 19,734,539 $10,251,995 $ --
============== ============== =========== =======
TCH FIXED INCOME FUND
Corporate Notes and Bonds .................. $ 34,739,680 $ -- $34,739,680 $ --
U.S. Government and Agency Obligations ..... 17,003,384 -- 17,003,384 --
Commercial Mortgage-Backed Securities ...... 1,253,045 -- 1,253,045 --
Asset-Backed Securities .................... 1,213,534 -- 1,213,534 --
Foreign Government Bonds ................... 416,376 -- 416,376 --
Investment Company* ........................ 2,516,660 2,516,660 -- --
-------------- -------------- ----------- -------
Total ...................................... $ 57,142,679 $ 2,516,660 $54,626,019 $ --
============== ============== =========== =======
* All Common Stocks and Investment Companies are Level 1. Please refer to the
Schedule of Investments for industry, sector or country breakout.
Certain foreign securities are fair valued by utilizing an external pricing
service in the event of any significant market movements between the time the
series valued such foreign securities and the earlier closing of foreign
markets. Such fair valuations are categorized as Level 2 in the hierarchy.
Significant market movements were deemed not to have occurred at 04/30/11 and
therefore the Fund did not utilize the external pricing service model
adjustments. There were no significant transfers in and out of Level 1 and
Level 2 during the period.
At the end of each calendar quarter, management evaluates the Level 2 and 3
assets and liabilities for changes in liquidity, including but not limited to:
whether a broker is willing to execute at the quoted price, the depth and
consistency of prices from third party services, and the existence of
contemporaneous, observable trades in the market. Additionally, management
evaluates the Level 1 and 2 assets and liabilities on a quarterly basis for
changes in listings or delistings on national exchanges. Due to the inherent
uncertainty of determining the fair value of investments that do not have a
readily available market value, the fair value of the Funds' investments may
fluctuate from period to period. Additionally, the fair value of investments may
differ significantly from the values that would have been used had a ready
market existed for such investments and may differ materially from the values
the Funds may ultimately realize. Further, such investments may be subject to
legal and other restrictions on resale or otherwise less liquid than publicly
traded securities.
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.
| 115
Aston Funds
APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
The following is a reconciliation of Level 3 holdings for which significant
unobservable inputs were used in determining fair value as of April 30, 2011:
Common Stocks
-------------
NEPTUNE INTERNATIONAL FUND
United Kingdom
Fair Value, beginning of period ......................... $513
Net purchases (sales) ................................... 281
Total net realized gains (losses) ....................... 2
Total change in unrealized appreciation (deprecation) ... 6
----
Fair Value, end of period ............................... $802
====
Change in net unrealized appreciation (depreciation)
on Level 3 holdings held at end of period ............ $ 14
====
Common Stocks
-------------
BARINGS INTERNATIONAL FUND
United Kingdom
Fair Value, beginning of period ......................... $ 7,610
Net purchases (sales) ................................... 5,882
Total net realized gains (losses) ....................... 34
Total change in unrealized appreciation (deprecation) ... 127
-------
Fair Value, end of period ............................... $13,653
=======
Change in net unrealized appreciation (depreciation)
on Level 3 holdings held at end of period ............ $ 242
=======
(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. As of and
during the period ended April 30, 2011, 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. As of and during the period ended
April 30, 2011, 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. M&C Balanced Fund and TCH Fixed Income Fund 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) DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS: The following is a table
summarizing the fair value of derivatives held at April 30, 2011 by primary risk
exposure:
LIABILITY DERIVATIVE
ASSET DERIVATIVE INVESTMENTS VALUE
INVESTMENTS -----------------------------
VALUE FOREIGN
EQUITY EQUITY CURRENCY
CONTRACTS (A) CONTRACTS (A) CONTRACTS (B)
---------------- ------------- -------------
TAMRO Diversified Equity Fund $168,164 $ -- $ --
Neptune International Fund -- -- (9,938)
M.D. Sass Enhanced Equity Fund 265,300 (5,644,793) --
(a) Statement of Assets and Liabilities location: Total investments at cost for
purchased options and call options written, at value.
(b) Statement of Assets and Liabilities location: Unrealized depreciation on
open forward foreign currency contracts.
The effect of derivative instruments on the statement of operations for the six
months ended April 30, 2011:
AMOUNT OF CHANGE IN UNREALIZED
REALIZED APPRECIATION (DEPRECIATION)
GAIN (LOSS) ON DERIVATIVES
ON -----------------------------
DERIVATIVES FOREIGN
EQUITY EQUITY CURRENCY
CONTRACTS (A) CONTRACTS (B) CONTRACTS (B)
------------- ------------- -------------
TAMRO Diversified Equity Fund $ (23,906) $ 6,055 $ --
Neptune International Fund -- -- (9,938)
M.D. Sass Enhanced Equity Fund (4,871,499) (1,145,854) --
New Century Absolute Return ETF Fund (62,354) -- --
(a) Statement of Operations location: Net realized gain (loss) on purchased
options and net realized gain (loss) on written option transactions.
(b) Statement of Operations location: Net change in unrealized appreciation
(depreciation) on investments for forward currency contracts, net change in
unrealized appreciation (depreciation) on purchased options and net change
in unrealized appreciation (depreciation) on written options.
| 116
Aston Funds
APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
(6) 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 period in the TAMRO Diversified Equity,
M.D. Sass Enhanced Equity and New Century Absolute Return ETF 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, 2011. For the six months
ended April 30, 2011, the average* volume of derivative activities are as
follows:
PURCHASED
OPTIONS WRITTEN OPTIONS
FUNDS (COST) (PREMIUMS RECEIVED)
----- --------- -------------------
TAMRO Diversified Equity Fund $173,185 $ --
M.D. Sass Enhanced Equity Fund 964,445 3,263,040
* ESTIMATE BASED ON QUARTER-END HOLDINGS
(7) 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 and
during the period ended April 30, 2011, the Neptune International Fund held
forward foreign currency contracts. See the Schedule of Investments for open
forward foreign currency contracts at April 30, 2011. For the six months ended
April 30, 2011, the average (estimate based on quarterly holdings) volume of
derivative activity was $(3,313) of unrealized depreciation.
(8) 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
Fairpointe Mid Cap Fund and First In First Out ("FIFO") method for all other
Funds.
(9) 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.
(10) 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
| 117
Aston Funds
APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
losses against any future realized capital gains. At October 31, 2010, the
following Funds had available realized capital losses to offset future net
capital gains through the fiscal year ended:
2011 2012 2013 2014 2015 2016 2017 2018 TOTAL
---------- ---- ---- ---------- ------ ----------- ----------- ---------- -----------
M&C Growth Fund ........ $ -- $-- $-- $ -- $ -- $ -- $18,476,526* $ -- $18,476,526
Veredus Select
Growth Fund .......... -- -- -- -- -- 3,097,233 18,622,365 -- 21,719,598
TAMRO Diversified
Equity Fund .......... -- -- -- -- -- -- 192,977 -- 192,977
Herndon Large Cap
Value Fund ........... -- -- -- -- -- -- -- 23,092 23,092
Value Fund ............. -- -- -- -- -- -- 29,923,489 6,819,813 36,743,302
River Road Dividend
All Cap Value Fund ... -- -- -- -- -- -- 1,857,237 -- 1,857,237
M&C Mid Cap
Growth Fund .......... -- -- -- -- -- 210,264 413,601 -- 623,865
Cardinal Mid Cap
Value Fund ........... -- -- -- -- -- 20,542 294,280 -- 314,822
Veredus Aggressive
Growth Fund .......... -- -- -- -- -- 10,806,497 16,347,889 -- 27,154,386
River Road Small Cap
Value Fund ........... -- -- -- -- -- 19,839,004 36,796,207 -- 56,635,211
Neptune International
Fund ................. -- -- -- -- 7,221 732,365 2,673,799 52,059 3,465,444
Barings International
Fund ................. -- -- -- -- -- 894,769 966,034 -- 1,860,803
New Century Absolute
Return ETF Fund ...... -- -- -- -- -- -- 726,098 -- 726,098
Fortis Real Estate
Fund ................. -- -- -- -- -- 10,050,844 11,228,100 -- 21,278,944
M&C Balanced Fund ...... 2,978,228 -- -- -- -- 318,991* 2,726,872** -- 6,024,091
TCH Fixed Income
Fund ................. -- -- -- 4,029,941 -- 2,654,917 1,270,780 -- 7,955,638
* These capital loss carryforward amounts were acquired in the
reorganizations of the Growth Fund into the M&C Growth Fund and the
Balanced Fund into the M&C Balanced Fund on March 29, 2010. The Funds'
ability to utilize the capital loss carryforwards is limited under Internal
Revenue Service regulations.
** This capital loss carryforward amount includes $2,088,044 acquired in the
reorganization of the Balanced Fund into the M&C Balanced Fund on March 29,
2010. The Fund's ability to utilize the capital loss carryforwards is
limited under Internal Revenue Service regulations.
For the year ended October 31, 2010, M&C Growth Fund utilized $88,321,477 (of
which $1,887,326 was acquired in the reorganization of the Growth Fund into the
M&C Growth Fund) of capital losses expiring in 2017, Veredus Select Growth Fund
utilized $17,518,468 of capital losses expiring in 2016, TAMRO Diversified
Equity Fund utilized $323,950 and $904,100 of capital losses expiring in 2016
and 2017, respectively, River Road Dividend All Cap Value Fund utilized
$3,845,894 and $4,887,577 of capital losses expiring in 2016 and 2017,
respectively, M&C Mid Cap Growth Fund utilized $127,012 of capital losses
expiring in 2016, Fairpointe Mid Cap Growth Fund utilized $409,569 of capital
losses expiring in 2017, Cardinal Mid Cap Value Fund utilized $61,213 of capital
losses expiring in 2016, Veredus Aggressive Growth Fund utilized $11,790,701 of
capital losses expiring in 2016, TAMRO Small Cap Fund utilized $24,563,509 and
$63,071,540 of capital losses expiring in 2016 and 2017, respectively, River
Road Select Value Fund utilized $171,820, $4,200,696 and $11,382,935 of capital
losses expiring in 2015, 2016 and 2017, respectively, River Road Small Cap Value
Fund utilized $15,484,826 of capital losses expiring in 2016, Barings
International Fund utilized $1,029,028 of capital losses expiring in 2016, M.D.
Sass Enhanced Equity Fund utilized $152,602 of capital losses expiring in 2017,
New Century Absolute Return ETF Fund utilized $454,248 and $1,305,746 of capital
losses expiring in 2016 and 2017, respectively, Fortis Real Estate Fund utilized
$2,327,717 of capital losses expiring in 2016, M&C Balanced Fund utilized
$781,374 of capital losses expiring in 2010 and TCH Fixed Income Fund utilized
$15,377, $139,950 and $1,244,148 of capital losses expiring in 2010, 2012 and
2014, respectively.
For the year ended October 31, 2010, Veredus Select Growth Fund, TAMRO
Diversified Equity Fund, River Road Dividend All Cap Value Fund, M&C Mid Cap
Growth Fund and M&C Balanced Fund had $30,200, $22,812, $208,419, $6,357 and
$3,311,220 of capital losses that expired, respectively.
Under the recently enacted Regulated Investment Company Modernization Act of
2010, the Funds will be permitted to carry forward capital losses incurred in
taxable years beginning after December 22, 2010 for an unlimited period.
However, any losses incurred during those future taxable years will be required
to be utilized prior to the losses incurred in pre-enactment taxable years. As
a result of this ordering rule, pre-enactment capital loss carryforwards may be
more likely to expire unused. Additionally, post-enactment capital losses that
are carried forward will retain their character as either short-term or
long-term capital losses rather than being considered all short-term as under
previous law.
| 118
Aston Funds
APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
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.
(11) MULTI-CLASS OPERATIONS: With respect to M&C Growth Fund, Veredus Select
Growth Fund, Herndon Large Cap Value Fund, Value Fund, River Road Dividend All
Cap Value Fund, Fairpointe 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, Dynamic Allocation Fund,
M.D. Sass Enhanced Equity 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.
Income, fund and trust level expenses and realized and unrealized capital gains
and losses, if any, are allocated to each class of shares based on the relative
net assets of each class. Class specific expenses (distribution expenses) are
allocated to each class.
(12) 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
---- ----------------- --------------
Herndon Large Cap Value Fund March 31, 2010 $50,193
Crosswind Small Cap Growth Fund November 3, 2010 56,589
River Road Independent Value Fund December 31, 2010 53,931
(13) 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.
(14) 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.
(15) 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
has incorporated the appropriate disclosures required by ASU No. 2010-06 in the
Funds' 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.
Value Fund, Dynamic Allocation Fund, M.D. Sass Enhanced Equity 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, TAMRO Diversified Equity Fund,
Herndon Large Cap Value Fund, M&C Mid Cap Growth Fund, Fairpointe Mid Cap Fund,
Cardinal Mid Cap Value Fund, Veredus Aggressive Growth Fund, Crosswind Small Cap
Growth Fund, TAMRO Small Cap Fund, River Road Select Value Fund, River Road
Small Cap Value Fund, River Road Independent 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, Herndon Large Cap Value Fund, Value Fund, River Road
Dividend All Cap Value Fund, Fairpointe 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, Dynamic
Allocation Fund, M.D. Sass Enhanced Equity 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
reclassi-
| 119
Aston Funds
APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
fied 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 2010 and
2009 was as follows:
DISTRIBUTIONS PAID IN 2010 DISTRIBUTIONS PAID IN 2009
------------------------------- -------------------------------
LONG-TERM LONG-TERM
ORDINARY INCOME CAPITAL GAINS ORDINARY INCOME CAPITAL GAINS
--------------- ------------- --------------- -------------
M&C Growth Fund .......................... $11,497,319 $ -- $6,282,502 $43,115,588
Veredus Select Growth Fund ............... 30,200 -- -- --
TAMRO Diversified Equity Fund ............ 22,812 -- 38,534 --
Value Fund ............................... 3,983,658 -- 4,238,721 26,989,113
River Road Dividend All Cap Value Fund ... 5,440,778 -- 2,632,122 --
M&C Mid Cap Growth Fund .................. 6,357 -- -- --
Fairpointe Mid Cap Fund .................. 856,138 1,792,051 5,276,291 10,425,693
Cardinal Mid Cap Value Fund .............. 3,807 -- 8,532 --
Veredus Aggressive Growth Fund ........... -- -- 329,706 --
TAMRO Small Cap Fund ..................... -- 491,279 343,822 --
River Road Select Value Fund ............. 374,080 -- 268,642 --
River Road Small Cap Value Fund .......... 1,018,993 -- 584,344 --
Neptune International Fund ............... 84,468 -- 65,622 --
Barings International Fund ............... 114,624 -- 4,815 --
Dynamic Allocation Fund .................. 3,145,781 3,008 187,961 --
M.D. Sass Enhanced Equity Fund ........... 685,950 -- 1,297,601 --
New Century Absolute Return ETF Fund ..... 146,952 -- 121,220 --
Lake Partners LASSO Alternatives Fund .... 71,770 -- -- --
Fortis Real Estate Fund .................. 546,063 -- 977,351 --
M&C Balanced Fund ........................ 344,428 -- 266,425 --
TCH Fixed Income Fund .................... 3,125,240 -- 3,716,858 --
As of October 31, 2010, 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 .......................... $(18,476,526) $15,243,098 $ 5,376,470 $391,812,131 $393,955,173
Veredus Select Growth Fund ............... (21,719,598) -- -- 9,540,270 (12,179,328)
TAMRO Diversified Equity Fund ............ (192,977) -- -- 2,460,279 2,267,302
Herndon Large Cap Value Fund ............. (23,092) 4,234 -- 66,466 47,608
Value Fund ............................... (36,743,302) 141,320 -- 15,251,205 (21,350,777)
River Road Dividend All Cap Value Fund ... (1,857,237) -- -- 40,313,510 38,456,273
M&C Mid Cap Growth Fund .................. (623,865) -- -- 674,308 50,443
Fairpointe Mid Cap Fund .................. -- -- 5,430,951 326,645,326 332,076,277
Cardinal Mid Cap Value Fund .............. (314,822) 1,297 -- 194,780 (118,745)
Veredus Aggressive Growth Fund ........... (27,154,386) -- -- 6,449,375 (20,705,011)
TAMRO Small Cap Fund ..................... -- -- 19,797,890 199,012,869 218,810,759
River Road Select Value Fund ............. -- 862,893 1,957,900 27,020,349 29,841,142
River Road Small Cap Value Fund .......... (56,635,211) 1,393,988 -- 66,176,157 10,934,934
Neptune International Fund ............... (3,465,444) 21,304 -- 106,868 (3,337,272)
Barings International Fund ............... (1,860,803) 1,019,374 -- 6,019,344 5,177,915
Dynamic Allocation Fund .................. -- 1,517,399 272,355 1,488,824 3,278,578
M.D. Sass Enhanced Equity Fund ........... -- 4,221,538 -- (1,945,380) 2,276,158
New Century Absolute Return ETF Fund ..... (726,098) 19,246 -- 872,534 165,682
Lake Partners LASSO Alternatives Fund .... -- 317,791 448 1,000,602 1,318,841
Fortis Real Estate Fund .................. (21,278,944) 477,952 -- 4,712,422 (16,088,570)
M&C Balanced Fund ........................ (6,024,091) 34,170 -- 2,897,876 (3,092,045)
TCH Fixed Income Fund .................... (7,955,638) 40,668 -- 5,137,803 (2,777,167)
| 120
Aston Funds
APRIL 30, 2011
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, 2011
NET INCREASE
PROCEEDS FROM (DECREASE) IN
REINVESTMENT SHARES
CLASS N SOLD OF DISTRIBUTIONS REDEEMED OUTSTANDING
------- ---------- ---------------- ----------- -------------
M&C Growth Fund .......................... 12,242,483 436,304 (15,220,261) (2,541,474)
Veredus Select Growth Fund ............... 509,211 -- (862,533) (353,322)
TAMRO Diversified Equity Fund ............ 562,697 -- (170,760) 391,937
Herndon Large Cap Value Fund ............. 839,505 1,239 (46,719) 794,025
Value Fund ............................... 333,818 12,457 (236,290) 109,985
River Road Dividend All Cap Value Fund ... 5,472,037 181,260 (1,938,601) 3,714,696
M&C Mid Cap Growth Fund .................. 54,792 -- (2,907) 51,885
Fairpointe Mid Cap Fund .................. 14,772,086 239,794 (11,346,415) 3,665,465
Cardinal Mid Cap Value Fund .............. 6,377 283 (491) 6,169
Veredus Aggressive Growth Fund ........... 104,052 -- (672,618) (568,566)
Crosswind Small Cap Growth Fund (a) ...... 139,419 -- (1) 139,418
TAMRO Small Cap Fund ..................... 3,074,643 349,541 (2,746,368) 677,816
River Road Select Value Fund ............. 701,131 64,739 (990,000) (224,130)
River Road Small Cap Value Fund .......... 2,217,892 49,890 (3,987,159) (1,719,377)
River Road Independent Value Fund (b) .... 5,795,138 -- (86,694) 5,708,444
Neptune International Fund ............... 8,358 547 (5,559) 3,346
Barings International Fund ............... 39,789 470 (8,484) 31,775
Dynamic Allocation Fund .................. 917,182 199,385 (2,357,517) (1,240,950)
M.D. Sass Enhanced Equity Fund ........... 1,536,564 235,650 (1,418,863) 353,351
New Century Absolute Return ETF Fund ..... 153,840 1,569 (1,386,094) (1,230,685)
Lake Partners LASSO Alternatives Fund .... 627,472 9,204 (71,910) 564,766
Fortis Real Estate Fund .................. 96,349 11,310 (170,992) (63,333)
M&C Balanced Fund ........................ 35,562 6,565 (374,339) (332,212)
TCH Fixed Income Fund 359,337 94,980 (641,758) (187,441)
(a) Crosswind Small Cap Growth Fund commenced investment operations on November
3, 2010.
(b) River Road Independent Value Fund commenced investment operations on
December 31, 2010.
NET INCREASE
PROCEEDS FROM (DECREASE) IN
REINVESTMENT SHARES
CLASS I SOLD OF DISTRIBUTIONS REDEEMED OUTSTANDING
------- ---------- ---------------- ----------- -------------
M&C Growth Fund .......................... 11,044,819 492,955 (10,589,940) 947,834
Veredus Select Growth Fund ............... 310,640 -- (420,849) (110,209)
Herndon Large Cap Value Fund (a) ......... 43,554 -- -- 43,554
Value Fund ............................... -- 99,130 (22,281,005) (22,181,875)
River Road Dividend All Cap Value Fund ... 8,991,936 153,521 (489,576) 8,655,881
Fairpointe Mid Cap Fund .................. 20,820,235 90,932 (2,502,123) 18,409,044
Veredus Aggressive Growth Fund ........... 16,492 -- (13,559) 2,933
TAMRO Small Cap Fund ..................... 5,456,678 402,302 (4,745,845) 1,113,135
River Road Select Value Fund ............. 2,652,245 214,802 (3,769,205) (902,158)
River Road Small Cap Value Fund .......... 2,576,825 107,905 (3,244,942) (560,212)
Neptune International Fund ............... -- 1,424 -- 1,424
Barings International Fund ............... 1,368,999 113,069 (445,771) 1,036,297
Dynamic Allocation Fund (b) .............. 693,431 715 (7,138) 687,008
M.D. Sass Enhanced Equity Fund ........... 2,424,375 236,846 (272,481) 2,388,740
Lake Partners LASSO Alternatives Fund .... 5,808,656 25,742 (261,276) 5,573,122
Fortis Real Estate Fund .................. -- 64,984 (1,003) 63,981
M&C Balanced Fund ........................ 232,442 1,535 (9,183) 224,794
TCH Fixed Income Fund .................... 72,297 27,341 (214,648) (115,010)
(a) Herndon Large Cap Value Fund began issuing Class I Shares on March 2, 2011.
(b) Dynamic Allocation Fund began issuing Class I Shares on November 2, 2010.
NET INCREASE
PROCEEDS FROM (DECREASE) IN
REINVESTMENT SHARES
CLASS R SOLD OF DISTRIBUTIONS REDEEMED OUTSTANDING
------- ---------- ---------------- ----------- -------------
M&C Growth Fund 82,534 883 (79,778) 3,639
| 121
Aston Funds
APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
YEAR ENDED OCTOBER 31, 2010
PROCEEDS FROM NET INCREASE
ISSUED FROM REINVESTMENT (DECREASE) IN
CLASS N SOLD MERGER OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
------- ---------- ----------- ---------------- ----------- ------------------
M&C Growth Fund .......................... 41,029,804 2,521,713 210,111 (39,260,924) 4,500,704
Veredus Select Growth Fund ............... 810,701 -- 344 (1,408,787) (597,742)
TAMRO Diversified Equity Fund ............ 525,960 -- 2,101 (282,153) 245,908
Herndon Large Cap Value Fund (a) ......... 142,062 -- -- (312) 141,750
Value Fund ............................... 340,250 -- 32,650 (627,194) (254,294)
River Road Dividend All Cap Value Fund ... 5,949,193 -- 262,883 (2,498,143) 3,713,933
M&C Mid Cap Growth Fund .................. 68,545 -- 722 (103,436) (34,169)
Fairpointe Mid Cap Fund .................. 31,944,731 -- 70,458 (18,460,640) 13,554,549
Cardinal Mid Cap Value Fund .............. 38,660 -- 106 (953) 37,813
Veredus Aggressive Growth Fund ........... 512,569 -- -- (1,248,279) (735,710)
TAMRO Small Cap Fund ..................... 7,133,843 -- -- (6,304,435) 829,408
River Road Select Value Fund ............. 2,324,703 -- -- (1,914,317) 410,386
River Road Small Cap Value Fund .......... 5,345,641 -- 18,092 (8,124,556) (2,760,823)
Neptune International Fund ............... 8,665 -- 2,253 (315) 10,603
Barings International Fund (b) ........... 67,257 -- -- (41,922) 25,335
Dynamic Allocation Fund .................. 3,591,988 -- 349,834 (2,356,220) 1,585,602
M.D. Sass Enhanced Equity Fund ........... 4,916,184 -- 41,692 (2,653,057) 2,304,819
New Century Absolute Return ETF Fund ..... 631,515 -- 14,071 (1,073,179) (427,593)
Lake Partners LASSO Alternatives
Fund (c) .............................. 712,835 -- -- (19,587) 693,248
Fortis Real Estate Fund .................. 225,037 -- 10,887 (176,747) 59,177
M&C Balanced Fund ........................ 97,553 914,176 17,010 (344,764) 683,975
TCH Fixed Income Fund .................... 955,859 -- 210,496 (1,447,196) (280,841)
(a) Herndon Large Cap Value Fund commenced investment operations on March 31,
2010.
(b) Barings International Fund began issuing Class N Shares on March 3, 2010.
(c) 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 .......................... 27,671,707 877,488 232,372 (19,940,533) 8,841,034
Veredus Select Growth Fund ............... 783,308 -- 2,512 (599,681) 186,139
Value Fund ............................... -- -- 416,089 (2,964,593) (2,548,504)
River Road Dividend All Cap Value Fund ... 5,094,343 -- 184,363 (815,080) 4,463,626
Fairpointe Mid Cap Fund .................. 13,199,499 -- 25,130 (2,796,145) 10,428,484
Veredus Aggressive Growth Fund ........... 30,253 -- -- (146,786) (116,533)
TAMRO Small Cap Fund ..................... 9,406,933 -- 11,365 (16,191,043) (6,772,745)
River Road Select Value Fund ............. 4,510,537 -- 35,741 (8,124,538) (3,578,260)
River Road Small Cap Value Fund .......... 6,445,438 -- 68,079 (12,143,248) (5,629,731)
Neptune International Fund ............... 1,747 -- 8,187 (4,758) 5,176
Barings International Fund ............... 2,736,846 -- 11,960 (529,714) 2,219,092
M.D. Sass Enhanced Equity Fund (a) ....... 5,297,586 -- 21,548 (417,739) 4,901,395
Lake Partners LASSO Alternatives Fund .... 1,677,429 -- 6,188 (202,914) 1,480,703
Fortis Real Estate Fund .................. 2,479 -- 72,126 (267,890) (193,285)
M&C Balanced Fund ........................ 12,932 -- 822 (7,352) 6,402
TCH Fixed Income Fund .................... 285,139 -- 74,817 (964,914) (604,958)
(a) M.D. Sass Enhanced Equity Fund began issuing Class I Shares on March 3,
2010.
PROCEEDS FROM NET INCREASE
ISSUED FROM REINVESTMENT SHARES IN
CLASS R SOLD MERGER OF DISTRIBUTIONS REDEEMED OUTSTANDING
------- ---------- ----------- ---------------- ----------- ------------
M&C Growth Fund 325,514 28,243 621 (218,419) 135,959
NOTE (E) INVESTMENT TRANSACTIONS: Aggregate purchases and proceeds from sales
and maturities of investment securities (other than short-term investments) for
the six months ended April 30, 2011 were as follows:
AGGREGATE PURCHASES PROCEEDS FROM SALES
-------------------------------- --------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- -------------- --------------- --------------
M&C Growth Fund .......................... $ -- $1,033,802,579 $ -- $1,013,518,304
Veredus Select Growth Fund ............... -- 136,681,492 -- 143,074,114
TAMRO Diversified Equity Fund ............ -- 8,560,500 -- 4,083,986
Herndon Large Cap Value Fund ............. -- 11,744,436 -- 3,047,274
| 122
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APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
AGGREGATE PURCHASES PROCEEDS FROM SALES
-------------------------------- --------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- -------------- --------------- --------------
Value Fund (a) ........................... $ -- $ 34,803,829 $ -- $ 33,618,537
River Road Dividend All Cap Value Fund ... -- 177,703,877 -- 48,686,395
M&C Mid Cap Growth Fund .................. -- 1,039,717 -- 616,196
Fairpointe Mid Cap Fund .................. -- 792,016,173 -- 57,126,546
Cardinal Mid Cap Value Fund .............. -- 384,032 -- 365,843
Veredus Aggressive Growth Fund ........... -- 49,840,250 -- 55,393,611
Crosswind Small Cap Growth Fund .......... -- 2,773,297 -- 1,345,342
TAMRO Small Cap Fund ..................... -- 250,100,800 -- 258,721,752
River Road Select Value Fund ............. -- 60,465,413 -- 76,842,579
River Road Small Cap Value Fund .......... -- 105,221,090 -- 144,691,304
River Road Independent Value Fund ........ -- 39,182,549 -- 8,764,741
Neptune International Fund ............... -- 423,711 -- 386,077
Barings International Fund ............... -- 19,887,830 -- 14,982,262
Dynamic Allocation Fund .................. -- 74,949,257 -- 86,315,320
M.D. Sass Enhanced Equity Fund ........... -- 69,560,099 -- 52,116,638
New Century Absolute Return ETF Fund ..... -- 15,994,215 -- 27,112,342
Lake Partners LASSO Alternatives Fund .... -- 89,820,424 -- 16,330,531
Fortis Real Estate Fund .................. -- 5,242,105 -- 6,239,874
M&C Balanced Fund ........................ 924,141 5,409,111 854,476 7,553,109
TCH Fixed Income Fund .................... 1,334,057 4,528,233 3,694,091 5,676,908
(a) Value Fund had a redemption in kind on March 18, 2011, which resulted in a
redemption out of the Fund of $222,180,158 and is excluded from the
proceeds from sales above. The redemption was comprised of securities and
cash in the amounts of $218,362,400 and $3,817,758, respectively.
NOTE (F) REDEMPTION FEES: In accordance with the prospectus, 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, 2011 and included in the Cost of Shares redeemed on the
Statements of Changes in Net Assets:
FUND NAME TIME PERIOD AMOUNT
--------- ----------- ------
Neptune International Fund 2% Within 90 Days $ 4
Fortis Real Estate Fund 2% Within 90 Days 1,905
NOTE (G) ADVISORY, ADMINISTRATION, DISTRIBUTION SERVICES AND TRUSTEE AGREEMENTS:
ADVISORY. Aston LP serves as investment adviser and administrator to the Funds.
Under the terms of the investment advisory agreement for the Funds (the
"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 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, 2012,
except as noted below. The advisory rates and contractual expense limitations
for the six months ended April 30, 2011 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%
TAMRO Diversified Equity Fund ............ 0.80% 1.20% N/A
Herndon Large Cap Value Fund ............. 0.80% 1.30%(a) 1.05%(a)(e)
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
Fairpointe 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%
Crosswind Small Cap Growth Fund .......... 1.00% 1.35%(a) N/A
TAMRO Small Cap Fund ..................... 0.90% N/A N/A
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APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
CONTRACTUAL
EXPENSE LIMITATIONS
-------------------
FUND NAME ADVISORY FEES CLASS N CLASS I
--------- ------------- -------- --------
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
River Road Independent Value Fund ........ 1.00% 1.42%(a) N/A
Neptune International Fund ............... 1.00% 1.27%(a) 1.02%(a)
Barings International Fund (c) ........... 1.00% 1.40%(a) 1.15%(a)
Dynamic Allocation Fund .................. 0.80% 1.30%(a) 1.05%(a)(e)
M.D. Sass Enhanced Equity Fund ........... 0.70% 1.40%(a) 1.15%(a)
New Century Absolute Return ETF Fund (d).. 1.00% 1.50%(a) N/A
Lake Partners LASSO Alternatives Fund .... 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 (f) ................ 0.55% 0.94% 0.69%
(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) Effective March 22, 2011, the Adviser has agreed to a voluntary expense
limitation for the Value Fund of 1.19% for Class N and 0.94% for Class I.
Prior to March 22, 2011, the Adviser had agreed to a voluntary expense
limitation of 1.07% for Class N and 0.82% for Class I.
(c) Effective March 1, 2011, the contractual expense limitations for the
Barings International Fund were decreased from 1.50% and 1.25% to 1.40% and
1.15%, for Class N and I, respectively. Prior to March 1, 2011, the Adviser
had agreed to a voluntary expense limitation of 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%. Based on these
terms, no waiver is in effect for the 2010 and 2011 calendar year.
(e) The Herndon Large Cap Value Fund began issuing Class I Shares on March 2,
2011 and the Dynamic Allocation Fund began issuing Class I Shares on
November 2, 2010.
(f) Effective March 1, 2011, the contractual expense limitations for the TCH
Fixed Income Fund were increased from 0.74% and 0.49% to 0.94% and 0.69%,
for Class N and I, respectively.
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
Herndon Large Cap Value Fund-Classes N and I, M&C Mid Cap Growth Fund-Class N,
Cardinal Mid Cap Value Fund-Class N, Crosswind Small Cap Growth Fund-Class N,
River Road Select Value Fund-Classes N and I, River Road Independent Value
Fund-Class N, Neptune International Fund-Classes N and I, Barings International
Fund-Classes N and I, Dynamic Allocation Fund-Classes N and I, M.D. Sass
Enhanced Equity Fund-Classes N and I, 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, 2011 that are entitled to
be reimbursed for each Fund are as follows:
EXPIRATION
------------------------------
FUNDS 2011 2012 2013
----- -------- -------- --------
Herndon Large Cap Value Fund N/A N/A $ 74,284
M&C Mid Cap Growth Fund $ 98,808 $ 79,648 67,970
Cardinal Mid Cap Value Fund 103,064 77,563 70,443
Neptune International Fund 181,699 118,000 116,483
Barings International Fund 174,288 139,755 134,828
Dynamic Allocation Fund 105,329 89,827 74,415
M.D. Sass Enhanced Equity Fund 107,431 143,213 --
New Century Absolute Return
ETF Fund $ 97,083 $ 26,954 $ 64,546
Lake Partners LASSO
Alternatives Fund N/A 94,071 135,895
-------- -------- --------
$867,702 $769,031 $738,864
======== ======== ========
For the six months ended April 30, 2011, the Adviser was reimbursed $68,826 by
the M.D. Sass Enhanced Equity Fund. No other Fund in the above table reimbursed
the Adviser for 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, LLC
Veredus Select Growth Fund Todd-Veredus Asset Management LLC
TAMRO Diversified Equity Fund TAMRO Capital Partners LLC
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, LLC
Fairpointe Mid Cap Fund Fairpointe Capital LLC(1)
Cardinal Mid Cap Value Fund Cardinal Capital Management, L.L.C.
Veredus Aggressive Growth Fund Todd-Veredus Asset Management LLC
Crosswind Small Cap Growth Fund Crosswind Investments, 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
River Road Independent Value Fund River Road Asset Management, LLC
Neptune International Fund Neptune Investment Management Limited
Barings International Fund Baring International Investment Limited
| 124
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APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
FUND SUB-ADVISER
---- -----------
Dynamic Allocation Fund Smart Portfolios, LLC
M.D. Sass Enhanced Equity Fund M.D. Sass Investors Services, Inc.
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.
M&C Balanced Fund Montag & Caldwell, LLC
TCH Fixed Income Fund Taplin, Canida & Habacht, LLC
(1) Effective as of April 30, 2011, Fairpointe Capital LLC became the
sub-adviser to the Fund. Prior to April 30, 2011, Optimum Investment
Advisors, LLC was the sub-adviser.
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
for the Funds (each a "Sub-Investment Advisory Agreement") 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.
ADMINISTRATION. Under the terms of the administration agreement between the
Funds and Aston LP, the Funds' administrator, (the "Administration Agreement"),
administration fees are accrued daily and paid monthly, based on a specified
percentage of average daily net assets of the Trust and base fees are fixed at
an annual rate of $12,000 per Fund. The fee is allocated to each Fund based on
the relative net assets of the Trust. Administration expenses also include
pricing agent fees and compliance related expenses. The administration fee
arrangement is as follows:
ADMINISTRATION FEES
AT TRUST LEVEL ANNUAL RATE
-------------- -----------
First $7.4 billion 0.0490%
Over $7.4 billion 0.0465%
BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon") provides certain
administrative services to the Funds pursuant to a Sub-administration and
Accounting Services Agreement between Aston LP and BNY Mellon (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. BNY Mellon Distributors Inc. (the "Distributor"), an
affiliate of BNY Mellon, serves as principal underwriter and distributor of the
Fund's shares. Pursuant to Rule 12b-1 distribution plans (the "Plans") adopted
by the Funds, with respect to Class N shares and Class R shares, the Funds pay
certain expenses associated with the distribution of their shares. Under the
Plans, each Fund may pay actual expenses not exceeding, on an annual basis,
0.25% of each participating Fund's Class N average daily net assets and 0.50% of
each participating Fund's Class R average daily net assets. The Class I shares
do not have distribution plans. From November 1, 2009 to June 30, 2010, the
TAMRO Diversified Equity Fund did not charge 12b-1 fees under the Class N Shares
Plan. Effective July 1, 2010, the Fund began accruing this fee. From November 1,
2009 to September 30, 2010, the M&C Balanced Fund did not charge 12b-1 fees
under the Class N Shares Plan. Effective October 1, 2010, the Fund began
accruing this fee. From November 1, 2009 to April 30, 2010, the TCH Fixed Income
Fund did not charge 12b-1 fees under the Class N Shares Plan. Effective May 1,
2010, the Fund began accruing this fee.
TRUSTEES. The Trustees of the Trust who are not affiliated with the Adviser or
Sub-Advisers receive an annual retainer and per meeting fees. The Chairman of
the Board and Committee Chairs receive an additional retainer. The Trustees of
the Trust who are not affiliated with the 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 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, 2011 was $329,250.
NOTE (H) CREDIT AGREEMENT: Effective July 6, 2010, the Trust entered into a
Credit Agreement with The Bank of New York Mellon which provides the Trust with
a revolving line of credit facility up to $50 million. The facility is shared by
each series of the Trust except for the Crosswind Small Cap Growth Fund, River
Road Independent Value Fund, and Lake Partners LASSO Alternatives Fund, and is
available for temporary, emergency purposes including liquidity needs in meeting
redemptions. The interest rate on outstanding Alternate Base Rate Loans is
equivalent to the greater of the Prime Rate plus 1.50% or 1/2 of 1% plus the
Federal Funds Effective Rate plus 1.50%, as applicable. The interest rate on
outstanding Overnight Loans is equivalent to the greater of the Federal Funds
Effective Rate plus 1.50% or the One Month LIBO Rate plus 1.50%, as applicable.
The Trust pays a commitment fee on the unutilized commitment amount of 0.15% per
annum. For the Funds that utilized the line of credit during the six months
ended April 30, 2011, the average daily loan balance outstanding on the days
where borrowings existed, the weighted average interest rate and the interest
expense, which 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
----------- ------------- --------
Veredus Aggressive Growth Fund $1,416,000 1.74% $ 69
New Century Absolute Return ETF Fund 1,085,100 1.73% 261
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
| 125
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APRIL 30, 2011
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
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, 2011, the Veredus Aggressive Growth Fund had not utilized
ReFlow.
NOTE (J) LIQUIDATION: Aston/Fasciano Small Cap Fund was terminated and
liquidated on December 30, 2010.
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:
The Trust filed a Post Effective Amendment to its Registration Statement on
November 15, 2010, for the purpose of adding a new series to the Trust,
ASTON/Singer Macro Allocation Fund. However, this Fund is not expected to
commence operations.
The Trust filed a Post Effective Amendment to its Registration Statement on
December 29, 2010, for the purpose of adding a new series to the Trust,
ASTON/River Road Long-Short Fund. This new Fund commenced operations on May 4,
2011.
The Trust filed a Post Effective Amendment to its Registration Statement on
April 29, 2011, for the purpose of adding a new series to the Trust,
ASTON/DoubleLine Opportunistic Bond Fund. This new Fund is expected to commence
operations in 2011.
The Trust filed a Post Effective Amendment to its Registration Statement on
March 29, 2011, for the purpose of adding Class I Shares of the Crosswind Small
Cap Growth Fund. This new class commenced investment operations June 1, 2011.
The Trust filed a Post Effective Amendment to its Registration Statement on
March 29, 2011, for the purpose of adding Class I Shares of the River Road
Independent Value Fund. This new class commenced investment operations June 1,
2011.
| 126
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APRIL 30, 2011
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 CONNECTION WITH APPROVAL OF THE
INVESTMENT ADVISORY AGREEMENT FOR ASTON/RIVER ROAD INDEPENDENT VALUE FUND
At an in-person meeting on December 16, 2010, the Board, including the trustees
who are not interested persons of the Trust (the "Independent Trustees"),
determined that the terms of the Investment Advisory Agreement with Aston with
respect to the River Road Independent Value Fund are fair and reasonable and
approved the Investment Advisory Agreement for the River Road Independent Value
Fund as being in the best interests of the River Road Independent Value 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. The Independent
Trustees met separately from the "interested" Trustees of the Trust and any
officers of Aston or its affiliates to consider approval of the Investment
Advisory Agreement with respect to the River Road Independent Value Fund and
were assisted in their deliberations by independent legal counsel.
In evaluating the Investment Advisory Agreement on behalf of the River Road
Independent Value Fund, the Board reviewed information regarding: (1) the
nature, quality and extent of the services to be provided to the River Road
Independent Value 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 River Road Independent Value 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 River Road
Independent Value Fund. In considering the Investment Advisory Agreement on
behalf of the River Road Independent Value 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 River Road Independent Value Fund by delegating the day-to-day
investment responsibility for managing the River Road Independent Value 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
administrative services currently provided by Aston to the Trust. On the basis
of this evaluation, the Board concluded that the nature, quality and extent of
services to be provided by Aston are expected to be satisfactory.
FEES AND EXPENSES. The Board considered the River Road Independent Value 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 River Road Independent Value 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 River Road Independent Value 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 River Road Independent Value Fund, the adviser and subadviser
each will bear any fee waivers or expense reimbursements in the same proportion
as the allocation of advisory fees. Because the River Road Independent Value
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 River Road Independent Value Fund grows. The Board
considered the potential asset size of the River Road Independent Value 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 River Road Independent Value 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.
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The Board concluded that any other benefits to be received by the Adviser from
its relationship with the River Road Independent Value Fund were 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 River Road Independent Value Fund, including the proposed
advisory fee, were fair and reasonable, and that the Investment Advisory
Agreement on behalf of the River Road Independent Value Fund should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH APPROVAL OF THE
INVESTMENT ADVISORY AGREEMENT FOR ASTON/RIVER ROAD LONG-SHORT FUND
At an in-person meeting on December 16, 2010, the Board, including the
Independent Trustees, determined that the terms of the Investment Advisory
Agreement with Aston with respect to the River Road Long-Short Fund are fair and
reasonable and approved the Investment Advisory Agreement for the River Road
Long-Short Fund as being in the best interests of the River Road Long-Short
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 at
prior meetings. The Independent Trustees met separately from the "interested"
Trustees of the Trust and any officers of Aston or its affiliates to consider
approval of the Investment Advisory Agreement with respect to the River Road
Long-Short Fund and were assisted in their deliberations by independent legal
counsel.
In evaluating the Investment Advisory Agreement on behalf of the River Road
Long-Short Fund, the Board reviewed information regarding: (1) the nature,
quality and extent of the services to be provided to the River Road Long-Short
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 River Road Long-Short 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 River Road Long-Short Fund. In
considering the Investment Advisory Agreement on behalf of the River Road
Long-Short 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 River Road Long-Short Fund by delegating the day-to-day investment
responsibility for managing the River Road Long-Short 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 administrative services
currently provided by Aston to the Trust. On the basis of this evaluation, the
Board concluded that the nature, quality and extent of services to be provided
by Aston are expected to be satisfactory.
FEES AND EXPENSES. The Board considered the River Road Long-Short 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 River Road Long-Short 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 River Road Long-Short 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 River Road Long-Short Fund, the adviser and subadviser each
generally will bear 50% of any fee waivers or expense reimbursements. Because
the River Road Long-Short Fund has not yet commenced operations, profitability
information was not available. However, based upon projected asset size and the
impact of fee waivers and/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 River Road Long-Short Fund grows. The Board considered
the potential asset size of the River Road Long-Short 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 River Road Long-Short Fund for services to be
provided by Aston for administrative 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 River Road Long-Short
Fund were 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 River Road Long-Short Fund, including the proposed advisory
fee, were fair and reasonable, and that the Investment Advisory Agreement on
behalf of the River Road Long-Short Fund should be approved.
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FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH APPROVAL OF THE
SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON/RIVER ROAD INDEPENDENT VALUE FUND
The Board approved a Sub-Investment Advisory Agreement (the "River Road
Independent Value Sub-Investment Advisory Agreement") between Aston and River
Road with respect to the River Road Independent Value Fund, at an in-person
meeting on December 16, 2010. The Board considered information provided and
discussions held at the December meeting. The Independent Trustees met
separately from the "interested" Trustees of the Trust and any officers of
Aston, River Road or their affiliates to consider approval of the River Road
Independent Value Sub-Investment Advisory Agreement and were assisted in their
deliberations by independent legal counsel. Among the matters considered by the
Board, including the Independent Trustees, in connection with its approval of
the River Road Independent Value Sub-Investment Advisory Agreement were the
following:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services expected to be provided under the River Road Independent
Value Sub-Investment Advisory Agreement. The Board considered the reputation,
qualifications and background of the proposed River Road and its own experience
with River Road managing other series of the Trust. The Board also considered
the investment approach of River Road the experience and skills of investment
personnel responsible for the day-to-day investment management of the River Road
Independent Value 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 River Road are expected to be satisfactory.
FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the
subadvisory fee rates under the River Road Independent Value Sub-Investment
Advisory Agreement as well as the overall management fee structure of the River
Road Independent Value Fund. The Board considered that the subadvisory fee
rates were negotiated at arm's length between Aston and River Road, an
unaffiliated third party, and that Aston will compensate River Road 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 River Road Independent Value Fund and whether the
River Road Independent Value 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 RIVER ROAD. The Board also considered the character and amount
of other incidental benefits received by River Road. The Board considered
potential benefits to River Road 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 River Road from
its relationship with the River Road Independent Value 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 River Road Independent Value
Sub-Investment Advisory Agreement are fair and reasonable, and that the approval
of the River Road Independent Value Sub-Investment Advisory Agreement is in the
best interests of the River Road Independent Value Fund. No single factor was
determinative in the Board's analysis.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH APPROVAL OF THE
SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON/RIVER ROAD LONG-SHORT FUND
The Board approved a Sub-Investment Advisory Agreement (the "River Road
Long-Short Sub-Investment Advisory Agreement") between Aston and River Road with
Aston with respect to the River Road Long-Short Fund, at an in-person meeting on
December 16, 2010. The Board considered information provided and discussions
held at the December meeting and at prior meetings. The Independent Trustees met
separately from the "interested" Trustees of the Trust and any officers of
Aston, River Road or their affiliates to consider approval of the River Road
Long-Short Sub-Investment Advisory Agreement and were assisted in their
deliberations by independent legal counsel. Among the matters considered by the
Board, including the Independent Trustees, in connection with its approval of
the River Road Long-Short Sub-Investment Advisory Agreement were the following:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services expected to be provided under the River Road Long-Short
Sub-Investment Advisory Agreement. The Board considered the reputation,
qualifications and background of the proposed River Road and its own experience
with River Road managing other series of the Trust. The Board also considered
the investment approach of River Road, the experience and skills of investment
personnel responsible for the day-to-day investment management of the River Road
Long-Short 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 River Road are expected to be satisfactory.
FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the
subadvisory fee rates under the River Road Long-Short Sub-Investment Advisory
Agreement as well as the overall management fee structure of the River Road
Long-Short Fund. The Board considered that the subadvisory fee rates were
negotiated at arm's length between Aston and River Road, an unaffiliated third
party, and that Aston will compensate River Road 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 River Road Long-Short Fund and whether the River Road
Long-Short Fund will benefit from any economies of scale.
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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 RIVER ROAD. The Board also considered the character and amount
of other incidental benefits received by River Road. The Board considered
potential benefits to River Road 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 River Road from
its relationship with the River Road Long-Short 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 River Road Long-Short
Sub-Investment Advisory Agreement are fair and reasonable, and that the approval
of the River Road Long-Short Sub-Investment Advisory Agreement is in the best
interests of the River Road Long-Short Fund. No single factor was determinative
in the Board's analysis.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENT FOR ASTON/FAIRPOINTE MID CAP FUND
At an in-person meeting held on March 17, 2011 and a special meeting held on
March 31, 2011, the Board including the Independent Trustees, considered the
approval of a Sub-Investment Advisory Agreement (the "Fairpointe Sub-Investment
Advisory Agreement") between Aston and Fairpointe Capital LLC ("Proposed
Subadviser" or "Fairpointe Capital") with respect to the Fairpointe Mid Cap Fund
(known as the ASTON/Optimum Mid Cap Fund prior to May 1, 2011). The Independent
Trustees met separately from the "interested" Trustees of the Trust and any
officers of Aston, the Proposed Subadviser or their affiliates to consider
approval of the Fairpointe Sub-Investment Advisory Agreement and were assisted
by independent legal counsel in their deliberations.
In making its determinations, the Board, including all of the Independent
Trustees present at the meetings, reviewed materials provided by Aston and
Fairpointe Capital including information regarding (i) the nature, extent and
quality of services to be provided; (ii) the operational and compliance
infrastructure and financial condition of Fairpointe Capital; (iii) the
subadvisory fee to be charged; and (iv) potential benefits to be received by
Fairpointe Capital. Based on the information available at the meetings, the
Board, including the Independent Trustees, determined that it was in the best
interests of the Fairpointe Mid Cap Fund and its shareholders to approve the
Fairpointe Sub Investment Advisory Agreement. Among the matters considered by
the Board, including the Independent Trustees, in connection with the approval
of the Fairpointe Sub-Investment Advisory Agreement with respect to the
Fairpointe Mid Cap Fund 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 Fairpointe
Sub-Investment Advisory Agreement. The Board considered the reputations,
qualifications and back-ground of the Proposed Subadviser and its staff
including in particular, the reputations and qualifications of Ms. Thyra E.
Zerhusen, the founder of Fairpointe Capital and the portfolio manager of the
Fund since May 1999, and of the other co-portfolio managers of the Fund who
also joined Fairpointe Capital from Optimum Investment Advisors, LLC. The Board
considered the industry experience of the Proposed Subadviser's investment,
operations and compliance staff, including its consultants. The Board also
considered the operational and compliance infrastructure of the Proposed
Subadviser and its financial condition. The Board also considered the investment
approach of the Proposed Subadviser, the experience and skills of investment
personnel responsible for the day-to-day investment management of the
Fairpointe Mid Cap Fund and the resources made available to such personnel. The
Board considered that the incumbent portfolio management team of the Fairpointe
Mid Cap Fund would continue to manage the Fairpointe Mid Cap Fund at Fairpointe
Capital and that the investment objective and principal strategies of the
Fairpointe Mid Cap Fund would not change. On the basis of this evaluation, the
Board concluded that the nature, quality and extent of services to be provided
by the Proposed Subadviser were expected to be satisfactory.
FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the
subadvisory fee schedule under the Fairpointe Sub-Investment Advisory Agreement
as well as the overall management fee structure of the Fairpointe Mid Cap Fund.
The Board considered that the fee schedule under the Fairpointe Sub-Investment
Advisory Agreement was the same as the fee schedule under the existing
subadvisory agreement, and that there would be no change in the management fee
payable by the Fairpointe Mid Cap Fund. The Board considered that the
subadvisory fee schedule was negotiated at arm's length between Aston and the
Proposed Subadviser, an unaffiliated third party, and that Aston would
compensate the Proposed Subadviser from the advisory fee it receives from the
Fairpointe Mid Cap Fund. The Board considered that there was a reasonable basis
for the breakpoint schedule contained in the Fairpointe Sub-Investment Advisory
Agreement in light of the capacity and resource requirements of the Fairpointe
Mid Cap Fund's strategy.
The Board concluded that the proposed subadvisory fee schedule was reasonable
in light of the nature, quality and extent of services to be provided. As part
of its most recent review of the annual continuance of the investment advisory
agreement with Aston, the Board had previously considered whether there would be
economies of scale with respect to the overall fee structure of the Fairpointe
Mid Cap Fund and determined that the Fairpointe Mid Cap Fund benefited from
economies of scale as a result of the breakpoint schedule.
OTHER BENEFITS TO THE SUBADVISER. The Board also considered the character and
amount of other incidental benefits expected to be received by the Proposed
Subadviser. The Board considered potential benefits to the Proposed Subadviser
from the use
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of "soft dollars" to pay for research services generated by par-ties other than
the executing broker dealer. The Board concluded that the subadvisory fees were
reasonable taking into account any other benefits expected to be received by the
Proposed Subadviser from its relationship with the Fairpointe Mid Cap Fund.
CONCLUSION. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of the Fairpointe Sub-Investment
Advisory Agreement were fair and reasonable, and that the approval of the
Fairpointe Sub-Investment Advisory Agreement was in the best interests of the
Fairpointe Mid Cap Fund. No single factor was determinative in the Board's
analysis.
DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for portfolio management, administrative services, and shareholder
reports (like this one), among others. Operating expenses, which are deducted
from a fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average daily net assets.
This figure is known as the expense ratio. The following examples are intended
to help you understand the ongoing fees (in dollars) of investing in your Fund
and to compare these costs with those of other mutual funds. The examples are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.
This table illustrates each Fund's costs in two ways:
ACTUAL FUND RETURN: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's actual return for the past six
month period, the "Expense Ratio" column shows the period's annualized expense
ratio, and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the Fund at the
beginning of the period. You may use the information here, together with your
account value, to estimate the expenses that you paid over the period. To do so,
simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number given for your
Fund in the first line under the heading entitled "Expenses Paid During Period."
HYPOTHETICAL 5% RETURN: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the Fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons to
other mutual funds because the SEC requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your Fund's costs
by comparing this hypothetical example with the hypothetical examples that
appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help
you compare your ongoing costs only and do not reflect any transactional costs
such as sales charges (loads) and redemption fees, which are described in the
prospectus. If these costs were applied to your account, your costs would be
higher.
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/10 04/30/11 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
M&C GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,129.50 1.06% $5.60
Class I ........................... 1,000 1,131.10 0.81% 4.28
Class R ........................... 1,000 1,128.10 1.31% 6.91
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.54 1.06% $5.31
Class I ........................... 1,000 1,020.78 0.81% 4.06
Class R ........................... 1,000 1,018.30 1.31% 6.56
VEREDUS SELECT GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,174.50 1.30% $7.01
Class I ........................... 1,000 1,176.00 1.05% 5.67
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
TAMRO DIVERSIFIED EQUITY FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,167.40 1.20% $6.45
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 1,018.84 1.20% $6.01
HERNDON LARGE CAP VALUE FUND (3)
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,169.00 1.30% $6.99
Class I ........................... $1,000 1,056.60 1.05% 1.77
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
VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,163.30 1.10% $5.90
Class I ........................... 1,000 1,166.00 0.82% 4.40
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.34 1.10% $5.51
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 $1,121.10 1.10% $5.79
Class I ........................... 1,000 1,122.60 0.85% 4.47
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.34 1.10% $5.51
Class I ........................... 1,000 1,020.58 0.85% 4.26
M&C MID CAP GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,226.80 1.40% $7.73
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.85 1.40% $7.00
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BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/10 04/30/11 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
FAIRPOINTE MID CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,186.90 1.10% $5.96
Class I ........................... 1,000 1,188.40 0.85% 4.61
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.34 1.10% $5.51
Class I ........................... 1,000 1,020.58 0.85% 4.26
CARDINAL MID CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,214.40 1.40% $7.69
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 $1,331.40 1.49% $8.61
Class I ........................... 1,000 1,333.90 1.24% 7.18
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
CROSSWIND SMALL CAP GROWTH FUND (4)
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,260.00 1.35% $7.48
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.10 1.35% $6.76
TAMRO SMALL CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,238.80 1.32% $7.33
Class I ........................... 1,000 1,240.60 1.07% 5.94
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.25 1.32% $6.61
Class I ........................... 1,000 1,019.49 1.07% 5.36
RIVER ROAD SELECT VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,157.60 1.41% $7.54
Class I ........................... 1,000 1,159.80 1.16% 6.21
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
RIVER ROAD SMALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,150.60 1.37% $7.31
Class I ........................... 1,000 1,152.10 1.12% 5.98
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
RIVER ROAD INDEPENDENT VALUE FUND (5)
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,087.00 1.42% $4.91
HYPOTHETICAL 5% RETURN
Class N ........................... 1,000 $1,017.75 1.42% $7.10
NEPTUNE INTERNATIONAL FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,117.70 1.27% $6.67
Class I ........................... 1,000 1,119.20 1.02% 5.36
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
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/10 04/30/11 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
BARINGS INTERNATIONAL FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,098.50 1.40% $7.28
Class I ........................... 1,000 1,098.30 1.15% 5.98
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 (6)
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,106.70 1.30% $6.79
Class I ........................... 1,000 1,104.70 1.05% 5.45
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
M.D. SASS ENHANCED EQUITY FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,073.00 1.32% $6.78
Class I ........................... 1,000 1,075.40 1.07% 5.51
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.25 1.32% $6.61
Class I ........................... 1,000 1,019.49 1.07% 5.36
NEW CENTURY ABSOLUTE RETURN ETF FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,111.70 1.50% $7.85
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.36 1.50% $7.50
LAKE PARTNERS LASSO ALTERNATIVES FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,074.30 1.45% $7.46
Class I ........................... 1,000 1,076.40 1.20% 6.18
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.60 1.45% $7.25
Class I ........................... 1,000 1,018.84 1.20% 6.01
FORTIS REAL ESTATE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,176.30 1.37% $7.39
Class I ........................... 1,000 1,177.10 1.12% 6.05
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 $1,073.10 1.35% $6.94
Class I ........................... 1,000 1,074.40 1.10% 5.66
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.10 1.35% $6.76
Class I ........................... 1,000 1,019.34 1.10% 5.51
TCH FIXED INCOME FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,025.10 0.81% $4.07
Class I ........................... 1,000 1,026.40 0.56% 2.81
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,020.78 0.81% $4.06
Class I ........................... 1,000 1,022.02 0.56% 2.81
(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 (181) or partial year, if applicable, for
the actual return and multiplied by the most recent
| 132
Aston Funds
APRIL 30, 2011
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
fiscal half-year for the hypothetical 5% return, then divided by 365.
Expense ratios do not include interest expense, if applicable.
(3) Herndon Large Cap Value Fund began issuing Class I Shares on March 2, 2011.
(4) Crosswind Small Cap Growth Fund commenced investment operations on November
3, 2010.
(5) River Road Independent Value Fund commenced investment operations on
December 31, 2010.
(6) Dynamic Allocation Fund began issuing Class I Shares on November 2, 2010.
| 133
Aston Funds
ADVISER
Aston Asset Management, LP
120 N. LaSalle Street, 25th Floor
Chicago, IL 60602
SUB-ADVISERS
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
Crosswind Investments, LLC
Two International Place
Boston, MA 02110
Fairpointe Capital LLC
One North Frankin, Suite 3300
Chicago, IL 60606
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
SUBADVISERS - CONTINUED
Montag & Caldwell, LLC
3455 Peachtree Road NE, Suite 1200
Atlanta, GA 30326
Neptune Investment Management Limited
3 Shortlands
London, W6 8DA
New Century Capital Management, LLC
36 South Washington Street
Hinsdale, IL 60521
River Road Asset Management, LLC
Meidinger Tower, Suite 1600
462 South Fourth Street
Louisville, KY 40202
Smart Portfolios, LLC
17865 Ballinger Way NE
Lake Forest Park, WA 98155
TAMRO Capital Partners, LLC
1701 Duke St., Suite 250
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 Fifth Street, Suite 3100
Louisville, KY 40202
SHAREHOLDER SERVICES
Aston Funds
P.O. Box 9765
Providence, RI 02940
DISTRIBUTOR
BNY Mellon Distributors Inc.
760 Moore Road
King of Prussia, PA 19406
OFFICERS
Stuart D. Bilton,
Chief Executive Officer
Kenneth C. Anderson, President
Gerald F. Dillenburg, Senior Vice President
and Secretary, Chief Operating Officer and
Chief Compliance Officer
Christine C. Carsman,
Chief Legal Officer
Laura M. Curylo, Treasurer, and Chief Financial Officer
Juli A. Braun, Assistant Treasurer
James A. Dimmick, Assistant Secretary
Marc J. Peirce, Assistant Secretary
Diana R. Podgorny, Assistant Secretary
CUSTODIAN
The Bank of New York Mellon
One Wall Street
New York, New York 10286
LEGAL COUNSEL
Vedder Price P.C.
222 N. LaSalle Street
Chicago, IL 60601
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
155 N. Wacker Drive
Chicago, IL 60606
THE STATEMENT OF ADDITIONAL INFORMATION INCLUDES ADDITIONAL INFORMATION ABOUT
FUND TRUSTEES AND IS AVAILABLE UPON REQUEST WITHOUT CHARGE BY CALLING
800-992-8151.
| 134
Guide to Shareholder Benefits
We're delighted to offer all Aston Funds shareholders a variety of services and
convenient options. To receive more information about any of these benefits,
simply call an Investor Services Associate Monday through Friday, 9 a.m. -
7 p.m. ET.
THE EASY WAY TO ADD TO YOUR ACCOUNT: START AN AUTOMATIC INVESTMENT PLAN
For Class N shareholders, systematic investing is an easy, effortless way to
help reach any investment goal. Just choose a fixed amount, and we'll
automatically deduct it from your checking or savings account on a regular
schedule and invest it in your Aston Funds account. Periodic investment plans
involve continuous investments in securities regardless of price. You should
consider your financial ability to continue to purchase shares through periods
of both high and low price levels. This plan does not assure a profit and does
not protect against loss in declining markets.
COMPOUND YOUR EARNINGS WITH AUTOMATIC DIVIDEND REINVESTMENT
By automatically reinvesting dividends into your Fund account, profits have the
opportunity to mount. Monthly and quarterly dividends and annual capital gain
distributions are reinvested at no charge.
ACCESS INFORMATION AND MAKE TRANSACTIONS ONLINE AT OUR WEB SITE
You can open a new account, access account balances, view statements, obtain
fund information, and make transactions online 24 hours a day, 7 days a week.
www.astonfunds.com
Our Shareholder Services Line Is at Your Service 24 Hours a Day
800-992-8151
Investor Services Associates are available to assist you Monday - Friday 9 a.m.
to 7 p.m., ET. Or, call any time, day or night, for automated account
information to make exchanges or check fund performance.
(ASTON FUNDS LOGO)
P.O. Box 9765
Providence, RI 02940
ATSEM 11
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 6/27/11
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 6/27/11
By (Signature and Title)* /s/ Laura M. Curylo
----------------------------------------------
Laura M. Curylo, Treasurer and
Chief Financial Officer
(principal financial officer)
Date 6/27/11
----------
* Print the name and title of each signing officer under his or her signature.