0001104659-13-004025.txt : 20130123 0001104659-13-004025.hdr.sgml : 20130123 20130123095540 ACCESSION NUMBER: 0001104659-13-004025 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130123 DATE AS OF CHANGE: 20130123 EFFECTIVENESS DATE: 20130123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND INC CENTRAL INDEX KEY: 0000831114 IRS NUMBER: 510312196 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05518 FILM NUMBER: 13541727 BUSINESS ADDRESS: STREET 1: 400 BELLEVUE PKWY STE 100 CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027911700 MAIL ADDRESS: STREET 1: 400 BELLEVUE PKWY STREET 2: SUITE 152 CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND INC CENTRAL INDEX KEY: 0000831114 IRS NUMBER: 510312196 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-20827 FILM NUMBER: 13541728 BUSINESS ADDRESS: STREET 1: 400 BELLEVUE PKWY STE 100 CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027911700 MAIL ADDRESS: STREET 1: 400 BELLEVUE PKWY STREET 2: SUITE 152 CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 0000831114 S000001093 RBB MONEY MARKET PORTFOLIO C000002980 BEDFORD BDMXX C000002981 SANSOM SANXX 0000831114 S000001094 ROBECO BP SMALL CAP VALUE II C000002982 INSTITUTIONAL BPSIX C000002983 INVESTOR BPSCX 0000831114 S000001097 ROBECO WPG SMALL/MICRO CAP VALUE FUND C000002987 INSTITUTIONAL WPGTX 0000831114 S000001099 SCHNEIDER SMALL CAP VALUE FUND C000002989 SCHNEIDER SMALL CAP VALUE FUND SCMVX 0000831114 S000001100 SCHNEIDER VALUE FUND C000002990 SCHNEIDER VALUE FUND SCMLX 0000831114 S000001101 BOGLE SMALL CAP GROWTH C000002991 INSTITUTIONAL BOGIX C000002992 INVESTOR BOGLX 0000831114 S000001106 ROBECO BP ALL-CAP VALUE FUND C000002997 INSTITUTIONAL BPAIX C000002998 INVESTOR BPAVX 0000831114 S000001108 ROBECO BP LONG/SHORT EQUITY FUND C000003001 INSTITUTIONAL BPLSX C000003002 INVESTOR BPLEX 0000831114 S000018555 Free Market U.S. Equity Fund C000051460 Institutional Class FMUEX 0000831114 S000018556 Free Market International Equity Fund C000051461 Institutional Class FMNEX 0000831114 S000018557 Free Market Fixed Income Fund C000051462 Institutional Class FMFIX 0000831114 S000026538 Perimeter Small Cap Growth Fund C000079687 Investor Class PSCGX C000079688 I Shares PSIGX 0000831114 S000030121 S1 Fund C000092508 I Shares SONEX C000092509 R Shares SONRX 0000831114 S000030191 Robeco Boston Partners Long/Short Research Fund C000092912 Investor Class BPRRX C000092913 Institutional Class BPIRX 0000831114 S000035438 Robeco Boston Partners Global Equity Fund C000108833 Investor Class BPGRX C000108834 Institutional Class BPGIX 0000831114 S000035439 Robeco Boston Partners International Equity Fund C000108835 Investor Class BPQRX C000108836 Institutional Class BPQIX 0000831114 S000036223 Summit Global Investments U.S. Low Volatility Equity Fund C000110907 Class I SILVX C000110908 Class A LVOLX C000110909 Retail Class SGLVX 485BPOS 1 a12-28575_23485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on January 23, 2013

 

Securities Act File No. 33-20827

Investment Company Act File No. 811-5518

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

x

Pre-Effective Amendment No.

o

 

Post-Effective Amendment No. 151

x

 

 

 

and

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

x

 

Amendment No. 153

x

 


 

THE RBB FUND, INC.

(Exact Name of Registrant as Specified in Charter)

 

Bellevue Park Corporate Center

103 Bellevue Parkway

Wilmington, DE 19809

(Address of Principal Executive Offices)

 

Registrant’s Telephone Number: (302) 791-1851

 

Copies to:

 

SALVATORE FAIA

 

MICHAEL P. MALLOY, ESQUIRE

BNY Mellon Investment Servicing (US) Inc.

 

Drinker Biddle & Reath LLP

103 Bellevue Parkway

 

One Logan Square, Ste. 2000

Wilmington, DE 19809

 

Philadelphia, PA 19103-6996

(Name and Address of Agent for Service)

 

 

 

It is proposed that this filing will become effective (check appropriate box)

 

x immediately upon filing pursuant to paragraph (b)

o on December 31, 2012 pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on December 31, 2012 pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o on [date] pursuant to paragraph (a)(2) of Rule 485

 

If appropriate, check the following box:

 

o This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

Title of Securities Being Registered                     Shares of Common Stock

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended (the “1933 Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485 (b) under the 1933 Act and that it has duly caused this Post-Effective Amendment No. 151 to its  Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Wilmington, and State of Delaware on the 23rd day of January, 2013.

 

 

 

THE RBB FUND, INC.

 

 

 

By: /s/Salvatore Faia

 

Salvatore Faia

 

President

 

Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment to Registrant’s Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

SIGNATURE

 

TITLE

 

DATE

 

 

 

 

 

/s/Salvatore Faia

 

President (Principal Executive Officer) and Chief

 

January 23, 2013

Salvatore Faia

 

Compliance Officer

 

 

 

 

 

 

 

/s/Joel L. Weiss

 

Treasurer (Chief Financial Officer)

 

January 23, 2013

Joel L. Weiss

 

 

 

 

 

 

 

 

 

*J. Richard Carnall

 

Director

 

January 23, 2013

J. Richard Carnall

 

 

 

 

 

 

 

 

 

*Julian A. Brodsky

 

Director

 

January 23, 2013

Julian A. Brodsky

 

 

 

 

 

 

 

 

 

*Arnold M. Reichman

 

Director

 

January 23, 2013

Arnold M. Reichman

 

 

 

 

 

 

 

 

 

*Robert Sablowsky

 

Director

 

January 23, 2013

Robert Sablowsky

 

 

 

 

 

 

 

 

 

*Robert Straniere

 

Director

 

January 23, 2013

Robert Straniere

 

 

 

 

 

 

 

 

 

*Nicholas A. Giordano

 

Director

 

January 23, 2013

Nicholas A. Giordano

 

 

 

 

 

 

 

 

 

*Gregory P. Chandler

 

Director

 

January 23, 2013

Gregory P. Chandler

 

 

 

 

 

 

 

 

 

*Jay F. Nusblatt

 

Director

 

January 23, 2013

Jay F. Nusblatt

 

 

 

 

 

 

 

 

 

*By: /s/Salvatore Faia

 

 

 

January 23, 2013

Salvatore Faia

 

 

 

 

Attorney-in-Fact

 

 

 

 

 



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Julian A. Brodsky, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ Julian A. Brodsky

 

 

Julian A. Brodsky

 

 



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, J. Richard Carnall, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ J. Richard Carnall

 

 

J. Richard Carnall

 

 



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Nicholas A. Giordano, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ Nicholas A. Giordano

 

 

Nicholas A. Giordano

 

 



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Arnold M. Reichman, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ Arnold M. Reichman

 

 

Arnold M. Reichman

 

 



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Robert Sablowsky, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ Robert Sablowsky

 

 

Robert Sablowsky

 

 



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Robert Straniere, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

May 7, 2009

 

 

 

 

 

 

 

 

/s/ Robert Straniere

 

 

Robert Straniere

 

 



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Gregory P. Chandler, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

October 15, 2012

 

 

 

 

 

 

 

 

/s/ Gregory P. Chandler

 

 

Gregory P. Chandler

 

 



 

THE RBB FUND, INC.

(the “Company”)

 

POWER OF ATTORNEY

 

Know All Men by These Presents, that the undersigned, Jay F. Nusblatt, hereby constitutes and appoints Salvatore Faia, Michael P. Malloy, James G. Shaw and Joel L. Weiss, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director or officer, or both, of the Company, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

 

 

DATED:

October 16, 2012

 

 

 

 

 

 

 

 

/s/ Jay F. Nusblatt

 

 

Jay F. Nusblatt

 

 



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

101.INS

 

XBRL Instance Document

 

 

 

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

 

 

 

101.SCH

 

XBRL Taxonomy Extension Schema Document

 

 

 

101. DEF

 

XBRL Taxonomy Extension Definition Linkbase

 

 

 

101. LAB

 

XBRL Taxonomy Extension Label Linkbase

 

 

 

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 


EX-101.INS 2 ck0000831114-20120831.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-08-31 0000831114 2012-12-31 RBB FUND INC false 2012-12-28 2012-12-31 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transactions costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />For the fiscal period from February 29, 2012 through August 31, 2012, the Fund's<br />portfolio turnover rate was 95% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000036223Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Summit Global Investments U.S. Low Volatility Equity Fund (the "Fund") seeks<br />to outperform the S&amp;P 500&#xAE; Index over a market cycle while reducing overall<br />volatility. There can be no guarantee that the Fund will achieve its investment<br />objective.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Class A and Retail Shares or $1,000,000 in the Class I<br />Shares of the Fund and for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> <tt>Under normal circumstances, the Fund will invest at least 80% of its net assets<br />(including borrowings for investment purposes) in equity securities, primarily<br />common stocks, of companies within the Russell 1000&#xAE; Index and S&amp;P 500&#xAE; Index.<br />The Fund's investments will generally consist of securities, which may include<br />common stocks, preferred stocks, warrants to acquire common stock, and<br />securities convertible into common stock. The Fund purchases equity securities<br />traded in the U.S. on registered exchanges or the over-the-counter market.<br /> <br />The Fund's investment adviser attempts to lower the Fund's market risk by<br />investing in U.S. equity securities that lower the overall volatility of the<br />Fund's portfolio as compared to the S&amp;P 500&#xAE; Index. The Fund invests in stocks<br />that exhibit less volatile stock price patterns, strengthening business metrics<br />(i.e., earnings, debt, return on assets, competition, customers, industry, etc.)<br />and quantitative factors such as earnings variability, leverage, volatility,<br />price/book, price/cash flow, etc. The Fund's investment adviser selects<br />securities for the Fund that it anticipates will produce less volatility with<br />more capital protection and more consistent returns.</tt> SUMMARY SECTION You may qualify for sales charge discounts on Class A Shares if you invest, or agree to invest in the future, at least $50,000 in the Fund. Example: No performance information is presented because the Fund has not been operational for a full calendar year. Investment Objective Loss of money is a risk of investing in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) 0.95 Performance Information 50000 Annual Fund Operating Expenses (expenses that that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Loss of money is a risk of investing in the Fund. In addition, your investment<br />in the Fund may be subject to the following principal risks:<br /> <br />o Common Stock Risk. Investments in common stocks are subject to market,<br />economic and business risks that will cause their price to fluctuate over time.<br />Therefore, an investment in the Fund may be more suitable for long-term<br />investors who can bear the risk of these fluctuations.<br /> <br />o Management Risk. The Fund is subject to the risk of poor management stock<br />selection. In other words, the individual stocks in the Fund may not perform as<br />well as expected, and/or the Fund's portfolio management practices do not work<br />to achieve their desired result.<br /> <br />o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the Fund will invest in stocks the Fund's investment adviser believes<br />will produce less volatility, there is no guarantee that the stocks will perform<br />as expected.<br /><br />o Opportunity Risk. As with all mutual funds, the Fund is subject to the risk of<br />missing out on an opportunity because the assets necessary to take advantage of<br />it are tied up in less advantageous investments.</tt> Expenses and Fees Principal Investment Strategies <tt>No performance information is presented because the Fund has not been<br />operational for a full calendar year. Class A Shares and Retail Shares<br />of the Fund have not commenced operations as of the date of this <br />Prospectus. The Fund intends to evaluate its performance as compared to<br />that of the S&amp;P 500&#xAE; Index.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts on Class A Shares<br />if you invest, or agree to invest in the future, at least $50,000 in the Fund.<br />More information about these and other discounts is available from your<br />financial professional, in the section of the Prospectus entitled "Shareholder<br />Information -- Sales Charges" and in the section of the Fund's Statement of<br />Additional Information ("SAI") entitled "Purchase and Redemption Information --<br />Reducing or Eliminating the Front-End Sales Charge."</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000036223Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000036223Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> SGLVX 0.0000 125 3715 -0.1905 9985 -0.0150 6292 0.1933 0.0070 2013-12-31 0.0150 0.00 0.0025 0.0123 0.2028 0.00 LVOLX 0.0525 644 4045 -0.1905 9986 -0.0150 6487 0.1933 0.0070 2013-12-31 0.0150 0.00 0.0025 0.0123 0.2028 0.00 SILVX 0.0000 10000 366360 -0.1905 996011 -0.0150 623678 0.1933 0.0070 2013-12-31 0.0150 0.00 0.0000 0.0098 0.2028 0.00 The Fund is non-diversified. Compared to other funds, the Fund may invest more of its assets in a smaller number of companies. Gains or losses on a single stock may have greater impact on the Fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual Fund operating expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 81%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000035439Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term capital growth.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the Fund<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> <tt>The Fund pursues its objective by investing, under normal circumstances, at<br />least 80% of its net assets (including borrowings for investment purposes) in a<br />non-diversified portfolio of equity and equity-related securities issued by<br />non-U.S. companies of any capitalization size. The Fund may invest in all types<br />of equity and equity-related securities, including without limitation<br />exchange-traded and over-the-counter common and preferred stocks, warrants,<br />options, rights, convertible securities, sponsored and unsponsored depositary<br />receipts and shares, trust certificates, participatory notes, limited<br />partnership interests, shares of other investment companies (including<br />exchanged-traded funds ("ETFs")), real estate investment trusts ("REITs"), and<br />equity participations. An equity participation is a type of loan that gives the<br />lender a portion of equity ownership in a property, in addition to principal and<br />interest payments. A convertible security is a bond, debenture, note, preferred<br />stock or other security that may be converted into or exchanged for a prescribed<br />amount of common stock of the same or a different issuer within a particular<br />period of time at a specified price or formula.<br /> <br />The Fund defines non-U.S. companies as companies (i) that are organized under<br />the laws of a foreign country; (ii) whose principal trading market is in a<br />foreign country; or (iii) that have a majority of their assets, or that derive a<br />significant portion of their revenue or profits from businesses, investments or<br />sales, outside of the United States. The Fund principally will be invested in<br />issuers located in countries with developed securities markets, but may also<br />invest in issuers located in emerging markets.<br /> <br />The Fund generally invests in the equity securities of issuers believed by<br />Robeco to be undervalued in the marketplace, focusing on issuers that combine<br />attractive valuations with catalysts for change. Robeco applies a bottom-up<br />stock selection process (i.e., one that focuses primarily on issuer-specific<br />factors) in managing the Fund, using a combination of fundamental and<br />quantitative analysis. In selecting investments for the Fund, Robeco considers<br />various factors such as price-to-book value, price-to-sales and earnings ratios,<br />dividend yields, strength of management, and cash flow to identify securities<br />that are trading at a price that appears to be lower than the issuer's inherent<br />value.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change in<br />fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />The Fund may (but is not required to) invest in derivatives, including put and<br />call options, futures, forward contracts and swaps, in lieu of investing<br />directly in a security, currency or instrument, for hedging and non-hedging<br />purposes.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /> <br />The Fund may participate as a purchaser in initial public offerings of<br />securities ("IPO"). An IPO is a company's first offering of stock to the public.<br />The Fund may also seek to increase its income by lending portfolio securities.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION Example Investment Objective Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.81 Performance Information No performance information is available for the Fund because it has not yet been in operation for a full calendar year. 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>o Management Risk. The Fund is subject to the risk of poor stock selection. In<br />other words, the individual stocks in the Fund may not perform as well as<br />expected, and/or the Fund's portfolio management practices do not work to<br />achieve their desired result.<br /> <br />o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the Fund will invest in stocks Robeco believes to be undervalued, there<br />is no guarantee that the prices of these stocks will not move even lower.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices. The Fund may invest in securities of foreign issuers either<br />directly or through depositary receipts. Depositary receipts may be available<br />through "sponsored" or "unsponsored" facilities. Holders of unsponsored<br />depositary receipts generally bear all of the costs of the unsponsored facility.<br />The depository of an unsponsored facility is frequently under no obligation to<br />distribute shareholder communications received from the issuer of the deposited<br />security or to pass through, to the holders of the receipts, voting rights with<br />respect to the deposited securities. The depository of unsponsored depositary<br />receipts may provide less information to receipt holders. Participatory notes<br />("P-notes") are equity access products structured as debt obligations and used<br />by investors to take positions in certain foreign securities. P-notes present<br />similar risks to investing directly in such securities and also expose investors<br />to counterparty risk.<br /> <br />o Emerging Markets Risk. Investment in emerging market securities involves<br />greater risk than that associated with investment in securities of issuers in<br />developed foreign countries. These risks include volatile currency exchange<br />rates, periods of high inflation, increased risk of default, greater social,<br />economic and political uncertainty and instability, less governmental<br />supervision and regulation of securities markets, weaker auditing and financial<br />reporting standards, lack of liquidity in the markets, and the significantly<br />smaller market capitalizations of emerging market issuers.<br /> <br />o Currency Risk. Investment in foreign securities also involves currency risk<br />associated with securities that trade or are denominated in currencies other<br />than the U.S. dollar and which may be affected by fluctuations in currency<br />exchange rates. An increase in the strength of the U.S. dollar relative to a<br />foreign currency may cause the U.S. dollar value of an investment in that<br />country to decline. Foreign currencies also are subject to risks caused by<br />inflation, interest rates, budget deficits and low savings rates, political<br />factors and government controls.<br /> <br />o Convertible Securities Risk. Securities that can be converted into common<br />stock, such as certain securities and preferred stock, are subject to the usual<br />risks associated with fixed income investments, such as interest rate risk and<br />credit risk. In addition, because they react to changes in the value of the<br />equity securities into which they will convert, convertible securities are also<br />subject to the risks associated with equity securities.<br /> <br />o Options Risk. An option is a type of derivative instrument that gives the<br />holder the right (but not the obligation) to buy (a "call") or sell (a "put") an<br />asset in the near future at an agreed upon price prior to the expiration date of<br />the option. The Fund may "cover" a call option by owning the security underlying<br />the option or through other means. The value of options can be highly volatile,<br />and their use can result in loss if Robeco is incorrect in its expectation of<br />price fluctuations.<br /> <br />o Derivatives Risk. The Fund's investments in derivative instruments, which<br />include futures and options on securities, securities indices or currencies,<br />options on these futures, forward foreign currency contracts and interest rate<br />or currency swaps, may be leveraged and result in losses exceeding the amounts<br />invested.<br /> <br />o REITs Risk. REITs may be affected by economic forces and other factors related<br />to the real estate industry. Investing in REITs may involve risks similar to<br />those associated with investing in small capitalization companies. REITs may<br />have limited financial resources, may trade less frequently and in a limited<br />volume and may be subject to more abrupt or erratic price movements than larger <br />company securities. Historically, small capitalization stocks, such as REITs, <br />have been more volatile in price than the larger capitalization stocks included <br />in the S&amp;P 500&#xAE; Index.<br /> <br />o Small/Mid-Cap Companies Risk. Investing in securities of companies with micro,<br />small or mid-sized capitalizations tends to be riskier than investing in<br />securities of companies with large capitalizations. Securities of companies with<br />micro, small and mid-sized capitalizations tend to be more volatile than those<br />of large cap companies and, on occasion, may fluctuate in the opposite direction<br />of large cap company securities or the broader stock market averages. The small<br />capitalization equity securities in which the Fund invests may be traded only in<br />the over-the-counter market or on a regional securities exchange, may be listed<br />only in the quotation service commonly known as the "pink sheets," and may not<br />be traded every day or in the volume typical of trading on a national securities<br />exchange. These securities may also be subject to wide fluctuations in market<br />value. The trading market for any given small capitalization equity security may<br />be sufficiently small as to make it difficult for the Fund to dispose of a<br />substantial block of such securities. Redemptions may require the Fund to sell<br />its small capitalization securities at a discount from market prices or during<br />periods when, in Robeco's judgment, such sale is not desirable. Moreover, the<br />lack of an efficient market for these securities may make them difficult to<br />value.<br /> <br />o Securities Lending Risk. The Fund may lend portfolio securities to<br />institutions, such as certain broker-dealers. The Fund may experience a loss or<br />delay in the recovery of its securities if the borrowing institution breaches<br />its agreement with the Fund.<br /> <br />o Exchange Traded Fund Risk. Exchange traded funds ("ETFs") are a type of<br />investment company bought and sold on a securities exchange. An ETF represents a<br />fixed portfolio of securities designed to track a particular market index. The<br />risks of owning an ETF generally reflect the risks of owning the underlying<br />securities that they are designed to track, although lack of liquidity in an ETF<br />could result in its being more volatile. The Fund may incur brokerage fees in<br />connection with its purchase of ETF shares.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days. The Fund might,<br />in order to dispose of restricted securities, have to register securities<br />resulting in additional expense and delay. Adverse market conditions could<br />impede such a public offering of such securities.<br /> <br />o IPO Risk. IPO risk is the risk that the market value of IPO shares will<br />fluctuate considerably due to certain factors, such as the absence of a prior<br />public market, unseasoned trading, the small number of shares available for<br />trading and limited information about the issuer. The purchase of IPO shares may<br />involve high transaction costs. IPO shares are subject to market risk and<br />liquidity risk. When the Fund's asset base is small, a significant portion of<br />the Fund's performance could be attributable to investments in IPOs, because<br />such investments would have a magnified impact on the Fund. As the Fund's assets<br />grow, the effect of the Fund's investments in IPOs on the Fund's performance<br />probably will decline, which could reduce the Fund's performance. Because of the<br />price volatility of IPO shares, the Fund may choose to hold IPO shares for a<br />very short period of time. This may increase the turnover of the Fund's<br />portfolio and may lead to increased expenses to the Fund, such as commissions<br />and transaction costs. In addition, Robeco cannot guarantee continued access to<br />IPOs.<br /> <br />o Non-Diversification Risk. The Fund is non-diversified. Compared to other<br />funds, the Fund may invest more of its assets in a smaller number of companies.<br />Gains or losses on a single stock may have greater impact on the Fund.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>No performance information is available for the Fund because it has not yet <br />been in operation for a full calendar year. The performance information, when<br />available, will provide some indication of the risks of investing in the Fund.<br />The Fund intends to evaluate its performance as compared to that of the MSCI&#xAE;<br />EAFE Index. Updated performance information will be available at<br />www.robecoinvest.com or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000035439Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000035439Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BPQRX 0.00 158 998 -0.0247 3901 -0.0100 1631 0.0287 0.0090 2013-12-31 0.0100 0.00 0.0025 0.0155 0.0402 0.00 The Fund is non-diversified. Compared to other funds, the Fund may invest more of its assets in a smaller number of companies. Gains or losses on a single stock may have greater impact on the Fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual Fund operating expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 81%.<br /> </tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000035439Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term capital growth.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses for the <br />Fund remain the same. Although your actual costs may be higher or lower, based <br />on these assumptions your costs would be:</tt> <tt>The Fund pursues its objective by investing, under normal circumstances, at<br />least 80% of its net assets (including borrowings for investment purposes) in <br />a non-diversified portfolio of equity and equity-related securities issued by<br />non-U.S. companies of any capitalization size. The Fund may invest in all <br />types of equity and equity-related securities, including without limitation<br />exchange-traded and over-the-counter common and preferred stocks, warrants,<br />options, rights, convertible securities, sponsored and unsponsored depositary<br />receipts and shares, trust certificates, participatory notes, limited<br />partnership interests, shares of other investment companies (including<br />exchanged-traded funds ("ETFs")), real estate investment trusts ("REITs") and<br />equity participations. An equity participation is a type of loan that gives the<br />lender a portion of equity ownership in a property, in addition to principal and<br />interest payments. A convertible security is a bond, debenture, note, preferred<br />stock or other security that may be converted into or exchanged for a prescribed<br />amount of common stock of the same or a different issuer within a particular<br />period of time at a specified price or formula.<br /> <br />The Fund defines non-U.S. companies as companies (i) that are organized under<br />the laws of a foreign country; (ii) whose principal trading market is in a<br />foreign country; or (iii) that have a majority of their assets, or that derive a<br />significant portion of their revenue or profits from businesses, investments or<br />sales, outside of the United States. The Fund principally will be invested in<br />issuers located in countries with developed securities markets, but may also<br />invest in issuers located in emerging markets.<br /> <br />The Fund generally invests in the equity securities of issuers believed by<br />Robeco to be undervalued in the marketplace, focusing on issuers that combine<br />attractive valuations with catalysts for change. Robeco applies a bottom-up<br />stock selection process (i.e., one that focuses primarily on issuer-specific<br />factors) in managing the Fund, using a combination of fundamental and<br />quantitative analysis. In selecting investments for the Fund, Robeco considers<br />various factors such as price-to-book value, price-to-sales and earnings ratios,<br />dividend yields, strength of management, and cash flow to identify securities<br />that are trading at a price that appears to be lower than the issuer's inherent<br />value.<br /> <br />The Fund may (but is not required to) invest in derivatives, including put and<br />call options, futures, forward contracts and swaps, in lieu of investing<br />directly in a security, currency or instrument, for hedging and non-hedging<br />purposes.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /> <br />The Fund may participate as a purchaser in initial public offerings of<br />securities ("IPO"). An IPO is a company's first offering of stock to the public.<br />The Fund may also seek to increase its income by lending portfolio securities.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change in<br />fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /><br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION Example No performance information is available for the Fund because it has not yet been in operation for a full calendar year. Investment Objective Investors may lose money Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.81 Performance Information 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>o Management Risk. The Fund is subject to the risk of poor stock selection. In<br />other words, the individual stocks in the Fund may not perform as well as<br />expected, and/or the Fund's portfolio management practices do not work to<br />achieve their desired result.<br /> <br />o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the Fund will invest in stocks Robeco believes to be undervalued, there<br />is no guarantee that the prices of these stocks will not move even lower.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices. The Fund may invest in securities of foreign issuers either<br />directly or through depositary receipts. Depositary receipts may be available<br />through "sponsored" or "unsponsored" facilities. Holders of unsponsored<br />depositary receipts generally bear all of the costs of the unsponsored facility.<br />The depository of an unsponsored facility is frequently under no obligation to<br />distribute shareholder communications received from the issuer of the deposited<br />security or to pass through, to the holders of the receipts, voting rights with<br />respect to the deposited securities. The depository of unsponsored depositary<br />receipts may provide less information to receipt holders. Participatory notes<br />("P-notes") are equity access products structured as debt obligations and used<br />by investors to take positions in certain foreign securities. P-notes present<br />similar risks to investing directly in such securities and also expose investors<br />to counterparty risk.<br /> <br />o Emerging Markets Risk. Investment in emerging market securities involves<br />greater risk than that associated with investment in securities of issuers in<br />developed foreign countries. These risks include volatile currency exchange<br />rates, periods of high inflation, increased risk of default, greater social,<br />economic and political uncertainty and instability, less governmental<br />supervision and regulation of securities markets, weaker auditing and financial<br />reporting standards, lack of liquidity in the markets, and the significantly<br />smaller market capitalizations of emerging market issuers.<br /> <br />o Currency Risk. Investment in foreign securities also involves currency risk<br />associated with securities that trade or are denominated in currencies other<br />than the U.S. dollar and which may be affected by fluctuations in currency<br />exchange rates. An increase in the strength of the U.S. dollar relative to a<br />foreign currency may cause the U.S. dollar value of an investment in that<br />country to decline. Foreign currencies also are subject to risks caused by<br />inflation, interest rates, budget deficits and low savings rates, political<br />factors and government controls.<br /> <br />o Convertible Securities Risk. Securities that can be converted into common<br />stock, such as certain securities and preferred stock, are subject to the usual<br />risks associated with fixed income investments, such as interest rate risk and<br />credit risk. In addition, because they react to changes in the value of the<br />equity securities into which they will convert, convertible securities are also<br />subject to the risks associated with equity securities.<br /> <br />o Options Risk. An option is a type of derivative instrument that gives the<br />holder the right (but not the obligation) to buy (a "call") or sell (a "put") an<br />asset in the near future at an agreed upon price prior to the expiration date of<br />the option. The Fund may "cover" a call option by owning the security underlying<br />the option or through other means. The value of options can be highly volatile,<br />and their use can result in loss if Robeco is incorrect in its expectation of<br />price fluctuations.<br /><br />o Derivatives Risk. The Fund's investments in derivative instruments, which<br />include futures and options on securities, securities indices or currencies,<br />options on these futures, forward foreign currency contracts and interest rate<br />or currency swaps, may be leveraged and result in losses exceeding the amounts<br />invested.<br /> <br />o REITs Risk. REITs may be affected by economic forces and other factors related<br />to the real estate industry. Investing in REITs may involve risks similar to<br />those associated with investing in small capitalization companies. REITs may<br />have limited financial resources, may trade less frequently and in a limited<br />volume and may be subject to more abrupt or erratic price movements than larger<br />company securities. Historically, small capitalization stocks, such as REITs,<br />have been more volatile in price than the larger capitalization stocks included<br />in the S&amp;P 500&#xAE; Index.<br /> <br />o Small/Mid-Cap Companies Risk. Investing in securities of companies with micro,<br />small or mid-sized capitalizations tends to be riskier than investing in<br />securities of companies with large capitalizations. Securities of companies with<br />micro, small and mid-sized capitalizations tend to be more volatile than those<br />of large cap companies and, on occasion, may fluctuate in the opposite direction<br />of large cap company securities or the broader stock market averages.<br /> <br />The small capitalization equity securities in which the Fund invests may be<br />traded only in the over-the-counter market or on a regional securities exchange,<br />may be listed only in the quotation service commonly known as the "pink sheets,"<br />and may not be traded every day or in the volume typical of trading on a<br />national securities exchange. These securities may also be subject to wide<br />fluctuations in market value. The trading market for any given small<br />capitalization equity security may be sufficiently small as to make it difficult<br />for the Fund to dispose of a substantial block of such securities. Redemptions<br />may require the Fund to sell its small capitalization securities at a discount<br />from market prices or during periods when, in Robeco's judgment, such sale is<br />not desirable. Moreover, the lack of an efficient market for these securities<br />may make them difficult to value.<br /> <br />o Securities Lending Risk. The Fund may lend portfolio securities to<br />institutions, such as certain broker-dealers. The Fund may experience a loss or<br />delay in the recovery of its securities if the borrowing institution breaches<br />its agreement with the Fund.<br /> <br />o Exchange Traded Fund Risk. Exchange traded funds ("ETFs") are a type of<br />investment company bought and sold on a securities exchange. An ETF represents a<br />fixed portfolio of securities designed to track a particular market index. The<br />risks of owning an ETF generally reflect the risks of owning the underlying<br />securities that they are designed to track, although lack of liquidity in an ETF<br />could result in its being more volatile. The Fund may incur brokerage fees in<br />connection with its purchase of ETF shares.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days. The Fund might,<br />in order to dispose of restricted securities, have to register securities<br />resulting in additional expense and delay. Adverse market conditions could<br />impede such a public offering of such securities.<br /> <br />o IPO Risk. IPO risk is the risk that the market value of IPO shares will<br />fluctuate considerably due to certain factors, such as the absence of a prior<br />public market, unseasoned trading, the small number of shares available for<br />trading and limited information about the issuer. The purchase of IPO shares <br />may involve high transaction costs. IPO shares are subject to market risk and<br />liquidity risk. When the Fund's asset base is small, a significant portion of<br />the Fund's performance could be attributable to investments in IPOs, because<br />such investments would have a magnified impact on the Fund. As the Fund's assets<br />grow, the effect of the Fund's investments in IPOs on the Fund's performance<br />probably will decline, which could reduce the Fund's performance. Because of the<br />price volatility of IPO shares, the Fund may choose to hold IPO shares for a<br />very short period of time. This may increase the turnover of the Fund's<br />portfolio and may lead to increased expenses to the Fund, such as commissions <br />and transaction costs. In addition, Robeco cannot guarantee continued access <br />to IPOs.<br /> <br />o Non-Diversification Risk. The Fund is non-diversified. Compared to other<br />funds, the Fund may invest more of its assets in a smaller number of companies.<br />Gains or losses on a single stock may have greater impact on the Fund.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>No performance information is available for the Fund because it has not yet been<br />in operation for a full calendar year. The performance information, when<br />available, will provide some indication of the risks of investing in the Fund.<br />The Fund intends to evaluate its performance as compared to that of the MSCI&#xAE;<br />EAFE Index. Updated performance information will be available at<br />www.robecoinvest.com or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000035439Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000035439Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BPQIX 0.00 132 924 -0.0247 3852 -0.0100 1735 0.0287 0.0090 2013-12-31 0.0100 0.00 0.00 0.0130 0.0377 0.00 The Fund is non-diversified. Compared to other funds, the Fund may invest more of its assets in a smaller number of companies. Gains or losses on a single stock may have greater impact on the Fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual Fund operating expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 83%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000035438Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term capital growth.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the Fund<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> <tt>The Fund pursues its objective by investing, under normal circumstances, at<br />least 80% of its net assets (including borrowings for investment purposes) in a<br />non-diversified portfolio of equity and equity-related securities issued by U.S.<br />and non-U.S. companies of any capitalization size. The Fund may invest in all<br />types of equity and equity-related securities, including without limitation<br />exchange-traded and over-the-counter common and preferred stocks, warrants,<br />options, rights, convertible securities, sponsored and unsponsored depositary<br />receipts and shares, trust certificates, participatory notes, limited<br />partnership interests, shares of other investment companies (including<br />exchanged-traded funds ("ETFs")) and real estate investment trusts ("REITs"),<br />and equity participations. An equity participation is a type of loan that gives<br />the lender a portion of equity ownership in a property, in addition to principal<br />and interest payments. A convertible security is a bond, debenture, note,<br />preferred stock or other security that may be converted into or exchanged for a<br />prescribed amount of common stock of the same or a different issuer within a<br />particular period of time at a specified price or formula.<br /> <br />The Fund defines non-U.S. companies as companies (i) that are organized under<br />the laws of a foreign country; (ii) whose principal trading market is in a<br />foreign country; or (iii) that have a majority of their assets, or that derive a<br />significant portion of their revenue or profits from businesses, investments or<br />sales, outside of the United States. Under normal market conditions, the Fund<br />invests significantly (ordinarily at least 40% - unless market conditions are<br />not deemed favorable by Robeco, in which case the Fund would invest at least<br />30%) in non-U.S. companies. The Fund principally will be invested in issuers<br />located in countries with developed securities markets, but may also invest in<br />issuers located in emerging markets. The Fund will allocate its assets among<br />various regions and countries, including the United States (but in no less than<br />three different countries).<br /> <br />The Fund generally invests in the equity securities of issuers believed by<br />Robeco to be undervalued in the marketplace, focusing on issuers that combine<br />attractive valuations with catalysts for change. Robeco applies a bottom-up<br />stock selection process (i.e., one that focuses primarily on issuer-specific<br />factors) in managing the Fund, using a combination of fundamental and<br />quantitative analysis. In selecting investments for the Fund, Robeco considers<br />various factors such as price-to-book value, price-to-sales and earnings ratios,<br />dividend yields, strength of management, and cash flow to identify securities<br />that are trading at a price that appears to be lower than the issuer's inherent<br />value.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change in<br />fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />The Fund may (but is not required to) invest in derivatives, including put and<br />call options, futures, forward contracts and swaps, in lieu of investing<br />directly in a security, currency or instrument, for hedging and non-hedging<br />purposes.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /> <br />The Fund may participate as a purchaser in initial public offerings of<br />securities ("IPO"). An IPO is a company's first offering of stock to the public.<br />The Fund may also seek to increase its income by lending portfolio securities.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash<br />and eligible U.S. dollar-denominated money market instruments. Robeco will<br />determine when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION Example No performance information is available for the Fund because it has not been in operation for a full calendar year. Investment Objective Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.83 Performance Information 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>o Management Risk. The Fund is subject to the risk of poor stock selection. In<br />other words, the individual stocks in the Fund may not perform as well as<br />expected, and/or the Fund's portfolio management practices do not work to<br />achieve their desired result.<br /> <br />o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the Fund will invest in stocks Robeco believes to be undervalued, there<br />is no guarantee that the prices of these stocks will not move even lower.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices. The Fund may invest in securities of foreign issuers either<br />directly or through depositary receipts. Depositary receipts may be available<br />through "sponsored" or "unsponsored" facilities. Holders of unsponsored<br />depositary receipts generally bear all of the costs of the unsponsored facility.<br />The depository of an unsponsored facility is frequently under no obligation to<br />distribute shareholder communications received from the issuer of the deposited<br />security or to pass through, to the holders of the receipts, voting rights with<br />respect to the deposited securities. The depository of unsponsored depositary<br />receipts may provide less information to receipt holders. Participatory notes<br />("P-notes") are derivative instruments used by investors to take positions in<br />certain foreign securities. P-notes present similar risks to investing directly<br />in such securities and also expose investors to counterparty risk.<br /> <br />o Emerging Markets Risk. Investment in emerging market securities involves<br />greater risk than that associated with investment in securities of issuers in<br />developed foreign countries. These risks include volatile currency exchange<br />rates, periods of high inflation, increased risk of default, greater social,<br />economic and political uncertainty and instability, less governmental<br />supervision and regulation of securities markets, weaker auditing and financial<br />reporting standards, lack of liquidity in the markets, and the significantly<br />smaller market capitalizations of emerging market issuers.<br /> <br />o Currency Risk. Investment in foreign securities also involves currency risk<br />associated with securities that trade or are denominated in currencies other<br />than the U.S. dollar and which may be affected by fluctuations in currency<br />exchange rates. An increase in the strength of the U.S. dollar relative to a<br />foreign currency may cause the U.S. dollar value of an investment in that<br />country to decline. Foreign currencies also are subject to risks caused by<br />inflation, interest rates, budget deficits and low savings rates, political<br />factors and government controls.<br /> <br />o Convertible Securities Risk. Securities that can be converted into common<br />stock, such as certain securities and preferred stock, are subject to the usual<br />risks associated with fixed income investments, such as interest rate risk and<br />credit risk. In addition, because they react to changes in the value of the<br />equity securities into which they will convert, convertible securities are also<br />subject to the risks associated with equity securities.<br /> <br />o Options Risk. An option is a type of derivative instrument that gives the<br />holder the right (but not the obligation) to buy (a "call") or sell (a "put") an<br />asset in the near future at an agreed upon price prior to the expiration date of<br />the option. The Fund may "cover" a call option by owning the security underlying<br />the option or through other means. The value of options can be highly volatile,<br />and their use can result in loss if Robeco is incorrect in its expectation of<br />price fluctuations.<br /> <br />o Derivatives Risk. The Fund's investments in derivative instruments, which<br />include futures and options on securities, securities indices or currencies,<br />options on these futures, forward foreign currency contracts and interest rate<br />or currency swaps, may be leveraged and result in losses exceeding the amounts<br />invested.<br /><br />o REITs Risk. REITs may be affected by economic forces and other factors related<br />to the real estate industry. Investing in REITs may involve risks similar to<br />those associated with investing in small capitalization companies. REITs may<br />have limited financial resources, may trade less frequently and in a limited<br />volume and may be subject to more abrupt or erratic price movements than larger<br />company securities. Historically, small capitalization stocks, such as REITs,<br />have been more volatile in price than the larger capitalization stocks included<br />in the S&amp;P 500&#xAE; Index.<br /> <br />o Small/Mid-Cap Companies Risk. Investing in securities of companies with micro,<br />small or mid-sized capitalizations tends to be riskier than investing in<br />securities of companies with large capitalizations. Securities of companies with<br />micro, small and mid-sized capitalizations tend to be more volatile than those<br />of large cap companies and, on occasion, may fluctuate in the opposite direction<br />of large cap company securities or the broader stock market averages.<br /> <br />The small capitalization equity securities in which the Fund invests may be<br />traded only in the over-the-counter market or on a regional securities exchange,<br />may be listed only in the quotation service commonly known as the "pink sheets,"<br />and may not be traded every day or in the volume typical of trading on a<br />national securities exchange. These securities may also be subject to wide<br />fluctuations in market value. The trading market for any given small<br />capitalization equity security may be sufficiently small as to make it difficult<br />for the Fund to dispose of a substantial block of such securities. Redemptions<br />may require the Fund to sell its small capitalization securities at a discount<br />from market prices or during periods when, in Robeco's judgment, such sale is<br />not desirable. Moreover, the lack of an efficient market for these securities<br />may make them difficult to value.<br /> <br />o Securities Lending Risk. The Fund may lend portfolio securities to<br />institutions, such as certain broker-dealers. The Fund may experience a loss or<br />delay in the recovery of its securities if the borrowing institution breaches<br />its agreement with the Fund.<br /> <br />o Exchange Traded Fund Risk. Exchange traded funds ("ETFs") are a type of<br />investment company bought and sold on a securities exchange. An ETF represents a<br />fixed portfolio of securities designed to track a particular market index. The<br />risks of owning an ETF generally reflect the risks of owning the underlying<br />securities that they are designed to track, although lack of liquidity in an ETF<br />could result in its being more volatile. The Fund may incur brokerage fees in<br />connection with its purchase of ETF shares.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days. The Fund might,<br />in order to dispose of restricted securities, have to register securities<br />resulting in additional expense and delay. Adverse market conditions could<br />impede such a public offering of such securities.<br /> <br />o IPO Risk. IPO risk is the risk that the market value of IPO shares will<br />fluctuate considerably due to certain factors, such as the absence of a prior<br />public market, unseasoned trading, the small number of shares available for<br />trading and limited information about the issuer. The purchase of IPO shares may<br />involve high transaction costs. IPO shares are subject to market risk and<br />liquidity risk. When the Fund's asset base is small, a significant portion of<br />the Fund's performance could be attributable to investments in IPOs, because<br />such investments would have a magnified impact on the Fund. As the Fund's assets<br />grow, the effect of the Fund's investments in IPOs on the Fund's performance<br />probably will decline, which could reduce the Fund's performance. Because of the<br />price volatility of IPO shares, the Fund may choose to hold IPO shares for a<br />very short period of time. This may increase the turnover of the Fund's<br />portfolio and may lead to increased expenses to the Fund, such as commissions<br />and transaction costs. In addition, Robeco cannot guarantee continued access to<br />IPOs.<br /><br />o Non-Diversification Risk. The Fund is non-diversified. Compared to other<br />funds, the Fund may invest more of its assets in a smaller number of companies.<br />Gains or losses on a single stock may have greater impact on the Fund.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>No performance information is available for the Fund because it has not been in<br />operation for a full calendar year. The performance information, when available,<br />will provide some indication of the risks of investing in the Fund. The Fund<br />intends to evaluate its performance as compared to that of the MSCI&#xAE; World<br />Index. Updated performance information will be available at www.robecoinvest.com<br />or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000035438Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000035438Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BPGRX 0.00 158 956 -0.0226 3745 -0.0100 1567 0.0266 0.0090 2013-12-31 0.0100 0.00 0.0025 0.0155 0.0381 0.00 The Fund is non-diversified. Compared to other funds, the Fund may invest more of its assets in a smaller number of companies. Gains or losses on a single stock may have greater impact on the Fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual Fund operating expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 83%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000035438Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term capital growth.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the <br />Fund remain the same. Although your actual costs may be higher or lower, based <br />on these assumptions your costs would be:</tt> <tt>The Fund pursues its objective by investing, under normal circumstances, at<br />least 80% of its net assets (including borrowings for investment purposes) in a<br />non-diversified portfolio of equity and equity-related securities issued by U.S.<br />and non-U.S. companies of any capitalization size. The Fund may invest in all<br />types of equity and equity-related securities, including without limitation<br />exchange-traded and over-the-counter common and preferred stocks, warrants,<br />options, rights, convertible securities, sponsored and unsponsored depositary<br />receipts and shares, trust certificates, participatory notes, limited<br />partnership interests, shares of other investment companies (including<br />exchanged-traded funds ("ETFs")), real estate investment trusts ("REITs") and<br />equity participations. An equity participation is a type of loan that gives the<br />lender a portion of equity ownership in a property, in addition to principal and<br />interest payments. A convertible security is a bond, debenture, note, preferred<br />stock or other security that may be converted into or exchanged for a prescribed<br />amount of common stock of the same or a different issuer within a particular<br />period of time at a specified price or formula.<br /> <br />The Fund defines non-U.S. companies as companies (i) that are organized under<br />the laws of a foreign country; (ii) whose principal trading market is in a<br />foreign country; or (iii) that have a majority of their assets, or that derive a<br />significant portion of their revenue or profits from businesses, investments or<br />sales, outside of the United States. Under normal market conditions, the Fund<br />invests significantly (ordinarily at least 40% - unless market conditions are<br />not deemed favorable by Robeco, in which case the Fund would invest at least<br />30%) in non-U.S. companies. The Fund principally will be invested in issuers<br />located in countries with developed securities markets, but may also invest in<br />issuers located in emerging markets. The Fund will allocate its assets among<br />various regions and countries, including the United States (but in no less than<br />three different countries).<br /> <br />The Fund generally invests in the equity securities of issuers believed by<br />Robeco to be undervalued in the marketplace, focusing on issuers that combine<br />attractive valuations with catalysts for change. Robeco applies a bottom-up<br />stock selection process (i.e., one that focuses primarily on issuer-specific<br />factors) in managing the Fund, using a combination of fundamental and<br />quantitative analysis. In selecting investments for the Fund, Robeco considers<br />various factors such as price-to-book value, price-to-sales and earnings ratios,<br />dividend yields, strength of management, and cash flow to identify securities<br />that are trading at a price that appears to be lower than the issuer's inherent<br />value.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change in<br />fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />The Fund may (but is not required to) invest in derivatives, including put and<br />call options, futures, forward contracts and swaps, in lieu of investing<br />directly in a security, currency or instrument, for hedging and non-hedging<br />purposes.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /><br />The Fund may participate as a purchaser in initial public offerings of<br />securities ("IPO"). An IPO is a company's first offering of stock to the public.<br />The Fund may also seek to increase its income by lending portfolio securities.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION Example No performance information is available for the Fund because it has not yet been in operation for a full calendar year. Investment Objective Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.83 Performance Information 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>o Management Risk. The Fund is subject to the risk of poor stock selection. In<br />other words, the individual stocks in the Fund may not perform as well as<br />expected, and/or the Fund's portfolio management practices do not work to<br />achieve their desired result.<br /> <br />o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the Fund will invest in stocks Robeco believes to be undervalued, there<br />is no guarantee that the prices of these stocks will not move even lower.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices. The Fund may invest in securities of foreign issuers either<br />directly or depositary receipts. Depositary receipts may be available through<br />"sponsored" or "unsponsored" facilities. Holders of unsponsored depositary<br />receipts generally bear all of the costs of the unsponsored facility. The<br />depository of an unsponsored facility is frequently under no obligation to<br />distribute shareholder communications received from the issuer of the deposited<br />security or to pass through, to the holders of the receipts, voting rights with<br />respect to the deposited securities. The depository of unsponsored depositary<br />receipts may provide less information to receipt holders. Participatory notes<br />("P-notes") are derivative instruments used by investors to take positions in<br />certain foreign securities. P-notes present similar risks to investing directly<br />in such securities and also expose investors to counterparty risk.<br /> <br />o Emerging Markets Risk. Investment in emerging market securities involves<br />greater risk than that associated with investment in securities of issuers in<br />developed foreign countries. These risks include volatile currency exchange<br />rates, periods of high inflation, increased risk of default, greater social,<br />economic and political uncertainty and instability, less governmental<br />supervision and regulation of securities markets, weaker auditing and financial<br />reporting standards, lack of liquidity in the markets, and the significantly<br />smaller market capitalizations of emerging market issuers.<br /> <br />o Currency Risk. Investment in foreign securities also involves currency risk<br />associated with securities that trade or are denominated in currencies other<br />than the U.S. dollar and which may be affected by fluctuations in currency<br />exchange rates. An increase in the strength of the U.S. dollar relative to a<br />foreign currency may cause the U.S. dollar value of an investment in that<br />country to decline. Foreign currencies also are subject to risks caused by<br />inflation, interest rates, budget deficits and low savings rates, political<br />factors and government controls.<br /> <br />o Convertible Securities Risk. Securities that can be converted into common<br />stock, such as certain securities and preferred stock, are subject to the usual<br />risks associated with fixed income investments, such as interest rate risk and<br />credit risk. In addition, because they react to changes in the value of the<br />equity securities into which they will convert, convertible securities are also<br />subject to the risks associated with equity securities.<br /> <br />o Options Risk. An option is a type of derivative instrument that gives the<br />holder the right (but not the obligation) to buy (a "call") or sell (a "put") an<br />asset in the near future at an agreed upon price prior to the expiration date of<br />the option. The Fund may "cover" a call option by owning the security underlying<br />the option or through other means. The value of options can be highly volatile,<br />and their use can result in loss if Robeco is incorrect in its expectation of<br />price fluctuations.<br /><br />o Derivatives Risk. The Fund's investments in derivative instruments, which<br />include futures and options on securities, securities indices or currencies,<br />options on these futures, forward foreign currency contracts and interest rate<br />or currency swaps, may be leveraged and result in losses exceeding the amounts<br />invested.<br /> <br />o REITs Risk. REITs may be affected by economic forces and other factors related<br />to the real estate industry. Investing in REITs may involve risks similar to<br />those associated with investing in small capitalization companies. REITs may<br />have limited financial resources, may trade less frequently and in a limited<br />volume and may be subject to more abrupt or erratic price movements than larger<br />company securities. Historically, small capitalization stocks, such as REITs,<br />have been more volatile in price than the larger capitalization stocks included<br />in the S&amp;P 500&#xAE; Index.<br /> <br />o Small/Mid-Cap Companies Risk. Investing in securities of companies with micro,<br />small or mid-sized capitalizations tends to be riskier than investing in<br />securities of companies with large capitalizations. Securities of companies with<br />micro, small and mid-sized capitalizations tend to be more volatile than those<br />of large cap companies and, on occasion, may fluctuate in the opposite direction<br />of large cap company securities or the broader stock market averages.<br /> <br />The small capitalization equity securities in which the Fund invests may be<br />traded only in the over-the-counter market or on a regional securities exchange,<br />may be listed only in the quotation service commonly known as the "pink sheets,"<br />and may not be traded every day or in the volume typical of trading on a<br />national securities exchange. These securities may also be subject to wide<br />fluctuations in market value. The trading market for any given small<br />capitalization equity security may be sufficiently small as to make it difficult<br />for the Fund to dispose of a substantial block of such securities. Redemptions<br />may require the Fund to sell its small capitalization securities at a discount<br />from market prices or during periods when, in Robeco's judgment, such sale is<br />not desirable. Moreover, the lack of an efficient market for these securities<br />may make them difficult to value.<br /> <br />o Securities Lending Risk. The Fund may lend portfolio securities to<br />institutions, such as certain broker-dealers. The Fund may experience a loss or<br />delay in the recovery of its securities if the borrowing institution breaches<br />its agreement with the Fund.<br /> <br />o Exchange Traded Fund Risk. Exchange traded funds ("ETFs") are a type of<br />investment company bought and sold on a securities exchange. An ETF represents a<br />fixed portfolio of securities designed to track a particular market index. The<br />risks of owning an ETF generally reflect the risks of owning the underlying<br />securities that they are designed to track, although lack of liquidity in an ETF<br />could result in its being more volatile. The Fund may incur brokerage fees in<br />connection with its purchase of ETF shares.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days. The Fund might,<br />in order to dispose of restricted securities, have to register securities<br />resulting in additional expense and delay. Adverse market conditions could<br />impede such a public offering of such securities.<br /> <br />o IPO Risk. IPO risk is the risk that the market value of IPO shares will<br />fluctuate considerably due to certain factors, such as the absence of a prior<br />public market, unseasoned trading, the small number of shares available for<br />trading and limited information about the issuer. The purchase of IPO shares may<br />involve high transaction costs. IPO shares are subject to market risk and<br />liquidity risk. When the Fund's asset base is small, a significant portion of<br />the Fund's performance could be attributable to investments in IPOs, because<br />such investments would have a magnified impact on the Fund. As the Fund's assets<br />grow, the effect of the Fund's investments in IPOs on the Fund's performance<br />probably will decline, which could reduce the Fund's performance. Because of the<br />price volatility of IPO shares, the Fund may choose to hold IPO shares for a<br />very short period of time. This may increase the turnover of the Fund's<br />portfolio and may lead to increased expenses to the Fund, such as commissions <br />and transaction costs. In addition, Robeco cannot guarantee continued access <br />to IPOs.<br /> <br />o Non-Diversification Risk. The Fund is non-diversified. Compared to other<br />funds, the Fund may invest more of its assets in a smaller number of companies.<br />Gains or losses on a single stock may have greater impact on the Fund.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>No performance information is available for the Fund because it has not yet <br />been in operation for a full calendar year. The performance information, when<br />available, will provide some indication of the risks of investing in the Fund.<br />The Fund intends to evaluate its performance as compared to that of the MSCI&#xAE;<br />World Index. Updated performance information will be available at<br />www.robecoinvest.com or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000035438Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000035438Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BPGIX 0.00 132 882 -0.0226 3681 -0.0100 1654 0.0266 0.0090 2013-12-31 0.0100 0.00 0.00 0.0130 0.0356 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual Fund operating expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 53%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000030191Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000030191Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term total return.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the Fund<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund uses a hedged strategy. The Fund actively invests in long positions in<br />stocks identified by Robeco as undervalued and takes short positions in stocks<br />that Robeco has identified as overvalued. The cash proceeds from short sales<br />(i.e. sales of securities the Fund does not own) will be invested in short-term<br />cash instruments to produce a return on such proceeds just below the federal<br />funds rate.<br /> <br />The Fund invests, both long and short, in equity securities issued by large-,<br />mid- and small (or "micro")-cap companies, as well as other instruments that are<br />convertible into equity securities. Selling securities short is a form of<br />leverage. Equity securities in which the Fund may invest include exchange-traded<br />and over-the-counter common and preferred stocks, warrants, rights, convertible<br />securities, depositary receipts and shares, trust certificates, limited<br />partnership interests, shares of other investment companies and real estate<br />investment trusts ("REITs"), and equity participations. An equity participation<br />is a type of loan that gives the lender a portion of equity ownership in a<br />property, in addition to principal and interest payments. A convertible security<br />is a bond, debenture, note, preferred stock or other security that may be<br />converted into or exchanged for a prescribed amount of common stock of the same<br />or a different issuer within a particular period of time at a specified price or<br />formula. The Fund may invest in securities of companies operating for three<br />years or less ("unseasoned issuers"). The Fund may also invest in depository<br />receipts and equity securities of foreign companies (denominated in either U.S.<br />dollars or foreign currencies), put and call options, futures, indexed<br />securities and fixed-income securities (including bonds, notes, mortgage-backed<br />securities, asset-backed securities, convertible securities, Eurodollar and<br />Yankee dollar instruments, preferred stocks and money market instruments) and<br />high yield securities (commonly referred to as "junk bonds"). Fixed income<br />securities in which the Fund will invest include those rated between AAA and D<br />by a nationally recognized statistical rating organization ("NRSRO"), or deemed<br />of comparable quality by Robeco. Robeco may also temporarily invest uninvested<br />cash in money market funds and similar collective investment vehicles. The Fund<br />may also seek to increase its income by lending portfolio securities.<br /> <br />Robeco determines the size of each long or short position by analyzing the<br />tradeoff between the attractiveness of each position and its impact on the risk<br />of the overall portfolio. The Fund seeks to construct a portfolio that has less<br />volatility than the U.S. equity market by investing less than 100% of its assets<br />in net long positions. Selection of individual securities to be held long or<br />sold short will be based on a mix of quantitative techniques and fundamental<br />security analysis. Robeco selects stocks on the basis of three criteria: value,<br />fundamental business strength and momentum. Robeco examines various factors in<br />determining the value characteristics of such issuers including price-to-book<br />value ratios and price-to-earnings ratios. These value characteristics are<br />examined in the context of the issuer's operating and financial fundamentals<br />such as return on equity, earnings growth and cash flow. Robeco selects <br />securities for the Fund based on a continuous study of trends in industries <br />and companies, earnings power and growth and other investment criteria.<br /> <br />Although the Fund seeks to follow a hedged strategy, there can be no assurance<br />that the Fund's portfolio or investments will be insulated from market moves or<br />effectively hedged against risk.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change <br />in fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />In general, the Fund's investments are broadly diversified over a number of<br />industries and, as a matter of policy, the Fund is limited to investing less<br />than 25% of its total assets in any one industry, except that the Fund may<br />invest up to 30% in exchange-traded funds to the extent permitted by the<br />Investment Company Act of 1940 ("1940 Act") and applicable SEC orders.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /> <br />The principal derivative instruments in which the Fund invests are futures and<br />options on securities, securities indices or currencies, options on these<br />futures, forward foreign currency contracts and interest rate or currency swaps.<br />The Fund's investments in derivative instruments may be leveraged and result in<br />losses exceeding the amounts invested.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. The net asset value ("NAV") of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.53 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Total Returns for the Calendar Year Ended December 31 Performance Information The chart below illustrates the performance of the Robeco Boston Partners Long/Short Research Fund's Investor Class. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;8.29% (quarter ended December 31, 2011)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(9.91)% (quarter ended September 30, 2011)&#xA0;&#xA0;<br />Year-to-date total return for the nine months ended September 30, 2012: 9.33%</tt> 1-888-261-4073 Annual Fund Operating Expenses (expenses that that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the long portfolio of the Fund will invest in stocks Robeco believes to<br />be undervalued, there is no guarantee that the price of these stocks will not<br />move even lower.<br /> <br />o High Yield Debt Obligations Risk. The Fund may invest up to 20% of its net<br />assets in high yield debt obligations (of any rating, including defaulted<br />securities and unrated securities), including bonds and debentures, issued by<br />corporations and business organizations. An issuer of debt obligations may<br />default on its obligation to pay interest and repay principal. Also, changes in<br />the financial strength of an issuer or changes in the credit rating of a<br />security may affect its value. Such high yield debt obligations are referred to<br />as "junk bonds" and are not considered to be investment grade.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including currency exchange rate volatility, political, social or economic<br />instability, and differences in taxation, auditing and financial practices.<br /> <br />o Currency Risk. Investment in foreign securities also involves currency risk<br />associated with securities that trade or are denominated in currencies other<br />than the U.S. dollar and which may be affected by fluctuations in currency<br />exchange rates. An increase in the strength of the U.S. dollar relative to a<br />foreign currency may cause the U.S. dollar value of an investment in that<br />country to decline. Foreign currencies also are subject to risks caused by<br />inflation, interest rates, budget deficits and low savings rates, political<br />factors and government controls.<br /> <br />o Management Risk. The Fund is subject to the risk of poor stock selection.<br />Robeco may be incorrect in the stocks it buys and believes to be undervalued and<br />in stocks it sells short and believes to be overvalued. Further, since Robeco<br />will manage both a long and a short portfolio, there is the risk that Robeco may<br />make more poor investment decisions than an adviser of a typical stock mutual<br />fund with only a long portfolio.<br /><br />o Short Sales Risk. Short sales of securities may result in gains if a<br />security's price declines, but may result in losses if a security's price rises.<br />In a rising market, short positions may be more likely to result in losses<br />because securities sold short may be more likely to increase in value. Short<br />selling also involves the risks of: increased leverage, and its accompanying<br />potential for losses; the potential inability to reacquire a security in a<br />timely manner, or at an acceptable price; the possibility of the lender<br />terminating the loan at any time, forcing the Fund to close the transaction<br />under unfavorable circumstances; the additional costs that may be incurred; and<br />the potential loss of investment flexibility caused by the Fund's obligations to<br />provide collateral to the lender and set aside assets to cover the open<br />position. Short sales "against the box" may protect the Fund against the risk of<br />losses in the value of a portfolio security because any decline in value of the<br />security should be wholly or partially offset by a corresponding gain in the<br />short position. Any potential gains in the security, however, would be wholly or<br />partially offset by a corresponding loss in the short position. Short sales that<br />are not "against the box" involve a form of investment leverage, and the amount<br />of the Fund's loss on a short sale is potentially unlimited.<br /> <br />o Unseasoned Issuers Risk. Unseasoned issuers may not have an established<br />financial history and may have limited product lines, markets or financial<br />resources. Unseasoned issuers may depend on a few key personnel for management<br />and may be susceptible to losses and risks of bankruptcy. As a result, such<br />securities may be more volatile and difficult to sell.<br /> <br />o Small-Cap Companies Risk. The small capitalization equity securities in which<br />the Fund may invest may be traded only in the over-the-counter market or on a<br />regional securities exchange, may be listed only in the quotation service<br />commonly known as the "pink sheets," and may not be traded every day or in the<br />volume typical of trading on a national securities exchange. These securities<br />may also be subject to wide fluctuations in market value. The trading market for<br />any given small capitalization equity security may be sufficiently small as to<br />make it difficult for the Fund to dispose of a substantial block of such<br />securities. The sale by the Fund of portfolio securities to meet redemptions may<br />require the Fund to sell its small capitalization securities at a discount from<br />market prices or during periods when, in Robeco's judgment, such sale is not<br />desirable. Moreover, the lack of an efficient market for these securities may<br />make them difficult to value.<br /> <br />o REITs Risk. REITs may be affected by economic forces and other factors related<br />to the real estate industry. Investing in REITs may involve risks similar to<br />those associated with investing in small capitalization companies. REITs may<br />have limited financial resources, may trade less frequently and in a limited<br />volume and may be subject to more abrupt or erratic price movements than larger<br />company securities. Historically, small capitalization stocks, such as REITs,<br />have been more volatile in price than the larger capitalization stocks included<br />in the S&amp;P 500&#xAE; Index.<br /> <br />o Portfolio Turnover Risk. If the Fund frequently trades its portfolio<br />securities, the Fund will incur higher brokerage commissions and transaction<br />costs, which could lower the Fund's performance. In addition to lower<br />performance, high portfolio turnover could result in taxable capital gains. The<br />annual portfolio turnover rate for the Fund is not expected to exceed 300%;<br />however, it may be higher if Robeco believes it will improve the Fund's<br />performance.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days.<br /> <br />o Derivatives Risk. The Fund's investments in derivative instruments, which<br />include futures and options on securities, securities indices or currencies,<br />options on these futures, forward foreign currency contracts and interest rate<br />or currency swaps, may be leveraged and result in losses exceeding the amounts<br />invested.<br /> <br />o Indexed Securities Risk. The Fund may invest in indexed securities whose value<br />is linked to securities indices. Most such securities have values that rise and<br />fall according to the change in one or more specified indices and may have <br />characteristics similar to direct investments in the underlying securities. <br />Depending on the index, such securities may have greater volatility than <br />the market as a whole.<br /> <br />o Securities Lending Risk. The Fund may lend portfolio securities to<br />institutions, such as certain broker-dealers. The Fund may experience a loss or<br />delay in the recovery of its securities if the borrowing institution breaches<br />its agreement with the Fund.<br /> <br />o Exchange Traded Fund Risk. Exchange traded funds ("ETFs") are a type of<br />investment company bought and sold on a securities exchange. An ETF represents a<br />fixed portfolio of securities designed to track a particular market index. The<br />risks of owning an ETF generally reflect the risks of owning the underlying<br />securities that they are designed to track, although lack of liquidity in an ETF<br />could result in its being more volatile. The Fund may incur brokerage fees in<br />connection with its purchase of ETF shares.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>The chart below illustrates the performance of the Robeco Boston Partners<br />Long/Short Research Fund's Investor Class. The information provides some<br />indication of the risks of investing in the Fund. The chart assumes reinvestment<br />of dividends and distributions. As with all such investments, past performance<br />(before and after taxes) is not an indication of future results. Performance<br />reflects fee waivers in effect. If fee waivers were not in place, the Fund's<br />performance would be reduced. Updated performance information is available at<br />www.robecoinvest.com or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000030191Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000030191Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns for the Fund's<br />Investor Class both before and after taxes for the past calendar year to the<br />average annual total returns of a broad-based securities market index for the<br />same period.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000030191Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 0.1692 2010-11-29 Returns After Taxes on Distributions and Sale of Fund Shares 0.0203 0.0451 2010-11-29 Returns After Taxes on Distributions 0.0282 0.0521 2010-11-29 BPRRX Worst Quarter: Best Quarter: 0.00 2012-09-30 Returns Before Taxes 0.0069 303 2011-12-31 936 -0.0991 -0.0004 3352 -0.0100 1593 0.0829 0.0032 0.0312 0.0154 0.0125 2013-12-31 2011-09-30 Year-to-date total return 0.00 0.0053 0.0312 0.00 0.0025 0.0300 0.0304 0.0550 2010-11-29 0.0933 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A `higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual Fund operating expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 53%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000030191Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000030191Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term total return.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the Fund<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund uses a hedged strategy. The Fund actively invests in long positions in<br />stocks identified by Robeco as undervalued and takes short positions in stocks<br />that Robeco has identified as overvalued. The cash proceeds from short sales<br />(i.e. sales of securities the Fund does not own) will be invested in short-term<br />cash instruments to produce a return on such proceeds just below the federal<br />funds rate.<br /> <br />The Fund invests, both long and short, in equity securities issued by large-,<br />mid- and small (or "micro") cap companies, as well as other instruments that <br />are convertible into equity securities. Selling securities short is a form of<br />leverage. Equity securities in which the Fund may invest include exchange-traded<br />and over-the-counter common and preferred stocks, warrants, rights, convertible<br />securities, depositary receipts and shares, trust certificates, limited<br />partnership interests, shares of other investment companies and real estate<br />investment trusts ("REITs"), and equity participations. An equity participation<br />is a type of loan that gives the lender a portion of equity ownership in a<br />property, in addition to principal and interest payments. A convertible security<br />is a bond, debenture, note, preferred stock or other security that may be<br />converted into or exchanged for a prescribed amount of common stock of the same<br />or a different issuer within a particular period of time at a specified price or<br />formula. The Fund may invest in securities of companies operating for three<br />years or less ("unseasoned issuers"). The Fund may also invest in depositary<br />receipts and equity securities of foreign companies (denominated in either U.S.<br />dollars or foreign currencies), put and call options, futures, indexed<br />securities and fixed-income securities (including bonds, notes, mortgage-backed<br />securities, asset-backed securities, convertible securities, Eurodollar and<br />Yankee dollar instruments, preferred stocks and money market instruments) and<br />high yield securities (commonly referred to as "junk bonds"). Fixed income<br />securities in which the Fund will invest include those rated between AAA and D<br />by a nationally recognized statistical rating organization ("NRSRO"), or deemed<br />of comparable quality by Robeco. Robeco may also temporarily invest uninvested<br />cash in money market funds and similar collective investment vehicles. The Fund<br />may also seek to increase its income by lending portfolio securities.<br /> <br />Robeco determines the size of each long or short position by analyzing the<br />tradeoff between the attractiveness of each position and its impact on the risk<br />of the overall portfolio. The Fund seeks to construct a portfolio that has less<br />volatility than the U.S. equity market by investing less than 100% of its assets<br />in net long positions. Selection of individual securities to be held long or<br />sold short will be based on a mix of quantitative techniques and fundamental<br />security analysis. Robeco selects stocks on the basis of three criteria: value,<br />fundamental business strength and momentum. Robeco examines various factors in<br />determining the value characteristics of such issuers including price-to-book<br />value ratios and price-to-earnings ratios. These value characteristics are<br />examined in the context of the issuer's operating and financial fundamentals<br />such as return on equity, earnings growth and cash flow. Robeco selects <br />securities for the Fund based on a continuous study of trends in industries <br />and companies, earnings power and growth and other investment criteria.<br /> <br />Although the Fund seeks to follow a hedged strategy, there can be no assurance<br />that the Fund's portfolio or investments will be insulated from market moves or<br />effectively hedged against risk.<br /> <br />In general, the Fund's investments are broadly diversified over a number of<br />industries and, as a matter of policy, the Fund is limited to investing less<br />than 25% of its total assets in any one industry, except that the Fund may<br />invest up to 30% in exchange-traded funds to the extent permitted by the<br />Investment Company Act of 1940 ("1940 Act") and applicable SEC orders.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change <br />in fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />The principal derivative instruments in which the Fund invests are futures and<br />options on securities, securities indices or currencies, options on these<br />futures, forward foreign currency contracts and interest rate or currency swaps.<br />The Fund's investments in derivative instruments may be leveraged and result in<br />losses exceeding the amounts invested.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. The net asset value ("NAV") of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.53 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Total Returns for the Calendar Year Ended December 31 Performance Information The information provides some indication of the risks of investing in the Fund. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter: 8.37% (quarter ended December 31, 2011)<br />Worst Quarter: (9.89)% (quarter ended September 30, 2011)<br />Year-to-date total return for the nine months ended September 30, 2012: 9.49%</tt> 1-888-261-4073 Annual Fund Operating Expenses (expenses that that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the long portfolio of the Fund will invest in stocks Robeco believes to<br />be undervalued, there is no guarantee that the price of these stocks will not<br />move even lower.<br /> <br />o High Yield Debt Obligations Risk. The Fund may invest up to 20% of its net<br />assets in high yield debt obligations (of any rating, including defaulted<br />securities and unrated securities), including bonds and debentures, issued by<br />corporations and business organizations. An issuer of debt obligations may<br />default on its obligation to pay interest and repay principal. Also, changes in<br />the financial strength of an issuer or changes in the credit rating of a<br />security may affect its value. Such high yield debt obligations are referred to<br />as "junk bonds" and are not considered to be investment grade.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including currency exchange rate volatility, political, social or economic<br />instability, and differences in taxation, auditing and financial practices.<br /> <br />o Currency Risk. Investment in foreign securities also involves currency risk<br />associated with securities that trade or are denominated in currencies other<br />than the U.S. dollar and which may be affected by fluctuations in currency<br />exchange rates. An increase in the strength of the U.S. dollar relative to a<br />foreign currency may cause the U.S. dollar value of an investment in that<br />country to decline. Foreign currencies also are subject to risks caused by<br />inflation, interest rates, budget deficits and low savings rates, political<br />factors and government controls.<br /> <br />o Management Risk. The Fund is subject to the risk of poor stock selection.<br />Robeco may be incorrect in the stocks it buys and believes to be undervalued and<br />in stocks it sells short and believes to be overvalued. Further, since Robeco<br />will manage both a long and a short portfolio, there is the risk that Robeco may <br />make more poor investment decisions than an adviser of a typical stock mutual<br />fund with only a long portfolio.<br /> <br />o Short Sales Risk. Short sales of securities may result in gains if a<br />security's price declines, but may result in losses if a security's price rises.<br />In a rising market, short positions may be more likely to result in losses<br />because securities sold short may be more likely to increase in value. Short<br />selling also involves the risks of: increased leverage, and its accompanying<br />potential for losses; the potential inability to reacquire a security in a<br />timely manner, or at an acceptable price; the possibility of the lender<br />terminating the loan at any time, forcing the Fund to close the transaction<br />under unfavorable circumstances; the additional costs that may be incurred; <br />and the potential loss of investment flexibility caused by the Fund's obligations <br />to provide collateral to the lender and set aside assets to cover the open<br />position. Short sales "against the box" may protect the Fund against the risk of<br />losses in the value of a portfolio security because any decline in value of the<br />security should be wholly or partially offset by a corresponding gain in the<br />short position. Any potential gains in the security, however, would be wholly or<br />partially offset by a corresponding loss in the short position. Short sales that<br />are not "against the box" involve a form of investment leverage, and the amount<br />of the Fund's loss on a short sale is potentially unlimited.<br /> <br />o Unseasoned Issuers Risk. Unseasoned issuers may not have an established<br />financial history and may have limited product lines, markets or financial<br />resources. Unseasoned issuers may depend on a few key personnel for management<br />and may be susceptible to losses and risks of bankruptcy. As a result, such<br />securities may be more volatile and difficult to sell.<br /> <br />o Small-Cap Companies Risk. The small capitalization equity securities in which<br />the Fund may invest may be traded only in the over-the-counter market or on a<br />regional securities exchange, may be listed only in the quotation service<br />commonly known as the "pink sheets," and may not be traded every day or in the<br />volume typical of trading on a national securities exchange. These securities<br />may also be subject to wide fluctuations in market value. The trading market for<br />any given small capitalization equity security may be sufficiently small as to<br />make it difficult for the Fund to dispose of a substantial block of such<br />securities. The sale by the Fund of portfolio securities to meet redemptions may<br />require the Fund to sell its small capitalization securities at a discount from<br />market prices or during periods when, in Robeco's judgment, such sale is not<br />desirable. Moreover, the lack of an efficient market for these securities may<br />make them difficult to value.<br /> <br />o REITs Risk. REITs may be affected by economic forces and other factors related<br />to the real estate industry. Investing in REITs may involve risks similar to<br />those associated with investing in small capitalization companies. REITs may<br />have limited financial resources, may trade less frequently and in a limited<br />volume and may be subject to more abrupt or erratic price movements than larger<br />company securities. Historically, small capitalization stocks, such as REITs,<br />have been more volatile in price than the larger capitalization stocks included<br />in the S&amp;P 500&#xAE; Index.<br /> <br />o Portfolio Turnover Risk. If the Fund frequently trades its portfolio<br />securities, the Fund will incur higher brokerage commissions and transaction<br />costs, which could lower the Fund's performance. In addition to lower<br />performance, high portfolio turnover could result in taxable capital gains. The<br />annual portfolio turnover rate for the Fund is not expected to exceed 300%;<br />however, it may be higher if Robeco believes it will improve the Fund's<br />performance.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days.<br /> <br />o Derivatives Risk. The Fund's investments in derivative instruments, which<br />include futures and options on securities, securities indices or currencies,<br />options on these futures, forward foreign currency contracts and interest rate<br />or currency swaps, may be leveraged and result in losses exceeding the amounts<br />invested.<br /><br />o Indexed Securities Risk. The Fund may invest in indexed securities whose value<br />is linked to securities indices. Most such securities have values that rise and<br />fall according to the change in one or more specified indices and may have<br />characteristics similar to direct investments in the underlying securities.<br />Depending on the index, such securities may have greater volatility than the<br />market as a whole.<br /> <br />o Securities Lending Risk. The Fund may lend portfolio securities to<br />institutions, such as certain broker-dealers. The Fund may experience a loss or<br />delay in the recovery of its securities if the borrowing institution breaches<br />its agreement with the Fund.<br /> <br />o Exchange Traded Fund Risk. Exchange traded funds ("ETFs") are a type of<br />investment company bought and sold on a securities exchange. An ETF represents a<br />fixed portfolio of securities designed to track a particular market index. The<br />risks of owning an ETF generally reflect the risks of owning the underlying<br />securities that they are designed to track, although lack of liquidity in an ETF<br />could result in its being more volatile. The Fund may incur brokerage fees in<br />connection with its purchase of ETF shares.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>The chart below illustrates the performance of the Robeco Boston Partners<br />Long/Short Research Fund's Institutional Class. The information provides some<br />indication of the risks of investing in the Fund. The chart assumes reinvestment<br />of dividends and distributions. As with all such investments, past performance<br />(before and after taxes) is not an indication of future results. Performance<br />reflects fee waivers in effect. If fee waivers were not in place, the Fund's<br />performance would be reduced. Updated performance information is available at<br />www.robecoinvest.com or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000030191Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000030191Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns for the Fund's<br />Institutional Class both before and after taxes for the past calendar year and<br />since inception to the average annual total returns of a broad-based securities<br />market index for the same periods.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000030191Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 0.1692 2010-11-29 Returns After Taxes on Distributions and Sale of Fund Shares 0.0221 0.0694 2010-11-29 Returns After Taxes on Distributions 0.0310 0.0807 2010-11-29 BPIRX Worst Quarter: Best Quarter: 0.00 2012-09-30 Returns Before Taxes 0.0072 284 2011-12-31 877 -0.0989 -0.0003 3164 -0.0100 1496 0.0837 0.0032 0.0340 0.0159 0.0125 2013-12-31 2011-09-30 Year-to-date total return 0.0100 0.0055 0.0340 0.00 0.00 0.0281 0.0284 0.0833 2010-11-29 0.0949 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 249.27%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000030121Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000030121Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The S1 Fund (the "Fund") seeks to provide long-term capital appreciation with an<br />emphasis on absolute (positive) returns and low correlation to traditional<br />financial market indices such as the S&amp;P 500&#xAE; Index.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds.<br /><br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that <br />the Fund's operating expenses remain the same. Although your actual costs may <br />be higher or lower, based on these assumptions your costs would be:</tt> AVERAGE ANNUAL TOTAL RETURNS reflects no deduction for fees, expenses or taxes <tt>The Fund utilizes a "multi-manager" approach whereby the Fund's assets are<br />allocated to one or more sub-advisers ("Sub-Advisers") in percentages determined<br />at the discretion of the Fund's investment adviser, Simple Alternatives, LLC<br />(the "Adviser"). The Adviser also manages a portion of the Fund's assets and<br />monitors Sub-Adviser trading with the dual objectives of maximizing each<br />Sub-Adviser's investment flexibility and assuring that the Fund as a whole<br />complies with investment restrictions. Otherwise, each Sub-Adviser acts<br />independently from the others and utilizes its own distinct investment style <br />in selecting securities. However, each Sub-Adviser must operate within the<br />constraints of the Fund's investment objective and strategies and the <br />particular investment restrictions applicable to that Sub-Adviser.<br /> <br />The strategies utilized by the Fund are hedge fund-type strategies and include<br />absolute return strategies as well as strategies aimed at enhanced risk-adjusted<br />returns. The strategies and investment techniques employed by the Sub-Advisers<br />aim to produce absolute returns over a full market cycle while managing risk<br />exposure. These strategies and techniques may attempt to exploit disparities <br />or inefficiencies in particular markets or geographical regions; take advantage <br />of security mispricings or anticipated price movements; and/or benefit from<br />cyclical themes and relationships or special situations and events (such as<br />spin-offs or reorganizations). Such strategies may have low correlation to<br />traditional markets because they seek asymmetric investment opportunities that<br />may present risks unrelated to traditional markets.<br /> <br />The Sub-Advisers may invest and trade in a wide range of instruments, markets<br />and asset classes in U.S. and non-U.S., developed and emerging markets.<br />Investments include equities and equity-related instruments, fixed-income and<br />other debt-related instruments, currencies, financial futures, options and<br />swaps, commodity-linked instruments and private placements. Equities and<br />equity-related instruments include common stocks, preferred stocks, convertible<br />securities, sponsored or unsponsored depositary receipts, exchange traded funds<br />("ETFs"), Rule 144A equity securities, warrants, rights, and equity derivatives<br />such as call and put options, forward currency exchange contracts, swaps and<br />futures. Debt-related instruments include corporate bonds, Rule 144A bonds,<br />defaulted debt securities, distressed debt securities, mezzanine investments,<br />bank loans, asset-backed securities, mortgage-backed securities, unrated<br />securities and securities of companies in bankruptcy. Commodity-linked<br />instruments include commodity-linked structured notes, commodity index-linked<br />securities and other derivative instruments that provide exposure to the<br />investment returns of the commodities markets. The Sub-Advisers may invest in<br />asset-backed securities, which represent participations in, or are secured by<br />and payable from, pools of assets such as motor vehicle installment sale<br />contracts, installment loan contracts, leases of various types of real and<br />personal property, receivables from revolving credit (credit card) agreements<br />and other categories of receivables. Asset-backed securities acquired by the<br />Fund may also include collateralized debt obligations ("CDOs"). CDOs include<br />collateralized bond obligations ("CBOs") and collateralized loan obligations<br />("CLOs") and other similarly structured securities. The Sub-Advisers may invest<br />in equity and debt securities of companies of all sizes and without limit on the<br />credit quality or maturity of debt securities. These securities can be rated<br />investment grade, rated below investment grade, or high yield securities (also<br />known as "junk bonds"), which are below Baa3 by Moody's, BBB- by S&amp;P or BBB- by<br />Fitch or unrated. The Fund may invest in securities of the lowest rating<br />category, including securities in default. There is no limit to the amount the<br />Fund may invest in junk bonds. The Sub-Advisers may borrow money from banks in<br />order to purchase securities or for other investment purposes. The Sub-Advisers<br />may also sell securities short, which is a form of leverage.<br /><br />The Adviser has primary responsibility for allocating Fund assets in a manner<br />that attempts to diversify the Fund's portfolio across multiple strategies and<br />investment styles that the Adviser believes are complementary and, when<br />combined, will produce enhanced risk-adjusted returns. The Adviser reviews a<br />range of qualitative and quantitative factors when determining the allocations<br />and reallocations to Sub-Advisers, including, but not limited to, the<br />Sub-Adviser's style, historical performance and the characteristics of each<br />Sub-Adviser's allocated assets (including investment process and statistical<br />analysis). The Adviser will allocate Fund assets among strategies of the<br />Sub-Advisers that it believes offer the potential for attractive long-term<br />investment returns individually and are expected to blend within the Fund's<br />portfolio so that it will have low correlation and low volatility relative to<br />the broader stock and bond markets. The Adviser may direct a Sub-Adviser to<br />reduce or limit its investment in certain assets or asset classes in order to<br />achieve the desired composition of the Fund's overall portfolio. The Adviser<br />retains the discretion to invest the Fund's assets in securities and other<br />instruments directly and may do so in certain circumstances including pending<br />allocation to a Sub-Adviser, to hedge against overall Fund exposure created by<br />the Sub-Advisers, or to increase or reduce the Fund's exposure to a particular<br />issuer, sector, industry or general market risk, including interest rate risk.</tt> SUMMARY SECTION "Acquired Fund" means any investment company in which the Fund invests or has invested during the current fiscal year ended August 31, 2012. Net Operating Expenses will not correlate to the Fund's ratio of expenses to average net assets, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Fund calculates the Acquired Fund's expenses using the net expense ratios reported in the Acquired Fund's most recent shareholder reports. Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 2.4927 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). TOTAL RETURNS FOR THE CALENDAR YEAR ENDED DECEMBER 31 Fund Performance As of the date of this Prospectus, the Fund's R Shares have not yet commenced operations. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2.13% (quarter ended March 31, 2011)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(3.93)% (quarter ended September 30, 2011)&#xA0;&#xA0;&#xA0;&#xA0;<br />Year-to-date total return for the nine months ended September 30, 2012: 4.00%</tt> www.S1Fund.com Annual Fund Operating Expenses (expenses that that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS FOR THE CALENDAR YEAR ENDED DECEMBER 31, 2011 Portfolio Turnover <tt>As with all mutual funds, a shareholder is subject to the risk that his or her<br />investment could lose money. The Fund is only a suitable investment for<br />investors who can bear leverage and derivatives securities risks. The principal<br />risk factors affecting shareholders' investments in the Fund are set forth<br />below.<br /> <br />o Multi-Manager Dependence. The success of the Fund's investment strategy<br />depends both on the Adviser's ability to select Sub-Advisers and to allocate<br />assets to those Sub-Advisers and on each Sub-Adviser's ability to execute the<br />relevant strategy and select investments for the Fund. The Sub-Advisers'<br />investment styles may not always be complementary, which could affect the<br />performance of the Fund.<br /> <br />o Absolute Return Focus. The Fund's returns may deviate from overall market<br />returns to a greater degree than other funds that do not employ an absolute<br />return focus. In addition, if the Fund or a Sub-Adviser takes a defensive<br />posture by hedging its portfolio and stock prices subsequently advance, the<br />Fund's returns may be lower than expected and lower than if the Fund's portfolio<br />had not been hedged.<br /> <br />o Equity Securities. The Fund is designed for investors who can accept the risks<br />of investing in a portfolio with significant holdings of equity securities.<br />Equity securities tend to be more volatile than other investment choices, such<br />as debt and money market instruments. The value of your investment may decrease<br />in response to overall stock market movements or the value of individual<br />securities held by the Fund.<br /> <br />o Mid Cap Company Investments. Securities of companies with mid cap<br />capitalizations tend to be riskier than securities of companies with large<br />capitalizations. This is because mid cap companies typically have smaller<br />product lines and less access to liquidity than large cap companies, and are<br />therefore more sensitive to economic downturns. In addition, growth prospects of<br />mid cap companies tend to be less certain than large cap companies, and the<br />dividends paid by mid cap stocks are frequently negligible. Moreover, mid cap<br />stocks have, on occasion, fluctuated in the opposite direction of large cap<br />stocks or the general stock market. Consequently, securities of mid cap<br />companies tend to be more volatile than those of large cap companies.<br /> <br />o Small Cap Company Investments. Securities of companies with small<br />capitalizations tend to be riskier than securities of companies with mid cap and<br />large capitalizations. Smaller companies may have limited product lines, markets<br />and financial resources. The prices of small capitalization stocks tend to be<br />more volatile than those of other stocks. Small capitalization stocks are not<br />priced as efficiently as stocks of larger companies. In addition, it may be<br />harder to sell these stocks, especially during a down market or upon the<br />occurrence of adverse company-specific events, which can reduce their selling<br />prices.<br /> <br />o Fixed Income Securities. Fixed income securities in which the Fund may invest<br />are subject to certain risks, including: interest rate risk, prepayment risk and<br />credit/default risk. Interest rate risk involves the risk that prices of fixed<br />income securities will rise and fall in response to interest rate changes.<br />Prepayment risk involves the risk that in declining interest rate environments<br />prepayments of principal could increase and require the Fund to reinvest<br />proceeds of the prepayments at lower interest rates. Credit risk involves the<br />risk that the credit rating of a security may be lowered.<br /> <br />o Asset-Backed Securities. The risks of investing in asset-backed securities<br />include interest rate risk, prepayment risk and the risk that the Fund could<br />lose money if there are defaults on the loans underlying these securities.<br /> <br />o Mortgaged-Backed Securities. The risks of investing in mortgaged-backed<br />securities include interest rate risk, prepayment risk and the risk that the<br />Fund could lose money if there are defaults on the mortgage loans underlying<br />these securities.<br /> <br />o High Yield Debt Obligations. The Fund may invest in high yield debt<br />obligations, such as bonds and debentures, issued by corporations and other<br />business organizations. An issuer of debt obligations may default on its<br />obligation to pay interest and repay principal. Also, changes in the financial<br />strength of an issuer or changes in the credit rating of a security may affect<br />its value. Such high yield debt obligations are referred to as "junk bonds" and<br />are not considered to be investment grade.<br /> <br />o Foreign Investments. International investing is subject to special risks,<br />including currency exchange rate volatility, political, social or economic<br />instability, and differences in taxation, auditing and other financial<br />practices. The Fund may invest in securities of foreign issuers either directly<br />or through depositary receipts. Depositary receipts may be available through<br />"sponsored" or "unsponsored" facilities. Holders of unsponsored depositary<br />receipts generally bear all of the costs of the unsponsored facility. The<br />depository of an unsponsored facility is frequently under no obligation to<br />distribute shareholder communications received from the issuer of the deposited<br />security or to pass through, to the holders of the receipts, voting rights with<br />respect to the deposited securities. The depository of unsponsored depositary<br />receipts may provide less information to receipt holders.<br /> <br />o Emerging Markets. Investment in emerging market securities involves greater<br />risk than that associated with investment in foreign securities of developed<br />foreign countries. These risks include volatile currency exchange rates, periods<br />of high inflation, increased risk of default, greater social, economic and<br />political uncertainty and instability, less governmental supervision and<br />regulation of securities markets, weaker auditing and financial reporting<br />standards, lack of liquidity in the markets, and the significantly smaller<br />market capitalizations of emerging market issuers.<br /> <br />o Leverage. The Fund may borrow money from banks in order to purchase securities<br />for other investment purposes. The Fund may also engage in selling securities<br />short, which is a form of leverage. Although the use of leverage by the Fund may<br />create an opportunity for increased return, it also results in additional risks<br />and can magnify the effect of any losses. There is no assurance that the use of<br />leverage as an investment strategy will be successful.<br /> <br />o Derivatives. The Fund's investments in derivative instruments such as options,<br />forward currency exchange contracts, swaps and futures, which may be leveraged,<br />may result in losses. Investments in derivative instruments may result in losses<br />exceeding the amounts invested.<br /> <br />o Commodity Sector Risk. Exposure to the commodities markets may subject the<br />Fund to greater volatility than investments in traditional securities. The value<br />of commodity-linked derivative instruments may be affected by changes in overall<br />market movements, commodity index volatility, changes in interest rates, or<br />factors affecting a particular industry or commodity, such as drought, floods,<br />weather, livestock disease, embargoes, tariffs and international economic,<br />political and regulatory developments. The prices of energy, industrial metals,<br />precious metals, agriculture and livestock sector commodities may fluctuate<br />widely due to factors such as changes in value, supply and demand and<br />governmental regulatory policies. The commodity-linked securities in which the<br />Fund invests may be issued by companies in the financial services sector, and<br />events affecting the financial services sector may cause the Fund's share value<br />to fluctuate.<br /> <br />o Convertible Securities. Securities that can be converted into common stock,<br />such as certain securities and preferred stock, are subject to the usual risks<br />associated with fixed income investments, such as interest rate risk and credit<br />risk. In addition, because they react to changes in the value of the equity<br />securities into which they will convert, convertible securities are also subject<br />to the risks associated with equity securities.<br /> <br />o Valuation. Portfolio securities that have been valued using techniques other<br />than market quotations may have valuations that are different from those<br />produced using market quotations, and the security may be sold at a discount to<br />the value established by the Fund.<br /> <br />o Redemptions. The Fund could experience a loss when selling securities to meet<br />redemption requests by shareholders if the redemption requests are unusually<br />large or frequent, occur in times of overall market turmoil or declining prices<br />for the securities sold, or when the securities the Fund wishes to or is<br />required to sell are illiquid.<br /> <br />o Portfolio Turnover. The Fund frequently trades its portfolio securities. High<br />portfolio turnover will cause the Fund to incur higher brokerage commissions and<br />transaction costs, which could lower the Fund's performance. In addition to<br />lower performance, high portfolio turnover could result in taxable capital<br />gains.<br /><br />o Exchange Traded Funds. ETFs are a type of investment company bought and sold<br />on a securities exchange. An ETF represents a fixed portfolio of securities<br />designed to track a particular market index. The risks of owning an ETF<br />generally reflect the risks of owning the underlying securities that the ETF is<br />designed to track, although lack of liquidity in an ETF could result in its<br />being more volatile. The Fund may incur brokerage fees in connection with its<br />purchase of ETF shares.<br /> <br />o New Adviser Risk. The Fund's Sub-Advisers may be newly-formed, newly<br />registered with the SEC and/or have not previously managed a mutual fund.<br />Accordingly, investors in the Fund bear the risk that a Sub-Adviser's<br />inexperience may limit its effectiveness.</tt> Expenses and Fees Summary of Principal Investment Strategies 1-866-882-1226 <tt>As of the date of this Prospectus, the Fund's R Shares have not yet commenced<br />operations. The chart below illustrates the performance of the Fund's I Shares,<br />which are offered in a separate Prospectus. Had R Shares been operational during<br />the periods in the chart and table below, they would have had substantially<br />similar annual returns as the I Shares because R Shares are invested in the same<br />portfolio of securities. Annual returns would differ only to the extent that R<br />Shares and I Shares do not have the same expenses. The information provides some<br />indication of the risks of investing in the Fund. The chart assumes reinvestment<br />of dividends and distributions. As with all such investments, past performance<br />(before and after taxes) is not an indication of future results. Performance<br />reflects fee waivers in effect. If fee waivers were not in place, the Fund's<br />performance would be reduced. Updated performance information may be obtained at<br />www.S1Fund.com or 1-866-882-1226.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />R Shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000030121Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000030121Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the Fund's total returns for the calendar year ended<br />December 31, 2011 to the average annual total returns of a broad-based<br />securities market index for the same period. Past performance (before and after<br />taxes) is not necessarily an indicator of how the Fund will perform in the<br />future.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000030121Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 0.1310 2010-09-30 I Shares After Taxes on Distributions and Sale of Fund Shares -0.0079 -0.0163 2010-09-30 I Shares After Taxes on Distributions -0.0121 -0.0192 2010-09-30 SONRX Worst Quarter: Best Quarter: 0.00 2012-09-30 I Shares Before Taxes 0.0099 473 2011-03-31 1502 -0.0393 -0.0082 5309 0.00 2605 0.0213 0.0102 -0.0121 0.0249 0.0275 2014-12-31 2011-09-30 Year-to-date total return 0.00 0.0048 -0.0121 0.00 0.0025 0.0472 0.0554 -0.0192 2010-09-30 0.0400 0.0005 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 249.27%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000030121Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000030121Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The S1 Fund (the "Fund") seeks to provide long-term capital appreciation with an<br />emphasis on absolute (positive) returns and low correlation to traditional<br />financial market indices such as the S&amp;P 500&#xAE; Index.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that <br />the Fund's operating expenses remain the same. Although your actual costs may <br />be higher or lower, based on these assumptions your costs would be:</tt> AVERAGE ANNUAL TOTAL RETURNS reflects no deduction for fees, expenses or taxes <tt>The Fund utilizes a "multi-manager" approach whereby the Fund's assets are<br />allocated to one or more sub-advisers ("Sub-Advisers") in percentages determined<br />at the discretion of the Fund's investment adviser, Simple Alternatives, LLC<br />(the "Adviser"). The Adviser also manages a portion of the Fund's assets and<br />monitors Sub-Adviser trading with the dual objectives of maximizing each<br />Sub-Adviser's investment flexibility and assuring that the Fund as a whole<br />complies with investment restrictions. Otherwise, each Sub-Adviser acts<br />independently from the others and utilizes its own distinct investment style <br />in selecting securities. However, each Sub-Adviser must operate within the<br />constraints of the Fund's investment objective and strategies and the particular<br />investment restrictions applicable to that Sub-Adviser.<br /> <br />The strategies utilized by the Fund are hedge fund-type strategies and include<br />absolute return strategies as well as strategies aimed at enhanced risk-adjusted<br />returns. The strategies and investment techniques employed by the Sub-Advisers<br />aim to produce absolute returns over a full market cycle while managing risk<br />exposure. These strategies and techniques may attempt to exploit disparities or<br />inefficiencies in particular markets or geographical regions; take advantage of<br />security mispricings or anticipated price movements; and/or benefit from<br />cyclical themes and relationships or special situations and events (such as<br />spin-offs or reorganizations). Such strategies may have low correlation to<br />traditional markets because they seek asymmetric investment opportunities that<br />may present risks unrelated to traditional markets.<br /> <br />The Sub-Advisers may invest and trade in a wide range of instruments, markets<br />and asset classes in U.S. and non-U.S., developed and emerging markets.<br />Investments include equities and equity-related instruments, fixed-income and<br />other debt-related instruments, currencies, financial futures, options and<br />swaps, commodity-linked instruments and private placements. Equities and<br />equity-related instruments include common stocks, preferred stocks, convertible<br />securities, sponsored and unsponsored depositary receipts, exchange traded funds<br />("ETFs"), Rule 144A equity securities, warrants, rights, and equity derivatives<br />such as call and put options, forward currency exchange contracts, swaps and<br />futures. Debt-related instruments include corporate bonds, Rule 144A bonds,<br />defaulted debt securities, distressed debt securities, mezzanine investments,<br />bank loans, asset-backed securities, mortgage-backed securities, unrated<br />securities and securities of companies in bankruptcy. Commodity-linked<br />instruments include commodity-linked structured notes, commodity index-linked<br />securities and other derivative instruments that provide exposure to the<br />investment returns of the commodities markets. The Sub-Advisers may invest in<br />asset-backed securities, which represent participations in, or are secured by<br />and payable from, pools of assets such as motor vehicle installment sale<br />contracts, installment loan contracts, leases of various types of real and<br />personal property, receivables from revolving credit (credit card) agreements<br />and other categories of receivables. Asset-backed securities acquired by the<br />Fund may also include collateralized debt obligations ("CDOs"). CDOs include<br />collateralized bond obligations ("CBOs") and collateralized loan obligations<br />("CLOs") and other similarly structured securities. The Sub-Advisers may invest<br />in equity and debt securities of companies of all sizes and without limit on the<br />credit quality or maturity of debt securities. These securities can be rated<br />investment grade, rated below investment grade, or high yield securities (also<br />known as "junk bonds"), which are below Baa3 by Moody's, BBB- by S&amp;P or BBB- by<br />Fitch or unrated. The Fund may invest in securities of the lowest rating<br />category, including securities in default. There is no limit to the amount the<br />Fund may invest in junk bonds. The Sub-Advisers borrow money from banks in order<br />to purchase securities or for other investment purposes. The Sub-Advisers may<br />also sell securities short, which is a form of leverage.<br /> <br />The Adviser has primary responsibility for allocating Fund assets in a manner<br />that attempts to diversify the Fund's portfolio across multiple strategies and<br />investment styles that the Adviser believes are complementary and, when<br />combined, will produce enhanced risk-adjusted returns. The Adviser reviews a<br />range of qualitative and quantitative factors when determining the allocations <br />and reallocations to Sub-Advisers, including, but not limited to, the Sub-Adviser's <br />style, historical performance and the characteristics of each Sub-Adviser's allocated <br />assets (including investment process and statistical analysis). The Adviser will<br />allocate Fund assets among strategies of the Sub-Advisers that it believes offer<br />the potential for attractive long-term investment returns individually and are<br />expected to blend within the Fund's portfolio so that it will have low<br />correlation and low volatility relative to the broader stock and bond markets.<br />The Adviser may direct a Sub-Adviser to reduce or limit its investment in<br />certain assets or asset classes in order to achieve the desired composition of<br />the Fund's overall portfolio. The Adviser retains the discretion to invest the<br />Fund's assets in securities and other instruments directly and may do so in<br />certain circumstances including pending allocation to a Sub-Adviser, to hedge<br />against overall Fund exposure created by the Sub-Advisers, or to increase or<br />reduce the Fund's exposure to a particular issuer, sector, industry or general<br />market risk, including interest rate risk.</tt> SUMMARY SECTION "Acquired Fund" means any investment company in which the Fund invests or has invested during the fiscal year ended August 31, 2012. Net Operating Expenses will not correlate to the Fund's ratio of expenses to average net assets, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Fund calculates the Acquired Fund's expenses using the net expense ratios reported in the Acquired Fund's most recent shareholder reports. Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 2.4927 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 I Shares Fund Performance The chart below illustrates the performance of the Fund's I Shares. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />above):&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2.13% (quarter ended March 31, 2011)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(3.93)% (quarter ended September 30, 2011) <br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Year-to-date total return for the nine months ended September 30, 2012: 4.00%</tt> 1-866-882-1226 Annual Fund Operating Expenses (expenses that that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS FOR THE CALENDAR YEAR ENDED DECEMBER 31, 2011 Portfolio Turnover <tt>As with all mutual funds, a shareholder is subject to the risk that his or <br />her investment could lose money. The Fund is only a suitable investment for<br />investors who can bear leverage and derivatives securities risks. The principal<br />risk factors affecting shareholders' investments in the Fund are set forth<br />below.<br /> <br />o Multi-Manager Dependence. The success of the Fund's investment strategy<br />depends both on the Adviser's ability to select Sub-Advisers and to allocate<br />assets to those Sub-Advisers and on each Sub-Adviser's ability to execute the<br />relevant strategy and select investments for the Fund. The Sub-Advisers'<br />investment styles may not always be complementary, which could affect the<br />performance of the Fund.<br /> <br />o Absolute Return Focus. The Fund's returns may deviate from overall market<br />returns to a greater degree than other funds that do not employ an absolute<br />return focus. In addition, if the Fund or a Sub-Adviser takes a defensive<br />posture by hedging its portfolio and stock prices subsequently advance, the<br />Fund's returns may be lower than expected and lower than if the Fund's portfolio<br />had not been hedged.<br /> <br />o Equity Securities. The Fund is designed for investors who can accept the risks<br />of investing in a portfolio with significant holdings of equity securities.<br />Equity securities tend to be more volatile than other investment choices, such<br />as debt and money market instruments. The value of your investment may decrease<br />in response to overall stock market movements or the value of individual<br />securities held by the Fund.<br /> <br />o Mid Cap Company Investments. Securities of companies with mid cap<br />capitalizations tend to be riskier than securities of companies with large<br />capitalizations. This is because mid cap companies typically have smaller<br />product lines and less access to liquidity than large cap companies, and are<br />therefore more sensitive to economic downturns. In addition, growth prospects of<br />mid cap companies tend to be less certain than large cap companies, and the<br />dividends paid by mid cap stocks are frequently negligible. Moreover, mid cap<br />stocks have, on occasion, fluctuated in the opposite direction of large cap<br />stocks or the general stock market. Consequently, securities of mid cap<br />companies tend to be more volatile than those of large cap companies.<br /> <br />o Small Cap Company Investments. Securities of companies with small<br />capitalizations tend to be riskier than securities of companies with mid cap and<br />large capitalizations. Smaller companies may have limited product lines, markets<br />and financial resources. The prices of small capitalization stocks tend to be<br />more volatile than those of other stocks. Small capitalization stocks are not<br />priced as efficiently as stocks of larger companies. In addition, it may be<br />harder to sell these stocks, especially during a down market or upon the<br />occurrence of adverse company-specific events, which can reduce their selling<br />prices.<br /> <br />o Fixed Income Securities. Fixed income securities in which the Fund may invest<br />are subject to certain risks, including: interest rate risk, prepayment risk and<br />credit/default risk. Interest rate risk involves the risk that prices of fixed<br />income securities will rise and fall in response to interest rate changes.<br />Prepayment risk involves the risk that in declining interest rate environments<br />prepayments of principal could increase and require the Fund to reinvest<br />proceeds of the prepayments at lower interest rates. Credit risk involves the<br />risk that the credit rating of a security may be lowered.<br /> <br />o Asset-Backed Securities. The risks of investing in asset-backed securities<br />include interest rate risk, prepayment risk and the risk that the Fund could<br />lose money if there are defaults on the loans underlying these securities.<br /> <br />o Mortgaged-Backed Securities. The risks of investing in mortgaged-backed<br />securities include interest rate risk, prepayment risk and the risk that the<br />Fund could lose money if there are defaults on the mortgage loans underlying<br />these securities.<br /> <br />o High Yield Debt Obligations. The Fund may invest in high yield debt<br />obligations, such as bonds and debentures, issued by corporations and other<br />business organizations. An issuer of debt obligations may default on its <br />obligation to pay interest and repay principal. Also, changes in the <br />financial strength of an issuer or changes in the credit rating of a<br />security may affect its value. Such high yield debt obligations are referred <br />to as "junk bonds" and are not considered to be investment grade.<br /> <br />o Foreign Investments. International investing is subject to special risks,<br />including currency exchange rate volatility, political, social or economic<br />instability, and differences in taxation, auditing and other financial<br />practices. The Fund may invest in securities of foreign issuers either directly<br />or through depositary receipts. Depositary receipts may be available through<br />"sponsored" or "unsponsored" facilities. Holders of unsponsored depositary<br />receipts generally bear all of the costs of the unsponsored facility. The<br />depository of an unsponsored facility is frequently under no obligation to<br />distribute shareholder communications received from the issuer of the deposited<br />security or to pass through, to the holders of the receipts, voting rights with<br />respect to the deposited securities. The depository of unsponsored depositary<br />receipts may provide less information to receipt holders.<br /> <br />o Emerging Markets. Investment in emerging market securities involves greater<br />risk than that associated with investment in foreign securities of developed<br />foreign countries. These risks include volatile currency exchange rates, periods<br />of high inflation, increased risk of default, greater social, economic and<br />political uncertainty and instability, less governmental supervision and<br />regulation of securities markets, weaker auditing and financial reporting<br />standards, lack of liquidity in the markets, and the significantly smaller<br />market capitalizations of emerging market issuers.<br /> <br />o Leverage. The Fund may borrow money from banks in order to purchase securities<br />or for other investment purposes. The Fund may also engage in selling securities<br />short, which is a form of leverage. Although the use of leverage by the Fund may<br />create an opportunity for increased return, it also results in additional risks<br />and can magnify the effect of any losses. There is no assurance that the use of<br />leverage as an investment strategy will be successful.<br /> <br />o Derivatives. The Fund's investments in derivative instruments such as options,<br />forward currency exchange contracts, swaps and futures, which may be leveraged,<br />may result in losses. Investments in derivative instruments may result in losses<br />exceeding the amounts invested.<br /> <br />o Commodity Sector Risk. Exposure to the commodities markets may subject the<br />Fund to greater volatility than investments in traditional securities. The value<br />of commodity-linked derivative instruments may be affected by changes in overall<br />market movements, commodity index volatility, changes in interest rates, or<br />factors affecting a particular industry or commodity, such as drought, floods,<br />weather, livestock disease, embargoes, tariffs and international economic,<br />political and regulatory developments. The prices of energy, industrial metals,<br />precious metals, agriculture and livestock sector commodities may fluctuate<br />widely due to factors such as changes in value, supply and demand and<br />governmental regulatory policies. The commodity-linked securities in which the<br />Fund invests may be issued by companies in the financial services sector, and<br />events affecting the financial services sector may cause the Fund's share value<br />to fluctuate.<br /> <br />o Convertible Securities. Securities that can be converted into common stock,<br />such as certain securities and preferred stock, are subject to the usual risks<br />associated with fixed income investments, such as interest rate risk and credit<br />risk. In addition, because they react to changes in the value of the equity<br />securities into which they will convert, convertible securities are also subject<br />to the risks associated with equity securities.<br /> <br />o Valuation. Portfolio securities that have been valued using techniques other<br />than market quotations may have valuations that are different from those<br />produced using market quotations, and the security may be sold at a discount to<br />the value established by the Fund.<br /> <br />o Redemptions. The Fund could experience a loss when selling securities to meet<br />redemption requests by shareholders if the redemption requests are unusually<br />large or frequent, occur in times of overall market turmoil or declining prices<br />for the securities sold, or when the securities the Fund wishes to or is<br />required to sell are illiquid.<br /> <br />o Portfolio Turnover. The Fund frequently trades its portfolio securities. High<br />portfolio turnover will cause the Fund to incur higher brokerage commissions and<br />transaction costs, which could lower the Fund's performance. In addition to<br />lower performance, high portfolio turnover could result in taxable capital<br />gains.<br /> <br />o Exchange Traded Funds. ETFs are a type of investment company bought and sold<br />on a securities exchange. An ETF represents a fixed portfolio of securities<br />designed to track a particular market index. The risks of owning an ETF<br />generally reflect the risks of owning the underlying securities that the ETF is<br />designed to track, although lack of liquidity in an ETF could result in its<br />being more volatile. The Fund may incur brokerage fees in connection with its<br />purchase of ETF shares.<br /> <br />o New Adviser Risk. The Fund's Sub-Advisers may be newly-formed, newly<br />registered with the SEC and/or have not previously managed a mutual fund.<br />Accordingly, investors in the Fund bear the risk that a Sub-Adviser's<br />inexperience may limit its effectiveness.</tt> Expenses and Fees Actual after-tax returns depend on an investor's tax situation and may differ from those shown. Summary of Principal Investment Strategies www.S1Fund.com <tt>The chart below illustrates the performance of the Fund's I Shares. The<br />information provides some indication of the risks of investing in the Fund. <br />The chart assumes reinvestment of dividends and distributions. As with all such<br />investments, past performance (before and after taxes) is not an indication of<br />future results. Performance reflects fee waivers in effect. If fee waivers were<br />not in place, the Fund's performance would be reduced. Updated performance<br />information may be obtained at www.S1Fund.com or 1-866-882-1226.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />I Shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000030121Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000030121Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the Fund's total returns for the calendar year ended<br />December 31, 2011 to the average annual total returns of a broad-based<br />securities market index for the same period. Past performance (before and after<br />taxes) is not necessarily an indicator of how the Fund will perform in the<br />future.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000030121Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 0.1310 2010-09-30 I Shares After Taxes on Distributions and Sale of Fund Shares -0.0079 -0.0163 2010-09-30 I Shares After Taxes on Distributions -0.0121 -0.0192 2010-09-30 SONEX Worst Quarter: Best Quarter: 0.00 2012-09-30 I Shares Before Taxes 0.0099 448 2011-03-31 1433 -0.0393 -0.0082 5128 0.00 2496 0.0213 0.0102 -0.0121 0.0249 0.0275 2014-12-31 2011-09-30 Year-to-date total return 0.00 0.0048 -0.0121 0.00 0.00 0.0447 0.0529 -0.0192 2010-09-30 0.0400 0.0005 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year ended August 31, 2012, the<br />Fund's portfolio turnover rate was 138%, of the average value of its portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000026538Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000026538Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The investment objective of the Perimeter Small Cap Growth Fund (the "Fund") is<br />to seek long-term capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell your <br />shares at the end of those periods. The Example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs and returns might be higher or lower, based on these <br />assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>Under normal circumstances, the Fund invests at least 80% of its net assets in<br />small-cap equity securities. This investment policy may be changed by the Fund<br />upon 60 days' prior notice to shareholders. The Fund currently defines small-cap<br />equity securities as those of companies with market capitalizations between $50<br />million and $3 billion at the time of purchase. The Fund's investments will<br />generally consist of U.S. traded securities, which may include common stocks,<br />preferred stocks, warrants to acquire common stock, securities convertible into<br />common stock, and American Depositary Receipts ("ADRs"). ADRs may be available<br />through "sponsored" or "unsponsored" facilities. A sponsored facility is<br />established jointly by the issuer of the security underlying the receipt and the<br />depository, whereas an unsponsored facility is established by the depository<br />without participation by the issuer of the underlying security. The Fund<br />purchases equity securities and ADRs traded in the U.S. on registered exchanges<br />or the over-the-counter market.<br /> <br />The Fund's investment philosophy is based on the premise that a portfolio of<br />small cap stocks with positive earnings trends, reasonable valuation, and strong<br />fundamentals will provide superior returns over time. The Adviser selects<br />companies with strong current earnings growth, improving profitability, strong<br />balance sheets, and strong current and projected business fundamentals which are<br />priced at reasonable valuations. The Adviser believes in executing a very <br />disciplined and objective investment process and in controlling risk through a <br />broadly diversified portfolio. Because companies tend to shift in relative <br />attractiveness, the Fund may buy and sell securities frequently, which may result<br />in higher transaction costs, additional capital gains tax liabilities and may <br />adversely impact performance.<br /> <br />In addition, in order to implement its investment strategy, the Adviser may buy<br />or sell, to a limited extent, derivative instruments to use as a substitute for<br />a purchase or sale of a position in the underlying assets and/or as part of a<br />strategy designed to reduce exposure to other risks, such as market risk. The<br />Fund may purchase or sell futures contracts; sell options on a futures contract;<br />purchase or write put and call options on securities, securities indices and<br />currencies; or enter into equity index or interest rate swap agreements as the<br />Adviser determines is appropriate in seeking the Fund's investment objective.<br />The Fund may use derivatives for bona fide hedging; attempting to increase<br />yield; attempting to offset changes in the value of securities held or expected<br />to be acquired or be disposed of; or attempting to gain exposure to a particular<br />market, index or instrument.<br /> <br />The Adviser will identify sell candidates for a variety of reasons, including<br />but not limited to: (i) business fundamentals peak, begin to change or<br />deteriorate; (ii) earnings characteristics change, including negative estimate<br />revisions, negative earnings surprise and slowing earnings and/or revenue<br />momentum; (iii) a stock reaches extreme overvaluation; and (iv) a stock's<br />ranking weakens within the selection universe. The Adviser will not necessarily<br />sell a security that has appreciated or depreciated outside the stated market<br />capitalization range defined above.</tt> SUMMARY SECTION Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. PRINCIPAL INVESTMENT RISKS Shareholder Fees (fees paid directly from your investment) 1.38 After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 PERFORMANCE INFORMATION The bar chart and the performance table below illustrates the long-term performance of the Fund. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above)<br /> <br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />22.95%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(26.39)%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />(quarter ended June 30, 2009)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(quarter ended December 31, 2008)&#xA0;&#xA0;<br /><br />Year to Date Total Return as of September 30, 2012: 11.15%</tt> 1-888-968-4964 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>As with all mutual funds, a shareholder is subject to the risk that his or her<br />investment could lose money. The principal risk factors affecting shareholders'<br />investments in the Fund are set forth below.<br /> <br />Since it purchases equity securities, the Fund is subject to the risk that stock<br />prices will fall over short or extended periods of time. Historically, the<br />equity markets have moved in cycles, and the value of the Fund's equity<br />securities may fluctuate drastically from day to day. Individual companies may<br />report poor results or be negatively affected by industry and/or economic trends<br />and developments. The prices of securities issued by such companies may suffer a<br />decline in response. These factors contribute to price volatility, which is <br />the principal risk of investing in the Fund.<br /> <br />The Fund is also subject to the risk that small-capitalization stocks may<br />underperform other segments of the equity market or the equity market as a<br />whole. The small-capitalization companies that the Fund invests in may be more<br />vulnerable to adverse business or economic events than larger, more established<br />companies. In particular, these small-cap companies may have limited product<br />lines, markets and financial resources, and may depend upon a relatively small<br />management group. Therefore, small-cap stocks may be more volatile than those of<br />larger companies. These securities may be traded over-the-counter or listed on<br />an exchange.<br /> <br />Because the Fund may invest in ADRs, it is subject to some of the same risks as<br />direct investments in foreign companies. These include the risk that political<br />and economic events unique to a country or region will affect those markets and<br />their issuers. These events will not necessarily affect the U.S. economy or<br />similar issuers located in the United States. If the Fund holds unsponsored ADRs<br />it will generally bear all of the costs of the unsponsored facility. The<br />depository of an unsponsored facility is frequently under no obligation to<br />distribute shareholder communications received from the issuer of the deposited<br />security or to pass through, to the holders of the receipts, voting rights with<br />respect to the deposited securities. The depository of unsponsored depositary<br />receipts may provide less information to receipt holders.<br /> <br />The Fund's investments in derivative instruments, including futures contracts,<br />put and call options, and swaps, may be leveraged and result in losses exceeding<br />the amounts invested. An option is a type of derivative instrument that gives<br />the holder the right (but not the obligation) to buy (a "call") or sell (a<br />"put") an asset in the near future at an agreed upon price prior to the<br />expiration date of the option. The Fund may "cover" a call option by owning the<br />security underlying the option or through other means. The value of options can<br />be highly volatile, and their use can result in loss if the Adviser is incorrect<br />in its expectation of price fluctuations.<br /> <br />The Fund may frequently trade its portfolio securities. High portfolio turnover<br />will cause the Fund to incur higher brokerage commissions and transaction costs,<br />which could lower the Fund's performance. In addition to lower performance, high<br />portfolio turnover could result in taxable capital gains.</tt> EXPENSES AND FEES PRINCIPAL INVESTMENT STRATEGIES www.perimetercap.com <tt>The bar chart and the performance table below illustrates the long-term<br />performance of the Fund. The information shows you how the Fund's performance<br />has varied year by year and provides some indication of the risks of investing<br />in the Fund. On February 8, 2010, substantially all of the assets of the<br />Perimeter Small Cap Growth Fund, a portfolio of The Advisors' Inner Circle Fund<br />II (the "Predecessor Fund"), were transferred to the Fund in a tax-free<br />reorganization (the "Reorganization"). As a result of the Reorganization, the<br />performance and accounting history of the Predecessor Fund prior to the date of<br />the Reorganization was assumed by the Fund and the Fund's fiscal year end<br />changed from July 31 to August 31. The performance information shown in the bar<br />chart and performance table below for periods prior to February 8, 2010 is that<br />of the I Shares of the Predecessor Fund, which commenced operations on December<br />31, 2007. The bar chart assumes reinvestment of dividends and distributions.<br />Total returns would have been lower had certain fees and expenses not been<br />waived or reimbursed. Past performance (before and after taxes) does not<br />necessarily indicate how the Fund will perform in the future. Updated<br />performance information is available at www.perimetercap.com or 1-888-968-4964.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />I Shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000026538Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000026538Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>This table compares the average annual total returns of the Fund's I Shares for<br />the calendar year ended December 31, 2011 and since inception to those of the<br />Russell 2000&#xAE; Growth Index. The returns shown below for periods prior to the<br />Reorganization on February 8, 2010 are for the Predecessor Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000026538Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) -0.0291 0.0066 2007-12-31 Fund Returns After Taxes on Distributions and Sale of Fund Shares -0.0147 -0.0148 2007-12-31 Fund Returns After Taxes on Distributions -0.1008 -0.0243 2007-12-31 PSIGX Worst Quarter: Best Quarter: 0.00 2012-09-30 Fund Returns Before Taxes 112 2009-06-30 370 -0.2639 -0.0010 0.2459 1443 -0.0200 649 0.2295 -0.0677 0.0030 -0.3903 0.0090 2013-12-31 2008-12-31 0.3172 Year to Date Total Return -0.0677 0.00 0.00 0.0110 0.0120 -0.0155 2007-12-31 0.1115 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance During the most recent fiscal year ended August 31, 2012, the Fund's<br />portfolio turnover rate was 138%, of the average value of its portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000026538Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000026538Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The investment objective of the Perimeter Small Cap Growth Fund (the "Fund") is<br />to seek long-term capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and that you sell your <br />shares at the end of those periods. The Example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs and returns might be higher or lower, based on these <br />assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>Under normal circumstances, the Fund invests at least 80% of its net assets in<br />small-cap equity securities. This investment policy may be changed by the Fund<br />upon 60 days' prior notice to shareholders. The Fund currently defines small-cap<br />equity securities as those of companies with market capitalizations between $50<br />million and $3 billion at the time of purchase. The Fund's investments will<br />generally consist of U.S. traded securities, which may include common stocks,<br />preferred stocks, warrants to acquire common stock, securities convertible into<br />common stock, and American Depositary Receipts ("ADRs"). ADRs may be available<br />through "sponsored" or "unsponsored" facilities. A sponsored facility is<br />established jointly by the issuer of the security underlying the receipt and the<br />depository, whereas an unsponsored facility is established by the depository<br />without participation by the issuer of the underlying security. The Fund<br />purchases equity securities and ADRs traded in the U.S. on registered exchanges<br />or the over-the-counter market.<br /> <br />The Fund's investment philosophy is based on the premise that a portfolio of<br />small cap stocks with positive earnings trends, reasonable valuation, and strong<br />fundamentals will provide superior returns over time. The Adviser selects<br />companies with strong current earnings growth, improving profitability, strong<br />balance sheets, and strong current and projected business fundamentals which are <br />priced at reasonable valuations. The Adviser believes in executing a very <br />disciplined and objective investment process and in controlling risk through a <br />broadly diversified portfolio. Because companies tend to shift in relative <br />attractiveness, the Fund may buy and sell securities frequently, which may result<br />in higher transaction costs, additional capital gains tax liabilities and may <br />adversely impact performance.<br /> <br />In addition, in order to implement its investment strategy, the Adviser may buy<br />or sell, to a limited extent, derivative instruments to use as a substitute for<br />a purchase or sale of a position in the underlying assets and/or as part of a<br />strategy designed to reduce exposure to other risks, such as market risk. The<br />Fund may purchase or sell futures contracts; sell options on a futures contract;<br />purchase or write put and call options on securities, securities indices and<br />currencies; or enter into equity index or interest rate swap agreements as the<br />Adviser determines is appropriate in seeking the Fund's investment objective.<br />The Fund may use derivatives for bona fide hedging; attempting to increase<br />yield; attempting to offset changes in the value of securities held or expected<br />to be acquired or be disposed of; or attempting to gain exposure to a particular<br />market, index or instrument.<br /> <br />The Adviser will identify sell candidates for a variety of reasons, including<br />but not limited to: (i) business fundamentals peak, begin to change or<br />deteriorate; (ii) earnings characteristics change, including negative estimate<br />revisions, negative earnings surprise and slowing earnings and/or revenue<br />momentum; (iii) a stock reaches extreme overvaluation; and (iv) a stock's<br />ranking weakens within the selection universe. The Adviser will not necessarily<br />sell a security that has appreciated or depreciated outside the stated market<br />capitalization range defined above.</tt> SUMMARY SECTION Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. PRINCIPAL INVESTMENT RISKS Shareholder Fees (fees paid directly from your investment) 1.38 After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 PERFORMANCE INFORMATION The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above)<br /> <br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />22.86%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(26.44)%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />(quarter ended June 30, 2009)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(quarter ended December 31, 2008)&#xA0;&#xA0;&#xA0;<br /><br />Year to Date Total Return as of September 30, 2012: 10.92%</tt> 1-888-968-4964 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>As with all mutual funds, a shareholder is subject to the risk that his or her<br />investment could lose money. The principal risk factors affecting shareholders'<br />investments in the Fund are set forth below.<br /> <br />Since it purchases equity securities, the Fund is subject to the risk that stock<br />prices will fall over short or extended periods of time. Historically, the<br />equity markets have moved in cycles, and the value of the Fund's equity<br />securities may fluctuate drastically from day to day. Individual companies may<br />report poor results or be negatively affected by industry and/or economic trends<br />and developments. The prices of securities issued by such companies may suffer a<br />decline in response. These factors contribute to price volatility, which is the<br />principal risk of investing in the Fund.<br /> <br />The Fund is also subject to the risk that small-capitalization stocks may<br />underperform other segments of the equity market or the equity market as a<br />whole. The small-capitalization companies that the Fund invests in may be more<br />vulnerable to adverse business or economic events than larger, more established<br />companies. In particular, these small-cap companies may have limited product<br />lines, markets and financial resources, and may depend upon a relatively small<br />management group. Therefore, small-cap stocks may be more volatile than those of<br />larger companies. These securities may be traded over-the-counter or listed on<br />an exchange.<br /> <br />Because the Fund may invest in ADRs, it is subject to some of the same risks as<br />direct investments in foreign companies. These include the risk that political<br />and economic events unique to a country or region will affect those markets and<br />their issuers. These events will not necessarily affect the U.S. economy or<br />similar issuers located in the United States. If the Fund holds unsponsored ADRs<br />it will generally bear all of the costs of the unsponsored facility. The<br />depository of an unsponsored facility is frequently under no obligation to<br />distribute shareholder communications received from the issuer of the deposited<br />security or to pass through, to the holders of the receipts, voting rights with<br />respect to the deposited securities. The depository of unsponsored depositary<br />receipts may provide less information to receipt holders.<br /> <br />The Fund's investments in derivative instruments, including futures contracts,<br />put and call options, and swaps, may be leveraged and result in losses exceeding<br />the amounts invested. An option is a type of derivative instrument that gives<br />the holder the right (but not the obligation) to buy (a "call") or sell (a<br />"put") an asset in the near future at an agreed upon price prior to the<br />expiration date of the option. The Fund may "cover" a call option by owning the<br />security underlying the option or through other means. The value of options can<br />be highly volatile, and their use can result in loss if the Adviser is incorrect<br />in its expectation of price fluctuations.<br /> <br />The Fund may frequently trade its portfolio securities. High portfolio turnover<br />will cause the Fund to incur higher brokerage commissions and transaction costs,<br />which could lower the Fund's performance. In addition to lower performance, high<br />portfolio turnover could result in taxable capital gains.</tt> EXPENSES AND FEES Your actual after-tax returns will depend on your tax situation and may differ from those shown. PRINCIPAL INVESTMENT STRATEGIES www.perimetercap.com <tt>The bar chart and the performance table below illustrates the long-term<br />performance of the Fund. The information shows you how the Fund's performance<br />has varied year by year and provides some indication of the&#xA0;&#xA0;risks of investing <br />in the Fund. On February 8, 2010, substantially all of the assets of the Perimeter <br />Small Cap Growth Fund, a portfolio of The Advisors' Inner Circle Fund II (the <br />"Predecessor Fund"), were transferred to the Fund in a tax-free reorganization <br />(the "Reorganization"). As a result of the Reorganization, the performance and <br />accounting history of the Predecessor Fund prior to the date of the Reorganization <br />was assumed by the Fund and the Fund's fiscal year end changed from July 31 to <br />August 31. The performance information shown in the bar chart and performance <br />table below for periods prior to February 8, 2010 is that of the Investor Class <br />Shares of the Predecessor Fund, which commenced operations on September 29, 2006. <br />The bar chart assumes reinvestment of dividends and distributions. Total returns <br />would have been lower had certain fees and expenses not been waived or reimbursed. <br />Past performance (before and after taxes) does not necessarily indicate how the <br />Fund will perform in the future. Updated performance information is available at <br />www.perimetercap.com or 1-888-968-4964.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000026538Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000026538Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>This table compares the average annual total returns of the Fund's Investor<br />Class Shares for the calendar year ended December 31, 2011 and since inception<br />to those of the Russell 2000&#xAE; Growth Index. The returns shown below for periods<br />prior to the Reorganization on February 8, 2010 are for the Predecessor Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000026538Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) -0.0291 0.0209 0.0346 2006-09-29 Fund Returns After Taxes on Distributions and Sale of Fund Shares -0.0159 -0.0013 0.0118 2006-09-29 Fund Returns After Taxes on Distributions -0.1031 -0.0074 0.0081 2006-09-29 PSCGX Worst Quarter: Best Quarter: 0.00 2012-09-30 Fund Returns Before Taxes 137 2009-06-30 448 -0.2644 -0.0010 0.2514 1724 -0.0200 781 0.0766 0.2286 -0.0698 0.0030 -0.3920 0.0090 2013-12-31 2008-12-31 0.3167 0.0006 Year to Date Total Return 0.0200 -0.0698 0.00 0.0025 0.0135 0.0145 0.0159 2006-09-29 0.1092 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual fund operating expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 1% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000018557Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000018557Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Free Market Fixed Income Fund seeks total return (consisting of current<br />income and capital appreciation).</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell your<br />shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same. Although your actual costs and returns might be higher or<br />lower, based on these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund pursues its investment objective by investing under normal circumstances <br />at least 80% of its net assets, including any borrowings for investment purposes, <br />in shares of registered, open-end investment companies and exchange-traded funds <br />("ETFs") (collectively, "investment companies") that have either adopted policies <br />to invest at least 80% of their assets in fixed income securities that the <br />Adviser believes offer the prospect of providing total return, or invest <br />substantially all of their assets in such fixed income securities.<br /> <br />Under normal market conditions, the Adviser expects substantially all of the<br />Fund's net assets to be invested in the securities of investment companies that<br />invest in the types of securities described in each asset class below, with less<br />than 2% of the net assets invested in cash or money market instruments. The<br />Adviser uses target ranges to allocate the Fund's assets among various<br />investment company asset classes. Actual allocations may differ from the<br />target due to market fluctuations and other factors. Generally, the Adviser<br />expects that the Fund's investments will be within plus or minus 5% of the<br />following target ranges:<br /> <br />Asset Class&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Target&#xA0;&#xA0;&#xA0;<br />One-Year Fixed Income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;25%&#xA0;&#xA0;<br />Two-Year Global Fixed Income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;25%&#xA0;&#xA0;<br />Intermediate Government Fixed Income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;25%&#xA0;&#xA0;<br />Five-Year Global Fixed Income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;25%&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />One-Year Fixed Income Asset Class: The underlying investment companies generally<br />will purchase U.S. government obligations, U.S. government agency obligations,<br />dollar-denominated obligations of foreign issuers issued in the U.S., foreign<br />government and agency obligations, bank obligations, including the obligations<br />of U.S. subsidiaries and branches of foreign banks, corporate obligations,<br />commercial paper, repurchase agreements, and obligations of supranational<br />organizations such as the World Bank, the European Investment Bank, European<br />Economic Community and European Coal and Steel Community. Generally, obligations<br />comprising this asset class will mature within one year from the date of<br />settlement, but substantial investments may be made in obligations maturing<br />within two years from the date of settlement when greater returns are available.<br /> <br />Two-Year Global Fixed Income Asset Class: The underlying investment companies<br />generally will purchase obligations issued or guaranteed by the U.S. and foreign<br />governments, their agencies and instrumentalities, corporate debt obligations,<br />bank obligations, commercial paper, repurchase agreements, and other debt<br />obligations of domestic and foreign issuers. Generally, obligations comprising<br />this asset class have a weighted average maturity not exceeding two years, but<br />investments may be made in obligations maturing in a shorter time period (from<br />overnight to less than two years from the date of settlement). Because many of<br />the investments of the underlying investment companies in this asset class will<br />be denominated in foreign currencies, the underlying investment companies may<br />also enter into forward foreign currency contracts solely for the purpose of<br />hedging against fluctuations in currency exchange rates.<br /> <br />Intermediate Government Fixed Income Asset Class: The underlying investment<br />companies generally will purchase debt obligations of the U.S. government and<br />U.S. government agencies. Generally, investment companies in the asset class<br />will purchase securities with maturities of between five and fifteen years,<br />however such investment companies ordinarily will have an average weighted<br />maturity of between three and ten years.<br /> <br />Five-Year Global Fixed Income Asset Class: The underlying investment companies<br />generally will purchase obligations issued or guaranteed by the U.S. and foreign<br />governments, their agencies and instrumentalities, obligations of other foreign<br />issuers, corporate debt obligations, bank obligations, commercial paper, and<br />obligations of supranational organizations. Generally, obligations comprising<br />this asset class have a weighted average maturity not exceeding five years.<br />However, investments may be made in obligations maturing in a shorter time<br />period (from overnight to less than five years from the date of settlement.)<br /> <br />The Fund reserves the right to hold up to 100% of its assets as a temporary<br />defensive measure in cash and money market instruments such as U.S. Government<br />securities, bank obligations and commercial paper. To the extent the Fund<br />employs a temporary defensive measure, the Fund may not achieve its investment<br />objective.</tt> FREE MARKET FIXED INCOME FUND Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. Summary of Principal Risks 0.01 After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The chart below illustrates the long-term performance of the Fund. <tt>Best and Worst Quarterly Performance (for the period reflected in the chart<br />above)<br /> <br />Best Quarter: 3.54% (quarter ended December 31, 2008)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst Quarter: (0.87)% (quarter ended December 31, 2010)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Year to Date Total Return as of September 30, 2012: 1.93%&#xA0;&#xA0;&#xA0;&#xA0;<br /> </tt> (866) 780-0357 Ext. 3863 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>As with all mutual funds, a shareholder is subject to the risk that his or <br />her investment could lose money. An investment in the Fund involves the same<br />investment risks as those of the underlying investment companies in which<br />the Fund invests. These risks may adversely affect the Fund's net asset value<br />("NAV") and investment performance. The Fund is subject to the following<br />principal risks:<br /> <br />o Fixed income securities in which the Fund's underlying investment companies<br />may invest are subject to certain risks, including: interest rate risk,<br />reinvestment risk, prepayment and extension risk, credit/default risk, and the<br />risks associated with investing in repurchase agreements.<br /> <br />o Interest rate risk involves the risk that prices of fixed income securities<br />will rise and fall in response to interest rate changes.<br /> <br />o Reinvestment risk involves the risk that proceeds from matured investments may<br />be re-invested at lower interest rates.<br /> <br />o Prepayment risk involves the risk that in declining interest rates<br />environments prepayments of principal could increase and require the Fund to<br />reinvest proceeds of the prepayments at lower interest rates.<br /> <br />o Extension risk involves the risk that prepayments of principal will decrease<br />when interest rates rise resulting in a longer effective maturity of a security.<br /> <br />o Credit risk involves the risk that the credit rating of a security may be<br />lowered.<br /> <br />o Repurchase agreement risk involves the risk that the other party to a<br />repurchase agreement will be unable to complete the transaction and the<br />underlying investment company in which the Fund invests may suffer a loss <br />as a result.<br /> <br />o Because the Fund owns shares of underlying investment companies that invest in<br />foreign issuers, the Fund is subject to risks presented by investments in such<br />issuers. Securities of foreign issuers may be negatively affected by political<br />events, economic conditions, or inefficient, illiquid or unregulated markets in<br />foreign countries. Foreign issuers may be subject to inadequate regulatory or<br />accounting standards.<br /> <br />o Currency risk is the risk that exchange rates for currencies in which<br />securities held by the underlying investment companies in which the Fund invests<br />are denominated will fluctuate daily. Forward foreign currency exchange contracts <br />may limit potential gains from a favorable change in value between the U.S. dollar <br />and foreign currencies. Unanticipated changes in currency pricing may result in <br />poorer overall performance for the Fund than if it had not engaged in these <br />contracts.<br /> <br />o The Adviser's judgment about the attractiveness or potential appreciation of a<br />particular underlying investment company security could prove to be wrong or the<br />Fund could miss out on an investment opportunity because the assets necessary to<br />take advantage of such opportunity are tied up in less advantageous investments.<br /> <br />o Because under normal circumstances the Fund invests at least 80% of its net<br />assets in shares of registered investment companies that emphasize investments<br />in fixed income securities, the NAV of the Fund will change with changes in the<br />share prices of the investment companies in which the Fund invests.<br /> <br />o Not all obligations of U.S. government agencies and instrumentalities are<br />backed by the full faith and credit of the U.S. Treasury. Some are backed only<br />by the credit of the issuing agency or instrumentality. Accordingly, there may<br />be some risk of default by the issuer in such cases.<br /> <br />o There is a risk that the Fund, which is passively managed, may not perform as<br />well as funds with more active methods of investment management, such as<br />selecting securities based on economic, financial, and market analysis.<br /> <br />o The performance of the Fund will depend on how successfully the investment<br />adviser(s) to the underlying investment companies pursue their investment<br />strategies.<br /> <br />More information about the Fund's investments and risks is contained under the<br />section entitled "More About Each Fund's Investments and Risks."</tt> Expenses and Fees Summary of Principal Investment Strategies www.mymatrix.cc <tt>The chart below illustrates the long-term performance of the Fund. The<br />information shows you how the Fund's performance has varied year by year and<br />provides some indication of the risks of investing in the Fund. The chart<br />assumes reinvestment of dividends and distributions. Total returns would have<br />been lower had certain fees and expenses not been waived or reimbursed. Past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future. Updated information is available at www.mymatrix.cc<br />or (866) 780-0357 Ext. 3863.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000018557Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000018557Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns of the Fund before and<br />after taxes for the past calendar year and since inception to the average total<br />returns of a broad-based securities market index for the same periods.</tt> CitiGroup World Government Bond Index 1-5 Year Currency Hedged U.S. Dollar Index (reflects no deduction for fees, expenses or taxes) 0.0231 0.0328 2007-12-31 Composite Index 0.0406 0.0393 2007-12-31 Fund Returns After Taxes on Distributions and Sale of Fund Shares 0.0184 0.0200 2007-12-31 Fund Returns After Taxes on Distributions 0.0219 0.0213 2007-12-31 FMFIX Worst Quarter: Best Quarter: 2012-09-30 Fund Returns Before Taxes 84 2008-12-31 263 -0.0087 0.0293 1019 457 0.0354 0.0284 0.0013 0.0384 0.0050 2010-12-31 0.0162 Year to Date Total Return 0.0284 0.00 0.0082 0.0281 2007-12-31 0.0193 0.0019 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual Fund operating expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 3% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000018556Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000018556Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Free Market International Equity Fund (the "Fund") seeks long-term capital<br />appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell your<br />shares at the end of those periods. The Example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs and returns might be higher or lower, based on these <br />assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund pursues its investment objective by investing under normal<br />circumstances at least 80% of its net assets, including any borrowings for<br />investment purposes, in shares of registered, open-end investment companies <br />and exchange-traded funds ("ETFs") (collectively, "investment companies") <br />that have either adopted policies to invest at least 80% of their assets in <br />equity securities, such as common stocks, preferred stocks or securities <br />convertible into stocks, of foreign companies, or invest substantially all <br />of their assets in such equity securities. The Fund will diversify its <br />investments by investing primarily in investment companies that focus on <br />different segments of the foreign equity markets, including emerging markets, <br />with little or no focus on domestic equity markets.<br /> <br />Under normal market conditions, the Adviser expects substantially all of the<br />Fund's net assets to be invested in the securities of investment companies that<br />invest in the types of securities described in each asset class below, with less<br />than 5% of the net assets invested in cash or money market instruments. The<br />Adviser uses target ranges to allocate the Fund's assets among various investment <br />company asset classes. Actual allocations may differ from the&#xA0;&#xA0;target due to market <br />fluctuations and other factors. Generally, the Adviser expects that the Fund's <br />investments will be within plus or minus 5% of the following target ranges:<br /> <br />Asset Class&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Target&#xA0;&#xA0;&#xA0;&#xA0;<br />International Small Cap Value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;40%&#xA0;&#xA0;<br />International Large Cap Value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;30%&#xA0;&#xA0;<br />International Small Company&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;10%&#xA0;&#xA0;<br />International Large Cap&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;5%&#xA0;&#xA0;<br />Emerging Markets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;5.25%&#xA0;&#xA0;<br />Emerging Markets Value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;4.875%&#xA0;&#xA0;<br />Emerging Markets Small Cap&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;4.875%&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />International Small Cap Value Asset Class: The underlying investment companies<br />generally will purchase the stocks and other equity securities, directly or<br />through sponsored or unsponsored depositary receipts, of small companies in<br />foreign countries with developed markets that the underlying investment<br />adviser(s) determine to be value stocks at the time of purchase. Small foreign<br />companies are generally those companies with a market capitalization below $4.3<br />billion. This threshold will vary by country or region, and the dollar amount<br />will change from time to time due to market conditions.<br /> <br />International Large Cap Value Asset Class: The underlying investment companies<br />generally will purchase the stocks and other equity securities, directly or<br />through sponsored or unsponsored depositary receipts, of large companies in<br />foreign countries with developed markets that the underlying investment<br />adviser(s) determine to be value stocks at the time of purchase. Large foreign<br />companies generally are those companies with a market capitalization of at least<br />$1.4 billion. This threshold will vary by country or region, and the dollar<br />amount will change from time to time due to market conditions.<br /> <br />International Small Company Asset Class: The underlying investment companies<br />generally will purchase the stocks and other equity securities, directly or<br />through sponsored or unsponsored depositary receipts, of small companies in<br />foreign countries with developed markets. Small foreign companies generally are<br />those companies with a market capitalization below $4.3 billion. This threshold<br />will vary by country or region, and the dollar amount will change from time to<br />time due to market conditions.<br /> <br />International Large Cap Asset Class: The underlying investment companies<br />generally will purchase the stocks and other equity securities, directly or<br />through sponsored or unsponsored depositary receipts, of large companies in<br />foreign countries with developed markets. Large companies generally are<br />considered to be those companies with a market capitalization of at least $1.4<br />billion. This threshold will vary by country or region, and the dollar amount<br />will change from time to time due to market conditions.<br /> <br />Emerging Markets Asset Class, Emerging Markets Value Asset Class, and Emerging<br />Markets Small Cap Asset Class (collectively, the "Emerging Markets Asset<br />Classes"): Underlying investment companies comprising each Emerging Markets<br />Asset Class generally will purchase stocks and other equity securities, directly<br />or through sponsored or unsponsored depositary receipts, of companies located in<br />emerging market countries. The underlying investment companies investing in<br />securities of the Emerging Markets Asset Class and the Emerging Markets Small<br />Cap Asset Class will generally purchase the equity securities of larger and<br />smaller companies, respectively, within each country. The underlying investment<br />adviser(s) determine company size primarily based on market capitalization.<br />Companies in the Emerging Markets Small Cap Asset Class generally are those<br />companies with a market capitalization of $4.1 billion or less in the largest<br />country and $683 million in the smallest country. This threshold will vary by<br />country or region. These dollar amounts will change from time to time due to<br />market conditions.<br /> <br />The underlying investment companies in the Emerging Markets Value Asset Class<br />generally will purchase emerging market equity securities that are deemed by the<br />underlying investment adviser(s) to be value stocks at the time of purchase.<br /><br />The Fund reserves the right to hold up to 100% of its assets as a temporary<br />defensive measure in cash and money market instruments such as U.S. Government<br />securities, bank obligations and commercial paper. To the extent the Fund<br />employs a temporary defensive measure, the Fund may not achieve its investment<br />objective.</tt> FREE MARKET INTERNATIONAL EQUITY FUND Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. Summary of Principal Risks 0.03 After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The chart below illustrates the long-term performance of the Fund. <tt>Best and Worst Quarterly Performance (for the period reflected in the chart<br />above)<br /> <br />Best Quarter: 33.53% (quarter ended June 30, 2009)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst Quarter: (22.38)% (quarter ended September 30, 2011)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Year to Date Total Return as of September 30, 2012: 10.69%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> </tt> www.mymatrix.cc Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>As with all mutual funds, a shareholder is subject to the risk that his or <br />her investment could lose money. An investment in the Fund involves the same<br />investment risks as those of the underlying investment companies in which the<br />Fund invests. These risks may adversely affect the Fund's net asset value<br />("NAV") and investment performance. The Fund is subject to the following<br />principal risks:<br /> <br />o The value of particular foreign equity securities which the Fund's underlying<br />investment companies may purchase or foreign stock markets on which the<br />securities they may purchase are traded may decline in value.<br /> <br />o Stocks of large cap or small cap foreign companies in which the Fund's<br />underlying investment companies may invest may temporarily fall out of favor<br />with investors or may be more volatile than particular foreign stock markets or<br />foreign stock markets as a whole.<br /> <br />o The smaller the capitalization of a company, generally the less liquid its<br />stock and the more volatile its price. Companies with smaller market<br />capitalizations also tend to have unproven track records and are more likely to<br />fail than companies with larger market capitalizations.<br /> <br />o Stocks of large cap or small cap foreign companies in which the Fund's<br />underlying investment companies may invest may suffer unexpected losses or lower<br />than expected earnings or such securities may become difficult or impossible to<br />sell at the time and for the price the underlying investment advisers would<br />like.<br /> <br />o Because the Fund owns shares of underlying investment companies that invest in<br />foreign issuers, the Fund is subject to risks presented by investments in such<br />issuers. Securities of foreign issuers may be negatively affected by political<br />events, economic conditions, or inefficient, illiquid or unregulated markets in<br />foreign countries. Foreign issuers may be subject to inadequate regulatory or<br />accounting standards.<br /> <br />o Investments in emerging market securities by underlying investment companies<br />in which the Fund invests are subject to higher risks than those in developed<br />market countries because there is greater uncertainty in less established<br />markets and economics.<br /> <br />o The Adviser's judgment about the attractiveness or potential appreciation of a<br />particular underlying investment company security could prove to be wrong or the<br />Fund could miss out on an investment opportunity because the assets necessary to<br />take advantage of such opportunity are tied up in less advantageous investments.<br /> <br />o Because under normal circumstances the Fund invests at least 80% of its net<br />assets in shares of registered investment companies that emphasize investments<br />in equity securities of foreign companies, the NAV of the Fund will change with<br />changes in the share prices of the investment companies in which the Fund<br />invests.<br /> <br />o There is a risk that the Fund, which is passively managed, may not perform as<br />well as funds with more active methods of investment management, such as selecting <br />securities based on economic, financial, and market analysis.<br /> <br />o The performance of the Fund will depend on how successfully the investment<br />adviser(s) to the underlying investment companies pursue their investment<br />strategies.<br /> <br />More information about the Fund's investments and risks is contained under the<br />section entitled "More Information About Each Fund's Investments and Risks."</tt> Expenses and Fees Actual after-tax returns will depend on an investor's tax situation and may differ from those shown. Summary of Principal Investment Strategies (866) 780-0357 Ext. 3863 <tt>The chart below illustrates the long-term performance of the Fund. The<br />information shows you how the Fund's performance has varied year by year and<br />provides some indication of the risks of investing in the Fund. The chart<br />assumes reinvestment of dividends and distributions. Total returns would have<br />been lower had certain fees and expenses not been waived or reimbursed. Past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future. Updated information is available at www.mymatrix.cc<br />or (866) 780-0357 Ext. 3863.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000018556Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000018556Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns of the Fund before and<br />after taxes for the past calendar year and since inception to the average total<br />returns of a broad-based securities market index for the same periods.</tt> MSCI World (excluding U.S.) Index (reflects no deduction for fees, expenses or taxes) -0.1221 -0.0783 2007-12-31 Composite Index -0.1487 -0.0691 2007-12-31 Fund Returns After Taxes on Distributions and Sale of Fund Shares -0.1141 -0.0427 2007-12-31 Fund Returns After Taxes on Distributions -0.1871 -0.0533 2007-12-31 FMNEX Worst Quarter: Best Quarter: 2012-09-30 Fund Returns Before Taxes 120 2009-06-30 372 -0.2238 0.1595 1424 645 0.3353 -0.1790 0.0015 -0.4052 0.0050 2011-09-30 0.4546 Year to Date Total Return -0.1790 0.00 0.0117 -0.0474 2007-12-31 0.1069 0.0052 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual Fund operating expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 4% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000018555Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000018555Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Free Market U.S. Equity Fund seeks long-term capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell your<br />shares at the end of those periods. The Example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs and returns might be higher or lower, based on these <br />assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund pursues its investment objective by investing under normal<br />circumstances at least 80% of its net assets, including any borrowings for<br />investment purposes, in shares of registered, open-end investment companies <br />and exchange-traded funds ("ETFs") (collectively, "investment companies") <br />that have either adopted policies to invest at least 80% of their assets in <br />equity securities, such as common stocks, preferred stocks or securities <br />convertible into stocks, of U.S. companies, or invest substantially all of <br />their assets in such equity securities. The Fund will diversify its investments <br />by investing primarily in investment companies focusing on different segments <br />of the equity markets, including large ("large-cap"), small ("small-cap") and<br />micro-capitalization ("micro-cap") equity securities that the Fund's investment<br />adviser ("Adviser") believes offer the prospect of long-term capital<br />appreciation.<br /> <br />Under normal market conditions, the Adviser expects substantially all of the<br />Fund's net assets to be invested in the securities of investment companies that<br />invest in the types of securities described in each asset class below, with less <br />than 2% of the net assets invested in cash or money market instruments. The <br />Adviser uses target ranges to allocate the Fund's assets among various investment <br />company asset classes. Actual allocations may differ from the target due to market <br />fluctuations and other factors. Generally, the Adviser expects that the Fund's <br />investments will be within plus or minus 5% of the following target ranges:<br /> <br />Asset Class&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Target&#xA0;&#xA0;&#xA0;<br />U.S. Large Cap Value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;30%&#xA0;&#xA0;<br />U.S. Small Cap Value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;25%&#xA0;&#xA0;<br />U.S. Large Company&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;15%&#xA0;&#xA0;<br />U.S. Small Cap&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;15%&#xA0;&#xA0;<br />U.S. Micro Cap&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;15%&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />U.S. Large Cap Value Asset Class: The underlying investment companies generally<br />will purchase common stocks and other equity securities of large cap companies<br />that the underlying investment adviser(s) determine to be value stocks at the<br />time of purchase. An issuer's securities are considered value stocks primarily<br />because they have a high book value in relation to their market value (a "book<br />to market ratio"). In assessing value, the underlying investment adviser(s) may<br />consider additional factors such as price to cash flow or price to earnings<br />ratios as well as economic conditions and developments in the issuer's industry.<br />The criteria used for assessing value are subject to change from time to time.<br />Large cap companies generally are those companies with a market capitalization<br />of $2.425 billion or greater.<br /> <br />U.S. Small Cap Value Asset Class: The underlying investment companies generally<br />will purchase common stocks and other equity securities of small cap companies<br />that the underlying investment adviser(s) determine to be value stocks at the<br />time of purchase. Small cap companies generally are those companies with a<br />market capitalization of $2.425 billion or less.<br /> <br />U.S. Large Company Asset Class: The underlying investment companies generally<br />will purchase all of the stocks that comprise the S&amp;P 500&#xAE; Index in<br />approximately the proportions they are represented in the S&amp;P 500&#xAE; Index.<br />Generally, these are the U.S. stocks with the largest market capitalizations<br />and, as a group, they represent approximately 75% of the total market<br />capitalization of all publicly traded U.S. stocks.<br /> <br />U.S. Small Cap Asset Class: The underlying investment companies generally will<br />purchase common stocks and other equity securities of small cap companies<br />primarily based on market capitalization. Small cap companies are generally<br />those with a market capitalization of $2.425 billion or less. There may be some<br />overlap in the companies in which the U.S. small cap asset class and the U.S.<br />micro cap asset class invest.<br /> <br />U.S. Micro Cap Asset Class: The underlying investment companies generally will<br />purchase common stocks and other equity securities of micro cap companies. Micro<br />cap companies are generally those companies with a market capitalization of $712<br />million or less. There may be some overlap in the companies in which the U.S.<br />micro cap asset class and the U.S. small cap asset class invest.<br /> <br />The Fund reserves the right to hold up to 100% of its assets as a temporary<br />defensive measure in cash and money market instruments such as U.S. Government<br />securities, bank obligations and commercial paper. To the extent the Fund<br />employs a temporary defensive measure, the Fund may not achieve its investment<br />objective.</tt> FREE MARKET U.S. EQUITY FUND Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. Summary of Principal Risks 0.04 After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The chart below illustrates the long-term performance of the Fund. <tt>Best and Worst Quarterly Performance (for the period reflected in the chart<br />above)<br /> <br />Best Quarter: 22.80% (quarter ended June 30, 2009)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst Quarter: (26.63)% (quarter ended December 31, 2008)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Year to Date Total Return as of September 30, 2012: 15.92%&#xA0;&#xA0;&#xA0;&#xA0;</tt> (866) 780-0357 Ext. 3863 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>As with all mutual funds, a shareholder is subject to the risk that his or <br />her investment could lose money. An investment in the Fund involves the same<br />investment risks as those of the underlying investment companies in which<br />the Fund invests. These risks may adversely affect the Fund's net asset value<br />("NAV") and investment performance. The Fund is subject to the following<br />principal risks:<br /> <br />o Stocks of large cap, small cap or micro cap companies in which the Fund's<br />underlying investment companies invest or in which the Fund invests directly may<br />temporarily fall out of favor with investors or may be more volatile than the<br />rest of the U.S. market as a whole.<br /> <br />o The smaller the capitalization of a company, generally the less liquid its<br />stock and the more volatile its price. Companies with smaller market<br />capitalizations also tend to have unproven track records and are more likely to<br />fail than companies with larger market capitalizations.<br /> <br />o Although the Fund will invest in other investment companies that invest in<br />equity securities believed to be undervalued, there is no guarantee that the<br />prices of these securities will not move even lower.<br /> <br />o Companies in which the Fund's underlying investment companies invest may<br />suffer unexpected losses or lower than expected earnings or their securities may<br />become difficult or impossible to sell at the time and for the price that the<br />underlying investment adviser(s) would like.<br /> <br />o The Adviser's judgment about the attractiveness or potential appreciation of a<br />particular underlying investment company security could prove to be wrong or the<br />Fund could miss out on an investment opportunity because the assets necessary to<br />take advantage of such opportunity are tied up in less advantageous investments.<br /> <br />o Because under normal circumstances the Fund invests at least 80% of its net<br />assets in shares of registered investment companies that emphasize investments<br />in U.S. equity securities, the NAV of the Fund will change with changes in the<br />share prices of the investment companies in which the Fund invests.<br /> <br />o There is a risk that large capitalization stocks may not perform as well as<br />other asset classes or the U.S. stock market as a whole. In the past, large<br />capitalization stocks have gone through cycles of doing better or worse than the<br />stock market in general.<br /> <br />o There is a risk that the Fund, which is passively managed, may not perform as<br />well as funds with more active methods of investment management, such as<br />selecting securities based on economic, financial, and market analysis.<br /> <br />o The performance of the Fund will depend on how successfully the investment<br />adviser(s) to the underlying investment companies pursue their investment<br />strategies.<br /> <br />More information about the Fund's investments and risks is contained under the<br />section entitled "More About Each Fund's Investments and Risks."</tt> Expenses and Fees Summary of Principal Investment Strategies www.mymatrix.cc <tt>The chart below illustrates the long-term performance of the Fund. The<br />information shows you how the Fund's performance has varied year by year and<br />provides some indication of the risks of investing in the Fund. The chart<br />assumes reinvestment of dividends and distributions. Total returns would have<br />been lower had certain fees and expenses not been waived or reimbursed. Past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future. Updated information is available at www.mymatrix.cc<br />or (866) 780-0357 Ext. 3863.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000018555Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000018555Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns of the Fund before and<br />after taxes for the past calendar year and since inception to the average total<br />returns of a broad-based securities market index for the same periods.</tt> Composite Index -0.0205 -0.0099 2007-12-31 Russell 2500® Index (reflects no deduction for fees, expenses or taxes) -0.0251 0.0121 2007-12-31 Fund Returns After Taxes on Distributions and Sale of Fund Shares -0.0252 0.0154 2007-12-31 Fund Returns After Taxes on Distributions -0.0440 0.0170 2007-12-31 FMUEX Worst Quarter: Best Quarter: 2012-09-30 Fund Returns Before Taxes 98 2009-06-30 305 -0.2663 0.2454 1174 529 0.2280 -0.0409 0.0014 -0.3052 0.0050 2008-12-31 0.3038 Year to Date Total Return -0.0409 0.00 0.0096 0.0199 2007-12-31 0.1592 0.0032 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual Fund operating expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 71%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001108Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001108Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks long-term capital appreciation while reducing exposure to general<br />equity market risk. The Fund seeks a total return greater than that of the S&amp;P<br />500&#xAE; Index over a full market cycle.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the Fund<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund invests in long positions in stocks identified by Robeco as undervalued<br />and takes short positions in stocks that Robeco has identified as overvalued.<br />The cash proceeds from short sales will be invested in short-term cash<br />instruments to produce a return on such proceeds just below the federal funds<br />rate. The Fund will invest, both long and short, in securities principally<br />traded in the United States markets. The Fund may invest in securities of<br />companies operating for three years or less ("unseasoned issuers"). Robeco will<br />determine the size of each long or short position by analyzing the tradeoff<br />between the attractiveness of each position and its impact on the risk of the<br />overall portfolio. The Fund seeks to construct a portfolio that has less<br />volatility than the United States equity market generally. Robeco examines<br />various factors in determining the value characteristics of such issuers<br />including price-to-book value ratios and price-to-earnings ratios. These value<br />characteristics are examined in the context of the issuer's operating and<br />financial fundamentals such as return on equity, earnings growth and cash flow.<br />Robeco selects securities for the Fund based on a continuous study of trends in<br />industries and companies, earnings power and growth and other investment<br />criteria.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change in<br />fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />The Fund intends, under normal circumstances, to invest at least 80% of its net<br />assets (including borrowings for investment purposes) in equity securities.<br /> <br />Under normal circumstances, Robeco expects that the Fund's long positions will<br />not exceed approximately 125% of the Fund's net assets.<br /> <br />The Fund's long and short positions may involve (without limit) equity<br />securities of foreign issuers that are traded in the markets of the United<br />States. The Fund may also invest up to 20% of its total assets directly in<br />equity securities of foreign issuers.<br /> <br />To meet margin requirements, redemptions or pending investments, the Fund may<br />also temporarily hold a portion of its assets in full faith and credit<br />obligations of the United States government and in short-term notes, commercial<br />paper or other money market instruments.<br /> <br />The Fund may participate as a purchaser in initial public offerings of<br />securities ("IPO"). An IPO is a company's first offering of stock to the public.<br /><br />The Fund may invest from time to time a significant portion of its assets in<br />smaller issuers which are more volatile and less liquid than investments in<br />issuers with a market capitalization greater than $1 billion.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /> <br />In general, the Fund's investments are broadly diversified over a number of<br />industries and, as a matter of policy, the Fund is limited to investing a<br />maximum of 25% of its total assets in any one industry.<br /> <br />The Fund may invest up to 20% of its net assets in high yield debt obligations,<br />such as bonds and debentures, used by corporations and other business<br />organizations.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. The net asset value ("NAV") of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.71 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Total Returns for the Calendar Years Ended December 31 Performance Information The chart below illustrates the long-term performance of the Robeco Boston Partners Long/Short Equity Fund's Investor Class. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;38.45% (quarter ended June 30, 2009) <br />Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(19.44)% (quarter ended December 31 2008)&#xA0;&#xA0;<br />Year-to-date total return for the nine months ended September 30, 2012: 8.64%</tt> 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the long portfolio of the Fund will invest in stocks Robeco believes to<br />be undervalued, there is no guarantee that the prices of these stocks will not<br />move even lower.<br /> <br />o High Yield Debt Obligations Risk. The Fund may invest up to 20% of its net<br />assets in high yield debt obligations, such as bonds and debentures, issued by<br />corporations and other business organizations. An issuer of debt obligations may<br />default on its obligation to pay interest and repay principal. Also, changes in<br />the financial strength of an issuer or changes in the credit rating of a<br />security may affect its value. Such high yield debt obligations are referred to<br />as "junk bonds" and are not considered to be investment grade.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices.<br /> <br />o Management Risk. The Fund is subject to the risk of poor stock selection. In<br />other words, Robeco may not be successful in its strategy of taking long<br />positions in stocks the manager believes to be undervalued and short positions<br />in stocks the manager believes to be overvalued. Further, since Robeco will<br />manage both a long and a short portfolio, there is the risk that Robeco may make<br />more poor investment decisions than an adviser of a typical stock mutual fund<br />with only a long portfolio may make.<br /> <br />o Short Sales Risk. Short sales of securities may result in gains if a<br />security's price declines, but may result in losses if a security's price rises.<br /> <br />o Unseasoned Issuers Risk. Unseasoned issuers may not have an established<br />financial history and may have limited product lines, markets or financial<br />resources. Unseasoned issuers may depend on a few key personnel for management<br />and may be susceptible to losses and risks of bankruptcy. As a result, such<br />securities may be more volatile and difficult to sell.<br /> <br />o Small-Cap Companies Risk. The small capitalization equity securities in which<br />the Fund may invest may be traded only in the over-the-counter market or on a<br />regional securities exchange, may be listed only in the quotation service<br />commonly known as the "pink sheets," and may not be traded every day or in the<br />volume typical of trading on a national securities exchange. These securities<br />may also be subject to wide fluctuations in market value. The trading market for<br />any given small capitalization equity security may be sufficiently small as to<br />make it difficult for the Fund to dispose of a substantial block of such<br />securities. The sale by the Fund of portfolio securities to meet redemptions may<br />require the Fund to sell its small capitalization securities at a discount from<br />market prices or during periods when, in Robeco's judgment, such sale is not <br />desirable. Moreover, the lack of an efficient market for these securities may <br />make them difficult to value.<br /> <br />o Portfolio Turnover Risk. If the Fund frequently trades its portfolio<br />securities, the Fund will incur higher brokerage commissions and transaction<br />costs, which could lower the Fund's performance. In addition to lower<br />performance, high portfolio turnover could result in taxable capital gains. The<br />annual portfolio turnover rate for the Fund is not expected to exceed 400%;<br />however, it may be higher if Robeco believes it will improve the Fund's<br />performance.<br /> <br />o Segregated Account Risk. A security held in a segregated account cannot be<br />sold while the position it is covering is outstanding, unless it is replaced<br />with a similar security. As a result, there is a possibility that segregation of<br />a large percentage of the Fund's assets could impede portfolio management or the<br />Fund's ability to meet redemption requests or other current obligations.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days. The Fund might,<br />in order to dispose of restricted securities, have to register securities<br />resulting in additional expense and delay. Adverse market conditions could<br />impede such a public offering of such securities.<br /> <br />o IPO Risk. IPO risk is the risk that the market value of IPO shares will<br />fluctuate considerably due to certain factors, such as the absence of a prior<br />public market, unseasoned trading, the small number of shares available for<br />trading and limited information about the issuer. The purchase of IPO shares may<br />involve high transaction costs. IPO shares are subject to market risk and<br />liquidity risk. When the Fund's asset base is small, a significant portion of<br />the Fund's performance could be attributable to investments in IPOs, because<br />such investments would have a magnified impact on the Fund. As the Fund's assets<br />grow, the effect of the Fund's investments in IPOs on the Fund's performance<br />probably will decline, which could reduce the Fund's performance. Because of the<br />price volatility of IPO shares, the Fund may choose to hold IPO shares for a<br />very short period of time. This may increase the turnover of the Fund's<br />portfolio and may lead to increased expenses to the Fund, such as commissions<br />and transaction costs. In addition, Robeco cannot guarantee continued access to<br />IPOs.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>The chart below illustrates the long-term performance of the Robeco Boston<br />Partners Long/Short Equity Fund's Investor Class. The information shows you how<br />the Fund's performance has varied year by year and provides some indication of<br />the risks of investing in the Fund. The chart assumes reinvestment of dividends<br />and distributions. As with all such investments, past performance (before and<br />after taxes) is not an indication of future results. Performance reflects fee<br />waivers in effect. If fee waivers were not in place, the Fund's performance<br />would be reduced. Updated performance information is available at<br />www.robecoinvest.com or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001108Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001108Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns for the Fund's<br />Investor Class both before and after taxes for the past calendar year, past five<br />calendar years and past ten calendar years to the average annual total returns<br />of a broad-based securities market index for the same periods. Although the Fund<br />compares its average total return to a broad-based securities market index, the<br />Fund seeks returns that are not correlated to securities market returns. The<br />Fund seeks to achieve a 12-15% return over a full market cycle; however, there<br />can be no guarantee that such returns will be achieved.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000001108Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 Returns After Taxes on Distributions and Sale of Fund Shares 0.0427 0.0878 0.0729 Returns After Taxes on Distributions 0.0250 0.0913 0.0758 BPLEX -0.0082 Worst Quarter: Best Quarter: 0.00 2012-09-30 Returns Before Taxes 0.0038 455 2009-06-30 1372 -0.1944 0.0796 0.2614 4648 -0.0200 2298 -0.0442 0.3845 0.0023 0.0563 0.0454 -0.2133 0.0225 2013-12-31 2008-12-31 0.8092 0.1263 0.1698 Year-to-date total return 0.0200 0.0144 0.0563 0.00 -0.0217 0.0025 0.0995 0.0454 0.1622 0.0864 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total annual Fund operating expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 71%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001108Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001108Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks long-term capital appreciation while reducing exposure to general<br />equity market risk. The Fund seeks a total return greater than that of the S&amp;P<br />500&#xAE; Index over a full market cycle.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all <br />of your shares at the end of the period. The Example also assumes that your <br />investment has a 5% return each year and that the operating expenses of the <br />Fund remain the same. Although your actual costs may be higher or lower, based <br />on these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund invests in long positions in stocks identified by Robeco as undervalued<br />and takes short positions in stocks that Robeco has identified as overvalued.<br />The cash proceeds from short sales will be invested in short-term cash<br />instruments to produce a return on such proceeds just below the federal funds<br />rate. The Fund will invest, both long and short, in securities principally<br />traded in the United States markets. The Fund may invest in securities of<br />companies operating for three years or less ("unseasoned issuers"). Robeco will<br />determine the size of each long or short position by analyzing the tradeoff<br />between the attractiveness of each position and its impact on the risk of the<br />overall portfolio. The Fund seeks to construct a portfolio that has less<br />volatility than the United States equity market generally. Robeco examines<br />various factors in determining the value characteristics of such issuers<br />including price-to-book value ratios and price-to-earnings ratios. These value<br />characteristics are examined in the context of the issuer's operating and<br />financial fundamentals such as return on equity, earnings growth and cash flow.<br />Robeco selects securities for the Fund based on a continuous study of trends in<br />industries and companies, earnings power and growth and other investment<br />criteria.<br /> <br />The Fund intends, under normal circumstances, to invest at least 80% of its net<br />assets (including borrowings for investment purposes) in equity securities.<br />Under normal circumstances, Robeco expects that the Fund's long positions will<br />not exceed approximately 125% of the Fund's net assets.<br /> <br />The Fund's long and short positions may involve (without limit) equity<br />securities of foreign issuers that are traded in the markets of the United<br />States. The Fund may also invest up to 20% of its total assets directly in<br />equity securities of foreign issuers.<br /> <br />To meet margin requirements, redemptions or pending investments, the Fund may<br />also temporarily hold a portion of its assets in full faith and credit<br />obligations of the United States government and in short-term notes, commercial<br />paper or other money market instruments.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change <br />in fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />The Fund may participate as a purchaser in initial public offerings of<br />securities ("IPO"). An IPO is a company's first offering of stock to the public.<br /> <br />The Fund may invest from time to time a significant portion of its assets in<br />smaller issuers which are more volatile and less liquid than investments in<br />issuers with a market capitalization greater than $1 billion.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /><br />In general, the Fund's investments are broadly diversified over a number of<br />industries and, as a matter of policy, the Fund is limited to investing a<br />maximum of 25% of its total assets in any one industry.<br /> <br />The Fund may invest up to 20% of its net assets in high yield debt obligations,<br />such as bonds and debentures, used by corporations and other business<br />organizations.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. The net asset value ("NAV") of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.71 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Total Returns for the Calendar Years Ended December 31 Performance Information The chart below illustrates the long-term performance of the Robeco Boston Partners Long/Short Equity Fund's Institutional Class. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter: 38.60% (quarter ended June 30, 2009)<br />Worst Quarter: (19.45)% (quarter ended December 31, 2008)<br />Year-to-date total return for the nine months ended September 30, 2012: 8.82%</tt> 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the long portfolio of the Fund will invest in stocks Robeco believes to<br />be undervalued, there is no guarantee that the prices of these stocks will not<br />move even lower.<br /> <br />o High Yield Debt Obligations Risk. The Fund may invest up to 20% of its net<br />assets in high yield debt obligations, such as bonds and debentures, issued by<br />corporations and other business organizations. An issuer of debt obligations may<br />default on its obligation to pay interest and repay principal. Also, changes in<br />the financial strength of an issuer or changes in the credit rating of a<br />security may affect its value. Such high yield debt obligations are referred to<br />as "junk bonds" and are not considered to be investment grade.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices.<br /> <br />o Management Risk. The Fund is subject to the risk of poor stock selection. <br />In other words, Robeco may not be successful in its strategy of taking long<br />positions in stocks the manager believes to be undervalued and short positions<br />in stocks the manager believes to be overvalued. Further, since Robeco will<br />manage both a long and a short portfolio, there is the risk that Robeco may make<br />more poor investment decisions than an adviser of a typical stock mutual fund<br />with only a long portfolio may make.<br /> <br />o Short Sales Risk. Short sales of securities may result in gains if a<br />security's price declines, but may result in losses if a security's price rises.<br /> <br />o Unseasoned Issuers Risk. Unseasoned issuers may not have an established<br />financial history and may have limited product lines, markets or financial<br />resources. Unseasoned issuers may depend on a few key personnel for management<br />and may be susceptible to losses and risks of bankruptcy. As a result, such<br />securities may be more volatile and difficult to sell.<br /> <br />o Small-Cap Companies Risk. The small capitalization equity securities in which<br />the Fund may invest may be traded only in the over-the-counter market or on a<br />regional securities exchange, may be listed only in the quotation service<br />commonly known as the "pink sheets," and may not be traded every day or in the<br />volume typical of trading on a national securities exchange. These securities<br />may also be subject to wide fluctuations in market value. The trading market for<br />any given small capitalization equity security may be sufficiently small as to<br />make it difficult for the Fund to dispose of a substantial block of such<br />securities. The sale by the Fund of portfolio securities to meet redemptions may<br />require the Fund to sell its small capitalization securities at a discount from<br />market prices or during periods when, in Robeco's judgment, such sale is not<br />desirable. Moreover, the lack of an efficient market for these securities may<br />make them difficult to value.<br /> <br />o Portfolio Turnover Risk. If the Fund frequently trades its portfolio<br />securities, the Fund will incur higher brokerage commissions and transaction<br />costs, which could lower the Fund's performance. In addition to lower<br />performance, high portfolio turnover could result in taxable capital gains. <br />The annual portfolio turnover rate for the Fund is not expected to exceed <br />400%; however, it may be higher if Robeco believes it will improve the <br />Fund's performance.<br /> <br />o Segregated Account Risk. A security held in a segregated account cannot be<br />sold while the position it is covering is outstanding, unless it is replaced<br />with a similar security. As a result, there is a possibility that segregation of<br />a large percentage of the Fund's assets could impede portfolio management or the<br />Fund's ability to meet redemption requests or other current obligations.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days. The Fund might,<br />in order to dispose of restricted securities, have to register securities<br />resulting in additional expense and delay. Adverse market conditions could<br />impede such a public offering of such securities.<br /> <br />o IPO Risk. IPO risk is the risk that the market value of IPO shares will<br />fluctuate considerably due to certain factors, such as the absence of a prior<br />public market, unseasoned trading, the small number of shares available for<br />trading and limited information about the issuer. The purchase of IPO shares <br />may involve high transaction costs. IPO shares are subject to market risk and<br />liquidity risk. When the Fund's asset base is small, a significant portion of<br />the Fund's performance could be attributable to investments in IPOs, because<br />such investments would have a magnified impact on the Fund. As the Fund's assets<br />grow, the effect of the Fund's investments in IPOs on the Fund's performance<br />probably will decline, which could reduce the Fund's performance. Because of the<br />price volatility of IPO shares, the Fund may choose to hold IPO shares for a<br />very short period of time. This may increase the turnover of the Fund's<br />portfolio and may lead to increased expenses to the Fund, such as commissions<br />and transaction costs. In addition, Robeco cannot guarantee continued access to<br />IPOs.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>The chart below illustrates the long-term performance of the Robeco Boston<br />Partners Long/Short Equity Fund's Institutional Class. The information shows you<br />how the Fund's performance has varied year by year and provides some indication<br />of the risks of investing in the Fund. The chart assumes reinvestment of<br />dividends and distributions. As with all such investments, past performance<br />(before and after taxes) is not an indication of future results. Performance<br />reflects fee waivers in effect. If fee waivers were not in place, the Fund's<br />performance would be reduced. Updated performance information is available at<br />www.robecoinvest.com or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001108Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001108Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns for the Fund's<br />Institutional Class both before and after taxes for the past calendar year, past<br />five calendar years and past ten calendar years to the average annual total<br />returns of a broad-based securities market index for the same periods. Although<br />the Fund compares its average total return to a broad-based securities market<br />index, the Fund seeks returns that are not correlated to securities market<br />returns. The Fund seeks to achieve a 12-15% return over a full market cycle;<br />however, there can be no guarantee that such returns will be achieved.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000001108Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 Returns After Taxes on Distributions and Sale of Fund Shares 0.0443 0.0916 0.0762 Returns After Taxes on Distributions 0.0291 0.0960 0.0795 BPLSX -0.0051 Worst Quarter: Best Quarter: 0.00 2012-09-30 Returns Before Taxes 0.0038 431 2009-06-30 1302 -0.1945 0.0821 0.2644 4448 -0.0200 2185 -0.0424 0.3860 0.0023 0.0592 0.0205 -0.2115 0.0225 2008-12-31 0.8237 0.1302 0.1726 Year-to-date total return 0.0200 0.0144 0.0592 0.00 -0.0196 0.00 0.1028 0.0429 0.1660 0.0882 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 33%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001106Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001106Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term growth of capital primarily through<br />investment in equity securities.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the Fund<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund pursues its objective by investing, under normal circumstances, at<br />least 80% of its net assets (including borrowings for investment purposes) in a<br />diversified portfolio consisting primarily of equity securities, such as common<br />stocks of issuers across the capitalization spectrum and identified by Robeco as<br />having value characteristics.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change <br />in fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />Robeco examines various factors in determining the value characteristics of such<br />issuers including price to book value ratios and price to earnings ratios. These<br />value characteristics are examined in the context of the issuer's operating and<br />financial fundamentals, such as return on equity and earnings growth and cash<br />flow. Robeco selects securities for the Fund based on a continuous study of<br />trends in industries and companies, earnings power and growth and other<br />investment criteria.<br /> <br />The Fund may also invest up to 20% of its total assets in non U.S. dollar<br />denominated securities.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /> <br />The Fund may participate as a purchaser in initial public offerings of<br />securities ("IPO"). An IPO is a company's first offering of stock to the public.<br /> <br />The Fund may invest up to 10% of its net assets in securities that can be<br />converted into common stock, such as certain debt securities and preferred<br />stock.<br /> <br />The Fund may hedge overall portfolio exposure up to 40% of its net assets<br />through the purchase and sale of index and individual put and call options.<br /> <br />In general, the Fund's investments are broadly diversified over a number of<br />industries and, as a matter of policy, the Fund is limited to investing less<br />than 25% of its total assets in any one industry.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION <tt>Current income is a secondary objective.</tt> Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. The net asset value ("NAV") of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.33 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Total Returns for the Calendar Years Ended December 31 Performance Information The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;18.56% (quarter ended June 30, 2009)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(17.62)% (quarter ended September 30, 2011)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Year-to-date total return for the nine months ended September 30, 2012: 14.04%</tt> 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>o Management Risk. The Fund is subject to the risk of poor stock selection. In<br />other words, the individual stocks in the Fund may not perform as well as<br />expected, and/or the Fund's portfolio management practices do not work to<br />achieve their desired result.<br /> <br />o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the Fund will invest in stocks Robeco believes to be undervalued, there<br />is no guarantee that the prices of these stocks will not move even lower.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices.<br /><br />o Small/Mid-Cap Companies Risk. Investing in securities of companies with micro,<br />small or mid-sized capitalizations tends to be riskier than investing in<br />securities of companies with large capitalizations.<br /> <br />Securities of companies with micro, small and mid-sized capitalizations tend to<br />be more volatile than those of large cap companies and, on occasion, may<br />fluctuate in the opposite direction of large cap company securities or the<br />broader stock market averages.<br /> <br />The small capitalization equity securities in which the Fund invests may be<br />traded only in the over-the-counter market or on a regional securities exchange,<br />may be listed only in the quotation service commonly known as the "pink sheets,"<br />and may not be traded every day or in the volume typical of trading on a<br />national securities exchange. These securities may also be subject to wide<br />fluctuations in market value. The trading market for any given small<br />capitalization equity security may be sufficiently small as to make it difficult<br />for the Fund to dispose of a substantial block of such securities. The sale by<br />the Fund of portfolio securities to meet redemptions may require the Fund to<br />sell its small capitalization securities at a discount from market prices or<br />during periods when, in Robeco's judgment, such sale is not desirable. Moreover,<br />the lack of an efficient market for these securities may make them difficult to<br />value.<br /> <br />o Convertible Securities Risk. Securities that can be converted into common<br />stock, such as certain securities and preferred stock, are subject to the usual<br />risks associated with fixed income investments, such as interest rate risk and<br />credit risk. In addition, because they react to changes in the value of the<br />equity securities into which they will convert, convertible securities are also<br />subject to the risks associated with equity securities.<br /> <br />o Portfolio Turnover Risk. If the Fund frequently trades its portfolio<br />securities, the Fund will incur higher brokerage commissions and transaction<br />costs, which could lower the Fund's performance. In addition to lower<br />performance, high portfolio turnover could result in taxable capital gains. The<br />annual portfolio turnover rate for the Fund is not expected to exceed 125%;<br />however, it may be higher if Robeco believes it will improve the Fund's<br />performance.<br /> <br />o Options Risk. An option is a type of derivative instrument that gives the<br />holder the right (but not the obligation) to buy (a "call") or sell (a "put") an<br />asset in the near future at an agreed upon price prior to the expiration date of<br />the option. The Fund may "cover" a call option by owning the security underlying<br />the option or through other means. The value of options can be highly volatile,<br />and their use can result in loss if Robeco is incorrect in its expectation of<br />price fluctuations.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days. The Fund might,<br />in order to dispose of restricted securities, have to register securities<br />resulting in additional expense and delay. Adverse market conditions could<br />impede such a public offering of such securities.<br /> <br />o IPO Risk. IPO risk is the risk that the market value of IPO shares will<br />fluctuate considerably due to certain factors, such as the absence of a prior<br />public market, unseasoned trading, the small number of shares available for<br />trading and limited information about the issuer. The purchase of IPO shares <br />may involve high transaction costs. IPO shares are subject to market risk and<br />liquidity risk. When the Fund's asset base is small, a significant portion of<br />the Fund's performance could be attributable to investments in IPOs, because<br />such investments would have a magnified impact on the Fund. As the Fund's assets<br />grow, the effect of the Fund's investments in IPOs on the Fund's performance<br />probably will decline, which could reduce the Fund's performance. Because of the<br />price volatility of IPO shares, the Fund may choose to hold IPO shares for a<br />very short period of time. This may increase the turnover of the Fund's<br />portfolio and may lead to increased expenses to the Fund, such as commissions<br />and transaction costs. In addition, Robeco cannot guarantee continued access to<br />IPOs.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>The chart below illustrates the long-term performance of the Robeco Boston<br />Partners All-Cap Value Fund's Investor Class. The information shows you how the<br />Fund's performance has varied year by year and provides some indication of the<br />risks of investing in the Fund. The chart assumes reinvestment of dividends and<br />distributions. As with all such investments, past performance (before and after<br />taxes) is not an indication of future results. Performance reflects fee waivers<br />in effect. If fee waivers were not in place, the Fund's performance would be<br />reduced. Updated performance information is available at www.robecoinvest.com or<br />1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001106Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001106Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns for the Fund's<br />Investor Class both before and after taxes for the past calendar year, past five<br />calendar years and since inception to the average annual total returns of a<br />broad-based securities market index for the same periods.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000001106Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 3000® Value Index (reflects no deduction for fees, expenses or taxes) -0.0010 -0.0258 0.0473 2002-07-01 Return After Taxes on Distributions and Sale of Fund Shares -0.0004 0.0076 0.0672 2002-07-01 Return After Taxes on Distributions -0.0289 0.0036 0.0704 2002-07-01 BPAVX Worst Quarter: Best Quarter: 0.00 2012-09-30 Return Before Taxes 97 2009-06-30 373 -0.1762 0.2026 -0.0033 0.1319 1516 0.00 670 0.0123 0.1856 -0.0162 0.0023 -0.2756 0.0080 2013-12-31 2011-09-30 0.3077 0.0132 0.0957 Year-to-date total return 0.00 -0.0162 0.00 0.3693 0.0025 0.0095 0.0128 0.1741 0.0800 2002-07-01 0.1404 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 33%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001106Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001106Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term growth of capital primarily through<br />investment in equity securities.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the Fund<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund pursues its objective by investing, under normal circumstances, at<br />least 80% of its net assets (including borrowings for investment purposes) in a<br />diversified portfolio consisting primarily of equity securities, such as common<br />stocks of issuers across the capitalization spectrum and identified by Robeco as<br />having value characteristics.<br /> <br />Robeco examines various factors in determining the value characteristics of such<br />issuers including price to book value ratios and price to earnings ratios. These<br />value characteristics are examined in the context of the issuer's operating and<br />financial fundamentals, such as return on equity and earnings growth and cash<br />flow. Robeco selects securities for the Fund based on a continuous study of<br />trends in industries and companies, earnings power and growth and other<br />investment criteria.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change <br />in fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />The Fund may also invest up to 20% of its total assets in non U.S.<br />dollar-denominated securities.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /> <br />The Fund may participate as a purchaser in initial public offerings of<br />securities ("IPO"). An IPO is a company's first offering of stock to the public.<br /> <br />The Fund may invest up to 10% of its net assets in securities that can be<br />converted into common stock, such as certain debt securities and preferred<br />stock.<br /> <br />The Fund may hedge overall portfolio exposure up to 40% of its net assets<br />through the purchase and sale of index and individual put and call options.<br /> <br />In general, the Fund's investments are broadly diversified over a number of<br />industries and, as a matter of policy, the Fund is limited to investing less<br />than 25% of its total assets in any one industry.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION <tt>Current income is a secondary objective.</tt> Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. The net asset value ("NAV") of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.33 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Total Returns for the Calendar Years Ended December 31 Performance Information The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter: 18.60% (quarter ended June 30, 2009)<br />Worst Quarter: (17.49)% (quarter ended September 30, 2011)<br />Year-to-date total return for the nine months ended September 30, 2012: 14.21%</tt> 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>o Management Risk. The Fund is subject to the risk of poor stock selection. In<br />other words, the individual stocks in the Fund may not perform as well as<br />expected, and/or the Fund's portfolio management practices do not work to<br />achieve their desired result.<br /> <br />o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the Fund will invest in stocks Robeco believes to be undervalued, there<br />is no guarantee that the prices of these stocks will not move even lower.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices.<br /><br />o Small/Mid Cap Companies Risk. Investing in securities of companies with micro,<br />small or mid-sized capitalizations tends to be riskier than investing in<br />securities of companies with large capitalizations.<br /> <br />Securities of companies with micro, small and mid-sized capitalizations tend to<br />be more volatile than those of large cap companies and, on occasion, may<br />fluctuate in the opposite direction of large cap company securities or the<br />broader stock market averages.<br /> <br />The small capitalization equity securities in which the Fund invests may be<br />traded only in the over-the-counter market or on a regional securities exchange,<br />may be listed only in the quotation service commonly known as the "pink sheets,"<br />and may not be traded every day or in the volume typical of trading on a<br />national securities exchange. These securities may also be subject to wide<br />fluctuations in market value. The trading market for any given small<br />capitalization equity security may be sufficiently small as to make it difficult<br />for the Fund to dispose of a substantial block of such securities. The sale by<br />the Fund of portfolio securities to meet redemptions may require the Fund to<br />sell its small capitalization securities at a discount from market prices or<br />during periods when, in Robeco's judgment, such sale is not desirable. Moreover,<br />the lack of an efficient market for these securities may make them difficult to<br />value.<br /> <br />o Convertible Securities Risk. Securities that can be converted into common<br />stock, such as certain securities and preferred stock, are subject to the usual<br />risks associated with fixed income investments, such as interest rate risk and<br />credit risk. In addition, because they react to changes in the value of the<br />equity securities into which they will convert, convertible securities are also<br />subject to the risks associated with equity securities.<br /> <br />o Portfolio Turnover Risk. If the Fund frequently trades its portfolio<br />securities, the Fund will incur higher brokerage commissions and transaction<br />costs, which could lower the Fund's performance. In addition to lower<br />performance, high portfolio turnover could result in taxable capital gains. The<br />annual portfolio turnover rate for the Fund is not expected to exceed 125%;<br />however, it may be higher if Robeco believes it will improve the Fund's<br />performance.<br /> <br />o Options Risk. An option is a type of derivative instrument that gives the<br />holder the right (but not the obligation) to buy (a "call") or sell (a "put") an<br />asset in the near future at an agreed upon price prior to the expiration date of<br />the option. The Fund may "cover" a call option by owning the security underlying<br />the option or through other means. The value of options can be highly volatile,<br />and their use can result in loss if Robeco is incorrect in its expectation of<br />price fluctuations.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days. The Fund might,<br />in order to dispose of restricted securities, have to register securities<br />resulting in additional expense and delay. Adverse market conditions could<br />impede such a public offering of such securities.<br /> <br />o IPO Risk. IPO risk is the risk that the market value of IPO shares will<br />fluctuate considerably due to certain factors, such as the absence of a prior<br />public market, unseasoned trading, the small number of shares available for<br />trading and limited information about the issuer. The purchase of IPO shares <br />may involve high transaction costs. IPO shares are subject to market risk and<br />liquidity risk. When the Fund's asset base is small, a significant portion of<br />the Fund's performance could be attributable to investments in IPOs, because<br />such investments would have a magnified impact on the Fund. As the Fund's assets<br />grow, the effect of the Fund's investments in IPOs on the Fund's performance<br />probably will decline, which could reduce the Fund's performance. Because of the<br />price volatility of IPO shares, the Fund may choose to hold IPO shares for a<br />very short period of time. This may increase the turnover of the Fund's<br />portfolio and may lead to increased expenses to the Fund, such as commissions<br />and transaction costs. In addition, Robeco cannot guarantee continued access to<br />IPOs.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>The chart below illustrates the long-term performance of the Robeco Boston<br />Partners All-Cap Value Fund's Institutional Class. The information shows you how<br />the Fund's performance has varied year by year and provides some indication of<br />the risks of investing in the Fund. The chart assumes reinvestment of dividends<br />and distributions. As with all such investments, past performance (before and<br />after taxes) is not an indication of future results. Performance reflects fee<br />waivers in effect. If fee waivers were not in place, the Fund's performance<br />would be reduced. Updated performance information is available at<br />www.robecoinvest.com or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001106Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001106Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns for the Fund's<br />Institutional Class both before and after taxes for the past calendar year, <br />past five calendar years and since inception to the average annual total <br />returns of a broad-based securities market index for the same periods.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000001106Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 3000® Value Index (reflects no deduction for fees, expenses or taxes) -0.0010 -0.0258 0.0473 2002-07-01 Return After Taxes on Distributions and Sale of Fund Shares 0.0011 0.0092 0.0690 2002-07-01 Return After Taxes on Distributions -0.0273 0.0053 0.0723 2002-07-01 BPAIX Worst Quarter: Best Quarter: 0.00 2012-09-30 Return Before Taxes 72 2009-06-30 295 -0.1749 0.2057 -0.0033 0.1342 1229 0.00 536 0.0147 0.1860 -0.0138 0.0023 -0.2726 0.0080 2013-12-31 2011-09-30 0.3097 0.0157 0.0988 Year-to-date total return 0.00 -0.0138 0.00 0.3713 0.00 0.0070 0.0103 0.1763 0.0827 2002-07-01 0.1421 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transactions costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was<br />288.88% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001101Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001101Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The investment objective of the Bogle Investment Management Small Cap Growth<br />Fund (the "Fund") is to provide long-term capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The table below shows what you<br />would pay if you invested $10,000 in the Fund over the various time periods<br />indicated. The Example assumes that you invest $10,000 in the fund for the time<br />periods indicated and then redeem all of your shares at the end of those<br />periods. The Example also assumes that your investment has a 5% return each year<br />and that the Fund's operating expenses remain the same. Although your actual<br />costs may be higher or lower, based on these assumptions your costs would be:</tt> AVERAGE ANNUAL TOTAL RETURNS <tt>The Fund seeks to achieve its objective by investing under normal circumstances<br />at least 80% of the net assets of the portfolio (including borrowings for<br />investment purposes) in the stocks of U.S. companies with market capitalizations, <br />at the time of purchase, that are within the range of the market capitalizations <br />of those companies that are included in the Russell 2000&#xAE; Index ("Small Cap Stocks"). <br />The Fund attempts to achieve its objective by taking long positions in Small Cap <br />Stocks that the Adviser believes are undervalued given their future earnings growth <br />prospects. The Advisor will manage the portfolio such that its median market <br />capitalization is reasonably close to the median capitalization of the Russell <br />2000&#xAE; Index. As part of its investment strategy, the Adviser will continue to <br />invest in Small Cap Stocks that the Adviser believes will appreciate more than <br />the Russell 2000&#xAE; Index. Shareholders will be notified by the Fund sixty days <br />in advance of any change in this 80% policy.<br /> <br />Because companies tend to shift in relative attractiveness, the Fund may buy and<br />sell securities frequently, which may result in higher transaction costs.</tt> SUMMARY SECTION EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As with all such investments, past performance (before and after taxes) is not an indication of future results. Therefore, you could lose money by investing in the Fund. PRINCIPAL RISKS SHAREHOLDER FEES (fees paid directly from your investment) 2.8888 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 RISK/RETURN INFORMATION The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter: 33.33% (quarter ended June 30, 2009)<br />Worst Quarter: (28.63)% (quarter ended December 31, 2008)<br />Year-to-date total return for the nine months ended September 30, 2012: 19.43%</tt> 1-877-264-5346 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2011 PORTFOLIO TURNOVER <tt>o Common stocks may decline over short or even extended periods of time. Equity<br />markets tend to be cyclical; there are times when stock prices generally<br />increase, and other times when they generally decrease. Therefore, you could<br />lose money by investing in the Fund.<br /> <br />o The Fund will invest in Small Cap Stocks that may be more volatile than<br />investments in issuers with larger market capitalizations. Issuers of Small Cap<br />Stocks are not as diversified in their business activities as issuers with<br />larger market capitalizations and are more susceptible to changes in the<br />business cycle.<br /><br />o The net asset value ("NAV") of the Fund will fluctuate with changes in the<br />market value of its portfolio positions.<br /> <br />o Although the Fund will invest in stocks that the Adviser believes to be<br />undervalued, there is no guarantee that the prices of these stocks will not move<br />even lower.<br /> <br />o The Fund may frequently trade its portfolio securities. High portfolio<br />turnover will cause the Fund to incur higher brokerage commissions and<br />transaction costs, which could lower the Fund's performance. In addition to<br />lower performance, high portfolio turnover could result in taxable capital<br />gains.</tt> EXPENSES AND FEES After-tax returns are shown for only the Investor Class and may vary for the Institutional Class. PRINCIPAL INVESTMENT STRATEGIES www.boglefunds.com <tt>The chart below illustrates the long-term performance of the Fund's Investor<br />Class. The information shows you how the Fund's performance has varied year by<br />year and provides some indication of the risks of investing in the Fund. The<br />chart assumes reinvestment of dividends and distributions. As with all such<br />investments, past performance (before and after taxes) is not an indication of<br />future results. Performance reflects fee waivers in effect. If fee waivers were<br />not in place, the Fund's performance would be reduced. Updated performance<br />information may be obtained at www.boglefunds.com or 1-877-264-5346.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001101Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001101Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the Fund's average annual total returns for the past<br />calendar year, the past five calendar years and the past ten calendar years to<br />the average annual total returns of a broad-based securities market index for<br />the same periods. Past performance (before and after taxes) is not necessarily<br />an indicator of how the Fund will perform in the future.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000001101Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Index -0.0418 0.0015 0.0562 Investor Class After Taxes on Distributions and Sale of Fund Shares -0.0321 -0.0221 0.0459 Investor Class After Taxes on Distributions -0.0494 -0.0305 0.0438 BOGLX -0.1756 Worst Quarter: Best Quarter: 0.00 2012-09-30 Investor Class Before Taxes 0.0010 137 2009-06-30 481 -0.2863 0.1078 -0.0025 0.2902 1879 0.00 847 -0.0560 0.3333 -0.0494 0.0050 -0.4819 0.0100 2013-12-31 2008-12-31 0.4574 -0.0265 0.1725 Year-to-date total return 0.00 -0.0494 0.00 0.5866 0.00 0.0553 0.0135 0.0160 0.1529 0.1943 0.00 BOGIX 0.00 Institutional Class Before Taxes 0.0000 127 452 -0.0026 1779 0.00 799 -0.0492 0.0051 0.0100 2013-12-31 -0.0257 0.00 0.00 0.00 0.0561 0.0125 0.0151 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transactions costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was<br />55.87% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001100Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001100Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Schneider Value Fund (the "Fund") seeks long-term capital growth by<br />investing primarily in common stocks of companies that have a market<br />capitalization of $1 billion or greater and which Schneider Capital Management<br />Company (the "Adviser") believes are undervalued. There can be no guarantee that<br />the Fund will achieve its investment objective.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>Under normal circumstances, at least 65% of the Fund's net assets (including<br />borrowings for investment purposes) will be invested in companies with<br />capitalizations, of at least $1 billion or greater. The Adviser examines various<br />factors in determining the value characteristics of such companies including<br />price-to-book value ratios and price-to-earnings ratios. The Fund invests<br />primarily in common stock of companies the Adviser believes are undervalued. <br />The fund may invest in convertible securities without regard to their credit<br />ratings. The Fund may also invest up to 20% of the value of its net assets in<br />securities of foreign issuers, including American Depositary Receipts ("ADRs").</tt> SUMMARY SECTION Example: After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal As with all such investments, past performance is not an indication of future results. Therefore, the value of your investment in the Fund may go up and down, sometimes rapidly and unpredictably, and you could lose money. Principal Risks Shareholder Fees (fees paid directly from your investment) 0.5587 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA"). Total Returns for the Calendar Years Ended December 31 Risk/Return Information The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. <tt>Best and Worst Quarterly Performance (for&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />the periods reflected in the chart above):&#xA0;&#xA0;&#xA0;<br /><br />Best Quarter: 27.80% (Qtr. ended September&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />30, 2009)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst Quarter: (29.81)% (Qtr. ended December&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />31, 2008)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Year-to-date total return for the nine&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />months ended September 30, 2012: 10.08%</tt> 1-888-520-3277 Annual Fund Operating Expenses (expenses that that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>o The Fund invests in common stocks which are subject to market, economic and<br />business risks that will cause their prices to fluctuate over time. Therefore,<br />the value of your investment in the Fund may go up and down, sometimes rapidly<br />and unpredictably, and you could lose money. The value of securities convertible<br />into equity securities, such as warrants or convertible debt, is also affected<br />by prevailing interest rates, the credit quality of the issuer, and any call<br />provision.<br /> <br />o Value investing involves the risk that the Fund's investment in companies<br />whose securities are believed to be undervalued, relative to their underlying<br />profitability, will not appreciate in value as anticipated.<br /> <br />o Investing in foreign securities poses additional market risks since political<br />and economic events unique in a country or region will affect those markets and<br />their issuers and may not affect the U.S. economy or U.S. issuers. In addition,<br />investments in foreign securities are generally denominated in foreign currency.<br />As a result, changes in the value of those currencies compared to the U.S.<br />dollar may affect the value of the Fund's investments.</tt> Expenses and Fees Principal Investment Strategies www.schneidercap.com <tt>The chart below illustrates the long-term performance of the Fund. The<br />information shows you how the Fund's performance has varied year by year <br />and provides some indication of the risks of investing in the Fund. The <br />chart assumes reinvestment of dividends and distributions. As with all <br />such investments, past performance is not an indication of future results.<br />Performance reflects fee waivers in effect. If fee waivers were not in place,<br />the Fund's performance would be reduced. Updated performance information is<br />available at www.schneidercap.com or 1-888-520-3277.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001100Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001100Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the Fund's average annual total returns for the past<br />calendar year, past five calendar years and since inception to the average<br />annual total returns of a broad-based securities market index for the same<br />periods. Past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000001100Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) 0.0039 -0.0264 0.0715 2002-09-30 After Taxes on Distributions and Sale of Fund Shares -0.1146 -0.0818 0.0490 2002-09-30 After Taxes on Distributions -0.1777 -0.1033 0.0493 2002-09-30 SCMLX Worst Quarter: Best Quarter: 0.00 2012-09-30 Before Taxes 92 2009-09-30 368 -0.2981 0.2472 -0.0038 0.1779 1508 -0.0100 664 -0.0033 0.2780 -0.1762 0.0058 -0.5495 0.0070 2013-12-31 2008-12-31 0.3918 -0.0952 0.0443 Year-to-date total return 0.00 -0.1762 0.00 0.5785 0.00 0.0090 0.0128 0.2334 0.0609 2002-09-30 0.1008 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transactions costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was<br />67.85% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001099Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001099Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Schneider Small Cap Value Fund (the "Fund") seeks long-term capital growth<br />by investing primarily in common stocks of companies that have capitalizations<br />that are less than the largest company in the Russell 2000&#xAE; Index ("small cap<br />companies") and which Schneider Capital Management Company (the "Adviser")<br />believes are undervalued. There can be no guarantee that the Fund will achieve<br />its investment objective.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year, and that the Fund's operating expenses<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>Under normal circumstances, at least 80% of the Fund's net assets (including<br />borrowings for investment purposes) will be invested in small cap companies. As<br />of November 30, 2012, the market capitalization range of the companies held by<br />the Fund was $25.6 million to $9.4 billion. Please note that this range is as of<br />a particular point in time and is subject to change. The Fund invests primarily<br />in common stock of companies the Adviser believes are undervalued. The fund may<br />invest in convertible securities without regard to their credit ratings. The<br />Fund may also invest up to 20% of the value of its net assets in securities of<br />foreign issuers, including American Depositary Receipts ("ADRs").</tt> SUMMARY SECTION Example: After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal As with all such investments, past performance is not an indication of future results. Therefore, the value of your investment in the Fund may go up and down, sometimes rapidly and unpredictably, and you could lose money. Principal Risks Shareholder Fees (fees paid directly from your investment) 0.6785 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA"). Total Returns for the Calendar Years Ended December 31 Risk/Return Information The chart below illustrates the long-term performance of the Fund. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter: 39.11% (Qtr. ended June 30, 2009)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst Quarter: (31.03%) (Qtr. ended September 30, 2011)&#xA0;&#xA0;<br />Year-to-date total return for the nine months ended September 30, 2012: 22.76%</tt> 1-888-520-327 Annual Fund Operating Expenses (expenses that that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>o The Fund invests in common stocks which are subject to market, economic and<br />business risks that will cause their prices to fluctuate over time. Therefore,<br />the value of your investment in the Fund may go up and down, sometimes rapidly<br />and unpredictably, and you could lose money. The value of securities convertible<br />into equity securities, such as warrants or convertible debt, is also affected<br />by prevailing interest rates, the credit quality of the issuer, and any call<br />provision.<br /> <br />o Stocks of small companies may be more volatile than, and not as readily<br />marketable as, those of larger companies. Small companies may also have limited<br />product lines, markets or financial resources and may be dependent on relatively<br />small or inexperienced management groups. Additionally, the trading volume of<br />small company securities may make them more difficult to sell than those of<br />larger companies.<br /> <br />o Value investing involves the risk that the Fund's investment in companies<br />whose securities are believed to be undervalued, relative to their underlying<br />profitability, will not appreciate in value as anticipated.<br /> <br />o Investing in foreign securities poses additional market risks since political<br />and economic events unique in a country or region will affect those markets and<br />their issuers and may not affect the U.S. economy or U.S. issuers. In addition,<br />investments in foreign securities are generally denominated in foreign currency.<br />As a result, changes in the value of those currencies compared to the U.S.<br />dollar may affect the value of the Fund's investments.</tt> Expenses and Fees Principal Investment Strategies www.schneidercap.com <tt>The chart below illustrates the long-term performance of the Fund. The<br />information shows you how the Fund's performance has varied year by year <br />and provides some indication of the risks of investing in the Fund. The <br />chart assumes reinvestment of dividends and distributions. As with all <br />such investments, past performance is not an indication of future results.<br />Performance reflects fee waivers in effect. If fee waivers were not in place,<br />the Fund's performance would be reduced. Updated performance information is<br />available at www.schneidercap.com or 1-888-520-327</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001099Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001099Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the Fund's average annual total returns for the past<br />calendar year, past five calendar years and past ten calendar years to the<br />average annual total returns of a broad-based securities market index for the<br />same periods. Past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000001099Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) -0.0550 -0.0187 0.0640 After Taxes on Distributions and Sale of Fund Shares -0.1559 -0.0617 0.0605 After Taxes on Distributions -0.2399 -0.0763 0.0543 SCMVX -0.1485 Worst Quarter: Best Quarter: 0.00 2012-09-30 Before Taxes 117 2009-06-30 445 -0.3103 0.2723 -0.0037 0.3224 1786 -0.0175 796 -0.1708 0.3911 -0.2399 0.0052 -0.4653 0.0100 2013-12-31 2011-09-30 0.5404 -0.0725 0.0983 Year-to-date total return 0.00 -0.2399 0.00 1.0605 0.00 0.0738 0.0115 0.0152 0.2108 0.2276 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when <br />Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Example, affect <br />the Fund's performance. During the fiscal year ended August 31, 2012, the<br />portfolio turnover rate for the Fund was 84%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001097Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001097Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks capital appreciation by investing primarily in common stocks,<br />securities convertible into common stocks and in special situations.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the Fund<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>Currently, the Fund pursues its objective by investing, under normal<br />circumstances, at least 80% of its net assets (including borrowings for<br />investment purposes) in equity securities of U.S. companies, that, at the time<br />of purchase, have a market capitalization that is within the range of the market<br />capitalization of issuers in the Russell 2000&#xAE; Value Index. As of November 30,<br />2012, the median market capitalization of the companies in the Russell 2000&#xAE;<br />Value Index is $433 million and the largest stock is $4.8 billion. The Fund may<br />invest indepository receipts and equity securities of foreign companies.<br />Although the Fund invests primarily in common stocks, the Fund may invest in all<br />types of equity and equity-related securities, including (without limitation):<br /> <br />o Securities convertible into common stocks.<br /> <br />o Shares of real estate investment trusts ("REITs").<br /> <br />o Warrants and rights to purchase common stocks.<br /> <br />o Preferred stocks.<br /> <br />o Exchange traded limited partnerships.<br /> <br />Special Situations: The Fund may invest in companies that may experience unusual<br />and possibly unique developments which may create a special opportunity for<br />significant returns. Special situations include: significant technological<br />improvements or important discoveries; reorganizations, recapitalizations or<br />mergers; favorable resolutions of litigation; new management or material changes<br />in company policies; and actual or potential changes in control of a company.<br /> <br />Strategies: Robeco uses a value approach to select the Fund's investments. Using<br />this investment style, Robeco seeks securities selling at substantial discounts<br />to their underlying values and then holds these securities until the market<br />values reflect what Robeco believes to be their intrinsic values. Robeco employs<br />a bottom-up strategy, focusing on undervalued industries that Robeco believes<br />are experiencing positive change. Robeco then uses both qualitative and<br />quantitative methods to assess a security's potential value. The portfolio<br />managers managing the Fund meet with a multitude of companies annually to<br />identify companies with increasing returns on capital in their core businesses<br />which are selling at attractive valuations.<br /> <br />Factors Robeco looks for in selecting investments include (without limitation):<br /> <br />o Increasing returns on invested capital.<br /> <br />o Companies who have demonstrated an ability to generate high return on invested<br />capital (ROIC).<br /> <br />o Companies which provide solid cash flows with appropriate capital.<br /> <br />o Potential catalysts such as new products, cyclical upturns and changes in<br />management.<br /> <br />o Low market valuations relative to earnings forecast, book value, cash flow and<br />sales.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change in<br />fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.</tt> SUMMARY SECTION Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. The net asset value ("NAV") of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.84 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Total Returns for the Calendar Years Ended December 31 Performance Information The bar chart below shows you how the performance of the Fund's Institutional Class has varied year to year and provides some indication of the risks of investing in the Fund. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter: 28.51% (quarter ended June 30, 2009)<br />Worst Quarter: (30.21)% (quarter ended December 31, 2008)<br />Year-to-date total return for the nine months ended September 30, 2012: 17.35%</tt> 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns (for the Periods Ended December 31, 2011) Portfolio Turnover <tt>o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money.<br />Although the Fund will invest in stocks Robeco believes to be undervalued, there<br />is no guarantee that the price of these stocks will not move even lower.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices.<br /> <br />o Management Risk. The Fund is subject to the risk of poor stock selection. In<br />other words, the individual stocks in the Fund may not perform as well as<br />expected, and/or the Fund's portfolio management practices do not work to<br />achieve their desired result.<br /> <br />o Small Cap Companies Risk. The small capitalization equity securities in which<br />the Fund may invest will often be traded only in the over-the-counter market or<br />on a regional securities exchange, may be listed only in the quotation service<br />commonly known as the "pink sheets," and may not be traded every day or in the<br />volume typical of trading on a national securities exchange. These securities<br />may also be subject to wide fluctuations in market value. The trading market for<br />any given small capitalization equity security may be sufficiently small as to<br />make it difficult for the Fund to dispose of a substantial block of such<br />securities. The sale by the Fund of portfolio securities to meet redemptions may<br />require the Fund to sell its small capitalization securities at a discount from<br />market prices or during periods when, in Robeco's judgment, such sale is not<br />desirable. Moreover, the lack of an efficient market for these securities may<br />make them difficult to value.<br /> <br />o Convertible Securities Risk. Securities that can be converted into common<br />stock, such as certain securities and preferred stock, are subject to the usual<br />risks associated with fixed income investments, such as interest rate risk and<br />credit risk. In addition, because they react to changes in the value of the<br />equity securities into which they will convert, convertible securities are also<br />subject to the risks associated with equity securities.<br /> <br />o REITs Risk. REITs may be affected by economic forces and other factors related<br />to the real estate industry. Investing in REITs may involve risks similar to<br />those associated with investing in small capitalization companies. REITs may<br />have limited financial resources, may trade less frequently and in a limited<br />volume and may be subject to more abrupt or erratic price movements than larger<br />company securities. Historically, small capitalization stocks, such as REITs,<br />have been more volatile in price than the larger capitalization stocks included<br />in the S&amp;P 500&#xAE; Index.<br /> <br />o Special Situations Risk. The Fund will seek to benefit from "special<br />situations," such as mergers, reorganizations, or other unusual events expected<br />to affect a particular issuer. There is a risk that the "special situation"<br />might not occur or involve longer time frames than originally expected, which<br />could have a negative impact on the price of the issuer's securities and fail to<br />produce gains or produce a loss for the Fund.<br /> <br />o Rights and Warrants Risk. The purchase of rights or warrants involves the risk<br />that the Fund could lose the purchase value of a right or warrant if the right<br />to subscribe to additional shares is not executed prior to the right's or<br />warrant's expiration. Also, the purchase of rights and/or warrants involves the<br />risk that the effective price paid for the right and/or warrant added to the<br />subscription price of the related security may exceed the value of the<br />subscribed security's market price such as when there is no movement in the<br />level of the underlying security.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>The bar chart and table below illustrate the long-term performance of the Robeco<br />WPG Small/Micro Cap Value Fund's Institutional Class. The performance for<br />periods prior to April 29, 2005 represents the performance of the WPG Tudor Fund<br />(the "Predecessor Fund"). The Predecessor Fund began operations on September 11,<br />1985. On April 29, 2005, the Predecessor Fund was reorganized as a new portfolio<br />of the Company. Prior to the reorganization, the Predecessor Fund offered only<br />one class of shares. In connection with the reorganization, shareholders of the<br />Predecessor Fund exchanged their shares for Institutional Class shares of the<br />Fund.<br /> <br />The bar chart below shows you how the performance of the Fund's Institutional<br />Class has varied year to year and provides some indication of the risks of<br />investing in the Fund. The bar chart assumes reinvestment of dividends and<br />distributions. As with all such investments, past performance (before and after<br />taxes) is not an indication of future results. Performance reflects fee waivers<br />in effect. If fee waivers were not in place, the Fund's performance would be<br />reduced. Updated performance information is available at www.robecoinvest.com or<br />1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001097Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001097Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns for the Fund's<br />Institutional Class both before and after taxes for the past calendar year, <br />past five calendar years and past 10 calendar years to the average annual <br />total returns of a broad-based securities market index for the same periods.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000001097Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) -0.0550 -0.0188 0.0640 Return After Taxes on Distributions and Sale of Shares -0.0776 -0.0223 0.0226 Return After Taxes on Distributions -0.1195 -0.0309 0.0197 WPGTX -0.2610 Worst Quarter: Best Quarter: 0.00 2012-09-30 Return Before Taxes 173 2009-06-30 535 -0.3021 0.1935 0.0000 0.2610 2007 -0.0200 922 -0.0704 0.2851 -0.1195 0.0080 -0.3873 0.0090 2013-12-31 2008-12-31 0.4123 -0.0223 -0.0200 Year-to-date total return 0.0200 -0.1195 0.00 0.4537 0.00 0.0331 0.0170 0.0170 0.2338 0.1735 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year end, the portfolio turnover <br />rate for the Fund was 32%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001094Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001094Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term growth of capital primarily through<br />investment in equity securities.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the Fund<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund pursues its objective by investing, under normal circumstances, at<br />least 80% of its net assets (including borrowings for investment purposes) in a<br />diversified portfolio consisting primarily of equity securities, such as common<br />stocks of issuers with small market capitalizations and identified by Robeco as<br />having value characteristics. A small market capitalization issuer generally is<br />considered to be one whose market capitalization is, at the time the Fund makes<br />the investment, similar to the market capitalization of companies in the Russell<br />2000&#xAE; Value Index. The Russell 2000&#xAE; Value Index is an unmanaged index that<br />contains stocks from the Russell 2000&#xAE; Index with less than average growth<br />orientation. As of November 30, 2012, the median market capitalization of this<br />index was $490 million and the largest stock was $4.8 billion. Please note that<br />this range is as of a particular point in time and is subject to change.<br /> <br />The Fund generally invests in the equity securities of small companies. Robeco<br />will seek to invest in companies it considers to be well managed and to have<br />attractive fundamental financial characteristics. Robeco believes greater<br />potential for price appreciation exists among small companies since they tend to<br />be less widely followed by other securities analysts and thus may be more likely<br />to be undervalued by the market. The Fund may invest from time to time a portion<br />of its assets, not to exceed 20% (under normal conditions) at the time of<br />purchase, in companies with larger market capitalizations.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change <br />in fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />Robeco examines various factors in determining the value characteristics of such<br />issuers including price to book value ratios and price to earnings ratios. These<br />value characteristics are examined in the context of the issuer's operating and<br />financial fundamentals such as return on equity, earnings growth and cash flow.<br />Robeco selects securities for the Fund based on a continuous study of trends in<br />industries and companies, earnings power and growth and other investment<br />criteria.<br /> <br />The Fund may also invest up to 25% of its total assets in non U.S.<br />dollar-denominated securities.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /> <br />The Fund may participate as a purchaser in initial public offerings of<br />securities ("IPO"). An IPO is a company's first offering of stock to the public.<br /> <br />In general, the Fund's investments are broadly diversified over a number of<br />industries and, as a matter of policy, the Fund is limited to investing a<br />maximum of 25% of its total assets in any one industry.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION <tt>Current income is a secondary objective.</tt> Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.32 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Total Returns for the Calendar Years Ended December 31 Performance Information The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;29.32% (quarter ended June 30, 2009)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(26.42)% (quarter ended December 31, 2008) <br />Year-to-date total return for the nine months ended September 30, 2012: 18.57%</tt> 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>o Management Risk. The Fund is subject to the risk of poor stock selection. In<br />other words, the individual stocks in the Fund may not perform as well as<br />expected, and/or the Fund's portfolio management practices do not work to<br />achieve their desired result.<br /> <br />o Market Risk. The net asset value ("NAV") of the Fund will change with <br />changes in the market value of its portfolio positions. Investors may lose money.<br />Although the Fund will invest in stocks Robeco believes to be undervalued, there<br />is no guarantee that the prices of these stocks will not move even lower.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices.<br /> <br />o Small Cap Companies Risk. The Fund will invest in smaller issuers which are<br />more volatile and less liquid than investments in issuers with a market<br />capitalization greater than the market capitalization of companies in the<br />Russell 2000&#xAE; Value Index. Small market capitalization issuers are not as<br />diversified in their business activities as issuers with market capitalizations<br />greater than the market capitalization of companies in the Russell 2000&#xAE; Value<br />Index and are more susceptible to changes in the business cycle.<br /> <br />The small capitalization equity securities in which the Fund invests may be<br />traded only in the over-the-counter market or on a regional securities exchange,<br />may be listed only in the quotation service commonly known as the "pink sheets,"<br />and may not be traded every day or in the volume typical of trading on a<br />national securities exchange. These securities may also be subject to wide<br />fluctuations in market value. The trading market for any given small<br />capitalization equity security may be sufficiently small as to make it difficult<br />for the Fund to dispose of a substantial block of such securities. The sale by<br />the Fund of portfolio securities to meet redemptions may require the Fund to<br />sell its small capitalization securities at a discount from market prices or<br />during periods when, in Robeco's judgment, such sale is not desirable. Moreover,<br />the lack of an efficient market for these securities may make them difficult to<br />value.<br /> <br />o Portfolio Turnover Risk. If the Fund frequently trades its portfolio<br />securities, the Fund will incur higher brokerage commissions and transaction<br />costs, which could lower the Fund's performance. In addition to lower<br />performance, high portfolio turnover could result in taxable capital gains. <br />The annual portfolio turnover rate for the Fund is not expected to exceed <br />175%; however, it may be higher if Robeco believes it will improve the Fund's<br />performance.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days. The Fund might,<br />in order to dispose of restricted securities, have to register securities<br />resulting in additional expense and delay. Adverse market conditions could<br />impede such a public offering of such securities.<br /> <br />o IPO Risk. IPO risk is the risk that the market value of IPO shares will<br />fluctuate considerably due to certain factors, such as the absence of a prior<br />public market, unseasoned trading, the small number of shares available for<br />trading and limited information about the issuer. The purchase of IPO shares <br />may involve high transaction costs. IPO shares are subject to market risk and<br />liquidity risk. When the Fund's asset base is small, a significant portion of<br />the Fund's performance could be attributable to investments in IPOs, because<br />such investments would have a magnified impact on the Fund. As the Fund's assets<br />grow, the effect of the Fund's investments in IPOs on the Fund's performance<br />probably will decline, which could reduce the Fund's performance. Because of the<br />price volatility of IPO shares, the Fund may choose to hold IPO shares for a<br />very short period of time. This may increase the turnover of the Fund's<br />portfolio and may lead to increased expenses to the Fund, such as commissions<br />and transaction costs. In addition, Robeco cannot guarantee continued access to<br />IPOs.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>The chart below illustrates the long-term performance of the Robeco Boston<br />Partners Small Cap Value Fund II's Investor Class. The information shows you how<br />the Fund's performance has varied year by year and provides some indication of<br />the risks of investing in the Fund. The chart assumes reinvestment of dividends<br />and distributions. As with all such investments, past performance (before and<br />after taxes) is not an indication of future results. Performance reflects fee<br />waivers in effect. If fee waivers were not in place, the Fund's performance<br />would be reduced. Updated performance information is available at<br />www.robecoinvest.com or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001094Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001094Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns for the Fund's<br />Investor Class both before and after taxes for the past calendar year, past<br />five calendar years and past ten calendar years to the average annual total <br />returns of a broad-based securities market index for the same periods.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000001094Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) -0.0550 -0.0188 0.0640 Returns After Taxes on Distributions and Sale of Fund Shares -0.0239 0.0010 0.0551 Returns After Taxes on Distributions -0.0372 -0.0101 0.0509 BPSCX -0.1594 Worst Quarter: Best Quarter: 0.00 2012-09-30 Returns Before Taxes 158 2009-06-30 503 -0.2642 0.1647 -0.0006 0.1824 1908 -0.0100 871 -0.0756 0.2932 -0.0367 0.0036 -0.3482 0.0100 2013-12-31 2008-12-31 0.4899 0.0045 0.0754 Year-to-date total return 0.0100 -0.0367 0.00 0.5290 0.0025 0.0665 0.0155 0.0161 0.1566 0.1857 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the fiscal year ended August 31, 2012, the portfolio<br />turnover rate for the Fund was 32%.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001094Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001094Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term growth of capital primarily through<br />investment in equity securities.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and that you sell all<br />of your shares at the end of the period. The Example also assumes that your<br />investment has a 5% return each year and that the operating expenses of the Fund<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> Average Annual Total Returns reflects no deduction for fees, expenses or taxes <tt>The Fund pursues its objective by investing, under normal circumstances, at<br />least 80% of its net assets (including borrowings for investment purposes) in a<br />diversified portfolio consisting primarily of equity securities, such as common<br />stocks of issuers with small market capitalizations and identified by Robeco as<br />having value characteristics. A small market capitalization issuer generally is<br />considered to be one whose market capitalization is, at the time the Fund makes<br />the investment, similar to the market capitalization of companies in the Russell<br />2000&#xAE; Value Index. The Russell 2000&#xAE; Value Index is an unmanaged index that<br />contains stocks from the Russell 2000&#xAE; Index with less than average growth<br />orientation. As of November 30, 2012, the median market capitalization of this<br />index was $490 million and the largest stock was $4.8 billion. Please note that<br />this range is as of a particular point in time and is subject to change.<br /> <br />The Fund generally invests in the equity securities of small companies. Robeco<br />will seek to invest in companies it considers to be well managed and to have<br />attractive fundamental financial characteristics. Robeco believes greater<br />potential for price appreciation exists among small companies since they tend to<br />be less widely followed by other securities analysts and thus may be more likely<br />to be undervalued by the market. The Fund may invest from time to time a portion<br />of its assets, not to exceed 20% (under normal conditions) at the time of<br />purchase, in companies with larger market capitalizations.<br /> <br />Robeco examines various factors in determining the value characteristics of such<br />issuers including price to book value ratios and price to earnings ratios. These<br />value characteristics are examined in the context of the issuer's operating and<br />financial fundamentals such as return on equity, earnings growth and cash flow.<br />Robeco selects securities for the Fund based on a continuous study of trends in<br />industries and companies, earnings power and growth and other investment<br />criteria.<br /> <br />Robeco will sell a stock when it no longer meets one or more investment<br />criteria, either through obtaining target value or due to an adverse change <br />in fundamentals or business momentum. Each holding has a target valuation<br />established at purchase, which Robeco constantly monitors and adjusts as<br />appropriate.<br /> <br />The Fund may also invest up to 25% of its total assets in non U.S.<br />dollar-denominated securities.<br /> <br />The Fund may invest up to 15% of its net assets in illiquid securities,<br />including securities that are illiquid by virtue of the absence of a readily<br />available market or legal or contractual restrictions on resale.<br /> <br />The Fund may participate as a purchaser in initial public offerings of<br />securities ("IPO"). An IPO is a company's first offering of stock to the public.<br /> <br />In general, the Fund's investments are broadly diversified over a number of<br />industries and, as a matter of policy, the Fund is limited to investing a<br />maximum of 25% of its total assets in any one industry.<br /> <br />While Robeco intends to fully invest the Fund's assets at all times in<br />accordance with the above-mentioned policies, the Fund reserves the right to<br />hold up to 100% of its assets, as a temporary defensive measure, in cash and<br />eligible U.S. dollar-denominated money market instruments. Robeco will determine<br />when market conditions warrant temporary defensive measures.</tt> SUMMARY SECTION <tt>Current income is a secondary objective.</tt> Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective As with all such investments, past performance (before and after taxes) is not an indication of future results. Investors may lose money. Summary of Principal Risks Shareholder Fees (fees paid directly from your investment) 0.32 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Total Returns for the Calendar Years Ended December 31 Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced. Performance Information The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;29.32% (quarter ended June 30, 2009)<br />Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(26.32)% (quarter ended December 31, 2008)<br />Year-to-date total return for the nine months ended September 30, 2012: 18.82%</tt> 1-888-261-4073 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>o Management Risk. The Fund is subject to the risk of poor stock selection. <br />In other words, the individual stocks in the Fund may not perform as well as<br />expected, and/or the Fund's portfolio management practices do not work to<br />achieve their desired result.<br /><br />o Market Risk. The net asset value ("NAV") of the Fund will change with changes<br />in the market value of its portfolio positions. Investors may lose money. Although <br />the Fund will invest in stocks Robeco believes to be undervalued, there is no <br />guarantee that the prices of these stocks will not move even lower.<br /> <br />o Foreign Securities Risk. International investing is subject to special risks,<br />including, but not limited to, currency exchange rate volatility, political,<br />social or economic instability, and differences in taxation, auditing and other<br />financial practices.<br /> <br />o Small Cap Companies Risk. The Fund will invest in smaller issuers which are<br />more volatile and less liquid than investments in issuers with a market<br />capitalization greater than the market capitalization of companies in the<br />Russell 2000&#xAE; Value Index. Small market capitalization issuers are not as<br />diversified in their business activities as issuers with market capitalizations<br />greater than the market capitalization of companies in the Russell 2000&#xAE; Value<br />Index and are more susceptible to changes in the business cycle.<br /> <br />The small capitalization equity securities in which the Fund invests may be<br />traded only in the over-the-counter market or on a regional securities exchange,<br />may be listed only in the quotation service commonly known as the "pink sheets,"<br />and may not be traded every day or in the volume typical of trading on a<br />national securities exchange. These securities may also be subject to wide<br />fluctuations in market value. The trading market for any given small<br />capitalization equity security may be sufficiently small as to make it difficult<br />for the Fund to dispose of a substantial block of such securities. The sale by<br />the Fund of portfolio securities to meet redemptions may require the Fund to<br />sell its small capitalization securities at a discount from market prices or<br />during periods when, in Robeco's judgment, such sale is not desirable. Moreover,<br />the lack of an efficient market for these securities may make them difficult to<br />value.<br /> <br />o Portfolio Turnover Risk. If the Fund frequently trades its portfolio<br />securities, the Fund will incur higher brokerage commissions and transaction<br />costs, which could lower the Fund's performance. In addition to lower<br />performance, high portfolio turnover could result in taxable capital gains. The<br />annual portfolio turnover rate for the Fund is not expected to exceed 175%;<br />however, it may be higher if Robeco believes it will improve the Fund's<br />performance.<br /> <br />o Illiquid Securities Risk. Investing in illiquid securities is subject to<br />certain risks, such as limitations on resale and uncertainty in determining<br />valuation. Limitations on resale may adversely affect the marketability of<br />portfolio securities and the Fund might be unable to dispose of restricted or<br />other illiquid securities promptly or at reasonable prices and might thereby<br />experience difficulty satisfying redemptions within seven days. The Fund might,<br />in order to dispose of restricted securities, have to register securities<br />resulting in additional expense and delay. Adverse market conditions could<br />impede such a public offering of such securities.<br /> <br />o IPO Risk. IPO risk is the risk that the market value of IPO shares will<br />fluctuate considerably due to certain factors, such as the absence of a prior<br />public market, unseasoned trading, the small number of shares available for<br />trading and limited information about the issuer. The purchase of IPO shares <br />may involve high transaction costs. IPO shares are subject to market risk and<br />liquidity risk. When the Fund's asset base is small, a significant portion of<br />the Fund's performance could be attributable to investments in IPOs, because<br />such investments would have a magnified impact on the Fund. As the Fund's assets<br />grow, the effect of the Fund's investments in IPOs on the Fund's performance<br />probably will decline, which could reduce the Fund's performance. Because of the<br />price volatility of IPO shares, the Fund may choose to hold IPO shares for a<br />very short period of time. This may increase the turnover of the Fund's<br />portfolio and may lead to increased expenses to the Fund, such as commissions<br />and transaction costs. In addition, Robeco cannot guarantee continued access to<br />IPOs.</tt> Expenses and Fees Summary of Principal Investment Strategies www.robecoinvest.com <tt>The chart below illustrates the long-term performance of the Robeco Boston<br />Partners Small Cap Value Fund II's Institutional Class. The information shows<br />you how the Fund's performance has varied year by year and provides some<br />indication of the risks of investing in the Fund. The chart assumes reinvestment<br />of dividends and distributions. As with all such investments, past performance<br />(before and after taxes) is not an indication of future results. Performance<br />reflects fee waivers in effect. If fee waivers were not in place, the Fund's<br />performance would be reduced. Updated performance information is available at<br />www.robecoinvest.com or 1-888-261-4073.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001094Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001094Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>The table below compares the average annual total returns for the Fund's<br />Institutional Class both before and after taxes for the past calendar year, <br />past five calendar years and past ten calendar years to the average annual <br />total returns of a broad-based securities market index for the same periods.</tt> <div style="display:none">~ http://www.astonfunds.com/role/ShareholderFeesData_S000001094Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) -0.0550 -0.0188 0.0640 Returns After Taxes on Distributions and Sale of Fund Shares -0.0223 0.0027 0.0571 Returns After Taxes on Distributions -0.0357 -0.0081 0.0533 BPSIX -0.1569 Worst Quarter: Best Quarter: 0.00 2012-09-30 Returns Before Taxes 132 2009-06-30 425 -0.2632 0.1684 -0.0006 0.1850 1632 -0.0100 740 -0.0730 0.2932 -0.0343 0.0036 -0.3467 0.0100 2013-12-31 2008-12-31 0.4939 0.0070 0.0778 Year-to-date total return 0.0100 -0.0343 0.00 0.5321 0.00 0.0692 0.0130 0.0136 0.1594 0.1882 0.00 <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001093Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001093Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Money Market Portfolio (the "Portfolio") of The RBB Fund, Inc. (the<br />"Company") seeks to generate current income, to provide you with liquidity <br />and to protect your investment.</tt> The seven-day yield for the period ended December 31, 2011 <tt>This Example is intended to help you compare the cost of investing in the<br />Portfolio with the cost of investing in other mutual funds. The Example <br />assumes that you invest $10,000 in the Portfolio for the time periods <br />indicated and then redeem all of your shares at the end of those periods. <br />The Example also assumes that your investment has a 5% return each year <br />and that the Portfolio's operating expenses remain the same. Although <br />your actual costs may be higher or lower, based on these assumptions <br />your costs would be:</tt> <tt>The Portfolio invests in a diversified investment portfolio of short term, high<br />quality, U.S. dollar-denominated instruments, including government, bank,<br />commercial and other obligations. <br /><br />Specifically, the Portfolio may invest in:<br /> <br />o U.S. dollar-denominated obligations issued or supported by the credit of U.S.<br />or foreign banks or savings institutions with total assets of more than $1<br />billion (including obligations of foreign branches of such banks).<br /> <br />o High quality commercial paper and other obligations issued or guaranteed (or<br />otherwise supported) by U.S. and foreign corporations and other issuers rated<br />(at the time of purchase) A-2 or higher by Standard and Poor's&#xAE;, Prime-2 or<br />higher by Moody's Investor's Service, Inc. or F-2 or higher by Fitch, Inc., as<br />well as high quality corporate bonds rated AA (or Aa) or higher at the time of<br />purchase by those rating agencies. These ratings must be provided by at least<br />two rating agencies or by the only rating agency providing a rating.<br /> <br />o Unrated notes, paper and other instruments that are determined by the Adviser<br />to be of comparable quality to the instruments described above.<br /> <br />o Asset-backed securities (including interests in pools of assets such as<br />mortgages, installment purchase obligations and credit card receivables).<br /> <br />o Securities issued or guaranteed by the U.S. government or by its agencies or<br />authorities.<br /> <br />o Dollar-denominated securities issued or guaranteed by foreign governments or<br />their political subdivisions, agencies or authorities.<br /><br />o Securities issued or guaranteed by state or local governmental bodies.<br /> <br />o Repurchase agreements relating to the above instruments.<br /> <br />The Portfolio seeks to maintain a net asset value of $1.00 per share. At least<br />25% of the Portfolio's total assets will be invested in banking obligations.</tt> SUMMARY SECTION Example Investment Goal As with all such investments, past performance is not an indication of future results. Principal Risks Total Returns for the Calendar Years Ended December 31 Performance Information <tt>Current Yield: The seven-day yield for the period ended December 31, 2011 for<br />the Portfolio was 0.04%. You may call (800) 430-9618 to obtain the current<br />seven-day yield of the Portfolio.</tt> The information shows you how the Portfolio's performance has varied year by year and provides some indication of the risks of investing in the Portfolio. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1.28% (quarter ended September 30, 2007)<br />Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.01% (quarter ended June 30, 2011)<br />Year-to-date total return for the nine months ended September 30, 2012: 0.03%</tt> Annual Portfolio Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Years Ended December 31, 2011 Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. When you invest in the Portfolio you are not making a bank deposit. Your investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. <tt>o The value of money market investments tends to fall when current interest<br />rates rise. Money market investments are generally less sensitive to interest<br />rate changes than longer-term securities.<br /> <br />o The Portfolio's investment securities may not earn as high a level of income<br />as longer-term or lower quality securities, which generally have greater risk<br />and more fluctuation in value.<br /> <br />o The Portfolio's concentration of its investments in the banking industry could<br />increase risks. The profitability of banks depends largely on the availability<br />and cost of funds, which can change depending upon economic conditions. Banks<br />are also exposed to losses if borrowers get into financial trouble and cannot<br />repay their loans.<br /> <br />o The obligations of foreign banks and other foreign issuers may involve certain<br />risks in addition to those of domestic issuers, including higher transaction<br />costs, less complete financial information, political and economic instability,<br />less stringent regulatory requirements and less market liquidity.<br /> <br />o Unrated notes, paper and other instruments may be subject to the risk that an<br />issuer may default on its obligation to pay interest and repay principal.<br /> <br />o The obligations issued or guaranteed by state or local governmental bodies may<br />be issued by entities in the same state and may have interest which is paid from<br />revenues of similar projects. As a result, changes in economic, business or<br />political conditions relating to a particular state or types of projects may<br />impact the Portfolio.<br /> <br />o Treasury obligations differ only in their interest rates, maturities and time<br />of issuance. These differences could result in fluctuations in the value of such<br />securities depending upon the market. Obligations of U.S. government agencies <br />and authorities are supported by varying degrees of credit. The U.S. government <br />gives no assurances that it will provide financial support to its agencies and <br />authorities if it is not obligated by law to do so. Default in these issuers <br />could negatively impact the Portfolio.<br /> <br />o In September 2008, the U.S. Treasury Department and the Federal Housing<br />Finance Agency ("FHFA") announced that Fannie Mae and Freddie Mac would be<br />placed in conservatorship under the FHFA. On June 16, 2010, FHFA ordered Fannie<br />Mae's and Freddie Mac's stock de-listed from the New York Stock Exchange after<br />the price of common stock in Fannie Mae fell below the New York Stock Exchange's<br />minimum average closing price of $1 for more than 30 days. The long-term effect<br />that this conservatorship will have on Fannie Mae and Freddie Mac's debt and<br />equity and on securities guaranteed by Fannie Mae and Freddie Mac remains<br />unclear.<br /> <br />o The Portfolio's investment in asset-backed securities may be negatively<br />impacted by interest rate fluctuations or when an issuer pays principal on an<br />obligation held by the Portfolio earlier or later than expected. These events<br />may affect their value and the return on your investment.<br /> <br />o The Portfolio could lose money if a seller under a repurchase agreement<br />defaults or declares bankruptcy.<br /> <br />o The Portfolio may purchase variable and floating rate instruments. Like all<br />debt instruments, their value is dependent on the credit paying ability of the<br />issuer. If the issuer were unable to make interest payments or default, the<br />value of the securities would decline. The absence of an active market for these<br />securities could make it difficult to dispose of them if the issuer defaults.<br /> <br />Although the Portfolio seeks to preserve the value of your investment at $1.00<br />per share, it is possible to lose money by investing in the Portfolio. When you<br />invest in the Portfolio you are not making a bank deposit. Your investment is<br />not insured or guaranteed by the Federal Deposit Insurance Corporation or by any<br />bank or governmental agency.</tt> Expenses and Fees Summary of Principal Investment Strategies <tt>The chart and table below illustrate the variability of the Portfolio's<br />long-term performance for Sansom Street Shares. The information shows you how<br />the Portfolio's performance has varied year by year and provides some indication<br />of the risks of investing in the Portfolio. The chart and the table both assume<br />reinvestment of dividends and distributions. As with all such investments, past<br />performance is not an indication of future results. Performance reflects fee<br />waivers in effect. If fee waivers were not in place, the Portfolio's performance<br />would be reduced. Effective May 28, 2010, Rule 2a-7 under the Investment Company<br />Act of 1940 (the "1940 Act") was amended to impose new liquidity, credit quality<br />and maturity requirements on all money market funds. Fund performance shown<br />prior to May 28, 2010 is based on 1940 Act rules then in effect and is not an<br />indication of future returns.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Sansom Street Shares of the Portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001093Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001093Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The table below shows the Portfolio's average annual total returns for the past<br />calendar year, the past five calendar years and the past ten calendar years.<br />Past performance (before and after taxes) is not necessarily an indicator of how<br />the Fund will perform in the future.</tt> Your investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. (800) 430-9618 SANXX 0.0172 Worst Quarter: Best Quarter: 2012-09-30 26 2007-09-30 135 0.0001 0.0125 -0.0025 0.0003 604 255 0.0510 0.0128 0.0005 0.0010 0.0281 0.0040 2013-12-31 2011-06-30 0.0049 0.0169 0.0314 0.0004 Year-to-date total return 0.0005 0.0105 0.00 0.0204 0.0025 0.0050 0.0485 0.0003 <div style="display:none">~ http://www.astonfunds.com/role/ExpenseExample_S000001093Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/BarChartData_S000001093Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Money Market Portfolio (the "Portfolio") of The RBB Fund, Inc. (the<br />"Company") seeks to generate current income, to provide you with liquidity and<br />to protect your investment.</tt> 2012-09-30 The seven-day yield for the period ended December 31, 2011 <tt>This Example is intended to help you compare the cost of investing in the<br />Portfolio with the cost of investing in other mutual funds. The Example assumes<br />that you invest $10,000 in the Portfolio for the time periods indicated and then<br />redeem all of your shares at the end of those periods. The Example also assumes<br />that your investment has a 5% return each year and that the Portfolio's<br />operating expenses remain the same. Although your actual costs may be higher or<br />lower, based on these assumptions your costs would be:</tt> Average Annual Total Returns for the Years Ended December 31, 2011 <tt>The Portfolio invests in a diversified investment portfolio of short term, high<br />quality, U.S. dollar-denominated instruments, including government, bank,<br />commercial and other obligations.<br /> <br />Specifically, the Portfolio may invest in:<br /> <br />o U.S. dollar-denominated obligations issued or supported by the credit of U.S.<br />or foreign banks or savings institutions with total assets of more than $1<br />billion (including obligations of foreign branches of such banks).<br /> <br />o High quality commercial paper and other obligations issued or guaranteed (or<br />otherwise supported) by U.S. and foreign corporations and other issuers rated<br />(at the time of purchase) A-2 or higher by Standard and Poor's&#xAE;, Prime-2 or<br />higher by Moody's Investor's Service, Inc. or F-2 or higher by Fitch, Inc., as<br />well as high quality corporate bonds rated AA (or Aa) or higher at the time of<br />purchase by those rating agencies. These ratings must be provided by at least<br />two rating agencies, or by the only rating agency providing a rating.<br /> <br />o Unrated notes, paper and other instruments that are determined by the Adviser<br />to be of comparable quality to the instruments described above.<br /> <br />o Asset-backed securities (including interests in pools of assets such as<br />mortgages, installment purchase obligations and credit card receivables).<br /> <br />o Securities issued or guaranteed by the U.S. government or by its agencies or<br />authorities.<br /> <br />o Dollar-denominated securities issued or guaranteed by foreign governments or<br />their political subdivisions, agencies or authorities.<br /> <br />o Securities issued or guaranteed by state or local governmental bodies.<br /> <br />o Repurchase agreements relating to the above instruments.<br /> <br />The Portfolio seeks to maintain a net asset value of $1.00 per share. At least<br />25% of the Portfolio's total assets will be invested in banking obligations.</tt> SUMMARY SECTION Example: Investment Goal As with all such investments, past performance is not an indication of future results. Principal Risks Total Returns for the Calendar Years Ended December 31 Performance reflects fee waivers in effect. If fee waivers were not in place, the Portfolio's performance would be reduced. Performance Information <tt>Current Yield: The seven-day yield for the period ended December 31, 2011 for<br />the Portfolio was 0.02%. You may call (800) 888-9723 to obtain the current<br />seven-day yield of the Portfolio.</tt> The chart and table below illustrate the variability of the Portfolio's long-term performance for Bedford Shares. The information shows you how the Portfolio's performance has varied year by year and provides some indication of the risks of investing in the Portfolio. <tt>Best and Worst Quarterly Performance (for the periods reflected in the chart<br />above):<br /> <br />Best Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1.26%&#xA0;&#xA0;&#xA0;(quarter ended September 30, 2006)<br />Worst Quarter:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%&#xA0;&#xA0;&#xA0;(quarter ended March 31, 2010)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Year-to-date total return for the nine months ended September 30, 2012: 0.02%</tt> Year-to-date total return Annual Portfolio Operating Expenses (Expenses that you pay each year as a percentage of your investment) Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. When you invest in the Portfolio you are not making a bank deposit. Your investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. <tt>o The value of money market investments tends to fall when current interest<br />rates rise. Money market investments are generally less sensitive to interest<br />rate changes than longer-term securities.<br /> <br />o The Portfolio's investment securities may not earn as high a level of income<br />as longer-term or lower quality securities, which generally have greater risk<br />and more fluctuation in value.<br /> <br />o The Portfolio's concentration of its investments in the banking industry could<br />increase risks. The profitability of banks depends largely on the availability<br />and cost of funds, which can change depending upon economic conditions. Banks<br />are also exposed to losses if borrowers get into financial trouble and cannot<br />repay their loans.<br /> <br />o The obligations of foreign banks and other foreign issuers may involve certain<br />risks in addition to those of domestic issuers, including higher transaction<br />costs, less complete financial information, political and economic instability,<br />less stringent regulatory requirements and less market liquidity.<br />&#xA0;&#xA0;<br />o Unrated notes, paper and other instruments may be subject to the risk that an<br />issuer may default on its obligation to pay interest and repay principal.<br /> <br />o The obligations issued or guaranteed by state or local governmental bodies may<br />be issued by entities in the same state and may have interest which is paid from<br />revenues of similar projects. As a result, changes in economic, business or<br />political conditions relating to a particular state or types of projects may<br />impact the Portfolio.<br /> <br />o Treasury obligations differ only in their interest rates, maturities and time<br />of issuance. These differences could result in fluctuations in the value of such<br />securities depending upon the market. Obligations of U.S. government agencies<br />and authorities are supported by varying degrees of credit. The U.S. government<br />gives no assurances that it will provide financial support to its agencies and<br />authorities if it is not obligated by law to do so. Default in these issuers<br />could negatively impact the Portfolio.<br /> <br />o In September 2008, the U.S. Treasury Department and the Federal Housing<br />Finance Agency ("FHFA") announced that Fannie Mae and Freddie Mac would be<br />placed in conservatorship under the FHFA. On June 16, 2010, FHFA ordered Fannie<br />Mae's and Freddie Mac's stock de-listed from the New York Stock Exchange after<br />the price of common stock in Fannie Mae fell below the New York Stock Exchange's<br />minimum average closing price of $1 for more than 30 days. The long-term effect<br />that this conservatorship will have on Fannie Mae and Freddie Mac's debt and<br />equity and on securities guaranteed by Fannie Mae and Freddie Mac is remains<br />unclear.<br /> <br />o The Portfolio's investment in asset-backed securities may be negatively<br />impacted by interest rate fluctuations or when an issuer pays principal on an<br />obligation held by the Portfolio earlier or later than expected. These events<br />may affect their value and the return on your investment.<br /> <br />o The Portfolio could lose money if a seller under a repurchase agreement<br />defaults or declares bankruptcy.<br /> <br />o The Portfolio may purchase variable and floating rate instruments. Like all<br />debt instruments, their value is dependent on the credit paying ability of the<br />issuer. If the issuer were unable to make interest payments or default, the<br />value of the securities would decline. The absence of an active market for these<br />securities could make it difficult to dispose of them if the issuer defaults.<br /> <br />Although the Portfolio seeks to preserve the value of your investment at $1.00<br />per share, it is possible to lose money by investing in the Portfolio. When you<br />invest in the Portfolio you are not making a bank deposit. Your investment is<br />not insured or guaranteed by the Federal Deposit Insurance Corporation or by any<br />bank or governmental agency.</tt> Expenses and Fees Summary of Principal Investment Strategies <tt>The chart and table below illustrate the variability of the Portfolio's<br />long-term performance for Bedford Shares. The information shows you how the<br />Portfolio's performance has varied year by year and provides some indication of<br />the risks of investing in the Portfolio. The chart and the table both assume<br />reinvestment of dividends and distributions. As with all such investments, past<br />performance is not an indication of future results. Performance reflects fee<br />waivers in effect. If fee waivers were not in place, the Portfolio's performance<br />would be reduced. Effective May 28, 2010, Rule 2a-7 under the Investment Company<br />Act of 1940 (the "1940 Act") was amended to impose new liquidity, credit quality<br />and maturity requirements on all money market funds. Fund performance shown prior<br />to May 28, 2010 is based on 1940 Act rules then in effect and is not an indication<br />of future returns.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Bedford Shares of the Portfolio.</tt> <div style="display:none">~ http://www.astonfunds.com/role/OperatingExpensesData_S000001093Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/PerformanceTableData_S000001093Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The table below shows the Portfolio's average annual total returns for the past<br />calendar year, the past five calendar years and the past ten calendar years.<br />Past performance (before and after taxes) is not necessarily an indicator of how<br />the Fund will perform in the future.</tt> Your investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. 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