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~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleShareholderFeesASTONBARINGSINTERNATIONALFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleShareholderFeesASTONLMCGEmergingMarketsFund column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleShareholderFeesASTONPictetInternationalFund column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleShareholderFeesASTONHARRISONSTREETREALESTATEFUND column period compact * ~</div> Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example Example 574 439 708 612 477 688 554 1081 952 718 585 734 600 601 466 649 515 718 585 856 725 883 751 1541 1418 1087 958 844 712 797 665 1001 871 2284 2171 593 458 739 606 797 665 2589 2480 1370 1245 627 492 1697 1576 660 525 www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com www.astonfunds.com The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 40.41%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 47.31%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 50.25%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 31.78%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32.96%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 69.72%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 75.46%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 29.42%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 30.03%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 143.99%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the period from April 14, 2014, when the Fund commenced investment operations, through the Fund’s fiscal year end on October 31, 2014, the Fund’s portfolio turnover rate was 25.82%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 162.93%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27.43%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 31.68%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 53.14%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the period from April 14, 2014, when the Fund commenced investment operations, through the Fund’s fiscal year end on October 31, 2014, the Fund’s portfolio turnover rate was 15.97%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 64.44%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 66.22%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 117.18%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 63.48%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 91.10%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36.31%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio) except that it generally does not incur transaction costs when it buys mutual fund shares. Underlying funds will also incur these costs. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 45.91%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 41.24%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 303.04%. ASTON/Fairpointe Mid Cap Fund ASTON/Montag & Caldwell Growth Fund ASTON/TAMRO Small Cap Fund ASTON/Montag & Caldwell Mid Cap Growth Fund ASTON/TAMRO Diversified Equity Fund ASTON/River Road Dividend All Cap Value Fund ASTON/River Road Dividend All Cap Value Fund II ASTON/Herndon Large Cap Value Fund ASTON/Cornerstone Large Cap Value Fund ASTON/River Road Select Value Fund ASTON/LMCG Small Cap Growth Fund ASTON/Pictet International Fund ASTON/Harrison Street Real Estate Fund ASTON/Montag & Caldwell Balanced Fund ASTON/River Road Small Cap Value Fund ASTON/Silvercrest Small Cap Fund ASTON/Barings International Fund ASTON/Guardian Capital Global Dividend Fund ASTON/River Road Independent Value Fund ASTON/DoubleLine Core Plus Fixed Income Fund ASTON/LMCG Emerging Markets Fund ASTON/TCH Fixed Income Fund ASTON/Lake Partners LASSO Alternatives Fund ASTON/Anchor Capital Enhanced Equity Fund ASTON/River Road Long-Short Fund Other Expenses for Class I Shares are estimated from the current fiscal year due to the limited operating history of the class. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONMONTAGCALDWELLGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONMONTAGCALDWELLMIDCAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONFAIRPOINTEMIDCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONTAMROSMALLCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONHERNDONLARGECAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONMONTAGCALDWELLBALANCEDFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONRIVERROADSELECTVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONTCHFIXEDINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONPictetInternationalFund column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONHARRISONSTREETREALESTATEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONRIVERROADSMALLCAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONTAMRODIVERSIFIEDEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONCORNERSTONELARGECAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONRIVERROADDIVIDENDALLCAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONRIVERROADDIVIDENDALLCAPVALUEFUNDII column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONRIVERROADINDEPENDENTVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONLMCGSMALLCAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONSILVERCRESTSMALLCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONDOUBLELINECOREPLUSFIXEDINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONRIVERROADLONG-SHORTFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONLAKEPARTNERSLASSOALTERNATIVESFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONANCHORCAPITALENHANCEDEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONGuardianCapitalGlobalDividendFund column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONBARINGSINTERNATIONALFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualFundOperatingExpensesASTONLMCGEmergingMarketsFund column period compact * ~</div> SHAREHOLDER FEES (fees paid directly from your investment) SHAREHOLDER FEES (fees paid directly from your investment) SHAREHOLDER FEES (fees paid directly from your investment) SHAREHOLDER FEES (fees paid directly from your investment) SHAREHOLDER FEES (fees paid directly from your investment) The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Funds average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the Fund’s performance of Class N shares of the Fund has varied from year to year over the periods shown. The table below indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year for the periods shown. The following table indicates how the Funds average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows the performance of the Class N shares of the Fund for the period shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year for the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of broad-based securities market indices. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of broad-based securities market indices. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The table below indicates how the Fund’s average annual returns for different calendar periods compared to the returns of broad-based securities market indices and a composite intended to reflect the asset allocation characteristics of balanced funds in general. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year for the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class I shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns of Class I shares for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class I shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Funds average annual return for different calendar periods compared to the returns of broad-based securities market indices. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year for the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 106 81 131 113 88 133 108 133 108 122 97 111 86 120 95 133 108 143 117 138 113 143 117 139 114 138 113 149 123 143 117 132 107 98 73 137 112 149 123 151 125 103 128 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. The table below indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year for the periods shown. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The bar chart shows the performance of the Class N shares of the Fund for the period shown. The following table indicates how the Fund’s average annual returns for the calendar period compared to the returns of a broad-based securities market index. 97 72 327 302 122 97 265 240 2000-11-30 2000-11-30 2000-11-30 2012-03-02 1994-09-19 1994-09-19 1994-09-19 2004-07-06 2005-06-28 2005-06-28 2005-06-28 2007-06-28 2007-11-02 2007-11-02 2007-11-02 1994-11-02 1994-11-02 1994-11-02 1996-06-28 2002-12-31 2010-03-31 2010-03-31 2010-03-31 2011-03-02 2005-01-04 2000-11-30 2000-11-30 2000-11-30 2012-06-27 2012-06-27 2012-06-27 2012-06-27 2005-09-20 1993-01-04 1993-01-04 1993-01-04 2011-06-01 2010-11-03 2010-11-03 2010-11-03 2011-12-27 2011-12-27 2011-12-27 2011-12-27 2007-11-02 2010-03-03 2007-11-02 2007-11-02 2007-03-29 2007-03-29 2007-03-29 2007-06-28 1997-12-30 1997-12-30 1997-12-30 2005-09-20 2011-07-18 2011-07-18 2011-07-18 2011-07-18 1994-11-02 1994-11-02 1994-11-02 1998-12-31 2005-06-28 2005-06-28 2005-06-28 2006-12-13 2013-03-28 2013-03-28 2013-03-28 2013-03-28 2010-12-31 2010-12-31 2010-12-31 2011-06-01 2011-05-04 2011-05-04 2011-05-04 2013-03-04 2010-03-03 2008-01-15 2008-01-15 2008-01-15 2010-03-03 2009-04-01 2009-04-01 2009-04-01 2000-07-31 1993-12-13 1993-12-13 1993-12-13 1994-10-31 2010-03-31 1992-12-31 1994-09-30 1993-11-30 2011-04-30 2013-02-28 1997-12-31 2005-09-30 1994-10-31 1994-10-31 1994-10-31 1998-12-31 1998-12-31 1998-12-31 2000-11-30 2009-04-01 2007-12-31 2010-02-28 2010-02-28 2007-12-31 2007-10-31 2010-02-28 2007-10-31 2000-11-30 2004-12-31 2005-06-30 2011-12-31 2010-12-31 2011-05-31 2007-03-31 2007-06-30 2007-03-31 2007-06-30 2005-06-30 2006-11-30 2010-10-31 2011-05-31 2013-03-31 1996-06-30 2002-12-31 2011-02-28 2005-09-30 2012-02-29 2007-06-30 2004-06-30 2011-07-31 2000-07-31 2010-02-28 2012-06-30 In some instances, the Return After Taxes on Distributions and Sales of Fund Shares may be greater than Return Before Taxes because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. In some instances, the Return After Taxes on Distributions and Sales of Fund Shares may be greater than Return Before Taxes because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">06/09</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">14.92</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(20.35</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">09/10</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">16.72</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(23.58</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">09/09</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">28.31</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(29.83</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">03/13</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">13.84</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(19.54</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">09/09</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">15.63</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(31.59</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">03/06</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">19.41</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08 </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(25.91</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;"> 03/12</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">16.26</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">09/11</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(15.38</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">03/13</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">13.03</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">09/14</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">0.15</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">06/09</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">15.00</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(19.32</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">03/12</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">16.15</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">09/11</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(27.36</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">06/09</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">20.89</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">09/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(22.66</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">03/13</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">12.39</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">09/14</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(8.19</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">12/11</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">14.59</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(22.40</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">09/09</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">31.09</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(39.07</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;"> 06/09 </td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">9.21</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(10.36</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">09/12</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">3.06</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">06/13</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(3.06</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">06/14</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">5.81</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">09/14</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(2.90</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">03/11</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">7.22</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">09/11</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(7.45</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">09/10</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">5.38</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">%</td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">09/11</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(7.25</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">06/09</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">18.93</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">%</td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">03/09</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(7.13</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">03/13</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">6.75</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">03/14 </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(3.69</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">06/09</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">7.86</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">09/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(4.95</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fee and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 0.127 0.1644 0.1488 0.1034 0.0906 0.1583 0.2418 0.1558 0.2189 0.086 0.1322 0.0927 0.134 0.0809 0.0749 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 800-992-8151 <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONMONTAGCALDWELLGROWTHFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONMONTAGCALDWELLMIDCAPGROWTHFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONFAIRPOINTEMIDCAPFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONTAMROSMALLCAPFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONHERNDONLARGECAPVALUEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONHARRISONSTREETREALESTATEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONRIVERROADSMALLCAPVALUEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONTAMRODIVERSIFIEDEQUITYFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONCORNERSTONELARGECAPVALUEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONRIVERROADDIVIDENDALLCAPVALUEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONRIVERROADDIVIDENDALLCAPVALUEFUNDIIBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONRIVERROADINDEPENDENTVALUEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONLMCGSMALLCAPGROWTHFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONSILVERCRESTSMALLCAPFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONDOUBLELINECOREPLUSFIXEDINCOMEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONBARINGSINTERNATIONALFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONLMCGEmergingMarketsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONTCHFIXEDINCOMEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONANCHORCAPITALENHANCEDEQUITYFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONRIVERROADLONG-SHORTFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONLAKEPARTNERSLASSOALTERNATIVESFUNDBarChart column period compact * ~</div> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same, and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same, and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same as shown above, including the recoupment for the first year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same, and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same, and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same, and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same, and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same, and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same, and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5%, operating expenses remained the same and expenses were capped for one year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The example assumes that the average annual return was 5% and operating expenses remained the same as shown above, including the recoupment for the first year in each period. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Return (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONMONTAGCALDWELLBALANCEDFUNDBarChart column period compact * ~</div> 0.1669 The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAnnualTotalReturnsASTONRIVERROADSELECTVALUEFUNDBarChart column period compact * ~</div> 800-992-8151 0.1351 0.1358 <table cellspacing="0" cellpadding="0" width="80%" border="0" style=" border-collapse: collapse;"><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;">Best quarter:</td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">06/09</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;"></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; "></td><td valign="bottom" align="right" style="border-top-width: 1px; border-top-style: solid;">16.81</td><td nowrap="nowrap" valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; padding-right: 8px;">% </td></tr><tr><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; ">Worst quarter:</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; "></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">12/08</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"></td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; ">(22.89</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">)% </td></tr></table> In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. 0.1004 0.0281 0.0958 Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) Average Annual Total Returns (For the periods ended December 31, 2014) The table below indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Funds average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Funds average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns of Class I shares for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of broad-based securities market indices. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of broad-based securities market indices. Average annual total returns for both indices are included in the table below. The table below indicates how the Fund’s average annual returns for different calendar periods compared to the returns of broad-based securities market indices and a composite intended to reflect the asset allocation characteristics of balanced funds in general. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for the calendar period compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The table below indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. The following table indicates how the Funds average annual return for different calendar periods compared to the returns of broad-based securities market indices. The following table indicates how the Fund’s average annual returns for different calendar periods compared to the returns of a broad-based securities market index. -0.0091 -0.0091 -0.0017 -0.0017 -0.0032 -0.0032 -0.0021 -0.0021 -0.0186 -0.0186 -0.0079 -0.0079 -0.0023 -0.0023 -0.0014 -0.0014 -0.0055 -0.0055 -0.0391 -0.0391 -0.0001 -0.0001 -0.0453 -0.0453 PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES Non-Diversification Risk. The Fund may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers and may experience increased volatility due to its concentrated investments in those securities. Non-Diversified Risk. An underlying fund that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities. Non-Diversification Risk. The Fund may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers and may experience increased volatility due to its concentrated investments in those securities. After-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 331 252 409 353 274 400 322 415 337 591 515 417 339 347 268 375 296 415 337 498 421 830 755 600 523 479 402 462 384 559 482 1211 1139 336 257 428 350 462 384 1382 1312 352 273 1000 926 381 303 804 729 0.0313 -0.0655 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PRINCIPAL INVESTMENT STRATEGIES 410 488 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PRINCIPAL INVESTMENT STRATEGIES -0.0023 -0.0023 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. -0.0474 0.0278 0.0505 -0.0054 0.0302 -0.0424 -0.1196 -0.0012 0.0873 0.038 -0.1054 -0.0228 0.078 0.046 -0.016 0.0697 0.1492 0.2831 0.1672 0.1563 0.1626 0.1384 0.1941 0.1303 0.15 0.1615 0.1239 0.1459 0.3109 0.0921 0.0306 0.1681 0.2089 0.0581 0.0722 0.0675 0.1893 0.0538 0.0786 Expenses shown above have been restated to reflect the Fund’s contractual expense limits currently in effect and will differ from the expenses reflected in the Fund’s annual report for fiscal year ended October 31, 2014. 0.0025 0.0025 0.0756 0.0637 0.0619 0.0784 INVESTMENT OBJECTIVES FEES AND EXPENSES PORTFOLIO TURNOVER The Fund invests primarily in common stocks, convertible preferred stocks, and convertible bonds. The subadviser uses a bottom-up approach to stock selection and seeks high quality, well-established, large-cap companies that the subadviser believes are growing their near-term earnings at an above average rate. The Fund defines a large-cap company as one having a market capitalization of $5 billion or more at the time of acquisition. The subadviser emphasizes valuation to find companies selling at a discount to their intrinsic value. These companies must pass an initial capitalization screen and: <ul type="square"><li>Have a strong history of earnings growth </li><li>Be attractively priced, relative to the companys potential for above average long-term earnings and revenue growth </li><li>Have strong balance sheets </li><li>Have a sustainable competitive advantage </li><li>Be currently, or have the potential to become, industry leaders </li><li>Have the potential to outperform during market downturns </li></ul>The Fund may invest in foreign securities (directly and through depositary receipts). To manage risk, the subadviser limits sector and individual security exposure, and adheres to a structured sell discipline. You could lose money by investing in the Fund. There can be no assurance that the Funds investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuers common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuers common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments or that the issuer of a convertible bond will not be able to make principal and/or interest payments. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Growth Style Risk. Growth investing involves buying stocks of companies that the subadviser believes offer above-average growth potential. These stocks may have relatively high valuations, as measured by traditional valuation metrics (e.g., price-to-earnings ratios or price-to-book ratios). Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Funds performance may be adversely affected when growth stocks underperform. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Funds desired price or at all, can adversely affect the Funds value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment advisers skill in selecting managers and the subadvisers skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Funds share price can move down in response to stock market conditions, changes in the economy or changes in a particular companys stock price. An individual stock may decline in value even when the value of stocks in general is rising. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONMONTAGCALDWELLGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONMONTAGCALDWELLGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONMONTAGCALDWELLMIDCAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONMONTAGCALDWELLMIDCAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONFAIRPOINTEMIDCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONFAIRPOINTEMIDCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONTAMROSMALLCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONTAMROSMALLCAPFUND column period compact * ~</div> INVESTMENT OBJECTIVE INVESTMENT OBJECTIVES INVESTMENT OBJECTIVE The Fund seeks long-term total return through capital appreciation by investing primarily in common and preferred stocks and convertible securities. FEES AND EXPENSES The Fund seeks to provide long-term capital appreciation and, The Fund seeks long-term capital appreciation and, secondarily, current income, by investing primarily in common stocks and convertible securities. The Fund seeks to provide long-term capital appreciation. FEES AND EXPENSES FEES AND EXPENSES INVESTMENT OBJECTIVE 0.0063 0.0063 0.0063 0.0025 0 0.005 The Fund seeks to provide long-term capital appreciation. 0.0015 0.0015 0.0015 FEES AND EXPENSES 0.007 0.007 0.0001 0.0001 0.0001 0.0104 0.0079 0.0129 0.0025 0 0.0015 0.0015 0.0001 0.0001 0.0111 0.0086 0.0085 0.0085 0.0025 0 0.009 0.009 1271 1556 978 0.0106 0.0106 0.0025 0 PORTFOLIO TURNOVER 0.0001 0.0001 Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. The subadviser seeks opportunities across the growth/value spectrum, resulting in what is generally considered a diversified “core” portfolio. While the Fund invests primarily in equity securities of large-cap companies, the Fund may also have holdings outside of the large capitalization range. The Fund defines a large-cap company as one having a capitalization greater than $6 billion at the time of acquisition. The subadviser’s investment process focuses on bottom-up stock selection with the goal of identifying companies that possess a sustainable competitive advantage combined with an attractive valuation. A sustainable competitive advantage may be derived from a unique product or service offering, a capable and experienced management team, and financial flexibility in allocating capital. Through the use of both qualitative and quantitative evaluation, the subadviser seeks securities that it believes meet the specific criteria of one of three investment categories:<ul type="square"><li>Leaders (historically leading market share and above average profitability),</li><li>Laggards (failed to create value in recent years, but have the potential for significant gains in profitability as new or reinvigorated management seeks to restructure operations), and</li><li>Innovators (commitment to the introduction of new or innovative products or services).</li></ul>The Fund may invest in real estate investment trusts (“REITs”), foreign securities (directly and through depositary receipts), convertible preferred stocks, and convertible bonds. The Fund may invest in options on securities and securities indices for hedging purposes or to seek capital appreciation. Conversely, the subadviser may sell covered call options on securities held in the portfolio. To manage risk, the subadviser limits position sizes, diversifies across both market sectors and capitalization, and adheres to a structured sell discipline. 0.0016 0.0016 INVESTMENT OBJECTIVE FEES AND EXPENSES PORTFOLIO TURNOVER Under normal circumstances, the Fund invests at least 80% of its assets in securities of large-cap companies that the subadviser believes are undervalued compared to their perceived worth. The Fund invests primarily in common stocks and other equity securities. Value stocks tend to have prices that are low relative to their earnings, dividends, assets or other financial measures. The Fund defines a large-cap company as one having a market capitalization, at the time of acquisition, within the range of market capitalizations of companies constituting the Russell 1000 Index. The composition, and thus market capitalization range, of the Russell 1000 Index changes periodically. As of December 31, 2014, the market capitalization range of the Russell 1000 Index was approximately $275 million to $665.6 billion. The subadviser combines a value-oriented approach with fundamental analysis to identify companies primarily from the Russell 1000 Index that it believes have strong fundamentals and whose stocks are undervalued relative to other companies in the Index. Companies that meet minimum capitalization and quality screens are evaluated and ranked based on a number of fundamental metrics. The subadviser seeks to construct a portfolio that has the following characteristics relative to the Russell 1000 Index: <ul type="square"><li>Higher quality </li><li>Higher dividend growth rates </li><li>Lower valuation </li><li>Stronger earnings growth </li><li>Lower volatility </li></ul>To manage risk, the subadviser seeks to limit sector and security exposure, maintain sector diversification, maintain a bias towards liquidity and adhere to a disciplined sell process. You could lose money by investing in the Fund. There can be no assurance that the Funds investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Funds desired price or at all, can adversely affect the Funds value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment advisers skill in selecting managers and the subadvisers skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Funds share price can move down in response to stock market conditions, changes in the economy or changes in a particular companys stock price. An individual stock may decline in value even when the value of stocks in general is rising. Value Style Risk. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, the valuation levels of value stocks are less than those of growth stocks. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Funds performance may be adversely affected when value stocks underperform. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONHERNDONLARGECAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONHERNDONLARGECAPVALUEFUND column period compact * ~</div> 0.0217 0.0192 0.0131 0.0106 0.008 0.008 0.0025 0 0.0025 0.0025 0.0001 0.0001 0.0131 0.0106 0.4731 0.0126 0.0101 1352 1061 1506 1219 PRINCIPAL RISKS You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments or that the issuer of a convertible bond will not be able to make principal and/or interest payments. Derivatives Risk. Risks associated with derivatives may include the risk that the derivative is imperfectly correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities and the risk that the Fund will be unable to sell or otherwise close out the derivative. Derivative transactions could also expose the Fund to the effects of leverage, which could increase the Fund’s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the Fund. The use of derivatives by the Fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of over-the-counter derivatives subjects the Fund to the risk that the counterparty to the derivative may be unwilling or unable to meet its obligations on the investment. The use of certain derivatives may expose the Fund to the underlying market or other reference asset in an amount exceeding the cash investment of the Fund. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Growth Style Risk. Growth investing involves buying stocks of companies that the subadviser believes offer above-average growth potential. These stocks may have relatively high valuations, as measured by traditional valuation metrics (e.g., price-to-earnings ratios or price-to-book ratios). Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when growth stocks underperform. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Value Style Risk. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, the valuation levels of value stocks are less than those of growth stocks. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when value stocks underperform. February 29, 2016 PRINCIPAL RISKS FUND PERFORMANCE PORTFOLIO TURNOVER FUND PERFORMANCE The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares, Class I shares, and Class R shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of Class N shares and Class R shares due to 12b-1 fees paid by Class N shares and Class R shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Funds website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. You could lose money by investing in the Fund. 0.5025 As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Class N Shares Calendar Year Total Return Under normal conditions, the Fund invests at least 80% of its assets in stocks of mid-cap companies with an improving revenue and earnings growth outlook. The Fund defines a mid-cap company as one having a market capitalization of between $1 and $15 billion at the time of acquisition. The subadviser selects stocks based on bottom-up fundamental analysis. Important investment criteria include:<ul type="square"><li>Focused business franchise with ability to grow market share</li><li>Attractive valuation</li><li>Low relative leverage</li><li>Experienced management</li></ul>The subadviser takes a long-term approach with a focus on maximizing after-tax returns. The Fund may invest in small-cap stocks, convertible preferred stocks, and foreign securities (directly and through depositary receipts). The Fund may purchase put options on securities held in the Fund’s portfolio. To manage risk, the subadviser employs a valuation discipline to limit downside risk, limits position sizes and sector exposure, and adheres to a structured sell discipline. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONMONTAGCALDWELLBALANCEDFUND column period compact * ~</div> 0.0536 0.0807 0.2104 -0.3264 0.2984 0.0828 0.2729 0.0735 The bar chart shows how the Fund’s performance of Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONRIVERROADSELECTVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONRIVERROADSELECTVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONTCHFIXEDINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONTCHFIXEDINCOMEFUND column period compact * ~</div> PRINCIPAL RISKS You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments. Derivatives Risk. Risks associated with derivatives may include the risk that the derivative is imperfectly correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities and the risk that the Fund will be unable to sell or otherwise close out the derivative. Derivative transactions could also expose the Fund to the effects of leverage, which could increase the Fund’s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the Fund. The use of derivatives by the Fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of over-the-counter derivatives subjects the Fund to the risk that the counterparty to the derivative may be unwilling or unable to meet its obligations on the investment. The use of certain derivatives may expose the Fund to the underlying market or other reference asset in an amount exceeding the cash investment of the Fund. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Style Risk. The subadviser’s stock selection strategy includes both value and growth factors. During periods when value investing significantly outperforms growth investing, or during periods when growth investing significantly outperforms value investing, the Fund may underperform funds that exclusively employ the favored investing style. 2432 2169 <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONPictetInternationalFund column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONHARRISONSTREETREALESTATEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONHARRISONSTREETREALESTATEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONRIVERROADSMALLCAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONRIVERROADSMALLCAPVALUEFUND column period compact * ~</div> 1579 1294 Class N Shares Calendar Year Total Return As of June 30, 2009, the Fund changed its name from ASTON/TAMRO All Cap Fund to ASTON/TAMRO Diversified Equity Fund. As of January 1, 2008, the Fund changed its name from ASTON/TAMRO Large Cap Value Fund to ASTON/TAMRO All Cap Fund. Performance prior to such times reflects the Fund’s former strategy and the performance may have differed if the current strategy was in place. 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. INVESTMENT OBJECTIVES 0.008 0.008 The Fund seeks to provide high current income and, FEES AND EXPENSES secondarily, long-term capital appreciation. 0.0025 0 You could lose money by investing in the Fund. 0.0032 0.0032 0.0137 0.0112 0.012 0.0095 PORTFOLIO TURNOVER FUND PERFORMANCE PORTFOLIO TURNOVER The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. PRINCIPAL RISKS You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertibles are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Investment Company Risk. The Fund may invest in securities of other investment companies, including ETFs, open-end funds and closed-end funds. The risks of investing in other investment companies typically reflect the risks of the types of securities in which those investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that shares of the fund may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. PTP Risk. Investing in PTPs (including master limited partnerships) involves special risks in addition to those typically associated with publicly traded companies. PTPs are exposed to the risks of their underlying assets, which in many cases includes the same types of risks as energy and natural resources companies, such as commodity pricing risk, supply and demand risk and depletion and exploration risk. PTPs are also subject to capital markets risk, which is the risk that they are unable to raise capital to execute their growth strategies. PTPs are also subject to tax risk, which is the risk that PTPs may lose their partnership status for tax purposes. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Royalty Income Trust Risk. Investing in royalty income trusts, which typically passively manage royalties and net working interests in oil-, gas- or mineral-producing properties and rely on outside drilling or mining companies to extract the resources, involves certain risks not typically associated with investing in publicly traded companies. Royalty income trusts generally do not guarantee minimum distributions or return of capital. If the assets underlying a royalty income trust do not perform as expected, the trust may reduce or eliminate distributions, which will significantly impair the value of an investment in the trust. Royalty income trusts are also exposed to many of the same risks as energy and natural resources companies, such as commodity pricing risk, supply and demand risk and depletion and exploration risk. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Value Style Risk. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, the valuation levels of value stocks are less than those of growth stocks. Because different types of stocks go in and out of favor with investors depending on prevailing market and economic conditions, the Fund’s performance may be adversely affected when value stocks underperform. 1632 1348 Best quarter: 2009-06-30 Worst quarter: 2008-12-31 -0.2035 FUND PERFORMANCE As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Class N Shares Calendar Year Total Return 0.3296 PORTFOLIO TURNOVER Class N Shares Calendar Year Total Return 0.0735 0.0313 0.0769 0.0759 0.0704 0.1145 0.0965 0.0922 0.1172 0.1117 0.073 0.0132 0.0929 0.0843 Under normal conditions, the Fund invests at least 80% of its assets in equity securities. The Fund invests in a diversified, all-cap portfolio of income-producing equity securities with yields that the subadviser believes will exceed that of the Russell 3000 Value Index. The Fund invests primarily in dividend paying common stocks, publicly traded partnerships (“PTPs”), and real estate investment trusts (“REITs”). The Fund may also invest in foreign securities (directly and through depositary receipts), closed-end funds or other investment companies (including exchange-traded funds (“ETFs”)), convertible preferred stocks, and royalty income trusts. Using systematic and dynamic internal research through multiple sources, the subadviser narrows the field of companies into a more refined working universe. The subadviser then employs a value-driven, bottom-up approach that seeks to identify companies that it believes have certain characteristics including:<ul type="square"><li>High, growing dividend yield</li><li>Financial strength</li><li>Priced at a discount to absolute value</li><li>Attractive business model</li><li>Shareholder-oriented management</li><li>Undiscovered, underfollowed, misunderstood companies</li></ul>To manage risk, the subadviser employs a structured sell discipline and a strategy of balanced diversification. 0.0804 0.0783 0.0779 0.2092 0.1291 -0.4286 0.6618 0.2302 0.4449 0.0973 The Fund invests primarily in common stocks, convertible preferred stocks, and convertible bonds. Under normal circumstances, the Fund invests at least 80% of its assets in securities of mid-cap companies. The Fund defines a mid-cap company as one having a market capitalization, at the time of acquisition, within the range of market capitalizations of companies constituting the Russell Midcap Growth Index. The composition, and thus the market capitalization range, of the Russell Midcap Growth Index changes periodically. As of December 31, 2014, the market capitalization range of the Russell Midcap Growth Index was approximately $275 million to $33.5 billion. The subadviser uses a bottom-up approach to stock selection and seeks high quality, well-established mid-cap companies that:<ul type="square"><li>Offer a compelling combination of earnings growth and attractive value</li><li>Sell at a discount to intrinsic value</li><li>Exhibit above-median near-term relative earnings strength</li><li>Are leading franchises and have proven management teams, strong finances and attractive long-term secular growth characteristics</li></ul>The Fund may invest in foreign securities (directly and through depositary receipts). To manage risk, the subadviser adheres to a structured sell discipline. 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 0.6972 0.1121 0.0903 0.0744 0.1154 0.1362 0.1294 0.1085 Fairpointe Capital LLC (“Fairpointe”) became the subadviser to the Fund on April 30, 2011. Performance prior to that date reflects the performance of previous subadvisers. However, Ms. Zerhusen has served as a portfolio manager since May 1999. 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 0.0913 0.0621 0.0744 0.0941 0.0758 0.0689 0.0613 0.0705 0.0651 0.0579 0.154 0.1438 0.1292 0.1157 0.1468 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. In some instances, the Return After Taxes on Distributions and Sales of Fund Shares may be greater than Return Before Taxes because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. After-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares and Class R shares will vary. 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. 0.0877 0.0759 0.0706 0.0664 PRINCIPAL RISKS After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 0.0973 0.053 0.0858 0.1003 0.1624 0.1465 0.1306 0.1654 0.108 0.097 0.0885 0.1108 0.132 0.1179 0.1107 0.1124 You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments or that the issuer of a convertible bond will not be able to make principal and/or interest payments. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Growth Style Risk. Growth investing involves buying stocks of companies that the subadviser believes offer above-average growth potential. These stocks may have relatively high valuations, as measured by traditional valuation metrics (e.g., price-to-earnings ratios or price-to-book ratios). Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when growth stocks underperform. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. Mid-Cap Company Risk. Investments in mid-cap companies may entail greater risks than investments in larger, more established companies. Mid-cap companies generally have narrower product lines, limited financial resources and a limited trading market for their stocks compared with larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Under normal market conditions, the Fund invests at least 80% of its assets in a blended portfolio of growth and value stocks of small-cap companies. The subadviser seeks opportunities across the growth/value spectrum, resulting in what is generally considered a “core” portfolio. The Fund generally defines a small-cap company as one having a market capitalization, at the time of acquisition, within the range of market capitalizations of companies constituting the Russell 2000 Index. The composition, and thus the market capitalization range, of the Russell 2000 Index changes periodically. As of December 31, 2014, the market capitalization range of the Russell 2000 Index was approximately $19 million to $7.3 billion. The subadviser’s investment process focuses on bottom-up stock selection with the goal of identifying companies that possess a sustainable competitive advantage combined with an attractive valuation. A sustainable competitive advantage may be derived from a unique product or service offering, a capable and experienced management team, and financial flexibility in allocating capital. Through the use of both qualitative and quantitative evaluation, the subadviser seeks securities that it believes meet the specific criteria of one of three investment categories:<ul type="square"><li>Leaders (historically leading market share and above average profitability)</li><li>Laggards (failed to create value in recent years, but have the potential for significant gains in profitability as new or reinvigorated management seeks to restructure operations)</li><li>Innovators (commitment to the introduction of new or innovative products or services)</li></ul>The Fund may invest in real estate investment trusts (“REITs”), foreign securities (directly and through depositary receipts), convertible preferred stocks, convertible bonds, securities outside the small-cap range and cash-equivalent securities. To manage risk, the subadviser limits position sizes, diversifies across market sectors and adheres to a structured sell discipline. FUND PERFORMANCE The bar chart shows how the performance of the Class N shares has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Class N Shares Calendar Year Total Return PRINCIPAL RISKS You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments or that the issuer of a convertible bond will not be able to make principal and/or interest payments. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Style Risk. The subadviser’s stock selection strategy includes both value and growth factors. During periods when value investing significantly outperforms growth investing, or during periods when growth investing significantly outperforms value investing, the Fund may underperform funds that exclusively employ the favored investing style. FUND PERFORMANCE The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 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. Class N Shares Calendar Year Total Return After-tax returns are shown only for Class N shares. After-tax returns for Class I shares and Class R shares will vary. 0.0471 0.132 0.0789 -0.3712 0.3637 0.2053 0.291 0.1121 Best quarter: 2009-09-30 Worst quarter: 2008-12-31 -0.2983 February 29, 2016 0.4041 You could lose money by investing in the Fund. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. Best quarter: 2010-09-30 Worst quarter: 2008-12-31 -0.2358 <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONTAMRODIVERSIFIEDEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONTAMRODIVERSIFIEDEQUITYFUND column period compact * ~</div> You could lose money by investing in the Fund. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. -0.4581 0.3771 0.2696 0.2689 0.0823 Best quarter: 2009-09-30 Worst quarter: 2008-12-31 -0.3159 0.007 0.007 0.0025 0 0.0014 0.0014 0.0109 0.0084 The Fund seeks to provide long-term capital appreciation. INVESTMENT OBJECTIVES The Fund seeks to provide long term capital appreciation and high current income. FEES AND EXPENSES 1329 1037 0.0823 0.0619 0.0637 0.119 0.1461 0.1334 0.1173 0.1694 0.0545 0.0463 0.0428 0.0775 PORTFOLIO TURNOVER 0.7546 Under normal conditions the Fund invests at least 80% of its assets in equity securities. The Fund invests in a diversified, all-cap portfolio of income-producing equity securities, typically of companies with a market capitalization of at least $1 billion at the time of initial purchase. The subadviser seeks to obtain a portfolio yield that exceeds that of the Russell 3000 Value Index. The Fund invests primarily in dividend-paying common stocks, publicly traded partnerships (“PTPs”), and real estate investment trusts (“REITs”). The Fund may also invest in foreign securities (directly and through depositary receipts), closed-end funds or other investment companies including exchange-traded funds (“ETFs”), convertible preferred stocks, and royalty income trusts. Using a proprietary research process, the subadviser narrows the field of potential investments into a more refined working universe. The subadviser then employs a value-driven, bottom-up approach that seeks to identify companies that it believes have certain characteristics including:<ul type="square"><li>High, growing dividend yield</li><li>Financial strength</li><li>Priced at a discount to absolute value</li><li>Attractive business model</li><li>Shareholder-oriented management</li><li>Undiscovered, underfollowed, misunderstood companies</li></ul>To manage risk, the subadviser employs a structured sell discipline and a strategy of balanced diversification. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONCORNERSTONELARGECAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONCORNERSTONELARGECAPVALUEFUND column period compact * ~</div> PRINCIPAL RISKS 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax-returns are shown only for Class N. After-tax returns for Class I shares will vary. You could lose money by investing in the Fund. FUND PERFORMANCE PRINCIPAL RISKS 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. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year for the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Funds website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Investment Company Risk. The Fund may invest in securities of other investment companies, including ETFs, open-end funds and closed-end funds. The risks of investing in other investment companies typically reflect the risks of the types of securities in which those investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that shares of the fund may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. PTP Risk. Investing in PTPs (including master limited partnerships) involves special risks in addition to those typically associated with publicly traded companies. PTPs are exposed to the risks of their underlying assets, which in many cases include the same types of risks as energy and natural resources companies, such as commodity pricing risk, supply and demand risk and depletion and exploration risk. PTPs are also subject to capital markets risk, which is the risk that they are unable to raise capital to execute their growth strategies. PTPs are also subject to tax risk, which is the risk that PTPs may lose their partnership status for tax purposes. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Royalty Income Trust Risk. Investing in royalty income trusts, which typically passively manage royalties and net working interests in oil-, gas- or mineral-producing properties and rely on outside drilling or mining companies to extract the resources, involves certain risks not typically associated with investing in publicly traded companies. Royalty income trusts generally do not guarantee minimum distributions or return of capital. If the assets underlying a royalty income trust do not perform as expected, the trust may reduce or eliminate distributions, which will significantly impair the value of an investment in the trust. Royalty income trusts are also exposed to many of the same risks as energy and natural resources companies, such as commodity pricing risk, supply and demand risk and depletion and exploration risk. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Value Style Risk. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, the valuation levels of value stocks are less than those of growth stocks. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when value stocks underperform. 0.2551 0.0055 -0.2865 0.2133 0.1859 0.3205 0.0913 FUND PERFORMANCE As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. After tax-returns are shown only for Class N. After-tax returns for Class I shares will vary. The bar chart shows the performance of the Class N shares of the Fund for the period shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Class N Shares Calendar Year Total Return 0.2979 0.0105 Class N Shares Calendar Year Total Return Class I shares commenced operations on May 14, 2014, therefore no returns are shown for Class I shares. Best quarter: 2012-03-31 Worst quarter: 2011-09-30 -0.1538 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 0.007 0.007 0.3178 You could lose money by investing in the Fund. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. Best quarter: 2013-03-31 Worst quarter: 0.0105 -0.0047 0.0186 0.0126 2008-12-31 -0.1954 0.113 0.1015 0.0875 0.1038 0.008 0.008 0.0025 0 0.0025 0.0025 0.0025 0 0.0001 0.0001 0.0131 0.0106 0.0022 0.0022 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. In some instances, the Return After Taxes on Distributions and Sales of Fund Shares may be greater than Return Before Taxes because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. After-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. You could lose money by investing in the Fund. 0.0001 0.0001 0.0118 0.0093 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. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONRIVERROADDIVIDENDALLCAPVALUEFUND column period compact * ~</div> 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. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONRIVERROADDIVIDENDALLCAPVALUEFUND column period compact * ~</div> 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 1432 1143 0.002 -0.0269 0.0252 0.0045 0.1342 0.1151 0.1089 0.137 0.0809 0.07 0.0667 0.1075 0.0959 0.0903 0.0872 INVESTMENT OBJECTIVE The Fund seeks to provide total return through long-term capital appreciation and current income. FEES AND EXPENSES 1579 1294 0.127 0.1015 0.0659 0.0818 0.0981 PORTFOLIO TURNOVER 0.1757 0.164 0.1361 0.1789 0.2122 0.3003 Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of large-cap companies. The subadviser seeks to identify stocks it believes are undervalued relative to such companies’ perceived worth (value companies). Value companies tend to have stock prices that are low relative to their earnings, dividends, assets, or other financial measures. The Fund defines a large-cap company as one having a market capitalization of $5 billion or more at the time of acquisition. The subadviser uses a bottom-up investment approach in buying and selling investments for the Fund. Investments are selected primarily based on fundamental analysis of issuers and their potential in light of their current financial condition and industry position, including market, economic, political, and regulatory conditions. Factors considered may include analysis of:<ul type="square"><li>Earnings</li><li>Cash flow</li><li>Competitive position</li><li>Management ability</li></ul>Quantitative analysis of these and other factors may also be considered. The Fund may invest in foreign securities (directly and through depositary receipts). To manage risk, the subadviser generally limits position sizes, diversifies among sectors, and adheres to a structured sell discipline. PRINCIPAL RISKS You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. Value Style Risk. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, the valuation levels of value stocks are less than those of growth stocks. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when value stocks underperform. You could lose money by investing in the Fund. FUND PERFORMANCE The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 0.3076 0.0981 As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Class N Shares Calendar Year Total Return Best quarter: 2006-03-31 0.0627 Worst quarter: 0.2091 2008-12-31 0.081 -0.2591 -0.3465 0.1943 0.1196 0.3319 0.0694 0.0234 0.2784 0.0027 -0.3319 0.3232 0.3126 0.2772 0.002 0.2942 You could lose money by investing in the Fund. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. Best quarter: 2013-03-31 Worst quarter: 2014-09-30 0.0015 Best quarter: 2009-06-30 Worst quarter: 2008-12-31 -0.1932 0.0694 0.0676 0.0408 0.0717 0.1329 0.131 0.1067 0.136 0.073 0.0663 0.0592 0.0822 0.0679 0.0643 0.0759 <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONRIVERROADDIVIDENDALLCAPVALUEFUNDII column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONRIVERROADDIVIDENDALLCAPVALUEFUNDII column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONRIVERROADINDEPENDENTVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONRIVERROADINDEPENDENTVALUEFUND column period compact * ~</div> INVESTMENT OBJECTIVE The Fund seeks to provide long-term capital appreciation. Cornerstone Investment Partners, LLC (“Cornerstone”) became the subadviser to the Fund on July 15, 2011. Performance prior to that date reflects the performance of a previous subadviser. Performance prior to September 27, 2001 reflects the performance of a predecessor fund. 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. FEES AND EXPENSES <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONLMCGSMALLCAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONLMCGSMALLCAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONSILVERCRESTSMALLCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONSILVERCRESTSMALLCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONDOUBLELINECOREPLUSFIXEDINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONDOUBLELINECOREPLUSFIXEDINCOMEFUND column period compact * ~</div> INVESTMENT OBJECTIVE The Fund seeks to provide long-term capital appreciation. FEES AND EXPENSES 0.01 0.01 0.0025 0 0.0042 0.0042 0.0001 0.0001 0.0168 0.0143 0.0136 0.0111 0.01 0.01 0.0025 0 0.0036 0.0036 0.0161 0.0136 0.014 0.0115 February 29, 2016 1893 1617 <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONRIVERROADLONG-SHORTFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONRIVERROADLONG-SHORTFUND column period compact * ~</div> 0.01 0.01 1960 1686 0.0025 0 0.002 0.002 0.0001 0.0001 0.0146 0.0121 <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONLAKEPARTNERSLASSOALTERNATIVESFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONLAKEPARTNERSLASSOALTERNATIVESFUND column period compact * ~</div> 0.0428 0.0376 0.0286 0.0452 0.0422 PORTFOLIO TURNOVER 0.1724 0.1658 0.1352 0.1756 0.1829 1.4399 Under normal circumstances, the Fund invests at least 80% of its assets in common stocks and other equity securities of small-cap companies. The Fund defines a small-cap company as one with a market capitalization below $5 billion at the time of acquisition. The subadviser seeks to achieve above average risk-adjusted returns by identifying unrecognized growth potential. The subadviser utilizes a fundamental bottom-up security selection process to identify characteristics such as: revenue growth, margin expansion, surprise potential and strong balance sheets. The focus of the fundamental research process is to confirm that the growth is durable and sustainable, as well as to conduct due diligence on the key drivers of each security. The final step in the process applies a valuation framework to each security that meets the criteria of the fundamental research process. The Fund may also invest in real estate investment trusts (“REITs”), exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”), foreign securities through depositary receipts, and mid-cap stocks, including companies with a market capitalization up to $10 billion at the time of acquisition. To manage risk, the subadviser limits position sizes, employs a strategy of diversification, and adheres to a structured sell discipline based on fundamental drivers and company valuations. The subadviser’s investment process may result in higher portfolio turnover. INVESTMENT OBJECTIVE The Fund seeks to provide capital appreciation. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONANCHORCAPITALENHANCEDEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONANCHORCAPITALENHANCEDEQUITYFUND column period compact * ~</div> PRINCIPAL RISKS You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Exchange-Traded Fund Risk. The risks of investing in other investment companies typically reflect the risks of the types of securities in which those funds invest. Investments in ETFs are subject to the additional risk that their shares may trade at a premium or discount to their net asset value per share. There may also not be an active trading market available for shares of some ETFs. Additionally, trading of ETF shares may be halted or delisted by the listing exchange. When the Fund invests in an ETF, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses. Exchange-Traded Note Risk. The returns of ETNs are based on the performance of a specified market index minus applicable fees. The risks of ETNs include the risks that may affect the value of the reference index. The value of an ETN is also subject to the credit risk of the issuer. Thus, the value of an ETN may drop due to a decline in an issuer’s credit quality or a downgrade in the issuer’s credit rating, even if there is no change or an increase in the reference index. ETNs are subject to the additional risk that notes may trade at a premium or discount to their reference indices. There may also not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or delisted by the listing exchange. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETNs’ fees and expenses as well as their share of the Fund’s fees and expenses. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held in the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Growth Style Risk. Growth investing involves buying stocks of companies that the subadviser believes offer above-average growth potential. These stocks may have relatively high valuations, as measured by traditional valuation metrics (e.g., price-to-earnings ratios or price-to-book ratios). Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when growth stocks underperform. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. Portfolio Turnover Risk. Frequent trading of the Fund’s portfolio holdings may result in a higher than average level of capital gains, including short-term capital gains, and will result in greater transaction costs to the Fund. To the extent distributions to shareholders are made from net short-term capital gains (i.e., net capital gain on securities held or treated as held by the Fund for one year or less minus any net capital losses on securities held or treated as held by the Fund for more than one year), the distributions will be taxed at ordinary income rates for federal income tax purposes, rather than at the lower long-term capital gains rates. Greater transaction costs and higher expenses as a result of portfolio turnover can negatively impact the Fund’s performance. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. FEES AND EXPENSES INVESTMENT OBJECTIVE The Fund seeks total return through a combination of growth and income. INVESTMENT OBJECTIVE The Fund seeks long-term total return. FEES AND EXPENSES You could lose money by investing in the Fund. FUND PERFORMANCE The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. -0.02 -0.02 FEES AND EXPENSES 0.009 0.009 -0.02 -0.02 0.0025 0 As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 0.0075 0.0075 0.0211 0.0211 Class N Shares Calendar Year Total Return 0.0326 0.0301 0.4225 0.0811 0.0025 0 0.014 0.0115 0.01 0.01 0.0025 0 0.0058 0.0058 0.0091 0.0091 0.0001 0.0001 0.0216 0.0191 0.0159 0.0134 0.0136 0.0111 0.0137 0.0112 Best quarter: 2012-03-31 Worst quarter: 2011-09-30 -0.2736 0.0811 0.068 0.0496 0.0842 0.1602 0.1361 0.1177 0.1219 February 29, 2016 As of February 17, 2012, LMCG Investments, LLC, (“LMCG”) (formerly, Lee Munder Capital Group, LLC) became the subadviser to the Fund. Performance prior to that date reflects the performance of a previous subadviser. However, Mr. Morey has served as the Fund’s Portfolio Manager since the Fund’s inception. 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. February 29, 2016 February 29, 2016 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 3431 3195 2431 2169 1870 1593 INVESTMENT OBJECTIVE PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER INVESTMENT OBJECTIVE The Fund seeks to provide long-term capital appreciation. FEES AND EXPENSES 0.2582 1.6293 0.2743 Under normal circumstances, the Fund invests primarily in equity securities, principally common stocks, of non-U.S. companies. The Fund emphasizes companies whose principal activities are located in countries represented by the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index. Companies generally may be considered to have principal activities in a country if they are organized or headquartered in such country or their stock principally trades in markets located in such country. The Fund may invest to a more limited extent in other developed countries such as the United States or Canada. The Fund may also invest in securities of companies that are listed, or whose principal business activities are located in emerging market countries. The Fund may invest in companies of all sizes, including small- and mid-cap companies. The subadviser seeks to build a portfolio of companies that trade below their underlying (“intrinsic”) value at the time of purchase. To identify such stocks, the investment process utilizes bottom-up fundamental analysis that focuses on future growth in cash generation and cash returns on the capital employed in the business. Because the portfolio is focused on both growth and valuation, the portfolio has Growth at a Reasonable Price (“GARP”) characteristics. The subadviser calculates an intrinsic value for candidate companies using complimentary long-term forecasting techniques, and to establish an investment thesis with clearly identified investment drivers. The subadviser builds and maintains a portfolio that seeks to combine high conviction ideas, while diversifying their underlying investment drivers. The Fund’s regional and country allocations, industry sector allocations and market capitalization ranges are a result of the bottom-up selection process. The Fund may purchase or sell foreign currencies to hedge against changes in the value of the U.S. dollar or to help protect the value of foreign securities that it purchases. The subadviser adheres to a structured sell discipline by monitoring performance, target price levels, risk and the overall investment case of the stocks in the portfolio. The countries represented by the MSCI EAFE Index currently include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The Fund invests primarily in a combination of equity, fixed income and short-term securities. Generally, between 50% and 70% of the Fund’s total assets will be invested in equity securities and at least 25% will be invested in fixed income securities to provide a stable flow of income. The portfolio allocation will vary based upon the subadviser’s assessment of the return potential of each asset class. For equity investments, the subadviser uses a bottom-up approach to stock selection and seeks high quality, well-established large-cap companies that the subadviser believes are growing their near-term earnings at an above average rate. The Fund defines a large-cap company as one having a market capitalization of $5 billion or more at the time of acquisition. The subadviser emphasizes valuation to find companies selling at a discount to their intrinsic value. These companies must pass an initial capitalization screen and:<ul type="square"><li>Have a strong history of earnings growth </li><li>Be attractively priced, relative to the companys potential for above average long-term earnings and revenue growth </li><li>Have strong balance sheets </li><li>Have a sustainable competitive advantage </li><li>Be currently, or have the potential to become, industry leaders </li><li>Have the potential to outperform during market downturns </li></ul>The Fund may invest in foreign securities (directly and through depositary receipts). When selecting equity securities, the subadviser limits sector and individual security exposure and adheres to a structured sell discipline in order to minimize risk. When selecting fixed income securities, the subadviser strives to maximize total return and minimize risk primarily through actively adjusting the portfolio’s duration and sector weightings. Emphasis is also placed on diversification and credit analysis. The Fund will invest in fixed income securities only with an “A” or better rating. Investments will include:<ul type="square"><li>U.S. government securities</li><li>Corporate bonds</li><li>Mortgage/asset-backed securities</li><li>Money market securities and repurchase agreements</li></ul> INVESTMENT OBJECTIVE Under normal conditions, the Fund invests at least 80% of its assets in real estate investment trusts (“REITs”) and common stocks and other equity securities of U.S. and foreign companies principally engaged in the real estate sector. The Fund emphasizes publicly traded real estate-related securities of companies domiciled in the United States and Canada. The Fund does not invest in real estate directly. The Fund is classified as non-diversified. Securities are selected for the Fund using a fundamental bottom-up stock selection process. The subadviser uses a proprietary relative cash flow multiple analysis to estimate values of portfolio companies, which takes into account multiple factors including:<ul type="square"><li>Capital structure</li><li>Earnings growth</li><li>Earnings momentum</li><li>Earnings quality</li><li>Liquidity</li><li>Property quality</li></ul>The subadviser also uses a proprietary model to assess net asset value (“NAV”) based on both quantitative measures and incorporating a qualitative assessment of management ability. A warranted share price is calculated from a combination of the outputs from the multiple analysis model and the NAV model. While securities are selected primarily from the universe of companies comprising the benchmark index, the Fund may invest to a limited degree in companies outside of the benchmark index. To manage risk, the subadviser employs portfolio constraints such as limits on position size, market capitalization and geographic and sector exposure. The subadviser’s investment process may result in higher portfolio turnover. The Fund seeks to provide total return. February 29, 2016 PORTFOLIO TURNOVER 0.0055 0.0055 0.0025 0 FEES AND EXPENSES 0.0028 0.0028 0.0002 0.0002 0.3168 0.011 0.0085 0.0096 0.0071 The Fund seeks to provide long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its assets in common stocks and other equity securities of small-cap companies. The Fund considers companies with market capitalizations below $3 billion at the time of acquisition to be small-cap. The subadviser invests in companies that it believes to be undervalued at the time of purchase. These companies typically possess, in the opinion of the subadviser, one or more of the following attributes:<ul type="square"><li>Business that results in relatively consistent longer-term earnings and cash flow growth</li><li>Franchise/asset value that may make the company attractive to potential acquirers</li><li>Cyclically depressed earnings and/or cash flow that has potential for improvement</li><li>A catalyst that will promote recognition of the company’s undervalued status</li></ul>The Fund may also invest in securities of companies outside the small-cap range, preferred stock, convertible preferred stocks, convertible bonds and real estate investment trusts (“REITs”). The subadviser employs a strategy of diversification, and adheres to a structured sell discipline. INVESTMENT OBJECTIVE The Fund seeks to provide long-term capital appreciation and current income. FEES AND EXPENSES PORTFOLIO TURNOVER FEES AND EXPENSES PRINCIPAL RISKS Under normal conditions, the Fund invests at least 80% of its assets in common stock and other equity securities of non-U.S. companies. The subadviser employs a growth at a reasonable price (“GARP”) strategy. GARP investing involves buying stocks that have a reasonable price/earnings ratio in relationship to a company’s earnings growth rate. The investment process combines bottom-up and top-down analysis. Bottom-up analysis is based on global company research that seeks to identify positive catalysts for outperformance or earnings surprise based on both growth and value factors. Top-down analysis seeks to assess the relative attractiveness of countries and sectors. The Fund may invest in companies of all sizes and market capitalization levels. The Fund invests primarily in companies in Europe, Australasia and the Far East (“EAFE”) and emerging markets. Under normal conditions, the Fund will invest in issuers from at least five countries excluding the United States. 0.0687 0.0515 0.0387 0.0723 0.0597 PORTFOLIO TURNOVER 0.0606 0.0452 0.0403 0.0632 0.0332 FUND PERFORMANCE You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments or that the issuer of a convertible bond will not be able to make principal and/or interest payments. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Value Style Risk. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, the valuation levels of value stocks are less than those of growth stocks. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when value stocks underperform. 0.009 0.009 1746 1466 The bar chart shows how the performance of the Class I shares of the Fund has varied from year to year over the periods shown. Class I shares and Class N shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class N shares would be lower than the returns of the Class I shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 0.0025 0 Class I Shares Calendar Year Total Return Under normal circumstances, the Fund invests primarily in a diversified portfolio of dividend-paying equity securities of both U.S. and non-U.S. companies. In selecting securities for the Fund, the subadviser primarily relies on bottom-up analysis and seeks to identify companies that it believes have the potential for growth of income and capital appreciation over time, with a particular emphasis on companies that the subadviser believes have the ability to grow earnings and a willingness to increase dividends. The subadviser believes that focusing on dividend-paying equity securities may tend to stabilize the volatility inherent in equity securities. The Fund may invest in companies of all sizes, but the investment process is expected to result in a bias towards larger capitalization companies. Under normal conditions, the Fund invests at least 40% of its assets in equity securities of non-U.S. companies. The Fund will invest in at least three countries other than the United States. The Fund’s portfolio will generally be diversified across at least seven of the global sectors of the Morgan Stanley Capital International (MSCI) World Index. The Fund may invest in securities of companies that are listed, or whose principal business activities are located, in emerging market countries. The Fund may purchase or sell foreign currencies to hedge against changes in the value of the U.S. dollar or to help protect the value of foreign securities that it purchases. The Fund may invest in real estate investment trusts (“REITs”) and royalty income trusts. 0.0018 0.0018 0.0002 0.0002 PRINCIPAL RISKS PORTFOLIO TURNOVER You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Emerging Market Securities Risk. In addition to the general foreign securities risks described below, investing in emerging market countries is subject to a number of risks, including:<ul type="square"><li>Economic structures that are less diverse and mature than those of developed countries</li><li>Less stable political systems and less developed legal systems</li><li>National policies that may restrict foreign investment</li><li>Wide fluctuations in the value of investments, possibly as a result of significant currency exchange rate fluctuations</li><li>Smaller securities markets, making investments less liquid</li><li>Special custody arrangements</li></ul>Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. These risks are heightened for issuers located in emerging markets. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Geographic Concentration Risk. To the extent the Fund invests a substantial amount of its assets in securities of issuers located in a single country or geographic region, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically diversified fund, and may result in increased volatility and greater losses. Investment Style Risk. Because different types of stocks go in and out of favor with investors depending on prevailing market and economic conditions, returns from dividend-paying, larger capitalization stocks may underperform funds that emphasize other types of securities. Large-cap stocks tend to go through cycles of doing better or worse than other segments of the stock market or the stock market in general. These cycles may last as long as several years. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. New Fund Risk. The Fund is recently formed and has a limited operating history. If the Fund does not grow to a viable size due to market factors, performance or the inability to attract assets, the Fund may be liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Royalty Income Trust Risk. Investing in royalty income trusts, which typically passively manage royalties and net working interests in oil-, gas- or mineral-producing properties and rely on outside drilling or mining companies to extract the resources, involves certain risks not typically associated with investing in publicly traded companies. Royalty income trusts generally do not guarantee minimum distributions or return of capital. If the assets underlying a royalty income trust do not perform as expected, the trust may reduce or eliminate distributions, which will significantly impair the value of an investment in the trust. Royalty income trusts are also exposed to many of the same risks as energy and natural resources companies, such as commodity pricing risk, supply and demand risk and depletion and exploration risk. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. You could lose money by investing in the Fund. 0.0135 0.011 FUND PERFORMANCE The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year for the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 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. In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class I shares. After-tax returns for Class N shares will vary. FUND PERFORMANCE The Fund does not have a full calendar year of operations. Performance information will be included in the Fund’s next annual or semi-annual shareholder report. 0.6444 As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Class N Shares Calendar Year Total Return 0.3631 0.0428 -0.02 -0.02 Under normal conditions, the Fund invests at least 80% of its assets in common stocks and other equity securities of small and mid-cap companies that the subadviser believes are undervalued. The Fund considers companies with market capitalizations below $6 billion at the time of acquisition to be small- and mid-cap. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. The Fund may also invest in common stock of companies with market capitalizations that exceed $6 billion at the time of acquisition, real estate investment trusts (“REITs”), convertible preferred stocks, and foreign securities (directly and through depositary receipts). Using systematic and dynamic internal research, the subadviser narrows the field of small- and mid-cap companies into a more refined working universe. The subadviser then employs a value-driven, bottom-up fundamental approach that seeks to identify certain characteristics including:<ul type="square"><li>Priced at a discount to absolute value</li><li>Attractive business model</li><li>Shareholder-oriented management</li><li>Financial strength</li><li>Undiscovered, underfollowed or misunderstood companies</li></ul>To manage risk, the subadviser employs a strategy of balanced diversification, and adheres to a structured sell discipline. INVESTMENT OBJECTIVE -0.02 -0.02 PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Emerging Market Securities Risk. In addition to the general foreign securities risks described below, investing in emerging market countries is subject to a number of risks, including:<ul type="square"><li>Economic structures that are less diverse and mature than those of developed countries</li><li>Less stable political systems and less developed legal systems</li><li>National policies that may restrict foreign investment</li><li>Wide fluctuations in the value of investments, possibly as a result of significant currency exchange rate fluctuations</li><li>Smaller securities markets, making investments less liquid</li><li>Special custody arrangements</li></ul>Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations not typically associated with investing in U.S. companies. These risks are heightened for issuers located in emerging markets. The securities of foreign companies may be less liquid and may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations and little public information about the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than similar costs associated with securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the holding increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. GARP Style Risk. GARP investing involves buying stocks that have a reasonable price/earnings ratio in relationship to a company’s earnings growth rate. Because different types of stocks go in and out of favor with investors depending on prevailing market and economic conditions, the Fund’s performance may be adversely affected when stocks preferred by a GARP investing strategy underperform. Geographic Concentration Risk. To the extent the Fund invests a substantial amount of its assets in securities of issuers located in a single country or geographic region, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically diversified fund, and may result in increased volatility and greater losses. Liquidity Risk. When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. New Fund Risk. The Fund is recently formed and has a limited operating history. If the Fund does not grow to a viable size due to market factors, performance or the inability to attract assets, the Fund may be liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Style Risk. The subadviser’s stock selection strategy includes both value and growth factors. During periods when value investing significantly outperforms growth investing, or during periods when growth investing significantly outperforms value investing, the Fund may underperform funds that exclusively employ the favored investing style. You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. Non-Diversification Risk. The Fund may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers and may experience increased volatility due to its concentrated investments in those securities. Portfolio Turnover Risk. Frequent trading of the Fund’s portfolio holdings may result in a higher than average level of capital gains, including short-term capital gains, and will result in greater transaction costs to the Fund. To the extent distributions to shareholders are made from net short-term capital gains (i.e., net capital gain on securities held or treated as held by the Fund for one year or less minus any net capital losses on securities held or treated as held by the Fund for more than one year), the distributions will be taxed at ordinary income rates for federal income tax purposes, rather than at the lower long-term capital gains rates. Greater transaction costs and higher expenses as a result of portfolio turnover can negatively impact the Fund’s performance. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Sector Concentration Risk. The Fund may entail greater risks than investing in funds diversified across sectors. Because the Fund may at times have a significant portion of its assets in one or more related sectors, the Fund may be subject to a greater level of market risk and its performance may be more volatile than a fund that does not concentrate its investments in a specific sector. Style Risk. The subadviser’s stock selection strategy includes both value and growth factors. During periods when value investing significantly outperforms growth investing, or during periods when growth investing significantly outperforms value investing, the Fund may underperform funds that exclusively employ the favored investing style. You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Asset-Backed and Mortgage-Backed Securities Risks. Asset-backed and mortgage-backed securities are subject to the risk of prepayment. This is more likely to occur when interest rates decline because many borrowers refinance mortgages and other loans to take advantage of more favorable rates. Prepayments on mortgage-backed securities are also affected by other factors, such as the volume of home sales. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment may also decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. However, both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security (i.e., if the holder of a mortgage-backed security is entitled to receive payments only after payment obligations to holders of the other security are satisfied). Mortgage-backed securities issued by private issuers, whether or not such obligations are subject to guarantees by the private issuer, may entail greater risk than mortgage-backed securities guaranteed by the U.S. government. During periods of financial stress the markets for asset-backed and mortgage-backed securities may experience significantly lower valuations and reduced liquidity. Credit Risk. Credit risk (also called default risk) is the risk that the issuer of a security will not be able to make principal and interest payments on a debt issue on a timely basis or at all, which could result in losses to the Fund. The credit ratings of issuers could change and negatively affect the Fund’s share price or yield. When the Fund uses derivative instruments to seek credit exposure to underlying issuers, it is subject to the credit risk of both the underlying issuer(s) and the counterparty (typically a broker or bank) to the instrument. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Growth Style Risk. Growth investing involves buying stocks of companies that the subadviser believes offer above-average growth potential. These stocks may have relatively high valuations, as measured by traditional valuation metrics (e.g., price-to-earnings ratios or price-to-book ratios). Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when growth stocks underperform. Interest Rate Risk. Fluctuations in prevailing interest rates directly affect the market prices of bonds. When market interest rates rise, bond prices fall. The longer the time to maturity of a bond, the more sensitive a bond’s price will be to changes in interest rates. In other words, a long-term bond (e.g., 30-year maturity) will have greater price sensitivity than a short-term bond (e.g., 2-year maturity). Short-term and long-term bond prices and interest rates do not typically move the same amount or for the same reasons. Interest rate changes will impact high yield bonds in different ways depending on credit ratings. BB rated bonds are more vulnerable to prevailing rates and act more like their investment grade counterparts. For bonds rated B and below, credit risk is more significant than interest rate risk. The values of securities with variable interest rates are generally less sensitive to interest rate changes than those of fixed rate securities. However, variable rate securities may decrease in value if prevailing rates decrease or if variable rates do not rise as much as rates in general. The reduction or withdrawal of accommodative monetary policy and/or governmental intervention in securities markets may result in higher short-term or long-term interest rates in the future, which would have a negative impact on the prices of fixed income securities and, in turn, the Fund’s net asset value. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. Policy Risk. In response to the global financial crisis of 2007 to 2009 and continued economic weakness in many parts of the world, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken unprecedented steps to stabilize and support financial markets, reduce the costs of borrowing and increase the availability of short-term liquidity. Many of these efforts remain in place. The withdrawal of this support, including an increase in interest rates in the United States or elsewhere, or investor perceptions that this support may be withdrawn, could cause an increase in volatility in certain financial markets or constrict the availability of credit and liquidity, which could adversely affect the value and liquidity of certain securities. Prepayment Risk. Mortgage-backed securities carry prepayment risk. Prices and yields of mortgage-backed securities assume that the underlying mortgages will be paid off according to a preset schedule. If the underlying mortgages are paid off early, such as when homeowners refinance as interest rates decline, the Fund may be forced to reinvest the proceeds in lower yielding, higher priced securities. This may reduce the Fund’s total return. U.S. Government Agency Securities Risk. Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, such as the various actions taken to stabilize the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the credit crisis of 2008, no assurance can be given that it will do so in the future. Such securities are neither issued nor guaranteed by the U.S. Treasury. 0.01 0.01 0.0025 0 0.007 0.007 0.0195 0.017 0.014 0.0115 Best quarter: 2013-03-31 Worst quarter: 2014-09-30 PRINCIPAL RISKS -0.0819 0.008 0.008 PORTFOLIO TURNOVER You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate is also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Value Style Risk. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, the valuation levels of value stocks are less than those of growth stocks. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when value stocks underperform. The Fund seeks to provide long-term total return. 0.0025 0 0.0416 0.0416 0.0521 0.0496 You could lose money by investing in the Fund. 0.6622 FUND PERFORMANCE The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Under normal conditions, the Fund invests at least 80% of its assets in common stocks and other equity securities of small-cap companies that the subadviser believes are undervalued. Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. The Fund considers companies with market capitalizations below $3 billion at the time of acquisition to be small-cap. The Fund may also invest in mid-cap stocks, which the Fund considers to be companies with market capitalizations between $3 billion and $6 billion at the time of acquisition. The Fund may also invest in real estate investment trusts (“REITs”), convertible preferred stocks, convertible bonds, investment companies (such as exchange-traded funds (“ETFs”) and closed-end funds) and foreign securities (directly and through depositary receipts). Using systematic and dynamic internal research, the subadviser narrows the field of small-cap and mid-cap companies into a more refined working universe. The subadviser employs a value-driven, bottom-up fundamental approach that seeks to identify certain characteristics including:<ul type="square"><li>Priced at a discount to absolute value</li><li>Attractive business model</li><li>Shareholder-oriented management</li><li>Financial strength</li><li>Undiscovered, underfollowed or misunderstood companies</li></ul>To manage risk, the subadviser employs a strategy of balanced diversification, and adheres to a structured sell discipline. 0.013 0.0105 PRINCIPAL RISKS As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. You could lose money by investing in the Fund. 2230 1963 Class N Shares Calendar Year Total Return You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertibles are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments or that the issuer of a convertible bond will not be able to make principal and/or interest payments. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Investment Company Risk. The Fund may invest in securities of other investment companies, including ETFs, open-end funds and closed-end funds. The risks of investing in other investment companies typically reflect the risks of the types of securities in which those investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that shares of the fund may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Value Style Risk. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, the valuation levels of value stocks are less than those of growth stocks. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when value stocks underperform. 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. You could lose money by investing in the Fund. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. -0.2731 0.1965 0.2165 0.2774 -0.0033 FUND PERFORMANCE The Fund does not have a full calendar year of operations. Performance information will be included in the Fund’s next annual or semi-annual shareholder report. The Fund does not have a full calendar year of operations. -0.0717 -0.105 -0.0128 -0.0714 4949 4756 FUND PERFORMANCE 0.0358 0.0204 0.0279 FUND PERFORMANCE -0.0279 -0.0381 -0.0207 0.0457 The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. FUND PERFORMANCE As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. You could lose money by investing in the Fund. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Best quarter: Class N Shares Calendar Year Total Return The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 2011-12-31 Class N Shares Calendar Year Total Return Worst quarter: 2008-12-31 -0.224 Class N Shares Calendar Year Total Return 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. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. INVESTMENT OBJECTIVE The Fund seeks to maximize total return. FEES AND EXPENSES 0.1317 0.3596 -0.1914 -0.4188 0.2891 0.2916 0.0147 0.2142 Best quarter: 2009-09-30 Worst quarter: 2008-12-31 -0.3907 February 29, 2016 -0.0033 -0.0482 0.022 0.0001 0.1232 0.0948 0.0985 0.1265 0.0491 0.0319 0.0387 0.0466 1328 1036 FEES AND EXPENSES PORTFOLIO TURNOVER 1.1718 Under normal circumstances, the Fund invests at least 80% of its assets in fixed income securities. Fixed income securities include, but are not limited to, securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or sponsored corporations; agency mortgage-backed securities; non-agency mortgage-backed securities; commercial mortgage-backed securities; asset-backed securities; foreign and domestic corporate bonds; fixed income securities issued by corporations and governments in foreign countries including emerging markets; Rule 144A securities; securities issued by municipalities; and other securities bearing fixed or variable interest rates of any maturity. The Fund may invest in fixed income securities of any credit quality and may invest without limit in below investment grade securities (commonly known as “junk bonds”). The subadviser allocates below investment grade securities broadly by industry and issuer in an attempt to reduce the impact of negative events on an industry or issuer. Below investment grade securities are instruments that are rated BB+ or lower by S&P, rated Ba1 or lower by Moody’s, or the equivalent by any other nationally recognized statistical rating organization (“NRSRO”), or if unrated, of comparable quality in the opinion of the subadviser. The Fund may invest up to 10% of its net assets in defaulted corporate securities. The Fund might do so, for example, where the subadviser believes the restructured enterprise valuations or liquidation valuations may exceed current market values. The Fund may also invest in inverse floaters, interest-only and principal-only securities. In addition, the Fund may invest in senior bank loans and assignments, currently through other investment companies (including exchange-traded funds (“ETFs”), open-end funds and closed-end funds) advised by DoubleLine Capital LP (“DoubleLine”), the Fund’s subadviser. The subadviser actively manages the portfolio’s asset class exposure using a top-down approach based on analysis of sector fundamentals. Primary sectors include government/municipals, high yield, global developed credit, international sovereign debt, emerging markets, and mortgage- and asset-backed. The subadviser will rotate portfolio assets among sectors in various markets to attempt to maximize return. Individual securities within asset classes are selected using a bottom up approach. The subadviser uses a controlled risk approach which includes consideration of:<ul type="square"><li>Security selection within a given asset class</li><li>Relative performance of the various market sectors and asset classes</li><li>The shape of the yield curve</li><li>Fluctuations in the overall level of interest rates</li></ul>The subadviser also monitors the duration of the securities held by the Fund to seek to mitigate exposure to interest rate risk. Under normal circumstances, the subadviser seeks to maintain an investment portfolio with a weighted average effective duration of no less than two years and no more than eight years. The duration of the Fund’s portfolio may vary materially from its target, from time to time, and there is no assurance that the duration of the Fund’s portfolio will meet its target. Portfolio securities may be sold at any time. Sales may occur when the subadviser perceives deterioration in the credit fundamentals of the issuer, believes there are negative macro political considerations that may affect the issuer, determines to take advantage of a better investment opportunity, or the individual security has reached the subadviser’s sell target. The subadviser’s investment process may result in higher portfolio turnover. 0.0338 0.0612 0.1534 -0.194 0.1968 0.0722 0.1486 0.0626 Best quarter: 2009-06-30 INVESTMENT OBJECTIVE The Fund seeks to provide long-term capital appreciation. Worst quarter: 2008-12-31 -0.1036 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. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 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. -0.4434 FEES AND EXPENSES 0.2882 0.0824 PRINCIPAL RISKS 0.2081 0.1213 0.2178 You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Affiliated Fund Risk. The subadviser is subject to a potential conflict of interest in determining whether to invest in an underlying fund managed by the subadviser, and the subadviser may have an economic or other incentive to make or retain an investment in an affiliated fund in lieu of other investments that may also be appropriate for the Fund. Asset-Backed and Mortgage-Backed Securities Risks. Asset-backed and mortgage-backed securities are subject to the risk of prepayment. This is more likely to occur when interest rates decline because many borrowers refinance mortgages and other loans to take advantage of more favorable rates. Prepayments on mortgage-backed securities are also affected by other factors, such as the volume of home sales. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment may also decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. However, both of these types of securities may decline in value because of foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security (i.e., if the holder of a mortgage-backed security is entitled to receive payments only after payment obligations to holders of the other security are satisfied). Mortgage-backed securities issued by private issuers, whether or not such obligations are subject to guarantees by the private issuer, may entail greater risk than mortgage-backed securities guaranteed by the U.S. government. During periods of financial stress the markets for asset-backed and mortgage-backed securities may experience significantly lower valuations and reduced liquidity. Below Investment Grade (High Yield) Securities Risk. Bonds and other fixed income securities are rated by national ratings agencies. These ratings generally assess the ability of the issuer to pay principal and interest. Issuers of securities that are rated below investment grade (i.e., Ba1/BB+ or lower) and their unrated equivalents are typically in relatively poor financial health, and their ability to pay interest and principal is uncertain. Negative economic developments, or expectations of negative economic developments, may have a more significant impact on the prices of securities rated below investment grade than on the prices of higher rated or investment grade bonds and other fixed income securities. These securities are considered speculative and are commonly known as “junk bonds.” Securities of distressed companies present a hightened risk of default, or may be in default at the time of the purchase, as well as hightened liquidity risk. The Fund may incur costs in protecting its investment in the event of bankruptcy or other restructuring event. Call Risk. Call risk is the possibility that an issuer may redeem a fixed income security before maturity (a call) at a price below its current market price. The increased likelihood of a call may reduce the security’s price. If a fixed income security is called, the Fund may have to reinvest the proceeds in other fixed income securities with lower interest rates, higher credit risks, or other less favorable characteristics. Credit Risk. Credit risk (also called default risk) is the risk that the issuer of a security will not be able to make principal and interest payments on a debt issue on a timely basis or at all, which could result in losses to the Fund. The credit ratings of issuers could change and negatively affect the Fund’s share price or yield. When the Fund uses derivative instruments to seek credit exposure to underlying issuers, it is subject to the credit risk of both the underlying issuer(s) and the counterparty (typically a broker or bank) to the instrument. Emerging Market Securities Risk. In addition to general foreign securities risks described below, investing in emerging market countries is subject to a number of risks, including:<ul type="square"><li>Economic structures that are less diverse and mature than those of developed countries</li><li>Less stable political systems and less developed legal systems</li><li>National policies that may restrict foreign investment</li><li>Wide fluctuations in the value of investments, possibly as a result of significant currency exchange rate fluctuations</li><li>Smaller securities markets making, investments less liquid</li><li>Special custody arrangements</li></ul>Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. These risks are heightened for issuers located in emerging markets. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Investment Company Risk. The Fund may invest in securities of other investment companies, including ETFs, open-end funds and closed-end funds. The risks of investing in other investment companies typically reflect the risks of the types of securities in which those investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that shares of the fund may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses. Interest Rate Risk. Fluctuations in prevailing interest rates directly affect the market prices of bonds. When market interest rates rise, bond prices fall. The longer the time to maturity of a bond, the more sensitive a bond’s price will be to changes in interest rates. In other words, a long-term bond (e.g., 30-year maturity) will have greater price sensitivity than a short-term bond (e.g., 2-year maturity). Short-term and long-term bond prices and interest rates do not typically move the same amount or for the same reasons. Interest rate changes will impact high yield bonds in different ways depending on credit ratings. BB rated bonds are more vulnerable to prevailing rates and act more like their investment grade counterparts. For bonds rated B and below, credit risk is more significant than interest rate risk. The values of securities with variable interest rates are generally less sensitive to interest rate changes than those of fixed rate securities. However, variable rate securities may decrease in value if prevailing rates decrease or if variable rates do not rise as much as rates in general. The reduction or withdrawal of accommodative monetary policy and/or governmental intervention in securities markets may result in higher short-term or long-term interest rates in the future, which would have a negative impact on the prices of fixed income securities and, in turn, the Fund’s net asset value. Inverse Floating Rate Securities Risk. Inverse floating rate securities (“inverse floaters”) are derivative debt instruments that pay interest at rates that generally vary inversely with specified short-term interest rates, meaning the interest payment received on inverse floaters generally will decrease when short-term interest rates increase. An investment in inverse floaters involves risks that are distinct from those presented by an investment in other debt securities. Inverse floaters are derivatives that involve leverage. Accordingly, an inverse floater will typically experience greater price volatility than a fixed-rate obligation of similar credit quality, which could magnify the Fund’s gains or losses. The markets for inverse floaters may be less developed and have less liquidity than the markets of more traditional fixed income securities. Inverse floaters have greater interest rate risk and a higher degree of volatility than more traditional fixed income securities. In addition, some inverse floaters display extreme sensitivity to changes in prepayments. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Municipal Securities Risk. Municipal securities are subject to risks based on many factors, including changes or proposed changes in the federal and state tax structure, regional economic and regulatory developments, court rulings and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. Policy Risk. In response to the global financial crisis of 2007 to 2009 and continued economic weakness in many parts of the world, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken unprecedented steps to stabilize and support financial markets, reduce the costs of borrowing and increase the availability of short-term liquidity. Many of these efforts remain in place. The withdrawal of this support, including an increase in interest rates in the United States or elsewhere, or investor perceptions that this support may be withdrawn, could cause an increase in volatility in certain financial markets or constrict the availability of credit and liquidity, which could adversely affect the value and liquidity of certain securities. Portfolio Turnover Risk. Frequent trading of the Fund’s portfolio holdings may result in a higher than average level of capital gains, including short-term capital gains, and will result in greater transaction costs to the Fund. To the extent distributions to shareholders are made from net short-term capital gains (i.e., net capital gain on securities held or treated as held by the Fund for one year or less minus any net capital losses on securities held or treated as held by the Fund for more than one year), the distributions will be taxed at ordinary income rates for federal income tax purposes, rather than at the lower long-term capital gains rates. Greater transaction costs and higher expenses as a result of portfolio turnover can negatively impact the Fund’s performance. Rule 144A Securities Risk. Rule 144A securities are restricted securities that can be purchased only by qualified institutional buyers, as defined under the Securities Act of 1933, as amended. Investing in Rule 144A securities may reduce the liquidity of the Fund’s investments in the event that an adequate trading market does not exist for these securities. An insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities at a particular time could adversely affect the marketability of the securities, and the Fund may be unable to sell the security at the desired time or price, if at all. The purchase price and subsequent valuation of Rule 144A securities normally reflect a discount, which may be significant, from the market price of comparable unrestricted securities for which a liquid trading market exists. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Senior Loans Risk. Senior loans are typically not rated by a rating agency, registered with the Securities and Exchange Commission or any state securities commission or listed on any national securities exchange. Therefore, there may be less publicly available information about them than for registered or exchange-listed securities. An economic downturn generally leads to a higher delinquency rate, and a senior loan may lose significant value before a default occurs. In addition, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. There can be no assurance that liquidation of such collateral would satisfy in full the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. No active trading market may exist for certain senior loans, which may impair the ability of a fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. U.S. Government Agency Securities Risk. Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, such as the various actions taken to stabilize the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the credit crisis of 2008, no assurance can be given that it will do so in the future. Such securities are neither issued nor guaranteed by the U.S. Treasury. 0.1717 -0.0717 0.0626 0.0391 0.0538 0.0639 0.2142 0.1609 0.1559 0.128 0.1637 After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 0.0699 0.0534 0.0544 0.0809 0.0724 0.0635 0.0822 0.0904 0.0729 0.0704 0.0669 0.0606 0.0547 0.0481 0.0623 0.0774 0.0679 0.0622 0.0437 You could lose money by investing in the Fund. FUND PERFORMANCE The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year for the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. PRINCIPAL RISKS As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Class N Shares Calendar Year Total Return 1624 1340 0.01 0.01 0.0025 0 -0.0173 0.0687 You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Emerging Market Securities Risk. In addition to the general foreign securities risks described below, investing in emerging market countries is subject to a number of risks, including:<ul type="square"><li>Economic structures that are less diverse and mature than those of developed countries</li><li>Less stable political systems and less developed legal systems</li><li>National policies that may restrict foreign investment</li><li>Wide fluctuations in the value of investments, possibly as a result of significant currency exchange rate fluctuations</li><li>Smaller securities markets, making investments less liquid</li><li>Special custody arrangements</li></ul>Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. These risks are heightened for issuers located in emerging markets. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. GARP Style Risk. GARP investing involves buying stocks that have a reasonable price/earnings ratio in relationship to a company’s earnings growth rate. Because different types of stocks go in and out of favor with investors depending on prevailing market and economic conditions, the Fund’s performance may be adversely affected when stocks preferred by a GARP investing strategy underperform. Geographic Concentration Risk. To the extent the Fund invests a substantial amount of its assets in securities of issuers located in a single country or geographic region, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically diversified fund, and may result in increased volatility and greater losses. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Best quarter: 2012-09-30 Worst quarter: PORTFOLIO TURNOVER 2013-06-30 Harrison Street Securities, LLC (“HSS”) became the subadviser to the Fund on June 30, 2011. Performance prior to that date reflects the performance of a previous subadviser. Performance prior to September 22, 2001 reflects the performance of a predecessor fund. 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. -0.0306 Under normal circumstances, the Fund will invest at least 80% of its assets in equity securities of emerging market companies. The Fund determines emerging market companies based on the security’s country classification assigned by Morgan Stanley Capital International (“MSCI”), an index provider. MSCI generally determines a security’s country classification by the country of incorporation of the issuing company and the primary listing of the security and categorizes certain countries as emerging markets based on a number of factors. Securities of exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) that track an emerging market index will be considered emerging market securities for purposes of this investment policy. Emerging market countries may be located in such regions as Asia, Latin America, the Middle East, Southern Europe, Eastern Europe and Africa. The Fund invests primarily in common stocks from the universe of companies in the MSCI Emerging Markets IMI Index, utilizing a proprietary, fundamentally-based, quantitative investment process of LMCG Investments, LLC (“LMCG”) (formerly, Lee Munder Capital Group, LLC), the Fund’s subadviser. The Fund also invests in ETFs, ETNs and depositary receipts to seek exposure to certain emerging markets. The Fund may also invest in preferred stocks, real estate investment trusts (“REITs”) and other investment companies. The subadviser uses a bottom-up and risk-controlled approach in seeking to identify stocks with good growth prospects and high quality of earnings through a proprietary stock selection and ranking methodology. The investment methodology evaluates three broad metrics: (i) market dynamics, (ii) value and (iii) quality. For market dynamics, stocks are ranked on earnings growth prospects and relative strength. For value, stocks are evaluated on relative value using valuation measures such as price/book, price/earnings, dividend yield and cash/price. For quality, a company’s earnings quality is assessed as well as its operating efficiency and use of capital. The methodology seeks to construct a portfolio that is balanced across these metrics. Subject to minimum capitalization and liquidity constraints, the Fund may invest in securities of any market capitalization including small-cap and mid-cap companies. Allocation of assets to particular countries, regions and sectors is a residual of the investment process. Accordingly, the Fund may at times have a significant portion of its portfolio invested in one country, region or sector, or in a group of related countries, regions or sectors. The Fund may invest up to 20% of assets in the United States or other developed markets. PRINCIPAL RISKS You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Emerging Market Securities Risk. In addition to the general foreign securities risks described below, investing in emerging market countries is subject to a number of risks, including:<ul type="square"><li>Economic structures that are less diverse and mature than those of developed countries</li><li>Less stable political systems and less developed legal systems</li><li>National policies that may restrict foreign investment</li><li>Wide fluctuations in the value of investments, possibly as a result of significant currency exchange rate fluctuations</li><li>Smaller securities markets, making investments less liquid</li><li>Special custody arrangements</li></ul>Exchange-Traded Note Risk. The returns of ETNs are based on the performance of a specified market index minus applicable fees. The risks of ETNs include the risks that may affect the value of the reference index. The value of an ETN is also subject to the credit risk of the issuer. Thus, the value of an ETN may drop due to a decline in an issuer’s credit quality or a downgrade in the issuer’s credit rating, even if there is no change or an increase in the reference index. ETNs are subject to the additional risk that notes may trade at a premium or discount to their reference index. There may also not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or delisted by the listing exchange. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETNs’ fees and expenses as well as their share of the Fund’s fees and expenses. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. These risks are heightened for issuers located in emerging markets. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Geographic Concentration Risk. To the extent the Fund invests a substantial amount of its assets in securities of issuers located in a single country or geographic region, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically diversified fund, and may result in increased volatility and greater losses. Investment Company Risk. The Fund may invest in securities of other investment companies, including ETFs, open-end funds and closed-end funds. The risks of investing in other investment companies typically reflect the risks of the types of securities in which those investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that shares of the fund may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. Quantitative Model Risk. To the extent that the subadviser relies on its proprietary quantitative models to identify securities for investment, the Fund bears the risk that the quantitative models will not be successful in identifying securities that will help the Fund achieve its investment objective, and may cause the Fund to underperform its benchmark or its peers. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Sector Concentration Risk. The Fund may entail greater risks than investing in funds diversified across sectors. Because the Fund may at times have a significant portion of its assets in one or more related sectors, the Fund may be subject to a greater level of market risk and its performance may be more volatile than a fund that does not concentrate its investments in a specific sector. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Style Risk. The subadviser’s stock selection strategy includes both value and growth factors. During periods when value investing significantly outperforms growth investing, or during periods when growth investing significantly outperforms value investing, the Fund may underperform funds that exclusively employ the favored investing style. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. You could lose money by investing in the Fund. 0.0017 0.0017 As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 0.0004 0.0004 Best quarter: 0.0146 0.0121 2009-06-30 INVESTMENT OBJECTIVE INVESTMENT OBJECTIVE 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. Worst quarter: INVESTMENT OBJECTIVE INVESTMENT OBJECTIVE The Fund seeks high current income consistent with prudent risk of capital. The Fund seeks to provide long-term total return with reduced correlation to the conventional stock and bond markets. The Fund seeks total return through a combination of a high level of current income and capital appreciation. The Fund seeks to provide absolute return while minimizing volatility over a full market cycle. FEES AND EXPENSES 2008-12-31 FEES AND EXPENSES FEES AND EXPENSES -0.2289 FEES AND EXPENSES February 29, 2016 0.5314 You could lose money by investing in the Fund. 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. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. After-tax returns are shown only for Class I shares. After-tax returns for Class N shares will vary. Best quarter: 2009-06-30 Worst quarter: 2008-09-30 -0.2266 0.3083 -0.0596 -0.3023 0.0055 0.0055 0.211 0.01 0.01 0.1908 0.007 0.007 0.012 0.012 0.3073 -0.0044 0.0025 0 0.0025 0 0.0025 0 February 29, 2016 0.1597 0.0025 0 You could lose money by investing in the Fund. 0.0037 0.0037 0.0016 0.0016 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 0.0024 0.0024 The Fund does not have a full calendar year of operations. 0.0001 0.0001 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 0.0001 0.0001 0.0088 0.0088 0.0113 0.0113 0.0118 0.0093 0.012 0.0095 0.0004 0.0004 0.0184 0.0184 0.0262 0.0237 0.0095 0.007 0.0325 0.03 0.0324 0.0299 -0.0044 -0.0424 0.0213 -0.0023 0.1142 0.0919 0.0897 0.117 0.0726 0.0597 0.0576 0.0441 <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONGuardianCapitalGlobalDividendFund column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONBARINGSINTERNATIONALFUND column period compact * ~</div> FUND PERFORMANCE The bar chart shows the performance of the Class N shares of the Fund for the period shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONBARINGSINTERNATIONALFUND column period compact * ~</div> Class N Shares Calendar Year Total Return 1466 1746 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. In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. -0.02 -0.02 0.0105 0.0105 0.0025 0 0.0466 0.0466 0.0005 0.0005 0.0601 0.0576 0.0148 0.0123 5502 5324 -0.0009 -0.0009 -0.0023 0.0006 0.0015 -0.0219 -0.0372 -0.0401 -0.0285 -0.0342 -0.0182 February 29, 2016 0.6348 You could lose money by investing in the Fund. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. Best quarter: 2014-06-30 Worst quarter: 2014-09-30 -0.029 PORTFOLIO TURNOVER 0.911 The Fund invests in common stocks and other equity securities that the subadviser believes are undervalued. Under normal circumstances, the Fund typically invests in companies with market capitalizations between $100 million and $5 billion at the time of acquisition. The Fund’s equity investments consist primarily of common stock but may also include other types of equity such as preferred stock, convertible preferred stocks, convertible bonds, foreign securities, and real estate investment trusts (“REITs”). Cash is a residual of the investment process. When the subadviser is unable to find investment opportunities that meet the Fund’s criteria, the Fund may have significant (more than 50%) cash balances for sustained periods. The subadviser employs a value driven, bottom-up fundamental approach that seeks to identify companies with certain characteristics including:<ul type="square"><li>Priced at a discount to absolute value</li><li>Considered high quality by the portfolio manager</li><li>Strong balance sheet or consistent free cash flow</li><li>Valuation confidence</li></ul>The subadviser generally emphasizes a high quality portfolio and seeks absolute return while minimizing downside portfolio risk. As a result, the Fund’s performance may vary significantly from its benchmark index. To manage risk, the subadviser adheres to a structured sell discipline. <div style="display:none">~ http://www.astonfunds.com/role/ScheduleExpenseExampleTransposedASTONLMCGEmergingMarketsFund column period compact * ~</div> <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONLMCGEmergingMarketsFund column period compact * ~</div> PRINCIPAL RISKS You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments or that the issuer of a convertible bond will not be able to make principal and/or interest payments. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held in the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. High Cash Balance Risk. When the Fund has a significant cash balance for a sustained period, the benefit to the Fund of any market upswing may likely be reduced, and the Fund’s performance may be adversely affected. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Small-Cap and Mid-Cap Company Risk. Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established companies. Small-cap and mid-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volumes than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. Value Style Risk. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, the valuation levels of value stocks are less than those of growth stocks. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when value stocks underperform. You could lose money by investing in the Fund. FUND PERFORMANCE The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year for the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Class N Shares Calendar Year Total Return 0.0709 -0.0228 Best quarter: 2011-03-31 February 29, 2016 Worst quarter: 2011-09-30 February 29, 2016 -0.0745 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. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. -0.0228 -0.04 -0.005 -0.02 0.05 0.0358 0.0346 0.0329 1411 1122 2909 2660 1455 1166 3548 3317 PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER 0.3631 0.4591 0.4124 3.0304 Under normal conditions, the Fund invests at least 80% of its assets in bonds, primarily intermediate-term, investment-grade fixed income securities. The Fund may invest in securities of the U.S. government and its agencies, corporate notes and bonds, mortgage- and asset-backed securities and short-term money market instruments. The subadviser selects securities based on various methods of quantitative and fundamental analysis and research. The subadviser seeks to maintain an average weighted portfolio maturity of three to ten years. The subadviser emphasizes investment-grade fixed income securities bearing fixed or variable interest rates, but the Fund may invest in fixed income securities of any credit quality and may invest without limit in high yield securities. The Fund may use futures, swaps and other derivatives for hedging purposes, to manage portfolio duration or to seek total return. Derivatives are expected to consist primarily of futures contracts, interest rate swaps and credit default swaps. Derivatives may be used to hedge interest rate risk and credit risk. Derivatives also may be used to seek exposure to asset classes in which the Fund is authorized to invest. For example, derivatives may provide exposure to specific credits that are not available in the cash markets, or may provide more efficient access to such credits. Derivatives will not be used to seek exposure to asset classes that the Fund may not invest in directly. The net notional (or market exposure) of derivatives instruments will not exceed the assets of the Fund. The Fund may invest in foreign securities. The subadviser manages risk through ongoing monitoring of sector, quality and issuer exposures, and ongoing analysis of duration, convexity and maturity. The Fund is structured as a fund-of-funds. Under normal circumstances, the Fund pursues its investment objective by investing primarily in a managed portfolio of other open-end investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that use alternative or hedging strategies (“Alternative Mutual Funds”). The Fund may also invest in closed-end funds, exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which provide exposure to hedging or alternative investment strategies. Under normal circumstances, the Fund will invest at least 80% of its assets in Alternative Mutual Funds and other investments with exposure to hedging or alternative investment strategies. The Fund’s strategy is implemented by the subadviser using its proprietary LASSO Long and Short Strategic Opportunities strategy. The LASSO strategy is intended to produce long-term total returns with less volatility than the overall stock market and reduced correlation to conventional asset classes, across a variety of market climates. Hedging strategies used by underlying funds to mitigate risk include the use of short selling, options, futures, derivatives or similar instruments. Alternative investment strategies include: long/short equity; long/short credit and fixed income; market neutral and arbitrage strategies; global macro strategies; commodities or commodity-linked investments; currencies; leverage; derivatives for hedging and return purposes; illiquid, private placement or distressed securities; and other investments and investment techniques that are expected to have reduced correlation with major market indices. The Fund generally seeks to maintain net equity exposure ranging from 20% to 50% of assets. The subadviser employs a top down and bottom up approach to underlying fund selection. Top down analysis includes an assessment of economic trends and market opportunities and an evaluation of strategy dynamics and risks. The bottom up portion of the investment process involves both qualitative and quantitative analysis. In selecting underlying funds, the subadviser considers certain criteria, including consistency of performance, on both an absolute and relative basis; changes in volatility and correlations over time; the investment style of an underlying fund including investment process and portfolio characteristics; and the character of underlying fund management and personnel as well as transparency with investors and sound organizational structure. To manage risk, the subadviser monitors volatility and net equity exposure, maintains a diversified portfolio, utilizes a dynamic and flexible allocation process across changing investment environments, and applies judgment to a structured sell discipline. The Fund pursues its objective by investing primarily in a diversified portfolio of large-cap and mid-cap equity securities traded in U.S. markets and by writing call options on a substantial portion of the Funds long equity holdings (Covered Call Options). The subadviser focuses on companies with regular quarterly dividends and market capitalizations of $4 billion or more at the time of acquisition. The Fund places primary emphasis on the generation of income. Option premiums and dividend income are expected to constitute a significant portion of total return. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. Equity Selection The subadviser selects equity securities using a bottom-up investment approach focusing on the fundamentals of each company, emphasizing a companys current dividend yield, free cash flow and stability. The Fund may invest in equity securities of foreign issuers that are traded in U.S. markets. Covered Call Strategy On an ongoing and consistent basis, the subadviser intends to write (sell) individual Covered Call Options as a means of enhancing return. Call options are contracts that give the purchaser of the option, in return for payment of a premium, the right, but not the obligation, to purchase from the writer of the option the security underlying the option at a specified exercise price prior to the expiration date. As the writer of a call option, the Fund receives the premium from the purchaser of the option and has the obligation, upon exercise of the option, to deliver the underlying security upon payment of the exercise price. If the option expires without being exercised, the Fund is not required to deliver the underlying security but retains the premium received. The Fund generally writes Covered Call Options that are out-of-the money to generate premium income for the Fund. A call option is out-of-the money if the exercise price is above the current market price for the underlying security. The Fund will generally buy back call options that reach the exercise price, in lieu of allowing them to be exercised, and write a new option at a higher exercise price. In addition to writing Covered Call Options, the Fund may also use certain derivatives transactions for hedging purposes or to seek total return. The subadviser currently intends to purchase put options on securities in the Funds portfolio and put options on securities indices. The subadviser seeks to actively manage risk and adheres to a structured sell discipline. The Fund pursues its investment objective by taking long and short positions in equity securities. The Fund’s subadviser believes that a combination of long and short positions may provide positive returns through a complete market cycle and may offer reduced risk. The allocation between long and short positions is a result of the fundamental investment process. The Fund does not intend to be market neutral and anticipates that it will normally hold a higher percentage of its assets in long positions (i.e., the Fund will be “net long”). The Fund’s long and short equity investments consist primarily of domestic common stock and real estate investment trusts (“REITs”) but may also include other types of equity securities such as foreign stock, preferred stock, convertible preferred stocks and convertible bonds. The Fund may use instruments such as exchange-traded funds (“ETFs”), options, futures and other index-based investments to manage its exposure between long and short positions. The use of derivative instruments, if any, is expected to consist primarily of put and call options on securities and securities indices. Cash is a residual of the investment process. When the subadviser is unable to find investment opportunities that meet the Fund’s criteria, the Fund’s cash balances may increase. The Fund is classified as non-diversified. In selecting both long and short positions, the subadviser employs a value-driven, bottom-up approach. When the Fund takes a long position, it purchases a stock outright. The Fund takes long positions in securities that the subadviser believes will rise in value. For long positions, the subadviser seeks to identify companies it believes have certain characteristics including:<ul type="square"><li style="margin-left:-20px">Priced at a discount to absolute value</li><li style="margin-left:-20px">Attractive business model</li><li style="margin-left:-20px">Shareholder-oriented management</li><li style="margin-left:-20px">Financial strength</li><li style="margin-left:-20px">Undiscovered, under-followed, misunderstood</li></ul>The Fund takes short positions in securities that the subadviser believes will go down in value. For short positions, the subadviser seeks to identify companies it believes have certain characteristics including:<ul type="square"><li style="margin-left:-20px">Priced at a premium to absolute value</li><li style="margin-left:-20px">Challenged business model</li><li style="margin-left:-20px">Financial weakness</li><li style="margin-left:-20px">Poor shareholder-orientation</li><li style="margin-left:-20px">Low price and earnings momentum</li></ul>When the Fund takes a short position, it sells a security that it does not own at the current market price in anticipation that the market price will go down. To complete a short sale, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the borrowed security by purchasing the security in the open market at the time of closing out the short sale. The price at such time may be more or less than at the time the security was sold short. Until the borrowed security is returned, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium to the lender, which would increase the cost to the Fund of taking the short position. The proceeds of the short sale will be retained by the broker to the extent necessary to meet margin requirements until the short position is closed. The Fund’s net market exposure will fluctuate with market opportunities but will generally be between 10% and 90%. To manage risk the subadviser may use controls and techniques to systemically reduce market exposure upon the occurrence of certain trigger events. The subadviser’s investment process may result in higher portfolio turnover. PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Asset-Backed and Mortgage-Backed Securities Risks. Asset-backed and mortgage-backed securities are subject to the risk of prepayment. This is more likely to occur when interest rates decline because many borrowers refinance mortgages and other loans to take advantage of more favorable rates. Prepayments on mortgage-backed securities are also affected by other factors, such as the volume of home sales. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment may also decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. However, both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security (i.e., if the holder of a mortgage-backed security is entitled to receive payments only after payment obligations to holders of the other security are satisfied). Mortgage-backed securities issued by private issuers, whether or not such obligations are subject to guarantees by the private issuer, may entail greater risk than mortgage-backed securities guaranteed by the U.S. government. During periods of financial stress the markets for asset-backed and mortgage-backed securities may experience significantly lower valuations and reduced liquidity. Below Investment Grade (High Yield) Securities Risk. Bonds and other fixed income securities are rated by national ratings agencies. These ratings generally assess the ability of the issuer to pay principal and interest. Issuers of securities that are rated below investment grade (i.e., Ba1/BB+ or lower) and their unrated equivalents are typically in relatively poor financial health, and their ability to pay interest and principal is uncertain. Negative economic developments, or expectations of negative economic developments, may have a more significant impact on the prices of securities rated below investment grade than on the prices of higher rated or investment grade bonds and other fixed income securities. These securities are considered speculative and are commonly known as “junk bonds.” Securities of distressed companies present a hightened risk of default, or may be in default at the time of the purchase, as well as hightened liquidity risk. The Fund may incur costs in protecting its investment in the event of bankruptcy or other restructuring event. Call Risk. Call risk is the possibility that an issuer may redeem a fixed income security before maturity (a call) at a price below its current market price. The increased likelihood of a call may reduce the security’s price. If a fixed income security is called, the Fund may have to reinvest the proceeds in other fixed income securities with lower interest rates, higher credit risks, or other less favorable characteristics. Credit Risk. Credit risk (also called default risk) is the risk that the issuer of a security will not be able to make principal and interest payments on a debt issue on a timely basis or at all, which could result in losses to the Fund. The credit ratings of issuers could change and negatively affect the Fund’s share price or yield. When the Fund uses derivative instruments to seek credit exposure to underlying issuers, it is subject to the credit risk of both the underlying issuer(s) and the counterparty (typically a broker or bank) to the instrument. Derivatives Risk. Risks associated with derivatives may include the risk that the derivative is imperfectly correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities and the risk that the Fund will be unable to sell or otherwise close out the derivative. Derivative transactions could also expose the Fund to the effects of leverage, which could increase the Fund’s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the Fund. The use of derivatives by the Fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of over-the-counter derivatives subjects the Fund to the risk that the counterparty to the derivative may be unwilling or unable to meet its obligations on the investment. The use of certain derivatives may expose the Fund to the underlying market or other reference asset in an amount exceeding the cash investment of the Fund. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Interest Rate Risk. Fluctuations in prevailing interest rates directly affect the market prices of bonds. When market interest rates rise, bond prices fall. The longer the time to maturity of a bond, the more sensitive a bond’s price will be to changes in interest rates. In other words, a long-term bond (e.g., 30-year maturity) will have greater price sensitivity than a short-term bond (e.g., 2-year maturity). Short-term and long-term bond prices and interest rates do not typically move the same amount or for the same reasons. Interest rate changes will impact high yield bonds in different ways depending on credit ratings. BB rated bonds are more vulnerable to prevailing rates and act more like their investment grade counterparts. For bonds rated B and below, credit risk is more significant than interest rate risk. The values of securities with variable interest rates are generally less sensitive to interest rate changes than those of fixed rate securities. However, variable rate securities may decrease in value if prevailing rates decrease or if variable rates do not rise as much as rates in general. The reduction or withdrawal of accommodative monetary policy and/or governmental intervention in securities markets may result in higher short-term or long-term interest rates in the future, which would have a negative impact on the prices of fixed income securities and, in turn, the Fund’s net asset value. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Policy Risk. In response to the global financial crisis of 2007 to 2009 and continued economic weakness in many parts of the world, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken unprecedented steps to stabilize and support financial markets, reduce the costs of borrowing and increase the availability of short-term liquidity. Many of these efforts remain in place. The withdrawal of this support, including an increase in interest rates in the United States or elsewhere, or investor perceptions that this support may be withdrawn, could cause an increase in volatility in certain financial markets or constrict the availability of credit and liquidity, which could adversely affect the value and liquidity of certain securities. U.S. Government Agency Securities Risk. Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, such as the various actions taken to stabilize the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the credit crisis of 2008, no assurance can be given that it will do so in the future. Such securities are neither issued nor guaranteed by the U.S. Treasury. You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. The risks discussed below for the underlying funds expose the Fund to the same risks. Aggressive Investment Technique Risk. Investing in underlying funds that use investment techniques and financial instruments that may be considered aggressive, including the use of futures contracts; options on futures contracts, securities and indices; forward contracts; swap agreements and similar instruments, exposes the Fund to potentially dramatic changes (losses) in the value of certain of its portfolio holdings. Such techniques may include short sales or other techniques that are intended to provide inverse exposure to a particular market or other asset class. CFTC Regulation Risk. The Fund currently operates in compliance with the exclusion from regulation as a “commodity pool” under the Commodity Exchange Act, as amended (the “CEA”), provided by Commodity Futures Trading Commission (“CFTC”) Rule 4.5. This exclusion significantly limits the use of commodity instruments for purposes other than bona fide hedging purposes. The application of amended Rule 4.5 to “funds-of-funds” remains unclear. If the Fund were no longer able to claim the exclusion provided by Rule 4.5, the Fund would be required to register with the CFTC as a “commodity pool” and would become subject to regulation under the CEA, which could increase the Fund’s expenses, adversely affecting investment returns. Commodity Risk. Investing in underlying funds that invest long or short in commodities markets and commodity-linked instruments, such as ETNs, may subject the Fund to greater volatility than investments in traditional securities. Commodities include energy, precious and industrial metals, agricultural products, livestock and minerals. Underlying funds may buy certain commodities directly or may invest in commodity-linked instruments. The value of commodities and commodity contracts are affected by a variety of factors, including global supply and demand, changes in interest rates, commodity index volatility, and factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargos, government regulation, tariffs and taxes, world events and economic, political and regulatory developments. The Fund’s ability to invest in underlying funds that invest in commodities markets and its ability to invest in commodity-linked instruments may be significantly limited by the federal income tax rules applicable to regulated investment companies. The Fund’s ability to invest in underlying funds that invest in the commodities markets may also be limited by CEA rules. Convertible Securities Risk. Underlying funds may invest in convertible securities. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of a convertible security is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments or that the issuer of a convertible bond will not be able to make principal and/or interest payments. Credit Risk. Credit risk (also called default risk) is the risk that the issuer of a security will not be able to make principal and interest payments on a debt issue on a timely basis or at all, which could result in losses to the underlying funds. The credit ratings of issuers could change and negatively affect the Fund’s share price or yield. When underlying funds use derivative instruments to seek credit exposure to underlying issuers, the underlying funds are subject to the credit risk of both the underlying issuer(s) and the counterparty (typically a broker or bank) to the instrument. When underlying funds invest in asset-backed securities, mortgage-backed securities and collateralized mortgage obligations, the underlying funds are subject to the credit risks of the underlying assets that collateralize the instrument. During periods of instability in the credit markets, delinquencies and credit losses on certain asset-backed and mortgage-backed securities have historically increased. Currency Risk. The securities held by an underlying fund may be denominated in currencies other than the U.S. dollar, and as a result, may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a security denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms. Derivatives Risk. Underlying funds may engage in derivatives transactions. Risks associated with derivatives may include the risk that the derivative is imperfectly correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities and the risk that an underlying fund will be unable to sell or otherwise close out the derivative. Derivative transactions could also expose the underlying fund to the effects of leverage, which could increase the underlying fund’s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the underlying fund. The use of derivatives by an underlying fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of over-the-counter derivatives subjects the Fund to the risk that the counterparty to the derivative may be unwilling or unable to meet its obligations on the investment. The use of certain derivatives may expose the Fund to the underlying market or other reference asset in an amount exceeding the cash investment of the underlying fund. Exchange-Traded Note Risk. The returns of ETNs are based on the performance of a specified market index minus applicable fees. The risks of ETNs include the risks that may affect the value of the reference index. The value of an ETN is also subject to the credit risk of the issuer. Thus, the value of an ETN may drop due to a decline in an issuer’s credit quality or a downgrade in the issuer’s credit rating, even if there is no change or an increase in the reference index. ETNs are subject to the additional risk that notes may trade at a premium or discount to their reference indices. There may also not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or delisted by the listing exchange. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETNs’ fees and expenses as well as their share of the Fund’s fees and expenses. Fixed Income Risk. Investing in underlying funds that invest long or short in fixed income securities subjects the Fund to additional risks, which include credit risk, interest rate risk, maturity risk, investment grade securities risk, municipal securities risk and prepayment risk. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Foreign Securities Risk. Investing in underlying funds that invest long or short in securities of foreign issuers involves risks in addition to those typically associated with U.S. investments, including settlement risks, currency fluctuation, foreign tax risks, different financial reporting practices and regulatory standards, high costs of trading, changes in political conditions, expropriation, investment and repatriation restrictions, as well as settlement and custody risks. Fund-of-Funds Structure Risk. Your cost of investing in the Fund will be higher than the cost of investing directly in the underlying funds because you will bear your proportionate share of both the Fund’s expenses and the expenses of the underlying funds. In addition, costs may be higher than mutual funds that invest directly in stocks and bonds. Furthermore, the Fund may be prevented from fully allocating assets to an underlying fund due to regulatory limitations which may impact a fund-of-funds. Investment Company Risk. The Fund may invest in securities of other investment companies, including ETFs, open-end funds and closed-end funds. The risks of investing in other investment companies typically reflect the risks of the types of securities in which those investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that shares of the fund may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses. Leveraged ETF Risk. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivatives strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. Because leveraged ETFs typically seek to obtain their objective on a daily basis, holding leveraged ETFs for longer than a day may produce unexpected results particularly when the benchmark index experiences large ups and downs. Liquidity Risk. Underlying funds may hold less liquid securities, including private placements, Rule 144A securities and thinly traded securities. When there is no willing buyer and a security cannot be readily sold at the desired time or price, an underlying fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the underlying fund’s desired price or at all, can adversely affect the fund’s value or prevent the fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular underlying fund’s share price. An underlying fund may decline in value even when the values of stocks or bonds in general are rising. Overall financial market risks affect the value of the underlying funds and thus the share price of the Fund. Factors such as domestic, economic growth and market conditions, interest rate levels and political events affect the securities markets. Non-Diversified Risk. An underlying fund that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities. Short Sales Risk. The underlying funds may sell securities short. Short sales involve the risk that an underlying fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short. Any loss will be increased by the amount of compensation, dividends or interest the fund must pay to the lender of the security. Because a loss incurred by an underlying fund on a short sale results from increases in the value of the security, losses on a short sale are theoretically unlimited. In addition, the fund may not be able to close out a short position at a particular time or at an acceptable price. A lender may request that borrowed securities be returned on short notice, and the fund may have to buy the securities sold short at an unfavorable price. If this occurs at a time when other short sellers of the same security want to close out their positions, it is more likely that the fund would have to close out its short position at an unfavorable price. If underlying funds take both long and short positions, there is a risk that the value of securities held long might decrease and the value of securities sold short might increase in response to activities of an individual company or general market conditions. In this case, an underlying fund’s potential losses could exceed those of mutual funds that hold only long positions. You could lose money by investing in the Fund. There can be no assurance that the Funds investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. Covered Call Strategy Risk. The Funds Covered Call Options strategy involves certain risks. These risks include:<ul type="square"><li style="margin-left:-20px">By selling Covered Call Options, the Fund limits its opportunity to profit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the value of the underlying stock. While the Fund receives a premium for writing the Covered Call Option, the price the Fund realizes from the sale of stock upon exercise of the option could be substantially below its current market price.</li><li style="margin-left:-20px">A liquid market may not exist for the Covered Call Options written by the Fund. If the Fund is not able to close out a Covered Call Option transaction, the Fund will not be able to sell the underlying security until the option expires or is exercised.</li><li style="margin-left:-20px">The Funds investment strategy may also result in a lack of liquidity of the purchase and sale of portfolio securities. Because the Fund generally will hold the stocks underlying the Covered Call Options, the Fund may be less likely to sell the stocks in its portfolio to take advantage of new investment opportunities.</li></ul>If the Fund generates premiums from its writing Covered Call Options, these premiums typically will result in short-term capital gains for federal income tax purposes. Distributions of net short-term capital gain, are taxable to shareholders as ordinary income for federal income tax purposes. Transactions involving the disposition of the Funds underlying securities (whether pursuant to the exercise of a Covered Call Option or otherwise) will give rise to capital gains or losses. Because the Fund will have no control over the exercise of the Covered Call Option, it may be forced to realize capital gains or losses at inopportune times and it will not be able to control whether such gains or losses are short-term or long-term for federal income tax purposes. The Funds portfolio turnover rate does not take into account short-term capital gains generated from premiums on the sale of Covered Call Options. The Fund is not designed for investors seeking a tax-efficient investment. Derivatives Risk. Risks associated with derivatives may include the risk that the derivative is imperfectly correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities and the risk that the Fund will be unable to sell or otherwise close out the derivative. Derivative transactions could also expose the Fund to the effects of leverage, which could increase the Funds exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the Fund. The use of derivatives by the Fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of over-the-counter derivatives subjects the Fund to the risk that the counterparty to the derivative may be unwilling or unable to meet its obligations on the investment. The use of certain derivatives may expose the Fund to the underlying market or other reference asset in an amount exceeding the cash investment of the Fund. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. These risks are heightened for issuers located in emerging markets. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Funds desired price or at all, can adversely affect the Funds value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment advisers skill in selecting managers and the subadvisers skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Funds share price can move down in response to stock market conditions, changes in the economy or changes in a particular companys stock price. An individual stock may decline in value even when the value of stocks in general is rising. Mid-Cap Company Risk. Investments in mid-cap companies may entail greater risks than investments in larger, more established companies. Mid-cap companies generally have narrower product lines, limited financial resources and a limited trading market for their stocks compared with larger companies. As a result, their stock prices may experience greater volatility and may decline more than those of large-cap companies in market downturns. You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The following is a summary of the principal risks of investing in the Fund. The Fund may be subject to the following risks directly through investment in individual securities or indirectly through investment in ETFs or derivative instruments. Convertible Securities Risk. Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible bonds, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. The value of convertible securities is also affected by the credit quality of the issuer and any call provisions. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments or that the issuer of a convertible bond will not be able to make principal and/or interest payments. Derivatives Risk. Risks associated with derivatives may include the risk that the derivative is imperfectly correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities and the risk that the Fund will be unable to sell or otherwise close out the derivative. Derivative transactions could also expose the Fund to the effects of leverage, which could increase the Fund’s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the Fund. The use of derivatives by the Fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of over-the-counter derivatives subjects the Fund to the risk that the counterparty to the derivative may be unwilling or unable to meet its obligations on the investment. The use of certain derivatives may expose the Fund to the underlying market or other reference asset in an amount exceeding the cash investment of the Fund. Exchange-Traded Fund Risk. The risks of investing in other investment companies typically reflect the risks of the types of securities in which those funds invest. Investments in ETFs are subject to the additional risk that their shares may trade at a premium or discount to their net asset value per share. There may also not be an active trading market available for shares of some ETFs. Additionally, trading of ETF shares may be halted or delisted by the listing exchange. An inverse ETF is a fund that is constructed by using various derivative instruments to profit from a decline in the underlying benchmark. Investing in these ETFs is similar to holding various short positions, or using a combination of advanced investment strategies to profit from falling prices. When the Fund invests in an ETF, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses. Similarly, short sales of ETFs and closed-end funds are subject to the specific risks described under “Short Sale Risk.” In addition, if the Fund sells short shares of ETFs that are financially leveraged, such short sales may be expected to exhibit enhanced volatility in market price as compared to short sales of similar ETFs without a leveraged capital structure. Foreign Securities Risk. Investing in the securities of foreign issuers involves special risks and considerations in addition to those typically associated with investing in U.S. companies. The securities of foreign companies may be less liquid and their prices may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be difficulty in enforcing contractual obligations against, and little public information about, the companies. Trades typically take more time to settle and clear, and the costs of buying and selling foreign securities are generally higher than the costs associated with buying and selling securities traded in U.S. markets. The values of the foreign securities held by the Fund may be affected by changes in currency exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of a holding denominated in that currency increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms. Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the foreign securities held by the Fund. In foreign countries, accounting, auditing and financial reporting standards and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Liquidity Risk. When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund’s desired price or at all, can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to wider bid-ask spreads and volatility. Manager Risk. The performance of the Fund is dependent upon the investment adviser’s skill in selecting managers and the subadviser’s skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers. Market Risk. The Fund’s share price can move down in response to stock market conditions, changes in the economy or changes in a particular company’s stock price. An individual stock may decline in value even when the value of stocks in general is rising. Non-Diversification Risk. The Fund may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers and may experience increased volatility due to its concentrated investments in those securities. Portfolio Turnover Risk. Frequent trading of the Fund’s portfolio holdings may result in a higher than average level of capital gains, including short-term capital gains, and will result in greater transaction costs to the Fund. To the extent distributions to shareholders are made from net short-term capital gains (i.e., net capital gain on securities held or treated as held by the Fund for one year or less minus any net capital losses on securities held or treated as held by the Fund for more than one year), the distributions will be taxed at ordinary income rates for federal income tax purposes, rather than at the lower long-term capital gains rates. Greater transaction costs and higher expenses as a result of portfolio turnover may negatively impact the Fund’s performance. REIT Risk. Securities of REITs may be affected by changes in the values of their underlying properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, which may be subject to defaults by borrowers and self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Real estate prices are also affected by general economic conditions. When growth is slowing, demand for property decreases and prices and rents may decline. High or rising interest rates, which result in high or rising mortgage and financing costs, may restrain buying and selling activity, reducing the appeal of real estate investments. Distributions from REITs generally are taxed as ordinary income for federal income tax purposes. Short Sales Risk. Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the Fund previously sold the security short. Any loss will be increased by the amount of compensation, dividends or interest the Fund must pay to the lender of the security. Because a loss incurred on a short sale results from increases in the value of the security, losses on a short sale are theoretically unlimited. In addition, the Fund may not be able to close out a short position at a particular time or at an acceptable price. A lender may request that borrowed securities be returned on short notice, and the Fund may have to buy the securities sold short at an unfavorable price. If this occurs at a time when other short sellers of the same security want to close out their positions, it is more likely that the Fund would have to close out its short position at an unfavorable price. If this occurs at a time when other short sellers of the same security also want to close out their positions, a “short squeeze” may occur. A short squeeze drives up the price of the security sold short and makes it more likely that the Fund will have to cover its short sale at an unfavorable price. If that happens, the Fund will lose some or all of the potential profit from, or even incur a loss on, the short sale. The Fund’s use of short sales may have a leveraging effect on the Fund’s portfolio. Value Style Risk. Value investing involves buying stocks that the subadviser believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, the valuation levels of value stocks are less than those of growth stocks. Because different types of stocks go in and out of favor with prevailing market and economic conditions, the Fund’s performance may be adversely affected when value stocks underperform. You could lose money by investing in the Fund. You could lose money by investing in the Fund. You could lose money by investing in the Fund. You could lose money by investing in the Fund. FUND PERFORMANCE FUND PERFORMANCE FUND PERFORMANCE FUND PERFORMANCE The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. The bar chart shows how the performance of the Class I shares of the Fund has varied from year to year over the periods shown. Class I shares and Class N shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class N shares would be lower than the returns of the Class I shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year over the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Funds website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. The bar chart shows how the performance of the Class N shares of the Fund has varied from year to year for the periods shown. Class N shares and Class I shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual returns of the Class I shares would be higher than the returns of the Class N shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance information available on the Fund’s website, www.astonfunds.com, or by calling toll-free 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance. Class N Shares Calendar Year Total Return Class I Shares Calendar Year Total Return Class N Shares Calendar Year Total Return Class N Shares Calendar Year Total Return 0.1795 -0.0229 0.2734 0.0948 0.1239 0.0582 0.0879 0.0907 0.0145 0.0136 0.0638 0.0416 0.0822 -0.0115 0.0589 Best quarter: 2013-03-31 Worst quarter: 2014-03-31 -0.0369 Best quarter: 2009-06-30 Worst quarter: 2009-03-31 -0.0713 Best quarter: 2010-09-30 Worst quarter: 2011-09-30 -0.0725 Best quarter: 2009-06-30 Worst quarter: 2008-09-30 -0.0495 Taplin, Canida & Habacht, LLC (“TCH”) became the subadviser on December 1, 2006. Performance prior to that date reflects the performance of a previous subadviser. 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. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 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. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I shares. After-tax returns for Class N will vary. As of June 30, 2012, the Fund changed its name from ASTON/M.D. Sass Enhanced Equity Fund to ASTON/Anchor Capital Enhanced Equity Fund and Anchor Capital Advisors LLC (Anchor Capital) became the subadviser. Performance prior to that date reflects the performance of previous subadvisers. However, Mr. Altman has served as a Portfolio Manager since the Funds inception in January 2008. 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. After-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. 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. In some instances, the “Return After Taxes on Distributions and Sales of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. 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 shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class N shares. After tax returns for Class I shares will vary. 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. 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. 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. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. After-tax returns are shown for Class I shares. After-tax returns for Class N will vary. After-tax returns are shown only for Class N shares. After-tax returns for Class I shares will vary. After tax returns are shown only for Class N shares. After tax returns for Class I shares will vary. secondarily, current income, by investing primarily in common stocks and convertible securities. 0.0589 0.0426 0.0332 0.0615 0.0145 0.005 0.016 0.012 0.0582 0.0509 0.0331 0.0608 -0.0229 -0.0315 -0.0107 -0.0195 0.0592 0.0421 0.039 0.0613 0.0495 0.0439 0.0375 0.0696 0.0526 0.0486 0.1653 -0.0173 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. 0.0652 0.0554 0.0474 0.0512 0.0554 0.0375 0.0359 0.0576 0.0685 0.0528 0.0629 0.0465 0.0488 0.0315 0.0313 0.0726 0.0581 0.0372 0.0364 0.0607 0.1305 0.0888 0.1345 0.147 0.1345 0.1542 0.073 0.1024 0.0977 0.1654 0.0971 0.1254 0.0597 0.0445 0.0471 0.0575 0.1256 0.1394 0.2044 0.2803 0.1691 0.0832 0.0955 0.0785 0.1366 0.0601 0.1061 0.1544 0.0469 0.1129 0.0767 0.047 0.0677 0.0964 0.0522 0.0621 0.0527 0.0858 0.0557 0.1324 0.1564 0.0796 0.0562 0.0142 0.0081 0.0263 0.1366 0.021 0.1544 0.0492 0.0727 0.054 -0.049 0.0533 -0.0124 0.0666 Estimated dividend and interest expense on short sales in underlying funds that engage in short selling, based on publicly available information. 0.0489 0.0489 0.1555 0.1555 0.0777 0.0777 0.0875 0.0777 0.127 0.1534 0.0747 0.0422 0.0422 0.1183 0.1135 0.0711 0.0711 0.0422 0.0422 0.1548 0.1548 0.1426 0.1426 0.0629 0.061 0.0522 0.0508 0.0422 0.0422 0.1426 0.1426 0.0716 0.0531 0.056 0.056 0.1651 0.1234 0.0729 0.0994 0.1436 0.0727 0.1791 0.0513 0.102 0.0558 0.0101 <div style="display:none">~ http://www.astonfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedASTONMONTAGCALDWELLBALANCEDFUND column period compact * ~</div> 0.1366 0.0601 0.1061 0.1544 0.0469 0.1129 0.0767 0.047 0.0677 0.1581 0.0849 0.1305 0.1581 0.0849 0.1305 0.1581 0.0849 0.1345 0.2803 0.1691 0.0832 0.1345 0.1542 0.073 0.1324 0.1564 -0.049 0.0533 0.0796 0.127 0.1534 0.1256 0.0977 0.1654 0.0971 0.0597 0.0445 0.0471 0.0142 0.0081 0.1366 0.021 0.1544 0.0492 0.0037 0.1616 0.0049 0.0049 0.0135 0.0135 Other 2014-10-31 ASTON FUNDS 0000912036 false 2015-03-16 2015-03-16 2015-02-28 The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.25% of the Fund’s average daily net assets with respect to Class N Shares and 1.00% of the Fund’s average daily net assets with respect to Class I Shares (the “Operating Expense Limit”). Prior to February 29, 2016, the arrangements may be amended or terminated only by a vote of the Board of Trustees of Aston Funds. For a period of up to three years from the end of the fiscal year during which fees are waived or expenses are reimbursed, the investment adviser is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from the commencement of operations through the completion of the first three full fiscal years to the extent that the Fund’s Total Annual Operating Expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, remain at or below the Operating Expense Limit after such reimbursement. After Fee Waiver and/or Reimbursement Other Expenses for Class I Shares are estimated from the current fiscal year due to the limited operating history of the class. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.20% of the Fund's average daily net assets with respect to Class N shares and 0.95% of the Fund's average daily net assets with respect to Class I shares. Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. After Fee Waiver and/or Expense Reimbursement Other expenses include fees equal to 0.07% recouped by the investment adviser pursuant to an expense reimbursement agreement. The expense reimbursement agreement provides that for a period of up to three years from the end of the fiscal year during which management fees are waived or operating expenses are reimbursed, the investment adviser is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from commencement of operations through the completion of the first three full fiscal years to the extent that the Fund's Total Annual Operating Expenses for a class, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, remain at or below the operating expense limit applicable to each class after such reimbursement. Class I shares commenced operations on May 14, 2014, therefore no returns are shown for Class I shares. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.35% of the Fund's average daily net assets with respect to Class N shares and 1.10% of the Fund's average daily net assets with respect to Class I shares (the "Operating Expense Limit"). Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. For a period of up to three years from the end of the fiscal year during which fees are waived or expenses are reimbursed, the investment adviser is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from commencement of operations through the completion of the first three full fiscal years to the extent that the Fund's Total Annual Operating Expenses for a class, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, remain at or below the Operating Expense Limit after such reimbursement. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.40% of the Fund's average daily net assets with respect to Class N shares and 1.15% of the Fund's average daily net assets with respect to Class I shares (the "Operating Expense Limit"). Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. For a period of up to three years from the end of the fiscal year during which fees are waived or expenses are reimbursed, the investment adviser is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from the commencement of operations through the completion of the first three full fiscal years to the extent that the Fund's Total Annual Operating Expenses for a class, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, remain at or below the Operating Expense Limit after such reimbursement. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.37% of the Fund's average daily net assets with respect to Class N shares and 1.12% of the Fund's average daily net assets with respect to Class I shares. Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.35% of the Fund's average daily net assets with respect to Class N shares and 1.10% of the Fund's average daily net assets with respect to Class I shares. Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.40% of the Fund's average daily net assets with respect to Class N shares and 1.15% of the Fund's average daily net assets with respect to Class I shares (the "Operating Expense Limit"). Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. For a period of up to three years from the end of the fiscal year during which fees are waived or expenses are reimbursed, the investment adviser is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from the commencement of operations through the completion of the first three full fiscal years to the extent that the Total Annual Operating Expenses for a class, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, remain at or below the Operating Expense Limit after such reimbursement. After Fee Waiver and Reimbursement The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.40% of the Fund's average daily net assets with respect to Class N shares and 1.15% of the Fund's average daily net assets with respect to Class I shares (the "Operating Expense Limit"). Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. For a period of up to three years from the end of the fiscal year during which fees are waived or expenses are reimbursed, the investment adviser is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from the commencement of operations through the completion of the first three full fiscal years to the extent that the Fund's Total Annual Operating Expenses for a class, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses remain at or below the Operating Expense Limit after such reimbursement. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.30% of the Fund's average daily net assets with respect to Class N shares and 1.05% of the Fund's average daily net assets with respect to Class I shares (the "Operating Expense Limit"). Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. For a period of up to three years from the end of the fiscal year during which fees are waived or expenses are reimbursed, the investment adviser is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from the commencement of operations through the completion of the first three full fiscal years to the extent that the Fund's Total Annual Operating Expenses for a class, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, remain at or below the Operating Expense Limit after such reimbursement. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 0.94% of the Fund's average daily net assets with respect to Class N shares and 0.69% of the Fund's average daily net assets with respect to Class I shares (the "Operating Expense Limit"). Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. For a period of up to three years from the end of the fiscal year during which fees are waived or expenses are reimbursed, the investment adviser is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from the commencement of operations through the completion of the first three full fiscal years to the extent that the Total Annual Operating Expenses for a class, not including investment-related cost (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, remain at or below the Operating Expense Limit after such reimbursement. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 0.94% of the Fund’s average daily net assets with respect to Class N shares and 0.69% of the Fund’s average daily net assets with respect to Class I shares. Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. Estimated dividend and interest expense on short sales in underlying funds that engage in short selling, based on publicly available information. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.40% of the Fund’s average daily net assets with respect to Class N shares and 1.15% of the Fund’s average daily net assets with respect to Class I shares. Prior to February 29, 2016 the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. Other expenses include fees equal to 0.05% recouped by the investment adviser pursuant to an expense reimbursement agreement. The expense reimbursement agreement provides that for a period of up to three years from the end of the fiscal year during which management fees are waived or operating expenses are reimbursed, the investment adviser is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from commencement of operations through the completion of the first three full fiscal years to the extent that the Fund’s Total Annual Operating Expenses for a class, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, remain at or below the operating expense limit applicable to each class after such reimbursement. In addition, other expenses include dividends or interest on short sales of securities, which are paid to the lender of a security, and stock loan fees, which are paid to the prime broker. The investment adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 29, 2016, to the extent that operating expenses exceed 1.43% of the Fund's average daily net assets with respect to Class N shares and 1.18% of the Fund's average daily net assets with respect to Class I shares (the "Operating Expense Limit"). Prior to February 29, 2016, the arrangement may be amended or terminated for a class only by a vote of the Board of Trustees of Aston Funds. For a period of up to three years from the end of the fiscal year during which fees are waived or expenses are reimbursed, the investment adviser is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from the commencement of operations through the completion of the first three full fiscal years to the extent that the Fund's Total Annual Operating Expenses for a class, not including investment-related costs (such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, remain at or below the Operating Expense Limit after such reimbursement. Expenses shown above have been restated to reflect the Fund's contractual expense limits currently in effect and will differ from the expenses reflected in the Fund's annual report for fiscal year ended October 31, 2014.