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ASTON/Herndon Large Cap Value Fund

 NI
CUSIP 00080Y66000080Y595
Ticker AALIXAHRNX
Share Class Inception 3/31/20103/2/2011
Gross Exp Ratio (%) 1.311.06
Net Exp Ratio (%) 1.301.05
NAV15.1815.21
NAV Change (%) 0.00 0.07
Dividend Frequency Annual
Benchmark Russell 1000 Value Index
Morningstar Category Large Blend

Overall Morningstar Rating

ASTON/Herndon Large Cap Value  Shares received a Morningstar rating.

Among 1338 Large Blend funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 6/30/14.

Portfolio Manager

Randell Cain, CFA
Randell Cain, CFA

Randell Cain, CFA

Randell Cain, CFA Principal and Portfolio Manager Randell Cain has been the lead portfolio manager of the Fund since the Fund’s inception. Mr. Cain joined Herndon in 2002 and is a Principal and Portfolio Manager for Herndon. Prior to joining Herndon, he worked as a portfolio manager at NCM Capital for five years. Mr. Cain received a BS from Morehouse College, a Bachelor of Industrial Engineering degree from Georgia Institute of Technology, an MBA from Harvard Business School and holds the Chartered Financial Analyst Designation.

Investment Strategy

The ASTON/Herndon Large Cap Value Fund invests in large-cap companies, defined by inclusion in the Russell 1000 Index, which are undervalued relative to other companies in the index.

Objective

The Fund seeks to provide long-term capital appreciation.

Risk Considerations

Value investing involves buying the stocks of companies that are out of favor or are undervalued. This may adversely affect the Fund's value and return.

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Fund Stats (as of 6/30/14) N SharesI Shares
Origin Of Information BaselineBaseline
Sales Load NoneNone
Total Net Assets (7/28/14)$32,600,990.22$142,703,126.84
Turnover *71%71%
Minimum Investment 2,5001,000,000
Alpha (3 yr.) -4.17N/A
Beta (3 yr.) 1.02N/A
R-Squared (3 yr.) 88.62N/A
Standard Dev (3 yr.) 14.07N/A
Sharpe Ratio (3 yr.) 0.9N/A
Current Wtd Average P/E (trailing) 15.315.3
Current Wtd Average P/B (trailing) 3.93.9
Median Mkt Cap ($Mil) 22,53422,534
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Sector Breakdown (as of 6/30/14)
Energy
20.46%
Financials
20.10%
Information Technology
13.73%
Industrials
10.29%
Health Care
8.99%
Consumer Staples
8.88%
Consumer Discretionary
7.35%
Materials
6.83%
Cash Equivalents & Other
1.34%
Telecommunication Services
1.03%
Utilities
1.00%
Top 10 Holdings (as of 6/30/14)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
APPLE INC AAPL 37833100 59,673 $5,545,411.89 3.18%
LOCKHEED MARTIN CORP LMT 539830109 30,445 $4,893,424.85 2.81%
CHEVRON CORP CVX 166764100 37,346 $4,875,520.30 2.80%
WESTERN DIGITAL CORP WDC 958102105 52,366 $4,833,381.80 2.77%
DISCOVER FINANCIAL SERVICES DFS 254709108 75,505 $4,679,799.90 2.69%
AFLAC INC AFL 1055102 74,693 $4,649,639.25 2.67%
MYLAN INC/PA MYL 628530107 88,495 $4,562,802.20 2.62%
CONTINENTAL RESOURCES INC/OK CLR 212015101 28,821 $4,554,870.84 2.61%
CBOE HOLDINGS INC CBOE 12503M108 90,931 $4,474,714.51 2.57%
WADDELL & REED FINANCIAL INC WDR 930059100 71,445 $4,471,742.55 2.57%
Past performance does not guarantee future results. Investment return and principal value of mutual funds will vary with market conditions, so that shares, when redeemed, may be worth more or less than their original cost.

As the fund is actively managed, the securities as presented may not represent the current or future composition of the portfolio.

*Note Regarding Turnover: During the third quarter of 2011, the correction of a trading error caused a significant increase in the portfolio turnover ratio.  Please be assured that the Fund’s NAV and investment performance were not negatively impacted by this error

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