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Aston/M.D. Sass Enhanced Equity Fund

 NI
CUSIP00080Y75100080Y694
TickerAMBEXAMDSX
Share Class Inception1/15/20083/3/2010
Gross Exp Ratio (%)2.121.87
Net Exp Ratio (%)1.41.15
NAV9.149.15
% Change 0.99 0.99
Benchmarks S&P 500/Citicorp Broad 50 Index
S&P 500 Index
Morningstar Category Long-Short
Regarding Net Expense Ratio: The Advisor contractually waived management fees and/or reimbursed expenses through February 28, 2011.

Dividend Frequency: Quarterly

Fund Resources

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Portfolio Manager

Ronald L. Altman

Ronald L. Altman

Mr. Altman joined M.D. Sass in June of 2009 as a portfolio manager. Prior to M.D. Sass, he was a partner and portfolio manager at MB Investment Partners, Inc. From 1999 to 2005, Mr. Altman was a Senior Managing Director and Director of Research at Victory SBSF. Mr. Altman has more than 40 years of experience in the investment research and money management business in various positions.

  1. Overview
  2. Holdings
  3. Performance
  4. Quarterly Commentary

Objective

The Aston/M.D. Sass Enhanced Equity Fund seeks total return through a combination of a high level of current income and capital appreciation.

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Note:  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 stock. A liquid market may not exist for options held by the Fund. If the Fund is not able to close out an options transaction, it will not be able to sell the underlying security until the option expires or is exercised. While the Fund receives premiums for writing the call options, the price it realizes from the exercise of an option could be substantially below a stock's current market price. Premiums from the Fund's sale of call options typically will result in short-term capital gain taxes, making it ill suited for investors seeking a tax efficient investment.

Fund Stats (as of 6/30/10) NI
Origin Of InformationThomsonThomson
Sales LoadNoneNone
Total Fund Assets64,510,092.2464,510,092.24
Turnover5656
Minimum Investment2,5001,000,000
Current Wtd Average P/E (trailing)16.3716.37
Current Wtd Average P/B (trailing)1.611.61
Median Mkt Cap ($Mil)22,224.5022,224.50
Turnover is based on a rolling 12-month average.

Sector Breakdown (as of 7/31/10)
Information Technology		19.86%
Health Care		16.74%
Financials		15.87%
Industrials		13.69%
Consumer Discretionary		8.86%
Utilities		8.69%
Telecommunication Services		8.40%
Energy		3.29%
Materials		3.14%
Cash Equivalents & Other		1.46%
Top Ten Holdings (as of 7/31/10)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
METLIFE INC MET 59156R108 60,000 $2,523,600.00 3.30%
TYCO ELECTRONICS LTD TEL H8912P106 90,000 $2,430,000.00 3.18%
CARNIVAL CORP CCL 143658300 70,000 $2,427,600.00 3.17%
DU PONT (E.I.) DE NEMOURS DD 263534109 59,000 $2,399,530.00 3.14%
CORNING INC GLW 219350105 130,000 $2,355,600.00 3.08%
GENERAL ELECTRIC CO GE 369604103 145,000 $2,337,400.00 3.06%
VERIZON COMMUNICATIONS INC VZ 92343V104 80,000 $2,324,800.00 3.04%
MEDTRONIC INC MDT 585055106 62,000 $2,292,140.00 3.00%
TRAVELERS COS INC/THE TRV 8.94E+113 45,000 $2,270,250.00 2.97%
JOHNSON & JOHNSON JNJ 478160104 39,000 $2,265,510.00 2.96%
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.

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