ASTON/M.D. Sass Enhanced Equity Fund
| N | I | |
|---|---|---|
| CUSIP | 00080Y751 | 00080Y694 |
| Ticker | AMBEX | AMDSX |
| Share Class Inception | 1/15/2008 | 3/3/2010 |
| Gross Exp Ratio (%) | 1.37 | 1.12 |
| Net Exp Ratio (%) | 1.36 | 1.11 |
| 30 Day Yield (11/30/11) | 1.76 | 2.01 |
| NAV | 8.90 | 8.91 |
| NAV Change |  1.02 | 1.14 |
| Benchmarks |
S&P 500/Citicorp Broad 50 Index S&P 500 Index |
| Morningstar Category | Large Blend |
Overall Morningstar Rating™
Among 73 Long-Short Equity funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 12/31/11.
Fund Resources
Portfolio Manager
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.
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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Risk Considerations
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 12/31/11) | N Shares | I Shares |
|---|---|---|
| Origin Of Information | Thomson | Thomson |
| Sales Load | None | None |
| Total Net Assets (2/3/12) | $54,838,513.53 | $72,887,377.67 |
| Turnover | 82% | 82% |
| Minimum Investment | 2,500 | 1,000,000 |
| Alpha (3 yr.) | 3.36 | N/A |
| Beta (3 yr.) | 0.70 | N/A |
| R-Squared (3 yr.) | 0.80 | N/A |
| Standard Dev (3 yr.) | 14.82 | N/A |
| Sharpe Ratio (3 yr.) | 0.26 | N/A |
| Current Wtd Average P/E (trailing) | 12.54 | 12.54 |
| Current Wtd Average P/B (trailing) | 1.53 | 1.53 |
| Median Mkt Cap ($Mil) | 25,724 | 25,724 |
| Average Wtd Coupon | N/A | N/A |
| Effective Maturity | N/A | N/A |
| Sector Breakdown (as of 12/31/11) | |
|---|---|
| Information Technology | 18.42% |
| Utilities | 17.59% |
| Industrials | 17.40% |
| Financials | 12.60% |
| Consumer Discretionary | 12.51% |
| Health Care | 11.41% |
| Consumer Staples | 8.99% |
| Telecommunication Services | 3.37% |
| Cash Equivalents & Other | -2.29% |
| Top Ten Holdings (as of 12/31/11) | |||||
|---|---|---|---|---|---|
| Company | Ticker | CUSIP | Number of Shares | Market Value | % of Net Assets |
| EXELON CORP | EXC | 30161N101 | 93,000 | $4,033,410.00 | 3.78% |
| ENTERGY CORP | ETR | 29364G103 | 55,000 | $4,017,750.00 | 3.76% |
| PUBLIC SERVICE ENTERPRISE GP | PEG | 744573106 | 120,000 | $3,961,200.00 | 3.71% |
| GENERAL ELECTRIC CO | GE | 369604103 | 220,000 | $3,940,200.00 | 3.69% |
| CISCO SYSTEMS INC | CSCO | 17275R102 | 215,000 | $3,887,200.00 | 3.64% |
| ELI LILLY & CO | LLY | 532457108 | 90,000 | $3,740,400.00 | 3.50% |
| NEXTERA ENERGY INC | NEE | 65339F101 | 61,000 | $3,713,680.00 | 3.48% |
| MEDTRONIC INC | MDT | 585055106 | 95,000 | $3,633,750.00 | 3.40% |
| AT&T INC | T | 00206R102 | 120,000 | $3,628,800.00 | 3.40% |
| METLIFE INC | MET | 59156R108 | 115,000 | $3,585,700.00 | 3.36% |
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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