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ASTON/River Road Small Cap Value Fund

 NI
CUSIP00078H12500080Y504
TickerARSVXARSIX
Share Class Inception6/28/200512/13/2006
Gross Exp Ratio (%)1.41.15
Net Exp Ratio (%)1.391.14
NAV13.4313.46
NAV Change 1.90 1.89
Benchmark Russell 2000 Value Index
Morningstar Category Small Value

Overall Morningstar Rating

ASTON/River Road Small Cap Value Fund  Shares received a Morningstar rating.

Among 580 Small Blend funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 12/31/11.

Portfolio Managers

James C.  Shircliff, CFA
James C. Shircliff, CFA

James C. Shircliff, CFA

James C.  Shircliff, CFA

Mr. Shircliff is the CEO and Chief Investment Officer of River Road. Prior to founding River Road, he served as a Portfolio Manager and Director of Research for SMC Capital Inc., an affiliate of Commonwealth Trust Company (Commonwealth SMC) from 1998 to 2005. He has also served as a Special Situations Analyst and Fund Manager for Oppenheimer Management Company and as a Partner and Director of Research for Southeastern Asset Management. Mr. Shircliff has more than 30 years of investment management experience. He received his BS from the University of Louisville.

R. Andrew  Beck
R. Andrew Beck

R. Andrew Beck

R. Andrew  Beck

Mr. Beck is President & CEO of River Road. Prior to co-founding River Road, he was a Senior Vice President and Portfolio Manager for SMC Capital, Inc. (Commonwealth SMC) from 1999 to 2005. Mr. Beck received his BS from the University of Louisville and his MBA from Babson College.

Henry W. Sanders, III, CFA
Henry W. Sanders, III, CFA

Henry W. Sanders, III, CFA

Henry W. Sanders, III, CFA

Mr. Sanders is Executive Vice President of River Road. Prior to co-founding River Road, he was a Senior Vice President and Portfolio Manager for Commonwealth Trust Company (Commonwealth SMC) from 2002 to 2005. Before that, he served as President for Bridges Capital Management and Vice President for PRIMCO Capital Management. Mr. Sanders received his BS from Bellarmine University and his MBA from Boston College.

Investment Strategy

The Fund is closed to new investors. Please see current prospectus for exceptions.

The ASTON/River Road Small Cap Value Fund employs a bottom-up, absolute-value driven fundamental approach in selecting small-cap stocks.

Objective

The Fund seeks to provide long-term capital appreciation.

Risk Considerations

Small- and Mid-cap stocks are considered riskier than large-cap stocks due to greater potential volatility and less liquidity.  Value investing often involves buying the stocks of companies that are currently out of favor that may decline further.

Fund Stats (as of 12/31/11) N SharesI Shares
Origin Of Information The Bank of New York Mellon Corporation and FactSet Research SystemsThe Bank of New York Mellon Corporation and FactSet Research Systems
Sales Load NoneNone
Total Net Assets (2/3/12)$58,144,076.15$263,605,524.72
Turnover 37%37%
Minimum Investment 2,5001,000,000
Alpha (3 yr.) 3.123.36
Beta (3 yr.) 0.720.72
R-Squared (3 yr.) 0.930.93
Standard Dev (3 yr.) 19.5219.49
Sharpe Ratio (3 yr.) 0.190.20
Current Wtd Average P/E (trailing) 15.2015.20
Current Wtd Average P/B (trailing) 1.481.48
Median Mkt Cap ($Mil) 792792
Average Wtd Coupon N/AN/A
Effective Maturity 13.2313.23
Sector Breakdown (as of 12/31/11)
Consumer Discretionary
25.29%
Industrials
16.18%
Financials
13.52%
Information Technology
13.30%
Consumer Staples
9.82%
Health Care
7.77%
Energy
5.43%
Cash Equivalents & Other
3.20%
Materials
3.11%
Utilities
1.46%
Telecommunication Services
0.93%
Top Ten Holdings (as of 12/31/11)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
RUDDICK CORP RDK 781258108 351,369 $14,982,374.16 4.48%
BIG LOTS INC BIG 89302103 383,430 $14,478,316.80 4.33%
WHITE MOUNTAINS INSURANCE GP WTM G9618E107 27,080 $12,279,696.80 3.68%
NEUSTAR INC-CLASS A NSR 64126X201 323,360 $11,049,211.20 3.31%
RENT-A-CENTER INC RCII 76009N100 286,475 $10,599,575.00 3.17%
MADISON SQUARE GARDEN CO-A MSG 55826P100 358,900 $10,278,896.00 3.08%
BRINK'S CO/THE BCO 109696104 357,636 $9,613,255.68 2.88%
GEO GROUP INC/THE GEO 36159R103 518,210 $8,680,017.50 2.60%
ICU MEDICAL INC ICUI 44930G107 179,160 $8,062,200.00 2.41%
DST SYSTEMS INC DST 233326107 174,940 $7,963,268.80 2.38%
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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