UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-21913
DundeeWealth Funds
(Exact name of registrant as specified in charter)
1055 Westlakes Drive, Suite 301
Berwyn, PA 19312
(Address of principal executive offices) (Zip code)
Amy D. Duling
DundeeWealth US, LP
1055 Westlakes Drive, Suite 301
Berwyn, PA 19312
(Name and address of agent for service)
Registrant's telephone number, including area
code:
610-854-0900
Date of fiscal year end:
September 30
Date of reporting period:
June 30, 2013
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item
1. Schedule of Investments.
The Schedules
of Investments are attached herewith.
|
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Dynamic Energy Income Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares/Units
|
|
Value
|
|
COMMON STOCKS - 93.4%
|
|
|
|
|
|
Canada - 50.9%
|
|
|
|
|
|
ARC Resources, Ltd.
|
|
|
47,116
|
|
|
$
|
1,233,340
|
|
|
Baytex Energy Corp.
|
|
|
28,753
|
|
|
|
1,036,169
|
|
|
Black Diamond Group, Ltd.
|
|
|
36,000
|
|
|
|
765,047
|
|
|
Bonterra Energy Corp.
|
|
|
22,900
|
|
|
|
1,076,955
|
|
|
Calfrac Well Services Ltd.
|
|
|
11,800
|
|
|
|
340,076
|
|
|
Canexus Corp.
|
|
|
118,027
|
|
|
|
1,032,470
|
|
|
Crescent Point Energy Corp.
|
|
|
30,736
|
|
|
|
1,042,458
|
|
|
Gibson Energy, Inc.
|
|
|
53,179
|
|
|
|
1,246,422
|
|
|
Innergex Renewable Energy, Inc.
|
|
|
90,937
|
|
|
|
760,042
|
|
|
Northland Power, Inc.
|
|
|
42,672
|
|
|
|
686,923
|
|
|
Parallel Energy Trust (a)
|
|
|
211,170
|
|
|
|
748,944
|
|
|
Pembina Pipeline Corp.
|
|
|
40,929
|
|
|
|
1,252,349
|
|
|
Pengrowth Energy Corp.
|
|
|
191,115
|
|
|
|
939,493
|
|
|
Renegade Petroleum, Ltd.
|
|
|
495,800
|
|
|
|
485,570
|
|
|
Renegade Petroleum, Ltd., Private Placement * † ‡
|
|
|
325,000
|
|
|
|
318,294
|
|
|
TransCanada Corp.
|
|
|
25,000
|
|
|
|
1,076,353
|
|
|
Twin Butte Energy, Ltd.
|
|
|
507,306
|
|
|
|
1,094,974
|
|
|
Veresen, Inc.
|
|
|
32,284
|
|
|
|
382,791
|
|
|
Vermilion Energy, Inc.
|
|
|
24,181
|
|
|
|
1,182,034
|
|
|
Whitecap Resources, Inc.
|
|
|
106,300
|
|
|
|
1,103,733
|
|
|
|
|
|
|
|
|
|
17,804,437
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherland - 4.6%
|
|
|
|
|
|
|
|
|
|
LyondellBasell Industries NV, Class A
|
|
|
24,500
|
|
|
|
1,623,370
|
|
|
|
|
|
|
|
|
|
|
|
|
United States - 3 7.9%
|
|
|
|
|
|
|
|
|
|
Access Midstream Partners LP
|
|
|
13,800
|
|
|
|
658,260
|
|
|
Anadarko Petroleum Corp.
|
|
|
11,900
|
|
|
|
1,022,567
|
|
|
Chevron Corp.
|
|
|
8,800
|
|
|
|
1,041,392
|
|
|
ConocoPhillips
|
|
|
17,300
|
|
|
|
1,046,650
|
|
|
DCP Midstream Partners LP
|
|
|
6,500
|
|
|
|
351,650
|
|
|
Energy Transfer Partners LP
|
|
|
29,000
|
|
|
|
1,465,660
|
|
|
Enterprise Products Partners LP
|
|
|
20,700
|
|
|
|
1,286,505
|
|
|
EOG Resources, Inc.
|
|
|
5,400
|
|
|
|
711,072
|
|
|
Magellan Midstream Partners LP
|
|
|
13,300
|
|
|
|
724,850
|
|
|
Marathon Oil Corp.
|
|
|
32,400
|
|
|
|
1,120,392
|
|
|
MarkWest Energy Partners LP
|
|
|
12,000
|
|
|
|
802,200
|
|
|
Noble Energy, Inc.
|
|
|
14,200
|
|
|
|
852,568
|
|
|
Plains All American Pipeline LP
|
|
|
22,000
|
|
|
|
1,227,820
|
|
|
Targa Resources Partners LP
|
|
|
18,500
|
|
|
|
933,325
|
|
|
|
|
|
|
|
|
|
13,244,911
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $34,736,411)
|
|
|
|
|
|
|
32,672,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 6.6%
|
|
|
|
|
|
|
|
|
|
BNY Mellon Cash Reserve,
|
|
|
|
|
|
|
|
|
|
0.01%**, due 07/01/13
|
|
$
|
2,325,551
|
|
|
|
2,325,551
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
|
|
(Cost $2,325,551)
|
|
|
|
|
|
|
2,325,551
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 100.0%
|
|
|
|
|
|
|
|
|
|
(Cost $37,061,962)***
|
|
|
|
|
|
|
34,998,269
|
|
|
Put Written Options - (0.0)%
|
|
|
|
|
|
|
|
|
|
(Premiums received $2,872)
|
|
|
|
|
|
|
(4,488
|
)
|
|
Forward Foreign Exchange Contract - 0.6%
|
|
|
|
|
|
|
|
|
|
(Unrealized appreciation)
|
|
|
|
|
|
|
215,384
|
|
|
Liabilities in Excess of Other Assets - (0.6)%
|
|
|
|
|
|
|
(222,367
|
)
|
|
NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
34,986,798
|
|
|
Put Options Written as
of 06/30/13 were as follows:
|
|
|
|
|
Number of Contracts
|
|
Put Options Written
|
|
Expiration Date/ Exercise Price
|
|
Market Value
|
|
|
|
|
|
|
|
|
|
|
|
|
80
|
|
Canadian Natural Resources
|
|
Aug. 2013/$28
|
|
$ (4,488)
|
|
|
Total (Premiums received $6,109)
|
|
|
|
$ (4,488)
|
|
|
Forward Foreign Exchange Contracts as of 06/30/13 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Short Forward
|
|
|
|
|
|
|
|
|
|
Currency Purchased
|
|
Currency Sold
|
|
Settlement Date
|
|
Unrealized
Appreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
11,475,397
|
|
USD
|
11,850,000
|
|
7/25/13
|
|
$ 215,384
|
|
|
Total Unrealized Depreciation
|
|
|
|
$ 215,384
|
|
|
|
|
†
|
Fair valued security. The aggregate value of fair valued securities is $318,294 comprising .91% of total net assets, which were valued pursuant to guidelines established by the Board of Trustees.
|
|
‡
|
|
Illiquid security.
|
|
(a)
|
|
Denoted in units.
|
|
CAD
|
|
Canadian Dollar
|
|
USD
|
|
United States Dollar
|
|
*
|
|
Non-income producing security.
|
|
**
|
|
Current yield as of June 28, 2013.
|
|
***
|
|
Aggregate tax cost is $35,105,643
|
|
|
|
|
and net unrealized depreciation is as follows:
|
|
|
|
|
Gross unrealized appreciation
|
$
|
2,412,088
|
|
|
|
|
Gross unrealized depreciation
|
|
(4,845,013)
|
|
|
|
|
Net unrealized depreciation
|
$
|
(2,432,925)
|
|
Sector Allocation
|
|
% of Net Assets
|
|
Energy
|
|
79.5%
|
|
Materials
|
|
9.8
|
|
Utilities
|
|
4.1
|
|
Short-Term Investments and other
|
|
6.6
|
|
|
|
100.0%
|
|
|
|
See Notes Schedule of Investments
|
|
Schedule
of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Dynamic Canadian Equity Income Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares/ Units
|
|
Value
|
|
COMMON STOCKS - 94.4%
|
|
|
|
|
|
Bermuda - 0.9%
|
|
|
|
|
|
Brookfield Infrastructure Partners LP (a)
|
|
|
800
|
|
|
$
|
29,216
|
|
|
Brookfield Renewable Energy Partners LP (a)
|
|
|
1,505
|
|
|
|
41,571
|
|
|
|
|
|
|
|
|
|
70,787
|
|
|
Canada - 81.4%
|
|
|
|
|
|
|
|
|
|
Alaris Royalty Corp.
|
|
|
4,300
|
|
|
|
130,345
|
|
|
Allied Properties Real Estate Investment Trust, REIT
|
|
|
3,000
|
|
|
|
91,309
|
|
|
Baytex Energy Corp.
|
|
|
3,063
|
|
|
|
110,381
|
|
|
BCE, Inc.
|
|
|
5,500
|
|
|
|
225,501
|
|
|
Black Diamond Group Ltd.
|
|
|
3,900
|
|
|
|
82,880
|
|
|
Boardwalk Real Estate Investment Trust, REIT
|
|
|
500
|
|
|
|
27,712
|
|
|
Bonterra Energy Corp.
|
|
|
4,000
|
|
|
|
188,114
|
|
|
Brookfield Asset Management, Inc., Class A
|
|
|
4,313
|
|
|
|
155,017
|
|
|
Calloway Real Estate Investment Trust, REIT
|
|
|
8,871
|
|
|
|
216,862
|
|
|
Canadian Apartment Properties, REIT
|
|
|
1,800
|
|
|
|
38,766
|
|
|
Canadian Imperial Bank of Commerce
|
|
|
700
|
|
|
|
49,680
|
|
|
Canadian Real Estate Investment Trust, REIT
|
|
|
2,422
|
|
|
|
100,293
|
|
|
Canadian Utilities Ltd., Class A
|
|
|
6,800
|
|
|
|
238,650
|
|
|
Canexus Corp.
|
|
|
13,461
|
|
|
|
117,753
|
|
|
Chartwell Retirement Residences, REIT
|
|
|
25,526
|
|
|
|
238,100
|
|
|
Cineplex, Inc.
|
|
|
500
|
|
|
|
17,533
|
|
|
Crescent Point Energy Corp.
|
|
|
6,145
|
|
|
|
208,417
|
|
|
Crombie Real Estate Investment Trust, REIT
|
|
|
4,000
|
|
|
|
52,106
|
|
|
Dundee Industrial Real Estate Investment Trust, REIT
|
|
|
7,900
|
|
|
|
68,056
|
|
|
Dundee Real Estate Investment Trust, Class A, REIT
|
|
|
3,100
|
|
|
|
96,210
|
|
|
Emera, Inc.
|
|
|
200
|
|
|
|
6,281
|
|
|
Enbridge, Inc.
|
|
|
8,112
|
|
|
|
341,002
|
|
|
Fortis, Inc., Receipt*†
|
|
|
1,300
|
|
|
|
39,938
|
|
|
Gibson Energy, Inc.
|
|
|
5,500
|
|
|
|
128,910
|
|
|
Great-West Lifeco, Inc.
|
|
|
7,100
|
|
|
|
192,605
|
|
|
H&R Real Estate Investment Trust, REIT
|
|
|
8,100
|
|
|
|
169,748
|
|
|
HNZ Group Inc., Class A
|
|
|
4,400
|
|
|
|
88,653
|
|
|
Innergex Renewable Energy, Inc.
|
|
|
42,386
|
|
|
|
354,258
|
|
|
Milestone Apartments Real Estate Investment Trust
|
|
|
20,000
|
|
|
|
188,076
|
|
|
Morneau Shepell, Inc.
|
|
|
20,900
|
|
|
|
278,415
|
|
|
Northland Power, Inc.
|
|
|
8,828
|
|
|
|
142,111
|
|
|
Parallel Energy Trust (a)
|
|
|
6,329
|
|
|
|
22,447
|
|
|
Pembina Pipeline Corp.
|
|
|
5,900
|
|
|
|
180,529
|
|
|
Pengrowth Energy Corp.
|
|
|
15,929
|
|
|
|
78,305
|
|
|
Pizza Pizza Royalty Corp.
|
|
|
24,600
|
|
|
|
287,706
|
|
|
Renegade Petroleum Ltd. Private Placement * † ‡
|
|
|
31,400
|
|
|
|
30,752
|
|
|
RioCan Real Estate Investment Trust, REIT
|
|
|
4,181
|
|
|
|
100,460
|
|
|
Rogers Communications, Inc., Class B
|
|
|
1,950
|
|
|
|
76,391
|
|
|
TELUS Corp.
|
|
|
2,606
|
|
|
|
76,071
|
|
|
The Churchill Corp., Class A
|
|
|
6,761
|
|
|
|
53,422
|
|
|
The Keg Royalties Income Fund (a)
|
|
|
22,600
|
|
|
|
306,004
|
|
|
The Toronto-Dominion Bank
|
|
|
3,050
|
|
|
|
244,969
|
|
|
TransCanada Corp.
|
|
|
4,539
|
|
|
|
195,423
|
|
|
Veresen, Inc.
|
|
|
7,965
|
|
|
|
94,441
|
|
|
Vermilion Energy, Inc.
|
|
|
3,644
|
|
|
|
178,129
|
|
|
|
|
|
|
|
|
|
6,308,731
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands - 2.1%
|
|
|
|
|
|
|
|
|
|
LyondellBasell Industries NV, Class A
|
|
|
2,400
|
|
|
|
159,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States - 10.0%
|
|
|
|
|
|
|
|
|
|
Ares Capital Corp.
|
|
|
5,600
|
|
|
|
96,320
|
|
|
Brookfield Property Partners LP
|
|
|
247
|
|
|
|
5,002
|
|
|
Comcast Corp., Class A
|
|
|
3,100
|
|
|
|
129,828
|
|
|
Starwood Property Trust, Inc., REIT
|
|
|
3,200
|
|
|
|
79,200
|
|
|
Schedule of Investments
|
|
|
|
|
|
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Dynamic Canadian Equity Income Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares/ Units
|
|
Value
|
|
COMMON STOCKS (continued)
|
|
|
|
|
|
United States (continued)
|
|
|
|
|
|
The Home Depot, Inc.
|
|
|
1,127
|
|
|
$
|
87,309
|
|
|
Union Pacific Corp.
|
|
|
700
|
|
|
|
107,996
|
|
|
United Parcel Service, Inc., Class B
|
|
|
1,800
|
|
|
|
155,664
|
|
|
Wells Fargo & Co.
|
|
|
2,750
|
|
|
|
113,492
|
|
|
|
|
|
|
|
|
|
774,811
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $7,478,172)
|
|
|
|
|
|
|
7,313,353
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 2.4%
|
|
|
|
|
|
|
|
|
|
BNY Mellon Cash Reserve,
|
|
|
|
|
|
|
|
|
|
0.01%**, due 7/01/13
|
|
$
|
184,112
|
|
|
$
|
184,112
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
|
|
(Cost $184,112)
|
|
|
|
|
|
|
184,112
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 96.7%
|
|
|
|
|
|
|
|
|
|
(Cost $7,662,284)***
|
|
|
|
|
|
|
7,497,465
|
|
|
Forward Foreign Currency Exchange Contract - 0.8%
|
|
|
|
|
|
|
|
|
|
(Unrealized appreciation)
|
|
|
|
|
|
|
65,015
|
|
|
Other Assets Less Liabilities - 2.4%
|
|
|
|
|
|
|
187,923
|
|
|
NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
7,750,403
|
|
|
Forward Foreign Currency Exchange Contracts as of 06/30/13 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Short Forward
|
|
|
|
|
|
|
|
|
Currency Purchased
|
|
Currency Sold
|
|
Settlement Date
|
|
Unrealized
Appreciation
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
3,463,924
|
|
CAD
|
3,577,000
|
|
7/25/13
|
|
$ 65,015
|
|
Total Unrealized Depreciation
|
|
|
|
$ 65,015
|
|
|
|
|
|
|
|
(a)
|
Denoted in units.
|
|
|
|
|
|
†
|
Fair valued security. The aggregate value of fair valued securities is $70,690 comprising .91% of total net assets, which were valued pursuant to guidelines established by the Board of Trustees.
|
|
|
|
|
|
‡
|
Security is deemed an illiquid security under procedures approved by the Board of Trustees of the Trust.
|
|
USD
|
United States Dollar
|
|
|
|
|
|
*
|
Non-income producing security.
|
|
|
|
|
|
**
|
Current yield as of June 28, 2013.
|
|
|
|
|
|
***
|
Aggregate tax cost is $7,478,184
|
|
|
|
|
|
|
net unrealized depreciation is as follows:
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
|
$
|
389,243
|
|
|
Gross unrealized depreciation
|
|
|
|
(554,074)
|
|
|
Net unrealized depreciation
|
|
|
$
|
(164,831)
|
|
Sector Allocation
|
|
% of Net Assets
|
|
Energy
|
|
|
25.9
|
%
|
|
Investment Companies
|
|
|
18.9
|
|
|
Financial
|
|
|
10.3
|
|
|
Consumer Discretionary
|
|
|
9.9
|
|
|
Industrials
|
|
|
9.0
|
|
|
Utilities
|
|
|
7.4
|
|
|
Telecommunication Services
|
|
|
6.6
|
|
|
Health Care
|
|
|
4.5
|
|
|
Materials
|
|
|
1.9
|
|
|
Short-Term Investments and other
|
|
|
5.6
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedule of Investments
|
|
|
|
|
|
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Dynamic Contrarian Advantage Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares
|
|
Value
|
|
COMMON STOCKS - 73.5%
|
|
|
|
|
|
Italy - 3.9%
|
|
|
|
|
|
Davide Campari-Milano SpA †
|
|
|
3,890
|
|
|
$
|
28,106
|
|
|
Tod's SpA †
|
|
|
240
|
|
|
|
33,788
|
|
|
|
|
|
|
|
|
|
61,894
|
|
|
Japan - 4.0%
|
|
|
|
|
|
|
|
|
|
Japan Tobacco, Inc. †
|
|
|
900
|
|
|
|
31,809
|
|
|
Toyota Motor Corp. †
|
|
|
500
|
|
|
|
30,191
|
|
|
|
|
|
|
|
|
|
62,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands - 6.0%
|
|
|
|
|
|
|
|
|
|
ASML Holding NV †
|
|
|
435
|
|
|
|
34,127
|
|
|
Unilever NV, CVA †
|
|
|
1,510
|
|
|
|
59,232
|
|
|
|
|
|
|
|
|
|
93,359
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweden - 2.9%
|
|
|
|
|
|
|
|
|
|
Assa Abloy AB, Class B †
|
|
|
1,160
|
|
|
|
45,221
|
|
|
|
|
|
|
|
|
|
|
|
|
United States - 56.7%
|
|
|
|
|
|
|
|
|
|
American Express Co.
|
|
|
460
|
|
|
|
34,390
|
|
|
Berkshire Hathaway, Inc., Class B*
|
|
|
720
|
|
|
|
80,582
|
|
|
CBS Corp., Class B, Non-Voting
|
|
|
780
|
|
|
|
38,119
|
|
|
Costco Wholesale Corp.
|
|
|
600
|
|
|
|
66,342
|
|
|
Danaher Corp.
|
|
|
750
|
|
|
|
47,475
|
|
|
Ford Motor Co.
|
|
|
2,250
|
|
|
|
34,807
|
|
|
Google, Inc., Class A*
|
|
|
70
|
|
|
|
61,626
|
|
|
Honeywell International, Inc.
|
|
|
600
|
|
|
|
47,604
|
|
|
Johnson & Johnson
|
|
|
530
|
|
|
|
45,506
|
|
|
JPMorgan Chase & Co.
|
|
|
570
|
|
|
|
30,090
|
|
|
Mastercard, Inc., Class A
|
|
|
50
|
|
|
|
28,725
|
|
|
Medtronic, Inc.
|
|
|
640
|
|
|
|
32,941
|
|
|
Noble Energy, Inc.
|
|
|
820
|
|
|
|
49,233
|
|
|
Parker Hannifin Corp.
|
|
|
500
|
|
|
|
47,700
|
|
|
Ross Stores, Inc.
|
|
|
520
|
|
|
|
33,701
|
|
|
The Coca-Cola Co.
|
|
|
720
|
|
|
|
28,879
|
|
|
The Hershey Co.
|
|
|
720
|
|
|
|
64,282
|
|
|
The Walt Disney Co.
|
|
|
540
|
|
|
|
34,101
|
|
|
Thermo Fisher Scientific, Inc.
|
|
|
400
|
|
|
|
33,852
|
|
|
Wells Fargo & Co.
|
|
|
1,150
|
|
|
|
47,460
|
|
|
|
|
|
|
|
|
|
887,415
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $1,063,427)
|
|
|
|
|
|
|
1,149,889
|
|
|
Schedule of Investments
|
|
|
|
|
|
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Dynamic Contrarian Advantage Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Principal
|
|
Market
|
|
|
|
Amount
|
|
Value
|
|
SHORT-TERM INVESTMENTS - 24.5%
|
|
|
|
|
|
BNY Mellon Cash Reserve,
|
|
|
|
|
|
0.01%**, due 07/01/13
|
|
$
|
382,846
|
|
|
$
|
382,846
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
|
|
(Cost $382,846)
|
|
|
|
|
|
|
382,846
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 98.0%
|
|
|
|
|
|
|
|
|
|
(Cost $1,446,273)***
|
|
|
|
|
|
|
1,532,735
|
|
|
Forward Foreign Currency Exchange Contracts - (0.3)%
|
|
|
|
|
|
|
|
|
|
(Unrealized Depreciation)
|
|
|
|
|
|
|
(4,670
|
)
|
|
Other Assets Less Liabilities - 2.3%
|
|
|
|
|
|
|
36,193
|
|
|
NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
1,564,258
|
|
|
Forward Foreign Currency Exchange Contracts as of 6/30/13 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Long Forward
|
|
|
|
|
|
|
|
|
|
Currency Purchased
|
|
Currency Sold
|
|
Settlement Date
|
|
Unrealized
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
50,000
|
|
USD
|
49,034
|
|
7/25/13
|
|
$ (1,524)
|
|
|
EUR
|
20,000
|
|
USD
|
26,396
|
|
7/25/13
|
|
(361)
|
|
|
JPY
|
2,400,000
|
|
USD
|
24,786
|
|
7/25/13
|
|
(585)
|
|
|
Total Unrealized Depreciation
|
|
|
|
$ (2,470)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Forward
|
|
|
|
|
|
|
|
|
|
Currency Purchased
|
|
Currency Sold
|
|
Settlement Date
|
|
Unrealized Appreciation/
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
48,419
|
|
CAD
|
50,000
|
|
7/25/13
|
|
$ 909
|
|
|
USD
|
102,918
|
|
EUR
|
80,000
|
|
7/25/13
|
|
(1,225)
|
|
|
USD
|
8,144
|
|
JPY
|
800,000
|
|
7/25/13
|
|
77
|
|
|
USD
|
59,550
|
|
JPY
|
6,100,000
|
|
7/25/13
|
|
(1,961)
|
|
|
Total Unrealized Appreciation/Depreciation
|
|
$ (2,200)
|
|
|
|
|
†
|
|
Fair valued security. The aggregate value of fair valued securities is $262,474 comprising 16.78% of total net assets, which were valued pursuant to guidelines established by the Board of Trustees.
|
|
CAD
|
|
|
Canadian Dollar
|
|
CVA
|
|
|
Certificaten Van Aandelen
|
|
EUR
|
|
|
Euros
|
|
JPY
|
|
|
Japanese Yen
|
|
USD
|
|
|
United States Dollar
|
|
*
|
|
|
Non-income producing security.
|
|
**
|
|
|
Current yield as of June 28, 2013.
|
|
***
|
|
|
Aggregate tax cost is $1,064,256
|
|
|
|
|
|
and net unrealized appreciation is as follows:
|
|
|
|
|
|
Gross unrealized appreciation
|
$
|
93,164
|
|
|
|
|
|
Gross unrealized depreciation
|
|
(7,531)
|
|
|
|
|
|
Net unrealized appreciation
|
$
|
85,633
|
|
Sector Allocation
|
|
% of Net Assets
|
|
Consumer Staples
|
|
|
17.8
|
%
|
|
Consumer Discretionary
|
|
|
13.7
|
|
|
Information Technology
|
|
|
12.3
|
|
|
Financial
|
|
|
10.1
|
|
|
Industrials
|
|
|
6.1
|
|
|
Energy
|
|
|
6.0
|
|
|
Health Care
|
|
|
5.0
|
|
|
Telecommunication Services
|
|
|
2.5
|
|
|
Short-Term Investments and other
|
|
|
26.5
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes Schedule of Investments
|
|
|
|
|
|
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Dynamic Gold and Precious Metals Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares/Units
|
|
Value
|
|
COMMON STOCKS - 84.0%
|
|
|
|
|
|
Australia - 14.0%
|
|
|
|
|
|
Northern Star Resources Ltd. †
|
|
|
105,000
|
|
|
$
|
55,894
|
|
|
Orbis Gold Ltd. †*
|
|
|
300,000
|
|
|
|
37,658
|
|
|
Papillion Resources Ltd. †*
|
|
|
1,550,000
|
|
|
|
943,604
|
|
|
Perseus Mining Ltd. †*
|
|
|
900,000
|
|
|
|
357,079
|
|
|
Regis Resources Ltd. †*
|
|
|
250,000
|
|
|
|
659,355
|
|
|
|
|
|
|
|
|
|
2,053,590
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada - 63.3%
|
|
|
|
|
|
|
|
|
|
Alamos Gold, Inc.
|
|
|
85,000
|
|
|
|
1,029,666
|
|
|
Asanko Gold, Inc. *
|
|
|
154,700
|
|
|
|
330,964
|
|
|
Augusta Resource Corp. *
|
|
|
202,000
|
|
|
|
424,475
|
|
|
Aureus Mining, Inc. *
|
|
|
70,700
|
|
|
|
25,545
|
|
|
Belo Sun Mining Corp. *
|
|
|
1,500,000
|
|
|
|
670,343
|
|
|
Colorado Resources Ltd. *
|
|
|
100,000
|
|
|
|
60,854
|
|
|
Detour Gold Corp. *
|
|
|
85,000
|
|
|
|
666,778
|
|
|
Franco-Nevada Corp.
|
|
|
21,900
|
|
|
|
784,002
|
|
|
Goldcorp, Inc.
|
|
|
25,000
|
|
|
|
618,250
|
|
|
Osisko Mining Corp. *
|
|
|
215,000
|
|
|
|
711,420
|
|
|
PMI Gold Corp. *
|
|
|
1,250,000
|
|
|
|
380,337
|
|
|
Premier Gold Mines Ltd. *
|
|
|
224,600
|
|
|
|
390,813
|
|
|
Probe Mines Ltd. *
|
|
|
258,400
|
|
|
|
427,513
|
|
|
Roxgold, Inc. *
|
|
|
2,144,300
|
|
|
|
784,972
|
|
|
San Gold Corp. *
|
|
|
450,000
|
|
|
|
44,928
|
|
|
Sarama Resources Ltd. (a) *
|
|
|
135,000
|
|
|
|
19,254
|
|
|
Silver Wheaton Corp.
|
|
|
36,000
|
|
|
|
705,486
|
|
|
Timmins Gold Corp. *
|
|
|
140,000
|
|
|
|
308,833
|
|
|
Torex Gold Resources, Inc. *
|
|
|
750,000
|
|
|
|
948,464
|
|
|
Unigold, Inc.*
|
|
|
82,700
|
|
|
|
5,898
|
|
|
|
|
|
|
|
|
|
9,338,795
|
|
|
|
|
|
|
|
|
|
|
|
|
Jersey Channel Islands - 0.9%
|
|
|
|
|
|
|
|
|
|
Lydian International Ltd. *
|
|
|
120,000
|
|
|
|
136,921
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico - 5.8%
|
|
|
|
|
|
|
|
|
|
Fresnillo plc †
|
|
|
64,000
|
|
|
|
861,546
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $23,304,151)
|
|
|
|
|
|
|
12,390,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
WARRANTS - 0.0%
|
|
|
|
|
|
|
|
|
|
Canada - 0.0%
|
|
|
|
|
|
|
|
|
|
Peregrine Diamonds, Ltd., Expire 11/14/13 †* ‡
|
|
|
17,142
|
|
|
|
0
|
|
|
Total Warrants
|
|
|
|
|
|
|
|
|
|
(Cost $0)
|
|
|
|
|
|
|
0
|
|
|
Schedule of Investments
|
|
|
|
|
|
(Continued)
|
|
|
|
|
|
Dynamic Gold and Precious Metals Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Market
|
|
|
|
Amount
|
|
Value
|
|
SHORT-TERM INVESTMENTS - 18.2%
|
|
|
|
|
|
BNY Mellon Cash Reserve,
|
|
|
|
|
|
0.01%**, due 07/01/13
|
|
$
|
2,691,428
|
|
|
|
2,691,428
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
|
|
(Cost $2,691,428)
|
|
|
|
|
|
|
2,691,428
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 102.2%
|
|
|
|
|
|
|
|
|
|
(Cost $25,995,579)***
|
|
|
|
|
|
|
15,082,280
|
|
|
Liabilities in Excess of Other Assets - (2.2)%
|
|
|
|
|
|
|
(328,797
|
)
|
|
NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
14,753,483
|
|
|
|
|
†
|
Fair valued security. The aggregate value of fair valued securities is $2,915,136 comprising 19.76% of total net assets, which were valued pursuant to guidelines established by the Board of Trustees.
|
|
‡
|
Illiquid security.
|
|
(a)
|
Denoted in units.
|
|
*
|
Non-income producing security.
|
|
**
|
Current yield as of June 28, 2013.
|
|
***
|
Aggregate tax cost is $24,915,570
|
|
|
and net unrealized depreciation is as follows:
|
|
|
Gross unrealized appreciation
|
$
|
156,670
|
|
|
Gross unrealized depreciation
|
|
(12,681,388)
|
|
|
Net unrealized depreciation
|
$
|
(12,524,718)
|
|
Sector Allocation
|
|
% of Net Assets
|
|
Materials
|
|
|
84.0
|
%
|
|
Short-Term Investments and other
|
|
|
16.0
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
See Notes Schedule of Investments
|
|
|
|
|
|
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Dynamic U.S. Growth Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares
|
|
Value
|
|
COMMON STOCKS - 98.5%
|
|
|
|
|
|
Consumer Discretionary - 32.8%
|
|
|
|
|
|
Chipotle Mexican Grill, Inc. *
|
|
|
5,000
|
|
|
$
|
1,821,750
|
|
|
Michael Kors Holdings Ltd*
|
|
|
41,500
|
|
|
|
2,573,830
|
|
|
priceline.com, Inc. *
|
|
|
3,000
|
|
|
|
2,481,390
|
|
|
Tesla Motors, Inc. *
|
|
|
8,300
|
|
|
|
891,669
|
|
|
Tractor Supply Co.
|
|
|
18,700
|
|
|
|
2,199,307
|
|
|
Ulta Salon Cosmetics & Fragrance, Inc. *
|
|
|
16,700
|
|
|
|
1,672,672
|
|
|
Under Armour, Inc., Class A*
|
|
|
33,500
|
|
|
|
2,000,285
|
|
|
|
|
|
|
|
|
|
13,640,903
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care - 16.8%
|
|
|
|
|
|
|
|
|
|
Celgene Corp.*
|
|
|
10,700
|
|
|
|
1,250,937
|
|
|
Illumina, Inc. *
|
|
|
19,500
|
|
|
|
1,459,380
|
|
|
Pharmacyclics, Inc.*
|
|
|
21,600
|
|
|
|
1,716,552
|
|
|
Regeneron Pharmaceuticals, Inc.*
|
|
|
11,400
|
|
|
|
2,563,632
|
|
|
|
|
|
|
|
|
|
6,990,501
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 48.9%
|
|
|
|
|
|
|
|
|
|
Commvault Systems, Inc.*
|
|
|
32,600
|
|
|
|
2,474,014
|
|
|
Cree, Inc. *
|
|
|
20,700
|
|
|
|
1,321,902
|
|
|
Google, Inc., Class A*
|
|
|
2,600
|
|
|
|
2,288,962
|
|
|
Infoblox, Inc.*
|
|
|
61,200
|
|
|
|
1,790,712
|
|
|
LinkedIn Corp., Class A*
|
|
|
10,700
|
|
|
|
1,907,810
|
|
|
NetSuite, Inc.*
|
|
|
27,600
|
|
|
|
2,532,024
|
|
|
QLIK Technologies, Inc.*
|
|
|
63,500
|
|
|
|
1,795,145
|
|
|
Sourcefire, Inc.*
|
|
|
32,000
|
|
|
|
1,777,600
|
|
|
Splunk, Inc.*
|
|
|
48,800
|
|
|
|
2,262,368
|
|
|
Stratasys, Ltd. *
|
|
|
9,400
|
|
|
|
787,156
|
|
|
Workday, Inc., Class A*
|
|
|
21,700
|
|
|
|
1,390,753
|
|
|
|
|
|
|
|
|
|
20,328,446
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $35,638,683)
|
|
|
|
|
|
|
40,959,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 0.0%
|
|
|
|
|
|
|
|
|
|
BNY Mellon Cash Reserve,
|
|
|
|
|
|
|
|
|
|
0.01%**, due 7/01/13
|
|
$
|
16,105
|
|
|
|
16,105
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
|
|
(Cost $16,105)
|
|
|
|
|
|
|
16,105
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 98.5%
|
|
|
|
|
|
|
|
|
|
(Cost $35,654,788)***
|
|
|
|
|
|
|
40,975,955
|
|
|
Other Assets Less Liabilities - 1.5%
|
|
|
|
|
|
|
620,830
|
|
|
NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
41,596,785
|
|
|
|
|
|
*
|
Non-income producing security.
|
|
**
|
Current yield as of June 28, 2013.
|
|
***
|
Aggregate tax cost is $36,133,391
|
|
|
and net unrealized appreciation is as follows:
|
|
|
Gross unrealized appreciation
|
$
|
5,367,788
|
|
|
Gross unrealized depreciation
|
|
(541,329)
|
|
|
Net unrealized appreciation
|
$
|
4,826,459
|
|
Sector Allocation
|
|
% of Net Assets
|
|
Information Technology
|
|
|
48.9
|
%
|
|
Consumer Discretionary
|
|
|
32.8
|
|
|
Health Care
|
|
|
16.8
|
|
|
Short-Term Investments and other
|
|
|
1.5
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes Schedule of Investments
|
|
|
|
|
Dynamic
Energy Income Fund, Dynamic Canadian Equity Income Fund,
Dynamic
Contrarian Advantage Fund, Dynamic Gold & Precious Metals Fund,
Dynamic
U.S. Growth Fund,
Notes
to Schedule of Investments
June
30, 2013 (Unaudited)
NOTE
A.
Security Valuation
- Securities listed on a securities exchange, market
or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities
traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which
they are traded on valuation date (or at approximately 4:00pm Eastern time if a security’s primary exchange is normally
open at that time). If there is no such reported sale on the valuation date, securities are valued at the most recent quoted bid
price. For a security that trades on multiple exchanges, the primary exchange will generally be considered to be the exchange
on which the security is normally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will
be used. Short-term debt securities of sufficient credit quality with maturities of 60 days or less are carried at amortized cost,
which approximates fair value. Other debt securities are priced based upon valuations provided by recognized independent third
party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded.
Securities
for which market quotations are not readily available are valued at fair value as determined in good faith by the Fair Value Pricing
Committee using the Fair Value Pricing Procedures approved by the Board of Trustees of DundeeWealth Funds (the “Board”).
Fair value prices for foreign equity securities located outside of North and South America are provided by an independent fair
value service on a daily basis in accordance with the fair value methods approved by the Board.
Derivative
Financial Instruments
- The Funds may invest in various derivative financial instruments and engage in various portfolio investment
strategies for the purpose of generating additional income, gaining exposure to underlying securities and/or hedging against currency
risk. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security
or if the counterparty does not perform its duties under the contract. Investing in certain derivative financial instruments entails
certain execution, market, liquidity, hedging, and tax risks. Participation in the options or futures markets and in currency
exchange transactions involves investment risks and transaction costs to which the Funds would not be subject absent the use of
these strategies. If GCIC US, Ltd.’s (the “Sub-Adviser” or “GCIC”) prediction of movements in the
direction of the securities, foreign currency, and interest rate markets is inaccurate, the consequences to the Funds may leave
the Funds in a worse position than if they had not used such strategies.
Derivative
contracts held are not accounted for as hedging instruments under
United
States of America (“U.S.”) generally accepted accounting principles (“GAAP”)
.
The
Funds are subject to equity price risk, foreign currency exchange rate risk, and interest rate risk in the normal course of pursuing
their investment objectives by investing in various derivative financial instruments, as described below and in the tables to
follow.
Futures
and Options on Futures
- The Funds may use futures contracts for the purpose of gaining exposure to, or hedging against changes
in the value of equities, interest rates or foreign currencies. Futures contracts provide for the future sale by one party and
purchase by another party of a specified amount of a specific security or commodity at a specified future time and at a specified
price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures
contract at a specified exercise price during the term of the option. Each Fund will reduce the risk that it will be unable to
close out a futures contract by only entering into futures contracts that are traded on a national futures exchange regulated
by the Commodities Futures
Notes to
Schedule of Investments
(
Continued
)
Trading
Commission (“CFTC”).The Funds may use futures contracts and related options for bona fide hedging; attempting to offset
changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign
currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. To the
extent futures and/or options on futures are employed by the Funds, such use will be in accordance with Rule 4.5 of the Commodity
Exchange Act (“CEA”). The Trust, on behalf of the Funds, has filed a notice of eligibility for exclusion from the
definition of the term “commodity pool operator” in accordance with Rule 4.5 and therefore, the Funds are not subject
to registration or regulation as a commodity pool operator under the CEA.
There
are significant risks associated with the Funds’ use of futures contracts and related options, including the following:
(i) the success of a hedging strategy may depend on the ability of DundeeWealth US, LP, the investment adviser to the Funds (the
“Adviser”) or GCIC to predict movements in the prices of individual securities, fluctuations in markets and movements
in interest rates, (ii) there may be an imperfect or no correlation between the changes in market value of the securities held
by a Fund and the prices of futures and options on futures, (iii) there may not be a liquid secondary market for a futures contract
or option, (iv) trading restrictions or limitations may be imposed by an exchange, and (v) government regulations may restrict
trading in futures contracts and options on futures. In addition, some strategies reduce the Funds’ exposure to price fluctuations,
while others tend to increase its market exposure.
At
June 30, 2013, the Funds held no investments in futures contracts or options on futures.
Forward
Foreign Currency Exchange Contracts
- The Funds did engage in forward foreign currency exchange contracts for the purpose
of gaining exposure to, or hedging against changes in the value of equities, interest rates or foreign currencies. Forward contracts
and options thereon, unlike futures contracts, are not traded on exchanges and are not standardized; rather banks and dealers
act as principals in these markets, negotiating each transaction on an individual basis. Forward and “cash” trading
is substantially unregulated; there is no limitation on daily price movements and speculative position limits are not applicable.
The principals who deal in the forward markets are not required to continue to make markets in the currencies or commodities they
trade and these markets can experience periods of illiquidity, sometimes of significant duration. There have been periods during
which certain participants in these markets have refused to quote prices for certain currencies or commodities or have quoted
prices with an unusually wide spread between the price at which they were prepared to buy and that at which they were prepared
to sell. Disruptions can occur in any market traded by the Adviser or Sub-Adviser due to unusually high trading volume, political
intervention or other factors. The imposition of controls by governmental authorities might also limit such forward (and futures)
trading to less than that which the Adviser or Sub-Adviser would otherwise desire, to the possible detriment of a Fund. Neither
the CFTC nor banking authorities regulate forward currency through banks. In respect of such trading, a Fund is subject to the
risk of bank failure or the inability or refusal by a bank to perform with respect to such contracts. Market illiquidity or disruption
could result in major losses to a Fund.
During
the period ended June 30, 2013, the Dynamic Energy Income Fund, Dynamic Canadian Equity Income Fund and Dynamic Contrarian Advantage
Fund entered into forward foreign exchange contracts with Barclays Capital.
Notes to
Schedule of Investments
(
Continued
)
Forward
foreign currency exchange contracts for the Dynamic Energy Income Fund, Dynamic Canadian Equity Income Fund and Dynamic Contrarian
Advantage Fund at June 30, 2013 are presented within the Schedules of Investments.
Options
- The Funds may purchase or write call or put options on securities or indices for the purpose of generating additional income,
gaining exposure to underlying securities and/or hedging against price movements of portfolio assets. Each Fund may trade and
write put and call options on securities, securities indices and currencies, as the Adviser or Sub-Adviser determines is appropriate
in seeking the Fund’s investment objective, and except as restricted by the Fund’s investment limitations. A put option
on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying
security at any time during the option period. A call option on a security gives the purchaser of the option the right to buy,
and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium
paid to the writer is the consideration for undertaking the obligations under the option contract.
Risks
associated with options transactions include: (i) the success of a hedging strategy may depend on an ability to predict movements
in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect
correlation between the movement in prices of options and the securities underlying them; (iii) there may not be a liquid secondary
market for options; and (iv) while the Fund will receive a premium when it writes covered call options, it may not participate
fully in a rise in the market value of the underlying security.
During
the period ended June 30, 2013, the Dynamic Energy Income Fund entered into option contracts with BMO Capital Markets.
Option
positions for the Dynamic Energy Income Fund at June 30, 2013 are presented within the Schedules of Investments.
|
Written options activity for the Funds listed below for the six months ended
June 30, 2013 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dynamic
Candian Equity Income Fund
|
|
Dynamic
Contrarian Advantage Fund
|
|
|
Dynamic
Energy
Income Fund
|
|
|
|
Number of
|
|
|
Number of
|
|
|
|
Number of
|
|
|
|
|
Contracts
|
Premiums
|
|
Contracts
|
Premiums
|
|
|
Contracts
|
Premiums
|
Options outstanding at
September 30, 2012
|
79
|
$ 5,340
|
|
14
|
$ 7,380
|
|
|
84
|
$ 3,853
|
|
Options written
|
|
268
|
19,691
|
|
|
|
|
|
1,428
|
75,906
|
|
Options expired
|
|
(347)
|
(25,031)
|
|
(14)
|
(7,380)
|
|
|
(1,432)
|
(73,650)
|
Options outstanding at
June 30, 2013
|
-
|
$ -
|
|
-
|
$ -
|
|
|
80
|
$ 6,109
|
The
following tables summarize the value of derivatives held as of
June 30, 2013
, by their
primary underlying risk exposure:
|
|
|
Asset
Derivatives
|
|
|
Total
Value at
June 30, 2013
|
|
Equity
Contracts
|
|
Forward
Foreign Currency Exchange Contracts
|
|
Dynamic
Energy Income Fund
|
$ 215,384
|
|
$ -
|
|
$ 215,384
|
Dynamic
Canadian Equity
Income Fund
|
65,015
|
|
-
|
|
65,015
|
|
Total
|
$ 280,399
|
|
$ -
|
|
$ 280,399
|
|
|
|
|
|
|
|
Liability
Derivatives
|
|
|
Total
Value at
June 30, 2013
|
|
Equity
Contracts
|
|
Forward
Foreign Currency Exchange Contracts
|
|
Dynamic
Energy Income Fund
|
$ (4,488)
|
|
$ (4,488)
|
|
$ -
|
Dynamic
Contrarian
Advantage Fund
|
(4,670)
|
|
-
|
|
(4,670)
|
|
Total
|
$ (9,158)
|
|
$ (4,488)
|
|
$ (4,670)
|
Notes to
Schedule of Investments
(
Continued
)
NOTE
B.
Fair Value Measurements
- The inputs and valuation techniques used to measure fair value of the Funds’
investments are summarized into three levels as described in the hierarchy below:
|
Level 1:
|
|
Quoted prices in active markets for identical
securities
|
|
|
|
|
|
Level 2:
|
|
Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk, etc.)
|
|
|
|
|
|
Level 3:
|
|
Significant unobservable inputs (including the Funds’ own
assumptions in determining the fair value of investments)
|
The
inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those
securities.
The
summary of inputs used to determine the fair value of each Fund’s investments as of
June
30, 2013
, is as follows:
|
|
|
Dynamic
Energy Income Fund
|
|
Dynamic
Canadian Equity Income Fund
|
|
Dynamic
Contrarian Advantage Fund
|
|
Dynamic
Gold & Precious Metals Fund
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
Level 1: Quoted Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks Market
Value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bermuda
|
|
$
|
—
|
|
|
$
|
70,787
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Canada
|
|
|
17,486,143
|
|
|
|
6,238,041
|
|
|
|
—
|
|
|
|
9,338,795
|
|
|
Jersey
Channel Islands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
136,921
|
|
|
Netherlands
|
|
|
1,623,370
|
|
|
|
159,024
|
|
|
|
—
|
|
|
|
—
|
|
|
United
States
|
|
|
13,244,911
|
|
|
|
774,811
|
|
|
|
887,415
|
|
|
|
—
|
|
|
Short-term Investments
Market Value:
|
|
|
—
|
|
|
|
184,112
|
|
|
|
382,846
|
|
|
|
2,691,428
|
|
|
Total Level 1 Market
Value of Investments
|
|
$
|
32,354,424
|
|
|
$
|
7,426,775
|
|
|
$
|
1,270,261
|
|
|
$
|
12,167,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2: Other Significant
Observable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks Market
Value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,053,590
|
|
|
Canada
|
|
|
318,294
|
|
|
|
70,690
|
|
|
|
—
|
|
|
|
—
|
|
|
Italy
|
|
|
—
|
|
|
|
—
|
|
|
|
61,894
|
|
|
|
—
|
|
|
Japan
|
|
|
—
|
|
|
|
—
|
|
|
|
62,000
|
|
|
|
—
|
|
|
Netherlands
|
|
|
—
|
|
|
|
—
|
|
|
|
93,359
|
|
|
|
—
|
|
|
Mexico
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
861,546
|
|
|
Sweden
|
|
|
—
|
|
|
|
—
|
|
|
|
45,221
|
|
|
|
—
|
|
|
Total Level 2 Market
Value of Investments
|
|
$
|
318,294
|
|
|
$
|
70,690
|
|
|
$
|
262,474
|
|
|
$
|
2,915,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3: Significant Unobservable
Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Market Value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0
|
|
|
Total Level 3 Market
Value of Investments
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Value of Investments
|
|
$
|
32,672,718
|
|
|
$
|
7,497,465
|
|
|
$
|
1,532,735
|
|
|
$
|
15,082,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2: Other Significant
Observable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments
Unrealized Appreciation: *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
Currency Exchange Risks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
Foreign Currency Exchange Contracts
|
|
$
|
215,384
|
|
|
$
|
65,015
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments
Unrealized Depreciation: *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
Currency Exchange Risks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
Foreign Currency Exchange Contracts
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,670
|
)
|
|
|
—
|
|
|
Other Financial Instruments
Market Value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Risks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Put
Options Written
|
|
|
(4,488
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
|
|
|
|
|
Total Other Financial
Instruments
|
|
$
|
210,896
|
|
|
$
|
65,015
|
|
|
$
|
(4,670
|
)
|
|
$
|
—
|
|
|
|
|
*
|
|
Other financial instruments are derivative instruments, such as futures,
forwards, and options which are valued at the unrealized appreciation/depreciation of the investment.
|
To
adjust for the time difference between local market close and the calculation of the NAV, the Funds utilize fair value model prices
for international equities provided by an independent service resulting in a Level 2 classification.
|
|
|
Dynamic
U.S. Growth
Fund *
|
|
Level 1 - Quoted Prices
|
|
$ 40,975,955
|
|
Total Market Value of Investments
|
|
$ 40,975,955
|
|
*
|
|
Level 1 securities for Dynamic U.S. Growth Fund consist of common stocks and BNY Mellon
Money Market Account as disclosed in the Schedule of Investments.
|
There
were no Level 3 investments held at June 30, 2013 or September 30, 2012 for Dynamic Energy Income Fund, Dynamic Canadian Equity
Income Fund, Dynamic Contrarian Advantage Fund, and Dynamic U.S. Growth Fund.
The
following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value for
the Dynamic Gold & Precious Metals Fund:
|
|
|
Balance
as of
9/30/12
|
|
Realized
gain/(loss)
|
|
Change
in
unrealized
appreciation/
depreciation
|
|
Purchases
|
|
Sales
|
|
Transfers
into
Level 3 †
|
|
Transfers
out of Level 3 †
|
|
Balance
as of 6/30/13
|
|
Net
change in
unrealized
appreciation/
depreciation
during the period
on Level 3
investments held
at 6/30/13 †
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS
IN
SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
|
$
|
0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0
|
|
|
$
|
—
|
|
|
Total Warrants
|
|
|
0
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0
|
|
|
|
—
|
|
|
TOTAL
INVESTMENTS IN SECURITIES
|
|
$
|
0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0
|
|
|
$
|
—
|
|
|
†
The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.
|
Additional
Information to Evaluate Quantitative Information.
The
Funds use recognized industry pricing services that are approved by the Board and unaffiliated with the Adviser, to value most
of their securities, and use broker quotes provided by market makers of securities not valued by these and other recognized pricing
sources. Several different pricing feeds are received to value domestic equity securities, international equity securities and
preferred equity securities. The data within these feeds is ultimately sourced from major stock exchanges and trading systems
where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction
prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be
Notes to
Schedule of Investments
(
Continued
)
sought
from another pricing service or from a broker/dealer that trades that security or similar securities.
Fair
value prices for non-North and South American foreign equity securities are provided by an independent fair value service on a
daily basis in accordance with the fair value methods approved by the Board. Fair value prices are used because many foreign markets
operate at times that do not coincide with those of the major U.S. markets. Events that could affect the values of foreign portfolio
holdings may occur between the close of the foreign market and the time of determining the NAV and would not otherwise be reflected
in the NAV. The independent fair value service provides a fair value factor that is applied to the closing price of a foreign
security to reflect movements in the security’s local market between the time of local closing and the time at which the
Funds calculate NAV. If the independent fair value service does not provide a fair value price for a particular security, or if
the price provided does not meet established criteria for a Fund, the Fund will price that security at the most recent closing
price for that security on its principal exchange or otherwise in accordance with its fair value procedures.
Fair
valued securities may be common and preferred equities, warrants, options or rights. Where appropriate, Level 3 securities are
those for which market quotations are not available, such as securities not traded for several days, or for which current bids
are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent
prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation
models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply.
The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.
The
Adviser reports quarterly to the Board with respect to fair valuation events.
NOTE
C.
Tax Disclosure
- The Funds intend to continue to comply with all requirements of the Internal Revenue Code applicable
to Regulated Investment Companies and to distribute all of their taxable income, including any realized gain on investments, to
shareholders. Federal income tax regulations differ from U.S. GAAP; therefore, distributions determined in accordance with tax
regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes.
Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not
adjusted for temporary differences. The amount and character of tax-basis distributions and composition of net assets are finalized
at fiscal year-end; accordingly, tax-basis balances have not been determined as of
June 30,
2013
.
At
September 30, 2012, the Funds had net capital loss carryforwards for federal income tax purposes which are available to reduce
future required distributions of net capital gains to shareholders. Under the Regulated Investment Company Modernization Act 2010,
the Funds will be permitted to carryforward for an unlimited period capital losses incurred in years beginning after December
22, 2010. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years. As a result
of the rule, post-enactment capital losses that are carried forward will retain their character as short-term or long-term rather
than being considered all short-term as under previous law.
Notes to
Schedule of Investments
(
Continued
)
|
Expiring
in Fiscal Year
|
Dynamic
Energy
Income
Fund
|
Dynamic
Canadian Equity Income
Fund
|
Dynamic
Contrarian Advantage Fund
|
Dynamic
Gold & Precious Metals Fund
|
Dynamic
U.S. Growth Fund
|
Short-Term
(Post-Effective With
No Expiration)
|
$ -
|
$ 11,213
|
$ 9,506
|
$ 18,148
|
$
736,913
|
Long-Term
(Post-Effective With
No Expiration)
|
-
|
10,014
|
1,422
|
-
|
-
|
|
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
JOHCM Emerging Markets Opportunities Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares
|
|
Value
|
|
COMMON STOCKS - 88.3%
|
|
|
|
|
|
Brazil - 5.2%
|
|
|
|
|
|
Banco Bradesco SA, ADR
|
|
|
2,150
|
|
|
$
|
27,972
|
|
|
BR Malls Participacoes SA †
|
|
|
800
|
|
|
|
7,153
|
|
|
Localiza Rent a Car SA
|
|
|
2,205
|
|
|
|
31,177
|
|
|
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA
|
|
|
600
|
|
|
|
8,648
|
|
|
|
|
|
|
|
|
|
74,950
|
|
|
|
|
|
|
|
|
|
|
|
|
China - 16.6%
|
|
|
|
|
|
|
|
|
|
Baidu, Inc., ADR *
|
|
|
30
|
|
|
|
2,836
|
|
|
China Construction Bank Corp., Class H †
|
|
|
51,000
|
|
|
|
35,824
|
|
|
China Merchants Bank Co., Ltd., Class H †
|
|
|
6,100
|
|
|
|
10,149
|
|
|
China Shenhua Energy Co., Ltd., Class H †
|
|
|
5,400
|
|
|
|
13,639
|
|
|
CNOOC, Ltd., ADR
|
|
|
236
|
|
|
|
39,525
|
|
|
ENN Energy Holdings, Ltd. †
|
|
|
5,000
|
|
|
|
26,529
|
|
|
Hengan International Group Co., Ltd. †
|
|
|
1,600
|
|
|
|
17,396
|
|
|
Industrial & Commercial Bank of China, Ltd., Class H †
|
|
|
63,000
|
|
|
|
39,375
|
|
|
Lenovo Group, Ltd. †
|
|
|
33,000
|
|
|
|
29,630
|
|
|
Sun Art Retail Group, Ltd. †
|
|
|
16,500
|
|
|
|
23,763
|
|
|
|
|
|
|
|
|
|
238,666
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong - 10.2%
|
|
|
|
|
|
|
|
|
|
China Mobile, Ltd., ADR
|
|
|
788
|
|
|
|
40,795
|
|
|
China Overseas Land & Investment, Ltd. †
|
|
|
12,000
|
|
|
|
31,145
|
|
|
China Resources Land, Ltd. †
|
|
|
8,000
|
|
|
|
21,741
|
|
|
Haier Electronics Group Co., Ltd. †
|
|
|
14,000
|
|
|
|
22,293
|
|
|
Lee & Man Paper Manufacturing, Ltd. †
|
|
|
29,000
|
|
|
|
17,212
|
|
|
Xinyi Glass Holdings, Ltd. †
|
|
|
17,000
|
|
|
|
13,126
|
|
|
|
|
|
|
|
|
|
146,312
|
|
|
|
|
|
|
|
|
|
|
|
|
India - 4.9%
|
|
|
|
|
|
|
|
|
|
HDFC Bank, Ltd., ADR
|
|
|
1,142
|
|
|
|
41,386
|
|
|
ICICI Bank, Ltd., ADR
|
|
|
777
|
|
|
|
29,720
|
|
|
|
|
|
|
|
|
|
71,106
|
|
|
|
|
|
|
|
|
|
|
|
|
Jersey Channel Islands - 1.4%
|
|
|
|
|
|
|
|
|
|
Randgold Resources, Ltd. †
|
|
|
326
|
|
|
|
20,736
|
|
|
|
|
|
|
|
|
|
|
|
|
Korea - 16.9%
|
|
|
|
|
|
|
|
|
|
Hyundai Motor Co. †
|
|
|
26
|
|
|
|
5,108
|
|
|
Hyundai Motor Co., GDR *
|
|
|
993
|
|
|
|
41,517
|
|
|
LG Corp. †
|
|
|
332
|
|
|
|
18,383
|
|
|
NHN Corp. †
|
|
|
109
|
|
|
|
27,775
|
|
|
Samsung Electronics Co., Ltd. †
|
|
|
10
|
|
|
|
11,737
|
|
|
Samsung Electronics Co., Ltd., GDR
|
|
|
93
|
|
|
|
54,219
|
|
|
Samsung Electronics Co., Ltd., Preference †
|
|
|
71
|
|
|
|
54,749
|
|
|
Youngone Corp. †
|
|
|
860
|
|
|
|
29,409
|
|
|
|
|
|
|
|
|
|
242,897
|
|
|
|
|
|
|
|
|
|
|
|
|
Malaysia - 4.5%
|
|
|
|
|
|
|
|
|
|
AMMB Holdings Bhd †
|
|
|
14,600
|
|
|
|
33,913
|
|
|
Gamuda Bhd †
|
|
|
20,900
|
|
|
|
31,279
|
|
|
|
|
|
|
|
|
|
65,192
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherland - 2.2%
|
|
|
|
|
|
|
|
|
|
Yandex NV, Class A *
|
|
|
1,169
|
|
|
|
32,300
|
|
|
|
|
|
|
|
|
|
|
|
|
Russia - 6.6%
|
|
|
|
|
|
|
|
|
|
Mobile Telesystems OJSC, ADR
|
|
|
2,314
|
|
|
|
43,827
|
|
|
Pharmstandard OJSC, GDR *
|
|
|
1,133
|
|
|
|
23,646
|
|
|
Sberbank of Russia, ADR *
|
|
|
2,432
|
|
|
|
27,700
|
|
|
|
|
|
|
|
|
|
95,173
|
|
|
|
|
|
|
|
|
|
|
|
|
South Africa - 6.4%
|
|
|
|
|
|
|
|
|
|
MTN Group, Ltd. †
|
|
|
1,292
|
|
|
|
23,965
|
|
|
Naspers, Ltd. †
|
|
|
918
|
|
|
|
67,492
|
|
|
|
|
|
|
|
|
|
91,457
|
|
|
Schedule of Investments
|
|
|
|
|
|
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
JOHCM Emerging Markets Opportunities Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares
|
|
Value
|
|
COMMON STOCKS (continued)
|
|
|
|
|
|
Taiwan - 5.8%
|
|
|
|
|
|
Asustek Computer, Inc . †
|
|
|
1,000
|
|
|
$
|
8,555
|
|
|
Novatek Microelectronics Corp. †
|
|
|
2,000
|
|
|
|
9,643
|
|
|
Taiwan Semiconductor Manufacturing Co., Ltd., ADR
|
|
|
3,535
|
|
|
|
64,761
|
|
|
|
|
|
|
|
|
|
82,959
|
|
|
|
|
|
|
|
|
|
|
|
|
Thailand - 5.5%
|
|
|
|
|
|
|
|
|
|
Bank of Ayudhya PCL †
|
|
|
19,000
|
|
|
|
21,548
|
|
|
BEC World PCL †
|
|
|
9,500
|
|
|
|
17,958
|
|
|
Kasikornbank PCL †
|
|
|
3,000
|
|
|
|
18,273
|
|
|
PTT Global Chemical PCL †
|
|
|
9,400
|
|
|
|
20,750
|
|
|
|
|
|
|
|
|
|
78,529
|
|
|
|
|
|
|
|
|
|
|
|
|
Turkey - 1.7%
|
|
|
|
|
|
|
|
|
|
Turkiye Halk Bankasi A/S †
|
|
|
2,816
|
|
|
|
23,803
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom - 0.4%
|
|
|
|
|
|
|
|
|
|
Centamin PLC * †
|
|
|
12,482
|
|
|
|
5,968
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $1,312,183)
|
|
|
|
|
|
|
1,270,048
|
|
|
|
|
|
|
|
|
|
|
|
|
WARRANTS - 6.0%
|
|
|
|
|
|
|
|
|
|
Bermuda - 1.7%
|
|
|
|
|
|
|
|
|
|
Tata Consultancy Services, Ltd., Expire 05/26/15 *†
|
|
|
980
|
|
|
|
25,036
|
|
|
|
|
|
|
|
|
|
|
|
|
India - 4.3%
|
|
|
|
|
|
|
|
|
|
Exide Industries, Ltd., Expire 06/30/15 * †
|
|
|
12,312
|
|
|
|
25,059
|
|
|
HCL Technologies, Ltd., Expire 05/20/15 * †
|
|
|
1,365
|
|
|
|
17,825
|
|
|
Petronet LNG, Ltd., Expire 05/20/15 * †
|
|
|
9,037
|
|
|
|
18,979
|
|
|
|
|
|
|
|
|
|
61,863
|
|
|
Total Warrants
|
|
|
|
|
|
|
|
|
|
(Cost $104,452)
|
|
|
|
|
|
|
86,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 4.3%
|
|
|
|
|
|
|
|
|
|
BNY Mellon Cash Reserve,
|
|
|
|
|
|
|
|
|
|
0.01%**, due 07/01/13
|
|
$
|
62,210
|
|
|
|
62,210
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
|
|
(Cost $62,210)
|
|
|
|
|
|
|
62,210
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 98.6%
|
|
|
|
|
|
|
|
|
|
(Cost $1,478,845)***
|
|
|
|
|
|
|
1,419,157
|
|
|
Other Assets Less Liabilities - 1.4%
|
|
|
|
|
|
|
20,362
|
|
|
NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
1,439,519
|
|
|
|
|
†
|
Fair valued security. The aggregate value of fair valued securities is $846,918 comprising 58.83% of net assets, which were valued pursuant to guidelines established by the Board of Trustees.
|
|
ADR
|
|
American Depositary Receipt
|
|
GDR
|
|
Global Depositary Receipt
|
|
*
|
|
Non-income producing security
|
|
**
|
|
Current yield as of June 28, 2013
|
|
***
|
|
Aggregate tax cost is $1,478,845
|
|
|
|
|
and net unrealized depreciation is as follows:
|
|
|
|
|
Gross unrealized appreciation
|
$
|
61,753
|
|
|
|
|
Gross unrealized depreciation
|
|
(121,441)
|
|
|
|
|
Net unrealized depreciation
|
$
|
(59,688)
|
|
Sector Allocation (Unaudited)
|
|
% of Net Assets
|
|
Financials
|
|
|
25.7
|
%
|
|
Information Technology
|
|
|
23.6
|
|
|
Consumer Discretionary
|
|
|
13.7
|
|
|
Industrials
|
|
|
8.0
|
|
|
Telecommunication Services
|
|
|
7.5
|
|
|
Materials
|
|
|
4.4
|
|
|
Energy
|
|
|
3.7
|
|
|
Utilities
|
|
|
3.2
|
|
|
Consumer Staples
|
|
|
2.9
|
|
|
Health Care
|
|
|
1.6
|
|
|
Short-Term Investments and other
|
|
|
5.7
|
|
|
|
|
|
100.0
|
%
|
|
See Notes to Schedule of Investments
|
|
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JOHCM International Select Fund
|
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares
|
|
Value
|
|
COMMON STOCKS - 95.8%
|
|
|
|
|
|
Canada - 2.5%
|
|
|
|
|
|
Valeant Pharmaceuticals International, Inc. *
|
|
|
125,995
|
|
|
$
|
10,863,579
|
|
|
|
|
|
|
|
|
|
|
|
|
China - 2.7%
|
|
|
|
|
|
|
|
|
|
Tencent Holdings, Ltd. †
|
|
|
296,100
|
|
|
|
11,653,449
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany - 21.6%
|
|
|
|
|
|
|
|
|
|
Adidas AG †
|
|
|
99,567
|
|
|
|
10,761,454
|
|
|
Brenntag AG †
|
|
|
67,381
|
|
|
|
10,232,074
|
|
|
GEA Group AG †
|
|
|
296,740
|
|
|
|
10,493,708
|
|
|
Henkel AG & Co. KGaA †
|
|
|
130,704
|
|
|
|
10,244,043
|
|
|
Hugo Boss AG * †
|
|
|
95,551
|
|
|
|
10,502,502
|
|
|
Kabel Deutschland Holding AG †
|
|
|
98,880
|
|
|
|
10,857,338
|
|
|
SAP AG †
|
|
|
138,678
|
|
|
|
10,154,767
|
|
|
Symrise AG †
|
|
|
259,327
|
|
|
|
10,470,488
|
|
|
Wirecard AG †
|
|
|
385,468
|
|
|
|
10,502,674
|
|
|
|
|
|
|
|
|
|
94,219,048
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong - 4.6%
|
|
|
|
|
|
|
|
|
|
First Pacific Co., Ltd. †
|
|
|
8,913,683
|
|
|
|
9,512,647
|
|
|
Jardine Matheson Holdings, Ltd. †
|
|
|
174,308
|
|
|
|
10,532,874
|
|
|
|
|
|
|
|
|
|
20,045,521
|
|
|
|
|
|
|
|
|
|
|
|
|
Ireland - 2.3%
|
|
|
|
|
|
|
|
|
|
Experian PLC †
|
|
|
578,928
|
|
|
|
10,041,301
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy - 4.6%
|
|
|
|
|
|
|
|
|
|
Exor SpA †
|
|
|
338,934
|
|
|
|
10,023,404
|
|
|
Tod's SpA †
|
|
|
73,217
|
|
|
|
10,307,827
|
|
|
|
|
|
|
|
|
|
20,331,231
|
|
|
|
|
|
|
|
|
|
|
|
|
Japan - 20.2%
|
|
|
|
|
|
|
|
|
|
J Front Retailing Co., Ltd. †
|
|
|
1,419,872
|
|
|
|
11,325,630
|
|
|
Japan Exchange Group, Inc. †
|
|
|
110,722
|
|
|
|
11,187,871
|
|
|
Japan Securities Finance Co., Ltd. †
|
|
|
1,475,369
|
|
|
|
10,742,115
|
|
|
Nitto Denko Corp. †
|
|
|
175,104
|
|
|
|
11,265,465
|
|
|
Softbank Corp. †
|
|
|
182,956
|
|
|
|
10,682,518
|
|
|
Sumitomo Mitsui Trust Holdings, Inc. †
|
|
|
2,394,163
|
|
|
|
11,178,400
|
|
|
Sysmex Corp. †
|
|
|
162,474
|
|
|
|
10,632,976
|
|
|
Tokai Tokyo Financial Holdings, Inc. †
|
|
|
1,614,054
|
|
|
|
11,003,382
|
|
|
|
|
|
|
|
|
|
88,018,357
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands - 7.7%
|
|
|
|
|
|
|
|
|
|
Chicago Bridge & Iron Co. NV
|
|
|
185,724
|
|
|
|
11,080,294
|
|
|
LyondellBasell Industries NV, Class A
|
|
|
168,054
|
|
|
|
11,135,258
|
|
|
NXP Semiconductors NV *
|
|
|
364,273
|
|
|
|
11,285,177
|
|
|
|
|
|
|
|
|
|
33,500,729
|
|
|
|
|
|
|
|
|
|
|
|
|
Qatar - 2.3%
|
|
|
|
|
|
|
|
|
|
Industries Qatar QSC †
|
|
|
228,448
|
|
|
|
9,945,872
|
|
|
|
|
|
|
|
|
|
|
|
|
Singapore - 2.3%
|
|
|
|
|
|
|
|
|
|
Keppel Corp., Ltd. †
|
|
|
1,263,000
|
|
|
|
10,327,511
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweden - 2.2%
|
|
|
|
|
|
|
|
|
|
Hexagon AB, Class B †
|
|
|
366,947
|
|
|
|
9,786,411
|
|
|
Schedule of Investments
|
|
|
|
|
|
|
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JOHCM International Select Fund
|
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares
|
|
Value
|
|
COMMON STOCKS (continued)
|
|
|
|
|
|
Switzerland - 9.5%
|
|
|
|
|
|
Actelion, Ltd. †
|
|
|
180,357
|
|
|
$
|
10,858,974
|
|
|
Credit Suisse Group AG †
|
|
|
359,317
|
|
|
|
9,526,460
|
|
|
Givaudan SA †
|
|
|
8,317
|
|
|
|
10,739,730
|
|
|
UBS AG †
|
|
|
609,565
|
|
|
|
10,355,482
|
|
|
|
|
|
|
|
|
|
41,480,646
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom - 13.3%
|
|
|
|
|
|
|
|
|
|
3i Group PLC †
|
|
|
2,059,451
|
|
|
|
10,528,898
|
|
|
Barclays PLC †
|
|
|
2,265,410
|
|
|
|
9,711,302
|
|
|
Intermediate Capital Group PLC †
|
|
|
1,569,582
|
|
|
|
10,330,824
|
|
|
Liberty Global PLC, Class A *
|
|
|
54,100
|
|
|
|
4,007,699
|
|
|
Liberty Global PLC, Class C *
|
|
|
40,397
|
|
|
|
2,742,526
|
|
|
The Sage Group PLC †
|
|
|
1,983,803
|
|
|
|
10,288,506
|
|
|
WPP PLC †
|
|
|
611,266
|
|
|
|
10,443,286
|
|
|
|
|
|
|
|
|
|
58,053,041
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $362,183,557)
|
|
|
|
|
|
|
418,266,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 3.7%
|
|
|
|
|
|
|
|
|
|
BNY Mellon Cash Reserve,
|
|
|
|
|
|
|
|
|
|
0.01%**, due 07/01/13
|
|
$
|
16,006,859
|
|
|
|
16,006,859
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
|
|
(Cost $16,006,859)
|
|
|
|
|
|
|
16,006,859
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 99.5%
|
|
|
|
|
|
|
|
|
|
(Cost $378,190,416)***
|
|
|
|
|
|
|
434,273,555
|
|
|
Other Assets Less Liabilities - 0.5%
|
|
|
|
|
|
|
2,285,112
|
|
|
NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
436,558,667
|
|
|
|
|
†
|
Fair valued security. The aggregate value of fair valued securities is $367,152,163 comprising 84.10% of net assets, which were valued pursuant to guidelines established by the Board of Trustees.
|
|
*
|
|
Non-income producing security.
|
|
**
|
|
Current yield as of June 28, 2013.
|
|
***
|
|
Aggregate tax cost is $378,601,689
|
|
|
|
|
and net unrealized appreciation is as follows:
|
|
|
|
|
Gross unrealized appreciation
|
$
|
60,600,458
|
|
|
|
|
Gross unrealized depreciation
|
|
(4,928,592)
|
|
|
|
|
Net unrealized appreciation
|
$
|
55,671,866
|
|
Sector Allocation (Unaudited)
|
|
% of Net Assets
|
|
Financials
|
|
|
26.1
|
%
|
|
Industrials
|
|
|
16.6
|
|
|
Information Technology
|
|
|
14.6
|
|
|
Consumer Discretionary
|
|
|
16.3
|
|
|
Materials
|
|
|
10.0
|
|
|
Health Care
|
|
|
7.4
|
|
|
Telecommunication Services
|
|
|
2.4
|
|
|
Consumer Staples
|
|
|
2.4
|
|
|
Short-Term Investments and other
|
|
|
4.2
|
|
|
|
|
|
100.0
|
%
|
|
See Notes to Schedule of Investments
|
|
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
JOHCM Global Equity Fund
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares
|
|
Value
|
|
COMMON STOCKS - 99.2%
|
|
|
|
|
|
Canada - 2.6%
|
|
|
|
|
|
Valeant Pharmaceuticals International, Inc. *
|
|
|
613
|
|
|
$
|
52,767
|
|
|
|
|
|
|
|
|
|
|
|
|
China - 2.9%
|
|
|
|
|
|
|
|
|
|
Tencent Holdings, Ltd. †
|
|
|
1,498
|
|
|
|
58,956
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany - 7.4%
|
|
|
|
|
|
|
|
|
|
Adidas AG †
|
|
|
482
|
|
|
|
52,096
|
|
|
Hugo Boss AG * †
|
|
|
449
|
|
|
|
49,352
|
|
|
SAP AG †
|
|
|
695
|
|
|
|
50,892
|
|
|
|
|
|
|
|
|
|
152,340
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong - 2.5%
|
|
|
|
|
|
|
|
|
|
Jardine Matheson Holdings, Ltd. †
|
|
|
847
|
|
|
|
51,182
|
|
|
|
|
|
|
|
|
|
|
|
|
Indonesia - 2.1%
|
|
|
|
|
|
|
|
|
|
PT Bank Rakyat Indonesia Persero Tbk †
|
|
|
56,285
|
|
|
|
43,607
|
|
|
|
|
|
|
|
|
|
|
|
|
Ireland - 2.4%
|
|
|
|
|
|
|
|
|
|
Experian PLC †
|
|
|
2,837
|
|
|
|
49,207
|
|
|
|
|
|
|
|
|
|
|
|
|
Japan - 9.8%
|
|
|
|
|
|
|
|
|
|
Japan Exchange Group, Inc. †
|
|
|
497
|
|
|
|
50,219
|
|
|
Softbank Corp. †
|
|
|
876
|
|
|
|
51,148
|
|
|
Sumitomo Mitsui Trust Holdings, Inc. †
|
|
|
9,762
|
|
|
|
45,579
|
|
|
Sysmex Corp. †
|
|
|
800
|
|
|
|
52,355
|
|
|
|
|
|
|
|
|
|
199,301
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands - 7.6%
|
|
|
|
|
|
|
|
|
|
Chicago Bridge & Iron Co. NV
|
|
|
875
|
|
|
|
52,203
|
|
|
LyondellBasell Industries NV, Class A
|
|
|
797
|
|
|
|
52,809
|
|
|
NXP Semiconductors NV *
|
|
|
1,649
|
|
|
|
51,086
|
|
|
|
|
|
|
|
|
|
156,098
|
|
|
|
|
|
|
|
|
|
|
|
|
Singapore - 3.7%
|
|
|
|
|
|
|
|
|
|
Avago Technologies, Ltd.
|
|
|
659
|
|
|
|
24,633
|
|
|
Keppel Corp., Ltd. †
|
|
|
6,143
|
|
|
|
50,231
|
|
|
|
|
|
|
|
|
|
74,864
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweden - 2.4%
|
|
|
|
|
|
|
|
|
|
Hexagon AB, Class B †
|
|
|
1,813
|
|
|
|
48,352
|
|
|
|
|
|
|
|
|
|
|
|
|
Switzerland - 7.6%
|
|
|
|
|
|
|
|
|
|
Actelion, Ltd. †
|
|
|
853
|
|
|
|
51,358
|
|
|
Givaudan SA †
|
|
|
41
|
|
|
|
52,943
|
|
|
UBS AG †
|
|
|
2,961
|
|
|
|
50,302
|
|
|
|
|
|
|
|
|
|
154,603
|
|
|
|
|
|
|
|
|
|
|
|
|
Taiwan - 2.5%
|
|
|
|
|
|
|
|
|
|
MediaTek, Inc. †
|
|
|
4,371
|
|
|
|
50,527
|
|
|
|
|
|
|
|
|
|
|
|
|
Thailand - 1.9%
|
|
|
|
|
|
|
|
|
|
CP ALL PCL †
|
|
|
30,888
|
|
|
|
38,563
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom - 4.8%
|
|
|
|
|
|
|
|
|
|
Barclays PLC †
|
|
|
10,882
|
|
|
|
46,649
|
|
|
WPP PLC †
|
|
|
3,010
|
|
|
|
51,425
|
|
|
|
|
|
|
|
|
|
98,074
|
|
|
Schedule of Investments
|
|
|
|
|
(Continued)
|
|
|
|
|
|
|
|
|
|
|
JOHCM Global Equity Fund
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
Number of
|
|
Market
|
|
|
|
Shares
|
|
Value
|
|
COMMON STOCKS (continued)
|
|
|
|
|
|
United States - 39.0%
|
|
|
|
|
|
Apollo Global Management LLC, Class A
|
|
|
2,176
|
|
|
$
|
52,442
|
|
|
Blackstone Group LP
|
|
|
2,479
|
|
|
|
52,208
|
|
|
CBS Corp., Class B, Non-Voting
|
|
|
1,083
|
|
|
|
52,926
|
|
|
Chart Industries, Inc. *
|
|
|
544
|
|
|
|
51,185
|
|
|
eBay, Inc. *
|
|
|
1,007
|
|
|
|
52,082
|
|
|
Franklin Resources, Inc.
|
|
|
142
|
|
|
|
19,315
|
|
|
Google, Inc., Class A *
|
|
|
60
|
|
|
|
52,822
|
|
|
KKR & Co. LP
|
|
|
2,545
|
|
|
|
50,035
|
|
|
Maxim Integrated Products, Inc.
|
|
|
1,866
|
|
|
|
51,837
|
|
|
Oracle Corp.
|
|
|
1,529
|
|
|
|
46,971
|
|
|
Sourcefire, Inc. *
|
|
|
966
|
|
|
|
53,661
|
|
|
Stanley Black & Decker, Inc.
|
|
|
650
|
|
|
|
50,245
|
|
|
Starbucks Corp.
|
|
|
832
|
|
|
|
54,488
|
|
|
Stratasys, Ltd. *
|
|
|
611
|
|
|
|
51,165
|
|
|
Valero Energy Corp.
|
|
|
1,358
|
|
|
|
47,218
|
|
|
Westlake Chemical Corp.
|
|
|
569
|
|
|
|
54,857
|
|
|
|
|
|
|
|
|
|
793,457
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $1,987,971)
|
|
|
|
|
|
|
2,021,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 1.0%
|
|
|
|
|
|
|
|
|
|
BNY Mellon Cash Reserve,
|
|
|
|
|
|
|
|
|
|
0.01%**, due 07/01/13
|
|
$
|
19,635
|
|
|
|
19,635
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
|
|
(Cost $19,635)
|
|
|
|
|
|
|
19,635
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 100.2%
|
|
|
|
|
|
|
|
|
|
(Cost $2,007,606)***
|
|
|
|
|
|
|
2,041,533
|
|
|
Liabilities in Excess of Other Assets - (0.2)%
|
|
|
|
|
|
|
(4,435
|
)
|
|
NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
2,037,098
|
|
|
|
|
†
|
Fair valued security. The aggregate value of fair valued securities is $994,943 comprising 48.84% of net assets, which were valued pursuant to guidelines established by the Board of Trustees.
|
|
*
|
|
Non-income producing security
|
|
**
|
|
Current yield as of June 28, 2013
|
|
***
|
|
Aggregate tax cost is $2,008,149
|
|
|
|
|
and net unrealized appreciation is as follows:
|
|
|
|
|
Gross unrealized appreciation
|
$
|
96,133
|
|
|
|
|
Gross unrealized depreciation
|
|
(62,749)
|
|
|
|
|
Net unrealized appreciation
|
$
|
33,384
|
|
Sector Allocation (Unaudited)
|
|
% of Net Assets
|
|
Information Technology
|
|
|
29.1
|
%
|
|
Financials
|
|
|
20.1
|
|
|
Industrials
|
|
|
14.9
|
|
|
Consumer Discretionary
|
|
|
12.8
|
|
|
Materials
|
|
|
7.9
|
|
|
Health Care
|
|
|
7.7
|
|
|
Telecommunication Services
|
|
|
2.5
|
|
|
Energy
|
|
|
2.3
|
|
|
Consumer Staples
|
|
|
1.9
|
|
|
Short-Term Investments and other
|
|
|
0.8
|
|
|
|
|
|
100.0
|
%
|
|
See Notes to Schedule of Investments
|
JOHCM
Emerging Markets Opportunities Fund
JOHCM
International Select Fund
JOHCM
Global Equity Fund
Notes
to Schedules of Investments
June
30, 2013 (Unaudited)
NOTE
A.
Security Valuation
-
Securities listed on a securities
exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ),
including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign
or domestic) on which they are traded on valuation date (or at approximately 4:00 pm Eastern time if a security’s primary
exchange is normally open at that time). If there is no such reported sale on the valuation date, securities are valued at the
most recent quoted bid price. For a security that trades on multiple exchanges, the primary exchange will generally be considered
to be the exchange on which the security is normally most actively traded. For securities traded on NASDAQ, the NASDAQ Official
Closing Price will be used. Short-term debt securities of sufficient credit quality with maturities of 60 days or less are carried
at amortized cost, which approximates fair value. Other debt securities are priced based upon valuations provided by recognized
independent third party pricing agents. Such values generally reflect the last reported sales price if the security is actively
traded.
Securities
for which market quotations are not readily available are valued at fair value as determined in good faith by the Fair Value Pricing
Committee using the Fair Value Pricing Procedures approved by the Board of Trustees of DundeeWealth Funds (the “Board”).
Fair value prices for foreign equity securities located outside of North and South America are provided by an independent fair
value service on a daily basis in accordance with the fair value methods approved by the Board.
Derivative
Financial Instruments
- The Funds may invest in various derivative financial instruments and engage in various portfolio investment
strategies for the purpose of generating additional income, gaining exposure to underlying securities and/or hedging against currency
risk. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security
or if the counterparty does not perform its duties under the contract. Investing in certain derivative financial instruments entails
certain execution, market, liquidity, hedging, and tax risks. Participation in the options or futures markets and in currency
exchange transactions involves investment risks and transaction costs to which the Funds would not be subject absent the use of
these strategies. If JO Hambro Capital Management Ltd.’s (the “Sub-Adviser” or “JO Hambro”) prediction
of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate, the consequences to
the Funds may leave the Funds in a worse position than if they had not used such strategies.
Derivative
contracts are not accounted for as hedging instruments under United States of America (“U.S.”) generally accepted
accounting principles (“GAAP”).
The
Funds are subject to equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment
objectives by investing in various derivative financial instruments, as described below:
Futures
and Options on Futures -
The Funds may use futures contracts
for the purpose of gaining exposure to, or hedging against changes in the value of equities, interest rates or foreign currencies.
An option on a futures contract gives the purchaser the right, in
Notes
to Schedules of Investments
(
Continued
)
exchange
for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option.
At
June 30, 2013, the Funds held no investments in futures contracts or options on futures.
Forward
Foreign Currency Exchange Contracts -
The Funds may engage in
forward foreign currency exchange contracts for the purpose of gaining exposure to, or hedging against changes in the value of
equities, interest rates or foreign currencies.
At
June 30, 2013, the Funds held no investments in forward foreign currency exchange contracts.
Options
-
The Funds may purchase or write call or put options on securities
or indices for the purpose of generating additional income, gaining exposure to underlying securities and/or hedging against price
movements of portfolio assets. The Funds may trade and write put and call options on securities, securities indices and currencies,
as the Sub-Adviser determines is appropriate in seeking the Funds’ investment objective, and except as restricted by the
Funds’ investment limitations.
At
June 30, 2013, the Funds held no investments in options.
Participatory
Notes (“P-Notes”) -
The Funds may invest in P-Notes,
which represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly
in such securities. P-notes are generally issued by the associates of foreign-based foreign brokerages and domestic institutional
brokerages. Accordingly, P-notes also expose investors to counterparty risk, which is the risk that the entity issuing the note
may not be able to honor its financial commitments. The following table presents the value of the P-Notes held in the JOHCM Emerging
Markets Opportunities Fund as of June 30, 2013:
|
P-Note
|
|
Market Value
|
|
Exide
Industries, Ltd., Expire 06/30/15
|
|
|
25,059
|
|
HCL
Technologies, Ltd., Expire 05/20/15
|
|
|
17,825
|
|
Petronet
LNG, Ltd., Expire 05/20/15
|
|
|
18,979
|
|
Tata
Consultancy Services, Ltd., Expire 05/26/15
|
|
25,036
|
NOTE
B.
Fair Value Measurements
-
The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into
three levels as described in the hierarchy below:
|
Level 1:
|
|
Quoted prices in active markets for identical
securities
|
|
Level 2:
|
|
Other significant observable inputs (including
quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
|
|
Level 3:
|
|
Significant unobservable inputs (including the
Funds’ own assumptions in determining the fair value of investments)
|
Notes
to Schedules of Investments
(
Continued
)
The
inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those
securities.
The
summary of inputs used to determine the fair value of the Funds’ investments as of June 30, 2013, is as follows:
|
|
|
JOHCM
Emerging Markets Opportunities Fund
|
|
JOHCM
International Select Fund
|
|
JOHCM
Global Equity Fund
|
|
Level 1: Quoted Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks Market Value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
|
$
|
67,797
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Canada
|
|
|
—
|
|
|
|
10,863,579
|
|
|
|
52,767
|
|
|
China
|
|
|
42,361
|
|
|
|
—
|
|
|
|
—
|
|
|
Hong
Kong
|
|
|
40,795
|
|
|
|
—
|
|
|
|
—
|
|
|
India
|
|
|
71,106
|
|
|
|
—
|
|
|
|
—
|
|
|
Korea
|
|
|
95,736
|
|
|
|
—
|
|
|
|
—
|
|
|
Netherlands
|
|
|
32,300
|
|
|
|
33,500,729
|
|
|
|
156,098
|
|
|
Russia
|
|
|
95,173
|
|
|
|
—
|
|
|
|
—
|
|
|
Singapore
|
|
|
—
|
|
|
|
—
|
|
|
|
24,633
|
|
|
Taiwan
|
|
|
64,761
|
|
|
|
—
|
|
|
|
—
|
|
|
United
Kingdom
|
|
|
—
|
|
|
|
6,750,225
|
|
|
|
—
|
|
|
United
States
|
|
|
—
|
|
|
|
—
|
|
|
|
793,457
|
|
|
Short-term Investments
Market Value
|
|
|
62,210
|
|
|
|
16,006,859
|
|
|
|
19,635
|
|
|
Total Level 1 Market
Value of Investments
|
|
$
|
572,239
|
|
|
$
|
67,121,392
|
|
|
$
|
1,046,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2: Other Significant
Observable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks Market Value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
|
$
|
7,153
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
China
|
|
|
196,305
|
|
|
|
11,653,449
|
|
|
|
58,956
|
|
|
Germany
|
|
|
—
|
|
|
|
94,219,048
|
|
|
|
152,340
|
|
|
Hong
Kong
|
|
|
105,517
|
|
|
|
20,045,521
|
|
|
|
51,182
|
|
|
Indonesia
|
|
|
—
|
|
|
|
—
|
|
|
|
43,607
|
|
|
Ireland
|
|
|
—
|
|
|
|
10,041,301
|
|
|
|
49,207
|
|
|
Italy
|
|
|
—
|
|
|
|
20,331,231
|
|
|
|
—
|
|
|
Japan
|
|
|
—
|
|
|
|
88,018,357
|
|
|
|
199,301
|
|
|
Jersey
Channel Islands
|
|
|
20,736
|
|
|
|
—
|
|
|
|
—
|
|
|
Korea
|
|
|
147,161
|
|
|
|
—
|
|
|
|
—
|
|
|
Malaysia
|
|
|
65,192
|
|
|
|
—
|
|
|
|
—
|
|
|
Qatar
|
|
|
—
|
|
|
|
9,945,872
|
|
|
|
—
|
|
|
Singapore
|
|
|
—
|
|
|
|
10,327,511
|
|
|
|
50,231
|
|
|
South
Africa
|
|
|
91,457
|
|
|
|
—
|
|
|
|
—
|
|
|
Sweden
|
|
|
—
|
|
|
|
9,786,411
|
|
|
|
48,352
|
|
|
Switzerland
|
|
|
—
|
|
|
|
41,480,646
|
|
|
|
154,603
|
|
|
Taiwan
|
|
|
18,198
|
|
|
|
—
|
|
|
|
50,527
|
|
|
Thailand
|
|
|
78,529
|
|
|
|
—
|
|
|
|
38,563
|
|
|
Turkey
|
|
|
23,803
|
|
|
|
—
|
|
|
|
—
|
|
|
United
Kingdom
|
|
|
5,968
|
|
|
|
51,302,816
|
|
|
|
98,074
|
|
|
Warrants Market Value:
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Bermuda
|
|
|
25,036
|
|
|
|
—
|
|
|
|
—
|
|
|
India
|
|
|
61,863
|
|
|
|
—
|
|
|
|
—
|
|
|
Total Level 2 Market
Value of Investments
|
|
$
|
846,918
|
|
|
$
|
367,152,163
|
|
|
$
|
994,943
|
|
|
Total Market Value of Investments
|
|
$
|
1,419,157
|
|
|
$
|
434,273,555
|
|
|
$
|
2,041,533
|
|
Notes
to Schedules of Investments
(
Continued
)
The
Funds’ policy is to recognize transfers in and transfers out of a level as of the beginning of the reporting period. The
Funds did not have transfers between Level 1 and Level 2 during the period ended June 30, 2013
.
To
adjust for the time difference between local market close and the calculation of the net asset value, the Funds utilize fair value
model prices for international equities provided by an independent service resulting in a Level 2 classification.
There
were no Level 3 instruments held at June 30, 2013 or September 30, 2012 for the JOHCM Emerging Markets Opportunities Fund, JOHCM
International Select Fund, and JOHCM Global Equity Fund.
Additional
Information to Evaluate Quantitative Information
.
The
Funds use recognized industry pricing services that are approved by the Board and unaffiliated with DundeeWealth US, LP, the investment
adviser to the Funds (the “Adviser”), to value most of their securities, and use broker quotes provided by market
makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to
value domestic equity securities, international equity securities and preferred equity securities. The data within these feeds
is ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external
sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the
pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that
security or similar securities.
Fair
value prices for non-North and South American foreign equity securities are provided by an independent fair value service on a
daily basis in accordance with the fair value methods approved by the Board. Fair value prices are used because many foreign markets
operate at times that do not coincide with those of the major U.S. markets. Events that could affect the values of foreign portfolio
holdings may occur between the close of the foreign market and the time of determining the NAV and would not otherwise be reflected
in the NAV. The independent fair value service provides a fair value factor that is applied to the closing price of a foreign
security to reflect movements in the security’s local market between the time of local closing and the time at which a Fund
calculates NAV. If the independent fair value service does not provide a fair value price for a particular security, or if the
price provided does not meet established criteria for a Fund, the Fund will price that security at the most recent closing price
for that security on its principal exchange or otherwise in accordance with its fair value procedures.
Fair
valued securities may be common and preferred equities, warrants, options or rights. Where appropriate, Level 3 securities are
those for which market quotations are not available, such as securities not traded for several days, or for which current bids
are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent
Notes
to Schedules of Investments
(
Continued
)
prices
of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models,
current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. The circumstances
of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.
The
Adviser reports quarterly to the Board with respect to fair valuation events.
NOTE
C.
Tax Disclosure
-
The Funds intend to continue to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies
and to distribute all of its taxable income, including any realized gain on investments, to shareholders. Federal income tax regulations
differ from U.S. GAAP; therefore, distributions determined in accordance with tax regulations may differ in amount or character
from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent
book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The amount and character
of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have
not been determined as of
June 30, 2013
.
Under
the current tax law, capital losses realized after October 31 and prior to the Funds’ fiscal year end may be deferred and
treated as occurring on the first day of the following fiscal year. For the year ended September 30, 2012, JOHCM International
Select Fund deferred qualified late year losses of $9,414,266 of which $7,633,633 is short-term and $1,780,633 is long-term.
For
the year ended September 30, 2012, JOHCM International Select Fund had a capital loss carryforward of $843,592 which is short-term
in character and not subject to expiration.
|
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mount Lucas U.S. Focused Equity Fund
|
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
Number
|
|
Market
|
|
|
|
of Shares
|
|
Value
|
|
COMMON STOCKS - 99.0%
|
|
|
|
|
|
Consumer Discretionary - 10.3%
|
|
|
|
|
|
DR Horton, Inc.
|
|
|
16,138
|
|
|
$
|
343,417
|
|
|
The Gap, Inc.
|
|
|
8,577
|
|
|
|
357,918
|
|
|
The Home Depot, Inc.
|
|
|
5,423
|
|
|
|
420,120
|
|
|
Lennar Corp.
|
|
|
9,386
|
|
|
|
338,271
|
|
|
PulteGroup, Inc. *
|
|
|
22,167
|
|
|
|
420,508
|
|
|
Ross Stores, Inc.
|
|
|
4,417
|
|
|
|
286,266
|
|
|
Whirlpool Corp.
|
|
|
16,302
|
|
|
|
1,864,297
|
|
|
|
|
|
|
|
|
|
4,030,797
|
|
|
Consumer Staples - 12.9%
|
|
|
|
|
|
|
|
|
|
The Clorox Co.
|
|
|
4,147
|
|
|
|
344,782
|
|
|
Conagra Foods, Inc.
|
|
|
10,114
|
|
|
|
353,282
|
|
|
Dean Foods Co. *
|
|
|
18,512
|
|
|
|
185,490
|
|
|
The Hershey Co.
|
|
|
4,116
|
|
|
|
367,476
|
|
|
McCormick & Co., Inc.
|
|
|
5,015
|
|
|
|
352,855
|
|
|
Safeway, Inc.
|
|
|
138,678
|
|
|
|
3,281,121
|
|
|
Whitewave Foods Co., Cl. A*
|
|
|
4,671
|
|
|
|
75,904
|
|
|
Whitewave Foods Co., Cl. B*
|
|
|
6,787
|
|
|
|
103,162
|
|
|
|
|
|
|
|
|
|
5,064,072
|
|
|
Energy - 20.1%
|
|
|
|
|
|
|
|
|
|
Marathon Petroleum Corp.
|
|
|
39,593
|
|
|
|
2,813,479
|
|
|
Murphy Oil Corp.
|
|
|
23,074
|
|
|
|
1,404,976
|
|
|
Tesoro Corp.
|
|
|
24,014
|
|
|
|
1,256,412
|
|
|
Valero Energy Corp.
|
|
|
68,455
|
|
|
|
2,380,180
|
|
|
|
|
|
|
|
|
|
7,855,047
|
|
|
Financials - 18.4%
|
|
|
|
|
|
|
|
|
|
The Allstate Corp.
|
|
|
33,081
|
|
|
|
1,591,858
|
|
|
Berkshire Hathaway, Inc., Cl. B *
|
|
|
3,401
|
|
|
|
380,640
|
|
|
Cincinnati Financial Corp.
|
|
|
7,755
|
|
|
|
355,954
|
|
|
Lincoln National Corp.
|
|
|
45,376
|
|
|
|
1,654,863
|
|
|
Prudential Financial, Inc.
|
|
|
23,299
|
|
|
|
1,701,526
|
|
|
The Travelers Companies, Inc.
|
|
|
19,223
|
|
|
|
1,536,302
|
|
|
|
|
|
|
|
|
|
7,221,143
|
|
|
Health Care - 2.9%
|
|
|
|
|
|
|
|
|
|
AmeriSourceBergen Corp.
|
|
|
7,254
|
|
|
|
404,991
|
|
|
McKesson Corp.
|
|
|
3,225
|
|
|
|
369,263
|
|
|
Pfizer, Inc.
|
|
|
12,534
|
|
|
|
351,077
|
|
|
|
|
|
|
|
|
|
1,125,331
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials - 16.2%
|
|
|
|
|
|
|
|
|
|
LyondellBasell Industries NV, Cl. A
|
|
|
23,141
|
|
|
|
1,533,323
|
|
|
Northrop Grumman Corp.
|
|
|
40,258
|
|
|
|
3,333,362
|
|
|
Raytheon Co.
|
|
|
22,057
|
|
|
|
1,458,409
|
|
|
|
|
|
|
|
|
|
6,325,094
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 15.7%
|
|
|
|
|
|
|
|
|
|
Apple, Inc.
|
|
|
465
|
|
|
|
184,177
|
|
|
Seagate Technology Plc
|
|
|
92,596
|
|
|
|
4,151,079
|
|
|
Western Digital Corp.
|
|
|
28,998
|
|
|
|
1,800,486
|
|
|
|
|
|
|
|
|
|
6,135,742
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials - 1.6%
|
|
|
|
|
|
|
|
|
|
CST Brands Inc.*
|
|
|
7,585
|
|
|
|
233,694
|
|
|
The Sherwin-Williams Co.
|
|
|
2,137
|
|
|
|
377,394
|
|
|
|
|
|
|
|
|
|
611,088
|
|
|
|
|
|
|
|
|
|
|
|
|
Media - 0.9%
|
|
|
|
|
|
|
|
|
|
Time Warner, Inc.
|
|
|
6,368
|
|
|
|
368,198
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $33,122,924)
|
|
|
|
|
|
|
38,736,512
|
|
|
Schedule of Investments
|
|
|
|
|
|
|
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mount Lucas U.S. Focused Equity Fund
|
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
Principal
|
|
Market
|
|
|
|
Amount
|
|
Value
|
|
SHORT-TERM INVESTMENTS - 0.9%
|
|
|
|
|
|
BNY Mellon Cash Reserve,
|
|
|
|
|
|
0.01%**, due 7/01/13
|
|
$
|
384,351
|
|
|
$
|
384,351
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
|
|
(Cost $384,351)
|
|
|
|
|
|
|
384,351
|
|
|
Total Investments - 99.9%
|
|
|
|
|
|
|
|
|
|
(Cost $33,507,275)***
|
|
|
|
|
|
|
39,120,863
|
|
|
Other Assets Less Liabilities - 0.1%
|
|
|
|
|
|
|
28,535
|
|
|
NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
39,149,398
|
|
|
|
|
*
|
Non-income producing security.
|
|
**
|
Current yield as of June 30, 2013.
|
|
***
|
Aggregate tax cost is $33,553,215
|
|
|
and net unrealized appreciation is as follows:
|
|
|
Gross unrealized appreciation
|
$
|
5,893,574
|
|
|
Gross unrealized depreciation
|
|
(325,926)
|
|
|
Net unrealized appreciation
|
$
|
5,567,648
|
|
Sector Allocation (Unaudited)
|
|
% of Net Assets
|
|
Energy
|
|
|
20.1
|
%
|
|
Financials
|
|
|
18.4
|
|
|
Industrials
|
|
|
16.2
|
|
|
Information Technology
|
|
|
15.7
|
|
|
Consumer Staples
|
|
|
12.9
|
|
|
Consumer Discretionary
|
|
|
10.3
|
|
|
Health Care
|
|
|
2.9
|
|
|
Materials
|
|
|
1.6
|
|
|
Media
|
|
|
0.9
|
|
|
Short-Term Investments and other
|
|
|
1.0
|
|
|
|
|
|
100.0
|
%
|
|
See Notes to the Schedule of Investments
|
Mount
Lucas U.S. Focused Equity Fund
Notes
to the Schedule of Investments
June
30, 2013 (Unaudited)
NOTE
A.
Security Valuation
- Securities listed on a securities exchange, market or automated quotation system for which
quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued
at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date
(or at approximately 4:00pm Eastern time if a security’s primary exchange is normally open at that time). If there is no
such reported sale on the valuation date, securities are valued at the most recent quoted bid price. For a security that trades
on multiple exchanges, the primary exchange will generally be considered to be the exchange on which the security is normally
most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Short-term debt securities
of sufficient credit quality with maturities of 60 days or less are carried at amortized cost, which approximates fair value.
Other debt securities are priced based upon valuations provided by recognized independent third party pricing agents. Such values
generally reflect the last reported sales price if the security is actively traded.
Securities
for which market quotations are not readily available are valued at fair value as determined in good faith by the Fair Value Pricing
Committee using the Fair Value Pricing Procedures approved by the Board of Trustees of DundeeWealth Funds (the “Board”).
Fair value prices for foreign equity securities located outside of North and South America are provided by an independent fair
value service on a daily basis in accordance with the fair value methods approved by the Board.
Derivative
Financial Instruments
- The Fund may invest in various derivative financial instruments and engage in various portfolio investment
strategies for the purpose of generating additional income, gaining exposure to underlying securities and/or hedging against currency
risk. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security
or if the counterparty does not perform its duties under the contract. Investing in certain derivative financial instruments entails
certain execution, market, liquidity, hedging, and tax risks. Participation in the options or futures markets and in currency
exchange transactions involves investment risks and transaction costs to which the Fund would not be subject absent the use of
these strategies. If Mount Lucas Management LP’s (the “Sub-Adviser” or “Mount Lucas”) prediction
of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate, the consequences to
the Fund may leave the Fund in a worse position than if it had not used such strategies.
Derivative
contracts are not accounted for as hedging instruments under United States of America (“U.S.”) generally accepted
accounting principles (“GAAP”).
The
Fund is subject to equity price risk, foreign currency exchange rate risk, and interest rate risk in the normal course of pursuing
its investment objectives by investing in various derivative financial instruments, as described below:
Futures
and Options on Futures
- The Fund may use futures contracts for the purpose of gaining exposure to, or hedging against changes
in the value of equities or interest rates. An option on a futures contract gives the purchaser the right, in exchange for a premium,
to assume a position in a futures contract at a specified exercise price during the term of the option.
At
June 30, 2013, the Fund had no investments in futures contracts or options on futures.
Options
- The Fund may purchase or write call or put options on securities or indices for the purpose of generating additional income,
gaining exposure to underlying securities and/or hedging against price movements of portfolio assets. The Fund may trade and write
put and call
Notes
to the Schedule of Investments
June
30, 2013
(
Continued
)
options on securities, securities indices and currencies, as the Sub-Adviser determines is appropriate in seeking
the Fund’s investment objective, and except as restricted by the Fund’s investment limitations.
At
June 30, 2013, the Fund held no investments in options.
NOTE
B.
Fair Value Measurements
-
The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels
as described in the hierarchy below:
|
Level 1:
|
|
Quoted prices in active markets for identical securities
|
|
Level 2:
|
|
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment
speeds, credit risk, etc.)
|
|
Level 3:
|
|
Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of
investments)
|
The
inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those
securities.
The
summary of inputs used to determine the fair value of the Fund’s investments as of June 30, 2013, is as follows:
|
Level
1 - Quoted Prices*
|
$ 39,120,863
|
|
Total
Market Value of Investments
|
$ 39,120,863
|
|
_______________
|
|
|
*
Level 1 securities consist of common stocks and short-term
investments as disclosed in the Schedule of Investments.
|
The
Fund’s policy is to recognize transfers in and transfers out of a level as of the beginning of the reporting period. The
Fund did not have transfers between Level 1 and Level 2 at June 30, 2013.
There
were no Level 2 or 3 investments held at June 30, 2013 or September 30, 2012.
Additional
Information to Evaluate Quantitative Information
.
The
Fund uses recognized industry pricing services that are approved by the Board and unaffiliated with DundeeWealth US, LP, the investment
adviser to the Fund (the “Adviser”), to value most of its securities, and uses broker quotes provided by market makers
of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value
domestic equity securities, international equity securities and preferred equity securities. The data within these feeds is ultimately
sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are
checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source
is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or
similar securities.
Notes
to the Schedule of Investments
June
30, 2013
(
Continued
)
Fair
value prices for non-North and South American foreign equity securities are provided by an independent fair value service on a
daily basis in accordance with the fair value methods approved by the Board. Fair value prices are used because many foreign markets
operate at times that do not coincide with those of the major U.S. markets. Events that could affect the values of foreign portfolio
holdings may occur between the close of the foreign market and the time of determining the NAV and would not otherwise be reflected
in the NAV. The independent fair value service provides a fair value factor that is applied to the closing price of a foreign
security to reflect movements in the security’s local market between the time of local closing and the time at which the
Fund calculates NAV. If the independent fair value service does not provide a fair value price for a particular security, or if
the price provided does not meet established criteria for the Fund, the Fund will price that security at the most recent closing
price for that security on its principal exchange or otherwise in accordance with its fair value procedures.
Fair
valued securities may be common and preferred equities, warrants, options or rights. Where appropriate, Level 3 securities are
those for which market quotations are not available, such as securities not traded for several days, or for which current bids
are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent
prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation
models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply.
The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.
The
Adviser reports quarterly to the Board with respect to fair valuation events.
NOTE
C.
Tax Disclosure
-
The Fund intends to comply with all requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute all of its taxable income, including any realized
gain on investments, to shareholders. Federal income tax regulations differ from U.S. GAAP; therefore, distributions determined
in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial
reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial
records are not adjusted for temporary differences. The amount and character of tax-basis distributions and composition of net
assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2013.
For
the year ended September 30, 2012, the Fund had a capital loss carryforward of $209,324, which is available to reduce future required
distributions of net capital gains to shareholders,
through 2018.
|
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
Smith Group Large Cap Core Growth Fund
|
|
|
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Market
|
|
|
|
of Shares
|
|
Value
|
|
COMMON STOCKS - 98.5%
|
|
|
|
|
|
Consumer Discretionary - 14.7%
|
|
|
|
|
|
Abercrombie & Fitch Co., Class A
|
|
|
27,200
|
|
|
$
|
1,230,800
|
|
|
Gentex Corp.
|
|
|
58,800
|
|
|
|
1,355,340
|
|
|
Mattel, Inc.
|
|
|
30,220
|
|
|
|
1,369,268
|
|
|
priceline.com, Inc. *
|
|
|
1,700
|
|
|
|
1,406,121
|
|
|
The Home Depot, Inc.
|
|
|
17,600
|
|
|
|
1,363,472
|
|
|
Whirlpool Corp.
|
|
|
10,400
|
|
|
|
1,189,344
|
|
|
|
|
|
|
|
|
|
7,914,345
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples - 9.9%
|
|
|
|
|
|
|
|
|
|
Costco Wholesale Corp.
|
|
|
12,200
|
|
|
|
1,348,954
|
|
|
Ingredion, Inc.
|
|
|
19,700
|
|
|
|
1,292,714
|
|
|
Kimberly-Clark Corp.
|
|
|
13,800
|
|
|
|
1,340,532
|
|
|
The Kroger Co.
|
|
|
38,600
|
|
|
|
1,333,244
|
|
|
|
|
|
|
|
|
|
5,315,444
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy - 12.2%
|
|
|
|
|
|
|
|
|
|
Chevron Corp.
|
|
|
11,200
|
|
|
|
1,325,408
|
|
|
Exxon Mobil Corp.
|
|
|
14,810
|
|
|
|
1,338,083
|
|
|
Helmerich & Payne, Inc.
|
|
|
21,890
|
|
|
|
1,367,031
|
|
|
National Oilwell Varco, Inc.
|
|
|
18,900
|
|
|
|
1,302,210
|
|
|
Valero Energy Corp.
|
|
|
35,600
|
|
|
|
1,237,812
|
|
|
|
|
|
|
|
|
|
6,570,544
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials - 15.0%
|
|
|
|
|
|
|
|
|
|
American Express Co.
|
|
|
18,380
|
|
|
|
1,374,089
|
|
|
Discover Financial Services
|
|
|
27,900
|
|
|
|
1,329,156
|
|
|
JP Morgan Chase & Co.
|
|
|
25,300
|
|
|
|
1,335,587
|
|
|
The Chubb Corp.
|
|
|
15,600
|
|
|
|
1,320,540
|
|
|
The Travelers Companies, Inc.
|
|
|
16,400
|
|
|
|
1,310,688
|
|
|
US Bancorp
|
|
|
38,500
|
|
|
|
1,391,775
|
|
|
|
|
|
|
|
|
|
8,061,835
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care - 15.0%
|
|
|
|
|
|
|
|
|
|
Actavis, Inc. *
|
|
|
10,700
|
|
|
|
1,350,554
|
|
|
Johnson & Johnson
|
|
|
15,800
|
|
|
|
1,356,588
|
|
|
McKesson Corp.
|
|
|
11,810
|
|
|
|
1,352,245
|
|
|
Omnicare, Inc.
|
|
|
28,700
|
|
|
|
1,369,277
|
|
|
ResMed, Inc.
|
|
|
28,400
|
|
|
|
1,281,692
|
|
|
The Cooper Companies, Inc.
|
|
|
11,100
|
|
|
|
1,321,455
|
|
|
|
|
|
|
|
|
|
8,031,811
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials - 9.9%
|
|
|
|
|
|
|
|
|
|
Alaska Air Group, Inc. *
|
|
|
24,200
|
|
|
|
1,258,400
|
|
|
AMETEK, Inc.
|
|
|
31,650
|
|
|
|
1,338,795
|
|
|
Avery Dennison Corp.
|
|
|
31,400
|
|
|
|
1,342,664
|
|
|
Wabtec Corp.
|
|
|
25,300
|
|
|
|
1,351,779
|
|
|
|
|
|
|
|
|
|
5,291,638
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 19.4%
|
|
|
|
|
|
|
|
|
|
Accenture Plc, Class A
|
|
|
16,600
|
|
|
|
1,194,536
|
|
|
AOL, Inc.
|
|
|
37,400
|
|
|
|
1,364,352
|
|
|
Cadence Design Systems, Inc. *
|
|
|
91,100
|
|
|
|
1,319,128
|
|
|
CoreLogic, Inc. *
|
|
|
53,300
|
|
|
|
1,234,961
|
|
|
Hewlett-Packard Co.
|
|
|
52,400
|
|
|
|
1,299,520
|
|
|
NetApp, Inc.
|
|
|
35,300
|
|
|
|
1,333,634
|
|
|
SanDisk Corp. *
|
|
|
22,700
|
|
|
|
1,386,970
|
|
|
Western Digital Corp.
|
|
|
21,000
|
|
|
|
1,303,890
|
|
|
|
|
|
|
|
|
|
10,436,991
|
|
|
Schedule of Investments
|
|
|
(Continued)
|
|
|
|
|
|
Smith Group Large Cap Core Growth Fund
|
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
Number
|
|
Market
|
|
|
|
of Shares
|
|
Value
|
|
COMMON STOCKS (continued)
|
|
|
|
|
|
Materials - 2.4%
|
|
|
|
|
|
Rock Tenn Co., Class A
|
|
|
12,700
|
|
|
$
|
1,268,476
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $44,146,142)
|
|
|
|
|
|
|
52,891,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 1.7%
|
|
|
|
|
|
|
|
|
|
BNY Mellon Cash Reserve,
|
|
|
|
|
|
|
|
|
|
0.01%**, due 07/01/13
|
|
$
|
928,077
|
|
|
|
928,077
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
|
|
(Cost $928,077)
|
|
|
|
|
|
|
928,077
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 100.2%
|
|
|
|
|
|
|
|
|
|
(Cost $45,074,219)***
|
|
|
|
|
|
|
53,819,161
|
|
|
Liabilities in Excess of Other Assets - (0.2)%
|
|
|
|
|
|
|
(122,854
|
)
|
|
NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
53,696,307
|
|
|
|
|
*
|
Non-income producing security.
|
|
**
|
Current yield as of June 28, 2013.
|
|
***
|
Aggregate tax cost is $45,081,603
|
|
|
and net unrealized appreciation is as follows:
|
|
|
Gross unrealized appreciation
|
$
|
9,664,208
|
|
|
Gross unrealized depreciation
|
|
(926,650)
|
|
|
Net unrealized appreciation
|
$
|
8,737,558
|
|
Sector Allocation (Unaudited)
|
|
% of Net Assets
|
|
Information Technology
|
|
|
19.4
|
%
|
|
Financials
|
|
|
15.0
|
|
|
Health Care
|
|
|
15.0
|
|
|
Consumer Discretionary
|
|
|
14.7
|
|
|
Energy
|
|
|
12.2
|
|
|
Consumer Staples
|
|
|
9.9
|
|
|
Industrials
|
|
|
9.9
|
|
|
Materials
|
|
|
2.4
|
|
|
Short-Term Investments and Other
|
|
|
1.5
|
|
|
|
|
|
100.0
|
%
|
See Notes to Schedule of Investments
Smith
Group Large Cap Core Growth Fund
Notes
to Schedule of Investments
June
30, 2013 (Unaudited)
NOTE
A.
Security Valuation
- Securities listed on a securities exchange, market
or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities
traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which
they are traded on valuation date (or at approximately 4:00 pm Eastern time if a security’s primary exchange is normally
open at that time). If there is no such reported sale on the valuation date, securities are valued at the most recent quoted bid
price. For a security that trades on multiple exchanges, the primary exchange will generally be considered to be the exchange
on which the security is normally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will
be used. Short-term debt securities of sufficient credit quality with maturities of 60 days or less are carried at amortized cost,
which approximates fair value. Other debt securities are priced based upon valuations provided by recognized independent third
party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded.
Securities
for which market quotations are not readily available are valued at fair value as determined in good faith by the Fair Value Pricing
Committee using the Fair Value Pricing Procedures approved by the Board of Trustees of DundeeWealth Funds (the “Board”).
Fair value prices for foreign equity securities located outside of North and South America are provided by an independent fair
value service on a daily basis in accordance with the fair value methods approved by the Board.
Derivative
Financial Instruments
-
The Fund may
invest in various derivative financial instruments and engage in various portfolio investment strategies for the purpose of generating
additional income, gaining exposure to underlying securities and/or hedging against currency risk. Losses may arise if the value
of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not
perform its duties under the contract. Investing in certain derivative financial instruments entails certain execution, market,
liquidity, hedging, and tax risks. Participation in the options or futures markets and in currency exchange transactions involves
investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies. If Smith Asset
Management Group, L.P.’s (the “Sub-Adviser” or “Smith”) prediction of movements in the direction
of the securities, foreign currency, and interest rate markets is inaccurate, the consequences to the Fund may leave the Fund
in a worse position than if it had not used such strategies.
Derivative
contracts are not accounted for as hedging instruments under United States of America (“U.S.”) generally accepted
accounting principles (“GAAP”).
The
Fund is subject to equity price risk, foreign currency exchange rate risk, and interest rate risk in the normal course of pursuing
its investment objectives by investing in various derivative financial instruments, as described below:
Futures
and Options on Futures
- The Fund may use futures contracts for the purpose of gaining exposure to, or hedging against changes
in the value of equities or interest rates. An option on a futures contract gives the purchaser the right, in exchange for a premium,
to assume a position in a futures contract at a specified exercise price during the term of the option.
At
June 30, 2013, the Fund held no investments in futures contracts or options on futures.
Options
-
The Fund may purchase or write call or put options on securities or indices for the purpose of generating additional income,
gaining exposure to underlying securities and/or
Notes
to Schedule of Investments
(Continued)
hedging against price movements of portfolio assets. The Fund may trade and write
put and call options on securities, securities indices and currencies, as the Sub-Adviser determines is appropriate in seeking
the Fund’s investment objective, and except as restricted by the Fund’s investment limitations.
At
June 30, 2013, the Fund held no investments in options.
NOTE
B
.
Fair Value Measurements
- The inputs and valuation techniques used
to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
|
Level 1:
|
|
Quoted
prices in active markets for identical securities
|
|
Level 2:
|
|
Other
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
|
|
Level 3:
|
|
Significant
unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
The
inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those
securities.
The
summary of inputs used to determine the fair value of the Fund’s investments as of June 30,
2013
, is as follows:
|
Level
1 - Quoted Prices*
|
$ 53,819,161
|
|
Total
Market Value of Investments
|
$ 53,819,161
|
|
_______________
|
|
|
* Level 1 securities consist of common stocks and short-term investments as disclosed in the Schedule of Investments.
|
The
Fund’s policy is to recognize transfers in and transfers out of a level as of the beginning of the reporting period. The
Fund did not have transfers between Level 1 and Level 2 during the period ended June 30, 2013.
There
were no Level 2 or 3 investments held at
June 30, 2013
or September 30, 2012.
Additional
Information to Evaluate Quantitative Information
.
The
Fund uses recognized industry pricing services that are approved by the Board and unaffiliated with DundeeWealth US, LP, the investment
adviser to the Fund (the “Adviser”), to value most of its securities, and uses broker quotes provided by market makers
of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value
domestic equity securities, international equity securities and preferred equity securities. The data within these feeds is ultimately
sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are
checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source
is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or
similar securities.
Notes
to Schedule of Investments
(Continued)
Fair
value prices for non-North and South American foreign equity securities are provided by an independent fair value service on a
daily basis in accordance with the fair value methods approved by the Board. Fair value prices are used because many foreign markets
operate at times that do not coincide with those of the major U.S. markets. Events that could affect the values of foreign portfolio
holdings may occur between the close of the foreign market and the time of determining the NAV and would not otherwise be reflected
in the NAV. The independent fair value service provides a fair value factor that is applied to the closing price of a foreign
security to reflect movements in the security’s local market between the time of local closing and the time at which the
Fund calculates NAV. If the independent fair value service does not provide a fair value price for a particular security, or if
the price provided does not meet established criteria for the Fund, the Fund will price that security at the most recent closing
price for that security on its principal exchange or otherwise in accordance with its fair value procedures.
Fair
valued securities may be common and preferred equities, warrants, options or rights. Where appropriate, Level 3 securities are
those for which market quotations are not available, such as securities not traded for several days, or for which current bids
are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent
prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation
models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply.
The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.
The
Adviser reports quarterly to the Board with respect to fair valuation events.
NOTE
C.
Tax Disclosure
-
The Fund intends to continue to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies
and to distribute all of its taxable income, including any realized gain on investments, to shareholders. Federal income tax regulations
differ from U.S. GAAP; therefore, distributions determined in accordance with tax regulations may differ in amount or character
from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent
book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The amount and character
of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have
not been determined as of
June 30, 2013
.
For
the year ended September 30, 2012, the Fund had a capital loss carryforward of $6,619,530, which is available to reduce future
required distributions of net capital gains to shareholders. $64,141 is available through 2017; $6,555,389 is available through
2018.
Item
2. Controls and Procedures.
|
|
(a)
|
The
registrant’s
principal
executive
and
principal
financial
officers,
or
persons
performing
similar
functions,
have
concluded
that
the
registrant’s
disclosure
controls
and
procedures
(as
defined
in
Rule
30a-3(c)
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”)
(17
CFR
270.30a-3(c)))
are
effective,
as
of
a
date
within
90
days
of
the
filing
date
of
the
report
that
includes
the
disclosure
required
by
this
paragraph,
based
on
their
evaluation
of
these
controls
and
procedures
required
by
Rule
30a-3(b)
under
the
1940
Act
(17
CFR
270.30a-3(b))
and
Rules
13a-15(b)
or
15d-15(b)
under
the
Securities
Exchange
Act
of
1934,
as
amended
(17
CFR
240.13a-15(b)
or
240.15d-15(b)).
|
|
|
(b)
|
There
were
no
changes
in
the
registrant’s
internal
control
over
financial
reporting
(as
defined
in
Rule
30a-3(d)
under
the
1940
Act
(17
CFR
270.30a-3(d))
that
occurred
during
the
registrant’s
last
fiscal
quarter
that
have
materially
affected,
or
are
reasonably
likely
to
materially
affect,
the
registrant’s
internal
control
over
financial
reporting.
|
Item
3. Exhibits.
Certifications
pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
(Registrant)
|
DundeeWealth
Funds
|
|
|
|
|
|
|
|
|
|
By (Signature and Title)*
|
/s/ Amy D. Duling
|
|
|
|
|
|
|
Amy D. Duling, President
|
|
|
|
|
|
|
(principal executive officer)
|
|
|
|
|
|
|
|
|
|
Date
|
08/29/13
|
|
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
By (Signature and Title)*
|
/s/ Amy D. Duling
|
|
|
|
|
|
|
Amy D. Duling, President
|
|
|
|
|
|
|
(principal executive officer)
|
|
|
|
|
|
|
|
|
|
Date
|
08/29/13
|
|
|
|
|
|
|
|
|
|
By (Signature and Title)*
|
/s/ John H. Leven
|
|
|
|
|
|
|
John H. Leven, Treasurer
|
|
|
|
|
|
|
(principal financial officer)
|
|
|
|
|
|
|
|
|
|
Date
|
08/29/13
|
|
*
Print
the name and title of each signing officer under his or her signature.
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