-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RbAysMH8GPB48IiLJ1c6/i+GyRSA4JYEc1bdjZ/DYk4s4Pqn77vvHiLbjVEJRH3B QjWXwJZniWCodUkYO+5nxw== 0001144204-10-010181.txt : 20100226 0001144204-10-010181.hdr.sgml : 20100226 20100226114632 ACCESSION NUMBER: 0001144204-10-010181 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100226 DATE AS OF CHANGE: 20100226 EFFECTIVENESS DATE: 20100226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DundeeWealth Funds CENTRAL INDEX KEY: 0001365151 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-21913 FILM NUMBER: 10637100 BUSINESS ADDRESS: STREET 1: 1160 WEST SWEDESFORD ROAD STREET 2: SUITE 140 CITY: BERWYN STATE: PA ZIP: 19312 BUSINESS PHONE: (610) 792-4578 MAIL ADDRESS: STREET 1: 1160 WEST SWEDESFORD ROAD STREET 2: SUITE 140 CITY: BERWYN STATE: PA ZIP: 19312 FORMER COMPANY: FORMER CONFORMED NAME: BHR Institutional Funds DATE OF NAME CHANGE: 20060605 0001365151 S000017709 Smith Group Large Cap Core Growth Fund C000048914 Class I 0001365151 S000018869 Mount Lucas U.S. Focused Equity Fund C000052243 Class I Shares 0001365151 S000025038 Dynamic Gold & Precious Metals Fund C000074490 Class I Shares 0001365151 S000025040 Dynamic U.S. Growth Fund C000074494 Class I Shares 0001365151 S000025043 Dynamic Energy Income Fund C000074500 Class I Shares 0001365151 S000025046 Dynamic Infrastructure Fund C000074506 Class I Shares 0001365151 S000025048 Dynamic Contrarian Advantage Fund C000074510 Class I Shares 0001365151 S000025049 Dynamic Discovery Fund C000074512 Class I Shares 0001365151 S000026154 JOHCM International Select Fund C000078467 Class I Shares N-Q 1 v175357_n-q.txt 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) 1160 West Swedesford Road, Suite 140 Berwyn, PA 19312 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Peter Moran DundeeWealth US, LP 1160 West Swedesford Road, Suite 140 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: December 31, 2009 ----------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 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. ss. 3507. Item 1. Schedule of Investments. The Schedules of Investments are attached herewith. DundeeWealth Funds (formerly known as BHR Institutional Funds) Schedule of Investments Dynamic Infrastructure Fund December 31, 2009 (Unaudited) Number of Market Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS - 92.7% - ------------------------------------------------------------------------------- Austria - 2.6% - ------------------------------------------------------------------------------- Andritz AG + 300 $ 17,319 ----------- Canada - 20.4% - ------------------------------------------------------------------------------- Enbridge Inc. + 150 6,975 Genivar Income Fund + 500 12,932 Innergex Power Income Fund + 1,000 9,867 Seacliff Construction Corp. + 3,000 31,697 SNC-Lavalin Group Inc. + 600 30,974 The Churchill Corp., Class A* + 900 16,583 TransCanada Corp.+ 800 27,683 Westshore Terminals Income Fund + 100 1,367 ----------- 138,078 ----------- France - 8.2% - ------------------------------------------------------------------------------- Aeroports de Paris + 100 8,044 Alstom SA + 300 20,843 GDF Suez SA + 450 19,523 Suez Environnement Co. SA + 300 6,931 ----------- 55,341 ----------- India - 1.1% - ------------------------------------------------------------------------------- Larsen & Toubro Ltd. GDR + 200 7,251 ----------- Italy - 5.9% - ------------------------------------------------------------------------------- Atlantia SpA + 500 12,997 Terna - Rete Elettrica Nazionale SpA + 6,300 27,108 ----------- 40,105 ----------- Luxembourg - 3.5% - ------------------------------------------------------------------------------- SES SA + 1,050 23,544 ----------- Singapore - 2.6% - ------------------------------------------------------------------------------- Hyflux Ltd. + 7,000 17,581 ----------- Spain - 5.1% - ------------------------------------------------------------------------------- Abertis Infraestructuras, SA + 800 18,052 Red Electrica Corporacion SA + 300 16,627 ----------- 34,679 ----------- Switzerland - 4.2% - ------------------------------------------------------------------------------- ABB Ltd.* + 1,500 28,688 ----------- United Kingdom - 4.4% - ------------------------------------------------------------------------------- National Grid PLC + 2,750 30,060 ----------- United States - 34.7% - -------------------------------------------------------------------------------- Aecom Technology Corp.* 1,050 28,875 American Tower Corp., Class A* 450 19,444 Fluor Corp. 450 20,268 ITC Holdings Corp. 350 18,231 Northeast Utilities 1,300 33,527 PG&E Corp. 350 15,628 Questar Corp. 600 24,942 Spectra Energy Corp. 1,200 24,612 The Williams Cos., Inc. 1,300 27,404 URS Corp.* 500 22,260 ----------- 235,191 ----------- See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments (Continued) Dynamic Infrastructure Fund December 31, 2009 (Unaudited) Market Value - ------------------------------------------------------------------------------- Total Common Stocks (Cost $510,476) $ 627,837 ----------- Principal Amount - ------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 6.8% - ------------------------------------------------------------------------------- PNC Bank Money Market Account, 0.05%**, due 01/04/10 $ 46,160 46,160 ----------- Total Short-Term Investments (Cost $46,160) 46,160 ----------- Total Investments - 99.5% (Cost $556,636)*** 673,997 Forward Foreign Exchange Contracts - (0.3)% (Unrealized depreciation) (2,013) Other Assets Less Liabilities - 0.8% 5,470 ----------- NET ASSETS - 100.0% $ 677,454 =========== Forward Foreign Exchange Contracts as of 12/31/2009 were as follows: Short Forward - --------------------------------------------------------------------- Unrealized Currency Currency Settlement Appreciation/ Purchased Sold Date Depreciation - --------------------------------------------------------------------- USD 71,714 CAD 75,000 1/26/2010 $ (1,705) USD 13,536 CHF 14,000 1/26/2010 (193) USD 78,843 EUR 55,000 1/26/2010 (105) USD 13,727 GBP 8,500 1/26/2010 (11) USD 7,828 SGD 11,000 1/26/2010 1 - --------------------------------------------------------------------- Total Unrealized $ (2,013) ============= - ---------- + Fair valued security. The aggregate value of fair valued securities is $392,646 comprising 57.96% of total net assets, which were valued pursuant to guidelines established by the Board of Trustees. GDR Global Depositary Receipt. * Non-income producing security. ** Current yield. *** Aggregate cost is $556,636. Sector Allocation % of Net Assets ----------------- --------------- Industrials 41.0% Utilities 32.5 Energy 12.8 Consumer Discretionary 3.5 Telecommunication Services 2.9 Cash and other 7.3 ---------- 100.0% ========== See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments Dynamic Contrarian Advantage Fund December 31, 2009 (Unaudited) Number of Market Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS - 95.1% - ------------------------------------------------------------------------------- Brazil - 3.1% - ------------------------------------------------------------------------------- Banco Santander Brasil SA 1,670 $ 23,280 ----------- Canada - 11.8% - ------------------------------------------------------------------------------- Bank of Nova Scotia 470 21,968 Brookfield Properties Corp. 1,690 20,483 Cameco Corp. 710 22,841 Suncor Energy Inc. 630 22,245 ----------- 87,537 ----------- France - 1.9% - ------------------------------------------------------------------------------- Unibail-Rodamco SE + 65 14,309 ----------- Ireland - 4.8% - ------------------------------------------------------------------------------- Accenture PLC, Class A 860 35,690 ----------- Israel - 6.5% - ------------------------------------------------------------------------------- Bezeq Israeli Telecommunication Corp., Ltd. + 9,800 24,675 Teva Pharmaceutical Industries Ltd. ADR 410 23,034 ----------- 47,709 ----------- Italy - 5.7% - ------------------------------------------------------------------------------- Atlantia SpA + 900 23,395 Terna - Rete Elettrica Nazionale SpA + 4,290 18,459 ----------- 41,854 ----------- Netherland Antilles - 5.0% - ------------------------------------------------------------------------------- Schlumberger Ltd. 570 37,101 ----------- Sweden - 3.0% - ------------------------------------------------------------------------------- Atlas Copco AB, Class A + 1,530 22,359 ----------- Switzerland - 5.9% - ------------------------------------------------------------------------------- Nestle SA + 450 21,863 Roche Holding AG + 130 22,115 ----------- 43,978 ----------- United Kingdom - 5.9% - ------------------------------------------------------------------------------- BHP Billiton PLC + 940 30,026 Bunzl PLC + 1,250 13,551 ----------- 43,577 ----------- United States - 41.5% - ------------------------------------------------------------------------------- Baxter International Inc. 260 15,257 Comcast Corp., Class A 830 13,994 Emerson Electric Co. 400 17,040 Microsoft Corp. 1,210 36,893 Nike, Inc., Class B 230 15,196 Norfolk Southern Corp. 410 21,491 Occidental Petroleum Corp. 450 36,607 Oracle Corp. 1,560 38,282 Philip Morris International Inc. 440 21,204 Royal Gold, Inc. 460 21,666 See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments (Continued) Dynamic Contrarian Advantage Fund December 31, 2009 (Unaudited) Number of Market Shares Value - ------------------------------------------------------------------------------- United States (continued) - ------------------------------------------------------------------------------- Simon Property Group, Inc. 231 $ 18,442 The Coca-Cola Co. 270 15,390 Visa Inc. Class A 410 35,859 ----------- 307,321 ----------- Total Common Stocks (Cost $589,406) 704,715 ----------- Number of Expiration Date/ contracts Exercise Price - ------------------------------------------------------------------------------- PUT OPTIONS PURCHASED - 0.4% - ------------------------------------------------------------------------------- SPDR Trust Series 1 2 Dec.10/$105 1,570 PowerShares QQQ 5 Jan.11/$42 1,475 Total Put Options Purchased ----------- (Cost $3,442) 3,045 ----------- Principal Amount - ------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 3.9% - ------------------------------------------------------------------------------- PNC Bank Money Market Account, 0.05%*, due 01/04/2010 $ 28,864 28,864 ----------- Total Short-Term Investments (Cost $28,864) 28,864 ----------- Total Investments - 99.4% (Cost $621,712)** 736,624 Put Options Written - (0.1)% (Premiums received $1,084) (914) Forward Foreign Exchange Contracts - 0.3% (Unrealized appreciation) 1,928 Other Assets Less Liabilities - 0.4% 3,113 ----------- NET ASSETS - 100.0% $ 740,751 =========== Put Options Written as of 12/31/2009 were as follows: - -------------- -------------------- ------------------- ----------------- Number of Expiration Date Market Contracts Put Options Written /Exercise Price Value - -------------- -------------------- ------------------- ----------------- 2 SPDR Trust Series 1 Dec.10/$80 $ 424 5 PowerShares QQQ Jan.11/$33 490 - -------------- -------------------- ------------------ ------------- Total (Premiums received $1,084) $ 914 ============= Forward Foreign Exchange Contracts as of 12/31/2009 were as follows: Long Forward - ---------------------- ------------------ ----------------- -------------------- Unrealized Currency Currency Settlement Appreciation/ Purchased Sold Date Depreciation - ---------------------- ------------------ ----------------- -------------------- EUR 5,000 USD 7,168 1/12/2010 (245) GBP 13,400 USD 21,642 1/12/2010 (192) - ---------------------- ------------------ ----------------- -------------------- Total Unrealized $ (437) =============== Short Forward - ---------------------- ------------------ ----------------- -------------------- Unrealized Currency Currency Settlement Appreciation/ Purchased Sold Date Depreciation - ---------------------- ------------------ ----------------- -------------------- USD 21,559 CHF 22,300 1/12/2010 $ 314 USD 34,405 EUR 24,000 1/12/2010 1,246 USD 54,105 GBP 33,500 1/12/2010 511 USD 11,961 ILS 45,300 1/12/2010 181 USD 5,591 SEK 40,000 1/12/2010 113 - ---------------------- ------------------ ----------------- -------------------- Total Unrealized $ 2,365 =============== - ---------- + Fair valued security. The aggregate value of fair valued securities is $190,752 comprising 25.77% of total net assets, which were valued pursuant to guidelines established by the Board of Trustees. ADR American Depositary Receipt. * Current yield. ** Aggregate cost is $621,712. See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments (Continued) Dynamic Contrarian Advantage Fund December 31, 2009 (Unaudited) Sector Allocation % of Net Assets - ----------------- --------------- Information Technology 19.8% Energy 16.0 Financial 13.3 Industrials 13.2 Health Care 8.2 Consumer Staples 7.9 Materials 7.0 Consumer Discretionary 3.9 Telecommunication Services 3.3 Utilities 2.5 Cash and other 4.9 ---------------- 100.0% ================ See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments Dynamic Discovery Fund December 31, 2009 (Unaudited) Number of Market Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS - 96.5% - ------------------------------------------------------------------------------- Austria - 3.0% - ------------------------------------------------------------------------------- ANDRITZ AG + 340 $ 19,629 ----------- Brazil - 3.0% - ------------------------------------------------------------------------------- Compagnia Vale do Rio Doce, Preferred Class A + 790 19,564 ----------- Canada - 7.2% - ------------------------------------------------------------------------------- Bank of Nova Scotia 400 18,696 CI Financial Corp.+ 700 14,725 Research In Motion Ltd.* 200 13,508 ----------- 46,929 ----------- France - 8.8% - ------------------------------------------------------------------------------- JC Decaux SA* + 700 16,972 Pernod Ricard SA + 265 22,763 Vallource SA + 100 18,189 ----------- 57,924 ----------- Germany - 3.0% - ------------------------------------------------------------------------------- Wincor Nixdorf AG + 290 19,781 ----------- Ireland - 5.1% - ------------------------------------------------------------------------------- Accenture PLC, Class A 800 33,200 ----------- Israel - 8.9% - ------------------------------------------------------------------------------- Frutarom Industries Ltd. + 2,500 20,752 Strauss Group Ltd. + 1,600 23,825 Teva Pharmaceutical Industries Ltd. ADR 250 14,045 ----------- 58,622 ----------- Italy - 3.8% - ------------------------------------------------------------------------------- Newron Pharmaceuticals SpA* + 600 10,855 Terna - Rete Elettrica Nazionale SpA + 3,200 13,769 ----------- 24,624 ----------- Switzerland - 12.0% - ------------------------------------------------------------------------------- Rieter Holding AG* + 90 20,239 Schindler Holding AG, Participation Certificates + 210 16,110 Schweiter Technologies AG + 80 42,011 ----------- 78,360 ----------- United Kingdom - 3.8% - ------------------------------------------------------------------------------- The Weir Group PLC + 2,200 25,218 ----------- United States - 37.9% - ------------------------------------------------------------------------------- Apache Corp. 370 38,173 Cisco Systems, Inc.* 1,000 23,940 Dresser-Rand Group Inc.* 560 17,702 Globe Specialty Metals Inc.* 2,200 20,680 Lorillard, Inc. 140 11,232 National Oilwell Varco Inc. 280 12,345 Occidental Petroleum Corp. 480 39,048 Oracle Corp. 1,360 33,374 Royal Gold, Inc. 340 16,014 Visa Inc., Class A 410 35,859 ----------- 248,367 ----------- Total Common Stocks (Cost $496,205) 632,218 ----------- See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments (Continued) Dynamic Discovery Fund December 31, 2009 (Unaudited) Number of Market Shares Value - ------------------------------------------------------------------------------- WARRANTS - 0.6% - ------------------------------------------------------------------------------- Canada - 0.6% - ------------------------------------------------------------------------------- Kinross Gold Corp., Expire 09/03/13* 1,050 $ 3,986 ----------- Total Warrants (Cost $4,292) 3,986 ----------- Number of Expiration Date/ contracts Exercise Price - ------------------------------------------------------------------------------- PUT OPTIONS PURCHASED - 0.4% - ------------------------------------------------------------------------------- SPDR Trust Series 1 2 Dec.10/$105 1,570 PowerShares QQQ 4 Jan.11/$42 1,180 Total Put Options Purchased ------------ (Cost $3,110) 2,750 ------------ Principal Amount - ------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 1.8% - ------------------------------------------------------------------------------- PNC Bank Money Market Account, 0.05%**, due 01/04/2010 $ 11,961 11,961 ----------- Total Short-Term Investments (Cost $11,961) 11,961 ----------- Total Investments - 99.2% (Cost $515,568)*** 650,915 Put Options Written ++ - (0.1)% (Premiums received $974) (816) Forward Foreign Exchange Contracts - 0.5% (Unrealized appreciation) 3,409 Other Assets Less Liabilities - 0.4% 2,334 ----------- NET ASSETS - 100.0% $ 655,842 =========== Put Options Written as of 12/31/2009 were as follows: - -------------- -------------------- ------------------ ------------- Number of Expiration Date/ Market Contracts Put Options Written Exercise Price Value - -------------- -------------------- -------------------------------------- 2 SPDR Trust Series 1 Dec.10/$80 $ 424 4 PowerShares QQQ Jan.11/$33 392 - -------------- -------------------- ------------------ ------------- Total (Premiums received $974) $ 816 ============= Forward Foreign Exchange Contracts as of 12/31/2009 were as follows: Short Forward - ---------------------- -------------------- ---------------- --------------- Unrealized Currency Currency Settlement Appreciation/ Purchased Sold Date Depreciation - ---------------------- -------------------- ---------------- --------------- USD 4,769 CAD 5,000 1/12/2010 $ (29) USD 45,469 CHF 47,000 1/12/2010 824 USD 51,650 EUR 36,000 1/12/2010 1,988 USD 19,538 GBP 12,100 1/12/2010 213 USD 20,168 ILS 76,400 1/12/2010 413 - ---------------------- -------------------- ---------------- --------------- Total Unrealized $ 3,409 =============== - ---------- + Fair valued security. The aggregate value of fair valued securities is $304,402 comprising 46.41% of total net assets, which were valued pursuant to guidelines established by the Board of Trustees. ADR American Depositary Receipt. * Non-income producing security. ** Current yield. *** Aggregate cost is $515,568. Sector Allocation % of Net Assets ----------------- --------------- Information Technology 24.3% Industrials 18.5 Energy 16.4 Materials 12.3 Consumer Staples 8.8 Consumer Discretionary 5.7 Financial 5.1 Health Care 3.8 Utilities 2.1 Cash and other 3.0 ------------ 100.0% ============ See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments Dynamic Gold and Precious Metals Fund December 31, 2009 (Unaudited) Number of Market Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS - 91.0% - -------------------------------------------------------------------------------- Australia - 11.5% - -------------------------------------------------------------------------------- Andean Resources Ltd.* + 25,800 $ 59,205 Perseus Mining Ltd.* + 15,000 23,558 Sandfire Resources NL* + 800 2,619 Silver Lake Resources Ltd.* + 2,500 2,348 ----------- 87,730 ----------- Canada - 72.4% - -------------------------------------------------------------------------------- Agnico-Eagle Mines Ltd. 560 30,240 Alamos Gold Inc.* + 3,300 39,631 ATAC Resources Ltd.*+ 1,400 1,914 Aurizon Mines Ltd.* + 6,800 30,754 Barrick Gold Corp. 700 27,566 Brett Resources Inc.* + 7,300 12,424 Clifton Star Resources Inc.* + 900 3,855 Eldorado Gold Corp.* 2,500 35,425 International Tower Hill Mines Ltd.* 3,850 27,335 Keegan Resources Inc.* + 4,550 28,844 Kinross Gold Corp. 1,400 25,760 Kirkland Lake Gold Inc.* + 1,400 11,994 Osisko Mining Corp.* + 5,000 40,446 Premier Gold Mines Ltd.* + 10,000 39,968 Rainy River Resources Ltd.* + 10,000 38,055 Red Back Mining Inc.* + 3,500 50,198 Romarco Minerals Inc.* + 700 1,171 Sabina Silver Corp.* + 7,500 8,892 San Gold Corp.* + 25,000 87,250 StrikePoint Gold Inc.* + 25,000 9,562 Unigold Inc.* + 10,000 2,582 ----------- 553,866 ----------- United States - 7.1% - -------------------------------------------------------------------------------- Allied Nevada Gold Corp.* 2,000 30,368 Royal Gold, Inc. 500 23,550 ----------- 53,918 ----------- Total Common Stocks (Cost $455,456) 695,514 ----------- GOLD CERTIFICATES - 7.2% - -------------------------------------------------------------------------------- Canadian Gold Certificates - 7.2% - -------------------------------------------------------------------------------- ScotiaBank Gold Certificates 50 54,848 ----------- Total Gold Certificates (Cost $43,750) 54,848 ----------- See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments (Continued) Dynamic Gold and Precious Metals Fund December 31, 2009 (Unaudited) Principal Market Amount Value - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 1.6% - -------------------------------------------------------------------------------- PNC Bank Money Market Account, 0.05%**, due 01/04/2010 $ 12,380 $ 12,380 Total Short-Term Investments (Cost $12,380) 12,380 ----------- Total Investments - 99.8% (Cost $511,586)*** 762,742 Other Assets Less Liabilities - 0.2% 1,889 ----------- NET ASSETS - 100.0% $ 764,631 =========== - ---------- + Fair valued security. The aggregate value of fair valued securities is $495,270 comprising 64.77% of total net assets, which were valued pursuant to guidelines established by the Board of Trustees. * Non-income producing security. ** Current yield. *** Aggregate cost is $511,586. Sector Allocation % of Net Assets ----------------- --------------- Materials 91.0% Gold 7.2 Cash and other 1.8 ---------------- 100.0% ================ See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments Dynamic U.S. Growth Fund December 31, 2009 (Unaudited) Number of Market Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS - 99.3% - -------------------------------------------------------------------------------- Consumer Discretionary - 28.9% - -------------------------------------------------------------------------------- Amazon.com, Inc.* 800 $ 107,616 DreamWorks Animation SKG, Inc.* 1,000 39,950 J. Crew Group, Inc.* 1,400 62,636 Netflix, Inc.* 600 33,084 priceline.com Inc.* 400 87,400 Urban Outfitters, Inc.* 1,800 62,982 ----------- 393,668 ----------- Health Care - 17.8% - -------------------------------------------------------------------------------- Alexion Pharmaceuticals, Inc.* 800 39,056 Cerner Corp.* 700 57,708 Human Genome Sciences, Inc* 1,400 42,840 Intuitive Surgical, Inc* 200 60,664 Life Technologies Corp.* 800 41,784 ----------- 242,052 ----------- Industrials - 4.5% - -------------------------------------------------------------------------------- American Superconductor Corp.* 1,500 61,350 ----------- Information Technology - 48.1% - -------------------------------------------------------------------------------- Apple, Inc.* 600 126,516 Atheros Communications, Inc.* 1,400 47,936 Cree, Inc.* 1,000 56,370 F5 Networks, Inc.* 1,600 84,768 Google, Inc., Class A* 100 61,998 NetApp, Inc.* 2,200 75,658 Netlogic Microsystems, Inc.* 1,300 60,138 Salesforce.com, Inc.* 1,000 73,770 VMware, Inc., Class A* 1,600 67,808 ----------- 654,962 ----------- Total Common Stocks (Cost $1,222,582) 1,352,032 ----------- Principal Amount - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 49.4% - -------------------------------------------------------------------------------- PNC Bank Money Market Account, 0.05%**, due 01/04/2010 $ 671,577 671,577 ----------- Total Short-Term Investments (Cost $671,577) 671,577 ----------- Total Investments - 148.7% (Cost $1,894,159)*** 2,023,609 Liabilities in Excess of Other Assets - (48.7%) (663,195) ----------- NET ASSETS - 100.0% $ 1,360,414 =========== - ---------- * Non-income producing security. ** Current Yield. *** Aggregate cost is $1,894,159. Sector Allocation % of Net Assets ----------------- --------------- Information Technology 48.2% Consumer Discretionary 28.9 Health Care 17.8 Industrials 4.5 Financials 0.0 Consumer Staples 0.0 Utilities 0.0 Energy 0.0 Materials 0.0 Telecommunication Services 0.0 Cash and other 0.6 ------------- 100.0% ============= See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments Dynamic Energy Income Fund December 31, 2009 (Unaudited) Number of Market Shares/Units Value - -------------------------------------------------------------------------------- COMMON STOCKS - 93.1% - -------------------------------------------------------------------------------- Canada - 89.6% - -------------------------------------------------------------------------------- AltaGas Income Trust* + 1,800 $ 32,357 ARC Energy Trust*+ 3,400 64,824 Baytex Energy Trust*+ 2,300 65,315 Bonavista Energy Trust*+ 3,000 63,967 Canadian Oil Sands Trust*+ 2,300 65,777 Crescent Point Energy Corp.+ 1,700 64,190 Daylight Resources Trust*+ 3,700 36,050 Enerplus Resources Fund*+ 1,400 32,408 Fort Chicago Energy Partners LP, Class A+ 3,400 32,444 Freehold Royalty Trust*+ 1,100 15,871 Keyera Facilities Income Fund*+ 1,512 35,373 NAL Oil & Gas Trust*+ 2,700 35,472 Northland Power Income Fund*+ 3,200 36,533 Pembina Pipeline Income Fund*+ 2,100 35,179 Progress Energy Resources Corp.+ 1,200 16,236 Vermilion Energy Trust*+ 2,100 65,097 Zargon Energy Trust*+ 2,000 36,812 ----------- 733,905 ----------- United States - 3.5% - -------------------------------------------------------------------------------- Spectra Energy Corp. 1,400 28,714 ------------ Total Common Stocks (Cost $654,552) 762,619 ----------- Principal Amount - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 18.0% - -------------------------------------------------------------------------------- PNC Bank Money Market Account, 0.05%**, due 01/04/2010 $ 147,802 147,802 ----------- Total Short-Term Investments (Cost $147,802) 147,802 ----------- Total Investments - 111.1% (Cost $802,354)*** 910,421 Liabilities in Excess of Other Assets - (11.1%) (91,026) ----------- NET ASSETS - 100.0% $ 819,395 =========== - ---------- + Fair valued security. The aggregate value of fair valued securities is $733,905 comprising 89.6% of total net assets, which were valued pursuant to guidelines established by the Board of Trustees. * Denoted in units. ** Current yield. *** Aggregate cost is $802,354. Sector Allocation % of Net Assets ----------------- --------------- Energy 88.6% Utilities 4.5 Telecommunication Services 0.0 Financials 0.0 Cash and other 6.9 -------------- 100.0% ============== See Notes to Schedule of Investments DundeeWealth Funds (formerly known as BHR Institutional Funds) Dynamic Infrastructure Fund, Dynamic Contrarian Advantage Fund, Dynamic Discovery Fund, Dynamic Gold & Precious Metals Fund, Dynamic U.S. Growth Fund and Dynamic Energy Income Fund Notes to Schedule of Investments December 31, 2009 (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 with maturities of 60 days or less are carried at amortized cost, which approximates market 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 which are primarily traded in foreign markets, except for those that trade primarily in Latin America or South America, are generally valued at the preceding closing values of such securities on their respective exchanges. Securities which are primarily traded in Latin American or South American markets are valued each day at approximately the time of close of regular trading on the New York Stock Exchange. When the New York Stock Exchange is open, but the foreign market in which a security primarily trades is closed, the security will generally be valued at the last available closing value (subject to the Fair Value Pricing Procedures adopted by the Board of Trustees) using the prevailing exchange rate. 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. 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 Goodman & Company NY, Ltd.'s (the "Sub-Adviser" or "Goodman") 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 worse positions than if they had not used such strategies. The Funds are 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 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 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 DundeeWealth Funds Dynamic Infrastructure Fund, Dynamic Contrarian Advantage Fund, Dynamic Discovery Fund, Dynamic Gold & Precious Metals Fund, Dynamic U.S. Growth Fund and Dynamic Energy Income Fund Notes to Schedule of Investments (Continued) December 31, 2009 (Unaudited) 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 commodity pool operators 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 DundeeWealth US, LP's ( the "Adviser" or "DundeeWealth US") or Goodman's ability 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' exposures to price fluctuations, while others tend to increase their market exposure. There were no open futures contracts or options on futures at December 31, 2009 for any of the Funds. Forward Foreign Exchange Contracts - The Funds may engage in forward foreign 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. Forward foreign exchange contracts for the Dynamic Infrastructure Fund, Dynamic Contrarian Advantage Fund, and Dynamic Discovery Fund at December 31, 2009 are presented within the Schedule of Investments. These open derivative instruments as of December 31, 2009 are also indicative of activity for the year ended September 30, 2009. 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 Sub-Adviser determines is appropriate in seeking the Fund's investment objective, and except as restricted by each 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 DundeeWealth Funds Dynamic Infrastructure Fund, Dynamic Contrarian Advantage Fund, Dynamic Discovery Fund, Dynamic Gold & Precious Metals Fund, Dynamic U.S. Growth Fund and Dynamic Energy Income Fund Notes to Schedule of Investments (Continued) December 31, 2009 (Unaudited) 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 a 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. Option positions for the Dynamic Contrarian Advantage Fund and Dynamic Discovery Fund at December 31, 2009 are presented within the Schedule of Investments. These open derivative instruments as of December 31, 2009 are also indicative of activity for the year ended September 30, 2009. The following is a table summarizing the fair value of derivatives held at December 31, 2009 by primary risk exposure:
Asset Derivatives -------------------------------------------- Total Value at Foreign December 31, 2009 Equity Contracts Exchange Contracts - --------------------------------------------------------------------------------------------------------------- Dynamic Infrastructure Fund $ -- $ -- $ -- Dynamic Contrarian Advantage Fund $ 2,365.00 $ -- $ 2,365.00 Dynamic Discovery Fund $ 3,409.00 $ -- $ 3,409.00 -------------------------------------------------------------------- Total $ 5,774.00 $ -- $ 5,774.00 ==================================================================== Liability Derivatives -------------------------------------------- Total Value at Foreign December 31, 2009 Equity Contracts Exchange Contracts - --------------------------------------------------------------------------------------------------------------- Dynamic Infrastructure Fund $ (2,013.00) $ -- $ (2,013.00) Dynamic Contrarian Advantage Fund $ (1,351.00) $ (914.00) $ (437.00) Dynamic Discovery Fund $ (816.00) $ (816.00) $ -- -------------------------------------------------------------------- Total $ (4,180.00) $ (1,730.00) $ (2,450.00) ====================================================================
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 valuation of the Funds' investments as of December 31, 2009 is as follows:
Dynamic Dynamic Dynamic Gold & Infrastructure Contrarian Dynamic Precious Metals Fund Advantage Fund Discovery Fund Fund -------------- -------------- -------------- --------------- Level 1: Quoted Prices Common Stocks Market Value: Brazil -- $ 23,280 -- Canada -- 87,537 $ 32,204 $ 146,326 Ireland -- 35,690 33,200 -- Israel -- 23,034 14,045 -- Netherland Antilles -- 37,101 -- -- United States $ 235,191 307,321 248,367 53,918 Gold Certificates Market Value: Canadian Gold Certificates -- -- -- 54,848 Warrants Market Value: Canada -- -- 3,986 -- Short-term Investments Market Value: 46,160 28,864 11,961 12,380 - ----------------------------------------------------------------------------------------------------------------------------------- Total Level 1 Market Value of Investments $ 281,351 $ 542,827 $ 343,763 $ 267,472 - ----------------------------------------------------------------------------------------------------------------------------------- Level 2: Other Significant Observable Inputs Common Stocks Market Value: Australia -- -- -- $ 87,730 Austria $ 17,319 -- $ 19,629 -- Brazil -- -- 19,564 -- Canada 138,078 -- 14,725 407,540 France 55,341 $ 14,309 57,924 -- Germany -- -- 19,781 -- India 7,251 -- -- -- Israel -- 24,675 44,577 -- Italy 40,105 41,854 24,624 -- Luxembourg 23,544 -- -- -- Singapore 17,581 -- -- -- Spain 34,679 -- -- -- Sweden -- 22,359 -- -- Switzerland 28,688 43,978 78,360 -- United Kingdom 30,060 43,577 25,218 -- Options Purchased Market Value -- 3,045 2,750 -- - ----------------------------------------------------------------------------------------------------------------------------------- Total Level 2 Market Value of Investments $ 392,646 $ 193,797 $ 307,152 $ 495,270 - ----------------------------------------------------------------------------------------------------------------------------------- Total Market Value of Investments $ 673,997 $ 736,624 $ 650,915 $ 762,742 Level 2: Other Significant Observable Inputs Other Financial Instruments Unrealized Appreciation: * Forward Foreign Exchange Contracts $ 1 $ 2,365 $ 3,438 -- Other Financial Instruments Unrealized Depreciation: * Put Options Written -- (914) (816) -- Forward Foreign Exchange Contracts (2,014) (437) (29) -- - ----------------------------------------------------------------------------------------------------------------------------------- Total Level 2 Unrealized Appreciation/ Depreciation of Other Financial Instruments $ (2,013) $ 1,014 $ 2,593 $ -- - -----------------------------------------------------------------------------------------------------------------------------------
* 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 net asset value, the Funds utilize fair value model prices for international equities provided by an independent service resulting in a Level 2 classification.
Dynamic U.S. Dynamic Energy Growth Fund * Income Fund ** Level 1 - Quoted Prices $ 2,023,609 $ 176,516 Level 2 - Other Significant Observable Inputs -- 733,905 ----------- ----------- Total Market Value of Investments $ 2,023,609 $ 910,421 ----------- -----------
* Level 1 securities for Dynamic U.S. Growth Fund consist of common stocks and the PNC Bank Money Market Account as disclosed in the Schedule of Investments. ** Level 1 securities for Dynamic Energy Income Fund are Spectra Energy Corp. and the PNC Bank Money Market Account as disclosed in the Schedule of Investments. Level 2 securities consist of Canadian common stocks as disclosed in the Schedule of Investments. There were no Level 3 investments held at September 30, 2009 or December 31, 2009 for any of the Dynamic Funds. DundeeWealth Funds Dynamic Infrastructure Fund, Dynamic Contrarian Advantage Fund, Dynamic Discovery Fund, Dynamic Gold & Precious Metals Fund, Dynamic U.S. Growth Fund and Dynamic Energy Income Fund Notes to Schedule of Investments (Continued) December 31, 2009 (Unaudited) NOTE C. Tax Disclosure - No provision for Federal income taxes is required since the Funds intend to continue to comply with all requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their taxable income and capital gains to shareholders. Federal income tax regulations differ from accounting principles generally accepted in the United States of America; 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 December 31, 2009. The cost, unrealized appreciation and depreciation, which are book figures that approximate Federal income tax basis at December 31, 2009 for the Funds, are as follows:
Net Unrealized Cost/ Unrealized Unrealized Appreciation/ Fund Premiums Appreciation Depreciation Depreciation - ---------------------------------------------------------------------------------------------------------------- Dynamic Infrastructure Fund Investments $ 556,636 $ 118,521 $ (1,160) $ 117,361 Forward foreign exchange contracts -- 1 (2,014) (2,013) Dynamic Contrarian Advantage Fund Investments 621,712 116,198 (1,286) 114,912 Written options 1,084 170 -- 170 Forward foreign exchange contracts -- 2,448 (520) 1,928 Dynamic Discovery Fund Investments 515,568 137,077 (1,730) 135,347 Written options 974 158 -- 158 Forward foreign exchange contracts -- 3,438 (29) 3,409 Dynamic Gold & Precious Metals Fund 511,586 253,676 (2,520) 251,156 Dynamic U.S. Growth Fund 1,894,159 130,087 (637) 129,450 Dynamic Energy Income Fund 802,354 108,159 (92) 108,067
For additional information regarding the accounting policies of the Funds, refer to the most recent financial statements in the N-CSR filing at www.sec.gov. DundeeWealth Funds (formerly known as BHR Institutional Funds) Schedule of Investments JOHCM International Select Fund December 31, 2009 (Unaudited) Number of Market Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS - 97.4% - -------------------------------------------------------------------------------- Australia - 5.1% - -------------------------------------------------------------------------------- Ausenco Ltd. + 100,770 $ 406,569 OZ Minerals, Ltd.* + 408,431 427,075 ----------- 833,644 ----------- Bermuda - 2.4% - -------------------------------------------------------------------------------- Seadrill Ltd. + 15,891 402,525 ----------- Brazil - 2.5% - -------------------------------------------------------------------------------- Petroleo Brasileiro SA ADR 8,783 418,773 ----------- Canada - 2.5% - -------------------------------------------------------------------------------- Equinox Minerals Ltd.* + 108,594 415,443 ----------- Cayman Islands - 2.5% - -------------------------------------------------------------------------------- Subsea 7 Inc. * + 24,681 410,537 China - 10.1% - -------------------------------------------------------------------------------- Zhaojin Mining Industry Co. Ltd., Class H + 208,000 410,794 Zhuzhou CSR Times Electric Co. Ltd., Class H + 209,000 424,949 Zijin Mining Group Co. Ltd., Class H + 426,000 403,128 ZTE Corp., Class H + 68,800 420,356 ----------- 1,659,227 ----------- France - 2.7% - -------------------------------------------------------------------------------- Etam Developpement SA* + 17,551 444,323 ----------- Germany - 12.3% - -------------------------------------------------------------------------------- Biotest AG + 7,878 389,388 Deutsche Boerse AG + 5,005 416,122 Freenet AG* + 30,118 405,010 Infineon Technologies AG* + 75,534 416,990 Symrise AG+ 18,347 393,662 ----------- 2,021,172 ----------- Indonesia - 5.1% - -------------------------------------------------------------------------------- PT Bank Rakyat Indonesia + 514,000 415,322 PT United Tractors Tbk + 252,728 417,871 ----------- 833,193 ----------- Ireland - 2.5% - -------------------------------------------------------------------------------- Experian plc + 40,864 403,965 ----------- Japan - 9.6% - -------------------------------------------------------------------------------- DENKI KAGAKU KOGYO KABUSHIKI KAISHA + 84,000 375,644 Japan Securities Finance Co., Ltd. + 55,200 422,813 Osaka Securities Exchange Co., Ltd. + 83 393,554 Sysmex Corp. + 7,500 391,453 ----------- 1,583,464 ----------- Luxembourg - 2.5% - -------------------------------------------------------------------------------- Acergy SA + 26,100 411,568 ----------- Netherlands - 9.9% - -------------------------------------------------------------------------------- CSM NV + 15,460 407,123 Delta Lloyd NV* + 16,915 410,526 Koninklijke (Royal) KPN NV + 23,917 405,672 Wolters Kluwer NV + 18,212 399,173 ----------- 1,622,494 ----------- Norway - 5.0% - -------------------------------------------------------------------------------- Petroleun Geo-Services ASA* + 35,761 406,094 Statoil ASA + 16,400 409,078 ----------- 815,172 Switzerland - 7.7% - -------------------------------------------------------------------------------- Dufry AG* + 6,163 418,202 STMicroelectronics NV + 46,256 419,426 Temenos Group AG* + 16,398 423,035 ----------- 1,260,663 ----------- See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments (Continued) JOHCM International Select Fund December 31, 2009 (Unaudited) Number of Market Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (Continued) - -------------------------------------------------------------------------------- Turkey - 2.5% - -------------------------------------------------------------------------------- Albaraka Turk + 274,240 $ 404,402 ----------- United Kingdom - 10.1% - -------------------------------------------------------------------------------- Intermediate Capital Group PLC + 94,289 416,943 Kier Group PLC + 25,348 420,592 Man Group PLC + 83,258 409,551 Tate & Lyle PLC + 58,906 409,674 ----------- 1,656,760 ----------- United States - 2.4% - -------------------------------------------------------------------------------- Virgin Media, Inc. 23,792 400,419 ----------- Total Common Stocks (Cost $15,192,111) 15,997,744 ----------- Principal Amount - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 2.5% - -------------------------------------------------------------------------------- PNC Bank Money Market Account, 0.05%**, due 01/04/10 $ 410,242 410,242 ----------- Total Short-Term Investments (Cost $410,242) 410,242 ----------- Total Investments - 99.9% (Cost $15,602,353)*** 16,407,986 Other Assets Less Liabilities - 0.1% 11,720 ----------- NET ASSETS - 100.0% $16,419,706 =========== - ---------- + Fair valued security. The aggregate value of fair valued securities is $15,178,552 comprising 92.44% of net assets, which were valued pursuant to guidelines established by the Board of Trustees. ADR American Depositary Receipt. * Non-income producing security. ** Current yield. *** Aggregate cost is $15,602,353. Sector Allocation % of Net Assets ----------------- --------------- Financials 20.0% Energy 15.0 Materials 14.8 Industrials 12.6 Information Technology 10.2 Consumer Discretionary 10.1 Consumer Staples 5.0 Telecommunications 4.9 Health Care 4.8 Cash and other 2.6 ----------- 100.0% =========== See Notes to Schedule of Investments DundeeWealth Funds (formerly known as BHR Institutional Funds) JOHCM International Select Fund Notes to Schedule of Investments December 31, 2009 (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 with maturities of 60 days or less are carried at amortized cost, which approximates market 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 which are primarily traded in foreign markets, except for those that trade primarily in Latin America or South America, are generally valued at the preceding closing values of such securities on their respective exchanges. Securities which are primarily traded in Latin American or South American markets are valued each day at approximately the time of close of regular trading on the New York Stock Exchange. When the New York Stock Exchange is open, but the foreign market in which a security primarily trades is closed, the security will generally be valued at the last available closing value (subject to the Fair Value Pricing Procedures adopted by the Board of Trustees) using the prevailing exchange rate. 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. 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 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 Fund may leave the Fund in a worse position than if it had not used such strategies. 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 and in the tables to follow. 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, 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. The 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 Trading Commission ("CFTC"). The Fund 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 Fund, such use will be in accordance with Rule 4.5 of the Commodity Exchange Act ("CEA"). The Trust, on behalf of the Fund, has DundeeWealth Funds JOHCM International Select Fund Notes to Schedule of Investments (Continued) December 31, 2009 (Unaudited) 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 Fund is not subject to registration or regulation as a commodity pool operator under the CEA. There are significant risks associated with the Fund's use of futures contracts and related options, including the following: (i) the success of a hedging strategy may depend on DundeeWealth US, LP's ( the "Adviser" or "DundeeWealth US") or JO Hambro's ability 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 the 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 Fund's exposure to price fluctuations, while others tend to increase its market exposure. There were no open futures contracts or options on futures at December 31, 2009. Forward Foreign Exchange Contracts - The Fund may engage in forward foreign 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 recommend, 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. There were no open forward foreign exchange contracts at December 31, 2009. 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 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. 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; DundeeWealth Funds JOHCM International Select Fund Notes to Schedule of Investments (Continued) December 31, 2009 (Unaudited) (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. There were no open options contracts at December 31, 2009. 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 assumption 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 valuation of the Fund's investments as of December 31, 2009 is as follows: Level 1: Quoted Prices Common Stocks Market Value: Brazil $ 418,773 United States 400,419 Short-term Investments Market Value: 410,242 - -------------------------------------------------------------------------------- Total Level 1 Market Value of Investments $ 1,229,434 - -------------------------------------------------------------------------------- Level 2: Other Significant Observable Inputs Common Stocks Market Value: Australia $ 833,644 Bermuda 402,525 Canada 415,443 Cayman Islands 410,537 China 1,659,227 France 444,323 Germany 2,021,172 Indonesia 833,193 Ireland 403,965 Japan 1,583,464 Luxembourg 411,568 Netherlands 1,622,494 Norway 815,172 Switzerland 1,260,663 Turkey 404,402 United Kingdom 1,656,760 - -------------------------------------------------------------------------------- Total Level 2 Market Value of Investments $15,178,552 - -------------------------------------------------------------------------------- Total Market Value of Investments $16,407,986 ================================================================================ There were no Level 3 investments held at September 30, 2009 or December 31, 2009. To adjust for the time difference between local market close and the calculation of the net asset value, the Fund utilizes fair value model prices for international equities provided by an independent service resulting in a Level 2 classification. NOTE C. Tax Disclosure - No provision for Federal income taxes is required since the Fund intends to continue to comply with all requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their taxable income and capital gains to shareholders. Federal income tax regulations differ from accounting principles generally accepted in the United States of America; 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 December 31, 2009. The cost, unrealized appreciation and depreciation, which are book figures that approximate Federal income tax basis at December 31, 2009 for the Fund, are as follows:
Net Unrealized Unrealized Unrealized Cost Appreciation Depreciation Appreciation - ------------------------------------------------------------------------------------------------------------------ JOHCM International Select Fund $ 15,192,111 $ 1,057,571 $ (251,938) $ 805,633
For additional information regarding the accounting policies of the Fund, refer to the most recent financial statements in the N-CSR filing at www.sec.gov. DundeeWealth Funds (formerly known as BHR Institutional Funds) Schedule of Investments Mount Lucas U.S. Focused Equity Fund December 31, 2009 (Unaudited) Number of Market Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS - 98.7% - -------------------------------------------------------------------------------- Consumer Discretionary - 28.0% - -------------------------------------------------------------------------------- Amazon.com, Inc.* 393 $ 52,866 Apollo Group, Inc., Class A* 494 29,927 AutoZone, Inc.* 497 78,561 Bed Bath & Beyond Inc.* 1,052 40,639 Darden Restaurants, Inc. 4,954 173,737 Family Dollar Stores, Inc. 2,615 72,775 H&R Block Inc. 1,834 41,485 O'Reilly Automotive, Inc.* 802 30,572 Pulte Homes, Inc.* 3,326 33,260 RadioShack Corp. 9,732 189,774 The Home Depot, Inc. 5,593 161,806 Wyndham Worldwide Corp. 17,959 362,233 ----------- 1,267,635 ----------- Consumer Staples - 0.9% - -------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 718 38,377 ----------- Energy - 21.6% - -------------------------------------------------------------------------------- ConocoPhillips 3,102 158,419 Marathon Oil Corp. 6,278 195,998 Southwestern Energy Co.* 1,364 65,745 Sunoco, Inc. 6,095 159,080 Tesoro Corp. 19,382 262,626 Valero Energy Corp. 7,934 132,895 ----------- 974,763 ----------- Financials - 0.8% - -------------------------------------------------------------------------------- Hudson City Bancorp, Inc. 2,487 34,147 ----------- Health Care - 6.8% - -------------------------------------------------------------------------------- Amgen Inc.* 652 36,884 Celgene Corp.* 735 40,925 Gilead Sciences, Inc.* 809 35,013 UnitedHealth Group, Inc. 6,419 195,651 ----------- 308,473 ----------- Industrials - 17.8% - -------------------------------------------------------------------------------- Goodrich Corp. 3,204 205,857 Ingersoll-Rand plc 6,744 241,031 L-3 Communications Holdings, Inc. 1,954 169,900 Ryder System, Inc. 4,602 189,464 ----------- 806,252 ----------- Information Technology - 4.5% - -------------------------------------------------------------------------------- McAfee, Inc. * 778 31,563 Xerox Corp. 20,470 173,176 ----------- 204,739 ----------- See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments (Continued) Mount Lucas U.S. Focused Equity Fund December 31, 2009 (Unaudited) Number of Market Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (Continued) - -------------------------------------------------------------------------------- Materials - 15.0% - -------------------------------------------------------------------------------- Eastman Chemical Co. 4,168 $ 251,080 The Dow Chemical Co. 7,721 213,331 United States Steel Corp. 3,898 214,858 ----------- 679,269 ----------- Telecommunication Services - 3.3% - -------------------------------------------------------------------------------- Verizon Communications Inc. 4,491 148,787 ----------- Total Common Stocks (Cost $3,655,367) 4,462,442 ----------- Principal Amount - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.9% - -------------------------------------------------------------------------------- PNC Bank Money Market Account, 0.05%**, due 01/04/2010 $ 40,782 40,782 ----------- Total Short-Term Investments (Cost $40,782) 40,782 ----------- Total Investments - 99.6% (Cost $3,696,149)*** 4,503,224 Other Assets Less Liabilities - 0.4% 18,699 ----------- NET ASSETS - 100.0% $ 4,521,923 =========== - ---------- * Non-income producing security. ** Current yield. *** Aggregate cost is $3,696,149. Sector Allocation % of Net Assets ----------------- --------------- Consumer Discretionary 28.0% Energy 21.6 Industrials 17.8 Materials 15.0 Health Care 6.8 Information Technology 4.5 Telecommunication Services 3.3 Consumer Staples 0.9 Financials 0.8 Cash and other 1.3 -------------- 100.0% ============== See Notes to Schedule of Investments DundeeWealth Funds (formerly known as BHR Institutional Funds) Mt. Lucas U.S. Focused Equity Fund Notes to Schedule of Investments December 31, 2009 (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 with maturities of 60 days or less are carried at amortized cost, which approximates market 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. 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 Corp.'s (the "Sub-Adviser" or "Mt. 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. 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 and in the tables to follow. 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, 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. The 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 Trading Commission. The Fund 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 Fund, such use will be in accordance with Rule 4.5 of the Commodity Exchange Act ("CEA"). The Trust, on behalf of the Fund, 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 Fund is not subject to registration or regulation as a commodity pool operator under the CEA. There are significant risks associated with the Fund's use of futures contracts and related options, including the following: (i) the success of a hedging strategy may depend on DundeeWealth US, LP's, the Adviser, or Mt. Lucas' ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest DundeeWealth Funds Mt. Lucas U.S. Focused Equity Fund Notes to Schedule of Investments (Continued) December 31, 2009 (Unaudited) rates, (ii) there may be an imperfect or no correlation between the changes in market value of the securities held by the 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 Fund's exposure to price fluctuations, while others tend to increase its market exposure. There were no open futures contracts or options on futures at December 31, 2009. 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 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. 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. There were no open options contracts at December 31, 2009. 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 assumption 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 valuation of the Fund's investments as of December 31, 2009 is as follows: Level 1 - Quoted Prices* $ 4,503,224 ------------ Total Market Value of Investments $ 4,503,224 ============ - ---------- * Level 1 securities consist of common stocks and short-term investments as disclosed in the Schedule of Investments. There were no Level 2 or 3 investments held at September 30, 2009 or December 31, 2009. NOTE C. Tax Disclosure - No provision for Federal income taxes is required since the Fund intends to continue to comply with all requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its taxable income and capital gains to shareholders. Federal income tax regulations differ from accounting principles generally accepted in the United States of America; therefore, DundeeWealth Funds Mt. Lucas U.S. Focused Equity Fund Notes to Schedule of Investments (Continued) December 31, 2009 (Unaudited) 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 December 31, 2009. The cost, unrealized appreciation and depreciation, which are book figures that approximate Federal income tax basis at December 31, 2009 for the Fund, are as follows:
Net Unrealized Unrealized Unrealized Cost Appreciation Depreciation Appreciation - --------------------------------------------------------------------------------------------------------------------- Mt. Lucas U.S. Focused Equity Fund $ 3,696,149 $ 834,888 $ (27,813) $ 807,075
For additional information regarding the accounting policies of the Fund, refer to the most recent financial statements in the N-CSR filing at www.sec.gov. DundeeWealth Funds (formerly known as BHR Institutional Funds) Schedule of Investments Smith Group Large Cap Core Growth Fund December 31, 2009 (Unaudited) Number of Market Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS - 97.0% - -------------------------------------------------------------------------------- Consumer Discretionary - 12.6% - -------------------------------------------------------------------------------- Apollo Group, Inc., Class A* 15,900 $ 963,222 McDonald's Corp. 14,600 911,624 Ross Stores, Inc. 21,300 909,723 Strayer Education, Inc. 4,520 960,455 WMS Industries, Inc.* 23,300 932,000 ----------- 4,677,024 ----------- Consumer Staples - 12.3% - -------------------------------------------------------------------------------- Brown - Forman Corp., Class B 17,000 910,690 Church & Dwight Co., Inc. 15,300 924,885 Colgate-Palmolive Co. 11,100 911,865 Wal-Mart Stores, Inc. 17,200 919,340 Whole Foods Market, Inc.* 33,600 922,320 ----------- 4,589,100 ----------- Energy - 7.4% - -------------------------------------------------------------------------------- ConocoPhillips 18,200 929,474 Exxon Mobil Corp. 13,400 913,746 Newfield Exploration Co.* 18,700 901,901 ----------- 2,745,121 ----------- Financials - 10.0% - -------------------------------------------------------------------------------- American Express Co. 22,700 919,804 Capital One Financial Corp. 24,100 923,994 Franklin Resources, Inc. 8,700 916,545 The Goldman Sachs Group, Inc. 5,600 945,504 ----------- 3,705,847 ----------- Health Care - 12.2% - -------------------------------------------------------------------------------- Abbott Laboratories 17,000 917,830 Bristol-Myers Squibb Co. 35,900 906,475 Express Scripts, Inc.* 10,500 907,725 McKesson Corp. 14,500 906,250 Valeant Pharmaceuticals International* 28,600 909,194 ----------- 4,547,474 ----------- Industrials - 9.8% - -------------------------------------------------------------------------------- Avery Dennison Corp. 24,700 901,303 GrafTech International Ltd.* 59,200 920,560 Illinois Tool Works Inc. 19,100 916,609 Thomas & Betts Corp.* 25,300 905,487 ----------- 3,643,959 ----------- Information Technology - 27.7% - -------------------------------------------------------------------------------- Apple, Inc.* 4,600 969,956 BMC Software, Inc.* 23,600 946,360 Cisco Systems, Inc.* 38,500 921,690 Hewlett-Packard Co. 17,600 906,576 Intel Corp. 45,100 920,040 International Business Machines Corp. 7,100 929,390 Lender Processing Services, Inc. 21,900 890,454 McAfee, Inc.* 23,400 949,338 Red Hat, Inc.* 31,190 963,771 SAIC, Inc.* 48,800 924,272 Western Digital Corp.* 22,400 988,960 ----------- 10,310,807 ----------- See Notes to Schedule of Investments DundeeWealth Funds Schedule of Investments (Continued) Smith Group Large Cap Core Growth Fund December 31, 2009 (Unaudited) Number of Market Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (Continued) - -------------------------------------------------------------------------------- Materials - 5.0% - -------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold, Inc.* 11,800 $ 947,422 Pactiv Corp.* 38,400 926,976 ----------- 1,874,398 ----------- Total Common Stocks (Cost $32,237,282) 36,093,730 ----------- Principal Amount - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 3.4% - -------------------------------------------------------------------------------- PNC Bank Money Market Account, 0.05%**, due 01/04/2010 $ 1,262,338 1,262,338 ----------- Total Short-Term Investments (Cost $1,262,338) 1,262,338 ----------- Total Investments - 100.4% (Cost $33,499,620) *** 37,356,068 Liabilities in Excess of Other Assets - (0.4%) (136,337) ----------- NET ASSETS - 100.0% $37,219,731 =========== - ---------- * Non-income producing security. ** Current yield. *** Aggregate cost is $33,499,620. Sector Allocation % of Net Assets --------------- Information Technology 27.7% Consumer Discretionary 12.6 Consumer Staples 12.3 Health Care 12.2 Financials 10.0 Industrials 9.8 Energy 7.4 Materials 5.0 Telecommunication Services 0.0 Cash and other 3.0 ------------ 100.0% ============ See Notes to Schedule of Investments DundeeWealth Funds (formerly known as BHR Institutional Funds) Smith Group Large Cap Core Growth Fund Notes to Schedule of Investments December 31, 2009 (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 with maturities of 60 days or less are carried at amortized cost, which approximates market 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. 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, LP'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. 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 and in the tables to follow. 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, 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. The 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 Trading Commission. The Fund 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 Fund, such use will be in accordance with Rule 4.5 of the Commodity Exchange Act ("CEA"). The Trust, on behalf of the Fund, 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 Fund is not subject to registration or regulation as a commodity pool operator under the CEA. There are significant risks associated with the Fund's use of futures contracts and related options, including the following: (i) the success of a hedging strategy may depend on DundeeWealth US, LP's, the Adviser, or Smith's ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest DundeeWealth Funds Smith Group Large Cap Core Growth Fund Notes to Schedule of Investments (Continued) December 31, 2009 (Unaudited) rates, (ii) there may be an imperfect or no correlation between the changes in market value of the securities held by the 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 Fund's exposure to price fluctuations, while others tend to increase its market exposure. There were no open futures contracts or options on futures at December 31, 2009. 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 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. 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. There were no open options contracts at December 31, 2009. 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 assumption 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 valuation of the Fund's investments as of December 31, 2009 is as follows: Level 1 - Quoted Prices* $ 37,356,068 ------------- Total Market Value of Investments $ 37,356,068 ============= - ---------- * Level 1 securities consist of common stocks and short-term investments as disclosed in the Schedule of Investments. There were no Level 2 or 3 investments held at September 30, 2009 or December 31, 2009. NOTE C. Tax Disclosure - No provision for Federal income taxes is required since the Fund intends to continue to comply with all requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its taxable income and capital gains to shareholders. Federal income tax regulations differ from accounting principles generally accepted in the United States of America; therefore, DundeeWealth Funds Smith Group Large Cap Core Growth Fund Notes to Schedule of Investments (Continued) December 31, 2009 (Unaudited) 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 December 31, 2009. The cost, unrealized appreciation and depreciation, which are book figures that approximate Federal income tax basis at December 31, 2009 for the Fund, are as follows:
Net Unrealized Unrealized Unrealized Cost Appreciation Depreciation Appreciation - -------------------------------------------------------------------------------------------------------------------- Smith Group Large Cap Core Growth Fund $ 33,499,620 $ 4,163,056 $ (306,608) $ 3,856,448
For additional information regarding the accounting policies of the Fund, refer to the most recent financial statements in the N-CSR filing at www.sec.gov. 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 and Section 302 of the Sarbanes-Oxley Act of 2002 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/ Peter Moran ----------------------------------------------------- Peter Moran, President (principal executive officer) Date 2/25/10 ---------------------------------------------------------------------------- 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/ Peter Moran ----------------------------------------------------- Peter Moran, President (principal executive officer) Date 2/25/10 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ John Leven ----------------------------------------------------- John Leven, Treasurer (principal financial officer) Date 2/25/10 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 v175357_ex99-cert.txt Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act I, Peter Moran, certify that: 1. I have reviewed this report on Form N-Q of DundeeWealth Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 2/25/10 /s/ Peter Moran ---------------------- ------------------------------------ Peter Moran, President (principal executive officer) Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act I, John Leven, certify that: 1. I have reviewed this report on Form N-Q of DundeeWealth Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 2/25/10 /s/ John Leven ---------------------- ------------------------------------ John Leven, Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----