-----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, NWDgvWYpZR9bz1p8gaNBWrRwuD2pe2oc5N9uUZ4RDDZqE0dSI1vupGkFTpjH1BBW 1y92NA/MSgxkvQENtRXfrQ== 0000806620-09-000079.txt : 20090529 0000806620-09-000079.hdr.sgml : 20090529 20090529084619 ACCESSION NUMBER: 0000806620-09-000079 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090331 FILED AS OF DATE: 20090529 DATE AS OF CHANGE: 20090529 EFFECTIVENESS DATE: 20090529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELAFIELD FUND INC CENTRAL INDEX KEY: 0000912896 IRS NUMBER: 133740311 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08054 FILM NUMBER: 09859022 BUSINESS ADDRESS: STREET 1: C/O REICH & TANG ASSET MANAGEMENT LLC STREET 2: 600 FIFTH AVENUE 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020-2302 BUSINESS PHONE: 2123701110 MAIL ADDRESS: STREET 1: C/O REICH & TANG ASSET MANAGEMENT LLC STREET 2: 600 FIFTH AVENUE 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020-2302 0000912896 S000010221 DELAFIELD FUND INC C000028279 DELAFIELD FUND INC DEFIXX N-Q 1 del1qnq2009.txt As filed with the Securities and Exchange Commission on May 29, 2009 Investment Company Act File Number 811-8054 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Delafield Fund, Inc. (Exact name of registrant as specified in charter) 600 Fifth Avenue New York, NY 10020 (Address of principal executive offices) (Zip code) Joseph Jerkovich c/o Reich & Tang Asset Management, LLC 600 Fifth Avenue New York, New York 10020 (Name and address of agent for service) Registrant's telephone number, including area code: 212-830-5200 Date of fiscal year end: December 31 Date of reporting period: March 31, 2009 Item 1: Schedule of Investments Delafield Fund, Inc. Statement of Net Assets March 31, 2009 (Unaudited)
Value Value Common Stocks (84.06%) Shares (Note 1) Common Stocks (Continued) Shares (Note 1) ------ ------- ------ -------- Aerospace & Defense (5.24%) Esterline Technologies Corporation* 230,000 $ 4,643,700 Industrial Conglomerates (3.49%) Honeywell International Inc. 300,000 8,358,000 Carlisle Companies Incorporated 340,000 $ 6,674,200 Precision Castparts Corp. 85,000 5,091,500 Tyco International Ltd. 275,000 5,379,000 ----------- ------------ 18,093,200 12,053,200 ----------- ------------ Building Products (2.01%) Life Science Tools & Services (1.29%) Griffon Corporation* 468,700 3,515,250 Thermo Fisher Scientific Inc.* 125,000 4,458,750 NCI Building Systems, Inc.* 100,000 222,000 ------------ Quanex Building Products Corporation 420,000 3,192,000 Machinery (9.56%) ----------- Albany International Corp. 825,000 7,466,250 6,929,250 Barnes Group Inc. 750,000 8,017,500 ----------- Crane Co. 325,000 5,486,000 Chemicals (10.36%) Harsco Corporation 140,000 3,103,800 Ashland Inc. 600,000 6,198,000 Kennametal Inc. 505,000 8,186,050 Chemtura Corporation 1,200,000 57,000 Lydall, Inc.* 249,400 740,718 Cytec Industries Inc. 375,000 5,632,500 ------------ Eastman Chemical Company 260,000 6,968,000 33,000,318 Ferro Corporation 750,000 1,072,500 ------------ The Lubrizol Corporation 170,000 5,781,700 Metals & Mining (3.47%) OM Group, Inc.* 290,000 5,602,800 Commercial Metals Company 475,000 5,486,250 PolyOne Corporation* 665,000 1,536,150 Kaiser Aluminum Corporation 280,000 6,473,600 Solutia Inc.* 825,000 1,542,750 ------------ Spartech Corporation 555,000 1,365,300 11,959,850 ----------- ------------ 35,756,700 ----------- Medical Equipment (1.08%) Commercial Services & Supplies (1.47%) STERIS Corporation 160,000 3,724,800 Deluxe Corporation 275,000 2,648,250 ------------ R.R. Donnelley & Sons Company 330,000 2,418,900 ----------- Office Electronics (0.96%) 5,067,150 Zebra Technologies Corporation* 175,000 3,328,500 ----------- ------------ Computers & Peripherals (1.96%) Diebold, Incorporated 110,000 2,348,500 Oil, Gas & Consumable Fuels (2.51%) Intermec Inc.* 425,000 4,420,000 Southern Union Company 570,000 8,675,400 ----------- ------------ 6,768,500 ----------- Paper & Forest Products (1.07%) Containers & Packaging (0.80%) Schweitzer-Mauduit International,Inc. 200,000 3,692,000 Owen-Illinois, Inc.* 190,000 2,743,600 ------------ ----------- Professional Services (2.04%) MPS Group, Inc.* 1,010,000 6,009,500 Diversified Consumer Services (1.05%) Trueblue, Inc.* 125,000 1,031,250 Brink's Home Security Holdings, Inc.* 160,000 3,616,000 ------------ ----------- 7,040,750 ------------ Electrical Equipment (8.28%) Acuity Brands Inc. 385,000 8,677,900 Real Estate Investment Trust (0.44%) Belden Inc. 175,000 2,189,250 Kimco Realty Corporation 200,000 1,524,000 Brady Corporation 355,000 6,258,650 ------------ Hubbell Incorporated 190,000 5,122,400 Rockwell Automation, Inc. 290,000 6,333,600 Semiconductors & Semiconductor Equipment (3.84%) ----------- Fairchild Semiconductor 28,581,800 International, Inc.* 1,075,000 4,009,750 ----------- International Rectifier Corp.* 245,000 3,309,950 Teradyne, Inc.* 1,351,000 5,917,380 Electronic Equipment & Instruments (10.39%) ------------ Checkpoint Systems, Inc.* 1,100,000 9,867,000 13,237,080 Flextronics International Ltd.* 5,500,000 15,895,000 ------------ Gerber Scientific, Inc.* 725,000 1,732,750 LeCroy Corporation* 450,000 1,413,000 Specialty Retail (3.38%) Vishay Intertechnology Inc.* 2,000,000 6,960,000 Collective Brands, Inc.* 525,000 5,113,500 ----------- Foot Locker, Inc. 625,000 6,550,000 35,867,750 ------------ ----------- 11,663,500 Energy Equipment & Services (1.78%) ------------ CARBO Ceramics Inc. 20,000 568,800 Textile, Apparel & Luxury Goods (1.00%) Key Energy Services, Inc.* 500,000 1,440,000 Maidenform Brands, Inc.* 376,000 3,444,160 Weatherford International Ltd.* 375,000 4,151,250 ------------ ----------- Trading Companies & Distributors (4.10%) 6,160,050 RSC Holdings Inc.* 385,000 2,025,100 ----------- Rush Enterprises, Inc. Class A* 650,000 5,798,000 Household Durables (2.49%) WESCO International, Inc.* 350,000 6,342,000 Lifetime Brands, Inc. 430,000 571,900 ------------ (The) Stanley Works 275,000 8,008,000 14,165,100 ----------- ------------ 8,579,900 Total Common Stocks (Cost $542,234,033) $ 290,131,308 ----------- ------------
STATEMENT OF NET ASSETS, continued March 31, 2009 (Unaudited)
Value Value Corporate Bonds (2.12%) Shares (Note 1) Shares (Note 1) ------ ------- ------ -------- Warrants (0.00%) Aerospace & Defense (0.29%) Clark Holdings Inc.* 410,000 $ 3,239 Honeywell International, Inc. ------------ 3.875%, due 2/15/14 1,000,000 $ 1,009,700 Total Warrants (Cost $465,970) $ 3,239 ----------- ------------ Healthcare-Services (0.30%) Face Roche Holdings, Inc. Short-Term Investments (13.88%) Amount Series 144A, 4.500%, due 3/01/12 1,000,000 1,018,638 ------ ----------- Investment Company (13.88%) Machinery (1.16%) Daily Income Fund - Money Market Caterpillar Inc., 6.125%, due 2/17/14 1,000,000 972,127 Portfolio - Institutional Shares $47,913,000 47,913,000 Caterpillar Inc., 5.750%, due 2/15/12 2,000,000 2,000,906 ------------ PACCAR Inc., 6.375%, due 2/15/12 1,000,000 1,036,868 Total Short-Term Investments ----------- (Cost $47,913,000) $ 47,913,000 4,009,901 ------------ ----------- Total Investments (100.06%) (Cost $597,857,232+) 345,363,981 Pharmaceuticals (0.15%) Liabilities in excess of cash and Pfizer Inc., 5.350%, due 3/15/15 500,000 528,195 other assets (-0.06%) (208,103) ----------- ------------ Net Assets (100.00%), Semiconductors & Semiconductor Equipment (0.22%) 26,194,352 shares outstanding $ 345,155,878 Teradyne, Inc., 4.500%, due 3/15/14 750,000 750,000 ============ ----------- Net asset value, offering and redemption price per share: $ 13.18 Total Corporate Bonds (Cost $7,244,229) $ 7,316,434 ============ ----------- - ---------------------------------------------------------------------------------------------------- * Non-income producing. + Aggregate cost for federal income tax purposes is $598,024,530. Aggregate gross unrealized appreciation and depreciation are based on cost for federal income tax purposes, $3,342,080 and $256,002,629 respectively, resulting in net depreciation of $252,660,549.
Note 1: Securities traded on a national securities exchange are valued at the last recorded sales price on the last business day of the fiscal period. Common stocks for which no sale was reported on that date and over-the-counter securities are valued at the mean between the last reported bid and asked prices. All short-term investments are valued at amortized cost which approximates market value. The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157") on January 1, 2008. FAS 157 defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 establishes a framework for measuring fair value and three level hierarchy for fair value measurements based on the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the assets or liability developed based on the best information available in the circumstances. The Fund's investment in its entirety is assigned a level based upon the inputs which are significant to the overall valuation. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used to value the fund's net assets as of March 31, 2009: Valuation Inputs Investment in Securities - ---------------- ------------------------ Level 1 - Quoted Prices $ 297,450,981 Level 2 - Other Significant Observable Inputs 47,913,000 Level 3 - Significant Unobservable Inputs -0- ---------------- Total $ 345,363,981 ================ (a)The Fund is permitted to invest its uninvested cash in affiliated money market funds under Rule 12d1-1 of the 1940 Act. As of March 31, 2009, the Fund has $ 47,913,000 invested in Daily Income Fund - Money Market Portfolio Institutional Class Shares, which is also managed by the Manager. For the period ended March 31, 2009, the Fund's pro rata portion of the periodic expenses charged by the acquired fund was less than one basis point. On October 2, 2008, the Board of Trustees of the Fund approved the participation by the Fund in the U.S. Treasury Department's Temporary Guarantee Program for Money Market Funds through December 18, 2008 (the "Program"). Under the Program, if the Fund's market value per share drops below $0.995 on any day while the Program is in effect, shareholders of record on that date who also held shares in the Fund on September 19, 2008 may be eligible to receive a payment from the Treasury upon liquidation of the Fund, provided the Fund is liquidated soon after the day on which the Fund's market value per share drops below $0.995. The Program requires the Fund to pay the U.S. Department of Treasury a fee equal to 0.01% multiplied by the number of shares outstanding as of September 19, 2008. This expense will be borne by the Money Market Fund. On December 4, 2008, the Board of Trustees of the Fund approved extension of the Fund's participation in the Program. The extension provides coverage through April 30,2009. On April 6, 2009 the Board of Trustees of the Fund approved a second extension of the Fund's participation in the Program. The extension provides coverage through September 18, 2009. The extension of the Program requires the Fund to pay the U.S. Department of Treasury a fee equal to 0.015% multiplied by the number of shares oustanding as of September 19, 2008. This expense is borne by the Fund.
Item 2: Controls and Procedures (a) The registrant's Principal Executive Officer and Principal Financial Officer have evaluated the design and operation of the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported on a timely basis. (b) There were no changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to affect, the registrant's internal controls over financial reporting. Item 3: Exhibits Certifications of Principal Executive Officer and Principal Financial Officer, under Rule 30a-2(a) of the Investment Company Act of 1940. 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) Delafield Fund, Inc. By (Signature and Title)* /s/ Joseph Jerkovich Joseph Jerkovich, Treasurer and Assistant Secretary Date: May 29, 2009 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/ Michael P. Lydon Michael P. Lydon, Principal Executive Officer Date: May 29, 2009 By (Signature and Title)* /s/ Joseph Jerkovich Joseph Jerkovich, Treasurer and Assistant Secretary Date: May 29, 2009 * Print the name and title of each signing officer under his or her signature. EX-99.CERT 3 del1qnqcert09.txt EX-99.CERT CERTIFICATIONS I, Michael P. Lydon, certify that: 1. I have reviewed this report on Form N-Q of Delafield Fund, Inc.; 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 officers 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 officers 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: May 29, 2009 /s/ Michael P. Lydon Michael P. Lydon Principal Executive Officer EX-99.CERT CERTIFICATIONS I, Joseph Jerkovich, certify that: 1. I have reviewed this report on Form N-Q of Delafield Fund, Inc.; 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 officers 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 officers 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: May 29, 2009 /s/ Joseph Jerkovich Joseph Jerkovich Treasurer and Assistant Secretary -----END PRIVACY-ENHANCED MESSAGE-----