Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2013

Summary of Investments Values Based upon Level 1 and Level 2

The following table summarizes the values of the Company’s investments based upon Level 1 and Level 2 inputs as of June 30, 2013 and December 31, 2012:


	June 30, 2013		December 31, 2012
Level 1 Inputs	$	27,658,778	$	16,922,720
Level 2 Inputs		3,991,509		3,650,561

Assets under Management (AUM) Subject to Incentive Fees and Incentive Fees

The table below shows AUM subject to incentive fees and the incentive fees, as calculated under each of the above methods:


	As Of June 30,
	2013		2012
AUM Contractual Period Ends:
May 2017	$	331,253,656	$	254,288,524


	For The Three Months				For The Six Months
	Ended June 30,				Ended June 30,
	2013		2012		2013		2012
Incentive Fees Under Method 1 - Contractual Period Ends:
May 2017	$	—	$	—	$	—	$	—
Incentive Fees Under Method 2 - Contractual Period Ends:
May 2017	$	2,464,815	$	—	$	2,464,815	$	—

Compensation for Mutual Fund Administration, Transfer Agency and Other Related Functions

These services include mutual fund administration, transfer agency and other related functions. For performing these services, each Fund pays DHCM a fee, which is calculated using the following annual rates times the average daily net assets of each respective fund and share class:


	Prior to February 29,			After February 29,
	2012			2012
Class A and Class C		0.26	%		0.25	%
Class I		0.24	%		0.25	%
Class Y		0.10	%		0.10	%

Mutual Fund Administration Gross and Net Revenue

Mutual fund administration gross and net revenue are summarized below:


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Mutual fund administration:
Administration revenue, gross	$	4,015,154		$	3,216,646		$	7,630,884		$	6,326,505
12b-1/service fees and commission revenue received from fund clients		1,984,681			1,705,001			3,797,068			3,434,353
12b-1/service fees and commission expense payments to third parties		(1,738,197	)		(1,435,822	)		(3,327,009	)		(2,794,067	)
Fund related expense		(1,460,656	)		(1,430,653	)		(2,800,429	)		(2,673,655	)

Revenue, net of fund related expenses		2,800,982			2,055,172			5,300,514			4,293,136
DHCM C-Share financing:
Broker commission advance repayments		64,674			58,262			121,332			120,670
Broker commission amortization		(62,881	)		(53,632	)		(116,890	)		(114,878	)

Financing activity, net		1,793			4,630			4,442			5,792

Mutual fund administration revenue, net	$	2,802,775		$	2,059,802		$	5,304,956		$	4,298,928