Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2013 and December 31, 2012:



	As of December 31,
	2013		2012
Level 1 Inputs	$	32,528,367	$	16,922,720
Level 2 Inputs	3,001,461		3,650,561

Assets under management (AUM) subject to incentive fees and the 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 December 31,
	2013		2012		2011
AUM Contractual Period Ends:
Calendar Quarter-End	$	—	$	—	$	89,070,421
Calendar Year-End	—		—		81,362,029
Quarter Ended June 30, 2017	380,073,000		274,302,549		—
Quarter Ended December 31, 2018	90,653,000		—		—
Total AUM Subject to Incentive Fees	$	470,726,000	$	274,302,549	$	170,432,450
	For the Year Ended December 31,
	2013		2012		2011
Incentive Fees Under Method 1:
Contractual Period Ends:
Calendar Quarter-End	$	—	$	—	$	507
Calendar Year-End	—		—		2,090
Quarter Ended June 30, 2017	—		3,301		—
Quarter Ended December 31, 2018	—		—		—
Total Incentive Fees Under Method 1	$	—	$	3,301	$	2,597
Incentive Fees Under Method 2:
Contractual Period Ends:
Calendar Quarter-End	$	—	$	—	$	507
Calendar Year-End	—		—		2,090
Quarter Ended June 30, 2017	3,900,649		361,700		—
Quarter Ended December 31, 2018	—		—		—
Total Incentive Fees Under Method 2	$	3,900,649	$	361,700	$	2,597

Compensation for mutual fund administration, transfer agency and other related functions

For performing these services, each fund compensates DHCM a fee, which is calculated using an annual rate of 0.25% for Class A, C, and I shares and 0.10% for Class Y shares, times the average daily net assets of each respective series and share class.

Mutual fund administration gross and net revenue

Mutual fund administration gross and net revenue are summarized below:



	Year Ended December 31,
	2013			2012			2011
Mutual fund administration:
Administration revenue, gross	$	16,692,093		$	13,074,707		$	11,617,140
12b-1/service fees and commission revenue received from fund clients	8,481,442			6,868,974			7,058,471
12b-1/service fees and commission expense payments to third parties	(7,404,361		)	(5,597,757		)	(5,577,925		)
Fund related expense	(6,321,374		)	(5,469,023		)	(5,254,733		)
Revenue, net of fund related expenses	11,447,800			8,876,901			7,842,953
DHCM C-Share financing:
Broker commission advance repayments	365,380			217,227			352,740
Broker commission amortization	(347,853		)	(219,951		)	(317,137		)
Financing activity, net	17,527			(2,724		)	35,603
Mutual fund administration revenue, net	$	11,465,327		$	8,874,177		$	7,878,556