UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number:
811-05734
Diamond Hill Financial Trends Fund, Inc.
(Exact name of registrant as specified in charter)
325 John H.
McConnell Boulevard, Suite 200, Columbus, Ohio 43215
(Address of principal executive offices) (Zip code)
James F. Laird, Jr., 325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215
(Name and address of agent for service)
Registrants telephone number, including area code: (614) 255-3333
Date of fiscal year end:
December 31
Date of reporting period:
September 30, 2011
Item 1. Schedule of Investments.
Diamond Hill Financial Trends Fund, Inc.
Schedule of Investments
September 30,
2011 (Unaudited)
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Shares
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Fair
Value
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Preferred Stocks 2.3%
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Banking Services 1.5%
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Citizens Funding Trust I, 7.50%*
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25,940
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$
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537,477
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REITs & Real Estate Management 0.8%
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iStar Financial, Inc., Series F, 7.80%
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15,875
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271,304
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Total Preferred Stocks
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$
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808,781
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Common Stocks 88.2%
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Banking Services 33.8%
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BB&T Corp.
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12,907
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275,306
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City National Corp.^
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6,100
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230,336
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First California Financial Group, Inc.
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110,350
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332,154
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First Financial Holdings, Inc.
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93,463
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374,787
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First Niagara Financial Group, Inc.
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45,325
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414,724
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First of Long Island Corp., The
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27,056
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613,089
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First Republic Bank of California*
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18,430
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426,839
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Huntington Bancshares, Inc.
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121,010
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580,848
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National Penn Bancshares, Inc.^
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85,930
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602,369
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PNC Financial Services Group, Inc.
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31,725
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1,528,828
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Popular, Inc.*
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611,915
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917,872
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Sterling Bancorp
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67,370
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489,106
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SunTrust Banks, Inc.
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36,260
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650,867
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U.S. Bancorp
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82,199
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1,934,964
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Wells Fargo & Co.
§
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118,090
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2,848,331
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12,220,420
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Consumer Financial Services 2.4%
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American Express Co.
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11,705
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525,554
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Discover Financial Services
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14,275
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327,469
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853,023
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Financial Services 15.2%
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Bank of America Corp.
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60,215
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368,516
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Bank of New York Mellon Corp., The
§
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57,008
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1,059,779
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CME Group, Inc.
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3,295
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811,888
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JPMorgan Chase & Co.
§
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74,528
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2,244,783
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Morgan Stanley
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64,045
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864,607
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State Street Corp.
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4,724
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151,924
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5,501,497
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Insurance 29.8%
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ACE Ltd.
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9,110
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552,066
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Alleghany Corp.*
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672
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193,872
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Assurant, Inc.
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37,980
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1,359,684
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Assured Guaranty Ltd.
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159,041
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1,747,860
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Chubb Corp., The
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3,135
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188,069
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Hartford Financial Services Group, Inc.
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64,302
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1,037,834
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HCC Insurance Holdings, Inc.
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15,265
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412,918
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Horace Mann Educators Corp.
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45,927
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524,027
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Old Republic International Corp.^
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161,440
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1,440,045
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Prudential Financial, Inc.
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30,400
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1,424,544
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Travelers Cos., Inc., The
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12,005
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585,004
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White Mountains Insurance Group Ltd.
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1,045
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424,009
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XL Group plc
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46,475
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873,730
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10,763,662
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Other 1.1%
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CoreLogic, Inc.*
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38,510
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410,902
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REITs & Real Estate Management 5.9%
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iStar Financial, Inc. REIT*^
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166,540
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969,263
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Redwood Trust, Inc. REIT^
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62,285
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695,723
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Diamond Hill Financial Trends Fund, Inc.
Schedule of Investments
September 30,
2011 (Unaudited)
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Shares/
Par Value
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Fair
Value
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REITs & Real Estate Management continued
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Winthrop Realty Trust REIT
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53,135
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$
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461,743
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2,126,729
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Total Common Stocks
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$
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31,876,233
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Corporate Bond 1.1%
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Banking Services 1.1%
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Synovus Financial Corp., 4.88%, 2/15/13
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$
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415,000
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385,950
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Registered Investment Company 3.8%
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Fidelity Institutional Prime Money Market Portfolio, 0.12%
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1,381,182
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1,381,182
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Total Investment Securities 95.4%
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(Cost $38,454,219)**
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$
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34,452,146
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Segregated Cash With Brokers 11.5%
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4,166,820
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Securities Sold Short (3.0)%
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(Proceeds $1,168,093)
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(1,076,725
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)
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Net Other Assets (Liabilities) (3.9)%
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(1,409,005
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)
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NET ASSETS 100.0%
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$
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36,133,156
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*
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Non-income producing security.
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**
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Represents cost for financial reporting purposes.
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^
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All or a portion of the security is on loan. The total market value of the securities on loan, as of September 30, 2011, was $1,322,524.
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§
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Security position is either entirely or partially held in a segregated account as collateral for securities sold short aggregating a total market value of
$2,392,371.
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This security, which was purchased using cash collateral received from securities on loan, represents collateral for securities loaned as of September 30, 2011.
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REIT Real Estate Investment Trust
See accompanying Notes to Schedule of Investments.
Diamond Hill Financial Trends Fund, Inc.
Schedule of Investments Sold Short
September 30, 2011 (Unaudited)
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Shares
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Fair
Value
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Common Stocks 3.0%
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Banking Services 2.3%
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Home Bancshares, Inc.
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28,030
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$
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594,797
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Lakeland Bancorp, Inc.
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6,742
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52,722
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WesBanco, Inc.
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10,485
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181,495
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829,014
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Financial Services 0.7%
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Moodys Corp.
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8,135
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247,711
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Total Common Stocks Sold Short
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(Proceeds $1,168,093)
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$
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1,076,725
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Percentages disclosed are based on total net assets of the Fund at September 30, 2011.
See accompanying Notes to Schedule of Investments.
Diamond Hill Financial Trends Fund, Inc.
Notes to Schedules of Investments and Securities Sold Short
September 30, 2011 (Unaudited)
Organization
The Diamond Hill Financial Trends Fund, Inc. (the Fund) is a diversified closed-end management investment company registered under the Investment Company Act of 1940 (the 1940
Act), as amended.
Accounting Policies
Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Security valuation
The Fund records its
investments at fair value. Fair Value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to
determine fair value are further described below.
The net asset value of the common shares of the Fund is determined daily as of the close of
the NYSE, normally at 4:00 P.M. Eastern Time. Short-term debt investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or
premium, which approximates fair value. Investments in other investment companies are valued at their reported net asset value. All other securities held by the Fund are valued at the last sale price or official closing price (closing bid price or
last evaluated quote if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade or, lacking any sales, at the closing bid price. Securities traded only in the over-the-counter
market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Securities for which there are no such quotations, principally debt securities, are valued based on the valuation provided by an
independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, trading characteristics and other market data.
Other assets and securities for which no such quotations are readily available
(e.g., an approved pricing service does not provide a price, certain stale prices, or an event that materially affects the furnished price) are valued at fair value as determined in good faith under consistently applied procedures established by and
under the general supervision of the Board of Directors.
The valuation techniques described maximize the use of observable inputs and
minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:
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Level 1 quoted prices in active markets for identical securities
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Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
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Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities. For example, short-term debt securities of sufficient credit quality maturing in less than 61 days are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost
approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities would be reflected as Level 2.
Diamond Hill Financial Trends Fund, Inc.
Notes to Schedules of Investments and Securities Sold Short
September 30, 2011 (Unaudited)
The following is a summary of the inputs used to value the Funds investments as of
September 30, 2011:
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Level 1 -
Quoted
Prices
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Level 2 -
Other
Significant
Observable Inputs
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Investments in Securities: (Assets)
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Preferred Stocks*
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$
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808,781
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$
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-
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Common Stocks*
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31,876,233
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-
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Corporate Bond*
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-
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385,950
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Registered Investment Company
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1,381,182
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-
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Total
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34,066,196
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385,950
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Investments in Securities: (Liabilities)
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Common Stocks*
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$
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(1,076,725
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)
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$
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-
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* See Schedule of Investments and Schedule of Securities Sold Short for industry
classification.
There were no significant transfers in and out of Levels 1, 2, or 3 during the period ended September 30, 2011 and the
Fund held no Level 3 securities at September 30, 2011.
New accounting pronouncement
In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-04,
Fair Value Measurement (Topic 820)
Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (IFRS)
. The update changes the wording used to describe the requirements in GAAP for
measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the updates
adoption on the Funds financial statement disclosures.
Investment transactions
Throughout the reporting period, investment transactions are recorded no later than the first business day following trade date. For financial reporting
purposes, investments are reported on trade date on the last business day of the reporting period. The specific identification method is used for determining realized gains or losses for financial statements and income tax purposes. Dividend income
is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are amortized using the daily effective yield method. The Fund records distributions received from
investments in Real Estate Investment Trusts (REITS) in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual
amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts once the issuers provide information about the actual composition of the distributions.
Short sales
The Fund is permitted to
make short sales of securities. Short sales are effective when it is believed that the price of a particular security will decline, and involves the sale of a security which the Fund does not own in hope of purchasing the same security at a later
date at a lower price. To make delivery to the buyer, the Fund must borrow the security, and the Fund is obligated to return the security to the lender, which is accomplished by a later purchase
Diamond Hill Financial Trends Fund, Inc.
Notes to Schedules of Investments and Securities Sold Short
September 30, 2011 (Unaudited)
of the security by the Fund. Cash received from short sales is maintained by brokers and is used to meet margin requirements for short calls. It is included as Segregated Cash with
Brokers on the Schedule of Investments.
The Fund will incur a loss as a result of a short sale if the price of the security increases
between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. The use of short sales may cause the Fund to have higher expenses (especially dividend expenses) than those of other equity
mutual funds. Short sales are speculative transactions and involve special risks, including greater reliance on the ability of Diamond Hill Capital Management, Inc. to accurately anticipate the future value of a security.
Securities lending
The Fund has a
securities lending agreement with Citibank, N.A. (Citibank). Under the terms of the agreement, Citibank is authorized to loan securities on behalf of the Fund to approved borrowers. In exchange, the Fund receives cash collateral in the
amount of at least 100% of the value of the securities loaned. The cash collateral is invested in short-term instruments as noted in the Schedule of Investments. Although risk is mitigated by the collateral, the Fund could experience a delay in
recovering its securities and possible loss of income or value if the borrower fails to return them. The agreement indemnifies the Fund from losses incurred in the event of a borrowers material default of the terms and conditions of the
borrower agreement. The agreement provides that after predetermined rebates to brokers, the Fund pays Citibank 15% of the net securities lending income plus any costs and other charges incurred by the Fund with Citibank to be paid as credits. Any
remaining securities lending revenue is then paid to the Fund as securities lending income.
As of September 30, 2011, the value of
securities loaned and the collateral held were as follows:
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Fair Value of
Securities Loaned
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Fair Value of
Collateral
Received
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$1,322,524
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$1,381,182
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Federal income taxes
As of September 30, 2011, the cost and unrealized appreciation (depreciation) on a tax basis for investment securities, excluding securities sold short, were as follows:
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Tax cost of portfolio investments
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$
|
38,661,297
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Gross unrealized appreciation
|
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2,212,138
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Gross unrealized depreciation
|
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(6,421,289
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)
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Net unrealized depreciation
|
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$
|
(4,209,151
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)
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Item 2. Controls and Procedures.
(a)
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The registrants principal executive officer and principal financial officer have concluded, based on their evaluation of the registrants disclosure controls
and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant
on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms.
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(b)
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There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred
during the registrants most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
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Item 3. Exhibits.
Certifications
pursuant to Rule 30a-2(a) are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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(Registrant): Diamond Hill Financial Trends Fund, Inc.
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By (Signature and Title):
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/s/ James F. Laird, Jr.
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|
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James F. Laird, Jr., President
|
Date: 11/23/2011
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.
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|
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By (Signature and Title):
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/s/ James F. Laird, Jr.
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|
|
James F. Laird, Jr., President
|
Date: 11/23/2011
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By (Signature and Title):
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/s/ Gary R. Young
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Gary R. Young, Treasurer
|
Date: 11/23/2011
CERTIFICATIONS
I, James F. Laird, Jr., certify that:
1.
|
I have reviewed this report on Form N-Q of the Diamond Hill Financial Trends Fund, Inc. (the registrant);
|
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 registrants other certifying officer 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
|
5.
|
The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial
reporting.
|
|
|
|
|
|
11/23/2011
|
|
|
|
/s/ James F. Laird, Jr.
|
Date
|
|
|
|
James F. Laird, Jr.
President, Diamond Hill Financial Trends Fund, Inc.
|
CERTIFICATIONS
I, Gary R. Young, certify that:
1.
|
I have reviewed this report on Form N-Q of the Diamond Hill Financial Trends Fund, Inc. (the registrant);
|
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 registrants other certifying officer 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
|
5.
|
The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial
reporting.
|
|
|
|
|
|
11/23/2011
|
|
|
|
/s/ Gary R. Young
|
Date
|
|
|
|
Gary R. Young
Treasurer,
Diamond Hill Financial Trends Fund, Inc.
|
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