Unassociated Document

0001144204-08-032224.txt : 20080527 0001144204-08-032224.hdr.sgml : 20080526 20080527154541 ACCESSION NUMBER: 0001144204-08-032224 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080527 DATE AS OF CHANGE: 20080527 EFFECTIVENESS DATE: 20080527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cheswold Lane Funds CENTRAL INDEX KEY: 0001359318 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-21891 FILM NUMBER: 08860713 BUSINESS ADDRESS: STREET 1: 100 FRONT STREET, SUITE 960 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428 BUSINESS PHONE: 610-940-5330 MAIL ADDRESS: STREET 1: 100 FRONT STREET, SUITE 960 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428

0001359318 S000012740 Cheswold Lane International High Dividend Fund

C000034318 Institutional

N-Q 1 v114267_nq.htm Unassociated Document

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 811-21891

Cheswold Lane Funds

(Exact name of registrant as specified in charter)

100 Front Street, Suite 960

West Conshohocken, PA 19428

(Address of principal executive offices) (Zip code)

Colleen Quinn Scharpf

Cheswold Lane Asset Management, LLC

100 Front Street, Suite 960

West Conshohocken, PA 19428

(Name and address of agent for service)

Registrant's telephone number, including area code: (610) 940-5330

Date of fiscal year end: December 31

Date of reporting period: March 31, 2008

Item 1. Schedule of Investments.

	Cheswold Lane International High Dividend Fund
	Schedule of Investments
	March 31, 2008
	*(Unaudited)*

Number of
Shares				Value

		COMMON STOCKS	98.6%

		CONSUMER DISCRETIONARY	6.7%
	8,500	Compagnie Financiere Richemont S.A.		$	476,740
	18,500	Honda Motor Co., Ltd.			528,015
	14,000	Nissan Motor Co., Ltd.			115,730
	13,500	Toyota Motor Corp.			673,104
	10,000	Vivendi			390,742
	30,000	The Yokohama Rubber Co., Ltd.			143,559
					2,327,890
		CONSUMER STAPLES	12.8%
	15,000	British American Tobacco PLC			562,943
	21,600	Heineken NV			1,254,581
	34,000	Henkel KGaA			1,442,857
	36,000	Unilever NV			1,208,885
					4,469,266
		ENERGY	18.0%
	111,000	BP PLC			1,127,910
	8,000	ENI SpA			272,809
	25,000	Neste Oil OYJ			873,842
	25,000	Saipem SpA			1,011,983
	35,500	StatoilHydro ASA			1,063,820
	8,000	Technip S.A.			623,040
	17,500	Total S.A.			1,299,632
					6,273,036
		FINANCIALS	19.6%
	23,790	Aegon NV			350,046
	5,500	AXA S.A.			199,626
	48,000	Banco Bilbao Vizcaya Argentaria S.A.			1,057,135
	50,000	Bank of Ireland			743,594
	120,000	Barclays PLC			1,078,850
	5,500	BNP Paribas			554,767
	17,500	Commerzbank AG			547,039
	3,200	Credit Suisse Group			162,884
	1,500	Deutsche Bank AG			169,795
	34,000	Irish Life & Permanent PLC			664,530
	105,000	Old Mutual PLC			230,268
	125,000	UniCredit SpA			836,741
	12,500	Westpac Banking Corp.			271,314
					6,866,589

See accompanying notes to schedule of investments.

	Cheswold Lane International High Dividend Fund
	Schedule of Investments (continued)
	March 31, 2008
	*(Unaudited)*

Number of
Shares				Value

		HEALTH CARE	3.0%
	12,500	Fresenius Medical Care AG & Co., KGaA		$	628,542
	8,500	Takeda Pharmaceutical Co., Ltd.			425,512
					1,054,054
		INDUSTRIALS	2.8%
	8,500	Alfa Laval AB			516,422
	22,500	Orkla ASA			284,986
	1,500	Schneider Electric S.A.			194,092
					995,500
		INFORMATION TECHNOLOGY	7.7%
	14,000	Canon, Inc.			644,663
	14,500	Hoya Corp.			340,389
	43,250	Nokia OYJ			1,368,355
	5,500	Tokyo Electron, Ltd.			334,370
					2,687,777
		MATERIALS	7.1%
	13,000	BHP Billiton Ltd.			425,449
	13,000	JSR Corp.			294,091
	10,000	Nitto Denko Corp.			422,352
	7,000	Shin-Etsu Chemical Co., Ltd.			361,657
	65,000	Sumitomo Chemical Co., Ltd.			416,031
	8,000	Voestalpine AG			555,722
					2,475,302
		TELECOMMUNICATIONS	13.4%
	41,000	France Telecom S.A.			1,378,728
	235,000	Telecom Italia SpA			491,585
	30,000	Telefonica S.A.			862,001
	41,000	Telenor ASA			785,001
	385,000	Vodafone Group PLC			1,153,006
					4,670,321
		UTILITIES	7.5%
	6,400	E.ON AG			1,184,800
	11,750	RWE AG			1,444,333
					2,629,133

		TOTAL COMMON STOCKS (Cost $33,586,927)			34,448,868

		TOTAL INVESTMENTS (Cost $33,586,927)	98.6%		34,448,868


		Other Assets Less Liabilities	1.4%		473,649

		NET ASSETS	100.0%	$	34,922,517

See accompanying notes to schedule of investments.

Cheswold Lane International High Dividend Fund

Schedule of Investments (Continued)

March 31, 2008

(Unaudited)

Investments by Country
(As a Percentage of Long-Term Investments)

Australia	2.0	%
Austria	1.6
Finland	6.5
France	13.5
Germany	15.7
Ireland	4.1
Italy	7.6
Japan	13.6
Netherlands	8.2
Norway	6.2
Spain	5.6
Sweden	1.5
Switzerland	1.9
United Kingdom	12.0
Total	100.0	%

See accompanying notes to schedule of investments.

Cheswold Lane International High Dividend Fund

Schedule of Investments

March 31, 2008

(Unaudited)

FOREIGN CURRENCY CONTRACTS OPEN AT MARCH 31, 2008

	Contract Amount						Currency		Unrealized
Settlement Date	Pay			Receive			Value		Gain / (Loss)

April 1, 2008		33,256,041	JPY	$	332,644	USD	$	333,628		($984	)
April 2, 2008		669,418	NOK		130,805	USD		131,456		(651	)

Total										($1,635	)

See accompanying notes to schedule of investments.

Cheswold Lane International High Dividend Fund

NOTES TO SCHEDULE OF INVESTMENTS

March 31, 2008

(Unaudited)

Note 1. Federal Income Tax Information

At March 31, 2008, gross unrealized appreciation and depreciation of investments and foreign currency owned by the Fund, based on cost for federal income tax purposes, were as follows:

Aggregate cost of investments	$	33,586,927
Gross unrealized appreciation		3,532,234
Gross unrealized depreciation		(2,661,805	)
Net unrealized appreciation on investments and foreign currency translations	$	870,429

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

Note 2. Financial Accounting Standards No. 157 - In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”) effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. The Fund adopted FAS 157 as of January 1, 2008. Under FAS 157, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels and described 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, and evaluated quotations obtained from pricing services.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of March 31, 2008, in valuing the Fund’s assets:

Valuation Inputs	Investment in Securities	Other Financial Instruments*
Level 1 - Quoted Prices	$34,448,868	-
Level 2 - Other Significant Observable Inputs	-	($1,635)
Level 3 - Significant Unobservable Inputs	-	-
Total	$34,448,868	($1,635)

* Other financial instruments include futures, forwards and swap contracts, which are valued at unrealized appreciation/depreciation on the investment.

Item 2. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have reviewed 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”)) as of a date within 90 days of the filing of this report and have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized, reported and made known to them by others within the registrant and by the registrant’s service providers.

(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) that occurred during the registrant’s last fiscal quarter that materially affected, or were reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications, as required by Rule 30a-2(a) under the 1940 Act, for the Principal Executive Officer and Principal Financial Officer are filed herewith.

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) Cheswold Lane Funds

By: /s/ Eric F. Scharpf

Eric F. Scharpf, President and Chief Executive Officer

(Principal Executive Officer)

Date: May 27, 2008

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: /s/ Eric F. Scharpf

Eric F. Scharpf, President and Chief Executive Officer

(Principal Executive Officer)

Date: May 27, 2008

By: /s/ Matthew H. Taylor

Matthew H. Taylor, Executive Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

Date: May 27, 2008

EX-99.CERT 2 v114267_ex99-cert.htm

Ex-99.CERT

Cheswold Lane Funds

Item 3 to Form N-Q

CERTIFICATIONS

I, Eric F. Scharpf, certify that:

1. I have reviewed this report on Form N-Q of Cheswold Lane 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 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 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 27, 2008

/s/ Eric F. Scharpf

Eric F. Scharpf

President and Chief Executive Officer

(Principal Executive Officer)

Ex-99.CERT

Cheswold Lane Funds

Item 3 to Form N-Q

CERTIFICATIONS

I, Matthew H. Taylor, certify that:

1. I have reviewed this report on Form N-Q of Cheswold Lane Funds;

(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 27, 2008

/s/ Matthew H. Taylor

Matthew H. Taylor

Executive Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)