Quarterly Statistics

DALCX Quarterly Statistics as of December 31, 2011

Portfolio Characteristics
DALCX
Russell Midcap Value
Russell Midcap
Wtd Avg. Mkt Cap
$6.6B
$7.9B
$7.9B
Median Mkt. Cap
$5.1B
$3.8B
$4.0B
*P/E (excl. negative earnings)
20.3x
14.2x
15.9x
*P/E (projected next 12 months)
12.2x
12.3x
13.7x
Price/Book
2.1x
1.4x
2.0x
Price/Cash Flow
13.1x
9.3x
10.5x
Number of Holdings
60
528
783
Cash & Equiv.
0.8%
0.0%
0.0%
Non-US
4.5%
0.0%
0.0%
*P/E – a stock’s price compared to its earnings per share (EPS)
Top Ten Holdings
Ticker Name Sector % Total
SNPS Synopsys Inc Information Technology 2.5%
ARW Arrow Electronics Inc Information Technology 2.3%
NBL Noble Energy Inc Energy 2.2%
TMK Torchmark Corp Financials 2.2%
IVZ Invesco Ltd Financials 2.2%
BCR CR Bard Inc Health Care 2.1%
CPO Corn Products Intl Inc Consumer Staples 2.1%
M Macy’s Inc Consumer Discretionary 2.0%
BHI Baker Hughes Inc Energy 2.0%
FLS Flowserve Corp Industrials 2.0%
% in top 10 21.6%
Sector Weights
DALCX
Russell Midcap Value
Russell Midcap
Consumer Discretionary
16.0%
11.1%
20.2%
Consumer Staples
7.2%
6.9%
6.0%
Energy
8.9%
6.6%
9.8%
Financials
25.9%
30.9%
6.9%
Health Care
6.7%
5.9%
13.4%
Industrials
14.3%
10.4%
15.0%
Information Technology
8.2%
8.1%
18.1%
Materials
8.0%
4.7%
8.6%
Other
0.0%
0.0%
0.0%
Telecommunication Services
0.0%
0.8%
1.7%
Utilities
4.8%
14.6%
0.3%

Russell Midcap Value measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The performance of the index does not reflect deductions for fees, expenses or taxes. Index is not available for purchase.

The Russell Midcap is an unmanaged, capitalization-weighted index of domestic mid-cap stocks. It is a subset of the Russell 1000 Index and includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.