Quarterly Statistics

DALCX Quarterly Statistics as of March 31, 2018

Portfolio Characteristics
DALCX
Russell Midcap Value
Russell Midcap
Wtd Avg. Mkt. Cap
$11.4B
$14.0B
$15.1B
Median Mkt. Cap
$9.7B
$7.4B
$8.0B
*P/E (excl. negative earnings)
20.4x
19.1x
21.5x
*P/E (projected next 12 months)
17.1x
15.3x
17.0x
Price/Book
3.2x
1.9x
2.8x
Price/Cash Flow
13.5x
9.8x
12.2x
Number of Holdings
58
583
778
Cash & Equiv.
3.7%
0.0%
0.0%
Non-US
6.4%
0.0%
0.0%
*P/E – a stock’s price compared to its earnings per share (EPS)
Top Ten Holdings
Ticker Name Sector % Total
ELS Equity LifeStyle Properties Inc Real Estate 2.4%
AEE Ameren Corp Utilities 2.2%
DPS Dr Pepper Snapple Group Inc Consumer Staples 2.1%
DST DST Systems Inc Information Technology 2.1%
XYL Xylem Inc/NY Industrials 2.1%
VNO Vornado Realty Trust Real Estate 2.1%
XEL Xcel Energy Inc Utilities 2.0%
EGN Energen Corp Energy 2.0%
SNPS Synopsys Inc Information Technology 2.0%
ATO Atmos Energy Corp Utilities 2.0%
% in top 10 20.9%
Sector Weights
DALCX
Russell Midcap Value
Russell Midcap
Consumer Discretionary
13.0%
11.8%
14.0%
Consumer Staples
7.1%
3.9%
4.0%
Energy
4.0%
8.1%
5.5%
Financials
16.8%
21.0%
14.9%
Health Care
6.5%
6.4%
9.5%
Industrials
16.7%
12.1%
14.6%
Information Technology
12.1%
6.8%
16.8%
Materials
6.4%
5.6%
5.7%
Real Estate
7.9%
13.6%
8.9%
Telecommunication Services
0.0%
0.5%
0.4%
Utilities
9.5%
10.2%
5.7%

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.