Quarterly Statistics

DALCX Quarterly Statistics as of March 31, 2012

Portfolio Characteristics
DALCX
Russell Midcap Value
Russell Midcap
Wtd Avg. Mkt Cap
$7.3B
$8.6B
$8.8B
Median Mkt. Cap
$5.9B
$4.1B
$4.5B
*P/E (excl. negative earnings)
15.5x
16.2x
18.2x
*P/E (projected next 12 months)
13.4x
13.7x
15.3x
Price/Book
2.4x
1.5x
2.2x
Price/Cash Flow
13.2x
10.5x
11.8x
Number of Holdings
60
525
779
Cash & Equiv.
2.3%
0.0%
0.0%
Non-US
5.8%
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 2.3%
GEF Greif Inc Materials 2.2%
BCR CR Bard Inc Health Care 2.2%
DRI Darden Restaurants Inc Consumer Discretionary 2.1%
NBL Noble Energy Inc Energy 2.1%
IVZ Invesco Ltd Financials 2.0%
TMK Torchmark Corp Financials 2.0%
SJM JM Smucker Co Consumer Staples 2.0%
CPO Corn Products Intl Inc Consumer Staples 2.0%
M Macy’s Inc Consumer Discretionary 2.0%
% in top 10 20.9%
Sector Weights
DALCX
Russell Midcap Value
Russell Midcap
Consumer Discretionary
17.0%
11.7%
16.2%
Consumer Staples
7.1%
6.7%
6.3%
Energy
7.8%
6.0%
7.5%
Financials
25.7%
32.0%
19.5%
Health Care
6.8%
6.1%
9.7%
Industrials
16.0%
10.8%
12.9%
Information Technology
7.9%
8.6%
13.7%
Materials
8.5%
4.7%
6.6%
Telecommunication Services
0.0%
0.7%
1.1%
Utilities
3.2%
12.7%
6.5%

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.