Portfolio
Performance
Fund Facts
Commentary
Portfolio Characteristics as of 12/31/2018
Equity Income
Median Market Cap (Millions) 34,993
Number of Holdings 38
Median Price - to - Earnings (Next 12 Months)* 12.1
Price / Book 5.8
Beta** 0.75

*This measure is not a forecast of the fund’s future performance.
**A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.

Top Ten Holdings*** as of 12/31/2018
Holding
Verizon Communications Incorporated 5.0%
Pfizer Incorporated 4.6%
Enterprise Products Partners L.P. 4.5%
AT&T Incorporated 4.3%
Qualcomm Incorporated 4.2%
Holding
BCE Incorporated 4.1%
Procter & Gamble Company 4.0%
Sanofi 4.0%
Target Corporation 3.9%
Chevron Corporation 3.4%

***Holdings are subject to change and do not include the Fund’s entire portfolio. Holdings data is presented to illustrate examples of the securities the Fund bought and the diversity of areas in which the Fund invests and may not be representative of the Fund’s current or future investments. Current and future holding are subject to risk. Sector Breakdowns are determined by Hamlin’s Investment Committee.

Sector Breakdown**** as of 12/31/2018
% of Total
Communication Services 19
Energy 15
Consumer Discretionary 14
Health Care 13
Information Technology 10
Financials 9
Consumer Staples 7
Industrials 6
Short Term Investment 5
REITs 2
Materials 2
Total
100%

****Sector breakdown is defined by Hamlin’s Investment Committee.

Market Cap Exposure as of 12/31/2018
Equity Income Companies
Greater than $10 billion 67.7 24
$2 billion - $10 billion 24.5 12
$0 - $2 billion 2.8 2
Total
100%
38