Portfolio
Performance
Fund Facts
Commentary
Portfolio Characteristics as of 9/30/2019
Equity Income
Median Market Cap (Millions) 31,654
Number of Holdings 38
Median Price - to - Earnings (Next 12 Months)* 12.3x
Price / Book 3.62
Beta** 0.71

*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 9/30/2019
Holding
AT&T Incorporated 4.9%
Verizon Communications Incorporated 4.6%
Enterprise Products Partners L.P. 4.4%
BCE Incorporated 4.3%
Target Corporation 4.3%
Holding
Sanofi 3.7%
General Motors Company 3.4%
M.D.C. Holdings, Inc. 3.3%
Pfizer Incorporated 3.3%
Old Republic International Corporation 3.3%

***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 9/30/2019
% of Total
Communication Services 19
Energy 15
Health Care 14
Financials 13
Consumer Discretionary 13
Information Technology 6
Industrials 6
Short Term Investment 5
Consumer Staples 5
Materials 4
Real Estate 2
Total
100%

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

Market Cap Exposure as of 3/31/2019
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