Portfolio
Performance
Fund Facts
Commentary
Portfolio Characteristics as of 3/31/2025
Equity Income
Dividend Yield - Weighted Average (Gross of fees) 3.2%
Number of Securities 25
Net Debt to Total Capital - Weighted Average 40.2%
ROE - Median 5 Year Average 22.9%
Dividend Growth Rate - 3 Year Average* 9.1%
Market Capitalization - Median $63 Billion
Market Capitalization - Weighted Average $153 Billion
Beta** 0.66

*The average dividend growth rate for the last 3 years of all companies in the portfolio as of 3/31/2025 with a 3-year track record.
**Trailing 12-month Beta of Equity Only Composite relative to the S&P 500 Index.

Top Ten Holdings*** as of 3/31/2025
Holding
AbbVie, Inc.
CME Group Inc. Class A
Old Republic International Corporation
Enterprise Products Partners L.P.
Public Service Enterprise Group Inc.
Holding
Paychex, Inc.
Darden Restaurants, Inc.
Johnson & Johnson
Unilever PLC Sponsored ADR
Proctor & Gamble Company

***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 3/31/2025
% of Total
Financials 18
Industrials 16
Consumer Staples 13
Real Estate 11
Healthcare 10
Energy 9
Consumer Discretionary 8
Information Technology 8
Utilities 5
Cash 2
Total
100%

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

Market Cap Exposure as of 3/31/2025
Equity Income Companies
Greater than $100 billion 39.5 9
$50 billion - $100 billion 16.0 5
$10 billion - $50 billion 35.8 9
$2 billion - $10 billion 6.2 2
$0 - $5 billion 0.0 0
Total
100%
25