Federated Kaufmann Large Cap Fund

PORTFOLIO AS OF MARCH 31, 2020 CURRENT NET ASSETS - $3,131,625,884 Principal Amount or Shares Value COMMON STOCKS - 94.9% Communication Services - 6.3% 42,700 1 Alphabet, Inc., Class A $49,615,265 307,000 1 Facebook, Inc. 51,207,600 1,134,500 1 T-Mobile USA, Inc. 95,184,550 TOTAL 196,007,415 Consumer Discretionary - 12.9% 281,000 1 Alibaba Group Holding Ltd., ADR 54,648,880 57,531 1 Amazon.com, Inc. 112,169,341 308,800 Hilton Worldwide Holdings, Inc. 21,072,512 257,073 Home Depot, Inc. 47,998,100 990,000 Las Vegas Sands Corp. 42,045,300 259,400 1 Lululemon Athletica, Inc. 49,169,270 20 1,2 New Cotai LLC/Capital 0 408,100 Nike, Inc., Class B 33,766,194 905,400 TJX Cos., Inc. 43,287,174 TOTAL 404,156,771 Consumer Staples - 0.9% 100,000 Constellation Brands, Inc., Class A 14,336,000 47,800 Costco Wholesale Corp. 13,629,214 TOTAL 27,965,214 Financials - 6.3% 385,000 Apollo Global Management LLC 12,897,500 133,600 BlackRock, Inc. 58,779,992 230,000 Goldman Sachs Group, Inc. 35,555,700 551,000 JPMorgan Chase & Co. 49,606,530 1,672,200 KKR & Co., Inc. 39,246,534 TOTAL 196,086,256 Health Care - 24.5% 413,900 Abbott Laboratories 32,660,849 507,500 1 Alcon, Inc. 25,898,753 536,100 1 Alnylam Pharmaceuticals, Inc. 58,354,485 1,264,177 1 Boston Scientific Corp. 41,250,095 129,253 1 Dexcom, Inc. 34,803,955 180,837 1 Edwards Lifesciences Corp. 34,109,475 392,500 1 Galapagos NV, ADR 76,898,600 277,700 1 Genmab A/S 56,366,954 302,857 1 Genmab A/S, ADR 6,417,540 467,300 Gilead Sciences, Inc. 34,935,348 202,500 1 IDEXX Laboratories, Inc. 49,053,600 48,800 1 Illumina, Inc. 13,328,256 30,000 1 Intuitive Surgical, Inc. 14,856,300 546,968 1 Moderna, Inc. 16,381,692 28,800 1 Regeneron Pharmaceuticals, Inc. 14,062,752 132,900 1 Sarepta Therapeutics, Inc. 13,000,278 165,300 Stryker Corp. 27,520,797 730,000 1 Ultragenyx Pharmaceutical, Inc. 32,433,900 424,285 1 Veeva Systems, Inc. 66,345,445 267,600 1 Vertex Pharmaceuticals, Inc. 63,675,420 470,000 Zoetis, Inc. 55,314,300 TOTAL 767,668,794

Principal Amount or Shares Value Industrials - 9.0% 87,250 1 CoStar Group, Inc. 51,234,073 850,000 IHS Markit Ltd. 51,000,000 65,600 L3Harris Technologies, Inc. 11,815,872 189,900 Roper Technologies, Inc. 59,212,719 740,000 Trane Technologies PLC 61,116,600 347,900 Verisk Analytics, Inc. 48,490,302 TOTAL 282,869,566 Information Technology - 28.7% 115,000 Apple, Inc. 29,243,350 262,748 Broadcom, Inc. 62,297,551 787,648 Fidelity National Information Services, Inc. 95,809,503 610,325 1 GoDaddy, Inc. 34,855,661 923,000 Marvell Technology Group Ltd. 20,887,490 358,500 Mastercard, Inc. 86,599,260 927,000 Microsoft Corp. 146,197,170 2,072,198 1 PagSeguro Digital Ltd. 40,055,587 627,180 1 Salesforce.com, Inc. 90,301,376 350,000 1 ServiceNow, Inc. 100,303,000 400,000 1 Splunk, Inc. 50,492,000 600,300 Visa, Inc., Class A 96,720,336 350,000 1 Workday, Inc. 45,577,000 TOTAL 899,339,284 Materials - 3.7% 150,000 Ecolab, Inc. 23,374,500 123,000 Sherwin-Williams Co. 56,520,960 320,200 Vulcan Materials Co. 34,604,014 TOTAL 114,499,474 Real Estate - 2.6% 835,700 1 CBRE Group, Inc. 31,514,247 348,700 Crown Castle International Corp. 50,352,280 TOTAL 81,866,527 TOTAL COMMON STOCKS 2,970,459,301 INVESTMENT COMPANY - 4.8% 151,370,230 Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.82% 3 151,279,408 TOTAL INVESTMENT IN SECURITIES $3,121,738,709

At March 31, 2020, the Fund had the following outstanding futures contracts: Value and Number of Unrealized Description Contracts Notional Value Expiration Date Depreciation 1 DJIA Mini E-CBOT Short Futures 370 $40,239,350 June 2020 $(2,585,321) 1 S&P 500 E-Mini Short Futures 525 $67,454,625 June 2020 $(3,291,732) UNREALIZED DEPRECIATION ON FUTURES CONTRACTS $(5,877,053)

1 Non-income-producing security. 2 Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Board of Trustees. 3 7-day net yield.

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Note: The categories of investments are shown as a percentage of net assets $3,131,625,884 at the close of business on March 31, 2020, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. The following acronyms are used throughout this portfolio: ADR --American Depositary Receipt LLC --Limited Liability Corporation

Portfolio holdings are shown as of the date indicated and are unaudited. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed. For more complete information on the fund, visit www.FederatedInvestors.com for a prospectus or a summary prospectus. You should consider the fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund's prospectus or summary prospectus, which you should read carefully before investing.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Federated Securities Corp., Distributor (38152) 3/31/2020

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