Federated Emerging Markets Equity Fund (As of 9/30/19, This Fund Was Known As PNC Emerging Markets Equity Fund)

Federated Emerging Markets Equity Fund (As of 9/30/19, this fund was known as PNC Emerging Markets Equity Fund)

PORTFOLIO AS OF SEPTEMBER 30, 2019 CURRENT NET ASSETS — $11,958,266 Value in Shares ______U.S. Dollars COMMON STOCKS - 98.7% Banks - 16.2% $ 18,418 ______Banco Bradesco SA, ADR ______$ 149,922 2,533 ______Bancolombia SA, ADR ______125,257 97,648 ______Bank Central Asia Tbk PT ______208,768 176,154 ______Bank of China Ltd. ______69,083 419,900 ______Bank Rakyat Indonesia Persero Tbk PT ______121,924 69,985 ______China Merchants Bank Co. Ltd. ______332,860 42,777 ______Commercial International Bank Egypt SAE ______203,795 252,497 ______Equity Group Holdings PLC ______91,055 27,639 ______First Abu Dhabi Bank PJSC ______113,356 3,268 ______HDFC Bank Ltd. ADR ______186,439 6,060 ______OTP Bank Nyrt ______252,432 15,501 Qatar______National Bank QPSC ______82,234______TOTAL 1,937,125 ______Capital Goods - 2.1% 16,299 ______Airtac International Group ______194,198 7,000 Hiwin______Technologies Corp. ______61,013______TOTAL 255,211 ______Consumer Durables & Apparel - 2.2% 1,053 ______Fila Korea Ltd. ______50,944 17,571 ______Merida Industry Co. Ltd. ______99,880 16,334 Relaxo______Footwears Ltd. ______116,788______TOTAL 267,612 ______Consumer Services - 5.1% 8,305 (1) ______AmRest Holdings SE ______92,782 43,574 ______BK Brasil Operacao e Assessoria a Restaurantes______SA ______215,513 11,725 ______CVC Brasil Operadora e Agencia de Viagens SA ______158,141 32,665 Haidilao______International Holding Ltd. ______139,520______TOTAL 605,956 ______Diversified Financials - 0.4% 3,269 (1) Georgia______Capital PLC ______40,998______Energy - 7.4% 1,015,202 ______Anton Oilfield Services Group ______101,141 1,267 ______CNOOC Ltd., ADR ______192,901 103,800 ______Muangthai Capital PCL ______193,656 14,275 ______Petroleo Brasileiro SA, ADR ______206,559

Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779 1-800-341-7400 FederatedInvestors.com Federated Securities Corp., Distributor Federated is a registered trademark of Federated Investors, Inc. 2019 © Federated Investors Inc. Federated Emerging Markets Equity Fund

$ 10,225 Reliance______Industries Ltd. ______$ 192,522______TOTAL 886,779 ______Food & Staples Retailing - 2.0% 4,870 (1) ______Dino Polska SA ______190,718 66,600 Puregold______Price Club Inc. ______50,166______TOTAL 240,884 ______Food Beverage & Tobacco - 2.3% 108,723 ______Juhayna Food Industries ______58,435 800 ______Kweichow Moutai Co. Ltd. ______128,975 590,300 Mayora______Indah Tbk PT ______92,702______TOTAL 280,112 ______Health Care Equipment & Services - 6.2% 169,965 (1) ______Cleopatra Hospital ______63,163 1,522 ______Dentium Co. Ltd. ______83,745 28,814 ______Integrated Diagnostics Holdings PLC ______132,544 5,716 ______NMC Health PLC ______190,509 14,757 ______Notre Dame Intermedica Participacoes SA ______193,566 14,580 Vietnam______Dairy Products JSC ______81,543______TOTAL 745,070 ______Insurance - 5.4% 32,083 ______AIA Group Ltd. ______302,576 29,444 Ping______An Insurance Group Co of China Ltd. ______338,421______TOTAL 640,997 ______Materials - 0.9% 304,479 Zijin______Mining Group Co. Ltd. ______105,150______Media & Entertainment - 10.3% 800 ______Kakao Corp. ______90,572 19,300 ______Tencent Holdings Ltd. ______807,279 5,642 (1) ______Tencent Music Entertainment Group, ADR ______72,048 7,484 (1) Yandex______NV ______262,015______TOTAL 1,231,914 ______Pharmaceuticals Biotechnology & Life Sciences - 4.3% 76,000 ______CSPC Pharmaceutical Group Ltd. ______152,519 5,457 ______Richter Gedeon Nyrt ______88,285 17,332 (1) ______TaiMed Biologics Inc. ______83,103 19,027 (1) Wuxi______Biologics Cayman Inc. ______194,016______TOTAL 517,923 ______Real Estate - 6.1% 209,300 ______Ayala Land Inc. ______199,756

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Federated Emerging Markets Equity Fund

$ 92,385 ______Central Pattana PCL ______$ 205,486 127,420 ______China Aoyuan Group Ltd. ______144,346 44,960 Vinhomes______JSC ______173,197______TOTAL 722,785 ______Retailing - 8.8% 3,995 (1) ______Alibaba Group Holding Ltd., ADR ______668,084 582 (1) ______MercadoLibre Inc. ______320,816 7,047 momo.com______Inc. ______59,391______TOTAL 1,048,291 ______Semiconductors & Semiconductor Equipment - 6.4% 4,248 ______Silergy Corp. ______105,350 53,438 ______Taiwan Semiconductor Manufacturing Co. Ltd. ______474,611 21,169 Win______Semiconductors Corp. ______189,369______TOTAL 769,330 ______Software & Services - 1.5% 1,971 (1) Globant______SA ______180,504______Technology Hardware & Equipment - 6.5% 1,039 ______Samsung Electro -Mechanics Co. Ltd. ______89,406 8,074 ______Samsung Electronics Co. Ltd. ______330,582 1,923 Samsung______SDI Co. Ltd. ______358,003______TOTAL 777,991 ______Telecommunication Services - 1.6% 14,911 ______GrameenPhone Ltd. ______62,189 464,773 Safaricom______PLC ______123,074______TOTAL 185,263 ______Transportation - 3.0% 64,200 ______Airports of Thailand PCL ______156,976 96,485 ______Aramex PJSC ______105,344 270,100 Bangkok______Expressway & Metro PCL ______95,422______TOTAL 357,742 ______TOTAL COMMON STOCKS 11,797,637 ______INVESTMENT COMPANY - 1.4% 173,840 (2) PNC______Government Money Market Fund , Class______I, 1.88% (3) ______173,840______TOTAL INVESTMENT IN SECURITIES $ 11,971,477 ______

(1) Non -income -producing security. (2) Affiliated holding. (3) 7-day net yield.

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Federated Emerging Markets Equity Fund

Note: The categories of investments are shown as a percentage of net assets ($ 11,958,266 ) at the close of business on September 30, 2019, 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 JSC — Joint Stock Company PJSC — Public Joint Stock Company

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 const itute 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 summary prospectus, if available. 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 50274 09/19

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