Federated Kaufmann Large Cap Fund

PORTFOLIO AS OF DECEMBER 31, 2018 CURRENT NET ASSETS - $2,855,166,742 Principal Amount or Shares Value COMMON STOCKS - 96.8% Communication Services - 6.1% 45,800 Activision Blizzard, Inc. $2,132,906 60,500 1 Alphabet, Inc., Class A 63,220,080 285,000 1 Facebook, Inc. 37,360,650 1,134,500 1 T-Mobile USA, Inc. 72,165,545 TOTAL 174,879,181 Consumer Discretionary - 14.0% 162,700 1 Alibaba Group Holding Ltd., ADR 22,301,289 54,535 1 Amazon.com, Inc. 81,909,934 12,109 1 Booking Holdings, Inc. 20,856,784 820,700 Hilton Worldwide Holdings, Inc. 58,926,260 298,900 Home Depot, Inc. 51,356,998 995,427 Las Vegas Sands Corp. 51,811,975 245,600 1 Lululemon Athletica, Inc. 29,867,416 20 1,2 New Cotai LLC/Capital 0 875,800 TJX Cos., Inc. 39,183,292 175,600 1 Ulta Beauty, Inc. 42,993,904 TOTAL 399,207,852 Consumer Staples - 1.5% 262,000 Constellation Brands, Inc., Class A 42,134,840 Financials - 5.9% 1,168,517 Bank of New York Mellon Corp. 55,002,095 135,700 BlackRock, Inc. 53,305,674 630,200 JPMorgan Chase & Co. 61,520,124 TOTAL 169,827,893 Health Care - 23.7% 490,000 Abbott Laboratories 35,441,700 175,000 1 Align Technology, Inc. 36,650,250 509,400 1 Alnylam Pharmaceuticals, Inc. 37,140,354 30,100 1 Biogen, Inc. 9,057,692 1,828,700 1 Boston Scientific Corp. 64,626,258 147,200 1 Dexcom, Inc. 17,634,560 225,000 1 Edwards Lifesciences Corp. 34,463,250 466,700 1 Elanco Animal Health, Inc. 14,715,051 533,780 1 Galapagos NV, ADR 48,968,977 323,791 1 Genmab A/S 53,061,797 290,300 1 IDEXX Laboratories, Inc. 54,001,606 161,800 1 Illumina, Inc. 48,528,674 18,500 1 Intuitive Surgical, Inc. 8,860,020 402,900 Merck & Co., Inc. 30,785,589 232,534 Stryker Corp. 36,449,705 836,873 1 Veeva Systems, Inc. 74,749,496 191,000 1 Vertex Pharmaceuticals, Inc. 31,650,610 450,000 Zoetis, Inc. 38,493,000 TOTAL 675,278,589 Industrials - 9.5% 1,049,000 1 AerCap Holdings NV 41,540,400

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Principal Amount or Shares Value 1,020,000 1 IHS Markit Ltd. 48,929,400 531,800 Ingersoll-Rand PLC, Class A 48,516,114 248,000 Raytheon Co. 38,030,800 265,800 Roper Technologies, Inc. 70,841,016 415,500 1 XPO Logistics, Inc. 23,700,120 TOTAL 271,557,850 Information Technology - 29.3% 155,000 Apple, Inc. 24,449,700 285,000 Broadcom, Inc. 72,469,800 1,140,000 1 Dropbox, Inc. 23,290,200 577,600 1 GoDaddy, Inc. 37,902,112 923,000 Marvell Technology Group Ltd. 14,943,370 371,500 Mastercard, Inc. 70,083,475 1,090,500 Microsoft Corp. 110,762,085 1,166,300 1 Pagseguro Digital Ltd. 21,844,799 267,000 1 Red Hat, Inc. 46,895,880 625,000 1 Salesforce.com, Inc. 85,606,250 396,300 1 ServiceNow, Inc. 70,561,215 566,000 1 Splunk, Inc. 59,345,100 618,400 Visa, Inc., Class A 81,591,696 316,100 1 Workday, Inc. 50,474,848 878,700 1 Worldpay, Inc. 67,159,041 TOTAL 837,379,571 Materials - 2.9% 292,400 Albemarle Corp. 22,535,268 150,500 Sherwin-Williams Co. 59,215,730 TOTAL 81,750,998 Real Estate - 3.9% 1,360,000 1 CBRE Group, Inc. 54,454,400 533,700 Crown Castle International Corp. 57,975,831 TOTAL 112,430,231 TOTAL COMMON STOCKS 2,764,447,005 INVESTMENT COMPANY - 3.4% 96,734,609 Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.54%3 96,734,609 TOTAL INVESTMENT IN SECURITIES $2,861,181,614

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.

Note: The categories of investments are shown as a percentage of net assets $2,855,166,742 at the close of business on December 31, 2018, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. The following acronym is used throughout this portfolio: ADR --American Depositary Receipt

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.

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NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Federated Securities Corp., Distributor (38152) 12/31/2018

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