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 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. - 2 - 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. ________________________________