N-Q 1 form.htm Federated Investors, Inc.

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

 

 

 

 

811-8519

 

(Investment Company Act File Number)

 

 

Federated Core Trust

 

___________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

John W. McGonigle, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 06/30/2013

 

 

Date of Reporting Period: Quarter ended 03/31/2013

 

 

 

 

 

 

 

Item 1. Schedule of Investments

 

Federated Bank Loan Core Fund
Portfolio of Investments
March 31, 2013 (unaudited)
Principal
Amount
or Shares 		    Value
    Floating Rate Loans—95.0%  
    Aerospace/Defense—0.5%  
$977,550   TransDigm, Inc., Term Loan - Institutional, 3.75%, 2/28/2020 $992,213
    Automotive—4.4%  
1,500,000   Autoparts Holdings, Term Loan - Institutional, 10.50%, 1/29/2018 1,530,000
1,965,000   Chrysler Group LLC, Term Loan - Institutional, 6.00%, 5/24/2017 2,004,438
1,995,000   Remy International, Term Loan - Institutional, 4.25%, 2/28/2020 2,020,765
1,000,000   Schaeffler AG, Term Loan - Institutional, 6.00%, 1/27/2017 1,013,540
648,920   Schrader International, Inc., Term Loan - Institutional, 6.25%, 4/27/2018 660,276
843,580   Schrader International, Inc., Term Loan - Institutional, 6.25%, 4/27/2018 858,343
1,462,820   United Components, Inc., Term Loan - Institutional, 5.50%, 7/26/2017 1,474,252
    TOTAL 9,561,614
    Building Materials—1.8%  
1,985,000   Grohe Holding GMBH, 6.75%, 5/16/2017 2,005,595
397,594   Nortek, Inc., Term Loan - Institutional, 5.25%, 4/26/2017 401,695
1,483,797   Roofing Supply Group, Term Loan - Institutional, 5.00%, 5/31/2019 1,506,291
    TOTAL 3,913,581
    Chemicals—1.1%  
1,466,250   Omnova Solutions, Inc., Term Loan - Institutional, 4.25%, 5/31/2018 1,485,495
1,000,000   US Coatings Acquisition, Inc., Term Loan - Institutional, 4.75%, 2/1/2020 1,014,950
    TOTAL 2,500,445
    Consumer Products—5.8%  
2,000,000   AOT Bedding Super Holdings LLC, Term Loan - Institutional, 5.0025%, 10/1/2019 2,030,750
2,000,000   Apex Tool Group, Term Loan - Institutional, 4.50%, 2/1/2020 2,030,000
1,490,458   Freedom Group, Inc., Term Loan - Institutional, 5.50%, 4/19/2019 1,499,773
674,242   Prestige Brands Holdings, Inc., Term Loan - Institutional, 3.75%, 1/31/2019 685,516
498,750   ServiceMaster Co., Term Loan - Institutional, 4.25%, 2/28/2018 504,880
1,488,750   ServiceMaster Co., Term Loan - Institutional, 4.46%, 1/31/2017 1,505,595
498,750   Spectrum Brands Holdings, Inc., Term Loan - Institutional, 4.5025%, 12/17/2019 506,917
855,019   SRAM Corp., Term Loan - Institutional, 4.750%, 6/7/2018 857,156
500,000   SRAM Corp., Term Loan - Institutional, 8.50%, 12/7/2018 510,000
1,829,223   Visant Corp., Term Loan - Institutional, 5.25%, 12/22/2016 1,780,556
854,821   Wolverine World Wide, Inc., Term Loan - Institutional, 4.00%, 7/31/2019 865,507
    TOTAL 12,776,650
    Energy—1.2%  
1,000,000   EMG Utica LLC, Term Loan - Institutional, 4.75%, 3/26/2020 1,007,500
1,000,000   EP Energy LLC., Term Loan - Institutional, 4.50%, 4/30/2019 1,014,480
500,000   Tesoro Corp., Term Loan - Institutional, 2.533%, 1/28/2016 506,875
    TOTAL 2,528,855
    Entertainment—1.8%  
1,000,000   Cedar Fair LP, Term Loan - Institutional, 3.25%, 2/20/2020 1,014,380
997,500   Cinemark USA, Inc., Term Loan - Institutional, 3.215%, 12/18/2019 1,008,931
964,994   Regal Cinemas, Inc., Term Loan - Institutional, 3.228%, 8/23/2017 974,731
1,012,905   Six Flags Theme Parks, Term Loan - Institutional, 4.001%, 12/20/2018 1,028,640
    TOTAL 4,026,682
    Financial Institutions—2.1%  
500,000   Delos Aircraft, Inc., Term Loan - Institutional, 4.75%, 4/12/2016 504,168
1
Principal
Amount
or Shares 		    Value
    Floating Rate Loans—continued  
    Financial Institutions—continued  
$2,000,000   Nuveen Investments, Term Loan - Institutional, 5.2037%, 5/13/2017 $2,041,790
1,995,000   TCW Group, Term Loan - Institutional, 4.00%, 12/20/2019 2,023,259
    TOTAL 4,569,217
    Food & Beverage—5.9%  
61,707   Aramark Corp., Revolver - 1st Lien, 3.7087%, 7/26/2016 62,163
1,000,000   Aramark Corp., Term Loan - Institutional, 3.756%, 7/26/2016 1,007,395
938,293   Aramark Corp., Term Loan - Institutional, 3.704%, 7/26/2016 945,232
1,491,225   B&G Foods, Inc., Term Loan - Institutional, 4.00316%, 11/30/2018 1,514,525
1,912,725   Del Monte Foods Co., Term Loan - Institutional, 4.00%, 3/8/2018 1,933,201
2,000,000   HJ Heinz Co., Term Loan - Institutional, 3.750%, 2/15/2020 2,019,580
1,347,959   Michael Foods, Inc., Term Loan - Institutional, 4.25%, 2/25/2018 1,369,864
1,982,481   Pinnacle Foods Finance LLC., 4.75%, 10/17/2018 2,007,262
1,960,000   U.S. Foodservice, Inc., Term Loan - Institutional, 5.75%, 3/31/2017 1,986,597
    TOTAL 12,845,819
    Gaming—4.7%  
1,485,000   Affinity Gaming LLC, Term Loan - Institutional, 5.50%, 5/9/2017 1,513,772
980,000   Ameristar Casinos, Inc., Term Loan - Institutional, 4.00%, 4/14/2018 990,109
798,388   Caesars Entertainment, Inc., Term Loan - Institutional, 4.4542%, 1/28/2018 732,665
1,492,500   Cannery Casino Resorts LLC, Term Loan - Institutional, 6.00%, 10/2/2018 1,521,022
559,524   Global Cash Access LLC, Term Loan - Institutional, 7.00%, 3/1/2016 565,586
997,500   MGM Resorts International, Term Loan - Institutional, 4.25%, 12/20/2019 1,015,330
1,983,707   Penn National Gaming, Inc., Term Loan - Institutional, 3.75%, 7/14/2018 2,003,891
990,000   Pinnacle Entertainment, Inc., Term Loan - Institutional, 4.00%, 3/19/2019 998,044
1,000,000   Station Casinos, Inc., Term Loan - Institutional, 5.00%, 2/13/2020 1,013,330
    TOTAL 10,353,749
    Health Care—11.7%  
497,500   Alkermes, Inc., Term Loan - Institutional, 3.50%, 9/25/2019 498,328
1,985,000   Bausch & Lomb, Inc., Term Loan - Institutional, 5.25%, 5/17/2019 2,007,857
1,956,917   Biomet, Inc., Term Loan - Institutional, 4.01378%, 7/25/2017 1,982,465
1,958,731   Carestream Health, Inc., Term Loan - Institutional, 5.00%, 2/25/2017 1,970,454
997,500   DaVita HealthCare Partners, Inc., Term Loan - Institutional, 4.00%, 11/1/2019 1,009,425
1,180,346   DJO Finance LLC, Term Loan - Institutional, 4.750%, 9/15/2017 1,200,507
1,211,828   Emergency Medical Services Corp., Term Loan - Institutional, 4.00%, 5/25/2018 1,227,351
1,478,939   Grifols, Inc., Term Loan - Institutional, 4.25%, 6/1/2017 1,495,488
2,000,000   HCA, Inc., Term Loan - Institutional, 3.534%, 3/31/2017 2,020,000
974,423   HCR Manor Care, Inc., Term Loan - Institutional, 5.00%, 4/6/2018 952,498
1,492,500   Hologic, Inc., Term Loan - Institutional, 4.50%, 8/1/2019 1,515,097
1,470,066   Iasis Healthcare, Term Loan - Institutional, 4.50%, 5/3/2018 1,492,271
1,166,579   Multiplan, Inc., Term Loan - Institutional, 4.00%, 8/18/2017 1,181,266
997,500   Pharmaceutical Product Development, Inc., Term Loan - Institutional, 4.25%, 12/5/2018 1,011,909
995,000   Radnet, Inc., Term Loan - Institutional, 5.50251%, 10/10/2018 1,008,995
495,000   United Surgical Partners International, Inc., Term Loan - Institutional, 6.750%, 4/19/2017 497,062
990,025   United Surgical Partners International, Inc., Term Loan - Institutional, 7.000%, 4/3/2019 998,381
1,461,703   Vanguard Health Holdings II, 3.75%, 1/29/2016 1,482,109
498,750   VWR Funding, Inc., Term Loan - Institutional, 4.2037%, 4/3/2017 504,673
1,478,022   VWR Funding, Inc., Term Loan - Institutional, 4.4537%, 4/3/2017 1,496,497
    TOTAL 25,552,633
    Industrial - Other—6.2%  
1,359,167   Generac Power Systems, Term Loan - Institutional, 6.25%, 5/30/2018 1,393,146
2
Principal
Amount
or Shares 		    Value
    Floating Rate Loans—continued  
    Industrial - Other—continued  
$999,807   Hillman Group, Inc., Term Loan - Institutional, 4.25%, 5/31/2016 $1,010,220
2,000,000   Miliacron LLC, Term Loan - Institutional, 4.250%, 3/31/2020 2,020,000
1,995,000   Mirror Bidco/Dematic, Term Loan - Institutional, 5.25%, 12/18/2019 2,019,938
995,000   Rexnord LLC, Term Loan - Institutional, 4.50%, 4/1/2018 1,008,303
1,997,500   Silver II Borrower Sarl, Term Loan - Institutional, 4.00%, 12/13/2019 2,016,926
1,995,000   Unifrax Investment Corp., Term Loan - Institutional, 4.25%, 8/5/2018 2,018,501
1,995,000   WESCO International, Inc., Term Loan - Institutional, 4.50312%, 12/12/2019 2,022,012
    TOTAL 13,509,046
    Media - Cable—3.1%  
1,485,000   Cequel Communications Holdings, Term Loan - Institutional, 4.00%, 2/14/2019 1,501,290
265,186   Charter Communications, Inc., Term Loan - Institutional, 3.46%, 9/6/2016 267,241
990,000   Charter Communications, Inc., Term Loan - Institutional, 4.00%, 5/15/2019 1,000,786
2,000,000   Kabel Deutschland GMBH, Term Loan - Institutional, 3.50%, 2/1/2019 2,025,830
2,000,000   Virgin Media Investment Holdings, Term Loan - Institutional, 3.50%, 2/6/2020 1,994,420
    TOTAL 6,789,567
    Media - Non-Cable—6.6%  
1,228,571   Crown Media Holdings, Inc., Term Loan - Institutional, 6.750%, 7/14/2018 1,237,786
1,492,500   Cumulus Media, Inc., Term Loan - Institutional, 4.50%, 9/16/2018 1,515,507
1,396,890   Entercom Communication Corp., Term Loan - Institutional, 5.012%, 11/23/2018 1,424,611
1,713,763   Hubbard Radio, Term Loan - Institutional, 4.50%, 4/28/2017 1,735,185
1,477,547   Intelsat Jackson Holdings S.A., Term Loan - Institutional, 4.50%, 4/2/2018 1,501,372
58,112   Lamar Media Corp., Term Loan - Institutional, 4.00%, 12/31/2016 58,566
997,500   NEP Broadcasting LLC, Term Loan - Institutional, 4.75%, 1/22/2020 1,011,216
1,457,607   Nielsen Finance LLC/Nielsen Finance Co., Term Loan - Institutional, 2.9522%, 5/1/2016 1,474,799
1,995,000   SGS International, Inc., Term Loan - Institutional, 5.00%, 10/17/2019 2,018,691
1,404,979   SymphonyIRI Group, Inc., Term Loan - Institutional, 4.50%, 12/1/2017 1,422,541
1,000,000   TWCC Holding Corp., Term Loan - Institutional, 3.50%, 2/13/2017 1,015,180
    TOTAL 14,415,454
    Packaging & Containers—3.7%  
1,496,021   Berry Plastics Group, Inc., Term Loan - Institutional, 2.2037%, 4/3/2015 1,504,279
1,000,000   Berry Plastics Group, Inc., Term Loan - Institutional, 3.50%, 2/8/2020 999,545
2,992,500   Bway Holding Co., Term Loan - Institutional, 4.5025%, 8/6/2017 3,034,395
1,990,000   Reynolds Group, Term Loan - Institutional, 4.75%, 9/28/2018 2,021,771
492,500   Sealed Air Corp., Term Loan - Institutional, 4.00%, 10/3/2018 500,360
    TOTAL 8,060,350
    Restaurants—3.0%  
1,258,905   DineEquity, Inc., Term Loan - Institutional, 3.75%, 10/19/2017 1,280,148
1,917,895   Dunkin' Brands, Inc., Term Loan - Institutional, 3.75001%, 2/14/2020 1,942,626
1,280,422   NPC International, Inc., Term Loan - Institutional, 4.50%, 12/28/2018 1,295,359
487,500   OSI Restaurant Partners, Inc., Term Loan - Institutional, 4.75%, 10/26/2019 495,003
1,490,000   Wendy's International, Inc., Term Loan - Institutional, 4.75%, 5/15/2019 1,508,826
    TOTAL 6,521,962
    Retailers—6.9%  
1,980,038   Academy Sports, Term Loan - Institutional, 4.75%, 8/3/2018 2,010,975
1,494,924   J Crew Group, Term Loan - Institutional, 4.00%, 3/7/2018 1,514,455
2,000,000   Jo-Ann Stores, Inc., Term Loan - Institutional, 4.00%, 3/18/2018 2,025,000
2,000,000   Michaels Stores, Inc., Term Loan - Institutional, 3.75%, 1/28/2020 2,023,610
2,500,000   Neiman-Marcus Group, Inc., Term Loan - Institutional, 4.00%, 5/16/2018 2,526,150
1,995,000   Party City Holdings, Inc., Term Loan - Institutional, 4.25%, 7/27/2019 2,013,085
3
Principal
Amount
or Shares 		    Value
    Floating Rate Loans—continued  
    Retailers—continued  
$1,466,250   PETCO Animal Supplies, Inc., Term Loan - Institutional, 4.00%, 11/24/2017 $1,488,522
1,353,879   The Yankee Candle Co., Inc., Term Loan - Institutional, 5.25%, 4/2/2019 1,365,489
    TOTAL 14,967,286
    Services—1.8%  
997,500   Garda Security Group, Inc., Term Loan - Institutional, 4.50%, 11/13/2019 1,011,839
1,473,806   KAR Auction Services, Inc., Term Loan - Institutional, 3.75%, 5/19/2017 1,495,515
1,491,248   Monitronics International, Inc., Term Loan - Institutional, 4.250%, 3/23/2018 1,514,556
    TOTAL 4,021,910
    Technology—17.6%  
1,995,000   Alcatel-Lucent USA, Inc., Term Loan - Institutional, 7.25%, 1/30/2019 2,028,745
1,995,673   Avaya, Inc., Term Loan - Institutional, 8.00%, 3/31/2018 2,012,048
888,239   Blackboard, Inc., Term Loan - Institutional, 6.25%, 10/4/2018 902,672
594,732   Blackboard, Inc., Term Loan - Institutional, 6.25%, 10/4/2018 604,397
1,750,405   CDW Corp., Term Loan - Institutional, 4.00%, 7/15/2017 1,760,619
982,500   CommScope, Inc., Term Loan - Institutional, 3.75%, 1/14/2018 994,364
500,000   Compucom System, Inc., Term Loan - Institutional, 10.25%, 10/4/2019 512,500
1,496,250   Compucom System, Inc., Term Loan - Institutional, 6.50%, 10/4/2018 1,527,110
2,961,821   DataTel Inc., Term Loan - Institutional, 4.50%, 7/19/2018 3,008,840
1,965,075   Eagle Parent, Inc., Term Loan - Institutional, 4.50%, 5/16/2018 1,992,095
1,712,851   First Data Corp., Term Loan - Institutional, 5.2042%, 3/24/2017 1,730,193
2,000,000   Freescale Semiconductor, Inc., Term Loan - Institutional, 4.25%, 3/1/2020 2,010,630
1,496,250   Hyland Software, Inc., Term Loan - Institutional, 5.50%, 10/25/2019 1,508,407
1,433,462   Interactive Data Corp., Term Loan - Institutional, 3.75%, 2/11/2018 1,452,054
1,496,250   Kronos, Inc., Term Loan - Institutional, 4.50%, 10/30/2019 1,519,943
1,990,000   Lawson Software, Inc., 5.25%, 4/5/2018 2,024,825
1,990,000   Misys PLC, Term Loan - Institutional, 7.25%, 12/12/2018 2,023,163
995,056   Mmodal, Inc., Term Loan - Institutional, 6.75%, 8/17/2019 964,896
1,491,250   Rocket Software, Term Loan - Institutional, 5.75%, 2/8/2018 1,501,502
997,500   RP Crown Parent LLC, Term Loan - Institutional, 6.75%, 12/14/2018 1,019,011
1,500,000   SERENA Software, Inc., Term Loan - Institutional, 5.00%, 3/10/2016 1,510,785
494,345   SkillSoft Corp., Term Loan - Institutional, 5.00%, 5/26/2017 501,143
978,282   Spansion, Inc., Term Loan - Institutional, 5.25%, 12/13/2018 991,430
82,050   SS&C Technologies Holdings, Inc., Term Loan - Institutional, 5.00%, 3/14/2019 83,383
793,148   SS&C Technologies, Inc., Term Loan - Institutional, 5.00%, 3/14/2019 806,037
1,500,000   Syniverse Holdings, Inc., Term Loan - Institutional, 1.00%, 4/23/2019 1,507,500
992,500   Syniverse Holdings, Inc., Term Loan - Institutional, 5.00%, 4/23/2019 1,002,177
969,474   Trans Union LLC, Term Loan - Institutional, 4.25%, 2/10/2019 984,418
    TOTAL 38,484,887
    Transportation—0.9%  
1,966,202   Hertz Corp., Term Loan - Institutional, 3.75%, 3/11/2018 1,971,521
    Utility - Electric—0.5%  
982,500   NRG Energy, Inc., Term Loan - Institutional, 3.25%, 7/1/2018 997,188
    Utility - Natural Gas—1.2%  
2,500,000   Energy Transfer Equity LP, Term Loan - Institutional, 3.75%, 3/26/2017 2,515,238
    Wireless Communications—0.9%  
1,946,658   MetroPCS Wireless, Inc., Term Loan - Institutional, 4.071%, 11/3/2016 1,955,778
    Wireline Communications—1.6%  
1,500,000   Level 3 Financing, Inc., Term Loan - Institutional, 4.75%, 8/1/2019 1,520,310
998,750   Windstream Corp., Term Loan - Institutional, 3.50%, 1/23/2020 1,010,770
4
Principal
Amount
or Shares 		    Value
    Floating Rate Loans—continued  
    Wireline Communications—continued  
$992,500   Windstream Corp., Term Loan - Institutional, 4.00%, 8/8/2019 $1,008,013
    TOTAL 3,539,093
    TOTAL FLOATING RATE LOANS
(IDENTIFIED COST $204,357,718) 		207,370,738
    Corporate Bond—0.6%  
    Restaurant—0.6%  
1,400,000 1,2 Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, Sr. Secd. Note, Series 144A, 2.7801%, 3/15/2014
(IDENTIFIED COST $1,337,000) 		1,398,250
    MUTUAL FUND—9.9%  
21,585,690 3,4 Federated Prime Value Obligations Fund, Institutional Shares, 0.12%
(AT NET ASSET VALUE) 		21,585,690
    TOTAL INVESTMENTS—105.5%
(IDENTIFIED COST $227,280,408)5 		230,354,678
    OTHER ASSETS AND LIABILITIES - NET—(5.5)%6 (11,934,634)
    TOTAL NET ASSETS—100% $218,420,044
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At March 31, 2013, these restricted securities amounted to $1,398,250, which represented 0.6% of total net assets.
2 Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At March 31, 2013, these liquid restricted securities amounted to $1,398,250, which represented 0.6% of total net assets.
3 Affiliated holding.
4 7-day net yield.
5 At March 31, 2013, the cost of investments for federal tax purposes was $227,107,839. The net unrealized appreciation of investments for federal tax purposes was $3,246,839. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $3,388,926 and net unrealized depreciation from investments for those securities having an excess of cost over value of $142,087.
6 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at March 31, 2013.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■  Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by Trustees.
■  Fixed-income securities and floating rate loans acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for accretions of any discount or amortization of any premium), which approximates market value.
■  Shares of other mutual funds are valued based upon their reported NAVs.
■  Derivative contracts listed on exchanges are valued at their reported settlement or closing price.
■  Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■  For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers.
If the Fund cannot obtain a price or price evaluation from a pricing service for an investment, the Fund may attempt to value the investment based upon the mean of bid and asked quotations or fair value the investment based on price evaluations, from one or more dealers. If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, or if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable time (for example, within five business days after a new security is delivered to the Fund), the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could purchase or sell an investment at the price used to calculate the Fund's NAV.
Fair Valuation and Significant Events Procedures
The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and the Adviser's affiliated companies to determine fair value of securities and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and
5
assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for other types of fixed-income securities and OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■  With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■  Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and
■  Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.
The Trustees have approved the use of a pricing service to determine the fair value of equity securities traded principally in foreign markets when the Adviser determines that there has been a significant trend in the U.S. equity markets or in index futures trading. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment using another method approved by the Trustees.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1— quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.
Level 2— other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3— significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of March 31, 2013, in valuing the Fund's assets carried at fair value:
Valuation Inputs
  Level 1—
Quoted
Prices and
Investments in
Mutual Funds 		Level 2—
Other
Significant
Observable
Inputs 		Level 3—
Significant
Unobservable
Inputs 		Total
Debt Securities:        
Floating Rate Loans $— $207,370,738 $— $207,370,738
Corporate Bond — 1,398,250 — 1,398,250
Mutual Fund 21,585,690 — — 21,585,690
TOTAL SECURITIES $21,585,690 $208,768,988 $— $230,354,678
6

 

Item 2. Controls and Procedures

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant Federated Core Trust

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date May 22, 2013

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /S/ John B. Fisher

 

John B. Fisher

Principal Executive Officer

 

Date May 23, 2013

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date May 22, 2013