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

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Amended

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: 06/30/14

 

 

Date of Reporting Period: Quarter ended 09/30/13

 

 

 

 

 

 

 

Item 1. Schedule of Investments

 

Federated Bank Loan Core Fund
Portfolio of Investments
September 30, 2013 (unaudited)
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—97.5%  
    Aerospace/Defense—0.8%  
$2,967,625   TransDigm, Inc., Term Loan—Institutional, 3.75%, 2/28/2020 $2,960,428
    Automotive—4.5%  
1,995,000   Affinia Group, Inc., Term Loan—Institutional, 4.75%, 4/25/2020 2,003,728
645,662   August Schrader, Term Loan—Institutional, 5.00%, 4/27/2018 646,469
839,341   August Schrader, Term Loan—Institutional, 5.00%, 4/27/2018 840,390
1,500,000   Autoparts Holdings, Term Loan—Institutional, 10.50%, 1/29/2018 1,457,498
1,955,000   Chrysler Group LLC, Term Loan—Institutional, 4.25%, 5/24/2017 1,972,722
1,985,000   Remy International, Inc., Term Loan—Institutional, 4.25%, 3/5/2020 1,993,694
3,500,000   Schaeffler AG, Term Loan—Institutional, 4.25%, 1/27/2017 3,518,970
2,995,000   Tower Automotive Holdings, Term Loan—Institutional, 4.75%, 4/23/2020 3,004,360
1,458,750   United Components, Inc., Term Loan—Institutional, 5.50%, 7/26/2017 1,468,786
    TOTAL 16,906,617
    Building Materials—2.9%  
3,000,000   American Builders & Contractors Supply Co. Inc., Term Loan—Institutional, 3.50%, 4/16/2020 2,982,750
3,000,000   CPG International, Inc., Term Loan—Institutional, 5.00%, 9/24/2020 2,994,375
1,975,000   Grohe Holding GMBH, Term Loan—Institutional, 5.00%, 5/18/2017 1,984,875
577,495   Nortek, Inc., Term Loan—Institutional, 5.25%, 4/26/2017 580,564
2,473,822   Roofing Supply Group, Term Loan—Institutional, 5.00%, 5/31/2019 2,487,218
    TOTAL 11,029,782
    Chemicals—1.9%  
1,458,750   Omnova Solutions, Inc., Term Loan—Institutional, 4.25%, 5/31/2018 1,467,262
1,500,000   Oxea SARL, Term Loan—Institutional, 4.25%, 12/6/2019 1,490,625
2,000,000   Oxea SARL, Term Loan—Institutional, 8.25%, 5/15/2020 1,998,750
1,990,000   US Coatings Acquisition, Inc., Term Loan—Institutional, 4.75%, 2/1/2020 2,000,258
    TOTAL 6,956,895
    Consumer Products—7.3%  
5,000,000   Activision Blizzard, Inc., Term Loan—Institutional, 3.25%, 7/26/2020 5,003,650
2,979,987   AOT Bedding Super Holdings LLC, Term Loan—Institutional, 5.00%, 10/1/2019 2,991,162
2,990,000   Apex Tool Group, Term Loan—Institutional, 4.50%, 2/1/2020 3,000,286
1,482,953   Freedom Group, Inc., Term Loan—Institutional, 5.50%, 4/19/2019 1,489,448
662,879   Prestige Brands Holdings, Inc., Term Loan—Institutional, 3.75%, 1/31/2019 665,530
496,250   ServiceMaster Co., Term Loan—Institutional, 4.25%, 1/31/2017 484,673
1,481,250   ServiceMaster Co., Term Loan—Institutional, 4.44%, 1/31/2017 1,451,625
3,500,000   Spectrum Brands Holdings, Inc., Term Loan—Institutional, 3.50%, 9/4/2019 3,505,513
366,652   Spectrum Brands Holdings, Inc., Term Loan—Institutional, 4.53%, 12/17/2019 368,668
3,451,701   SRAM LLC, Term Loan—Institutional, 4.02%, 4/10/2020 3,408,554
1,829,223   Visant Corp., Term Loan—Institutional, 5.25%, 12/22/2016 1,778,919
1,500,000   Water PIK, Inc., Term Loan—Institutional, 5.75%, 7/9/2020 1,477,500
1,000,000   Water PIK, Inc., Term Loan—Institutional, 9.75%, 1/9/2021 988,750
677,571   Wolverine World Wide, Inc., Term Loan—Institutional, 4.00%, 10/9/2019 681,976
    TOTAL 27,296,254
    Energy—1.6%  
3,000,000   EMG Utica LLC, Term Loan—Institutional, 4.75%, 3/27/2020 3,016,875
375,000   EP Energy LLC., Term Loan—Institutional, 4.50%, 4/30/2019 375,624
500,000   Fieldwood Energy, Term Loan—Institutional, 3.88%, 9/25/2018 500,523
1

Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Energy—continued  
$1,500,000   Fieldwood Energy, Term Loan—Institutional, 8.38%, 9/30/2020 $1,497,660
497,500   Tesoro Corp., Term Loan—Institutional, 2.51%, 6/3/2016 498,510
    TOTAL 5,889,192
    Entertainment—1.9%  
995,000   AMC Entertainment, Inc., Term Loan—Institutional, 3.50%, 4/30/2020 991,657
995,000   Cedar Fair LP, Term Loan—Institutional, 3.25%, 3/6/2020 998,109
992,500   Cinemark USA, Inc., Term Loan—Institutional, 3.19%, 12/18/2019 997,100
960,058   Regal Cinemas, Inc., Term Loan—Institutional, 2.71%, 8/23/2017 960,768
1,995,000   SeaWorld Entertainment, Inc., Term Loan—Institutional, 3.00%, 5/14/2020 1,975,798
1,007,827   Six Flags Theme Parks, Term Loan—Institutional, 4.00%, 12/20/2018 1,012,711
    TOTAL 6,936,143
    Financial Institutions—1.6%  
2,000,000   Nuveen Investments, Inc., Term Loan—Institutional, 4.18%, 5/13/2017 1,979,380
2,000,000   Nuveen Investments, Inc., Term Loan—Institutional, 6.50%, 2/28/2019 1,992,500
1,990,000   TCW Group, Term Loan—Institutional, 4.00%, 12/20/2019 1,996,463
    TOTAL 5,968,343
    Food & Beverage—5.6%  
61,707   Aramark Corp., Revolver—1st Lien, 3.68%, 7/26/2016 61,910
1,000,000   Aramark Corp., Term Loan—Institutional, 3.75%, 7/26/2016 1,003,300
761,627   Aramark Corp., Term Loan—Institutional, 3.71%, 7/26/2016 764,140
2,859,592   Del Monte Foods Co., Term Loan—Institutional, 4.00%, 3/8/2018 2,853,873
2,992,500   HJ Heinz Co., Term Loan—Institutional, 3.50%, 6/5/2020 3,005,757
1,347,959   Michael Foods, Inc., Term Loan—Institutional, 4.25%, 2/25/2018 1,356,384
2,992,500   Performance Food Group, Inc., Term Loan—Institutional, 6.25%, 11/14/2019 2,965,074
1,000,000   Pinnacle Foods Finance LLC., Term Loan—Institutional, 3.25%, 4/29/2020 991,250
3,985,000   Pinnacle Foods Finance LLC., Term Loan—Institutional, 3.25%, 4/29/2020 3,956,109
3,990,000   U.S. Foodservice, Inc., Term Loan—Institutional, 4.50%, 3/31/2019 3,973,800
    TOTAL 20,931,597
    Gaming—5.6%  
1,437,993   Affinity Gaming LLC, Term Loan—Institutional, 5.50%, 11/9/2017 1,463,157
2,992,500   American Casino & Entertainment, Term Loan—Institutional, 6.00%, 7/3/2019 3,041,128
1,000,000   Caesars Entertainment, Inc., Term Loan—Institutional, 4.43%, 1/28/2018 891,785
2,459,163   Cannery Casino Resorts LLC, Term Loan—Institutional, 6.00%, 10/2/2018 2,455,327
507,143   Global Cash Access LLC, Term Loan—Institutional, 4.00%, 3/1/2016 508,410
2,989,987   MGM Resorts International, Term Loan—Institutional, 3.50%, 12/20/2019 2,983,903
1,697,893   Penn National Gaming, Inc., Term Loan—Institutional, 3.75%, 7/14/2018 1,701,722
1,995,000   Pinnacle Entertainment, Inc., Term Loan—Institutional, 3.75%, 8/13/2020 1,996,586
2,895,000   Seminole Tribe of Florida, Term Loan—Institutional, 3.00%, 4/29/2020 2,892,467
2,989,988   Station Casinos, Inc., Term Loan—Institutional, 5.00%, 3/1/2020 3,024,253
    TOTAL 20,958,738
    Health Care—10.5%  
495,000   Alkermes, Inc., Term Loan—Institutional, 3.50%, 9/25/2019 493,144
4,952,001   Biomet, Inc., Term Loan—Institutional, 4.00%, 7/25/2017 4,981,019
1,835,700   Carestream Health, Inc., Term Loan—Institutional, 5.00%, 6/7/2019 1,847,632
2,000,000   Carestream Health, Inc., Term Loan—Institutional, 9.50%, 12/7/2019 1,990,000
2,488,731   DaVita HealthCare Partners, Inc., Term Loan—Institutional, 4.00%, 11/1/2019 2,501,797
1,171,494   DJO Finance LLC, Term Loan—Institutional, 4.75%, 9/15/2017 1,177,644
1,205,657   Emergency Medical Services Corp., Term Loan—Institutional, 4.00%, 5/25/2018 1,206,996
1,469,212   Grifols, Inc., Term Loan—Institutional, 4.25%, 6/1/2017 1,479,739
2

Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Health Care—continued  
$2,000,000   HCA, Inc., Term Loan—Institutional, 3.00%, 3/31/2017 $2,000,530
971,241   HCR Manor Care, Inc., Term Loan—Institutional, 5.00%, 4/6/2018 955,458
1,309,312   Hologic, Inc., Term Loan—Institutional, 3.75%, 8/1/2019 1,313,639
2,958,928   Iasis Healthcare, Term Loan—Institutional, 4.50%, 5/3/2018 2,968,633
1,421,073   Multiplan, Inc., Term Loan—Institutional, 4.00%, 8/18/2017 1,425,074
992,500   Pharmaceutical Product Development, Inc., Term Loan—Institutional, 4.25%, 12/5/2018 995,974
2,989,990   Radnet, Inc., Term Loan—Institutional, 4.25%, 10/10/2018 2,991,783
2,985,000   Truven Health Analytics, Inc., Term Loan—Institutional, 4.50%, 5/23/2019 2,999,925
492,500   United Surgical Partners International, Inc., Term Loan—Institutional, 4.25%, 4/19/2017 495,470
985,075   United Surgical Partners International, Inc., Term Loan—Institutional, 4.75%, 4/3/2019 991,542
2,977,500   Valeant Pharmaceuticals International, Inc., Term Loan—Institutional, 4.50%, 8/5/2020 2,999,623
1,458,049   Vanguard Health Holdings II, Term Loan—Institutional, 3.75%, 1/29/2016 1,459,645
496,250   VWR Funding, Inc., Term Loan—Institutional, 4.18%, 4/3/2017 498,525
1,470,344   VWR Funding, Inc., Term Loan—Institutional, 4.43%, 4/3/2017 1,472,645
    TOTAL 39,246,437
    Industrial - Other—7.5%  
3,000,000   Belden, Inc., Term Loan—Institutional, 3.25%, 9/30/2020 3,009,375
4,000,000   Gardner Denver, Inc., Term Loan—Institutional, 4.25%, 7/30/2020 3,968,180
3,750,000   Generac Power Systems, Term Loan—Institutional, 3.50%, 5/31/2020 3,742,500
995,203   Hillman Group, Inc., Term Loan—Institutional, 4.25%, 5/28/2017 1,001,534
2,990,000   Miliacron LLC, Term Loan—Institutional, 4.25%, 3/31/2020 2,988,131
1,985,000   Mirror Bidco/Dematic, Term Loan—Institutional, 5.25%, 12/18/2019 1,999,054
4,000,000   Rexnord LLC, Term Loan—Institutional, 4.00%, 8/21/2020 3,959,000
3,478,731   Silver II Borrower Sarl, Term Loan—Institutional, 4.00%, 12/13/2019 3,453,267
1,985,000   Unifrax Investment Corp., Term Loan—Institutional, 4.25%, 8/5/2018 1,990,588
1,961,428   WESCO International, Inc., Term Loan—Institutional, 4.50%, 12/12/2019 1,965,966
    TOTAL 28,077,595
    Lodging—2.4%  
2,000,000   Four Seasons Holdings, Term Loan—Institutional, 4.25%, 6/27/2020 2,020,000
1,000,000   Four Seasons Holdings, Term Loan—Institutional, 6.25%, 12/27/2020 1,025,000
6,000,000   Hilton Worldwide Finance LLC, Term Loan—Institutional, 4.00%, 9/23/2020 5,998,980
    TOTAL 9,043,980
    Media - Cable—2.5%  
1,477,500   Cequel Communications Holdings, Term Loan—Institutional, 3.50%, 2/14/2019 1,478,335
3,990,000   Charter Communications, Inc., Term Loan—Institutional, 3.00%, 7/1/2020 3,954,030
2,000,000   Kabel Deutschland GMBH, Term Loan—Institutional, 3.25%, 2/1/2019 2,001,950
2,000,000   Virgin Media Investment Holdings, Term Loan—Institutional, 3.50%, 6/7/2020 1,991,800
    TOTAL 9,426,115
    Media - Non-Cable—6.8%  
3,750,000   Clear Channel Communications, Inc., Term Loan—Institutional, 6.93%, 1/30/2019 3,485,625
1,227,787   Crown Media Holdings, Inc., Term Loan—Institutional, 4.00%, 7/14/2018 1,228,032
1,373,531   Cumulus Media, Inc., Term Loan—Institutional, 4.50%, 9/16/2018 1,384,176
3,990,000   Emerald Expo Holdings, Inc., Term Loan—Institutional, 5.50%, 6/17/2020 4,019,945
1,296,998   Entercom Communication Corp., Term Loan—Institutional, 5.03%, 11/23/2018 1,307,134
2,000,000   Entravision, Term Loan—Institutional, 3.50%, 5/31/2020 1,976,250
1,713,763   Hubbard Radio, Term Loan—Institutional, 4.50%, 4/28/2017 1,720,190
1,470,141   Intelsat Jackson Holdings S.A., Term Loan—Institutional, 4.25%, 4/2/2018 1,475,654
58,112   Lamar Media Corp., Term Loan—Institutional, 4.00%, 12/31/2016 58,148
1,992,500   NEP Broadcasting LLC, Term Loan—Institutional, 4.75%, 1/22/2020 2,001,845
3

Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Media - Non-Cable—continued  
$1,450,300   Nielsen Finance LLC/Nielsen Finance Co., Term Loan—Institutional, 2.93%, 5/1/2016 $1,454,441
1,985,000   SGS International, Inc., Term Loan—Institutional, 5.00%, 10/17/2019 1,989,962
1,401,408   SymphonyIRI Group, Inc., Term Loan—Institutional, 5.50%, 12/1/2017 1,406,670
1,000,000   TWCC Holding Corp., Term Loan—Institutional, 3.50%, 2/13/2017 1,002,505
1,000,000   TWCC Holding Corp., Term Loan—Institutional, 7.00%, 6/26/2020 1,028,750
    TOTAL 25,539,327
    Packaging & Containers—3.1%  
1,488,064   Berry Plastics Group, Inc., Term Loan—Institutional, 2.18%, 4/3/2015 1,488,562
2,491,240   Berry Plastics Group, Inc., Term Loan—Institutional, 3.50%, 2/8/2020 2,468,508
2,977,500   Bway Holding Co., Term Loan—Institutional, 4.50%, 8/6/2017 2,992,388
2,000,000   Multi Packaging Solutions, Inc., Term Loan—Institutional, 4.25%, 8/15/2020 2,009,500
1,982,099   Reynolds Group, Term Loan—Institutional, 4.75%, 9/28/2018 1,987,993
491,250   Sealed Air Corp., Term Loan—Institutional, 4.00%, 10/3/2018 494,320
    TOTAL 11,441,271
    Restaurants—3.5%  
1,252,487   DineEquity, Inc., Term Loan—Institutional, 3.75%, 10/19/2017 1,259,526
2,899,666   Dunkin' Brands, Inc., Term Loan—Institutional, 3.75%, 2/14/2020 2,898,304
1,481,668   NPC International, Inc., Term Loan—Institutional, 4.50%, 12/28/2018 1,490,313
2,987,500   OSI Restaurant Partners, Inc., Term Loan—Institutional, 3.50%, 10/26/2019 2,977,701
1,496,250   Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, Term Loan—Institutional, 3.50%, 4/29/2020 1,495,315
3,022,414   Wendy's International, Inc., Term Loan—Institutional, 3.25%, 5/15/2019 3,018,636
    TOTAL 13,139,795
    Retailers—6.0%  
2,965,062   Academy Sports, Term Loan—Institutional, 4.50%, 8/3/2018 2,982,215
1,000,000   Gymboree Corp., Term Loan—Institutional, 5.00%, 2/23/2018 968,910
1,487,316   J Crew Group, Term Loan—Institutional, 4.00%, 3/7/2018 1,484,795
1,000,000   JC Penney Corp., Inc., Term Loan—Institutional, 6.00%, 5/22/2018 967,976
3,490,000   Jo-Ann Stores, Inc., Term Loan—Institutional, 4.00%, 3/18/2018 3,497,643
2,995,000   Michaels Stores, Inc., Term Loan—Institutional, 3.75%, 1/28/2020 2,999,807
3,326,499   Neiman-Marcus Group, Inc., Term Loan—Institutional, 4.00%, 5/16/2018 3,328,129
3,478,731   Party City Holdings, Inc., Term Loan—Institutional, 4.25%, 7/27/2019 3,475,826
1,458,750   PETCO Animal Supplies, Inc., Term Loan—Institutional, 4.00%, 11/24/2017 1,460,800
1,353,879   The Yankee Candle Co., Inc., Term Loan—Institutional, 6.25%, 4/2/2019 1,356,140
    TOTAL 22,522,241
    Services—1.9%  
992,500   Garda Security Group, Inc., Term Loan—Institutional, 5.75%, 11/13/2019 997,463
1,437,658   KAR Auction Services, Inc., Term Loan—Institutional, 3.75%, 5/18/2017 1,444,544
2,477,527   Monitronics International, Inc., Term Loan—Institutional, 4.25%, 3/23/2018 2,479,075
1,995,000   US Infrastructure, Term Loan—Institutional, 4.75%, 7/29/2020 1,996,865
    TOTAL 6,917,947
    Technology—16.0%  
1,985,000   Alcatel-Lucent USA, Inc., Term Loan—Institutional, 5.75%, 1/30/2019 2,003,242
1,982,694   Avaya, Inc., Term Loan—Institutional, 8.00%, 3/31/2018 1,882,498
1,477,771   Blackboard, Inc., Term Loan—Institutional, 6.25%, 10/4/2018 1,483,639
4,000,000   BMC Software, Inc., Term Loan—Institutional, 5.00%, 8/9/2020 4,007,000
1,990,002   CDW LLC, Term Loan—Institutional, 3.50%, 4/29/2020 1,961,714
975,000   CommScope, Inc., Term Loan—Institutional, 3.75%, 1/14/2018 979,417
3,990,000   Compucom System, Inc., Term Loan—Institutional, 4.25%, 5/9/2020 3,925,162
2,851,509   DataTel, Inc., Term Loan—Institutional, 4.50%, 7/19/2018 2,869,074
4

Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Technology—continued  
$3,000,000   Dell, Inc., Term Loan—Institutional, 4.50%, 3/24/2020 $2,951,250
1,955,225   Eagle Parent, Inc., Term Loan—Institutional, 4.50%, 5/16/2018 1,959,302
497,351   Emdeon, Inc., Term Loan—Institutional, 3.75%, 11/2/2018 497,687
4,026,740   First Data Corp., Term Loan—Institutional, 4.18%, 3/24/2017 3,998,211
3,000,000   Freescale Semiconductor, Inc., Term Loan—Institutional, 5.00%, 1/15/2021 3,008,430
1,990,000   Freescale Semiconductor, Inc., Term Loan—Institutional, 5.00%, 3/1/2020 2,000,656
1,488,750   Hyland Software, Inc., Term Loan—Institutional, 5.50%, 10/25/2019 1,496,663
500,000   Information Resources, Inc., Term Loan—Institutional, 4.75%, 9/26/2020 501,250
2,904,776   Interactive Data Corp., Term Loan—Institutional, 3.75%, 2/11/2018 2,895,713
997,500   Ion Trading Technologies Ltd., Term Loan—Institutional, 4.50%, 5/22/2020 998,747
1,000,000   Ion Trading Technologies Ltd., Term Loan—Institutional, 8.25%, 5/22/2021 1,003,125
1,488,750   Kronos, Inc., Term Loan—Institutional, 4.50%, 10/30/2019 1,491,549
1,780,634   Lawson Software, Inc., Term Loan—Institutional, 5.25%, 4/5/2018 1,793,250
1,913,055   Mmodal, Inc., Term Loan—Institutional, 7.50%, 8/17/2019 1,868,414
1,477,486   Rocket Software, Term Loan—Institutional, 5.75%, 2/8/2018 1,481,800
992,500   RP Crown Parent LLC, Term Loan—Institutional, 6.75%, 12/21/2018 1,001,457
1,500,000   SERENA Software, Inc., Term Loan—Institutional, 5.00%, 3/10/2016 1,493,438
453,733   SkillSoft Corp., Term Loan—Institutional, 5.50%, 5/26/2017 456,288
973,239   Spansion, Inc., Term Loan—Institutional, 5.25%, 12/13/2018 980,845
959,826   Syniverse Holdings, Inc., Term Loan—Institutional, 4.00%, 4/23/2019 959,630
1,939,043   Syniverse Holdings, Inc., Term Loan—Institutional, 4.00%, 4/23/2019 1,933,594
964,474   Trans Union LLC, Term Loan—Institutional, 4.25%, 2/10/2019 970,097
2,000,000   Triple Point Group Holdings, Inc., Term Loan—Institutional, 5.25%, 7/13/2020 1,953,750
1,496,250   Websense, Inc., Term Loan—Institutional, 4.50%, 6/25/2020 1,498,120
1,500,000   Websense, Inc., Term Loan—Institutional, 8.25%, 12/25/2020 1,501,875
    TOTAL 59,806,887
    Transportation—0.5%  
1,956,372   Hertz Corp., Term Loan—Institutional, 3.00%, 3/11/2018 1,957,457
    Utility - Natural Gas—1.1%  
2,992,500   Calpine Construction Finance Co., Term Loan—Institutional, 3.25%, 1/31/2022 2,949,483
1,125,000   Energy Transfer Equity LP, Term Loan—Institutional, 3.75%, 3/26/2017 1,131,756
    TOTAL 4,081,239
    Wireline Communications—2.0%  
2,000,000   Level 3 Financing, Inc., Term Loan—Institutional, 4.00%, 1/15/2020 2,000,630
2,000,000   Level 3 Financing, Inc., Term Loan—Institutional, 4.00%, 1/15/2020 2,000,750
1,500,000   Level 3 Financing, Inc., Term Loan—Institutional, 4.75%, 8/1/2019 1,501,403
992,500   Windstream Corp., Term Loan—Institutional, 3.50%, 1/23/2020 991,671
987,500   Windstream Corp., Term Loan—Institutional, 4.00%, 8/8/2019 989,653
    TOTAL 7,484,107
    TOTAL FLOATING RATE LOANS
(IDENTIFIED COST $363,919,982) 		364,518,387
    EXCHANGE-TRADED FUND—4.6%  
700,000   PowerShares Senior Loan Portfolio
(IDENTIFIED COST $17,418,510) 		17,276,000
5

Principal
Amount
or Shares 		    Value
    INVESTMENT COMPANY—9.2%  
34,268,173 1,2 Federated Prime Value Obligations Fund, Institutional Shares, 0.07%
(AT NET ASSET VALUE) 		$34,268,173
    TOTAL INVESTMENTS—111.3%
(IDENTIFIED COST $415,606,665)3 		416,062,560
    OTHER ASSETS AND LIABILITIES - NET—(11.3)%4 (42,337,431)
    TOTAL NET ASSETS—100% $373,725,129
1 Affiliated holding.
2 7-day net yield.
3 At September 30, 2013, the cost of investments for federal tax purposes was $415,498,076. The net unrealized appreciation of investments for federal tax purposes was $564,484. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $1,664,040 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,099,556.
4 Assets, other than investments in securities, less liabilities. A significant portion of this balance is the result of open purchase transactions.
Note: The categories of investments are shown as a percentage of total net assets at September 30, 2013.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities and floating rate loans acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■ Fixed-income securities, floating rate loans and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security.
■ Shares of other mutual funds or non-exchange-traded investment companies 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 period of time as set forth in the Fund's valuation policies and procedures, 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 certain of 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 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.
6

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 September 30, 2013, in valuing the Fund's assets carried at fair value:
Valuation Inputs
  Level 1—
Quoted
Prices and
Investments in
Investment
Companies 		Level 2—
Other
Significant
Observable
Inputs 		Level 3—
Significant
Unobservable
Inputs 		Total
Debt Securities:        
Floating Rate Loans $— $364,518,387 $— $364,518,387
Exchange-Traded Fund 17,276,000 — — 17,276,000
Investment Company 34,268,173 — — 34,268,173
TOTAL SECURITIES $51,544,173 $364,518,387 $— $416,062,560
The following acronym is used throughout this portfolio:
PIK —Payment in Kind
7

 

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 November 20, 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 November 25, 2013

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date November 20, 2013