N-Q 1 formfct.htm

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: 06/30/17

 

 

Date of Reporting Period: Quarter ended 09/30/16

 

 

 

 

 

 

 

Item 1. Schedule of Investments

 

Federated Bank Loan Core Fund
Portfolio of Investments
September 30, 2016 (unaudited)
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—94.8%  
    Aerospace/Defense—1.7%  
$876,364   B/E Aerospace, Inc., Term Loan—Institutional, 3.79%, 12/16/2021 $887,730
2,867,647   Engility Corp., Term Loan—Institutional, 5.75%, 8/12/2023 2,899,908
947,368   TransDigm, Inc., 3.75%, 6/9/2023 948,922
1,050,000   TransDigm, Inc., 3.75%, 6/9/2023 1,051,722
3,852,166   TransDigm, Inc., Term Loan—Institutional, 3.75%, 5/14/2022 3,861,797
977,500   TransDigm, Inc., Term Loan—Institutional, 3.83%, 6/4/2021 979,538
    TOTAL 10,629,617
    Automotive—2.1%  
534,723   Allison Transmission, Inc., Term Loan—Institutional, 3.25%, 9/16/2022 539,124
1,050,000   Autoparts Holdings, Term Loan—Institutional, 11.00%, 1/29/2018 911,862
4,829,057   Gates Global LLC, Term Loan—Institutional, 4.25%, 7/6/2021 4,766,762
4,455,000   TI Group Auto Systems LLC, Term Loan—Institutional, 4.50%, 6/30/2022 4,474,491
2,408,854   Tower Automotive Holdings, Term Loan—Institutional, 4.00%, 4/23/2020 2,410,359
    TOTAL 13,102,598
    Building Materials—1.7%  
770,330   Abc Supply Co., Inc., Term Loan—Institutional, 3.61%, 9/23/2023 773,603
1,229,670   American Builders & Contractors Supply Co., Inc., Term Loan—Institutional, 3.50%, 4/16/2020 1,234,306
1,985,000   Beacon Roofing Supply, Inc., Term Loan—Institutional, 3.50%, 10/1/2022 1,991,948
2,970,000   HD Supply, Inc., Term Loan—Institutional, 3.75%, 8/13/2021 2,980,514
2,000,000   HD Supply, Inc., Term Loan—Institutional, 3.60%, 10/16/2023 2,006,250
1,656,210   Ply Gem Industries, Inc., Term Loan—Institutional, 4.00%, 1/30/2021 1,668,631
    TOTAL 10,655,252
    Cable Satellite—2.6%  
1,406,622   Altice US Finance I Corp., Term Loan—Institutional, 4.25%, 12/14/2022 1,419,373
995,000   Charter Communications Operating LLC, Term Loan—Institutional, 3.48%, 1/24/2023 1,002,667
1,910,506   Charter Communications, Inc., Term Loan—Institutional, 3.50%, 7/1/2020 1,918,750
2,992,500   CSC Holdings LLC, Term Loan—Institutional, 5.00%, 10/9/2022 3,005,278
1,979,962   Eldorado Resorts, Inc., Term Loan—Institutional, 4.25%, 7/23/2022 1,989,862
2,420,408   Intelsat Jackson Holdings S.A., Term Loan—Institutional, 3.75%, 6/30/2019 2,307,907
1,990,000   Numericable US LLC, Term Loan—Institutional, 4.75%, 1/31/2023 2,006,786
2,346,643   Virgin Media Investment Holdings, Term Loan—Institutional, 3.65%, 6/30/2023 2,360,241
    TOTAL 16,010,864
    Chemicals—2.4%  
3,360,912   Axalta Coating Systems US Holdings, Inc., Term Loan—Institutional, 3.75%, 2/1/2020 3,390,320
995,000   Huntsman International LLC, Term Loan—Institutional, 4.25%, 4/1/2023 1,003,244
982,500   MacDermid, Inc., Term Loan—Institutional, 5.50%, 6/7/2020 988,026
3,969,949   MacDermid, Inc., Term Loan—Institutional, 5.50%, 6/7/2020 3,993,829
3,458,750   Oxea SARL, Term Loan—Institutional, 4.25%, 1/15/2020 3,305,700
1,995,000   PQ Corp., Term Loan—Institutional, 5.75%, 11/4/2022 2,013,294
    TOTAL 14,694,413
    Consumer Cyclical Services—3.6%  
4,110,162   Garda World Security Corp., Term Loan B—Institutional, 4.00%, 11/8/2020 4,084,474
1,051,437   Garda World Security Corp., Term Loan—Institutional, 4.00%, 11/8/2020 1,044,865
3,910,063   Hearthside Group Holdings LLC, Term Loan—Institutional, 4.50%, 6/2/2021 3,929,613
2,784,615   Manitowoc Foodservice, Inc., Term Loan—Institutional, 5.75%, 3/3/2023 2,825,800
1
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Consumer Cyclical Services—continued  
$3,624,048   ServiceMaster Co., Term Loan—Institutional, 4.25%, 7/1/2021 $3,665,145
2,977,500   USAGM HoldCo LLC, Term Loan—Institutional, 4.75%, 7/28/2022 2,970,056
165,563   USAGM HoldCo LLC, Term Loan—Institutional, 5.50%, 7/28/2022 166,184
834,437   USAGM HoldCo LLC, Term Loan—Institutional DD, 5.50%, 7/28/2022 837,566
3,000,000   USAGM HoldCo LLC, Term Loan—Institutional, 9.50%, 7/28/2023 2,988,750
    TOTAL 22,512,453
    Consumer Products—3.2%  
2,621,680   AOT Bedding Super Holdings LLC, Term Loan—Institutional, 4.25%, 10/1/2019 2,635,614
2,203,050   Bauer Performance Sports Ltd., Term Loan—Institutional, 5.00%, 4/15/2021 1,995,963
5,344,345   Freedom Group, Inc., Term Loan—Institutional, 5.50%, 4/19/2019 4,950,200
3,464,807   Party City Holdings, Inc., Term Loan—Institutional, 4.47%, 8/19/2022 3,481,819
1,642,250   Prestige Brands, Inc., Term Loan—Institutional, 3.50%, 9/3/2021 1,656,275
4,709,569   SRAM LLC, Term Loan—Institutional, 4.00%, 4/10/2020 4,591,830
780,517   Water PIK, Inc., Term Loan—Institutional, 9.75%, 1/9/2021 780,517
    TOTAL 20,092,218
    Diversified Manufacturing—2.2%  
3,392,930   Dynacast International LLC, Term Loan—Institutional, 4.50%, 1/28/2022 3,412,728
2,000,000   Dynacast International LLC, Term Loan—Institutional, 9.50%, 1/30/2023 1,960,000
1,770,486   Entegris, Inc., Term Loan—Institutional, 3.50%, 4/30/2021 1,785,978
4,859,798   Gardner Denver, Inc., Term Loan—Institutional, 4.25%, 7/30/2020 4,717,381
1,961,644   Milacron LLC, Term Loan—Institutional, 4.25%, 9/28/2020 1,974,522
    TOTAL 13,850,609
    Financial Institutions—4.5%  
1,985,025   Assuredpartners, Inc., Term Loan—Institutional, 5.75%, 10/21/2022 1,999,287
4,000,000   Assuredpartners, Inc., Term Loan—Institutional, 10.00%, 10/20/2023 3,985,000
1,925,550   Clipper Acquisitions Corp., Term Loan—Institutional, 3.09%, 2/6/2020 1,923,143
5,884,548   Hub International Ltd., Term Loan—Institutional, 4.00%, 10/2/2020 5,895,111
498,750   Sedgwick Claims Management Services, Inc., Term Loan—Institutional, 5.25%, 2/28/2021 503,583
2,920,113   Sedgwick, Inc., Term Loan—Institutional, 3.75%, 2/28/2021 2,904,914
3,000,000   Sedgwick, Inc., Term Loan—Institutional, 6.75%, 2/28/2022 2,975,625
3,000,000   Sedgwick, Inc., Term Loan—Institutional, 6.75%, 2/28/2022 2,975,625
2,992,500   WEX, Inc., Term Loan—Institutional, 4.25%, 7/1/2023 3,032,390
1,960,000   York Risk Services Group, Inc., Term Loan—Institutional, 4.75%, 10/1/2021 1,805,650
    TOTAL 28,000,328
    Food & Beverage—3.8%  
5,000,000   Amplify Snack Brands, Inc., Term Loan—Institutional, 6.50%, 9/2/2023 4,971,875
3,643,645   Aramark Corp., Term Loan—Institutional, 3.34%, 2/24/2021 3,670,990
1,932,784   Del Monte Pacific Ltd., Term Loan—Institutional, 4.25%, 2/18/2021 1,825,514
3,000,000   Del Monte Pacific Ltd., Term Loan—Institutional, 8.25%, 8/18/2021 2,260,005
2,832,900   Keurig Green Mountain, Inc., Term Loan—Institutional, 5.25%, 3/3/2023 2,874,218
2,461,370   Pinnacle Foods Finance LLC, Term Loan G—Institutional, 3.25%, 4/29/2020 2,477,320
1,985,000   Pinnacle Foods Finance LLC, Term Loan—Institutional, 3.28%, 1/13/2023 2,004,106
3,880,275   U.S. Foodservice, Inc., Term Loan—Institutional, 4.00%, 6/27/2023 3,916,653
    TOTAL 24,000,681
    Gaming—3.8%  
1,281,171   Affinity Gaming LLC, Term Loan—Institutional, 5.00%, 7/1/2023 1,285,182
2,000,000   Affinity Gaming LLC, Term Loan—Institutional, 9.25%, 9/23/2024 1,965,000
2,172,140   American Casino & Entertainment, Term Loan—Institutional, 4.75%, 7/7/2022 2,199,303
2,000,000   Boyd Gaming Corp., Term Loan—Institutional, 3.52%, 9/15/2023 2,018,000
2
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Gaming—continued  
$497,500   MGM Growth Properties, Term Loan—Institutional, 4.00%, 4/25/2023 $502,632
7,682,866   Mohegan Tribal Gaming Authority, Term Loan—Institutional, 5.50%, 6/15/2018 7,698,231
837,500   Pinnacle Entertainment, Inc., Term Loan B—Institutional, 1.00%, 4/28/2023 843,781
1,451,250   Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, Term Loan—Institutional, 3.59%, 5/14/2020 1,456,692
2,992,500   Station Casinos LLC, Term Loan—Institutional, 3.75%, 6/8/2023 3,016,814
2,910,000   Tropicana Entertainment, Inc., Term Loan—Institutional, 4.00%, 11/27/2020 2,910,000
    TOTAL 23,895,635
    Health Care—14.6%  
2,977,500   Acadia Healthcare Co., Inc., Term Loan—Institutional, 3.75%, 2/16/2023 3,002,630
3,950,000   Air Medical Group Holdings, Inc., Term Loan—Institutional, 4.25%, 4/28/2022 3,921,619
997,500   Air Medical Group Holdings, Inc., Term Loan—Institutional, 5.00%, 4/28/2022 1,004,981
977,500   Amsurg Corp., Term Loan—Institutional, 3.50%, 7/16/2021 980,022
1,467,322   Carestream Health, Inc., Term Loan—Institutional, 5.00%, 6/7/2019 1,367,493
4,811,760   Carestream Health, Inc., Term Loan—Institutional, 9.50%, 12/7/2019 4,386,713
3,980,000   CHG Healthcare Services, Inc., Term Loan—Institutional, 4.75%, 6/7/2023 4,022,904
338,179   CHS/Community Health Systems, Inc., Term Loan—Institutional, 3.75%, 12/31/2019 332,472
4,599,601   CHS/Community Health Systems, Inc., Term Loan—Institutional, 4.00%, 1/27/2021 4,525,157
486,300   DaVita HealthCare Partners, Inc., Term Loan—Institutional, 3.50%, 6/24/2021 489,826
2,953,443   Emdeon, Inc., Term Loan—Institutional, 3.75%, 11/2/2018 2,962,052
2,977,500   Endo Luxembourg Finance, Term Loan—Institutional, 3.75%, 9/25/2022 2,974,597
2,130,075   Envision Healthcare Corp., Term Loan—Institutional, 4.25%, 5/25/2018 2,135,219
2,977,500   Envision Healthcare Corp., Term Loan—Institutional, 4.50%, 10/28/2022 2,995,052
500,000   HCA, Inc., Term Loan—Institutional, 3.59%, 2/9/2024 505,453
248,750   HCA, Inc., Term Loan—Institutional, 3.77%, 3/17/2023 251,918
943,847   HCR Manor Care, Inc., Term Loan—Institutional, 5.00%, 4/6/2018 830,585
3,879,550   Iasis Healthcare, Term Loan—Institutional, 4.50%, 5/3/2018 3,843,179
9,567,723   Multiplan, Inc., Term Loan—Institutional, 5.00%, 6/7/2023 9,700,763
2,902,522   National Mentor Holdings, Inc., Term Loan—Institutional, 4.25%, 1/31/2021 2,910,228
8,864,569   Ortho-Clinical Diagnostics, Inc., Term Loan—Institutional, 4.75%, 6/30/2021 8,691,001
3,990,000   PCI Pharma Services, Term Loan—Institutional, 5.00%, 7/1/2023 3,999,975
3,000,000   PCI Pharma Services, Term Loan—Institutional, 9.70%, 7/1/2024 2,955,000
3,990,000   Precyse Acquisition Corp., Term Loan—Institutional, 6.50%, 10/20/2022 4,024,912
3,000,000   Radnet Management, Inc., Term Loan—Institutional, 4.77%, 6/21/2023 3,001,875
5,600,000   Radnet Management, Inc., Term Loan—Institutional, 8.00%, 3/25/2021 5,544,000
3,967,481   Sterigenics-Nordion Holdings LLC, Term Loan—Institutional, 4.25%, 5/15/2022 3,987,319
985,000   Surgical Care Affiliates, Inc., Term Loan—Institutional, 4.25%, 3/17/2022 993,008
1,985,025   Team Health, Inc., Term Loan—Institutional, 3.84%, 11/23/2022 1,998,682
2,639,559   Vizient, Inc., Term Loan—Institutional, 6.25%, 2/11/2023 2,672,566
    TOTAL 91,011,201
    Independent Energy—2.4%  
3,000,000   California Resources Corp., Term Loan—Institutional, 11.38%, 12/31/2021 3,159,855
5,000,000   Chesapeake Energy Corp., Term Loan—Institutional, 8.50%, 8/23/2021 5,262,500
2,875,000   EP Energy LLC, Term Loan—Institutional, 9.75%, 6/30/2021 2,828,281
1,000,000   Fieldwood Energy LLC, Term Loan—Institutional, 8.00%, 8/31/2020 835,940
891,882   Fieldwood Energy, Term Loan—Institutional, 3.88%, 9/28/2018 774,452
1,350,000   Fieldwood Energy, Term Loan—Institutional, 7.97%, 9/30/2020 961,875
2,396,305   Fieldwood Energy, Term Loan—Institutional, 8.38%, 9/30/2020 966,502
    TOTAL 14,789,405
3
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Industrial - Other—1.9%  
$2,907,024   Filtration Group, Inc., Term Loan—Institutional, 4.25%, 11/21/2020 $2,924,102
757,979   Filtration Group, Inc., Term Loan—Institutional, 8.25%, 11/21/2021 759,874
4,635,399   Hillman Group, Inc., Term Loan—Institutional, 4.50%, 6/30/2021 4,655,679
2,090,683   Mirror Bidco/Dematic, Term Loan—Institutional, 4.25%, 12/28/2019 2,092,512
1,564,385   Unifrax Investment Corp., Term Loan—Institutional, 4.25%, 11/28/2018 1,555,257
    TOTAL 11,987,424
    Leisure—0.1%  
495,009   Regal Cinemas Corp., Term Loan—Institutional, 3.50%, 4/1/2022 498,816
    Lodging—2.2%  
2,886,035   Four Seasons Holdings, Term Loan—Institutional, 3.50%, 6/27/2020 2,906,483
4,380,000   Four Seasons Holdings, Term Loan—Institutional, 6.25%, 12/28/2020 4,410,113
2,021,841   Hilton Worldwide Finance LLC, Term Loan—Institutional, 3.31%, 10/25/2023 2,036,691
198,002   Hilton Worldwide Finance LLC, Term Loan—Institutional, 3.34%, 10/26/2020 199,412
2,769,961   Intrawest Resorts Holdings, Inc., Term Loan—Institutional, 5.00%, 12/9/2020 2,794,641
1,484,529   La Quinta Intermediate Holdings LLC, Term Loan—Institutional, 3.75%, 4/14/2021 1,486,393
    TOTAL 13,833,733
    Media Entertainment—6.9%  
1,725,000   CBS Outdoor Americas Capital LLC/Corp., Term Loan—Institutional, 3.00%, 1/31/2021 1,734,272
6,250,000   Clear Channel Communications, Inc., Term Loan—Institutional, 7.27%, 1/30/2019 4,832,375
5,771,691   Emerald Expo Holdings, Inc., Term Loan—Institutional, 4.75%, 6/17/2020 5,797,866
947,482   Entercom Radio LLC, Term Loan—Institutional, 4.01%, 11/23/2018 951,826
3,868,013   Entravision, Term Loan—Institutional, 3.50%, 5/31/2020 3,864,783
3,930,000   IMC OP LP, Term Loan—Institutional, 4.50%, 8/15/2020 3,959,495
1,218,750   Match Group, Inc., Term Loan—Institutional, 5.50%, 11/16/2022 1,227,513
1,995,000   McGraw Hill Global Education Holdings LLC, Term Loan—Institutional, 5.00%, 5/4/2022 2,010,960
4,875,343   NEP/NCP Holdco, Inc., Term Loan—Institutional, 4.25%, 1/22/2020 4,867,225
3,500,000   NEP/NCP Holdco, Inc., Term Loan—Institutional, 10.00%, 7/22/2020 3,526,250
2,000,000   Nexstar Broadcasting, Inc., Term Loan—Institutional, 3.87%, 9/26/2023 2,012,080
1,000,000   Nielsen Finance LLC/Nielsen Finance Co., Term Loan—Institutional, 3.37%, 9/28/2023 1,005,705
2,181,152   SGS International LLC, Term Loan—Institutional, 4.25%, 10/17/2019 2,186,616
4,201,023   Townsquare Media, Inc., Term Loan—Institutional, 4.25%, 4/1/2022 4,216,777
987,500   Tribune Media Co., Term Loan—Institutional, 3.75%, 12/27/2020 996,911
    TOTAL 43,190,654
    Midstream—1.7%  
2,089,300   EMG Utica LLC, Term Loan—Institutional, 4.75%, 3/27/2020 2,055,349
3,625,000   Energy Transfer Equity LP, Term Loan—Institutional, 3.29%, 12/2/2019 3,606,494
1,858,823   Energy Transfer Equity LP, Term Loan—Institutional, 4.04%, 12/2/2019 1,861,723
3,000,000   Gulf Finance LLC, Term Loan—Institutional, 6.25%, 8/25/2023 2,925,945
    TOTAL 10,449,511
    Packaging—5.0%  
2,406,282   Berry Plastics Group, Inc., Term Loan—Institutional, 3.50%, 2/8/2020 2,411,924
7,543,194   Bway Holding Co., Term Loan—Institutional, 5.52%, 8/14/2020 7,596,939
6,000,000   Mohegan Tribal Gaming Authority, Term Loan B—Institutional, 1.00%, 9/28/2023 5,977,500
1,549,934   Multi Packaging Solutions, Inc., Term Loan—Institutional, 4.25%, 9/30/2020 1,548,966
578,292   Multi Packaging Solutions, Inc., Term Loan—Institutional B, 4.25%, 9/30/2020 577,930
4,163,789   Reynolds Group Holdings, Inc., Term Loan—Institutional, 4.25%, 2/5/2023 4,182,651
2,500,000   SIG Combibloc, Term Loan—Institutional, 4.00%, 3/13/2022 2,506,600
3,453,414   Signode Industrial Group, Term Loan—Institutional, 3.75%, 5/1/2021 3,452,344
1,159,689   Tekni-Plex, Inc., Term Loan—Institutional, 4.50%, 6/1/2022 1,162,588
4
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Packaging—continued  
$2,000,000   Tekni-Plex, Inc., Term Loan—Institutional, 8.75%, 6/1/2023 $1,979,160
    TOTAL 31,396,602
    Pharmaceuticals—3.1%  
1,425,000   AMAG Pharmaceutical, Inc., Term Loan—Institutional, 4.75%, 8/17/2021 1,428,563
1,950,000   Grifols SA, Term Loan—Institutional, 3.45%, 2/27/2021 1,970,719
4,860,202   IMS Health, Inc., Term Loan—Institutional, 3.50%, 3/17/2021 4,883,191
5,673,759   Pharmaceutical Product Development, Inc., Term Loan—Institutional, 4.25%, 8/18/2022 5,701,135
982,538   Quintiles Transnational Corp., Term Loan—Institutional, 3.25%, 5/12/2022 983,972
3,961,159   Valeant Pharmaceuticals International, Inc., Term Loan—Institutional, 5.25%, 8/5/2020 3,973,835
    TOTAL 18,941,415
    Refining—0.5%  
2,992,500   Western Refining, Inc., Term Loan—Institutional, 5.50%, 6/23/2023 2,992,500
    Restaurants—0.6%  
1,997,996   1011778 BC Unltd. Liability Co./New Red Finance, Inc., Term Loan—Institutional, 3.75%, 12/12/2021 2,014,849
1,496,250   Yum! Brands, Inc., Term Loan—Institutional, 3.85%, 6/16/2023 1,510,748
    TOTAL 3,525,597
    Retailers—3.7%  
1,811,369   Academy Ltd., Term Loan—Institutional, 5.00%, 7/2/2022 1,772,877
2,981,250   JC Penney Corp., Inc., Term Loan—Institutional, 5.25%, 6/23/2023 2,999,615
1,904,925   Michaels Stores, Inc., Term Loan—Institutional, 3.75%, 1/28/2020 1,915,050
5,847,593   Neiman-Marcus Group, Inc., Term Loan—Institutional, 4.25%, 10/25/2020 5,398,059
2,985,000   PETCO Animal Supplies, Inc., Term Loan B1, 5.00%, 1/26/2023 3,020,238
1,975,000   PetSmart, Inc., Term Loan—Institutional, 4.25%, 3/10/2022 1,981,261
2,950,013   Talbots, Inc., Term Loan—Institutional, 5.50%, 3/19/2020 2,888,800
2,998,060   Talbots, Inc., Term Loan—Institutional, 9.50%, 3/19/2021 2,803,186
    TOTAL 22,779,086
    Services—2.3%  
1,943,728   Acosta Holdco, Inc., Term Loan—Institutional, 4.25%, 9/26/2021 1,856,747
1,945,112   Brickman Group Holdings, Inc., Term Loan—Institutional, 4.00%, 12/18/2020 1,944,509
4,159,548   Brickman Group Holdings, Inc., Term Loan—Institutional, 7.50%, 12/18/2021 4,142,202
1,990,000   KAR Auction Services, Inc., Term Loan—Institutional, 4.38%, 3/9/2023 2,019,233
4,173,216   US Infrastructure, Term Loan—Institutional, 4.00%, 7/29/2020 4,162,783
    TOTAL 14,125,474
    Technology—16.9%  
1,000,000   Abacus Innovations Corp., Term Loan—Institutional, 3.27%, 8/16/2023 1,006,980
1,717,468   Applied Systems, Inc., Term Loan—Institutional, 4.00%, 1/23/2021 1,723,694
3,005,683   Applied Systems, Inc., Term Loan—Institutional, 7.50%, 1/23/2022 3,038,565
1,349,438   Avago Technologies Cayman Finance Ltd., Term Loan—Institutional, 3.52%, 2/1/2023 1,366,961
2,895,696   Avaya, Inc., Term Loan—Institutional, 6.25%, 5/29/2020 2,150,054
4,730,229   BMC Software, Inc., Term Loan—Institutional, 5.00%, 9/10/2020 4,572,807
2,000,000   Camelot Finance LP, Term Loan—Institutional, 4.75%, 9/16/2023 2,005,500
1,930,181   CDW LLC, Term Loan—Institutional, 3.00%, 8/17/2023 1,938,278
1,980,000   CommScope, Inc., Term Loan—Institutional, 3.75%, 12/29/2022 2,002,275
2,947,500   Compuware Corp., Term Loan—Institutional, 6.25%, 12/15/2021 2,941,973
1,500,000   DELL International LLC, Term Loan—Institutional, 4.00%, 6/2/2023 1,510,650
2,954,286   Deltek, Inc., Term Loan—Institutional, 5.00%, 6/25/2022 2,971,361
2,000,000   Diebold, Inc., Term Loan—Institutional, 5.25%, 11/6/2023 2,024,590
2,948,846   Ensemble S Merger Sub, Inc., Term Loan—Institutional, 4.75%, 9/30/2022 2,954,375
2,487   Epicor Software Corp., Term Loan—Institutional, 4.75%, 6/1/2022 2,457
5
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Technology—continued  
$3,000,000   Epicor Software Corp., Term Loan—Institutional, 5.00%, 6/1/2022 $2,975,625
2,802,198   First Data Corp., Term Loan—Institutional, 4.53%, 3/24/2021 2,826,129
2,446,330   Hyland Software, Inc., Term Loan—Institutional, 4.75%, 7/1/2022 2,465,179
1,000,000   Hyland Software, Inc., Term Loan—Institutional, 8.25%, 7/1/2023 1,008,750
2,970,000   Informatica Corp., Term Loan—Institutional, 4.50%, 8/6/2022 2,896,983
2,801,912   Information Resources, Inc., Term Loan—Institutional, 4.75%, 9/26/2020 2,815,936
2,500,000   JD Power & Associates, Term Loan—Institutional, 5.25%, 9/7/2023 2,521,875
1,000,000   JD Power & Associates, Term Loan—Institutional, 9.50%, 6/9/2024 1,015,000
2,000,000   JDA Software Group, Inc., Term Loan—Institutional, 4.50%, 9/22/2023 2,005,000
4,669,681   Kronos, Inc., Term Loan—Institutional, 4.50%, 10/30/2019 4,690,929
1,000,000   Kronos, Inc., Term Loan—Institutional, 9.75%, 4/30/2020 1,019,580
3,955,461   Lattice Semiconductor Corp., Term Loan—Institutional, 5.25%, 3/10/2021 3,950,517
2,811,223   Lawson Software, Inc., Term Loan—Institutional, 3.75%, 6/3/2020 2,799,275
1,658,825   Microsemi Corp., Term Loan—Institutional, 3.75%, 1/15/2023 1,677,097
894,190   Mitel Network Corp., Term Loan—Institutional, 5.50%, 4/29/2022 901,040
250,000   NXP BV/NXP Funding LLC, Term Loan—Institutional, 3.37%, 12/7/2020 251,422
3,000,000   ON Semiconductor Corp., Term Loan—Institutional, 5.25%, 3/31/2023 3,017,955
3,000,000   Press Ganey Holdings, Inc., Term Loan—Institutional, 4.25%, 9/29/2023 3,007,500
1,000,000   Press Ganey Holdings, Inc., Term Loan—Institutional, 8.25%, 9/29/2024 1,007,500
1,937,658   Renaissance Learning, Inc., Term Loan—Institutional, 4.50%, 4/9/2021 1,934,432
2,500,000   Renaissance Learning, Inc., Term Loan—Institutional, 8.00%, 4/11/2022 2,464,575
2,950,895   Riverbed Technology, Inc., Term Loan—Institutional, 5.00%, 4/27/2022 2,983,089
820,987   Sabre GLBL, Inc., Term Loan—Institutional, 4.00%, 2/19/2019 825,518
3,980,000   Solera Holdings, Inc., Term Loan—Institutional, 5.75%, 3/3/2023 4,026,845
169,910   SS&C Technologies, Inc., Term Loan B2—Institutional, 4.00%, 7/8/2022 171,451
1,367,265   SS&C Technologies, Inc., Term Loan B1—Institutional, 4.00%, 7/8/2022 1,379,659
4,944,887   Tibco Software, Inc., Term Loan—Institutional, 6.50%, 12/4/2020 4,885,276
4,857,684   Transunion LLC, Term Loan—Institutional, 3.59%, 4/9/2021 4,880,297
1,000,000   Versum Materials, Inc., Term Loan—Institutional, 3.61%, 9/21/2023 1,006,670
3,000,000   VF Holding Corp., Term Loan—Institutional, 4.75%, 6/17/2023 3,016,170
2,184,783   Wall Street Systems Delaware, Inc., Term Loan—Institutional, 4.75%, 8/31/2023 2,192,975
    TOTAL 104,830,769
    Utility - Electric—1.1%  
5,820,071   Calpine Construction Finance Co., Term Loan—Institutional, 3.34%, 1/31/2022 5,798,246
1,000,000   Dayton Power & Light Co., Term Loan—Institutional, 4.00%, 8/24/2022 1,013,130
    TOTAL 6,811,376
    Wireline Communications—0.2%  
1,000,000   Level 3 Financing, Inc., Term Loan—Institutional, 3.50%, 5/31/2022 1,006,965
    TOTAL FLOATING RATE LOANS
(IDENTIFIED COST $591,625,934) 		589,615,196
    EXCHANGE-TRADED FUND—4.4%  
1,175,000   PowerShares Senior Loan Portfolio
(IDENTIFIED COST $26,689,737) 		27,271,750
    INVESTMENT COMPANY—4.3%  
26,747,708 1 Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.51%2
(AT NET ASSET VALUE) 		26,747,708
    TOTAL INVESTMENTS—103.5%
(IDENTIFIED COST $645,063,379)3 		643,634,654
    OTHER ASSETS AND LIABILITIES—NET-(3.5)%4 (22,010,568)
    TOTAL NET ASSETS—100% $621,624,086
6
1 Affiliated holding.
Transactions involving the affiliated holding during the period ended September 30, 2016, were as follows:
  Federated Institutional
Prime Value
Obligations Fund,
Institutional Shares
Balance of Shares Held 6/30/2016 20,494,456
Purchases/Additions 60,464,092
Sales/Reductions (54,210,839)
Balance of Shares Held 9/30/2016 26,747,708
Value 26,747,708
Dividend Income $21,257
2 7-day net yield.
3 At September 30, 2016, the cost of investments for federal tax purposes was $644,203,530. The net unrealized depreciation of investments for federal tax was $568,876. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $6,917,950 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,486,826.
4 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at September 30, 2016.
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 and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their 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, except that options are valued at the mean of closing bid and asked quotations.
■ 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 last traded or purchase price of the security, information obtained by contacting the issuer or dealers, 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, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
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 obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value 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, methods, models 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.
7
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 any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any 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 principally 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;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.
The Trustees have adopted procedures whereby the Valuation Committee uses 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 in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
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.
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, 2016, in valuing the Fund's assets carried at fair value:
Valuation Inputs        
  Level 1—
Quoted
Prices 		Level 2—
Other
Significant
Observable
Inputs 		Level 3—
Significant
Unobservable
Inputs 		Total
Debt Securities:        
Floating Rate Loans $— $589,615,196 $— $589,615,196
Exchange-Traded Fund 27,271,750 — — 27,271,750
Investment Company 26,747,708 — — 26,747,708
TOTAL SECURITIES $54,019,458 $589,615,196 $— $643,634,654
8

 

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 22, 2016

 

 

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 22, 2016

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date November 22, 2016