N-Q 1 form.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 03/31/17

 

 

 

 

 

 

 

Item 1.Schedule of Investments

 

 

 

 

 

 

Federated Bank Loan Core Fund
Portfolio of Investments
March 31, 2017 (unaudited)
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—92.5%  
    Aerospace/Defense—2.0%  
$876,364   B/E Aerospace, Inc., Term Loan—1st Lien, 4.03%, 12/16/2021 $877,459
2,651,470   Engility Corp., Term Loan—1st Lien, 4.75%, 8/12/2023 2,669,288
3,833,566   TransDigm, Inc., Term Loan—1st Lien, 3.75%, 5/14/2022 3,826,052
972,500   TransDigm, Inc., Term Loan—1st Lien, 3.98%, 6/4/2021 971,547
6,959,937   TransDigm, Inc., Term Loan—1st Lien, 4.11%, 6/9/2023 6,941,424
    TOTAL 15,285,770
    Automotive—2.0%  
532,049   Allison Transmission, Inc., Term Loan—1st Lien, 3.65%, 9/23/2022 537,444
3,000,000   American Axle & Manufacturing, Inc., Term Loan—1st Lien, 1.03%, 3/10/2024 3,002,820
4,804,058   Gates Global LLC, Term Loan—1st Lien, 4.25%, 7/6/2021 4,818,782
4,432,500   TI Group Auto Systems LLC, Term Loan—1st Lien, 3.53%, 6/30/2022 4,450,962
2,387,968   Tower Automotive Holdings, Term Loan—1st Lien, 3.63%, 3/7/2024 2,386,488
    TOTAL 15,196,496
    Building Materials—1.3%  
2,000,000   Abc Supply Co., Inc., Term Loan—1st Lien, 3.53%, 10/31/2023 2,007,500
1,970,000   Beacon Roofing Supply, Inc., Term Loan—1st Lien, 3.67%, 10/1/2022 1,986,745
1,990,000   HD Supply, Inc., Term Loan—1st Lien, 3.75%, 10/17/2023 2,006,169
2,249,268   HD Supply, Inc., Term Loan—1st Lien, 3.79%, 8/13/2021 2,269,657
382,699   Jeld-Wen, Inc., Term Loan—1st Lien, 4.11%, 7/1/2022 385,887
1,185,279   Ply Gem Industries, Inc., Term Loan—1st Lien, 4.00%, 1/30/2021 1,189,973
    TOTAL 9,845,931
    Cable Satellite—2.7%  
3,000,000   Altice Financing SA, Term Loan—1st Lien, 3.91%, 6/22/2025 3,003,750
3,000,000   Altice US Finance I Corp., Term Loan—1st Lien, 3.36%, 7/14/2025 3,002,355
3,394,581   Altice US Finance I Corp., Term Loan—1st Lien, 3.78%, 1/25/2025 3,396,719
1,900,633   Charter Communications Operating LLC, Term Loan—1st Lien, 2.79%, 7/1/2020 1,907,893
990,000   Charter Communications Operating LLC, Term Loan—1st Lien, 3.04%, 1/15/2024 995,915
1,968,750   CSC Holdings LLC, Term Loan—1st Lien, 3.94%, 10/11/2024 1,968,140
2,420,407   Intelsat Jackson Holdings S.A., Term Loan—1st Lien, 3.89%, 6/30/2019 2,375,424
3,500,000   Virgin Media Bristol LLC, Term Loan—1st Lien, 3.66%, 1/31/2025 3,513,405
    TOTAL 20,163,601
    Chemicals—2.7%  
4,000,000   Alpha 3 BV, Term Loan—1st Lien, 4.00%, 1/31/2024 4,015,020
2,690,366   Axalta Coating Systems US Holdings, Inc., Term Loan—1st Lien, 3.54%, 2/1/2023 2,716,893
3,975,025   Huntsman International LLC, Term Loan—1st Lien, 4.00%, 4/1/2023 4,016,445
2,329,091   MacDermid, Inc., Term Loan—1st Lien, 4.50%, 6/7/2020 2,357,168
877,625   MacDermid, Inc., Term Loan—1st Lien, 5.00%, 6/7/2023 881,742
4,438,390   Oxea SARL, Term Loan—1st Lien, 4.25%, 1/15/2020 4,312,650
1,990,000   PQ Corp., Term Loan—1st Lien, 5.29%, 11/4/2022 2,017,004
    TOTAL 20,316,922
    Consumer Cyclical Services—3.2%  
1,995,000   Garda World Security Corp., Term Loan—1st Lien, 4.00%, 11/9/2020 2,004,726
1,046,031   Garda World Security Corp., Term Loan—1st Lien, 4.00%, 11/9/2020 1,051,130
4,089,030   Garda World Security Corp., Term Loan B—1st Lien, 4.00%, 11/9/2020 4,108,964
3,890,062   Hearthside Group Holdings LLC, Term Loan—1st Lien, 4.00%, 6/2/2021 3,928,963
1
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Consumer Cyclical Services—continued  
$2,538,462   Manitowoc Foodservice, Inc., Term Loan B—1st Lien, 4.00%, 3/3/2023 $2,569,139
3,990,000   ServiceMaster Co. LLC, Term Loan—1st Lien, 3.28%, 11/8/2023 4,033,012
2,962,500   USAGM HoldCo LLC, Term Loan—1st Lien, 4.75%, 7/28/2022 2,982,408
830,265   USAGM HoldCo LLC, Term Loan—1st Lien, 5.50%, 7/28/2022 836,699
100,861   USAGM HoldCo LLC, Term Loan—1st Lien, 5.50%, 7/28/2022 101,643
3,000,000   USAGM HoldCo LLC, Term Loan—2nd Lien, 9.50%, 7/28/2023 3,045,000
    TOTAL 24,661,684
    Consumer Products—3.1%  
5,316,556   Freedom Group, Inc., Term Loan—1st Lien, 5.50%, 4/19/2019 5,192,521
3,187,609   Party City Holdings, Inc., Term Loan—1st Lien, 3.86%, 8/19/2022 3,185,043
1,452,698   Prestige Brands, Inc., Term Loan—1st Lien, 3.53%, 1/26/2024 1,468,286
4,939,255   SRAM LLC, Term Loan—1st Lien, 4.55%, 4/15/2024 4,957,777
2,992,500   Serta Simmons Bedding LLC, Term Loan—1st Lien, 4.54%, 11/8/2023 3,006,759
5,000,000   Serta Simmons Bedding LLC, Term Loan—2nd Lien, 9.04%, 11/8/2024 5,045,825
744,044   Water PIK, Inc., Term Loan—2nd Lien, 9.75%, 1/9/2021 749,625
    TOTAL 23,605,836
    Diversified Manufacturing—2.1%  
3,875,707   Dynacast International LLC, Term Loan—1st Lien, 4.50%, 1/28/2022 3,892,683
2,000,000   Dynacast International LLC, Term Loan—2nd Lien, 9.50%, 1/30/2023 2,005,000
1,428,495   Entegris, Inc., Term Loan—1st Lien, 3.53%, 4/30/2021 1,440,402
6,829,580   Gardner Denver, Inc., Term Loan—1st Lien, 4.56%, 7/30/2020 6,826,916
1,995,000   Milacron LLC, Term Loan—1st Lien, 3.78%, 9/25/2023 2,008,725
    TOTAL 16,173,726
    Finance Companies—0.4%  
3,000,000   Avolon Holdings Ltd., Term Loan—1st Lien, 3.79%, 1/20/2022 3,043,755
    Financial Institutions—4.4%  
1,690,476   Acrisure LLC, Term Loan—1st Lien, 5.75%, 11/22/2023 1,724,494
309,524   Acrisure LLC, Term Loan—1st Lien, 5.78%, 11/22/2023 313,006
5,960,100   AssuredPartners, Inc., Term Loan—1st Lien, 5.25%, 10/21/2022 6,015,231
4,000,000   Assuredpartners, Inc., Term Loan—2nd Lien, 10.00%, 10/20/2023 4,058,000
1,915,650   Clipper Acquisitions Corp., Term Loan—1st Lien, 3.31%, 2/6/2020 1,926,033
2,992,500   NFP Corp., Term Loan—1st Lien, 4.50%, 1/8/2024 3,027,108
496,250   Sedgwick Claims Management Services, Inc., Term Loan—1st Lien, 4.25%, 2/28/2021 498,111
2,905,138   Sedgwick, Inc., Term Loan—1st Lien, 3.75%, 2/28/2021 2,907,418
3,000,000   Sedgwick, Inc., Term Loan—2nd Lien, 6.75%, 2/28/2022 3,005,625
4,000,000   Sedgwick, Inc., Term Loan—2nd Lien, 6.80%, 2/28/2022 4,010,000
1,000,000   Virtus Investment Partners, Inc., Term Loan—1st Lien, 4.86%, 3/3/2024 1,015,000
2,977,500   WEX, Inc., Term Loan—1st Lien, 4.28%, 7/1/2023 3,018,173
1,950,000   York Risk Services Group, Inc., Term Loan—1st Lien, 4.75%, 10/1/2021 1,906,739
    TOTAL 33,424,938
    Food & Beverage—2.8%  
3,376,516   Amplify Snack Brands, Inc., Term Loan—1st Lien, 6.50%, 9/2/2023 3,286,836
3,000,000   Aramark Services, Inc., Term Loan—1st Lien, 3.10%, 3/28/2024 3,023,130
5,912,589   Del Monte Foods, Inc., Term Loan—1st Lien, 4.31%, 2/18/2021 4,917,294
3,000,000   Del Monte Pacific Ltd., Term Loan—2nd Lien, 8.31%, 8/18/2021 2,009,055
4,389,000   Pinnacle Foods Finance LLC, Term Loan—1st Lien, 2.81%, 2/3/2024 4,413,183
3,860,825   U.S. Foodservice, Inc., Term Loan—1st Lien, 3.53%, 6/27/2023 3,902,136
    TOTAL 21,551,634
2
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Gaming—3.9%  
$1,274,750   Affinity Gaming LLC, Term Loan—1st Lien, 4.50%, 7/1/2023 $1,283,781
3,000,000   Affinity Gaming LLC, Term Loan—2nd Lien, 9.41%, 9/30/2024 3,028,125
1,905,403   American Casino & Entertainment, Term Loan—1st Lien, 4.25%, 7/7/2022 1,922,075
2,000,000   Boyd Gaming Corp., Term Loan—1st Lien, 3.64%, 9/15/2023 2,014,530
4,000,000   Eldorado Resorts, Inc., Term Loan—1st Lien, 3.40%, 3/16/2024 4,000,000
1,969,937   Eldorado Resorts, Inc., Term Loan—1st Lien, 4.25%, 7/23/2022 1,971,169
495,000   MGM Growth Properties, Term Loan—1st Lien, 3.28%, 4/25/2023 498,094
5,985,000   Mohegan Tribal Gaming Authority, Term Loan—1st Lien, 5.50%, 10/13/2023 6,013,040
1,000,000   Penn National Gaming, Inc., Term Loan—1st Lien, 3.28%, 1/19/2024 1,008,000
243,333   Pinnacle Entertainment, Inc., Term Loan B—1st Lien, 1.00%, 4/28/2023 246,528
1,443,750   Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, Term Loan—1st Lien, 3.75%, 5/14/2020 1,454,282
2,977,500   Station Casinos LLC, Term Loan—1st Lien, 3.45%, 6/8/2023 2,984,765
2,895,000   Tropicana Entertainment, Inc., Term Loan—1st Lien, 4.00%, 11/27/2020 2,914,020
    TOTAL 29,338,409
    Health Care—14.7%  
2,962,500   Acadia Healthcare Co., Inc., Term Loan—1st Lien, 4.04%, 2/16/2023 2,982,867
2,935,063   Air Medical Group Holdings, Inc., Term Loan—1st Lien, 4.25%, 4/28/2022 2,939,642
992,500   Air Medical Group Holdings, Inc., Term Loan—1st Lien, 5.00%, 4/28/2022 996,018
3,363,820   Carestream Health, Inc., Term Loan—1st Lien, 5.00%, 6/7/2019 3,257,018
4,811,760   Carestream Health, Inc., Term Loan—2nd Lien, 9.50%, 12/7/2019 4,323,727
4,457,487   CHG Healthcare Services, Inc., Term Loan—1st Lien, 4.75%, 6/7/2023 4,519,335
326,954   CHS/Community Health Systems, Inc., Term Loan—1st Lien, 3.75%, 12/31/2019 325,394
5,446,967   CHS/Community Health Systems, Inc., Term Loan—1st Lien, 4.05%, 1/27/2021 5,381,957
3,957,462   Endo Luxembourg Finance, Term Loan—1st Lien, 3.75%, 9/25/2022 3,959,105
6,982,500   Envision Healthcare Corp., Term Loan—1st Lien, 4.00%, 12/1/2023 7,052,325
7,500,000   Grifols Worldwide Operations USA, Inc., Term Loan—1st Lien, 3.19%, 1/31/2025 7,521,225
498,750   HCA, Inc., Term Loan—1st Lien, 3.03%, 2/15/2024 503,471
248,125   HCA, Inc., Term Loan—1st Lien, 4.03%, 3/18/2023 249,607
936,376   HCR Manor Care, Inc., Term Loan—1st Lien, 5.00%, 4/6/2018 870,830
3,856,819   Iasis Healthcare, Term Loan—1st Lien, 4.50%, 5/3/2018 3,867,367
9,121,038   Multiplan, Inc., Term Loan—1st Lien, 5.15%, 6/7/2023 9,249,690
2,887,637   National Mentor Holdings, Inc., Term Loan—1st Lien, 4.25%, 1/31/2021 2,901,180
9,816,662   Ortho-Clinical Diagnostics, Inc., Term Loan—1st Lien, 4.90%, 6/30/2021 9,779,850
3,970,000   PCI Pharma Services, Term Loan—1st Lien, 5.00%, 7/1/2023 3,967,539
3,000,000   PCI Pharma Services, Term Loan—2nd Lien, 9.75%, 7/1/2024 2,985,000
3,970,000   Precyse Acquisition Corp., Term Loan B—1st Lien, 6.50%, 10/20/2022 3,997,314
2,992,500   Press Ganey Holdings, Inc., Term Loan—1st Lien, 4.25%, 10/21/2023 3,004,664
3,000,000   Press Ganey Holdings, Inc., Term Loan—2nd Lien, 8.25%, 10/21/2024 3,071,250
2,925,000   Radnet Management, Inc., Term Loan—1st Lien, 4.40%, 6/30/2023 2,950,594
6,600,000   Radnet Management, Inc., Term Loan—2nd Lien, 8.15%, 3/25/2021 6,649,500
5,947,443   Sterigenics-Nordion Holdings LLC, Term Loan—1st Lien, 4.25%, 5/15/2022 5,966,029
6,000,000   Team Health Holdings, Inc., Term Loan—1st Lien, 3.75%, 2/6/2024 5,966,250
2,639,559   Vizient, Inc., Term Loan—1st Lien, 5.00%, 2/11/2023 2,664,305
    TOTAL 111,903,053
    Independent Energy—2.0%  
3,000,000   California Resources Corp., Term Loan—1st Lien, 11.38%, 12/31/2021 3,330,000
5,000,000   Chesapeake Energy Corp., Term Loan—1st Lien, 8.55%, 8/23/2021 5,335,425
3,350,000   Fieldwood Energy LLC, Term Loan—1st Lien, 8.27%, 9/30/2020 2,914,500
1,000,000   Fieldwood Energy LLC, Term Loan—1st Lien, 8.00%, 8/31/2020 951,255
3
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Independent Energy—continued  
$891,882   Fieldwood Energy, Term Loan—1st Lien, 3.88%, 9/28/2018 $858,436
2,396,305   Fieldwood Energy, Term Loan—2nd Lien, 8.38%, 9/30/2020 1,743,312
    TOTAL 15,132,928
    Industrial - Other—2.1%  
6,380,270   Filtration Group, Inc., Term Loan—1st Lien, 4.25%, 11/21/2020 6,438,108
4,611,689   Hillman Group, Inc., Term Loan—1st Lien, 4.65%, 6/30/2021 4,653,955
3,000,000   Unifrax I LLC, Term Loan—1st Lien, 4.90%, 3/31/2024 3,026,250
1,531,669   Unifrax Investment Corp., Term Loan—1st Lien, 4.25%, 11/28/2018 1,534,732
    TOTAL 15,653,045
    Insurance - P&C—0.9%  
6,839,736   Hub International Ltd., Term Loan—1st Lien, 4.00%, 10/2/2020 6,884,844
    Leisure—0.5%  
2,000,000   AMC Entertainment Holdings, Inc., Term Loan—1st Lien, 3.73%, 12/15/2023 2,020,320
995,000   Live Nation Entertainment, Inc., Term Loan—1st Lien, 3.31%, 10/27/2023 1,006,194
493,772   Regal Cinemas Corp., Term Loan—1st Lien, 3.28%, 4/1/2022 499,173
    TOTAL 3,525,687
    Lodging—1.1%  
2,992,500   Four Seasons Holdings, Inc., Term Loan—1st Lien, 3.99%, 11/30/2023 3,028,739
2,167,547   Hilton Worldwide Finance LLC, Term Loan—1st Lien, 2.98%, 10/25/2023 2,186,881
2,752,858   Intrawest Resorts Holdings, Inc., Term Loan—1st Lien, 4.50%, 12/9/2020 2,770,064
    TOTAL 7,985,684
    Media Entertainment—4.8%  
1,650,000   CBS Outdoor Americas Capital LLC/Corp., Term Loan—1st Lien, 3.36%, 3/16/2024 1,664,025
1,354,741   CBS Radio, Inc., Term Loan—1st Lien, 4.50%, 10/17/2023 1,367,441
8,718,096   Emerald Expo Holdings, Inc., Term Loan—1st Lien, 4.75%, 6/17/2020 8,799,872
1,908,333   Entercom Radio LLC, Term Loan—1st Lien, 4.56%, 11/1/2023 1,922,884
3,598,331   Entravision, Term Loan—1st Lien, 3.50%, 5/31/2020 3,616,323
1,800,000   Lions Gate Entertainment Corp., Term Loan—1st Lien, 3.85%, 12/8/2023 1,813,500
1,093,750   Match Group, Inc., Term Loan—1st Lien, 4.29%, 11/16/2022 1,109,478
1,985,000   McGraw Hill Global Education Holdings LLC, Term Loan—1st Lien, 5.00%, 5/4/2022 1,967,770
168,727   Mission Broadcasting, Inc., Term Loan—1st Lien, 3.94%, 1/17/2024 170,415
4,850,405   NEP/NCP Holdco, Inc., Term Loan—1st Lien, 4.25%, 1/22/2020 4,863,525
3,500,000   NEP/NCP Holdco, Inc., Term Loan—2nd Lien, 10.00%, 7/22/2020 3,552,500
1,740,364   Nexstar Broadcasting, Inc., Term Loan—1st Lien, 3.94%, 1/17/2024 1,757,767
997,500   Nielsen Finance LLC/Nielsen Finance Co., Term Loan—1st Lien, 3.35%, 10/4/2023 1,005,071
2,147,160   SGS International LLC, Term Loan—1st Lien, 4.25%, 10/17/2019 2,163,264
794,293   Tribune Media Co., Term Loan—1st Lien, 3.78%, 1/27/2024 800,647
63,569   Tribune Media Co., Term Loan—1st Lien, 3.78%, 12/27/2020 64,245
    TOTAL 36,638,727
    Metals & Mining—0.5%  
4,000,000   Peabody Energy Corp., Term Loan—1st Lien, 5.61%, 3/31/2022 4,007,000
    Midstream—2.0%  
1,839,703   EMG Utica LLC, Term Loan—1st Lien, 4.75%, 3/27/2020 1,851,201
5,483,824   Energy Transfer Equity LP, Term Loan—1st Lien, 3.54%, 2/2/2024 5,479,546
3,980,000   Gulf Finance LLC, Term Loan—1st Lien, 6.25%, 8/25/2023 3,981,652
3,500,000   Summit Midstream Holdings LLC, Term Loan—1st Lien, 7.02%, 5/21/2022 3,570,000
    TOTAL 14,882,399
    Packaging—5.2%  
997,500   Anchor Glass Container Corp., Term Loan—1st Lien, 4.25%, 12/7/2023 1,005,610
4
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Packaging—continued  
$500,000   Anchor Glass Container Corp., Term Loan—2nd Lien, 8.75%, 12/7/2024 $510,938
1,000,000   Berry Plastics Group, Inc., Term Loan—1st Lien, 3.28%, 1/13/2024 1,007,775
2,043,826   Berry Plastics Group, Inc., Term Loan—1st Lien, 3.11%, 2/8/2020 2,058,674
12,000,000   BWay Corp., Term Loan—1st Lien, 4.38%, 3/23/2024 11,983,140
1,500,000   Flex Acquisition Co., Inc., Term Loan—1st Lien, 4.25%, 12/29/2023 1,510,545
1,995,000   Fortress Merger Sub., Inc., Term Loan—1st Lien, 5.00%, 10/19/2023 2,009,963
1,000,000   Fortress Merger Sub., Inc., Term Loan—2nd Lien, 9.50%, 10/21/2024 1,007,500
1,514,728   Multi Packaging Solutions, Inc., Term Loan—1st Lien, 4.25%, 9/30/2020 1,516,622
565,147   Multi Packaging Solutions, Inc., Term Loan—1st Lien, 4.25%, 9/30/2020 565,853
1,957,475   Multi Packaging Solutions, Inc., Term Loan—1st Lien, 4.25%, 10/3/2023 1,961,556
4,142,996   Reynolds Group Holdings, Inc., Term Loan—1st Lien, 3.78%, 2/5/2023 4,163,939
3,374,597   SIG Combibloc, Term Loan—1st Lien, 4.12%, 3/13/2022 3,404,344
4,200,076   Signode Industrial Group, Term Loan—1st Lien, 4.00%, 5/1/2021 4,219,774
1,651,285   Tekni-Plex, Inc., Term Loan—1st Lien, 4.50%, 6/1/2022 1,657,477
825,000   Tekni-Plex, Inc., Term Loan—2nd Lien, 8.75%, 6/1/2023 826,031
    TOTAL 39,409,741
    Pharmaceuticals—2.5%  
1,387,500   AMAG Pharmaceutical, Inc., Term Loan—1st Lien, 4.75%, 8/17/2021 1,391,552
3,495,606   IMS Health, Inc., Term Loan—1st Lien, 2.91%, 3/7/2024 3,530,562
5,000,000   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Term Loan—1st Lien, 3.75%, 9/24/2024 5,003,125
6,639,968   Pharmaceutical Product Development, Inc., Term Loan—1st Lien, 4.25%, 8/18/2022 6,670,047
2,489,339   Valeant Pharmaceuticals International, Inc., Term Loan—1st Lien, 5.57%, 4/1/2022 2,499,147
    TOTAL 19,094,433
    Refining—0.3%  
2,227,500   Western Refining, Inc., Term Loan—1st Lien, 5.50%, 6/23/2023 2,231,677
    Restaurants—1.1%  
1,492,500   Yum! Brands, Inc., Term Loan—1st Lien, 2.98%, 6/16/2023 1,501,985
6,978,351   1011778 BC Unltd. Liability Co./New Red Finance, Inc., Term Loan—1st Lien, 3.25%, 2/17/2024 6,992,901
    TOTAL 8,494,886
    Retailers—2.1%  
1,801,659   Academy Ltd., Term Loan—1st Lien, 5.00%, 7/2/2022 1,339,984
2,943,750   JC Penney Corp., Inc., Term Loan—1st Lien, 5.25%, 6/23/2023 2,928,295
1,894,476   Michaels Stores, Inc., Term Loan—1st Lien, 3.75%, 1/28/2023 1,891,719
2,970,000   PETCO Animal Supplies, Inc., Term Loan—1st Lien, 4.29%, 1/26/2023 2,806,650
1,965,000   PetSmart, Inc., Term Loan—1st Lien, 4.02%, 3/10/2022 1,881,487
2,938,642   Talbots, Inc., Term Loan—1st Lien, 5.50%, 3/19/2020 2,637,432
2,998,060   Talbots, Inc., Term Loan—2nd Lien, 9.50%, 3/19/2021 2,578,332
    TOTAL 16,063,899
    Services—1.7%  
1,918,901   Acosta Holdco, Inc., Term Loan—1st Lien, 4.25%, 9/26/2021 1,805,763
1,935,137   Brickman Group Holdings, Inc., Term Loan—1st Lien, 4.00%, 12/18/2020 1,943,380
4,159,548   Brickman Group Holdings, Inc., Term Loan—2nd Lien, 7.50%, 12/18/2021 4,194,218
1,980,000   KAR Auction Services, Inc., Term Loan—1st Lien, 4.38%, 3/9/2023 2,005,166
2,992,500   USIC Holdings, Inc., Term Loan—1st Lien, 6.75%, 12/9/2023 3,016,814
    TOTAL 12,965,341
    Supermarkets—0.1%  
498,750   Albertsons LLC, Term Loan—1st Lien, 4.41%, 6/22/2023 502,039
    Technology—17.8%  
5,000,000   Aerial Merger Sub, Inc., Term Loan—1st Lien, 4.75%, 3/1/2024 5,070,325
5
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Technology—continued  
$4,000,000   Aerial Merger Sub, Inc., Term Loan—2nd Lien, 9.00%, 3/2/2025 $4,047,500
2,205,593   Applied Systems, Inc., Term Loan—1st Lien, 4.00%, 1/23/2021 2,220,205
3,005,683   Applied Systems, Inc., Term Loan—2nd Lien, 7.50%, 1/23/2022 3,037,242
4,705,009   BMC Software, Inc., Term Loan—1st Lien, 5.00%, 9/10/2020 4,719,453
4,000,000   CCC Information Services, Inc., Term Loan—1st Lien, 4.15%, 3/31/2024 4,035,000
1,000,000   CCC Information Services, Inc., Term Loan—2nd Lien, 7.90%, 3/31/2025 1,012,500
1,920,506   CDW LLC, Term Loan—1st Lien, 3.00%, 8/17/2023 1,932,912
1,990,000   Camelot Finance LP, Term Loan—1st Lien, 4.75%, 10/3/2023 1,996,229
1,754,000   CommScope, Inc., Term Loan—1st Lien, 3.28%, 12/29/2022 1,769,891
3,890,750   Compuware Corp., Term Loan—1st Lien, 5.25%, 12/15/2021 3,906,799
3,409,611   Compuware Corp., Term Loan—2nd Lien, 9.25%, 12/15/2022 3,436,615
1,646,250   DELL International LLC, Term Loan—1st Lien, 3.35%, 9/7/2023 1,655,082
1,590,000   Diebold, Inc., Term Loan—1st Lien, 5.38%, 11/6/2023 1,617,324
2,446   Epicor Software Corp., Term Loan—1st Lien, 4.75%, 6/1/2022 2,454
2,949,519   Epicor Software Corp., Term Loan—1st Lien, 5.00%, 6/1/2022 2,961,819
2,705,412   First Data Corp., Term Loan—1st Lien, 3.98%, 3/24/2021 2,729,084
500,000   First Data Corp., Term Loan—1st Lien, 3.98%, 7/10/2022 504,375
1,000,000   Gartner, Inc., Term Loan—1st Lien, 3.01%, 3/16/2024 1,009,375
3,054,446   Hyland Software, Inc., Term Loan—1st Lien, 4.03%, 7/1/2022 3,096,444
2,120,545   Infor US, Inc., Term Loan—1st Lien, 3.75%, 2/1/2022 2,117,322
2,914,028   Informatica Corp., Term Loan—1st Lien, 4.50%, 8/6/2022 2,903,334
3,250,000   Ivanti Software, Inc., Term Loan—1st Lien, 5.25%, 1/20/2024 3,272,685
2,487,500   JD Power & Associates, Term Loan—1st Lien, 5.25%, 9/7/2023 2,506,156
1,000,000   JD Power & Associates, Term Loan—2nd Lien, 9.50%, 9/7/2024 1,015,000
1,995,000   JDA Software Group, Inc., Term Loan—1st Lien, 4.50%, 10/12/2023 2,011,419
4,987,500   Kronos, Inc., Term Loan—1st Lien, 5.03%, 11/1/2023 5,022,063
3,500,000   Kronos, Inc., Term Loan—2nd Lien, 9.28%, 11/1/2024 3,621,415
2,000,000   Landesk Software Group, Inc., Term Loan—2nd Lien, 10.00%, 1/23/2025 1,988,000
3,821,094   Lattice Semiconductor Corp., Term Loan—1st Lien, 5.25%, 3/10/2021 3,825,870
997,500   Leidos Innovations Corp., Term Loan—1st Lien, 3.06%, 8/16/2023 1,007,974
1,485,264   Microsemi Corp., Term Loan—1st Lien, 3.23%, 1/15/2023 1,495,008
2,207,508   ON Semiconductor Corp., Term Loan—1st Lien, 4.40%, 3/31/2023 2,174,395
2,500,000   Optiv Security, Inc., Term Loan—1st Lien, 4.25%, 2/1/2024 2,517,200
4,000,000   Optiv Security, Inc., Term Loan—2nd Lien, 8.25%, 2/1/2025 4,082,500
3,990,000   Rackspace Hosting, Inc., Term Loan—1st Lien, 4.65%, 11/3/2023 4,024,633
1,927,722   Renaissance Learning, Inc., Term Loan—1st Lien, 4.75%, 4/9/2021 1,938,565
4,500,000   Renaissance Learning, Inc., Term Loan—2nd Lien, 8.00%, 4/11/2022 4,498,133
2,922,376   Riverbed Technology, Inc., Term Loan—1st Lien, 4.25%, 4/24/2022 2,923,297
3,980,000   Rocket Software, Inc., Term Loan—1st Lien, 5.25%, 9/28/2023 4,031,402
1,500,000   Rocket Software, Inc., Term Loan—2nd Lien, 10.50%, 10/14/2024 1,523,910
113,161   SS&C European Holdings SARL, Term Loan—1st Lien, 3.03%, 7/8/2022 113,881
1,323,767   SS&C Technologies, Inc., Term Loan—1st Lien, 3.03%, 7/8/2022 1,332,179
818,934   Sabre GLBL, Inc., Term Loan—1st Lien, 3.80%, 2/22/2024 826,612
4,957,481   Solera Holdings, Inc., Term Loan—1st Lien, 4.25%, 3/3/2023 4,988,813
2,903,897   Sophia LP, Term Loan—1st Lien, 4.40%, 9/30/2022 2,907,077
4,919,786   Tibco Software, Inc., Term Loan—1st Lien, 5.50%, 12/4/2020 4,981,800
4,832,810   Transunion LLC, Term Loan—1st Lien, 3.28%, 4/9/2023 4,870,071
995,000   Versum Materials, Inc., Term Loan—1st Lien, 3.50%, 9/30/2023 1,007,283
2,985,000   Vf Holding Corp., Term Loan—1st Lien, 4.25%, 6/17/2023 3,003,656
6
Principal
Amount
or Shares 		    Value
    FLOATING RATE LOANS—continued  
    Technology—continued  
$2,173,872   Wall Street Systems Delaware, Inc., Term Loan—1st Lien, 4.50%, 8/31/2023 $2,186,774
    TOTAL 135,479,055
    Utility - Electric—1.2%  
997,500   Dayton Power & Light Co., Term Loan—1st Lien, 4.04%, 8/24/2022 1,006,851
1,995,000   Vistra Operations Co. LLC, Term Loan—1st Lien, 4.19%, 8/4/2023 2,000,736
5,790,084   Calpine Construction Finance Co., Term Loan—1st Lien, 3.28%, 1/31/2022 5,799,117
    TOTAL 8,806,704
    Wireless Communications—1.3%  
10,000,000   Sprint Communications, Inc., Term Loan—1st Lien, 3.31%, 2/2/2024 10,010,750
    TOTAL FLOATING RATE LOANS
(IDENTIFIED COST $697,881,160) 		702,280,594
    EXCHANGE-TRADED FUND—4.5%  
1,475,000   PowerShares Senior Loan Portfolio
(IDENTIFIED COST $33,669,730) 		34,308,500
    INVESTMENT COMPANY—8.7%  
65,909,285 1 Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.09%2
(IDENTIFIED COST $65,913,174) 		65,929,058
    TOTAL INVESTMENTS—105.7%
(IDENTIFIED COST $797,464,064)3 		802,518,152
    OTHER ASSETS AND LIABILITIES - NET—(5.7)%4 (43,107,709)
    TOTAL NET ASSETS—100% $759,410,443
1 Affiliated holding.
Transactions involving the affiliated holding during the period ended March 31, 2017, were as follows:
  Federated Institutional
Prime Value
Obligations Fund,
Institutional Shares
Balance of Shares Held 6/30/2016 20,494,456
Purchases/Additions 295,068,108
Sales/Reductions (249,653,279)
Balance of Shares Held 3/31/2017 65,909,285
Value $65,929,058
Dividend Income $224,757
2 7-day net yield.
3 At March 31, 2017, the cost of investments for federal tax purposes was $797,464,064. The net unrealized appreciation of investments for federal tax purposes was $5,054,088. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $9,734,938 and net unrealized depreciation from investments for those securities having an excess of cost over value of $4,680,850.
4 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, 2017.
7
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities and floating rate loans are fair valued using price evaluations provided by a pricing service approved by the Board of Trustees (the “Trustees”).
■ 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, 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, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, 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 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.
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.
8
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 March 31, 2017, 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 $— $702,280,594 $— $702,280,594
Exchange-Traded Fund 34,308,500 — — 34,308,500
Investment Company 65,929,058 — — 65,929,058
TOTAL SECURITIES $100,237,558 $702,280,594 $— $802,518,152
9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 23, 2017

 

 

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/ J. Christopher Donahue

 

J. Christopher Donahue

Principal Executive Officer

 

Date May 23, 2017

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date May 23, 2017