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)

 

 

Peter J. Germain, 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: 06/30/2018

 

 

Date of Reporting Period: Quarter ended 03/31/2018

 

 

 

 

 

 

 

Item 1.Schedule of Investments

 

 

 

 

 

Federated Bank Loan Core Fund
Portfolio of Investments
March 31, 2018 (unaudited)
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—95.3%  
    Aerospace/Defense—1.5%  
$2,310,097   Engility Corp., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +3.250%), 8/12/2023 $2,314,231
3,795,890   Transdigm Group, Inc., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 5/14/2022 3,810,125
7,852,913   TransDigm, Inc., Term Loan—1st Lien, 4.773%, (3-month USLIBOR +2.750%), 6/9/2023 7,884,207
    TOTAL 14,008,563
    Automotive—2.3%  
2,955,000   American Axle & Manufacturing, Inc., Term Loan—1st Lien, 4.130%, (3-month USLIBOR +2.250%), 4/6/2024 2,973,942
2,500,000   Autodata Inc., Term Loan—1st Lien, 5.015%, (3-month USLIBOR +3.250%), 12/14/2024 2,509,375
2,500,000   Autodata Inc., Term Loan—2nd Lien, 9.015%, (3-month USLIBOR +7.250%), 12/14/2025 2,537,500
3,990,000   Dexko Global, Inc., Term Loan—1st Lien, 5.802%, (3-month USLIBOR +3.500%), 7/24/2024 4,034,269
4,000,000   Dragon Merger Sub LLC, Term Loan—2nd Lien, 10.552%, (3-month USLIBOR +8.250%), 7/24/2025 4,060,000
2,000,000   Goodyear Tire & Rubber Co., Term Loan—2nd Lien, 3.710%, (3-month USLIBOR +2.000%), 3/7/2025 2,010,830
3,590,282   TI Group Auto Systems LLC, Term Loan—1st Lien, 4.377%, (3-month USLIBOR +2.750%), 6/30/2022 3,609,723
    TOTAL 21,735,639
    Building Materials—2.0%  
1,980,000   Abc Supply Co., Inc., Term Loan—1st Lien, 4.377%, (3-month USLIBOR +2.500%), 10/31/2023 1,987,148
1,995,000   CD&R Waterworks Merger Sub LLC, Term Loan—1st Lien, 5.116%, (3-month USLIBOR +3.000%), 8/1/2024 2,008,716
1,879,457   HD Supply, Inc., Term Loan—1st Lien, 4.552%, (3-month USLIBOR +2.250%), 8/13/2021 1,893,553
1,975,075   HD Supply, Inc., Term Loan—1st Lien, 4.802%, (3-month USLIBOR +2.500%), 10/17/2023 1,989,641
1,995,000   Jeld-Wen, Inc., Term Loan—1st Lien, 4.302%, (3-month USLIBOR +2.000%), 12/14/2024 2,007,159
4,000,000   NCI Building System, Inc., Term Loan—1st Lien, 3.877%, (3-month USLIBOR +2.000%), 2/8/2025 4,005,000
4,000,000   Pisces Midco, Inc., Term Loan—1st Lien, 6.062%, (3-month USLIBOR +3.750%), 3/29/2025 4,010,000
981,048   Ply Gem Industries, Inc., Term Loan—1st Lien, 5.302%, (3-month USLIBOR +3.000%), 1/30/2021 983,961
    TOTAL 18,885,178
    Cable Satellite—4.3%  
2,977,500   Altice Financing SA, Term Loan—1st Lien, 4.471%, (3-month USLIBOR +2.750%), 7/15/2025 2,925,022
6,346,621   Altice US Finance I Corp., Term Loan—1st Lien, 4.127%, (3-month USLIBOR +2.250%), 7/28/2025 6,345,828
1,953,984   CSC Holdings LLC, Term Loan—1st Lien, 4.036%, (3-month USLIBOR +2.250%), 7/17/2025 1,951,141
1,500,000   CSC Holdings LLC, Term Loan—1st Lien, 4.277%, (3-month USLIBOR +2.500%), 1/25/2026 1,502,115
5,985,000   Charter Communications Operating LLC, Term Loan—1st Lien, 3.880%, (3-month USLIBOR +2.000%), 4/30/2025 6,013,967
2,420,408   Intelsat Jackson Holdings S.A., Term Loan—1st Lien, 5.706%, (3-month USLIBOR +3.750%), 11/27/2023 2,425,623
1,000,000   Intelsat Jackson Holdings S.A., Term Loan—1st Lien, 6.456%, (3-month USLIBOR +4.500%), 1/2/2024 1,030,710
3,992,500   SFR Group SA, Term Loan—1st Lien, 4.720%, (3-month USLIBOR +3.000%), 1/31/2026 3,889,354
6,000,000   Unitymedia Finance LLC, Term Loan—1st Lien, 4.027%, (3-month USLIBOR +2.250%), 1/15/2026 6,000,840
4,000,000   Unitymedia Finance LLC, Term Loan—1st Lien, 4.027%, (3-month USLIBOR +2.250%), 9/30/2025 3,998,120
3,500,000   Virgin Media Bristol LLC, Term Loan—1st Lien, 4.277%, (3-month USLIBOR +2.500%), 1/15/2026 3,521,875
    TOTAL 39,604,595
    Chemicals—2.6%  
3,970,000   Alpha 3 BV, Term Loan—1st Lien, 5.302%, (3-month USLIBOR +3.000%), 1/31/2024 4,004,241
2,932,500   Axalta Coating Systems US Holdings, Inc., Term Loan—1st Lien, 4.302%, (3-month USLIBOR +2.000%), 6/1/2024 2,942,412
2,985,000   H.B Fuller Co., Term Loan—1st Lien, 4.072%, (3-month USLIBOR +2.250%), 10/20/2024 3,003,104
2,147,960   MacDermid, Inc., Term Loan—1st Lien, 4.377%, (3-month USLIBOR +2.500%), 6/7/2020 2,157,905
678,895   MacDermid, Inc., Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.000%), 6/7/2023 683,987
4,987,500   Oxea Corp., Term Loan—1st Lien, 5.250%, (3-month USLIBOR +3.500%), 10/12/2024 5,018,672
2,768,063   PQ Corp., Term Loan—1st Lien, 4.291%, (3-month USLIBOR +2.500%), 2/8/2025 2,782,554
985,000   Versum Materials, Inc., Term Loan—1st Lien, 4.302%, (3-month USLIBOR +2.000%), 9/29/2023 992,545
1
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Chemicals—continued  
$1,105,263   WR Grace & Co-Conn, Term Loan—1st Lien, 4.062%, (3-month USLIBOR +1.750%), 4/3/2025 $1,110,099
1,894,737   WR Grace & Co-Conn, Term Loan—1st Lien, 4.312%, (3-month USLIBOR +2.000%), 4/3/2025 1,903,026
    TOTAL 24,598,545
    Consumer Cyclical Services—2.4%  
4,466,250   Constellis Holdings LLC, Term Loan—1st Lien, 7.302%, (3-month USLIBOR +5.000%), 4/21/2024 4,515,111
3,000,000   Constellis Holdings LLC, Term Loan—2nd Lien, 11.302%, (3-month USLIBOR +9.000%), 4/21/2025 3,045,000
3,400,159   Garda World Security Corp., Term Loan—1st Lien, 5.511%, (3-month USLIBOR +3.500%), 5/26/2024 3,437,357
3,950,000   ServiceMaster Co. LLC, Term Loan—1st Lien, 4.377%, (3-month USLIBOR +2.500%), 11/8/2023 3,971,172
4,858,978   USAGM HoldCo LLC, Term Loan—1st Lien, 6.052%, (3-month USLIBOR +3.750%), 7/28/2022 4,798,945
3,000,000   USAGM HoldCo LLC, Term Loan—2nd Lien, 10.272%, (3-month USLIBOR +8.500%), 7/28/2023 2,985,465
    TOTAL 22,753,050
    Consumer Products—2.0%  
4,987,500   Diamond BC BV, Term Loan—1st Lien, 4.994%, (3-month USLIBOR +3.000%), 9/6/2024 4,986,477
1,035,002   Prestige Brands, Inc., Term Loan—1st Lien, 3.877%, (3-month USLIBOR +2.750%), 1/26/2024 1,038,702
4,423,509   SRAM LLC, Term Loan—1st Lien, 5.126%, (3-month USLIBOR +3.250%), 3/15/2024 4,462,215
1,972,519   Serta Simmons Bedding LLC, Term Loan—1st Lien, 5.695%, (3-month USLIBOR +3.500%), 11/8/2023 1,790,554
4,746,667   Serta Simmons Bedding LLC, Term Loan—2nd Lien, 9.711%, (3-month USLIBOR +8.000%), 11/8/2024 3,821,067
2,507,692   Welbilt, Inc., Term Loan—1st Lien, 4.629%, (3-month USLIBOR +2.750%), 3/3/2023 2,529,635
    TOTAL 18,628,650
    Diversified Manufacturing—2.1%  
3,836,159   Dynacast International LLC, Term Loan—1st Lien, 5.552%, (3-month USLIBOR +3.250%), 1/28/2022 3,862,532
2,000,000   Dynacast International LLC, Term Loan—2nd Lien, 10.802%, (3-month USLIBOR +8.500%), 1/30/2023 2,010,000
744,514   Entegris, Inc., Term Loan—1st Lien, 4.127%, (3-month USLIBOR +2.250%), 4/30/2021 748,702
3,779,607   Gardner Denver, Inc., Term Loan—1st Lien, 5.052%, (3-month USLIBOR +2.750%), 7/30/2024 3,801,718
3,463,961   Gates Global LLC, Term Loan—1st Lien, 5.052%, (3-month USLIBOR +3.000%), 3/31/2024 3,487,239
6,000,000   Titan Acquisition Ltd., Term Loan—1st Lien, 5.312%, (3-month USLIBOR +3.000%), 3/28/2025 5,996,250
    TOTAL 19,906,441
    Environmental—0.1%  
997,500   Wrangler Buyer Corp., Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.000%), 9/28/2024 1,004,268
    Finance Companies—1.3%  
4,972,475   Avolon Holdings Ltd., Term Loan, 4.072%, (3-month USLIBOR +2.250%), 4/3/2022 4,980,505
2,500,000   GreenSky Holdings LLC, Term Loan—1st Lien, 5.562%, (3-month USLIBOR +3.250%), 3/26/2025 2,512,500
5,000,000   Telenet Financing USD LLC, Term Loan—1st Lien, 4.812%, (3-month USLIBOR +2.500%), 3/1/2026 5,030,200
    TOTAL 12,523,205
    Financial Institutions—2.0%  
3,375,175   Sedgwick Claims Management Services, Inc., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 2/28/2021 3,376,930
2,000,000   Sedgwick Claims Management Services, Inc., Term Loan—1st Lien, 5.062%, (3-month USLIBOR +2.750%), 2/28/2021 2,001,750
2,000,000   Sedgwick Claims Management Services, Inc., Term Loan—2nd Lien, 8.062%, (3-month USLIBOR +5.750%), 2/28/2022 2,015,000
3,000,000   Sedgwick, Inc., Term Loan—2nd Lien, 7.627%, (3-month USLIBOR +5.750%), 2/28/2022 3,020,250
4,000,000   Sedgwick, Inc., Term Loan—2nd Lien, 7.734%, (3-month USLIBOR +5.750%), 2/28/2022 4,027,000
3,944,962   WEX, Inc., Term Loan—1st Lien, 4.127%, (3-month USLIBOR +2.250%), 7/1/2023 3,976,739
    TOTAL 18,417,669
    Food & Beverage—2.6%  
1,496,250   Aramark Services, Inc., Term Loan—1st Lien, 3.877%, (3-month USLIBOR +2.000%), 3/11/2025 1,508,407
2,418,214   Aramark Services, Inc., Term Loan—1st Lien, 3.877%, (3-month USLIBOR +2.000%), 3/28/2024 2,437,113
5,851,635   Del Monte Foods, Inc., Term Loan—1st Lien, 5.159%, (3-month USLIBOR +3.250%), 2/18/2021 5,040,745
3,850,061   Hearthside Group Holdings LLC, Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.000%), 6/2/2021 3,871,121
2,410,819   Pinnacle Foods Finance LLC, Term Loan—1st Lien, 3.377%, (3-month USLIBOR +1.750%), 2/3/2024 2,424,789
4,962,500   Post Holdings, Inc., Term Loan—1st Lien, 3.880%, (3-month USLIBOR +2.000%), 5/24/2024 4,976,767
2
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Food & Beverage—continued  
$3,821,925   U.S. Foodservice, Inc., Term Loan—1st Lien, 4.377%, (3-month USLIBOR +2.500%), 6/27/2023 $3,851,679
    TOTAL 24,110,621
    Gaming—4.0%  
1,228,449   Affinity Gaming LLC, Term Loan—1st Lien, 5.127%, (3-month USLIBOR +3.500%), 7/1/2023 1,238,179
3,000,000   Affinity Gaming LLC, Term Loan—2nd Lien, 10.127%, (3-month USLIBOR +8.250%), 1/31/2025 3,045,465
1,838,138   Boyd Gaming Corp., Term Loan—1st Lien, 4.236%, (3-month USLIBOR +2.500%), 9/15/2023 1,849,737
5,985,000   Caesars Entertainment Corp., Term Loan—1st Lien, 4.377%, (3-month USLIBOR +2.500%), 10/6/2024 6,028,002
6,483,750   Caesars Resort Collection, Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 12/22/2024 6,534,194
997,500   Churchill Downs, Inc., Term Loan—1st Lien, 3.650%, (3-month USLIBOR +2.000%), 12/27/2024 1,002,488
2,639,311   Eldorado Resorts, Inc., Term Loan—1st Lien, 4.128%, (3-month USLIBOR +2.250%), 4/17/2024 2,650,857
2,992,500   Golden Entertainment, Inc., Term Loan—1st Lien, 4.880%, (3-month USLIBOR +3.000%), 10/20/2024 3,012,146
5,773,311   Mohegan Tribal Gaming Authority, Term Loan—1st Lien, 5.877%, (3-month USLIBOR +4.000%), 10/13/2023 5,771,521
860,000   Penn National Gaming, Inc., Term Loan—1st Lien, 4.377%, (3-month USLIBOR +2.500%), 1/19/2024 866,218
1,432,500   Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, Term Loan—1st Lien, 5.058%, (3-month USLIBOR +2.750%), 5/14/2020 1,443,845
2,870,006   Station Casinos LLC, Term Loan—1st Lien, 4.380%, (3-month USLIBOR +2.500%), 6/8/2023 2,881,959
1,380,000   Tropicana Entertainment, Inc., Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.000%), 11/27/2020 1,390,350
    TOTAL 37,714,961
    Health Care—15.7%  
2,893,508   Acadia Healthcare Co., Inc., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 2/16/2023 2,921,242
6,369,105   Air Medical Group Holdings, Inc., Term Loan—1st Lien, 4.936%, (3-month USLIBOR +3.250%), 4/28/2022 6,404,039
2,493,750   Air Medical Group Holdings, Inc., Term Loan—1st Lien, 6.015%, (3-month USLIBOR +4.250%), 3/14/2025 2,518,301
7,980,000   Avantor, Inc., Term Loan—1st Lien, 5.877%, (3-month USLIBOR +4.000%), 11/21/2024 8,073,925
5,204,860   CHG Healthcare Services, Inc., Term Loan—1st Lien, 4.772%, (3-month USLIBOR +3.000%), 6/7/2023 5,250,428
1,183,992   CHS/Community Health Systems, Inc., Term Loan—1st Lien, 4.734%, (3-month USLIBOR +2.750%), 12/31/2019 1,157,766
4,421,188   CHS/Community Health Systems, Inc., Term Loan—1st Lien, 4.984%, (3-month USLIBOR +3.000%), 1/27/2021 4,258,776
2,985,000   Carestream Dental LLC, Term Loan—1st Lien, 5.552%, (3-month USLIBOR +3.250%), 9/1/2024 3,000,865
1,635,321   Carestream Health, Inc., Term Loan—1st Lien, 5.877%, (3-month USLIBOR +4.000%), 6/7/2019 1,646,949
3,725,265   Carestream Health, Inc., Term Loan—2nd Lien, 10.377%, (3-month USLIBOR +8.500%), 12/7/2019 3,725,265
1,000,000   Concentra, Inc., Term Loan—1st Lien, 4.530%, (3-month USLIBOR +2.750%), 6/1/2022 1,008,750
3,970,000   Endo Luxembourg Finance, Term Loan—1st Lien, 6.188%, (3-month USLIBOR +4.250%), 4/27/2024 3,969,166
4,235,219   Envision Healthcare Corp., Term Loan—1st Lien, 4.880%, (3-month USLIBOR +3.000%), 12/1/2023 4,257,983
6,430,025   Grifols Worldwide Operations USA, Inc., Term Loan—1st Lien, 3.995%, (3-month USLIBOR +2.250%), 1/31/2025 6,460,021
205,574   HCA, Inc., Term Loan—1st Lien, 3.627%, (3-month USLIBOR +1.750%), 3/18/2023 206,699
500,000   HCA, Inc., Term Loan—1st Lien, 4.312%, (3-month USLIBOR +2.000%), 3/13/2025 504,413
995,000   IMS Health, Inc., Term Loan—1st Lien, 4.302%, (3-month USLIBOR +2.000%), 1/18/2025 1,001,094
3,460,562   IMS Health, Inc., Term Loan—1st Lien, 4.302%, (3-month USLIBOR +2.000%), 3/7/2024 3,484,786
2,859,375   INC Research Holdings, Inc., Term Loan—1st Lien, 4.127%, (3-month USLIBOR +2.250%), 8/1/2024 2,872,785
3,982,494   MH Sub I LLC, 5.527%, (3-month USLIBOR +3.750%), 9/15/2024 3,989,244
4,000,000   MH Sub I LLC, Term Loan—2nd Lien, 9.277%, (3-month USLIBOR +7.500%), 9/15/2025 4,057,500
8,443,804   MPH Acquisition Holdings LLC, Term Loan—1st Lien, 5.052%, (3-month USLIBOR +3.000%), 6/7/2023 8,490,794
10,679,160   Ortho-Clinical Diagnostics, Inc., Term Loan—1st Lien, 5.627%, (3-month USLIBOR +3.750%), 6/30/2021 10,781,947
5,000,000   Osteon Merger Sub, Inc., Term Loan—1st Lien, 5.740%, (3-month USLIBOR +3.750%), 2/14/2025 5,050,000
3,930,000   PCI Pharma Services, Term Loan—1st Lien, 5.780%, (3-month USLIBOR +4.000%), 7/1/2023 3,954,582
3,000,000   PCI Pharma Services, Term Loan—2nd Lien, 10.530%, (3-month USLIBOR +8.750%), 7/1/2024 3,000,000
3,930,000   Precyse Acquisition Corp., Term Loan—1st Lien, 6.377%, (3-month USLIBOR +4.500%), 10/20/2022 3,946,585
3,306,351   Press Ganey Holdings, Inc., 4.877%, (3-month USLIBOR +3.000%), 10/23/2023 3,328,388
2,019,963   Press Ganey Holdings, Inc., Term Loan—2nd Lien, 8.377%, (3-month USLIBOR +7.250%), 10/21/2024 2,050,262
3,736,039   Radnet Management, Inc., Term Loan—1st Lien, 5.220%, (3-month USLIBOR +3.750%), 7/1/2023 3,788,586
8,275,002   SteriGenics—Nordion Holdings LLC, Term Loan - 1st Lien, 4.877%, (3-month USLIBOR +3.000%), 5/15/2022 8,282,781
3
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Health Care—continued  
$6,967,494   Surgery Center Holdings, Inc., Term Loan—1st Lien, 5.130%, (3-month USLIBOR +3.250%), 8/31/2024 $6,974,461
9,919,937   Team Health Holdings, Inc., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 2/6/2024 9,510,740
2,977,500   Tecomet, Inc., Term Loan—1st Lien, 5.283%, (3-month USLIBOR +3.500%), 5/1/2024 3,007,275
2,487,500   UIC Merger Sub, Inc., Term Loan—1st Lien, 5.127%, (3-month USLIBOR +3.250%), 8/31/2024 2,498,383
250,000   UIC Merger Sub, Inc., Term Loan—1st Lien, 8.877%, (3-month USLIBOR +7.000%), 8/30/2025 252,188
890,441   Vizient, Inc., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 2/13/2023 899,350
    TOTAL 146,586,319
    Independent Energy—2.4%  
3,000,000   California Resources Corp., Term Loan—1st Lien, 12.229%, (3-month USLIBOR +10.375%), 12/31/2021 3,397,500
3,000,000   California Resources Corp., Term Loan—1st Lien, 6.572%, (3-month USLIBOR +4.750%), 12/31/2022 3,051,570
5,000,000   Chesapeake Energy Corp., Term Loan—1st Lien, 9.444%, (3-month USLIBOR +7.500%), 8/23/2021 5,318,750
1,000,000   Fieldwood Energy LLC, Term Loan—1st Lien, 8.877%, (3-month USLIBOR +7.000%), 8/31/2020 997,085
3,350,000   Fieldwood Energy LLC, Term Loan—1st Lien, 9.427%, (3-month USLIBOR +7.125%), 9/30/2020 3,220,188
891,881   Fieldwood Energy, Term Loan—1st Lien, 4.752%, (3-month USLIBOR +2.875%), 9/28/2018 891,329
5,500,000   Ultra Resources, Inc., Term Loan—1st Lien, 4.765%, (3-month USLIBOR +3.000%), 4/12/2024 5,460,482
    TOTAL 22,336,904
    Industrial - Other—2.7%  
1,990,000   Accudyne Industries Borrower SCA, Term Loan—1st Lien, 5.127%, (3-month USLIBOR +3.250%), 8/18/2024 2,003,562
2,000,000   EPV Merger Sub, Inc., Term Loan—1st Lien, 4.961%, (3-month USLIBOR +3.250%), 3/9/2025 1,999,380
500,000   EPV Merger Sub, Inc., Term Loan—2nd Lien, 8.961%, (3-month USLIBOR +7.250%), 3/9/2026 505,000
498,750   Excelitas Technologies, Term Loan—1st Lien, 5.161%, (3-month USLIBOR +3.500%), 12/2/2024 504,151
1,500,000   Excelitas Technologies, Term Loan—2nd Lien, 9.161%, (3-month USLIBOR +7.500%), 12/1/2025 1,527,195
9,000,000   Filtration Group Corp., Term Loan—1st Lien, 5.312%, (3-month USLIBOR +3.000%), 3/29/2025 9,045,000
2,992,500   Greenrock Finance, Inc., Term Loan—1st Lien, 5.802%, (3-month USLIBOR +3.500%), 6/28/2024 3,016,814
1,579,772   Hillman Group, Inc., Term Loan—1st Lien, 5.802%, (3-month USLIBOR +3.500%), 6/30/2021 1,598,863
1,543,116   KAR Auction Services, Inc., Term Loan—1st Lien, 4.813%, (3-month USLIBOR +2.500%), 3/9/2023 1,553,085
2,977,537   Unifrax I LLC, Term Loan—1st Lien, 5.802%, (3-month USLIBOR +3.750%), 4/4/2024 3,011,035
    TOTAL 24,764,085
    Insurance - P&C—4.2%  
2,970,075   Acrisure LLC, Term Loan—1st Lien, 5.991%, (3-month USLIBOR +4.250%), 11/22/2023 3,012,399
4,923,079   AssuredPartners, Inc., Term Loan—1st Lien, 5.377%, (3-month USLIBOR +3.500%), 10/22/2024 4,942,156
1,500,000   AssuredPartners, Inc., Term Loan—1st Lien, 5.562%, (3-month USLIBOR +3.250%), 10/22/2024 1,505,812
2,890,698   Asurion LLC, Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 11/3/2023 2,913,520
2,000,000   Asurion LLC, Term Loan—2nd Lien, 7.877%, (3-month USLIBOR +6.000%), 8/4/2025 2,058,000
8,010,064   Hub International Ltd., Term Loan—1st Lien, 4.838%, (3-month USLIBOR +3.250%), 10/2/2020 8,061,248
7,174,488   NFP Corp., Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.000%), 1/8/2024 7,206,629
8,955,000   USI, Inc./NY, Term Loan—1st Lien, 5.302%, (3-month USLIBOR +3.000%), 5/16/2024 8,981,149
    TOTAL 38,680,913
    Leisure—0.9%  
1,980,000   AMC Entertainment Holdings, Inc., Term Loan—1st Lien, 4.027%, (3-month USLIBOR +2.250%), 12/15/2023 1,986,801
980,000   Cedar Fair LP, Term Loan—1st Lien, 3.627%, (3-month USLIBOR +2.250%), 4/13/2024 986,943
5,458,750   Hoya Midco LLC, Term Loan—1st Lien, 5.802%, (3-month USLIBOR +4.000%), 6/30/2024 5,474,690
    TOTAL 8,448,434
    Lodging—2.2%  
5,952,513   Belmond Interfin Ltd., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 7/3/2024 5,982,275
2,962,500   Four Seasons Holdings, Inc., Term Loan—1st Lien, 3.877%, (3-month USLIBOR +2.500%), 11/30/2023 2,984,260
2,145,871   Hilton Worldwide Finance LLC, Term Loan—1st Lien, 3.871%, (3-month USLIBOR +2.000%), 10/25/2023 2,159,594
4,488,750   Intrawest Resorts Holdings, Inc., Term Loan—1st Lien, 5.127%, (3-month USLIBOR +3.250%), 7/31/2024 4,519,610
3,970,000   RHP Hotel Properties LP, Term Loan—1st Lien, 4.070%, (3-month USLIBOR +2.250%), 5/11/2024 4,001,264
4
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Lodging—continued  
$500,000   Wyndham Hotels & Resorts, Inc., Term Loan—1st Lien, 4.062%, (3-month USLIBOR +1.750%), 3/29/2025 $501,875
    TOTAL 20,148,878
    Media Entertainment—5.1%  
2,000,000   AVSC Holding Corp., Term Loan—1st Lien, 5.202%, (3-month USLIBOR +3.250%), 3/1/2025 2,008,440
2,000,000   AVSC Holding Corp., Term Loan—2nd Lien, 9.256%, (3-month USLIBOR +7.250%), 9/1/2025 2,011,250
1,650,000   CBS Outdoor Americas Capital LLC / Corp., Term Loan—1st Lien, 3.872%, (3-month USLIBOR +2.250%), 3/18/2024 1,661,047
1,171,592   CBS Radio, Inc., Term Loan—1st Lien, 4.623%, (3-month USLIBOR +2.750%), 11/17/2024 1,178,915
995,000   E.W. Scripps Co., Term Loan—1st Lien, 6.000%, (3-month USLIBOR +2.250%), 10/2/2024 999,975
6,947,500   Emerald Expo Holdings, Inc., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 5/22/2024 7,037,227
3,980,000   Entravision Communications Corp., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 11/30/2024 3,990,786
750,000   Lamar Media Corp., Term Loan—1st Lien, 3.563%, (3-month USLIBOR +1.750%), 3/16/2025 752,580
1,093,750   Match Group, Inc., Term Loan—1st Lien, 4.286%, (3-month USLIBOR +2.500%), 11/16/2022 1,101,953
167,464   Mission Broadcasting, Inc., Term Loan—1st Lien, 4.387%, (3-month USLIBOR +2.500%), 1/17/2024 168,179
7,779,151   NEP/NCP Holdco, Inc., Term Loan—1st Lien, 4.898%, (3-month USLIBOR +3.250%), 7/21/2022 7,826,176
2,526,507   NEP/NCP Holdco, Inc., Term Loan—2nd Lien, 8.740%, (3-month USLIBOR +7.000%), 1/23/2023 2,548,614
1,300,386   Nexstar Broadcasting, Inc., Term Loan—1st Lien, 4.387%, (3-month USLIBOR +2.500%), 1/17/2024 1,305,939
987,538   Nielsen Finance LLC/Nielsen Finance Co., Term Loan—1st Lien, 3.718%, (3-month USLIBOR +2.000%), 10/4/2023 991,601
8,000,000   Sinclair Television Group, Term Loan—1st Lien, 4.812%, (3-month USLIBOR +2.500%), 12/12/2024 8,045,000
751,204   Tribune Media Co., Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.000%), 1/27/2024 752,770
60,271   Tribune Media Co., Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.000%), 12/27/2020 60,409
3,960,000   Urban One, Inc., Term Loan—1st Lien, 5.880%, (3-month USLIBOR +4.000%), 4/18/2023 3,937,745
1,000,000   WMG Acquisition Corp., Term Loan—1st Lien, 4.127%, (3-month USLIBOR +2.250%), 11/1/2023 1,004,865
    TOTAL 47,383,471
    Metals & Mining—0.2%  
1,877,920   Peabody Energy Corp., 5.377%, (3-month USLIBOR +3.500%), 3/31/2022 1,884,962
    Midstream—1.5%  
1,536,498   EMG Utica LLC, Term Loan—1st Lien, 5.593%, (3-month USLIBOR +3.750%), 3/27/2020 1,546,108
4,684,311   Energy Transfer Equity LP, 3.854%, (3-month USLIBOR +2.000%), 2/2/2024 4,680,939
4,872,179   Gulf Finance LLC, Term Loan—1st Lien, 7.560%, (3-month USLIBOR +5.250%), 8/25/2023 4,515,901
3,080,000   Summit Midstream Holdings LLC, Term Loan—1st Lien, 7.877%, (3-month USLIBOR +6.000%), 5/13/2022 3,118,500
    TOTAL 13,861,448
    Packaging—4.0%  
987,538   Anchor Glass Container Corp., Term Loan—1st Lien, 4.541%, (3-month USLIBOR +2.750%), 12/7/2023 961,155
500,000   Anchor Glass Container Corp., Term Loan—2nd Lien, 9.490%, (3-month USLIBOR +7.750%), 12/7/2024 484,165
9,920,025   BWay Corp., Term Loan—1st Lien, 4.958%, (3-month USLIBOR +3.250%), 4/3/2024 9,981,132
990,000   Berry Plastics Corp., Term Loan—1st Lien, 3.740%, (3-month USLIBOR +2.000%), 1/19/2024 995,039
1,603,000   Berry Plastics Group, Inc., Term Loan—1st Lien, 3.740%, (3-month USLIBOR +2.000%), 2/8/2020 1,611,424
1,488,750   Charter Nex US, Inc., Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.250%), 5/17/2024 1,494,333
995,006   Consolidated Container Co. LLC, Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.000%), 5/22/2024 1,002,718
1,500,000   Crown Americas LLC, Term Loan—1st Lien, 4.312%, (3-month USLIBOR +2.000%), 1/29/2025 1,515,352
1,488,750   Flex Acquisition Co., Inc., Term Loan—1st Lien, 5.308%, (3-month USLIBOR +3.000%), 12/29/2023 1,497,705
1,975,000   Fortress Merger Sub., Inc., Term Loan—1st Lien, 6.309%, (3-month USLIBOR +4.000%), 10/19/2023 1,957,719
1,000,000   Fortress Merger Sub., Inc., Term Loan—2nd Lien, 10.812%, (3-month USLIBOR +8.500%), 10/21/2024 960,000
1,995,000   Multi-Color Corp., Term Loan—1st Lien, 4.127%, (3-month USLIBOR +2.250%), 10/31/2024 2,006,641
4,101,462   Reynolds Group Holdings, Inc., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 2/5/2023 4,126,542
3,179,881   SIG Combibloc, Term Loan—1st Lien, 4.627%, (3-month USLIBOR +3.000%), 3/13/2022 3,201,997
3,727,340   Signode Industrial Group, Term Loan—1st Lien, 6.500%, (Prime +1.750%), 5/1/2021 3,729,670
1,946,250   Trident TPI Holdings, Inc., Term Loan—1st Lien, 5.127%, (3-month USLIBOR +3.250%), 10/17/2024 1,957,198
    TOTAL 37,482,790
5
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Pharmaceuticals—2.4%  
$5,577,501   Jaguar Holding Co. II, Term Loan—1st Lien, 4.600%, (3-month USLIBOR +2.750%), 8/18/2022 $5,603,353
5,000,000   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Term Loan—1st Lien, 4.820%, (3-month USLIBOR +3.000%), 2/24/2025 5,013,125
4,348,315   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Term Loan—1st Lien, 5.203%, (3-month USLIBOR +2.750%), 9/24/2024 4,336,553
5,970,000   Parexel International Corp., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +3.000%), 9/27/2024 5,978,955
1,208,273   Valeant Pharmaceuticals International, Inc., Term Loan—1st Lien, 5.240%, (3-month USLIBOR +3.500%), 4/1/2022 1,222,386
    TOTAL 22,154,372
    Restaurants—1.0%  
7,403,412   1011778 BC Unltd. Liability Co./New Red Finance, Inc., Term Loan—1st Lien, 4.294%, (3-month USLIBOR +2.250%), 2/17/2024 7,417,293
1,477,575   KFC Holding Co., Term Loan—1st Lien, 3.808%, (3-month USLIBOR +2.000%), 6/16/2023 1,484,047
    TOTAL 8,901,340
    Retailers—2.2%  
1,745,625   Hanesbrands, Inc., Term Loan—1st Lien, 3.627%, (3-month USLIBOR +1.750%), 12/15/2024 1,756,168
2,868,750   JC Penney Corp., Inc., Term Loan—1st Lien, 6.234%, (3-month USLIBOR +4.250%), 6/23/2023 2,815,865
1,873,578   Michaels Stores, Inc., Term Loan—1st Lien, 4.589%, (3-month USLIBOR +2.750%), 1/28/2023 1,884,594
2,940,000   PETCO Animal Supplies, Inc., Term Loan—1st Lien, 4.772%, (3-month USLIBOR +3.000%), 1/26/2023 2,166,618
3,155,573   Party City Holdings, Inc., Term Loan—1st Lien, 4.487%, (3-month USLIBOR +2.750%), 8/19/2022 3,171,114
1,945,000   PetSmart, Inc., Term Loan—1st Lien, 4.890%, (3-month USLIBOR +3.000%), 3/11/2022 1,565,949
1,492,500   Sally Holdings LLC, Term Loan—1st Lien, 4.130%, (3-month USLIBOR +2.500%), 7/5/2024 1,468,247
2,636,227   Talbots, Inc., Term Loan—1st Lien, 6.377%, (3-month USLIBOR +4.500%), 3/19/2020 2,615,361
2,998,060   Talbots, Inc., Term Loan—2nd Lien, 10.377%, (3-month USLIBOR +8.500%), 3/19/2021 2,938,099
    TOTAL 20,382,015
    Services—2.0%  
3,914,204   Acosta Holdco, Inc., Term Loan—1st Lien, 5.127%, (3-month USLIBOR +3.250%), 9/26/2021 3,293,195
3,000,000   Altran Technologies SA, Term Loan—1st Lien, 5.062%, (3-month USLIBOR +2.750%), 1/31/2025 3,023,445
1,881,025   Brickman Group Holdings, Inc., Term Loan—1st Lien, 4.846%, (3-month USLIBOR +3.000%), 12/18/2020 1,894,484
1,947,022   Brickman Group Holdings, Inc., Term Loan—2nd Lien, 8.308%, (3-month USLIBOR +6.500%), 12/18/2021 1,964,059
5,500,000   Comet Bidco Ltd., Term Loan—1st Lien, 7.312%, (3-month USLIBOR +5.000%), 10/31/2024 5,445,000
2,962,500   USIC Holdings, Inc., Term Loan—1st Lien, 5.802%, (3-month USLIBOR +3.500%), 12/9/2023 2,992,125
    TOTAL 18,612,308
    Supermarkets—0.4%  
3,487,472   Albertsons LLC, Term Loan—1st Lien, 4.956%, (3-month USLIBOR +3.000%), 6/22/2023 3,447,034
    Technology—17.8%  
4,000,000   Aerial Merger Sub, Inc., Term Loan—2nd Lien, 10.302%, (3-month USLIBOR +8.000%), 8/8/2025 4,041,260
1,992,494   Almonde, Inc., Term Loan—1st Lien, 5.484%, (3-month USLIBOR +3.500%), 6/13/2024 1,992,872
1,500,000   Almonde, Inc., Term Loan—2nd Lien, 9.234%, (3-month USLIBOR +7.250%), 6/13/2025 1,489,568
3,980,000   Applied Systems, Inc., Term Loan—1st Lien, 5.552%, (3-month USLIBOR +3.250%), 9/19/2024 4,013,750
5,985,000   Avaya, Inc., Term Loan—1st Lien, 6.536%, (3-month USLIBOR +4.750%), 12/15/2024 6,035,244
4,064,418   BMC Software, Inc., Term Loan—1st Lien, 5.127%, (3-month USLIBOR +3.250%), 9/10/2022 4,089,577
3,970,000   CCC Information Services, Inc., Term Loan—1st Lien, 4.880%, (3-month USLIBOR +3.000%), 4/27/2024 3,988,798
3,000,000   CCC Information Services, Inc., Term Loan—2nd Lien, 8.627%, (3-month USLIBOR +6.750%), 4/27/2025 3,060,750
1,901,156   CDW LLC, Term Loan—1st Lien, 4.302%, (3-month USLIBOR +2.000%), 8/17/2023 1,910,338
1,418,000   CommScope, Inc., Term Loan—1st Lien, 3.877%, (3-month USLIBOR +2.000%), 12/29/2022 1,427,976
4,993,525   Compuware Corp., Term Loan—1st Lien, 5.130%, (3-month USLIBOR +3.500%), 12/15/2021 5,062,186
1,496,250   DELL International LLC, Term Loan—1st Lien, 3.880%, (3-month USLIBOR +2.000%), 9/7/2023 1,499,362
2,925,462   Diebold, Inc., Term Loan—1st Lien, 4.500%, (3-month USLIBOR +2.750%), 11/6/2023 2,932,323
2,496,909   First Data Corp., Term Loan—1st Lien, 4.122%, (3-month USLIBOR +2.250%), 4/26/2024 2,503,313
4,491,017   First Data Corp., Term Loan—1st Lien, 4.122%, (3-month USLIBOR +2.250%), 7/10/2022 4,502,694
4,434,218   Hyland Software, Inc., Term Loan—1st Lien, 7.000%, (Prime +2.250%), 7/1/2022 4,477,784
6
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Technology—continued  
$4,500,000   Hyland Software, Inc., Term Loan—2nd Lien, 8.877%, (3-month USLIBOR +7.000%), 7/7/2025 $4,559,985
2,099,339   Infor US, Inc., Term Loan—1st Lien, 4.627%, (3-month USLIBOR +2.750%), 2/1/2022 2,106,488
2,439,433   Informatica Corp., Term Loan—1st Lien, 5.127%, (3-month USLIBOR +3.250%), 8/6/2022 2,456,777
3,219,289   Ivanti Software, Inc., Term Loan—1st Lien, 6.130%, (3-month USLIBOR +4.250%), 1/20/2024 3,173,011
3,454,943   JD Power & Associates, Term Loan—1st Lien, 6.552%, (3-month USLIBOR +4.250%), 9/7/2023 3,472,218
1,333,333   JD Power & Associates, Term Loan—2nd Lien, 10.802%, (3-month USLIBOR +8.500%), 9/7/2024 1,353,333
1,975,000   JDA Software Group, Inc., Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.500%), 10/12/2023 1,989,319
2,887,500   Kemet Corp., Term Loan—1st Lien, 7.877%, (3-month USLIBOR +6.000%), 4/28/2024 2,945,250
4,950,094   Kronos, Inc., Term Loan—1st Lien, 4.880%, (3-month USLIBOR +3.500%), 11/1/2023 4,987,492
3,500,000   Kronos, Inc., Term Loan—2nd Lien, 10.023%, (3-month USLIBOR +8.250%), 11/1/2024 3,638,530
2,000,000   Landesk Software Group, Inc., Term Loan—2nd Lien, 10.880%, (3-month USLIBOR +9.000%), 1/20/2025 1,925,000
987,500   Leidos Innovations Corp., Term Loan—1st Lien, 3.688%, (3-month USLIBOR +2.000%), 8/16/2023 994,783
1,397,348   Microsemi Corp., Term Loan—1st Lien, 3.742%, (3-month USLIBOR +2.000%), 1/15/2023 1,401,323
4,975,000   NeuStar, Inc., Term Loan—1st Lien, 5.377%, (3-month USLIBOR +3.500%), 8/8/2024 4,998,855
1,473,526   ON Semiconductor Corp., Term Loan—1st Lien, 3.877%, (3-month USLIBOR +2.000%), 3/31/2023 1,482,463
2,000,000   Omnitracs Midco LLC, Term Loan—1st Lien, 5.062%, (3-month USLIBOR +2.750%), 3/23/2025 2,005,630
2,397,652   Optiv Security, Inc., Term Loan—1st Lien, 5.125%, (3-month USLIBOR +3.250%), 2/1/2024 2,319,728
4,000,000   Optiv Security, Inc., Term Loan—2nd Lien, 9.125%, (3-month USLIBOR +7.250%), 2/1/2025 3,875,000
2,000,000   Ping Identity Corp., Term Loan—1st Lien, 5.622%, (3-month USLIBOR +3.750%), 1/25/2025 2,012,500
3,000,000   Project Deep Blue Holdings LLC, Term Loan—1st Lien, 5.061%, (3-month USLIBOR +3.250%), 2/12/2025 3,016,125
1,000,000   Project Deep Blue Holdings LLC, Term Loan—2nd Lien, 9.061%, (3-month USLIBOR +7.250%), 2/12/2026 1,022,080
5,945,075   Rackspace Hosting, Inc., Term Loan—1st Lien, 4.787%, (3-month USLIBOR +3.000%), 11/3/2023 5,929,291
1,894,404   Renaissance Learning, Inc., Term Loan—1st Lien, 6.052%, (3-month USLIBOR +3.750%), 4/9/2021 1,905,457
2,411,444   Renaissance Learning, Inc., Term Loan—2nd Lien, 9.302%, (3-month USLIBOR +7.000%), 4/11/2022 2,426,515
5,875,824   Riverbed Technology, Inc., Term Loan—1st Lien, 5.130%, (3-month USLIBOR +3.250%), 4/24/2022 5,862,633
550,000   Rocket Software, Inc., Term Loan—1st Lien, 6.062%, (3-month USLIBOR +3.750%), 10/1/2023 553,438
3,940,000   Rocket Software, Inc., Term Loan—1st Lien, 6.552%, (3-month USLIBOR +4.250%), 10/14/2023 3,964,625
1,500,000   Rocket Software, Inc., Term Loan—2nd Lien, 11.802%, (3-month USLIBOR +9.500%), 10/14/2024 1,521,750
12,309   SS&C European Holdings SARL, Term Loan—1st Lien, 4.127%, (3-month USLIBOR +2.250%), 7/8/2022 12,392
1,080,448   SS&C Technologies, Inc., Term Loan—1st Lien, 4.127%, (3-month USLIBOR +2.250%), 7/8/2022 1,087,704
810,765   Sabre GLBL, Inc., 3.877%, (3-month USLIBOR +2.000%), 2/22/2024 814,199
2,487,500   Silverback Merger Sub, Inc., Term Loan—1st Lien, 5.404%, (3-month USLIBOR +3.500%), 8/21/2024 2,493,719
2,992,500   Solarwinds Holdings, Inc., Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.000%), 2/5/2024 3,009,333
2,850,978   Sophia LP, Term Loan—1st Lien, 5.552%, (3-month USLIBOR +3.250%), 9/30/2022 2,862,424
4,497,500   TTM Technologies, Term Loan—1st Lien, 4.377%, (3-month USLIBOR +2.500%), 9/28/2024 4,515,310
6,952,475   Tempo Acquisition LLC, Term Loan—1st Lien, 4.877%, (3-month USLIBOR +3.000%), 5/1/2024 6,994,850
5,365,450   Tibco Software, Inc., Term Loan—1st Lien, 5.380%, (3-month USLIBOR +3.500%), 12/4/2020 5,391,177
4,796,271   Trans Union LLC, Term Loan—1st Lien, 3.877%, (3-month USLIBOR +2.000%), 4/9/2023 4,816,512
3,123,291   Vf Holding Corp., Term Loan—1st Lien, 5.127%, (3-month USLIBOR +3.250%), 6/30/2023 3,153,884
    TOTAL 166,078,898
    Utility - Electric—0.5%  
3,687,719   Calpine Construction Finance Co., Term Loan—1st Lien, 4.377%, (3-month USLIBOR +2.500%), 1/15/2025 3,701,327
987,500   Dayton Power & Light Co., Term Loan—1st Lien, 3.880%, (3-month USLIBOR +2.000%), 8/24/2022 993,677
    TOTAL 4,695,004
    Wireless Communications—0.9%  
7,920,000   Sprint Communications, Inc., Term Loan—1st Lien, 4.438%, (3-month USLIBOR +2.500%), 2/2/2024 7,930,732
    TOTAL FLOATING RATE LOANS
(IDENTIFIED COST $882,051,571) 		887,671,292
7
Principal
Amount
or Shares 		    Value
    EXCHANGE-TRADED FUND—4.5%  
1,825,000   PowerShares Senior Loan Portfolio
(IDENTIFIED COST $41,923,738) 		$42,212,250
    INVESTMENT COMPANY—3.6%  
33,267,514   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.78%2
(IDENTIFIED COST $33,264,627) 		33,260,861
    TOTAL INVESTMENT IN SECURITIES—103.4%
(IDENTIFIED COST $957,239,936) 		963,144,403
    OTHER ASSETS AND LIABILITIES - NET—(3.4)%3 (31,745,618)
    TOTAL NET ASSETS—100% $931,398,785
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended March 31, 2018, were as follows:
  Federated
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Balance of Shares Held 6/30/2017 49,349,333
Purchases/Additions 214,723,059
Sales/Reductions (230,804,878)
Balance of Shares Held 3/31/2018 33,267,514
Value $33,260,861
Change in Unrealized Appreciation/Depreciation $(10,081)
Net Realized Gain/(Loss) $(2,208)
Dividend Income $240,516
1 Floating/variable note with current rate and current maturity or next reset date shown.
2 7-day net yield.
3 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, 2018.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's 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 (the “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
8
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.
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, 2018, 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 $— $887,671,292 $— 887,671,292
Exchange-Traded Fund 42,212,250 — — 42,212,250
Investment Company 33,260,861 — — 33,260,861
TOTAL SECURITIES $75,473,111 $887,671,292 $— $963,144,403
The following acronym is used throughout this portfolio:
LIBOR —London Interbank Offered Rate
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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 24, 2018

 

 

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

 

By /S/ John B. Fisher

 

John B. Fisher

Principal Executive Officer

 

Date May 24, 2018

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date May 24, 2018