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

 

 

 

 

811-10625

 

(Investment Company Act File Number)

 

 

Federated Core Trust II, L.P.

 

___________________________________________

 

(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: 11/30/15

 

 

Date of Reporting Period: Quarter ended 08/31/15

 

 

 

 

 

 

 

Item 1. Schedule of Investments

 

Emerging Markets Fixed Income Core Fund
Portfolio of Investments
August 31, 2015 (unaudited)
Principal,
Notional,
Foreign
Currency
Par Amount,
Contracts
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—53.4%  
    Aerospace & Defense—0.4%  
$3,283,000 1,2 Embraer Overseas Ltd., Sr. Unsecd. Note, Series 144A, 5.696%, 9/16/2023 $3,336,349
    Automotive—1.7%  
8,000,000 1,2 Hyundai Capital America, Sr. Unsecd. Note, Series 144A, 2.55%, 2/6/2019 7,978,928
6,400,000 1,2 Metalsa SA De CV, Series 144A, 4.90%, 4/24/2023 5,888,000
150,000   Metalsa SA De CV, Series REGS, 4.90%, 4/24/2023 138,000
2,000,000 1,2 Tenedora Nemak SA de CV, Series 144A, 5.50%, 2/28/2023 2,005,000
    TOTAL 16,009,928
    Banking—9.8%  
450,000   BBVA Banco Continental, Series REGS, 5.00%, 8/26/2022 464,063
730,000 1,2 BBVA Colombia SA, Sub., Series 144A, 4.875%, 4/21/2025 709,195
2,077,000   BBVA Paraguay SA, Series REGS, 9.75%, 2/11/2016 2,132,629
920,000   Banco de Credito del Peru, Series REGS, 6.125%, 4/24/2027 970,600
2,000,000   Banco Do Brasil SA, Sub. Note, Series REGS, 5.875%, 1/19/2023 1,830,400
2,000,000 1,2 Banco Internacional del Peru, Jr. Sub. Note, Series 144A, 8.50%, 4/23/2070 2,230,000
900,000 1,2 Banco Reservas Rep Domin, Series 144A, 7.00%, 2/1/2023 907,555
250,000   Banco Reservas Rep Domin, Series REGS, 7.00%, 2/1/2023 252,099
2,630,000 1,2 Bank of China Ltd., Series 144A, 5.00%, 11/13/2024 2,673,448
4,600,000   Bank of China Ltd., Sub. Note, Series REGS, 5.00%, 11/13/2024 4,675,992
3,610,000   Burgan Finance No.1 Ltd., Series REGS, 7.875%, 9/29/2020 3,709,275
7,030,000 1,2 Corpbanca, Series 144A, 3.875%, 9/22/2019 7,129,095
7,800,000   Export-Import Bank Korea, Sr. Unsecd. Note, 2.625%, 12/30/2020 7,809,056
4,000,000 1,2 Global Bank Corp., Sr. Unsecd. Note, Series 144A, 5.125%, 10/30/2019 4,070,000
200,000   ICICI Bank Ltd., Series REGS, 5.75%, 11/16/2020 223,170
2,000,000 1,2 ICICI Bank Ltd., Sr. Unsecd. Note, Series 144A, 5.75%, 11/16/2020 2,231,700
4,600,000   Industrial and Commercial Bank of China, Ltd., Jr. Sub. Note, Series REGS, 6.00%, 12/29/2049 4,778,250
3,050,000 1,2 Industrial and Commercial Bank of China, Ltd., Series 144A, 6.00%, 12/31/2049 3,168,187
2,800,000 1,2 Industrial Bank of Korea, Sr. Unsecd. Note, Series 144A, 2.00%, 4/23/2020 2,732,685
5,200,000   Korea Development Bank, Sr. Unsecd. Note, 3.00%, 9/14/2022 5,155,982
4,000,000   Korea Exchange Bank, Series REGS, 2.50%, 6/12/2019 4,002,752
2,355,000 1,2 RSHB Capital S.A., Series 144A, 5.10%, 7/25/2018 2,269,054
3,000,000 1,2 Turkiye Halk Bankasi AS, Sr. Unsecd. Note, Series 144A, 4.75%, 2/11/2021 2,895,300
2,500,000 1,2 Turkiye Is Bankasi (Isbank), Series 144A, 5.00%, 6/25/2021 2,464,560
6,000,000 1,2 Turkiye Is Bankasi (Isbank), Sr. Unsecd. Note, Series 144A, 5.00%, 4/30/2020 5,972,580
1,560,000   Vnesheconombank (VEB), Series REGS, 5.942%, 11/21/2023 1,341,856
1,515,000   Vnesheconombank (VEB), Series REGS, 6.025%, 7/5/2022 1,343,805
2,600,000 1,2 Vnesheconombank (VEB), Sr. Unsecd. Note, Series 144A, 5.375%, 2/13/2017 2,595,593
5,200,000   Vnesheconombank (VEB), Sr. Unsecd. Note, Series REGS, 6.902%, 7/9/2020 5,044,333
4,350,000 1,2 Woori Bank, Jr. Sub. Note, Series 144A, 5.00%, 6/10/2045 4,317,836
    TOTAL 90,101,050
    Beverage & Tobacco—0.3%  
400,000 1,2 Ajecorp BV, Series 144A, 6.50%, 5/14/2022 247,880
1
Principal,
Notional,
Foreign
Currency
Par Amount,
Contracts
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Beverage & Tobacco—continued  
$3,400,000   Ajecorp BV, Series REGS, 6.50%, 5/14/2022 $2,106,980
    TOTAL 2,354,860
    Broadcast Radio & TV—0.4%  
2,976,000   Grupo Televisa S.A., Sr. Note, 8.50%, 3/11/2032 3,844,388
    Building & Development—0.0%  
350,000 1,2 Odebrecht SA, Company Guarantee, Series 144A, 7.50%, 9/29/2049 246,750
    Chemicals & Plastics—2.4%  
4,150,000   Alfa SA, Sr. Unsecd. Note, Series REGS, 6.875%, 3/25/2044 4,118,875
2,000,000 1,2 Braskem Finance Ltd., Company Guarantee, Series 144A, 5.75%, 4/15/2021 1,820,000
4,000,000 1,2 Groupe Office Cherifien des Phosphates SA, Sr. Unsecd. Note, Series 144A, 4.50%, 10/22/2025 3,786,000
4,875,000 1,2 Groupe Office Cherifien des Phosphates SA, Sr. Unsecd. Note, Series 144A, 5.625%, 4/25/2024 5,016,131
1,200,000   Groupe Office Cherifien des Phosphates SA, Sr. Unsecd. Note, Series REGS, 6.875%, 4/25/2044 1,241,904
6,350,000   Sociedad Quimica Y Minera de Chile SA, Sr. Unsecd. Note, Series REGS, 5.50%, 4/21/2020 6,417,431
    TOTAL 22,400,341
    Conglomerates—0.3%  
3,000,000   Hutch Whampoa Int. 12 Ltd., Series REGS, 6.00%, 5/29/2049 3,131,910
    Consumer Cyclical - Services—0.6%  
2,915,000 1,2 Alibaba Group Holding Ltd., Sr. Unsecd. Note, Series 144A, 3.125%, 11/28/2021 2,821,085
2,500,000 1,2 Alibaba Group Holding Ltd., Sr. Unsecd. Note, Series 144A, 3.60%, 11/28/2024 2,374,595
    TOTAL 5,195,680
    Consumer Products—0.5%  
1,500,000   Fomento Economico Mexicano, SA de C.V., 2.875%, 5/10/2023 1,411,785
3,250,000   Fomento Economico Mexicano, SA de C.V., 4.375%, 5/10/2043 3,012,783
    TOTAL 4,424,568
    Farming & Agriculture—1.0%  
4,840,000 1,2 Kazagro Natl Mgmt Hldng., Series 144A, 4.625%, 5/24/2023 4,060,760
6,150,000   Kazagro Natl Mgmt Hldng., Series REGS, 4.625%, 5/24/2023 5,159,850
    TOTAL 9,220,610
    Finance—1.5%  
2,525,000 1,2 Africa Finance Corp., Sr. Unsecd. Note, Series 144A, 4.375%, 4/29/2020 2,539,796
1,000,000 1,2 Corp Financi De Desarrol, Sr. Unsecd. Note, Series 144A, 4.75%, 2/8/2022 1,032,500
1,500,000 1,2 Corp Financi De Desarrol, Sr. Unsecd. Note, Series 144A, 4.75%, 7/15/2025 1,499,520
500,000   Gruposura Finance, Company Guarantee, Series REGS, 5.70%, 5/18/2021 526,250
7,400,000   MAF Global Securities, 7.125%, 10/29/2049 7,906,900
    TOTAL 13,504,966
    Financial Intermediaries—1.0%  
4,400,000   ADIB Capital Invest 1 Ltd., 6.375%, 10/29/2049 4,559,500
2,700,000 1,2 Banco Santander, S.A., Series 144A, 4.125%, 11/9/2022 2,693,250
1,700,000 1,2 Investcorp SA, Series 144A, 8.25%, 11/1/2017 1,810,060
    TOTAL 9,062,810
    Food Products—0.2%  
1,450,000   Marfrig Holding Europe BV, Series REGS, 8.375%, 5/9/2018 1,417,375
650,000 1,2 Minerva Luxembourg SA, Series 144A, 7.75%, 1/31/2023 633,750
    TOTAL 2,051,125
    Hotels, Motels, Inns & Casinos—0.1%  
1,200,000 1,2 Grupo Posadas SA de C.V., Sr. Unsecd. Note, Series 144A, 7.875%, 6/30/2022 1,191,000
2
Principal,
Notional,
Foreign
Currency
Par Amount,
Contracts
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Metals & Mining—4.7%  
$5,200,000   Abja Investment Co., 5.95%, 7/31/2024 $4,888,520
3,480,000   Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 8.50%, 7/30/2020 3,723,600
7,700,000   China Hongqiao Group, Series REGS, 7.625%, 6/26/2017 7,648,795
2,600,000 1,2 Codelco, Inc., Series 144A, 3.00%, 7/17/2022 2,428,202
2,500,000   Evraz Group SA, Sr. Unsecd. Note, Series REGS, 6.50%, 4/22/2020 2,190,625
1,800,000 1,2 GTL Trade Finance, Inc., Sr. Unsecd. Note, Series 144A, 7.25%, 4/16/2044 1,479,060
4,000,000   GTL Trade Finance, Inc., Sr. Unsecd. Note, Series REGS, 7.25%, 10/20/2017 4,192,000
1,720,000 1,2 Petra Diamonds US Treasury PLC, Series 144A, 8.25%, 5/31/2020 1,720,000
3,300,000 1,2 Polyus Gold International, Ltd., Series 144A, 5.625%, 4/29/2020 3,143,250
4,350,000 1,2 Samarco Mineracao SA, Series 144A, 4.125%, 11/1/2022 3,746,437
1,100,000 1,2 Samarco Mineracao SA, Series 144A, 5.75%, 10/24/2023 1,035,100
610,000   Samarco Mineracao SA, Series REGS, 4.125%, 11/1/2022 525,363
2,600,000   Southern Copper Corp., Sr. Unsecd. Note, 3.875%, 4/23/2025 2,485,522
4,500,000   Vale Overseas Ltd., 4.375%, 1/11/2022 4,159,395
    TOTAL 43,365,869
    Oil & Gas—12.5%  
1,400,000 1 Afren PLC, Series 144A, 6.625%, 12/9/2020 63,000
1,230,000 3,4 Afren PLC, Series REGS, 10.25%, 4/8/2019 61,500
2,300,000 3,4 Afren PLC, Series REGS, 11.50%, 2/1/2016 103,500
4,800,000   CNOOC Finance 2014 ULC, 4.25%, 4/30/2024 4,880,462
900,000 1,2 Empresa Nacional del Petroleo, Note, Series 144A, 5.25%, 8/10/2020 946,129
9,500,000   Gazprom Via Gaz Capital SA, Series REGS, 7.288%, 8/16/2037 8,877,750
1,750,000   Gazprom Via Gaz Capital SA, Sr. Unsecd. Note, Series REGS, 6.51%, 3/7/2022 1,718,850
3,000,000   KazMunaiGaz Finance Sub B.V., Series REGS, 6.375%, 4/9/2021 3,054,300
3,800,000   Kazmunaygas National Co., Series REGS, 4.40%, 4/30/2023 3,357,110
3,000,000   Kazmunaygas National Co., Unsecd. Note, Series REGS, 6.00%, 11/7/2044 2,395,098
738,000   Odebrecht Drill VIII/IX, Series REGS, 6.35%, 6/30/2021 502,430
919,100   Odebrecht Offshore Drilling Finance Ltd., Series REGS, 6.75%, 10/1/2022 526,185
751,000   Odebrecht Oil & Finance, Sr. Unsecd. Note, Series REGS, 7.00%, 12/29/2049 328,562
2,600,000   PTT Exploration and Production Public Co., Sub. Note, Series REGS, 4.875%, 12/29/2049 2,541,500
2,400,000   Pacific Rubiales Energy Corp., Sr. Unsecd. Note, Series REGS, 5.625%, 1/19/2025 1,236,000
8,350,000 1,2 Pacific Rubiales, Series 144A, 5.625%, 1/19/2025 4,300,250
1,700,000   Pemex Project Funding Master Trust, Sr. Unsecd. Note, 6.625%, 6/15/2038 1,721,250
9,800,000   Pertamina Persero PT, Sr. Unsecd. Note, Series REGS, 5.625%, 5/20/2043 8,170,750
7,550,000   Petrobras Global Finance BV, Sr. Unsecd. Note, 4.375%, 5/20/2023 5,950,910
6,600,000   Petrobras Global Finance BV, Sr. Unsecd. Note, 5.625%, 5/20/2043 4,598,220
1,550,000   Petrobras International Finance Co., Company Guarantee, 7.875%, 3/15/2019 1,565,934
9,500,000   Petrobras International Finance Co., Sr. Unsecd. Note, 5.75%, 1/20/2020 8,665,235
7,200,000 1,2 Petroleos Mexicanos, Sr. Unsecd. Note, Series 144A, 4.50%, 1/23/2026 6,858,360
10,500,000   Petroleos Mexicanos, Sr. Unsecd. Note, Series REGS, 5.625%, 1/23/2046 9,384,375
5,000,000 1,2 Petroleos Mexicanos, Unsecd. Note, Series 144A, 4.25%, 1/15/2025 4,742,000
4,625,000 1,2 Puma International Financing SA, Series 144A, 6.75%, 2/1/2021 4,676,014
2,000,000   Puma International Financing SA, Series REGS, 6.75%, 2/1/2021 2,022,060
700,000   Qgog Constellation SA, Series REGS, 6.25%, 11/9/2019 392,000
4,300,000 1,2 Reliance Industries Ltd., Sr. Unsecd. Note, Series 144A, 4.875%, 2/10/2045 3,958,795
2,500,000   Reliance Industries Ltd., Sr. Unsecd. Note, Series REGS, 4.875%, 2/10/2045 2,301,625
3
Principal,
Notional,
Foreign
Currency
Par Amount,
Contracts
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Oil & Gas—continued  
$2,600,000 1,2 Thai Oil PCL, Series 144A, 4.875%, 1/23/2043 $2,397,512
10,300,000   Tupras Turkiye Petrol Rafinerileri AS, Series REGS, 4.125%, 5/2/2018 10,320,600
2,000,000 1,2 YPF Sociedad Anonima, Series 144A, 8.75%, 4/4/2024 1,925,000
920,000   YPF Sociedad Anonima, Series REGS, 8.75%, 4/4/2024 885,500
    TOTAL 115,428,766
    Railroad—0.5%  
500,000   Kazakhstan Temir Zholy, Sr. Unsecd. Note, Series REGS, 6.95%, 7/10/2042 435,698
4,400,000 1,2 Lima Metro Line 2 Finance Ltd., Series 144A, 5.875%, 7/5/2034 4,419,800
    TOTAL 4,855,498
    Real Estate—3.3%  
4,300,000   China Oversea Fin Ky III, 6.375%, 10/29/2043 4,433,433
9,300,000   China Overseas Finance Cayman V Ltd., Sr. Unsecd. Note, Series A, 3.95%, 11/15/2022 9,035,266
4,000,000   Country Garden Holdings Co., Sr. Unsecd. Note, 7.50%, 3/9/2020 4,130,284
1,550,000   Dubai Holding Comm Op, Series EMTN, 6.00%, 2/1/2017 2,400,833
200,000   Franshion Brilliant Ltd., 5.375%, 10/17/2018 207,334
4,800,000   Franshion Brilliant Ltd., 5.75%, 3/19/2019 5,016,000
4,900,000   Wanda Properties Oversea, Sr. Unsecd. Note, 4.875%, 11/21/2018 5,010,167
    TOTAL 30,233,317
    Retailers—0.6%  
4,956,000 1,2 InRetail Consumer, Sr. Unsecd. Note, Series 144A, 5.25%, 10/10/2021 5,125,495
    State/Provincial—2.5%  
7,615,000 1,2 Buenos Aires, City of, Sr. Unsecd. Note, Series 144A, 8.95%, 2/19/2021 7,900,562
15,200,000   Provincia De Buenos Aires, Series REGS, 10.875%, 1/26/2021 14,972,000
    TOTAL 22,872,562
    Software & Services—0.3%  
2,500,000 1,2 Tencent Holdings Ltd., Sr. Unsecd. Note, Series 144A, 3.80%, 2/11/2025 2,419,428
    Telecommunications & Cellular—2.8%  
2,150,000 1,2 Bharti Airtel International Netherlands BV, Series 144A, 5.35%, 5/20/2024 2,301,990
2,230,000   Bharti Airtel International Netherlands BV, Series REGS, 5.125%, 3/11/2023 2,348,859
3,450,000 1,2 Colombia Telecomunicaciones SA ESP, Sub. Note, Series 144A, 8.50%, 12/29/2049 3,480,187
3,050,000 1,2 Digicel Ltd., Series 144A, 6.00%, 4/15/2021 2,800,846
3,000,000   MTS International Funding Ltd., Series REGS, 8.625%, 6/22/2020 3,185,904
1,715,000 1,2 MTS International Funding Ltd., Sr. Unsecd. Note, Series 144A, 8.625%, 6/22/2020 1,821,275
2,556,000   Oi S.A., Series REGS, 5.75%, 2/10/2022 1,853,100
1,489,000   Telemar Norte Leste SA, Series REGS, 5.50%, 10/23/2020 1,194,476
4,000,000   Vimpelcom, Sr. Unsecd. Note, Series REGS, 5.20%, 2/13/2019 3,841,504
2,650,000   Vivacom, Series REGS, 6.625%, 11/15/2018 2,963,767
    TOTAL 25,791,908
    Transportation—1.2%  
7,300,000 1,2 DP World Ltd., Series 144A, 6.85%, 7/2/2037 7,893,125
3,500,000 1,2 Topaz Marine SA, Series 144A, 8.625%, 11/1/2018 3,320,625
    TOTAL 11,213,750
    Utilities—4.4%  
3,900,000   Bulgarian Energy Holding EAD, 4.25%, 11/7/2018 4,319,494
900,000 1,2 ContourGlobal Power Holdings SA, Series 144A, 7.125%, 6/1/2019 930,375
6,050,000   Empresa de Energia de Bogota SA, Sr. Unsecd. Note, Series REGS, 6.125%, 11/10/2021 6,367,625
4
Principal,
Notional,
Foreign
Currency
Par Amount,
Contracts
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Utilities—continued  
$3,560,000   Inkia Energy Ltd., Series REGS, 8.375%, 4/4/2021 $3,702,400
4,200,000   Israel Electric Corp. Ltd., Series REGS, 7.25%, 1/15/2019 4,809,000
4,000,000   Israel Electric Corp. Ltd., Sr. Unsecd. Note, Series REGS, 6.70%, 2/10/2017 4,265,000
1,300,000 1,2 Kosmos Energy Ltd., Series 144A, 7.875%, 8/1/2021 1,131,000
1,900,000   Kuwait Energy Co., Sr. Unsecd. Note, Series REGS, 9.50%, 8/4/2019 1,729,000
1,100,000 1,2 Lamar Funding Ltd., Series 144A, 3.958%, 5/7/2025 1,034,000
200,000   Majapahit Holding BV, Series REGS, 7.875%, 6/29/2037 221,000
9,000,000   Power Sector Assets & Liabilities Management Corp., Company Guarantee, Series REGS, 7.39%, 12/2/2024 11,835,000
    TOTAL 40,343,894
    Utility - Diversified—0.4%  
1,950,000 1,2 AES Gener S.A., Unsecd. Note, Series 144A, 5.00%, 7/14/2025 1,986,303
2,000,000   Comision Fed De Electric, Series REGS, 4.875%, 1/15/2024 2,052,500
    TOTAL 4,038,803
    TOTAL CORPORATE BONDS
(IDENTIFIED COST $517,493,947) 		491,765,625
    FLOATING RATE LOAN—0.0%  
1,548,577 5 Carolbrl, 0.284%, 12/31/2017
(IDENTIFIED COST $1,525,634) 		310,490
    FOREIGN GOVERNMENTS/AGENCIES—39.0%  
    Banking—0.3%  
3,035,000   African Export-Import Bank, 5.75%, 7/27/2016 3,114,760
    Government Agency—0.3%  
2,300,000 1,2 Banque Centrale de Tunisie, 5.75%, 1/30/2025 2,208,621
    Sovereign—38.4%  
5,000,000   Angola, Government of, Sr. Unsecd. Note, Series REGS, 7.00%, 8/16/2019 4,857,250
2,860,158   Argentina, Government of, Note, Series $DSC, 8.28%, 12/31/2033 2,924,511
6,393,293   Argentina, Government of, Note, Series NY, 8.28%, 12/31/2033 6,409,277
751,000   Armenia, Government of, 6.00%, 9/30/2020 715,628
1,353,000 1,2 Armenia, Government of, Sr. Unsecd. Note, Series 144A, 6.00%, 9/30/2020 1,289,274
6,200,000 1,2 Armenia, Government of, Unsecd. Note, Series 144A, 7.15%, 3/26/2025 5,928,440
2,600,000   Azerbaijan, Government of, Sr. Unsecd. Note, 4.75%, 3/18/2024 2,483,000
1,000,000   Belarus, Government of, Sr. Unsecd. Note, 8.95%, 1/26/2018 975,920
965,000 1,2 Bolivia, Government of, Series 144A, 4.875%, 10/29/2022 967,413
4,500,000   Brazil, Government of, Sr. Unsecd. Note, 2.625%, 1/5/2023 3,858,750
4,700,000   Brazil, Government of, Sr. Unsecd. Note, 4.875%, 1/22/2021 4,782,250
10,000,000   Brazil, Government of, Sr. Unsecd. Note, 5.625%, 1/7/2041 8,900,000
2,425,000   Colombia, Government of, Sr. Unsecd. Note, 4.375%, 7/12/2021 2,479,562
10,200,000   Colombia, Government of, Sr. Unsecd. Note, 5.00%, 6/15/2045 9,065,250
5,000,000   Colombia, Government of, Sr. Unsecd. Note, 5.625%, 2/26/2044 4,856,250
1,500,000 1,2 Costa Rica, Government of, Series 144A, 4.25%, 1/26/2023 1,376,250
5,400,000   Croatia, Government of, 6.00%, 1/26/2024 5,761,152
5,100,000 1,2 Croatia, Government of, Series 144A, 6.00%, 1/26/2024 5,441,088
1,500,000   Croatia, Government of, Note, 6.625%, 7/14/2020 1,635,300
550,000   Croatia, Government of, Sr. Unsecd. Note, 6.25%, 4/27/2017 577,570
1,200,000 1,2 Dominican Republic, Government of, Series 144A, 5.875%, 4/18/2024 1,218,000
1,700,000 1,2 Dominican Republic, Government of, Sr. Unsecd. Note, Series 144A, 5.50%, 1/27/2025 1,683,000
1,700,000   Dominican Republic, Government of, Sr. Unsecd. Note, 7.50%, 5/6/2021 1,878,500
5
Principal,
Notional,
Foreign
Currency
Par Amount,
Contracts
or Shares 		    Value in
U.S. Dollars
    FOREIGN GOVERNMENTS/AGENCIES—continued  
    Sovereign—continued  
8,200,000   Dubai, Government of, 5.25%, 1/30/2043 $7,265,528
2,500,000   Ecuador, Government of, 7.95%, 6/20/2024 1,825,000
6,000,000   Egypt, Government of, Note, 6.875%, 4/30/2040 5,701,200
2,200,000 1,2 Egypt, Government of, Sr. Unsecd. Note, Series 144A, 5.875%, 6/11/2025 2,126,080
1,987,000   El Salvador, Government of, 7.625%, 2/1/2041 1,880,695
1,630,000   El Salvador, Government of, Sr. Unsecd. Note, 5.875%, 1/30/2025 1,526,087
2,000,000 1,2 Gabonese Republic, Unsecd. Note, Series 144A, 6.95%, 6/16/2025 1,791,600
2,000,000 1,2 Georgia, Government of, Series 144A, 7.75%, 7/5/2017 2,072,536
8,150,000   Ghana, Government of, 7.875%, 8/7/2023 7,294,250
3,480,000   Ghana, Government of, Unsecd. Note, 8.50%, 10/4/2017 3,575,700
2,400,000   Hellenic Republic, Sr. Unsecd. Note, 3.00%, 2/24/2042 1,419,457
700,000   Honduras, Government of, 8.75%, 12/16/2020 777,875
1,902,000   Hungary, Government of, 4.125%, 2/19/2018 1,975,702
1,970,000   Hungary, Government of, 5.75%, 11/22/2023 2,196,550
750,000   Hungary, Government of, 6.375%, 3/29/2021 854,348
5,200,000   Hungary, Government of, Unsecd. Note, 6.25%, 1/29/2020 5,861,544
2,790,000 1,2 Indonesia, Government of, Series 144A, 3.375%, 4/15/2023 2,580,750
14,600,000   Indonesia, Government of, 4.625%, 4/15/2043 12,483,000
6,600,000   Indonesia, Government of, 5.375%, 10/17/2023 6,930,000
2,810,000   Indonesia, Government of, 6.875%, 1/17/2018 3,091,000
3,500,000   Indonesia, Government of, Sr. Unsecd. Note, 5.25%, 1/17/2042 3,246,250
2,800,000 1,2 Indonesia, Government of, Sr. Unsecd. Note, Series 144A, 11.625%, 3/4/2019 3,598,000
1,500,000 1,2 Indonesia, Government of, Unsecd. Note, Series 144A, 4.35%, 9/10/2024 1,432,500
7,800,000   Iraq, Government of, Bond, 5.80%, 1/15/2028 5,958,670
2,800,000 1,2 Ivory Coast, Republic of, Series 144A, 5.375%, 7/23/2024 2,529,800
3,000,000   Ivory Coast, Republic of, Sr. Unsecd. Note, 5.375%, 7/23/2024 2,710,500
5,000,000   Ivory Coast, Republic of, Sr. Unsecd. Note, 5.75%, 12/31/2032 4,500,800
2,500,000 1,2 Ivory Coast, Republic of, Unsecd. Note, Series 144A, 6.375%, 3/3/2028 2,328,250
400,000   Jamaica, Government of, 7.875%, 7/28/2045 396,000
1,600,000   Jamaica, Government of, Sr. Unsecd. Note, 6.75%, 4/28/2028 1,596,000
1,500,000   Kazakhstan, Government of, 4.875%, 10/14/2044 1,209,360
1,100,000 1,2 Kazakhstan, Government of, Company Guarantee, Series 144A, 6.375%, 10/6/2020 1,122,000
1,700,000 1,2 Kazakhstan, Government of, Sr. Unsecd. Note, Series 144A, 5.125%, 7/21/2025 1,659,625
2,600,000   Kenya, Government of, 6.875%, 6/24/2024 2,514,720
8,630,000 1,2 Kenya, Government of, Series 144A, 6.875%, 6/24/2024 8,346,936
458,000   Mozambique, Government of, Sr. Unsecd. Note, Series REGS, 6.305%, 9/11/2020 411,733
9,700,000   Nigeria, Government of, Sr. Unsecd. Note, 6.375%, 7/12/2023 8,973,858
1,800,000 1,2 Pakistan, Government of, Series 144A, 7.25%, 4/15/2019 1,852,695
200,000   Pakistan, Government of, Sr. Unsecd. Note, 8.25%, 4/15/2024 210,500
3,700,000 1,2 Pakistan, Government of, Unsecd. Note, Series 144A, 6.75%, 12/3/2019 3,778,625
1,300,000 1,2 Paraguay, Government of, Series 144A, 4.625%, 1/25/2023 1,303,250
400,000   Paraguay, Government of, 4.625%, 1/25/2023 401,000
4,100,000 1,2 Paraguay, Government of, Series 144A, 6.10%, 8/11/2044 4,120,500
13,000,000   Peru, Government of, Sr. Unsecd. Note, 5.625%, 11/18/2050 13,910,000
6,300,000   Philippines, Government of, 6.375%, 1/15/2032 8,229,375
3,100,000 1,2 Qatar, Government of, Series 144A, 6.40%, 1/20/2040 4,047,546
6
Principal,
Notional,
Foreign
Currency
Par Amount,
Contracts
or Shares 		    Value in
U.S. Dollars
    FOREIGN GOVERNMENTS/AGENCIES—continued  
    Sovereign—continued  
4,400,000   Republica Oriental del Uruguay, 4.50%, 8/14/2024 $4,537,500
4,000,000   Republica Oriental del Uruguay, Sr. Unsecd. Note, 5.10%, 6/18/2050 3,665,000
4,200,000   Romania, Government of, 4.375%, 8/22/2023 4,377,660
17,000,000   Russia, Government of, Sr. Secd. Note, 4.875%, 9/16/2023 16,258,460
6,800,000 1,2 Russia, Government of, Sr. Unsecd. Note, Series 144A, 5.625%, 4/4/2042 6,162,854
7,187,500   Russia, Government of, Unsub., 7.50%, 3/31/2030 8,415,269
655,000   Senegal, Government of, Unsecd. Note, 6.25%, 7/30/2024 605,520
1,315,000 1,2 Serbia, Government of, Series 144A, 5.875%, 12/3/2018 1,384,432
200,000   Serbia, Government of, 5.875%, 12/3/2018 210,560
2,300,000   South Africa, Government of, Sr. Unsecd. Note, 5.875%, 9/16/2025 2,483,485
4,000,000 1,2 Sri Lanka, Government of, Series 144A, 6.00%, 1/14/2019 4,060,000
4,750,000   Sri Lanka, Government of, Sr. Unsecd. Note, 6.00%, 1/14/2019 4,821,250
6,100,000   Turkey, Government of, 3.25%, 3/23/2023 5,556,307
8,775,000   Turkey, Government of, Sr. Unsecd. Note, 4.25%, 4/14/2026 8,221,999
11,050,000   Ukraine, Government of, Sr. Unsecd. Note, 7.50%, 4/17/2023 7,856,550
9,240,000   United Mexican States, Note, 6.05%, 1/11/2040 10,348,800
15,300,000   Venezuela, Government of, 7.00%, 3/31/2038 5,278,500
8,000,000   Venezuela, Government of, 8.25%, 10/13/2024 2,860,000
8,000,000   Venezuela, Government of, Note, 7.65%, 4/21/2025 2,824,000
14,000,000   Venezuela, Government of, Sr. Unsecd. Note, 9.00%, 5/7/2023 5,110,000
4,800,000 1,2 Zambia, Government of, Series 144A, 8.97%, 7/30/2027 4,368,000
    TOTAL 353,087,176
    TOTAL FOREIGN GOVERNMENTS/AGENCIES
(IDENTIFIED COST $364,962,247) 		358,410,557
    U.S. TREASURY—0.1%  
$1,240,000   United States Treasury Note, 0.25%, 12/31/2015
(IDENTIFIED COST $1,240,920) 		1,240,194
    PURCHASED CALL SWAPTION—0.0%  
25,000,000   Goldman Sachs & Co., Upon exercise, receive floating 3 month LIBOR, pay $2.80, Expiration 10/8/2015
(IDENTIFIED COST $47,473) 		80
    INVESTMENT COMPANY—7.6%  
69,508,904 6 Federated Prime Value Obligations Fund, Institutional Shares, 0.13%7
(AT NET ASSET VALUE) 		69,508,904
    TOTAL INVESTMENTS—100.1%
(IDENTIFIED COST $954,779,125)8 		921,235,850
    OTHER ASSETS AND LIABILITIES - NET—(0.1)%9 (1,087,514)
    TOTAL NET ASSETS—100% $920,148,336
At August 31, 2015, the Fund had the following outstanding futures contracts:
Description Number of
Contracts 		Notional
Value 		Expiration
Date 		Unrealized
Appreciation
(Depreciation)
4United States Treasury Notes 5-Year Long Futures 414 $49,447,125 December 2015 $(159,416)
4United States Treasury Notes 10-Year Long Futures 140 $17,788,750 December 2015 $(63,752)
4United States Treasury Long Bond Short Futures 172 $26,595,500 December 2015 $300
4United States Treasury Notes 2-Year Short Futures 21 $4,587,844 December 2015 $6,844
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS $(216,024)
7
The average notional value of long and short futures contracts held by the Fund throughout the period was $52,751,112 and $99,928,940, respectively. This is based on the amounts held as of each month-end throughout the nine-month fiscal period.
At August 31, 2015, the Fund had the following outstanding foreign exchange contracts:
Settlement
Date 		Counterparty Foreign Currency
Units to
Deliver/Receive 		In
Exchange
For 		Unrealized
Appreciation
(Depreciation)
Contracts Purchased:        
9/4/2015 JPMorgan Chase 12,800,000 TRY $4,358,931 $35,275
9/4/2015 JPMorgan Chase 13,700,000 TRY $4,684,962 $18,211
9/9/2015 JPMorgan Chase 160,000 EUR $175,019 $4,543
9/9/2015 Barclays Bank PLC 8,600,000 EUR $9,426,116 $225,325
9/9/2015 JPMorgan Chase 8,750,000 EUR $9,631,793 $187,987
9/9/2015 JPMorgan Chase 16,500,000 EUR $18,480,825 $36,475
9/9/2015 JPMorgan Chase 17,265,000 EUR $19,101,305 $274,524
10/2/2015 Morgan Stanley Capital SE 65,939,248 BRL $18,474,000 $(484,845)
10/14/2015 Bank of America, N.A. 8,656,196 EUR 35,770,000 PLN $258,728
10/21/2015 JPMorgan Chase 156,335,600 MXN $9,200,000 $122,787
10/30/2015 JPMorgan Chase 8,565,263 EUR 77,400,000 NOK $273,512
11/20/2015 Bank of America, N.A. 134,178,400,000 IDR $9,370,000 $1,636
11/20/2015 Morgan Stanley Capital SE 38,393,575 MYR $9,370,000 $(281,946)
2/3/2016 JPMorgan Chase 54,800,000 CNY $8,625,846 $(127,786)
4/5/2016 Bank of America, N.A. 241,395,000 CNY $38,862,594 $(1,540,638)
Contracts Sold:        
9/4/2015 JPMorgan Chase 26,500,000 TRY $9,336,081 $238,703
9/9/2015 JPMorgan Chase 6,747,000 EUR $7,698,181 $126,289
9/9/2015 JPMorgan Chase 7,940,000 EUR $9,039,531 $128,782
9/9/2015 JPMorgan Chase 8,050,000 EUR $9,236,878 $202,680
9/9/2015 Bank of America, N.A. 16,850,000 EUR $18,719,676 $(190,417)
9/9/2015 Barclays Bank PLC 17,260,000 EUR $18,935,428 $(434,789)
9/9/2015 Barclays Bank PLC 17,500,000 EUR $19,664,750 $25,190
10/14/2015 Bank of America, N.A. 8,529,461 EUR 35,770,000 PLN $(116,422)
10/30/2015 JPMorgan Chase 8,613,399 EUR 77,400,000 NOK $(327,575)
11/20/2015 Bank of America, N.A. 134,178,400,000 IDR $9,260,069 $(111,567)
11/20/2015 Morgan Stanley Capital SE 38,393,575 MYR $9,191,663 $103,609
11/27/2015 Citibank N.A. 1,620,000 GBP $2,552,033 $67,317
1/14/2016 JPMorgan Chase 91,285 EUR $101,901 $(775)
1/14/2016 JPMorgan Chase 1,015,134 EUR $1,133,471 $(8,330)
2/3/2016 JPMorgan Chase 54,800,000 CNY $8,557,820 $59,760
4/5/2016 Bank of America, N.A. 59,995,000 CNY $9,570,107 $294,311
4/5/2016 Bank of America, N.A. 60,400,000 CNY $9,648,562 $310,150
4/5/2016 Bank of America, N.A. 121,000,000 CNY $19,325,986 $618,239
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS $(11,057)
The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period was $8,548,008 and $10,814,818, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
8
At August 31, 2015, the Fund had the following open swap contracts:
INTEREST RATE SWAPS
Counterparty/Exchange Floating Rate Index Pay/Receive
Floating Rate 		Fixed
Rate 		Expiration
Date 		Notional
Amount 		Market
Value 		Unrealized
Appreciation
(Depreciation)
OTC Swaps:              
Goldman Sachs & Co. 3M US LIBOR Pay 13.81% 1/2/2019 $86,000,000 $(103,848) $(103,848)
Bank of America/Merrill Lynch 3M US LIBOR Pay 13.36% 1/4/2021 $72,000,000 $(252,414) $(252,414)
Bank of America/Merrill Lynch 3M US LIBOR Pay 12.59% 1/4/2021 $65,000,000 $(574,475) $(574,475)
Bank of America/Merrill Lynch 3M US LIBOR Pay 13.63% 1/4/2021 $97,062,710 $(167,190) $(167,190)
Bank of America/Merrill Lynch 3M US LIBOR Pay 4.42% 8/15/2017 $469,000,000 $(6,355) $(6,355)
Centrally Cleared Swap:              
ICE 3M US LIBOR Receive 2.48% 11/4/2024 $10,000,000 $(236,252) $(236,252)
TOTAL INTEREST RATE SWAPS $(1,340,534) $(1,340,534)
CREDIT DEFAULT SWAPS

Counterparty 		Reference
Entity 		Buy/
Sell 		Pay/ Receive
Fixed
Rate 		Expiration
Date 		Implied
Credit
Spread at
8/31/201510 		Notional
Amount 		Market
Value 		Upfront
Premiums
Paid
(Received) 		Unrealized
Appreciation
(Depreciation)
Bank of America CDX Index EM Series 23 Buy 5.00% 6/20/2020 3.54% $17,900,000 $(1,861,711) $(2,004,800) $143,089
Goldman Sachs CDX Index EM Series 23 Buy 5.00% 6/20/2020 3.54% $28,000,000 $(2,912,174) $(2,884,000) $(28,174)
Deutsche Bank Government of Ukraine Buy 1.00% 3/20/2020 13.93% $4,375,000 $1,093,684 $2,778,125 $(1,684,441)
Barclays Capital Government of Ukraine Buy 1.00% 3/20/2020 13.93% $2,750,000 $687,458 $1,362,750 $(675,292)
Goldman Sachs Government of Ukraine Buy 1.00% 3/20/2020 13.93% $4,375,000 $1,093,684 $2,832,813 $(1,739,129)
Bank of America Government of Brazil Buy 1.00% 9/20/2020 3.58% $24,400,000 $(2,691,776) $(2,434,607) $(257,169)
Bank of America Government of Venezuela Buy 5.00% 6/20/2020 44.93% $4,475,000 $2,881,013 $2,601,094 $279,919
Barclays Capital Government of Turkey Sell 1.00% 6/20/2020 2.67% $5,000,000 $(340,964) $(258,493) $(82,471)
Goldman Sachs Government of Greece Buy 1.00% 6/20/2020 12.59% $2,400,000 $811,108 $1,248,000 $(436,892)
Goldman Sachs CDX Index EM Series 23 Buy 1.00% 6/20/2020 3.54% $9,300,000 $967,258 $1,246,200 $(278,942)
Barclays Capital Government of Qatar Buy 1.00% 9/20/2020 0.62% $9,300,000 $(167,211) $(53,997) $(113,214)
Goldman Sachs Government of Turkey Sell 1.00% 9/20/2020 2.67% $28,000,000 $(2,072,367) $(2,242,594) $170,227
TOTAL CREDIT DEFAULT SWAPS $(2,511,998) $2,190,491 $(4,702,489)
The average notional amount of interest rate swap contracts held by the Fund throughout the period was $289,811,439. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
The average notional amount of credit default swap contracts held by the Fund throughout the period was $99,622,000. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
At August 31, 2015, the Fund had the following outstanding written call option contract:
Security Expiration
Date 		Exercise
Price 		Contracts Value
4United States Treasury Notes 10-Year Future Option November 2015 $127.00 350 $(464,844)
(PREMIUMS RECEIVED $595,308)        
The average market value of purchased options held by the Fund throughout the period was $139,372. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
The average market value of written options held by the Fund throughout the period was $177,793. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
Net Unrealized Appreciation/Depreciation on Futures Contracts, Foreign Exchange Contracts, Swap Contracts and Written Options is included in “Other Assets and Liabilities—Net.”
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At August 31, 2015, these restricted securities amounted to $268,110,327, which represented 29.1% of total net assets.
2 Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and
9
that the Fund has determined to be liquid under criteria established by the Fund's Board of Directors (the “Directors”). At August 31, 2015, these liquid restricted securities amounted to $268,047,327, which represented 29.1% of total net assets.
Additional information on restricted securities, excluding securities purchased under Rule 144A, that have been deemed liquid by the Directors, if applicable, held at August 31, 2015, is as follows:
Security Acquisition Date Cost Market Value
Afren PLC, Series 144A, 6.625%, 12/9/2020 11/26/2013 – 2/6/2014 $1,399,500 $63,000
3 Issuer in default.
4 Non-income-producing security.
5 The rate shown represents a weighted average coupon rate on settled positions at period end. Remaining maturities of floating rate loans may be less than stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. Floating rate loans generally have rates of interest which are determined periodically by reference to a base lending rate plus a premium.
6 Affiliated holding.
7 7-day net yield.
8 At August 31, 2015, the cost of investments for federal tax purposes was $956,419,049. The net unrealized depreciation of investments for federal tax purposes excluding any unrealized appreciation/depreciation resulting from; (a) the translation from foreign currencies to U.S. dollars of assets and liabilities other than investments in securities; (b) outstanding foreign currency commitments; (c) futures contracts; (d) written option and (e) swap contracts was $35,183,199. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $9,738,169 and net unrealized depreciation from investments for those securities having an excess of cost over value of $44,921,368.
9 Assets, other than investments in securities, less liabilities.
10 Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
Note: The categories of investments are shown as a percentage of total net assets at August 31, 2015.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Directors.
■ 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.
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ 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 Directors.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Directors, 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 Directors have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Directors have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Counseling (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Directors 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
10
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 Directors. The Directors 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 Directors.
The Directors 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 Directors 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 Directors. The Directors 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 August 31, 2015, 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:        
Corporate Bonds $— $491,765,625 $— $491,765,625
Floating Rate Loan — — 310,490 310,490
Foreign Governments/Agencies — 358,410,557 — 358,410,557
U.S. Treasury — 1,240,194 — 1,240,194
Purchased Call Swaption — 80 — 80
Investment Company 69,508,904 — — 69,508,904
TOTAL SECURITIES $69,508,904 $851,416,456 $310,490 $921,235,850
OTHER FINANCIAL INSTRUMENTS* $(680,868) $(3,863,589) $— $(4,544,457)
* Other financial instruments include futures contracts, foreign exchange contracts, swap contracts and written options.
11
The following acronyms are used throughout this portfolio:
BRL —Brazilian Real
CNY —Yuan Renminbi
EUR —Euro Currency
GBP —British Pound
IDR —Indonesian Rupiah
LIBOR —London Interbank Offered Rate
MXN —Mexican Peso
MYR —Malaysian Ringgit
NOK —Norwegian Krone
PLN —Polish Zloty
TRY —Turkish Lira
12

 

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 II, L.P.

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date October 26, 2015

 

 

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 October 26, 2015

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date October 26, 2015