N-Q

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:  11/30/09

Date of Reporting Period:  Quarter ended 08/31/09

Item 1.                      Schedule of Investments

Emerging Markets Fixed Income Core Fund

Portfolio of Investments

August 31, 2009 (unaudited)

Shares, Principal Amount or Foreign Currency Par Amount Value in U.S. Dollars

			COMMON STOCK--0.0%
			Telecommunications & Cellular--0.0%
	8,000	1	Satelites Mexicanos SA, de CV, Class INS (IDENTIFIED COST $4,960,000)	$	4,000
			CORPORATE BONDS--16.0%
			Banking--4.0%
$	4,100,000	2,3	Banco Credito del Peru, Sub. Note, Series 144A, 6.95%, 11/7/2021		4,120,500
	5,000,000	2,3	Banco Nacional de Desenvolvimento Economico e Social, Sr. Unsecd. Note, Series 144A, 6.369%, 6/16/2018		5,165,625
	2,500,000	2,3	ICICI Bank Ltd., Note, Series 144A, 6.625%, 10/3/2012		2,542,377
	1,200,000	2,3	Kazkommerts International BV, Company Guarantee, Series 144A, 8.00%, 11/3/2015		768,000
	2,500,000	2,3	Turanalem Finance BV, Bank Guarantee, 144A, 8.50%, 2/10/2015		500,000
	3,500,000	2,3	VTB Capital SA, Bond, Series 144A, 6.25%, 6/30/2035		3,150,000
			TOTAL		16,246,502
			Broadcast Radio & TV--1.1%
	3,800,000		Grupo Televisa S.A., Sr. Note, 8.50%, 3/11/2032		4,427,228
			Cable & Wireless Television--0.2%
	4,374,887		Satelites Mexicanos SA, Sr. Note, 10.125%, 11/30/2013		940,601
			Container & Glass Products--0.7%
	5,400,000		Vitro SA, Note, 11.75%, 11/1/2013		2,160,000
	2,000,000		Vitro SA, Sr. Unsecd. Note, 9.125%, 2/1/2017		800,000
			TOTAL		2,960,000
			Government Agency--0.3%
	1,400,000	2,3	Banco Nacional de Desenvolvimento Economico e Social, Note, Series 144A, 6.50%, 6/10/2019		1,458,353
			Metals & Mining--1.0%
	3,850,000		Vale Overseas Ltd., 6.875%, 11/21/2036		3,917,151
			Oil & Gas--8.3%
	3,750,000	2,3	Ecopetrol SA, Series 144A, 7.625%, 7/23/2019		4,017,375
	10,850,000	2,3	Gazprom, Note, Series 144A, 8.625%, 4/28/2034		11,419,625
	4,160,000	2,3	Gazprom, Note, Series 144A, 9.625%, 3/1/2013		4,509,440
	5,300,000		Petrobras International Finance, Company Guarantee, 7.875%, 3/15/2019		6,002,250
	4,650,000	2,3	Petroleos Mexicanos, Note, Series 144A, 8.00%, 5/3/2019		5,187,071
	1,115,991	2,3	Tengizchevroil LLP, Series 144A, 6.124%, 11/15/2014		1,065,771
	2,000,000	2,3	Transportadora de Gas de Sur S.A., Series 144A, 7.875%, 5/14/2017		1,655,000
			TOTAL		33,856,532
			Utilities--0.4%
	1,500,000	2,3	ISA Capital DO Brasil SA, Series 144A, 8.80%, 1/30/2017		1,612,500
			TOTAL CORPORATE BONDS (IDENTIFIED COST $75,558,716)		65,418,867
			FLOATING RATE LOAN—0.3%
	1,166,667	4	Carolbrl, 4.0975%, 9/30/2010 (IDENTIFIED COST $1,158,024)		1,172,500
			GOVERNMENTS/AGENCIES--76.9%
			Sovereign--76.9%
	1,060,000		Argentina, Government of, 12.00%, 6/19/2031		254,400
	7,150,000		Argentina, Government of, Bond, 0.943%, 8/3/2012		1,887,600
	2,000,000		Argentina, Government of, Note, 2.280%, 12/15/2035		123,000
	29,136,312		Argentina, Government of, Note, 8.28%, 12/31/2033		17,627,469
	5,000,000		Argentina, Government of, Unsub., 2.50%, 12/31/2038		1,437,500
	10,850,000		Brazil, Government of, 5.875%, 1/15/2019		11,243,312
	15,300,000		Brazil, Government of, 6.00%, 8/15/2010		15,162,457
	2,833,333		Brazil, Government of, Note, 8.00%, 1/15/2018		3,244,167
	3,300,000		Colombia, Government of, 7.375%, 9/18/2037		3,527,700
	6,800,000,000		Colombia, Government of, 9.85%, 6/28/2027		3,455,798
	3,100,000		Colombia, Government of, Note, 7.375%, 1/27/2017		3,506,100
	1,750,000	2,3	Guatemala, Government of, Note, 144A, 9.25%, 8/1/2013		1,977,500
	6,300,000		Indonesia, Government of, 6.625%, 2/17/2037		5,828,313
	10,000,000		Indonesia, Government of, 7.75%, 1/17/2038		10,300,000
	3,500,000	2,3	Indonesia, Government of, 8.50%, 144A, 10/12/2035		3,990,000
	5,300,000	2,3	Indonesia, Government of, Sr. Unsecd. Note, 144A, 11.625%, 3/4/2019		7,208,000
	5,090,000		Panama, Government of, 6.70%, 1/26/2036		5,268,150
	2,400,000		Panama, Government of, 7.25%, 3/15/2015		2,706,000
	6,595,000		Peru, Government of, 6.55%, 3/14/2037		6,759,875
	3,900,000		Republic of Poland, Sr. Unsecd. Note, 6.375%, 7/15/2019		4,197,336
	8,380,000		Republica Oriental del Uruguay, 7.625%, 3/21/2036		8,618,830
	74,227,200	2,3	Russia, Government of, Unsub., 144A, 7.50%, 3/31/2030		76,082,880
	1,800,000		South Africa, Government of, Sr. Unsecd. Note, 6.875%, 5/27/2019		1,939,500
	10,000,000		Turkey, Government of, 14.00%, 9/26/2012		7,207,520
	8,570,000		Turkey, Government of, 6.875%, 3/17/2036		8,291,475
	6,650,000		Turkey, Government of, 7.00%, 9/26/2016		7,098,875
	15,200,000		Turkey, Government of, Note, 7.375%, 2/5/2025		16,093,000
	600,000		Ukraine, Government of, Bond, 7.65%, 6/11/2013		553,500
	3,800,000		United Mexican States, 5.875%, 2/17/2014		4,025,720
	15,000,000		United Mexican States, 6.75%, 9/27/2034		15,703,200
	10,850,000		United Mexican States, Sr. Unsecd. Note, 5.95%, 3/19/2019		11,077,850
	3,600,000		Uruguay, Government of, Note, 8.00%, 11/18/2022		3,924,000
	20,400,000		Venezuela, Government of, 10.75%, 9/19/2013		19,711,500
	34,450,000		Venezuela, Government of, 9.375%, 1/13/2034		24,201,125
	700,000		Venezuela, Government of, Note, 7.65%, 4/21/2025		427,714
			TOTAL GOVERNMENTS/AGENCIES (IDENTIFIED COST $313,838,728)		314,661,366
			MUTUAL FUND--4.9%
	20,095,393	5,6	Prime Value Obligations Fund, Institutional Shares, 0.38% (AT NET ASSET VALUE)		20,095,393
			TOTAL INVESTMENTS –98.1% (IDENTIFIED COST $415,610,861)7		401,352,126
			OTHER ASSETS AND LIABILITIES – NET – 1.9%8		7,813,302
			TOTAL NET ASSETS–100%	$	409,165,428

1	Non-income producing security.
2	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, 2009, these restricted securities amounted to $136,430,017, which represented 33.3% of total net assets.
3	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 that the Fund has determined to be liquid under criteria established by the Fund's Board of Directors (the “Directors”).  At August 31, 2009, these liquid restricted securities amounted to $136,430,017, which represented 33.3% of total net assets.
4	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 premium.
5	Affiliated company.
6	7-Day net yield.
7	At August 31, 2009, the cost of investments for federal tax purposes was $415,954,998. The net unrealized depreciation of investments for federal tax purposes excluding any unrealized depreciation resulting from changes in foreign currency exchange rates was $14,602,872. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $14,378,118 and net unrealized depreciation from investments for those securities having an excess of cost over value of $28,980,990.
8	Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at August 31, 2009.

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 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).

·   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 on their principal exchange or market.

·   Derivative contracts listed on exchanges are valued at their reported settlement or closing price.

·   Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Directors.

·   Shares of other mutual funds are valued based upon their reported NAVs.

If the Fund cannot obtain a price or price evaluation from a pricing service for an investment, the Fund may attempt to value the investment based upon the mean of bid and asked quotations or fair value the investment based on price evaluations, from one or more dealers. If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could purchase or sell an investment at the price used to calculate the Fund’s NAV.

Fair Valuation and Significant Events Procedures

The Directors have authorized the use of pricing services to provide evaluations of the current fair value of certain investments for purposes of calculating the NAV. Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers, and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for U.S. Treasury and Agency securities and mortgage-backed securities. The Fund normally uses mid evaluations for other types of fixed-income securities and OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the 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 in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures or options contracts;

·   With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets;

·   Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and

·   Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.

The Directors have approved the use of a pricing service to determine the fair value of equity securities traded principally in foreign markets when the Adviser determines that there has been a significant trend in the U.S. equity markets or in index futures trading. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment using another method approved by the Directors.

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.)

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, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs
	Level 1 – Quoted Prices and Investments in Mutual Funds	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
Equity Security
International	$---	$4,000	$---	$4,000
Debt Securities:
Corporate Bonds	---	65,418,867	---	65,418,867
Floating Rate Loan	---	1,172,500	---	1,172,500
Governments/Agencies	---	314,661,366	---	314,661,366
Mutual Fund	20,095,393	---	---	20,095,393
TOTAL SECURITIES	$20,095,393	$381,256,733	$---	$401,352,126

The following acronym is used throughout this portfolio:

INS --Insured

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/ Richard A. Novak
	Richard A. Novak
	Principal Financial Officer
Date	October 20, 2009
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 20, 2009
By	/S/ Richard A. Novak
	Richard A. Novak
	Principal Financial Officer
Date	October 20, 2009

EX-99

N-Q Item 3- Exhibits: Certifications

I, J. Christopher Donahue, certify that:

1.   I have reviewed this report on Form N-Q of Federated Core Trust II, L.P. on behalf of: Emerging Markets Fixed Income Core Fund ("registrant");

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.   designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.   evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d.   disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.   all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b.   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 20, 2009

/S/ J. Christopher Donahue

J. Christopher Donahue

President – Principal Executive Officer

N-Q Item 3- Exhibits: Certifications

I, Richard A. Novak, certify that:

1.   I have reviewed this report on Form N-Q of Federated Core Trust II, L.P. on behalf of: Emerging Markets Fixed Income Core Fund ("registrant");

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.   designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.   evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d.   disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.   all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b.   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 20, 2009

/S/ Richard A. Novak

Richard A. Novak

Treasurer - - Principal Financial Officer