EX-99.2B BYLAWS

Exhibit 77Q.1(a)

AMENDMENT #6
TO THE BY-LAWS
OF
FEDERATED CORE TRUST
Effective September 21, 2004

Insert the following into Article II, Power and
Duties of Trustees and Officers and renumber
Section 11 as Section 12:
Section 11.  Chief Compliance Officer.  The Chief
 Compliance Officer shall be
responsible for administering the Trust's policies
and procedures approved by the
Board under Rule 38a-1 of the Investment Company
Act of 1940, as amended.
Notwithstanding any other provision of these By-Laws,
the designation, removal
and compensation of Chief Compliance Officer are
subject to Rule 38a-1 under
the Investment Company Act of 1940, as amended.

EX-99.77E LEGAL

SUB-ITEM 77E:  LEGAL PROCEEDINGS

Like many other mutual fund companies, in September 2003,
Federated Investors, Inc., the parent company of the
Federated funds' advisers and distributor (collectively,
"Federated"), received detailed requests for information on
shareholder trading activities in the Federated funds ("Funds")
from the Securities and Exchange Commission, the
New York State Attorney General, and the National Association
of Securities Dealers.  Since that time, Federated
has received additional inquiries from regulatory authorities
 on these and related matters, and more such inquiries
may be received in the future.
As a result of these inquiries, Federated and the Funds have
conducted an internal investigation of the matters raised,
which revealed instances in which a few investors were granted
exceptions to Federated's internal procedures for
limiting frequent transactions and that one of these investors
made an additional investment in another Federated
fund.  The investigation has also identified inadequate procedures
 which permitted a limited number of investors
(including several employees) to engage in undetected frequent
 trading activities and/or the placement and
acceptance of orders to purchase shares of fluctuating net asset
value funds after the funds' closing times.  Federated
has issued a series of press releases describing these matters
 in greater detail and emphasizing that it is committed to
compensating the Funds for any detrimental impact these
transactions may have had on them.  In that regard, on
February 3, 2004, Federated and the independent directors of
 the Funds announced the establishment by Federated
of a restoration fund that is intended to cover any such
detrimental impact.  The press releases and related
communications are available in the "About Us" section of
 Federated's website www.federatedinvestors.com, and
any future press releases on this subject will also be posted there.
Shortly after Federated's first public announcement concerning
the foregoing matters, and notwithstanding
Federated's commitment to taking remedial actions, Federated
and various Funds were named as defendants in
several class action lawsuits now pending in the United States
District Court for the District of Maryland
seeking damages of unspecified amounts.  The lawsuits were
purportedly filed on behalf of people who
purchased, owned and/or redeemed shares of Federated-sponsored
mutual funds during specified periods
beginning November 1, 1998.  The suits are generally similar
in alleging that Federated engaged in illegal and
improper trading practices including market timing and late
trading in concert with certain institutional traders,
which allegedly caused financial injury to the mutual fund
shareholders.
Federated and various Funds have also been named as defendants
in several additional lawsuits, the majority of
which are now pending in the United States District Court for
the Western District of Pennsylvania, alleging, among
other things, excessive advisory and rule 12b-1 fees, and
seeking damages of unspecified amounts.
The board of the Funds has retained the law firm of Dickstein,
Shapiro Morin & Oshinsky LLP to represent the
Funds in these lawsuits.  Federated and the Funds, and their
respective counsel, are reviewing the allegations
and will respond appropriately.  Additional lawsuits based
upon similar allegations may be filed in the future.
The potential impact of these recent lawsuits and future
potential similar suits is uncertain. Although we do not
believe that these lawsuits will have a material adverse
effect on the Funds, there can be no assurance that these
suits, the ongoing adverse publicity and/or other developments
resulting from the regulatory investigations will
not result in increased Fund redemptions, reduced sales of
Fund shares, or other adverse consequences for the Funds.

EX-99.77B ACCT LTTR

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of
Federated Core Trust

In planning and performing our audits of the financial
 statements of High Yield Bond Portfolio and
Federated Mortgage Core Portfolio (the two portfolios
constituting Federated Core Trust) (the
"Trust") for the year ended December 31, 2004, we
considered their internal control, including
control activities for safeguarding securities, in
order to determine our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the
requirements of Form N-SAR, not to provide assurance
on internal control.

The management of the Trust is responsible for establishing
and maintaining internal control.  In
fulfilling this responsibility, estimates and judgments by
management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit
pertain to the entity's objective of preparing financial
 statements for external purposes that are
fairly presented in conformity with U.S. generally accepted
accounting principles. Those controls
include the safeguarding of assets against unauthorized
acquisition, use, or disposition.

Because of inherent limitations in internal control, error
 or fraud may occur and not be detected.
Also, projection of any evaluation of internal control to
future periods is subject to the risk that it
may become inadequate because of changes in conditions or
that the effectiveness of the design
and operation may deteriorate.

Our consideration of internal control would not necessarily
disclose all matters in internal control
that might be material weaknesses under standards of the
Public Company Accounting Oversight
Board (United States). A material weakness is a condition
 in which the design or operation of one
or more of the internal control components does not reduce
to a relatively low level the risk that
misstatements caused by error or fraud in amounts that
would be material in relation to the
financial statements being audited may occur and not be
detected within a timely period by
employees in the normal course of performing their assigned
 functions. However, we noted no
matters involving internal control and its operation,
including controls for safeguarding securities,
that we consider to be material weaknesses as defined
above as of December 31, 2004.

This report is intended solely for the information and
use of management and the Board of
Trustees of Federated Core Trust and the Securities and
 Exchange Commission and is not
intended to be and should not be used by anyone other
than these specified parties.



Ernst & Young LLP



Boston, Massachusetts
February 7, 2005