Independent Auditors' Report on Internal Accounting Controls
To Board of Trustees and Partners
Wells Fargo Core Trust:
In planning and performing our audit of the financial statements of the
Disciplined Growth Portfolio, Income Equity Portfolio, Index Portfolio,
International Portfolio, International Equity Portfolio, Large Company Growth
Portfolio, Small Cap Index Portfolio, Small Cap Value Portfolio, Small Company
Growth Portfolio and Small Company Value Portfolio, ten portfolios of Wells
Fargo Core Trust, for the year ended September 30, 2000, 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 Wells Fargo Core 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 generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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
established by the American Institute of Certified Public Accountants. 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 errors or irregularities 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 over safeguarding securities, that we consider to
be material weaknesses as defined above as of September 30, 2000.
This report is intended solely for the information and use of management, the
Board of Trustees of Wells Fargo 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.
/s/ KPMG LLC
San Francisco, California
November 3, 2000
