INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
To the Partners and Board of Trustees
Wells Fargo Core Trust:
In planning and performing our audits of the financial statements of the Managed
Fixed Income Portfolio, Positive Return Bond Portfolio, Stable Income Portfolio,
and Strategic Value Bond Portfolio (four portfolios of Wells Fargo Core Trust)
for the year ended May 31, 2000, we considered its internal control, including
procedures 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 risks 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 May 31, 2000.
This report is intended solely for the information and use of management and 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.
San Francisco, California
July 10, 2000
