FORM N-17F-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 (17 CFR 270.17f-2)
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1. Investment Company Act File Number: Date examination completed:
811-8858 May 31, 1997
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2. State identification Number:
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in registration statement:
Core Trust (Delaware)
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4. Name under which business is conducted, if different from above:
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5.Address of principal place of business (number, street, city, state, zip code):
Two Portland Square, Portland, ME 04101
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INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
Accountant
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
Note:The estimated average burden hours are made solely for purposes of the
Paperwork Reduction Act, and are not derived from a comprehensive or even a
representative survey or study of the costs of SEC rules and forms. Direct
any comments concerning the accuracy of the estimated average burden hours
for compliance with SEC rules and forms to Kenneth A. Fogash, Deputy
Executive Director, U.S. Securities and Exchange Commission, 450 Fifth St.,
N.W., Washington, D.C. 20549 and Gary Waxman, Clearance Officer, Office of
Management and Budget, Room 3208, New Executive Office Building,
Washington, D.C. 20503.
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INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of
Core Trust (Delaware)
and
Securities and Exchange Commission:
We have examined management's assertion, included in its representation letter,
that Index Portfolio and Small Company Portfolio of Core Trust (Delaware) (the
Portfolios), complied with the provisions of subsection (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 as of May 31, 1997 and during the
period December 31, 1996 (the date of our last examination) through May 31,
1997. Management is responsible for the Portfolios' compliance with those
provisions. Our responsibility is to express an opinion on management's
assertion about the Portfolios' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Portfolios' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of May 31, 1997, and the period from December 31, 1996 through May
31, 1997, with respect to securities transactions, without prior notice to
management:
(1) Inspection of documentation of all securities located in the vault, if any,
of Norwest Bank Minneapolis, N.A., the Custodian;
(2) Confirmation of securities held by institutions in book entry form by
Participant Trust Company, Bankers Trust Company, Morgan Stanley Trust
Company, Depository Trust Company, and the Federal Reserve Bank and
examination of selected security position reconciliations;
(3) Inspection of documentation of other securities held in safekeeping by the
Custodian but not included in (1) or (2) above and examination of selected
security position reconciliations;
(4) Confirmation or inspection of documentation of all securities purchased but
not received, hypothecated, pledged, placed in escrow, or out for transfer
with brokers, pledgees and/or transfer agents;
(5) Reconciliation of all such securities to the books and records of the Funds
and the Custodian; and
(6) Test of selected security transactions since the date of our last report.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Portfolios' compliance
with the specified requirements.
In our opinion, management's assertion that Core Trust (Delaware) was in
compliance with the above mentioned provisions of Rule 17f-2 of the Investment
Company Act of 1940 as of May 31, 1997, and for the period from December 31,
1996 through May 31, 1997 is fairly stated in all material respects.
This report is intended solely for the information and use of management of Core
Trust (Delaware) and the Securities and Exchange Commission and should not be
used for any other purpose.
/s/KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Minneapolis, MN
August 21, 1997
