<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE ERIC W. FALKEIS
TITLE COMPLIANCE ADMIN
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</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and Board of Directors
of the Bremer Investment Funds, Inc.:
In planning and performing our audit of the financial
statements of the Bremer Growth Stock Fund and the
Bremer Bond Fund (the "Funds"), portfolios of Bremer
Investment Funds, Inc. (a Maryland corporation), for
the period from January 27, 1997 (commencement of
operations) through September 30, 1997, we considered
its 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, and not to provide
assurance on the internal control structure.
The management of the Funds 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 control activities.
Generally, control activities 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 control activities
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 the internal control structure
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 any
specific 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 the internal control structure, including
control activities for safeguarding securities, that we
consider to be material weaknesses as defined above as
of September 30, 1997.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
October 24, 1997.
