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SIGNATURE PAUL GIFFORD
TITLE SECRETARY
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and Board of Directors
of Bremer Investment Funds, Inc.:
In planning and performing our audit of the financial
statements of Bremer Investment Funds, Inc., (a Maryland
corporation, which includes the Bremer Growth Stock Fund
and the Bremer Bond Fund (the "Funds")), for the
year ended September 30, 1998, 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 component 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, 1998.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
October 23, 1998
