Report of Independent Auditors
To the Board of Directors of
Investors Research Fund, Inc.
In planning and performing our audit of the financial
statements of Investors Research Fund, Inc. (the Fund)
for the year ended September 30, 2000, 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.
The management of the Fund 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 fraud 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 would not
necessarily disclose all matters in the 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 specific internal control components
does not reduce to a relatively low level the risk that
errors or fraud 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 and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at
September 30, 2000.
This report is intended solely for the information and
use of the board of trustees and management of
Investors Research Fund, Inc. and the Securities and
Exchange Commission and is not intended to be and
should not be used by anyone other than these
specified parties.
Los Angeles, California
November 24, 2000
