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SIGNATURE C. H. SHEPHERD
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL INFORORMATION CONTAINED IN THIS FORM N-SAR AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINACNCIAL INFORMATION.
</LEGEND>
<CIK> 0000315127
<NAME> ALTERMAN INVESTMENT FUND, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 21,508
<INVESTMENTS-AT-VALUE> 22,011
<RECEIVABLES> 392
<ASSETS-OTHER> 32
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,435
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<PER-SHARE-GAIN-APPREC> .06
<PER-SHARE-DIVIDEND> 1.50
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</TABLE>
FORM N-SAR
ALTERMAN INVESTMENT FUND, INC.
Item 77Q2
Based upon a review of Forms 3, 4 or 5, or written representations that no
Form 5 was required, furnished to Registrant by its directors, officers
subject to the provisions of Section 16 of the Securities Exchange Act of
1934, as amended ( the "Exchange Act") and persons holding ten percent
(10%) or more of the outstanding Common Stock of Registrant, Registrant
believes that all filing requirements of such persons under Section 16
of the Exchange Act during the fiscal year ended April 30, 1996 have
been satisfied.
FORM N-SAR
ALTERMAN INVESTMENT FUND, INC.
Item 77B
To the Board of Directors
Alterman Investment Fund, Inc.
Atlanta, Georgia
In planning and performing our audit of the financial statements
of Alterman Investment Fund, Inc. for the year ended April 30,
1996, we considered its internal control structure, 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, but not to provide assurance on the internal control
structure.
The management of Alterman Investment Fund, Inc. is responsible
for establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control
structure 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 the specific internal control structure
elements 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 atimely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of April 30, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
BIRNBREY, MINSK & MINSK LLC
Atlanta, Georgia
June 11, 1996
