<PAGE> PAGE 1
000 A000000 10/31/97
000 C000000 0000315127
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 ALTERMAN INVESTMENT FUND, INC.
001 B000000 811-2998
001 C000000 4042379891
002 A000000 182 HILDERBRAND DRIVE
002 B000000 ATLANTA
002 C000000 GA
002 D010000 30328
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
022 A000001 FIRST UNION
022 B000001 561529080
022 C000001 498
022 D000001 0
022 A000002 ROBINSON HUMPHREY
022 B000002 581472560
022 C000002 255
022 D000002 0
022 A000003 INTERSTATE JOHNSON LANE
022 B000003 560276690
022 C000003 224
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 977
023 D000000 0
062 A000000 Y
<PAGE> PAGE 2
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 1.4
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 1.5
062 M000000 7.6
062 N000000 0.0
062 O000000 89.5
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 6.0
064 A000000 Y
064 B000000 N
071 A000000 977
071 B000000 1087
071 C000000 21989
071 D000000 4
072 A000000 6
072 B000000 575
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 12
072 G000000 0
072 H000000 0
072 I000000 4
072 J000000 4
072 K000000 0
072 L000000 0
072 M000000 6
072 N000000 0
072 O000000 4
072 P000000 0
072 Q000000 9
072 R000000 4
072 S000000 7
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 26
072 X000000 76
072 Y000000 0
072 Z000000 499
<PAGE> PAGE 3
072AA000000 31
072BB000000 0
072CC010000 400
072CC020000 0
072DD010000 47
072DD020000 0
072EE000000 0
073 A010000 0.6000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 25
074 B000000 0
074 C000000 0
074 D000000 22208
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 368
074 M000000 12
074 N000000 22613
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 251
074 S000000 0
074 T000000 22362
074 U010000 788
074 U020000 0
074 V010000 28.38
074 V020000 0.00
074 W000000 0.0000
074 X000000 200
074 Y000000 0
075 A000000 0
075 B000000 22220
076 000000 28.38
077 A000000 N
SIGNATURE C. H. SHEPHERD
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL INFORMATION CONTAINED IN THIS FORM N-SAR AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<CIK> 0000315127
<NAME> ALTERMAN INVESTMENT FUND, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 21,556
<INVESTMENTS-AT-VALUE> 22,208
<RECEIVABLES> 368
<ASSETS-OTHER> 37
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,613
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 251
<TOTAL-LIABILITIES> 251
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 390
<SHARES-COMMON-STOCK> 788
<SHARES-COMMON-PRIOR> 788
<ACCUMULATED-NII-CURRENT> 714
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 679
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 652
<NET-ASSETS> 22,362
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 575
<OTHER-INCOME> 0
<EXPENSES-NET> 76
<NET-INVESTMENT-INCOME> 499
<REALIZED-GAINS-CURRENT> 31
<APPREC-INCREASE-CURRENT> 400
<NET-CHANGE-FROM-OPS> 931
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 473
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 458
<ACCUMULATED-NII-PRIOR> 688
<ACCUMULATED-GAINS-PRIOR> 648
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76
<AVERAGE-NET-ASSETS> 22,220
<PER-SHARE-NAV-BEGIN> 27.80
<PER-SHARE-NII> .63
<PER-SHARE-GAIN-APPREC> .55
<PER-SHARE-DIVIDEND> .60
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.38
<EXPENSE-RATIO> .34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
