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SIGNATURE C. H. SHEPHERD
TITLE SECRETARY
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, 1998, we considered its
internal control, 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 internal control.
The management of Alterman Investment Fund, Inc. 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. The objectives of internal control 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 the preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any 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 procedures may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation of controls may deteriorate.
Our consideration of internal control 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 one or more
of the 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 personnel in the normal course of performing their assigned
functions. However, we noted no matters involving internal control, including
procedures for safeguarding securities, that we consider to be material
weaknesses as defined above as of April 30, 1998.
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 9, 1998
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, 1998 have been satisfied, except that Daniel
Alterman filed one late report on Form 3.
<TABLE> <S> <C>
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<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.
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