<PAGE> PAGE 1
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011 B00AA01 8-47718
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012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-7720
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012 C03AA01 02111
<PAGE> PAGE 2
012 C04AA01 1537
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10172
014 A00AA01 AMT CAPITAL SERVICES, INC.
014 B00AA01 8-44718
014 A00AA02 CHARTER ATLANTIC SECURITIES COMPANY, INC.
014 B00AA02 8-38063
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE WILLIAM E. VASTARDIS
TITLE TREASURER
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<NAME> MONEY MARKET PORTFOLIO
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</TABLE>
AMT CAPITAL FUND, INC.
FORM N-SAR
Item 77C.- Matters Submitted to a Vote of Security Holdings
On December 12, 1995 in a written action by the sole shareholder
of the U.S. Selected Growth Portfolio (the "USG Portfolio") of
AMT Capital Fund, Inc. (the "Fund"), the sole shareholder
approved the following items:
a) a 12b-1 Plan, which only applies to the Class B Shares of the USG
Portfolio,
b) the Advisory Agreement between the Fund and AMT Capital Advisers, Inc.
for the USG Portfolio,
c) the Sub-Advisory Agreement between AMT Capital Advisers, Inc. and
Delphi Asset Management for the USG Portfolio,
d) the investment objective, certain policies and restrictions set forth in
the Registration Statement for the USG Portfolio,
e) the appointment of Ernst & Young LLP as auditors for the USG Portfolio.
Item 77I- Terms of New or Amended Securities
The Fund filed Post-Effective Amendment No. 7 to its
Registration Statement on October 20, 1995 and it became
effective with the Securities and Exchange Commission on
January 3, 1996. Pursuant to the Amendment the Board of
Directors reclassified and designated: (a) 125,000,000 authorized but
unissued shares of the U.S. Market Index Portfolio common stock,
par value $.001 per share, as U.S. Selected Growth Portfolio Class A
common stock, par value $.001 per share (the "Class A shares"), and
(b) 125,000,000 authorized but unissued shares of the U.S. Market
Index Portfolio common stock, par value $.001 per share, as U.S.
Selected Growth Portfolio Class B common stock (the "Class B
shares"), par value $.001 per share. The U.S. Market Index never
commenced operations. The new portfolio, the USG Portfolio has
the following investment objective:
The investment objective of the USG Portfolio is to seek
long-term capital appreciation. The USG Portfolio seeks to
achieve its objective by investing primarily in equity
securities of small- and medium-sized U.S. companies
which the sub-adviser believes have the potential for above-
average capital appreciation.
Shareholders and Board of Directors
AMT Capital Fund, Inc.
In planning and performing our audit of the financial
statements of AMT Capital Fund, Inc. for the year
ended December 31, 1995, 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, not to provide
assurance on the internal control structure.
The management of AMT Capital 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 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 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 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 procedures for
safeguarding securities, that we consider to be
material weaknesses as defined above as of December
31, 1995.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
/s/ERNST & YOUNG LLP
February 9, 1996
AMT CAPITAL FUND, INC.
Form N-SAR for the period ending December 31, 1995
File Number 811-7928
This report is signed on behalf of the Registrant in the City of
New York and the State of New York on the 28th day of
February, 1996
AMT CAPITAL FUND, INC.
By:/s/ William E. Vastardis
William E. Vastardis
Treasurer
Witness:/s/ Eric P. Nachimovsky
Eric P. Nachimovsky
