<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 0000910182
000 D000000 Y
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 AMT CAPITAL FUND, INC.
001 B000000 811-7928
001 C000000 8007624848
002 A000000 600 FIFTH AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10020
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 B000000 3
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007 C010200 2
007 C010300 3
007 C020300 HLM INTERNATIONAL EQUITY PORTFOLIO
007 C030300 Y
007 C010400 4
007 C020400 U.S. SELECTED GROWTH PORTFOLIO
007 C030400 Y
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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010 A00AA01 AMT CAPITAL SERVICES, INC.
010 B00AA01 8-47718
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10020
011 A00AA01 AMT CAPITAL SERVICES, INC.
011 B00AA01 8-47718
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10020
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
015 A00AA01 INVESTORS BANK & TRUST COMPANY
<PAGE> PAGE 2
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02205
015 C04AA01 1537
015 E04AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 67
020 A000002 BARCLAYS DE ZOETE WEDD SECURITIES
020 B000002 13-3551367
020 C000002 50
020 A000003 MORGAN STANLEY & CO.
020 B000003 13-2655998
020 C000003 48
020 A000004 W.I. CARR, LTD.
020 B000004 13-2927466
020 C000004 31
020 A000005 GOLDMAN SACHS & COMPANY
020 B000005 13-5108880
020 C000005 23
020 A000006 BARING SECURITIES,INC.
020 C000006 22
020 A000007 G.K. GOH SECURITIES
020 C000007 20
020 A000008 VONTOBEL SECURITIES
020 C000008 9
020 A000009 EXCHANGE SERVICES INC. - NSCC
020 C000009 8
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021 000000 325
022 A000001 PRUDENTIAL SECURITIES, INC.
022 B000001 22-2347336
022 C000001 1417423
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022 C000002 82631
022 D000002 11289
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<PAGE> PAGE 3
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022 C000009 231
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022 A000010 PAINEWEBBER, INC.
022 B000010 13-2638166
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022 D000010 110
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023 D000000 13933
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<PAGE> PAGE 4
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<PAGE> PAGE 5
081 B00AA00 0
082 A00AA00 Y
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012 A000301 INVESTORS BANK & TRUST COMPANY
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014 A000301 AMT CAPITAL SERVICES, INC.
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
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070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
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071 B000300 22587
071 C000300 134861
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<PAGE> PAGE 9
072 X000300 1379
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008 A000401 AMT CAPITAL ADVISERS, INC.
008 B000401 A
008 C000401 801-42426
008 D010401 NEW YORK
<PAGE> PAGE 10
008 D020401 NY
008 D030401 10020
008 A000402 DELPHI ASSET MANAGEMENT
008 B000402 S
008 C000402 801-14998
008 D010402 NEW YORK
008 D020402 NY
008 D030402 10022
012 A000401 INVESTORS BANK & TRUST COMPANY
012 B000401 85-7720
012 C010401 BOSTON
012 C020401 MA
012 C030401 02205
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012 A000402 FIRST DATA INVESTORS SERVICES GROUP
012 B000402 84-
012 C010402 BOSTON
012 C020402 MA
012 C030402 02111
014 A000401 AMT CAPITAL SERVICES, INC.
014 B000401 8-44718
014 A000402 SANFREY SECURITIES, INC.
014 B000402 8-37767
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
070 O020400 N
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<PAGE> PAGE 14
074 D000400 0
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075 B000400 25357
076 000400 0.00
SIGNATURE WILLIAM E. VASTARDIS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> HLM INTERNATIONAL EQUITY PORTFOLIO
<MULTIPLIER> 1,000
<A> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 234272
<INVESTMENTS-AT-VALUE> 242974
<RECEIVABLES> 518
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4970
<TOTAL-ASSETS> 248461
<PAYABLE-FOR-SECURITIES> 6835
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 269
<TOTAL-LIABILITIES> 7104
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233121
<SHARES-COMMON-STOCK> 20785
<SHARES-COMMON-PRIOR> 6289
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 461
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8697
<NET-ASSETS> 241357
<DIVIDEND-INCOME> 2167
<INTEREST-INCOME> 585
<OTHER-INCOME> 0
<EXPENSES-NET> 1210
<NET-INVESTMENT-INCOME> 1542
<REALIZED-GAINS-CURRENT> 2680
<APPREC-INCREASE-CURRENT> 4804
<NET-CHANGE-FROM-OPS> 9026
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14950
<NUMBER-OF-SHARES-REDEEMED> 756
<SHARES-REINVESTED> 301
<NET-CHANGE-IN-ASSETS> 173630
<ACCUMULATED-NII-PRIOR> 5
<ACCUMULATED-GAINS-PRIOR> (350)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 893
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1379
<AVERAGE-NET-ASSETS> 119573
<PER-SHARE-NAV-BEGIN> 10.77
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .97
<PER-SHARE-DIVIDEND> .11
<PER-SHARE-DISTRIBUTIONS> .10
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 11.61
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> U.S. SELECTED GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<A> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
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<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 3282
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 14
<INTEREST-INCOME> 78
<OTHER-INCOME> 0
<EXPENSES-NET> 506
<NET-INVESTMENT-INCOME> (414)
<REALIZED-GAINS-CURRENT> 13723
<APPREC-INCREASE-CURRENT> (9306)
<NET-CHANGE-FROM-OPS> 4003
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2341
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 208
<NUMBER-OF-SHARES-REDEEMED> 3672
<SHARES-REINVESTED> 182
<NET-CHANGE-IN-ASSETS> (44193)
<ACCUMULATED-NII-PRIOR> (314)
<ACCUMULATED-GAINS-PRIOR> 2420
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 134
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 629
<AVERAGE-NET-ASSETS> 25357
<PER-SHARE-NAV-BEGIN> 13.47
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<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 13.71
<EXPENSE-RATIO> 2.10
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</TABLE>
Item 77B - Accountant's Report on Internal Control
Board of Directors
AMT Capital Fund, Inc. -
HLM International Equity Portfolio
In planning and performing our audit of the financial statements of the HLM
International Equity Portfolio of AMT Capital Fund, Inc. for the ten months
ended October 31, 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, 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 of 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
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of October 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
December 6, 1996
AMT CAPITAL FUND, INC.
FORM N-SAR
Item 77C.- Matters Submitted to a Vote of Security Holdings
1) A special meeting of Shareholders of U.S. Selected Growth
Portfolio was held on August 15, 1996 to approve a proposal to
liquidate all the assets of the Portfolio and distribute the
proceeds to Shareholders pursuant to the provisions of the Plan of
Complete Liquidation of Portfolio.
Shareholders voted in favor of the liquidation and the Portfolio
was liquidated on August 27, 1996.
2) A special meeting of Shareholders of HLM International Equity
Portfolio was held on October 30, 1996 to approve a proposal to
reorganize the Portfolio into the newly-formed International Equity
Portfolio of Harding, Loevner Funds, Inc.
Shareholders voted in favor of the reorganization and the Portfolio
was merged on October 31, 1996.
Item 77M- Mergers
See 2) above.
AMT CAPITAL FUND, INC.
Form N-SAR for the period ending October 31, 1996
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 30th day of December, 1996
AMT CAPITAL FUND, INC.
By: /s/ William E. Vastardis
William E. Vastardis
Treasurer
Witness: /s/ Alissa R. Fox
Alissa R. Fox
