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SIGNATURE JOSEPH J. MANTINEO
TITLE CONTROLLER
<TABLE> <S> <C>
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<NAME> ALLIANCE ALL MARKET ADVANTAGE FUND
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PRICE WATERHOUSE LLP 1177 AVENUE OF THE AMERICAS
NEW YORK, NY 10036
TELEPHONE 212 596 7000
FACSIMILE 212 596 8910
November 14, 1996
To the Board of Directors of
Alliance All-Market Advantage Fund, Inc.
In planning and performing our audit of the financial statements of
Alliance All-Market Advantage Fund, Inc. (the "Fund"), for the year ended
September 30, 1996, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to
provide assurance on the internal control structure.
The management of the Fund 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 appropriately 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 may 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 September 30,
1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
\s\ PRICE WATERHOUSE LLP
Securities Purchase in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
10f-3 TRANSACTIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 1996
ALLIANCE ALL MARKET ADVANTAGE FUND, INC.
Shares
% of Price Purchased
Date Shares Fund Per by
Security Purchased Purchased Assets Share Fund Group
Arterial Vascular 04/03/96 2,500 0.1% 21.000 7,400
Planet Hollywood 04/18/96 7,500 0.2% 18.000 9,700
Transition Systems 04/18/96 2,600 0.1% 18.000 49,600
Travelers Aetna 04/22/96 26,800 1.1% 25.000 105,800
Associates First 05/07/96 1,900 0.1% 29.000 38,040
OpenVision Tech 05/07/96 1,000 0.0% 14.000 25,500
Aksys Ltd. 05/16/96 2,700 0.1% 16.000 5,500
Teleport Communications 06/27/96 18,800 0.5% 16.125 776,600
Total % of Issue Shares
Shares purchased Held
Security Issued By Group Broker(s) 09/30/96
Arterial Vascular 5,000,000 0.15% Cowan 0
Planet Hollywood 10,700,088 0.09% Bear Stearns 0
Transition Systems 6,000,000 0.83% Alex Brown 0
Travelers Aetna 35,400,000 0.30% Smith Barney 0
Associates First 60,000,000 0.06% Smith Barney 0
OpenVision Tech 2,735,000 0.93% Alex Brown 0
Aksys Ltd. 31,000,000 0.02% Smith Barney 0
Teleport Communications 23,500,000 3.30% Merrill Lynch 0
1 Purchase may not exceed 3% of Fund's Total Assets.
2 Purchases by all Alliance funds may not exceed the greater of (i) 4% of
the principal amount of the offering or (ii) $500,000 in principal
amount, but in no event may exceed 10% of the principal amount of the
offering.
