<PAGE> PAGE 1
000 B000000 09/30/97
000 C000000 0000928609
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 ALLIANCE ALL MARKET ADVANTAGE FUND
001 B000000 811-08702
001 C000000 8002474154
002 A000000 500 PLAZA DRIVE
002 B000000 SECAUCUS
002 C000000 NJ
002 D010000 07094
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B000001 A
008 C000001 801-32361
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10105
010 A000001 ALLIANCE CAPITAL MANAGEMENT L.P.
010 B000001 32361
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10105
011 A000001 ALLIANCE FUND DISTRIBUTORS, INC.
011 B000001 8-30851
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10105
012 A000001 THE BANK OF NEW YORK
012 B000001 84-0000000
012 C010001 NEW YORK
<PAGE> PAGE 2
012 C020001 NY
012 C030001 10286
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
014 B000001 8-00017574
014 A000002 AUTRONET
014 B000002 8-00017574
014 A000003 PERSHING
014 B000003 8-00017574
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 52
019 C000000 ALLIANCECA
020 A000001 SALOMON BROTHERS, INC.
020 B000001 13-3082694
020 C000001 44
020 A000002 GOLDMAN, SACHS & CO.
020 B000002 13-5108880
020 C000002 40
020 A000003 SWISS BANK CORP
020 B000003 13-2639550
020 C000003 40
020 A000004 MORGAN STANLEY & CO.,INC.
020 B000004 13-2655998
020 C000004 26
020 A000005 BRIDGE TRADING CO.
020 B000005 43-1450530
020 C000005 15
020 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000006 13-5674085
020 C000006 10
020 A000007 LEHMAN BROTHERS, INC.
020 B000007 13-2518466
020 C000007 8
020 A000008 PAINE WEBBER INC.
020 B000008 13-2638166
020 C000008 5
020 A000009 BEAR STEARNS & CO., INC.
020 B000009 13-3299429
020 C000009 4
020 A000010 SMITH BARNEY, INC.
020 B000010 13-1912900
<PAGE> PAGE 3
020 C000010 3
021 000000 216
022 A000001 GENERAL ELECTRIC CAPITAL
022 B000001 N/A
022 C000001 58169
022 D000001 0
022 A000002 THE BANK OF NEW YORK
022 B000002 13-5160382
022 C000002 22588
022 D000002 554
022 A000003 PRUDENTIAL SECURITIES, INC.
022 B000003 22-2347336
022 C000003 19988
022 D000003 143
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 3661
022 D000004 3970
022 A000005 MERRILL, LYNCH, PIERCE, FENNER & SMITH INC.
022 B000005 13-5674085
022 C000005 3399
022 D000005 2708
022 A000006 LEHMAN BROTHERS, INC.
022 B000006 13-2518466
022 C000006 2208
022 D000006 3616
022 A000007 MORGAN STANLEY & CO., INC.
022 B000007 13-2655998
022 C000007 4629
022 D000007 1145
022 A000008 SALOMON BROTHERS INC.
022 B000008 13-3082694
022 C000008 641
022 D000008 2390
022 A000009 SMITH BARNEY, INC.
022 B000009 13-1912900
022 C000009 1447
022 D000009 936
022 A000010 MONTGOMERY SECURITIES
022 B000010 94-1701676
022 C000010 657
022 D000010 1025
023 C000000 134537
023 D000000 30317
024 000000 Y
025 A000001 MERRILL, LYNCH, PIERCE, FENNER & SMITH, INC.
025 B000001 13-5674085
025 C000001 E
025 D000001 2968
025 A000002 TRAVELERS GROUP, INC.
025 B000002 13-1912900
<PAGE> PAGE 4
025 C000002 E
025 D000002 980
025 A000003 DELETE
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
<PAGE> PAGE 5
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 Y
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
<PAGE> PAGE 6
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 2000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
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 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
<PAGE> PAGE 7
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 Y
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 Y
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 Y
071 A000000 69422
071 B000000 80526
071 C000000 66346
071 D000000 105
072 A000000 12
072 B000000 22
072 C000000 267
072 D000000 0
072 E000000 0
072 F000000 1101
072 G000000 174
072 H000000 0
072 I000000 103
072 J000000 144
<PAGE> PAGE 8
072 K000000 0
072 L000000 24
072 M000000 40
072 N000000 16
072 O000000 0
072 P000000 39
072 Q000000 0
072 R000000 48
072 S000000 22
072 T000000 0
072 U000000 4
072 V000000 0
072 W000000 14
072 X000000 1729
072 Y000000 0
072 Z000000 -1440
072AA000000 12310
072BB000000 0
072CC010000 23767
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 5742
073 A010000 0.0000
073 A020000 0.0000
073 B000000 2.2922
073 C000000 0.0000
074 A000000 211
074 B000000 0
074 C000000 313
074 D000000 0
074 E000000 0
074 F000000 46966
074 G000000 38261
074 H000000 0
074 I000000 0
074 J000000 2116
074 K000000 0
074 L000000 17
074 M000000 25
074 N000000 87909
074 O000000 98
074 P000000 137
074 Q000000 0
074 R010000 0
074 R020000 260
074 R030000 869
074 R040000 2068
074 S000000 0
074 T000000 84477
074 U010000 2505
<PAGE> PAGE 9
074 U020000 0
074 V010000 33.72
074 V020000 0.00
074 W000000 0.0000
074 X000000 4352
074 Y000000 2273
075 A000000 0
075 B000000 69585
076 000000 31.19
077 A000000 Y
077 B000000 Y
077 O000000 Y
078 000000 N
080 A000000 GULF INSURANCE CO.
080 B000000 CNA INSURANCE
080 C000000 86000
081 A000000 Y
081 B000000 100
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 ALLIANCE ALL-MARKET ADVANTAGE FUND, INC.
087 A020000 01852M108
087 A030000 AMO
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE JOSEPH CARUSONE
TITLE ASST VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000928609
<NAME> ALLIANCE ALL MARKET ADVANTAGE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 54,761,884
<INVESTMENTS-AT-VALUE> 85,540,263
<RECEIVABLES> 2,133,605
<ASSETS-OTHER> 24,900
<OTHER-ITEMS-ASSETS> 210,768
<TOTAL-ASSETS> 87,909,536
<PAYABLE-FOR-SECURITIES> 97,800
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,334,282
<TOTAL-LIABILITIES> 3,432,082
<SENIOR-EQUITY> 25,050
<PAID-IN-CAPITAL-COMMON> 49,343,315
<SHARES-COMMON-STOCK> 2,505,000
<SHARES-COMMON-PRIOR> 2,505,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,076,811
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,032,278
<NET-ASSETS> 84,477,454
<DIVIDEND-INCOME> 267,098
<INTEREST-INCOME> 22,334
<OTHER-INCOME> 0
<EXPENSES-NET> 1,729,104
<NET-INVESTMENT-INCOME> (1,439,672)
<REALIZED-GAINS-CURRENT> 12,310,009
<APPREC-INCREASE-CURRENT> 23,766,594
<NET-CHANGE-FROM-OPS> 34,636,931
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (5,741,965)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 28,894,966
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,051,561)
<GROSS-ADVISORY-FEES> 1,101,452
<INTEREST-EXPENSE> 38,460
<GROSS-EXPENSE> 1,729,104
<AVERAGE-NET-ASSETS> 69,585,370
<PER-SHARE-NAV-BEGIN> 22.19
<PER-SHARE-NII> (.58)
<PER-SHARE-GAIN-APPREC> 14.40
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 33.72
<EXPENSE-RATIO> 2.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Securities Purchased 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 PERIOD OCTOBER 1, 1996 THROUGH DECEMBER 31, 1996
ALLIANCE ALL MARKET ADVANTAGE FUND, INC.
Shares
Price Purchased
Date Shares % of Fund per by
Security Purchased Purchased Assets(1) Share Fund Group
Trusted Info 10/10/96 1,400 0.0% 13.000 49,000
Sabre Group
Holdings 10/10/96 8,200 0.4% 27.000 271,500
XL Connect 10/17/96 900 0.0% 15.000 29,800
Cybermedia 10/23/96 900 0.0% 16.000 31,100
Infinity
Financial 10/25/96 400 0.0% 16.000 14,000
Mazel Stores 11/21/96 2,000 0.1% 21.000 2,000
Nuskin Asia 11/21/96 3,900 0.1% 23.000 44,100
% of Issue
Total Purchased Shares
Shares By Held
Issued Group (2) Broker(s) 12/31/96
3,400,000 1.44% JP Morgan 0
20,200,000 1.34% Goldman Sachs & Co. 0
2,900,000 1.03% Alex Brown 0
2,500,000 1.24% Hembrecht 0
2,500,000 0.56% Goldman Sachs 0
2,574,000 0.08% William Blair 0
9,100,000 0.48% 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.
Securities Purchased 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 PERIOD ENDING FEBRUARY 28, 1997
ALLIANCE ALL MARKET ADVANTAGE FUND, INC.
Shares
Price Purchased
Date Shares % of Fund per by
Security Purchased Purchased Assets(1) Share Fund Group
Coldwater
Creek 01/28/97 1,000 0.0% 15.000 3,300
Circuit City
(Car Max
Group) 02/04/97 33,500 0.9% 20.000 238,900
Yurie
Systems Inc. 02/05/97 4,500 0.1% 12.000 14,900
Siligan
Holdings 02/13/97 9,800 0.3% 20.000 142,000
% of Issue
Total Purchased Shares
Shares By Held
Issued Group (2) Broker(s) 02/28/97
2,500,000 0.13% Montgomery 0
21,860,000 1.09% Morgan Stanley 0
4,000,000 0.37% Alex Brown 0
4,500,000 3.16% Goldman Sachs & Co. 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.
Securities Purchased 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 PERIOD MARCH 1, 1997 TO MAY 31, 1997
ALLIANCE ALL MARKET ADVANTAGE FUND, INC.
Shares
Price Purchased
Date Shares % of Fund per by
Security Purchased Purchased Assets(1) Share Fund Group
Neo Magic 03/13/97 1,500 0.01% 12.000 32,600
LHS Group 05/15/97 3,100 0.07% 16.000 40,800
Total % of Issue
Shares Purchased Shares
Issued By Held
(000) Group (2) Broker(s) 05/31/97
3,000 1.09% Morgan Stanley 0
4,800 0.85% Goldman Sachs & Co. 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.
Securities Purchased 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 PERIOD JUNE 1, 1997 THROUGH AUGUST 31, 1997
ALLIANCE ALL MARKET ADVANTAGE FUND, INC.
Shares
Price Purchased
Date Shares % of Fund per by
Security Purchased Purchased Assets(1) Share Fund Group
Iridium World
Communications 06/09/97 1,600 0.04% 20.000 1,600
Arm Financial 06/18/97 900 0.02% 15.000 178,900
RWD Technologies 06/18/97 500 0.01% 13.000 17,400
Qwest
Communications 06/23/97 25,000 0.69% 22.000 51,500
Cal Dive
International 07/01/97 9,300 0.17% 15.000 126,700
Peritus Software 07/01/97 900 0.02% 16.000 34,300
Equity Office 07/08/97 5,900 0.15% 21.000 85,900
CCA Prison
Realty 07/15/97 2,800 0.07% 21.000 46,000
CMP Media Inc. 07/25/97 2,700 0.07% 22.000 2,700
Ocular Sciences 08/04/97 2,100 0.04% 16.500 2,100
Total % of Issue
Shares Purchased Shares
Issued By Held
(000) Group (2) Broker(s) 08/31/97
12,000 0.01% Merrill Lynch 0
8,000 2.24% Morgan Stanley 0
3,000 0.58% Bishop, Rosen & Co. 0
13,500 0.38% Salomon Bros. 0
3,600 3.52% Wertheim Schroder & Co. 0
3,500 0.98% Morgan Keegan & Co. 0
25,000 0.34% Merrill Lynch 0
18,500 0.25% J. C. Bradford & Co. 0
5,000 0.05% Goldman Sachs & Co. 0
7,200 0.03% Morgan Stanley 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.
Securities Purchased 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 PERIOD SEPTEMBER 1, 1997 THROUGH SEPTEMBER 30,
1997
ALLIANCE ALL MARKET ADVANTAGE FUND, INC.
Shares
Price Purchased
Date Shares % of Fund per by
Security Purchased Purchased Assets(1) Share Fund Group
Avis Rent A Car 09/23/97 11,900 0.23% 17.000 188,300
Total % of Issue
Shares Purchased Shares
Issued By Held
(000) Group (2) Broker(s) 09/30/97
19,500 0.97% Bear Stearns 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.
November 14, 1997
To the Board of Directors of
Alliance All-Market Advantage Fund
In planning and performing our audit of the financial statements of
Alliance All-Market Advantage Fund (the "Fund") for the year ended
September 30, 1997, we considered its internal control, including control
activities 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 internal control.
The management of the Portfolio 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 control activities. Generally, control activities that
are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those control
activities include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in 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 it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation 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 any specific 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 employees in the normal
course of performing their assigned functions. However, we noted no matters
involving internal control, including control activities for safeguarding
securities, that we consider to be material weaknesses as defined above as
of September 30, 1997.
This report is intended solely for the information and use of management and
the Board of Directors of the Fund and the Securities and Exchange
Commission.
/s/ PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
