<PAGE> PAGE 1
000 A000000 03/31/97
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 U
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
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007 C010400 4
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007 C011000 10
012 A000001 THE BANK OF NEW YORK
012 B000001 84-0000000
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10286
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
018 000000 Y
019 A000000 Y
019 B000000 51
019 C000000 ALLIANCECA
020 A000001 SALOMON BROTHERS
020 B000001 13-3082694
020 C000001 24
020 A000002 SWISS BANK CORP
020 B000002 13-2639550
020 C000002 20
<PAGE> PAGE 2
020 A000003 GOLDMAN SACHS & CO.
020 B000003 13-5108880
020 C000003 19
020 A000004 MORGAN STANLEY GROUP INC.
020 B000004 13-2655998
020 C000004 16
020 A000005 BRIDGE TRADING
020 B000005 43-1450530
020 C000005 12
020 A000006 PAINE WEBBER, INC.
020 B000006 13-2638166
020 C000006 4
020 A000007 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
020 B000007 13-5674085
020 C000007 4
020 A000008 LEHMAN BROTHERS, INC.
020 B000008 13-2518466
020 C000008 3
020 A000009 SMITH BARNEY, INC.
020 B000009 13-1912900
020 C000009 3
020 A000010 LAWRENCE (C.J.)
020 B000010 N/A
020 C000010 2
021 000000 121
022 A000001 GENERAL ELECTRIC CAPITAL
022 B000001 N/A
022 C000001 21121
022 D000001 0
022 A000002 THE BANK OF NEW YORK
022 B000002 13-5160382
022 C000002 14570
022 D000002 0
022 A000003 PRUDENTIAL SECURITIES, INC.
022 B000003 22-2347336
022 C000003 11202
022 D000003 0
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 2865
022 D000004 2060
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022 C000005 4018
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022 C000006 1713
022 D000006 2418
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
<PAGE> PAGE 3
022 C000007 1667
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022 A000008 SMITH BARNEY, INC.
022 B000008 13-1912900
022 C000008 463
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022 A000009 SALOMON BROTHERS, INC.
022 B000009 13-3082694
022 C000009 91
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022 A000010 MONTGOMERY SECURITIES
022 B000010 94-1701676
022 C000010 258
022 D000010 478
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025 A000001 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
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025 A000002 MORGAN STANLEY GROUP, INC.
025 B000002 13-2655998
025 C000002 E
025 D000002 470
025 A000003 TRAVELERS GROUP, INC.
025 B000003 13-1912900
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
074 F000000 42164
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<PAGE> PAGE 7
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
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SIGNATURE JOSEPH J. MANTINEO
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000928609
<NAME> ALLIANCE ALL MARKET ADVANTAGE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 57,652,852
<INVESTMENTS-AT-VALUE> 64,226,069
<RECEIVABLES> 5,295,786
<ASSETS-OTHER> 35,873
<OTHER-ITEMS-ASSETS> 5,153
<TOTAL-ASSETS> 69,562,881
<PAYABLE-FOR-SECURITIES> 5,451,591
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,769,802
<TOTAL-LIABILITIES> 8,221,393
<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> 4,775,643
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,197,480
<NET-ASSETS> 61,341,488
<DIVIDEND-INCOME> 154,259
<INTEREST-INCOME> 11,504
<OTHER-INCOME> 0
<EXPENSES-NET> 745,323
<NET-INVESTMENT-INCOME> (579,560)
<REALIZED-GAINS-CURRENT> 8,752,949
<APPREC-INCREASE-CURRENT> (68,204)
<NET-CHANGE-FROM-OPS> 8,105,185
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,346,185)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,759,000
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 455,672
<INTEREST-EXPENSE> 726,890
<GROSS-EXPENSE> 745,323
<AVERAGE-NET-ASSETS> 63,456,664
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<PER-SHARE-NII> (0.23)
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</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 MARCH 31, 1997
ALLIANCE ALL MARKET ADVANTAGE FUND, INC.
Shares
Date Shares % of Fund Price per Purchased
Security Purchased Purchased Assets (1) Share Fund Group
NEO Magic 03/13/97 1,500 0.00% 12.000 32,600
Coldwater Creek 01/28/97 1,000 0.00% 15.000 3,300
Circuit City 02/04/97 33,500 0.90% 20.000 238,900
(Car Max Group)
Yurie Systems Inc 02/05/97 4,500 0.10% 12.000 14,900
Siligan Holdings 02/13/97 9,800 0.30% 20.000 142,000
Trusted Info 10/10/96 1,400 0.00% 13.000 49,000
Sabre Group Holdings 10/10/96 8,200 0.40% 27.000 271,500
XL Connect 10/17/97 900 0.00% 15.000 29,800
Cybermedia 10/23/96 900 0.00% 16.000 31,100
Infinity Financial 10/25/96 400 0.00% 16.000 14,000
Mazel Stores 11/21/96 2,000 0.10% 21.000 2,000
Nuskin Asia 11/21/96 3,900 0.10% 23.000 44,100
Total
Shares % of Issue
Issued Purchased Shares
(000) By Group (2) Broker(s) Held
3,000,000 1.09% Morgan Stanley 0
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 0
3,400,000 1.44% JP Morgan 0
20,200,000 1.34% Goldman Sachs 0
2,900,000 1.03% Alex Brown 0
2,500,000 1.24% Hambrecht 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.
