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<PAGE> PAGE 2
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<PAGE> PAGE 10
SIGNATURE WILLIAM MINOVICH
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000928609
<NAME> ALLIANCE ALL MARKET ADVANTAGE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 56,196,332
<INVESTMENTS-AT-VALUE> 94,097,166
<RECEIVABLES> 3,354,033
<ASSETS-OTHER> 30,167
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<TOTAL-ASSETS> 97,481,366
<PAYABLE-FOR-SECURITIES> 2,008,076
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,776,323
<TOTAL-LIABILITIES> 6,784,399
<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> 845,501
<ACCUMULATED-NET-GAINS> 4,702,296
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</TABLE>
Alliance All-Market Advantage Fund, Inc. Exhibit 77Q1(a)
811-08702_______
Articles of Incorporation: Incorporated by reference to Exhibit A to
Registrant's Registration Statement on Form N-2, filed with the Securities
and Exchange Commission on August 16, 1994.
By-Laws: Incorporated by reference to Exhibit B to Registrant's
Registration Statement on Form N-2, filed with the Securities and Exchange
Commission on August 16, 1994.
Alliance All-Market Advantage Fund, Inc. Exhibit 77Q1(e)
811-08702_______
Investment Advisory Agreement: Incorporated by reference to Exhibit G to
Pre-Effective Amendment No. 1 to Registrant's Registration Statement on
Form N-2, filed with the Securities and Exchange Commission on
September 23, 1994.
Alliance All-Market Advantage Fund, Inc. Exhibit 77C
811-08702
The Annual Meeting of Shareholders of Alliance All-Market Advantage Fund,
Inc. was held on January 8, 1998. A description of each proposal and
number of shares voted at the meeting are as follows:
1. To Elect Directors: Shares Voted For Withheld Authority
Class One Directors
(term expires 2001)
David H. Dievler 1,761,343 13,747
Clifford L. Michel 1,762,913 12,177
Donald J. Robinson 1,762,913 12,177
2. To ratify the selection Shares Shares Voted Shares
of Price Waterhouse LLP as Voted For Against Abstained
the Fund's independent
auditors for the Fund's
fiscal year ending
September 30, 1998. 1,742,6952 6,960 25,478
