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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 9
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SIGNATURE WILLIAM MINOVICH
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000928609
<NAME> ALLIANCE ALL MARKET ADVANTAGE FUND
<S> <C>
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<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 50,152,387
<INVESTMENTS-AT-VALUE> 83,996,103
<RECEIVABLES> 3,322,462
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<TOTAL-ASSETS> 87,337,677
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<SENIOR-EQUITY> 25,080
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</TABLE>
Report of Independent Accountants
November 18, 1998
To the Shareholders and 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, 1998, 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 Fund 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 controls. Generally, controls 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 controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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 and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of September 30, 1998.
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.
To the Shareholders and Board of Directors of
Alliance All-Market Advantage Fund, Inc.
November 18, 1998
(2)
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 6, 1997 THROUGH NOVEMBER 30, 1997
ALLIANCE ALL MARKET ADVANTAGE FUND
Date Shares Price Per
Security* Purchased Purchased Share
American Italian Pasta Co. 10/08/97 2,000 $18.00
C. H. Robinson Worldwide 10/15/97 12,000 $18.00
Dril-Quip 10/23/97 3,700 $24.00
Bayard Drilling Technologies 11/04/97 10,600 $23.00
IRI International Corp. 11/13/97 7,600 $18.00
% of
Shares Total Offering
Purchased Shares Purchased Shares
by Fund Offered By Purchased Held
Group (000) Group (1) From 11/30/97
2,000 7,900 0.03% Morgan Stanley 0
12,000 10,578 0.11% Alex Brown 0
61,300 5,000 1.23% Morgan Stanley 0
10,600 9,600 0.11% Lehman Bros. 0
131,300 12,000 1.09% Lehman Bros. 0
* Unless otherwise indicated, the securities were part of an issue
registered under the Securities Act of 1933 and offered to the public.
** Indicates the purchase of an Eligible Rule 144A Security.
(1) Purchases by all Alliance Funds, including the Fund, may not exceed:
a) if purchased in an offering other than an Eligible Rule 144A
Offering, 25% of the prinicipal amount of the offering of such
class; or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total
of (i) the principal amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principal amount of the
offering of such class in any concurrent public 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 DECEMBER 1, 1997 THROUGH FEBRUARY 28, 1998
ALLIANCE ALL MARKET ADVANTAGE FUND
Date Shares Price Per
Security* Purchased Purchased Share
None
% of
Shares Total Offering
Purchased Shares Purchased Shares
by Fund Offered By Purchased Held
Group (000) Group (1) From 02/28/98
* Unless otherwise indicated, the securities were part of an issue
registered under the Securities Act of 1933 and offered to the public.
** Indicates the purchase of an Eligible Rule 144A Security.
(1) Purchases by all Alliance Funds, including the Fund, may not exceed:
a) if purchased in an offering other than an Eligible Rule 144A
Offering, 25% of the prinicipal amount of the offering of such
class; or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total
of (i) the principal amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principal amount of the
offering of such class in any concurrent public 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, 1998 THROUGH MAY 31, 1998
ALLIANCE ALL MARKET ADVANTAGE FUND
Date Shares Price Per
Security* Purchased Purchased Share
ISS Group Inc. 03/23/98 900 $22.00
DA Consulting Group 04/24/98 400 $14.50
Fifth Third Bancorp 05/06/98 5,600 $50.81
Evolving Systems 05/11/98 900 $14.00
L-3 Communications 05/18/98 3,500 $22.00
% of
Shares Total Offering
Purchased Shares Purchased Shares
by Fund Offered By Purchased Held
Group (000) Group (1) From 11/30/97
41,700 3,000 1.39% Goldman Sachs 0
1,400 2,400 0.06% William Blair 0
353,100 3,600 9.81% Smith Barney 0
29,800 4,600 0.65% Goldman Sachs 0
13,100 6,000 0.22% Lehman Brothers 0
* Unless otherwise indicated, the securities were part of an issue
registered under the Securities Act of 1933 and offered to the public.
** Indicates the purchase of an Eligible Rule 144A Security.
(1) Purchases by all Alliance Funds, including the Fund, may not exceed:
a) if purchased in an offering other than an Eligible Rule 144A
Offering, 25% of the prinicipal amount of the offering of such
class; or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total
of (i) the principal amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principal amount of the
offering of such class in any concurrent public 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, 1998 THROUGH AUGUST 31, 1998
ALLIANCE ALL MARKET ADVANTAGE FUND
Date Shares Price Per
Security* Purchased Purchased Share
Loral Space & Communications 06/24/98 15,000 $27.00
Adams Golf, Inc. 07/09/98 8,000 $16.00
Broadcast.com 07/16/98 1,200 $18.00
Geocities 08/10/98 900 $17.00
% of
Shares Total Offering
Purchased Shares Purchased Shares
by Fund Offered By Purchased Held
Group (000) Group (1) From 11/30/97
778,800 6,700 11.62% Lehman Brothers 0
8,000 6,000 0.13% Lehman Brothers 0
27,300 2,500 1.09% Morgan Stanley 0
45,000 4,750 0.95% Goldman Sachs 0
* Unless otherwise indicated, the securities were part of an issue
registered under the Securities Act of 1933 and offered to the public.
** Indicates the purchase of an Eligible Rule 144A Security.
(1) Purchases by all Alliance Funds, including the Fund, may not exceed:
a) if purchased in an offering other than an Eligible Rule 144A
Offering, 25% of the prinicipal amount of the offering of such
class; or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total
of (i) the principal amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principal amount of the
offering of such class in any concurrent public 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 MONTH OF SEPTEMBER 1998
ALLIANCE ALL MARKET ADVANTAGE FUND
Date Shares Price Per
Security* Purchased Purchased Share
EBAY Inc. 10/23/98 900 $18.00
% of
Shares Total Offering
Purchased Shares Purchased Shares
by Fund Offered By Purchased Held
Group (000) Group (1) From 09/30/98
50,700 3,500 1.45% Goldman Sachs 0
* Unless otherwise indicated, the securities were part of an issue
registered under the Securities Act of 1933 and offered to the public.
** Indicates the purchase of an Eligible Rule 144A Security.
(1) Purchases by all Alliance Funds, including the Fund, may not exceed:
a) if purchased in an offering other than an Eligible Rule 144A
Offering, 25% of the prinicipal amount of the offering of such
class; or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total
of (i) the principal amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principal amount of the
offering of such class in any concurrent public offering.
