<PAGE> PAGE 1
000 B000000 09/30/99
000 C000000 0000928609
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 ALLIANCE ALL-MARKET ADVANTAGE FUND
001 B000000 811-08702
001 C000000 2013194105
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 C010700 7
007 C010800 8
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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 801-32361
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10105
012 A000001 PAINEWEBBER, INC.
012 B000001 84-0000000
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10286
013 A000001 PRICEWATERHOUSE COOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
<PAGE> PAGE 2
013 B030001 10036
014 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
014 B000001 8-00017574
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
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020 C000001 55
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020 B000002 13-5108880
020 C000002 39
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020 C000005 18
020 A000006 SWISS BANK CORP.
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020 C000006 9
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022 B000002 N/A
022 C000002 151676
<PAGE> PAGE 3
022 D000002 151702
022 A000003 GENERAL ELECTRIC CAPITAL CORP.
022 B000003 N/A
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022 C000004 61597
022 D000004 364
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022 B000005 N/A
022 C000005 24127
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022 C000008 8905
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022 B000009 13-1912900
022 C000009 2296
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022 B000010 13-5108880
022 C000010 2956
022 D000010 3510
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024 000000 Y
025 A000001 MORGAN STANLEY & CO: INC.
025 B000001 13-2655998
025 C000001 E
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025 B000002 N/A
025 C000002 E
025 D000002 3432
025 A000003 GOLDMAN SACHS GROUP LP
025 B000003 13-5108880
025 C000003 E
025 D000003 1208
025 A000004 MERRILL LYNCH & CO.
025 B000004 13-5674085
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
087 A020000 01852M108
087 A030000 AMO
088 A000000 N
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SIGNATURE JOSEPH CARUSONE
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 101,076,986
<INVESTMENTS-AT-VALUE> 152,034,294
<RECEIVABLES> 6,788,537
<ASSETS-OTHER> 10,391
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 158,833,222
<PAYABLE-FOR-SECURITIES> 2,618,085
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,696,333
<TOTAL-LIABILITIES> 8,314,418
<SENIOR-EQUITY> 35,727
<PAID-IN-CAPITAL-COMMON> 91,637,968
<SHARES-COMMON-STOCK> 3,572,754
<SHARES-COMMON-PRIOR> 2,508,017
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,692,925
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51,152,184
<NET-ASSETS> 150,518,804
<DIVIDEND-INCOME> 364,275
<INTEREST-INCOME> 131,003
<OTHER-INCOME> 0
<EXPENSES-NET> 2,185,915
<NET-INVESTMENT-INCOME> (2,320,637)
<REALIZED-GAINS-CURRENT> 23,897,629
<APPREC-INCREASE-CURRENT> 17,182,666
<NET-CHANGE-FROM-OPS> 38,759,658
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (11,970,696)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,057,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 7,737
<NET-CHANGE-IN-ASSETS> 68,966,785
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,913,371)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,975,334
<INTEREST-EXPENSE> 4,573
<GROSS-EXPENSE> 2,815,915
<AVERAGE-NET-ASSETS> 117,733,504
<PER-SHARE-NAV-BEGIN> 32.52
<PER-SHARE-NII> (0.84)
<PER-SHARE-GAIN-APPREC> 17.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (4.26)
<RETURNS-OF-CAPITAL> (2.55)
<PER-SHARE-NAV-END> 42.13
<EXPENSE-RATIO> 2.39
[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 APRIL 1, 1999
THROUGH SEPTEMBER 30, 1999
ALLIANCE ALL MARKET ADVANTAGE FUND
Date Shares Price per
Security* Purchased Purchased Share
Proxicom 04/20/99 900 $ 13.00
Worldgate Communications 04/15/99 1,100 $ 21.00
ITURF 04/09/99 600 $ 22.00
Applied Theory Corp 04/29/99 700 $ 16.00
Launch Media 04/23/99 500 $ 22.00
Goldman Sachs Group 05/03/99 3,800 $ 53.00
Flycast Communications Corp 05/04/99 500 $ 25.00
Clear Channel Communications 05/19/99 13,000 $ 70.63
CAIS Internet Inc. 05/20/99 700 $ 19.00
Juno Online Services 05/25/99 500 $ 13.00
Starmedia Network Inc. 05/25/99 1,300 $ 15.00
Internet.com 06/25/99 1,300 $ 14.00
Persistence Software Inc. 06/25/99 400 $ 11.00
E-Loan Inc. 06/28/99 400 $ 14.00
Network Plus Corp 06/29/99 4,600 $ 16.00
Commerce One 07/01/99 1,000 $ 21.00
Liquid Audio 07/09/99 700 $ 15.00
Commtouch Software Ltd 07/12/99 700 $ 16.00
Engage Technologies, Inc. 07/19/99 1,000 $ 15.00
Insweb Corp 07/22/99 1,100 $ 17.00
Focal Communications 07/27/99 5,000 $ 13.00
Liberate Technologies 07/27/99 1,500 $ 16.00
Digex, Inc 07/29/99 2,900 $ 17.00
Net2Phone Inc 07/29/99 700 $ 15.00
1-800 Flowers.com Inc 08/02/99 700 $ 21.00
Homestore.Com, Inc 08/04/99 3,500 $ 20.00
Agile Software Corp 08/19/99 300 $ 21.00
Foundry Networks 09/28/99 1,600 $ 25.00
Intermap Network Services 09/29/99 2,100 $ 20.00
% of
Total Offering
Shares Shares Purchased Shares
Purchased by Offered By Purchased Held
Fund Group (000) Group (1) From 09/30/99
52,400 4,500 1.16% Alex Brown & Sons 0
62,000 5,000 1.24% Baring Sec 0
37,300 4,200 0.89% Alex Brown & Sons 0
41,800 4,500 0.93% Bear Stearns 0
29,000 3,400 0.85% Hambrect & Quist 0
1,247,900 60,000 2.08% Goldman Sachs 0
29,100 3,000 0.97% Alex Brown & Sons 0
940,000 20,000 4.70% Morgan Stanley 0
45,900 6,000 0.77% Bear Stearns 0
33,200 6,500 0.51% Smith Barney 0
81,400 7,000 1.16% Goldman Sachs 0
81,800 3,400 2.41% Piper Jaffray 0
25,100 3,000 0.84% Robertson, Stephens 0
22,700 3,500 0.65% Goldman Sachs 0
283,200 8,000 3.54% Goldman Sachs 0
59,000 3,300 1.79% CS First Boston 0
32,000 4,200 0.76% Lehman Brothers 0
42,000 3,000 1.40% Piper Jaffray 0
63,000 6,000 1.05% Goldman Sachs 0
72,800 5,000 1.46% Goldman Sachs 0
235,600 9,950 2.37% Salomon Smith Barney 0
70,700 6,250 1.13% CS First Boston 0
135,600 10,000 1.36% Bear Stearns 0
41,900 5,400 0.78% Hambrect & Quist 0
33,700 6,000 0.56% Goldman Sachs 0
157,400 7,000 2.25% Morgan Stanley 0
13,000 3,000 0.43% Morgan Stanley 0
83,500 5,000 1.67% Norwest 1,600
112,200 8,700 1.29% Morgan Stanley 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 principal 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.
Alliance All-Market Advantage Fund, Inc. Exhibit 77C
The Annual Meeting of Alliance All-Market Advantage Fund, Inc.
Was held on March 9, 1999. A description of each proposal and
Number of shares voted at the meeting are as follows:
1. To Elect Directors: Shares Voted For Voted Against/Abstain
Class Two Directors
(term expires 2002)
John H. Dobkin 1,979,497 22,815
William H. Foulk 1,980,467 21,845
Dr. James M. Hester 1,979,312 23,000
2. To ratify the selection Shares Shares Voted
of Ernst & Young LLP as Voted For Against
the Fund's independent
auditors for the Fund's
fiscal year ending
September 30, 1999. 1,979,489 5,608
Shares
Abstained
17,215
PRICEWATERHOUSECOOPERS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York NY 1036
Telephone (212) 596 8000
Facsimile (212) 596 8910
Report of Independent Accountants
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
the Alliance All-Market Advantage Fund, Inc. (the "Fund") for the
year ended September 30, 1999, 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 judgements 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 limitation in control, errors or fraud may
occur and not be detected. Also, projection of 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, 1999.
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 and is not intended to be
and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
New York, New York
November 19, 1999
