<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000928609
<NAME> ALLIANCE ALL MARKET ADVANTAGE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 114,287,927
<INVESTMENTS-AT-VALUE> 184,021,720
<RECEIVABLES> 4,858,198
<ASSETS-OTHER> 9,998
<OTHER-ITEMS-ASSETS> 455
<TOTAL-ASSETS> 188,890,371
<PAYABLE-FOR-SECURITIES> 3,966,949
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,226,585
<TOTAL-LIABILITIES> 10,193,534
<SENIOR-EQUITY> 35,727
<PAID-IN-CAPITAL-COMMON> 91,637,968
<SHARES-COMMON-STOCK> 3,572,754
<SHARES-COMMON-PRIOR> 3,572,754
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,750,802
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 69,686,538
<NET-ASSETS> 178,696,837
<DIVIDEND-INCOME> 262,558
<INTEREST-INCOME> 78,603
<OTHER-INCOME> 0
<EXPENSES-NET> 1,755,359
<NET-INVESTMENT-INCOME> (1,414,198)
<REALIZED-GAINS-CURRENT> 29,015,610
<APPREC-INCREASE-CURRENT> 18,534,354
<NET-CHANGE-FROM-OPS> 46,135,766
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (17,957,733)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 28,178,033
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7,692,925
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,306,504
<INTEREST-EXPENSE> 6,287
<GROSS-EXPENSE> 1,755,359
<AVERAGE-NET-ASSETS> 167,789,583
<PER-SHARE-NAV-BEGIN> 42.13
<PER-SHARE-NII> (0.39)
<PER-SHARE-GAIN-APPREC> 13.31
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (5.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 50.02
<EXPENSE-RATIO> 2.10
</TABLE>
