Alliance All-Market Advantage Fund Releases Monthly Portfolio Update

NEW YORK, Feb. 12  /PRNewswire-FirstCall/ -- Alliance All-Market Advantage Fund, Inc. (NYSE:AMO) (the "Fund") today released its monthly portfolio update as of December 31, 2006.

                 Alliance All-Market Advantage Fund, Inc.

  Top 10 Equity Holdings        Portfolio%       Country
   1) Google Inc Class A             5.25%     United States
   2) Boeing Co                      4.52%     United States
   3) Apple Computer Inc             4.47%     United States
   4) Wellpoint Inc                  4.46%     United States
   5) Procter & Gamble Co            4.19%     United States
   6) Cisco Systems Inc              3.53%     United States
   7) Franklin Res Inc               3.28%     United States
   8) Halliburton Co                 3.25%     United States
   9) Merrill Lynch & Co             2.96%     United States
  10) Broadcom Corporation           2.74%     United States

  Sector/Industry Breakdown
                                Portfolio%
  Technology:
   Computer Hardware/Storage         7.11%
   Communication Equipment           6.26%
   Internet Media                    5.25%
   Semiconductor Components          5.25%
   Computer Peripherals              1.53%
   Software                          1.50%
   Internet Infrastructure           0.88%
   SUBTOTAL                         27.78%
  Finance:
   Brokerage & Money Management     10.58%
   Banking -- Money Center           4.82%
   Miscellaneous                     2.60%
   Insurance                         2.39%
   SUBTOTAL                         20.39%
  Consumer Services:
   Restaurants & Lodging             5.84%
   Broadcasting & Cable              4.72%
   Retail -- General Merchandise     4.48%
   Cellular Communications           1.78%
   Miscellaneous                     0.44%
   Apparel                           0.20%
   SUBTOTAL                         17.46%
  Healthcare:
   Medical Services                  4.46%
   Biotechnology                     3.65%
   Medical Products                  2.68%
   Drugs                             0.96%
   SUBTOTAL                         11.75%
  Consumer Staples:
   Household Products                4.19%
   Food                              0.97%
   Miscellaneous                     0.52%
   SUBTOTAL                          5.68%
  Aerospace & Defense                5.57%
  Energy                             5.02%
  Capital Goods:
   Miscellaneous                     2.07%
   Engineering & Construction        0.49%
   SUBTOTAL                          2.56%
  Basic Industry                     1.65%
  Consumer Manufacturing             1.38%
  Short-term                         0.76%
  Total                            100.00%

  Security Type Breakdown
  Portfolio%
  Domestic Equity                   87.66%
  Foreign Equity                    11.58%
  Short-term                         0.76%
  Total                            100.00%

  Country Breakdown
  Portfolio%
  United States                     87.65%
  Switzerland                        5.85%
  Mexico                             1.78%
  Japan                              1.38%
  Netherlands Antilles               1.17%
  Israel                             0.96%
  Cayman Islands                     0.45%
  Short-term                         0.76%
  Total                            100.00%

  Portfolio Statistics
  Total Net Assets:          $48.4 Million
  Net Asset Value:                  $13.10
  Number of Holdings:                   55



The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L.P. 

DATASOURCE: Alliance All-Market Advantage Fund, Inc.



CONTACT:  Shareholders for Alliance All-Market Advantage Fund, Inc.,

800-221-5672



Web site:  http://www.alliancebernstein.com/

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