Alliance All-Market Advantage Fund Releases Monthly Portfolio Update

NEW YORK, Aug. 23  /PRNewswire-FirstCall/ -- Alliance All- Market Advantage Fund, Inc. [NYSE: AMO] (the "Fund") today released its monthly portfolio update as of July 31, 2005.

                 Alliance All-Market Advantage Fund, Inc.

      Top 10 Equity Holdings
                                Portfolio%
   1) Google Inc Class A             6.54%
   2) Yahoo Inc.                     4.64%
   3) eBay Inc                       4.13%
   4) Halliburton Co                 4.00%
   5) Dell Inc                       3.91%
   6) Apple Computer Inc             3.65%
   7) Qualcomm Incorporated          3.61%
   8) Genentech Inc                  3.31%
   9) Lowes Cos Inc                  3.22%
  10) Marvell Technology Group Ltd   3.16%

   Security Type Breakdown
                             Portfolio%
   Equities:
     Common Stock                95.89%
     Options                      4.11%
   Total                        100.00%

  Sector/Industry Breakdown
                              Portfolio%
   Technology:
     Communication Equipment      10.15%
     Computer Hardware/Storage     7.57%
     Semiconductor Components      7.03%
     Internet Media                6.54%
     Computer Peripherals          1.25%
     Software                      1.20%
     Semiconductor Capital Equip   0.04%
     SUBTOTAL                     33.78%
   Consumer Services:
     Retail - General Merchandise 10.24%
     Miscellaneous                 7.35%
     Broadcasting & Cable          2.68%
     Entertainment & Leisure       1.36%
     Advertising                   0.77%
     SUBTOTAL                     22.40%
   Healthcare:
     Biotechnology                 7.62%
     Medical Products              6.27%
     Medical Services              4.23%
     Drugs                         2.51%
     SUBTOTAL                     20.63%
   Finance:
     Brokerage & Money Management  5.82%
     Insurance                     2.72%
     Banking - Regional            0.58%
     SUBTOTAL                      9.12%
   Energy:
     Oil Service                   6.51%
     Domestic Producers            0.53%
     SUBTOTAL                      7.04%
   Consumer Staples:
     Household Products            1.82%
     Retail - Food & Drug          0.87%
     Cosmetics                     0.37%
     SUBTOTAL                      3.06%
   Capital Goods                   2.28%
   Consumer Manufacturing          1.22%
   Aerospace & Defense             0.47%
   Total                         100.00%

  Portfolio Statistics
   Total Net Assets:     $51.3 Million
   Net Asset Value:      $13.95
   Number of Holdings:   54



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 Alliance Capital Management L. P. 

DATASOURCE: Alliance All- Market Advantage Fund, Inc.



CONTACT:  Shareholder Contact for Alliance All- Market Advantage Fund,

Inc., 1-800-221-5672



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

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