Alliance All-Market Advantage Fund Releases Monthly Portfolio Update

NEW YORK, Sept. 21  /PRNewswire-FirstCall/ -- Alliance All-Market Advantage Fund, Inc. [NYSE: AMO] (the "Fund") today released its monthly portfolio update as of August 31, 2005.

                 Alliance All-Market Advantage Fund, Inc.

      Top 10 Equity Holdings
                                Portfolio%     Country
   1) Yahoo Inc.                     4.20%   United States
   2) Google Inc Class A             4.10%   United States
   3) Apple Computer Inc             4.06%   United States
   4) Broadcom Corporation           3.59%   United States
   5) Genentech Inc                  3.52%   United States
   6) Dell Inc                       3.48%   United States
   7) Qualcomm Incorporated          3.40%   United States
   8) eBay Inc                       3.38%   United States
   9) Halliburton Co                 3.37%   United States
  10) Corning Inc                    3.24%   United States

  Sector/Industry Breakdown
                             Portfolio%
   Technology:
     Communication Equipment     10.18%
     Semiconductor Components     8.23%
     Computer Hardware/Storage    7.55%
     Internet Media               4.10%
     Software                     0.57%
     Computer Peripherals         0.40%
     SUBTOTAL                    31.03%
   Healthcare:
     Biotechnology                7.86%
     Medical Products             6.75%
     Medical Services             4.07%
     Drugs                        2.62%
     SUBTOTAL                    21.30%
   Consumer Services:
     Retail - General Merchandise 7.76%
     Miscellaneous                6.93%
     Broadcasting & Cable         2.16%
     Entertainment & Leisure      1.00%
     Advertising                  0.52%
     SUBTOTAL                    18.37%
   Finance:
     Brokerage & Money Management 6.43%
     Insurance                    2.56%
     Banking - Regional           0.58%
     SUBTOTAL                     9.57%
   Energy:
     Oil Service                  5.98%
     Domestic Producers           0.57%
     SUBTOTAL                     6.55%
   Consumer Staples:
     Household Products           3.04%
     Retail - Food & Drug         1.04%
     SUBTOTAL                     4.08%
   Capital Goods                  1.55%
   Consumer Manufacturing         0.64%
   Aerospace & Defense            0.49%
   Short-term                     6.42%
   Total                        100.00%

   Security Type Breakdown

                             Portfolio%
   Domestic Equity               83.34%
   Foreign Equity                10.24%
   Short-term                     6.42%
   Total                        100.00%

   Country Breakdown
                      Portfolio%
   United States          83.33%
   Switzerland             3.04%
   Israel                  2.62%
   Bermuda                 2.61%
   Panama                  1.00%
   Cayman Islands          0.49%
   Taiwan                  0.49%
   Short-term              6.42%
   Total                 100.00%

  Portfolio Statistics
   Total Net Assets:     $51.3 Million
   Net Asset Value:      $13.93
   Number of Holdings:   56



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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