Alliance All-Market Advantage Fund Releases Monthly Portfolio Update

Alliance All-Market Advantage Fund Releases Monthly Portfolio
Update 


NEW YORK, Nov. 29  /PRNewswire-FirstCall/ -- Alliance All-Market Advantage
Fund, Inc. [NYSE: AMO] (the "Fund") today released its monthly portfolio update
as of October 31, 2004.

                 Alliance All-Market Advantage Fund, Inc.

  Top 10 Equity Holdings
                                  Portfolio%
   1)   Yahoo Inc.                    5.61%
   2)   eBay Inc                      5.16%
   3)   Dell Inc                      4.42%
   4)   Lowes Cos Inc                 3.88%
   5)   Microsoft Corp                3.85%
   6)   Google Inc. Class A           3.53%
   7)   Juniper Networks Inc          3.52%
   8)   Electronic Arts Inc           3.42%
   9)   Corning Inc                   3.26%
   10)  Qualcomm Incorporated         3.16%

  Security Type
                                  Portfolio%
  Equities:
     Common Stock                    92.88%
     Options                          4.34%
  Short-term                          2.78%
  Total                             100.00%

  Sector/Industry Breakdown
                                  Portfolio%
   Technology:
      Communication Equipment        13.64%
      Software                        8.42%
      Computer Hardware/Storage       5.65%
      Semiconductor Components        4.97%
      Semiconductor Capital Equip     1.03%
      Computer Peripherals            0.57%
   Consumer Services:
      Miscellaneous                  12.56%
      Retail - General Merchandise   11.18%
      Entertainment & Leisure         3.10%
      Restaurants & Lodging           2.09%
      Broadcasting & Cable            1.96%
      Gaming                          0.41%
   Healthcare:
      Medical Products                8.48%
      Biotechnology                   1.31%
      Drugs                           0.86%
      Medical Services                0.35%
   Finance:
      Miscellaneous                   3.62%
      Insurance                       2.44%
      Banking - Money Center          2.41%
      Brokerage & Money Management    1.18%
  Energy:
      Oil Service                     3.50%
      Domestic Producers              0.97%
  Capital Goods                       2.56%
  Consumer Staples:
      Household Products              1.17%
      Cosmetics                       0.87%
  Multi Industry Companies            0.95%
  Transportation                      0.50%
  Consumer Manufacturing              0.47%
  Short-term                          2.78%
  Total                             100.00%

   Total Net Assets:    $47.6 Million
   Net Asset Value:     $13.00
   Number of Holdings:  60



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 of Alliance All-Market Advantage Fund, Inc.,

[phone]



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

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