Alliance All-Market Advantage Fund Releases Monthly Portfolio Update

Alliance All-Market Advantage Fund Releases Monthly Portfolio
Update 


NEW YORK, Jan. 3  /PRNewswire-FirstCall/ -- Alliance All-Market Advantage Fund,
Inc. [NYSE: AMO] (the "Fund") today released its monthly portfolio update as of
November 30, 2004.

                              Alliance All-Market Advantage Fund, Inc.

       Top 10 Equity Holdings
                                                      Portfolio%
    1)  Yahoo Inc.                                         5.80%
    2)  eBay Inc                                           5.76%
    3)  Dell Inc                                           4.42%
    4)  Corning Inc                                        3.78%
    5)  Lowes Cos Inc                                      3.51%
    6)  Qualcomm Incorporated                              3.42%
    7)  General Electric Co                                3.31%
    8)  Carnival Corporation                               2.96%
    9)  Microsoft Corp                                     2.91%
   10)  Juniper Networks Inc                               2.88%

       Security Type
                                                      Portfolio%
       Equities:
          Common Stock                                    91.92%
          Options                                          3.45%
       Short-term                                          4.63%
       Total                                             100.00%

  Sector/Industry Breakdown
                                                      Portfolio%
       Technology:
          Communication Equipment                         11.57%
          Software                                         7.32%
          Computer Hardware/Storage                        6.98%
          Semiconductor Components                         5.89%
          Computer Peripherals                             0.99%
       Consumer Services:
          Retail - General Merchandise                    11.56%
          Miscellaneous                                   11.10%
          Entertainment & Leisure                          3.41%
          Restaurants & Lodging                            1.85%
          Broadcasting & Cable                             1.76%
       Healthcare:
          Medical Products                                 8.62%
          Medical Services                                 3.15%
          Drugs                                            0.86%
          Biotechnology                                    0.47%
       Finance:
          Miscellaneous                                    3.21%
          Brokerage & Money Management                     2.48%
          Insurance                                        1.39%
          Banking - Money Center                           1.01%
       Capital Goods                                       3.31%
       Energy                                              2.92%
       Consumer Staples:
          Household Products                               1.89%
          Cosmetics                                        0.96%
       Multi Industry Companies                            1.23%
       Transportation                                      0.98%
       Consumer Manufacturing                              0.46%
       Short-term                                          4.63%
       Total                                             100.00%

   Total Net Assets:        $50.4 Million
   Net Asset Value:        $13.76
   Number of Holdings:         63



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:  Alliance All-Market Advantage Fund Shareholder Contact:

1-800-221-5672



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

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