AMO Merrill Lynch

NEW YORK, Dec. 9 /PRNewswire-FirstCall/ -- Alliance All-Market Advantage Fund, Inc. (NYSE:AMO) (the "Fund") today released its monthly portfolio update as of October 31, 2005. Alliance All-Market Advantage Fund, Inc. Top 10 Equity Holdings Portfolio% Country 1) Google Inc Class A 5.63% United States 2) Apple Computer Inc 5.18% United States 3) Yahoo Inc. 4.44% United States 4) Qualcomm Incorporated 4.38% United States 5) Halliburton Co 4.29% United States 6) Corning Inc 3.85% United States 7) Genentech Inc 3.66% United States 8) eBay Inc 3.61% United States 9) Broadcom Corporation 3.41% United States 10) Procter & Gamble Co 3.38% United States Sector/Industry Breakdown Portfolio% Technology: Communication Equipment 11.23% Computer Hardware/Storage 7.47% Semiconductor Components 7.20% Internet Media 5.63% Computer Peripherals 0.69% Software 0.23% SUBTOTAL 32.45% Healthcare: Biotechnology 7.56% Medical Products 4.86% Medical Services 4.37% Drugs 3.00% SUBTOTAL 19.79% Consumer Services: Retail - General Merchandise 7.81% Miscellaneous 6.51% Broadcasting & Cable 1.10% Entertainment & Leisure 0.69% Advertising 0.49% Restaurants & Lodging 0.19% SUBTOTAL 16.79% Finance: Brokerage & Money Management 7.07% Insurance 3.19% Banking - Regional 1.02% SUBTOTAL 11.28% Energy 7.50% Consumer Staples: Household Products 3.38% Retail - Food & Drug 2.19% SUBTOTAL 5.57% Capital Goods: Miscellaneous 1.06% Electrical Equipment 0.55% SUBTOTAL 1.61% Aerospace & Defense 1.04% Multi Industry Companies 0.28% Short-term 3.69% Total 100.00% Security Type Breakdown Portfolio% Domestic Equity 82.42% Foreign Equity 13.89% Short-term 3.69% Total 100.00% Country Breakdown Portfolio% United States 82.42% Bermuda 5.62% Switzerland 3.13% Israel 3.00% Cayman Islands 0.93% Panama 0.69% Netherlands Antilles 0.52% Short-term 3.69% Total 100.00% Portfolio Statistics Total Net Assets: $51.7 Million Net Asset Value: $14.04 Number of Holdings: 54 Effective October 1, 2005, the Shareholder Servicing Agent Agreement between the Fund and UBS Paine Webber, Inc., pursuant to which the Fund paid 0.10 of 1% of average weekly net assets, was terminated. 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, Inc. Shareholder Contact, 1-800-221-5672 Web site: http://www.alliancecapital.com/

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