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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