AMO Merrill Lynch

NEW YORK, May 23 /PRNewswire-FirstCall/ -- Alliance All-Market Advantage Fund, Inc. (NYSE:AMO) (the "Fund") today released its monthly portfolio update as of March 31, 2007. Alliance All-Market Advantage Fund, Inc. Top 10 Equity Holdings Portfolio% Country 1) Google Inc Class A 5.65% United States 2) Apple Inc 5.58% United States 3) Wellpoint Inc 5.27% United States 4) Boeing Co 3.85% United States 5) Gilead Sciences, Inc 3.61% United States 6) Cisco Systems Inc 3.53% United States 7) Procter & Gamble Co 3.52% United States 8) Franklin Res Inc 3.25% United States 9) Alcon Inc 3.22% Switzerland 10) Hewlett-Packard 3.07% United States Sector/Industry Breakdown Portfolio% Technology: Computer Hardware/Storage 9.54% Internet Media 5.65% Communication Equipment 4.16% Semiconductor Components 3.58% Software 3.04% Computer Peripherals 1.52% Internet Infrastructure 1.16% Communication Services 0.78% SUBTOTAL 29.43% Finance: Brokerage & Money Management 10.21% Miscellaneous 4.77% Banking - Money Center 4.39% Insurance 1.90% SUBTOTAL 21.27% Consumer Services: Restaurants & Lodging 5.62% Retail - General Merchandise 5.54% Broadcasting & Cable 3.31% Cellular Communications 1.16% Apparel 0.68% Entertainment & Leisure 0.43% SUBTOTAL 16.74% Healthcare: Medical Services 5.27% Biotechnology 5.21% Medical Products 5.16% SUBTOTAL 15.64% Aerospace & Defense 5.49% Consumer Staples: Household Products 3.52% Food 1.03% SUBTOTAL 4.55% Energy 3.78% Basic Industry 2.01% Capital Goods 1.09% Total 100.00% Security Type Breakdown Portfolio% Domestic Equity 91.09% Foreign Equity 8.91% Total 100.00% Country Breakdown Portfolio% United States 91.09% Switzerland 6.16% Netherlands Antilles 1.62% Mexico 0.65% Bermuda 0.48% Total 100.00% Portfolio Statistics Total Net Assets: $47.5 Million Net Asset Value: $12.84 Number of Holdings: 53 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 AllianceBernstein L. P. DATASOURCE: Alliance All-Market Advantage Fund CONTACT: Shareholder Contact, +1-800-221-5672 Web site: http://www.alliancebernstein.com/

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