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., +1-800-221-5672 Web site: http://www.alliancecapital.com/

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