AMO Merrill Lynch

NEW YORK, Jan. 17 /PRNewswire-FirstCall/ -- Alliance All-Market Advantage Fund, Inc. (NYSE:AMO) (the "Fund") today released its monthly portfolio update as of December 31, 2007. Alliance All-Market Advantage Fund, Inc. Top 10 Equity Holdings Portfolio% Country 1) Google Inc-cl A 6.74% United States 2) Apple Inc 6.14% United States 3) Cisco Systems Inc 4.12% United States 4) Schlumberger Ltd 3.57% Netherlands Antilles 5) Hewlett-Packard Co 3.46% United States 6) Gilead Sciences Inc 3.06% United States 7) Monsanto Co 3.05% United States 8) Abbott Laboratories 2.99% United States 9) Honeywell International Inc 2.94% United States 10) Cme Group Inc 2.83% United States Sector/Industry Breakdown Portfolio% Technology: Computer Hardware/Storage 10.32% Communication Equipment 8.47% Semiconductor Components 4.88% Software 3.30% SUBTOTAL 26.97% Healthcare: Medical Products 6.52% Biotechnology 5.83% Medical Services 4.19% Drugs 1.56% SUBTOTAL 18.10% Consumer Services: Miscellaneous 6.74% Retail - General Merchandise 1.57% Restaurants & Lodging 1.37% Cellular Communications 0.82% Broadcasting & Cable 0.37% SUBTOTAL 10.87% Finance: Brokerage & Money Management 6.02% Miscellaneous 3.23% SUBTOTAL 9.25% Energy: Oil Service 7.48% Domestic Producers 1.62% SUBTOTAL 9.10% Capital Goods: Engineering & Construction 3.22% Machinery 2.60% Electrical Equipment 1.01% Miscellaneous 0.49% SUBTOTAL 7.32% Consumer Staples: Household Products 3.05% Beverages 2.10% Food 1.46% SUBTOTAL 6.61% Basic Industry 4.85% Multi Industry Companies 4.27% Aerospace & Defense 1.56% Short-term 1.10% Total 100.00% Security Type Breakdown Portfolio% Domestic Equity 84.80% Foreign Equity 14.10% Short-term 1.10% Total 100.00% Country Breakdown Portfolio% United States 84.81% Switzerland 3.66% Netherlands Antilles 3.57% Canada 2.47% Finland 1.88% Israel 1.36% Mexico 0.82% Panama 0.33% Short-term 1.10% Total 100.00% Portfolio Statistics Total Net Assets: $49.5 Million Net Asset Value: $13.37 Number of Holdings: 59 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, Inc. CONTACT: Shareholder Contact: 1-800-221-5672

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