Alliance All-Market Advantage Fund Releases Monthly Portfolio Update NEW YORK, May 25 /PRNewswire-FirstCall/ -- Alliance All-Market Advantage Fund, Inc. [NYSE: AMO] (the "Fund") today released its monthly portfolio update as of April 30, 2005. Alliance All-Market Advantage Fund, Inc. Top 10 Equity Holdings Portfolio% 1) Google Inc Class A 6.18% 2) Yahoo Inc. 5.13% 3) Dell Inc 3.94% 4) Qualcomm Incorporated 3.80% 5) General Electric Co 3.38% 6) St Jude Med Inc 3.28% 7) Electronic Arts Inc 3.28% 8) Juniper Networks Inc 3.14% 9) Alcon Inc 3.09% 10) eBay Inc 2.89% Security Type Portfolio% Equities: Common Stock 94.96% Options 3.07% Short-term 1.97% Total 100.00% Sector/Industry Breakdown Portfolio% Technology: Communication Equipment 9.75% Computer Hardware/Storage 6.36% Internet Media 6.18% Semiconductor Components 4.53% Software 2.17% Computer Peripherals 1.49% Healthcare: Medical Products 8.97% Medical Services 5.70% Biotechnology 4.72% Drugs 4.59% Consumer Services: Miscellaneous 8.41% Retail - General Merchandise 5.84% Entertainment & Leisure 1.45% Restaurants & Lodging 1.27% Broadcasting & Cable 0.96% Finance: Brokerage & Money Management 3.94% Insurance 2.48% Miscellaneous 1.65% Energy: Oil Service 5.76% International 0.48% Consumer Staples: Household Products 2.98% Cosmetics 1.25% Retail - Food & Drug 1.08% Capital Goods 3.38% Consumer Manufacturing 1.66% Multi Industry Companies 0.98% Short-term 1.97% Total 100.00% Total Net Assets: $45.6 Million Net Asset Value: $12.42 Number of Holdings: 54 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 Contact for Alliance All-Market Advantage Fund, Inc., 1-800-221-5672 Web site: http://www.alliancecapital.com/

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