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Alliance Capital
ALLIANCE MULTI-MARKET STRATEGY TRUST
________________________________________________________________
March 1, 1995
Supplement to Prospectus dated March 1, 1995 for Massachusetts
Investors
Prospective Massachusetts investors should note that the
Fund may borrow monies representing approximately 25% of its
total assets for leverage purposes, i.e., for the purpose of
purchasing additional portfolio investments. Leveraging, which is
usually considered to be a speculative investment technique, has
advantages and disadvantages, both of which should be carefully
evaluated by the investor.
In this regard, the Fund's Adviser anticipates that the
Fund's use of leverage will provide the Fund's shareholders with
a potentially higher yield than if the Fund had not used
leverage. Investors should note, however, the special risks
associated with the use of borrowed funds to purchase investment
securities, which could increase the volatility of the net asset
value of the Fund's shares. Leveraging is discussed in more
detail on page 34 of the Prospectus.
Unlike certificates of deposit of money market fund
shares, the Fund's net asset value will fluctuate and shares of
the Fund may, when redeemed, be worth more or less than their
original cost. The Fund is designed to have less fluctuation in
net asset value than a longer-term fund.
(R): This registered mark used under license from the owner,
Alliance Capital Management L.P.
00250182.AL1
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Alliance Capital
ALLIANCE MULTI-MARKET STRATEGY TRUST
________________________________________________________________
March 1, 1995
Supplement to Prospectus dated March 1, 1995 for Missouri
Investors
Investors should consider the fact that the Fund intends
to borrow for leveraging purposes. Borrowing by the Fund
increases the costs of operation and may increase the amount of
loss in the event the value of the Fund's securities decline.
See page 34 of the Prospectus.
The Fund may also engage in active short-term trading to
benefit from yield disparities among different issues of
securities, to seek short-term profits during periods of
fluctuating interest rates, or for other reasons. Short-term
trading activity increases the Fund's transaction costs, rate of
turnover and the incidence of short-term capital gain taxable as
ordinary income.
(R): This registered mark used under license from the owner.
Alliance Capital Management L.P.
00250182.AL1
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Alliance Capital
ALLIANCE MULTI-MARKET STRATEGY TRUST
________________________________________________________________
March 1, 1995
Supplement to Prospectus dated March 1, 1995 for Ohio Investors
Prospective Ohio investors should note that the Fund may
borrow for leveraging purposes. Investment in the Fund may
therefore involve a higher degree of risk than investment in
similar investment companies that do not borrow for leveraging
purposes. Leveraging has advantages and disadvantages, both of
which should be carefully evaluated by the investor. Leveraging
is discussed in more detail on page 34 of the prospectus. This
prospectus must be delivered to the investor prior to
consummation of sale.
(R): This registered mark used under license from the owner,
Alliance Capital Management L.P.
00250182.AL1
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Alliance Capital
ALLIANCE MULTI-MARKET STRATEGY TRUST
________________________________________________________________
March 1, 1995
Supplement to Prospectus dated March 1, 1995 for Texas Investors
Prospective Texas investors should note that the Fund
may borrow monies representing approximately 25% of its total
assets for leverage purposes, i.e., for the purpose of purchasing
additional portfolio investments. Leveraging, which is usually
considered to be a speculative investment technique, has
advantages and disadvantages, both of which should be carefully
evaluated by the investor.
In this regard, the Fund's Adviser anticipates that the
Fund's use of leverage will provide the Fund's shareholders with
a potentially higher yield than if the Fund had not used
leverage. Investors should note, however, the special risks
associated with the use of borrowed funds to purchase investment
securities, which could increase the volatility of the net asset
value of the Fund's shares. Leveraging is discussed in more
detail on page 34 of the Prospectus.
Unlike certificates of deposit or money market fund
shares, the Fund's net asset value will fluctuate and shares of
the Fund may, when redeemed, be worth more or less than their
original cost. The Fund is designed to have less fluctuation in
net asset value than a longer-term bond fund.
(R): This registered mark used under license from the owner,
Alliance Capital Management L.P.
00250182.AL1
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