<PAGE>
This is filed pursuant to Rule 497(c).
File Nos. 33-39350 and 811-06251.
00250182.AL9
<PAGE>
(LOGO)(R) ALLIANCE MULTI-MARKET STRATEGY TRUST
_________________________________________________________________
November 1, 1995
Supplement to Prospectus dated November 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.AL9
<PAGE>
This is filed pursuant to Rule 497(c).
File Nos. 33-39350 and 811-06251.
00250182.AL9
<PAGE>
(LOGO)(R) ALLIANCE MULTI-MARKET STRATEGY TRUST
_________________________________________________________________
November 1, 1995
Supplement to Prospectus dated November 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.AL9
<PAGE>
This is filed pursuant to Rule 497(c).
File Nos. 33-39350 and 811-06251.
00250182.AL9
<PAGE>
(LOGO)(R) ALLIANCE MULTI-MARKET STRATEGY TRUST
_________________________________________________________________
November 1, 1995
Supplement to Prospectus dated November 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.AL9
<PAGE>
This is filed pursuant to Rule 497(c).
File Nos. 33-39350 and 811-06251.
00250182.AL9
<PAGE>
(LOGO)(R) ALLIANCE MULTI-MARKET STRATEGY TRUST
_________________________________________________________________
November 1, 1995
Supplement to Prospectus dated November 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.AL9
