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(LOGO) ALLIANCE MULTI-MARKET
STRATEGY TRUST
_________________________________________________________________
March 1, 1996
Supplement to Prospectus dated March 1, 1996 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.AN9
