Report of Independent Auditors
To the Shareholders and
Board of Directors of
Alliance Multi-Market Strategy Trust, Inc.
In planning and performing our audit of the financial
statements of Alliance Multi-Market Strategy Trust,
Inc. for the year ended October 31, 2000, we
considered its internal control, including
control activities for safeguarding securities,
to determine our auditing procedures for the
purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-SAR, and not to provide
assurance on internal control.
The management of Alliance Multi-Market Strategy
Trust, Inc. is responsible for establishing
and maintaining internal control. In fulfilling
this responsibility, estimates and judgments
by management are required to assess the
expected benefits and related costs of
control. Generally, internal controls
that are relevant to an audit pertain
to the entity's objective of preparing
financial statements for external purposes
that are fairly presented in conformity
with generally accepted accounting
principles. Those internal controls
include the safeguarding of assets
against unauthorized acquisition,
use, or disposition.
Because of inherent limitations in internal
control, misstatements due to errors
or fraud may occur and not be detected.
Also, projections of any evaluation
of internal control to future periods
are subject to the risk that internal
control may become inadequate because
of changes in conditions, or that the
degree of compliance with the policies
or procedures may deteriorate.
Our consideration of internal control
would not necessarily disclose all
matters in internal control that
might be material weaknesses under
standards established by the American
Institute of Certified Public
Accountants. A material weakness
is a condition in which the design
or operation of one or more of the
specific internal control components
does not reduce to a relatively low
level the risk that errors or fraud
in amounts that would be material
in relation to the financial statements
being audited may occur and not be
detected within a timely period by
employees in the normal course of
performing their assigned functions.
However, we noted no matters
involving internal control,
including control activities
for safeguarding securities,
and its operation that we consider
to be material weaknesses as defined
above at October 31, 2000.
This report is intended solely for the
information and use of the Board of
Directors and management of Alliance
Multi-Market Strategy Trust, Inc.,
and the Securities and Exchange
Commission and is not intended to
be and should not be used by anyone
other than these specified parties.
ERNST & YOUNG LLP
December 8, 2000
