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Alliance Capital
ALLIANCE MORTGAGE STRATEGY TRUST
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March 1, 1995
Supplement to Prospectus dated March 1, 1995 for Missouri
Investors
The Fund's investment activities are likely to result in
the Fund engaging in a considerable amount of trading of
securities held for less than one year. This trading activity
increases the Fund's transaction costs, rate of turnover and the
incidence of short-term capital gain taxable as ordinary income.
Investors should consider that the Fund also intends to engage in
certain borrowing techniques which may increase investment risk.
(R): This is a registered mark used under license from the
owner, Alliance Capital Management L.P.
00250110.AK8
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