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This is filed pursuant to Rule 497(c).
File Nos. 33-47031 and 811-06627.
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(LOGO)(R) ALLIANCE MORTGAGE STRATEGY TRUST
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November 1, 1995
Supplement to Prospectus dated November 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.
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