<PAGE>
This is filed pursuant to Rule 497(c).
File Nos. 33-84270 and 811-08776.
00250203.AG7
<PAGE>
(LOGO)(R) ALLIANCE ALL-ASIA INVESTMENT FUND, INC.
_________________________________________________________________
November 1, 1995
Supplement to Prospectus dated November 1, 1995 for Maryland
Investors
There are no percentage investment limitations on the Fund's
ability to engage in the investment practices identified in
clauses (i) through (xvi) in the carryover paragraph on page 5
and 6 of the Prospectus, except to the extent any such
limitations are set forth in that paragraph or under "Description
of the Fund--Additional Investment Practices." These investment
practices, most of which are derivatives or involve the use of
derivatives, are more fully described under "Description of the
Fund-Additional Investment Practices."
(R) This is a registered mark used under license from the owner,
Alliance Capital Management L.P.
00250203.AG7
<PAGE>
This is filed pursuant to Rule 497(c).
File Nos. 33-84270 and 811-08776.
00250203.AG7
<PAGE>
(LOGO)(R) ALLIANCE ALL-ASIA INVESTMENT FUND, INC.
_________________________________________________________________
November 1, 1995
Supplement to Prospectus dated November 1, 1995 for Missouri
Investors
Prospective Missouri investors should consider the fact that
the Fund's portfolio turnover rate could, under some conditions,
be 150%. A 150% turnover rate in the opinion of the Office of
the Secretary of the State of Missouri is greater than most other
investment companies, including those which emphasize capital
appreciation as a basic policy. A high portfolio turnover rate
increases transactions costs and incidence of short-term capital
gain taxable as ordinary income. The Fund does not believe that
a 150% turnover rate is high or that it is higher than most other
investment companies.
(R) This is a registered mark used under license from the owner,
Alliance Capital Management L.P.
00250203.AG7
