Products February 2, 2004

Alliance Funds' Merger Proposed

February 26, 2002 (PLANSPONSOR.com) - The Board of Directors of Alliance International Fund has proposed merging the fund into the AllianceBernstein International Value Fund, according to a Dow Jones report.

Reported by

Fred Schneyer

The Value Fund is part of the AllianceBernstein Trust.

Alliance International Fund’s board is seeking shareholder backing for the move because it believes it will be better for shareholders to own part of a larger fund with a lower expense ratio.

As of December 31, 2001, the Alliance International Fund had net assets of $106.4 million, while the AllianceBernstein Trust International Value Fund had net assets of $215.1 million.

Under the plan, the Alliance International Fund will transfer all of its assets to AllianceBernstein Trust’s International Value Fund in exchange for shares of the AllianceBernstein International Value Fund.

At the end of the reorganization, the Alliance International Fund will be liquidated, the filing said.

Both funds are advised by Alliance Capital Management LP.