On 31 May 2006 the Portfolio was formed by the merger of ACMBernstein Value Investments—European Value Portfolio (“ACMBVI—EVP”) into ACMGlobal Investments—European Value Portfolio. Effective 31 July 2006, ACMGlobal Investments was renamed to ACMBernstein. AllianceBernstein is the trading name of ACMBernstein. Performance prior to 31 May 2006 and noted “since inception” is actually ACMBVI—EVP. The investment objective, policies and strategies of the portfolios are substantially the same.