With effect from July 5, 2002, Alliance Mutual Fund has amended the investment objective of its four schemes -- Alliance Income Fund, Alliance Cash Manager, Alliance Short-Term Fund and Alliance Monthly Income. The reason: to allow these schemes to invest in foreign debt securities.
Also in the case of Alliance Income Fund, the provision pertaining to maximum rupee-weighted average mauturity of seven years of portfolio has been reduced to five years.
That apart, unitholders wanting to opt out of Alliance Income Fund and Alliance Monthly Income can do so before July 29, 2002, without paying any exit load. The other two schemes, Alliance Cash Manager and Alliance Short-Term Fund carry no exit load.