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Alliance Monthly Income - Debt To Close Down

Alliance Mutual Fund has decided to wind up its Monthly Income - Debt Plan with effect from July 15, 2002. It is for the first time in the history of mutual fund industry that an open-end fund has been closed down.

This is in response to the changed tax structure, which made dividends from debt funds taxable in the hands of the investors at the marginal rate applicable to them, which in turn made the fund inefficient.

Unit of the fund on the winding up date (July 15, 2002) will be redeemed without any exit load.