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In this Letter we reexamine the D-brane spectrum in the Melvin background with non-constant NSNS B-field from the viewpoint of its world-volume and string world-sheet theory. We find that the stable D2–D0 bound state exists even though it does not wrap any non-trivial cycles. We show that this system is stabilized by the presence of the NSNS B-field and the magnetic flux F. Moreover from the non-Abelian...