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Recently I have been contemplating adding what I preceive as a closed ended or open ended fund but need more information on what this actually means. The company or share symbol in question is Morgan Stanley High Yield Fund. It trades on the NYSE as YLD.

Question 1: If bought what am I actually getting? There seems to be very limited information on this symbol other than what impresses me most, the dividend yield of roughly 18%. Am i right in what I'm seeing when I pull the information or is there something I'm missing? I can't even seem to get a straight understanding on whether this is truly a closed ended or open ended fund.

Question 2: What is the difference between the closed ended and open ended funds? From what I could tell closed ended funds usually sell at a discounted rate. In some ways this seems bad because the fund may get sold later on at a less than market value if what I read is correct.

Question 4: Given that I am invested heavily in technology (60%), standard core NYSE dividend companies (15%), five drips (15%), and two biotechs (10%), can these high yield dividend funds be a benefit? I would consider purchasing it in a Roth account if done therefore letting the dividend either grow for other purchases or to reinvest back in the original company. Currently both my wife's Roth and mine are 100% technology. All core NYSE stocks that pay dividends and the Drips are considered cash holdings given the slower growth.

Question 5: Where can I go to learn more about these types of funds?

Question 6: One article I read seem to vaguely describe that fund managers are moving closed end funds to open end funds. Is this the correct assumption?

Question 7: Given that these particular funds either trade on the NYSE or AMEX that I've seen, they are not actual mutual funds that I can tell. However given that they are funds, do they impose fees like traditional mutual funds? If so, how are they paid, or when?

Thanks in advance for the answers to these questions.

fool on,

Brian
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