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Three Morgan Stanley Closed-End Funds Merged

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Dec. 10, 2002 — Morgan Stanley Dean Witter (MWD) said shareholders approved merging three closed-end funds that invest in high-yield bonds into an open-end fund.

In the reorganization, Morgan Stanley High Income Adv (YLD), Morgan Stanley High Inc Adv II (YLT) and Morgan Stanley High Inc Adv III (YLH) were absorbed by Morgan Stanley High Yield Securities/B (HYLBX).

The closed-end funds generally traded at a premium to their net asset values, but recently have have been trading at a discount to them, Morgan Stanley said in a regulatory filing.

Open-end funds permit shareholders to redeem shares daily at the net asset value of the stock.