The Morgan Stanley High Yield Fund, Inc. Declares Monthly Income Dividend

Business Wire, Oct 21, 2008

NEW YORK -- The Morgan Stanley High Yield Fund, Inc. (NYSE: MSY) declared today a monthly dividend of $0.0350 per share of net investment income.

EX-DATE   <               <  RECORD DATE

PAYABLE DATE
10/29/08  <               <  10/31/08

11/14/08

The Morgan Stanley High Yield Fund, Inc. (the "Fund"), advised by Morgan Stanley Investment Management Inc., is a closed-end management investment company investing primarily in debt securities that are rated below investment grade or are unrated and considered to have a credit quality below investment grade.

The Fund's primary investment objective is to seek a high level of current income and its secondary objective is to seek capital appreciation.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $570 billion in assets under management or supervision as of August 31, 2008. By leveraging its global 'community of boutiques' structure and the strength of Morgan Stanley, MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management, and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 35 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.