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

* Reuters is not responsible for the content in this press release.

Tue Jan 22, 2008 4:15pm EST 

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

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*T
     RECORD DATE     PAYABLE DATE
     -----------     ------------
       1/31/08         2/15/08
*T

   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 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 800 investment professionals around
the world and approximately $597 billion in assets under management or
supervision as of November 30, 2007. These entities offer investment
management services to a diverse client base, which includes
governments, institutions, corporations and individuals.

   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 33 countries. For
further information about Morgan Stanley, please visit
www.morganstanley.com.

The Morgan Stanley High Yield Fund, Inc.
800-231-2608

Copyright Business Wire 2008
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