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.

In order to comply with the requirements of Section 19 of the Investment Company Act of 1940, The Fund will provide its shareholders of record on the record date with a Section 19 Notice disclosing the sources of its dividend payment when a distribution includes anything other than net investment income. The Section 19 Notice is not provided for tax reporting purposes but for informational purposes only.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $386 billion in assets under management or supervision as of September 30, 2009. 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 1,200 offices in 36 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

SOURCE: The Morgan Stanley High Yield Fund, Inc.

The Morgan Stanley High Yield Fund, Inc. 
For more information: 
800-231-2608

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