The Morgan Stanley High Yield Fund Declares Monthly Dividend Of $0.0350

The Morgan Stanley High Yield Fund, Inc. announces a monthly dividend of $0.0350 per share of net investment income. EX DATE 01 28 09 RECORD DATE 01 30 09 PAYABLE DATE 02 13 09 The Morgan Stanley High Yield Fund,

By None

The Morgan Stanley High Yield Fund, Inc. announces a monthly dividend of $0.0350 per share of net investment income.

EX-DATE 01/28/09

RECORD DATE

01/30/09

PAYABLE DATE

02/13/09

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.

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.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $399 billion in assets under management or supervision as of 30 November 2008.

L.D.

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