Morgan Stanley High Yield Fund, Inc. Today Declared Monthly Income Dividend

NEW YORK, May 19 /PRNewswire-FirstCall/ -- Morgan Stanley High Yield Fund, Inc. today declared a monthly dividend of $.04 per share of net investment income.

RECORD DATE PAYABLE DATE 5/28/04 6/15/04

Morgan Stanley High Yield Fund, Inc. is a closed-end management investment company investing principally 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 investment objective is to seek high current income and capital appreciation.

For further information, please contact: Mark Kucera, JPMorgan Investor Services Phone Number: [phone] For media inquiries only, please contact: Andrea Slattery, Morgan Stanley Investment Management Phone Number: [phone]

Morgan Stanley High Yield Fund, Inc.