Morgan Stanley High Yield Fund, Inc. (the Fund) is a diversified, closed-end management investment company. The Fund’s primary objective is to seek a high level of current income, and as a secondary objective, to seek capital appreciation. The Fund invests primarily in high-yield securities. Its portfolio includes corporate bonds and notes, government bonds, common stocks and short-term investments. The Fund may invest in interests in entities organized and operated solely for the purpose of restructuring the investment characteristics of sovereign debt obligations. It invests in various industries, including broadcasting, cable, chemicals, consumer products, diversified media, energy, financials, forest products and healthcare. The Fund’s investment advisor and administrator is Morgan Stanley Investment Management Inc.