<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4 )
Morgan Stanley High Yield Fund Inc.
(Name of Issuer)
Common Stock
(Title of class of securities)
61744M104
(CUSIP number)
Check the following box if a fee is being paid with this statement / / (A fee
is not required only if the filing person: (1) has a previous statement on
file reporting beneficial ownership the class of securities described in
Item 1; and (2) has filed no amendment subsequ beneficial ownership of five
percent or less of such class.) (See Rule 13d-7).
The remainder of this cover page shall be filled out for a reporting person's
initi respect to the subject class of securities, and for any subsequent
amendment contai would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or
otherwise s of that section of the Act but shall be subject to all other
provisions of the Act (however, see the notes).
<PAGE> 2
- ------------------- -----------------
CUSIP No. 61744M104 13G Page 2 of 9 Pages
- ------------------- -----------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley Group Inc.
IRS # 13-283-8891
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,224,556
EACH --------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH 0
--------------------------------------------
8 SHARED DISPOSITIVE POWER
1,391,956
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,391,956
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.96%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT !
<PAGE> 3
- ------------------- -----------------
CUSIP No. 61744M104 13G Page 3 of 9 Pages
- ------------------- -----------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley & Co. Incorporated
IRS # 13-265-5996
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,224,556
EACH --------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH 0
--------------------------------------------
8 SHARED DISPOSITIVE POWER
1,224,556
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,224,556
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.04%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
BD, CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT !
<PAGE> 4
- ----------------------- ---------------------
CUSIP No. 61744M104 13G Page 4 of 9 Pages
- ----------------------- ---------------------
Item 1 (a) Name of Issuer
- ----------- ----------------
Morgan Stanley High Yield Fund Inc.
Item 1 (b) Address of issuer's principal executive offices
- ----------- ----------------------------------------------------
1221 Avenue of the Americas
New York, New York 10020
Item 2 (a) Name of person filing
- ----------- ------------------------
(a) Morgan Stanley Group Inc.
(b) Morgan Stanley & Co. Incorporated
Item 2 (b) Principal business office
- ----------- ---------------------------
(a) 1585 Broadway
New York, New York 10036
(b) 1585 Broadway
New York, New York 10036
Item 2 (c) Citizenship
- ----------- -----------
Incorporated by reference to Item 4 of the
cover page pertaining to each reporting person.
Item 2 (d) Title of class of Securities
- ----------- --------------------------------
Common Stock
Item 2 (e) Cusip No.
- ----------- ----------
61744M104
Item 3 (a) Morgan Stanley Group Inc. is (e) an Investment
- --------- Adviser registered under section 203 of the
Investment Advisers Act of 1940
(b) Morgan Stanley & Co. Incorporated is (a) a
Broker-Dealer under Section 15 of the Securities
Exchange Act of 1934.
Item 4 Ownership
- ---------- ---------
Incorporated by reference to Items (5) - (9) and
cover page pertaining to each reporting person.
<PAGE> 5
- --------------------- --------------------
CUSIP No. 61744M104 13G Page 5 of 9 Pages
- --------------------- --------------------
Item 5 Ownership of 5 Percent or Less of a Class
- ------ -------------------------------------------------
Inapplicable
Item 6 Ownership of More than 5 Percent on Behalf of
- ------ -----------------------------------------------------
Another Person
---------------
Accounts managed on a discretionary basis by wholly-owned
subsidiaries of Morgan Stanley Group Inc., including Morgan
Stanley & Co. Incorporated, are known to have the right to
receive or the power to direct the receipt of dividends from, or
the proceeds from, the sale of such securities. No such account
holds more than 5 percent of the class.
Item 7 Identification and Classification of the Subsidiary Which
- ------ ---------------------------------------------------------------
Acquired the Security Being Reported on By the Parent
------------------------------------------------------------
Holding Company
----------------
Inapplicable
Item 8 Identification and Classification of Members of the Group
- ------ ----------------------------------------------------------------
Inapplicable
Item 9 Notice of Dissolution of Group
- ------ ----------------------------------
Inapplicable
Item 10 Certification
- ------- -------------
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having
such purpose or effect.
<PAGE> 6
- -------------------- ---------------
CUSIP No. 61744M104 13G Page 6 of 9
- -------------------- ---------------
After reasonable inquiry and to the best of my knowledge
that the information set forth in this statement is true,
Date : February 9, 1996
Signature : /s/ Edward J. Johnsen
-------------------------------------------------------
Name / Title: Edward J. Johnsen / Vice-President Morgan Stanley & Co.
Incorporated
---------------------------------------------------------
MORGAN STANLEY GROUP INC.
Date : February 9, 1996
Signature : /s/ Edward J. Johnsen
-------------------------------------------------------
Name / Title: Edward J. Johnsen / Vice-President Morgan Stanley & Co.
Incorporated
-------------------------------------------------------
MORGAN STANLEY & CO. INCORPORATED
<TABLE>
<CAPTION>
INDEX TO EXHIBITS PAGE
------------------- ----
<S> <C> <C>
EXHIBIT 1 Agreement to Make a Joint Filing 7
EXHIBIT 2 Secretary's Certificate Authorizing Edward J. Johnsen
to Sign on Behalf of Morgan Stanley Group Inc 8
EXHIBIT 3 Secretary's Certificate Authorizing Edward J. Johnsen
to Sign on Behalf of Morgan Stanley & Co. Inc 9
</TABLE>
<PAGE> 1
- --------------------- --------------------
CUSIP No. 61744M104 13G Page 7 of 9 Pages
- --------------------- --------------------
EXHIBIT 1 TO SCHEDULE 13G
FEBRUARY 9, 1996
MORGAN STANLEY GROUP INC. and MORGAN STANLEY & CO.
INCORPORATED hereby agree that, unless differentiated, this
Schedule 13G is filed on behalf of each of the parties.
MORGAN STANLEY GROUP INC.
BY: /s/ Edward J. Johnsen
---------------------
Edward J. Johnsen / Vice-President Morgan Stanley & Co. Incorporated
MORGAN STANLEY & CO. INCORPORATED
BY: /s/ Edward J. Johnsen
---------------------
Edward J. Johnsen / Vice-President Morgan Stanley & Co. Incorporated
<PAGE> 1
EXHIBIT 2 Page 8 of 9 Pages
MORGAN STANLEY
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer, a duly elected and acting Assistant
Secretary of Morgan Stanley Group Inc., a corporation organized and existing
under the laws of the State of Delaware (the "Corporation"), certify that the
following resolutions were duly and validly adopted by a Consent in Lieu of a
Meeting of the Executive Committee of the Board of Directors of the Corporation
dated as of October 19, 1995 and that such resolutions are in full force and
effect on the date hereof:
RESOLVED, that the resolutions adopted on September 8, 1993
and April 17, 1995 relating to signatories to certain reports to be
filed with the Securities and Exchange Commission (the "SEC") are
superseded in their entirety by these resolutions and Stuart J. M.
Breslow, Robert G. Koppenol and Edward J. Johnsen are severally
authorized and directed to sign on behalf of the Corporation any
reports to be filed under Section 13 and Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations
thereunder, with the Securities and Exchange Commission, such
authorizations to cease automatically upon termination of employment
with any affiliate of the Corporation; and
RESOLVED FURTHER, that all actions heretofore taken by Stuart
J. M. Breslow, Robert G. Koppenol and Edward J. Johnsen that are within
the authority conferred by the foregoing resolution are approved,
ratified and confirmed in all respects.
RESOLVED, that any and all actions to be taken, caused to be
taken or heretofore taken by any officer of the Corporation in
executing any and all documents, agreements and instruments and in
taking any and all steps (including the payment of all expenses) deemed
by such officer as necessary or desirable to carry out the intents and
purposes of the foregoing resolutions are authorized, ratified and
confirmed.
IN WITNESS WHEREOF, I have hereunto set my name and affixed
the seal of the Corporation as of the 20th day of October, 1995.
/S/ Charlene R. Herzer
------------------------------------
CHARLENE R. HERZER
ASSISTANT SECRETARY
[SEAL]
<PAGE> 1
EXHIBIT 3 Page 9 of 9 Pages
MORGAN STANLEY
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer, the duly elected and acting Assistant
Secretary of Morgan Stanley & Co. Incorporated, a corporation organized and
existing under the laws of the State of Delaware (the "Corporation"), certify
that the following resolutions were duly and validly adopted by the Executive
Committee of the Board of Directors of the Corporation by a Consent in Lieu of
Meeting dated September 20, 1995 and that such resolutions are in full
force and effect on the date hereof:
RESOLVED, that the resolutions adopted on September 16, 1993
relating to signatories on certain reports to be filed with the
Securities and Exchange Commission (the "SEC") are superseded in their
entirety by these resolutions and Stuart J. M. Breslow, Robert G.
Koppenol and Edward J. Johnsen are severally authorized and directed to
sign on behalf of the Corporation any reports to be filed under Section
13 and Section 16 of the Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder, with the Securities and
Exchange Commission, such authorizations to cease automatically upon
termination of employment with the Corporation or any of its
affiliates; and
RESOLVED FURTHER, that any actions heretofore taken by Stuart
J. M. Breslow, Robert G. Koppenol and Edward J. Johnsen in connection
with the responsibilities noted in the preceding resolution are
ratified, approved and confirmed.
IN WITNESS WHEREOF, I have hereunto set my name and affixed
the seal of the Corporation as of the 9th day of October, 1995.
/s/ Charlene R. Herzer
------------------------------------
CHARLENE R. HERZER
ASSISTANT SECRETARY
[SEAL]
