Filed Pursuant to Rule 497(e)
                                              Registration File No.: 2-64782

                      SUPPLEMENT DATED FEBRUARY 13, 2002
                              TO THE PROSPECTUS OF
                   MORGAN STANLEY HIGH YIELD SECURITIES INC.
                             DATED OCTOBER 31, 2001


     The last sentence in the fourth paragraph in the section of the Prospectus
titled "PRINCIPAL INVESTMENT STRATEGIES" is hereby amended as follows:

      The Fund may also invest in common stocks, asset-backed securities,
      warrants and foreign securities.

     The following paragraph is hereby added to the section of the Prospectus
titled "ADDITIONAL INVESTMENT STRATEGY INFORMATION":

      ASSET-BACKED SECURITIES. Asset-backed securities represent an interest in
      a pool of assets such as automobile and credit card receivables or home
      equity loans that have been securitized in pass through structures
      similar to mortgage-backed securities. These types of pass through
      securities provide for monthly payments that are a "pass through" of the
      monthly interest and principal payments made by the individual borrowers
      on the pooled receivables.

     The following paragraph is hereby added to the section of the Prospectus
titled "ADDITIONAL RISK INFORMATION":

      ASSET-BACKED SECURITIES. Asset-backed securities have risk
      characteristics similar to mortgage-backed securities. Like
      mortgage-backed securities, they generally decrease in value as a result
      of interest rate increases, but may benefit less than other fixed-income
      securities from declining interest rates, principally because of
      prepayments. Also, as in the case of mortgage-backed securities,
      prepayments generally increase during a period of declining interest
      rates although other factors, such as changes in credit card use and
      payment patterns, may also influence prepayment rates. Asset-backed
      securities also involve the risk that various federal and state consumer
      laws and other legal and economic factors may result in the collateral
      backing the securities being insufficient to support payment on the
      securities.