POWER OF ATTORNEY


     Know All Men by These Presents, that each person whose signature appears
below constitutes and appoints Barry Fink and Marilyn Cranney and each and any
one of them, his true and lawful attorneys-in-fact and agents, with full power
of substitution and resubstitution, for him and in his name, place and stead,
in any and all capacities, to sign any or all amendments (including
post-effective amendments) to the Registration Statement on Form N-14 of Morgan
Stanley High Yield Securities Inc., and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the premises, as fully to
all intents and purposes as he might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or any of them, or
their or his substitutes, may lawfully do or cause to be done by virtue hereof.


               SIGNATURE                     TITLE          DATE
- ---------------------------------------   ----------   --------------
          /s/ Charles A. Fiumefreddo       Director    July 25, 2002
- -------------------------------------
            Charles A. Fiumefreddo

          /s/ James F. Higgins             Director    July 25, 2002
- -------------------------------------
            James F. Higgins

          /s/ Philip J. Purcell            Director    July 25, 2002
- -------------------------------------
            Philip J. Purcell




                               POWER OF ATTORNEY


     Know All Men by These Presents, that each person whose signature appears
below constitutes and appoints David M. Butowsky, Stuart M. Strauss and Ronald
M. Feiman and each and any one of them, his true and lawful attorneys-in-fact
and agents, with full power of substitution and resubstitution, for him and in
his name, place and stead, in any and all capacities, to sign any or all
amendments (including post-effective amendments) to the Registration Statement
on Form N-14 of Morgan Stanley High Yield Securities Inc., and to file the
same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, or their or his substitutes, may
lawfully do or cause to be done by virtue hereof.


               SIGNATURE                     TITLE          DATE
- ---------------------------------------   ----------   --------------
            /s/ Michael Bozic              Director    July 25, 2002
- -------------------------------------
              Michael Bozic

            /s/ Edwin J. Garn              Director    July 25, 2002
- -------------------------------------
              Edwin J. Garn

           /s/ Wayne E. Hedien             Director    July 25, 2002
- -------------------------------------
             Wayne E. Hedien

             /s/ Manuel H. Johnson         Director    July 25, 2002
- -------------------------------------
               Manuel H. Johnson

          /s/ Michael E. Nugent            Director    July 25, 2002
- -------------------------------------
            Michael E. Nugent

          /s/ John L. Schroeder            Director    July 25, 2002
- -------------------------------------
            John L. Schroeder