CONSENT OF INDEPENDENT AUDITORS



We consent to the use and incorporation by reference in the Statement of
Additional Information and the Proxy Statement and Prospectus, constituting
parts of this Registration Statement to be filed on or about August 30, 2002
on Form N-14 ("N-14 Registration Statement") for Morgan Stanley High Yield
Securities Inc. of our report dated March 12, 2002 relating to the January 31,
2002 financial statements of Morgan Stanley High Income Advantage Trust III
appearing in its 2002 Annual Report to Shareholders. We also consent to the
references to us under the heading "Financial Statements and Experts" in such
Proxy Statement and Prospectus, which is a part of such N-14 Registration
Statement.




Deloitte & Touche LLP
New York, New York
August 30, 2002