August 30, 2002



Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Re:  Morgan Stanley High Income Advantage Trust III / Morgan Stanley High Yield
     Securities Inc.



Dear Ladies and Gentlemen:

     Pursuant to Rule 477(a) promulgated under the Securities Act of 1933,
Morgan Stanley High Income Advantage Trust III hereby applies for an order
granting the immediate withdrawal of the registration statement on Form N-14
(the "Registration Statement"), together with all exhibits and amendments
thereto, which was filed on August 14, 2002. The Registration Statement is that
of Morgan Stanley High Yield Securities Inc. and was incorrectly filed with
Morgan Stanley High Income Advantage Trust III's CIK/CCC codes. No securities
have been sold under the Registration Statement. The Registration Statement will
be filed on behalf of Morgan Stanley High Yield Securities Inc. as soon as
practicable.

     The Registration Statement relates to the proposed combination of
substantially all of the assets of Morgan Stanley High Income Advantage Trust
III, with those of Morgan Stanley High Yield Securities Inc. whereby
shareholders of Morgan Stanley High Income Advantage Trust III will become
shareholders of Morgan Stanley High Yield Securities Inc., receiving shares of
Morgan Stanley High Yield Securities Inc. equal to the value of their holdings
on the date of such transaction pursuant to the Agreement and Plan of
Reorganization dated as of July 25, 2002.

     Accordingly, we request that an order granting the withdrawal of the
Registration Statement be issued by the Securities and Exchange Commission as
soon as possible.

     If you have any questions regarding the foregoing application for
withdrawal, please contact Stuart M. Strauss of Mayer, Brown, Rowe & Maw at
(212) 506-2695.


                                             Very truly yours,


                                             /s/ Lou Anne McInnis
                                             ------------------------
                                             Lou Anne McInnis
                                             Assistant Secretary