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SIGNATURE GRACE C. TORRES
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820537
<NAME> THE HIGH YIELD INCOME FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> HIGH YIELD INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 98,191,886
<INVESTMENTS-AT-VALUE> 103,031,613
<RECEIVABLES> 2,179,415
<ASSETS-OTHER> 2,522
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 175,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,458,033
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,324,569
<SHARES-COMMON-STOCK> 11,157,762
<SHARES-COMMON-PRIOR> 11,074,968
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (48,789)
<ACCUMULATED-NET-GAINS> (20,534,990)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,839,727
<NET-ASSETS> (22,232,730)
<DIVIDEND-INCOME> 40,109
<INTEREST-INCOME> 10,449,295
<OTHER-INCOME> 0
<EXPENSES-NET> 2,281,534
<NET-INVESTMENT-INCOME> 8,207,870
<REALIZED-GAINS-CURRENT> 1,127,455
<APPREC-INCREASE-CURRENT> 2,797,116
<NET-CHANGE-FROM-OPS> 12,132,441
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,207,870)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (131,748)
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 613,616
<NET-CHANGE-IN-ASSETS> 4,406,439
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (21,662,445)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 574,300
<INTEREST-EXPENSE> 1,300,937
<GROSS-EXPENSE> 2,281,534
<AVERAGE-NET-ASSETS> 81,788,000
<PER-SHARE-NAV-BEGIN> 7.24
<PER-SHARE-NII> 0.74
<PER-SHARE-GAIN-APPREC> 0.35
<PER-SHARE-DIVIDEND> (0.74)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 7.58
<EXPENSE-RATIO> 2.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
For the fiscal year ended (a)
August 31, 1997
File number: 811-5296
SUB-ITEM 77C
Submission of Matters to a Vote of Security Holders
A Special Meeting of
Shareholders was held on October
30, 1996. At such meeting the
shareholders approved the following
proposals:
a) Approval of the election
of the following
Directors each to hold
office until the earlier
to occur of (i) the next
meeting of Shareholders
at which Directors are
elected and until his or
her successor shall have
been duly elected and
shall have qualified or
(ii) their terms expire
in accordance with the
Fund's retirement policy:
Class I Donald D.
Lennox, Mendal
A. Melzer,,
Nancy H.
Teeters, and
Louis A. Weil,
III
Class II Delayne D.
Gold, Robert F.
Gunia, Harry A.
Jacobs, Jr.,
Thomas T.
Mooney
Class III Edward D.
Beach, Eugene
C. Dorsey,
Thomas H.
O'Brien,
Richard A.
Redeker
b) Approval of the selection
of independent
accountants for the Fund
conditioned upon the
right by vote of a
majority of such Fund's
outstanding voting shares
at any meeting called for
the purpose to terminate
such employment forthwith
without penalties.
Affirmative
Negative
votes cast
votes cast Abstain
6,403,925
118,082 140,311
October 22, 1997
To the Shareholders and Board of
Directors of
The High Yield Income Fund, Inc.
In planning and performing our audit of
the financial statements of The High
Yield Income Fund, Inc. (the "Fund") for
the year ended August 31, 1997, we
considered its internal control,
including control activities for
safeguarding securities, in order to
determine our auditing procedures for
the purpose of expressing our opinion on
the financial statements and to comply
with the requirements of Form N-SAR, not
to provide assurance on internal
control.
The management of the Fund is
responsible for establishing and
maintaining internal control. In
fulfilling this responsibility,
estimates and judgments by management
are required to assess the expected
benefits and related costs of control
activities. Generally, control
activities that are relevant to an audit
pertain to the entity's objective of
preparing financial statements for
external purposes that are fairly
presented in conformity with generally
accepted accounting principles. Those
control activities include the
safeguarding of assets against
unauthorized acquisition, use or
disposition.
Because of inherent limitations in
internal control, errors or
irregularities may occur and not be
detected. Also, projection of any
evaluation of internal control to future
periods is subject to the risk that it
may become inadequate because of changes
in conditions or that the effectiveness
of the design and operation may
deteriorate.
Our consideration of internal control
would not necessarily disclose all
matters in internal control that might
be material weaknesses under standards
established by the American Institute of
Certified Public Accountants. A
material weakness is a condition in
which the design or operation of any
specific internal control components
does not reduce to a relatively low
level the risk that errors or
irregularities in amounts that would be
material in relation to the financial
statements being audited may occur and
not be detected within a timely period
by employees in the normal course of
performing their assigned functions.
However, we noted no matters involving
internal control, including control
activities for safeguarding securities,
that we consider to be material
weaknesses as defined above as of August
31, 1997.
This report is intended solely for the
information and use of management and
the Board of Directors of the Fund and
the Securities and Exchange Commission.
