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<PAGE> PAGE 2
012 A000001 STATE STREET BANK AND TRUST COMPANY
012 B000001 85-5003
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<PAGE> PAGE 3
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SIGNATURE GRACE TORRES
TITLE TREASURER
For the fiscal year ended (a) August 31, 1999
File number: 811-5296
SUB-ITEM 77C
Submission of Matters to a Vote of Security Holders
A Special Meeting of Shareholders was held on December 8,
1998. 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:
Affirmative Authority
votes cast Withheld
Class II
Robert F. Gunia 6,928,258 286,902
Delayne Gold 6,928,258 286,902
Thomas T. Mooney 6,928,258 286,902
b) Approval of an amendment to the investment restriction
regarding restricted and illiquid securities.
Affirmative Negative
votes cast votes cast Abstain
4,898,202 604,276 234,697
c) Approval of an amendment to the investment restriction
regarding the purchase of securities of other
investment companies.
Affirmative Negative
votes cast votes cast Abstain
4,888,745 589,129 259,301
d) 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
6,906,888 156,332 151,939
Report of Independent Accountants
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, 1999, 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 controls. Generally, controls 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 controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud 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 one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud 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 and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of August 31, 1999.
This report is intended solely for the information and use
of management, the Board of Trustees of the Fund and the
Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
New York, New York
October 15, 1999
To the Shareholders and Board of Directors of
The High Yield Income Fund, Inc.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
FINANCIAL DATA SCHEDULE
Name of Fund : THE HIGH YIELD INCOME FUND, INC.
Series Name : HIGH YIELD INCOME FUND
Series Name :
Series Name :
Series Name :
CIK Number : 0000820537
REPORTING PERIOD
FISCAL YEAR-END (Must have 3 blank spaces in fr AUG-31-1999
PERIOD END (Must have 3 blank spaces in front) AUG-31-1999
TYPE OF PERIOD (6-MOS or YEAR) YEAR
STATEMENT OF ASSETS AND LIABILITIES
Assets
Investment
At Value 93,280,570
At Cost 97,109,284
Receivable 1,983,034
Other Assets 2,639
Total Assets $95,266,243
Liabilities
Payable for Securities Purchased $0
Senior - Long term Debt 0
Other Liabilities 20,405,722
Total Liabilities $20,405,722
Net Assets $74,860,521
Capital
Par Value 113,025
Paid in Capital 101,270,142
Accumulated Net Investment Income 37,117
Over Distribution 0
Accumulated Net Gains (Losses) (22,731,049)
Over Distribution Gains (Losses) 0
Appreciation or (Depreciation) (3,828,714)
Net Assets $74,860,521
Shares Outstanding - Current 11,302,445
Shares Outstanding - Prior 11,262,777
STATEMENT OF OPERATIONS
Net Investment Income
Income
Dividend 129,688
Interest 9,967,265
Other 0
Total Income 10,096,953
Expenses
Management Fees (Gross) 543,095
Interest Expenses 0
Other Expenses (Gross) 1,536,762
Less : Subsidy or waiver 0
Total Expense (net of waivers and subsidies) 2,079,857
Net Investment Income 8,017,096
Realized and Unrealized Gain (Loss)
Net realized gain (loss) (4,543,476)
Net change in unrealized appreciation (depreciation) 1,432,237
Total (3,111,239)
Net change from Operation 4,905,857
STATEMENT OF CHANGES IN NET ASSETS
Equalization 0
Dividend Income (8,112,556)
Distribution of Capital Gains 0
Other Distributions 0
Proceeds from shares subscribed 0
Cost of shares reacquired 0
Shares reinvested 435,530
Subtotal (7,677,026)
Net Change in Net Assets (2,771,169)
PRIOR FINANCIAL INFORMATION
Accumulated Net Investment Income 236,739
Accumulated Net Gains (Losses) (19,941,771)
Overdistribution of Net Investment Income
Overdistribution of Net Gains 0
FINANCIAL HIGHLIGHTS
Class A Class B Class C Class Z
NAV (at the beginning of the period) 6.91 0.00 0.00 0.00
Investment Income per share 0.71 0.00 0.00 0.00
Capital Appreciation (Depreciation) per share (0.28) 0.00 0.00 0.00
Dividend per share 0.00 0.00 0.00 0.00
Distribution per share (0.72) 0.00 0.00 0.00
Return of Capital per share 0.00 0.00 0.00 0.00
NAV (at the end of the period) 6.62 0.00 0.00 0.00
Average net assets (000) 77,389 0 0 0
Expense Ratio 2.69 0.00 0.00 0.00
Average Debt Outstanding (000) 0 0 0 0
Average Debt Outstanding per Share 0.00 0.00 0.00 0.00
/fdh:\FDS~~
/pf{?}~rCLASS_A~agq
/pf{?}~rCLASS_B~agq
/pf{?}~rCLASS_C~agq
{app1}pg~~
</TABLE>
