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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE GRACE TORRES
TITLE TREASURER
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<CIK> 0000828990
<NAME> HIGH YIELD PLUS FUND, INC.
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PRINT ON COMPAQ
The Board of Directors of
The High Yield Plus Fund, Inc.:
In planning and performing our audit of the
financial statements of The High Yield Plus
Fund, Inc. for the year ended March 31, 1996,
we considered its internal control structure,
including procedures 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 the internal control structure.
The management of the Fund is responsible for
establishing and maintaining an internal
control structure. In fulfilling this
responsibility, estimates and judgments by
management are required to assess the
expected benefits and related costs of
internal control structure policies and
procedures. Two of the objectives of an
internal control structure are to provide
management with reasonable, but not absolute,
assurance that assets are safeguarded against
loss from unauthorized use or disposition and
that transactions are executed in accordance
with management's authorization and recorded
properly to permit preparation of financial
statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any
internal control structure, errors or
irregularities may occur and not be detected.
Also, projection of any evaluation of the
structure 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 the internal control
structure would not necessarily disclose all
matters in the internal control structure
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 the specific internal
control structure elements 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 the internal control
structure, including procedures for
safeguarding securities, that we consider to
be material weaknesses as defined above as of
March 31, 1996.
This report is intended solely for the
information and use of management and the
Securities and Exchange Commission.
May 9, 1996
[nsar]hyp-77q.ex
For the year ended March 31, 1996
File No. 811-5468
SUB-ITEM 77Q2
The information called for by Item
405 of Regulation S-K [17CRF 229.405]
is set forth below.
Based upon a review of the forms
of beneficial ownership submitted to
the Fund for the year ended March 31,
1996, reports of beneficial ownership
with respect to the Fund's shares
inadvertently were not filed on a
timely basis on behalf of the following
persons:
No. of Late
No. of
Name Reports
Transactions
Eugene C. Dorsey 1
None
(Director of the Fund)
