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SIGNATURE DOUGLAS H. MCCORKINDALE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000828990
<NAME> THE HIGH YIELD PLUS FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> THE HIGH YIELD PLUS FUND, INC.
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February 25, 1997
Mr. Douglas McCorkindale, President
First Financial Fund, Inc.
The High Yield Plus Fund, Inc.
Gateway Center Three
100 Mulberry Street
Newark, New Jersey 07102-4072
Dear Mr. McCorkindale:
This is to confirm that the client-auditor relationship between Deloitte &
Touche llp and the following Prudential Mutual Funds has been terminated:
First Financial Fund, Inc.
The High Yield Plus Fund, Inc.
Yours truly,
DELOITTE & TOUCHE LLP
New York, New York
cc: Office of the Chief Accountant
SECPS Letter File
Securities and Exchange Commission
Mail Stop 9-5
450 5th Street, N.W.
Washington, D.C. 20549
April 16, 1997
Securities and
Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
RE: Funds managed or administered by Prudential
Mutual Fund Management LLC (the "Funds")
Gentlemen:
At meetings held between February 18 and 20,
1997, the Board of Directors of the Funds (see
attached exhibit) approved the engagement of
Price Waterhouse LLP as their independent
auditors for their fiscal years ending after
February 28, 1997 to replace the firm of
Deloitte & Touche LLP effective March 1, 1997.
The reports of Deloitte & Touche LLP on the
Funds' financial statements for the past two
fiscal years did not contain an adverse opinion
or a disclaimer of opinion and were not
qualified or modified as to uncertainty, audit
scope, or accounting principles.
In connection with the audits of the Funds'
financial statements for each of the prior two
fiscal years and in the subsequent interim
period, there were no disagreements with
Deloitte & Touche LLP on any matters of
accounting principles or practices, financial
statement disclosure, or auditing scope and
procedures which, if not resolved to the
satisfaction of Deloitte & Touche LLP, would
have caused Deloitte & Touche LLP to make
reference to the matter in their report.
The Funds have requested Deloitte & Touche LLP
to furnish them a letter addressed to the
Commission stating whether they agree with the
above statements. A copy of that letter, dated
April 16, 1997 is attached hereto.
Sincerely,
Eugene S. Stark Grace Torres
Treasurer Treasurer
ESS/rr
\Gen-SECLtrPW-4-15-97.doc
Exhibit
Board of Next
Fund Director Fiscal
Treasurer
Meeting
Date Year
End
The BlackRock Government 2/18/97 6/30/97
Eugene S.
Income Trust
Stark
Global Utility Fund, Inc. 2/18/97 9/30/97
Grace
Torres Prudential
Allocation Fund 2/19/97 7/31/97 Grace
Torres Prudential
California 2/20/97 8/31/97 Eugene S.
Municipal Fund Stark
Prudential Distressed 2/19/97 11/30/9 Grace
Securities Fund, Inc. 7 Torres
Prudential Diversified 2/20/97 12/31/9 Eugene S.
Bond Fund, Inc. 7 Stark
Prudential Dryden Fund 2/19/97 9/30/97 Eugene S.
Stark Prudential
Equity Income 2/19/97 10/31/9 Grace
Fund 7 Torres
Prudential Europe Growth 2/21/97 4/30/97 Grace
Fund, Inc. Torres
Prudential Global Limited 2/19/97 10/31/9 Grace
Maturity Fund, Inc. 7 Torres
Prudential Government 2/20/97 2/28/98 Eugene S.
Income Fund, Inc. Stark
Prudential Institutional 2/21/97 3/31/97 Eugene S.
Liquidity Portfolio, Inc. Stark
Prudential Jennison Series 2/19/97 9/30/97 Eugene S.
Fund, Inc. Stark
Prudential MoneyMart 2/21/97 12/31/9 Grace
Assets, Inc. 7 Torres
Prudential Multi-Sector 2/19/97 4/30/97 Grace
Fund, Inc. Torres
Prudential Municipal Bond 2/20/97 4/30/97 Grace
Fund Torres
Prudential Municipal 2/20/97 8/31/97 Grace
Series Fund Torres
Prudential Pacific Growth 2/21/97 10/31/9 Eugene S.
Fund, Inc. 7 Stark
Prudential Special Money 2/21/97 6/30/97 Eugene S.
Market Fund, Inc. Stark
Prudential Structured 2/20/97 12/31/9 Eugene S.
Maturity Fund, Inc. 7 Stark
Prudential World Fund, 2/21/97 10/31/9 Grace
Inc. 7 Torres
The Global Total Return 2/19/97 12/31/9 Eugene S.
Fund, Inc. 7 Stark
The Target Portfolio Trust 2/18/97 12/31/9 Grace
7 Torres
First Financial Fund, Inc. 2/18/97 3/31/97 Grace
Torres The High
Yield Plus Fund, 2/18/97 3/31/97 Grace
Inc. Torres
E:\OSUNKWO\FUNDS\HYP\NSAR-77C.597
For the semi-annual period ended (a) 3/31/97
File number (c) 811-5468
SUB-ITEM 77C
Submission of Matters to a Vote of Security Holders
The Annual Meeting of Stockholders was held on October 30,
1996. At such meeting the shareholders approved the following
proposals:
1) That Eugene C. Dorsey be elected as a Class I Director,
and Douglas H. McCorkindale be elected as a Class II
Director, to hold office until the 1998 and 1999 annual
meetings of stockholders, respectively, and until their
successors shall have been duly elected and shall have
qualified.
Affirmative Negative
Withhold/
Votes Cast Votes Cast
Abstain
Eugene C. Dorsey 5,829,461 0
116,028
Douglas H. McCorkindale 5,829,869 0
115,621
2.) That the selection of Deloitte & Touche LLP as
independent accountants for the Fund for the fiscal
year ending March 31, 1997, conditioned upon the right
of the Fund by vote of a majority of its outstanding
voting securities at any meeting called for the purpose
to terminate such employment forthwith without penalty
be, and it hereby is, in all respects ratified.
Affirmative Negative
Withhold/
Votes Cast Votes Cast
Abstain
5,834,322 42,466 68,702
E:\DGARFIEL\FUNDS\HIYLDPLU\MISC\NSAR-77Q.597
For the semi-annual period ended 3/31/97
File number (c) 811-5468
SUB-ITEM 77Q2
Section 16(a) Beneficial Ownership Reporting Compliance
For the fiscal year ended March 31, 1996, an initial statement of beneficial
ownership of the Fund's shares on Form 3 was not filed on behalf of Douglas H.
McCorkindale (Director, President and Treasurer). In addition, a Form 5 was not
filed on Mr. McCorkindale's behalf to report the failure to file the Form 3.
May 21, 1997
To 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. (the "Fund") for the year ended March 31, 1997, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and 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 appropriately
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 may 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, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
PRICE WATERHOUSE LLP
