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SIGNATURE DOUGLAS H. MCCORKINDALE
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,723,362
<ACCUMULATED-NII-PRIOR> 802,319
<ACCUMULATED-GAINS-PRIOR> (11,121,667)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 539,206
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,741,203
<AVERAGE-NET-ASSETS> 107,803,000
<PER-SHARE-NAV-BEGIN> 7.36
<PER-SHARE-NII> 0.89
<PER-SHARE-GAIN-APPREC> (0.94)
<PER-SHARE-DIVIDEND> (0.89)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 6.42
<EXPENSE-RATIO> 1.08
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
Report of Independent Accountants
To the Shareholders and 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 period ended March 31, 2000, 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 controls 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 March 31, 2000.
This report is intended solely for the information and use of the Board of
Directors, management 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
May 19, 2000
To the Shareholders and Board of Directors of
The High Yield Plus Fund, Inc.
(2)
