-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AwOAjHTqv7dFtjb9F8LmKcOZOS49ilWyqYXlGoOKKTbqHXX6sag7FJToNFdJbU5A /w/yDhhsVA/ca62Esg1Sgg== 0001193125-06-180808.txt : 20060829 0001193125-06-180808.hdr.sgml : 20060829 20060828190005 ACCESSION NUMBER: 0001193125-06-180808 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060630 FILED AS OF DATE: 20060829 DATE AS OF CHANGE: 20060828 EFFECTIVENESS DATE: 20060829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HIGH YIELD PLUS FUND INC CENTRAL INDEX KEY: 0000828990 IRS NUMBER: 133459204 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05468 FILM NUMBER: 061060135 BUSINESS ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 973-802-6469 MAIL ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 N-Q 1 dnq.htm THE HIGH YIELD PLUS FUND, INC. The High Yield Plus Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number:    811-05468
Exact name of registrant as specified in charter:    The High Yield Plus Fund, Inc.
Address of principal executive offices:    Gateway Center 3,
   100 Mulberry Street,
   Newark, New Jersey 07102
Name and address of agent for service:    Deborah A. Docs
   Gateway Center 3,
   100 Mulberry Street,
   Newark, New Jersey 07102
Registrant’s telephone number, including area code:    973-367-7521
Date of fiscal year end:    3/31/2007
Date of reporting period:    6/30/2006

Item 1. Schedule of Investments

Schedule of Investments as of June 30, 2006 (Unaudited)    THE HIGH YIELD PLUS FUND, Inc.

 

Description

    Moody’s
Ratings		    Interest
Rate		     Maturity
Date		    Principal
Amount
(000)		    Value

LONG-TERM INVESTMENTS — 140.0%

              

CORPORATE BONDS — 139.9%

              
Aerospace & Defense — 2.3%              

Argo-Tech Corp., Sr. Notes

    B3    9.25 %   06/01/11    $ 410    $ 422,300

Hawk Corp., Sr. Notes

    B2    8.75 %   11/01/14      220      221,100

L-3 Communications Corp., Gtd. Notes

    Ba3    7.625 %   06/15/12      75      76,125

L-3 Communications Corp., Sr. Sub. Notes

    Ba3    5.875 %   01/15/15      140      130,550

Sequa Corp., Sr. Notes

    B1    9.00 %   08/01/09      500      527,500
                 
                1,377,575
                 
Building Materials — 0.8%              

Goodman Global Holdings, Sr. Sub. Notes

    B3    7.875 %   12/15/12      480      458,400
                 
Chemicals — 4.1%              

Equistar Chemical Funding, Sr. Notes

    B1    10.625 %   05/01/11      355      381,181

Equistar Chemicals LP, Gtd. Notes

    B1    10.125 %   09/01/08      60      63,150

IMC Global, Inc., Gtd. Notes

    Ba3    10.875 %   06/01/08      125      133,125

IMC Global, Inc., Gtd. Notes

    Ba3    11.25 %   06/01/11      835      880,925

IMC Global, Inc., Notes

    B1    7.30 %   01/15/28      100      90,000

MacDermid, Inc., Gtd. Notes

    Ba3    9.125 %   07/15/11      190      198,550

Methanex Corp., Sr. Notes (Canada) (e)

    Ba1    8.75 %   08/15/12      390      418,763

Millennium America, Inc., Gtd. Notes

    B1    9.25 %   06/15/08      210      215,250
                 
                2,380,944
                 
Construction Machinery — 5.6%              

Ahern Rentals, Inc., Co., Gtd. Notes

    B3    9.25 %   08/15/13      625      631,250

Ashtead Holdings PLC, Sec’d. Notes, 144A (United Kingdom) (e)

    B2    8.625 %   08/01/15      75      75,750

Case New Holland, Inc., Gtd. Notes

    Ba3    9.25 %   08/01/11      635      668,337

Case New Holland, Inc., Sr. Notes, 144A

    Ba3    7.125 %   03/01/14      280      267,400

Manitowoc Co., Gtd. Notes

    B2    10.50 %   08/01/12      142      154,070

Neff Rental /Neff Finance Corp., Sec’d. Notes, 144A

    Caa1    11.25 %   06/15/12      595      642,600

Sunstate Equipment Co., Bonds, 144A

    B3    10.50 %   04/01/13      415      427,450

United Rentals North America, Inc., Gtd. Notes

    B3    6.50 %   02/15/12      465      439,425
                 
                3,306,282
                 
Consumer Cyclical - Services — 0.4%              

Insurance Auto Auctions, Inc., Gtd. Notes

    Caa1    11.00 %   04/01/13      230      226,550
                 
Consumer Cyclical Automotive — 8.9%              

Adesa, Inc., Sr. Sub. Notes

    B1    7.625 %   06/15/12      310      304,575

Ford Motor Co., Notes

    Ba3    7.45 %   07/16/31      720      520,200

Ford Motor Credit Co., Notes

    Ba2    6.625 %   06/16/08      275      261,743

Ford Motor Credit Co., Notes

    Ba2    9.473 %   04/15/12      880      893,482

Ford Motor Credit Co., Sr. Notes

    Ba2    7.00 %   10/01/13      725      623,962

General Motors Acceptance Corp., Sr. Unsub. Notes

    Ba1    5.85 %   01/14/09      465      445,751

General Motors Acceptance Corp., Bonds

    Ba1    8.00 %   11/01/31      1,020      980,373

General Motors Acceptance Corp., Notes

    Ba1    6.875 %   08/28/12      110      103,639

General Motors Corp., Debs.

    Caa1    8.375 %   07/15/33      355      285,775

J.B. Poindexter & Co., Inc., Gtd. Notes

    B3    8.75 %   03/15/14      440      356,400

TRW Automotive, Inc., Sr. Sub. Notes

    B1    11.00 %   02/15/13      198      216,315

 

1

Schedule of Investments as of June 30, 2006 (Unaudited)    THE HIGH YIELD PLUS FUND, Inc.

 

Description

    Moody’s
Ratings		   Interest
Rate		     Maturity
Date		    Principal
Amount
(000)		    Value

CORPORATE BONDS (Continued)

             
Consumer Cyclical Automotive (cont’d)             

Visteon Corp., Sr. Notes

    B3   7.00 %   03/10/14    $ 250    $ 204,062
                
               5,196,277
                
Diversified Manufacturing — 2.4%             

Coleman Cable, Inc., Gtd. Notes

    B3   9.875 %   10/01/12      510      471,750

Invensys PLC, Sr. Notes, 144A (United Kingdom)

    B3   9.875 %   03/15/11      420      455,700

Itron, Inc., Sr. Sub. Notes

    B2   7.75 %   05/15/12      465      474,300
                
               1,401,750
                
Energy — 6.8%             

Chesapeake Energy Corp., Gtd. Notes

    Ba2   7.75 %   01/15/15      265      265,662

Chesapeake Energy Corp., Sr. Notes

    Ba2   6.875 %   01/15/16      175      165,375

Delta Petroleum Corp., Gtd. Notes

    Caa1   7.00 %   04/01/15      1,175      1,092,750

EXCO Resources, Inc., Gtd. Notes

    B3   7.25 %   01/15/11      230      220,800

Forest Oil Corp., Sr. Notes

    Ba3   8.00 %   06/15/08      412      420,755

Giant Industries, Inc., Gtd. Notes

    B-(b)   11.00 %   05/15/12      347      376,495

Newfield Exploration Co., Sr. Sub. Notes

    Ba3   6.625 %   04/15/16      220      207,350

Pioneer Natural Resource, Bonds

    Ba1   6.875 %   05/01/18      225      216,811

Plains Exploration & Production Co., Sr. Sub. Notes

    Ba3   8.75 %   07/01/12      45      47,138

Pride International, Inc., Sr. Notes

    Ba2   7.375 %   07/15/14      295      296,475

Range Resources Corp., Gtd. Notes

    B2   6.375 %   03/15/15      80      73,800

Western Oil Sands, Inc., Sec’d. Notes (Canada) (e)

    Ba2   8.375 %   05/01/12      200      212,500

Whiting Petroleum Corp., Sr. Sub. Notes

    B2   7.25 %   05/01/12-
05/01/13		      400      383,450
                
               3,979,361
                
Entertainment — 1.1%             

AMC Entertainment, Inc., Gtd. Notes, 144A

    B3   11.00 %   02/01/16      210      224,700

AMC Entertainment, Inc., Sr. Sub. Notes

    B3   8.00 %   03/01/14      240      219,900

Marquee, Inc., Gtd. Notes

    B2   8.625 %   08/15/12      220      226,050
                
               670,650
                
Environmental — 0.8%             

Allied Waste North America, Sr. Notes

    B2   8.50 %   12/01/08      440      455,400
                
Financial Institutions — 2.2%             

CB Richard Ellis Service, Sr. Notes

    Ba1   9.75 %   05/15/10      42      44,940

Chevy Chase Bank FSB., Sub. Notes

    Ba2   6.875 %   12/01/13      190      190,000

E*Trade Financial Corp., Sr. Notes

    Ba2   8.00 %   06/15/11      220      224,400

E*Trade Financial Corp., Sr. Notes

    Ba2   7.375 %   09/15/13      120      120,000

Provident Cos., Inc., Sr. Notes

    Ba1   7.00 %   07/15/18      105      101,375

Rouse Co. LP, Sr. Notes, 144A

    Ba1   6.75 %   05/01/13      445      433,388

UnumProvident Corp., Debs.

    Ba1   7.375 %   06/15/32      15      14,538

UnumProvident Corp., Notes

    Ba1   6.75 %   12/15/28      145      130,398

UnumProvident Corp., Sr. Notes

    Ba1   7.625 %   03/01/11      47      48,973
                
               1,308,012
                
Food & Beverage — 1.2%             

Nutro Products, Inc., Sr. Notes, 144A

    B3   9.23 %   10/15/13      665      677,469
                
Gaming — 9.0%             

Aztar Corp., Sr. Sub. Notes

    Ba3   9.00 %   08/15/11      200      209,500

 

2

Schedule of Investments as of June 30, 2006 (Unaudited)    THE HIGH YIELD PLUS FUND, Inc.

 

Description

    Moody’s
Ratings		    Interest
Rate		     Maturity
Date		    Principal
Amount
(000)		    Value

CORPORATE BONDS (Continued)

              
Gaming (cont’d)              

Boyd Gaming Corp., Sr. Sub. Notes

    B1    8.75 %   04/15/12    $ 30    $ 31,425

Boyd Gaming Corp., Sr. Sub. Notes

    B1    7.75 %   12/15/12      165      166,444

Caesars Entertainment, Inc., Sr. Sub. Notes

    Baa3    7.00 %   04/15/13      135      137,408

Caesars Entertainment, Inc., Sr. Sub. Notes, 144A

    Ba1    8.125 %   05/15/11      375      395,156

Majestic Star Casino LLC / Majestic Star Casino Capital Corp. II, Sec’d. Notes, 144A

    B3    9.75 %   01/15/11      420      421,050

Mandalay Resort Group, Sr. Sub. Notes

    Ba3    9.375 %   02/15/10      375      394,688

MGM Mirage, Inc., Gtd. Notes

    Ba2    8.50 %   09/15/10      510      529,762

MGM Mirage, Inc., Gtd. Notes

    Ba2    6.00 %   10/01/09      205      199,363

Mohegan Tribal Gaming Authority, Sr. Notes

    Ba2    6.125 %   02/15/13      135      127,069

OED Corp., Gtd. Notes

    B2    8.75 %   04/15/12      235      236,469

River Rock Entertainment Authority, Sr. Notes

    B2    9.75 %   11/01/11      415      436,787

Riviera Holdings Corp., Gtd. Notes

    B2    11.00 %   06/15/10      625      660,937

Station Casinos, Inc., Sr. Sub. Notes

    B1    6.50 %   02/01/14      105      97,650

Virgin River Casino Corp, Sec’d. Notes

    B3    9.00 %   01/15/12      850      850,000

Wynn Las Vegas LLC, Notes

    B2    6.625 %   12/01/14      400      377,000
                 
                5,270,708
                 
Healthcare — 6.8%              

CDRV Investors, Inc., Sr. Disc. Notes, Zero Coupon (until 1/01/10)

    Caa2    9.63 %(d)   01/01/15      1,145      772,875

Davita, Inc., Gtd. Notes

    B2    6.625 %   03/15/13      130      123,500

Davita, Inc., Gtd. Notes

    B3    7.25 %   03/15/15      130      124,800

Fisher Scientific International, Inc., Sr. Sub. Notes

    Ba2    6.75 %   08/15/14      140      139,475

HCA, Inc., Sr. Notes

    Ba2    5.75 %   03/15/14      85      76,006

HCA, Inc., Notes

    Ba2    5.50 %   12/01/09      50      48,183

HCA, Inc., Sec’d. Notes

    Ba2    6.375 %   01/15/15      1,270      1,176,717

HCA, Inc., Sr. Unsec’d. Notes

    Ba2    7.50 %   11/06/33      355      324,465

Omnicare, Inc., Sr. Sub. Notes

    Ba3    6.125 %   06/01/13      70      64,925

Triad Hospitals, Inc., Sr. Notes

    B2    7.00 %   05/15/12      450      447,750

Triad Hospitals, Inc., Sr. Sub. Notes

    B3    7.00 %   11/15/13      230      223,675

Ventas Realty LP / Ventas Capital Corp., Gtd. Notes

    Ba2    7.125 %   06/01/15      185      185,000

Ventas Realty LP / Ventas Capital Corp., Gtd. Notes

    Ba2    6.75 %   06/01/10      60      59,400

Ventas Realty LP / Ventas Capital Corp., Sr. Notes

    Ba2    6.625 %   10/15/14      215      208,550
                 
                3,975,321
                 
Home Construction — 1.8%              

Ashton Woods USA LLC/Ashton Woods Finance Co. Sr. Sub. Notes

    B3    9.50 %   10/01/15      490      433,650

Beazer Homes USA, Inc., Gtd. Notes

    Ba1    8.625 %   05/15/11      100      100,750

D.R. Horton, Inc., Sr. Notes

    Baa3    6.875 %   05/01/13      200      199,525

D.R. Horton, Inc., Sr. Sub. Notes

    Ba1    9.75 %   09/15/10      110      121,224

Standard-Pacific Corp., Sr. Notes

    Ba2    6.25 %   04/01/14      230      200,100
                 
                1,055,249
                 
Industrial Other — 2.2%              

ALH Finance LLC, Sr. Sub. Notes

    B3    8.50 %   01/15/13      470      453,550

Blount, Inc., Sr. Sub. Notes

    B2    8.875 %   08/01/12      420      417,900

 

3

Schedule of Investments as of June 30, 2006 (Unaudited)    THE HIGH YIELD PLUS FUND, Inc.

 

Description

    Moody’s
Ratings		    Interest
Rate		     Maturity
Date		    Principal
Amount
(000)		    Value

CORPORATE BONDS (Continued)

              
Industrial Other (cont’d)              

FastenTech, Inc., Gtd. Notes

    B3    11.50 %   05/01/11    $ 430    $ 438,600
                 
                1,310,050
                 
Lodging — 1.9%              

Host Marriott LP, Gtd. Notes

    Ba2    9.50 %   01/15/07      380      389,500

Host Marriott LP, Sr. Notes

    Ba2    7.125 %   11/01/13      100      99,625

Host Marriott LP, Gtd. Notes

    Ba2    9.25 %   10/01/07      210      216,562

Lodgenet Entertainment Corp., Sr. Sub. Debs.

    B3    9.50 %   06/15/13      170      181,050

Starwood Hotels & Resorts Worldwide, Inc., Gtd. Notes

    Ba1    7.875 %   05/01/12      205      213,969
                 
                1,100,706
                 
Media - Cable — 9.7%              

Cablevision Systems Corp., Sr. Notes

    B3    8.00 %   04/15/12      555      547,369

CCH I LLC, Sec’d. Notes

    Caa3    11.00 %   10/01/15      2,030      1,776,250

CSC Holdings, Inc., Sr. Notes

    B2    8.125 %   07/15/09      720      732,600

CSC Holdings, Inc., Debs.

    B2    7.875 %   02/15/18      70      69,825

CSC Holdings, Inc., Debs.

    B2    7.625 %   07/15/18      340      336,600

Insight Midwest LP, Sr. Notes

    B2    10.50 %   11/01/10      810      844,425

Mediacom Broadband LLC, Sr. Notes

    B2    8.50 %   10/15/15      165      158,400

Mediacom Broadband LLC, Gtd. Notes

    B2    11.00 %   07/15/13      630      665,437

Rogers Cable, Inc., Bonds (Canada) (e)

    Ba2    8.75 %   05/01/32      80      86,200

Rogers Cable, Inc., Sec’d. Notes (Canada) (e)

    Ba2    6.25 %   06/15/13      370      346,875

Rogers Cable, Inc., Sec’d. Notes (Canada) (e)

    Ba2    6.75 %   03/15/15      60      57,150

Shaw Communications, Inc., Sr. Notes (Canada)(e)

    Ba2    8.25 %   04/11/10      30      30,975

Shaw Communications, Inc., Sr. Notes (Canada)(e)

    Ba2    7.25 %   04/06/11      15      14,963
                 
                5,667,069
                 
Media - Non Cable — 8.8%              

AT&T - Liberty Media Corp., Bonds

    Ba2    7.875 %   07/15/09      315      326,112

AT&T - Liberty Media Corp., Debs.

    Ba2    8.25 %   02/01/30      215      205,785

CanWest Media, Inc., Gtd. Notes (Canada) (e)

    B2    8.00 %   09/15/12      325      321,750

Dex Media East LLC, Gtd. Notes

    B1    12.125 %   11/15/12      380      426,550

Dex Media West LLC, Sr. Sub. Notes

    B2    9.875 %   08/15/13      590      639,410

Intelsat Bermuda Ltd., Sr. Notes (Bermuda) (e)

    B2    8.25 %   01/15/13      380      377,150

Intelsat Bermuda Ltd., 144A (Bermuda) (e)

    Caa1    11.572 %   06/15/13      260      265,200

Intelsat Bermuda Ltd., Sr. Notes (Bermuda) (e)

    B2    8.625 %   01/15/15      205      205,513

Intelsat Ltd., Notes (Bermuda) (e)

    Caa2    7.625 %   04/15/12      240      198,000

Intelsat Ltd., Sr. Notes (Bermuda) (e)

    Caa2    5.25 %   11/01/08      105      98,700

Liberty Media Corp., Sr. Notes

    Ba2    7.75 %   07/15/09      65      66,966

Liberty Media Corp., Sr. Notes

    Ba2    5.70 %   05/15/13      140      127,138

Liberty Media, Inc., Gtd. Notes

    B3    10.125 %   07/15/12      10      10,650

PanAmSat Corp., Gtd. Notes

    B2    9.00 %   08/15/14      67      68,005

Quebecor Media, Sr. Notes, 144A (Canada) (e)

    B2    7.75 %   03/15/16      480      470,400

R.H. Donnelley Corp., Sr. Disc. Notes, 144A

    Caa1    6.875 %   01/15/13      55      50,600

R.H. Donnelley Corp., Sr. Disc. Notes, 144A

    Caa1    6.875 %   01/15/13      95      87,400

R.H. Donnelley Corp., Sr. Notes, 144A

    Caa1    8.875 %   01/15/16      275      277,406

RH Donnelley Finance Corp. I, Gtd. Notes, 144A

    B2    10.875 %   12/15/12      455      499,362

 

4

Schedule of Investments as of June 30, 2006 (Unaudited)    THE HIGH YIELD PLUS FUND, Inc.

 

Description

    Moody’s
Ratings		    Interest
Rate		     Maturity
Date		    Principal
Amount
(000)		    Value

CORPORATE BONDS (Continued)

              
Media - Non Cable (cont’d)              

Sinclair Broadcast Group, Inc., Gtd. Notes

    B2    8.75 %   12/15/11    $ 210    $ 219,450

Sinclair Broadcast Group, Inc., Gtd. Notes

    B2    8.00 %   03/15/12      230      233,450
                 
                5,174,997
                 
Metals — 3.0%              

Arch Western Finance LLC, Sr. Notes

    Ba3    6.75 %   07/01/13      220      210,650

Massey Energy Co., Sr. Notes

    B1    6.625 %   11/15/10      95      93,575

Massey Energy Co., Sr. Notes, 144A

    B1    6.875 %   12/15/13      170      158,100

Neenah Corp., Sec’d. Notes, 144A

    B2    11.00 %   09/30/10      205      221,400

Neenah Corp., Sr. Sub. Notes, 144A

    Caa1    13.00 %   09/30/13      225      226,125

Novelis, Inc., Sr. Notes, 144A (Canada) (e)

    B1    7.25 %   02/15/15      325      312,000

Peabody Energy Corp., Gtd. Notes

    Ba2    6.875 %   03/15/13      100      98,250

Steel Dynamics, Inc., Gtd. Notes

    Ba2    9.50 %   03/15/09      65      66,950

Steel Dynamics, Inc., Sr. Notes

    Ba2    9.50 %   03/15/09      135      139,050

United States Steel Corp., Sr. Notes

    Ba1    10.75 %   08/01/08      200      215,000
                 
                1,741,100
                 
Packaging — 2.4%              

Ball Corp., Gtd. Notes

    Ba2    6.625 %   03/15/18      125      116,563

Crown Americas, Inc., Sr. Notes, 144A

    B1    7.625 %   11/15/13      225      221,062

Crown Americas, Inc., Sr. Notes, 144A

    B1    7.75 %   11/15/15      225      221,625

Owens-Brockway Glass Containers, Inc., Gtd. Notes

    B1    8.875 %   02/15/09      815      839,450
                 
                1,398,700
                 
Paper — 4.0%              

Bowater Canada Finance, Gtd. Notes (Canada) (e)

    B1    7.95 %   11/15/11      175      166,250

Bowater, Inc., Notes

    B1    6.50 %   06/15/13      280      243,600

Georgia Pacific Term B

    Ba2    7.261 %   12/20/12      299      298,302

Georgia Pacific Term C

    Ba3    8.267 %   12/23/13      100      99,781

Georgia-Pacific Corp., Notes

    B2    8.125 %   05/15/11      100      99,500

Georgia-Pacific Corp., Sr. Notes

    B2    8.00 %   01/15/24      395      373,275

Jefferson Smurfit Corp. US, Gtd. Notes

    B2    7.50 %   06/01/13      155      138,725

Neenah Paper, Inc., Sr. Notes

    B1    7.375 %   11/15/14      455      418,600

P.H. Glatfelter, Gtd. Notes, 144A

    Ba1    7.125 %   05/01/16      40      39,485

Smurfit-Stone Container Enterprises, Inc., Sr. Notes

    B2    8.375 %   07/01/12      355      335,475

Stone Container Finance, Gtd. Notes (Canada) (e)

    B2    7.375 %   07/15/14      130      115,050
                 
                2,328,043
                 
Pharmaceuticals — 3.6%              

Angiotech Pharmaceutical, Sr. Sub. Notes, 144A (Canada) (e)

    B2    7.75 %   04/01/14      426      406,830

Athena Neurosciences Finance LLC, Gtd. Notes

    B3    7.25 %   02/21/08      450      446,625

Biovail Corp., Sr. Sub. Notes (Canada) (e)

    B2    7.875 %   04/01/10      660      668,250

Elan Finance PLC, Gtd. Notes (Ireland) (e)

    B3    7.75 %   11/15/11      240      229,200

Mylan Laboratories Inc., Gtd. Notes

    Ba1    5.75 %   08/15/10      65      61,913

Mylan Laboratories Inc., Gtd. Notes

    Ba1    6.375 %   08/15/15      315      300,825
                 
                2,113,643
                 
Restaurants — 0.7%              

Real Mex Restaurants, Inc., Gtd. Notes

    B2    10.00 %   04/01/10      420      441,000
                 

 

5

Schedule of Investments as of June 30, 2006 (Unaudited)    THE HIGH YIELD PLUS FUND, Inc.

 

Description

    Moody’s
Ratings		    Interest
Rate		     Maturity
Date		    Principal
Amount
(000)		    Value

CORPORATE BONDS (Continued)

              
Retailers — 4.2%              

Autonation Inc. Co., Gtd. Notes, 144A

    Ba2    7.00 %   04/15/14    $ 95    $ 93,575

Autonation Inc., Co. Gtd. Notes, 144A

    Ba2    7.045 %   04/15/13      345      343,275

GSC Holdings Corp., Gtd. Notes, 144A

    Ba3    8.00 %   10/01/12      230      230,000

Lazyday’s RV Center, Inc., Sr. Notes

    B3    11.75 %   05/15/12      648      612,360

Movie Gallery, Inc., Sr. Unsec’d. Notes

    Caa3    11.00 %   05/01/12      710      528,950

Rite Aid Corp., Gtd. Notes

    B2    7.50 %   01/15/15      120      115,200

Rite Aid Corp., Sec’d. Notes

    B2    8.125 %   05/01/10      555      557,775
                 
                2,481,135
                 
Supermarkets — 0.7%              

Pathmark Stores, Inc., Gtd. Notes

    Caa2    8.75 %   02/01/12      445      422,750
                 
Technology — 6.8%              

Ikon Office Solutions, Inc., Sr. Notes.

    Ba2    7.75 %   09/15/15      405      400,950

MagnaChip Semiconductor SA, Sec’d. Notes

    Ba3    6.875 %   12/15/11      50      45,250

MagnaChip Semiconductor SA, Sr. Sub. Notes

    B2    8.00 %   12/15/14      845      701,350

Sensata Technologies BV, Sr. Notes, 144A (Netherlands) (e)

    B2    8.00 %   05/01/14      105      101,325

Sungard Data Systems, Inc., Sr. Unsec’d. Notes, 144A

    B3    9.125 %   08/15/13      825      855,937

Sungard Data Systems, Inc., Sr. Sub. Notes, 144A

    Caa1    10.25 %   08/15/15      340      351,475

TSI Telecom Sr. Sub. Notes

    B2    7.75 %   08/15/13      435      423,038

Xerox Corp., Debs., MTN

    Ba2    7.20 %   04/01/16      280      280,700

Xerox Corp., Gtd. Notes

    Ba2    9.75 %   01/15/09      305      325,588

Xerox Corp., Sr. Notes

    Ba2    7.625 %   06/15/13      475      478,562
                 
                3,964,175
                 
Tobacco — 2.4%              

Alliance One International, Gtd. Notes

    B3    11.00 %   05/15/12      670      636,500

Reynolds American, Inc., Notes, 144A

    Ba2    7.30 %   07/15/15      440      426,800

Reynolds American, Inc., Notes

    Ba1    7.256 %   05/23/12      150      150,398

Reynolds American, Inc., Notes, 144A

    Ba2    7.25 %   06/01/13      220      215,050
                 
                1,428,748
                 
Transportation — 7.2%              

American Airlines, Inc., Pass Thru Certificates

    Baa2    7.858 %   04/01/13      365      386,900

Avis Budget Car Rental, Sr. Notes, 144A

    Ba3    7.625 %   05/15/14      310      300,700

Avis Budget Car Rental, Sr. Notes, 144A

    Ba3    7.576 %   05/15/14      310      309,225

Avis Budget Car Rental, Sr. Notes, 144A

    Ba3    7.75 %   05/15/16      105      101,063

Continental Airlines, Inc., Pass Thru Certificates

    Ba2    9.798 %   04/01/21      1,275      1,332,721

Delta Air Lines, Inc., Pass Thru Certificates (a)

    Ba2    7.57 %   05/18/12      690      692,587

Hertz Corp., Sr. Notes, 144A

    B1    8.875 %   01/01/14      405      415,125

Hertz Corp., Sr. Sub. Notes, 144A

    B3    10.50 %   01/01/16      220      233,200

Kansas City Southern Railway, Gtd. Notes

    B3    9.50 %   10/01/08      410      429,475
                 
                4,200,996
                 
Utilities — 17.7%              

AES Corp., Sr. Notes

    B1    9.375 %   09/15/10      35      37,450

AES Corp., Sec’d. Notes, 144A

    Ba3    8.75 %   05/15/13      84      89,880

AES Corp., Sec’d. Notes, 144A

    Ba3    9.00 %   05/15/15      491      527,825

 

6

Schedule of Investments as of June 30, 2006 (Unaudited)    THE HIGH YIELD PLUS FUND, Inc.

 

Description

    Moody’s
Ratings		    Interest
Rate		     Maturity
Date		    Principal
Amount
(000)		    Value

CORPORATE BONDS (Continued)

              
Utilities (cont’d)              

AES Corp., Sr. Notes

    B1    9.50 %   06/01/09    $ 20    $ 21,200

AES Corp., Sr. Notes

    B1    8.875 %   02/15/11      625      656,250

Aquila, Inc., Sr. Notes

    B2    14.875 %   07/01/12      320      423,200

Avista Corp., Sr. Notes

    Ba1    9.75 %   06/01/08      380      402,194

CMS Energy Corp., Sr. Notes

    B1    9.875 %   10/15/07      485      504,400

CMS Energy Corp., Sr. Notes

    B1    8.50 %   04/15/11      120      125,100

Colorado Interstate Gas Co., Sr. Notes

    Ba2    5.95 %   03/15/15      40      36,351

Edison Mission Energy, Sr. Notes, 144A

    B1    7.50 %   06/15/13      440      431,200

El Paso Corp., Sr. Notes

    B2    7.00 %   05/15/11      330      325,462

El Paso Energy Corp., Sr. Notes

    B2    6.75 %   05/15/09      520      513,500

El Paso Natural Gas Co., Debs.

    Ba2    8.625 %   01/15/22      80      86,489

El Paso Production Holding Co., Gtd. Notes

    B1    7.75 %   06/01/13      225      226,688

Midwest Generation LLC, Sec’d. Notes

    Ba3    8.75 %   05/01/34      364      385,840

Mirant North America LLC, Sr. Notes, 144A

    B1    7.375 %   12/31/13      240      231,600

Nevada Power Co., General Refinance Mortgage

    Ba1    5.875 %   01/15/15      90      85,352

Nevada Power Co., Second Mortgage

    Ba1    9.00 %   08/15/13      175      189,411

NGC Corp., Debs.

    B2    7.125 %   05/15/18      955      835,625

NRG Energy, Inc., Gtd. Notes

    B1    7.25 %   02/01/14      100      97,500

NRG Energy, Inc., Gtd. Notes

    B1    7.375 %   02/01/16      665      648,375

Reliant Energy, Inc., Sec’d. Notes

    B2    6.75 %   12/15/14      760      699,200

Southern Natural Gas Co., Notes

    Ba2    7.35 %   02/15/31      90      86,354

Tennessee Gas Pipeline Co., Bonds

    Ba2    8.375 %   06/15/32      160      171,114

TXU Corp., Notes

    Ba1    6.55 %   11/15/34      235      206,444

TXU Corp., Sr. Notes

    Ba1    5.55 %   11/15/14      235      213,149

TXU Corp., Sr. Notes

    Ba1    6.50 %   11/15/24      465      414,795

Utilicorp United, Sr. Notes

    B2    9.95 %   02/01/11      430      484,014

Williams Cos., Inc., Notes

    Ba2    7.125 %   09/01/11      765      765,000

Williams Cos., Inc., Debs.

    Ba2    7.50 %   01/15/31      205      197,825

Williams Cos., Inc., Notes

    Ba2    7.75 %   06/15/31      15      14,775

Williams Cos., Inc., Notes

    Ba2    7.875 %   09/01/21      70      71,050

Williams Cos., Inc., Notes

    Ba2    8.125 %   03/15/12      130      134,875

Williams Cos., Inc., Sr. Notes

    Ba2    7.625 %   07/15/19      70      71,050
                 
                10,410,537
                 
Wireless — 5.8%              

Alamosa Delaware, Inc., Gtd. Notes

    Caa1    11.00 %   07/31/10      420      459,900

Alamosa Delaware, Inc., Sr. Notes

    Caa1    8.50 %   01/31/12      90      95,400

American Cellular Corp., Sr. Notes

    B3    10.00 %   08/01/11      845      889,362

Centennial Cellular Operating Co., Gtd. Notes

    B3    10.125 %   06/15/13      430      452,575

Centennial Communications Corp., Notes

    B3    8.125 %   02/01/14      235      226,188

Dobson Cellular Systems, Sec’d. Notes

    B1    8.375 %   11/01/11      230      236,325

Dobson Communications Corp., Sr. Notes

    Caa2    9.318 %   10/15/12      230      231,725

Rogers Wireless, Inc., Sec’d. Notes (Canada) (e)

    Ba2    7.50 %   03/15/15      335      338,350

Rogers Wireless, Inc., Sec’d. Notes (Canada) (e)

    Ba2    9.625 %   05/01/11      450      492,750
                 
                3,422,575
                 
Wirelines — 4.6%              

Citizens Communications Co., Notes

    Ba3    9.25 %   05/15/11      975      1,048,125

 

7

Schedule of Investments as of June 30, 2006 (Unaudited)    THE HIGH YIELD PLUS FUND, Inc.

 

Description

    Moody’s
Ratings		    Interest
Rate		     Maturity
Date		    Principal
Amount
(000)		    Value  

CORPORATE BONDS (Continued)

              
Wirelines (cont’d)              

GCI, Inc., Sr. Notes

    B2    7.25 %   02/15/14    $ 350    $ 337,750  

Nordic Tel Co. Holdings, Sr. Notes, 144A (Denmark) (e)

    B2    8.875 %   05/01/16      140      143,850  

Qwest Capital Funding, Inc., Gtd. Notes

    B3    7.25 %   02/15/11      310      301,475  

Qwest Communications International, Inc., Gtd. Notes

    B2    7.25 %   02/15/11      435      421,950  

US West Capital Funding, Gtd. Notes

    B3    7.75 %   02/15/31      265      247,775  

US West Communications, Debs

    Ba3    6.875 %   09/15/33      260      224,900  
                   
                2,725,825  
                   

Total Corporate Bonds
(cost $83,450,170)

                 82,071,997  
                   
                     Shares    Value  

COMMON STOCKS — 0.1%

              

WKI Holding Co., Inc. (cost $1,380,433)(c)

              6,031      48,248  
                   

Total Common Stocks
(cost $1,380,433)

                 48,248  
                   
                     Units    Value  

WARRANTS

              
Chemicals              

Hercules, Inc. (cost $0)(c)

              230      3,490  
                   

TOTAL LONG-TERM INVESTMENTS
(cost $84,830,603)

                 82,123,735  
                   
                     Principal
Amount
(000)		    Value  

SHORT-TERM INVESTMENT — 4.8%

              

REPURCHASE AGREEMENTS — 4.8%

              

The Bank of New York Triparty Agreement, 5.28%, dated 06/30/06, due 07/03/06 in the amount of $2,801,232 (cost $2,800,000; collateralized by 3,144,056 Federal National Conventional Loan, 5.00% due 09/01/35, value of collateral including accrued interest is $2,856,001)

            $ 2,800      2,800,000  
                   

TOTAL INVESTMENTS—144.8%
(cost $87,630,603)(f)

                 84,923,735  

LIABILITIES IN EXCESS OF OTHER ASSETS — (44.8)%

                 (26,283,812 )
                   

NET ASSETS — 100.0%

               $ 58,639,923  
                   

The following abbreviations are used in portfolio descriptions:

 

144A   Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.
MTN   Medium Term Note
(a)   Represents issuer in default on interest payments. Non-income producing security.
(b)   Standard & Poor’s rating.
(c)   Non-income producing security.
(d)   The rate shown reflects the coupon rate after the step date.
(e)   Principal amount is denoted in U.S. dollars.

 

8

Schedule of Investments as of June 30, 2006 (Unaudited)    THE HIGH YIELD PLUS FUND, Inc.

 

(f) The United States federal income tax basis of the Fund’s investment and the net unrealized depreciation as of June 30, 2006 were as follows:

 

Tax Basis of Investments

   

Appreciation

   

Depreciation

   

Net Unrealized Depreciation

87,630,603

    1,190,894    3,897,762    2,706,868

 

9

Notes to the Schedule of Investments

 

Securities Valuation: Securities for which market quotations are readily available—including securities listed on national securities exchanges and those traded over-the-counter—are valued at the last quoted sales price on the valuation date on which the security is traded. If such securities were not traded on the valuation date, but market quotations are readily available, they are valued at the most recently quoted bid price provided by an independent pricing service or by principal market makers. Securities for which market quotations are not readily available or for which the pricing agent or market makers does not provide a valuation or methodology, or provides a valuation or methodology that, in the judgment of the advisor, does not represent fair value, are valued by a Valuation Committee appointed by the Board of Directors, in consultation with the advisor. When determining the fair valuation of securities some of the factors influencing the valuation include, the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment advisor regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

 

Short-term securities which mature in more than 60 days are valued at current market quotations. Short-term securities which mature in 60 days or less are valued at amortized cost.

 

Market values of investments traded in a foreign currency are translated into U.S. dollars at the current rates of exchange.

 

Repurchase Agreements: In connection with transactions in repurchase agreements with United States financial institutions, it is the Fund’s policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

 

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

Item 2. Controls and Procedures

 

  (a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

  (b) There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 3. Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  The High Yield Plus Fund, Inc.

 

By (Signature and Title)*  

/s/ Deborah A. Docs

  Deborah A. Docs
  Secretary of the Fund

Date  August 25, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*    

/s/ Judy A. Rice

    Judy A. Rice
    President and Principal Executive Officer

Date  August 25, 2006

 

By (Signature and Title)*    

/s/ Grace C. Torres

    Grace C. Torres
    Treasurer and Principal Financial Officer

Date  August 25, 2006

 

* Print the name and title of each signing officer under his or her signature.
EX-99.CERT 2 dex99cert.htm CERTIFICATIONS Certifications

CERTIFICATIONS

I, Judy A. Rice, certify that:

 

1. I have reviewed this report on Form N-Q of The High Yield Plus Fund, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 25, 2006  

/s/ Judy A. Rice

  Judy A. Rice
  President and Principal Executive Officer

CERTIFICATIONS

I, Grace C. Torres, certify that:

 

1. I have reviewed this report on Form N-Q of The High Yield Plus Fund, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end o the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 25, 2006  

/s/ Grace C. Torres

  Grace C. Torres
  Treasurer and Principal Financial Officer
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