N-Q

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.

The High Yield Plus Fund, Inc.

(Exact name of registrant as specified in charter)

Gateway Center 3, 100 Mulberry Street, Newark, New Jersey	07102
(Address of principal executive offices)	(Zip code)

Deborah A. Docs

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey 07102

(Name and address of agent for service)

Registrant’s telephone number, including area code:             973-367-7521            

Date of fiscal year end:                 3/31/2008                

Date of reporting period:                 6/30/2007                

Item 1. Schedule of Investments

Schedule of Investments as of June 30, 2007 (Unaudited) THE HIGH YIELD PLUS FUND, INC.

Description	Moody’s Ratings	Interest Rate		Maturity Date	Principal Amount (000)		Value
LONG-TERM INVESTMENTS — 138.0%
CORPORATE BONDS — 128.5%
Aerospace/Defense — 0.7%
Bombardier, Inc., Unsec’d. Notes, 144A (Canada)	Ba2	8.00	%	11/15/14	$	225	$	232,875
Hawk Corp., Sr. Notes	B3	8.75	%	11/01/14		220		222,750
								455,625
Automobile Manufacturers — 1.1%
KAR Holdings, Inc., Sr. Sub. Notes, 144A	Caa1	10.00	%	05/01/15		690		690,000
Automotive — 8.8%
Ford Motor Co., Unsec’d. Notes	Caa1	7.45	%	07/16/31		270		208,913
Ford Motor Credit Co., Notes	B1	7.00	%	10/01/13		725		673,951
Ford Motor Credit Co., Notes	B1	9.806	%(d)	04/15/12		880		932,970
Ford Motor Credit Co., Sr. Unsec’d. Notes	B1	6.625	%	06/16/08		275		274,132
General Motors Acceptance Corp., Bonds	Ba1	8.00	%	11/01/31		2,085		2,235,420
General Motors Acceptance Corp., Unsub. Notes	Ba1	6.875	%	08/28/12		110		109,557
General Motors Corp., Sr. Unsub. Notes	Caa1	8.375	%	07/15/33		1,415		1,269,962
								5,704,905
Building Materials — 0.2%
Goodman Global Holdings, Gtd. Notes	B3	7.875	%	12/15/12		145		145,725
Chemicals — 1.7%
Equistar Funding Corp., Gtd. Notes	B1	10.125	%	09/01/08		34		35,785
Equistar Funding Corp., Sr. Notes	B1	10.625	%	05/01/11		203		214,165
Georgia Gulf Corp., Gtd. Notes	B2	9.50	%	10/15/14		445		427,200
Mosaic Co. (The), Sr. Notes, 144A	B1	7.375	%	12/01/14		165		172,013
Mosaic Co. (The), Sr. Notes, 144A	B1	7.625	%	12/01/16		140		147,700
Mosaic Global Holdings, Inc., Notes	B2	7.30	%	01/15/28		100		93,500
								1,090,363
Construction Machinery — 8.1%
Ahern Rentals, Inc., Sec’d. Notes	B3	9.25	%	08/15/13		625		652,344
Ashtead Capital, Inc., Notes, 144A	B3	9.00	%	08/15/16		355		378,075
Ashtead Holdings PLC, Sec’d. Notes, 144A (United Kingdom)	B3	8.625	%	08/01/15		75		78,375
Case New Holland, Inc., Gtd. Notes	Ba3	7.125	%	03/01/14		280		291,200
Case New Holland, Inc., Gtd. Notes	Ba3	9.25	%	08/01/11		160		168,000
GSI Group, Inc., Gtd. Notes	B3	12.00	%	05/15/13		415		465,837
Neff Corp., Sr. Notes, 144A	Caa2	10.00	%	06/01/15		670		670,000
Rental Service Corp., Bonds, 144A	Caa1	9.50	%	12/01/14		1,270		1,352,550
Sunstate Equipment Co., Bonds, 144A	B3	10.50	%	04/01/13		415		439,900
United Rentals North America, Inc., Gtd. Notes	B1	6.50	%	02/15/12		465		463,838
United Rentals North America, Inc., Sr. Sub. Notes	B3	7.00	%	02/15/14		270		269,325
								5,229,444
Diversified Manufacturing — 1.1%
Blaze Finance Corp., Sec’d. Notes, 144A	NR	10.875	%	07/15/12		40		40,000
Esco Corp., Sr. Notes, 144A	B2	8.625	%	12/15/13		665		704,900
								744,900

Schedule of Investments as of June 30, 2007 (Unaudited) THE HIGH YIELD PLUS FUND, INC.

Description	Moody’s Ratings	Interest Rate		Maturity Date	Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Energy — 5.1%
Chesapeake Energy Corp., Gtd. Notes	Ba2	6.875	%	01/15/16	$	175	$	177,188
Chesapeake Energy Corp., Gtd. Notes	Ba2	7.75	%	01/15/15		265		276,262
Delta Petroleum Corp., Gtd. Notes	Caa2	7.00	%	04/01/15		1,175		1,057,500
Dune Energy, Inc., Gtd. Notes, 144A	Caa2	10.50	%	06/01/12		460		460,000
Exco Resources, Inc., Sec’d. Notes	B3	7.25	%	01/15/11		230		230,575
OPTI Canada, Inc., Gtd. Notes, 144A	B1	8.25	%	12/15/14		245		254,800
Petroplus Finance Ltd., Gtd. Notes, 144A (Bermuda)	B1	6.75	%	05/01/14		125		125,000
Range Resources Corp., Gtd. Notes	B1	6.375	%	03/15/15		80		78,800
Western Oil Sands, Inc., Sec’d. Notes (Canada)	Ba2	8.375	%	05/01/12		200		223,500
Whiting Petroleum Corp., Gtd. Notes	B1	7.25	%	05/01/12		180		176,850
Whiting Petroleum Corp., Gtd. Notes	B1	7.25	%	05/01/13		220		216,150
								3,276,625
Entertainment & Leisure — 3.9%
AMC Entertainment, Inc., Gtd. Notes	Ba3	8.625	%	08/15/12		220		233,200
AMC Entertainment, Inc., Gtd. Notes	B2	11.00	%	02/01/16		400		455,500
AMC Entertainment, Inc., Sr. Sub. Notes	B2	8.00	%	03/01/14		240		244,200
AMC Entertainment, Inc., Zero Coupon (until 08/15/09) Sr. Disc. Notes	B3	12.00	% (a)	08/15/14		545		478,237
Shingle Springs Tribal Gaming Authority, Sr. Notes, 144A	B3	9.375	%	06/15/15		645		645,000
Six Flags, Inc., Unsec’d. Notes	Caa1	8.875	%	02/01/10		450		453,375
								2,509,512
Financial Institutions — 4.9%
Banco Macro SA, Jr. Sub. Notes, 144A	B2	9.75	%	12/18/36		655		660,895
Bonten Media Acquistition, Gtd. Notes, 144A	Caa1	9.00	%	06/01/15		455		452,725
Chevy Chase Bank FSB, Sub. Notes	Baa2	6.875	%	12/01/13		190		199,500
Deluxe Corp., Sr. Notes, 144A	Ba2	7.375	%	06/01/15		690		690,000
E*Trade Financial Corp., Sr. Unsec’d. Notes	Ba2	7.375	%	09/15/13		120		125,400
E*Trade Financial Corp., Sr. Unsec’d. Notes	Ba2	8.00	%	06/15/11		220		231,550
Harland Clarke Holdings Corp., Sr. Notes, 144A	Caa1	9.50	%	05/15/15		350		350,000
Rouse Co. LP, Sr. Notes, 144A	Ba1	6.75	%	05/01/13		445		453,514
								3,163,584
Food & Beverage — 3.2%
Aramark Corp., Sr. Notes, 144A	B3	8.50	%	02/01/15		195		202,800
Aramark Corp., Sr. Notes, 144A	B3	8.86	%	02/01/15		460		472,650
Constellation Brands, Inc., Gtd. Notes	Ba3	7.25	%	09/01/16		635		642,937
Constellation Brands, Inc., Sr. Notes, 144A	Ba3	7.25	%	05/15/17		310		310,000
JBS SA, Sr. Unsub. Notes, 144A (Brazil)	B1	10.50	%	08/04/16		410		466,375
								2,094,762
Gaming — 9.2%
Buffalo Thunder Developement Authority, Sec’d. Notes, 144A	B2	9.375	%	12/15/14		615		627,300
Caesars Entertainment, Inc., Gtd. Notes	Ba1	8.125	%	05/15/11		375		397,031
Majestic Star Casino Capital Corp. II, Sr. Unsec’d. Notes, 144A	Caa1	9.75	%	01/15/11		700		666,750
Mandalay Resort Group, Sr. Sub. Notes	B1	9.375	%	02/15/10		375		404,063
MGM Mirage, Gtd. Notes	Ba2	6.00	%	10/01/09		205		205,256
MGM Mirage, Gtd. Notes	Ba2	8.50	%	09/15/10		510		545,063
Mohegan Tribal Gaming Authority, Sr. Unsec’d. Notes	Baa3	6.125	%	02/15/13		135		132,975

2

Schedule of Investments as of June 30, 2007 (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)
OED Corp./DIAMOND JO LLC, Gtd. Notes	B3	8.75	%	04/15/12	$	890	$	883,325
River Rock Entertainment Authority, Sec’d. Notes	B2	9.75	%	11/01/11		415		441,975
Riviera Holdings Corp., Gtd. Notes	NR	11.00	%	06/15/10		625		651,562
Station Casinos, Inc., Sr. Sub. Notes	Ba3	6.50	%	02/01/14		105		96,600
Virgin River Casino Corp./RBG LLC/B&BB, Inc., Gtd. Notes	B2	9.00	%	01/15/12		850		888,250
								5,940,150
Healthcare — 10.2%
Community Health Systems, Inc., Sr. Notes, 144A	B3	8.875	%	07/15/15		455		451,788
HCA, Inc., Sec’d. Notes, 144A	B2	9.625	%	11/15/16		845		912,600
HCA, Inc., Sr. Notes	Caa1	5.75	%	03/15/14		85		72,569
HCA, Inc., Sr. Unsec’d. Notes	Caa1	6.375	%	01/15/15		1,715		1,464,181
HCA, Inc., Sr. Unsec’d. Notes	Caa1	7.50	%	11/06/33		355		302,637
Medical Optics, Inc., Sr. Sub. Notes, 144A	B1	7.50	%	05/01/17		460		463,450
Omnicare, Inc., Sr. Sub. Notes	Ba3	6.125	%	06/01/13		70		68,250
Tenet Healthcare Corp., Sr. Notes	Caa1	6.375	%	12/01/11		430		402,050
Tenet Healthcare Corp., Sr. Notes	Caa1	9.875	%	07/01/14		975		984,750
Tenet Healthcare Corp., Sr. Unsec’d. Notes	Caa1	6.50	%	06/01/12		65		59,963
Tenet Healthcare Corp., Sr. Unsec’d. Notes	Caa1	7.375	%	02/01/13		70		65,013
Tenet Healthcare Corp., Sr. Unsec’d. Notes	Caa1	9.25	%	02/01/15		60		59,400
Triad Hospitals, Inc., Sr. Notes	B2	7.00	%	05/15/12		400		415,000
Triad Hospitals, Inc., Sr. Sub. Notes	B2	7.00	%	11/15/13		230		240,062
Universal Hospital Services, Inc., Sec’d. Notes, 144A	B3	8.50	%	06/01/15		360		360,000
Ventas Realty LP/Ventas Capital Corp., Gtd. Notes	Ba2	6.75	%	06/01/10		60		61,650
Ventas Realty LP/Ventas Capital Corp., Sr. Notes	Ba2	6.625	%	10/15/14		215		219,300
								6,602,663
Home Construction — 0.2%
DR Horton, Inc., Gtd. Notes	Ba1	9.75	%	09/15/10		110		121,660
Industrial — 0.5%
American Railcar Industries, Sr. Unsec’d. Notes, 144A	B1	7.50	%	03/01/14		315		323,663
Industrial Other — 2.8%
ALH Finance LLC/ALH Finance Corp., Gtd. Notes	B3	8.50	%	01/15/13		675		673,312
Blount, Inc., Sr. Sub. Notes	B2	8.875	%	08/01/12		420		434,700
RBS Global, Inc. and Rexnord Corp. Gtd. Notes	B3	9.50	%	08/01/14		680		707,200
								1,815,212
Lodging — 0.6%
Host Hotels & Resorts LP, Sec’d. Notes	BB(d)	6.875	%	11/01/14		290		294,350
Host Marriott LP, Gtd. Notes	Ba1	7.125	%	11/01/13		100		102,250
								396,600
Media—Cable — 7.9%
Cablevision Systems Corp., Sr. Unsec’d. Notes	B3	8.00	%	04/15/12		555		563,325
CCH I Holdings Capital Corp., Sec’d. Notes	Caa2	11.00	%	10/01/15		1,690		1,753,375
CSC Holdings, Inc., Debs.	B2	7.625	%	07/15/18		340		343,400
CSC Holdings, Inc., Debs.	B2	7.875	%	02/15/18		585		601,088
CSC Holdings, Inc., Sr. Notes	B2	8.125	%	07/15/09		720		745,200

3

Schedule of Investments as of June 30, 2007 (Unaudited) THE HIGH YIELD PLUS FUND, INC.

Description	Moody’s Ratings	Interest Rate		Maturity Date	Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Media - Cable (cont’d)
FrontierVision LP, Sr. Sub. Notes(e)	NR	Zero		12/01/07	$	575	$	0
Mediacom Broadband LLC, Sr. Notes, 144A	B3	8.50	%	10/15/15		200		204,500
Mediacom Broadband LLC, Sr. Notes	B3	8.50	%	10/15/15		860		879,350
Shaw Communications, Inc., Sr. Notes (Canada)	Ba1	8.25	%	04/11/10		30		32,100
Shaw Communications, Inc., Sr. Unsec’d. Notes (Canada)	Ba1	7.25	%	04/06/11		15		15,825
								5,138,163
Media - Non Cable — 8.1%
CanWest MediaWorks, Inc., Gtd. Notes (Canada)	B3	8.00	%	09/15/12		325		336,375
Idearc, Inc., Gtd. Notes, 144A	B2	8.00	%	11/15/16		760		781,850
Intelsat Bermuda Ltd., Sr. Unsec’d. Notes (Bermuda)	Caa1	11.354	%	06/15/13		260		278,850
Intelsat Corp., Gtd. Notes (Bermuda)	B2	9.00	%	08/15/14		67		72,528
Intelsat Ltd., Sr. Unsec’d. Notes (Bermuda)	Caa1	7.625	%	04/15/12		355		340,800
Intelsat Ltd., Sr. Notes Sr. Unsec’d. Notes (Bermuda)	Caa1	6.50	%	11/01/13		135		116,100
Intelsat Subsidiary Holding Co. Ltd., Gtd. Notes (Bermuda)	B2	8.625	%	01/15/15		205		219,350
Intelsat Subsidiary Holding Co. Ltd., Sr. Notes (Bermuda)	B2	8.25	%	01/15/13		380		396,150
Liberty Media LLC, Sr. Notes	Ba2	5.70	%	05/15/13		140		134,228
Liberty Media LLC, Sr. Unsec’d. Notes	Ba2	8.25	%	02/01/30		215		214,937
Nexstar Finance Holdings LLC, Zero Coupon (until 04/01/08), Sr. Disc. Notes	Caa1	11.38	%	04/01/13		150		148,687
Quebecor Media, Inc., Sr. Notes (Canada)	B2	7.75	%	03/15/16		480		493,200
R.H. Donnelley Corp., Sr. Disc. Notes	Caa1	6.875	%	01/15/13		1,000		972,500
R.H. Donnelley Corp., Sr. Notes	Caa1	8.875	%	01/15/16		700		743,750
								5,249,305
Metals — 3.7%
Arch Western Finance LLC, Gtd. Notes	B1	6.75	%	07/01/13		220		216,425
McMoRan Cooper & Gold, Inc., Sr. Unsec’d. Notes	Ba3	8.25	%	04/01/15		380		408,975
McMoRan Cooper & Gold, Inc., Sr. Unsec’d. Notes	Ba3	8.375	%	04/01/17		930		1,005,562
Novelis, Inc., Gtd. Notes (Canada)	B3	7.25	%	02/15/15		325		343,687
Peabody Energy Corp., Gtd. Notes	Ba1	6.875	%	03/15/13		100		101,750
Peabody Energy Corp., Gtd. Notes	Ba1	7.375	%	11/01/16		165		173,663
Tube City IMS Corp, Sr. Sub. Notes, 144A	B3	9.75	%	02/01/15		135		140,400
								2,390,462
Packaging — 0.9%
Ball Corp., Gtd. Notes	Ba1	6.625	%	03/15/18		125		124,219
Owens Brockway Glass Containers, Inc., Gtd. Notes	Ba2	8.875	%	02/15/09		420		428,400
								552,619
Paper — 1.0%
Bowater Canada Finance Corp., Gtd. Notes (Canada)	B3	7.95	%	11/15/11		400		389,000
Bowater, Inc., Unsec’d. Notes	B3	6.50	%	06/15/13		280		252,700
								641,700
Pharmaceuticals — 3.1%
Angiotech Pharmaceutical, Gtd. Notes	B3	7.75	%	04/01/14		426		392,985
Elan Finance PLC Gtd. Notes (Ireland)	B3	7.75	%	11/15/11		640		628,800
Elan Finance PLC Gtd. Notes (Ireland) 144A	B3	8.875	%	12/01/13		625		635,156

4

Schedule of Investments as of June 30, 2007 (Unaudited) THE HIGH YIELD PLUS FUND, INC.

Description	Moody’s Ratings	Interest Rate		Maturity Date	Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d)
Elan Finance PLC, Sr. Unsec’d. Notes, 144A (Ireland)	B3	9.485	% (c)	12/01/13	$	360	$	365,400
								2,022,341
Printing & Publishing — 0.7%
Media News Group, Inc., Sr. Sub. Notes	B2	6.375	%	04/01/14		515		457,063
Restaurants — 0.7%
Real Mex Restaurants, Inc., Gtd. Notes	Ba2	10.00	%	04/01/10		420		443,100
Retailers — 4.4%
AutoNation, Inc. Gtd. Notes	Ba2	7.00	%	04/15/14		175		176,750
AutoNation, Inc., Gtd. Notes	Ba2	7.36	%	04/15/13		265		267,650
Lazydays RV Center, Inc., Sr. Notes	B3	11.75	%	05/15/12		919		941,975
Movie Gallery, Inc., Gtd. Notes	Ca	11.00	%	05/01/12		805		738,587
Rite Aid Corp., Gtd. Notes	B3	7.50	%	01/15/15		120		119,700
Rite Aid Corp., Sec’d. Notes	B3	8.125	%	05/01/10		555		570,263
								2,814,925
Supermarkets — 0.7%
Pathmark Stores, Inc., Gtd. Notes	Caa2	8.75	%	02/01/12		445		460,019
Technology — 9.4%
Coleman Cable, Inc. Gtd. Notes	B2	9.875	%	10/01/12		425		439,875
Coleman Cable, Inc., Gtd. Notes, 144A	B2	9.875	%	10/01/12		205		215,763
Freescale Semiconductor, Inc., Sr. Notes, 144A	B1	9.125	%	12/15/14		955		947,837
IKON Office Solutions, Inc., Sr. Notes	Ba3	7.75	%	09/15/15		840		877,800
MagnaChip Semiconductor Finance Co., Sec’d. Notes	B2	6.875	%	12/15/11		50		41,000
MagnaChip Semiconductor Finance Co., Sr. Sub. Notes	Caa1	8.00	%	12/15/14		845		526,013
NXP Funding LLC, Sec’d. Note, 144A	Ba2	7.875	%	10/15/14		300		309,750
Open Solutions, Inc., Sr. Sub. Notes, 144A	Caa1	9.75	%	02/01/15		440		453,200
Sanmina-SCI Corp., Gtd. Notes, 144A(c)	Ba3	8.11	%(c)	06/15/10		430		430,000
Sungard Data Systems, Inc., Gtd. Notes	Caa1	9.125	%	08/15/13		825		884,812
Sungard Data Systems, Inc., Gtd. Notes	Caa1	10.25	%	08/15/15		340		371,025
Xerox Corp., Gtd. Notes	Baa3	9.75	%	01/15/09		305		327,093
Xerox Corp., Sr. Notes	Baa3	7.625	%	06/15/13		225		235,969
								6,060,137
Telecommunications — 1.1%
West Corp., Gtd. Notes	Caa1	11.00	%	10/15/16		650		685,750
Tobacco — 1.8%
Alliance One International, Inc., Gtd. Notes	B2	11.00	%	05/15/12		670		737,000
Reynolds American, Inc., Gtd. Notes	Ba1	7.25	%	06/01/13		220		230,540
Reynolds American, Inc., Gtd. Notes	Ba1	7.30	%	07/15/15		215		224,453
								1,191,993
Transportation — 4.5%
Avis Budget Finance, Inc., Gtd. Notes	Ba3	7.86	%(c)	05/15/14		310		316,200

5

Schedule of Investments as of June 30, 2007 (Unaudited) THE HIGH YIELD PLUS FUND, INC.

Description	Moody’s Ratings	Interest Rate		Maturity Date	Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Transportation (cont’d)
Avis Budget Finance, Inc., Gtd. Notes, 144A	Ba3	7.625	%	05/15/14	$	310	$	316,200
Avis Budget Finance, Inc., Gtd. Notes, 144A	Ba3	7.75	%	05/15/16		105		107,100
Continental Airlines, Inc. Pass-Thru Certs.	Ba1	9.798	%	04/01/21		1,232		1,354,661
Hertz Corp. Gtd. Notes	B2	10.50	%	01/01/16		315		359,100
Hertz Corp., Gtd. Notes	B1	8.875	%	01/01/14		405		436,387
								2,889,648
Utilities — 10.4%
AES Corp. (The), Sec’d. Notes, 144A	Ba3	8.75	%	05/15/13		84		89,460
AES Corp. (The), Sec’d. Notes, 144A	Ba3	9.00	%	05/15/15		491		524,756
AES Corp. (The), Sr. Notes	B1	9.375	%	09/15/10		35		38,063
AES Corp. (The), Sr. Notes	B1	9.50	%	06/01/09		20		21,300
Aquila, Inc., Sr. Notes	Ba3	9.95	%	02/01/11		430		470,850
Aquila, Inc., Sr. Unsec’d. Notes	Ba3	14.875	%	07/01/12		320		416,800
Dynegy Holdings, inc., Sr. Unsec’d. Notes	B2	7.125	%	05/15/18		955		916,800
Edison Mission Energy, Sr. Unsec’d. Notes	B1	7.50	%	06/15/13		440		454,300
El Paso Corp., Sr. Unsec’d. Notes	Ba3	6.75	%	05/15/09		250		255,938
El Paso Corp., Sr. Unsec’d. Notes	Ba3	7.00	%	05/15/11		330		346,500
Mirant North America LLC, Gtd. Notes	B2	7.375	%	12/31/13		240		246,000
NRG Energy, Inc., Gtd. Notes	B1	7.25	%	02/01/14		100		102,500
NRG Energy, Inc., Gtd. Notes	B1	7.375	%	02/01/16- 01/15/17		845		868,012
Reliant Energy, Inc., Gtd. Notes	B2	6.75	%	12/15/14		435		459,469
TXU Corp., Sr. Unsec’d. Notes	Ba1	5.55	%	11/15/14		235		208,134
TXU Corp., Sr. Unsec’d. Notes	Ba1	6.50	%	11/15/24		465		391,913
Williams Cos., Inc., Sr. Unsec’d. Notes	Ba2	7.125	%	09/01/11		765		801,337
Williams Cos., Inc., Sr. Unsec’d. Notes	Ba2	8.125	%	03/15/12		130		141,375
								6,753,507
Wireless — 4.0%
Centennial Communications Corp., Gtd. Notes	B2	10.125	%	06/15/13		430		464,400
Centennial Communications Corp./Puerto Rico Operations, Sr. Unsec’d. Notes	B2	8.125	%	02/01/14		235		242,637
Dobson Cellular Systems, Inc., Sec’d. Notes	Ba2	8.375	%	11/01/11		230		244,087
Dobson Communications Corp., Sr. Notes	Caa1	9.61	%	10/15/12		230		236,613
Rogers Wireless, Inc., Sec’d. Notes (Canada)	Baa3	9.625	%	05/01/11		450		513,000
Windstream Corp., Gtd. Notes	Ba3	8.625	%	08/01/16		800		875,000
								2,575,737
Wirelines — 3.8%
Citizens Communications Co., Notes	Ba2	9.25	%	05/15/11		975		1,087,125
Nordic Telephone Co. Holdings, Sec’d. Notes, 144A (Denmark)	B2	8.875	%	05/01/16		140		149,800
Qwest Corp., Sr. Unsec’d. Notes	Ba1	7.50	%	10/01/14		1,145		1,207,975
								2,444,900
TOTAL CORPORATE BONDS (cost $81,080,132)								83,076,762

6

Schedule of Investments as of June 30, 2007 (Unaudited) THE HIGH YIELD PLUS FUND, INC.

Description	Moody’s Ratings	Interest Rate		Maturity Date	Principal Amount (000)		Value
CONVERTIBLE BONDS — 5.1%
Construction Machinery — 0.7%
AGCO Corp.	B3	1.25	%	12/15/36	$	410	$	450,487
Entertainment & Leisure — 0.7%
Six Flags, Inc.	CCC(d)	4.50	%	05/15/15		400		455,500
Healthcare — 1.1%
Lifepoint Hospitals, Inc., Sr. Sub. Notes	B(d)	3.50	%	05/15/14		700		700,000
Pharmaceuticals — 1.2%
Encysive Pharmaceuticals, Inc.	NR	2.50	%	03/15/12		1,134		768,285
Retailers — 0.7%
Saks, Inc.	B+(d)	2.00	%	03/15/24		250		446,563
Technology — 0.7%
ON Semiconductor Corp.	B(d)	2.625	%	12/15/26		375		461,719
TOTAL CONVERTIBLE BONDS (cost $3,409,935)								3,282,554
BANK NOTES — 2.3%
Entertainment & Leisure — 0.3%
BL AMC Entertainment FRN	B3	10.402	%	06/08/12		180		175,500
Healthcare — 0.8%
Reynolds American, Inc., Notes	B1	7.11	%	05/23/12		525		525,000
Oil & Gas Exploration/Production — 0.8%
Antero Resources	NR	9.84	%	04/15/14		500		500,000
Paper — 0.4%
Georgia-Pacific Corp., Term Bond	Ba2	7.09	%	12/20/12		297		298,716
TOTAL BANK NOTES (cost $1,497,160)								1,499,216
					Shares
PREFERRED STOCKS — 1.4%
Automotive — 1.4%
Ford Motor Co. Capital Trust II, 6.5%, CVT (cost $863,858)						25,500		911,880
COMMON STOCKS — 0.7%
Consumer Products — 0.1%
WKI Holding Co., Inc.						6,031		66,341
Media - Cable — 0.6%
Time Warner Cable, Inc.						10,922		411,870
TOTAL COMMON STOCKS (cost $1,837,140)								478,211
					Units
WARRANT
Chemicals
Hercules, Inc., (b) (cost $0)						230	$	4,056
TOTAL LONG-TERM INVESTMENTS (cost $88,688,225)								89,252,679

7

Schedule of Investments as of June 30, 2007 (Unaudited) THE HIGH YIELD PLUS FUND, INC.

	Principal Amount (000)	Value
SHORT-TERM INVESTMENT — 3.6%
REPURCHASE AGREEMENT — 3.6%
Goldman Triparty Mortgage, 5.35% dated 06/29/07, due 07/02/07 in the amount of $2,301,025 (cost $2,300,000; collateralized by Federal Agency Obligations. The value of the collateral including accrued interest was $2,346,000)	2,300		2,300,000
TOTAL SHORT-TERM INVESTMENTS (cost $2,300,000)			2,300,000
TOTAL INVESTMENTS(f)—141.6%
(cost $90,988,225)(g)			91,552,679
Liabilities in Excess of Other Assets — (41.6)%			(26,897,946	)
NET ASSETS — 100.0%		$	64,654,733

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.

CVT Convertible Security

NR Not Rated by Moody’s or Standard & Poor’s

(a) The rate shown reflects the coupon rate after the step date.

(b) Non-income producing security.

(c) Indicates a variable rate security.

(d) Standard & Poor’s rating.

(e) Represents issuer in default on interest payments. Non-income producing security.

(f) As of June 30, 2007, 2 securities representing $4,056 and 0.01% of the total market value were fair valued in accordance with the policies adopted by the Board of Directors.

(g) The United States federal income tax basis of the Fund’s investment and the net unrealized appreciation as of June 30, 2007 were as follows:

Tax Basis of Investments	Appreciation	Depreciation	Net Unrealized Appreciation
90,988,225	2,996,388	2,431,934	564,454

8

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 23, 2007

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 23, 2007

By (Signature and Title)*	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer

Date August 23, 2007

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

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 23, 2007	/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 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 23, 2007	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal
	Financial Officer