-----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, GkUgkQasdWiuKkVCSqbDLTYjy7SQLPza5R+OmhonPbcOcAVIIrXAtth84yJ8w25j 5ZtiJVbMA0ormiban4QBww== 0001193125-08-187409.txt : 20080829 0001193125-08-187409.hdr.sgml : 20080829 20080829114357 ACCESSION NUMBER: 0001193125-08-187409 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080630 FILED AS OF DATE: 20080829 DATE AS OF CHANGE: 20080829 EFFECTIVENESS DATE: 20080829 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: 081047740 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:   3/31/2009
Date of reporting period:   06/30/2008

Item 1. Schedule of Investments

SCHEDULE OF INVESTMENTS as of June 30, 2008 (Unaudited)    THE HIGH YIELD PLUS FUND, INC.

 

 

Description   

Moody’s

Ratings†

    Interest
Rate		     Maturity
Date		    Principal
Amount
(000)		    Value

LONG-TERM INVESTMENTS — 127.1%

              

CORPORATE BONDS — 121.0%

                              

Aerospace/Defense — 1.1%

              

Bombardier, Inc., Sr. Unsec’d. Notes, 144A (Canada)

    Ba2    8.00 %   11/15/14    $ 225    $ 230,625

L-3 Communications Corp., Gtd. Notes

    Ba3    6.375 %   10/15/15      380      355,300
                 
                              585,925

Automobile Manufacturers — 0.8%

              

KAR Holdings, Inc., Gtd. Notes

    Caa1    10.00 %   05/01/15      485      407,400

Automotive — 4.1%

              

Ford Motor Credit Co., Sr. Unsec’d. Notes

    B1    7.00 %   10/01/13      725      533,898

Ford Motor Credit Co., Sr. Unsec’d. Notes

    B1    7.241 %(c)   04/15/12      795      745,107

General Motors Acceptance Corp., Sr. Unsec’d. Notes

    B3    6.875 %   08/28/12      110      75,325

General Motors Acceptance Corp., Sr. Unsec’d. Notes

    B3    8.00 %   11/01/31      1,335      868,522
                 
                              2,222,852

Building Materials — 0.8%

              

Texas Industries, Inc., Sr. Unsec’d. Notes

    Ba3    7.25 %   07/15/13      435      432,825

Capital Goods — 1.1%

              

Allied Waste North America, Inc., Sr. Sec’d. Notes

    B1    5.75 %   02/15/11      605      594,412

Chemicals — 1.3%

              

KI Holdings, Inc., Zero Coupon (until 11/15/09), Sr. Disc. Notes

    B2    9.875 %(a)   11/15/14      45      40,725

Mosaic Co. (The), Sr. Unsec’d. Notes, 144A

    Ba1    7.375 %   12/01/14      165      172,425

Mosaic Co. (The), Sr. Unsec’d. Notes, 144A

    Ba1    7.625 %   12/01/16      140      149,100

Mosaic Global Holdings, Inc., Sr. Unsec’d. Notes

    Ba2    7.30 %   01/15/28      100      101,000

Terra Capital, Inc., Gtd. Notes

    B1    7.00 %   02/01/17      220      215,600
                 
                              678,850

Commercial Services — 0.5%

              

Lender Processing Services, Inc., Sr. Unsec’d. Notes, 144A

    Ba2    8.125 %   07/01/16      260      260,325

Computer Services & Software — 0.3%

              

Unisys Corp., Sr. Unsec’d. Notes

    B2    6.875 %   03/15/10      190      181,450

Construction Machinery — 3.5%

              

Ahern Rentals, Inc., Sr. Sec’d. Notes

    B3    9.25 %   08/15/13      230      167,900

Ashtead Capital, Inc., Sr. Sec’d. Notes, 144A

    B1    9.00 %   08/15/16      125      110,000

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

    B1    8.625 %   08/01/15      75      65,250

Case New Holland, Inc., Gtd. Notes

    Ba3    7.125 %   03/01/14      280      274,400

Neff Corp., Gtd. Notes

    Caa2    10.00 %   06/01/15      380      144,400

Rental Service Corp., Gtd. Notes

    Caa1    9.50 %   12/01/14      760      634,600

Sunstate Equipment Co., Sr. Unsec’d. Notes, 144A

    Caa1    10.50 %   04/01/13      225      177,750

United Rentals North America, Inc., Gtd. Notes

    B1    6.50 %   02/15/12      340      306,000
                 
                              1,880,300

Consumer Cyclical - Services — 0.9%

              

Corrections Corp. of America, Gtd. Notes

    Ba2    6.25 %   03/15/13      95      91,437

Service Corp. International, Sr. Unsec’d. Notes

    B1    7.375 %   10/01/14      140      140,000

Service Corp. International, Sr. Unsec’d. Notes

    B1    7.625 %   10/01/18      280      279,300
                 
                510,737
                 

 

 

1

SCHEDULE OF INVESTMENTS as of June 30, 2008 (Unaudited)    THE HIGH YIELD PLUS FUND, INC.

 

 

 

Containers & Packaging — 0.4%

Stone Container Finance, Gtd. Notes (Canada)

    B3    7.375 %   07/15/14    290    232,000

Diversified Manufacturing — 2.1%

              

Blaze Finance Corp., Sr. Sec’d. Notes, 144A

    NR    10.875 %   07/15/12    40    39,200

Esco Corp., Gtd. Notes, 144A

    B2    8.625 %   12/15/13    665    671,650

SPX Corp., Sr. Notes, 144A

    Ba2    7.625 %   01/01/15    420    426,300
               
     1,137,150

Electric — 0.9%

              

Intergen NV, Sr. Sec’d. Notes, 144A

    Ba3    9.00 %   06/30/17    400    414,000

Ipalco Enterprises, Inc., Sr. Sec’d. Notes, 144A

    Ba1    7.25 %   04/01/16    55    54,175
               
     468,175

Energy — 9.9%

              

Chesapeake Energy Corp., Gtd. Notes

    Ba3    6.875 %   01/15/16    175    168,875

Chesapeake Energy Corp., Gtd. Notes

    Ba3    7.75 %   01/15/15    265    274,937

Delta Petroleum Corp., Gtd. Notes

    Caa2    7.00 %   04/01/15    1,025    876,375

Dynergy Holdings, Inc., Sr. Unsec’d. Notes

    B2    8.375 %   05/01/16    205    198,850

Hornbeck Offshore Services, Inc., Gtd. Notes

    Ba3    6.125 %   12/01/14    60    57,600

Newfield Exploration Co., Sr. Sub. Notes

    Ba3    6.625 %   04/15/16    225    206,438

OPTI Canada, Inc., Sr. Sec’d. Notes (Canada)

    B1    7.875 %   12/15/14    350    345,625

OPTI Canada, Inc., Sr. Sec’d. Notes (Canada)

    B1    8.25 %   12/15/14    245    243,775

Petrohawk Energy Corp., Gtd. Notes

    B3    9.125 %   07/15/13    180    184,500

Petrohawk Energy Corp., Sr. Notes, 144A

    B3    7.875 %   06/01/15    120    117,150

Petroplus Finance Ltd., Gtd. Notes, 144A (Bermuda)

    B1    6.75 %   05/01/14    445    402,725

Pioneer Natural Resources Co., Sr. Unsec’d. Notes

    Ba1    6.875 %   05/01/18    225    211,185

Plains Exploration & Production Co., Gtd. Notes

    B1    7.00 %   03/15/17    75    72,000

Plains Exploration & Production Co., Gtd. Notes

    B1    7.75 %   06/15/15    360    362,700

Range Resources Corp., Gtd. Notes

    Ba3    6.375 %   03/15/15    80    76,400

Range Resources Corp., Gtd. Notes

    Ba3    7.50 %   05/15/16    335    333,744

Range Resources Corp., Gtd. Notes

    Ba3    7.50 %   10/01/17    240    238,800

SandRidge Energy, Inc., Sr. Notes, 144A

    B3    8.00 %   06/01/18    195    195,975

Southwestern Energy Co., Sr. Unsec’d. Notes, 144A

    Ba2    7.50 %   02/01/18    130    133,758

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

    Baa1    8.375 %   05/01/12    200    217,583

Whiting Petroleum Corp., Gtd. Notes

    B1    7.25 %   05/01/13    220    218,350

Whiting Petroleum Corp., Sr. Sub. Notes

    B1    7.25 %   05/01/12    180    178,650
               
     5,315,995

Entertainment & Leisure — 2.3%

              

AMC Entertainment, Inc., Gtd. Notes

    Ba3    8.625 %   08/15/12    220    226,050

AMC Entertainment, Inc., Gtd. Notes

    B2    11.00 %   02/01/16    400    396,000

AMC Entertainment, Inc., Sr. Sub. Notes

    B2    8.00 %   03/01/14    240    213,000

AMC Entertainment, Inc., Zero Coupon (until 08/15/09), Sr. Disc. Notes

    B3    12.00 %(a)   08/15/14    545    427,825
               
     1,262,875

Environmental — 0.4%

              

Allied Waste North America, Inc., Sr. Sec’d. Notes, Series B

    B1    6.50 %   11/15/10    240    240,000

Financial Institutions — 3.5%

              

Bonten Media Acquistition, Gtd. Notes, PIK, 144A

    Caa1    9.00 %(c)   06/01/15    455    332,150

Deluxe Corp., Sr. Unsec’d. Notes

    Ba2    7.375 %   06/01/15    890    778,750

FireKeepers Development Authority, Sr. Sec’d. Notes, 144A

    B3    13.875 %   05/01/15    180    175,950

Harland Clarke Holdings Corp., Gtd. Notes

    Caa1    9.50 %   05/15/15    230    188,600

Rouse Co. LP, Sr. Unsec’d. Notes, 144A

    Ba2    6.75 %   05/01/13    445    400,957
               
   1,876,407

 

 

2

SCHEDULE OF INVESTMENTS as of June 30, 2008 (Unaudited)    THE HIGH YIELD PLUS FUND, INC.

 

 

 

Food & Beverage — 3.9%

Aramark Corp., Gtd. Notes

    B3    6.373 %(c)   02/01/15    460    430,100

Aramark Corp., Gtd. Notes

    B3    8.50 %   02/01/15    420    411,600

Constellation Brands, Inc., Gtd. Notes

    Ba3    7.25 %   09/01/16    635    596,900

Constellation Brands, Inc., Gtd. Notes

    Ba3    7.25 %   05/15/17    310    289,850

Smithfield Foods, Inc., Sr. Unsec’d. Notes

    Ba3    7.75 %   05/15/13    430    379,475
               
   2,107,925

Gaming — 8.7%

                          

Buffalo Thunder Developement Authority, Sr. Sec’d. Notes, 144A

    B2    9.375 %   12/15/14    615    412,050

Caesars Entertainment, Inc., Gtd. Notes

    Caa1    8.125 %   05/15/11    215    172,000

Harrahs Operating Co., Inc., Gtd. Notes

    Caa2    5.625 %   06/01/15    540    290,250

Mandalay Resort Group, Gtd. Notes

    B1    9.375 %   02/15/10    375    375,000

MGM Mirage, Gtd. Notes

    Ba2    6.00 %   10/01/09    205    201,669

MGM Mirage, Gtd. Notes

    Ba2    8.50 %   09/15/10    510    504,900

Mohegan Tribal Gaming Authority, Gtd. Notes

    Ba1    6.125 %   02/15/13    135    122,850

OED Corp./DIAMOND JO LLC, Gtd. Notes

    B2    8.75 %   04/15/12    890    809,900

River Rock Entertainment Authority, Sr. Sec’d. Notes

    B2    9.75 %   11/01/11    415    415,000

Seneca Gaming Corp., Sr. Unsec’d. Notes

    Ba2    7.25 %   05/01/12    400    375,000

Station Casinos, Inc., Sr. Sub. Notes

    Caa2    6.50 %   02/01/14    105    60,375

Virgin River Casino Corp., Sr. Sec’d. Notes

    B3    9.00 %   01/15/12    375    266,250

Wynn Las Vegas Capital Corp., First Mortgage

    Ba2    6.625 %   12/01/14    760    695,400
               
   4,700,644

Healthcare — 8.6%

                          

Community Health Systems, Inc., Gtd. Notes

    B3    8.875 %   07/15/15    455    457,844

HCA, Inc., Sr. Sec’d. Notes, PIK

    B2    9.625 %   11/15/16    845    870,350

HCA, Inc., Sr. Unsec’d. Notes

    Caa1    5.75 %   03/15/14    85    70,762

HCA, Inc., Sr. Unsec’d. Notes

    Caa1    6.375 %   01/15/15    1,525    1,265,750

HCA, Inc., Sr. Unsec’d. Notes

    Caa1    7.50 %   11/06/33    180    138,600

Omnicare, Inc., Sr. Sub. Notes

    B1    6.125 %   06/01/13    70    64,750

Tenet Healthcare Corp., Sr. Unsec’d. Notes

    Caa1    9.875 %   07/01/14    1,115    1,120,575

Universal Hospital Services, Inc., Sr. Sec’d. Notes, PIK

    B3    8.50 %   06/01/15    360    360,000

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

    Ba1    6.75 %   06/01/10    60    59,700

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

    Ba1    6.625 %   10/15/14    215    206,400
               
   4,614,731

Home Construction — 0.8%

                          

DR Horton, Inc., Gtd. Notes

    B1    9.75 %   09/15/10    110    112,750

KB Home, Sr. Sub. Notes

    B1    7.75 %   02/01/10    305    310,887
               
   423,637

Industrial Other — 1.6%

                          

Blount, Inc., Sr. Sub. Notes

    B2    8.875 %   08/01/12    420    420,000

RBS Global, Inc. and Rexnord Corp., Gtd. Notes

    B3    9.50 %   08/01/14    460    443,900
               
   863,900

Lodging — 0.7%

                          

Host Hotels & Resorts LP, Sr. Sec’d. Notes

    Ba1    6.875 %   11/01/14    290    266,800

Host Marriott LP, Sr. Sec’d. Notes

    Ba1    7.125 %   11/01/13    100    93,000
               
   359,800

Media - Cable — 4.9%

                          

Cablevision Systems Corp., Sr. Unsec’d. Notes

    B2    8.00 %   04/15/12    555    524,475

CSC Holdings, Inc., Sr. Unsec’d. Notes

    B1    7.625 %   07/15/18    340    312,800

 

 

3

SCHEDULE OF INVESTMENTS as of June 30, 2008 (Unaudited)    THE HIGH YIELD PLUS FUND, INC.

 

 

 

CSC Holdings, Inc., Sr. Unsec’d. Notes

    B1    7.875 %   02/15/18    585    544,050

CSC Holdings, Inc., Sr. Unsec’d. Notes

    B1    8.125 %   07/15/09    205    206,537

FrontierVision LP, Sr. Sub. Notes(e)

    NR    Zero     10/15/10    575    44,563

Mediacom Broadband LLC, Sr. Unsec’d. Notes

    B3    8.50 %   10/15/15    1,060    947,375

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

    Ba1    8.25 %   04/11/10    30    30,825

Shaw Communications, Inc., Sr. Unsec’d. Notes (Canada)

    Ba1    7.25 %   04/06/11    15    15,150
               
   2,625,775

Media - Non Cable — 6.9%

                          

CanWest MediaWorks, Inc., Gtd. Notes (Canada)

    B3    8.00 %   09/15/12    325    289,250

DirecTV Holdings LLC, Gtd. Notes

    Ba3    6.375 %   06/15/15    850    796,875

Idearc, Inc., Gtd. Notes

    B3    8.00 %   11/15/16    495    311,232

Intelsat Ltd., Sr. Unsec’d. Notes (Bermuda)

    Caa3    6.50 %   11/01/13    135    95,006

Intelsat Ltd., Sr. Unsec’d. Notes (Bermuda)

    Caa3    7.625 %   04/15/12    355    284,000

Nexstar Finance Holdings, Sr. Disc. Notes

    Caa2    11.375 %   04/01/13    96    92,042

Quebecor Media, Inc., Sr. Unsec’d. Notes (Canada)

    B2    7.75 %   03/15/16    695    646,350

Quebecor Media, Inc., Sr. Unsec’d. Notes

    B2    7.75 %   03/15/16    195    181,350

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

    B3    6.875 %   01/15/13    150    89,250

R.H. Donnelley Corp., Sr. Unsec’d. Notes

    B3    6.875 %   01/15/13    850    505,750

R.H. Donnelley Corp., Sr. Unsec’d. Notes

    B3    8.875 %   01/15/16    700    420,000

R.H. Donnelley Corp., Sr. Unsec’d. Notes, 144A

    B3    8.875 %   10/15/17    50    29,750
               
   3,740,855

Metals — 6.8%

                          

Arch Western Finance LLC, Sr. Sec’d. Notes

    B1    6.75 %   07/01/13    220    215,600

Massey Energy Co., Gtd. Notes

    B2    6.625 %   11/15/10    210    210,000

McMoRan Cooper & Gold, Inc., Sr. Unsec’d. Notes

    Ba2    8.25 %   04/01/15    380    399,475

McMoRan Cooper & Gold, Inc., Sr. Unsec’d. Notes

    Ba2    8.375 %   04/01/17    1,160    1,223,800

Novelis, Inc., Gtd. Notes (Canada)

    B3    7.25 %   02/15/15    325    307,125

Peabody Energy Corp., Gtd. Notes

    Ba1    6.875 %   03/15/13    485    486,212

Peabody Energy Corp., Gtd. Notes

    Ba1    7.375 %   11/01/16    415    413,963

United States Steel Corp., Sr. Unsec’d. Notes

    Baa3    6.05 %   06/01/17    205    191,461

United States Steel Corp., Sr. Unsec’d. Notes

    Baa3    7.00 %   02/01/18    195    194,571
               
   3,642,207

Metals & Mining — 1.3%

                          

RathGibson, Inc., Gtd. Notes

    B3    11.25 %   02/15/14    180    172,350

Vedanta Resources PLC, Sr. Unsec’d. Notes, 144A (United Kingdom)

    Ba1    9.50 %   07/18/18    520    517,400
               
   689,750

Packaging — 0.2%

                          

Ball Corp., Gtd. Notes

    Ba1    6.625 %   03/15/18    125    121,875

Paper & Forest Products — 0.6%

                          

International Paper Co., Sr. Unsec’d. Notes

    Baa3    7.95 %   06/15/18    310    308,275

Pharmaceuticals — 2.9%

                          

Elan Finance LLC, Gtd. Notes (Ireland)

    B3    7.75 %   11/15/11    640    620,800

Elan Finance LLC, Gtd. Notes (Ireland)

    B3    8.875 %   12/01/13    625    626,562

Elan Finance PLC, Gtd. Notes (Ireland)

    B3    6.807 %(c)   12/01/13    360    331,200
               
   1,578,562

Real Estate Investment Trusts — 0.7%

                          

K. Hovnanian Enterprises, Inc., Gtd. Notes, 144A

    Ba3    11.50 %   05/01/13    355    368,313

Retailers — 2.1%

                          

Lazydays RV Center, Inc., Sr. Unsec’d. Notes

    Caa3    11.75 %   05/15/12    246    169,740

Rite Aid Corp., Sr. Sec’d. Notes

    B3    7.50 %   01/15/15    120    128,400

 

 

4

SCHEDULE OF INVESTMENTS as of June 30, 2008 (Unaudited)    THE HIGH YIELD PLUS FUND, INC.

 

 

 

Rite Aid Corp., Sr. Sec’d. Notes

    B3    8.125 %   05/01/10    555    560,550

Rite Aid Corp., Sr. Sec’d. Notes

    B3    10.375 %   07/15/16    275    249,117
               
     1,107,807

Technology — 5.5%

              

Coleman Cable, Inc., Gtd. Notes, PIK

    B2    9.875 %   10/01/12    305    286,700

IKON Office Solutions, Inc., Sr. Unsec’d. Notes

    Ba3    7.75 %   09/15/15    840    842,100

Open Solutions, Inc., Gtd. Notes, 144A

    Caa1    9.75 %   02/01/15    440    358,600

Sanmina-SCI Corp., Gtd. Notes, 144A

    B1    5.526 %(c)   06/15/10    392    388,080

Sungard Data Systems, Inc., Gtd. Notes

    Caa1    9.125 %   08/15/13    825    833,250

Xerox Corp., Gtd. Notes

    Baa2    7.625 %   06/15/13    225    233,642
               
     2,942,372

Telecommunications — 0.3%

              

MetroPCS Wireless, Inc., Gtd. Notes

    Caa1    9.25 %   11/01/14    185    178,063

Tobacco — 2.1%

              

Alliance One International, Inc., Gtd. Notes

    B2    11.00 %   05/15/12    670    690,100

Reynolds American, Inc., Sr. Sec’d. Notes

    Baa3    7.25 %   06/01/13    220    227,421

Reynolds American, Inc., Sr. Sec’d. Notes

    Baa3    7.30 %   07/15/15    215    219,984
               
     1,137,505

Transportation — 4.5%

              

American Railcar Industries, Inc., Sr. Unsec’d. Notes

    B1    7.50 %   03/01/14    315    292,950

Avis Budget Finance, Inc., Gtd. Notes

    Ba3    5.176 %(c)   05/15/14    310    240,250

Avis Budget Finance, Inc., Gtd. Notes

    Ba3    7.75 %   05/15/16    105    80,587

Continental Airlines, Inc., Pass-Thru Certs.

    Ba1    9.798 %   04/01/21    1,183    940,593

Hertz Corp., Gtd. Notes

    B1    8.875 %   01/01/14    405    370,575

Hertz Corp., Gtd. Notes

    B2    10.50 %   01/01/16    315    286,650

Navios Martime Holding, Inc., Gtd. Notes

    B3    9.50 %   12/15/14    190    194,275
               
     2,405,880

Utilities — 15.3%

              

AES Corp. (The), Sr. Sec’d. Notes, 144A

    Ba3    8.75 %   05/15/13    53    54,988

Aquila, Inc., Sr. Unsec’d. Notes

    Baa2    7.95 %   02/01/11    430    441,919

Aquila, Inc., Sr. Unsec’d. Notes

    Baa2    14.875 %   07/01/12    320    372,000

Dynegy Holdings, Inc., Sr. Unsec’d. Notes

    B2    7.125 %   05/15/18    955    830,850

Dynegy Holdings, Inc., Sr. Unsec’d. Notes

    B2    7.75 %   06/01/19    190    172,900

Edison Mission Energy, Sr. Unsec’d. Notes

    B1    7.00 %   05/15/17    165    154,275

Edison Mission Energy, Sr. Unsec’d. Notes

    B1    7.20 %   05/15/19    250    233,125

Edison Mission Energy, Sr. Unsec’d. Notes

    B1    7.50 %   06/15/13    440    436,700

El Paso Corp., Sr. Unsec’d. Notes

    Ba3    6.75 %   05/15/09    250    251,053

El Paso Corp., Sr. Unsec’d. Notes

    Ba3    7.00 %   05/15/11    330    331,061

Kinder Morgan Finance Co. ULC, Gtd. Notes (Canada)

    Ba1    5.70 %   01/05/16    960    854,400

Mirant North America LLC, Gtd. Notes

    B1    7.375 %   12/31/13    240    237,900

NGPL PipeCo. LLC, Sr. Notes, 144A

    Baa3    7.119 %   12/15/17    425    434,376

NRG Energy, Inc., Gtd. Notes

    B1    7.25 %   02/01/14    100    95,500

NRG Energy, Inc., Gtd. Notes

    B1    7.375 %   02/01/16    665    625,931

NRG Energy, Inc., Gtd. Notes

    B1    7.375 %   01/15/17    180    170,100

Reliant Energy, Inc., Gtd. Notes

    Ba3    6.75 %   12/15/14    435    443,700

Reliant Energy, Inc., Sr. Unsec’d. Notes

    B1    7.875 %   06/15/17    390    381,225

TXU Corp., Sr. Unsec’d. Notes

    Caa1    5.55 %   11/15/14    605    473,638

TXU Corp., Sr. Unsec’d. Notes

    Caa1    6.50 %   11/15/24    465    343,078

Williams Cos., Inc., Sr. Unsec’d. Notes

    Baa3    7.125 %   09/01/11    765    791,775

Williams Cos., Inc., Sr. Unsec’d. Notes

    Baa3    8.125 %   03/15/12    130    136,500
               
     8,266,994

Wireless — 2.2%

              

Centennial Communications Corp., Gtd. Notes

    B2    10.125 %   06/15/13    430    442,900

 

 

5

SCHEDULE OF INVESTMENTS as of June 30, 2008 (Unaudited)    THE HIGH YIELD PLUS FUND, INC.

 

 

 

Centennial Communications Corp., Sr. Unsec’d. Notes

    B2     8.125 %   02/01/14    235    232,650

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

    Baa3     9.625 %   05/01/11    450    498,113
              
     1,173,663

Wirelines — 6.5%

             

Citizens Communications Co., Sr. Unsec’d. Notes

    Ba2     9.25 %   05/15/11    975    1,009,125

GCI, Inc., Sr. Unsec’d. Notes

    B3     7.25 %   02/15/14    410    352,600

Qwest Corp., Sr. Unsec’d. Notes

    Ba1     7.50 %   10/01/14    1,145    1,102,062

Windstream Corp., Gtd. Notes

    Ba3     8.125 %   08/01/13    250    249,375

Windstream Corp., Gtd. Notes

    Ba3     8.625 %   08/01/16    800    798,000
              
   3,511,162
              

TOTAL CORPORATE BONDS (cost $70,326,073)

    65,157,373
              

BANK NOTES — 5.6%

                           

Community Center — 0.5%

             

Bright Horizon

    Ba3     4.45 %   05/21/15    270    265,612

Entertainment & Leisure — 0.4%

             

AMC Entertainment

    B3     7.78 %(c)   06/13/12    195    184,781

Independent Power Producers & Energy Traders — 0.9%

             

Calpine Corp.

    B+     5.58 %   03/29/14    500    477,222

Oil & Gas Exploration/Production — 0.8%

             

Antero Resources Corp.

    NR     7.20 %   04/12/14    500    451,250

Paper — 0.5%

             

Georgia-Pacific Corp., Term Bond

    NR     4.45 %   12/20/12    293    276,480

Pharmaceuticals — 0.7%

             

Mylan

    B1     5.85 %   10/02/14    404    399,506

Steel Producers/Products — 0.9%

             

Texas Competitive Electric Holdings Co. LLC

    NR     6.256 %   10/22/14    499    461,205

Tobacco — 0.9%

             

Reynolds American, Inc., Notes

    NR     5.196 %   06/29/14    525    480,375

TOTAL BANK NOTES (cost $3,128,167)

    2,996,431
              

CONVERTIBLE BOND — 0.4%

                           

Construction Machinery — 0.4%

             

AGCO Corp., Sr. Sub. Notes (cost $227,459)

    BB (d)   1.25 %   12/15/36    160    231,800
              
           

COMMON STOCKS — 0.1%

                     Shares     

Consumer Products — 0.1%

             

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

           6,031    63,326
              
           

WARRANTS

                     Units     

Chemicals

             

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

    230    3,360
              

Total Long-Term Investments (cost $75,062,132)

    68,452,290
              
     

Principal

Amount

(000)

      

SHORT-TERM INVESTMENT — 4.6%

             

REPURCHASE AGREEMENT — 4.6%

             

JPMorgan Chase, 2.7%, dated 06/30/08, due 07/01/08 in the amount of $2,539,976 (cost $2,500,000; the value of collateral plus accrued interest was $2,552,137)(f)

    2,500    2,500,000

 

 

6

SCHEDULE OF INVESTMENTS as of June 30, 2008 (Unaudited)    THE HIGH YIELD PLUS FUND, INC.

 

 

 

TOTAL INVESTMENTS(g)—131.7%
(cost $77,562,132)(h)

      70,952,290  

Liabilities in Excess of Other Assets — (31.7)%

      (17,089,313 )
        

NET ASSETS — 100.0%

    $ 53,862,977  
        

The following abbreviations are used in the 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.
NR Not Rated by Moody’s or Standard & Poor’s
PIK Payment-in-kind
† The rating reflected is as of June 30, 2008. Rating of certain bonds may have changed subsequent to that date.
(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) Repurchase agreement is collateralized by United States Treasuries or federal agency obligations.
(g) As of June 30, 2008, 3 securities representing $111,249 and 0.2% of the total market value were fair valued in accordance with the policies adopted by the Board of Directors. This amount was valued using Significant Unobservable Inputs (Level 3, as defined below).
(h) The United States federal income tax basis of the Fund’s investment and the net unrealized depreciation as of June 30, 2008 were as follows:

 

Tax Basis of Information

  

Appreciation

  

Depreciation

  

Net Unrealized Depreciation

$77,562,132

   $626,536   (7,236,378)   (6,609,842)

 

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

 

Level 1

   -   quoted prices in active markets for identical securities

Level 2

   -   other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3

   -   significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio’s assets carried at fair value:

 

Valuation inputs

    Investments in
Securities		    Other Financial
Instruments*

Level 1 - Quoted Prices

      —      —  

Level 2 - Other Significant Observable Inputs - Long

    $ 70,841,041    —  

Level 3 - Significant Unobservable Inputs

      111,249    —  
           

Total

    $ 70,952,290    —  
           

 

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

 

     Investments
in Securities

Balance as of 3/31/08

    $ 78,238

Accrued discounts/premiums

      —  

Realized gain (loss)

      —  

Change in unrealized appreciation (depreciation)

      33,011

Net purchases (sales)

      —  

Transfers in and/or out of Level 3

      —  
      

Balance as of 6/30/08

    $ 111,249
      

 

 

7

Notes to the Schedule of Investments (Unaudited)

Securities Valuation: Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange or market on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and asked prices, or at last bid price on such day in the absence of an asked price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the subadvisor, to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or more than one principal market maker. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Securities for which reliable market quotations are not readily available, or for which the pricing service does not provide a valuation methodology, or does not present fair value, are valued at fair value in accordance with Board of Directors’ approved fair valuation procedures. 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 debt securities which mature in more than 60 days are valued at current market quotations. Short-term debt 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 15, 2008  

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 15, 2008  

 

By (Signature and Title)*  

/s/ Grace C. Torres

  Grace C. Torres
  Treasurer and Principal Financial Officer
Date    August 15, 2008  

 

* 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 schedule of investments included in this report fairly presents 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 15, 2008    

/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 schedule of investments included in this report fairly presents 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 15, 2008  

/s/ Grace C. Torres

  Grace C. Torres
  Treasurer and Principal
  Financial Officer
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