- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
March 02 2009 - 12:33PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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Investment Company Act file number:
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811-05468
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Exact name of registrant as specified in charter:
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The High Yield Plus Fund, Inc.
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Address of principal executive offices:
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Gateway Center 3,
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100 Mulberry Street,
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Newark, New Jersey 07102
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Name and address of agent for service:
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Deborah A. Docs
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Gateway Center 3,
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100 Mulberry Street,
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Newark, New Jersey 07102
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Registrant’s telephone number, including area code:
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973-367-7521
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Date of fiscal year end:
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3/31/2009
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Date of reporting period:
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12/31/2008
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Item 1.
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Schedule of Investments
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SCHEDULE OF INVESTMENTS as of December 31, 2008 (Unaudited)
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THE HIGH YIELD PLUS FUND, INC.
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Description
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Moody’s
Ratings†
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Interest
Rate
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Maturity
Date
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Principal
Amount
(000)
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Value
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LONG-TERM INVESTMENTS — 133.7%
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CORPORATE BONDS — 127.4%
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Aerospace/Defense — 0.5%
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Bombardier Inc., Sr. Unsec’d. Notes, 144A (Canada)
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Ba2
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8.00
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%
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11/15/14
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$
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225
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$
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198,000
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Automotive — 3.3%
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Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes
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CCC+(d)
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5.544
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%(c)
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04/15/12
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795
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767,175
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Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes
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Caa1
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7.00
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%
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10/01/13
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725
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500,922
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1,268,097
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Capital Goods — 0.9%
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L-3 Communications Corp., Gtd. Notes, Series B
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Ba3
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6.375
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%
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10/15/15
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380
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355,300
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Chemicals — 1.4%
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KI Holdings, Inc., Zero Coupon (until 11/15/09), Sr. Disc. Notes
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B2
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9.875
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%(a)
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11/15/14
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45
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34,875
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Mosaic Co. (The), Sr. Unsec’d. Notes, 144A
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Baa3
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7.375
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%
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12/01/14
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165
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135,300
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Mosaic Co. (The), Sr. Unsec’d. Notes, 144A
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Baa3
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7.625
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%
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12/01/16
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140
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112,000
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Mosaic Global Holdings, Inc., Sr. Unsec’d. Notes
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Baa3
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7.30
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%
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01/15/28
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100
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78,250
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Terra Capital, Inc., Gtd. Notes, Series B
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B1
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7.00
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%
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02/01/17
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220
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161,700
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522,125
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Construction Machinery — 2.1%
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Ashtead Capital, Inc., Sr. Sec’d. Notes, 144A
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B1
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9.00
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%
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08/15/16
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125
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64,375
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Ashtead Holdings PLC, Sr. Notes, 144A (United Kingdom)
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B1
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8.625
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%
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08/01/15
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75
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39,375
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Case New Holland, Inc., Gtd. Notes
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Ba3
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7.125
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%
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03/01/14
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280
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198,800
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Rental Service Corp., Gtd. Notes
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Caa1
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9.50
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%
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12/01/14
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420
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231,000
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United Rentals North America, Inc., Gtd. Notes
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B2
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6.50
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%
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02/15/12
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340
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268,600
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802,150
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Consumer Cyclical - Services — 1.1%
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Corrections Corp. of America, Gtd. Notes
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Ba2
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6.25
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%
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03/15/13
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95
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88,350
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Service Corp. International, Sr. Unsec’d. Notes
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B1
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7.375
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%
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10/01/14
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140
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119,000
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Service Corp. International, Sr. Unsec’d. Notes
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B1
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7.625
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%
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10/01/18
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280
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207,200
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414,550
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Diversified Manufacturing — 2.2%
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Blaze Recycling & Metals LLC/Blaze Finance Corp., Sr. Sec’d. Notes, 144A
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B(d)
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10.875
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%
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07/15/12
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40
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30,000
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Esco Corp., Gtd. Notes, 144A
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B2
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8.625
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%
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12/15/13
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665
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465,500
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SPX Corp., Sr. Unsec’d. Notes, 144A
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Ba2
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7.625
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%
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12/15/14
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420
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365,400
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860,900
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Energy — 8.1%
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Chesapeake Energy Corp., Gtd. Notes
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Ba3
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6.875
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%
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01/15/16
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175
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140,000
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Delta Petroleum Corp., Gtd. Notes
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Caa3
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7.00
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%
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04/01/15
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1,025
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205,000
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Hornbeck Offshore Services, Inc., Gtd. Notes, Series B
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Ba3
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6.125
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%
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12/01/14
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60
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39,000
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Newfield Exploration Co., Sr. Sub. Notes
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Ba3
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6.625
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%
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04/15/16
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225
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178,875
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OPTI Canada, Inc., Sr. Sec’d. Notes (Canada)
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B2
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7.875
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%
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12/15/14
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350
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178,500
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OPTI Canada, Inc., Sr. Sec’d. Notes (Canada)
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B2
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8.25
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%
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12/15/14
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245
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132,300
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Petrohawk Energy Corp., Gtd. Notes, 144A
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B3
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7.875
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%
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06/01/15
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120
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88,800
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Petrohawk Energy Corp., Gtd. Notes
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B3
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9.125
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%
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07/15/13
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180
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145,800
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Petroplus Finance Ltd., Gtd. Notes, 144A (Bermuda)
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B1
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6.75
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%
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05/01/14
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445
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282,575
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Pioneer Natural Resources Co., Sr. Unsec’d. Notes
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Ba1
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6.875
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%
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05/01/18
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225
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157,365
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1
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SCHEDULE OF INVESTMENTS as of December 31, 2008 (Unaudited)
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THE HIGH YIELD PLUS FUND, INC.
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Description
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Moody’s
Ratings†
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Interest
Rate
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Maturity
Date
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Principal
Amount
(000)
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Value
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CORPORATE BONDS (Continued)
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Energy (cont’d.)
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Plains Exploration & Production Co., Gtd. Notes
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B1
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7.00
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%
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03/15/17
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$
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75
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$
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51,375
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Plains Exploration & Production Co., Gtd. Notes
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B1
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7.75
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%
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06/15/15
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360
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271,800
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Range Resources Corp., Gtd. Notes
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Ba3
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6.375
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%
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03/15/15
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80
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64,800
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Range Resources Corp., Gtd. Notes
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Ba3
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7.50
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%
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05/15/16
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335
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290,613
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Range Resources Corp., Gtd. Notes
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Ba3
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7.50
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%
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10/01/17
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240
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204,000
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SandRidge Energy, Inc., Gtd. Notes, 144A
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B3
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8.00
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%
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06/01/18
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195
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108,225
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Southwestern Energy Co., Sr. Notes, 144A
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Ba2
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7.50
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%
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02/01/18
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130
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113,750
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Western Oil Sands Corp., Sr. Sec’d. Notes (Canada)
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Baa1
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8.375
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%
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05/01/12
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200
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190,928
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Whiting Petroleum Corp., Gtd. Notes
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B1
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7.25
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%
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05/01/12
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180
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134,100
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Whiting Petroleum Corp., Gtd. Notes
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B1
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7.25
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%
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05/01/13
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220
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156,200
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3,134,006
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Entertainment — 2.3%
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AMC Entertainment, Inc., Gtd. Notes, Series B
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Ba3
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8.625
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%
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08/15/12
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220
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176,000
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AMC Entertainment, Inc., Gtd. Notes
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B2
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11.00
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%
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02/01/16
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400
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279,500
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AMC Entertainment, Inc., Sr. Sub. Notes
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B2
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8.00
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%
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03/01/14
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240
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147,600
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Marquee Holdings, Inc., Sr. Disc. Notes
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B3
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12.00
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%
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08/15/14
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545
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277,950
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881,050
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Environmental — 2.1%
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Allied Waste North America, Inc., Sr. Sec’d. Notes
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Baa3
|
|
6.50
|
%
|
|
11/15/10
|
|
|
240
|
|
|
231,600
|
|
Allied Waste North America, Inc., Sr. Sec’d. Notes,
Series B
|
|
Baa3
|
|
5.75
|
%
|
|
02/15/11
|
|
|
605
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|
|
567,188
|
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798,788
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Financial Institutions — 4.6%
|
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|
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|
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|
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Bonten Media Acquistition Co., Gtd. Notes, PIK, 144A
|
|
Caa2
|
|
9.00
|
%
|
|
06/01/15
|
|
|
455
|
|
|
150,150
|
|
Deluxe Corp., Sr. Unsec’d. Notes
|
|
Ba2
|
|
7.375
|
%
|
|
06/01/15
|
|
|
890
|
|
|
534,000
|
|
General Motors Acceptance Corp. LLC, Gtd. Notes, 144A
|
|
C
|
|
8.00
|
%
|
|
11/01/31
|
|
|
819
|
|
|
486,805
|
|
Harland Clarke Holdings Corp., Gtd. Notes
|
|
Caa1
|
|
9.50
|
%
|
|
05/15/15
|
|
|
230
|
|
|
87,400
|
|
Lender Processing Services, Inc., Gtd. Notes
|
|
Ba2
|
|
8.125
|
%
|
|
07/01/16
|
|
|
260
|
|
|
231,725
|
|
Rouse Co. LP/TRC Co-Issuer, Inc., Sr. Unsec’d.
Notes, 144A
|
|
Ca
|
|
6.75
|
%
|
|
05/01/13
|
|
|
795
|
|
|
270,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
1,760,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Food & Beverage — 4.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARAMARK Corp., Gtd. Notes
|
|
B3
|
|
4.674
|
%(c)
|
|
02/01/15
|
|
|
460
|
|
|
347,300
|
|
ARAMARK Corp., Gtd. Notes
|
|
B3
|
|
8.50
|
%
|
|
02/01/15
|
|
|
420
|
|
|
380,100
|
|
Constellation Brands, Inc., Gtd. Notes
|
|
Ba3
|
|
7.25
|
%
|
|
09/01/16
|
|
|
635
|
|
|
600,075
|
|
Constellation Brands, Inc., Gtd. Notes
|
|
Ba3
|
|
7.25
|
%
|
|
05/15/17
|
|
|
310
|
|
|
292,950
|
|
Smithfield Foods, Inc., Sr. Unsec’d. Notes, Series B
|
|
B3
|
|
7.75
|
%
|
|
05/15/13
|
|
|
430
|
|
|
276,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,896,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming — 6.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo Thunder Developement Authority, Sr. Sec’d.
Notes, 144A
|
|
Caa3
|
|
9.375
|
%
|
|
12/15/14
|
|
|
615
|
|
|
123,000
|
|
Mandalay Resort Group, Gtd. Notes
|
|
B2
|
|
9.375
|
%
|
|
02/15/10
|
|
|
375
|
|
|
273,750
|
|
MGM Mirage, Inc., Gtd. Notes
|
|
Ba3
|
|
6.00
|
%
|
|
10/01/09
|
|
|
205
|
|
|
195,775
|
|
MGM Mirage, Inc., Gtd. Notes
|
|
Ba3
|
|
8.50
|
%
|
|
09/15/10
|
|
|
510
|
|
|
428,400
|
|
Mohegan Tribal Gaming Authority, Gtd. Notes
|
|
Ba3
|
|
6.125
|
%
|
|
02/15/13
|
|
|
135
|
|
|
85,050
|
|
OED Corp./DIAMOND JO LLC, Gtd. Notes
|
|
B2
|
|
8.75
|
%
|
|
04/15/12
|
|
|
395
|
|
|
270,575
|
|
River Rock Entertainment Authority (The), Sr. Sec’d. Notes
|
|
B2
|
|
9.75
|
%
|
|
11/01/11
|
|
|
415
|
|
|
344,450
|
|
Seneca Gaming Corp., Sr. Unsec’d. Notes
|
|
Ba2
|
|
7.25
|
%
|
|
05/01/12
|
|
|
400
|
|
|
322,000
|
2
|
|
|
|
|
SCHEDULE OF INVESTMENTS as of December 31, 2008 (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.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Station Casinos, Inc., Sr. Sub. Notes
|
|
Ca
|
|
6.50
|
%
|
|
02/01/14
|
|
$
|
105
|
|
$
|
6,037
|
|
Virgin River Casino Corp., Sr. Sec’d. Notes
|
|
Caa3
|
|
9.00
|
%
|
|
01/15/12
|
|
|
375
|
|
|
112,500
|
|
Wynn Las Vegas Capital Corp., First Mortgage
|
|
Ba2
|
|
6.625
|
%
|
|
12/01/14
|
|
|
320
|
|
|
241,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,403,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare — 11.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biomet, Inc., Gtd. Notes
|
|
B3
|
|
10.00
|
%
|
|
10/15/17
|
|
|
150
|
|
|
144,000
|
|
Community Health Systems, Inc., Gtd. Notes
|
|
B3
|
|
8.875
|
%
|
|
07/15/15
|
|
|
975
|
|
|
897,000
|
|
FMC Finance III SA, Gtd. Notes (Luxembourg)
|
|
Ba2
|
|
6.875
|
%
|
|
07/15/17
|
|
|
300
|
|
|
280,500
|
|
HCA, Inc., Sr. Unsec’d. Notes
|
|
Caa1
|
|
5.75
|
%
|
|
03/15/14
|
|
|
85
|
|
|
51,425
|
|
HCA, Inc., Sr. Unsec’d. Notes
|
|
Caa1
|
|
6.375
|
%
|
|
01/15/15
|
|
|
1,525
|
|
|
930,250
|
|
HCA, Inc., Sr. Unsec’d. Notes
|
|
Caa1
|
|
7.50
|
%
|
|
11/06/33
|
|
|
180
|
|
|
83,700
|
|
HCA, Inc., Sr. Sec’d. Notes, PIK
|
|
B2
|
|
9.625
|
%
|
|
11/15/16
|
|
|
845
|
|
|
659,100
|
|
Omnicare, Inc., Sr. Sub. Notes
|
|
B1
|
|
6.125
|
%
|
|
06/01/13
|
|
|
70
|
|
|
58,800
|
|
Tenet Healthcare Corp., Sr. Unsec’d. Notes
|
|
Caa1
|
|
9.875
|
%
|
|
07/01/14
|
|
|
1,115
|
|
|
892,000
|
|
Universal Hospital Services, Inc., Sr. Sec’d. Notes, PIK
|
|
B3
|
|
8.50
|
%
|
|
06/01/15
|
|
|
360
|
|
|
255,600
|
|
Ventas Realty LP/Ventas Capital Corp., Gtd. Notes
|
|
Ba1
|
|
6.625
|
%
|
|
10/15/14
|
|
|
215
|
|
|
163,400
|
|
Ventas Realty LP/Ventas Capital Corp., Gtd. Notes
|
|
Ba1
|
|
6.75
|
%
|
|
06/01/10
|
|
|
60
|
|
|
56,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,472,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Construction — 2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DR Horton, Inc., Gtd. Notes
|
|
Ba3
|
|
5.00
|
%
|
|
01/15/09
|
|
|
355
|
|
|
353,225
|
|
DR Horton, Inc., Gtd. Notes
|
|
Ba1
|
|
9.75
|
%
|
|
09/15/10
|
|
|
110
|
|
|
97,350
|
|
K. Hovnanian Enterprises, Inc., Sr. Sec’d. Notes
|
|
Ba3
|
|
11.50
|
%
|
|
05/01/13
|
|
|
500
|
|
|
380,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
830,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Other — 1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blount, Inc., Gtd. Notes
|
|
B2
|
|
8.875
|
%
|
|
08/01/12
|
|
|
420
|
|
|
388,500
|
|
RBS Global, Inc./Rexnord Corp., Gtd. Notes
|
|
B3
|
|
9.50
|
%
|
|
08/01/14
|
|
|
460
|
|
|
342,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
731,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging — 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Host Hotels & Resorts LP, Gtd. Notes
|
|
BBB-(d)
|
|
6.875
|
%
|
|
11/01/14
|
|
|
290
|
|
|
223,300
|
|
Host Marriott LP, Gtd. Notes
|
|
Ba1
|
|
7.125
|
%
|
|
11/01/13
|
|
|
100
|
|
|
80,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
303,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media - Cable — 8.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cablevision Systems Corp., Sr. Unsec’d. Notes, Series B
|
|
B2
|
|
8.00
|
%
|
|
04/15/12
|
|
|
555
|
|
|
493,950
|
|
Charter Communications Holdings II LLC, Gtd. Notes
|
|
B3
|
|
10.25
|
%
|
|
10/01/13
|
|
|
185
|
|
|
66,600
|
|
Charter Communications Operating LLC, Sr. Sec’d.
Notes, 144A
|
|
B3
|
|
8.00
|
%
|
|
04/30/12
|
|
|
540
|
|
|
442,800
|
|
Comcast Corp., Gtd. Notes
|
|
Baa2
|
|
5.70
|
%
|
|
05/15/18
|
|
|
330
|
|
|
309,477
|
|
CSC Holdings, Inc., Sr. Unsec’d. Notes
|
|
B1
|
|
6.75
|
%
|
|
04/15/12
|
|
|
275
|
|
|
251,625
|
|
CSC Holdings, Inc., Sr. Unsec’d. Notes
|
|
B1
|
|
7.625
|
%
|
|
07/15/18
|
|
|
340
|
|
|
265,200
|
|
CSC Holdings, Inc., Sr. Unsec’d. Notes
|
|
B1
|
|
7.875
|
%
|
|
02/15/18
|
|
|
585
|
|
|
459,225
|
|
CSC Holdings, Inc., Sr. Unsec’d. Notes, Series B
|
|
B1
|
|
8.125
|
%
|
|
07/15/09
|
|
|
205
|
|
|
203,975
|
|
FrontierVision LP, Sr. Sub. Notes(e)
|
|
NR
|
|
Zero
|
|
|
10/15/10
|
|
|
575
|
|
|
44,562
|
|
Mediacom Broadband LLC, Sr. Unsec’d. Notes
|
|
B3
|
|
8.50
|
%
|
|
10/15/15
|
|
|
1,060
|
|
|
690,325
|
|
Shaw Communications, Inc., Sr. Unsec’d. Notes (Canada)
|
|
Ba1
|
|
7.25
|
%
|
|
04/06/11
|
|
|
15
|
|
|
14,175
|
3
|
|
|
|
|
SCHEDULE OF INVESTMENTS as of December 31, 2008 (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.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shaw Communications, Inc., Sr. Unsec’d. Notes (Canada)
|
|
Ba1
|
|
8.25
|
%
|
|
04/11/10
|
|
$
|
30
|
|
$
|
29,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,271,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media - Non Cable — 6.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CanWest Media, Inc., Gtd. Notes (Canada)
|
|
Caa2
|
|
8.00
|
%
|
|
09/15/12
|
|
|
325
|
|
|
143,000
|
|
DirecTV Holdings LLC/DirecTV Financing Co., Gtd. Notes
|
|
Ba3
|
|
6.375
|
%
|
|
06/15/15
|
|
|
850
|
|
|
784,125
|
|
Intelsat Sr. Unsec’d. Notes, 144A (Bermuda)
|
|
B3
|
|
8.875
|
%
|
|
01/15/15
|
|
|
440
|
|
|
400,400
|
|
Intelsat Ltd., Sr. Unsec’d. Notes (Bermuda)
|
|
Caa3
|
|
6.50
|
%
|
|
11/01/13
|
|
|
135
|
|
|
75,600
|
|
Intelsat Ltd., Sr. Unsec’d. Notes (Bermuda)
|
|
Caa3
|
|
7.625
|
%
|
|
04/15/12
|
|
|
355
|
|
|
237,850
|
|
Nexstar Finance Holdings LLC/Nexstar Finance Holdings, Inc., Sr. Disc. Notes
|
|
Caa2
|
|
11.375
|
%
|
|
04/01/13
|
|
|
96
|
|
|
41,347
|
|
Quebecor Media, Inc., Sr. Unsec’d. Notes (Canada)
|
|
B2
|
|
7.75
|
%
|
|
03/15/16
|
|
|
890
|
|
|
600,750
|
|
R.H. Donnelley Corp., Sr. Unsec’d. Notes
|
|
Caa1
|
|
6.875
|
%
|
|
01/15/13
|
|
|
850
|
|
|
114,750
|
|
R.H. Donnelley Corp., Sr. Disc. Notes
|
|
Caa1
|
|
6.875
|
%
|
|
01/15/13
|
|
|
150
|
|
|
20,250
|
|
R.H. Donnelley Corp., Sr. Unsec’d. Notes
|
|
Caa1
|
|
8.875
|
%
|
|
01/15/16
|
|
|
700
|
|
|
105,000
|
|
R.H. Donnelley Corp., Sr. Unsec’d. Notes
|
|
Caa1
|
|
8.875
|
%
|
|
10/15/17
|
|
|
50
|
|
|
7,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,530,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals — 8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arch Western Finance LLC, Sr. Sec’d. Notes
|
|
B1
|
|
6.75
|
%
|
|
07/01/13
|
|
|
220
|
|
|
191,400
|
|
Freeport-McMoRan Copper & Gold, Inc., Sr. Unsec’d. Notes
|
|
Ba2
|
|
8.25
|
%
|
|
04/01/15
|
|
|
380
|
|
|
326,800
|
|
Freeport-McMoRan Copper & Gold, Inc., Sr. Unsec’d. Notes
|
|
Ba2
|
|
8.375
|
%
|
|
04/01/17
|
|
|
1,160
|
|
|
951,200
|
|
Novelis, Inc., Gtd. Notes (Canada)
|
|
B3
|
|
7.25
|
%
|
|
02/15/15
|
|
|
325
|
|
|
188,500
|
|
Peabody Energy Corp., Gtd. Notes, Series B
|
|
Ba1
|
|
6.875
|
%
|
|
03/15/13
|
|
|
485
|
|
|
459,537
|
|
Peabody Energy Corp., Gtd. Notes
|
|
Ba1
|
|
7.375
|
%
|
|
11/01/16
|
|
|
415
|
|
|
390,100
|
|
RathGibson, Inc., Gtd. Notes
|
|
B3
|
|
11.25
|
%
|
|
02/15/14
|
|
|
180
|
|
|
40,050
|
|
United States Steel Corp., Sr. Unsec’d. Notes
|
|
Baa3
|
|
6.05
|
%
|
|
06/01/17
|
|
|
205
|
|
|
134,033
|
|
United States Steel Corp., Sr. Unsec’d. Notes
|
|
Baa3
|
|
7.00
|
%
|
|
02/01/18
|
|
|
195
|
|
|
132,900
|
|
Vedanta Resources PLC, Sr. Unsec’d. Notes, 144A (United Kingdom)
|
|
Ba2
|
|
9.50
|
%
|
|
07/18/18
|
|
|
520
|
|
|
270,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,084,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Packaging — 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ball Corp., Gtd. Notes
|
|
Ba1
|
|
6.625
|
%
|
|
03/15/18
|
|
|
125
|
|
|
111,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paper — 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Paper Co., Sr. Unsec’d. Notes
|
|
Baa3
|
|
7.95
|
%
|
|
06/15/18
|
|
|
310
|
|
|
245,012
|
|
Stone Container Finance Co. of Canada II, Gtd. Notes (Canada)
|
|
D(d)
|
|
7.375
|
%
|
|
07/15/14
|
|
|
630
|
|
|
116,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
361,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals — 2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elan Finance PLC/Elan Finance Corp., Gtd. Notes (Ireland)
|
|
B3
|
|
6.328
|
%(c)
|
|
12/01/13
|
|
|
360
|
|
|
169,200
|
|
Elan Finance PLC/Elan Finance Corp., Gtd. Notes (Ireland)
|
|
B3
|
|
7.75
|
%
|
|
11/15/11
|
|
|
640
|
|
|
377,600
|
|
Elan Finance PLC/Elan Finance Corp., Gtd. Notes (Ireland)
|
|
B3
|
|
8.875
|
%
|
|
12/01/13
|
|
|
625
|
|
|
325,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
871,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailers — 2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollar General Corp., Gtd. Notes
|
|
Caa1
|
|
10.625
|
%
|
|
07/15/15
|
|
|
335
|
|
|
319,925
|
|
HSN, Inc., Gtd. Notes, 144A
|
|
Ba2
|
|
11.25
|
%
|
|
08/01/16
|
|
|
350
|
|
|
257,250
|
4
|
|
|
|
|
SCHEDULE OF INVESTMENTS as of December 31, 2008 (Unaudited)
|
|
THE HIGH YIELD PLUS FUND, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Moody’s
Ratings†
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Principal
Amount
(000)
|
|
Value
|
|
CORPORATE BONDS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailers (cont’d.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rite Aid Corp., Sr. Sec’d. Notes
|
|
Caa2
|
|
10.375
|
%
|
|
07/15/16
|
|
$
|
355
|
|
$
|
260,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
838,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology — 2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sanmina-SCI Corp., Gtd. Notes, 144A
|
|
B1
|
|
4.746
|
%(c)
|
|
06/15/10
|
|
|
392
|
|
|
360,640
|
|
Sungard Data Systems, Inc., Gtd. Notes
|
|
Caa1
|
|
9.125
|
%
|
|
08/15/13
|
|
|
515
|
|
|
445,475
|
|
Unisys Corp., Sr. Unsec’d. Notes
|
|
Caa1
|
|
6.875
|
%
|
|
03/15/10
|
|
|
190
|
|
|
89,300
|
|
Xerox Corp., Gtd. Notes
|
|
Baa2
|
|
7.625
|
%
|
|
06/15/13
|
|
|
225
|
|
|
187,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,083,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco — 2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance One International, Inc., Gtd. Notes
|
|
B2
|
|
11.00
|
%
|
|
05/15/12
|
|
|
695
|
|
|
576,850
|
|
Reynolds American, Inc., Sr. Sec’d. Notes
|
|
Baa3
|
|
7.25
|
%
|
|
06/01/13
|
|
|
220
|
|
|
197,474
|
|
Reynolds American, Inc., Sr. Sec’d. Notes
|
|
Baa3
|
|
7.30
|
%
|
|
07/15/15
|
|
|
215
|
|
|
181,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
955,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation — 4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Railcar Industries, Inc., Sr. Unsec’d. Notes
|
|
B1
|
|
7.50
|
%
|
|
03/01/14
|
|
|
315
|
|
|
207,900
|
|
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes
|
|
Ba3
|
|
4.649
|
%(c)
|
|
05/15/14
|
|
|
310
|
|
|
77,500
|
|
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes
|
|
Ba3
|
|
7.75
|
%
|
|
05/15/16
|
|
|
105
|
|
|
30,450
|
|
Continental Airlines, Inc., Pass-Thru Certs.
|
|
Ba1
|
|
9.798
|
%
|
|
04/01/21
|
|
|
1,157
|
|
|
798,394
|
|
Hertz Corp. (The), Gtd. Notes
|
|
B1
|
|
8.875
|
%
|
|
01/01/14
|
|
|
405
|
|
|
249,075
|
|
Hertz Corp. (The), Gtd. Notes
|
|
B2
|
|
10.50
|
%
|
|
01/01/16
|
|
|
315
|
|
|
143,719
|
|
Navios Maritime Holding, Inc., Gtd. Notes
|
|
B3
|
|
9.50
|
%
|
|
12/15/14
|
|
|
190
|
|
|
105,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,612,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities — 20.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AES Corp. (The), Sr. Sec’d. Notes, 144A
|
|
Ba3
|
|
8.75
|
%
|
|
05/15/13
|
|
|
53
|
|
|
50,880
|
|
Aquila, Inc., Sr. Unsec’d. Notes
|
|
Baa2
|
|
7.95
|
%
|
|
02/01/11
|
|
|
430
|
|
|
421,176
|
|
Aquila, Inc., Sr. Unsec’d. Notes
|
|
Baa2
|
|
11.875
|
%
|
|
07/01/12
|
|
|
320
|
|
|
316,252
|
|
Dynegy Holdings, Inc., Sr. Unsec’d. Notes
|
|
B2
|
|
7.125
|
%
|
|
05/15/18
|
|
|
955
|
|
|
573,000
|
|
Dynegy Holdings, Inc., Sr. Unsec’d. Notes
|
|
B2
|
|
7.75
|
%
|
|
06/01/19
|
|
|
190
|
|
|
131,100
|
|
Dynegy Holdings, Inc., Sr. Unsec’d. Notes
|
|
B2
|
|
8.375
|
%
|
|
05/01/16
|
|
|
205
|
|
|
145,550
|
|
Edison Mission Energy, Sr. Unsec’d. Notes
|
|
B1
|
|
7.00
|
%
|
|
05/15/17
|
|
|
165
|
|
|
143,550
|
|
Edison Mission Energy, Sr. Unsec’d. Notes
|
|
B1
|
|
7.20
|
%
|
|
05/15/19
|
|
|
250
|
|
|
205,000
|
|
Edison Mission Energy, Sr. Unsec’d. Notes
|
|
B1
|
|
7.50
|
%
|
|
06/15/13
|
|
|
440
|
|
|
402,600
|
|
El Paso Corp., Sr. Unsec’d. Notes
|
|
Ba3
|
|
6.75
|
%
|
|
05/15/09
|
|
|
250
|
|
|
246,428
|
|
El Paso Corp., Sr. Unsec’d. Notes
|
|
Ba3
|
|
7.00
|
%
|
|
05/15/11
|
|
|
330
|
|
|
300,229
|
|
Intergen NV, Sr. Sec’d. Notes, 144A
|
|
Ba3
|
|
9.00
|
%
|
|
06/30/17
|
|
|
400
|
|
|
328,000
|
|
Ipalco Enterprises, Inc., Sr. Sec’d. Notes, 144A
|
|
Ba1
|
|
7.25
|
%
|
|
04/01/16
|
|
|
55
|
|
|
45,100
|
|
Kinder Morgan Finance Co. ULC, Gtd. Notes (Canada)
|
|
Ba1
|
|
5.70
|
%
|
|
01/05/16
|
|
|
960
|
|
|
715,200
|
|
Mirant North America LLC, Gtd. Notes
|
|
B1
|
|
7.375
|
%
|
|
12/31/13
|
|
|
240
|
|
|
230,400
|
|
NGPL PipeCo. LLC, Sr. Unsec’d. Notes, 144A
|
|
Baa3
|
|
7.119
|
%
|
|
12/15/17
|
|
|
425
|
|
|
382,582
|
|
NRG Energy, Inc., Gtd. Notes
|
|
B1
|
|
7.25
|
%
|
|
02/01/14
|
|
|
100
|
|
|
93,500
|
|
NRG Energy, Inc., Gtd. Notes
|
|
B1
|
|
7.375
|
%
|
|
02/01/16
|
|
|
665
|
|
|
618,450
|
|
NRG Energy, Inc., Gtd. Notes
|
|
B1
|
|
7.375
|
%
|
|
01/15/17
|
|
|
180
|
|
|
165,600
|
|
Reliant Energy, Inc., Sr. Sec’d. Notes
|
|
Ba3
|
|
6.75
|
%
|
|
12/15/14
|
|
|
435
|
|
|
391,500
|
|
Reliant Energy, Inc., Sr. Unsec’d. Notes
|
|
B1
|
|
7.875
|
%
|
|
06/15/17
|
|
|
390
|
|
|
315,900
|
5
|
|
|
|
|
SCHEDULE OF INVESTMENTS as of December 31, 2008 (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.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Industries, Inc., Sr. Unsec’d. Notes
|
|
B2
|
|
7.25
|
%
|
|
07/15/13
|
|
$
|
435
|
|
$
|
336,038
|
|
TXU Corp., Sr. Unsec’d. Notes
|
|
Caa1
|
|
5.55
|
%
|
|
11/15/14
|
|
|
605
|
|
|
282,673
|
|
TXU Corp., Sr. Unsec’d. Notes
|
|
Caa1
|
|
6.50
|
%
|
|
11/15/24
|
|
|
465
|
|
|
164,511
|
|
Williams Cos., Inc., Sr. Unsec’d. Notes
|
|
Baa3
|
|
7.125
|
%
|
|
09/01/11
|
|
|
765
|
|
|
703,800
|
|
Williams Cos., Inc., Sr. Unsec’d. Notes
|
|
Baa3
|
|
8.125
|
%
|
|
03/15/12
|
|
|
130
|
|
|
119,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,828,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless — 6.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Centennial Cellular Operating Co./Centennial Communications Corp., Gtd. Notes
|
|
B2
|
|
10.125
|
%
|
|
06/15/13
|
|
|
430
|
|
|
434,300
|
|
Centennial Cellular Operating Co./Centennial Communications Corp., Sr. Unsec’d. Notes
|
|
B2
|
|
8.125
|
%
|
|
02/01/14
|
|
|
235
|
|
|
238,525
|
|
Cricket Communications, Inc., Gtd. Notes, 144A
|
|
B3
|
|
10.00
|
%
|
|
07/15/15
|
|
|
515
|
|
|
471,225
|
|
MetroPCS Wireless, Inc., Gtd. Notes
|
|
B3
|
|
9.25
|
%
|
|
11/01/14
|
|
|
490
|
|
|
438,550
|
|
Rogers Wireless, Inc., Sr. Sec’d. Notes (Canada)
|
|
Baa3
|
|
9.625
|
%
|
|
05/01/11
|
|
|
450
|
|
|
469,566
|
|
Sprint Capital Corp., Gtd. Notes
|
|
Ba2
|
|
6.90
|
%
|
|
05/01/19
|
|
|
195
|
|
|
138,450
|
|
Sprint Nextel Corp., Sr. Unsec’d. Notes
|
|
Ba2
|
|
6.00
|
%
|
|
12/01/16
|
|
|
295
|
|
|
207,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,398,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wirelines — 6.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citizens Communications Corp., Sr. Unsec’d. Notes
|
|
Ba2
|
|
9.25
|
%
|
|
05/15/11
|
|
|
975
|
|
|
926,250
|
|
GCI, Inc., Sr. Unsec’d. Notes
|
|
B3
|
|
7.25
|
%
|
|
02/15/14
|
|
|
410
|
|
|
319,800
|
|
Qwest Corp., Sr. Unsec’d. Notes
|
|
Ba1
|
|
7.50
|
%
|
|
10/01/14
|
|
|
1,145
|
|
|
950,350
|
|
Windstream Corp., Gtd. Notes
|
|
Ba3
|
|
8.125
|
%
|
|
08/01/13
|
|
|
250
|
|
|
230,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,426,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
(cost $66,999,859)
|
|
|
|
|
|
|
|
|
|
|
|
|
49,008,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANK NOTES(c) — 5.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Cyclical - Services — 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bright Horizon
|
|
Ba3
|
|
7.499
|
%
|
|
05/28/15
|
|
|
269
|
|
|
177,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy — 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Antero Resources Corp.
|
|
NR
|
|
8.39
|
%
|
|
04/12/14
|
|
|
500
|
|
|
300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment — 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMC Entertainment
|
|
B3
|
|
6.75
|
%
|
|
06/13/12
|
|
|
203
|
|
|
145,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare — 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reynolds American, Inc., Notes
|
|
B1
|
|
2.961
|
%
|
|
06/29/14
|
|
|
525
|
|
|
350,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paper — 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia Pacific Corp., Term Loan B
|
|
Ba2
|
|
3.689
|
%
|
|
12/20/12
|
|
|
281
|
|
|
227,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals — 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mylan
|
|
Ba3
|
|
4.859
|
%
|
|
10/02/14
|
|
|
401
|
|
|
340,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities — 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calpine Corp.
|
|
B2
|
|
6.645
|
%
|
|
03/29/14
|
|
|
497
|
|
|
364,947
|
6
|
|
|
|
|
SCHEDULE OF INVESTMENTS as of December 31, 2008 (Unaudited)
|
|
THE HIGH YIELD PLUS FUND, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Moody’s
Ratings†
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Principal
Amount
(000)
|
|
Value
|
|
|
BANK NOTES(c) (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities (cont’d.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Competitive Electric Holdings Co. LLC
|
|
Ba3
|
|
5.553
|
%
|
|
10/22/14
|
|
$
|
495
|
|
$
|
342,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
707,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Bank Notes
(cost $3,118,482)
|
|
|
|
|
|
|
|
|
|
|
|
|
2,248,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
COMMON STOCKS — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Products — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WKI Holding Co., Inc.(f)
|
|
|
|
|
|
|
|
|
|
6,031
|
|
|
66,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media - Cable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Warner Cable, Inc. (Class A Stock)(b)
|
|
|
|
|
|
|
|
|
|
1
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(cost $1,380,454)
|
|
|
|
|
|
|
|
|
|
|
|
|
66,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Blocker, Inc., 144A, 9.00%
(cost $64,260)
|
|
|
|
|
|
|
|
|
|
204
|
|
|
64,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
|
|
WARRANT — 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hercules, Inc., (cost $0)(b)(f)
|
|
|
|
|
|
|
|
|
|
230
|
|
|
36,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments — 133.7%
(cost $71,563,055)(g)(h)
|
|
|
|
|
|
|
|
|
|
|
|
|
51,424,067
|
|
|
|
|
|
|
|
|
|
Liabilities in excess of other assets — (33.7)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(12,975,722
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets — 100.0%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
38,448,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
†
|
The rating reflected is as of December 31, 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)
|
Indicates a security that has been deemed illiquid.
|
|
(g)
|
As of December 31, 2008, 3 securities representing $147,149 and 0.4% of net assets were fair valued in accordance with the policies adopted by the Board of Directors.
|
|
(h)
|
The United States federal income tax basis of the Fund’s investment and the net unrealized depreciation as of December 31, 2008 were as follows:
|
|
|
|
|
|
|
|
|
|
Tax Basis of
Investments
|
|
Appreciation
|
|
Depreciation
|
|
Net Unrealized
Depreciation
|
|
$71,563,055
|
|
$239,774
|
|
$(20,378,762)
|
|
$(20,138,988)
|
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 December 31, 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
|
|
$
|
51,276,918
|
|
—
|
|
Level 3 - Significant Unobservable Inputs
|
|
|
147,149
|
|
—
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
51,424,067
|
|
—
|
|
|
|
|
|
|
|
|
*
|
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)
|
|
|
68,911
|
|
Net purchases (sales)
|
|
|
—
|
|
Transfers in and/or out of Level 3
|
|
|
—
|
|
|
|
|
|
|
Balance as of 12/31/08
|
|
$
|
147,149
|
|
|
|
|
|
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.
|
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
February 20, 2009
|
|
|
|
|
|
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
February 20, 2009
|
|
|
|
|
|
|
|
By (Signature and Title)*
|
|
/s/ Grace C. Torres
|
|
|
|
|
|
Grace C. Torres
|
|
|
|
|
|
Treasurer and Principal Financial Officer
|
|
|
|
|
|
|
Date
February 20, 2009
|
|
|
|
*
|
Print the name and title of each signing officer under his or her signature.
|
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