Report 
 
      
Registrant:   The High Yield Plus Fund, Inc. — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  9/30/05

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      828990
SEC File #:   811-05468

Telephone #:  973-367-7503
 
 2.
Address:      100 Mulberry St., Gwc 3, 4th Fl.
              Newark, NJ  07102
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         Wellington Management Co., LLP
Role:         Adviser
SEC File #:   801-15908
Location:     Boston, MA
 
Administrator 
 
10.1
Name:         Prudential Investments LLC
SEC File #:   811-31104
Location:     Newark, NJ
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Equiserve Trust Co., N.A.
SEC File #:   084-05601
Location:     Providence, RI
 
Independent Public Accountant 
 
13.1
Name:         KPMG
Location:     Newark, NJ
 
Affiliated Broker/Dealer 
 
14.1
Name:         Wachovia Securities, LLC
SEC File #:   008-37180
 
Custodian 
 
15.1
Name:         Bank of New York
Role:         Custodian
Location:     New York, NY

Type of custody:  Section 17(f)(1) — Bank
 
15.2
Name:         Citibank, N.A.
Role:         Sub-Custodian
Location:     Aires
              Argentina

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.3
Name:         Westpac Banking Corp.
Role:         Sub-Custodian
Location:     Sydney
              Australia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.4
Name:         Erste-Bank Der Osterreichischen Sparkassen AG
Role:         Sub-Custodian
Location:     Vienna
              Austria

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.5
Name:         Bangladesh
Role:         Sub-Custodian
Location:     Dhaka
              Bangladesh

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.6
Name:         Fortis Bank NV-SA
Role:         Sub-Custodian
Location:     Brussels
              Belgium

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.7
Name:         Citibank, N.A.
Role:         Sub-Custodian
Location:     Sao Paulo
              Brazil

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.8
Name:         State Street Trust Co. Canada
Role:         Sub-Custodian
Location:     Toronto
              Canada

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.9
Name:         Bankboston, N.A.
Role:         Sub-Custodian
Location:     Santiago
              Chile

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.10
Name:         The Hongkong & Shanghai Banking Corp. Ltd.
Role:         Sub-Custodian
Location:     Shanghai
              China

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.11
Name:         Cititrust Columbia S.A. Sociedad Fiduciaria
Role:         Sub-Custodian
Location:     Bogota
              Columbia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.12
Name:         The Cyprus Popular Bank Ltd.
Role:         Sub-Custodian
Location:     Nicosia
              Cyprus

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.13
Name:         Ceskoslovenska Obchodni Banka A.S.
Role:         Sub-Custodian
Location:     Prague
              Czech Republic

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.14
Name:         Danske Bank A/S
Role:         Sub-Custodian
Location:     Copenhagen
              Denmark

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.15
Name:         HSBC Bank Egypt S.A.E.
Role:         Sub-Custodian
Location:     Cairo
              Egypt

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.16
Name:         Merita Bank plc
Role:         Sub-Custodian
Location:     Helsinki
              Finland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.17
Name:         BNP Paribas Securities Services, S.A.
Role:         Sub-Custodian
Location:     Paris
              France

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.18
Name:         Dresdner Bank AG
Role:         Sub-Custodian
Location:     Frankfurt
              Germany

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.19
Name:         National Bank of Greece S.A.
Role:         Sub-Custodian
Location:     Athens
              Greece

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.20
Name:         Standard Chartered Bank
Role:         Sub-Custodian
Location:     Hong Kong
              Hong Kong

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.21
Name:         Bank Austria Creditanstalt Rt.
Role:         Sub-Custodian
Location:     Budapest
              Hungary

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.22
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Mumbai
              India

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.23
Name:         Standard Chartered Bank
Role:         Sub-Custodian
Location:     Jakarta
              Indonesia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.24
Name:         Bank of Ireland
Role:         Sub-Custodian
Location:     Dublin
              Ireland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.25
Name:         Bank Hapoalim B.M.
Role:         Sub-Custodian
Location:     Aviv
              Israel

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.26
Name:         BNP Paribas Securities, S.A.
Role:         Sub-Custodian
Location:     Milan
              Italy

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.27
Name:         The Fujo Bank, Ltd.
Role:         Sub-Custodian
Location:     Tokyo
              Japan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.28
Name:         Standard Chartered Bank Malaysia Berhad
Role:         Sub-Custodian
Location:     Kuala Lumpur
              Malaysia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.29
Name:         Citibank, Mexico, S.A.
Role:         Sub-Custodian
Location:     Mexico City
              Mexico

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.30
Name:         Banque Commerciale Du Maroc
Role:         Sub-Custodian
Location:     Casablanca
              Morocco

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.31
Name:         Fortis Bank (Nederland) N.V.
Role:         Sub-Custodian
Location:     Amsterdam
              The Netherlands

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.32
Name:         Westpac Banking Corp.
Role:         Sub-Custodian
Location:     Wellington
              New Zealand

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.33
Name:         Xhristiania Bank Og Kreditasse Asa
Role:         Sub-Custodian
Location:     Oslo
              Norway

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.34
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Karachi
              Pakistan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.35
Name:         Citibank, N.A.
Role:         Sub-Custodian
Location:     Lima
              Peru

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.36
Name:         Standard Chartered Bank
Role:         Sub-Custodian
Location:     Manila
              Phillippines

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.37
Name:         Bank Handlowy W Warszawie S.A
Role:         Sub-Custodian
Location:     Warsaw
              Poland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.38
Name:         Banco Commercial Portugues
Role:         Sub-Custodian
Location:     Lisbon
              Portugal

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.39
Name:         The Development Bank of Singapore Ltd.
Role:         Sub-Custodian
Location:     Singapore
              Singapore

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.40
Name:         Standard Bank of South Africa Ltd.
Role:         Sub-Custodian
Location:     Johannesburg
              South Africa

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.41
Name:         The Hong Kong & Shanghai Banking Corp. Ltd.
Role:         Sub-Custodian
Location:     Seoul
              South Korea

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.42
Name:         Banco Santander Central Hispano, S.A.
Role:         Sub-Custodian
Location:     Madrid
              Spain

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.43
Name:         Hong Kong & Shanghai Banking Corp. Ltd.
Role:         Sub-Custodian
Location:     Colombo
              Sri Lanka

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.44
Name:         Skandinaviska Enskilda Banken
Role:         Sub-Custodian
Location:     Stockholm
              Sweden

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.45
Name:         Union Bank of Switzerland AG
Role:         Sub-Custodian
Location:     Zurich
              Switzerland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.46
Name:         Central Trust of China
Role:         Sub-Custodian
Location:     Taipei
              Taiwan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.47
Name:         Standard Chartered Bank
Role:         Sub-Custodian
Location:     Bangkok
              Thailand

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.48
Name:         Citibank, N.A.
Role:         Sub-Custodian
Location:     Istanbul
              Turkey

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.49
Name:         State Street Bank & Trust Co., London
Role:         Sub-Custodian
Location:     London
              United Kingdom

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.50
Name:         Banknoston N.A.
Role:         Sub-Custodian
Location:     Motevideo
              Uruguay

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.51
Name:         Citibank N.A.
Role:         Sub-Custodian
Location:     Caracas
              Venezuela

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.52
Name:         The Euroclear System
Role:         Sub-Custodian
Location:     Transnational
              Transnational

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.53
Name:         Cedel
Role:         Sub-Custodian
Location:     Transnational
              Transnational

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.54
Name:         Intersettle
Role:         Sub-Custodian
Location:     Transnational
              Transnational

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.55
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Mumbai
              India

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.56
Name:         Citibank, N.A.
Role:         Sub-Custodian
Location:     Quito
              Ecuador

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.57
Name:         The Bank of Bermuda Ltd.
Role:         Sub-Custodian
Location:     Hamilton
              Bermuda

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.58
Name:         Citibank, N.A.
Role:         Sub-Custodian
Location:     Lapaz
              Bolivia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.59
Name:         Barclays Bank of Botswana Ltd.
Role:         Sub-Custodian
Location:     Gaborone
              Botswana

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.60
Name:         ING Bank NV
Role:         Sub-Custodian
Location:     Bulgaria
              Bulgaria

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.61
Name:         Privredna Bank Zagreb D.D
Role:         Sub-Custodian
Location:     Zagreb
              Croatia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.62
Name:         Barclays Bank of Ghana Ltd.
Role:         Sub-Custodian
Location:     Accra
              Ghana

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.63
Name:         Icebank Ltd.
Role:         Sub-Custodian
Location:     Reykjavik
              Iceland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.64
Name:         Scotiabank Jamaica Trust & Merchant Bank Ltd.
Role:         Sub-Custodian
Location:     Jamaica
              Jamaica

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.65
Name:         Credit Suisse First Boston AO, Moscow
Role:         Sub-Custodian
Location:     Moscow
              Moscow

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.66
Name:         Republin Bank Ltd.
Role:         Sub-Custodian
Location:     Trinidad
              Trinidad and Tabago

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.67
Name:         Banque Internationale Arabe De Tunise
Role:         Sub-Custodian
Location:     Tunisia
              Tunisia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.68
Name:         Citibank, N.A.
Role:         Sub-Custodian
Location:     Istanbul
              Turkey

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.69
Name:         Barclays Bank of Zambia Limitied
Role:         Sub-Custodian
Location:     Lusaka
              Zambia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.70
Name:         Barclays Bank of Zimbabwe Ltd.
Role:         Sub-Custodian
Location:     Harare
              Zimbabwe

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.71
Name:         HSBC Bank Middle East
Role:         Sub-Custodian
Location:     Amman
              Jordan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.72
Name:         A/S Hansbank
Role:         Sub-Custodian
Location:     Latvia
              Latvia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.73
Name:         HSBC Bank Middle East
Role:         Sub-Custodian
Location:     Beirut
              Lebanon

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.74
Name:         Barclays Bank of Kenya Limitied
Role:         Sub-Custodian
Location:     Nairobi
              Kenya

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.75
Name:         Societe Generale De Banques En Cote D’Ivoire
Role:         Sub-Custodian
Location:     Abidjan
              Ivory Coast

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.76
Name:         Vilniaus Bankas AB
Role:         Sub-Custodian
Location:     Vilnius
              Lithuania

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.77
Name:         The Hong Kong & Shanghai Banking Corp. Ltd.
Role:         Sub-Custodian
Location:     Port Louis
              Mauitius

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.78
Name:         Standard Bank of Namibia Limitied
Role:         Sub-Custodian
Location:     Namibia
              Namibia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.79
Name:         HSBC Bank Middle East
Role:         Sub-Custodian
Location:     Muscat
              Oman

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.80
Name:         ING Bank N.V.
Role:         Sub-Custodian
Location:     Bucharest
              Romania

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.81
Name:         Ceskoslovenska Obchodni Banka, A.S.
Role:         Sub-Custodian
Location:     Bratislava
              Slovak Republic

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.82
Name:         Baml Austria Creditanstalt D.D. Ljibijana
Role:         Sub-Custodian
Location:     Ljubliana
              Slovenia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.83
Name:         Standard Bank Swaziland Ltd.
Role:         Sub-Custodian
Location:     Mbabane
              Swaziland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.84
Name:         HSBC Bank Middle East
Role:         Sub-Custodian
Location:     Manama
              Bakrain

Type of custody:  Rule 17f-5 — Foreign Custodian
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  No
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  No
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       J.P. Morgan Chase Securities
IRS #:        13-3224016
Registrant’s purchases ($000s):  76,715
Registrant’s sales ($000s):  199
 
22.2
Entity:       Goldman Sachs Group LP
IRS #:        13-5108880
Registrant’s purchases ($000s):  42,058
Registrant’s sales ($000s):  760
 
22.3
Entity:       Bank of America Securities LLC
IRS #:        56-2058405
Registrant’s purchases ($000s):  2,363
Registrant’s sales ($000s):  1,656
 
22.4
Entity:       Lehman Brothers Inc.
IRS #:        13-2518466
Registrant’s purchases ($000s):  1,671
Registrant’s sales ($000s):  1,301
 
22.5
Entity:       Citigroup Global Markets Inc.
IRS #:        11-2418191
Registrant’s purchases ($000s):  986
Registrant’s sales ($000s):  1,737
 
22.6
Entity:       Bear Stearns & Co.
IRS #:        13-3299429
Registrant’s purchases ($000s):  1,937
Registrant’s sales ($000s):  452
 
22.7
Entity:       Merrill Lynch & Co. Inc.
IRS #:        13-5674085
Registrant’s purchases ($000s):  1,495
Registrant’s sales ($000s):  651
 
22.8
Entity:       Credit Suisse First Boston Corp.
IRS #:        13-5659485
Registrant’s purchases ($000s):  435
Registrant’s sales ($000s):  1,232
 
22.9
Entity:       Deutsche Bank Securities Corp.
IRS #:        13-2730828
Registrant’s purchases ($000s):  1,093
Registrant’s sales ($000s):  475
 
22.10
Entity:       Morgan Stanley & Co. Inc.
IRS #:        13-2655998
Registrant’s purchases ($000s):  370
Registrant’s sales ($000s):  598
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  131,918
   Aggregate sales ($000s):  11,532
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  Yes

25.

The brokers or dealers, or their parents (issuers):
 
25.1
Name:         JPMorgan
IRS #:        13-3224016
Type of security owned:  Debt
Value of securities owned at period end ($000s):  100
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  Yes
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  No, Closed-End
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.5%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  No
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  Yes
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.

Are any of the following types of contracts funded by the Registrant:
    Variable annuity contracts?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $0
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.2
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............      0.0
Corporate ...................................  142.6
All other ...................................      0.3

Non-Debt
Investments other than debt securities ......      0.1%
 
63.
The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    5.9
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes      No
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes to both
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes to both
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        Yes      No
Short selling?                                           Yes      No
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  15,693
Sales ($000s):      15,878

Monthly average Value of portfolio ($000s):  89,639

Percent turnover (lesser of Purchases or Sales, divided by Value):  18%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
 3,804
Net dividend income ..............................................
 –
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 156
Administrator fees ...............................................
 62
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 11
Custodian fees ...................................................
 66
Postage ..........................................................
 –
Printing expenses ................................................
 16
Directors’ fees ..................................................
 9
Registration fees ................................................
 12
Taxes ............................................................
 –
Interest .........................................................
 595
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 11
Legal fees .......................................................
 63
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 3
Total expenses ...................................................
 1,004

Expense reimbursements ($000s):   0

Net investment income ($000s):    2,800

Realized capital gains ($000s):   850
Realized capital losses ($000s):  551

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  856

Total income dividends for which the record date passed during the
period ($000s):  3,053

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.1900

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 71
Repurchase agreements ............................................
 100
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 87,406
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 48
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 288
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 2,019
All other assets .................................................
 39
Total assets .....................................................
 89,971

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 41
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 28,774

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 61,156

Number of shares outstanding (000s):   16,088

Net Asset Value (NAV) per share (to nearest cent):  $3.80

Total number of shareholder accounts:  612

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  61,609
 
76.
Market price per share at period end:  $3.91
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77C:  Matters Submitted to a Vote of Security Holders?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
Sales, Repurchases and Redemptions 
 
86.
Sales, repurchases and redemptions of the Registrant’s securities:
 
Common Stock
Sales:
    Number of shares (000s):   59
    Net consideration received ($000s):  229
Repurchases:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Preferred Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Debt Securities
Sales:
    Principal amount ($000s):  0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Principal amount ($000s):  0
    Net consideration paid ($000s):      0
 
Securities Outstanding 
 
87.
Securities of the Registrant that are registered on a national
securities exchange or listed on Nasdaq:
 
Title of class:  Common Stock
    CUSIP/CINS:  429906·10·0
        Symbol:  HYP
 
88.
Did the Registrant have any of the following outstanding which exceeded
1% of aggregate net assets at any time during the period:

Notes or bonds?     Yes
Uncovered options?  No
Margin loans?       No
Preferred stock?    No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Grace Torres      
Name:   Grace Torres
Title:  Treasurer