Managed High Yield Plus Fund Inc.--Dividend Declaration and Portfolio Statistics

  
    
  
  
    
      Managed High Yield Plus Fund Inc. (the “Fund”) 
      (NYSE: HYF), a closed-end management investment company, today announced 
      that the Fund’s Board of Directors has 
      declared a dividend from net investment income of $0.0400 per share. The 
      dividend is payable on April 30, 2008 to shareholders of record as of 
      April 24, 2008. The ex-dividend date is April 22, 2008. Managed High 
      Yield Plus Fund Inc. seeks high income and, secondarily, capital 
      appreciation, primarily through investments in lower-rated, income 
      producing debt and related equity securities.
    
    
      
        
          Portfolio statistics as of March 31, 20081
        
        
           
        
        
        
      
      
        
        
        
        
        
           
        
      
      
        
          Top ten holdings, including coupon and maturity
        
        
           
        
        
          Percentage of total portfolio assets
        
      
      
        
          Xerox Capital Trust I, 8.000% 02/01/27
        
        
        
        
          2.2%
        
      
      
        
          Sungard Data Systems, Inc., 10.250% 08/15/15
        
        
        
        
          2.0%
        
      
      
        
          Ford Motor Credit Co., 9.750% 09/15/10
        
        
        
        
          2.0%
        
      
      
        
          Residential Capital LLC, 3.490% 06/09/08
        
        
        
        
          2.0%
        
      
      
        
          Hawker Beechcraft Acquisition Co., 8.875% 04/01/15
        
        
        
        
          1.9%
        
      
      
        
          Harland Clarke Holdings, 9.500% 05/15/15
        
        
        
        
          1.9%
        
      
      
        
          Bowater Canada Finance, 7.950% 11/15/11
        
        
        
        
          1.7%
        
      
      
        
          Citizens Communications Co., 9.000% 08/15/31
        
        
        
        
          1.7%
        
      
      
        
          Stone Container Finance, 7.375% 07/15/14
        
        
        
        
          1.7%
        
      
      
        
          Jacobs Entertainment, Inc., 9.750% 06/15/14
        
        
           
        
        
          1.6%
        
      
      
        
          Total
        
        
        
        
          18.7%
        
      
      
        
        
        
        
        
           
        
      
      
        
          Yields2
        
        
           
        
        
           
        
      
      
        
          NAV yield
        
        
        
        
          13.79%
        
      
      
        
          Market yield
        
        
        
        
          14.63%
        
      
      
        
        
        
        
        
           
        
      
      
        
          
            Top five sectors
          
        
        
           
        
        
          
             
          
        
      
      
        
          Paper/forest products
        
        
        
        
          10.6%
        
      
      
        
          Building materials
        
        
        
        
          8.2%
        
      
      
        
          Gaming
        
        
        
        
          7.5%
        
      
      
        
          Media-broadcast/outdoor
        
        
        
        
          5.3%
        
      
      
        
          Media-publishing
        
        
           
        
        
          4.3%
        
      
      
        
          Total
        
        
        
        
          35.9%
        
      
      
        
        
        
        
        
           
        
      
      
        
          Credit quality3
        
        
           
        
        
           
        
      
      
        
          Ba/BB and higher
        
        
        
        
          7.5%
        
      
      
        
          B/B
        
        
        
        
          66.9%
        
      
      
        
          Caa/CCC and lower
        
        
        
        
          24.3%
        
      
      
        
          Equity/preferred
        
        
        
        
          0.2%
        
      
      
        
          Cash equivalents
        
        
           
        
        
          1.1%
        
      
      
        
          Total
        
        
        
        
          100.0%
        
      
      
        
        
        
        
        
           
        
      
      
        
          Other characteristics
        
        
           
        
        
           
        
      
      
        
          Net asset value2
        
        
        
        
          $3.48
        
      
      
        
          Market price2
        
        
        
        
          $3.28
        
      
      
        
          Weighted average maturity
        
        
        
        
          6.4 yrs
        
      
      
        
          Weighted average modified duration
        
        
        
        
          3.9 yrs
        
      
      
        
          Weighted average coupon
        
        
        
        
          9.2%
        
      
      
        
          Estimated accumulated undistributednet investment income
        
        
        
        
          $2.9 million
        
      
      
        
          Leverage4
        
        
        
        
          32.7%
        
      
    
    
      1 The Fund is actively managed, and its 
      portfolio composition will vary over time.
    
    
      2 Net asset value (NAV), market price and 
      yields will fluctuate. NAV yield is calculated by multiplying the 
      current month’s dividend by 12 and dividing 
      by the month-end net asset value. Market yield is calculated by 
      multiplying the current month’s dividend by 
      12 and dividing by the month-end market price.
    
    
      3 Credit quality ratings are from Moody’s, 
      unless that rating is unavailable. If so, the default credit quality 
      rating will be from Standard & Poor's; if that is unavailable, an 
      internal rating from UBS will be used. Standard & Poor's ("S&P") is a 
      division of The McGraw-Hill Companies, Inc.
    
    
      4 As a percentage of total assets. Leverage may 
      vary.