Managed High Yield Plus Fund Inc. — Dividend Declaration and Fund 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 $0.0200 per share. The dividend is payable on April 29, 2011 to shareholders of record as of April 21, 2011. The ex-dividend date is April 19, 2011.

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, 2011

1
        
      
      
        
           
        
      
      
        
          

Top ten corporate bonds, including coupon andmaturity

        
        
           
        
        
           
        
        
          Percentage of total portfolio assets
        
      
      
        
          CIT Group, Inc., 7.000%, 05/01/17
        
        
           
        
        
           
        
        
          2.3%
        
      
      
        
          Pokagon Gaming Authority, 10.375%, 06/15/14
        
        
        
        
        
        
          1.8%
        
      
      
        
          SquareTwo Financial Corp., 11.625%, 04/01/17
        
        
        
        
        
        
          1.5%
        
      
      
        
          Ryerson, Inc., 12.000%, 11/01/15
        
        
        
        
        
        
          1.3%
        
      
      
        
          FireKeepers Development Authority, 13.875%, 05/01/15
        
        
        
        
        
        
          1.2%
        
      
      
        
          NRG Energy, Inc., 8.500%, 06/15/19
        
        
        
        
        
        
          1.2%
        
      
      
        
          Global Aviation Holdings, Inc., 14.000%, 08/15/13
        
        
        
        
        
        
          1.2%
        
      
      
        
          Sanmina-SCI Corp., 8.125%, 03/01/16
        
        
        
        
        
        
          1.2%
        
      
      
        
          Ford Motor Credit Co. LLC, 12.000%, 05/15/15
        
        
        
        
        
        
          1.1%
        
      
      
        
          Harrah’s Operating Co., Inc., 11.250%, 06/01/17
        
        
           
        
        
           
        
        
          1.0%
        
      
    
    
      
        
        
        
           
        
        
           
        
        
           
        
        
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Top five industries
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          Gaming
        
        
        
        
        
        
        
        
          9.5%
        
      
      
        
          Consumer/Commercial/Lease Financing
        
        
        
        
        
        
        
        
          4.7%
        
      
      
        
          Telecom-integrated/services
        
        
        
        
        
        
        
        
          4.3%
        
      
      
        
          Energy-exploration & production
        
        
        
        
        
        
        
        
          4.1%
        
      
      
        
          Specialty Retail
        
        
           
        
        
           
        
        
           
        
        
          3.7%
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Credit quality2
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          Ba/BB and higher
        
        
        
        
        
        
        
        
          29.1%
        
      
      
        
          B/B
        
        
        
        
        
        
        
        
          45.3%
        
      
      
        
          Caa/CCC and lower
        
        
        
        
        
        
        
        
          21.7%
        
      
      
        
          Equity/preferred
        
        
        
        
        
        
        
        
          1.5%
        
      
      
        
          Cash equivalents
        
        
        
        
        
        
        
        
          2.3%
        
      
      
        
          Not Rated
        
        
           
        
        
           
        
        
           
        
        
          0.1%
        
      
      
        
          Total
        
        
        
        
        
        
        
        
          100.0%
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other characteristics
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          Net asset value per share3
        
        
        
        
        
        
        
        
          $2.25
        
      
      
        
          Market price per share3
        
        
        
        
        
        
        
        
          $2.26
        
      
      
        
          Weighted average maturity
        
        
        
        
        
        
        
        
          7.0 Yrs
        
      
      
        
          Weighted average modified duration4
        
        
        
        
        
        
        
        
          4.6 Yrs
        
      
      
        
          Weighted average coupon5
        
        
        
        
        
        
        
        
          8.0%
        
      
      
        
          Leverage6
        
        
        
        
        
        
        
        
          22.53%
        
      
      
        
          Yields3
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          NAV yield
        
        
        
        
        
        
        
        
          10.67%
        
      
      
        
          Market yield
        
        
        
        
        
        
        
        
          10.62%
        
      
    
    

1 The Fund is actively managed, and its portfolio composition will vary over time.

2 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 Global AM will be used if assigned. Standard & Poor's ("S&P") is a division of The McGraw-Hill Companies, Inc.

3 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.

4 Modified duration is the change in the price of a security, expressed in years, expected in response to each 1% change in the yield to maturity of the portfolio's holdings.

5 Weighted by par.

6 As a percentage of adjusted net assets. Adjusted net assets equals total assets minus total liabilities, excluding liabilities for borrowed money.

CUSIP: 37933G108