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

  
    
  
  
    
      Managed High Yield Plus Fund Inc. (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 amount of the dividend more closely reflects the 
      current earnings of the Fund. Previously, the Fund had been paying a 
      monthly dividend from net investment income of $0.0450 per share. The 
      dividend is payable on October 31, 2006 to shareholders of record as of 
      October 19, 2006. The ex-dividend date is October 17, 2006. 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 September 30, 20061
          
        
        
        
        
        
      
      
        
        
        
        
        
           
        
      
      
        
          Top ten holdings, including coupon and maturity
        
        
        
        
          Percentage of total portfolio assets
        
      
      
        
          Levi Strauss & Co., 12.250% 12/15/12
        
        
        
        
          1.9%
        
      
      
        
          Wheeling Island Gaming, 10.125% 12/15/09
        
        
        
        
          1.6 
        
      
      
        
          Sungard Data Systems, 10.250% 08/15/15
        
        
        
        
          1.5 
        
      
      
        
          American Cellular Corp, 10.000% 08/01/11
        
        
        
        
          1.5 
        
      
      
        
          Mission Energy Holding Co., 13.500% 07/15/08
        
        
        
        
          1.4 
        
      
      
        
          Bluewater Finance Ltd., 10.250% 02/15/12
        
        
        
        
          1.4 
        
      
      
        
          Sheridan Acquisition Corp, 10.250% 08/15/11
        
        
        
        
          1.3 
        
      
      
        
          Insight Midwest, 10.500% 11/01/10
        
        
        
        
          1.3 
        
      
      
        
          Omnova Solutions, Inc., 11.250% 06/01/10
        
        
        
        
          1.3 
        
      
      
        
          Sbarro Inc., 11.000% 06/01/10
        
        
        
        
          1.3 
        
      
      
        
          Total
        
        
        
        
          14.5%
        
      
      
        
        
        
        
        
           
        
      
      
        
          Yields2
        
        
        
        
           
        
      
      
        
          NAV yield
        
        
        
        
          10.0%
        
      
      
        
          Market yield
        
        
        
        
          9.1%
        
      
      
        
        
        
        
        
           
        
      
      
        
          Top five sectors
        
        
        
        
           
        
      
      
        
          Gaming
        
        
        
        
          8.7%
        
      
      
        
          Chemicals
        
        
        
        
          8.5 
        
      
      
        
          Printing & Publishing
        
        
        
        
          6.6 
        
      
      
        
          Telecommunications
        
        
        
        
          6.5 
        
      
      
        
          Non-Food & Drug Retailers
        
        
        
        
          5.7 
        
      
      
        
          Total
        
        
        
        
          36.0%
        
      
      
        
        
        
        
        
           
        
      
      
        
          Credit quality3
        
        
        
        
           
        
      
      
        
          Ba/BB and higher
        
        
        
        
          
            6.1 
          
        
      
      
        
          B/B
        
        
        
        
          70.3 
        
      
      
        
          Caa/CCC and lower
        
        
        
        
          21.9 
        
      
      
        
          Not rated
        
        
        
        
          0.7 
        
      
      
        
          Equity/preferred
        
        
        
        
          0.1 
        
      
      
        
          Cash and cash equivalents
        
        
        
        
          0.9 
        
      
      
        
          Total
        
        
        
        
          100.0%
        
      
      
        
        
        
        
        
           
        
      
      
        
          Other characteristics
        
        
        
        
           
        
      
      
        
          Net asset value2
        
        
        
        
          
            $4.79 
          
        
      
      
        
          Market price2
        
        
        
        
          $5.30 
        
      
      
        
          Weighted average maturity
        
        
        
        
          5.7 yrs
        
      
      
        
          Weighted average duration
        
        
        
        
          2.9 yrs
        
      
      
        
          Weighted average coupon
        
        
        
        
          10.3%
        
      
      
        
          Estimated accumulated undistributednet investment income
        
        
        
        
          $217 thousand
        
      
      
        
          Leverage4
        
        
        
        
          31.9%
        
      
    
    
      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 reflect the middle 
      rating from three major rating agencies, S&P, Moody’s 
      and Fitch. Standard & Poor's ("S&P") is a division of The McGraw-Hill 
      Companies, Inc.
    
    
      4 As a percentage of gross assets. Leverage may 
      vary.
    
  
Managed High Yield Plus Fund Inc. (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 amount of the dividend more closely reflects
the current earnings of the Fund. Previously, the Fund had been paying
a monthly dividend from net investment income of $0.0450 per share.
The dividend is payable on October 31, 2006 to shareholders of record
as of October 19, 2006. The ex-dividend date is October 17, 2006.
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.

-0-
*T
Portfolio statistics as of September 30, 2006(1)

Top ten holdings, including coupon and maturity   Percentage of total
                                                    portfolio assets
------------------------------------------------  --------------------
Levi Strauss & Co., 12.250% 12/15/12                      1.9%
Wheeling Island Gaming, 10.125% 12/15/09                  1.6
Sungard Data Systems, 10.250% 08/15/15                    1.5
American Cellular Corp, 10.000% 08/01/11                  1.5
Mission Energy Holding Co., 13.500% 07/15/08              1.4
Bluewater Finance Ltd., 10.250% 02/15/12                  1.4
Sheridan Acquisition Corp, 10.250% 08/15/11               1.3
Insight Midwest, 10.500% 11/01/10                         1.3
Omnova Solutions, Inc., 11.250% 06/01/10                  1.3
Sbarro Inc., 11.000% 06/01/10                             1.3
------------------------------------------------  --------------------
Total                                                    14.5%

Yields(2)
------------------------------------------------  --------------------
NAV yield                                                10.0%
Market yield                                              9.1%

Top five sectors
------------------------------------------------  --------------------
Gaming                                                    8.7%
Chemicals                                                 8.5
Printing & Publishing                                     6.6
Telecommunications                                        6.5
Non-Food & Drug Retailers                                 5.7
------------------------------------------------  --------------------
Total                                                    36.0%

Credit quality(3)
------------------------------------------------  --------------------
Ba/BB and higher                                          6.1
B/B                                                      70.3
Caa/CCC and lower                                        21.9
Not rated                                                 0.7
Equity/preferred                                          0.1
Cash and cash equivalents                                 0.9
------------------------------------------------  --------------------
Total                                                    100.0%

Other characteristics
------------------------------------------------  --------------------
Net asset value(2)                                       $4.79
Market price(2)                                          $5.30
Weighted average maturity                               5.7 yrs
Weighted average duration                               2.9 yrs
Weighted average coupon                                  10.3%
Estimated accumulated undistributed                  $217 thousand
net investment income
Leverage(4)                                              31.9%
*T

   (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 reflect the middle rating from three
major rating agencies, S&P, Moody's and Fitch. Standard & Poor's
("S&P") is a division of The McGraw-Hill Companies, Inc.

   (4) As a percentage of gross assets. Leverage may vary.