Managed High Yield Plus Fund Inc. Reports Earnings

  
    
  
  
    
      Managed High Yield Plus Fund Inc. (NYSE: HYF), a closed-end management 
      investment company seeking high income, and secondarily, capital 
      appreciation, primarily through investments in lower-rated, 
      income-producing debt and related equity securities, today announced its 
      performance for the second quarter and fiscal year-to-date ended 
      November 30, 2006.
    
    
      For the second quarter ended November 30, 2006, the Fund's earnings from 
      net investment income were $7,930,143, equal to $0.13 per share. Total 
      net realized and unrealized gains from investment activities were 
      $3,167,087, equal to $0.05 per share, for the same period. This compares 
      to earnings from net investment income of $8,851,499, equal to $0.15 per 
      share, and total net realized and unrealized losses from investment 
      activities of $(18,231,871), equal to $(0.30) per share, for the second 
      quarter ended November 30, 2005.
    
    
      For the six months ended November 30, 2006, the Fund's earnings from net 
      investment income were $15,849,215, equal to $0.26 per share. Total net 
      realized and unrealized losses from investment activities were 
      $(1,069,140), equal to $(0.02) per share, for the same period. This 
      compares to earnings from net investment income of $17,772,235, equal to 
      $0.30 per share, and total net realized and unrealized losses from 
      investment activities of $(8,687,159), equal to $(0.14) per share, for 
      the six months ended November 30, 2005.
    
    
      On November 30, 2006, net assets of the Fund were $291,506,189. The net 
      asset value per share was $4.80, based on 60,708,983 shares outstanding, 
      which represents an increase of 1.27% from the net asset value per share 
      of $4.74 ($285,260,258 applicable to 60,211,772 shares outstanding) on 
      November 30, 2005.