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 fourth quarter and fiscal year ended May 31, 2008.
    
    
      For the fourth quarter ended May 31, 2008, the Fund's earnings from net 
      investment income were $6,695,998, equal to $0.11 per share. Total net 
      realized and unrealized gains from investment activities were 
      $7,708,999, equal to $0.13 per share, for the same period. This compares 
      to earnings from net investment income of $8,104,676, equal to $0.13 per 
      share, and total net realized and unrealized losses from investment 
      activities of $(2,710,428), equal to $(0.04) per share, for the fourth 
      quarter ended May 31, 2007.
    
    
      For the fiscal year ended May 31, 2008, the Fund's earnings from net 
      investment income were $29,323,520, equal to $0.48 per share. Total net 
      realized and unrealized losses from investment activities were 
      $(74,530,223), equal to $(1.22) per share, for the same period. This 
      compares to earnings from net investment income of $31,954,853, equal to 
      $0.53 per share, and total net realized and unrealized gains from 
      investment activities of $4,080,016, equal to $0.06 per share, for the 
      fiscal year ended May 31, 2007.
    
    
      On May 31, 2008, net assets of the Fund were $225,897,627. The net asset 
      value per share was $3.69, based on 61,215,751 shares outstanding, which 
      represents a decrease of 24.85% from the net asset value per share of 
      $4.91 ($299,336,075 applicable to 60,947,819 shares outstanding) on May 
      31, 2007.