Managed High Yield Plus Fund Inc. Reports Earnings

  
    
  
  
    
      Managed High Yield Plus Fund Inc. (NYSE: HYF) (the “Fund”), 
      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 first quarter ended August 31, 2008.
    
    
      For the first quarter ended August 31, 2008, the Fund's earnings from 
      net investment income were $6,869,579, equal to $0.11 per share. Total 
      net realized and unrealized losses from investment activities were 
      $(27,736,627), equal to $(0.45) per share, for the same period. This 
      compares to earnings from net investment income of $7,512,086, equal to 
      $0.12 per share, and total net realized and unrealized losses from 
      investment activities of $(32,452,212), equal to $(0.53) per share, for 
      the first quarter ended August 31, 2007.
    
    
      On August 31, 2008, net assets of the Fund were $197,684,689. The net 
      asset value per share was $3.23, based on 61,215,751 shares outstanding, 
      which represents a decrease of 26.26% from the net asset value per share 
      of $4.38 ($267,443,612 applicable to 61,027,380 shares outstanding) on 
      August 31, 2007.