HYF Managed High Yield Plus Fund, Inc.

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 $0.0195 per share. The dividend is payable on April 30, 2010 to shareholders of record as of April 22, 2010. The ex-dividend date is April 20, 2010. 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.

Announcement of Co-Portfolio Manager

Effective April 30, 2010, Matthew A. Iannucci, CFA, will serve as co-portfolio manager for the Fund. Mr. Iannucci is an Executive Director and Senior Portfolio Manager at UBS Global Asset Management (Americas) Inc. (“UBS Global AM”), the Fund’s investment advisor. Mr. Iannucci is a Vice President of the Fund and has worked with the Fund’s current portfolio manager, Shu-Yang Tan, for several years. Prior to assuming a portfolio management role at UBS Global AM, Mr. Iannucci had served as a member of the High Yield Credit Research team.

Fund Commentary for the month of March 2010 from UBS Global AM

The spectacular run in the US high yield market continued in March, as measured by the Merrill Lynch US High Yield Cash Pay Constrained index. This represents the 13th consecutive positive return month for the high yield market. Securities rated “CCC” continued to outperform other ratings classes as “low and extended” short-term rates provided an impetus for investors to continue investing in more risky assets.

A main highlight of March was the calendar: over $30 billion of new issues were priced globally, over $25 billion in US high yield alone. While the refinancing wave continued, with issuers addressing their upcoming loan and bond maturities with new deals, there were also a few deals done for acquisitions and dividend payouts. The private equity owners of many issuers are taking advantage of the strength and openness in the high yield market to pay themselves a dividend, something the market has not experienced since 2008.

Financials and insurance continued to outperform the market from a sector perspective. Other outperformers include the more economically sensitive sectors like gaming, homebuilders and automotive. The electric, healthcare and environmental sectors, traditionally more defensive, underperformed.

Performance attribution

The Fund outperformed the Merrill Lynch High Yield Cash Pay Constrained Index for the month. Sector overweights to the financials (insurance, banks and financials), media and gaming areas were positive contributors to performance. The Fund’s underweight in homebuilders detracted from relative performance.

Disclaimers Regarding Fund Commentary - The Fund Commentary is intended to assist shareholders in understanding how the Fund performed during the month noted. Views and opinions were current as of the date of this press release. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the Fund and UBS Global AM reserve the right to change views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund’s future investment intent.

Portfolio statistics as of March 31, 20101     Top ten corporate bonds, including coupon and maturity   Percentage of total portfolio assets Jacobs Entertainment, Inc., 9.750% 06/15/14 2.3% Exopack Holding Corp., 11.250% 02/01/14 2.3% Sheridan Acquisition Corp., 10.250% 08/15/11 2.2% Frontier Communications, 9.000% 08/15/31 2.1% Pokagon Gaming Authority, 10.375% 06/15/14 2.0% Mobile Services/Storage Group, 9.750% 08/01/14 2.0% Sunstate Equipment Co., 10.500% 04/01/13 1.9% Southern States Cooperative, Inc., 10.500% 11/01/11 1.9% Axcan Intermediate Holdings, Inc., 12.750% 03/01/16 1.5% GMAC, Inc., 8.000% 11/01/31   1.4% Total 19.6%     Top five industries     Gaming 11.0% Support-services 7.6% Health facilities 5.1% Telecom-integrated/services 4.8% Electric-generation   4.7% Total 33.2%     Credit quality2     Ba/BB and higher 21.5% B/B 54.6% Caa/CCC and lower 21.4% Equity/preferred 0.1% Cash equivalents   2.4% Total 100.0%     Other characteristics     Net asset value per share3 $2.15 Market price per share3 $2.27 Weighted average maturity 6.4 Yrs Weighted average modified duration4 4.1 Yrs Weighted average coupon5 9.8% Leverage6 18.03% Yields3     NAV yield 10.88% Market yield 10.31%

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. 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.