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 $0.0200 per share. The dividend is payable on July 29, 2011 to shareholders of record as of July 21, 2011. The ex-dividend date is July 19, 2011.

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 June 30, 20111   Top ten corporate bonds, including coupon and maturity             Percentage of total portfolio assets CIT Group, Inc., 7.000%, 05/01/17             2.3% Pokagon Gaming Authority, 10.375%, 06/15/14 1.8% SquareTwo Financial Corp., 11.625%, 04/01/17 1.6% GMAC Capital Trust I, 8.125%, 02/15/40 1.5% Ryerson, Inc., 12.000%, 11/01/15 1.3% FireKeepers Development Authority, 13.875%, 05/01/15 1.2% NRG Energy, Inc., 8.500%, 06/15/19 1.2% Ford Motor Credit Co. LLC, 12.000%, 05/15/15 1.1% Harrah’s Operating Co., Inc., 11.250%, 06/01/17 1.0% Sungard Data Systems, Inc., 10.250%, 08/15/15             1.0%   Top five industries Gaming       9.8% Consumer/Commercial/Lease Financing 5.1% Energy-exploration & production 4.7% Banking 4.5% Telecom-integrated/services       4.5%     Credit quality2 Ba/BB and higher 29.2% B/B 47.6% Caa/CCC and lower 20.6% Equity/preferred 0.0%3 Cash equivalents

Not Rated

      2.4%

0.2%

Total 100.0%   Other characteristics Net asset value per share4 $2.20 Market price per share4 $2.46 Weighted average maturity 7.4 Yrs Weighted average modified duration5 4.6 Yrs Weighted average coupon6 7.7% Leverage7 23.76% Yields4         NAV yield 10.91% Market yield 9.76%  

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 if assigned. Standard & Poor's ("S&P") is a division of The McGraw-Hill Companies, Inc.

3 Weighting represents less than 0.05% of total investments as of the date indicated.

4 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.

5 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.

6 Weighted by par.

7 As a percentage of adjusted net assets. Adjusted net assets equals total assets minus total liabilities, excluding liabilities for borrowed money.