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 $0.0175 per share. The dividend is payable on October 31, 2011 to shareholders of record as of October 20, 2011. The ex-dividend date is October 18, 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 September 30, 20111        

Top ten corporate bonds, including couponand maturity

      Percentage of total portfolio assets CIT Group, Inc., 7.000%, 05/01/17 2.0% SquareTwo Financial Corp., 11.625%, 04/01/17 1.6% Ryerson, Inc., 12.000%, 11/01/15 1.4% FireKeepers Development Authority, 13.875%, 05/01/15 1.3% NRG Energy, Inc., 8.500%, 06/15/19 1.2% Sungard Data Systems, Inc., 10.250%, 08/15/15 1.1% Diamond Resorts Corp., 12.000%, 08/15/18 0.9% OGX Petroleo e Gas Participacoes SA, 8.500%, 06/01/18 0.9% CF Industries, Inc., 7.125%, 05/01/20 0.9% Intelsat Jackson Holdings Ltd., 11.250%, 06/15/16       0.9%    

Top five industries

        Gaming 6.7% Energy-exploration & production 5.8% Consumer/Commercial/Lease Financing 5.6% Telecom-integrated/services 5.2% Chemicals       4.2%     Credit quality2         Ba/BB and higher 31.8% B/B 45.3% Caa/CCC and lower 17.2% Equity/preferred 0.0%3 Cash equivalents 5.5% Not Rated       0.2% Total 100.0%     Other characteristics         Net asset value per share4 $1.94 Market price per share4 $1.93 Weighted average maturity 7.6 yrs Weighted average modified duration5 4.6 yrs Weighted average coupon6 7.6% Leverage7 26.12% Yields4         NAV yield 10.82% Market yield 10.88%

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.