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 April 29, 2011 to shareholders of record as of April 21, 2011. The ex-dividend date is April 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 March 31, 20111  

Top ten corporate bonds, including coupon andmaturity

    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 1.5% 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% Global Aviation Holdings, Inc., 14.000%, 08/15/13 1.2% Sanmina-SCI Corp., 8.125%, 03/01/16 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%         Top five industries         Gaming 9.5% Consumer/Commercial/Lease Financing 4.7% Telecom-integrated/services 4.3% Energy-exploration & production 4.1% Specialty Retail       3.7%     Credit quality2         Ba/BB and higher 29.1% B/B 45.3% Caa/CCC and lower 21.7% Equity/preferred 1.5% Cash equivalents 2.3% Not Rated       0.1% Total 100.0%     Other characteristics         Net asset value per share3 $2.25 Market price per share3 $2.26 Weighted average maturity 7.0 Yrs Weighted average modified duration4 4.6 Yrs Weighted average coupon5 8.0% Leverage6 22.53% Yields3         NAV yield 10.67% Market yield 10.62%

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 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.

CUSIP: 37933G108