Managed High Yield Plus Fund Inc. - Distribution Declaration

Business Wire, Sept 8, 1998

NEW YORK--(BUSINESS WIRE)--Sept. 8, 1998--Managed High Yield Plus Fund Inc. (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 $0.1225 per share. The dividend is payable on September 30, 1998 to shareholders of record as of September 18, 1998. The ex-dividend date is September 16, 1998. The Managed High Yield Plus Fund Inc. seeks high income and, secondarily, capital appreciation, mainly through investments in lower-rated, income producing debt and related equity securities.

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             Portfolio Statistics as of August 31, 1998

Credit Quality (% of net assets)        Weighted Averages

BB & Higher             22.86       Maturity in years             8.90
B                       60.36       Price                       $86.49
CCC & Lower              4.51
Non-Rated                9.17
Cash                     2.66
Equity/Preferred         0.44
Total     100.00


Top Five Sectors                Top Ten Holdings
(% of net assets)               (% of net assets)

Communications          18.91   Westpoint Stevens             1.69
General Industrial      10.12   Goss Graphic Systems          1.60
Transport Non Air        8.95   Northeast Optic Network       1.45
Cable                    8.05   Gulfmark Offshore             1.39
Energy                   6.52   Aqua Chem                     1.21
                                Pathnet Inc.                  1.20
                                GST Equipment                 1.17
                                Sabre Liner                   1.16
                                Ampex                         1.15
                                Verio                         1.14



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             Linda Buckley, 201/902-5450