Managed High Yield Plus Fund Inc. — Distribution Declaration

Business Wire, Feb 8, 1999

NEW YORK--(BUSINESS WIRE)--Feb. 8, 1999--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 $0.1250 per share.

The dividend is payable on February 26, 1999 to shareholders of record as of February 22, 1999. The ex-dividend date is February 18, 1999. 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.

Portfolio Statistics as of January 31, 1999 -0-

Credit Quality (% of net assets)     Weighted Averages
BB & Higher           24.46          Maturity in years          8.68
B                     58.10          Price                    $87.76
CCC & Lower            5.57
Non-Rated              9.59          Top Ten Holdings (% of net assets)
Cash                   1.89          Westpoint Stevens          1.89
Equity/Preferred       0.39          NTL Inc.                   1.68
Total                100.00          Verio                      1.61
                                     Northeast Optic Network    1.58
Top Five Sectors (% of net assets)   Gulfmark Offshore          1.51
Communications (fixed)13.23          Samsung Electronics        1.29
General Industrial    12.47          Ampex                      1.24
Cable                  9.05          Goss Graphic Systems       1.23
Technology             7.22          United Int'l Holdings      1.23
Energy                 6.71          Park N View                1.22

                                     Leverage (% of net assets)
                                                               26.62