NEW YORK--(BUSINESS WIRE)-- 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 January 31, 2012 to shareholders of record as of January 19, 2012. The ex-dividend date is January 17, 2012.

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 December 31, 20111
Top ten corporate bonds, including coupon and maturity			Percentage of total portfolio assets
CIT Group Inc., 7.000%, 5/1/2017			1.7%
SquareTwo Financial Corp., 11.625%, 4/1/2017			1.5%
Ryerson Inc., 12.000%, 11/1/2015			1.3%
FireKeepers Development Authority, 13.875%, 5/1/2015			1.3%
NRG Energy Inc, 8.500%, 6/15/2019			1.2%
Ford Motor Credit Co LLC, 12.000%, 5/15/2015			1.2%
Sunguard Data Systems Inc, 10.250%, 8/15/2015			1.1%
CF Industries INC, 7.125%, 5/1/2020			1.0%
OGX Petroleo e Gas Participacoes SA, 8.500%, 6/1/2018			1.0%
Diamond Resorts Corp., 12.000%, 8/15/2018			1.0%
Top five industries
Energy - exploration & production			6.5%
Gaming			5.9%
Telecom - integrated/services			5.2%
Consumer/Commercial/Lease Financing			4.9%
Electric-generation			4.1%
Credit quality2
Ba/BB and higher			36.4%
B/B			46.2%
Caa/CCC and lower			14.3%
Equity/preferred3			0.0%
Cash equivalents			0.3%
Not Rated			2.8%
Total			100.0%
Other characteristics
Net asset value per share4			$2.04
Market price per share4			$2.13
Weighted average maturity			6.8 yrs
Weighted average modified duration5			4.0 yrs
Weighted average coupon6			8.8%
Leverage7			25.10%
Yields4
NAV yield			10.29%
Market yield			9.86%

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. 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.