NEW YORK, May 14, 2012 (BUSINESS WIRE) -- Managed High Yield Plus Fund Inc. (the "Fund") HYF -0.47% , a closed-end management investment company, today announced that the Fund's Board of Directors has declared a dividend from net investment income of $0.0156 per share. The dividend is payable on May 31, 2012 to shareholders of record as of May 24, 2012. The ex-dividend date is May 22, 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.

Characteristics as of April 30, 2012*

        
        Net Asset Value per share          $2.15
        Market Price per share             $2.26
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        NAV Yield                          8.71%
        Market Yield                       8.28%
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* 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.