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 $0.0150 per share. The dividend is payable on January 31, 2013 to shareholders of record as of January 24, 2013. The ex-dividend date is January 22, 2013.

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, 20121      

Top ten corporate bonds,including coupon and maturity

   

Percentage of total portfolioassets

SquareTwo Financial Corp., 11.625%, 4/1/2017 1.3% International Lease Financial Corp., 7.125%, 9/1/2018 1.2% NRG Energy Inc, 8.500%, 6/15/2019 1.2% Ally Financial Inc. 8.000%, 3/15/2020 1.1% DISH DBS Corp., 7.875%, 9/1/2019 1.1% Ford Motor Credit Co LLC, 12.000%, 5/15/2015 1.0% Bank of America Corp., 5.650%, 5/1/2018 1.0% CIT Group Inc., 5.500%, 2/15/2019 1.0% MGM Resorts International, 10.000%, 11/1/2016 1.0% Nova Chemicals Corp., 8.625%, 11/1/2019     0.8%

Top five industries

   

Percentage of total portfolioassets

Energy - exploration & production 8.5% Banking 5.6% Support services 5.4% Media – cable 4.9% Telecom - integrated/services 4.8%    

Credit quality2

Percentage of total portfolioassets

Ba/BB and higher 34.4% B/B 47.4% Caa/CCC and lower 14.3% Cash equivalents 3.2% Not Rated 0.7% Total 100.0%   Other characteristics   Net asset value per share3 $2.24 Market price per share3 $2.14 Weighted average life 4.57 yrs Weighted average modified duration4 3.67 yrs Weighted average coupon5 7.41% Leverage6 27.75% Yields3   NAV yield 8.04% Market yield 8.41%

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.