Managed High Yield Plus Fund Inc.- Dividend Declaration, Fund Commentary, and Updated Price and Yield Information

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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 $0.0180 per
share. The dividend is payable on November 30, 2009 to shareholders of record as
of November 19, 2009. The ex-dividend date is November 17, 2009. 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.

Fund Commentary for the month of October 2009 from UBS Global Asset Management
(Americas) Inc. ("UBS Global AM"), the Fund`s investment advisor:

The market for US dollar-denominated high yield securities continued to post
gains, returning 1.75% during the month, as measured by the Merrill Lynch US
High Yield Cash Pay Constrained Index, the "Index." The Index ended the month
with a spread over Treasury securities of 754 basis points, (i.e., 7.54%), which
represented a tightening of 27 basis points (i.e., 0.27%) during the month.
(Spread is the difference between the yield paid on US Treasury bonds and
higher-risk securities.)

In October, the distressed and CCC-rated sectors again led the way,
outperforming the other sectors of the market. Spread-sensitive sectors,
including publishing, insurance, retail and technology outperformed. However,
the energy, telecommunications and railroads sectors lagged during the month.
The Fund outperformed its Index slightly for the month, mainly due to an
overweight to the publishing and technology sectors, as well as underweights to
the home builders and building materials sectors. An overweight to the gaming
sector detracted from relative performance for the month. In addition, the
Fund`s use of leverage magnified the effects of the sector positioning,
contributing to returns.

Looking ahead, we expect that many investors are likely to view the improving
economy as an opportunity to add risk to their portfolios. With the Federal
Reserve appearing set to keep rates low for an extended period, we expect that
an improving economy and a positive refinancing environment is likely to lead to
lower defaults. As a result, we plan to seek to increase active risk to
longer-duration bonds from higher-quality issuers operating in more cyclical
industries, as we believe that these securities are likely to benefit in the
months ahead.

Disclaimers Regarding Fund Commentary - The Fund Commentary is intended to
assist shareholders in understanding how the Fund performed during the month
noted.Views and opinions were current as of the date of this press release.They
are not guarantees of performance or investment results and should not be taken
as investment advice.Investment decisions reflect a variety of factors, and the
Fund and UBS Global AM reserve the right to change views about individual
securities, sectors and markets at any time.As a result, the views expressed
should not be relied upon as a forecast of the Fund`s future investment intent.

Characteristics as of October 31, 2009:*

Net Asset Value per share $2.04
Market Price per share $1.78
NAV Yield 10.59%
Market Yield 12.13%

* 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.

UBS Global Asset Management Closed-End Funds Desk, 888-793-8637

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