Exhibit 2(s)(iii)

                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and
appoints Mark F. Kemper, Joseph T. Malone, Keith A. Weller, Jack W. Murphy and
Dilia M. Caballero, and each of them singly, as his true and lawful agents and
attorneys-in-fact, with full power and substitution and resubstitution of him in
his name, place and stead, to sign any and all registration statements on Form
N-2 applicable to Managed High Yield Plus Fund Inc. ("Fund") and any amendments
or supplements thereto, and to file the same with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorney-in-fact and agent full power and authority to do and
perform each and every act and thing requisite and necessary to be done, as
fully to all intents and purposes as he might or could do in person in his
capacity as a President of the Fund, hereby ratifying and confirming all that
said attorney-in-fact and agent, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.

     IN WITNESS WHEREOF, the undersigned has duly executed this Power of
Attorney on the date indicated below.



        NAME                         TITLE                       DATE
        ----                         -----                       ----
                                                    
/s/ Joseph A. Varnas          President                   November 10, 2004
--------------------
Joseph A. Varnas