EX-99

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of
Managed High Yield Plus Fund Inc

In planning and performing our audit of the financial statements of Managed
High Yield Plus Fund Inc (the Fund), for the year ended May 31, 2007, in
accordance with the standards of the Public Company Accounting Oversight
Board (United States), we considered its internal control over financial
reporting, including control activities for safeguarding securities, as a
basis for designing our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the requirements
of Form N-SAR, but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial reporting.
Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. A companys internal
control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. Such internal control includes
policies and procedures that provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or
disposition of a companys assets that could have a material effect on the
financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a control does
not allow management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely basis. A
significant deficiency is a control deficiency, or combination of control
deficiencies, that adversely affects the companys ability to initiate,
authorize, record, process or report external financial data reliably in
accordance with generally accepted accounting principles such that there
is more than a remote likelihood that a misstatement of the companys annual
or interim financial statements that is more than inconsequential will not
be prevented or detected. A material weakness is a significant deficiency,
or combination of significant deficiencies, that results in more than a
remote likelihood that a material misstatement of the annual or interim
financial statements will not be prevented or detected.

Our consideration of the Funds internal control over financial reporting was
for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be
significant deficiencies or material weaknesses under standards established
by the Public Company Accounting Oversight Board (United States). However,
we noted no deficiencies in the Funds internal control over financial
reporting and its operation, including controls for safeguarding securities,
that we consider to be a material weakness as defined above as of May 31,
2007.

This report is intended solely for the information and use of management,
the Shareholders and the Board of Directors of Managed High Yield Plus
Fund Inc., and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these specified parties.


July 13, 2007

EX-99.77D POLICIES

For period ending   May 31, 2007		                  Exhibit 77D

File number 811-8765

Clarification to asset segregation policy
Cover for strategies using derivative instruments.
Transactions using derivative instruments, other than purchased options,
expose the Fund to an obligation to another party. The Fund will not enter
into any such transactions unless it owns either (1) an offsetting
(covered) position in securities, currencies or other options, forward
currency contracts or futures contracts or (2) cash or liquid securities,
with a value sufficient at all times to cover its potential obligations to
the extent not covered as provided in (1) above.  The Fund will comply with
SEC guidelines regarding cover for such transactions and will, if the
guidelines so require, set aside cash or liquid securities, marked to market
daily, in a segregated account with its custodian in the prescribed amount.

With respect to futures contracts, the Fund will cover its obligations under
the futures transactions in which it participates by either (i) holding
offsetting positions that appropriately equal the daily market value of the
Funds position in the futures contract (less the initial margin and any
variation margins deposited with a futures commission merchant); or (ii)
accruing such amounts on a daily basis and maintaining segregated assets to
cover the futures contract. With respect to a futures contract that is not
contractually required to cash-settle, the Fund must cover its open
position by maintaining segregated assets equal to the contracts full,
notional value.  However, the Fund may net non-cash settled futures
contracts if the futures have the same expiration date and underlying
instruments. With respect to a futures contract that is contractually
required to cash-settle, the Fund is permitted to maintain segregated
assets in an amount equal to the Funds daily marked-to-market (net)
obligation (i.e., the Funds daily net liability if any) rather than the
notional value. By setting aside assets equal to only its net obligation
under cash-settled future contracts, the Fund will have the ability to employ
leverage to a greater extent than if the Fund were required to segregate
assets equal to the full notional value of such contracts.

The Fund will only enter into forward contracts to sell, for a fixed amount
of US dollars or other appropriate currency, an amount of foreign currency,
to the extent that the value of the short forward contract is covered by the
underlying value of securities denominated in the currency being sold.
Alternatively, when the Fund enters into a non-cash settled forward contract
to sell an amount of foreign currency, the Funds custodian or sub-custodian
will place segregated assets in a segregated account of the Fund in an amount
equal to the contracts full, notional value. However, currency contracts with
respect to identical currencies may be netted against each other and, in such
cases, the Funds custodian or sub-custodian will place segregated assets in
a segregated account of the Fund in an amount equal to the net amount owed
(the unrealized loss) by the Fund.

When the Fund enters into a non-deliverable forward transaction, the Funds
custodian will maintain segregated assets in an amount not less than the
value of the Funds unrealized loss under such non-deliverable forward
transaction. If the additional segregated assets decline in value or the
amount of the Funds commitment increases because of changes in currency
rates, additional cash or securities will be designated as segregated assets
on a daily basis so that the value of the account will equal the amount of
the Funds unrealized loss under the non-deliverable forward agreement.

Assets used as cover or held in a segregated account cannot be sold while
the position in the corresponding derivatives instrument is open, unless
they are replaced with similar assets. As a result, the commitment of a
large portion of the Funds assets to cover positions or segregated accounts
could impede portfolio management or the Funds ability to meet current
obligations.

EX-99.77Q1 OTHR EXHB

For period ending   May 31, 2007                                  Exhibit 77Q1

File number 811-8765

FORM 10f-3
Registered Domestic Securities and Government Securities


Fund: Managed High Yield  Plus Fund Inc.

Name of Adviser or Sub-Adviser__UBS Global Asset Management (Americas) Inc.

1.  Issuer:   Hawker Beecher Acquisition Company LLC 8 7/8% 4/1/2015

2.  Date of Purchase:  03/16/2007

3.  Date offering commenced:  03/16/2007

4.  Underwriter(s) from whom purchased:  Goldman Sachs & Co.

5.  Affiliated Underwriter managing or participating in syndicate: UBS
    Investment Bank

6.  Aggregate principal amount or number of shares purchased:  $1,000,000
    (par amount)

7.  Aggregate principal amount or total number of shares of offering:
    $400,000,000 (par amount)

8.  Purchase price per unit or share (net of fees and expenses):  $1 Million

9.  Initial public offering price per unit or share:  Par Amount

10. Commission, spread or profit:  1.00	%	$__________

11. Have the following conditions been satisfied?            YES           NO

a.  The securities are part of an issue registered under the Securities Act
of 1933 that is being offered to the public, or is part of an issue of
government securities (as defined in section 2(a)(16) of the 1940 Act).
                                                            __X___     _______

b.  The securities were purchased prior to the end of the first day on which
any sales are made (of, if a rights offering, the securities were purchased
on or before the fourth day preceding the day on which the offering
terminated).		                                   ___X___     _______

c.  The securities were purchased at a price not more than the price paid
by each purchaser in the offering.		           ___X___     _______

d.  The underwriting was a firm commitment underwriting.   ___X___     _______

e.  The commission, spread or profit was reasonable and fair in relation to
that being received by others for underwriting similar securities during
the same period.	                                   ___X___     _______

f. The issuer of the securities and any predecessor has been in continuous
operation for not less than three years.		   ___X___     _______

g. The amount of such securities purchased by the Fund and all other accounts
over which the Adviser (or Sub-Adviser, if applicable) exercises investment
discretion did not exceed 25% of the principal amount of the offering.
                                                           ___X___     _______

h. No Affiliated Underwriter was a direct or indirect participant in or
beneficiary of the sale.		                   ___X___     _______

Note:  Refer to the Rule 10f-3 Procedures for the definitions of the
capitalized terms above.  In particular, Affiliated Underwriter is defined
as affiliates of the Adviser or Sub-Adviser participating in a selling
syndicate, as applicable.


Approved:  /s/Shu-Yang Tan
Date:	04/08/2007__(as revised 07/25/2007)





For period ending   May 31, 2007				  Exhibit 77Q1

File number 811-8765


Clarification to asset segregation policy

Cover for strategies using derivative instruments.
Transactions using derivative instruments, other than purchased options,
expose the Fund to an obligation to another party. The Fund will not enter
into any such transactions unless it owns either (1) an offsetting (covered)
position in securities, currencies or other options, forward currency
contracts or futures contracts or (2) cash or liquid securities, with a value
sufficient at all times to cover its potential obligations to the extent not
covered as provided in (1) above.  The Fund will comply with SEC guidelines
regarding cover for such transactions and will, if the guidelines so require,
set aside cash or liquid securities, marked to market daily, in a segregated
account with its custodian in the prescribed amount.

With respect to futures contracts, the Fund will cover its obligations under
the futures transactions in which it participates by either (i) holding
offsetting positions that appropriately equal the daily market value of the
Funds position in the futures contract (less the initial margin and any
variation margins deposited with a futures commission merchant); or (ii)
accruing such amounts on a daily basis and maintaining segregated assets to
cover the futures contract. With respect to a futures contract that is not
contractually required to cash-settle, the Fund must cover its open position
by maintaining segregated assets equal to the contracts full, notional value.
However, the Fund may net non-cash settled futures contracts if the futures
have the same expiration date and underlying instruments. With respect to a
futures contract that is contractually required to cash-settle, the Fund is
permitted to maintain segregated assets in an amount equal to the Funds
daily marked-to-market (net) obligation (i.e., the Funds daily net liability
if any) rather than the notional value. By setting aside assets equal to only
its net obligation under cash-settled future contracts, the Fund will have
the ability to employ leverage to a greater extent than if the Fund were
required to segregate assets equal to the full notional value of such
contracts.

The Fund will only enter into forward contracts to sell, for a fixed amount
of US dollars or other appropriate currency, an amount of foreign currency,
to the extent that the value of the short forward contract is covered by the
underlying value of securities denominated in the currency being sold.
Alternatively, when the Fund enters into a non-cash settled forward contract
to sell an amount of foreign currency, the Funds custodian or sub-custodian
will place segregated assets in a segregated account of the Fund in an amount
equal to the contracts full, notional value. However, currency contracts with
respect to identical currencies may be netted against each other and, in such
cases, the Funds custodian or sub-custodian will place segregated assets in a
segregated account of the Fund in an amount equal to the net amount owed (the
unrealized loss) by the Fund.

When the Fund enters into a non-deliverable forward transaction, the Funds
custodian will maintain segregated assets in an amount not less than the
value of the Funds unrealized loss under such non-deliverable forward
transaction. If the additional segregated assets decline in value or the
amount of the Funds commitment increases because of changes in currency
rates, additional cash or securities will be designated as segregated assets
on a daily basis so that the value of the account will equal the amount of
the Funds unrealized loss under the non-deliverable forward agreement.

Assets used as cover or held in a segregated account cannot be sold while
the position in the corresponding derivatives instrument is open, unless
they are replaced with similar assets. As a result, the commitment of a
large portion of the Funds assets to cover positions or segregated accounts
could impede portfolio management or the Funds ability to meet current
obligations.

EX-99.77Q2 ITEM 405

For period ending May 31, 2007
Exhibit 77Q(2)

File number 811-8765

Managed High Yield Plus Fund Inc.

Section 16(a) Beneficial Ownership Reporting Compliance

The registrant is not aware of any outstanding report required to be filed
pursuant to Section 16(a) of the Securities Exchange Act of 1934 by any
board member or officer.  During the fiscal year ended May 31, 2007, Mrs.
Higgins, a board member, failed to timely file a report of an initial
purchase of registrant shares on Form 4.