N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08765

Managed High Yield Plus Fund Inc.

(Exact name of registrant as specified in charter)

51 West 52^nd Street, New York, New York 10019-6114

(Address of principal executive offices) (Zip code)

Mark F. Kemper, Esq.

UBS Global Asset Management

51 West 52^nd Street

New York, NY 10019-6114

(Name and address of agent for service)

Copy to:

Jack W. Murphy, Esq.

Dechert LLP

1775 I Street, N.W.

Washington, DC 20006-2401

Registrant’s telephone number, including area code: 212-882 5000

Date of fiscal year end: May 31

Date of reporting period: August 31, 2008

Item 1. Schedule of Investments

Managed High Yield Plus Fund Inc.
Schedule of investments—August 31, 2008 (unaudited)

	Face
Security description	amount ($)	Value ($)
Corporate bonds — 141.19%
Agriculture — 1.55%
Southern States Cooperative, Inc.
10.500%, due 11/01/101,2	3,000,000	3,060,000
Automobile OEM — 0.75%
General Motors
8.375%, due 07/15/332	3,000,000	1,485,000
Automotive parts — 3.88%
ArvinMeritor, Inc.
8.125%, due 09/15/152	4,700,000	3,901,000
Stanadyne Corp.
10.000%, due 08/15/142	4,000,000	3,760,000
		7,661,000
Building materials — 11.43%
Coleman Cable, Inc.
9.875%, due 10/01/122	4,850,000	4,510,500
CPG International, Inc.
10.500%, due 07/01/132	6,000,000	4,620,000
Dayton Superior Corp.
13.000%, due 06/15/092	2,687,000	2,203,340
Interface, Inc.
10.375%, due 02/01/102	4,075,000	4,278,750
Masonite Corp.
11.000%, due 04/06/152	5,000,000	1,875,000
Masonite International Corp.
11.000%, due 04/06/152	3,000,000	1,125,000
US Concrete, Inc.
8.375%, due 04/01/142	4,800,000	3,984,000
		22,596,590
Business services/office equipment — 6.02%
Harland Clarke Holdings
9.500%, due 05/15/152	7,750,000	6,083,750
Xerox Capital Trust I
8.000%, due 02/01/272	6,100,000	5,808,164
		11,891,914
Chemicals — 5.77%
Ineos Group Holdings PLC
8.500%, due 02/15/161,2	6,000,000	3,840,000
Momentive Performance
9.750%, due 12/01/142	2,500,000	2,256,250
10.125%, due 12/01/142,3	4,000,000	3,500,000
11.500%, due 12/01/162	1,000,000	780,000
Montell Finance Co. BV
8.100%, due 03/15/271,2	2,012,000	1,026,120
		11,402,370
Consumer products-durables — 1.21%
Da-Lite Screen Co., Inc.
9.500%, due 05/15/112	2,500,000	2,400,000

Managed High Yield Plus Fund Inc.
Schedule of investments—August 31, 2008 (unaudited)

	Face
Security description	amount ($)	Value ($)
Corporate bonds—(continued)
Consumer products-non durables — 2.05%
Prestige Brands, Inc.
9.250%, due 04/15/122	4,029,000	4,049,145
Consumer services — 4.63%
Ahern Rentals, Inc.
9.250%, due 08/15/132	4,750,000	3,063,750
Hertz Corp.
10.500%, due 01/01/162	4,000,000	3,530,000
Sunstate Equipment Co.
10.500%, due 04/01/131,2	3,500,000	2,555,000
		9,148,750
Defense/aerospace — 3.89%
DAE Aviation Holdings, Inc.
11.250%, due 08/01/151,2	1,000,000	965,000
Hawker Beechcraft Acquisition Co.
8.875%, due 04/01/152,3	5,750,000	5,735,625
9.750%, due 04/01/172	1,000,000	980,000
		7,680,625
Electric-generation — 1.32%
Mirant Americas Generation LLC
9.125%, due 05/01/312	3,000,000	2,606,250
Electric-integrated — 2.27%
Texas Competitive Electric Holdings Co. LLC
10.250%, due 11/01/151,2	4,500,000	4,488,750
Electronics — 5.04%
NXP BV/NXP Funding LLC
9.500%, due 10/15/152	6,000,000	4,065,000
Sanmina-SCI Corp.
5.526%, due 06/15/141,2,4	1,500,000	1,387,500
8.125%, due 03/01/162	5,000,000	4,512,500
		9,965,000
Energy-refining & marketing — 0.31%
Petroplus Finance Ltd.
7.000%, due 05/01/171,2	700,000	621,250
Equipment rental — 0.80%
United Rentals N.A.
7.750%, due 11/15/132	2,000,000	1,580,000
Finance-captive automotive — 3.08%
Ford Motor Credit Co. LLC
9.750%, due 09/15/102	7,000,000	6,098,477
Finance-noncaptive consumer — 0.94%
Countrywide Financial Corp.
2.959%, due 09/02/082,4	1,850,000	1,850,000

Managed High Yield Plus Fund Inc.
Schedule of investments—August 31, 2008 (unaudited)

	Face
Security description	amount ($)	Value ($)
Corporate bonds—(continued)
Finance-noncaptive diversified — 1.98%
GMAC LLC
5.850%, due 01/14/092	1,000,000	957,543
7.250%, due 03/02/112	2,000,000	1,334,464
8.000%, due 11/01/312	3,000,000	1,618,047
		3,910,054
Food — 1.32%
Ameriqual Group LLC
9.500%, due 04/01/121,2	4,000,000	2,600,000
Gaming — 14.95%
Caesars Entertainment, Inc.
7.875%, due 03/15/102	3,000,000	2,557,500
Circus & Eldorado Joint Venture
10.125%, due 03/01/122	4,500,000	4,117,500
FireKeepers Development Authority
13.875%, due 05/01/151,2	2,000,000	1,845,000
Harrah’s Operating Co., Inc.
10.750%, due 02/01/161,2	3,000,000	2,017,500
Inn Of The Mountain Gods Resort & Casino
12.000%, due 11/15/102	4,400,000	3,135,000
Jacobs Entertainment, Inc.
9.750%, due 06/15/142	6,750,000	4,792,500
Little Traverse Bay Bands of Odawa Indians
10.250%, due 02/15/141,2	3,000,000	2,497,500
MTR Gaming Group, Inc., Series B
9.750%, due 04/01/102	2,525,000	2,455,563
Pokagon Gaming Authority
10.375%, due 06/15/141,2	2,983,000	3,109,777
River Rock Entertainment Authority
9.750%, due 11/01/11	2,836,000	2,637,480
Tropicana Entertainment LLC/Finance Corp.
9.625%, due 12/15/145,*	1,200,000	384,000
		29,549,320
Gas distributors — 0.44%
Ferrellgas L.P./Finance
6.750%, due 05/01/142	1,000,000	870,000
Health care — 3.54%
Community Health Systems
8.875%, due 07/15/152	4,900,000	4,949,000
HCA, Inc.
9.125%, due 11/15/142	2,000,000	2,055,000
		7,004,000
Home construction — 0.38%
Stanley Martin-Community LLC
9.750%, due 08/15/152	2,000,000	760,000
Industrial-other — 4.94%
ARAMARK Services, Inc.
6.301%, due 02/01/152,4	5,145,000	4,784,850
Mobile Services/Storage Group
9.750%, due 08/01/142	5,250,000	4,987,500
		9,772,350

Managed High Yield Plus Fund Inc.
Schedule of investments—August 31, 2008 (unaudited)

	Face
Security description	amount ($)	Value ($)
Corporate bonds—(continued)
Media-broadcast/outdoor — 6.97%
CMP Susquehanna
9.875%, due 05/15/142	5,775,000	3,609,375
LIN Television Corp.
6.500%, due 05/15/132	2,000,000	1,640,000
Series B, 6.500%, due 05/15/132	1,750,000	1,435,000
Sirius Satellite Radio
9.625%, due 08/01/132	3,450,000	2,699,625
Univision Communications
9.750%, due 03/15/151,2,3	4,950,000	3,539,250
Young Broadcasting, Inc.
10.000%, due 03/01/112	2,358,000	848,880
		13,772,130
Media-cable — 0.75%
CCH I Holdings LLC
10.000%, due 05/15/142	3,000,000	1,485,000
Media-publishing — 5.82%
American Color Graphics, Inc.
10.000%, due 06/15/105,*	2,250,000	405,000
American Media Operation, Series B
10.250%, due 05/01/091,2	145,440	109,080
10.250%, due 05/01/092	4,000,000	3,000,000
Hollinger, Inc.
12.875%, due 03/01/111,5,*	975,000	19,500
Quebecor World Capital Corp.
4.875%, due 11/15/085,*	1,500,000	532,500
8.750%, due 03/15/161,5,*	4,625,000	2,046,562
Sheridan Acquisition Corp.
10.250%, due 08/15/112	5,500,000	5,005,000
Vertis, Inc., Series B
10.875%, due 06/15/095,*	5,125,000	397,188
		11,514,830
Media-services — 3.93%
Affinion Group, Inc.
10.125%, due 10/15/132	4,000,000	3,940,000
Baker & Taylor, Inc.
11.500%, due 07/01/131,2	4,500,000	3,830,625
		7,770,625
Metals/mining excluding steel — 3.13%
American Rock Salt Co. LLC
9.500%, due 03/15/142	3,000,000	3,150,000
Neenah Corp.
9.500%, due 01/01/172	4,000,000	3,040,000
		6,190,000
Packaging & containers — 5.65%
Exopack Holding Corp.
11.250%, due 02/01/142	4,000,000	3,510,000
Graham Packaging Co.
9.875%, due 10/15/142	3,000,000	2,632,500

Managed High Yield Plus Fund Inc.
Schedule of investments—August 31, 2008 (unaudited)

	Face
Security description	amount ($)	Value ($)
Corporate bonds—(continued)
Packaging & containers—(concluded)
Stone Container Finance
7.375%, due 07/15/142	6,250,000	5,031,250
		11,173,750
Paper/forest products — 11.86%
Abitibi-Consolidated, Inc.
8.550%, due 08/01/102	2,000,000	1,122,500
Ainsworth Lumber
11.000%, due 07/29/151,2	1,144,753	918,664
Boise Cascade LLC
7.125%, due 10/15/142	955,000	615,975
Bowater Canada Finance
7.950%, due 11/15/112	6,940,000	4,337,500
Bowater, Inc.
9.500%, due 10/15/122	1,250,000	775,000
Cellu Tissue Holdings, Inc.
9.750%, due 03/15/102	5,000,000	4,637,500
Millar Western Forest
7.750%, due 11/15/132	1,000,000	610,000
Newpage Corp.
10.000%, due 05/01/122	4,000,000	3,880,000
12.000%, due 05/01/132	1,000,000	935,000
Verso Paper Holdings LLC
9.125%, due 08/01/142	1,000,000	940,000
11.375%, due 08/01/162	5,500,000	4,675,000
		23,447,139
Pharmaceuticals — 0.99%
Axcan Intermediate Holdings
12.750%, due 03/01/161,2	1,950,000	1,959,750
Real estate management services — 1.98%
Realogy Corp.
12.375%, due 04/15/152	8,500,000	3,910,000
Retail-restaurants — 0.02%
Buffets, Inc.
12.500%, due 11/01/145,*	4,500,000	45,000
Retail-specialty — 3.24%
Brookstone Co., Inc.
12.000%, due 10/15/122	4,400,000	3,938,000
GameStop Corp.
8.000%, due 10/01/122	2,350,000	2,461,625
		6,399,625
Steel producers/products — 0.50%
Ryerson, Inc.
12.000%, due 11/01/151,2	1,000,000	980,000
Technology-hardware — 2.43%
Freescale Semiconductor
8.875%, due 12/15/142	1,200,000	972,000
10.125%, due 12/15/162	5,000,000	3,837,500
		4,809,500

Managed High Yield Plus Fund Inc.
Schedule of investments—August 31, 2008 (unaudited)

	Face
Security description	amount ($)	Value ($)
Corporate bonds—(concluded)
Technology-software — 4.57%
Sungard Data Systems, Inc.
10.250%, due 08/15/152	6,250,000	6,296,875
Unisys Corp.
8.500%, due 10/15/152	3,500,000	2,747,500
		9,044,375
Telecom-satellite — 0.47%
Echostar DBS Corp.
6.625%, due 10/01/142	1,000,000	920,000
Telecom-wireless — 3.00%
US Unwired, Inc., Series B
10.000%, due 06/15/122	1,750,000	1,837,500
Wind Acquisition Finance SA
10.750%, due 12/01/151,2	4,000,000	4,100,000
		5,937,500
Telecom-wirelines — 2.63%
Citizens Communications
9.000%, due 08/15/312	6,000,000	5,205,000
Textile/apparel — 0.76%
Rafaella Apparel Group
11.250%, due 06/15/112	3,333,000	1,499,850
Total corporate bonds (cost—$358,452,379)		279,114,919
	Number of
Security description	shares/units
Common stocks* — 0.53%
Consumer services — 0.00%
NCI Holdings, Inc.6,7	5,456	0
Energy-refining & marketing — 0.00%
Orion Refining Corp.6,7	1,253	0
Paper/forest products — 0.51%
Ainsworth Lumber Co. Ltd.2	351,057	1,008,404
Retail-restaurants — 0.00%
American Restaurant Group, Inc.6,7	129	0
Technology-software — 0.01%
Knology, Inc.2	693	6,972
Telecom-wireless — 0.01%
American Tower Corp., Class A2	636	26,286
Telecom-wirelines — 0.00%
XO Holdings, Inc.2	1,052	757
Total common stocks (cost—$5,476,585)		1,042,419

Managed High Yield Plus Fund Inc.
Schedule of investments—August 31, 2008 (unaudited)

	Number of
Security description	units	Value ($)
Other equity security* — 0.00%
Media-cable — 0.00%
Adelphia Contingent Value Vehicle6,7,8 (cost—$0)	2,000,000	0
	Number of
Warrants* — 0.39%	warrants
Building materials — 0.00%
Dayton Superior Corp., strike @ $0.01 expires 06/15/096,7,9	2,500	0
Energy-oilfield services — 0.39%
Key Energy Services, Inc., strike @ $4.88 expires 01/15/092	4,500	774,000
Telecom-wirelines — 0.00%
XO Holdings, Inc.,
Series A, strike @ $6.25, expires 01/16/102	2,105	53
Series B, strike @ $7.50, expires 01/16/102	1,578	39
Series C, strike @ $10.00, expires 01/16/102	1,578	16
		108
Total warrants (cost—$46,550)		774,108
	Face
	amount ($)
Repurchase agreement — 1.92%
Repurchase agreement dated 08/29/08 with State
Street Bank & Trust Co., 1.430% due 09/02/08,
collateralized by $2,748,940 US Treasury Bonds,
8.125% to 8.750% due 08/15/19 to 08/15/20;
(value—$3,873,995); proceeds: $3,798,603
(cost—$3,798,000)	3,798,000	3,798,000
Total investments (cost—$367,773,514)10,11 — 144.03%		284,729,446
Liabilities in excess of other assets — (44.03)%		(87,044,757	)
Net assets — 100.00%		197,684,689

*	Non-income producing security.
1	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 24.04% of net assets as of August 31, 2008, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
2	Entire or partial amount pledged as collateral for bank loan.
3	PIK-Payment-in-kind security. Income may be paid in cash or additional notes, at the discretion of the issuer.
4	Floating rate security. The interest rate shown is the current rate as of August 31, 2008.
5	Bond interest in default.
6	Illiquid securities representing 0.00% of net assets as of August 31, 2008.
7	Security is being fair valued by a valuation committee under the direction of the board of directors.
8	Represents contingent value vehicle (“CVV”) obligations. The CVV obligations represent units in a trust that was formed pursuant to a Plan of Reorganization of Adelphia Communications Corporation to hold certain litigation claims against Adelphia’s third party lenders, accountants, and other parties.
9	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security, which represents 0.00% of net assets as of August 31, 2008, is considered illiquid and restricted. (See table below for more information).

			Acquisition
			cost as a		Value as a
	Acquisition	Acquisition	percentage of	Value at	percentage of
Restricted security	date	cost ($)	net assets (%)	08/31/08 ($)	net assets (%)
Dayton Superior Corp., warrants, expiring 06/15/09	06/09/00	46,550	0.02	0	0.00

Managed High Yield Plus Fund Inc.
Schedule of investments—August 31, 2008 (unaudited)

10	Cost of investments shown approximates cost for federal income tax purposes. Gross unrealized appreciation of investments and gross unrealized depreciation of investments at August 31, 2008 were $1,366,304 and $84,410,372, respectively, resulting in net unrealized depreciation of investments of $83,044,068.
11	The Fund calculates its net asset value based on the current market value, where available, for its portfolio securities. The Fund normally obtains market values for its securities from independent pricing sources and broker-dealers. Independent pricing sources may use last reported sale prices, current market quotations or valuations from computerized “matrix” systems that derive values based on comparable securities. A matrix system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio securities. Securities traded in the over-the-counter (“OTC”) market and listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price available on the valuation date prior to valuation. Securities which are listed on US and foreign stock exchanges normally are valued at the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. In cases where securities are traded on more than one exchange, the securities are valued on the exchange designated as the primary market by UBS Global Asset Management (Americas) Inc. (“UBS Global AM”), the investment manager and administrator of the Fund. UBS Global AM is an indirect wholly owned asset management subsidiary of UBS AG, an internationally diversified organization with headquarters in Zurich and Basel, Switzerland and operations in many areas of the financial services industry. If a market value is not available from an independent pricing source for a particular security, that security is valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Directors (the “Board”). Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; and changes in overall market conditions. Occasionally, events affecting the value of foreign investments occur between the time at which they are determined and the close of the New York Stock Exchange (“NYSE”), which will not be reflected in the computation of the Fund’s net asset value. If events materially affecting the value of such securities occur during such time periods, the securities will be valued at their fair value as determined in good faith by or under the direction of the Board. The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with sixty days or less remaining to maturity, unless the Board determines that this does not represent fair value. All investments quoted in foreign currencies will be valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Fund’s custodian.
	In September 2006, the Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 requires disclosure surrounding the various inputs that are used in determining the value of the Fund’s investments. These inputs are summarized into the three broad levels listed below:
	Level 1 - quoted prices in active markets for identical securities.
	Level 2 - other significant observable inputs, including but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risks.
	Level 3 - unobservable inputs inclusive of the Fund’s own assumptions in determining the fair value of investments.

The following is a summary of the inputs used as of August 31, 2008 in valuing the Fund’s assets:

		Measurements at August 31, 2008
		Quoted prices in
		active markets for	Significant other	Unobservable
		identical assets	observable inputs	inputs
Description	Total ($)	(Level 1) ($)	(Level 2) ($)	(Level 3)* ($)
Assets:
Securities	284,729,446	1,816,527	282,912,919	0

The following is a rollforward of the Fund’s assets that were valued using unobservable inputs for the period:

	Measurements using
	unobservable inputs (Level 3)* ($)
		Securities
Assets
Beginning balance		0
Accrued discounts/(premiums)		0
Total gains or losses (realized/unrealized) included in earnings		0
Purchases, sales, issuances and settlements (net)		0
Transfers in and/or out of Level 3		0
Ending balance		0
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at 08/31/08		0

*	All securities categorized as Level 3 have a value of $0.
GMAC	General Motors Acceptance Corporation
OEM	Original Equipment Manufacturer

Managed High Yield Plus Fund Inc.
Schedule of investments—August 31, 2008 (unaudited)

Issuer breakdown by country or territory of origin	Percentage of total investments (%)
United States		89.3
Canada		5.9
Netherlands		1.8
Luxembourg		1.4
United Kingdom		1.4
Bermuda		0.2
Total		100.0

For more information regarding the Fund’s other signicant accounting policies, please refer to the Fund’s annual report to shareholders dated May 31, 2008.

Item 2. Controls and Procedures.
(a)	The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“Investment Company Act”)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b)	The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
(a)	Certifications of principal executive officer and principal financial officer of registrant pursuant to Rule 30a-2(a) under the Investment Company Act is attached hereto as Exhibit EX-99.CERT.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Managed High Yield Plus Fund Inc.
By:	/s/ Kai R. Sotorp
	Kai R. Sotorp
	President
Date:	October 30, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:	/s/ Kai R. Sotorp
	Kai R. Sotorp
	President
Date:	October 30, 2008
By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President and Treasurer
Date:	October 30, 2008

EX-99.CERT

Exhibit EX-99.CERT

Certifications

I, Kai R. Sotorp, President of Managed High Yield Plus Fund Inc., certify that:
1.	I have reviewed this report on Form N-Q of Managed High Yield Plus Fund Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Kai R. Sotorp
	Kai R. Sotorp
	President
Date:	October 30, 2008

I, Thomas Disbrow, Vice President and Treasurer of Managed High Yield Plus Fund Inc., certify that:
1.	I have reviewed this report on Form N-Q of Managed High Yield Plus Fund Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President and Treasurer
Date:	October 30, 2008