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)
 
1285 Avenue of the Americas, New York, New York 10019-6028
 
(Address of principal executive offices) (Zip code)

Mark F. Kemper, Esq.
UBS Global Asset Management
1285 Avenue of the Americas, 12 th Floor
New York, NY 10019-6028
(Name and address of agent for service)

Copy to:
Jack W. Murphy, Esq.
Dechert LLP
1900 K Street, NW
Washington, DC 20006


Registrant’s telephone number, including area code: 212-821 3000

Date of fiscal year end: May 31

Date of reporting period: August 31, 2013


Item 1. Schedule of Investments

Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		      Value ($)
Corporate bonds—135.81%
Aerospace/defense — 1.49%
BE Aerospace, Inc.
       6.875%, due 10/01/20 2 425,000 459,000
Bombardier, Inc.
       7.750%, due 03/15/20 2,3 600,000 669,750
Huntington Ingalls Industries, Inc.
       7.125%, due 03/15/21 2 425,000 459,000
TransDigm, Inc.
       7.750%, due 12/15/18 2 400,000 428,000
2,015,750
Airlines — 0.34%
Continental Airlines Pass Through Certificate 2012-3, Class C
       6.125%, due 04/29/18 2 450,000 456,525
Auto loans — 0.79%
General Motors Financial Co., Inc.
       3.250%, due 05/15/18 2,3 100,000 96,000
       4.750%, due 08/15/17 2,3 400,000 412,500
       6.750%, due 06/01/18 2 500,000 556,875
1,065,375
Auto parts & equipment — 3.28%
American Axle & Manufacturing, Inc.
       6.625%, due 10/15/22 2 800,000 818,000
Lear Corp.
       4.750%, due 01/15/23 2,3 550,000 514,250
LKQ Corp.
       4.750%, due 05/15/23 2,3 425,000 391,000
Meritor, Inc.
       10.625%, due 03/15/18 2 275,000 298,375
Schaeffler Holding Finance BV
       6.875%, due 08/15/18 2,3,4 850,000 884,000
Tenneco, Inc.
       7.750%, due 08/15/18 2 300,000 321,750
The Goodyear Tire & Rubber Co.
       6.500%, due 03/01/21 2 475,000 482,125
       8.250%, due 08/15/20 2 400,000 441,000
TRW Automotive, Inc.
       4.500%, due 03/01/21 2,3 300,000 288,750
4,439,250
Automakers — 0.84%
Chrysler Group LLC/CG Co-Issuer, Inc.
       8.000%, due 06/15/19 2 540,000 586,575
       8.250%, due 06/15/21 2 500,000 548,750
1,135,325


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		      Value ($)
Corporate bonds— (continued)
Banking — 4.85%
Ally Financial, Inc.
       5.500%, due 02/15/17 2 275,000 289,885
       8.000%, due 03/15/20 2 2,050,000 2,360,062
       8.000%, due 11/01/31 2 325,000 373,750
Bank of America Corp.
       5.650%, due 05/01/18 2 250,000 278,489
Eksportfinans ASA
       3.000%, due 11/17/14 2 410,000 409,488
HBOS PLC
       6.750%, due 05/21/18 2,3 550,000 601,290
Lloyds Banking Group PLC
       6.413%, due 10/01/35 2,3,5,6 1,000,000 885,000
RBS Capital Trust II
       6.425%, due 01/03/34 2,5,6 275,000 231,000
Royal Bank of Scotland Group PLC
       5.000%, due 10/01/14 2 400,000 408,400
       6.125%, due 12/15/22 2 750,000 722,009
6,559,373
Beverages — 0.33%
Constellation Brands, Inc.
       7.250%, due 05/15/17 2 395,000 451,288
Brokerage — 0.37%
Jefferies Finance LLC/JFIN Co-Issuer Corp.
       7.375%, due 04/01/20 2,3 500,000 495,000
Building & construction — 1.97%
D.R. Horton, Inc.
       4.375%, due 09/15/22 2 650,000 578,500
K. Hovnanian Enterprises, Inc.
       7.250%, due 10/15/20 2,3 575,000 606,625
KB Home
       7.250%, due 06/15/18 2 375,000 397,500
Standard Pacific Corp.
       8.375%, due 01/15/21 2 425,000 476,000
       10.750%, due 09/15/16 2 375,000 445,312
Toll Brothers Finance Corp.
       8.910%, due 10/15/17 2 140,000 164,500
2,668,437
Building materials — 3.83%
ABC Supply Co., Inc.
       5.625%, due 04/15/21 2,3 475,000 460,750
Builders FirstSource, Inc.
       7.625%, due 06/01/21 2,3 350,000 350,000
Building Materials Corp. of America
       6.750%, due 05/01/21 2,3 725,000 768,500
Cemex SAB de CV
       5.875%, due 03/25/19 2,3 675,000 636,187


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description       Face
amount 1 		      Value ($)
Corporate bonds— (continued)
Building materials— (concluded)
Hanson Ltd.
       6.125%, due 08/15/16 2 600,000 651,000
Masco Corp.
       7.125%, due 03/15/20 2 800,000 900,000
Ply Gem Industries, Inc.
       8.250%, due 02/15/18 2 380,000 406,600
Vulcan Materials Co.
       7.500%, due 06/15/21 2 900,000 1,001,511
5,174,548
Chemicals — 4.62%
Axiall Corp.
       4.875%, due 05/15/23 2,3 450,000 417,375
Celanese US Holdings LLC
       4.625%, due 11/15/22 2 225,000 208,125
       5.875%, due 06/15/21 2 325,000 333,125
       6.625%, due 10/15/18 2 280,000 298,900
Eagle Spinco, Inc.
       4.625%, due 02/15/21 2,3 950,000 893,000
Ineos Group Holdings PLC
       6.125%, due 08/15/18 2,3 525,000 507,937
       7.875%, due 02/15/16 2,3 EUR 235,780 313,956
Montell Finance Co. BV
       8.100%, due 03/15/27 2,3 700,000 885,268
Nova Chemicals Corp.
       5.250%, due 08/01/23 2,3 425,000 423,938
       8.625%, due 11/01/19 2 1,335,000 1,478,512
PetroLogistics LP/PetroLogistics Finance Corp.
       6.250%, due 04/01/20 2,3 500,000 483,750
6,243,886
Computer hardware — 0.86%
Seagate HDD Cayman
       4.750%, due 06/01/23 2,3 850,000 784,125
       7.000%, due 11/01/21 2 350,000 378,875
1,163,000
Consumer products — 0.93%
Revlon Consumer Products Corp.
       5.750%, due 02/15/21 2,3 825,000 785,813
Spectrum Brands Escrow Corp.
       6.375%, due 11/15/20 2,3 300,000 310,500
       6.625%, due 11/15/22 2,3 150,000 153,750
1,250,063
Consumer/commercial/lease financing — 6.21%
CIT Group, Inc.
       4.250%, due 08/15/17 2 500,000 506,250
       5.250%, due 03/15/18 2 1,000,000 1,032,500
       5.500%, due 02/15/19 2,3 1,665,000 1,706,625
ILFC E-Capital Trust I
       4.960%, due 12/21/65 2,3,5 285,000 242,250


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		      Value ($)
Corporate bonds— (continued)
Consumer/commercial/lease financing— (concluded)
International Lease Finance Corp.
       3.875%, due 04/15/18 2 225,000 214,875
       5.875%, due 04/01/19 2 525,000 531,888
       5.875%, due 08/15/22 2 500,000 481,250
       7.125%, due 09/01/18 2,3 1,900,000 2,109,000
SLM Corp. MTN
       8.000%, due 03/25/20 2 400,000 435,000
       8.450%, due 06/15/18 2 400,000 456,000
Springleaf Finance Corp.
       6.900%, due 12/15/17 2 670,000 682,562
8,398,200
Diversified capital goods — 0.81%
Coleman Cable, Inc.
       9.000%, due 02/15/18 2 220,000 233,750
SPX Corp.
       6.875%, due 09/01/17 2 325,000 359,938
       7.625%, due 12/15/14 2 475,000 505,875
1,099,563
Electric-generation — 2.58%
Calpine Corp.
       7.875%, due 07/31/20 2,3 620,000 669,600
Energy Future Holding Co. Intermediate LLC/EFIH Finance, Inc.
       10.000%, due 12/01/20 400,000 421,500
NRG Energy, Inc.
       8.500%, due 06/15/19 2 2,000,000 2,155,000
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.
       11.500%, due 10/01/20 2,3 350,000 243,687
3,489,787
Electric-integrated — 1.10%
AES Corp.
       8.000%, due 10/15/17 2 275,000 316,250
       8.000%, due 06/01/20 2 790,000 896,650
FirstEnergy Corp.
       7.375%, due 11/15/31 2 275,000 278,262
1,491,162
Electronics — 2.08%
Flextronics International Ltd.
       5.000%, due 02/15/23 2 400,000 384,000
Freescale Semiconductor, Inc.
       8.050%, due 02/01/20 2 200,000 208,500
       9.250%, due 04/15/18 2,3 375,000 405,000
       10.750%, due 08/01/20 2 425,000 469,625
Jabil Circuit, Inc.
       8.250%, due 03/15/18 2 880,000 1,036,200
NXP BV/NXP Funding LLC
       5.750%, due 02/15/21 2,3 200,000 200,000
       9.750%, due 08/01/18 2,3 100,000 110,500
2,813,825


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		Value ($)
Corporate bonds— (continued)
Energy-exploration & production — 13.03%
Alta Mesa Holdings/Alta Mesa Finance Services Corp.
       9.625%, due 10/15/18 2 775,000       811,812
Antero Resources Finance Corp.
       6.000%, due 12/01/20 2 800,000 798,000
Berry Petroleum Co.
       6.750%, due 11/01/20 2 315,000 319,725
BreitBurn Energy Partners LP/BreitBurn Finance Corp.
       7.875%, due 04/15/22 2 650,000 643,500
Chesapeake Energy Corp.
       6.625%, due 08/15/20 2 325,000 348,563
       9.500%, due 02/15/15 2 220,000 242,825
Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc.
       6.625%, due 11/15/19 2 740,000 743,700
Continental Resources, Inc.
       4.500%, due 04/15/23 2 450,000 442,125
       5.000%, due 09/15/22 2 750,000 757,500
Denbury Resources, Inc.
       8.250%, due 02/15/20 2 574,000 631,400
EP Energy LLC/EP Energy Finance, Inc.
       9.375%, due 05/01/20 2 750,000 825,000
EP Energy LLC/Everest Acquisition Finance, Inc.
       7.750%, due 09/01/22 2 250,000 267,500
EPE Holdings LLC/EP Energy Bond Co., Inc.
       8.125%, due 12/15/17 2,3,4 286,796 292,532
Forest Oil Corp.
       7.250%, due 06/15/19 2 665,000 660,012
       7.500%, due 09/15/20 2 650,000 624,000
Hilcorp Energy I LP/Hilcorp Finance Co.
       7.625%, due 04/15/21 2,3 650,000 692,250
       8.000%, due 02/15/20 2,3 300,000 326,250
Kodiak Oil & Gas Corp.
       5.500%, due 02/01/22 2,3 125,000 120,625
Legacy Reserves LP/Legacy Reserves Finance Corp.
       6.625%, due 12/01/21 2,3 275,000 261,250
Lightstream Resources Ltd.
       8.625%, due 02/01/20 2,3 555,000 527,250
Linn Energy LLC/Linn Energy Finance Corp.
       6.500%, due 05/15/19 2 125,000 117,500
       7.750%, due 02/01/21 2 340,000 329,800
       8.625%, due 04/15/20 2 815,000 819,075
Memorial Production Partners LP/Memorial Production Finance Corp.
       7.625%, due 05/01/21 2 450,000 434,250
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC
       10.750%, due 10/01/20 2,3 1,375,000 1,395,625
Plains Exploration & Production Co.
       6.125%, due 06/15/19 2 925,000 976,209
Quicksilver Resources, Inc.
       7.125%, due 04/01/16 2 425,000 385,688
       9.125%, due 08/15/19 2 250,000 220,625


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		Value ($)
Corporate bonds— (continued)
Energy-exploration & production— (concluded)
Range Resources Corp.
       5.750%, due 06/01/21 2 550,000       576,125
Samson Investment Co.
       10.250%, due 02/15/20 2,3,7 350,000 365,750
SandRidge Energy, Inc.
       7.500%, due 02/15/23 2 540,000 522,450
       8.750%, due 01/15/20 2 300,000 313,500
Swift Energy Co.
       7.875%, due 03/01/22 2 300,000 291,000
Whiting Petroleum Corp.
       6.500%, due 10/01/18 2 500,000 526,250
17,609,666
Environmental — 0.11%
Clean Harbors, Inc.
       5.250%, due 08/01/20 2 150,000 148,125
Food & drug retailers — 0.29%
Rite Aid Corp.
       9.250%, due 03/15/20 2 350,000 395,938
Food-wholesale — 1.60%
Agrokor D.D.
       8.875%, due 02/01/20 2,3 625,000 662,563
Michael Foods, Inc.
       9.750%, due 07/15/18 2 600,000 658,500
Viskase Cos., Inc.
       9.875%, due 01/15/18 2,3 800,000 848,000
2,169,063
Forestry/paper — 2.77%
Boise Cascade Co.
       6.375%, due 11/01/20 2 1,000,000 1,035,000
Boise Paper Holdings LLC/Boise Co-Issuer Co.
       8.000%, due 04/01/20 2 275,000 294,937
Clearwater Paper Corp.
       4.500%, due 02/01/23 2 75,000 67,875
       7.125%, due 11/01/18 2 195,000 209,625
Domtar Corp.
       10.750%, due 06/01/17 2 225,000 283,054
Georgia-Pacific LLC
       8.875%, due 05/15/31 2 825,000 1,134,410
Mercer International, Inc.
       9.500%, due 12/01/17 2 300,000 320,250
Smurfit Kappa Acquisitions
       4.875%, due 09/15/18 2,3 400,000 400,000
3,745,151
Gaming — 4.40%
Caesars Entertainment Operating Co., Inc.
       10.000%, due 12/15/18 2 500,000 295,000
       11.250%, due 06/01/17 2 520,000       535,600


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		      Value ($)
Corporate bonds— (continued)
Gaming— (concluded)
CityCenter Holdings LLC/CityCenter Finance Corp.
       10.750%, due 01/15/17 2,4 877,262 945,250
MGM Resorts International
       6.750%, due 10/01/20 2 400,000 408,000
       8.625%, due 02/01/19 2 800,000 898,000
       10.000%, due 11/01/16 2 1,545,000 1,815,375
Shingle Springs Tribal Gaming Authority
       9.750%, due 09/01/21 2,3 600,000 597,000
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
       6.375%, due 06/01/21 2,3 475,000 451,250
5,945,475
Gas distribution — 6.06%
AmeriGas Finance LLC/AmeriGas Finance Corp.
       6.750%, due 05/20/20 2 335,000 355,100
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.
       4.750%, due 11/15/21 2,3 425,000 378,250
Crosstex Energy LP
       8.875%, due 02/15/18 2 700,000 743,750
El Paso Corp. MTN
       7.750%, due 01/15/32 2 785,000 823,980
Ferrellgas LP/Ferrellgas Finance Corp.
       9.125%, due 10/01/17 2 500,000 523,750
Hiland Partners LP/Hiland Partners Finance Corp.
       7.250%, due 10/01/20 2,3 575,000 596,562
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
       6.750%, due 11/01/20 2 200,000 213,500
Niska Gas Storage US LLC/Niska Gas Storage Canada ULC
       8.875%, due 03/15/18 2 475,000 495,187
Penn Virginia Resource Partners LP/Penn Virginia
       Resource Finance Corp. II
       6.500%, due 05/15/21 2,3 225,000 211,500
       8.375%, due 06/01/20 2 450,000 468,000
Regency Energy Partners LP/Regency Energy Finance Corp.
       6.500%, due 07/15/21 2 775,000 821,500
Sabine Pass Liquefaction LLC
       5.625%, due 02/01/21 2,3 2,025,000 1,933,875
Suburban Propane Partners LP/Suburban Energy Finance Corp.
       7.500%, due 10/01/18 2 422,000 452,595
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
       5.875%, due 10/01/20 2,3 175,000 174,563
8,192,112
Health facilities — 3.59%
Capella Healthcare, Inc.
       9.250%, due 07/01/17 2 200,000 213,250


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		Value ($)
Corporate bonds— (continued)
Health facilities— (concluded)
CHS/Community Health Systems, Inc.
       5.125%, due 08/15/18 2 200,000       204,500
HCA Holdings, Inc.
       7.750%, due 05/15/21 2 350,000 372,750
HCA, Inc.
       5.875%, due 03/15/22 2 150,000 154,875
       6.500%, due 02/15/20 2 300,000 322,125
       7.250%, due 09/15/20 2 500,000 544,375
       7.500%, due 02/15/22 2 620,000 674,250
       7.875%, due 02/15/20 2 300,000 323,625
       8.500%, due 04/15/19 2 500,000 540,000
Tenet Healthcare Corp.
       4.375%, due 10/01/21 2,3 475,000 431,062
       6.875%, due 11/15/31 2 225,000 189,000
       8.000%, due 08/01/20 2 150,000 155,813
United Surgical Partners International, Inc.
       9.000%, due 04/01/20 2 650,000 716,625
US Oncology, Inc.
       9.125%, due 08/15/17 2,8,9 250,000 13,125
4,855,375
Health services — 1.38%
ExamWorks Group, Inc.
       9.000%, due 07/15/19 2 850,000 915,875
Healthcare Technology Intermediate, Inc.
       7.375%, due 09/01/18 2,3,4 600,000 609,000
IMS Health, Inc.
       6.000%, due 11/01/20 2,3 325,000 333,531
1,858,406
Hotels — 0.45%
Felcor Lodging LP
       6.750%, due 06/01/19 2 335,000 350,912
Host Hotels & Resorts LP
       4.750%, due 03/01/23 2 200,000 198,956
       6.000%, due 10/01/21 2 55,000 59,490
609,358
Household & leisure product — 0.10%
Brunswick Corp.
       4.625%, due 05/15/21 2,3 150,000 139,875
Investments & miscellaneous financial services — 0.56%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
       8.000%, due 01/15/18 2 725,000 763,063
Leisure — 1.25%
Diamond Resorts Corp.
       12.000%, due 08/15/18 2 1,137,000 1,262,070
Royal Caribbean Cruises Ltd.
       5.250%, due 11/15/22 2 250,000 243,437


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		Value ($)
Corporate bonds— (continued)
Leisure— (concluded)
Speedway Motorsports, Inc.  
       6.750%, due 02/01/19 2 175,000       185,063
1,690,570
Life insurance — 0.26%
AIG Life Holdings, Inc.
       7.570%, due 12/01/45 2,3 300,000 349,500
Machinery — 1.03%
Case New Holland, Inc.
       7.875%, due 12/01/17 2 765,000 879,750
The Manitowoc Co., Inc.
       8.500%, due 11/01/20 2 465,000 516,150
1,395,900
Managed care — 0.67%
MPH Intermediate Holding Co. 2
       8.375%, due 08/01/18 2,3,4 425,000 433,500
Multiplan, Inc.
       9.875%, due 09/01/18 2,3 425,000 470,688
904,188
Media-broadcast — 1.57%
Clear Channel Communications, Inc.
       9.000%, due 12/15/19 2 350,000 336,875
       14.000%, due 02/01/21 2,3,4 435,966 355,312
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc.
       8.875%, due 04/15/17 2 325,000 350,188
Sinclair Television Group, Inc.
       8.375%, due 10/15/18 2 350,000 382,375
Sirius XM Radio, Inc.
       4.250%, due 05/15/20 2,3 175,000 160,125
       4.625%, due 05/15/23 2,3 300,000 264,750
       5.750%, due 08/01/21 2,3 275,000 269,500
2,119,125
Media-cable — 7.53%
Cablevision Systems Corp.
       8.625%, due 09/15/17 2 140,000 159,250
CCO Holdings LLC/CCO Holdings Capital Corp.
       6.500%, due 04/30/21 2 700,000 708,750
       6.625%, due 01/31/22 2 600,000 609,000
       8.125%, due 04/30/20 2 950,000 1,030,750
Cequel Communications Holdings I LLC/Cequel Capital Corp.
       5.125%, due 12/15/21 2,3 400,000 368,000
Cogeco Cable, Inc.
       4.875%, due 05/01/20 2,3 350,000 336,000
CSC Holdings LLC
       8.625%, due 02/15/19 2 375,000 431,250
DISH DBS Corp.
       7.875%, due 09/01/19 2 2,025,000 2,283,187


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		Value ($)
Corporate bonds— (continued)
Media-cable— (concluded)
Nara Cable Funding Ltd.
       8.875%, due 12/01/18 2,3 1,075,000       1,115,312
Ono Finance II PLC
       10.875%, due 07/15/19 2,3 525,000 544,688
UPCB Finance V Ltd.
       7.250%, due 11/15/21 2,3 600,000 648,000
Videotron Ltee
       5.000%, due 07/15/22 2 335,000 311,550
Virgin Media Finance PLC
       5.250%, due 02/15/22 2 475,000 439,375
       8.375%, due 10/15/19 2 334,000 362,390
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
       10.250%, due 07/15/19 2 775,000 831,188
10,178,690
Media-services — 0.48%
Nielsen Finance LLC/Nielson Finance Co.
       7.750%, due 10/15/18 2 225,000 244,688
       11.625%, due 02/01/14 2 81,000 84,345
WMG Acquisition Corp.
       6.000%, due 01/15/21 2,3 315,000 322,875
651,908
Medical products — 1.07%
Biomet, Inc.
       6.500%, due 08/01/20 2 700,000 717,500
Grifols, Inc.
       8.250%, due 02/01/18 2 580,000 627,850
Hologic, Inc.
       6.250%, due 08/01/20 2 100,000 104,250
1,449,600
Metals/mining excluding steel — 1.69%
Arch Coal, Inc.
       9.875%, due 06/15/19 2,3 475,000 413,250
CONSOL Energy, Inc.
       8.250%, due 04/01/20 2 200,000 212,000
FMG Resources (August 2006)
       8.250%, due 11/01/19 2,3 450,000 480,375
Hecla Mining Co.
       6.875%, due 05/01/21 2,3 700,000 637,000
Inmet Mining Corp.
       8.750%, due 06/01/20 2,3 305,000 318,725
Murray Energy Corp.
       8.625%, due 06/15/21 2,3 225,000 223,875
2,285,225


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		      Value ($)
Corporate bonds— (continued)
Multi-line insurance — 0.54%
AXA SA
       6.379%, due 12/14/36 2,3,5,6 750,000 731,250
Oil field equipment & services — 3.64%
CHC Helicopter SA
       9.250%, due 10/15/20 2 200,000 205,000
Expro Finance Luxembourg
       8.500%, due 12/15/16 2,3 452,000 474,600
Key Energy Services, Inc.
       6.750%, due 03/01/21 2 650,000 641,875
Offshore Group Investment Ltd.
       7.500%, due 11/01/19 2 1,200,000 1,248,000
Pacific Drilling SA
       5.375%, due 06/01/20 2,3 900,000 868,500
SESI LLC
       7.125%, due 12/15/21 2 1,365,000 1,477,612
4,915,587
Oil refining & marketing — 1.15%
CVR Refining LLC/Coffeyville Finance, Inc.
       6.500%, due 11/01/22 2,3 525,000 504,000
Tesoro Corp.
       4.250%, due 10/01/17 2 500,000 506,250
       9.750%, due 06/01/19 2 500,000 548,125
1,558,375
Packaging — 4.64%
Ardagh Packaging Finance PLC
       4.875%, due 11/15/22 2,3 500,000 481,250
       7.375%, due 10/15/17 2,3 505,000 539,719
Crown Americas LLC/Crown Americas Capital Corp. IV
       4.500%, due 01/15/23 2,3 300,000 276,750
Graphic Packaging International, Inc.
       4.750%, due 04/15/21 2 350,000 336,000
       7.875%, due 10/01/18 2 185,000 201,187
Mustang Merger Corp.
       8.500%, due 08/15/21 2,3 450,000 443,250
Pactiv LLC
       8.125%, due 06/15/17 2 275,000 279,125
Reynolds Group Issuer, Inc.
       5.750%, due 10/15/20 2 500,000 495,625
       7.875%, due 08/15/19 2 1,225,000 1,347,500
       9.875%, due 08/15/19 2 1,000,000 1,062,500
Sealed Air Corp.
       5.250%, due 04/01/23 2,3 150,000 142,875
       8.375%, due 09/15/21 2,3 585,000 661,781
6,267,562
Personal & casualty insurance — 0.74%
Liberty Mutual Group, Inc.
       10.750%, due 06/15/58 2,3,5 520,000 769,600


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		Value ($)
Corporate bonds— (continued)
Personal & casualty insurance— (concluded)
XL Group PLC, Series E
       6.500%, due 04/15/17 2,5,6 240,000       232,200
1,001,800
Pharmaceuticals — 2.31%
ConvaTec Healthcare SA
       10.500%, due 12/15/18 2,3 1,150,000 1,288,000
Endo Health Solutions, Inc.
       7.250%, due 01/15/22 2 275,000 281,187
Par Pharmaceutical Cos, Inc.
       7.375%, due 10/15/20 2,3 175,000 181,125
Valeant Pharmaceuticals International
       7.000%, due 10/01/20 2,3 955,000 1,002,750
VPI Escrow Corp.
       6.375%, due 10/15/20 2,3 175,000 177,844
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC
       7.750%, due 09/15/18 2 170,000 185,725
3,116,631
Printing & publishing — 1.30%
Gannett Co., Inc.
       5.125%, due 07/15/20 2,3 175,000 173,250
       9.375%, due 11/15/17 2 300,000 318,375
RR Donnelley & Sons Co.
       7.875%, due 03/15/21 2 300,000 321,750
The McClatchy Co.
       9.000%, due 12/15/22 2 900,000 949,500
1,762,875
Real estate development & management — 0.63%
CBRE Services, Inc.
       5.000%, due 03/15/23 2 450,000 417,375
Realogy Corp.
       7.875%, due 02/15/19 2,3 400,000 435,000
852,375
Real estate investment trusts — 0.94%
DuPont Fabros Technology LP
       8.500%, due 12/15/17 2 1,200,000 1,266,000
Software/services — 4.93%
BMC Software Finance, Inc.
       8.125%, due 07/15/21 2,3 450,000 455,625
Ceridian Corp.
       11.250%, due 11/15/15 2,7 630,000 637,875
Epicor Software Corp.
       8.625%, due 05/01/19 2 625,000 659,375
First Data Corp.
       10.625%, due 06/15/21 2,3 775,000 770,156
       11.250%, due 03/31/16 2 1,050,000 1,047,375
       12.625%, due 01/15/21 2 750,000       810,938


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		      Value ($)
Corporate bonds— (continued)
Software/services— (concluded)  
Infor US, Inc.
       9.375%, due 04/01/19 2 500,000 556,250
       11.500%, due 07/15/18 2 400,000 464,000
MedAssets, Inc.
       8.000%, due 11/15/18 2 725,000 779,375
SunGard Data Systems, Inc.
       7.375%, due 11/15/18 2 450,000 478,125
6,659,094
Specialty retail — 4.62%
Burlington Coat Factory Warehouse Corp.
       10.000%, due 02/15/19 2 825,000 919,875
Burlington Holdings LLC/Burlington Holding Finance, Inc.
       9.000%, due 02/15/18 2,3,4 350,000 357,875
Claire's Stores, Inc.
       7.750%, due 06/01/20 2,3 475,000 472,625
       8.875%, due 03/15/19 2 500,000 537,500
CST Brands, Inc.
       5.000%, due 05/01/23 2,3 100,000 95,000
L Brands, Inc.
       5.625%, due 02/15/22 2 150,000 151,125
Michaels FinCo Holdings LLC/Michaels FinCo, Inc.
       7.500%, due 08/01/18 2,3,4 425,000 425,000
Outerwall, Inc.
       6.000%, due 03/15/19 2,3 225,000 225,000
Party City Holdings, Inc.
       8.875%, due 08/01/20 2,3 800,000 857,000
PC Nextco Holdings LLC/PC Nextco Finance, Inc.
       8.750%, due 08/15/19 2,3,4 200,000 197,750
Petco Animal Supplies, Inc.
       9.250%, due 12/01/18 2,3 550,000 592,625
Petco Holdings, Inc.
       8.500%, due 10/15/17 2,3,4 625,000 637,500
YCC Holdings LLC/Yankee Finance, Inc.
       10.250%, due 02/15/16 2,4 760,000 780,908
6,249,783
Steel producers/products — 1.65%
ArcelorMittal
       4.250%, due 08/05/15 2,7 300,000 309,000
       6.750%, due 02/25/22 2,7 550,000 559,625
       7.500%, due 10/15/39 2,7 250,000 230,000
Commercial Metals Co.
       4.875%, due 05/15/23 2 400,000 362,000
Severstal Columbus LLC
       10.250%, due 02/15/18 2 400,000 424,000
US Steel Corp.
       7.375%, due 04/01/20 2 350,000 351,750
2,236,375


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		Value ($)
Corporate bonds— (continued)
Support-services — 6.35%
Algeco Scotsman Global Finance PLC
       10.750%, due 10/15/19 2,3 625,000       600,000
Aramark Corp.
       5.750%, due 03/15/20 2,3 425,000 433,500
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
       5.500%, due 04/01/23 2 275,000 256,094
FTI Consulting, Inc.
       6.750%, due 10/01/20 2 175,000 184,844
Interactive Data Corp.
       10.250%, due 08/01/18 2 360,000 400,500
Reliance Intermediate Holdings LP
       9.500%, due 12/15/19 2,3 700,000 759,500
ServiceMaster Co.
       7.000%, due 08/15/20 2 350,000 320,250
       8.000%, due 02/15/20 2 750,000 717,187
SquareTwo Financial Corp.
       11.625%, due 04/01/17 2 2,625,000 2,703,750
The Geo Group, Inc.
       5.125%, due 04/01/23 2,3 225,000 207,000
       7.750%, due 10/15/17 2 500,000 520,000
The Hertz Corp.
       5.875%, due 10/15/20 2 200,000 205,250
United Rentals North America, Inc.
       5.750%, due 07/15/18 2 200,000 213,500
       6.125%, due 06/15/23 2 150,000 147,750
UR Merger Sub Corp.
       8.250%, due 02/01/21 2 100,000 110,500
West Corp.
       7.875%, due 01/15/19 2 750,000 804,375
8,584,000
Telecom-integrated/services — 7.34%
CenturyLink, Inc.
       6.450%, due 06/15/21 2 625,000 621,875
       7.600%, due 09/15/39 2 150,000 135,000
Embarq Corp.
       7.995%, due 06/01/36 2 125,000 128,295
Equinix, Inc.
       5.375%, due 04/01/23 2 650,000 619,125
       7.000%, due 07/15/21 2 150,000 160,875
Frontier Communications Corp.
       8.500%, due 04/15/20 2 1,000,000 1,092,500
       9.000%, due 08/15/31 2 545,000 528,650
       9.250%, due 07/01/21 2 375,000 425,625
Intelsat Jackson Holdings SA
       5.500%, due 08/01/23 2,3 225,000 208,688
       7.250%, due 10/15/20 2 1,450,000 1,547,875
Intelsat Luxembourg Ltd.
       6.750%, due 06/01/18 2,3 100,000 103,500
       7.750%, due 06/01/21 2,3 450,000 463,500
Level 3 Communications, Inc.
       11.875%, due 02/01/19 2 525,000 602,437


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		Value ($)
Corporate bonds— (continued)
Telecom-integrated/services— (concluded)
Level 3 Financing, Inc.
       8.625%, due 07/15/20 2 475,000       508,250
       10.000%, due 02/01/18 2 635,000 682,625
PAETEC Holding Corp.
       9.875%, due 12/01/18 2 1,150,000 1,279,375
Windstream Corp.
       7.750%, due 10/01/21 2 800,000 818,000
9,926,195
Telecom-wireless — 5.26%
Clearwire Communications LLC/Finance
       12.000%, due 12/01/15 2,3 335,000 353,425
Crown Castle International Corp.
       5.250%, due 01/15/23 2 425,000 401,625
MetroPCS Wireless, Inc.
       6.625%, due 04/01/23 2,3 450,000 446,625
SBA Telecommunications, Inc.
       5.750%, due 07/15/20 2 150,000 150,750
Sprint Capital Corp.
       6.875%, due 11/15/28 2 600,000 541,500
       6.900%, due 05/01/19 2 300,000 309,000
       8.750%, due 03/15/32 2 300,000 307,500
Sprint Communications, Inc.
       6.000%, due 12/01/16 2 925,000 980,500
       8.375%, due 08/15/17 2 605,000 679,112
       9.000%, due 11/15/18 2,3 600,000 700,500
       9.125%, due 03/01/17 2 235,000 269,663
       11.500%, due 11/15/21 2 125,000 163,125
Wind Acquisition Finance SA
       6.500%, due 04/30/20 2,3 200,000 200,000
       7.250%, due 02/15/18 2,3 550,000 561,000
       11.750%, due 07/15/17 2,3 1,000,000 1,045,000
7,109,325
Telecommunications equipment — 0.57%
Avaya, Inc.
       7.000%, due 04/01/19 2,3 475,000 434,625
CDW LLC/CDW Finance Corp.
       8.500%, due 04/01/19 2 305,000 335,119
769,744
Textile/apparel — 0.54%
The William Carter Co.
       5.250%, due 08/15/21 2,3 725,000 728,625
Theaters & entertainment — 0.44%
AMC Entertainment, Inc.
       8.750%, due 06/01/19 2 275,000 295,625
Cinemark USA, Inc.
       4.875%, due 06/01/23 2 325,000 299,000
594,625
Transportation excluding air/rail — 1.05%
Marquette Transportation Co./Marquette Transportation Finance Corp.
       10.875%, due 01/15/17 2 500,000 532,500


Managed High Yield Plus Fund Inc.
Schedule of investments – August 31, 2013 (unaudited)

Security description Face
amount 1 		      Value ($)
Corporate bonds— (concluded)
Transportation excluding air/rail— (concluded)
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc.
       8.625%, due 11/01/17 435,000 452,400
Navios Maritime Holdings, Inc./Navios Maritime Finance US, Inc.
       8.875%, due 11/01/17 415,000 432,119
1,417,019
Total corporate bonds (cost—$182,224,983) 183,613,910
Repurchase agreement—6.00%
Repurchase agreement dated 08/30/13 with State
       Street Bank & Trust Co., 0.010% due 09/03/13,
       collateralized by $7,173,381 Federal Home Loan
       Mortgage Corp. obligations, 1.960% to 2.100%
       due 10/17/22 to 01/30/23 and $1,928,723 Federal
       National Mortgage Association obligations,
       2.080% due 11/02/22; (value—$8,272,250);
       proceeds: $8,110,009
       (cost — $8,110,000) 8,110,000 8,110,000
Total investments
       (cost — $190,334,983) — 141.81% 191,723,910
Liabilities in excess of other assets — (41.81)% (56,527,697 )
Net assets — 100.00% 135,196,213
 
Aggregate cost for federal income tax purposes was substantially the same for book purposes; and net unrealized appreciation consisted of:
 
Gross unrealized appreciation $ 4,608,333
Gross unrealized depreciation (3,219,406 )
Net unrealized appreciation $ 1,388,927

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of August 31, 2013 in valuing the Fund's investments:

Unadjusted
quoted prices
in active
markets for
identical
investments
(Level 1) ($) 		Significant
other
observable
inputs
(Level 2) ($) 		Unobservable
inputs
(Level 3) ($) 		Total ($)
Corporate bonds —       183,600,785       13,125       183,613,910
Repurchase agreement — 8,110,000 — 8,110,000
Total — 191,710,785 13,125 191,723,910

At August 31, 2013, there were no transfers between Level 1 and Level 2.

The following is a rollforward of the Fund's investments that were valued using unobservable inputs (Level 3) for the three months ended August 31, 2013:

Corporate bond ($)
Beginning balance 9,687
Purchases –
Sales –
Accrued discounts/(premiums) –
Total realized gain/(loss) –
Net change in unrealized appreciation/depreciation 3,438
Transfers into Level 3 –
Transfers out of Level 3 –
Ending balance 13,125

The change in unrealized appreciation/depreciation relating to the Level 3 investment held at August 31, 2013 was $3,438.


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 official market closing prices, last reported sale prices, current market quotations or valuations from computerized evaluation systems that derive values based on comparable securities or instruments. An evaluation 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 or instruments. Securities and instruments 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 and instruments which are listed on US and foreign stock exchanges normally are valued at the market close, 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”).

The Board has delegated to the UBS Global AM Global Valuation Committee (“GVC”) the responsibility for making fair value determinations with respect to the Fund’s holdings. The GVC is comprised of representatives of management, including members of the investment team. The GVC provides reports to the Board at each quarterly meeting regarding any securities or instruments that have been fair valued, valued pursuant to standing instructions approved by the GVC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the GVC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews of securities valuations.

The types of securities and other instruments for which such fair value pricing may be necessary include, but are not limited to: foreign securities and instruments under some circumstances, as discussed below; securities of an issuer that has entered into a restructuring; securities or instruments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and securities or instruments that are restricted as to transfer or resale. Various factors may be reviewed in order to make a good faith determination of a security’s or instrument’s fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the securities or instruments; and the evaluation of forces which influence the market in which the securities or instruments are purchased and sold. Valuing securities and other instruments at fair value involves greater reliance on judgment than valuing securities and other instruments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by an independent third party.

The Fund expects to price most of its portfolio holdings based on current market value, as discussed previously. Securities and other instruments for which market quotations are not readily available may be valued based upon appraisals received from a pricing service using a computerized evaluation system or formula method that takes into consideration market indices, matrices, yield curves and other specific adjustments. Securities and other instruments also may be valued based on appraisals derived from information concerning the security or instrument or similar securities or instruments received from recognized dealers in those holdings. If the Fund concludes that a market quotation is not readily available for a portfolio security or instrument for any number of reasons, including the occurrence of a “significant event” (e.g., natural disaster or governmental action), after the close of trading in its principal domestic or foreign market but before the close of regular trading on the New York Stock Exchange (“NYSE”), the Fund will use fair value methods to reflect those events.

Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.


US generally accepted accounting principles (“US GAAP”) requires disclosure regarding 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—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, 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.

In accordance with the requirements of US GAAP, a fair value hierarchy has been included near the end of the Fund’s Schedule of investments.

In January 2013, Accounting Standards Update 2013-01 ("ASU 2013-01"), "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities", replaced Accounting Standards Update 2011-11 ("ASU 2011-11"), "Disclosures about Offsetting Assets and Liabilities". ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Fund's financial statements.

Issuer breakdown by country or territory of origin

Percentage of total
investments (%)
United States 83.5
Luxembourg 4.6
Canada 2.6
United Kingdom 2.4
Ireland 1.7
Cayman Islands 1.6
Netherlands 1.1
Marshall Islands 0.5
France 0.4
Croatia 0.4
Mexico 0.3
Australia 0.3
Norway 0.2
singapore 0.2
Liberia 0.1
Puerto Rico 0.1
Total 100.0

For more information regarding the Fund’s other significant accounting policies, please refer to the Fund’s annual report to shareholders dated May 31, 2013.

Portfolio footnotes:
1 In US Dollars unless otherwise indicated.
           
2 Entire or partial amount pledged as collateral for bank loan.
 

3 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 44.86% of net assets as of August 31, 2013, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
 
4 Payment-in-kind security for which part of the income earned may be paid as additional principal.
 
5 Variable or floating rate security. The interest rate shown is the current rate as of August 31, 2013 and changes periodically.
 
6 Perpetual bond security. The maturity date reflects the next call date.
 
7 Step bond that converts to the noted fixed rate at a designated future date.
 
8 Illiquid security representing 0.01% of net assets as of August 31, 2013.
           
9 Security called in full on February 16, 2011. Position represents remaining escrow balance expected to be received upon finalization of call premium.
 
Portfolio acronym:
MTN           Medium Term Note
       
Currency abbreviation:
EUR Euro


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 are 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/ Mark E. Carver
Mark E. Carver
President
  
Date:       October 30, 2013

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/ Mark E. Carver
Mark E. Carver
President
  
Date: October 30, 2013
  
By: /s/ Thomas Disbrow
Thomas Disbrow
Vice President and Treasurer
  
Date:       October 30, 2013

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