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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Report of Independent Auditors
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. for the period June 26, 1998
(commencement of operations) to May 31, 1999,
we considered its internal
control, including control activities for
safeguarding securities, in order to determine
our auditing procedures for the purpose of
expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR,
and not to provide assurance on the internal control.
The management of Managed High Yield Plus Fund Inc.
is responsible for establishing and maintaining
internal control. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs
of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of
preparing financial statements for external purposes
that are fairly presented in conformity with generally
accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of
one or more of the specific internal control
components does not reduce to a relatively low
level the risk that errors or fraud
in amounts that would be material in relation
to the financial statements being audited may
occur and not be detected within a timely period
by employees in the normal course of performing
their assigned functions. However, we noted no
matters involving internal control and its
operation, including controls for safeguarding
securities, that we consider to be material
weaknesses as defined above at May 31, 1999.
This report is intended solely for the
information and use of the shareholders,
Board of Directors and management 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.
ERNST & YOUNG LLP
July 22, 1999
