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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001060392
<NAME> MANAGED HIGH YIELD PLUS FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-26-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 581,818
<INVESTMENTS-AT-VALUE> 529,854
<RECEIVABLES> 26,344
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 61
<TOTAL-ASSETS> 556,259
<PAYABLE-FOR-SECURITIES> 16,334
<SENIOR-LONG-TERM-DEBT> 131,000
<OTHER-ITEMS-LIABILITIES> 4,053
<TOTAL-LIABILITIES> 151,387
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 464,794
<SHARES-COMMON-STOCK> 31,041
<SHARES-COMMON-PRIOR> 7
<ACCUMULATED-NII-CURRENT> 4,275
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,233)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (51,964)
<NET-ASSETS> 404,872
<DIVIDEND-INCOME> 59
<INTEREST-INCOME> 24,189
<OTHER-INCOME> 0
<EXPENSES-NET> (4,863)
<NET-INVESTMENT-INCOME> 19,385
<REALIZED-GAINS-CURRENT> (12,233)
<APPREC-INCREASE-CURRENT> (51,964)
<NET-CHANGE-FROM-OPS> (44,812)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,110)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30,705
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 329
<NET-CHANGE-IN-ASSETS> 404,772
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,559
<INTEREST-EXPENSE> 3,005
<GROSS-EXPENSE> 4,863
<AVERAGE-NET-ASSETS> 524,583
<PER-SHARE-NAV-BEGIN> 15.00
<PER-SHARE-NII> 0.63
<PER-SHARE-GAIN-APPREC> (2.10)
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 13.04
<EXPENSE-RATIO> 2.76
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</TABLE>
Exhibit 77Q-1
BY-LAWS AMENDMENT
RESOLVED: That Sections 9 and 10 of Article II of the Funds
by-Laws be, and they hereby are, amended to
read as follows:
Section 9. NOMINATION. Subject to the rights of holders of
any class or series of stock having a preference over the
Corporation's common stock as to dividends or upon liquidation,
nominations for the election of directors may be made by the Board
of Directors or a committee appointed by the Board of Directors or
by any stockholder who is entitled to vote for the election of
directors. However, any such stockholder may nominate a director
only by notice in writing delivered or mailed by first class United
States mail, postage prepaid, to the Secretary of the Corporation,
and received by the Secretary not less than (i) with respect to any
nomination to be introduced at an annual meeting of stockholders,
one hundred and twenty days in advance of the anniversary of the
date the Corporation?s proxy statement was first released to
stockholders in connection with the previous year?s annual meeting,
and (ii) with respect to any nomination to be introduced at a
special meeting of stockholders, the close of business on the
seventh day following the date on which notice of such meeting is
first given to stockholders. Each such notice shall set forth:
(a) the name and address of the stockholder who intends to make the
nomination and of the person or persons to be nominated; (b) a
representation that the stockholder is a holder of record or
beneficial owner of stock of the Corporation entitled to vote at
such meeting (together with such proof thereof as would meet the
requirements for proposals that are to be included in the
Corporation's proxy statements pursuant to Rule 14a-8 under the
Securities Exchange Act of 1934, as amended, or any successor to
such Rule) and intends to appear in person or by proxy at the meeting
to nominate the person or persons specified in the notice; (c) the
class and number of shares of stock held of record, owned beneficially
and represented by proxy by such stockholder as of the record date for
the meeting (if such date shall then have been made publicly available)
and as of the date of such notice. The chairperson of the meeting may
refuse to acknowledge a nomination by any stockholder that is not made
in compliance with the foregoing procedure.
Section 10. STOCKHOLDER PROPOSAL. Any stockholder who is entitled
to vote in the election of directors may submit to the Board of Directors
proposals to be considered for submission to the stockholders of the
Corporation for their vote. The introduction of any stockholder proposal
that the Board of Directors decides should be voted on by the
stockholders of the Corporation, shall be made by notice in writing
delivered or mailed by first class United States mail, postage prepaid,
to the Secretary of the Corporation, and received by the Secretary not
less than (i) with respect to any proposal to be introduced at an annual
meeting of stockholders, one hundred and twenty days in advance of the
anniversary of the date the Corporation?s proxy statement was first
released to stockholders in connection with the previous years annual
meeting, and (ii) with respect to any proposal to be introduced at a
special meeting of stockholders, the close of business on the seventh
day following the date on which notice of such meeting is first given
to stockholders. Each such notice shall set forth: (a) the proposal to
be introduced; (b) the name and address of the stockholder who intends
to make the proposal; (c) a representation that the stockholder is a
holder of record or beneficial owner of stock of the Corporation entitled
to vote at such meeting (together with such proof thereof as would meet
the requirements for proposals that are to be included in the
Corporation's proxy statements pursuant to Rule 14a-8 under the
Securities Exchange Act of 1934, as amended, or any successor to such
Rule) and intends to appear in person or by proxy at the meeting to
introduce the proposal or proposals, specified in the notice; and (d)
the class and number of shares of stock held of record, owned
beneficially and represented by proxy by such stockholder as of the
record date for the meeting (if such date shall then have been made
publicly available) and as of the date of such notice. The chairperson
of the meeting may refuse to acknowledge the introduction of any
stockholder proposal not made in compliance with the foregoing procedure.
