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<PAGE> PAGE 2
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000907015
<NAME> MANAGED HIGH YIELD FUND INC
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-START> AUG-01-1998
<PERIOD-END> JUL-31-1999
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<INVESTMENTS-AT-VALUE> 69,063
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</TABLE>
Report of
Independent
Auditors
To the
Shareholders
and
Board of
Directors of
Managed
High Yield
Fund Inc.
In planning
and
performing
our audit of
the financial
statements of
Managed
High Yield
Fund Inc. for
the year
ended July
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
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 July 31,
1999.
This report is
intended
solely for the
information
and use of the
board of
directors and
management
of Managed
High Yield
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
September
20, 1999
