Report 
 
      
Registrant:   Managed High Yield Plus Fund Inc. — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  11/30/02

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      1060392
SEC File #:   811-08765

Telephone #:  212-882-5000
 
 2.
Address:      51 West 52nd Street
              New York, NY  10019
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         UBS Global Asset Management (US) Inc.
Role:         Adviser
SEC File #:   801-13219
Location:     New York, NY
 
 8.2
Name:         UBS Global Asset Management (New York) Inc.
Role:         Sub-Adviser
SEC File #:   801-08957
Location:     New York, NY
 
Administrator 
 
10.1
Name:         UBS Global Asset Management (US) Inc.
SEC File #:   801-13219
Location:     New York, NY
 
Principal Underwriter 
 
11.1
Name:         (See a prior Form N-SAR for who was...)  Deleted
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         PFPC, Inc.
SEC File #:   084-01761
Location:     Providence, RI
 
Independent Public Accountant 
 
13.1
Name:         Ernst & Young LLP
Location:     New York, NY
 
Affiliated Broker/Dealer 
 
14.1
Name:         Cantrade Private Bank (Ci) Ltd.
 
14.2
Name:         Gam Services, Inc.
SEC File #:   008-42036
 
14.3
Name:         J.C. Bradford & Co.
SEC File #:   008-03953
 
14.4
Name:         Correspondent Services Corp.
SEC File #:   008-42167
 
14.5
Name:         Giubergia UBS Warburg Sim SpA
 
14.6
Name:         Pt UBS Warburg Indonesia
 
14.7
Name:         Schroder Munchmeyer Hengst AG
 
14.8
Name:         UBS Americas, Inc.
 
14.9
Name:         UBS Bunting Warburg, Inc.
 
14.10
Name:         UBS Fund Services (USA) LLC
SEC File #:   008-49596
 
14.11
Name:         UBS Global Asset Management (US) Inc.
SEC File #:   008-21901
 
14.12
Name:         UBS International, Inc.
SEC File #:   008-53059
 
14.13
Name:         UBS Painewebber, Inc.
SEC File #:   008-16267
 
14.14
Name:         UBS Painewebber Services, Inc.
SEC File #:   008-51404
 
14.15
Name:         UBS Painewebber Specialists, Inc.
 
14.16
Name:         UBS Painewebber International (Uk) Ltd.
 
14.17
Name:         UBS Painewebber International (Singapore) PTE
 
14.18
Name:         UBS Painewebber, Inc. of Puerto Rico
SEC File #:   008-28475
 
14.19
Name:         UBS Painewebber Asia Ltd.
 
14.20
Name:         Painewebber Residuals Trading LLC
 
14.21
Name:         UBS (Bahamas) Ltd.
 
14.22
Name:         UBS (Cayman Islands) Ltd.
 
14.23
Name:         UBS (Monaco) SA
 
14.24
Name:         UBS Futures & Options Ltd.
 
14.25
Name:         UBS Securities (Canada), Inc.
 
14.26
Name:         UBS Warburg LLC
SEC File #:   008-22651
 
14.27
Name:         UBS Warburg (France) SA
 
14.28
Name:         UBS Warburg (Futures & Options) PTE. Ltd.
 
14.29
Name:         UBS Warburg (Israel) Ltd.
 
14.30
Name:         UBS Warburg (Japan) Ltd. Branch Tokyo
 
14.31
Name:         UBS Warburg (Nederland) BV
 
14.32
Name:         UBS Warburg AG
 
14.33
Name:         UBS Warburg Asia Ltd.
 
14.34
Name:         UBS Warburg Australia Equities Ltd.
 
14.35
Name:         UBS Warburg Australia Ltd.
 
14.36
Name:         UBS Warburg Corretora De Cambio E Valores
 
14.37
Name:         UBS Warburg Derivatives Ltd.
 
14.38
Name:         UBS Warburg Futures, Inc.
 
14.39
Name:         UBS Warburg Hong Kong Ltd.
 
14.40
Name:         UBS Warburg New Zealand Equities Ltd.
 
14.41
Name:         UBS Warburg New Zealand Ltd.
 
14.42
Name:         UBS Warburg Private Clients Pty., Ltd.
 
14.43
Name:         UBS Warburg Securities, (Espana), SV
 
14.44
Name:         UBS Warburg Securities (South Africa) (Pty)
 
14.45
Name:         UBS Warburg Securities Co., Ltd.
 
14.46
Name:         UBS Warburg Securities India Private Ltd.
 
14.47
Name:         UBS Warburg Securities Ltd.
 
14.48
Name:         UBS Warburg Securities Ltd. Seoul Branch
 
14.49
Name:         UBS Warburg Securities Ltd. Taiwan Branch
 
14.50
Name:         UBS Warburg Securities Philippines, Inc.
 
14.51
Name:         UBS Warburg Trading SA
 
14.52
Name:         Zao Brunswick UBS Warburg
 
14.53
Name:         UBS Warburg Sociedad de Bolsa SA
 
Custodian 
 
15.1
Name:         State Street Corp.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  81

The Identification Code of the family for Form N-SAR Filings:  UBSGLOBLAM
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       State Street Corp.
IRS #:        04-1867445
Registrant’s purchases ($000s):  347,476
 
22.2
Entity:       Lehman Brothers, Inc.
IRS #:        13-2518466
Registrant’s purchases ($000s):  5,300
Registrant’s sales ($000s):  5,934
 
22.3
Entity:       Morgan Stanley Co., Inc.
IRS #:        13-2655998
Registrant’s purchases ($000s):  4,043
Registrant’s sales ($000s):  7,138
 
22.4
Entity:       Deutsche Bank Securities
IRS #:        13-6124068
Registrant’s purchases ($000s):  8,380
Registrant’s sales ($000s):  1,772
 
22.5
Entity:       Credit Suisse First Boston
IRS #:        13-5659485
Registrant’s purchases ($000s):  5,526
Registrant’s sales ($000s):  4,123
 
22.6
Entity:       Goldman Sachs & Co.
IRS #:        13-5108880
Registrant’s purchases ($000s):  2,244
Registrant’s sales ($000s):  5,579
 
22.7
Entity:       Bear Stearns Securities Co.
IRS #:        13-3299429
Registrant’s purchases ($000s):  1,535
Registrant’s sales ($000s):  5,832
 
22.8
Entity:       Bank of America Securities
IRS #:        95-4035346
Registrant’s purchases ($000s):  3,573
Registrant’s sales ($000s):  3,649
 
22.9
Entity:       Merrill Lynch Pierce Fenner & Smith
IRS #:        13-5674085
Registrant’s purchases ($000s):  2,683
Registrant’s sales ($000s):  3,554
 
22.10
Entity:       JP Morgan Chase Securities
IRS #:        13-3224016
Registrant’s purchases ($000s):  1,718
Registrant’s sales ($000s):  3,903
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  390,326
   Aggregate sales ($000s):  53,984
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  No, Closed-End
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.7%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  Yes
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $0
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.2
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............      0.0
Corporate ...................................  135.8
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......      2.3%
 
63.
The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    6.1
 
64.
Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  No

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end?  Yes
 
65.
In computations of Net Asset Value (NAV) per share, is any part of the
value attributed to instruments identified in Item 64.B (second
question) derived from insurance or guarantees?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes      No
Investments in restricted securities?                    Yes to both
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes to both
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        Yes      No
Short selling?                                           Yes      No
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  43,575
Sales ($000s):      58,146

Monthly average Value of portfolio ($000s):  252,146

Percent turnover (lesser of Purchases or Sales, divided by Value):  17%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
 16,436
Net dividend income ..............................................
 317
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 915
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 7
Custodian fees ...................................................
 52
Postage ..........................................................
 18
Printing expenses ................................................
 28
Directors’ fees ..................................................
 1
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 1,005
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 21
Legal fees .......................................................
 5
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 30
Total expenses ...................................................
 2,082

Expense reimbursements ($000s):   0

Net investment income ($000s):    14,671

Realized capital gains ($000s):   1,708
Realized capital losses ($000s):  52,047

Net unrealized appreciation during the period ($000s):  24,280
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  14,894

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.3650

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 1
Repurchase agreements ............................................
 307
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 241,915
Preferred, conv. preferred and adjustable-rate preferred stock ...
 2,332
Common stock .....................................................
 1,394
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 353
Receivables from portfolio instruments sold ......................
 284
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 8,158
All other assets .................................................
 4
Total assets .....................................................
 254,748

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 142
Senior long-term debt ............................................
 76,250
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 211

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 178,145

Number of shares outstanding (000s):   41,170

Net Asset Value (NAV) per share (to nearest cent):  $4.33

Total number of shareholder accounts:  341

Total value of assets in segregated accounts ($000s):  202,469
 
75.
Monthly average net assets during the period ($000s):  177,931
 
76.
Market price per share at period end:  $4.37
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77C:  Matters Submitted to a Vote of Security Holders?  Yes

EX-99.77Q1: Other Disclosure?  Yes

EX-99.77Q3: Other Info?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Sales, Repurchases and Redemptions 
 
86.
Sales, repurchases and redemptions of the Registrant’s securities:
 
Common Stock
Sales:
    Number of shares (000s):   814
    Net consideration received ($000s):  3,584
Repurchases:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Preferred Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Debt Securities
Sales:
    Principal amount ($000s):  0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Principal amount ($000s):  0
    Net consideration paid ($000s):      0
 
Securities Outstanding 
 
87.
Securities of the Registrant that are registered on a national
securities exchange or listed on Nasdaq:
 
Title of class:  Common Stock
    CUSIP/CINS:  561911·10·8
        Symbol:  HYF
 
88.
Did the Registrant have any of the following outstanding which exceeded
1% of aggregate net assets at any time during the period:

Notes or bonds?     No
Uncovered options?  No
Margin loans?       No
Preferred stock?    No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Paul Schubert      
Name:   Paul Schubert
Title:  Treasurer