Exhibit No. 13(c)

                             AGREEMENT OF AMENDMENT
                             ----------------------

                                                    Dated as of October 13, 1999

      Reference is made to that certain Revolving Credit and Security  Agreement
dated as of October 23, 1998 (the "Credit  Agreement")  among Managed High Yield
Plus Fund Inc. (the "Borrower"),  Corporate Receivables  Corporation,  Citibank,
N.A. (the  "Secondary  Lender") and Citicorp North America,  Inc., as agent (the
"Agent").  Capitalized terms used and not defined herein shall have the meanings
assigned to them in the Credit Agreement.

      The  parties  hereto  agree that,  effective  as of the date  hereof,  the
definition of the term "Secondary  Lender Stated  Expiration  Date" set forth in
Section  1.01 of the Credit  Agreement is hereby  amended by replacing  the date
"October 22, 1999" set forth therein with the date "October 20, 2000".

      This Agreement of Amendment may be executed in any number of counterparts,
each of which  when so  executed  shall be deemed to be an  original  and all of
which when taken together shall constitute one and the same agreement.

      THIS  AGREEMENT  OF  AMENDMENT  SHALL  BE  GOVERNED  BY AND  CONSTRUED  IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

      IN WITNESS  WHEREOF,  the parties  hereto have caused this agreement to be
executed and  delivered by their duly  authorized  officers as of the date first
above written.

CITICORP NORTH AMERICA, INC.,             CITIBANK, N.A.
as Agent                                  as Secondary Lender

By: /s/ Marc B. Adelman                   By: /s/ Marc B. Adelman
    -----------------------------             -----------------------
    Name:  MARC B. ADELMAN                    Name:  MARC B. ADELMAN
    Title: VICE PRESIDENT                     Title: VICE PRESIDENT


CORPORATE RECEIVABLES CORPORATION         MANAGED HIGH YIELD PLUS FUND INC.,
By: Citicorp North America, Inc.,         as Borrower
    its Managing Agent

By: /s/ Marc B. Adelman                   By: /s/ Paul Schubert
    -----------------------------             ---------------------
    Name: MARC B. ADELMAN                     Name:  PAUL SCHUBERT
    Title: Vice President                     Title: Vice President & Treasurer