Notes

NEW YORK, July 29, 2008 Hyperion Brookfield Asset Management, Inc. ("Hyperion Brookfield") is pleased to announce its appointment as Investment Advisor to certain funds that were previously managed by Morgan Asset Management, Inc. (collectively, the "Funds"). Hyperion Brookfield was approved by stockholders and, effective today, has assumed its duties as Investment Advisor to the following Funds...

In Dec. 2008, the funds were renamed, and given new tickers. Also, the fees were reduced from 3% to around 1%. That's excluding the cost of leverage. Total expenses might be a little more.

Price, NAV and dividend updated daily at Web site.

A similar play might be Chimera (CIM).

16OCT08

Portfolio of Investments as of September 30, 2008

* RMA
Asset-Backed Securities (ABS)12%
Collateralized Debt Obligations (CDOs)12%
High Yield Corporates 58%
Investment Grade Corporates 3%
Equities 2%
Cash 13%

A and Above 12%
BBB 4%
BB 23%
B 33%
CCC 4%
Unrated 11%
Cash 13%

Insider buying on 10/9 at $0.90

* RHY
Asset-Backed Securities (ABS) 14%
Collateralized Debt Obligations (CDOs) 16%
High Yield Corporates 58%
Equities 3%
Cash 9%

A and Above 12%
BBB 1%
BB 24%
B 31%
CCC 6%
Unrated 17%
Cash 9%

Insider buying on 10/9 at $0.57

* RHY
Asset-Backed Securities (ABS) 19%
Collateralized Debt Obligations (CDOs) 12%
High Yield Corporates 61%
Equities 2%
Cash 6%

A and Above 10%
BBB 5%
BB 23%
B 34%
CCC 5%
D 5%
Unrated 12%
Cash 6%

Insider buying on 10/9 at $0.57

* RMH
Asset-Backed Securities (ABS) 12%
Collateralized Debt Obligations (CDOs) 12%
High Yield Corporates 64%
Investment Grade Corporates 2%
Equities 2%
Cash 8%

A and Above 11%
BBB 3%
BB 26%
B 34%
CCC 6%
D 2%
Unrated 10%
Cash 8%

Insider buying on 10/9 at $0.86

Thoughts: RMA has the largest percentage in A-rated + cash. It also is a slightly larger stock. So, it is probably the safest.

4FEB09

Price & NAV as of 2/5/09

* Helios Advantage Income Fund, Inc. (HAV)
Price: $1.04. NAV: $1.28

Asset-Backed Securities 6%
Collateralized Debt Obligations (CDOs) 6%
High Yield Corporate Bonds 78%
Investment Grade Corporate Bonds 4%
Equities 3%
Cash 3%

A and Above 9%
BBB 11%
BB 31%
B 39%
CCC 3%
D 0%
Unrated 7%

* Helios High Income Fund, Inc. (HIH)
Price: $1.03. NAV: $1.27

Asset-Backed Securities 7%
Collateralized Debt Obligations (CDOs) 6%
High Yield Corporate Bonds 79%
Investment Grade Corporate Bonds 2%
Equities 4%
Cash 2%

A and Above 8%
BBB 6%
BB 35%
B 41%
CCC 4%
D 0%
Unrated 6%

* Helios Strategic Income Fund, Inc. (HSA)
Price: $0.89. NAV: $1.06

Asset-Backed Securities 11%
Collateralized Debt Obligations (CDOs) 6%
High Yield Corporate Bonds 70%
Investment Grade Corporate Bonds 4%
Equities 4%
Cash 5%

A and Above 12%
BBB 16%
BB 26%
B 33%
CCC 5%
D 0%
Unrated 8%

* Helios Multi-Sector High Income Fund, Inc. (HMH)
Price: $0.68. NAV: $0.89

Asset-Backed Securities 10%
Collateralized Debt Obligations (CDOs) 8%
High Yield Corporate Bonds 73%
Investment Grade Corporate Bonds 2%
Equities 4%
Cash 3%

A and Above 11%
BBB 7%
BB 32%
B 35%
CCC 4%
D 0%
Unrated 11%

---

top of page