Helios Strategic Mortgage Income Fund, Inc. Monthly Dividend Declaration

Fri Jul 10, 2009 4:11pm EDT

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  NEW YORK, NEW YORK, Jul 10 (MARKET WIRE) -- 
Helios Strategic Mortgage Income Fund, Inc. (the "Fund") (NYSE: HSM)
today announced that its Board of Directors declared a monthly dividend
of $0.0725 per share, payable on July 30, 2009 to stockholders of record
on July 22, 2009. The ex-dividend date is July 20, 2009. Based on the
NYSE closing price of $6.05 on July 9, 2009, the Fund's yield was 14.38%.
As of June 30, 2009, the Fund's average duration, as measured on a net
asset basis, was 3.3 years.

    Dividends may include net investment income, capital gains and/or return
of capital. The dividend yield referenced above is calculated as the
annualized amount of the most recent monthly dividend declared divided by
the stated stock price.


                Portfolio of Investments as of June 30, 2009
             Sector Allocation as a Percentage of Total Assets

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Agency Mortgage-Backed Securities ("MBS")                               39%
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Non-Agency Residential MBS                                              31%
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U.S. Treasury Securities                                                14%
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Commercial MBS                                                          12%
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Asset-Backed Securities                                                  4%
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          Credit Allocation as a Percentage of Total Assets

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U.S. Government / Agency and AAA Rated                                  63%
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AA Rated                                                                 6%
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A Rated                                                                  5%
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BBB Rated                                                               12%
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Below-Investment Grade                                                  14%
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    The Fund uses its web site as a channel of distribution of material
company information. Financial and other material information regarding
the Fund is routinely posted on and accessible at
www.hyperionbrookfield.com/strategies/retail_funds.htm.

    Helios Strategic Mortgage Income Fund, Inc. is managed by Hyperion
Brookfield Asset Management, Inc., a registered investment advisor
headquartered in New York City. The firm was founded in 1989 to provide
relative value driven fixed income investment strategies, such as core
fixed income, high yield, and specialized MBS. Hyperion Brookfield
manages approximately $16 billion for a client base that includes pension
funds, financial institutions, mutual funds, closed-end funds, insurance
companies and foundations. Hyperion Brookfield is a subsidiary of
Brookfield Asset Management Inc., a global asset manager focused on
property, power and other infrastructure assets with approximately $80
billion of assets under management.

Contacts:
Helios Strategic Mortgage Income Fund, Inc.
Three World Financial Center 200 Vesey Street, 10th Floor
New York, NY 10281-1010
1-800 HYPERION

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