Helios Multi-Sector High Income Fund, Inc. Monthly Dividend Declaration

NEW YORK, NEW YORK, Jul 10 (MARKET WIRE) --
Helios Multi-Sector High Income Fund, Inc. (the "Fund")(NYSE: HMH) today
announced that its Board of Directors declared a monthly dividend of
$0.010 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 $0.82 on July 9, 2009, the Fund's annualized dividend
yield is 14.63%.

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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High Yield Corporates 87%
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Investment Grade Corporates 8%
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Equities 4%
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Cash 1%
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Credit Allocation as a Percentage of Total Assets(1)

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BBB 9%
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BB 44%
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B 33%
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CCC 10%
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D 3%
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Cash 1%
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(1)Credit allocation excludes equities.

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 Multi-Sector High 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 Multi-Sector High Income Fund, Inc.
Three World Financial Center
200 Vesey Street, 10th Floor
New York, NY, 10281-1010
1-800 HYPERION

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