The Hyperion(R) Strategic Mortgage Income Fund, Inc. Dividend Declaration, January 5, 2007.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- On December 15, 2006, the Board of Directors of the Hyperion Strategic Mortgage Income Fund, Inc. (the "Fund") (NYSE NYSE See: New York Stock Exchange : HSM (1) (Hierarchical Storage Management) The automatic movement of files from hard disk to slower, less-expensive storage media. The typical hierarchy is from magnetic disk to optical disc to tape. ) declared a monthly dividend of $0.090 per share, payable on January 26, 2007 to shareholders of record on December 27, 2006. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. is December 22, 2006. Based on the NYSE closing price of $13.61 on January 4, 2007, the Fund's yield was 7.94%. Based on the net asset value per share of $13.99 on January 4, 2007, the yield of the Trust was 7.72%. As of December 31, 2006, the portfolio's average duration, as measured on a net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. basis, was 4.2 years; the average duration of total assets was 2.5 years; and leverage equaled 31.6%. Seventy Six percent of interest rate risk due to leverage is hedged using interest rate swaps and floating rate securities that have a weighted average life of 4.9 years.
Portfolio of Investments as of December 31, 2006
Sector Allocation as a Percentage of Total Assets
Non-Agency Residential Mortgage-Backed Securities ("MBS") 19.3%
Commercial MBS 26.4%
Agency MBS Pass-throughs 34.3%
Asset-Backed Securities 7.0%
U.S. Treasury and Agency Securities 13.0%
Credit Allocation as a Percentage of Total Assets
U. S. Government / Agency and AAA Rated 49.0%
AA Rated 4.8%
A Rated 8.8%
BBB Rated 18.7 %
Below Investment Grade 18.7%
The Fund's investment advisor, Hyperion Brookfield Asset Management  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , Inc. ("Hyperion Brookfield"), is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Brookfield Asset Management, Inc. ("Brookfield") (NYSE: BAM Bam (bäm), town (1996 pop. 70,100), Kerman prov., SE Iran, on the intermittent Bam River. Located on the western edge of the Dasht-e Lut, Bam is a trade center in a henna-growing region. Dates and other fruits are also grown; camels are raised. ). Brookfield is an asset manager primarily focused on property, power, infrastructure, fixed income and equity. Brookfield and its affiliates manage assets totaling over $50 billion for institutional and retail clients, as well as its own principal investments. As of November 30, 2006, Hyperion Capital managed $20.5 billion in fixed income client assets. Additional information on the Fund's assets and performance is available by contacting Hyperion Brookfield Shareholder Services at the following:
The Hyperion Strategic Mortgage Income Fund, Inc.
Three World Financial Center 200 Vesey Street, 10th Floor
New York, NY 10281-1010
Telephone: 1-800 HYPERION
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