The Hyperion Strategic Mortgage Income Fund, Inc. Dividend Declaration.Business Editors NEW YORK--(BUSINESS WIRE)--June 6, 2003 The Board of Directors of the Hyperion Hyperion, in astronomy Hyperion (hīpēr`ēən), in astronomy, one of the named moons, or natural satellites, of Saturn. (R) 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. ) has declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a monthly dividend of $0.1080 per share, payable on June June: see month. 26, 2003, to shareholders of record on June 17, 2003. 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 June 13, 2003. The dividend represents an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return of 8.64% on the Fund's initial offering price of $15.00. Based on the NYSE closing price of $14.97 on June 5, 2003, the Fund's yield was 8.66%. Based on the net asset value per share of $14.69 on June 5, 2003, the yield of the Fund was 8.82%. As of May 31, 2003, 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 3.6 years; the average duration of total assets was 2.9 years; and leverage equalled 32.8%.
Portfolio of Investments as of May 31, 2003
Sector Allocation as a Percentage of Total Assets
Non-Agency Residential Mortgage-Backed Securities ("MBS") 27.9%
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Commercial MBS 20.2%
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Agency MBS Pass-throughs 40.0%
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Asset-Backed Securities 1.9%
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U.S. Treasury and Agency Securities 10.1%
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Credit Allocation as a Percentage of Total Assets
U. S. Government / Agency and AAA Rated 53.6%
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AA Rated 9.3%
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A Rated 3.1%
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BBB Rated 17.6%
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Below Investment Grade 16.4%
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The Fund's investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and , Hyperion Capital Management, Inc. ("Hyperion Capital"), is a leading fixed income manager. Hyperion Capital, with its affiliate, manages $8.4 billion in client assets. Additional information on the Fund's assets and performance is available by contacting Hyperion Capital Shareholder Services at the following:
The Hyperion Strategic Mortgage Income Fund, Inc.
One Liberty Plaza 165 Broadway, 36th Floor
New York, NY 10006-1404
Telephone: 1-800 HYPERION
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