Schedule 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy
Statement Pursuant to Section 14(a) of the Securities and Exchange Act of 1934
(Amendment No. 1)
Filed by the Registrant
x
Filed by a Party other than the Registrant
¨
Check the appropriate box:
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¨
Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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x
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Definitive Proxy Statement
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Definitive Additional Materials
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¨
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Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
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HELIOS MULTI-SECTOR HIGH INCOME
FUND, INC.
Payment of Filing Fee (Check the appropriate box:)
x
No fee required.
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Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
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(1)
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Title of each class of securities to which transactions applies:
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(2)
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Aggregate number of securities to which transaction applies:
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(3)
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rules 0-11 (Set forth the amount on which the filing fee is calculated and
state how it was determined):
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(4)
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Proposed maximum aggregate value of transaction:
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Fee paid previously with preliminary materials.
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¨
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.
Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
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(1)
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Amount previously paid:
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(2)
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Form, Schedule or Registration Statement No.:
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HELIOS ADVANTAGE INCOME FUND, INC.
HELIOS HIGH INCOME FUND, INC.
HELIOS MULTI-SECTOR HIGH INCOME FUND, INC.
HELIOS STRATEGIC INCOME FUND,
INC.
Three World Financial Center, 200 Vesey Street
New York, New York 10281-1010
NOTICE OF JOINT ANNUAL MEETING OF STOCKHOLDERS
July 24, 2012
To the Stockholders:
The Joint Annual Meeting of Stockholders of each of Helios
Advantage Income Fund, Inc., Helios High Income Fund, Inc., Helios Multi-Sector High Income Fund, Inc. and the Helios Strategic Income Fund, Inc. (each, a Fund, and collectively, the Funds), will be held at the offices of
Brookfield Investment Management Inc., Three World Financial Center, 200 Vesey Street, 26 Floor, on August 17, 2012, starting at 8:30 a.m., for the following purposes:
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1.
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To elect Class I director (Proposal 1).
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2.
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To transact any other business that may properly come before the meeting.
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The Board of Directors recommends that you vote in favor of Proposal 1.
Stockholders of record as of the close of business on Friday, July 6, 2012, are entitled to notice of, and to vote at, the meeting
or any adjournment or postponement thereof. If you attend the meeting, you may vote your shares in person. If you do not expect to attend the meeting, please complete, date, sign and return promptly in the enclosed envelope the accompanying proxy
ballot(s). This is important to ensure a quorum at the meeting.
In addition to voting by mail, you may also vote via the
Internet, as follows:
To vote by the Internet:
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(1)
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Read the Joint Proxy Statement and have the enclosed proxy card at hand.
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(2)
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Go to the website that appears on the enclosed proxy card.
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(3)
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Enter the control number set forth on the enclosed proxy card and follow the simple instructions.
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We encourage you to vote your shares via the Internet using the control number that appears on your enclosed proxy card. Use of Internet
voting will reduce the time and costs associated with this proxy solicitation. Whichever method you choose, please read the enclosed Joint Proxy Statement carefully before you vote. If you should have any questions about this Notice or the proxy
materials, we encourage you to call us at (800) 497-3746.
By Order of the Boards of Directors,
/s/ Jonathan C. Tyras
Jonathan C. Tyras
Secretary
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY
MATERIALS FOR THE JOINT ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON AUGUST 17, 2012
The Funds Notice of Joint Annual Meeting of
Stockholders, Joint Proxy Statement and Form of Proxy are available on the Internet at www.brookfieldim.com
WE NEED YOUR
PROXY VOTE IMMEDIATELY
.
YOU MAY THINK YOUR VOTE IS NOT IMPORTANT, BUT IT IS VITAL. THE MEETING OF STOCKHOLDERS OF EACH FUND
WILL BE UNABLE TO CONDUCT ANY BUSINESS IF LESS THAN ONE-THIRD OF THE SHARES OF SUCH FUND ELIGIBLE TO VOTE IS REPRESENTED. IN THAT EVENT, SUCH FUND, AT THE STOCKHOLDERS EXPENSE, WOULD CONTINUE TO SOLICIT VOTES IN AN ATTEMPT TO ACHIEVE A
QUORUM. CLEARLY, YOUR VOTE COULD BE CRITICAL TO ENABLE THE FUND TO HOLD THE MEETING AS SCHEDULED, SO PLEASE RETURN YOUR PROXY CARD IMMEDIATELY. YOU AND ALL OTHER STOCKHOLDERS WILL BENEFIT FROM YOUR COOPERATION.
Instructions for Signing Proxy Cards
The following general rules for signing proxy cards may be of assistance to you and avoid the time and expense involved in validating
your vote if you fail to sign your proxy card properly.
1.
Individual Accounts.
Sign your name exactly as it appears
in the registration on the proxy card.
2.
Joint Accounts.
Either party may sign, but the name of the party signing
should conform exactly to the name shown in the registration.
3.
All Other Accounts.
The capacity of the individual
signing the proxy card should be indicated unless it is reflected in the form of registration. For example:
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Registration
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Valid Signature
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Corporate Accounts
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(1)
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ABC Corp.
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ABC Corp. (by John Doe, Treasurer)
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(2)
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ABC Corp.
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John Doe, Treasurer
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(3)
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ABC Corp. c/o John Doe, Treasurer
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John Doe
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(4)
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ABC Corp. Profit Sharing Plan
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John Doe, Trustee
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Trust Accounts
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(1)
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ABC Trust
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Jane B. Doe, Trustee
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(2)
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Jane B. Doe, Trustee u/t/d 12/28/78
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Jane B. Doe
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Custodial or Estate Accounts
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(1)
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John B. Smith, Cust.
f/b/o John B. Smith, Jr.
UGMA
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John B. Smith
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(2)
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John B. Smith
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John B. Smith, Jr., Executor
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YOUR VOTE IS IMPORTANT. PLEASE VOTE YOUR
SHARES PROMPTLY, NO MATTER HOW MANY SHARES YOU OWN.
HELIOS ADVANTAGE INCOME FUND, INC.
HELIOS HIGH INCOME FUND, INC.
HELIOS MULTI-SECTOR HIGH INCOME FUND, INC.
HELIOS STRATEGIC INCOME FUND,
INC.
Three World Financial Center, 200 Vesey Street
New York, New York 10281-1010
JOINT PROXY STATEMENT
This Joint Proxy Statement is
furnished to stockholders in connection with a solicitation by the Board of Directors (each, a Board, and collectively, the Boards) of each of Helios Advantage Income Fund, Inc., Helios High Income Fund, Inc., Helios
Multi-Sector High Income Fund, Inc. and the Helios Strategic Income Fund, Inc. (each, a Fund, and collectively, the Funds) of proxies to be used at the Joint Annual Meeting of Stockholders (the Meeting) of the
Funds to be held at the office of Brookfield Investment Management Inc., Three World Financial Center, 200 Vesey Street,
26
th
Floor New York, NY 10281-1010 at 8:30 a.m. on
August 17, 2012 (and at any adjournment or adjournments thereof) for the purposes set forth in the accompanying Notice of Joint Annual Meeting of Stockholders. This Joint Proxy Statement and the accompanying form of proxy are first being mailed
to stockholders on or about July 23, 2012.
Stockholders who execute proxies retain the right to revoke them by written
notice received by the Secretary of the respective Fund at any time before they are voted. Unrevoked proxies will be voted in accordance with the specifications thereon and, unless specified to the contrary, will be voted FOR the election of the
director nominee or Class I Director. The close of business on Friday, July 6, 2012, has been fixed as the record date (the Record Date) for the determination of stockholders entitled to receive notice of, and to vote at, the
Meeting. Each stockholder is entitled to one vote for each share of stock of a Fund validly issued and outstanding and held by such stockholder. Information as to the number of outstanding shares of common stock of each Fund as of the Record Date is
set forth below:
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Total Number of Shares
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Helios Advantage Income Fund, Inc.
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6,545,364.6
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Helios High Income Fund, Inc.
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4,848,152.0
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Helios Multi-Sector High Income Fund, Inc.
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7,590,057.4
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Helios Strategic Income Fund, Inc.
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5,930,399.8
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Under the By-Laws of each Fund, a quorum is constituted by the presence in person or by proxy of the
record holders of one-third of the outstanding shares of the Fund entitled to vote at the Meeting. In the event that a quorum is not present at the Meeting, the holders or proxies of a majority of the shares present at the Meeting in person or by
proxy and entitled to vote thereat, or, if no stockholder entitled to vote is present thereat in person or by proxy, any officer present thereat entitled to preside or act as Secretary of the Meeting, may adjourn the Meeting without determining the
date of the new meeting or from time to time, without further notice, to a date not more than one hundred twenty (120) days from the Record Date to permit further solicitation of proxies.
For purposes of determining the presence of a quorum for transacting business related to Proposal 1 at the Meeting, abstentions, if any,
will be treated as shares that are present, but not as votes cast, at the Meeting. Accordingly, for purposes of counting votes, shares represented by abstentions will have no effect on Proposal 1, for which the required vote is a plurality of all
the votes cast. Since banks and brokers will have discretionary authority to vote shares in the absence of voting instructions from stockholders with respect to Proposal 1, there will be no broker non-votes (that is, proxies from brokers
or nominees indicating that such persons have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular matter with respect to which the brokers or nominees do not have discretionary power).
Photographic identification and proof of ownership will be required for admission to the meeting. For directions to the
meeting, please contact the Fund at (800) 497-3746.
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Stockholders may request copies of the Funds most recent annual and semi-annual reports, including
the financial statements, without charge, by writing to Investor Relations, Helios Funds, Three World Financial Center, 200 Vesey Street, 24th Floor, New York, New York 10281-1010. These reports also are available on the Funds website at
www.brookfieldim.com
. These documents also have been filed with the Securities and Exchange Commission and are available at www.sec.gov.
PROPOSAL 1: ELECTION OF DIRECTOR
Each Funds Articles of
Incorporation provides that its Board shall be divided into three classes: Class I, Class II and Class III. The terms of office of the present Directors in each class expire at the Annual Meeting in the year indicated or thereafter in each case when
their respective successors are elected and qualified: Class I 2012, Class II 2013 and Class III 2014. At each subsequent annual election, Directors chosen to succeed those whose terms are expiring will be identified as being of that same class and
will be elected for a three-year term. The effect of these staggered terms is to limit the ability of other entities or persons to acquire control of a Fund by delaying the replacement of a majority of its Board.
The person named in the accompanying form of proxy intend to vote at the Meeting (unless directed not to so vote) for the re-election of
Stuart A. McFarland, the Class I Director nominee for each Fund. Mr. McFarland has indicated that he will serve if elected, but if he should be unable to serve, the proxy or proxies will be voted for any other person determined by the persons
named in the proxy in accordance with their judgment.
Each Funds Board has determined that Mr. McFarland, as well
as Messrs. Drake and Salvatore and Ms. Hamilton, are independent under the criteria for independence set forth in the listing standards of the New York Stock Exchange, and therefore, upon the election of the Class I Director nominee by each
Fund, each Fund will meet the requirements of the New York Stock Exchange that a majority of Directors be independent.
As
described above, there is one nominee for election to each Board at this time. Proxies cannot be voted for a greater number of persons than the number of nominees currently proposed to serve on each Board.
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Information Concerning Nominee and Directors
The following table provides information concerning each of the Directors and the Class I Director nominee of each Board, as of the date
of this Joint Proxy Statement. The nominee is listed first in the table under Class I Disinterested Director Nominee. The terms of the Class II and the Class III Directors do not expire this year. Each Fund has a retirement policy which
sets a mandatory retirement age of 75 for the Directors.
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Name, Address
and Age
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Position(s) Held with Fund and
Term of Office and Length
of
Time Served
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Principal Occupation(s) During Past 5
Years and Other Directorships Held
by
Director
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Number of
Portfolios in
Fund Complex
Overseen by
Director
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Class I Disinterested Director - Term Expires at 2012 Annual Meeting of Stockholders
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Stuart A. McFarland
c/o Three World
Financial Center,
200 Vesey Street,
New York,
New York 10281-1010
Age 65
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Director, Member of the Audit Committee, Member of the Nominating and Compensation Committee
Elected since 2008
Elected for Three Year Term
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Director/Trustee of several investment companies advised by the Advisor (2006- Present); Director of United Guaranty Corporation (July 2011-Present); Lead Independent Director of
Brandywine Funds (2003-Present); Director of New Castle Investment Corp. (2000-Present); Chairman and Chief Executive Officer of Federal City Bancorp, Inc. (2005-2007); Managing Partner of Federal City Capital Advisors (1997-Present).
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6
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Class II Disinterested Directors - Term Expires at 2013 Annual Meeting of Stockholders
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Rodman L. Drake
c/o Three World
Financial Center
200 Vesey Street,
New York,
New York 10281-1010
Age 69
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Director and Chairman of the Board, Member of the Audit Committee, Chairman of the Nominating and Compensation Committee,
Member of Executive Committee
Elected since 2008
Elected for Three Year Term
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Chairman (since 2003) and Director/Trustee of several investment companies advised by the Advisor (1989-Present); Director and/or Lead Director of Crystal River Capital, Inc.
(2005-2010); Chairman of Board (2005-2010), Interim President and Chief Executive Officer of Crystal River Capital, Inc. (2009-2010); Director of Celgene Corporation (2006-Present); Director of Student Loan Corporation (2005-2010); Director of Apex
Silver Mines Limited (2007-2009); Co-founder, Baringo Capital LLC (2002-Present); Director of Jackson Hewitt Tax Services Inc. (2004-2011); Director of Animal Medical Center (2002-Present); Director and/or Lead Director of Parsons Brinckerhoff, Inc.
(1995-2008); Trustee and Chairman of Excelsior Funds (1994-2007); Trustee of Columbia Atlantic Funds (2007-2009); Chairman of Columbia Atlantic Funds (2009-Present).
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11
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3
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Name, Address
and Age
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Position(s) Held with Fund and
Term of Office and Length
of
Time Served
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Principal Occupation(s) During Past 5
Years and Other Directorships Held
by
Director
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Number of
Portfolios in
Fund Complex
Overseen by
Director
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Diana H. Hamilton
c/o Three World
Financial Center
200 Vesey Street,
New York,
New York 10281-1010
Age 56
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Director, Member of the Audit Committee, Member of the Nominating and Compensation Committee
Elected since 2009
Elected for Three Year Term
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Director/Trustee of several investment companies advised by the Advisor (2009-Present); President, Sycamore Advisors, LLC, a municipal finance advisory firm
(2004-Present).
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6
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Class III Disinterested Director - Term Expires at 2014 Annual Meeting of Stockholders
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Louis P. Salvatore
c/o Three World
Financial Center,
200 Vesey Street,
New York,
New York 10281-1010
Age 65
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Director, Chairman of the Audit Committee, Member of the Nominating and Compensation Committee
Elected since September 2008
Elected for Three Year Term
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Director/Trustee of several investment companies advised by the Advisor (2005-Present); Director of Crystal River Capital, Inc. (2005-2010); Director of Turner Corp.
(2003-Present); Director of Jackson Hewitt Tax Services, Inc. (2004-2011); Employee of Arthur Andersen LLP (2002-Present).
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4
Officers of the Funds
The officers of each Fund are elected by its Board either at its annual meeting, or at any subsequent regular or special meeting of the Board. The Board of each Fund has elected eight officers, to hold
office at the discretion of the Board until their successors are chosen and qualified or until his or her resignation or removal. Except where dates of service are noted, all officers listed below served the Funds as such throughout the fiscal year
ended March 31, 2012. The following table sets forth information concerning each officer of the Funds as of the date of this Joint Proxy Statement:
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Name, Address
and Age
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Position(s) Held
with Fund
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Term of Office and
Length of Time Served
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Principal Occupation(s)
During Past 5 Years
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Kim G. Redding*
c/o Three World
Financial Center,
200 Vesey Street,
New York,
New York 10281-1010
Age 57
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President
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Elected Annually
Since
February 2010
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President of several investment companies advised by the Advisor (2010-Present); Chief Executive Officer and Chief Investment Officer of the Advisor (2010-Present); Co-Chief
Executive Officer and Chief Investment Officer of the Advisor (2009-2010); Director, Brookfield Investment Management (UK) Limited (2011-Present); Director and Chairman of the Board of Directors, Brookfield Investment Management (Canada) Inc.
(2011-Present); Director, Brookfield Investment Funds (UCITS) plc (2011-Present); Director, Brookfield Investment Funds (QIF) plc (2011-Present); Founder and Chief Executive Officer of Brookfield Redding LLC (2001-2009).
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Dana Erikson*
c/o Three World
Financial Center,
200 Vesey Street,
New York,
New York 10281-1010
Age 47
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Vice President
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Elected Annually
Since
September 2009
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Vice President of other investment company advised by the Advisor (2009-Present); Senior Portfolio Manager/Managing Director of the Advisor (2006-Present).
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Richard Cryan*
c/o Three World
Financial Center,
200 Vesey Street,
New York,
New York 10281-1010
Age 56
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Vice President
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Elected Annually
Since May
2011
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Vice President of several investment companies advised by the Advisor (May 2011-present); Senior Portfolio Manager of the Advisor (2006-Present); Managing Director of the Advisor
(2006-Present).
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Mark Shipley*
c/o Three World
Financial Center,
200 Vesey Street,
New York,
New York 10281-1010
Age 41
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Vice President
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Elected Annually
Since May
2011
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Vice President of several investment companies advised by the Advisor (May 2011-Present); Portfolio Manager of the Advisor (2011-Present); Managing Director of the Advisor
(2011-Present); Director of the Advisor (2006-2010); Analyst of the Advisor (2006-2010).
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Name, Address
and Age
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Position(s) Held
with Fund
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Term of Office and
Length of Time Served
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Principal Occupation(s)
During Past 5 Years
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Steven M. Pires*
c/o Three World
Financial Center,
200 Vesey Street,
New York,
New York 10281-1010
Age 55
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Treasurer
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Elected Annually
Since April
2009
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Treasurer of several investment companies advised by the Advisor (2009-Present); Vice President the Advisor (2011-Present); Vice President of Brookfield Operations and Management
Services LLC (2008-2011); Assistant Vice President of Managers Investment Group LLC (2004-2008).
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Jonathan C. Tyras*
c/o Three World
Financial Center,
200 Vesey Street,
New York,
New York 10281-1010
Age 43
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Secretary
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Elected Annually
Since
November 2008
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Managing Director and Chief Financial Officer of the Advisor (2010-Present); Director of the Advisor (2006-2010); Chief Financial Officer of Brookfield Investment Management (UK)
Limited (2011-Present); Chief Financial Officer of Brookfield Investment Management (Canada) Inc. (2011-Present); General Counsel and Secretary of the Advisor (2006-Present); Vice President and General Counsel (2006-2010) and Secretary (2007-2010)
of Crystal River Capital, Inc.; Secretary of several investment companies advised by the Advisor (2006-Present).
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Seth Gelman*
c/o Three World
Financial Center,
200 Vesey Street,
New York,
New York 10281-1010
Age 36
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Chief Compliance Officer (CCO)
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Elected Annually Since May 2009
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CCO of several investment companies advised by the Advisor (2009-Present); Director and CCO of the Advisor (2009-Present); Vice President, Oppenheimer Funds, Inc. (2004-
2009).
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Lily Wicker*
c/o Three World
Financial Center,
200 Vesey Street,
New York,
New York 10281-1010
Age 34
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Assistant Secretary
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Elected Annually
Since
September 2009
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Assistant Secretary (2009-Present) and Interim CCO (2009) of several investment companies advised by the Advisor; Vice President (2010-Present); Assistant Vice President (2009-2010)
and Associate (2007-2009) of the Advisor; Chief Compliance Officer, Brookfield Investment Management (UK) Limited (May 2011-Present).
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Designates individuals who are interested persons of the Funds, as defined by the 1940 Act, because of affiliations with the Advisor.
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Share Ownership
As of the Record Date, the Director nominee, Directors and officers of the Funds beneficially owned individually and collectively as a group less than 1% of the outstanding shares of each Fund.
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The following table sets forth the aggregate dollar range of equity securities owned by each
Director of the Funds and of all funds overseen by each Director in the Advisors family of investment companies (the Fund Complex) as of June 30, 2012. The Fund Complex is comprised of the Funds, Helios Total Return Fund,
Inc., Helios High Yield Fund, Brookfield Global Listed Infrastructure Income Fund, Inc. and Brookfield Investment Funds and its four series; Brookfield Global Listed Real Estate Fund, Brookfield Global Listed Infrastructure Fund, Brookfield Global
High Yield Fund and Brookfield High Yield Fund. The cost of each Directors investment in the Fund Complex may vary from the current dollar range of equity securities shown below, which is calculated on a market value basis as of June 30,
2012. The information as to beneficial ownership is based on statements furnished to the Funds by each Director.
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Name of
Nominee/Director
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Dollar Range of Equity Securities in the Funds
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Aggregate Dollar
Range of Equity Securities
in All Funds Overseen by
Director in
Family of
Investment Companies
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Helios
Advantage
Income
Fund, Inc.
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Helios
High Income
Fund,
Inc.
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Helios
Multi-Sector
High Income
Fund,
Inc.
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Helios
Strategic
Income
Fund, Inc.
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Disinterested Director Nominee
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Stuart A. McFarland
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$0
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$0
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$0
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$0
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$50,001-$100,000
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Disinterested Directors
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Diana H. Hamilton
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$0
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$10,001-$50,000
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$0
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$0
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$10,001-$50,000
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Louis P. Salvatore
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$10,001-$50,000
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$10,001-$50,000
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$10,001-$50,000
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$10,001-$50,000
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Over $100,000
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Rodman L. Drake
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$10,001-$50,000
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$10,001-$50,000
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$0
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$10,001-$50,000
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Over $100,000
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Information Regarding the Boards and their Committees
The Role of the Board
Each Funds Board provides oversight of the management and operations of the respective Fund. As is the case with virtually all investment companies (as distinguished from operating companies), the
day-to-day management and operation of the Fund is performed by various service providers to the Fund, such as the Funds investment adviser and administrator, the sub-administrator, custodian, and transfer agent. The Board approves all
significant agreements between the Fund and its service providers. The Board has appointed senior employees of the Advisor as officers of the Fund, with responsibility to monitor and report to the Board on the Funds day-to-day operations. In
conducting this oversight, the Board receives regular reports from these officers and service providers regarding the Funds operations. For example, the Treasurer of the Fund provides reports as to financial reporting matters, and investment
personnel of the Advisor report on the Funds investment activities and performance. The Board has appointed a Chief Compliance Officer who administers the Funds compliance program and regularly reports to the Board as to compliance
matters. Some of these reports are provided as part of formal Board meetings which are typically held quarterly, in person, and involve the Boards review of recent Fund operations. From time to time, one or more members of the
Board may also meet with management in less formal settings, between scheduled Board meetings, to discuss various topics. In all cases, however, the role of the Board and of any individual Director is one of oversight and not of
management of the day-to-day affairs of the Fund and its oversight role does not make the Board a guarantor of the Funds investments, operations or activities.
Board Leadership Structure
Each Funds Board has structured itself in
a manner that it believes allows it to perform its oversight function effectively. Currently, all of the members of the Board, including the Chairman of the Board, are not interested persons, as defined in the 1940 Act, of the Fund (the
Disinterested Directors), which are Directors that are not affiliated with the Advisor or its affiliates. The Board has established four standing committees, an Audit Committee, a Nominating and Compensation Committee, an Executive
Committee and a Qualified Legal Compliance Committee (collectively, the Committees), which are discussed in greater detail below. Each of
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the Disinterested Directors helps identify matters for consideration by the Board and the Chairman has an active role in the agenda setting process for Board meetings. The Audit Committee
Chairman also has an active role in the agenda setting process for the Audit Committee meetings. The Disinterested Directors have engaged their own independent counsel to advise them on matters relating to their responsibilities to the Fund. Each
Funds Board has adopted Fund Governance Policies and Procedures to ensure that the Board is properly constituted in accordance with the 1940 Act and to set forth examples of certain of the significant matters for consideration by the Board
and/or its Committees in order to facilitate the Boards oversight function. For example, although the 1940 Act requires that at least 40% of a funds directors not be interested persons, as defined in the 1940 Act, the Board
has determined that the Disinterested Directors should constitute at least 75% of the Board. The Board reviews its structure annually. The Board also has determined that the structure, function and composition of the Committees are appropriate means
to provide effective oversight on behalf of Fund stockholders.
Board Oversight of Risk Management
As part of its oversight function, each Board receives and reviews various risk management reports and assessments and discusses these
matters with appropriate management and other personnel. Because risk management is a broad concept comprised of many elements, Board oversight of different types of risks is handled in different ways. For example, the full Board receives and
reviews reports from senior personnel of the Advisor (including senior compliance, financial reporting and investment personnel) or their affiliates regarding various types of risks, including, but not limited to, operational, compliance,
investment, and business continuity risks, and how they are being managed. From time to time, the full Board meets with the Funds Chief Compliance Officer to discuss compliance risks relating to the Fund, the Advisor and the Funds other
service providers. The Audit Committee supports the Boards oversight of risk management in a variety of ways, including meeting regularly with the Funds Treasurer and with the Funds independent registered public accounting firm
and, when appropriate, with other personnel employed by the Advisor to discuss, among other things, the internal control structure of the Funds financial reporting function and compliance with the requirements of the Sarbanes-Oxley Act of
2002. The Audit Committee also meets regularly with the Funds Chief Compliance Officer to discuss compliance and operational risks and receives reports from the Advisors internal audit group as to these and other matters.
Information about Each Directors Qualification, Experience, Attributes or Skills
Each Board believes that each existing Director and Director nominee has the qualifications, experience, attributes and skills
(Director Attributes) appropriate to serve as a Director of the Funds in light of the Funds business and structure. In addition to a demonstrated record of business and/or professional accomplishment, each Director has served on
boards for organizations other than the Funds, as well as having served on the Boards of the Funds. They therefore have substantial board experience and, in their service to the Funds, have gained substantial insight as to the operations of the
Funds and have demonstrated a commitment to discharging their oversight responsibilities as Directors. Each Board, with the assistance of the Nominating and Compensation Committee, annually conducts a self-assessment wherein the
performance of the Board and the effectiveness of the Boards committee structure are reviewed.
In addition to the
information provided above, certain additional information regarding the existing Directors and Director nominees and their Director Attributes is provided below. Although the information is not all-inclusive, the information describes some of the
specific experiences, qualifications, attributes or skills that each Director possesses to demonstrate that the Directors have the appropriate Director Attributes to serve effectively as Directors of the Funds. Many Director Attributes involve
intangible elements, such as intelligence, integrity and work ethic, the ability to work together, to communicate effectively, to exercise judgment and ask incisive questions, and commitment to stockholder interests.
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|
|
Rodman L. Drake
In addition to his tenure as a Director of the Fund, Mr. Drake has extensive business experience with particular
expertise in financial services, financial reporting, strategic
|
8
|
planning and risk management disciplines, including serving on the board of directors for various public and private companies, which include other investment management companies. Mr. Drake
serves as the Chairman of the Board, and is a member of the Audit, Nominating and Compensation, and Executive Committees.
|
|
|
|
Diana H. Hamilton
In addition to her tenure as a Director of the Fund, Ms. Hamilton has business experience as an executive in the
public sector, including serving six years as Director of Public Finance for the State of Indiana, as well as corporate governance experience gained from serving on the board of directors of another investment management company. In addition,
Ms. Hamilton currently serves as President of a municipal finance advisory firm and on the board of directors of various non-profit entities. Ms. Hamilton previously served as chair of the Indiana Transportation Finance Authority.
Ms. Hamilton is a member of the Audit and Nominating and Compensation Committees.
|
|
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|
Stuart A. McFarland
In addition to his tenure as a Director of the Fund, Mr. McFarland has extensive experience in executive
leadership, business development and operations, corporate restructuring and corporate finance. He previously served in senior executive management roles in the private sector, including serving as Executive Vice President and General Manager of GE
Capital Mortgage Services, Corp. Mr. McFarland currently serves on the board of directors and audit committees for various other investment management companies, publicly traded company and non-profit entities, and is the Managing Partner of
Federal City Capital Advisors. Mr. McFarland is a member of the Audit and Nominating and Compensation Committees.
|
|
|
|
Louis P. Salvatore
In addition to his tenure as a Director of the Fund, Mr. Salvatore has extensive business experience in financial
services and financial reporting, including serving on the board of directors/trustees and as audit committee chairman for several other investment management companies. Mr. Salvatore previously spent over thirty years in public accounting. He
holds a Professional Director Certification from the American College of Corporate Directors, a public company director education organization. Mr. Salvatore serves as Chairman of the Audit Committees and is a member of the Nominating and
Compensation Committees.
|
Nominating and Compensation Committee Considerations for Disinterested
Directors
The Nominating and Compensation Committee evaluates candidates qualifications for Board membership. When
evaluating candidates, the Nominating and Compensation Committee considers a number of attributes including leadership, independence, interpersonal skills, financial acumen, integrity and professional ethics, educational and professional background,
prior director or executive experience, industry knowledge, business judgment and specific experiences or expertise that would complement or benefit the Board as a whole. The Nominating and Compensation Committee also may consider other
factors/attributes as they may determine appropriate in their own judgment. The Nominating and Compensation Committee believes that the significance of each nominees background, experience, qualifications, attributes or skills must be
considered in the context of the Board as a whole. As a result, the Nominating and Compensation Committee has not established a litmus test or quota relating to these matters that must be satisfied before an individual may serve as a Director. The
Nominating and Compensation Committee believes that board effectiveness is best evaluated at a group level, through the annual self-assessment process. Through this process, the Nominating and Compensation Committee considers whether the Board as a
whole has an appropriate level of sophistication, skill, and business acumen and the appropriate range of experience and background. The diversity of a candidates background or experiences, when considered in comparison to the background and
experiences of other members of the Board, may or may not impact the Nominating and Compensation Committees view as to the candidate. In accessing these matters, the Nominating and Compensation Committee typically considers the following
minimum criteria:
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With respect to nominations for Disinterested Directors, nominees shall be independent of the Advisor and other principal service providers. The
Nominating and Compensation Committee of each Fund shall also consider the effect of any relationship beyond those delineated in the 1940 Act that might impair independence, such as business, financial or family relationships with the investment
adviser or its affiliates.
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9
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|
|
Disinterested Director nominees must qualify for service on each Funds Audit Committee under the rules of the New York Stock Exchange (including
financial literacy requirements) or of another applicable securities exchange.
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|
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With respect to all Directors, a proposed nominee must qualify under all applicable laws and regulations.
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The proposed nominee must agree to invest in an amount equal to 1.5 years worth of director compensation in the Funds within three years of becoming
Director.
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|
|
|
The Nominating and Compensation Committee of each Fund may also consider such other factors as it may determine to be relevant.
|
Board Meetings
Each Funds Board held four regular meetings during the 12 month period ended March 31, 2012. During the fiscal year ended March 31, 2012, each Director attended at least 75% of the
aggregate of the meetings of each Funds Board of Directors. Each Funds Fund Governance Policies and Procedures provide that the Chairman of the Board of Directors, who is elected by the Disinterested Directors, will preside at each
executive session of the Board, or if one has not been designated, the chairperson of the Nominating and Compensation Committee shall serve as such.
Executive Committee
Each Fund has an Executive Committee. The Executive
Committee presently consists of Mr. Drake. The function of the Executive Committee is to take any action permitted by Maryland law when the full Board of Directors cannot meet. The Executive Committees of the Funds did not need to meet during
the fiscal year ended March 31, 2012.
Audit Committee
Each Fund has a standing Audit Committee that was established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act
of 1934, as amended, which currently consists of Messrs. Drake, McFarland, and Salvatore and Ms. Hamilton, all of whom are Disinterested Directors. The principal functions of the Audit Committee are to review the Funds audited financial
statements, to select the Funds independent auditor, to review with the Funds auditor the scope and anticipated costs of their audit and to receive and consider a report from the auditors concerning their conduct of the audit, including
any comments or recommendations they might want to make in connection therewith. During the last fiscal year of the Funds, each Audit Committee met three times and all of the members of each Audit Committee attended all of the Audit Committee
meetings. Mr. Salvatore serves as a Chairman of the Audit Committee and each Board has determined that Mr. Salvatore is an audit committee financial expert, as defined in Item 401(h) of Regulation S-K promulgated by the
Securities and Exchange Commission.
Each Funds Board of Directors has adopted a written charter for its Audit
Committee, which is available on each Funds website at
www.brookfieldim.com.
A copy of each Funds Audit Committee Charter is also available free of charge, upon request directed to Investor Relations, Helios Funds, Three World
Financial Center, 200 Vesey Street, 24th Floor, New York, New York 10281-1010.
Nominating and Compensation Committee
Each Fund has a Nominating and Compensation Committee, which currently consists of Messrs. Drake, McFarland, and Salvatore
and Ms. Hamilton, all of whom are Disinterested Directors and independent as independence is defined in New York Stock Exchange, Inc.s listing standards. The Nominating and
10
Compensation Committee of each Fund met three times during the fiscal year ended March 31, 2012 and the meeting was attended by all of the members of the Nominating and Compensation
Committee. The function of each Funds Nominating and Compensation Committee is to recommend candidates for election to its Board as Disinterested Directors. Each Funds Nominating and Compensation Committee evaluates each candidates
qualifications for Board membership and their independence from the Advisor and other principal service providers.
The
Nominating and Compensation Committee will consider nominees recommended by stockholders who, separately or as a group, own at least one percent of a Funds shares. For a list of the minimum criteria used by the Nominating and Compensation
Committee to assess a candidates qualifications, please see
Nominating and Compensation Committee Considerations for Disinterested Directors
above.
When identifying and evaluating prospective nominees, the Nominating and Compensation Committees review all recommendations in the same manner, including those received by stockholders. The Nominating and
Compensation Committees first determine if the prospective nominee meets the minimum qualifications set forth above. Those proposed nominees meeting the minimum qualifications as set forth above are then be considered by the Nominating and
Compensation Committees with respect to any other qualifications deemed to be important. Those nominees meeting the minimum and other qualifications and determined by the Nominating and Compensation Committees as suitable are included on the
Funds proxy cards.
Stockholder recommendations should be addressed to the Nominating and Compensation Committee in care
of the Secretary of the respective Fund and sent to Three World Financial Center, 200 Vesey Street, 24th Floor, New York, New York 10281-1010. Stockholder recommendations should include biographical information, including business experience
for the past nine years and a description of the qualifications of the proposed nominee, along with a statement from the nominee that he or she is willing to serve and meets the requirements to be a Disinterested Director, if applicable. Each
Funds Nominating and Compensation Committee also determines the compensation paid to the Disinterested Directors. Each Funds Board of Directors has adopted a written charter for its Nominating and Compensation Committee, which is
available on each Funds website at
www.brookfieldim.com.
A copy of each Funds Nominating and Compensation Committee Charter is also available free of charge, upon request directed to Investor Relations, Helios Funds, Three World
Financial Center, 200 Vesey Street, 24th Floor, New York, New York 10281-1010.
Each Funds Nominating and Compensation
Committee has recommended Mr. McFarland as nominee for re-election and each Funds Board of Directors has nominated Mr. McFarland to serve as the Class I Disinterested Director.
Qualified Legal Compliance Committee
Each Fund has a standing Qualified Legal Compliance Committee (QLCC). The QLCC was formed for the purpose of compliance with Rules 205.2(k) and 205.3(c) of the Code of Federal Regulations,
regarding alternative reporting procedures for attorneys retained or employed by an issuer who appear and practice before the Securities and Exchange Commission on behalf of the issuer (the issuer attorneys). An issuer attorney who
becomes aware of evidence of a material violation by the Funds, or by any officer, Director, employee, or agent of the Funds, may report evidence of such material violation to the QLCC as an alternative to the reporting requirements of Rule 205.3(b)
(which requires reporting to the chief legal officer and potentially up the ladder to other entities). The QLCC meets as needed. During the fiscal year ended November 30, 2011, each Funds QLCC did not meet. The QLCC currently
consists of Messrs. Drake, McFarland, and Salvatore and Ms. Hamilton.
Code of Ethics
Code of Ethics
. Each Fund has adopted a code of ethics that applies to all of its Directors and officers and any employees of the
Funds external manager or its affiliates who are involved in the Funds business and
11
affairs. This code of ethics is designed to comply with Securities and Exchange Commission regulations and New York Stock Exchange listing standards related to codes of conduct and ethics and is
available on each Funds website at
www.brookfieldim.com.
A copy of each Funds code of ethics also is available free of charge, upon request directed to Investor Relations, Helios Funds, Three World Financial Center, 200 Vesey
Street, 24th Floor, New York, New York 10281-1010.
There is no family relationship between any of the Funds current
officers or Directors. There are no orders, judgments, or decrees of any governmental agency or administrator, or of any court of competent jurisdiction, revoking or suspending for cause any license, permit or other authority to engage in the
securities business or in the sale of a particular security or temporarily or permanently restraining any of the Funds officers or Directors from engaging in or continuing any conduct, practice or employment in connection with the purchase or
sale of securities, or convicting such person of any felony or misdemeanor involving a security, or any aspect of the securities business or of theft or of any felony, nor are any of the officers or directors of any corporation or entity affiliated
with the Funds so enjoined.
Compensation of Directors and Executive Officers
No remuneration was paid by any of the Funds to persons who were directors, officers or employees of the Advisor or any affiliate thereof
for their services as Directors or officers of such Fund. Each Director of the Funds, other than those who are officers or employees of the Advisor or any affiliate thereof, is entitled to receive from each Fund a fee of $10,000 per year plus $1,000
for the Chairman of the Board and $2,000 for the Chairman of the Audit Committee. The following table sets forth information concerning the compensation received by Directors for the fiscal year ended March 31, 2012 for the Funds, which we
refer to as fiscal 2012.
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|
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|
|
|
|
|
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Directors Aggregate
Compensation
from the Funds
|
|
|
Total Directors
Compensation
from the Funds and the
Fund Complex
|
|
Rodman L. Drake
|
|
$
|
44,000
|
|
|
$
|
104,000
|
|
Stuart A. McFarland
|
|
$
|
40,000
|
|
|
$
|
86,000
|
|
Louis P. Salvatore
|
|
$
|
48,000
|
|
|
$
|
104,250
|
|
Diana H. Hamilton
|
|
$
|
40,000
|
|
|
$
|
86,000
|
|
Stockholder Communications with Board of Directors and Board Attendance at Annual Meetings
Each Funds Board of Directors provides a process for stockholders to send communications to the Board. Any stockholder who wishes to
send a communication to the Board of Directors of a Fund should send the communication to the attention of the Funds Secretary at Three World Financial Center, 200 Vesey Street, 24th Floor, New York, New York 10281-1010. If a stockholder
wishes to send a communication directly to an individual Director or to a Committee of a Funds Board of Directors, then the communication should be specifically addressed to such individual Director or Committee and sent in care of the
Funds Secretary at the same address. All communications will be immediately forwarded to the appropriate individual(s).
The Funds policy with respect to Directors attendance at annual meetings is to encourage such attendance.
Audit Committee Report
On May 22, 2012 the Audit Committee of each Fund reviewed and discussed with management each Funds audited financial statements
as of and for the fiscal year ended March 31, 2012. The Audit Committees discussed with BBD, LLP (BBD), the Funds independent registered public accounting firm, the matters required to be discussed by Rule 3526, Ethics and
Independence, Communication with Audit Committees Concerning Independence.
The Audit Committees received and reviewed the
written disclosures and the letter from BBD required by Rule 3520, Auditor Independence, and discussed with BBD, its independence.
12
Based on the reviews and discussions referred to above, each Audit Committee recommended to
its Board of Directors that the audited financial statements referred to above are included in each Funds Annual Report to Stockholders as required by Section 30(e) of the 1940 Act and Rule 30d-1 promulgated thereunder for the fiscal year
ended March 31, 2012.
Louis P. SalvatoreAudit Committee Chairman
Rodman L. DrakeAudit Committee Member
Stuart A. McFarlandAudit Committee Member
Diana H. HamiltonAudit Committee Member
Required Vote
The election of the listed nominee for Director requires the
approval of a plurality of all the votes cast at each Meeting, in person or by proxy, at which a quorum is present.
The Board of Directors of each Fund recommends a vote For approval of the election of the nominee to such Funds
Board of Directors.
13
GENERAL INFORMATION
MANAGEMENT AND SERVICE PROVIDERS
The Advisor
Each Fund has entered into an Investment Advisory Agreement
with Brookfield Investment Management Inc. (the Advisor). The Advisor, a wholly owned subsidiary of Brookfield Asset Management Inc., is a Delaware corporation organized in February 1989 and a registered investment advisor under the
Investment Advisers Act of 1940, as amended. The business address of the Advisor and its officers and directors is Three World Financial Center, 200 Vesey Street, 24th Floor, New York, New York 10281-1010. Subject to the authority of the Board of
Directors, the Advisor is responsible for the overall management of each Funds business affairs. As of June 30, 2012, the Advisor and its affiliates had approximately $15 billion in assets under management. The Advisors clients
include pensions, foundations and endowments, insurance companies, real estate investment trusts and closed-end funds. The Advisor specializes in equities and fixed income and its investment philosophy incorporates a value-based approach towards
investment.
Mr. Kim G. Redding, the President of each Fund, is Chief Investment Officer and Chief Executive Officer
of the Advisor, and may be entitled, in addition to receiving a salary from the Advisor, to receive a bonus based upon a portion of the Advisors profits. Messrs. Dana Erikson, Richard Cryan and Mark Shipley, each a Vice President of each Fund,
Mr. Jonathan C. Tyras, the Secretary of each Fund, Mr. Steven M. Pires, the Treasurer of each Fund, Mr. Seth Gelman, the CCO of each Fund, and Ms. Lily Wicker, the Assistant Secretary of each Fund, are employees of the
Advisor.
The Advisor provides advisory services to several other registered investment companies. Messrs. Erikson, Cryan and
Shipley each joined the Advisor in 2006 and are jointly responsible for the day to day management of the Funds portfolio. Mr. Erikson is a Managing Director of the Advisor and a Portfolio Manager with over 25 years of industry experience.
Mr. Cryan is Managing Director of the Advisor and a Portfolio Manager with over 32 years of industry experience. Mr. Shipley is Managing Director and Portfolio Manager with over 22 years of investment experience. As members of the
Advisors Global High Yield Investment Team, Messrs. Erikson, Cryan and Shipley are responsible for the Advisors high yield corporate securities exposure and the establishment of portfolio objectives and strategies.
Investment advisory fees paid by the Funds to the Advisor during fiscal 2012 are the following:
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Fund Name
|
|
Investment Advisory Fees Paid during Fiscal Year 2012
|
Helios Advantage Income Fund, Inc
|
|
$510,243
|
Helios High Income Fund, Inc.
|
|
$366,899
|
Helios Multi-Sector High Income Fund, Inc
|
|
$413,540
|
Helios Strategic Income Fund, Inc.
|
|
$342,011
|
In addition to acting as advisor to the Funds, the Advisor acts as investment advisor to the following
other investment companies at the indicated annual compensation.
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|
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Fund Name
|
|
Investment Advisory
Management Fees
|
|
Approximate
Net Assets as of
June 30, 2012
|
Brookfield Global Listed Infrastructure Income Fund Inc.
|
|
1.00%
1
|
|
$157.9 million
|
Helios High Yield Fund
|
|
0.70%
1
|
|
$68 million
|
Helios Total Return Fund, Inc.
|
|
0.65%
2
|
|
$246 million
|
Brookfield Investment Funds and its four separate series:
|
|
|
|
|
Brookfield Global High Yield Fund
|
|
0.75%
3
|
|
$0
|
Brookfield Global Listed Infrastructure Fund
|
|
0.85%
3
|
|
$69 million
|
Brookfield Global Listed Real Estate Fund
|
|
0.75%
3
|
|
$26 million
|
Brookfield High Yield Fund
|
|
0.65%
3
|
|
$25.0 million
|
(1)
|
Investment advisory management fees are paid at the rate noted above times such Funds average daily managed assets.
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14
(2)
|
Investment advisory management fees are paid at the rate noted above times such Funds average weekly net assets.
|
(3)
|
Investment advisory management fees are paid at the rate noted above times such Funds average daily net assets.
|
The Administrator
Pursuant to an administration agreement (the Administration Agreement), the Adviser also performs various administrative
services to the Funds, including, among other responsibilities, the preparation and coordination of reports and other materials to be supplied to the Board; prepare and/or supervise the preparation and filing with the applicable regulatory authority
of all securities filings, periodic financial reports, prospectuses, statements of additional information, marketing materials, tax returns, stockholder reports and other regulatory reports and filings required of the Funds; supervise and monitor
the preparation of all required filings necessary to maintain each Funds qualification and/or registration to sell shares in all states where the Funds currently does, or intends to do business; coordinate the preparation, printing and mailing
of all materials required to be sent to stockholders; coordinate the preparation and payment of Fund-related expenses; monitor and oversee the activities of the Funds other service providers; review and adjust as necessary the Funds
daily expense accruals; monitor daily, monthly and periodic compliance with respect to the federal and state securities laws; and send periodic information (
i.e.
, performance figures) to service organizations that track investment company
information.
For its services under the Administration Agreement, the Fund pays the Advisor (as administrator to the Fund) a
monthly fee at an annual rate of 0.15% of its average daily Managed Assets. Managed Assets of the Fund mean the Funds net assets, plus the amount of any borrowings for investment purposes. During the fiscal
year ended March 31, 2012, the Advisor earned $376,775 in the aggregate in administration fees from the Funds.
The Sub-Administrator
Pursuant to a sub-administration agreement (the Sub-Administration Agreement), U.S. Bancorp Fund
Services, LLC, (USBFS or the Sub-Administrator) 615 East Michigan Street, Milwaukee, Wisconsin 53202, acts as the Sub-Administrator to the Fund. USBFS replaced State Street Bank and Trust Company as the Funds
sub-administrator effective October 1, 2011. USBFS provides certain services to the Fund including, among other responsibilities, coordinating the negotiation of contracts and fees with, and the monitoring of performance and billing of, the
Funds independent contractors and agents; preparation for signature by an officer of the Funds of all documents required to be filed for compliance by the Funds with applicable laws and regulations, excluding those of the securities laws of
various states; arranging for the computation of performance data, including net asset value per share and yield; and arranging for the maintenance of books and records of the Funds, and providing, at its own expense, office facilities, equipment
and personnel necessary to carry out its duties. In this capacity, USBFS does not have any responsibility or authority for the management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution of Fund
shares.
Pursuant to the Sub-Administration Agreement, as compensation for its services, USBFS receives from the Adviser, as
administrator to the Funds, a fee based on the Funds current average daily net assets of: .07% on the first $100 million, .05% on the next $200 million and .03% on the remaining assets, with a minimum annual fee of
$45,000. USBFS also is entitled to certain out-of-pocket expenses. The Advisor (as administrator to the Fund) is responsible for any fees due the Sub-Administrator.
15
In addition, the Advisor has entered into administration agreements with other investment
companies, with the following fee structures:
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Fund Name
|
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Administration Fee
|
Helios High Yield Fund
|
|
Included in Management Fee
|
Helios Total Return Fund, Inc.
|
|
A monthly fee paid at an annual rate of 0.20% of its average weekly net assets
|
Brookfield Global Listed Infrastructure Income Fund Inc.
|
|
A monthly fee paid at an annual rate of 0.15% of its average daily managed assets
|
Brookfield Investment Funds and its four separate series:
|
Brookfield Global Listed Real Estate Fund
|
|
A monthly fee paid at an annual rate of 0.15% of its average daily net assets
|
Brookfield Global Listed Infrastructure Fund
|
|
A monthly fee paid at an annual rate of 0.15% of its average daily net assets
|
Brookfield Global High Yield Fund
|
|
A monthly fee paid at an annual rate of 0.15% of its average daily net assets
|
Brookfield High Yield Fund
|
|
A monthly fee paid at an annual rate of 0.15% of its average daily net assets
|
Brokerage Commissions
The Funds paid the following aggregate amounts in brokerage commissions, each of which included futures commissions, on the Funds securities purchases during the last fiscal year. All of the
commissions were paid to entities not affiliated with either Fund or the Advisor. The Funds do not participate and do not in the future intend to participate in soft dollar or directed brokerage arrangements.
|
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Fund Name
|
|
Brokerage Commission Paid during Fiscal Year 2012
|
Helios Advantage Income Fund, Inc
|
|
$594
|
Helios High Income Fund, Inc
|
|
$437
|
Helios Multi-Sector High Income Fund, Inc.
|
|
$489
|
Helios Advantage Income Fund, Inc.
|
|
$410
|
The Advisor has discretion to select brokers and dealers to execute portfolio transactions initiated by
the Advisor and to select the markets in which such transactions are to be executed. The Investment Advisory Agreement provides, in substance, that in executing portfolio transactions and selecting brokers or dealers, the primary responsibility of
the Advisor is to seek the best combination of net price and execution for the Funds. It is expected that securities ordinarily will be purchased in primary markets, and that in assessing the best net price and execution available to a Fund, the
Advisor will consider all factors deemed relevant, including the price, dealer spread, the size, type and difficulty of the transaction involved, the firms general execution and operation facilities and the firms risk in positioning the
securities involved. Transactions in foreign securities markets may involve the payment of fixed brokerage commissions, which are generally higher than those in the United States.
The Funds Auditor
At a meeting held on May 22, 2012, the Audit
Committee of each Fund unanimously recommended the selection of BBD as each Funds independent registered public accounting firm for the current fiscal year ending March 31, 2013. Representatives of BBD are not expected to be present at
the Meeting.
16
The aggregate fees billed by BBD and associated expenses incurred for professional services
tendered for the audit of the Funds financial statements for the fiscal year ended March 31, 2012 and fees billed by BBD for the fiscal year ended March 31, 2011 are as follows.
|
|
|
|
|
|
|
|
|
|
|
BBD 2012
|
|
|
BBD 2011
|
|
Audit fees
|
|
$
|
176,000
|
|
|
$
|
228,500
|
|
Audit-related fees
1
|
|
$
|
0
|
|
|
$
|
0
|
|
Tax fees
2
|
|
$
|
16,800
|
|
|
$
|
16,800
|
|
All other fees
|
|
$
|
0
|
|
|
$
|
0
|
|
(1)
|
Audit-related fees consist of administrative costs related to completion of the audit.
|
(2)
|
Tax fees consist of fees for review of tax returns and tax distribution requirements.
|
As indicated above, the Board of Directors of each Fund has adopted a written charter for the Audit Committee (Charter),
which is available on each Funds website at
www.brookfieldim.com.
Each Funds Audit Committee reviews its Charter at least annually and may recommend changes to the Board. Each member of the Audit Committee of each Fund is
independent as independence is defined in the listing standards of the New York Stock Exchange. The Audit Committees have adopted policies and procedures for pre-approval of the engagement of the Funds auditors. Each Funds Audit
Committee evaluates the auditors qualifications, performance and independence at least annually by reviewing, among other things, the relationship between the auditor and the Fund, as well as the Advisor or any control affiliate of the
Advisor, any material issues raised by the most recent internal quality control review and the auditors internal quality control procedures.
COMPLIANCE WITH SECTION 16 REPORTING REQUIREMENTS
Section 16(a) of
the Securities Exchange Act of 1934, as amended, requires each Funds officers and Directors and persons who own more than ten-percent of a registered class of each Funds equity securities to file reports of ownership and changes in
ownership with the Securities and Exchange Commission and the New York Stock Exchange. Officers, directors and greater than ten-percent stockholders are required by regulations of the Securities and Exchange Commission to furnish the Funds with
copies of all Section 16(a) forms they file.
Based solely on its review of the copies of such forms received by the
Funds and written representations from certain reporting persons that all applicable filing requirements for such persons had been complied with, the Funds believe that during the fiscal year ended March 31, 2012, all filing requirements
applicable to the Funds officers, Directors and greater than ten-percent beneficial owners were complied with.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
As of the date of this Joint Proxy Statement, the following persons owned beneficially 5% or more of the shares of the Funds set forth
below:
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Fund Name
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Name and Address
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Amount of Shares
Beneficially Owned and
Nature of Ownership
1
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Percentage of
Class
Owned
1
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Helios Advantage Income Fund, Inc.
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First Trust Portfolios L.P.
First Trust Advisors L.P.
The Charger
Corporation
120 East Liberty Drive,
Suite 400
Wheaton, IL 60187
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1,415,655
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21.7
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%
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17
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Fund Name
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Name and Address
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Amount of Shares
Beneficially Owned and
Nature of Ownership
1
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Percentage of
Class
Owned
1
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Helios High Income Fund, Inc.
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First Trust Portfolios L.P.
First Trust Advisors L.P.
The Charger
Corporation
120 East Liberty Drive, Suite 400
Wheaton, IL 6018
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533,293
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11
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%
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Helios Multi-Sector High Income Fund, Inc.
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First Trust Portfolios L.P.
First Trust Advisors L.P.
The Charger
Corporation
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
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1,534,398
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20.2
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%
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1
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The number of shares are those beneficially owned as determined under the
rules of the Securities Exchange and Commission, and such information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which a person has sole or shared
voting power or investment power and any shares which the person has the right to acquire within 60 days through the exercise of any option, warrant or right, through conversion of any security or pursuant to the automatic termination of a power of
attorney or revocation of a trust, discretionary account or similar arrangement.
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LEGAL PROCEEDINGS
Beginning in late 2007, lawsuits were filed in state and federal courts in Tennessee, Alabama, Arkansas, Indiana,
Mississippi, Louisiana, New York and Texas relating to certain fixed income funds managed by the Advisor, including the Funds. Certain of the cases were filed as putative class actions on behalf of investors who purchased shares of the Funds from
December 2004 through February 2008 and other cases were filed as actions on behalf of one or more individuals or trusts. The complaints name various entities and individuals as defendants including, among others, the Funds, the former advisor,
Morgan Asset Management, Inc. (MAM), Morgan Keegan & Company, Inc. (Morgan Keegan), Regions Financial Corporation and several affiliates (Regions), certain former directors and former officers of the
Funds and the Funds former portfolio managers. The complaints generally allege that the defendants misrepresented or failed to disclose material facts relating to portfolio composition, fair valuation, liquidity and risk in Fund registration
statements and other documents. The plaintiffs seek damages in amounts to be determined at trial and reasonable costs and, in some cases, attorneys fees. Each of the cases is at a preliminary stage. An answer was filed in a state court case,
Burke v. Citigroup Global Markets, Inc.
pending in the circuit court of Jefferson County, Alabama, on behalf of Helios Multi-Sector High Income Fund, Inc. and Helios Strategic Income Fund, Inc. Other than the Burke case and the motions to
dismiss filed in the actions discussed below, no responses to the complaints have been filed in the actions pending against the Funds, and no classes have been certified in any of the putative class actions filed against the Funds. As discussed
further below, the Funds moved to dismiss the consolidated class action related to the closed-end funds, but the Court denied the motion as it relates to the Funds. The parties in this action have agreed to an extension until June 2012 for the
filing of an answer to the complaint.
On March 13, 2008, a derivative action was filed in the United States District
Court for the Western District of Tennessee seeking damages on behalf of Helios Multi-Sector High Income Fund, Inc. against MAM and certain former directors of the Fund. The complaint in this action alleged, among other things, that defendants MAM
and certain former directors of the Fund breached their fiduciary duties and mismanaged the Fund in connection with portfolio composition, fair valuation, liquidity, risk management and disclosure. The complaint sought damages in an amount to be
determined at trial and reasonable costs and attorneys fees. Motions to dismiss the complaint were filed by the respective defendants. The Board of the Fund underwent an investigation of the underlying allegations in the complaint to determine
whether pursuit of such claims is in the best interest of the Fund. The Fund moved to dismiss the action without prejudice, or alternatively, to stay the action pending the completion of the Boards investigation of the underlying allegations
and its determination as to proceeding
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on behalf of the Fund. On March 10, 2010, the court granted the defendants motions to dismiss and dismissed the action without prejudice to the Funds right to seek remuneration
for any perceived wrongs on the completion of its Boards investigation.
Subsequently, on March 18, 2010, four
derivative actions were filed on behalf of each of the Funds. The complaints in these actions allege, among other things, that defendants MAM, and certain former officers and directors of the Funds breached their fiduciary duties and mismanaged the
Funds in connection with portfolio composition, fair valuation, liquidity, risk management and disclosure. The complaints seek equitable relief, damages in an amount to be determined at trial and reasonable costs and attorneys fees. The
proceedings are at a preliminary stage. On November 5, 2010, the Court granted plaintiffs unopposed motion for consolidation of these actions, and on December 6, 2010, plaintiffs filed a consolidated amended complaint. The Boards of
the Funds have undertaken an investigation of the underlying allegations in the consolidated amended complaint to determine whether pursuit of such claims is in the best interest of the Funds. On January 24, 2011, the Funds filed a motion for a
stay of the action pending the completion of the Boards investigation or, in the alternative, until April 6, 2011. Also on January 24, 2011, the non-Fund defendants filed motions to dismiss the consolidated amended complaint. On
February 9, 2011, the Court granted the Funds motion and stayed the case until April 6, 2011. On April 6, 2011, the Funds and derivative plaintiffs filed a joint, unopposed motion for a sixty-day extension of the stay of the
case to facilitate their discussion of a possible resolution of the issues in this action. The Court granted this motion on April 8, 2011, staying the case until June 6, 2011. Per the Courts June 28, 2011 Scheduling Order,
derivative plaintiffs filed their motion in opposition to the non-Fund defendants motion to dismiss on July 19, 2011. Non-Fund defendants filed their reply on August 18, 2011. On September 9, 2011, the Court entered an order
granting non-Fund defendants motion to dismiss without prejudice. Following the Boards investigation, the Board has authorized derivative plaintiffs counsel to pursue the derivative claims on behalf of the closed-end funds. On
October 21, 2011, derivative plaintiffs filed a verified shareholder derivative complaint, with plans to file an amended complaint soon thereafter. Subsequently, on November 15, 2011, derivative plaintiffs filed a verified amended
shareholder derivative complaint. On January 13, 2012, non-Fund defendants filed a motion to dismiss the amended derivative complaint. Derivative plaintiffs filed their opposition brief on February 27, 2012, and defendants replies
were filed on March 28, 2012. A decision on the motion to dismiss is still pending.
Claims substantially similar to
those described above have been made in lawsuits filed in the United States Federal and state courts concerning certain open-end funds formerly managed by the Advisor. Motions to dismiss the open-end derivative and open-end class actions were filed
by the respective defendants. The open-end fund defendants moved to dismiss the open-end derivative action without prejudice, or alternatively, to stay such action pending the completion of the Board investigation described above. On
September 24, 2010, the Court denied defendants motions to dismiss but granted a stay of the action pending receipt by October 25, 2010 of a report by the Board regarding the status of its investigation; on October 22, 2010, the
Board filed a status report, and requested that the stay be extended until November 30, 2010. The open-end fund defendants separately moved to dismiss the open-end class actions for failure to state a claim. On September 30, 2010, the
Court issued an order granting in part and denying in part defendants motions to dismiss. Defendants time to answer the surviving claims was extended until November 30, 2010. On November 30, 2010, the open-end funds filed an
additional status report in the open-end derivative action, including a proposed memorandum of understanding between the open-end funds and derivative plaintiffs regarding the resolution of some of the issues in the open-end derivative and class
actions and the realignment of the open-end funds as plaintiffs in the open-end derivative action (the MOU). The open-end funds and derivative plaintiffs also filed a motion for an extension of the stay to facilitate the steps necessary
to seek approval of the MOU and the proposed settlement. On December 10, 2010, the Court granted the joint motion and stayed the action until April 6, 2011. On December 16, 2010, the Court entered a scheduling order in the open-end
class action that gave plaintiffs until April 6, 2011 to file the necessary motions seeking approval of the proposed partial settlement. On March 14, 2011, the open-end funds and derivative plaintiffs filed a joint motion for approval of
the proposed notice to the open-end funds shareholders and final approval of the MOU in the open-end derivative action. On that same date, the open-end funds and lead plaintiffs filed a joint motion for preliminary approval of the proposed
partial
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settlement and approval of notice to the settlement class members in the open-end class action. Non-Fund defendants filed opposition papers on April 18, 2011. On June 21, 2011 the Funds
and plaintiffs executed an amended MOU (the Amended MOU), which was submitted to the Court together with the reply papers of the Funds and plaintiffs on June 24, 2011. The non-Fund defendants filed their sur-reply papers on
August 1, 2011. On August 12, 2011, plaintiffs and the Funds filed a motion with the Court requesting leave to file sur-sur-reply briefs in response to the non-Fund defendants sur-reply briefs. On September 6, 2011, plaintiffs
and the Funds filed a joint motion to strike the Declaration of Nancy J. Moore (the Moore Declaration), submitted in support of the non-Fund defendants opposition to final approval of the Amended MOU and partial settlement.
Non-Fund defendants filed their opposition brief September 20, 2011, and plaintiffs and the Funds filed their reply brief on October 27, 2011. The Court held a hearing on the motion to strike the Moore Declaration on December 7, 2011,
and on January 4, 2012, the Court entered an order denying the motion to strike. On March 26, 2012, the Court granted plaintiffs and the Funds joint motion for leave to file a sur-sur-reply on the Amended MOU briefing. On
April 18, 2012, plaintiffs and the Funds each filed their respective sur-sur-reply briefs. A decision on the motion to approve the Amended MOU and partial settlement is still pending.
On September 23, 2008, most of the cases pending in federal court in the Western District of Tennessee in which the Funds are
defendants, and other cases pending in that court involving the same or similar claims against other defendants, were consolidated into a single proceeding encaptioned
In re Regions Morgan Keegan Closed End Fund Litigation.
On
December 15, 2010, the Court entered an order appointing lead plaintiffs and lead counsel and consolidating the various actions in this proceeding. On February 22, 2011, plaintiffs filed a consolidated amended class action complaint,
alleging Section 11 and Section 12 securities violations against Helios Multi-Sector High Income Fund, and Section 10b securities violations against all four Closed-End Funds. On April 13, 2011, the Funds filed a motion to
dismiss the consolidated amended complaint with prejudice. The non-Fund defendants filed separate motions to dismiss the consolidated amended complaint on April 13, 2011. Per the Courts May 20, 2011 Scheduling Order, plaintiffs filed
their brief in opposition to the Funds and non-Fund defendants separate motions to dismiss on June 17, 2011. The Funds and non-Fund defendants filed their replies in support of their separate motions to dismiss on August 12,
2011. On March 30, 2012, the Court entered an order granting in part and denying in part the motion to dismiss. The Court dismissed certain claims against the Officer Co-Defendants, but denied dismissal of all other claims. On April 13,
2012, plaintiffs filed a consolidated amended class action complaint. Also on April 13, 2012, co-defendants and the Funds filed a joint, unopposed motion for an extension on the filing of an answer to the amended class action complaint until
June 11, 2012.
On February 12, 2009, the Judicial Panel on Multidistrict Litigation (Judicial Panel)
issued an order transferring related actions pending in other federal courts to the United States District Court for the Western District of Tennessee and directing that the transferred cases be coordinated or consolidated with the above-described
actions relating to the Funds (the MDL proceeding).
On June 18 and June 23, 2010, respectively, two
actions were filed in the Northern District of Alabama against Morgan Keegan, MK Holding, Inc., the Funds, and certain other defendants. These complaints generally allege that the defendants misrepresented or failed to disclose material facts
relating to portfolio composition, fair valuation, liquidity and risk in Fund prospectuses and registration statements. The plaintiffs seek damages in amounts to be determined at trial and attorneys fees. On July 28, 2010, joint motions
were filed by plaintiffs, Morgan Keegan and MK Holding, Inc. in these proceedings for temporary stays pending transfer to the Western District of Tennessee for consolidated or coordinated pretrial proceedings as part of the MDL proceeding. The Court
entered the MDL transfer order consolidating the actions on August 31, 2010.
On July 12, 2010, a putative class
action was filed in the Western District of Tennessee against MAM, Morgan Keegan, Regions, MK Holding, Inc., the Funds, and certain other defendants. The action purports to assert claims under the Employee Retirement Income Security Act of 1974
(ERISA), on behalf of all ERISA plans for which Regions Bank serves or served as trustee, custodian or agent that owned or held shares of certain investment funds, which are subject of the multidistrict litigation discussed above. The
Funds, together with
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certain open-end funds formerly managed by the Advisor, are sued as Nonfiduciary Parties in Interest, and are alleged to be liable, and subject to equitable remedies, for allegedly knowingly
participating in breaches of ERISA fiduciary duties by other defendants, or wrongfully obtaining or receiving assets from the Regions ERISA Trusts. Plaintiffs also allege that the Funds are liable for the conduct of certain other defendants who
allegedly acted as agents of the Funds. The action seeks equitable remedies, including a constructive trust and/or restitution of assets allegedly wrongfully obtained or received, as well as fees, profits, bonuses, dividends or other remuneration,
together with damages in an amount to be determined at trial and reasonable costs and attorneys fees. On September 9, 2010, the non-Fund defendants filed a motion to consolidate this action with other ERISA cases in which the Funds are
not named as defendants. On April 25, 2011, the Court granted defendants motion to consolidate the ERISA actions. On May 20, 2011, the ERISA plaintiffs filed a Third Amended Consolidated Class Action Complaint that no longer names
the Funds as defendants in the action.
No estimate of the effect, if any, of these lawsuits on the Funds can be made at this
time.
OTHER BUSINESS
The Board of Directors of each Fund does not know of any other matter which may come before the meeting. If any other matter properly comes before the meeting, it is the intention of the persons named in
the proxy to vote the proxies in accordance with their judgment on that matter.
PROPOSALS TO BE SUBMITTED BY STOCKHOLDERS
Stockholders wishing to nominate directors or submit other proposals must provide notice in writing to the Secretary of
the applicable Fund, Three World Financial Center, 200 Vesey Street, 24th Floor, New York, New York 10281-1010. All proposals by stockholders of a Fund that are intended to be presented at such Funds next annual or special meeting of
stockholders must be received by such Fund for inclusion in such Funds proxy statement and form of proxy relating to that meeting in reasonable time before any such meeting. The chairperson of the meeting may refuse to acknowledge a nomination
or other proposal by a stockholder that is not made in the manner described above.
EXPENSES OF PROXY SOLICITATION
The cost of preparing, mailing and assembling material in connection with this solicitation of proxies will be borne by
the Funds ratably, based on their relative net asset values. In addition to the use of the mail, proxies may be solicited personally by officers of the Funds or by regular employees of the Advisor. Brokerage houses, banks and other fiduciaries will
be requested to forward proxy solicitation material to their principals to obtain authorization for the execution of proxies, and they will be reimbursed by the Funds for out-of-pocket expenses incurred in connection therewith.
July 24, 2012
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Using a black ink pen, mark your votes with an X as shown in this example. Please do
not write outside the designated areas. X 1HWAB 1 0 A V + Annual Meeting Proxy Card . C Authorized Signatures This section must be completed for your vote to be counted. Date and Sign Below Date (mm/dd/yyyy) Please print date
below. Signature 1 Please keep signature within the box. Signature 2 Please keep signature within the box. + B Non-Voting Items Change of Address Please print new address below. NOTE: Please sign your name EXACTLY as your name
appears on this proxy. All joint holders must sign. When signing as attorney, trustee, executor, administrator, custodian or guardian, please provide your FULL title. If stockholder is a corporation or partnership, please sign in full corporate or
partnership name by authorized person indicating title. A Proposal The Board of Directors recommends a vote FOR the listed nominee. 01 - Stuart A. McFarland 1. Election of Class I Director: For Withhold HELIOS MULTI-SECTOR HIGH INCOME FUND,
INC. IMPORTANT ANNUAL MEETING INFORMATION NNNNNNNNNNNN NNNNNNN 1 4 1 3 5 6 1 MR A SAMPLE (THIS AREA IS SET UP TO ACCOMMODATE 140 CHARACTERS) MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE
AND MR A SAMPLE AND NNNNNNNNN C 1234567890 J N T 1234 5678 9012 345 MMMMMMMMMMMMMMM 000000000.000000 ext 000000000.000000 ext 000000000.000000 ext 000000000.000000 ext 000000000.000000 ext 000000000.000000 ext 000004 MR A SAMPLE DESIGNATION (IF ANY)
ADD 1 ADD 2 ADD 3 ADD 4 ADD 5 ADD 6 ENDORSEMENT_LINE SACKPACK C123456789 qIF YOU HAVE NOT VOTED VIA THE INTERNET, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.q Electronic Voting Instructions You can vote
by Internet! Available 24 hours a day, 7 days a week! Instead of mailing your proxy, you may choose the voting method outlined below to vote your proxy. VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR. Proxies submitted by the Internet must be
received by 1:00 a.m., Central Time, on August 17, 2012. Vote by Internet Go to www.investorvote.com/HMH Or scan the QR code with your smartphone Follow the steps outlined on the secure website
. Proxy for the Annual Meeting of Stockholders August 17, 2012 at 8:30 a.m. EST
C/O Brookfield Investment Management Inc. Three World Financial Center, 200 Vesey Street New York, New York 10281-1010 This proxy is being solicited by the Board of Directors of Helios Multi-Sector High Income Fund, Inc. (the Fund). The
undersigned hereby appoints as proxies Seth A. Gelman and Steven M. Pires, and each of them (with the power of substitution), (i) to vote as indicated on the reverse side on the specific proposal that will be considered at the Annual Meeting of the
Stockholders of the Fund, or any adjournment or postponement thereof (the Meeting), as described in the Funds Proxy Statement, (ii) to vote, in adjournment, reconvening or postponement thereof, as described in the Funds Proxy
Statement, and (iii) to vote, in its discretion, on such other matters as may properly come before such Meeting, with all the power the undersigned would have if personally present. The shares represented by this proxy will be voted as instructed on
the reverse side of this proxy card. Unless indicated to the contrary, this proxy shall be deemed to grant authority to vote FOR the proposal. Receipt of the Notice of Meeting and the Funds Proxy Statement accompanying this Proxy
Card is acknowledged by the undersigned. When properly executed, this proxy will be voted as indicated on the reverse side or FOR the proposal if no choice is indicated. The proxy will be voted in accordance with the proxy holders
best judgment as to any other matters that may arise at the Meeting. YOUR VOTE IS IMPORTANT. PLEASE MARK, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED POSTAGE-PAID ENVELOPE. (Continued and to be voted on reverse side.) Proxy
Helios Multi-Sector High Income Fund, Inc. qIF YOU HAVE NOT VOTED VIA THE INTERNET, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.q
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