RHY Rmk MS HI Income Fd

Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/morgankeegan/) announces that Judge Samuel H. Mays, Jr. of the U.S. District Court for the Western District of Tennessee issued an order in In re Regions Morgan Keegan Sec., Deriv., and ERISA Litig. (Willis v. Morgan Keegan & Co., Inc.), Nos. 07-02830, MDL 2009, setting July 2, 2010 as the deadline to file motions for lead plaintiff for investors who purchased or otherwise acquired shares of certain closed-end mutual funds, including RMK Advantage Income Fund (NYSE:RMA), RMK Strategic Income Fund (NYSE:RSF), RMK High Income Fund (NYSE:RMH), and/or RMK Multi-Sector High Income Fund (NYSE:RHY) (collectively referred to as the "Funds"), between December 6, 2004 and July 14, 2009, inclusive (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than July 2, 2010. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the Willis complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/morgankeegan/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaints charge the Funds, the Funds' administrator, Morgan Keegan & Company, Inc. ("Morgan Keegan"), the Funds' adviser, Morgan Keegan Asset Management, Inc., Regions Financial Corp. and certain of Morgan Keegan's officers and/or directors with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.

The complaints allege that defendants issued materially false and misleading statements regarding the Funds' portfolios and financial results, and as a result the Funds' shares traded at artificially inflated prices during the Class Period. Specifically, the complaints allege that portions of the Funds' portfolios were invested in collateralized debt obligations ("CDOs"), including CDOs backed by subprime mortgages to high-risk borrowers. For years, shares of the Funds traded within narrow ranges. Then in early March 2007, as the subprime crisis began to emerge, the Funds began to trend lower as the market learned of their exposure to the subprime market. Nonetheless, shares of the Funds continued to trade at artificially inflated prices as the full extent of the Funds' exposure had not yet been revealed. Then, beginning in early July 2007, the Funds began to acknowledge serious problems in their portfolios related to their exposure to the subprime market. On November 7, 2007, Portfolio Manager James C. Kelsoe wrote a letter to investors in which he acknowledged problems the portfolios faced due to the deterioration in the housing sector and the subprime mortgage crisis. The shares continued to collapse subsequent to these announcements as the impact of the risky holdings in the Funds' portfolios became more apparent to the market.

According to the complaints, the true facts, which were omitted from the Registration Statements/Prospectuses issued in connection with the offerings of the Funds or were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) the Funds lacked adequate controls and hedges to minimize the risk of loss from mortgage delinquencies which affected a large part of their portfolios; (b) the extent of the Funds' liquidity risk due to the illiquid nature of a large portion of the Funds' portfolios was omitted; (c) the extent of the Funds' risk exposure to mortgage-backed assets was misstated; and (d) the extent to which the Funds' portfolios were subject to fair value procedures was misstated.

Plaintiffs seek to recover damages on behalf of all persons who purchased or otherwise acquired shares of the Funds pursuant and/or traceable to the Funds' Registration Statements and Prospectuses or who purchased shares of the Funds during the Class Period. The Willis plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site (http://www.rgrdlaw.com) has more information about the firm.

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