Hyperion Brookfield Is New Investment Adviser

On July 29, 2008, Hyperion Brookfield Asset Management assumed its duties as investment adviser to the following Funds:

RMK Advantage Income Fund, Inc. (NYSE: RMA)
RMK High Income Fund, Inc. (NYSE: RMH)
RMK Multi-Sector High Income Fund, Inc. (NYSE: RHY)
RMK Strategic Income Fund, Inc. (NYSE: RSF)
Regions Morgan Keegan Select Short Term Bond Fund
Regions Morgan Keegan Select High Income Fund
Regions Morgan Keegan Select Intermediate Bond Fund

Current information and investor relations services for these Funds are now provided through Hyperion Brookfield. Go to www.hyperionbrookfield.com or call 1-800-497-3746.

Historical information, including regulatory filings, news releases and financial reports are provided below. Fund information will be removed from this web site on October 15, 2008.

RMK Select Short Term Bond Fund Overview

Objective and Strategy

Regions Morgan Keegan Select Short Term Bond Fund seeks a high level of current income consistent with preservation of capital. The Fund invests primarily in investment grade bonds rated, at the time of purchase, BBB- or higher (or a comparable rating) by at least one nationally recognized statistical rating organization or, if unrated, determined by the Fund's investment adviser to be of comparable quality. The types of securities that the Fund may purchase include bonds of U.S. corporate and governmental issuers, U.S. dollar-denominated bonds of foreign issuers, mortgage-backed and other asset-backed securities, and preferred stock. The Fund may also invest in collateralized mortgage obligations, repurchase agreements, adjustable rate securities and payable in-kind bonds. The average effective maturity of the Fund's portfolio will generally be three years or less.

INVESTMENT RISKS: Investorsin any bond fund shyould anticipate fluctuations in price. Bond prices and the value of bond funds decline as interest rates rise. Bonds with longer-term maturities generally are more vulnerable to interest rate risk than bonds with shorter-term maturities.

Fund Facts

Share Classes	Ticker Symbols	CUSIPs	Commencement of Operations
Class A Shares	MSBIX	61741W 82 4	3/8/01
Class C Shares	RSTCX	61741W 79 0	11/4/05
Class I Shares	MSTBX	61741W 81 6	1/5/01

Dividends Paid:	Monthly
Capital Gains Paid:	December

Additional Information July 29, 2008 supplement to the Prospectus dated November 1, 2007 July 29, 2008 supplement to the Statement of Additional Information dated November 1, 2007 May 20, 2008 Proxy Statement May 2, 2008 supplement to the Statement of Additional Information dated November 1, 2007, as supplemented on March 4, 2008 April 21, 2008 supplement to the Prospectus dated November 1, 2007, as supplemented on February 15, 2008 and March 4, 2008 March 4, 2008 Supplement to November 1, 2007 Prospectus February 15, 2008 Supplement to November 1, 2007 Prospectus November 1, 2007 Prospectus November 1, 2007 Statement of Additional Information

Financial Reports

April 30, 2008 Annual Report
December 31, 2007 Semi-Annual Report

Press Releases

7/29/08 Press Release
7/11/08 Press Release
4/21/08 Press Release
10/22/07 Press Release

Portfolio Holdings

The Fund files its complete schedule of portfolio holdings as of the 1st and 3rd quarters of its fiscal year on Form N-Q with the SEC no more than sixty days after the close of those quarters. The annual and semi-annual reports contain complete portfolio holdings for the 2nd and 4th fiscal quarters.

Publicly Disclosed Portfolio Holdings (as of March 31, 2008)

Sales Loads and Breakpoints

Shareholder Fees *Fees Paid Directly From Your Investment*	Class A	Class C	Class I
Maximum Sales Charge (Load) (as a percentage of offering price)	1.50%	None	None
Maximum Deferred Sales Charge (Load)	None	1.00%	None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions	None	None	None
Redemption Fee (as a percentage of amount redeemed)	None	None	None
Exchange Fee	None	None	None

Class A Shares of the RMK Select Short Term Bond Fundare sold at NAV plus a front end sales charge as listed below:

Amount of Transaction	Sales Charge as a % of Offering Price
Up to $49,999	1.50%
$50,000 to $99,999	1.25%
$100,000 to $249,999	1.00%
$250,000 to $499,999	0.75%
$500,000 to $999,999	0.50%
$1 million or more*	NAV

* On purchases of $1 million or more, a contingent deferred sales charge (CDSC) of 1.00% of the redemption amount will apply to Class A Shares redeemed within 12 months of the purchase date.

To purchase shares, contact your Morgan Keegan financial advisor or call the Morgan Keegan Financial Services Center toll-free at 1-800-222-8866. Fund shares may not be held in, or transferred to, an account with any firm other than Morgan Keegan, Regions Morgan Keegan Trust or an Authorized Dealer.

Shares of RMK Select Funds, like shares of all mutual funds, are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including possible loss of principal.

An investor should consider each fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about each fund can be found in the funds' prospectus. To obtain a prospectus for RMK Select Short Term Bond Fund, RMK Select Intermediate Bond Fund, or RMK Select High Income Fund, call (toll-free) 1-800-564-2188. To obtain a prospectus for all other RMK Select Funds, call (toll-free) 1-877-757-7424.

Please read the prospectus carefully before investing.