RMK Multi-Sector High Income Fund Declares $0.14 Per Share Dividend

The Board of Directors of RMK Multi-Sector High Income
Fund, Inc. (NYSE: RHY) declared three monthly dividends of $0.14 per
share, a $0.01 per share increase over the dividends paid in June,
July and August.
   Monthly dividends will be payable on September 21, 2006, October
20, 2006 and November 22, 2006 to stockholders of record on September
15, October 13 and November 16, respectively. Ex-dividend dates are
September 13, October 11 and November 14.
   RMK Multi-Sector High Income Fund, Inc. is a diversified,
closed-end investment company seeking a high level of current income
with capital appreciation as a secondary investment objective.

   About Morgan Asset Management

   Morgan Asset Management, Inc. is the investment advisory arm of
Regions Financial Corporation (NYSE: RF). Morgan Asset Management is
the investment advisor to Regions Morgan Keegan Trust, Regions Morgan
Keegan Select Funds, RMK Advantage Income Fund, Inc., RMK High Income
Fund, Inc., RMK Multi-Sector High Income Fund, Inc. and RMK Strategic
Income Fund, Inc. With locations throughout the South, Morgan Asset
Management, an affiliate of Morgan Keegan & Co. Inc., manages more
than $16 billion for institutions and high net worth individuals.
Additional information about Morgan Asset Management, Morgan Keegan
and Regions - a member of both the Forbes and Fortune 500 and one of
the nation's Top 15 financial services providers - can be found at
www.morgankeegan.com and www.regions.com.