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RAC INCOME FUND ANNOUNCES COMPLETION OF RIGHTS OFFERING

 RAC INCOME FUND ANNOUNCES COMPLETION OF RIGHTS OFFERING
 COLUMBIA, Md., Feb. 4 /PRNewswire/ -- RAC Income Fund, Inc.


(NYSE: RMF) today announced the subscription price of $11.47 per share for its Equity Rights Offering, which expired Jan. 31, 1992.
 Based upon a preliminary count, shareholders subscribed for approximately 639,000 shares of common stock of the fund.
 The subscription price was the greater of (a) 95 percent of the share's price based on the average closing price for five consecutive trading days ending on the pricing date or (b) the net asset value per share of the fund on
the pricing date, Feb. 3, 1992. The average closing price for the last five consecutive trading days ending on the pricing date was $12.075. Ninety-five percent of the average price is $11.47. The net asset value per share as of Feb. 3, 1992, was $11.46.
 RAC Income Fund, a closed-end investment fund, primarily invests in fixed-income mortgage-backed securities that are rated AAA or AA by a nationally recognized rating agency, or are issued or guaranteed by the U.S. government, its agencies or instrumentalities. The fund's goal is to distribute monthly income that is 150 to 200 basis points greater than the rate obtainable from U.S. Treasury securities, having the same maturity as the expected average life of the fund's investments.
 -0- 2/4/92
 /CONTACT: Sylvia Gillan of RAC Income Fund, 410-730-6851/
 (RMF) CO: RAC Income Fund, Inc. ST: Maryland IN: FIN SU: OFR


CC-MK -- PH020 -- 6683 02/04/92 12:16 EST
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Publication:PR Newswire
Date:Feb 4, 1992
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