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RAC INCOME FUND CHANGES ITS INVESTMENT MANAGER AND ITS NAME

 COLUMBIA, Md., Aug. 27 /PRNewswire/ -- Today RAC Income Fund, Inc. (NYSE: RMF) (the Fund), executed a new investment management agreement with Commonwealth Investment Counsel, Inc. (CIC), an indirect investment advisory subsidiary of WFS Financial Corporation (WFS), replacing Ryland Capital Management, Inc. (RCM), with CIC as its new investment manager. In connection with this change in investment manager, the Fund also changed its name to Mentor Income Fund, Inc. The Fund is a closed-end investment fund investing primarily in mortgage-backed securities.
 CIC became investment manager upon the closing of an agreement between The Ryland Group, Inc., the parent of RCM, and WFS to transfer the investment advisory and consulting business of RCM to a subsidiary of RCM, which was then merged into CIC, in exchange for certain payments by WFS to RCM. Under the terms of merger, all RCM personnel who provided portfolio management and administrative services to the Fund will continue to provide such services as employees of CIC. Fund shareholders approved the new Investment Management Agreement between the Fund and CIC and approved the Fund's name change, both contingent upon consummation of the merger, at a meeting of shareholders on Aug. 26, 1993.
 CIC, located in Richmond, Va., is a registered investment adviser with $600 million under management. CIC is an indirect subsidiary of WFS, which is an investment banking, brokerage and advisory firm headquartered in Richmond, employing over 2,000 associates in 11 states and the District of Columbia. WFS is comprised of two main subsidiaries, Wheat, First Securities, Inc., and Investment Management Group, Inc. Investment Management Group, Inc., owns three investment advisory subsidiaries, CIC, Charter Asset Management and the Cambridge Family of Funds. These subsidiaries currently manage $1.4 billion in assets.
 The Fund trades on the New York Stock Exchange and will begin trading under the name Mentor Income Fund, Inc., and the stock symbol MRF shortly.
 -0- 8/27/93
 /CONTACT: Barbara Henderson, WFS Financial Corporation, 804-782-3534/
 (RMF)


CO: RAC Income Fund, Inc.; Commonwealth Investment Counsel, Inc.;
 WFS Financial Corporation ST: Maryland IN: FIN SU:


DC-MH -- DC028 -- 6713 08/27/93 15:32 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
Words:349
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