American Income Fund (Formerly Mentor Income Fund) Repurchase Offer Period Has Expired

Apr 11, 2001, 01:00 ET from First American Asset Management

    MINNEAPOLIS, April 11 /PRNewswire/ -- First American Asset Management
 announced today that the repurchase period has expired as of April 10, 2001,
 for American Income Fund, formerly Mentor Income Fund (NYSE:   MRF).
     The fund is offering to repurchase up to 20% of its outstanding shares.
 Preliminary information shows that approximately 47% of outstanding shares
 have been submitted for repurchase.  Because the submitted shares exceed the
 20% limit, share repurchases will be made on a pro-rata basis.  The repurchase
 price for the shares will be determined on April 19, 2001, at the close of the
 New York Stock Exchange, and proceeds will be paid by the fund on April 23,
 2001.
     Investment products, including shares of closed-end funds, are not
 obligations of, or guaranteed by, any bank including U.S. Bank or any of its
 affiliates, nor are they insured by the Federal Deposit Insurance Corporation,
 the Federal Reserve Board, or any other agency.  An investment in such
 products involves investment risk, including possible loss of principal.
     Based in Minneapolis, First American Asset Management provides investment
 management services to individuals and institutions, including corporations,
 foundations, pensions, and retirement plans.  U.S. Bancorp's (NYSE:   USB) two
 asset management divisions, First American Asset Management and Firstar
 Investment Research & Management Co. LLP (FIRMCO), have combined assets under
 management of $116 billion.  U.S. Bancorp is the eighth largest financial
 services holding company in the United States and a leading provider of
 comprehensive banking, trust, investment, and payment systems products and
 services.  U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank.
 
 

SOURCE First American Asset Management
    MINNEAPOLIS, April 11 /PRNewswire/ -- First American Asset Management
 announced today that the repurchase period has expired as of April 10, 2001,
 for American Income Fund, formerly Mentor Income Fund (NYSE:   MRF).
     The fund is offering to repurchase up to 20% of its outstanding shares.
 Preliminary information shows that approximately 47% of outstanding shares
 have been submitted for repurchase.  Because the submitted shares exceed the
 20% limit, share repurchases will be made on a pro-rata basis.  The repurchase
 price for the shares will be determined on April 19, 2001, at the close of the
 New York Stock Exchange, and proceeds will be paid by the fund on April 23,
 2001.
     Investment products, including shares of closed-end funds, are not
 obligations of, or guaranteed by, any bank including U.S. Bank or any of its
 affiliates, nor are they insured by the Federal Deposit Insurance Corporation,
 the Federal Reserve Board, or any other agency.  An investment in such
 products involves investment risk, including possible loss of principal.
     Based in Minneapolis, First American Asset Management provides investment
 management services to individuals and institutions, including corporations,
 foundations, pensions, and retirement plans.  U.S. Bancorp's (NYSE:   USB) two
 asset management divisions, First American Asset Management and Firstar
 Investment Research & Management Co. LLP (FIRMCO), have combined assets under
 management of $116 billion.  U.S. Bancorp is the eighth largest financial
 services holding company in the United States and a leading provider of
 comprehensive banking, trust, investment, and payment systems products and
 services.  U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank.
 
 SOURCE  First American Asset Management

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