American Income Fund, Inc. (the Fund) is a diversified closed-end management investment company.The fund's investment objective is to achieve high monthly income consistent with prudent risk to capital. The Fund invests primarily in fixed-income securities, including, but not limited to, mortgage-backed securities, asset-backed securities, and high yield and investment grade corporate bonds. It also invests in debt securities, such as collateralized mortgage obligations (CMOs) and asset-backed securities, high-yield bonds, corporate bonds, and preferred stock. It will invest at least 65% of its total assets in investment-grade securities under normal market conditions. No more than 35% of the fund's total assets may be held in high-yield issues. The fund is authorized to borrow funds or issue senior securities in amounts not exceeding 33 1/3% of its total assets. The Fund's investment advisor is U.S. Bancorp Asset Management, Inc.