-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BDF5m2hD6CA1ugBeSqfO6fzE3nPJA7eTSDyMKImZDMp+9jnzsjJsTYJJVUkBt9gW
 oLdY0qEznMWt5NN3kE0vQw==

<SEC-DOCUMENT>0000898432-04-001053.txt : 20041228
<SEC-HEADER>0000898432-04-001053.hdr.sgml : 20041228
<ACCEPTANCE-DATETIME>20041228175811
ACCESSION NUMBER:		0000898432-04-001053
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041227
FILED AS OF DATE:		20041228
DATE AS OF CHANGE:		20041228

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KELSOE JAMES C
		CENTRAL INDEX KEY:			0001244709

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21631
		FILM NUMBER:		041229241

	BUSINESS ADDRESS:	
		STREET 1:		50 FRONT STREET
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103
		BUSINESS PHONE:		9015244100

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RMK Advantage Income Fund, Inc.
		CENTRAL INDEX KEY:			0001302246
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		MORGAN KEEGAN TOWER
		STREET 2:		50 FRONT STREET
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103
		BUSINESS PHONE:		901-524-4100

	MAIL ADDRESS:	
		STREET 1:		MORGAN KEEGAN TOWER
		STREET 2:		50 FRONT STREET
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RMK Advantage Fund, Inc.
		DATE OF NAME CHANGE:	20040902
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rmkaifi-kelsoe_4ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-27</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001302246</issuerCik>
        <issuerName>RMK Advantage Income Fund, Inc.</issuerName>
        <issuerTradingSymbol>RMA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001244709</rptOwnerCik>
            <rptOwnerName>KELSOE JAMES C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>MORGAN ASSET MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>50 FRONT STREET</rptOwnerStreet2>
            <rptOwnerCity>MEMPHIS</rptOwnerCity>
            <rptOwnerState>TN</rptOwnerState>
            <rptOwnerZipCode>38103</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Portfolio Manager</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, $.0001 Par Value</value>
            </securityTitle>
            <transactionDate>
                <value>2004-12-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>15.90</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/s/ James C. Kelsoe, Jr. by his attorney-in-fact, Jennifer R. Gonzalez</signatureName>
        <signatureDate>2004-12-28</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----