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USLIFE INCOME FUND, INC. REPORTS OPERATING RESULTS FOR THE SIX MONTHS ENDED DEC. 31, 1992; QUARTERLY DIVIDEND DECLARED

 NEW YORK, Jan. 13 /PRNewswire/ -- USLIFE Income Fund, Inc. (NYSE: UIF), a closed-end investment company, reported today that net investment income from interest and dividends amounted to $2,477,153 or 46 cents per share for the six months ended Dec. 31, 1992, as compared to $2,499,842 or 47 cents per share for the same period in the preceding year. Dividends totaling 46 cents were paid during the six-month period.
 For the six months ended Dec. 31, 1992, net realized gains from securities transactions amounted to $141,207. The decrease in unrealized losses on investment securities for the same period amounted to $342,017.
 The net assets of USLIFE Income Fund totaled $53,377,622 at Dec. 31, 1992, as compared to $50,551,999 on Dec. 31, 1991. Net asset value per share at Dec. 31, 1992, was $9.75 compared to $9.44 on Dec. 31, 1991.
 Board Declares Quarterly Dividend
 The board of directors of USLIFE Income Fund declared a quarterly dividend of 22 cents per share from net investment income. Last quarter the Fund paid a dividend of 23 cents per share. The dividend is payable on March 1, 1993, to shareholders of record on Feb. 16, 1993.
 USLIFE Income Fund, Inc. is managed by USLIFE Advisers, Inc., a wholly owned subsidiary of USLIFE Corporation (NYSE: USH).
 USLIFE INCOME FUND, INC.
 Condensed Comparative Results of Operations
 Six months ended Dec. 31 1992 1991
 Interest and dividend income $ 2,810,708 $ 2,821,308
 Expenses 333,555 321,466
 Net investment income $ 2,477,153 $ 2,499,842
 Net investment income per share $.46 $.47
 Other pertinent data:
 Net realized gains from security
 transactions:
 Amount $ 141,207 $ 131,053
 Per share $.02 $.03
 Net decrease in unrealized losses
 on investment securities:
 Amount $ 342,017 $ 3,711,468
 Per share $.06 $.69
 Net assets:
 Total $53,377,622 $50,551,999
 Per share $9.75 $9.44
 Shares outstanding at Dec. 31 5,472,136 5,356,668
 -0- 1/13/93
 /CONTACT: Richard G. Hohn, vice president and secretary of USLIFE Income Fund, 212-709-6415/
 (UIF)


CO: USLIFE Income Fund, Inc. ST: New York IN: FIN SU: ERN DIV

KD-GK -- NY031 -- 4468 01/13/93 13:49 EST
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Date:Jan 13, 1993
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