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USLIFE INCOME FUND REPORTS OPERATING RESULTS FOR FISCAL YEAR ENDED JUNE 30, 1993

    NEW YORK, Aug. 13 /PRNewswire/ -- USLIFE Income Fund, Inc. (NYSE: UIF), a closed-end investment company, reported today that net investment income from interest amounted to $4,959,552 or 91 cents per share for the fiscal year ended June 30, 1993, compared to income of $4,986,489 or 93 cents for the previous fiscal year.  The per share earnings are based upon the weighted average number of shares outstanding during the respective periods.  Regular quarterly dividends totaling 90 cents per share were paid to shareholders during the fiscal year.
    For the twelve months ended June 30, 1993, there were net realized gains from securities transactions of $1,063,536 and a net increase in unrealized gain on investment securities of $2,265,551.
    The net assets of USLIFE Income Fund totaled $56,846,860 at June 30, 1993 compared to $52,350,836 on June 30, 1992.  Net asset value per share at June 30, 1993 was $10.28 compared to $9.67 on June 30, 1992.
    USLIFE Income Fund is managed by USLIFE Advisers, Inc., a wholly owned subsidiary of USLIFE Corporation (NYSE: USH).
                         USLIFE INCOME FUND, INC.
                  Condensed Comparative Results of Operations
    Twelve Months Ended June 30,      1993               1992
    Interest and dividend income   $5,625,058         $5,632,927
    Expenses                          665,506            646,438
    Net investment income           4,959,552          4,986,489
    Net investment income per share       .91                .93
    Other pertinent data:
    Net realized gain (loss)
     from securities transactions:
    Amount                          1,063,536         (1,067,222)
    Per share                             .19               (.20)
    Net increase in unrealized gain
     from securities transactions:
    Amount                          2,265,551          6,145,291
    Per share                             .41               1.15
    Net assets:
    Total                         56,846,860          52,350,836
    Per share                          10.28                9.67
    Number of shares outstanding at
     end of period                  5,527,569          5,414,072
    Weighted average number of
     shares outstanding during the
     period                         5,451,475          5,368,412
    -0-             08/13/93
    CONTACT:  Richard G. Hohn, vice president and corporate secretary of USLIFE Income Fund, 212-709-6415
    (UIF) CO:  USLIFE INCOME FUND, INC. IN:  INS SU:  ERN ST:  NY


-- NY018 -- X597 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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