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<PAGE> PAGE 2
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SIGNATURE RICHARD G. HOHN
TITLE VP & SECRETARY
["KPMG Peat Marwick LLP" logo]
345 Park Avenue
New York, NY 10154
To the Board of Directors and Shareholders of
USLIFE Income Fund, Inc.:
In planning and performing our audit of the financial statements of USLIFE
Income Fund, Inc. for the year ended June 30, 1996, we considered its
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of USLIFE Income Fund, Inc. is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
the preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that
it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of June 30, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
July 31, 1996
Member Firm of
Klynveld Peat Marwick Goerdeler
