<PAGE> PAGE 1
000 B000000 06/30/1999
000 C000000 0000102426
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 USLIFE INCOME FUND, INC.
001 B000000 811-2328
001 C000000 7138316903
002 A000000 2929 ALLEN PARKWAY
002 B000000 HOUSTON
002 C000000 TX
002 D010000 77019
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 THE VARIABLE ANNUITY LIFE INSURANCE CO.
008 B000001 A
008 C000001 801-8138
008 D010001 HOUSTON
008 D020001 TX
008 D030001 77019
012 A000001 CHASEMELLON SHAREHOLDERS SERVICES, LLC
012 B000001 85-0000000
012 C010001 RIDGEFIELD PARK
012 C020001 NJ
012 C030001 07660
013 A000001 KPMG LLP
013 B010001 HOUSTON
013 B020001 TX
013 B030001 77002
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
<PAGE> PAGE 2
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MERRILL LYNCH PIERCE FENNER
022 B000001 13-5674085
022 C000001 110189
022 D000001 1053
022 A000002 LEHMAN BROTHERS INC
022 B000002 13-2501855
022 C000002 74566
022 D000002 0
022 A000003 CS FIRST BOSTON CORPORATION
022 B000003 13-5659485
022 C000003 40197
022 D000003 0
022 A000004 STATE STREET BANK & TRUST COMPANY
022 B000004 04-1867445
022 C000004 15000
022 D000004 0
022 A000005 NATIONS BANK
022 B000005 56-1684171
022 C000005 9104
022 D000005 1620
022 A000006 BEAR, STEARNS & COMPANY
022 B000006 13-2753731
022 C000006 5220
022 D000006 4522
022 A000007 SALOMON BROTHERS SMITH BARNEY
022 B000007 13-3082694
022 C000007 6521
022 D000007 2652
022 A000008 DONALDSON, LUFKIN & JENRETTE
022 B000008 13-2741729
022 C000008 4428
022 D000008 2722
022 A000009 GOLDMAN SACHS
022 B000009 13-5108880
022 C000009 5737
<PAGE> PAGE 3
022 D000009 0
022 A000010 FIRST CHICAGO CAPITAL MARKET
022 B000010 36-3595942
022 C000010 4999
022 D000010 521
023 C000000 306962
023 D000000 32815
024 000000 Y
025 A000001 STATE STREET BANK & TRUST COMPANY
025 B000001 04-1867445
025 C000001 D
025 D000001 1057
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
045 000000 Y
046 000000 N
047 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
<PAGE> PAGE 4
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 Y
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 1.9
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 2.6
062 N000000 0.0
062 O000000 0.0
062 P000000 93.4
062 Q000000 0.0
062 R000000 0.0
<PAGE> PAGE 5
063 A000000 0
063 B000000 13.6
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 33164
071 B000000 33342
071 C000000 56899
071 D000000 58
072 A000000 12
072 B000000 5063
<PAGE> PAGE 6
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 404
072 G000000 0
072 H000000 0
072 I000000 54
072 J000000 5
072 K000000 0
072 L000000 32
072 M000000 32
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 50
072 R000000 26
072 S000000 19
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 39
072 X000000 661
072 Y000000 0
072 Z000000 4402
072AA000000 0
072BB000000 657
072CC010000 0
072CC020000 3285
072DD010000 4289
072DD020000 0
072EE000000 0
073 A010000 0.7600
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 1057
074 C000000 0
074 D000000 54565
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1679
074 K000000 0
074 L000000 1322
074 M000000 12
074 N000000 58635
074 O000000 1463
074 P000000 46
<PAGE> PAGE 7
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 285
074 S000000 0
074 T000000 56841
074 U010000 5644
074 U020000 0
074 V010000 10.07
074 V020000 0.00
074 W000000 0.0000
074 X000000 2901
074 Y000000 0
075 A000000 0
075 B000000 58998
076 000000 9.63
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 4550
081 A000000 Y
081 B000000 56
082 A000000 Y
082 B000000 50
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
<PAGE> PAGE 8
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 USLIFE INCOME FUND, INC.
087 A020000 917324105
087 A030000 UIF
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE GREGORY R. SEWARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000102426
<NAME> USLIFE INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 57269824
<INVESTMENTS-AT-VALUE> 55622219
<RECEIVABLES> 3000565
<ASSETS-OTHER> 11797
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58634581
<PAYABLE-FOR-SECURITIES> 1463183
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 329929
<TOTAL-LIABILITIES> 1793112
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59107071
<SHARES-COMMON-STOCK> 5643768
<SHARES-COMMON-PRIOR> 5643768
<ACCUMULATED-NII-CURRENT> 1091780
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1710777)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1646605)
<NET-ASSETS> 56841469
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5062804
<OTHER-INCOME> 0
<EXPENSES-NET> 660798
<NET-INVESTMENT-INCOME> 4402006
<REALIZED-GAINS-CURRENT> (656773)
<APPREC-INCREASE-CURRENT> (3284726)
<NET-CHANGE-FROM-OPS> 460507
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4289263
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 997787
<ACCUMULATED-GAINS-PRIOR> (1072754)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 404470
<INTEREST-EXPENSE> 10920
<GROSS-EXPENSE> 660798
<AVERAGE-NET-ASSETS> 58997843
<PER-SHARE-NAV-BEGIN> 10.75
<PER-SHARE-NII> 0.78
<PER-SHARE-GAIN-APPREC> (0.70)
<PER-SHARE-DIVIDEND> 0.76
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.07
<EXPENSE-RATIO> 1.12
</TABLE>
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, 1999, we considered its internal control, including
control activities 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 internal control.
The management of USLIFE Income Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity=s objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud 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 internal
control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as
defined above as of June 30, 1999.
This report is intended solely for the information and use of
management, the Board of Directors of USLIFE Income Fund, Inc.
and the Securities and Exchange Commission.
Houston, Texas
July 29, 1999
