The $56 million USLife Income Fund, a closed-end fund managed by Variable Annuity Life Insurance Co. (VALIC), a Houston, Tex.-based unit of American General Annuity Insurance Co., may soon be facing the fight of its 27-year life.

Stewart R. Horejsi, a closed-end fund shareholder activist based in Salina, Kan., is laying the groundwork to seize control of the fund. In a July 26 13D shareholder proposal filed by Horejsi on behalf of himself, family members and familial trusts he oversees, Horejsi asks the USLife Income Fund's board of directors to sever the fund's investment advisory agreement with VALIC.

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