NU Online News Service, Jan. 25, 2:18 p.m. – The new board of USLife Income Fund Inc. is replacing the officers and investment advisor and proposing to change the fund name and investment objective.
The Variable Annuity Life Insurance Company, Houston, an affiliate of American International Group Inc., has been the investment advisor for the closed-end fixed-income fund, which has $49 million in assets.
The new board has picked Boulder Investment Advisers L.L.C., Boulder, Colo., and Stewart West Indies Trading Company Ltd., Christ Church, Barbados, to be the new, interim investment advisors, “until such time as shareholders consider an ongoing investment advisory contract,” according to a report the new board filed with the U.S. Securities and Exchange Commission.
The new board has also announced plans to rename the fund the Boulder Growth & Income Fund; change the investment objective to “total return”; and change the investment restrictions to permit the fund to invest in real estate investment trusts and common stocks.
The new board will put the changes to a vote at a shareholder meeting in April, the board says.