<PAGE>
File Number 811-9106
For period ending 12/31/97
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
[FOR ELECTRONIC FILERS ONLY]
Registrant CIK Number: 0001001980
Registrant Password: QQFS7KQ@
Contact: DANIEL B. LAZARUS
Registrant Name: SOUTHLAND SEPARATE ACCOUNT L1
Contact Telephone Number: 770-618-3910
Test or Live Filing (T or L):
Report for six month period ending: / / (a)
or fiscal year ending: 12/31/97 (b)
Report for the transition period ending: / / (c)
[If transition report also complete (a) or (b) above]
Is this an amendment to a previous filing (Y/N): N
THOSE ITEMS OR SUB-ITEMS WITH A BOX "[/]" AFTER THE TERM NUMBER SHOULD BE
COMPLETED ONLY IF THE ANSWER HAS CHANGED FROM THE PREVIOUS FILING ON THIS FORM.
________________________________________________________________________________
1. A. REGISTRANT NAME: SOUTHLAND SEPARATE ACCOUNT L1
B. File Number: 811-9106
C. Telephone Number: (770) 980-5100
2. A. STREET: 5780 POWERS FERRY ROAD
B. City: ATLANTA
C. State: GEORGIA
D. Zip Code: 30327 Zip Ext: 4390
E. Foreign Country: Postal Code:
3. Is this the first filing on this form by Registrant? (Y/N) Y
4. Is this the last filing on this form by Registrant? (Y/N) N
5. Is Registrant a small business investment company (SBIC)? (Y/N) N
[If answer Is "Y", complete only items 89 through 110.]
6. Is Registrant a unit investment trust (UIT)? (Y/N) Y
[If answer is "Y", complete only items 111 through 132.]
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File Number 811-9106
For period ending 12/31/97
UNIT INVESTMENT TRUSTS
111. A. [/] DEPOSITOR NAME: SOUTHLAND LIFE INSURANCE COMPANY
B. [/] File Number (If any):
C. [/] City: ATLANTA State: GA Zip Code: 30327 Zip Ext: 4390
112. A. [/] Sponsor Name:
B. [/] File Number (If any):
C. [/] City: Denver State: Zip Code: Zip Ext.:
113. A. [/] Trustee Name:
B. [/] City: State: Zip Code: Zip Ext.:
114. A. [/] Principal Underwriter: ING AMERICA EQUITIES, INC.
B. [/] File Number: 8-47089
C: [/] City: DENVER State: CO Zip Code: 80203 Zip Ext.: 5699
115. A. [/] Independent Public Account Name: ERNST & YOUNG LLP
B: [/] City: ATLANTA State: GA Zip Code: 30308 Zip Ext.: 2215
116. Family of investment companies information:
A. [/] Is Registrant part of a family of investment companies? (Y/N) Y
B. [/] Identify the family in 10 letters: SOUTHLANDL
(NOTE: In filing this form, use this identification
consistently for all investment companies in family. This
designation is for purposes of this form only.)
117. A. [/] Is Registrant a separate account of an insurance
company? (Y/N) Y
If answer is "Y", are any of the following types of contracts
funded by the Registrant:
B. [/] Variable annuity contracts (Y/N)
C. [/] Scheduled premium variable life contracts (Y/N)
D. [/] Flexible premium variable life contracts (Y/N) Y
E. [/] Other types of insurance policies registered under the
Securities Act of 1933? (Y/N)
118. [/] State the number of series existing at the end of the period
that had securities registered under the Securities Act of 1933. 1
119. [/] State the number of new series for which registration
statements under the Securities Act of 1933 became effective
during the period 1
120. [/] State the total value of the portfolio securities on the date of
deposit of the new series included in item 119 ($000 omitted) 0
121. [/] State the number of series for which a current prospectus was
in existence at the end of the period 1
122. [/] State the number of existing series for which additional
units were registered under the Securities Act of 1933
during the current period. 0
123. [/] State the total value of the additional units considered
in answering item 122 ($000 omitted) 0
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File Number 811-9106
For period ending 12/31/97
124. [/] State the total value of units of prior series that were 0
placed in the portfolios of subsequent series during the
current period (the value of these units is to be measured
on the date they were placed in the subsequent series
125. [/] State the total dollar amount of sales loads collected 0
(before reallowances to other brokers or dealers) by
Registrant's principal underwriter and any underwriter
which is an affiliated person of the principal underwriter
during the current period solely from the sale of the units
of all series of Registrant ($000's omitted).
126 Of the amount shown in item 125, state the total dollar 0
amount of sales loads collected from secondary market
operations in Registrant's units (include the sales loads,
if any, collected on units of a prior series placed in the
portfolio of a subsequent series)
127. List opposite the appropriate description below the number of series
whose portfolios are invested primarily (based upon a percentage of
NAV) in each type of security shown, the aggregate total assets at
market value as of a date a or near the end of the current period of
each such group of series and the total income distributions made by
each such group of series during the current period (excluding
distributions of realized gains, if any):
<TABLE>
<CAPTION>
NUMBER
OF SERIES TOTAL ASSETS TOTAL INCOME
INVESTING ($000'S OMITTED) DISTRIBUTIONS
($000'S OMITTED)
<S> <C> <C> <C>
A. U.S. TREASURY DIRECT ISSUES $ $
B. U.S. GOVERNMENT AGENCY $ $
C. STATE AND MUNICIPAL TAX-FREE $ $
D. PUBLIC UTILITY DEBT $ $
E. BROKERS OR DEALERS DEBT OR DEBT OF BROKERS' OR DEALERS' PARENT $ $
F. ALL OTHER CORPORATE INTERMEDIATE & LONG-TERM DEBT $ $
G. ALL OTHER CORPORATE SHORT-TERM DEBT $ $
H. EQUITY SECURITIES OF BROKERS OR DEALER OR PARENT OF BROKERS OR DEALERS $ $
I. INVESTMENT COMPANY EQUITY SECURITIES 1 $4,783 $ 0
J. All other equity securities $ $
K Other securities $ $
L. Total Assets of all series of Registrant $4,783
</TABLE>
128. [/] Is the timely payment of principal and interest on any of
the portfolio securities held by any of Registrant's
series at the end of the current prior insurance or
guaranteed by an entity other than the issuer?
[If answer is "N" (No), go to item 131.] N
129. [/] Is the issuer of any instrument covered in item 128
delinquent or in default as to payment of principal or
interest at the end of the current period?
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File Number 811-9106
For period ending 12/31/97
130. [/] In computations of NAV or offering price per unit, is any
par of the value attributed to instruments identified in
item 129 derived from insurance or guarantees?
131. Total expense incurred by all series of Registrant during $ 451
the current reporting period ($000's omitted).
132. [/] List the "811" Investment Company Act of 1940) registration 9106
number for all Series of Registrant that are begin included
In this filing
This Report is signed on behalf of the Registrant in the City of Atlanta and
State of Gorgia on the 27th day of February, 1998.
Name of Registrant: Southland Separate Account L1
Name of Depositor: By: Southland Life Insruance Company
By: /s/: JAMES D. THOMPSON
James D. Thompson
President
Witness: /s/: DANIEL B. LAZARUS
Daniel B. Lazarus
Director - Variable Compliance
