<PAGE>
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: // (a)
Or fiscal year ending: 12/31/97 (b)
Is this a transition report? (Y/N) N
--------
Is this an amendment to a previous filing? (Y/N) N
----------
Those items or sub-items with a box "[/]" after the item number should be
completed only if the answer has changed from the previous filing on this form.
1. A. Registrant Name: United Investors Universal Life
Variable Account
B. File Number: 811- 08209
C. Telephone Number: (205) 325-4300
2. A. Street: 2001 Third Avenue South
B. City: Birmingham C. State: AL D. Zip Code: 35233 Zip Ext:
E. Foreign County: Foreign 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" (Yes), complete only items 89 through 110.]
6. Is Registrant a unit investment trust (UIT)? (Y/N) Y
------------------------
[If answer is "Y" (Yes), complete only items 111 through 132.]
7. A. Is Registrant a series or multiple portfolio company? (Y/N)
----------
[If answer is "N" (No), go to item 8.]
B. How many separate series or portfolios did Registrant have at the end
of the period?
-------------------------------------------------------
1
<PAGE>
For period ending 12/31/97 [ If filing more than one
-------------- Page 48, "X" box: [_]]
File Number 811- 08209
------------
113. A. [/] Trustee Name:
-----------------------------------------------------
B. [/] City: State: Zip Code: Zip Ext:
-------------- ------- ---- ----
[/] Foreign County: Foreign Postal Code:
------------------- ----------
113. A. [/] Trustee Name:
----------------------------------------------------
B. [/] City: State: Zip Code: Zip Ext:
-------------- ------- ---- ----
[/] Foreign County: Foreign Postal Code:
------------------- ----------
114. A. [/] Principal Underwriter Name:
--------------------------------------
B. [/] File Number: 8 -
-----------------------
C. [/] City: State: Zip Code: Zip Ext:
--------------- ------- ------ -----
[/] Foreign County: Foreign Postal Code:
------------------- ----------
114. A. [/] Principal Underwriter Name: Waddell & Reed, Inc.
--------------------------------------
B. [/] File Number: 8 - 27030
-----------------------
C. [/] City: Shawnee Mission State: Kansas Zip Code: 66202 Zip Ext:
--------------- ------- ------ ---
[/] Foreign County: Foreign Postal Code:
------------------- ----------
115. A. [/] Independent Public Accountant Name:
------------------------------
B. [/] City: State: Zip Code: Zip Ext:
--------------- ------- ------ -----
[/] Foreign County: Foreign Postal Code:
------------------- ----------
115. A. [/] Independent Public Accountant Name:
------------------------------
B. [/] City: State: Zip Code: Zip Ext:
--------------- ------- ------ -----
[/] Foreign County: Foreign Postal Code:
------------------- ----------
2
<PAGE>
For period ending 12/31/97 [ If filing more than one
-------------- Page 50, "X" box: [_]]
File Number 811- 08209
------------
123. [/] State the total value of the additional units considered in answering
item 122 ($000's omitted) $
------------------------------------ -------
124. [/] State the total value of units of prior series that were 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) ($000's omitted) $
-------------------------- -------
125. [/] State the total dollar amount of sales loads collected (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 units of all series of Registrant ($000's omitted) $ 0
------- -------
126. Of the amount shown in item 25, state the total dollar 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.) ($000's omitted) $ 0
---
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 at 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 Total Assets Total Income
Series ($000's Distributions
Investing omitted) ($000's omitted)
---------- ---------- ---------------
<S> <C> <C> <C>
A. U.S. Treasury direct issue $ $
------------------ ---------- --------- --------------
B. U.S. Government agency $ $
---------------------- ---------- --------- --------------
C. State and municipal tax-free $ $
---------------- ---------- --------- --------------
D. Public utility debt $ $
------------------------- ---------- --------- --------------
E. Brokers or dealers deb or debt of
brokers' or dealers' parent $ $
----------------- ---------- --------- --------------
F. All other corporate intermed. & long-
term debt $ $
----------------------------------- ---------- --------- --------------
G. All other corporate short-term debt $ $
---------- ---------- --------- --------------
H. Equity securities of brokers or dealers
or parents of brokers or dealers $ $
------------ ---------- --------- --------------
I. Investment company equity securities $ $
-------- ---------- --------- --------------
J. All other equity securities $ $
----------------- ---------- --------- --------------
K. Other securities 1 $ 155 $ 9
---------------------------- ---------- --------- --------------
L. Total assets of all series of registrant 1 $ 155 $ 9
--- ---------- --------- --------------
</TABLE>
3
<PAGE>
For period ending 12/31/97 [ If filing more than one
-------------- Page 51, "X" box: [_]]
File Number 811- 08209
------------
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 period insured or guaranteed by an entity other than the
issuer? (Y/N)
------------------------------------------------- ------
[If answer is "N" (No), go to item 131.] Y/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? (Y/N)
----------------------------------------- ------
[If answer is "N" (No), go to item 131.] Y/N
130. [/] In computations of NAV or offering price per unit, is any part of the
value attributed to instruments identified in item 129 derived from
insurance or guarantees? (Y/N)
----------------------
131. Total expenses incurred by all series of Registrant during the current
reporting period ($000's omitted) $ 5
----------------------------- ------
132. [/] List the "811" (Investment Company Act of 1940) registration numbers
for all Series of Registrant that are being included in this filing:
811- 08209 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
This report is signed on behalf of the Registrant (or deposition or Trustee) in
the City of Birmingham and State of Alabama on the 16th day of February, 1998.
United Investors Life Variable Account
-------------------------------------------
(Name of Registrant, deposition or Trustee)
Witness: /s/ Carr W. Patterson By: /s/ James L. Sedgwick
---------------------- ---------------------------------------
Carr W. Patterson James L. Sedgwick, President
Second Vice President (Name and title of person signing on
and Associate Controller behalf of Registrant, deposition or
Trustee)
4
