FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report as of the end of semiannual period: / / (a)
or fiscal year: 12/31/97 (b)
Is this a transition report? (Y or N): ---N---
Is this an amendment to a previous filing? (Y or 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: Capitol Life Separate Account M
B) File Number: 811-2873
C) Telephone Number: (303) 273-9303
2.A) Street: 1726 Cole Blvd., Suite 115
B) City: Golden C) State: CO D) Zip Code: 80401 Zip Ext.: 3213
E) Foreign Country: Foreign Postal Code:
3. Is this the first filing on this form by the Registrant?(Y or N) ---N---
4. Is this the last filing on this form by the Registrant?(Y or N) ---N---
5. Is Registrant a small business investment company (SBIC)?(Y or N) ---N---
[If answer is "Y" (Yes), complete only items 89 through 110.]
6. Is Registrant a unit investment trust (UIT)?(Y or N) ---Y---
[If answer is "Y" (Yes), complete only items 111 through 132.]
7. A) Is Registrant a series or multiple portfolio company?(Y or 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? --------------------------------------------------------
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For period ending 12/31/97
File number 811-2873
C. List the name of each series or portfolio and give a consecutive number
to each series or portfolio starting with the number 1.USE THIS SAME
NUMERICAL DESIGNATION FOR EACH SERIES OR PORTFOLIO IN THE SERIES
INFORMATION BLOCK IN THE TOP RIGHT CORNER OF THE SCREENS SUBMITTED IN
THIS FILING AND IN ALL SUBSEQUENT FILING ON THIS FORM. THIS INFORMATION
IS REQUIRED EACH TIME THE FORM IS FILED.
Is this the
last filing
Series Series Name for this series?
------------ ----------------------------------------- ----------------
1 (Y/N)
(NOTE: See item D(8) of the general instructions to the form for information
on how to complete the form for series companies.)
2
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For period ending 12/31/97
File number 811-2873
UNIT INVESTMENT TRUSTS
111. A. [/] Depositor Name:
B. [/] File Number (If any):
C: [/] City: State: Zip Code: Zip Ext.:
[/] Foreign Country: Foreign Postal Code:
111. A. [/] Depositor Name:
B. [/] File Number (If any):
C: [/] City: State: Zip Code: Zip Ext.:
[/] Foreign Country: Foreign Postal Code:
112. A. [/] Sponsor Name:
B. [/] File Number (If any):
C: [/] City: State: Zip Code: Zip Ext.:
[/] Foreign Country: Foreign Postal Code:
112. A. [/] Sponsor Name:
B. [/] File Number (If any):
C: [/] City: State: Zip Code: Zip Ext.:
[/] Foreign Country: Foreign Postal Code:
47
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For period ending 12/31/97
File number 811-2873
113. A. [/] Trustee Name:
B. [/] City: State: Zip Code: Zip Ext.:
[/] Foreign Country: Foreign Postal Code:
113. A. [/] Trustee Name:
B. [/] City: State: Zip Code: Zip Ext.:
[/] Foreign Country: 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:
B: [/] File Number: 8-
C: [/] 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 Country: Foreign Postal Code:
115. A. [/] Independent Public Accountant Name:
B: [/] City: State: Zip Code: Zip Ext.:
[/] Foreign Country: Foreign Postal Code:
48
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For period ending 12/31/97
File number 811-2873
116. Family of investment companies information:
A. [/] Is Registrant part of a family of investment companies?(Y/N)
----------------------------------------------------------------
B. [/] Identify the family in 10 letters
- - - - - - - - - -
(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)
------------------------------------------------------------------
If answer is "Y" (Yes), 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) ---------------
E. [/] Other types of insurance products 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 -------------
119. [/] State the number of new series for which registration statements
under the Securities Act of 1933 became effective during the period
------------------------------------------------------------------------
120. [/] State the total value of the portfolio securities on the date of
deposit for the new series included in item 119 ($000's omitted)
---------------------------------------------------------------------- $
121. [/] State the number of series for which a current prospectus was in
existence at the end of the period -------------------------------------
122. [/] State the number of existing series for which additional units were
registered under the Securities Act of 1933 during the current period.
------------------------------------------------------------------------
49
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For period ending 12/31/97
File number 811-2873
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 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) ------------------- $
126. Of the amount shown in item 125, 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)
---------------------------------------------------------------------- $
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 Total Assets Total Income
of 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 dealer debt 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____________________________ _________ $___________ $___________
1 20,976 0
J. All other equity securities___________ _________ $___________ $___________
K. Other securities______________________ _________ $___________ $___________
L. Total assets of all series of 1 20,976 0
registrant____________________________ _________ $___________ $___________
</TABLE>
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For period ending 12/31/97
File number 811-2873
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.]
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.]
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) ----------------------------------------- $213
132. [/] List the "811" (Investment Company Act of 1940) registration number
for all Series of Registrant that are being included in this filing:
<TABLE>
<S> <C> <C> <C> <C> <C>
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-_______ 811-_______
</TABLE>
51
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SIGNATURES
This Report is signed on behalf of the registrant in the City of Golden
and the State of Colorado on this the 9th day of April, 1998
By: /s/DANIEL CARPENTER
-----------------------
Daniel Carpenter
Senior Vice President and Chief Financial Officer
Witness: /s/JOSEPH L. BLATTNER, JR.
-------------------------
Joseph L. Blattner, Jr.
President