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: Investors Life Insurance Company of North
America INA/Putnam Separate Account
B. File Number: 811-2980
C. Telephone Number: 512/404-5000
2. A. Street: 701 Brazos Street, 14th Floor
B: City: Austin C. State: TX D: Zip Code: 78701
E. Foreign Country: Foreign Postal Code:
3. Is this the first filing on this form by Registrant? (Y/N) N
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?
SEC 2100 (10-94)
For period ending 12/31/97
File number 811- 2980
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 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):
Number of Total Assets Total Income
Series ($000's Distributions
Investing omitted) ($000's omitted)
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
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 8 $ 22,261 $ 1,427
J. All other equity
securities $ $
K. Other securities $ $
L. Total assets of
all series of
registrant 8 $ 22,261 $ 1,427
For period ending 12/31/97
File number 811-2980
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, if any part of
the value attributed to instruments identified in item 129 derived
from insurance or guarantees? (Y/N)
[If answer is "N" (No), go to item 131]. Y/N
131. Total expense incurred by all series of Registrant during the
current reporting period ($000's omitted) $207
132. / List the "811" (Investment Company Act of 1940) registration number
for all Series of Registrant that are being included in this filing:
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-
Signature Page
This report is signed on behalf of the registrant in the city of Austin
and State of Texas of on 11th day of February, 1998.
Investors Life Insurance
Company of North America
INA/Putnam Separate Account
By: Investors Life Insurance
Company of North America
\s\Roberta A. Mitchell
Roberta A. Mitchell
Senior Vice President
(Seal)
Witness
\s\Theodore A. Fleron
Theodore A. Fleron
Senior Vice President and General Counsel
