FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: / / (a)
or fiscal year ending: 12/31/98 (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 star after the item number should be completed
only if the answer has changed from the previous filing on this form:
1. A. Registrant Name: THE GUARDIAN VALUE LINE SEPARATE ACCOUNT
B. File Number: 812-03117
C. Telephone Number: 212-598-8259
2. A. Street: 201 PARK AVENUE SOUTH
B. City: New York
C. State: NY
D. Zip Code: 10003 Zip Ext:
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__
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? __________________________________
<PAGE>
For period ending If filing more than one
File number 811- 03117 Page 2, "X" box: [_]
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 THE SAME NUMERICAL
DESIGNATION FOR EACH SERIES OR PORTFOLIO IN THE SERIES INFORMATION BLOCK IN
THE TOP RIGHT CORNER OF THE SCREENS SUBMITTED THIS FILING AND IN ALL
SUBSEQUENT FILINGS ON THIS FORM. THIS INFORMATION IS REQUIRED EACH TIME THE
FORM IS FILED.
Is this the
Series last filing
Number Series Name for this series?
------ ----------- ----------------
(Y/N)
<PAGE>
For period ending 12/31/98 If filing more than one
File number 811-03117 Page 49,"X" box: [_]
116. A. Is Registrant part of a family of investment ___N__
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) __Y__
If answer is "Y" (Yes), are any of the following types of
contracts funded by the Registrant?:
B. Variable annuity contracts?(Y/N): __Y__
C. Scheduled premium variable life contracts: __N__
D. Flexible premium variable life contracts: __N__
E. Other types of insurance products registered under
the Securities Acts of 1933?(Y/N) __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 __0__
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) $__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 period __0__
<PAGE>
For period ending 12/31/98 If filing more than one
File number 811-03117 Page 50, "X" box: [_]
123. State the total value of the additional units considered in
answering item 122 ($000's omitted) $ 0
124. State the total value of units 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) $ 0
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 amounts 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) $ 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):
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
J. All other equity securities 1 $286,097 0
K. Other securities
L. Total assets of all series of
registrant 1 $286,097 0
<PAGE>
For period ending 12/31/98 If filing more than one
File number 811-03117 Page 51, box: [_]
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) 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) 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) Y/N
131. Total expenses incurred by all series of Registrant during
the current reporting period ($000's omitted) $ 2,922
132. List the "811" (Investment Company Act of 1940) registration
number for all Series of Registrant that are being included
in this filing:
811-03117 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-
<PAGE>
Signature Page
The following form or signature shall follow items 79,85,88,104,110 or 130 as
appropriate.
This report is signed on behalf of the registrant (or depositor or trustee).
City of: State of: Date:
Name of Registrant. Depositor, or Trustee:
By:(Name and Title). Witness(Name and Title):
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
VALUE LINE SEPARATE ACCOUNT -- VALUE GUARD I
This schedule contains summary financial information extracted from the "Annual
Report to Shareholders" dated December 31, 1998.
</LEGEND>
<CIK> 0000320580
<NAME> VALUE LINE SEPARATE ACCOUNT -- VALUE GUARD I
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 195,194,631
<INVESTMENTS-AT-VALUE> 286,097,093
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 286,097,093
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,783,843
<TOTAL-LIABILITIES> 2,783,843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 262,798
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 42,738,667
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 90,902,463
<NET-ASSETS> 283,313,250
<DIVIDEND-INCOME> 3,184,552
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2,921,754
<NET-INVESTMENT-INCOME> 262,798
<REALIZED-GAINS-CURRENT> 42,738,667
<APPREC-INCREASE-CURRENT> 4,336,237
<NET-CHANGE-FROM-OPS> 47,337,701
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,921,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,921,754
<AVERAGE-NET-ASSETS> 279,746,822
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 47,074,903
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .010
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
