<PAGE>
FORM N-SAR
ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: // (a)
or fiscal year ending: 12/31/99 (b)
Is this a transition report (Y/N) N
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Is this an amendment to a previous filing (Y/N) N
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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: Franklin Life Variable Annuity Fund
B. File Number: 811-1990
C. Telephone Number: (217) 528-2011
2. A. Street: #1 Franklin Square
B: City: Springfield C. State: IL D. Zip Code: 62713 Zip Ext: 0001
E. Foreign Country: Foreign Postal Code:
3. Is this the first filing on this form by Registrant? (Y/N) N
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4. Is this the last filing on this form by Registrant? (Y/N) N
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5. Is Registrant a small business investment company (SBIC)? (Y/N) N
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[If answer is "Y"(Yes), complete only items 89 through 110.]
6. Is Registrant a unit investment trust (UIT)? (Y/N) Y
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[If answer is "Y" (Yes) complete only items 111 through 132.]
01 SEC 2100(04-98)
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For period ending December 31, 1999
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File number 811-1990
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UNIT INVESTMENT TRUSTS
<TABLE>
<S> <C>
111. A. - Depositor Name: The Franklin Life Insurance Company
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B. - File Number (If any):______________________
C. - City: Springfield State: IL Zip Code: 62713 Zip Ext. 0001
--------------- -------- ------- ---------
- 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:____________
A. - Sponsor Name:__________________________________________________________
B. - File Number (If any)____________________________
C. - City:_______________ State: ___________ Zip Code:_______ Zip Ext.:_____
- Foreign Country:_________________ Foreign Postal Code:_________________
</TABLE>
47
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For period ending December 31, 1999
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File number 811-1990
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<TABLE>
<S> <C>
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: Franklin Financial Services Corporation
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B. - File Number: 8-15847
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C. - City: Springfield State: IL Zip Code 62713 Zip Ext.: 0001
----------- ------- ------- -------------
- Foreign Country:___________________ Foreign Postal Code:______________
114. A. - Principal Underwriter Name: __________________________________________
B. - File Number: 8-_______________
C. - City:_______________ State:__________ Zip Code:_______ Zip Ext.:______
- Foreign Country:___________________ Foreign Postal Code:______________
115. A. - Independent Public Accountant Name: Ernst & Young, LLP
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B. - City Chicago State: IL Zip Code: 60606 Zip Ext.: 6301
------- ----- ----- -----------------
- Foreign Country:______________________ Foreign Postal Code:___________
115. A. - Independent Public Accountant Name:___________________________________
B. - City:_______________ State:__________ Zip Code:________ Zip Ext.:_____
- Foreign Country:______________________ Foreign Postal Code:___________
</TABLE>
48
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For period ending December 31, 1999
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File number 811-1990
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<TABLE>
<S> <C>
116. Family of investment companies information:
A. - Is Registrant part of a family of investment companies? (Y/N) Y
----- ------
Y/N
B. - Identify the family in 10 letters: E Q U I B U I L D S
- - - - - - - - - -
(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
----- -----
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) Y
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Y/N
C. - Scheduled premium variable life contracts? (Y/N) N
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Y/N
D. - Flexible premium variable life contracts? (Y/N) N
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Y/N
E. - Other types of insurance products registered under the Securities Act of
1933? (Y/N) N
----------------------------------------------------------------- -----
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
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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 for the new series included in item 119 ($000's omitted) $16,209
---------- -------------
121. - State the number of series for which a current prospectus was in
existence at the end of the period 1
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122. - State the number of existing series for which additional units
were registered under the Securities Act of 1933 during the
current period 1
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</TABLE>
49
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For period ending December 31, 1999
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File number 811-1990
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<TABLE>
<S> <C>
123. - State the total value of the additional units considered in answering item
122 ($000's omitted) $ 267
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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) $ 16,418
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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
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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 $ 0 omitted) $ 0
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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>
<TABLE>
<CAPTION>
Number of Total Assets Total Income
Series ($000's Distributions
Investing omitted) ($000's omitted)
----------------------------------------------
<S> <C> <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 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 _____________________________ _________ $________ $________
</TABLE>
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For period ending December 31, 1999
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File number 811-1990
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<TABLE>
<CAPTION>
Number of Total Assets Total Income
Series ($000's Distributions
Investing omitted) ($000's omitted)
----------------------------------------------
<S> <C> <C> <C> <C>
I. Investment company equity securities ___________ _____________ $___________ $___________
1 $16,209 $343
J. All other equity securities _____________________ _____________ __________ ___________
K. Other securities _____________________________ _____________ $___________ $___________
1 $16,209 $343
L. Total assets of all series of registrant_____________ _____________ ___________ ___________
</TABLE>
50
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For period ending December 31, 1999
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File number 811-1990
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<TABLE>
<S> <C>
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
-------------------------------------------------------------- ------------
[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)
-------------------------------- ------------
Y/N
131. Total expenses incurred by all series of Registrant during
the current reporting period ($000's omitted) $230
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132. - List the "811" (Investment Company Act of 1940)
registration number for all Series of Registrant that are
being included in this filing:
811-1990
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</TABLE>
51
<PAGE>
For period ending 12/31/99
File number 811-1990
This report is signed on behalf of the Registrant, Franklin Life Variable
Annuity Fund, in the City of Springfield and State of Illinois on this 24 day
of February, 2000.
FRANKLIN LIFE VARIABLE ANNUITY FUND
BY: THE FRANKLIN LIFE INSURANCE
COMPANY, DEPOSITOR
By: /s/ Barbara J. Fossum
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Barbara J. Fossum
Senior Vice President
Witness /s/ Elizabeth E. Arthur
--------------------------------
Elizabeth E. Arthur
Assistant Secretary
PAGE NUMBER 52
