<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) Y
-----
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: Fidelity Variable Annuity Account
B. File Number: 811-2954
C. Telephone Number:319-297-8121
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
2. A. Street: 4333 Edgewood Road N.E.
B. City: Cedar Rapids C. State: IA D. Zip Code: 52499 Zip Ext: 0001
E. Foreign Country: Foreign Postal Code:
</TABLE>
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 if "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?
-------------------------------------------------------------
01
<PAGE>
___________________________
| If filing more than one |
| Page 50, "X" box: [_] |
|_________________________|
For period ending 12/31/97
---------------
File number 811-2954
----------------
123. [_] State the total value of the additional units considered in answering
item 122 ($000's) omitted. $865,956
---------------------------------- --------
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) $
--------- ------
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 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................... $ $
-------- ------------ ------------
I. Investment company equity securities............... $ $
-------- ------------ ------------
J. All other equity securities........................ 1 $ 836,973 $ 20,616
-------- ------------ ------------
K. Other securities................................... $ $
-------- ------------ ------------
L. Total assets of all series of registrant........... $ $
-------- ------------ ------------
</TABLE>
50
<PAGE>
___________________________
| If filing more than one |
| Page 51, "X" box: [_] |
|_________________________|
For period ending 12/31/97
---------------
File number 811-2954
----------------
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)
---------------------------------- ------
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)
---------------------------------- ------
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)
------------------- ------
Y/N
131. Total expenses incurred by all series of Registrant during the
current reporting period ($000's omitted) $6,783
--------------------- ------
132. [_] List the "811" (Investment Company Act of 1940) registration number
for all Series of Registrant that are being included in this filing:
<TABLE>
<CAPTION>
<S> <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
<PAGE>
FORM N-SAR - FIDELITY VARIABLE ANNUITY ACCOUNT,
A SEPARATE ACCOUNT OF PFL LIFE INSURANCE COMPANY
FILE NO. 811- 2954
This report is signed on behalf of the registrant in the City of Cedar Rapids
and the State of Iowa on the 16th day of February, 1998.
PFL LIFE INSURANCE COMPANY
By: /s/ Ronald L. Ziegler
--------------------------
Ronald L. Ziegler
Vice President and Actuary
Witness:
/s/ Frank A. Camp
- --------------------------
Frank A. Camp
Division General Counsel
Financial Markets Division
PFL Life Insurance Company
