FORM N-SAR
ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for fiscal year ending: 12/31/97
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 "|X|"after the item number should be
completed only if the answer has changed from the previous filing on this form.
1. A. Registrant Name: CUNA Mutual Life Variable Account
B. File Number: 811-3915
C. Telephone Number: (319) 352-1000, ext. 2157
2. A. Street: 2000 HERITAGE WAY
B. City: WAVERLY C. State: IA D. Zip Code: 50677 Zip Ext.: 9202
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.]
UNIT INVESTMENT TRUSTS
111. A. |X| Depositor Name: CUNA Mutual Life Insurance Company
B. |X| File Number (If any): 84-1685
C. |X| City: WAVERLY State: IA Zip Code: 50677 Zip Ext: 9202
|X| Foreign Country: Foreign Postal Code:
112. A. |X| Sponsor Name: CUNA Mutual Life Insurance Company
B. |X| File Number (If any): 84-1685
C. |X| City: WAVERLY State: IA Zip Code: 50677 Zip Ext: 9202
|X| Foreign Country: Foreign Postal Code:
113. A. |X| Trustee Name:
B. |X| City: State: Zip Code: Zip Ext:
|X| Foreign Country: Foreign Postal Code:
114. A. |X| Principal Underwriter Name: CUNA Brokerage Services, Inc.
B. |X| File Number: 8-30027
C. |X| City: Madison State: WI Zip Code: 53705 Zip Ext.:
|X| Foreign Country: Foreign Postal Code:
115. A. |X| Independent Public Accountant Name: KPMG Peat Marwick LLP
B. |X| City: Des Moines State: IA Zip Code: 50303 Zip Ext.:
|X| Foreign Country: Foreign Postal Code:
116. Family of investment companies information:
A. |X| Is Registrant part of a family of investment companies? (Y/N) N
B. |X| 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. |X| Variable annuity contracts? (Y/N) N
C. |X| Scheduled premium variable life contracts? (Y/N) N
D. |X| Flexible premium variable life contracts? (Y/N) Y
E. |X| Other types of insurance products registered under the
Securities Act of 1933 N
118. |X| State the number of series existing at the end of the period
that had securities registered under the Securities Act of 1933 1
119. |X| State the number of new series for which registration statements
under the Securities Act of 1933 became effective during the period
0
120. |X| 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. |X| State the number of series for which a current prospectus was in
existence at the end of the period 1
122. |X| State the number of existing series for which additional units
were registered under the Securities Act of 1933 during the current
period 0
123. |X| State the total value of the additional units considered in
answering item 122 ($000's omitted) $0
124. |X| 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) $0
125. |X| 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) $16,605
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) $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 $784,329 $0
K. Other securities $ $
L. Total assets of all series
of registrant $784,329 $
128. |X| 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.]
129. |X| 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. |X| 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 omitted) $8,359
132. |X| 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-_____
<PAGE>
For period ending 12/31/97
File Number 811-3915
This report is signed on behalf of the registrant in the City of Madison, and
state of Wisconsin on the day of February, 1998.
CUNA Mutual Life Variable Account (Registrant)
By: CUNA Mutual Life Insurance Company (Depositor)
Witness:
Jason E. Smith
By: /s/ Michael B. Kitchen
Michael B. Kitchen
President and Chief Executive Officer
