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FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
<S> <C> <C>
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 slashed box "[/]" after the item numbers should
be completed only if the answer has changed form the previous filing on this
form.
1. A. Registrant Name: Bankers National Variable Account C
B. File Number: 811-4373
C. Telephone Number: (317) 817-6300
2. A. Street: 11815 N. Pennsylvania Street
B. City: Carmel C. State: IN D. Zip Code: 46032 E. Zip Ext: 4911
E. Foreign Country:
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) Y
5. Is Registrant a small business investment company (SBIC)? (Y/N) N
[If answer is "Y" (yes), complete only items 89-110.]
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) N
B. How many separate series or portfolios did Registrant have at the end of the period?
117. A. Is Registrant a separate account of an insurance company? (Y/N) Y
[/]
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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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C. [/] Scheduled premium variable life contracts? (Y/N)
D. [/] Flexible premium variable life contracts? (Y/N)
E. [/] Other types of insurance products registered under the Securities Act of
1933? (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.
119. [/] State the number of new series for which registration statements under the
Securities Act of 1933 became effective during the period.
120. [/] State the total value of the portfolio securities on the date of deposit for the
new series included in item 119 ($000 omitted).
121. [/] State the number of series for which a current prospectus was in existence
at the end of the period.
122. [/] State the number of existing series for which additional units were
registered under the Securities Act of 1933 during the current period.
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 dealer) 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)
$
Period Ending 12/31/97
File Number 811-4373
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 or 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 1 $ 0 $ 0 .
J. All other equity securities $ $
K. Other securities $ $
L. Total assets of all series of registrant 1 $ 0 $ 0
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 of guaranteed by an entity other than the issuer? (Y/N)
[If answer if "N" (No), go to item 131.) 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.)
130. [/] In computation of NAV or offering price per unit, is any part of the value
attributed to instrument identified in item 129 derived from insurance or
guarantees? (Y/N)
Period Ending 12/31/97
File Number 811-4373
131. Total expenses incurred by all series of Registrant during the current reporting
period ($000's omitted)
0 .
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
The Registrant has duly caused
this report to be signed on
its behalf by the undersigned
thereunto duly authorized.
City of: State of: Date:
Carmel Indiana February 27, 1998
Name of Registrant, Depositor, or Trustee:
Bankers National Variable Account C
By (Name and Title): Witness (Name and Title):
/S/ DONALD F. GONGAWARE /S/ MICHAEL A. COLLIFLOWER
Donald F. Gongaware Michael A. Colliflower
President Assistant Secretary
Bankers National Life Insurance Company Bankers National Life Insurance Company
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