SAGE VARIABLE ANNUITY ACCOUNT A, NSAR-U, 1998-03-05

SAGE VARIABLE ANNUITY ACCOUNT A
NSAR-U, 1998-03-05

Previous: PRINCIPAL PRESERVATION PORTFOLIOS INC, N-30D, 1998-03-05

Next: BEAR STEARNS COMPANIES INC, 424B3, 1998-03-05

<PAGE> 1
FORM N-SAR
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) 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 the form.

1. A. Registrant Name: Fidelity Standard Life Separate Account
B. File Number: 811-4405
C. Telephone Number:

2. A. Street: 11365 West Olympic Boulevard
B. City: Los Angeles C. STATE: California D. ZIP CODE: 90064
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
[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.]

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> 2

123. |X| State the total value of the additional units considered in
answering item 122 ($000's omitted) $___________

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) $__________

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) $______________

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 Income
Series Total Assets Distributions
Investing ($000's omitted) ($000's omitted)
--------- ---------------- ----------------
<S> <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 intermediate and
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 5 $ 397 $ 105
K. Other securities $ $
L. Total assets of all series of registrant $ $
</TABLE>

<PAGE> 3

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)

[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) $9,576

132. |X| List the "811" (Investment Company Act of 1940) registration number
for all Series of Registrant that are being included in this
filing:

<PAGE> 4

ITEM 127: CLASSIFICATION OF SERIES AND ASSETS

Other corporate short-term debt securities referred to in sub-item 127G
are securities with maturities of 12 months or less.

For an explanation of broker or dealer debt, debt of parent's of brokers
or dealers, and equity securities of brokers or dealers or their parents
(sub-items 127E and 127H), see instructions for items 24 and 25.

Separate account UITs investing primarily in the shares of underlying
management investment companies should provide this answer in sub-item
127J.

ITEM 128, 129 AND 130: INSURED OR GUARANTEED SECURITIES

These three items request information about securities owned by any
series of the registrant whose principal or interest is insured or
guaranteed by an entity other than the issuer. The insurance or
guarantee may apply either to individual securities in the portfolio or
to the portfolio itself. The entity providing the insurance or guarantee
may be either a governmental or a nongovernmental entity. The insurance
or guarantee may be derived through an insurance policy, a letter of
credit, a collateralization agreement, a pt or repurchase agreement or a
similar mechanism. If any of the securities owned by the registrant are
insured or guaranteed, answer "Yes" to item 128. If the issuer of any
such insured or guaranteed security is delinquent or in default as to
payment of principal or interest at the end of the reporting period,
answer "Yes" to item 129. Item 130 requires information concerning only
whether the insurance or guarantee is being used in any way to value
securities for which the issuer is delinquent or is in default as to
payment of principal or interest. This item does not require information
about whether the value of securities not delinquent or in default may
in part be based upon some insurance or guarantee.

ITEM 132: "811" NUMBER OF SERIES INCLUDED IN FILING

This item is to be used by any series of a UIT that had an "811" number
assigned to it prior to September 1972. For more information regarding
this item, see the instruction to sub-item 1B.

SIGNATURE PAGE

The following form of signature shall follow items 79, 85, 88 104, 110
or 132 as appropriate.

This report is signed on behalf of the registrant (or depositor or
trustee).

City of: Los Angeles State of: California Date:_2/27/1998

Name of Registrant, Depositor, Fidelity Standard Life Separate
or Trustee: Account

By (Name and Title): Witness (Name and Title):

/s/ RICHARD C. PEARSON /s/ GEORGE J. OLAH
----------------------------- -----------------------------
Richard C. Pearson, President George J. Olah, Treasurer