FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: / / (a)
or fiscal year ending: 12/31/95 (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 "[/]" after the item number should be
completed only if the answer has changed from the previous filing on this form:
1. A. Registrant Name: Independence Variable Annuity Separate Account
B. File Number: 811-5232
C. Telephone Number: 617-526-1615
2. A. Street: 125 High Street
B. City: Boston C. State: MA D. Zip Code: 02110 Zip Ext: 2712
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
[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?________________________________________________________
01 SEC 2100(10-94)
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For period ending 12/31/95
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File number 811- 5232
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UNIT INVESTMENT TRUSTS
111. A. [ ] Depositor Name:
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B. [ ] File Number (If any):
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C. [ ] City: State: Zip Code Zip Ext:
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[ ] Foreign Country: Foreign Postal Code:
111. A. [ ] Depositor Name:
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B. [ ] File Number (If any):
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C. [ ] City: State: Zip Code Zip Ext:
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[ ] Foreign Country: Foreign Postal Code:
112. A. [ ] Sponsor Name:
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B. [ ] File Number (If any):
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C. [ ] City: State: Zip Code Zip Ext:
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[ ] Foreign Country: Foreign Postal Code:
112. A. [ ] Sponsor Name:
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B. [ ] File Number (If any):
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C. [ ] City: State: Zip Code Zip Ext:
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[ ] Foreign Country: Foreign Postal Code:
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For period ending 12/31/95
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File number 811- 5232
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113. A. [ ] Trustee Name:
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B. [ ] File Number (If any):
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C. [ ] City: State: Zip Code Zip Ext:
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[ ] Foreign Country: Foreign Postal Code:
113. A. [ ] Trustee Name:
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B. [ ] File Number (If any):
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C. [ ] City: State: Zip Code Zip Ext:
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[ ] Foreign Country: Foreign Postal Code:
114. A. [ ] Principal Underwriter Name:
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B. [ ] File Number (If any):
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C. [ ] City: State: Zip Code Zip Ext:
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[ ] Foreign Country: Foreign Postal Code:
114. A. [/] Principal Underwriter Name:
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B. [ ] File Number (If any):
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C. [ ] City: State: Zip Code Zip Ext:
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[ ] Foreign Country: Foreign Postal Code:
115. A. [ ] Independent Public Accountant Name:
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B. [ ] File Number (If any):
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C. [ ] City: State: Zip Code Zip Ext:
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[ ] Foreign Country: Foreign Postal Code:
115. A. [ ] Independent Public Accountant Name:
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B. [ ] File Number (If any):
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C. [ ] City: State: Zip Code Zip Ext:
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[ ] Foreign Country: Foreign Postal Code:
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For period ending 12/31/95
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File number 811- 5232
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116. Family of investment companies information:
A. [ ] Is Registrant part of a family of investment
companies? (Y/N)
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Y/N
B. [ ] 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)
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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)
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Y/N
C. [ ] Scheduled premium variable life contracts?(Y/N)
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Y/N
D. [ ] Flexible premium variable life contracts? (Y/N)
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Y/N
E. [ ] Other types of insurance products registered under the
Securities Act of 1933? (Y/N)
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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
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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
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Y/N
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)
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Y/N
121. [ ] State the number of series for which a current prospectus was in
existence at the end of the period
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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
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For period ending 12/31/95
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File number 811- 5232
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123. [ ] State the total value of the additional units considered in
answering item 122 ($000 omitted) $
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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) $
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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 Registrat ($000's omitted) $
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126. [ ] Of the amount show 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) $
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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 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 $ $
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B. U.S. Government agency $ $
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C. State and municipal tax-free $ $
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D. Public utility debt $ $
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E. Brokers or dealers debt
or debt of brokers' or
dealers' parent $ $
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F. All other corporate
intermed & long-term debt $ $
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G. All other corporate
short-term debt $ $
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H. Equity securities of
brokers or dealers
or parents or brokers
or dealers $ $
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I. Investment company
equity securities $ $
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J. All other equity
securities 1 $ 135 $
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K. Other securities $ $
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L. Total assets of all
series of registrant 1 $ 135 $
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For period ending 12/31/95
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File number 811- 5232
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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)
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Y/N
[If answer is "N" (No), go to item 131.]
129. [ ] Is the issuer of any instrument covered in item 128 deliquent or in
default as to payment of principal or interest at the end of the
current period? (Y/N)
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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?
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(Y/N)
131. Total expenses incurred by all series of Registrant during the current
reporting period ($000's omitted) $ 2
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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- 811- 811- 811- 811-
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811- 811- 811- 811- 811-
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811- 811- 811- 811- 811-
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811- 811- 811- 811- 811-
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811- 811- 811- 811- 811-
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811- 811- 811- 811- 811-
------- ------- ------- ------- -------
811- 811- 811- 811- 811-
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811- 811- 811- 811- 811-
------- ------- ------- ------- -------
811- 811- 811- 811- 811-
------- ------- ------- ------- -------
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This report is signed on behalf of the registrant.
City of: Boston State of: Massachusetts Date: February 28, 1996
Name of Registrant: Independence Variable Annuity Separate Account
By: Independence Life and Annuity Company (Depositor)
By: /s/ BERNARD R. BECKERLEGGE Witness: /s/ JAMES J. KLOPPER
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Bernard R. Beckerlegge, James J. Klopper,
Senior Vice President Secretary
