<PAGE>
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: // (a)
or fiscal year ending: 12/31/98 (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 "/ /" after the item number should be
completed only if the answer has changed from the previous filing on this
form.
1. A. Registrant Name: Separate Account VUL of The American Franklin Life
Insurance Company
B. File Number: 811-5794
C. Telephone Number: (217) 528-2011
2. A. Street: #1 Franklin Square
B: City: Springfield C. State: IL D. Zip Code: 62713 Zip Ext: 0001
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
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[If answer is "Y"(Yes), complete only items 89 through 110.]
6. Is Registrant a unit investment trust (UIT)? (Y/N) Y
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[If answer is "Y" (Yes) complete only items 111 through 132.]
01 SEC 2100(10-94)
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For period ending December 31, 1998
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File number 811-5794
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UNIT INVESTMENT TRUSTS
111. A. - Depositor Name:__________________________________________________
B. - File Number (If any):______________________
C. - City:____________ State:________ Zip Code:_______ Zip Ext.:______
- Foreign Country:__________________ Foreign Postal Code:__________
111. A. - Depositor Name:__________________________________________________
B. - File Number (If any):_________________________
C. - City:____________ State:________ Zip Code:________ Zip Ext.______
- Foreign Country:_________________ Foreign Postal Code:___________
112. A. - Sponsor Name:____________________________________________________
B. - File Number (If any):______________________
C. - City:____________State:________Zip Code:________Zip Ext.:________
Foreign Country:_________________Foreign Postal Code:____________
A. - Sponsor Name:____________________________________________________
B. - File Number (If any)____________________________
C. - City:_____________ State: ________ Zip Code:_______ Zip Ext.:____
- Foreign Country:_________________ Foreign Postal Code:___________
47
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For period ending December 31, 1998
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File number 811-5794
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113. A. - Trustee Name:____________________________________________________
B. - City:_____________ State:_______ Zip Code: ______ Zip Ext.:______
- Foreign Country:________________ Foreign Postal Code:____________
113. A. - Trustee Name:____________________________________________________
B. - City:_____________ State:_______ Zip Code: ______ Zip Ext.:______
- Foreign Country:________________ Foreign Postal Code:____________
114. A. - Principal Underwriter Name: _____________________________________
B. - File Number: 8-_______________
C. - City:____________ State:________ Zip Code:_______ Zip Ext.:______
- Foreign Country:___________________ Foreign Postal Code:_________
114. A. - Principal Underwriter Name: _____________________________________
B. - File Number: 8-_______________
C. - City:____________ State:________ Zip Code:_______ Zip Ext.:______
- Foreign Country:___________________ Foreign Postal Code:_________
115. A. - Independent Public Accountant Name:______________________________
B. - City:___________ State:________ Zip Code:________ Zip Ext.:______
- Foreign Country:______________________ Foreign Postal Code:______
115. A. - Independent Public Accountant Name:______________________________
B. - City:____________ State:_______ Zip Code:________ Zip Ext.:______
- Foreign Country:______________________ Foreign Postal Code:______
48
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For period ending December 31, 1998
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File number 811-5794
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116. Family of investment companies information:
A. - Is Registrant part of a family of investment
companies? (Y/N)_________ _____
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) ________ _____
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) ____________________ ________
Y/N
C. - Scheduled premium variable life contracts? (Y/N)________ ______
Y/N
D. - Flexible premium variable life contracts? (Y/N)_________ ______
Y/N
E. - Other types of insurance products registered under the
Securities Act of 1933? (Y/N) ________ ________
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's 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 ____________________ __________
49
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For period ending December 31, 1998
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File number 811-5794
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123. - State the total value of the additional units considered in answering
item 122 ($000's omitted)_____________________________________ $1422
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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) ($000's omitted)________________________$_________
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>
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 $ $
--------- --------- ---------
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For period ending December 31, 1998
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File number 811-5794
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I. Investment company equity securities $ $
--------- --------- ---------
J. All other equity securities 1 $21082 $1905
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K. Other securities $ $
--------- --------- ---------
L. Total assets of all series of registrant 1 $21082 $1905
--------- --------- ---------
</TABLE>
50
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For period ending December 31, 1998
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8
File number 811-5794
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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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[If answer is "N" (No), go to item 131.] Y/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)
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[If answer is "N" (No), go to item 131.] Y/N
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)
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Y/N
131. Total expenses incurred by all series of Registrant during the current
reporting period ($000's omitted) $150
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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-
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51
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For period ending 12/31/98
File number 811-5794
This report is signed on behalf of the Registrant, Separate Account VUL of
The American Franklin Life Insurance Company, in the City of Springfield and
State of Illinois on this 23rd day of February, 1999.
SEPARATE ACCOUNT VUL OF THE
AMERICAN FRANKLIN LIFE INSURANCE
COMPANY
BY: THE AMERICAN FRANKLIN LIFE
INSURANCE COMPANY, DEPOSITOR
By: /s/ William A. Simpson
------------------------------
William A. Simpson
Chairman and Chief
Executive Officer
Witness /s/ Elizabeth E. Arthur
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Elizabeth E. Arthur
Assistant Secretary
PAGE NUMBER 52
