PEOPLES BENEFIT LIFE INSURANCE CO SEPARATE ACCOUNT V
N-30D, 1998-11-23
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November 23, 1998


VIA EDGAR
- -------------------------------------- 

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Re:  Peoples Benefit Life Insurance Company Separate Account V --
     Peoples Marquee Variable Annuity
     File No. 33-79502, 811-6564, CIK 884067
     Rule 30b2-1 Filing
 
Commissioners:

As required by Rule 30d-2 under the Investment Company Act of 1940, as amended
(the "Act"), Peoples Benefit Life Insurance Company Separate Account V, a unit
investment trust registered under the Act, mailed to its contract owners the
annual report for the following underlying management investment companies:
Variable Insurance Products Fund, Variable Insurance Products Fund II, Dreyfus
Variable Investment Fund, T. Rowe Price International Series, Inc., T. Rowe
Price Equity Series, Inc. and OCC Accumulation Trust.  This filing constitutes
the filing of those reports as required by Rule 30b2-1 under the Act.

Pursuant to Rule 30d-1 under the Act, the following annual reports were filed
with the Commission via EDGAR on the dates indicated:
 
 .  Variable Insurance Product Fund (CIK: 356494) filed February 25, 1998
 .  Variable Insurance Products Fund II (CIK: 831016) filed February 25, 1998
 .  Dreyfus Variable Investment Fund (CIK: 813383) filed March 2, 1998
 .  T. Rowe Price International Series, Inc. (CIK: 918292) filed February 24, 
   1998
 .  T. Rowe Price Equity Series, Inc. (CIK: 918294)
     T. Rowe Price Equity Income Portfolio filed February 23, 1998
     T. Rowe Price New America Growth Portfolio filed February 24, 1998
 .  OCC Accumulation Trust (CIK: 923185) filed April 20, 1998

To the extent necessary, these filings are incorporated herein by reference.

Very truly yours,

/s/ Gregory E. Miller-Breetz

Gregory E. Miller-Breetz
Assistant General Counsel


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