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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED
INVESTMENT COMPANIES
FORM N-SAR
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SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for 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 "/ /" after the item number should be
completed only if the answer has changed from the previous filing on this form.
1. A. Registrant Name: Protective Variable Annuity Separate Account
B. File Number: 811-8108
C. Telephone Number: 205-868-3804
2. A. Street: 2801 Highway 280 South
B. City: Birmingham C. State: AL D. Zip Code: 35223 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 the 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", go to item 8.)
B. How many separate series or portfolios did Registrant have at the
end of the period? __________________
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For period ending: 12/31/97
File number 811- 8108
UNIT INVESTMENT TRUSTS
111. A. /X/ Depositor Name:
B. /X/ File Number (If any):
C. /X/ City: State: Zip Code: Zip Ext:____
/X/ Foreign Country:________________________ Foreign Postal Code:____
111. A. /X/ Depositor Name:
B. /X/ File Number (If any):
C. /X/ City: State: Zip Code: Zip Ext:____
/X/ Foreign Country:________________________ Foreign Postal Code:____
112. A. /X/ Sponsor Name:
B. /X/ File Number (If any):____________________________
C. /X/ City:__________________ State:______ Zip Code:______ Zip Ext.____
/X/ Foreign Country:________________________ Foreign Postal Code:____
112. A. /X/ Sponsor Name:
B. /X/ File Number (If any):_____________________________
C. /X/ City:__________________ State:______ Zip Code:______ Zip Ext.____
/X/ Foreign Country:________________________ Foreign Postal Code:____
For period ending 12/31/97
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File number 811-8108
113. A. /X/ Trustee Name:
B. /X/ City:__________________ State:______ Zip Code:______ Zip Ext:____
/X/ Foreign Country:________________________ Foreign Postal Code:____
113. A. /X/ Trustee Name:
B. /X/ City:__________________ State:______ Zip Code:______ Zip Ext:____
/X/ Foreign Country:________________________ Foreign Postal Code:____
114. A. /X/ Principal Underwriter Name:
B. /X/ File Number:
C. /X/ City: State: Zip Code: Zip Ext:____
/X/ Foreign Country:________________________ Foreign Postal Code:____
114. A. /X/ Principal Underwriter Name:
B /X/ File Number:
C. /X/ City: State: Zip Code: Zip Ext:____
/X/ Foreign Country:________________________ Foreign Postal Code:____
115. A. /X/ Independent Public Accountant Name:
/X/ City: State: Zip Code: Zip Ext:____
/X/ Foreign Country:________________________ Foreign Postal Code:____
115. A. /X/ Independent Public Accountant Name:
B. /X/ City: State: Zip Code: Zip Ext:____
/ / Foreign Country:________________________ Foreign Postal Code:____
For period ending 12/31/97
File number 811-8108
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116. Family of investment companies information:
A. /X/ Is Registrant part of a family of investment companies? (Y/N)
Y/N
B. /X/ 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. /X/ 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. /X/ Variable annuity contracts? (Y/N) Y/N
C. /X/ Scheduled premium variable life contracts? (Y/N) Y/N
D. /X/ Flexible premium variable life contracts? (Y/N) Y/N
E. /X/ Other types of insurance products registered under the Securities
Act of 1933? (Y/N) Y/N
118. /X/ State the number of series existing at the end of the period that
had securities registered under the Securities Act of 1933
119. /X/ State the number of new series for which registration statements
under the securities Act of 1933 became effective during the period
120. /X/ 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. /X/ State the number of series for which a current prospectus was in
existence at the end of the period
122. /X/ State the number of existing series for which additional units were
registered under the Securities Act of 1933 during the current period
For period ending 12/31/97
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File number 811-8108
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. / / 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) $ 601
126. /X/ 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 Investing Distributions ($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_____________ _____________ $____________ $____________
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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____________________ _____________ $____________ $____________
J. All other equity securities_ 1 $925,123 $150,793
K. Other securities____________ _____________ $____________ $____________
L. Total assets of all series of
registrant__________________ _____________ $____________ $____________
</TABLE>
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For period ending 12/31/97
File number 811-8108
128. /X/ Is the timely payment of principal and interest on any of
the portfolio securities held by any of the Registrant's series
at the end of the current period insured or guaranteed by an
entity other than the issuer? (Y/N) 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) 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) Y/N
131. Total expenses incurred by all series of Registrant during the
current reporting period ($000's omitted) $10,418
132. /X/ 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-____
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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-____
This report is signed on behalf of the Protective Variable Annuity Separate
Account in the
City of Birmingham, State of Alabama, on February 27, 1998.
Protective Variable Annuity Separate Account
By:__________________________________
John D. Johns
Title: President, Protective Life Insurance
Company
Witness:
___________________________
Deborah J. Long
Title: Secretary, Protective Life Insurance Company
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