UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED
INVESTMENT COMPANIES
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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 "o" 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.)
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For period ending: 12/31/98
File number 811- 8108
UNIT INVESTMENT TRUSTS
111. A. o Depositor Name:
B. |X| File Number (If any): 33-70984, 333-60149, 333-68551
C. o City: State: Zip Code: Zip Ext:
o Foreign Country: Foreign Postal Code:
111. A. o Depositor Name:
B. |X| File Number (If any): 33-70984, 333-60149, 333-68551
C. o City: State: Zip Code: Zip Ext:
o Foreign Country: Foreign Postal Code:
112. A. o Sponsor Name:
B. o File Number (If any):
C. o City: State: Zip Code: Zip Ext.
o Foreign Country: Foreign Postal Code:
112. A. o Sponsor Name:
B. o File Number (If any):
C. o City: State: Zip Code: Zip Ext.
o Foreign Country: Foreign Postal Code:
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For period ending 12/31/98
File number 811- 8108
113. A. o Trustee Name:
B. o City: State: Zip Code: Zip Ext:
o Foreign Country: Foreign Postal Code:
113. A. o Trustee Name:
B. o City: State: Zip Code: Zip Ext:
o Foreign Country: Foreign Postal Code:
114. A. o Principal Underwriter Name:
B. o File Number: 8-
C. o City: State: Zip Code: Zip Ext:
o Foreign Country: Foreign Postal Code:
114. A. o Principal Underwriter Name:
o File Number: 8-
C. o City: State: Zip Code: Zip Ext:
o Foreign Country: Foreign Postal Code:
115. A. |X| Independent Public Accountant
Name:PricewaterhouseCoopers LLP
o City: State: Zip Code: Zip Ext:
o Foreign Country: Foreign Postal Code:
115. A. |X| Independent Public Accountant
Name: PricewaterhouseCoopers LLP
B. o City: State: Zip Code: Zip Ext:
o Foreign Country: Foreign Postal Code:
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For period ending 12/31/98
File number 811- 8108
116. Family of investment companies information:
A. o Is Registrant part of a family of investment companies?
(Y/N) ____ -------
Y/N
B. o 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. o 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. o Variable annuity contracts? (Y/N)
Y/N
C. o Scheduled premium variable life contracts? (Y/N)
Y/N
D. o Flexible premium variable life contracts? (Y/N)
Y/N
E. o Other types of insurance products registered under the
Securities Act of 1933? (Y/N)
Y/N
118. o State the number of series existing at the end of the period
that had securities registered under the Securities Act of
1933
119. o State the number of new series for which registration
statements under the securities Act of 1933 became effective
during the period
120. o 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. o State the number of series for which a current prospectus was
in existence at the end of the period
122. o 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 12/31/98
File number 811- 8108
123. |_| State the total value of the additional units considered
in answering item 122 ($000's omitted) $
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. |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) $ 869
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. |X| 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):
Number of Total Assets Total Income
Distributions
Series Investing ($000's omitted)($000's omitted)
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 $ $
-------- ------------------- -------
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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 $1,285,915 $91,430
------------ --------------- -------
K. Other securities $ $
----------- ------------------- -----
L. Total assets of all series of
registrant $ $
------------ ---------------- --- -
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For period ending 12/31/98
File number 811- 8108
128. o 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. o 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. o 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. |X| Total expenses incurred by all series of Registrant during the
current reporting period ($000's omitted) $15,766
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- 8108 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- 811- 811- 811- 811-
811- 811- 811- 811- 811-
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This report is signed on behalf of the Protective Variable Annuity
Separate Account in the City of Birmingham, State of Alabama, on February 25,
1999.
Protective Variable Annuity Separate Account
By: /s/ John D. Johns
John D. Johns
Title: President, Protective Life Insurance Company
Witness:
/s/ Deborah J. Long
Deborah J. Long
Title: Secretary, Protective Life Insurance Company
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