FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: / / (a)
or 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: Banner Life Variable Annuity Account B
B. File Number: 811-8396
C. Telephone Number: (301) 279-4800
2. A. Street: 1701 Research Boulevard
B. City: Rockville C. State: MD D. Zip Code: 20850 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
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) N/A
(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? N/A
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For period ending 12/31/97
File number 811- 8396
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:
112. A. Sponsor Name:
B. File Number (if any):
C. City: State: Zip Code: Zip Ext:
Foreign Country: Foreign Postal Code:
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For period ending 12/31/97
File number 811- 8396
111. A. Trustee Name:
B. City: State: Zip Code: Zip Ext:
C. Foreign Country: Foreign Postal Code:
113. A. Trustee Name:
B. City: State: Zip Code: Zip Ext:
C. 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:
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For period ending 12/31/97
File number 811- 8396
116. Family of investment companies information:
A. Is Registrant part of a family of investment companies? (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)
(If answer is "Y" (Yes), are any of the following types of contracts
funded by the Registrant?)
B. Variable annuity contracts? (Y/N)
C. Scheduled premium variable life contracts? (Y/N)
D. Flexible premium variable life contracts? (Y/N)
E. Other types of insurance products registered under the Securities Act
of 1933? (Y/N)
118. State the number of series existing at t he 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.
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For period ending 12/31/97
File number 811- 8396
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. State the total dollar amount of sales loads collected (before relinks 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>
No. of Total Assets Total Income
Series ($000's Distributions
Investing omitted ($000's omitted)
<S> <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. and 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 $ 16,517 $ 845
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- 8396
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)
(If answer is "N" (No), go to item 131.)
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)
(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? (Y/N)
131. Total expenses incurred by all series of Registrant during the current
reporting period ($000's omitted).$ 197
132. List the "811" (Investment Company Act of 1940) registration number
for all Series of Registrant that are being included in this filing:
<TABLE>
<S> <C> <C> <C> <C>
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- 811-
811- 811- 811- 811- 811-
</TABLE>
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