FORM N-SAR

                              SEMI-ANNUAL REPORT

                     FOR REGISTERED INVESTMENT COMPANIES



Report for six month period ending:            /   /  (a)

            or fiscal year ending:       12/31/02     (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 term number should
be completed  only if the answer has changed from the previous  filing
on this form.

1.    A.    Registrant Name:  SECURITY LIFE SEPARATE ACCOUNT L1
      B.    File Number:      811-08292
      C.    Telephone Number: (303) 860-1290

2.    A.    Street:     1290 Broadway
      B.    City: Denver    C. State:   CO  D.  Zip Code: 80203 Zip Ext:  5699
      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)

      [If answer is "Y", complete only items 89 through 110.]     N

6.    Is Registrant a unit investment trust (UIT)? (Y/N)

      [If  answer is "Y", complete only items 111 through 132.]   Y





For period ending 12/31/02
File number 811-08292


UNIT INVESTMENT TRUSTS

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:





For period ending 12/31/02
File number 811-08292


113.  A. [/]      Trustee Name:

      B. [/]      City:        State:              Zip Code:  Zip Ext:

         [/]Foreign Country:                  Foreign Postal Code:

114.  A. [/]      Principal Underwriter Name:

      B. [/]      File Number:

      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:






For period ending 12/31/01
File number 811-08292


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. [X]  State the number of series existing at the end of the               8
period that had securities registered under the Securities Act of
1933

119. [/]  State the number of new series for which registration               0
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
omitted)

121. [X]  State the number of series for which a current prospectus           8
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





For period ending 12/31/02
File number 811-08292


123. [/]  State the total value of the additional units considered            0
in answering item 122 ($000's omitted)

124. [/]  State the total value of units of prior series that were            0
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         $25,798
(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             0
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):

                                       Number of  Total Assets    Total Income
                                       Series        ($000's     Distributions
                                       Investing    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
F.   All other corporate intermed. &              $             $
     long-term debt
G.   All other corporate short-term               $             $
     debt
H.   Equity securities of brokers or              $             $
     dealers or parent of brokers or
     dealers
I.   Investment company equity             8      $716,136      $ 0
     securities
J.   All other equity securities                  $             $
K    Other securities                             $             $
L.   Total assets of all series of                $716,136      $ 0
     registrant





For period ending 12/31/02
File number 811-08292


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)         $53,218

132. [/] List the "811" (Investment  Company Act of 1940) registration
number for all Series of  Registrant  that are being  included in this
filing:


This report is signed on behalf of the registrant (or depositor or trustee) in
the City of Atlanta and State of Georgia on the 1st day of March 2003.

                                             ---------------------------------
                                              Security Life of Denver Insurance
                                                Company


Witness: /s/ BETH BRAMLETT               By: /s/ CHERYL PRICE
         ----------------------              ---------------------------------
         Beth Bramlett                        Cheryl Price
         Director of Financial Reporting      Vice President, Chief Financial
         Finance Shared Services                Officer and Chief Accounting
         ING Americas                           Officer
                                              Security Life of Denver Insurance
                                                Company