<PAGE>
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: // (a)
of 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 after the item number should be completed
only if the answer has changed from the previous filing on this form.
1. A. Registrant Name:
The New England Variable Account
B. File Number: 811-5338
C. Telephone Number: 212-578-7360
2. A. Street: One Madison Avenue
B. City: New York C. State: NY D. Zip Code:10010
Zip Ext: 3690
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 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" (No), go to item 8.]
B. How many separate series or portfolios did Registrant have at the
end of the period? _________________
<PAGE>
For period ending 12/31/98 If filing more than
--------
File Number 811-5338 one Page 47, "X"
box:
UNIT INVESTMENT TRUSTS
111. A. Depositor Name: Metropolitan Life Insurance Company
------------------------------------------
B. File Number (if any) ____________________________________
C. City:New York State NY Zip Code10010 Zip Ext.:3690
--------- ----- ----- ----
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: _______
113. A. Trustee Name: ____________________________________________
B. City: _________ State: _____ Zip Code: _____ Zip Ext.:____
Foreign Country: ____________ Foreign Postal Code: _______
113. A. Trustee Name: ____________________________________________
B. City: _________ State: _____ Zip Code: _____ Zip Ext.:____
Foreign Country: ___________ Foreign Postal Code: ________
2
<PAGE>
For period ending 12/31/98 If filing more than
--------
File Number 811-5338 one Page 47, "X"
` box:
114. A.Principal Underwriter Name: New England Securities Corporation
--------------------------------------
B. File Number: 8- 13910
-----
C. City: Boston State: MA Zip Code: 02116 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: Deloitte & Touche, LLP
----------------------
B. City: Boston State: MA Zip Code: 02110 Zip Ext.:1617
-------- ------ ----- ----
Foreign Country: _______________ Foreign Postal Code: _____
115. A. Independent Public Accountant Name: _______________________
City: __________ State: _____ Zip Code: _____ Zip Ext.:____
Foreign Country: _______________ Foreign Postal Code:______
116. Family of Investment companies information:
A. Is Registrant part of a family of investment companies?
(Y/N)______________________________________________ N
---
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) _____________________________________________ Y
---
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)___________________ Y
---
Y/N
3
<PAGE>
For period ending 12/31/98 If filing more than
--------
File Number 811-5338 one Page 47, "X"
box:
C. Scheduled premium variable life contracts? (Y/N) ___ N
---
Y/N
D. Flexible premium variable life contracts? (Y/N) ____ N
---
Y/N
E. Other types of insurance products registered under the
Securities Act of 1933? (N/Y) ______________________ N
---
Y/N
118. State the number of series existing at the end of the
period that had securities registered under the
Securities Act of 1933 ___________________________________ 1
---
119. State the number of new series for which registration
statements under the Securities Act of 1933 became
effective during the period __________________________ 0
---
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 _______________ 1
---
122. State the number of existing series for which additional
units were registered under the Securities Act of 1933
during the current period _______________________________ 0
---
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 allowances to other brokers or dealers) by
Registrant's principal underwriter and any underwriter
which is an affiliated person of the principal under-
writer during the current period solely from the sale
of units of all series of Registrant ($000's omitted) $ 2,943
-------
4
<PAGE>
For period ending 12/31/98 If filing more than
File Number 811-5338 one Page 47, "X" box:
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>
Number of Total Assets Total Income
Series ($000's Distributions
Investing 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 $ $
-------- --------- ------------
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 $ $
-------- --------- ------------
</TABLE>
5
<PAGE>
For period ending 12/31/98 If filing more than
File Number 811-5338 one Page 47, "X" box:
<TABLE>
<CAPTION>
Number of Total Assets Total Income
Series ($000's Distributions
Investing omitted) ($000's omitted)
--------- ------------ ----------------
<S> <C> <C> <C> <C>
I. Investment company
equity securities $ $
-------- --------- ------------
J. All other equity
securities 1 $2,179,699 $ 187,479
-------- --------- ------------
K. Other securities $ $
-------- --------- ------------
L. Total assets of
all series of
registrant 1 $2,179,699 $ 187,479
-------- --------- ------------
</TABLE>
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) N
-------------------------------------------------- ------
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)
-------------------------------------------------- ------
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)
-------------------------------------- ------
Y/N
131. Total expenses incurred by all series of Registrant
during the current reporting period
($000's omitted) $28,844
--------------------------------------- -------
6
<PAGE>
For period ending 12/31/98 If filing more than
-------- one Page 47, "X" box:
File Number 811-5338
132. 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-
------ ----- ----- ----- -----
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-
------ ----- ----- ----- -----
SIGNATURES
----------
This report is signed on behalf of the registrant in the City of New York
and State of New York on the 19th day of February, 1999.
The New England Variable Account
By: Metropolitan Life Insurance
Company (Depositor)
Witness: /s/ Christopher P. Nicholas By: /s/ Harold B. Leff
---------------------------- -------------------------
Christopher P. Nicholas Harold B. Leff
Associate General Counsel Vice President and
Metropolitan Life Senior Actuary
Insurance Company Metropolitan Life
Insurance Company
7
