NEW ENGLAND FUNDS TRUST II
NSAR-B/A, 1996-03-27
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<PAGE>      PAGE  1
000 B000000 12/31/95
000 C000000 0000052136
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 NEW ENGLAND FUNDS TRUST II
001 B000000 811-242
001 C000000 6175781400
002 A000000 399 BOYLSTON STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  7
007 C010100  1
007 C020100 NEW ENGLAND GROWTH OPPORTUNITIES FUND
007 C030100 N
007 C010200  2
007 C020200 NEW ENGLAND HIGH INCOME FUND
007 C030200 N
007 C010300  3
007 C020300 NEW ENGLAND MASSACHUSETTS TAX FREE INCOME FUD
007 C030300 N
007 C010400  4
007 C020400 NEW ENGLAND LIMITED TERM U.S. GOVERNMENT FUND
007 C030400 N
007 C010500  5
007 C020500 NEW ENGLAND ADJUSTABLE RATE U.S. GOVT FUND
007 C030500 N
007 C010600  6
007 C020600 NEW ENGLAND INTERMED. TERM TAX FREE OF CALIF.
007 C030600 N
007 C010700  7
007 C020700 NEW ENGLAND INTERMED. TERM TAX FREE OF NY
007 C030700 N
007 C010800  8
007 C010900  9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
<PAGE>      PAGE  2
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
011 A00AA01 NEW ENGLAND FUNDS, L.P.
011 B00AA01 8-46325
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 NEW ENGLAND FUNDS, L.P.
012 B00AA01 84-5464
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02116
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 NEW ENGLAND SECURITIES, L.P.
014 B00AA01 8-13910
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02102
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    7
019 C00AA00 ITOBFAMILY
020 A000001 BT BROKERAGE CORP.
020 B000001 22-2608045
020 C000001     81
020 A000002 BEAR STEARNS
020 B000002 13-4946705
020 C000002     53
020 A000003 INVESTMENT TECHNOLOGY
020 B000003 95-3282828
020 C000003     34
020 A000004 JEFFRIES & CO.
020 B000004 95-2622900
020 C000004     21
020 A000005 HSBC
020 B000005 13-2650272
020 C000005     11
020 A000006 INSTINET CORP.
020 B000006 00-0000000
020 C000006      7
020 A000007 CANTOR FITZGERALD SECURITIES
020 B000007 22-2608045
<PAGE>      PAGE  3
020 C000007      7
020 A000008 LEWCO SECURITIES
020 B000008 13-2765944
020 C000008      4
020 A000009 STANDARD & POORS
020 B000009 13-2671951
020 C000009      4
020 A000010 CAPITAL INSTITUTIONAL
020 B000010 75-1565705
020 C000010      3
021  000000      234
022 A000001 STATE STREET BANK AND TRUST
022 B000001 04-1867445
022 C000001   6105347
022 D000001         0
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002   1268768
022 D000002         0
022 A000003 HOUSEHOLD FINANCE
022 B000003 36-1239445
022 C000003    315116
022 D000003         0
022 A000004 AMERICAN EXPRESS INC.
022 B000004 13-2518466
022 C000004    261020
022 D000004         0
022 A000005 MERRIL LYNCH PIERCE FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005     64400
022 D000005         0
022 A000006 LEHMAN BROTHERS
022 B000006 13-2518468
022 C000006      3700
022 D000006         0
022 A000007 SMITH BARNEY, HARRIS UPHAM & CO., INC.
022 B000007 13-1912900
022 C000007      3332
022 D000007         0
022 A000008 GENERAL MOTORS ACCEPTANCE CORP
022 B000008 38-0572512
022 C000008      1285
022 D000008         0
022 C000009         0
022 D000009         0
022 C000010         0
022 D000010         0
023 C000000    8025515
023 D000000       1205
026 A000000 N
026 B000000 Y
<PAGE>      PAGE  4
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00     2500
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 Y
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
<PAGE>      PAGE  5
078  000000 N
080 A00AA00 CASTLE UNDERWRITING AGENTS
080 C00AA00    15000
081 B00AA00  22
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 N
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086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
008 A000101 NEW ENGLAND FUNDS MANAGEMENT, L.P.
008 B000101 A
008 C000101 801-48408
008 D010101 BOSTON
008 D020101 MA
008 D030101 02116
008 A000102 WESTPEAK INVESTMENT ADVISERS, L.P.
008 B000102 S
008 C000102 801-39554
008 D010102 BOULDER
008 D020102 CO
008 D030102 80302
024  000100 Y
025 A000101 MERRILL LYNCH PIERCE FENNER AND SMITH, INC.
025 B000101 13-5674085
025 C000101 E
025 D000101     536
025 D000102       0
025 D000103       0
025 D000104       0
025 D000105       0
025 D000106       0
025 D000107       0
025 D000108       0
028 A010100      2338
028 A020100         0
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028 A040100      1443
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<PAGE>      PAGE  6
028 B020100         0
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028 G010100     51252
028 G020100     17016
028 G030100         0
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028 H000100     12654
029  000100 Y
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030 B000100  5.75
030 C000100  0.00
031 A000100     29
031 B000100      0
032  000100    880
033  000100     19
034  000100 Y
035  000100     27
036 A000100 Y
036 B000100      0
037  000100 N
038  000100      0
039  000100 N
040  000100 Y
041  000100 Y
042 A000100   0
042 B000100   0
042 C000100 100
042 D000100   0
042 E000100   0
042 F000100   0
042 G000100   0
042 H000100   0
043  000100    453
044  000100      0
<PAGE>      PAGE  7
045  000100 Y
046  000100 Y
047  000100 Y
048  000100  0.000
048 A010100   200000
048 A020100 0.700
048 B010100   300000
048 B020100 0.650
048 C010100        0
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048 D010100        0
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048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
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048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100   500000
048 K020100 0.600
049  000100 N
050  000100 N
051  000100 N
052  000100 N
053 A000100 N
062 A000100 Y
062 B000100   0.0
062 C000100   0.0
062 D000100   0.0
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100   0.0
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100   3
063 B000100  0.0
<PAGE>      PAGE  8
066 A000100 Y
066 D000100 Y
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100    120695
071 B000100     88205
071 C000100    128255
071 D000100   69
072 A000100 12
072 B000100      314
072 C000100     3260
072 D000100        0
072 E000100        0
<PAGE>      PAGE  9
072 F000100      856
072 G000100       27
072 H000100        0
072 I000100      270
072 J000100      107
072 K000100        0
072 L000100       55
072 M000100       23
072 N000100       46
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100       23
072 S000100       34
072 T000100      453
072 U000100        0
072 V000100        0
072 W000100       24
072 X000100     1918
072 Y000100        0
072 Z000100     1656
072AA000100    21444
072BB000100        0
072CC010100    16044
072CC020100        0
072DD010100     1549
072DD020100       79
072EE000100    19358
073 A010100   0.1800
073 A020100   0.1000
073 B000100   2.0300
073 C000100   0.0000
074 A000100        1
074 B000100    13860
074 C000100        0
074 D000100        0
074 E000100        0
074 F000100   175323
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100        0
074 L000100     2560
074 M000100       14
074 N000100   191758
074 O000100     6678
074 P000100      108
074 Q000100        0
074 R010100        0
074 R020100        0
<PAGE>      PAGE  10
074 R030100        0
074 R040100      546
074 S000100        0
074 T000100   184426
074 U010100    10469
074 U020100     2343
074 V010100    14.39
074 V020100    14.40
074 W000100   0.0000
074 X000100    11780
074 Y000100        0
075 A000100        0
075 B000100   121772
076  000100     0.00
008 A000201 BACK BAY ADVISORS, L.P.
008 B000201 A
008 C000201 801-27694
008 D010201 BOSTON
008 D020201 MA
008 D030201 02116
024  000200 N
028 A010200      1996
028 A020200       247
028 A030200         0
028 A040200       932
028 B010200      1063
028 B020200       249
028 B030200         0
028 B040200       538
028 C010200      1042
028 C020200       253
028 C030200         0
028 C040200       772
028 D010200      1508
028 D020200       254
028 D030200         0
028 D040200       986
028 E010200      1434
028 E020200       258
028 E030200         0
028 E040200       869
028 F010200      1204
028 F020200       244
028 F030200         0
028 F040200      1163
028 G010200      8247
028 G020200      1505
028 G030200         0
028 G040200      5260
028 H000200      7573
029  000200 Y
<PAGE>      PAGE  11
030 A000200    153
030 B000200  4.50
030 C000200  0.00
031 A000200     19
031 B000200      0
032  000200    126
033  000200      8
034  000200 Y
035  000200     24
036 A000200 Y
036 B000200      0
037  000200 N
038  000200      0
039  000200 N
040  000200 Y
041  000200 Y
042 A000200   0
042 B000200   0
042 C000200 100
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200    214
044  000200      0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.750
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
<PAGE>      PAGE  12
048 K020200 0.000
049  000200 N
050  000200 N
051  000200 N
052  000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
062 A000200 Y
062 B000200   0.0
062 C000200   0.0
062 D000200   2.5
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   3.4
062 N000200   0.0
062 O000200   0.0
062 P000200  90.8
062 Q000200   0.0
062 R000200   0.4
063 A000200   0
063 B000200  9.2
064 A000200 N
064 B000200 Y
065  000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
<PAGE>      PAGE  13
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200     23037
071 B000200     12841
071 C000200     42925
071 D000200   30
072 A000200 12
072 B000200     5101
072 C000200       57
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072 T000200      214
072 U000200        0
072 V000200        0
072 W000200       10
072 X000200      838
072 Y000200       54
072 Z000200     4374
<PAGE>      PAGE  14
072AA000200      357
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074 V010200     8.98
074 V020200     8.98
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008 A000301 BACK BAY ADVISORS, L.P.
008 B000301 A
008 C000301 801-27694
008 D010301 BOSTON
008 D020301 MA
008 D030301 02116
024  000300 N
<PAGE>      PAGE  15
028 A010300      3661
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031 B000300      0
032  000300    143
033  000300      8
034  000300 Y
035  000300      7
036 A000300 Y
036 B000300      0
037  000300 N
038  000300      0
039  000300 N
040  000300 Y
041  000300 Y
042 A000300   0
042 B000300   0
042 C000300 100
042 D000300   0
042 E000300   0
<PAGE>      PAGE  16
042 F000300   0
042 G000300   0
042 H000300   0
043  000300    454
044  000300      0
045  000300 Y
046  000300 N
047  000300 Y
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048 A020300 0.600
048 B010300        0
048 B020300 0.000
048 C010300        0
048 C020300 0.000
048 D010300        0
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048 E010300        0
048 E020300 0.000
048 F010300        0
048 F020300 0.000
048 G010300        0
048 G020300 0.000
048 H010300        0
048 H020300 0.000
048 I010300        0
048 I020300 0.000
048 J010300        0
048 J020300 0.000
048 K010300      100
048 K020300 0.500
049  000300 N
050  000300 N
051  000300 N
052  000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
062 A000300 Y
062 B000300   0.0
062 C000300   0.0
062 D000300   0.0
062 E000300   0.0
062 F000300   0.0
062 G000300   0.0
062 H000300   0.0
062 I000300   0.0
062 J000300   0.0
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062 L000300   0.0
062 M000300   0.0
<PAGE>      PAGE  17
062 N000300   0.0
062 O000300  99.5
062 P000300   0.0
062 Q000300   0.0
062 R000300   0.0
063 A000300   0
063 B000300 20.5
064 A000300 Y
064 B000300 N
066 A000300 N
067  000300 N
068 A000300 N
068 B000300 N
069  000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300    150807
<PAGE>      PAGE  18
071 B000300    148384
071 C000300    117700
071 D000300  127
072 A000300 12
072 B000300     7541
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074 H000300        0
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<PAGE>      PAGE  19
074 L000300     2384
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074 R010300        0
074 R020300        0
074 R030300        0
074 R040300      230
074 S000300        0
074 T000300   126926
074 U010300     7135
074 U020300      398
074 V010300    16.85
074 V020300    16.82
074 W000300   0.0000
074 X000300     5574
074 Y000300        0
075 A000300        0
075 B000300   114184
076  000300     0.00
008 A000401 BACK BAY ADVISORS, L.P.
008 B000401 A
008 C000401 801-27694
008 D010401 BOSTON
008 D020401 MA
008 D030401 02116
024  000400 N
028 A010400      4532
028 A020400      2021
028 A030400         0
028 A040400      7873
028 B010400      4391
028 B020400      2011
028 B030400         0
028 B040400      9465
028 C010400      3857
028 C020400      1991
028 C030400         0
028 C040400      9734
028 D010400      4939
028 D020400      1973
028 D030400         0
028 D040400     11896
028 E010400      3837
028 E020400      1946
028 E030400         0
028 E040400     10168
028 F010400      9598
028 F020400      2031
<PAGE>      PAGE  20
028 F030400         0
028 F040400      8197
028 G010400     31154
028 G020400     11973
028 G030400         0
028 G040400     57333
028 H000400     27095
029  000400 Y
030 A000400    471
030 B000400  3.00
030 C000400  0.00
031 A000400     63
031 B000400      0
032  000400    355
033  000400     53
034  000400 Y
035  000400     86
036 A000400 Y
036 B000400      0
037  000400 N
038  000400      0
039  000400 N
040  000400 Y
041  000400 Y
042 A000400   0
042 B000400   0
042 C000400 100
042 D000400   0
042 E000400   0
042 F000400   0
042 G000400   0
042 H000400   0
043  000400   1495
044  000400      0
045  000400 Y
046  000400 N
047  000400 Y
048  000400  0.000
048 A010400      200
048 A020400 0.650
048 B010400      300
048 B020400 0.625
048 C010400        0
048 C020400 0.000
048 D010400        0
048 D020400 0.000
048 E010400        0
048 E020400 0.000
048 F010400        0
048 F020400 0.000
048 G010400        0
<PAGE>      PAGE  21
048 G020400 0.000
048 H010400        0
048 H020400 0.000
048 I010400        0
048 I020400 0.000
048 J010400        0
048 J020400 0.000
048 K010400      500
048 K020400 0.600
049  000400 N
050  000400 N
051  000400 N
052  000400 N
053 A000400 N
062 A000400 Y
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.3
062 J000400   0.0
062 K000400   0.0
062 L000400   0.0
062 M000400  67.2
062 N000400  26.3
062 O000400   0.0
062 P000400   0.0
062 Q000400   4.0
062 R000400   0.0
063 A000400   0
063 B000400  9.0
064 A000400 N
064 B000400 N
066 A000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 Y
070 C020400 Y
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 Y
<PAGE>      PAGE  22
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400    970800
071 B000400   1027530
071 C000400    392584
071 D000400  247
072 A000400 12
072 B000400    33736
072 C000400        0
072 D000400        0
072 E000400        0
072 F000400     2560
072 G000400        0
072 H000400        0
072 I000400      596
072 J000400      171
072 K000400        0
072 L000400       53
072 M000400       24
072 N000400       45
072 O000400        0
072 P000400        0
072 Q000400        0
072 R000400       22
072 S000400       17
072 T000400     1495
072 U000400        0
<PAGE>      PAGE  23
072 V000400        0
072 W000400       15
072 X000400     4998
072 Y000400        0
072 Z000400    28738
072AA000400        0
072BB000400     3099
072CC010400    23699
072CC020400        0
072DD010400    26921
072DD020400     1412
072EE000400        0
073 A010400   0.8400
073 A020400   0.7600
073 B000400   0.0000
073 C000400   0.0000
074 A000400        6
074 B000400        0
074 C000400     1335
074 D000400   381487
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400        0
074 K000400        0
074 L000400    10195
074 M000400        0
074 N000400   393023
074 O000400        0
074 P000400      214
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400     1574
074 S000400        0
074 T000400   391235
074 U010400    29866
074 U020400     2462
074 V010400    12.10
074 V020400    12.09
074 W000400   0.0000
074 X000400    17527
074 Y000400        0
075 A000400        0
075 B000400   382894
076  000400     0.00
008 A000501 BACK BAY ADVISORS, L.P.
008 B000501 A
<PAGE>      PAGE  24
008 C000501 801-27694
008 D010501 BOSTON
008 D020501 MA
008 D030501 02116
024  000500 N
025 D000501       0
025 D000502       0
025 D000503       0
025 D000504       0
025 D000505       0
025 D000506       0
025 D000507       0
025 D000508       0
028 A010500      5065
028 A020500       900
028 A030500         0
028 A040500      8283
028 B010500      5363
028 B020500       820
028 B030500         0
028 B040500      6747
028 C010500      6342
028 C020500       803
028 C030500         0
028 C040500      9443
028 D010500      3917
028 D020500       781
028 D030500         0
028 D040500     37574
028 E010500      6997
028 E020500       723
028 E030500         0
028 E040500     24703
028 F010500      5753
028 F020500       540
028 F030500         0
028 F040500     26425
028 G010500     33437
028 G020500      4567
028 G030500         0
028 G040500    113175
028 H000500     11202
029  000500 Y
030 A000500     70
030 B000500  1.00
030 C000500  0.00
031 A000500      7
031 B000500      0
032  000500     57
033  000500      6
034  000500 Y
<PAGE>      PAGE  25
035  000500     20
036 A000500 Y
036 B000500      0
037  000500 N
038  000500      0
039  000500 N
040  000500 Y
041  000500 Y
042 A000500   0
042 B000500   0
042 C000500 100
042 D000500   0
042 E000500   0
042 F000500   0
042 G000500   0
042 H000500   0
043  000500   1063
044  000500      0
045  000500 Y
046  000500 N
047  000500 Y
048  000500  0.000
048 A010500      200
048 A020500 0.400
048 B010500      300
048 B020500 0.375
048 C010500        0
048 C020500 0.000
048 D010500        0
048 D020500 0.000
048 E010500        0
048 E020500 0.000
048 F010500        0
048 F020500 0.000
048 G010500        0
048 G020500 0.000
048 H010500        0
048 H020500 0.000
048 I010500        0
048 I020500 0.000
048 J010500        0
048 J020500 0.000
048 K010500      500
048 K020500 0.350
049  000500 N
050  000500 N
051  000500 N
052  000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
<PAGE>      PAGE  26
062 A000500 Y
062 B000500   0.0
062 C000500   0.0
062 D000500   7.2
062 E000500   0.0
062 F000500   0.0
062 G000500   0.0
062 H000500   0.0
062 I000500   0.0
062 J000500   0.0
062 K000500   0.0
062 L000500   0.0
062 M000500  23.2
062 N000500  67.4
062 O000500   0.0
062 P000500   0.0
062 Q000500   0.0
062 R000500   0.0
063 A000500   0
063 B000500 18.5
064 A000500 N
064 B000500 N
066 A000500 N
067  000500 N
068 A000500 N
068 B000500 N
069  000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
<PAGE>      PAGE  27
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500    286127
071 B000500    429840
071 C000500    393280
071 D000500   73
072 A000500 12
072 B000500    29065
072 C000500        0
072 D000500        0
072 E000500        0
072 F000500     1619
072 G000500       22
072 H000500        0
072 I000500      156
072 J000500      137
072 K000500        0
072 L000500       23
072 M000500        0
072 N000500       56
072 O000500        0
072 P000500        0
072 Q000500        0
072 R000500       22
072 S000500       20
072 T000500     1063
072 U000500        0
072 V000500        0
072 W000500      623
072 X000500     3741
072 Y000500      968
072 Z000500    26292
072AA000500        0
072BB000500     9361
072CC010500        0
072CC020500    18622
072DD010500    24684
072DD020500      113
072EE000500        0
073 A010500   0.4400
073 A020500   0.3800
<PAGE>      PAGE  28
073 B000500   0.0000
073 C000500   0.0000
074 A000500       95
074 B000500    24100
074 C000500        0
074 D000500   302511
074 E000500        0
074 F000500        0
074 G000500        0
074 H000500        0
074 I000500        0
074 J000500      143
074 K000500        0
074 L000500     8051
074 M000500        7
074 N000500   334907
074 O000500        0
074 P000500        0
074 Q000500        0
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500     1427
074 S000500        0
074 T000500   333480
074 U010500    44899
074 U020500      321
074 V010500     7.37
074 V020500     7.37
074 W000500   0.0000
074 X000500     4403
074 Y000500        0
075 A000500        0
075 B000500   419517
076  000500     0.00
008 A000601 BACK BAY ADVISORS, L.P.
008 B000601 A
008 C000601 801-27694
008 D010601 BOSTON
008 D020601 MA
008 D030601 02116
024  000600 N
028 A010600       346
028 A020600        98
028 A030600         0
028 A040600       518
028 B010600       520
028 B020600        75
028 B030600         0
028 B040600       632
028 C010600      1286
<PAGE>      PAGE  29
028 C020600        87
028 C030600         0
028 C040600       845
028 D010600       320
028 D020600        87
028 D030600         0
028 D040600       964
028 E010600      1179
028 E020600        90
028 E030600         0
028 E040600       213
028 F010600       493
028 F020600        90
028 F030600         0
028 F040600      1241
028 G010600      4144
028 G020600       527
028 G030600         0
028 G040600      4413
028 H000600      2333
029  000600 Y
030 A000600     70
030 B000600  2.50
030 C000600  0.00
031 A000600     10
031 B000600      0
032  000600     59
033  000600      1
034  000600 Y
035  000600     61
036 A000600 Y
036 B000600      0
037  000600 N
038  000600      0
039  000600 N
040  000600 Y
041  000600 Y
042 A000600   0
042 B000600   0
042 C000600 100
042 D000600   0
042 E000600   0
042 F000600   0
042 G000600   0
042 H000600   0
043  000600    137
044  000600      0
045  000600 Y
046  000600 N
047  000600 Y
048  000600  0.000
<PAGE>      PAGE  30
048 A010600      200
048 A020600 0.400
048 B010600      300
048 B020600 0.375
048 C010600        0
048 C020600 0.000
048 D010600        0
048 D020600 0.000
048 E010600        0
048 E020600 0.000
048 F010600        0
048 F020600 0.000
048 G010600        0
048 G020600 0.000
048 H010600        0
048 H020600 0.000
048 I010600        0
048 I020600 0.000
048 J010600        0
048 J020600 0.000
048 K010600      500
048 K020600 0.350
049  000600 N
050  000600 N
051  000600 N
052  000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
062 A000600 Y
062 B000600   0.0
062 C000600   0.0
062 D000600   0.0
062 E000600   0.0
062 F000600   0.0
062 G000600   0.0
062 H000600   0.0
062 I000600   0.0
062 J000600   0.0
062 K000600   0.0
062 L000600   0.0
062 M000600   0.0
062 N000600   0.0
062 O000600  95.9
062 P000600   0.0
062 Q000600   0.0
062 R000600   0.0
063 A000600   0
063 B000600 11.3
064 A000600 Y
064 B000600 N
<PAGE>      PAGE  31
066 A000600 N
067  000600 N
068 A000600 N
068 B000600 N
069  000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 Y
070 D010600 N
070 D020600 N
070 E010600 Y
070 E020600 Y
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 N
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600     61401
071 B000600     63735
071 C000600     36658
071 D000600  167
072 A000600 12
072 B000600     2233
072 C000600        0
072 D000600        0
072 E000600        0
072 F000600      150
<PAGE>      PAGE  32
072 G000600       11
072 H000600        0
072 I000600       40
072 J000600       67
072 K000600        0
072 L000600       16
072 M000600        0
072 N000600       21
072 O000600        0
072 P000600        0
072 Q000600        0
072 R000600       15
072 S000600       20
072 T000600      137
072 U000600        4
072 V000600        0
072 W000600       53
072 X000600      534
072 Y000600      227
072 Z000600     1926
072AA000600       81
072BB000600        0
072CC010600     2840
072CC020600        0
072DD010600     1676
072DD020600      262
072EE000600        0
073 A010600   0.3900
073 A020600   0.3300
073 B000600   0.0000
073 C000600   0.0000
074 A000600      853
074 B000600        0
074 C000600        0
074 D000600    36754
074 E000600        0
074 F000600        0
074 G000600        0
074 H000600        0
074 I000600        0
074 J000600      982
074 K000600       30
074 L000600      770
074 M000600        5
074 N000600    39394
074 O000600      984
074 P000600        0
074 Q000600        0
074 R010600        0
074 R020600        0
074 R030600        0
<PAGE>      PAGE  33
074 R040600       86
074 S000600        0
074 T000600    38324
074 U010600     4273
074 U020600      736
074 V010600     7.65
074 V020600     7.63
074 W000600   0.0000
074 X000600      736
074 Y000600        0
075 A000600        0
075 B000600    31793
076  000600     0.00
008 A000701 BACK BAY ADVISORS, L.P.
008 B000701 A
008 C000701 801-27694
008 D010701 BOSTON
008 D020701 MA
008 D030701 02116
024  000700 N
028 A010700       177
028 A020700        55
028 A030700         0
028 A040700       282
028 B010700       356
028 B020700        56
028 B030700         0
028 B040700       151
028 C010700       438
028 C020700        55
028 C030700         0
028 C040700       743
028 D010700       185
028 D020700        56
028 D030700         0
028 D040700       765
028 E010700       353
028 E020700        55
028 E030700         0
028 E040700       107
028 F010700       180
028 F020700        37
028 F030700         0
028 F040700       307
028 G010700      1689
028 G020700       314
028 G030700         0
028 G040700      2355
028 H000700      1688
029  000700 Y
030 A000700     38
<PAGE>      PAGE  34
030 B000700  2.50
030 C000700  0.00
031 A000700      6
031 B000700      0
032  000700     29
033  000700      3
034  000700 Y
035  000700     10
036 A000700 Y
036 B000700      0
037  000700 N
038  000700      0
039  000700 N
040  000700 Y
041  000700 Y
042 A000700   0
042 B000700   0
042 C000700 100
042 D000700   0
042 E000700   0
042 F000700   0
042 G000700   0
042 H000700   0
043  000700     55
044  000700      0
045  000700 Y
046  000700 N
047  000700 Y
048  000700  0.000
048 A010700      200
048 A020700 0.400
048 B010700      300
048 B020700 0.375
048 C010700        0
048 C020700 0.000
048 D010700        0
048 D020700 0.000
048 E010700        0
048 E020700 0.000
048 F010700        0
048 F020700 0.000
048 G010700        0
048 G020700 0.000
048 H010700        0
048 H020700 0.000
048 I010700        0
048 I020700 0.000
048 J010700        0
048 J020700 0.000
048 K010700      500
048 K020700 0.350
<PAGE>      PAGE  35
049  000700 N
050  000700 N
051  000700 N
052  000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
062 A000700 Y
062 B000700   0.0
062 C000700   0.0
062 D000700   0.0
062 E000700   0.0
062 F000700   0.0
062 G000700   0.0
062 H000700   0.0
062 I000700   1.1
062 J000700   0.0
062 K000700   0.0
062 L000700   0.0
062 M000700   0.0
062 N000700   0.0
062 O000700  99.8
062 P000700   0.0
062 Q000700   0.0
062 R000700   0.0
063 A000700   0
063 B000700 11.0
064 A000700 Y
064 B000700 N
066 A000700 N
067  000700 N
068 A000700 N
068 B000700 N
069  000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 Y
070 C020700 Y
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 Y
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
<PAGE>      PAGE  36
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700     26527
071 B000700     26385
071 C000700     17049
071 D000700  155
072 A000700 12
072 B000700     1040
072 C000700        0
072 D000700        0
072 E000700        0
072 F000700       71
072 G000700       12
072 H000700        0
072 I000700       37
072 J000700       65
072 K000700        0
072 L000700       15
072 M000700        0
072 N000700       22
072 O000700        0
072 P000700        0
072 Q000700        0
072 R000700       15
072 S000700       20
072 T000700       55
072 U000700        5
072 V000700        0
072 W000700       27
072 X000700      344
072 Y000700      209
072 Z000700      905
072AA000700      202
072BB000700        0
<PAGE>      PAGE  37
072CC010700     1292
072CC020700        0
072DD010700      859
072DD020700       64
072EE000700        0
073 A010700   0.3900
073 A020700   0.3400
073 B000700   0.0000
073 C000700   0.0000
074 A000700        1
074 B000700        0
074 C000700      191
074 D000700    18067
074 E000700        0
074 F000700        0
074 G000700        0
074 H000700        0
074 I000700        0
074 J000700       19
074 K000700      116
074 L000700      331
074 M000700        6
074 N000700    18731
074 O000700      489
074 P000700        1
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
074 R040700      135
074 S000700        0
074 T000700    18106
074 U010700     2133
074 U020700      224
074 V010700     7.68
074 V020700     7.67
074 W000700   0.0000
074 X000700      678
074 Y000700        0
075 A000700        0
075 B000700    16262
076  000700     0.00
SIGNATURE   SCOTT FITZHENRY                              
TITLE       FUND ADMIN. MANAGER 
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 1
   <NAME> NE GROWTH OPP-A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        144809484
<INVESTMENTS-AT-VALUE>                       189182616
<RECEIVABLES>                                  2560779
<ASSETS-OTHER>                                   14876
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               191755271
<PAYABLE-FOR-SECURITIES>                       6677864
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       654680
<TOTAL-LIABILITIES>                            7332544
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     137870574
<SHARES-COMMON-STOCK>                         10468941
<SHARES-COMMON-PRIOR>                          8383570
<ACCUMULATED-NII-CURRENT>                      1655576
<OVERDISTRIBUTION-NII>                           95891
<ACCUMULATED-NET-GAINS>                        2086130
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      44373132
<NET-ASSETS>                                 184425727
<DIVIDEND-INCOME>                              3259887
<INTEREST-INCOME>                               313571
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 1917882
<NET-INVESTMENT-INCOME>                        1655576
<REALIZED-GAINS-CURRENT>                      21443541
<APPREC-INCREASE-CURRENT>                     16043612
<NET-CHANGE-FROM-OPS>                         39142729
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (1549436)
<DISTRIBUTIONS-OF-GAINS>                    (17435536)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        2225960
<NUMBER-OF-SHARES-REDEEMED>                  (1286544)
<SHARES-REINVESTED>                            1145955
<NET-CHANGE-IN-ASSETS>                        75160009
<ACCUMULATED-NII-PRIOR>                        1921190
<ACCUMULATED-GAINS-PRIOR>                      1492900
<OVERDISTRIB-NII-PRIOR>                       (106169)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           856469
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                1917882
<AVERAGE-NET-ASSETS>                         121771837
<PER-SHARE-NAV-BEGIN>                            12.41
<PER-SHARE-NII>                                    .18
<PER-SHARE-GAIN-APPREC>                           4.01
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (2.21)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.39
<EXPENSE-RATIO>                                   1.38
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 1
   <NAME> NE GROWTH OPP-B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        144809484
<INVESTMENTS-AT-VALUE>                       189182616
<RECEIVABLES>                                  2560779
<ASSETS-OTHER>                                   14876
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               191758271
<PAYABLE-FOR-SECURITIES>                       6677864
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       654680
<TOTAL-LIABILITIES>                            7332544
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     137870574
<SHARES-COMMON-STOCK>                          2016187
<SHARES-COMMON-PRIOR>                           417537
<ACCUMULATED-NII-CURRENT>                      1655576
<OVERDISTRIBUTION-NII>                           95891
<ACCUMULATED-NET-GAINS>                        2086130
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      44373132
<NET-ASSETS>                                 184425727
<DIVIDEND-INCOME>                              3259887
<INTEREST-INCOME>                               313571
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 1917882
<NET-INVESTMENT-INCOME>                        1655576
<REALIZED-GAINS-CURRENT>                      21443541
<APPREC-INCREASE-CURRENT>                     16043612
<NET-CHANGE-FROM-OPS>                         39142729
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (74015)
<DISTRIBUTIONS-OF-GAINS>                     (1801248)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1584901
<NUMBER-OF-SHARES-REDEEMED>                   (112671)
<SHARES-REINVESTED>                             126420
<NET-CHANGE-IN-ASSETS>                        75160009
<ACCUMULATED-NII-PRIOR>                        1921190
<ACCUMULATED-GAINS-PRIOR>                      1492900
<OVERDISTRIB-NII-PRIOR>                       (106169)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           856469
<INTEREST-EXPENSE>                              056469
<GROSS-EXPENSE>                                1917882
<AVERAGE-NET-ASSETS>                         121771837
<PER-SHARE-NAV-BEGIN>                            12.42
<PER-SHARE-NII>                                    .10
<PER-SHARE-GAIN-APPREC>                           4.01
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (2.13)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.40
<EXPENSE-RATIO>                                   2.11
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 1
   <NAME> NE GROWTH OPP-C
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        144809484
<INVESTMENTS-AT-VALUE>                       189182616
<RECEIVABLES>                                  2560779
<ASSETS-OTHER>                                   14876
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               191758271
<PAYABLE-FOR-SECURITIES>                       6677864
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       654680
<TOTAL-LIABILITIES>                            7332544
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     137870574
<SHARES-COMMON-STOCK>                           327065
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                      1655576
<OVERDISTRIBUTION-NII>                           95891
<ACCUMULATED-NET-GAINS>                        2086130
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      44373132
<NET-ASSETS>                                 184425727
<DIVIDEND-INCOME>                              3259887
<INTEREST-INCOME>                               313571
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 1917882
<NET-INVESTMENT-INCOME>                        1655576
<REALIZED-GAINS-CURRENT>                      21443541
<APPREC-INCREASE-CURRENT>                     16043612
<NET-CHANGE-FROM-OPS>                         39142729
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       (4516)
<DISTRIBUTIONS-OF-GAINS>                      (120627)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         351596
<NUMBER-OF-SHARES-REDEEMED>                    (33071)
<SHARES-REINVESTED>                               8540
<NET-CHANGE-IN-ASSETS>                        75160009
<ACCUMULATED-NII-PRIOR>                        1921190
<ACCUMULATED-GAINS-PRIOR>                      1492900
<OVERDISTRIB-NII-PRIOR>                       (106169)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           856469
<INTEREST-EXPENSE>                             0917882
<GROSS-EXPENSE>                                1917882
<AVERAGE-NET-ASSETS>                         121771837
<PER-SHARE-NAV-BEGIN>                            13.84
<PER-SHARE-NII>                                    .06
<PER-SHARE-GAIN-APPREC>                           2.58
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (2.06)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.39
<EXPENSE-RATIO>                                   2.11
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 2
   <NAME> NE HIGH INCOME-A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                         52189925
<INVESTMENTS-AT-VALUE>                        48389665
<RECEIVABLES>                                  1708293
<ASSETS-OTHER>                                    7793
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                50105751
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       332677
<TOTAL-LIABILITIES>                             332677
<SENIOR-EQUITY>                                     07
<PAID-IN-CAPITAL-COMMON>                      57039956
<SHARES-COMMON-STOCK>                          4358261
<SHARES-COMMON-PRIOR>                          3787463
<ACCUMULATED-NII-CURRENT>                      4373660
<OVERDISTRIBUTION-NII>                         (44018)
<ACCUMULATED-NET-GAINS>                      (3422604)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (3800260)
<NET-ASSETS>                                  49773074
<DIVIDEND-INCOME>                                   57
<INTEREST-INCOME>                              5100949
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  784601
<NET-INVESTMENT-INCOME>                        4373660
<REALIZED-GAINS-CURRENT>                        357087
<APPREC-INCREASE-CURRENT>                       165613
<NET-CHANGE-FROM-OPS>                          4896360
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (3803673)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1182928
<NUMBER-OF-SHARES-REDEEMED>                   (901955)
<SHARES-REINVESTED>                             289825
<NET-CHANGE-IN-ASSETS>                        10867006
<ACCUMULATED-NII-PRIOR>                         332558
<ACCUMULATED-GAINS-PRIOR>                         1911
<OVERDISTRIB-NII-PRIOR>                       (101090)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           342554
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 838444
<AVERAGE-NET-ASSETS>                          37114567
<PER-SHARE-NAV-BEGIN>                             8.89
<PER-SHARE-NII>                                    .88
<PER-SHARE-GAIN-APPREC>                            .13
<PER-SHARE-DIVIDEND>                             (.88)
<PER-SHARE-DISTRIBUTIONS>                        (.04)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.98
<EXPENSE-RATIO>                                   1.60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 2
   <NAME> NE HIGH INCOME -B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                         52189925
<INVESTMENTS-AT-VALUE>                        48389665
<RECEIVABLES>                                  1708293
<ASSETS-OTHER>                                    7793
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                50105751
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       332677
<TOTAL-LIABILITIES>                             332677
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      57039956
<SHARES-COMMON-STOCK>                          1183866
<SHARES-COMMON-PRIOR>                           588973
<ACCUMULATED-NII-CURRENT>                      7373660
<OVERDISTRIBUTION-NII>                         (44018)
<ACCUMULATED-NET-GAINS>                      (3422604)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (3800260)
<NET-ASSETS>                                  49773074
<DIVIDEND-INCOME>                                   57
<INTEREST-INCOME>                              5100949
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  784601
<NET-INVESTMENT-INCOME>                        4373660
<REALIZED-GAINS-CURRENT>                        357087
<APPREC-INCREASE-CURRENT>                       165613
<NET-CHANGE-FROM-OPS>                          4896360
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (784937)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         690304
<NUMBER-OF-SHARES-REDEEMED>                   (127062)
<SHARES-REINVESTED>                              31651
<NET-CHANGE-IN-ASSETS>                        10867006
<ACCUMULATED-NII-PRIOR>                         332558
<ACCUMULATED-GAINS-PRIOR>                         1911
<OVERDISTRIB-NII-PRIOR>                       (101090)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           342554
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 838444
<AVERAGE-NET-ASSETS>                          37114567
<PER-SHARE-NAV-BEGIN>                             8.88
<PER-SHARE-NII>                                    .41
<PER-SHARE-GAIN-APPREC>                            .26
<PER-SHARE-DIVIDEND>                             (.81)
<PER-SHARE-DISTRIBUTIONS>                        (.05)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.98
<EXPENSE-RATIO>                                   2.25
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 3
   <NAME> NE MASS-A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        118447282
<INVESTMENTS-AT-VALUE>                       126276887
<RECEIVABLES>                                  2898093
<ASSETS-OTHER>                                  841496
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               130016476
<PAYABLE-FOR-SECURITIES>                       2781882
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       308336
<TOTAL-LIABILITIES>                            3090218
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     121748064
<SHARES-COMMON-STOCK>                          7135425
<SHARES-COMMON-PRIOR>                          7121877
<ACCUMULATED-NII-CURRENT>                      6488923
<OVERDISTRIBUTION-NII>                         (60268)
<ACCUMULATED-NET-GAINS>                      (2591144)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       7829606
<NET-ASSETS>                                 126956258
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              7541154
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 1052231
<NET-INVESTMENT-INCOME>                        6488923
<REALIZED-GAINS-CURRENT>                        964359
<APPREC-INCREASE-CURRENT>                     12009442
<NET-CHANGE-FROM-OPS>                         19462724
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (6245315)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1129898
<NUMBER-OF-SHARES-REDEEMED>                  (1404246)
<SHARES-REINVESTED>                             287896
<NET-CHANGE-IN-ASSETS>                        14838937
<ACCUMULATED-NII-PRIOR>                        6848147
<ACCUMULATED-GAINS-PRIOR>                    (3539373)
<OVERDISTRIB-NII-PRIOR>                          55525
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           697878
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                1514899
<AVERAGE-NET-ASSETS>                         114184138
<PER-SHARE-NAV-BEGIN>                            15.10
<PER-SHARE-NII>                                    .88
<PER-SHARE-GAIN-APPREC>                           1.76
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        (.89)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              16.85
<EXPENSE-RATIO>                                    .85
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 3
   <NAME> NE MASS-B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        118447282
<INVESTMENTS-AT-VALUE>                       126276887
<RECEIVABLES>                                  2898093
<ASSETS-OTHER>                                  841496
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               130016476
<PAYABLE-FOR-SECURITIES>                       2781882
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       308336
<TOTAL-LIABILITIES>                            3090218
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     121748064
<SHARES-COMMON-STOCK>                           398139
<SHARES-COMMON-PRIOR>                           299993
<ACCUMULATED-NII-CURRENT>                      6488923
<OVERDISTRIBUTION-NII>                         (60268)
<ACCUMULATED-NET-GAINS>                      (2561144)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       7829606
<NET-ASSETS>                                 126926258
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              7541154
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 1052231
<NET-INVESTMENT-INCOME>                        6488923
<REALIZED-GAINS-CURRENT>                        964359
<APPREC-INCREASE-CURRENT>                     12009442
<NET-CHANGE-FROM-OPS>                         19462724
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (265788)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         108712
<NUMBER-OF-SHARES-REDEEMED>                    (23445)
<SHARES-REINVESTED>                              12879
<NET-CHANGE-IN-ASSETS>                        14838937
<ACCUMULATED-NII-PRIOR>                        6848147
<ACCUMULATED-GAINS-PRIOR>                    (3539373)
<OVERDISTRIB-NII-PRIOR>                          55525
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           697878
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                1514899
<AVERAGE-NET-ASSETS>                         114184138
<PER-SHARE-NAV-BEGIN>                            15.08
<PER-SHARE-NII>                                    .78
<PER-SHARE-GAIN-APPREC>                           1.74
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        (.78)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              16.82
<EXPENSE-RATIO>                                   1.50
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 4
   <NAME> NE LTD-A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        373295191
<INVESTMENTS-AT-VALUE>                       382822299
<RECEIVABLES>                                 10179422
<ASSETS-OTHER>                                   16772
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               393018493
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      1783350
<TOTAL-LIABILITIES>                            1783350
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     414054062
<SHARES-COMMON-STOCK>                         29865887
<SHARES-COMMON-PRIOR>                         35877111
<ACCUMULATED-NII-CURRENT>                     28738040
<OVERDISTRIBUTION-NII>                           67682
<ACCUMULATED-NET-GAINS>                     (32413709)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       9527108
<NET-ASSETS>                                 391235143
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                             33735703
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 4997663
<NET-INVESTMENT-INCOME>                       28738040
<REALIZED-GAINS-CURRENT>                     (3099077)
<APPREC-INCREASE-CURRENT>                     23699408
<NET-CHANGE-FROM-OPS>                         49338371
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   (26920664)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        3171114
<NUMBER-OF-SHARES-REDEEMED>                 (11030290)
<SHARES-REINVESTED>                            1847952
<NET-CHANGE-IN-ASSETS>                      (34876006)
<ACCUMULATED-NII-PRIOR>                       33871995
<ACCUMULATED-GAINS-PRIOR>                   (33235907)
<OVERDISTRIB-NII-PRIOR>                       (400474)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          2560201
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                4997663
<AVERAGE-NET-ASSETS>                         382893596
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<PER-SHARE-NII>                                    .86
<PER-SHARE-GAIN-APPREC>                            .59
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 4
   <NAME> NE LTD-B
       
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<PERIOD-TYPE>                   YEAR
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 4
   <NAME> NE LTD-C
       
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<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
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<NUMBER-OF-SHARES-REDEEMED>                   (279634)
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 4
   <NAME> NE LTD-Y
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        373295191
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 5
   <NAME> NE ADJ-A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        327843507
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<ACCUMULATED-NII-CURRENT>                     26292012
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<PER-SHARE-NAV-BEGIN>                             7.20
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 5
   <NAME> NE ADJ-B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 6
   <NAME> NE CAL-A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                         35716490
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<ACCUMULATED-NET-GAINS>                      (1490827)
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 6
   <NAME> NE CAL-B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                         35716490
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000052136
<NAME> NE FUNDS TRUST 2
<SERIES>
   <NUMBER> 7
   <NAME> NE NY-A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
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<NAME> NE FUNDS TRUST 2
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   <NAME> NE NY-B
       
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