New England Zenith Fund
Draycott International Equity Series
Supplement dated January 26, 1996 to New England Zenith Fund
Prospectus dated May 1, 1995 as Supplemented in November, 1995
The following paragraph is added to the section of the
Prospectus captioned "Management":
On December 29, 1995, NEIC, the parent company of
Draycott, sold Draycott to Cursitor Holdings,
Limited ("Cursitor"). Cursitor, headquartered at
66 Buckingham Gate, London, England SW1E 6AU, is
an international investment management group that
had approximately $9.4 billion in assets under
management at September 30, 1995. Alliance
Capital Management L.P. ("Alliance Capital") is
expected to acquire the business of Cursitor in
1996. As a result of this transaction, Draycott
will become a wholly-owned subsidiary of a new
entity, Cursitor Alliance LLC, in which Alliance
Capital will directly and indirectly own a 93%
interest. Alliance Capital Management Corporation
("ACMC") is the sole general partner of, and the
owner of a 1% general partnership interest in,
Alliance Capital. ACMC is an indirectly wholly
owned subsidiary of The Equitable Life Assurance
Society of the United States, which is a wholly-
owned subsidiary of The Equitable Companies
Incorporated, a holding company controlled by AXA,
a French insurance holding company. Effective
December 29, 1995, short-term U.S. cash management
services for the Draycott International Equity
Series are provided by Draycott (rather than by
Back Bay Advisors).
