NEW ENGLAND ZENITH FUND
497, 1996-09-09
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<PAGE>
 
                            NEW ENGLAND ZENITH FUND
 
                        Supplement dated August 30, 1996
                                       to
                          Prospectus dated May 1, 1996
 
  This supplement updates information in and should be read in conjunction with
the prospectus dated May 1, 1996, regarding the following:
 
  (1) The name of the Venture Value Series has been changed to "Davis Venture
Value Series" and the name of the Westpeak Value Growth Series has been changed
to "Westpeak Growth and Income Series."
 
  (2) On August 30, 1996 New England Mutual Life Insurance Company ("The New
England") merged into Metropolitan Life Insurance Company ("MetLife"). MetLife
is the surviving company of the merger. In connection with the merger, New
England Variable Life Insurance Company ("NEVLICO") became a subsidiary of
MetLife and changed its name to New England Life Insurance Company ("NELICO").
Thus, all references throughout the May 1, 1996 prospectus to The New England
now refer to MetLife rather than The New England and all references to NEVLICO
now refer to NELICO except as follows: (a) on page 26 the reference to The New
England under "Performance Information" remains unchanged and "its affiliates"
is replaced with "TNE Advisers, Inc."; (b) on page 27 the reference to The New
England in the paragraph under "Yield" is changed to "TNE Advisers, Inc."; (c)
the references to The New England on pages 29 and 30 in the section under "TNE
Advisers, Inc." are changed to "NELICO", except in the first paragraph on page
30 where references to The New England in the fifth and seventh lines are
changed to MetLife and the last two paragraphs under this section are deleted;
(d) references to The New England on page 33 under "Voluntary Expense
Agreement" remain unchanged; (e) the reference to The New England on page 35 in
the second paragraph under "Miscellaneous Arrangements" is changed to "NELICO";
and (f) on page 37 the sentence under "Transfer Agent" is replaced by the
following: "The transfer agent and the dividend paying agent for the Fund is
NELICO, 501 Boylston Street, Boston, Massachusetts 02116."
 
  (3) The second sentence of the second paragraph under Loomis Sayles Small Cap
Series on page 12 is replaced with the following: "Typically, such companies
have market capitalization of less than $1 billion, have better than average
growth rates at below average price/earnings ratios and have strong balance
sheets and cash flows."
 
  (4) The text of footnote (d) on page 8, relating to the Westpeak Value Growth
Series should be replaced with the following: "The expense ratios presented in
this table give effect to voluntary expense agreement limits referred to on
page 33."
 
  (5) The following language relating to the Alger Equity Growth Series should
be added to page 33 of the prospectus at the end of the section "Sub-Advisory
Fees": "Effective May 1, 1996, Alger Management has agreed with TNE Advisers,
Inc. that the sub-advisory fee payable by TNE Advisers, Inc. to Alger
Management will be reduced by 0.05% of the first $240 million of the excess of
the Series' average daily net assets over $10 million, and by 0.10% of the
excess of the Series' average daily net assets over $250 million. This fee
reduction benefits TNE Advisers, Inc. but does not reduce the advisory fees
payable by the Series. The fee reduction agreement will expire on (a) January
1, 1998 or (b) at such time as TNE Advisers, Inc. has recovered certain
expenses (generally those expenses borne by TNE Advisers, Inc. under the
Expense Deferral Arrangement prior to January 1, 1996 which were not recovered
from the Series), whichever occurs first."


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