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NEW ENGLAND ZENITH FUND
GOLDMAN SACHS MIDCAP VALUE SERIES
Supplement dated September 8, 1998 to Prospectus dated May 1, 1998
In the "MANAGEMENT" section of the prospectus in the subsection entitled
"Series Advised by TNE Advisers," the paragraph captioned "GSAM" is replaced
in its entirety with the following:
GSAM, One New York Plaza, New York, New York 10004, subadviser to the
Goldman Sachs Midcap Value Series, is a separate operating division of
Goldman, Sachs & Co. ("Goldman Sachs"). Eileen A. Aptman, Paul D. Farrell,
Greg Gigliotti, Matthew B. McLennan, Thomas S. Price, Lawrence S. Sibley and
Karma Wilson, all of whom are Vice Presidents of GSAM, serve as portfolio
managers of the Goldman Sachs Midcap Value Series. Mr. Sibley has served as a
portfolio manager of the Series since May 1998, and the others since September
1998. Ms. Aptman joined GSAM in 1993. Prior to 1993 she worked at Delphi
Management as an equity analyst, focusing her research efforts on value
stocks. Mr. Farrell joined GSAM in 1991. In 1998 he became responsible for
managing GSAM's Value Team. Mr. Gigliotti joined GSAM in 1997. From 1996 to
1997 he was a Vice President and senior analyst at Franklin Mutual Advisors,
Inc., the asset management division of Franklin Resources, Inc. Prior to 1996
he was a Vice President and senior analyst at Heine Securities Corporation,
which was purchased by Franklin Resources, Inc. in 1996. Mr. McLennan joined
GSAM in 1995. From 1994 to 1995 he worked in the Investment Banking Division
of Goldman Sachs in Australia. Prior to 1994 he worked at Queensland
Investment Corporation in Australia. Mr. Price joined GSAM in 1997. From 1996
to 1997 he was a Vice President and senior analyst at Franklin Mutual
Advisors, Inc. Prior to 1996 he was a Vice President and senior analyst at
Heine Securities Corporation. Mr. Sibley joined GSAM in 1997. From 1994 to
1997 he headed Institutional Equity Sales at J.P. Morgan Securities, and prior
to 1994 he was a principal of Sanford C. Bernstein & Co. in its Institutional
Sales Department. Ms. Wilson joined GSAM in 1994. Prior to 1994 she was an
investment analyst with Bankers Trust Australia Ltd. The Goldman Sachs Group,
L.P., a worldwide financial services holding company which controls Goldman
Sachs, has announced that it will pursue an initial public offering during the
fourth quarter of 1998; if the public offering is consummated, Goldman Sachs
will be controlled by a publicly traded company, known as The Goldman Sachs
Group, Inc.
LOOMIS SAYLES BALANCED SERIES
Supplement dated September 8, 1998 to Prospectus dated May 1, 1998
In the "MANAGEMENT" section of the prospectus in the subsection entitled
"Series Advised by TNE Advisers," the following supplements the third
paragraph under the caption "LOOMIS SAYLES":
Effective September 1998, Tricia H. Mills and Tom Kolefas are the portfolio
managers of the equity portion of the Loomis Sayles Balanced Series and are
responsible for allocating the assets of the Series between equity and fixed-
income securities. The day-to-day management of the fixed-income portion of
the Series remains the same.
Mr. Kolefas joined Loomis Sayles as a Vice President in May 1996. Prior to
May 1996 Mr. Kolefas was employed as a portfolio manager at Mackay Shields
Financial Corporation.
VL-125-98
