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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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008 A000501 A
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
080 A000800 ST PAUL FIRE & MARINE INSURANCE COMPANY
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008 B000901 A
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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008 A001001 TNE ADVISERS, INC.
008 B001001 A
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
070 A011000 Y
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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008 A001101 TNE ADVISERS, INC.
008 B001101 A
008 C001101 801-47459
008 D011101 BOSTON
008 D021101 MA
008 D031101 02117
008 A001102 SALOMON BROTHERS ASSET MANAGEMENT, INC.
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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008 B001201 A
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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072 F001200 354
072 G001200 14
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072 J001200 57
072 K001200 0
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072 M001200 0
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<PAGE> PAGE 61
072 P001200 0
072 Q001200 0
072 R001200 13
072 S001200 22
072 T001200 0
072 U001200 2
072 V001200 0
072 W001200 3
072 X001200 475
072 Y001200 12
072 Z001200 3981
072AA001200 1005
072BB001200 0
072CC011200 774
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072DD011200 4170
072DD021200 0
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<PAGE> PAGE 62
074 Y001200 0
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075 B001200 54344
076 001200 0.00
080 A001200 ST PAUL FIRE & MARINE INSURANCE COMPANY
080 C001200 15000
081 A001200 Y
081 B001200 37
082 A001200 N
082 B001200 0
083 A001200 N
083 B001200 0
084 A001200 N
084 B001200 0
085 A001200 Y
085 B001200 N
008 A001301 TNE ADVISERS, INC.
008 B001301 A
008 C001301 801-47459
008 D011301 BOSTON
008 D021301 MA
008 D031301 02117
008 A001302 DAVIS SELECTED ADVISERS, L.P.
008 B001302 S
008 C001302 801-31648
008 D011302 SANTA FE
008 D021302 NM
008 D031302 87501
024 001300 Y
025 A001301 JP MORGAN CO
025 B001301 13-3224016
025 C001301 E
025 D001301 2111
025 A001302 DONALDSON LUFKIN JENRETTE
025 B001302 13-5033225
025 C001302 E
025 D001302 1932
025 A001303 MORGAN STANLEY
025 B001303 13-2655998
025 C001303 E
025 D001303 6850
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025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 13836
028 A021300 276
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028 A041300 3353
028 B011300 11920
<PAGE> PAGE 63
028 B021300 0
028 B031300 0
028 B041300 3609
028 C011300 12408
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028 D011300 23492
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028 D041300 4059
028 E011300 14214
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028 E041300 3667
028 F011300 16372
028 F021300 8297
028 F031300 0
028 F041300 4805
028 G011300 92242
028 G021300 8573
028 G031300 0
028 G041300 23014
028 H001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.750
048 A011300 0
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048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
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048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
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048 H011300 0
048 H021300 0.000
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<PAGE> PAGE 64
062 A001300 N
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062 F001300 0.0
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062 H001300 0.0
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062 O001300 0.0
062 P001300 0.0
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062 R001300 0.0
063 A001300 0
063 B001300 0.0
066 A001300 Y
066 B001300 N
066 C001300 N
066 D001300 Y
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 Y
070 B011300 Y
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
<PAGE> PAGE 65
070 K011300 Y
070 K021300 N
070 L011300 Y
070 L021300 Y
070 M011300 Y
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 Y
070 Q021300 N
070 R011300 Y
070 R021300 N
071 A001300 129205
071 B001300 29037
071 C001300 169052
071 D001300 17
072 A001300 12
072 B001300 1125
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<PAGE> PAGE 66
072DD021300 0
072EE001300 6839
073 A011300 0.1400
073 A021300 0.0000
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073 C001300 0.0000
074 A001300 41
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074 E001300 1296
074 F001300 245888
074 G001300 0
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074 X001300 3
074 Y001300 0
075 A001300 0
075 B001300 189312
076 001300 0.00
080 A001300 ST PAUL FIRE & MARINE INSURANCE COMPANY
080 C001300 15000
081 A001300 Y
081 B001300 37
082 A001300 N
082 B001300 0
083 A001300 N
083 B001300 0
084 A001300 N
084 B001300 0
085 A001300 Y
085 B001300 N
<PAGE> PAGE 67
008 A001401 TNE ADVISERS, INC.
008 B001401 A
008 C001401 801-47459
008 D011401 BOSTON
008 D021401 MA
008 D031401 02117
008 A001402 FRED ALGER MANAGEMENT, INC.
008 B001402 S
008 C001402 801-06709
008 D011402 JERSEY CITY
008 D021402 NJ
008 D031402 07302
024 001400 Y
025 A001401 DEAN WITTER
025 B001401 94-1671384
025 C001401 E
025 D001401 4343
025 A001402 CHARLES SCHWAB
025 B001402 95-1737782
025 C001402 E
025 D001402 1743
025 A001403 PAINE WEBBER
025 B001403 13-2638166
025 C001403 E
025 D001403 1109
025 D001404 0
025 D001405 0
025 D001406 0
025 D001407 0
025 D001408 0
028 A011400 6728
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028 B011400 7106
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028 E011400 6995
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<PAGE> PAGE 68
028 F021400 19490
028 F031400 0
028 F041400 3885
028 G011400 45487
028 G021400 19836
028 G031400 0
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028 H001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.750
048 A011400 0
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048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
048 D011400 0
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048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
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048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
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048 K011400 0
048 K021400 0.000
051 001400 0
052 001400 0
053 B001400 0
062 A001400 N
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
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062 M001400 0.0
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<PAGE> PAGE 69
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 0
063 B001400 0.0
066 A001400 Y
066 B001400 N
066 C001400 Y
066 D001400 N
066 E001400 N
066 F001400 N
066 G001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 N
070 B011400 Y
070 B021400 N
070 C011400 N
070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 Y
070 M011400 Y
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 Y
070 Q021400 N
<PAGE> PAGE 70
070 R011400 Y
070 R021400 N
071 A001400 252611
071 B001400 213639
071 C001400 155443
071 D001400 137
072 A001400 12
072 B001400 531
072 C001400 1131
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072 G001400 26
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072 M001400 0
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074 C001400 19802
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<PAGE> PAGE 71
074 I001400 0
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080 A001400 ST PAUL FIRE & MARINE INSURANCE COMPANY
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SIGNATURE PAUL MCCLINTOCK
TITLE AVP FUND ADMIN
INDEPENDENT AUDITORS REPORT
To the Shareholders and Board of Trustees of
New England Zenith Fund:
In planning and performing our audit of the financial statements
of New England Zenith Fund ( the Fund )including the Back Bay
Advisors Bond Income Series, Capital Growth Series, Back Bay
Advisors Money Market Series,Westpeak Stock Index Series,
Back Bay Managed Series, Loomis Sayles Avanti Growth Series,
Westpeak Growth & Income Series, Loomis Sayles Small Cap
Series, Loomis Sayles Balanced Series, Morgan Stanley
International Magnum Equity Series (formerly the Draycott
International Equity Series), Salomon Brothers U.S.
Government Series, Salomon Brothers Strategic Bond Opportunities
Series, Davis Venture Value Series, and AlgerEquity Growth
Series) for the year ended December 31, 1997 (on which we have
issued our report dated February 10, 1998), we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Funds internal control.
The management of the Fund is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an
audit pertain to the entitys objective of preparing financial
statements for external purposes that are fairly presented
in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control,
errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of the Funds internal control would
not necessarily disclose all matters in internal control
that might be material weaknesses under standards established
by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not
be detected within a timely period by employees in the nomal
course of performing their assignedfunctions. However, we
noted no matters involving the Funds internal control and
its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above
as of December 31, 1997.
This report is intended solely for the information and use
of management,the Board of Trustees of New England Zenith Fund,
and the Securities and Exchange Commission.
Deloitte & Touche LLP
February 10, 1998
AFFILIATED UNDERWRITING CHECKLIST FOR 40-ACT
FUNDS:
Please complete this checklist immediately after pricing when
participated in an affiliated under writing for each 40-Act Fund.
40 Act funds are also referred to as SEC Registered funds.
Issuer: Benckiser
Offering Date: 11/22/97
Number of Securities Offered: 12,350,000
Affiliated Broker: Morgan Stanley and Company International
Price Per Unit: NLG 66 = USD $33.75
1. The security being offered is registered under the Securities Act of
1933
2. The transaction executed will be away from Morgan Stanley and
not allocated to Morgan Stanley if it is a pot trade.
3. The executing dealer has represented that Morgan Stanley will not
receive compensation in connection with the transaction.
4. The securities purchased will be at no more that the public
offering price and no later than the close of the first full business day
on which any sales are made.
5. The commission or spread to be received by the underwriters is
reasonable and fair compared to that received in comparable
transactions.
6. The issuer has been in continuos operation for at lease three years.
7. The transaction is intended for a third-party 40-Act Fund and has
adopted affiliated underwriting procedures that permit it to engage in
this transaction.
8. The total principle amount of securities purchased for all 40-Act
Funds is no more than 10 percent of the total offering.
Total Units Offered: 12,350,000
Price Per Unit: 33.75
10 percent of Total Offering: 41,681,250
Units Offer Total
40-Act Funds To Buy Price Value
Pacific Select 31,550 33.75 $1,061,813
MSIF Global Eq. 12,800 33.75 432,000
NASL 99,900 33.75 3,371,625
NAF 14,900 33.75 602,875
MS Universal G.E. 1,200 33.75 40,500
MS Global Eq. 60,500 33.75 2,041,875
Fortis 3,650 33.75 123,188
MSIF Euro. Eq. 15,600 33.75 526,500
MSIF Intl Magnum 7,400 33.75 249,750
MSF Intl Magnum 3,150 33.75 106,313
MS Universal I. M. 700 33.75 23,625
MSIF Small Cap 66,200 33.75 2,234,250
New England Zenith 2,100 33.75 70,875
Total purchased by all 40 Act Funds $10,788,188
The information has been completed and check by:
/s/Jackie A. Kilner
Jackie A. Kilner
Morgan Stanley
Compliance Analyst
January 8, 1998
