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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
035 000400 115
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<PAGE> PAGE 24
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<PAGE> PAGE 25
070 K020400 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
008 B000501 A
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
070 H010500 N
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<PAGE> PAGE 31
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<PAGE> PAGE 32
083 A000500 N
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008 A000601 NEW ENGLAND FUNDS MANAGEMENT L.P.
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008 D030601 02116
008 A000602 BACK BAY ADVISORS, L. P.
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008 D010602 BOSTON
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<PAGE> PAGE 33
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035 000600 29
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
076 000600 0.00
080 A000600 FEDERAL INSURANCE COMPANY
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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
070 A010800 Y
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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070 K020900 N
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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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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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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045 001200 Y
046 001200 Y
047 001200 Y
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048 A021200 0.000
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048 B021200 0.000
048 C011200 0
048 C021200 0.000
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048 E021200 0.000
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048 F021200 0.000
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048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
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<PAGE> PAGE 62
061 001200 2500
062 A001200 N
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062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
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063 B001200 0.0
066 A001200 Y
066 B001200 N
066 C001200 Y
066 D001200 N
066 E001200 N
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 Y
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 Y
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
<PAGE> PAGE 63
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 Y
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 209249
071 B001200 233767
071 C001200 244668
071 D001200 86
072 A001200 12
072 B001200 962
072 C001200 4608
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072 E001200 0
072 F001200 2758
072 G001200 59
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072 J001200 869
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072 S001200 11
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072 U001200 13
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072 W001200 24
072 X001200 6601
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<PAGE> PAGE 64
072DD011200 0
072DD021200 0
072EE001200 0
073 A011200 0.0000
073 A021200 0.0000
073 B001200 0.0000
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074 A001200 283
074 B001200 6784
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074 D001200 0
074 E001200 0
074 F001200 235393
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 276
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074 O001200 521
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074 R021200 0
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074 T001200 246083
074 U011200 6639
074 U021200 7393
074 V011200 16.08
074 V021200 15.73
074 W001200 0.0000
074 X001200 27631
074 Y001200 0
075 A001200 0
075 B001200 262683
076 001200 0.00
080 A001200 FEDERAL INSURANCE COMPANY
080 C001200 17000
081 A001200 Y
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082 A001200 N
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083 A001200 N
083 B001200 0
084 A001200 N
084 B001200 0
085 A001200 Y
<PAGE> PAGE 65
085 B001200 N
008 A001301 NEW ENGLAND FUNDS MANAGEMENT, L.P.
008 B001301 A
008 C001301 801-48408
008 D011301 BOSTON
008 D021301 MA
008 D031301 02116
008 A001302 ROBERTSON, STEPHENS & COMPANY
008 B001302 S
008 C001302 801-144125
008 D011302 SAN FRANCISCO
008 D021302 CA
008 D031302 94104
008 A001303 MONTGOMERY ASSET MANAGEMENT, L.P.
008 B001303 S
008 C001303 801-36790
008 D011303 SAN FRANCISCO
008 D021303 CA
008 D031303 94111
008 A001304 LOOMIS SAYLES & COMPANY, L.P.
008 B001304 S
008 C001304 801-170
008 D011304 BOSTON
008 D021304 MA
008 D031304 02111
008 A001305 OAKMARK/HARRIS ASSOCIATES L.P.
008 B001305 S
008 C001305 801-50333
008 D011305 CHICAGO
008 D021305 IL
008 D031305 60602
024 001300 N
025 D001301 0
025 D001302 0
025 D001303 0
025 D001304 0
025 D001305 0
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 14649
028 A021300 0
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028 A041300 17313
028 B011300 13383
028 B021300 0
028 B031300 0
028 B041300 14670
028 C011300 13691
028 C021300 161
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<PAGE> PAGE 66
028 C041300 14314
028 D011300 16154
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028 D041300 14284
028 E011300 14340
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028 F011300 21553
028 F021300 0
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028 F041300 20027
028 G011300 93770
028 G021300 161
028 G031300 0
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028 H001300 5676
029 001300 Y
030 A001300 476
030 B001300 5.75
030 C001300 0.00
031 A001300 65
031 B001300 0
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033 001300 247
034 001300 Y
035 001300 208
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036 B001300 0
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038 001300 0
039 001300 N
040 001300 Y
041 001300 Y
042 A001300 0
042 B001300 0
042 C001300 100
042 D001300 0
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 844
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045 001300 Y
046 001300 Y
047 001300 Y
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<PAGE> PAGE 67
048 B011300 0
048 B021300 0.000
048 C011300 0
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048 D011300 0
048 D021300 0.000
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048 F011300 0
048 F021300 0.000
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048 I021300 0.000
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050 001300 N
051 001300 N
052 001300 N
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058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
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066 A001300 Y
<PAGE> PAGE 68
066 B001300 N
066 C001300 Y
066 D001300 N
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 Y
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
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
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 N
070 Q021300 N
070 R011300 Y
070 R021300 Y
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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SIGNATURE SCOTT FITZHENRY
TITLE A.V.P. FUND ADMIM.
<TABLE> <S> <C>
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<CIK> 0000770540
<NAME> NEW ENGLAND FUNDS TRUST I
<SERIES>
<NUMBER> 011
<NAME> NEW ENGLAND BALANCED FUND CLASS A
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
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<SENIOR-EQUITY> 0
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<DIVIDEND-INCOME> 3,465,726
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<OTHER-INCOME> 0
<EXPENSES-NET> 5,465,307
<NET-INVESTMENT-INCOME> 8,556,863
<REALIZED-GAINS-CURRENT> 36,886,957
<APPREC-INCREASE-CURRENT> (15,316,886)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000770540
<NAME> NEW ENGLAND FUNDS TRUST I
<SERIES>
<NUMBER> 012
<NAME> NEW ENGLAND BALANCED FUND CLASS B
<S> <C>
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<TOTAL-LIABILITIES> 2,323,556
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 334,798,524
<SHARES-COMMON-STOCK> 6,285,880
<SHARES-COMMON-PRIOR> 5,639,164
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 5,465,307
<NET-INVESTMENT-INCOME> 8,556,863
<REALIZED-GAINS-CURRENT> 36,886,957
<APPREC-INCREASE-CURRENT> (15,316,886)
<NET-CHANGE-FROM-OPS> 30,126,934
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 8,531,184
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<NUMBER-OF-SHARES-SOLD> 17,867,284
<NUMBER-OF-SHARES-REDEEMED> 15,449,632
<SHARES-REINVESTED> 9,387,728
<NET-CHANGE-IN-ASSETS> 11,805,380
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (38,382)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,876,837
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,465,307
<AVERAGE-NET-ASSETS> 81,083,658
<PER-SHARE-NAV-BEGIN> 14.15
<PER-SHARE-NII> 0.21
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<PER-SHARE-DIVIDEND> 0.22
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.40
<EXPENSE-RATIO> 2.05
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000770540
<NAME> NE FUNDS TRUST 1
<SERIES>
<NUMBER> 013
<NAME> NEBAL-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 335,810,232
<INVESTMENTS-AT-VALUE> 384,598,072
<RECEIVABLES> 3,537,458
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 2,323,556
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<OTHER-INCOME> 0
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<APPREC-INCREASE-CURRENT> (15,316,886)
<NET-CHANGE-FROM-OPS> 30,126,934
<EQUALIZATION> 0
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<NET-CHANGE-IN-ASSETS> 1,120,488
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (38,382)
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 5,404,119
<PER-SHARE-NAV-BEGIN> 14.10
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<PER-SHARE-NAV-END> 13.35
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000770540
<NAME> NE FUND TRUST1
<SERIES>
<NUMBER> 014
<NAME> NE BAL-Y
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
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<SHARES-REINVESTED> 9,696,830
<NET-CHANGE-IN-ASSETS> (9,155,986)
<ACCUMULATED-NII-PRIOR> 0
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000770540
<NAME> NE FUNDS TRUST 1
<SERIES>
<NUMBER> 021
<NAME> NE GROWTH-A
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,458,896,110
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<NAME> NEW ENGLAND BOND INCOME FUND CLASS B
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<NUMBER-OF-SHARES-SOLD> 145,480,024
<NUMBER-OF-SHARES-REDEEMED> 142,857,804
<SHARES-REINVESTED> 69,350
<NET-CHANGE-IN-ASSETS> 2,691,570
<ACCUMULATED-NII-PRIOR> (1,357)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,304,538
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,101,097
<AVERAGE-NET-ASSETS> 5,117,253
<PER-SHARE-NAV-BEGIN> 15.37
<PER-SHARE-NII> (0.23)
<PER-SHARE-GAIN-APPREC> 0.54
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.66
<EXPENSE-RATIO> 2.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000770540
<NAME> NEW ENGLAND FUNDS TRUST 1
<SERIES>
<NUMBER> 132
<NAME> NE STAR SMALL CAP FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 110,129,890
<INVESTMENTS-AT-VALUE> 128,476,406
<RECEIVABLES> 5,394,729
<ASSETS-OTHER> 2,080,729
<OTHER-ITEMS-ASSETS> 26,013
<TOTAL-ASSETS> 135,977,877
<PAYABLE-FOR-SECURITIES> 1,395,749
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,600,070
<TOTAL-LIABILITIES> 2,995,819
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,451,157
<SHARES-COMMON-STOCK> 3,979,602
<SHARES-COMMON-PRIOR> 3,994,895
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,552)
<ACCUMULATED-NET-GAINS> 255,765
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,278,688
<NET-ASSETS> 132,982,058
<DIVIDEND-INCOME> 379,970
<INTEREST-INCOME> 303,343
<OTHER-INCOME> 0
<EXPENSES-NET> 3,101,097
<NET-INVESTMENT-INCOME> (2,417,784)
<REALIZED-GAINS-CURRENT> 1,618,726
<APPREC-INCREASE-CURRENT> 2,707,927
<NET-CHANGE-FROM-OPS> 1,908,869
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 81,808
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,668,586
<NUMBER-OF-SHARES-REDEEMED> 13,235,193
<SHARES-REINVESTED> 73,183
<NET-CHANGE-IN-ASSETS> 8,506,576
<ACCUMULATED-NII-PRIOR> (1,357)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,304,538
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,101,097
<AVERAGE-NET-ASSETS> 56,920,295
<PER-SHARE-NAV-BEGIN> 15.26
<PER-SHARE-NII> (0.33)
<PER-SHARE-GAIN-APPREC> 0.52
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.43
<EXPENSE-RATIO> 2.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000770540
<NAME> NEW ENGLAND FUNDS TRUST 1
<SERIES>
<NUMBER> 133
<NAME> NE STAR SMALL CAP FUND CLASS C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 110,129,890
<INVESTMENTS-AT-VALUE> 128,476,406
<RECEIVABLES> 5,394,729
<ASSETS-OTHER> 2,080,729
<OTHER-ITEMS-ASSETS> 26,013
<TOTAL-ASSETS> 135,977,877
<PAYABLE-FOR-SECURITIES> 1,395,749
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,600,070
<TOTAL-LIABILITIES> 2,995,819
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,451,157
<SHARES-COMMON-STOCK> 998,564
<SHARES-COMMON-PRIOR> 1,021,503
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,552)
<ACCUMULATED-NET-GAINS> 255,765
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,278,688
<NET-ASSETS> 132,982,058
<DIVIDEND-INCOME> 379,970
<INTEREST-INCOME> 303,343
<OTHER-INCOME> 0
<EXPENSES-NET> 3,101,097
<NET-INVESTMENT-INCOME> (2,417,784)
<REALIZED-GAINS-CURRENT> 1,618,726
<APPREC-INCREASE-CURRENT> 2,707,927
<NET-CHANGE-FROM-OPS> 1,908,869
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 19,163
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,261,996
<NUMBER-OF-SHARES-REDEEMED> 4,883,823
<SHARES-REINVESTED> 18,135
<NET-CHANGE-IN-ASSETS> 1,396,308
<ACCUMULATED-NII-PRIOR> (1,357)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,304,538
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,101,097
<AVERAGE-NET-ASSETS> 14,204,777
<PER-SHARE-NAV-BEGIN> 15.26
<PER-SHARE-NII> (0.33)
<PER-SHARE-GAIN-APPREC> 0.52
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.43
<EXPENSE-RATIO> 2.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
February 15, 1999
To the Shareholders and Board of Trustees of the
New England Funds Trusts I
In planning and performing our audit of the financial statements
of the New England Funds Trust I, the Trust, for the year ended
December 31, 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, not to provide assurance on internal
control.
The management of the Trust 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 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 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 misstatements caused by error 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 normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses
as defined above as of December 31, 1998.
This report is intended solely for the information and use of
management and the Trustees of the Trust and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
TO Trustees of New England Funds
FROM Robert E. OHare
617 578 1669
DATE October 22, 1998
SUBJECT Third Quarter Reports
Rule 17a-7, Rule 17e-1 and Rule 10f-3 Transactions
Rule 144A
Section 4 2 Commercial Paper Liquidity Determinations
As required by the procedures adopted by the Boards of Trustees, the
investment adviser or subadviser of each Fund must submit a summary
quarterly report indicating whether the Fund it advises or subadvises
engaged in any Rule 17a-7, Rule 17e-1, or Rule 10f-3 transactions or
whether it determined that any Rule 144A security or any Section 4 2
commercial paper held by a Fund was liquid.
Affiliated Transactions
Rule 17a-7 under the Investment Company Act of 1940, 1940 Act requires
the Board of Trustees to review any purchases or sales of securities
by a Fund and any other affiliated mutual fund or account managed by
the Funds adviser or subadviser on a quarterly basis. Robertson
Stephens and Company Investment Management, L.P., Robertson Stephens,
reported that their segment of the New England Star Small Cap Fund
engaged in Rule 17a-7 transactions. Montgomery Asset Management, L.P.,
Montgomery, also reported that their segment of the New England Star
Worldwide Fund engaged in Rule 17a-7 transactions. No other Fund had
reportable Rule 17a-7 transactions during the previous quarter.
Rule 17e-1 under the 1940 Act requires the Board of Trustees to review
brokerage transactions between a Fund and affiliated broker-dealers on
a quarterly basis. Robertson Stephens reported that their segment of
the New England Star Small Cap Fund engaged in Rule 17e-1 transactions.
Harris Associates, L.P. reported that its segments of the New England
Star Small Cap Fund, the New England Star Advisers Fund and both of its
segments of the New England Star Worldwide Fund engaged in Rule 17e-1
transactions. No other Fund had reportable Rule 17e-1 transactions
during the previous quarter.
Rule 10f-3 under the 1940 Act requires the Board of Trustees to review
any purchases of securities by a Fund from any underwriting syndicate
of which an affiliate of the Fund is a member. Robertson Stephens
reported that their segment of the New England Star Small Cap Fund
engaged in Rule 10f-3 transactions. No other Fund had reportable Rule
10f-3 transactions during the previous quarter.
The IPO which the New England Star Small Cap Fund participated,
BancAmerica Robertson Stephens was the lease underwriter or a member
of the selling group. Other underwriters were Donaldson, Lufkin and
Jenrette, NationsBanc Montgomery Securities and Warburg Dillon Read.
Goldman,Sachs and Company was the lead selling broker.
The offering Date of Entrust Technologies was August 17, 1998.
Allocation and offering size was 2,900 and 7,000,000 respectfully.
The price was 16.00 and principal was 46,400.00. This transaction
wasa .14 percent of the Fund and had a commision or spread of 0.68.
Rule 144A and Section 4 2 Securities
The Funds have adopted procedures to determine the liquidity of
investments in securities eligible for resale under Rule 144A and
certain commercial paper exempt from registration under Section 4 2
of the Securities Act of 1933. Under these procedures, quarterly
reports must be presented to the Board regarding Rule 144A and Section
4 2 liquidity determinations.
Montgomery determined that one Rule 144A security held by its segment of
the New England Star Worldwide Fund was liquid and one Rule 144A security
that was previously deemed liquid is now illiquid. Loomis, Sayles and
Company, L.P., Loomis Sayles, determined that one Rule 144A security held
by the New England High Income Fund was liquid and one Rule 144A security
that was previously deemed liquid is now illiquid. Loomis Sayles also
reported that three Rule 144A securities held by the New England Strategic
Income Fund were liquid. Back Bay Advisors, L.P. reported that one
security held by the New England Cash Management Trust - Money Market
Series that was previously deemed liquid is now illiquid. No other Fund
determined that a Rule 144A security was liquid during the previous quarter.
During the quarter, no Funds reported that any 4 2 Commercial Paper
was deemed to be liquid under the Funds liquidity determination procedures.
Copies of the Rule 17a-7, Rule 17e-1 and Rule 10f-3 reporting information
are located in the blue binder of your meeting materials under the tab
Quarterly Transactions.
Quarterly Report on Transactions with Affiliates
VOTED, that the transactions during the quarter ended September 30, 1998
reported to the Board by Robertson Stephens and Company Investment
Management, L.P. and Montgomery Asset Management pursuant to the Trusts
Rule 17a-7 procedures adopted by each Trust are hereby determined to have
been effected in compliance with such procedures.
VOTED, that the transactions during the quarter ended September 30, 1998
reported to the Board by Robertson Stephens and Company Investment
Management, L.P and Harris Associates, L.P. pursuant to the Trusts Rule
17e-1 procedures adopted by each Trust are hereby determined to have been
effected in compliance with such procedures.
VOTED, that the transaction during the quarter ended September 30, 1998
reported to the Board by Robertson Stephens and Company Investment
Management, L.P. pursuant to the Trusts Rule 10f-3 procedures adopted
by each Trust is hereby determined to have been effected in compliance
with such procedures.
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
TO Board of Trustees of New England Funds
FROM Robert E. OHare
617 578-1669
DATE February 3, 1999
SUBJ Fourth Quarter Reports
Rule 17a-7, Rule 17e-1 and Rule 10f-3 Transactions
Rule 144A
Section 4 2 Commercial Paper Liquidity Determinations
As required by the procedures adopted by the Boards of Trustees, the
investment adviser or subadviser of each Fund must submit a summary
quarterly report indicating whether the Fund it advises or subadvises
engaged in any Rule 17a-7, Rule 17e-1, or Rule 10f-3 transactions or
whether it determined that any Rule 144A security or any Section 4 2
commercial paper held by a Fund was liquid.
Affiliated Transactions
Rule 17a-7 under the Investment Company Act of 1940, 1940 Act, requires
the Board of Trustees to review any purchases or sales of securities by
a Fund and any other affiliated mutual fund or account managed by the
Funds adviser or subadviser on a quarterly basis. No Funds had
reportable Rule 17a-7 transactions during the previous quarter.
Rule 17e-1 under the 1940 Act requires the Board of Trustees to review
brokerage transactions between a Fund and affiliated broker-dealers on a
quarterly basis. Robertson Stephens and Company Investment Management,
L.P., Robertson Stephens, reported that their segment of the New England
Star Small Cap Fund engaged in Rule 17e-1 transactions. Harris Associates,
L.P. reported that its segments of the New England Star Small Cap Fund,
the New England Star Advisers Fund and both of its segments of the New
England Star Worldwide Fund engaged in Rule 17e-1 transactions. No other
Fund had reportable Rule 17e-1 transactions during the previous quarter.
Rule 10f-3 under the 1940 Act requires the Board of Trustees to review
any purchases of securities by a Fund from any underwriting syndicate of
which an affiliate of the Fund is a member. Robertson Stephens reported
that their segment of the New England Star Small Cap Fund engaged in Rule
10f-3 transactions. No other Fund had reportable Rule 10f-3 transactions
during the previous quarter.
The IPO in which the New England Star Small Cap Fund participated,
NationsBanc Montgomery Serucities LLC was a lead underwrited or a member
of the selling group. The Officering Date was December 2, 1998, The IPO
was Ticket Master Online-City Search, Inc. BancBoston Roberson Stephens
was the lead selling broker. Allocation and Offering Size were 300 and
7,000,000 respectfully. The price was 14.00 and the principal was
4,200.00. This transaction was 0.01 percent of the Fund with a Commision
or Spread of 0.55.
Rule 144A and Section 4 2 Securities
The Funds have adopted procedures to determine the liquidity of investments
in securities eligible for resale under Rule 144A and certain commercial
paper exempt from registration under Section 4 2 of the Securities Act of
1933. Under these procedures, quarterly reports must be presented to the
Board regarding Rule 144A and Section 4 2 liquidity determinations.
Loomis, Sayles and Company, L.P., Loomis Sayles, determined that four
Rule 144A securities held by the New England High Income Fund were liquid.
Loomis Sayles also reported that one Rule 144A security held by the New
England Strategic Income Fund was liquid. Back Bay Advisors, L.P. reported
that two securities held by the New England Short Term Corporate Income Fund
were liquid. Robertson Stephens determined that one Rule 144A security held
by their segment of the New England Star Small Cap Fund was liquid. No other
Fund determined that a Rule 144A security was liquid during the previous
quarter.
During the quarter, no Funds reported that any 4 2 Commercial Paper was
deemed to be liquid under the Funds liquidity determination procedures.
Copies of the Rule 17a-7, Rule 17e-1 and Rule 10f-3 reporting information
are located in the blue binder of your meeting materials under the tab
Quarterly Transactions.
Quarterly Report on Transactions with Affiliates
VOTED, that the transactions during the quarter ended December 31, 1998
reported to the Board by Robertson Stephens and Company Investment Management,
L.P. and Harris Associates, L.P. pursuant to the Trusts Rule 17e-1 procedures
adopted by each Trust are hereby determined to have been effected in compliance
with such procedures.
VOTED, that the transaction during the quarter ended December 31, 1998 reported
to the Board by Robertson Stephens and Company Investment Management, L.P.
pursuant to the Trusts Rule 10f-3 procedures adopted by each Trust is hereby
determined to have been effected in compliance with such procedures.
</TABLE>
