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ZENITH FUND
VARIABLE PRODUCTS
SEMIANNUAL REPORTS
JUNE 30, 2000
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TABLE OF CONTENTS
NEW ENGLAND ZENITH FUND
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Back Bay Advisors Money Market Series....................................... 1
Back Bay Advisors Bond Income Series........................................ 7
Salomon Brothers Strategic Bond Opportunities Series........................ 14
Salomon Brothers U.S. Government Series..................................... 25
Back Bay Advisors Managed Series............................................ 31
Balanced Series............................................................. 41
Alger Equity Growth Series.................................................. 52
Capital Growth Series....................................................... 59
Davis Venture Value Series.................................................. 64
Harris Oakmark Mid Cap Value Series......................................... 71
Loomis Sayles Small Cap Series.............................................. 76
MFS Investors Series........................................................ 84
MFS Research Managers Series................................................ 91
Westpeak Growth and Income Series........................................... 98
Westpeak Stock Index Series................................................. 105
Morgan Stanley International Magnum Equity Series........................... 116
Notes to Financial Statements............................................... 127
Footnotes to Portfolio Managers Commentary.................................. 134
METROPOLITAN SERIES FUND, INC.
Putnam International Stock Portfolio........................................
Putnam Large Cap Growth Portfolio...........................................
Notes to Financial Statements...............................................
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IMPORTANT:
Some funds appearing in this report may not be available under your variable
annuity product.
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August, 2000
TO OUR POLICYHOLDERS/CONTRACT OWNERS:
We are pleased to provide you with the 2000 Semi Annual Report for the Zenith
variable life insurance and variable annuity products.* This report includes
performance histories, present investments, and financial reports as of June
30, 2000, as well as the outlook and strategy of each fund. The report covers
the New England Zenith Fund, the Metropolitan Series Fund, Inc., and initial
class shares of the Fidelity Variable Insurance Products Fund and Variable
Insurance Products Fund II. It is intended to help you make an informed
decision regarding the investment of the contract value of your variable
product.
New England Financial and its affiliates offer many variable life and variable
annuity products to help you meet your financial objectives. We are committed
to meeting your expectations by providing quality products with strong
performance potential and excellent personal service.
Please feel free to contact your Registered Representative with any questions
you may have regarding your financial objectives. Thank you for choosing a
Zenith Variable product.
Sincerely,
/s/ Mary Ann Brown
Mary Ann Brown
President, New England Financial Products & Services
* Variable products are offered through New England Securities Corporation.
New England Financial is the service mark for New England Life Insurance
Company, Boston, MA and related companies.
[LOGO OF RECYCLABLES]
printed on recycled, recyclable paper
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The National Association of Securities Dealers Regulation, Inc. (NASDR) has a
"Public Disclosure Program" which provides current and historical information
on registered representatives and Financial Institutions registered with the
NASD. If you would like information pertaining to the "Public Disclosure
Program", including an informational brochure that describes the program, you
may contact the NASD directly by calling the NASDR, Inc. Public Disclosure
Hotline at 800-289-9999 or by visiting the NASDR, Inc.'s website at
www.nasdr.com.
If you would like to contact New England Financial concerning any aspect of
your variable annuity contract, please call our customer service team at 800-
435-4117. Please call 800-388-4000 if you have any questions on our variable
life products.
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Semi-Annual reports dated June 30, 2000 of the underlying funds are incorporated
herein by reference as the reports sent to contractowners of the New England
Variable Annuity Separate Account of New England Life Insurance Company pursuant
to Rule 30d-2 of the Investment Company Act of 1940.
Incorporated by reference are all series of New England Zenith Fund, Inc. as
filed on Form N-30D on September 5, 2000, Accession number 0000927016-00-003228.
Incorporated by reference are the Putnam International Stock Portfolio and the
Putnam Large Cap Growth Portfolio of Metropolitan Series Fund, Inc. as included
in the Fund N-30D filing filed on August 28, 2000, Accession number
0000950130-00-004697.
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PRSRT STD
[LOGO OF NEW ENGLAND FINANCIAL] U.S.
POSTAGE
PAID
LANCASTER,
PA
PERMIT NO.
1403
NEW ENGLAND LIFE INSURANCE COMPANY
501 BOYLSTON STREET
BOSTON, MASSACHUSETTS 02116
EQUAL OPPORTUNITY EMPLOYER M/F
(C) 2000 NEW ENGLAND LIFE INSURANCE COMPANY
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This booklet has been prepared for certain variable contract owners of
New England Life Insurance Company, Boston, MA and of
Metropolitan Life Insurance Company, New York, NY.
VA-193-00 VAI
