<PAGE>
Metropolitan
Series Fund, Inc.
------------------------------------------------------------
Semiannual Report
------------------------------------------------------------
June 1995
<PAGE>
METROPOLITAN SERIES FUND, INC.
SEMIANNUAL REPORT, JUNE 30, 1995
Dear Investor:
We are pleased to present the June 30, 1995 Semiannual Report of the
Metropolitan Series Fund, Inc. We have prefaced the Report with an overview of
the domestic U.S. and international economies during the first six months of
1995. Details for each Portfolio follow, including a summary of net assets and
investments. Thank you for your continued support in 1995. We are committed to
helping you realize your financial goals.
ECONOMIC REVIEW
In the first half of 1995, the rapidly expanding U.S. economy started coming
back down to earth. Sluggish consumer spending caused inventories to rise.
Manufacturers cut back production and retailers reduced prices to stimulate
sales. Consumer caution also reflected the high, expanding level of household
debt and a deteriorating labor outlook. The unemployment rate ended June at
5.6%, with prospects of rising further.
Capital spending continued to sustain some growth and the weak dollar spurred
exports and multinational corporate profits during the first half. Government
spending, however--at both federal and state levels--remains weak, with budget
balancing and tax reform in the spotlight. Whether the economy will land
softly or fall into recession was still being debated at the end of the
period. In any event, inflation remains in check.
U.S. BOND MARKET
With lower interest rates, bond prices rose dramatically along with stocks.
The yield on the 30-year Treasury bond fell to 6.6% at the end of the period.
Lower interest rates made issuing debt more attractive, helping companies to
reduce their borrowing costs.
There is cautious optimism for the bond market due to slowing economic growth
and easing inflation. The market has already reflected its anticipation of a
lower federal funds rate, however, and is vulnerable to an economic rebound.
U.S. STOCK MARKET
The first half of 1995 was a time for the stock market to shine. In the most
impressive run-up since 1987, American company stocks gave investors an 18.6%
increase in the Standard & Poor's 500 Composite Stock Price Index (S&P 500
Index) and a 24.1% increase in the NASDAQ Composite, exclusive of dividends.
The value of all common stocks available in the market is more than $1
trillion--10 times more than 10 years ago. The S&P 500 Index and the NASDAQ
Composite are unmanaged commonly used measures of stock market performance.
The rally was led by science and technology stocks, particularly
semiconductors and computer software and services, by financial services
stocks and by worldwide consumer product stocks. Whether corporate earnings in
these sectors can continue to surge and attract investment has become a
concern.
INTERNATIONAL MARKET
International markets provided investors with a number of frustrations during
the first half of 1995. The first quarter was frenetic, with investor
sentiment driven by a combination of natural disasters and market events. The
meltdown in Latin American markets was quickly followed by the earthquake in
Kobe, Japan, and widespread
<PAGE>
flooding in northern Europe. Worldwide currency volatility weakened the U.S.
Dollar against the Yen and Deutsche Mark, and placed severe pressure on other
currencies, causing some foreign interest rates to rise. Against this
backdrop, generally improving economic fundamentals were effectively ignored
by investors and markets generally drifted. During the second quarter, the
markets were quiet, as attention focused more on politics in Europe, the
economy in Japan, and trade tensions between the United States and Japan.
Underlying the present turmoil is economic growth; as in the U.S. in 1994, the
demands of the growing real economy are effectively funneling liquidity away
from the financial markets. As the cycle later advances and liquidity returns
to the financial markets, we expect major foreign markets to begin reflecting
the growth now taking place. Areas of particular opportunity at the end of the
second quarter include Japan, where sentiment has driven valuations to the
lowest levels of all the developed markets, the core economies of Europe,
especially Germany, whose investments in the East are beginning to show some
real returns, and the commodity sector, where 15 years of weakening prices
resulted in slow disinvestment and a present incapacity to meet increasing
demand. We perceive less opportunity in emerging markets, where valuations
have been driven to unrealistic levels, even for those fast-growing economies.
Sincerely,
/s/ Jeffrey J. Hodgman
Jeffrey J. Hodgman
Chairman, President and Chief Executive Officer
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
METROPOLITAN SERIES FUND GROWTH PORTFOLIO
The Growth Portfolio's investments were overweighted in the two best-
performing sectors--science and technology and finance--and underweighted in
the two worst-performing sectors--energy and utilities. We did not change
these weightings significantly, except for selling or reducing positions in
finance and allowing technology holdings to increase through market action.
Our strategy continues to emphasize reducing risk, turnover and economic
sensitivity in the Portfolio. Since our primary goal is growth of capital and
income, however, we have added some fairly aggressive stocks. Our overall
direction remains firm, well-positioned for an economic slowdown or other
adverse event.
PORTFOLIO SUMMARY as of 6/30/95
Net Assets: $917.8 million
TOP 10 HOLDINGS
<TABLE>
<CAPTION>
COMPANY % OF TOTAL NET ASSETS
------- ---------------------
<S> <C>
Abbott Laboratories 2.5%
Citicorp 2.2%
Du Pont (EI) de Nemours & Co. 2.3%
Ericsson (LM) Telephone Co. ADR CI. B 2.1%
Federal National Mortgage Assoc. 2.0%
General Electric Co. 2.1%
Merck & Co., Inc. 2.1%
Philip Morris Cos., Inc. 2.3%
Procter & Gamble Co. 2.3%
Wal-Mart Stores, Inc. 2.0%
</TABLE>
METROPOLITAN SERIES FUND INCOME PORTFOLIO
Anticipating declining interest rates, we extended the Income Portfolio's
duration (a measure of its interest-rate sensitivity) modestly by purchasing
more longer-maturity bonds. This strategy also took advantage of the market's
rising prices and falling yields.
Our heaviest investment--over half of the Portfolio--is in U.S. Treasury and
other government agency securities of the highest credit quality, with a
weighting equal to that of the Lehman Aggregate Index. Mortgage, investment-
grade corporate and asset-backed securities were reduced as interest rates
declined. We have a modest exposure to high-yield corporate bonds and to
European, Australian and United Kingdom bonds, where we have hedged currencies
against the dollar.
PORTFOLIO SUMMARY as of 6/30/95
Net Assets: $310.0 million
Average Bond Quality: AAA-
<PAGE>
METROPOLITAN SERIES FUND MONEY MARKET PORTFOLIO
In the first six months of 1995, the markets--either with the Federal Reserve,
but mostly preempting the Federal Reserve--started the process of peaking out
and reversing the series of interest rate hikes begun in the first half of
1994.
The average maturity of the underlying money market instruments held in the
Money Market Portfolio during the first half of 1995 was 34 days. As of June
30, 1995, the Portfolio had lengthened somewhat with the apparent peaking in
rates with an average maturity of 48 days compared to Donoghue's All Taxable
average maturity of 51 days. The balance of assets in the Portfolio was mainly
Treasuries, governmental agencies and commercial paper.
PORTFOLIO SUMMARY as of 6/30/95
Net Assets: $42.5 million
METROPOLITAN SERIES FUND DIVERSIFIED PORTFOLIO
The Diversified Portfolio's equity and fixed income portions continued to
reflect the Growth Portfolio and Income Portfolio, respectively. These
positions emphasize stocks in the science and technology and finance sectors
and Treasury and other government agency bonds of the highest credit quality.
The Portfolio underweights energy and utility stocks and mortgage, corporate
and asset-backed securities.
Assets remained allocated 55% to stocks and 45% to bonds . . . a 5%
overbalance in bonds beyond the base 60/40% allocation. Stocks performed
extremely well in the first half of this year, exceeding our expectations.
However, we feel that the continued overweighting in bonds is appropriate,
considering current stock valuation levels and taking market risk into
account.
PORTFOLIO SUMMARY as of 6/30/95
Net Assets: $973.1 million
Average Bond Quality: AAA-
TOP 10 EQUITY HOLDINGS
<TABLE>
<CAPTION>
COMPANY % OF TOTAL NET ASSETS
------- ---------------------
<S> <C>
Abbott Laboratories 1.4%
Procter & Gamble Co. 1.4%
Citicorp 1.3%
Federal National Mortgage Assoc. 1.3%
Philip Morris Cos., Inc. 1.3%
Ericsson (LM) Telephone Co. ADR Cl. B 1.2%
General Electric Co. 1.2%
Merck & Co., Inc. 1.2%
Wal-Mart Stores, Inc. 1.2%
AT&T Corp. 1.1%
</TABLE>
<PAGE>
METROPOLITAN SERIES FUND AGGRESSIVE GROWTH PORTFOLIO
Overweighted investments in electronic, airline, computer software and
services, and retail trade industry stocks benefited the Aggressive Growth
Portfolio. Many of these holdings were acquired in the second quarter, while
we shifted away from insurance, hospital supply, hotel and restaurant, and
other retail issues.
The Portfolio continues to favor companies with strong earnings prospects.
Some of our strongest results came in the technology sector, where we
maintained heavy investment. In general, we have remained fully invested.
PORTFOLIO SUMMARY as of 6/30/95
Net Assets: $766.5 million
TOP 10 HOLDINGS
<TABLE>
<CAPTION>
COMPANY % OF TOTAL NET ASSETS
------- ---------------------
<S> <C>
Nokia Corp. ADS 3.8%
AMR Corp. 3.5%
Intel Corp. 3.0%
Ericsson (LM) Telephone Co. ADR Cl. B 2.6%
Texas Instruments, Inc. 2.6%
Sunglass Hut International, Inc. 2.5%
Hewlett Packard Co. 2.3%
Circuit City Stores, Inc. 2.1%
LSI Logic Corp. 2.1%
UAL Corp. 2.1%
</TABLE>
METROPOLITAN SERIES FUND STOCK INDEX PORTFOLIO
The S&P 500 Index rose steadily during the first half of 1995. A high level of
corporate profitability helped U.S. stocks. Low inflation led to lower long-
term interest rates, which helped stock valuations. Finally, there was strong
demand for stocks from mutual funds, institutional investors and corporate
share repurchases.
The Stock Index Portfolio continued to follow its strategy of investing
virtually all its assets in stocks of companies in the S&P 500 Index. The
Portfolio uses a computerized stock selection procedure to allocate its
holdings among industries and specific stocks in order to achieve returns
close to those of the S&P 500 Index.
PORTFOLIO SUMMARY as of 6/30/95
Net Assets: $481.3 million
TOP 10 HOLDINGS
<TABLE>
<CAPTION>
COMPANY % OF TOTAL NET ASSETS
------- ---------------------
<S> <C>
General Electric Co. 2.3%
Exxon Corp. 2.1%
AT&T Corp. 2.0%
Coca Cola Co. 1.9%
Merck & Co., Inc. 1.5%
Philip Morris Cos., Inc. 1.5%
Royal Dutch Petroleum Co. 1.5%
Wal-Mart Stores, Inc. 1.5%
International Business Machines
Corporation 1.3%
Intel Corp. 1.3%
</TABLE>
<PAGE>
METROPOLITAN SERIES FUND INTERNATIONAL STOCK PORTFOLIO
Continued slow improvement in the economic fundamentals of the major European
economies led to a few notable changes within the International Stock
Portfolio. In tune with the advancing cycle, we are moving away from our
strong cyclical position, presently placing more emphasis on consumer goods.
Although we continue to favor Germany, we took advantage of the French
market's advance to trim our weighting there. Our conviction regarding the
likelihood of a Labour party win in the next United Kingdom election remains
strong, the political uncertainty leading us to underweight our United Kingdom
position.
We remain optimistic in our fundamental view of Japan, as private consumption
and capital expenditure indicators are reflecting positive trends. Our
immediate concern rests with increasing deflationary pressure. Elsewhere, the
domestic economies of Korea and Taiwan are exhibiting signs of overheating,
with strong export surpluses leading their central banks to tighten interest
rates. We have reduced our exposure to Taiwan, and we remain underweighted in
the South East Asian markets, where we feel economic momentum has peaked. In
Latin America, value remains elusive.
PORTFOLIO SUMMARY as of 6/30/95
Net Assets: $270.1 million
TOP 10 EQUITY HOLDINGS
<TABLE>
<CAPTION>
COMPANY % OF TOTAL NET ASSETS
------- ---------------------
<S> <C>
Emtech Ltd. Units (Canada) 1.6%
Waverly Mining Finance PLC (United Kingdom) 1.2%
Asia-Pacific Resources Ltd. (Canada) 1.1%
Epicore Networks, Inc. (Canada) 1.1%
Prospect Japan Fund Units (United Kingdom) 1.1%
Avocet Ventures, Inc. (Canada) 1.0%
Mitsubishi Estate (Japan) 1.0%
Nelson Trade & Finance Ltd. (Canada) 1.0%
Tokio Marine & Fire (Japan) 1.0%
Star Mining Corp. (Australia) 0.9%
</TABLE>
<PAGE>
Semi-Annual Report
of
Metropolitan
Series Fund, Inc.
June 30, 1995
<PAGE>
METROPOLITAN SERIES FUND, INC.
GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------- ------------
<S> <C> <C>
COMMON STOCK (97.8%)
AEROSPACE (2.9%)
Boeing Co. ............................................... 208,400 $ 13,051,050
Raytheon Co. ............................................. 175,600 13,630,950
------------
26,682,000
------------
AUTOMOTIVE (1.2%)
Chrysler Corp. ........................................... 151,700 7,262,638
Cooper Tire & Rubber Co. ................................. 147,500 3,595,313
------------
10,857,951
------------
BANKING (3.6%)
BankAmerica Corp. ........................................ 239,500 12,603,688
Citicorp ................................................. 352,700 20,412,513
------------
33,016,201
------------
BUSINESS SERVICES (1.6%)
First Data Corp. ......................................... 258,800 14,719,250
------------
CHEMICAL (4.7%)
Du Pont (E.I.) de Nemours & Co. .......................... 302,200 20,776,250
Monsanto Co. ............................................. 154,600 13,933,325
Rohm & Haas Co. .......................................... 149,100 8,181,863
------------
42,891,438
------------
COMPUTER SOFTWARE & SERVICE (4.9%)
*Cisco Systems, Inc. ..................................... 93,700 4,737,706
General Motors Corp. Cl. E ............................... 224,200 9,752,700
*Informix Corp. .......................................... 211,400 5,351,062
*Microsoft Corp. ......................................... 105,000 9,495,938
*Oracle Systems Corp. .................................... 139,800 5,391,038
*Parametric Technology Corp. ............................. 107,900 5,354,538
*3 Com Corp. ............................................. 69,700 4,669,900
------------
44,752,882
------------
DIVERSIFIED (1.5%)
Corning, Inc. ............................................ 418,300 13,699,325
------------
DRUG (4.7%)
Lilly (Eli) & Co. ........................................ 119,700 9,396,450
Merck & Co., Inc. ........................................ 387,000 18,963,000
Pfizer, Inc. ............................................. 160,300 14,807,712
------------
43,167,162
------------
ELECTRICAL EQUIPMENT (2.1%)
General Electric Co. ..................................... 338,600 19,088,575
------------
ELECTRONICS (6.5%)
AMP, Inc. ................................................ 274,000 11,576,500
*Applied Materials, Inc. ................................. 47,900 4,149,337
*Ericsson (L.M.) Telephone Co. ADR Cl. B ................. 950,800 19,075,425
General Motors Corp. Cl. H ............................... 72,600 2,867,700
*Intel Corp. ............................................. 186,400 11,801,450
Perkin-Elmer Corp. ....................................... 279,100 9,908,050
------------
59,378,462
------------
FINANCIAL SERVICES (3.7%)
Federal Home Loan Mortgage Corp. ......................... 223,700 15,379,375
Federal National Mortgage Assoc. ......................... 194,100 18,318,187
------------
33,697,562
------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------- ------------
<S> <C> <C>
FOOD & BEVERAGE (3.4%)
Campbell Soup Co. ......................................... 177,900 $ 8,717,100
Coca Cola Co. ............................................. 201,600 12,852,000
PepsiCo, Inc. ............................................. 215,200 9,818,500
------------
31,387,600
------------
FOREST PRODUCTS (0.7%)
Champion International Corp. .............................. 100,700 5,248,987
Westvaco Corp. ............................................ 31,600 1,398,300
------------
6,647,287
------------
HOSPITAL SUPPLY (6.6%)
Abbott Laboratories ....................................... 555,800 22,509,900
*Columbia/HCA Healthcare Corp. ............................ 94,200 4,074,150
*Haemonetics Corp. ........................................ 155,000 2,983,750
*Healthsource, Inc. ....................................... 95,400 3,339,000
Johnson & Johnson ......................................... 145,200 9,819,150
Medtronic, Inc. ........................................... 95,000 7,326,875
United Healthcare Corp. ................................... 260,200 10,765,775
------------
60,818,600
------------
HOTEL & RESTAURANT (2.8%)
*Circus Circus Enterprises, Inc. .......................... 197,200 6,951,300
*Mirage Resorts, Inc. ..................................... 310,100 9,496,812
*Promus Hotels Cos., Inc. ................................. 240,500 9,379,500
------------
25,827,612
------------
INSURANCE (5.6%)
ACE Limited ............................................... 203,000 5,887,000
AMBAC, Inc. ............................................... 70,500 2,828,812
American International Group, Inc. ........................ 84,000 9,576,000
*American Re Corp. ........................................ 252,000 9,387,000
Chubb Corp. ............................................... 33,200 2,660,150
The Equitable Companies, Inc. ............................. 592,200 12,362,175
General Re Corp. .......................................... 67,800 9,076,725
------------
51,777,862
------------
MACHINERY (4.8%)
Caterpillar, Inc. ......................................... 191,800 12,323,150
Fluor Corp. ............................................... 199,600 10,379,200
Millipore Corp. ........................................... 137,300 9,267,750
Pall Corp. ................................................ 541,100 12,039,475
------------
44,009,575
------------
METALS & MINING (0.8%)
Nucor Corp. ............................................... 133,700 7,152,950
------------
OFFICE EQUIPMENT (4.9%)
Hewlett Packard Co. ....................................... 128,400 9,565,800
International Business Machines Corp. ..................... 178,900 17,174,400
Xerox Corp. ............................................... 151,000 17,704,750
------------
44,444,950
------------
OIL (6.4%)
Exxon Corp. ............................................... 242,200 17,105,375
Louisiana Land & Exploration Co. .......................... 208,000 8,294,000
Phillips Petroleum Co. .................................... 355,200 11,854,800
Royal Dutch Petroleum Co. ................................. 121,200 14,771,250
TOTAL Cl. B ADS ........................................... 229,400 6,939,350
------------
58,964,775
------------
</TABLE>
MSF-1
<PAGE>
METROPOLITAN SERIES FUND, INC.
GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------- ------------
<S> <C> <C>
OIL SERVICE (0.7%)
*Rowan Cos., Inc. ......................................... 760,400 $ 6,178,250
------------
PERSONAL CARE (2.3%)
Procter & Gamble Co. ...................................... 299,000 21,490,625
------------
PRINTING & PUBLISHING (1.1%)
News Corp. Ltd. ADS ....................................... 427,400 9,669,925
------------
RAILROAD (0.5%)
CSX Corp. ................................................. 62,800 4,717,850
------------
RECREATION (6.8%)
Capital Cities/ABC, Inc. .................................. 44,500 4,806,000
Comcast Corp. Cl. A ....................................... 154,500 2,819,625
Comcast Corp. Cl. A Spl. .................................. 447,450 8,305,791
Disney (Walt) Co. ......................................... 320,700 17,838,937
Gaylord Entertainment Co. Cl. A ........................... 139,755 3,528,814
*Infinity Broadcasting Corp. Cl. A ........................ 191,250 6,382,969
Mattel, Inc. .............................................. 322,406 8,382,556
Time Warner, Inc. ......................................... 253,800 10,437,525
------------
62,502,217
------------
RETAIL TRADE (7.3%)
Home Depot, Inc. .......................................... 330,166 13,412,994
*Office Depot, Inc. ....................................... 295,800 8,319,375
Penney (J.C.), Inc. ....................................... 258,700 12,417,600
Tandy Corp. ............................................... 108,800 5,644,000
*Toys 'R Us, Inc. ......................................... 311,200 9,102,600
Wal-Mart Stores, Inc. ..................................... 684,400 18,307,700
------------
67,204,269
------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------- ------------
<S> <C> <C>
UTILITIES--TELEPHONE (3.4%)
*AirTouch Communications, Inc. ........................... 480,000 $ 13,680,000
AT&T Corp. ............................................... 329,200 17,488,750
------------
31,168,750
------------
TOBACCO (2.3%)
Philip Morris Cos., Inc. ................................. 283,100 21,055,562
------------
TOTAL COMMON STOCK (Cost: $744,183,422) .......................... 896,969,467
------------
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------ ----- -------- -------- ---------
<C> <S> <C> <C> <C>
SHORT-TERM OBLIGATIONS (2.8%)
$ 6,448,000 Associates Corp. of North
America......................... 6.000% 7/3/95 $ 6,448,000
16,704,000 Commercial Credit Co. ........... 5.930% 7/5/95 16,704,000
2,751,000 Ford Motor Credit Co. ........... 5.920% 7/5/95 2,751,000
------------
TOTAL SHORT-TERM OBLIGATIONS
(Cost: $25,903,000)................................ 25,903,000
------------
TOTAL INVESTMENTS
(Cost: $770,086,422)--100.6% ...................... 922,872,467
OTHER ASSETS LESS LIABILITIES--(0.6%) .............. (5,051,363)
------------
NET ASSETS--EQUIVALENT TO $25.61 PER
SHARE, 35,837,495 SHARES OF CAPITAL
STOCK OUTSTANDING--100.0%.......................... $917,821,104
============
</TABLE>
* Non-income producing security.
See Notes to Financial Statements.
MSF-2
<PAGE>
METROPOLITAN SERIES FUND, INC.
INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------ -------------------------------- -------- --------- ------------
<C> <S> <C> <C> <C>
CORPORATE BONDS (23.2%)
BANKING (2.9%)
$ 1,900,000 First Chicago Credit Card 6/15/96-
Trust 1991-D................... 8.400% 6/15/98 $ 1,935,625
2,100,000 MBNA America Bank............... 7.650% 4/17/02 2,228,037
1,100,000 MBNA America Bank............... 7.610% 11/15/01 1,162,579
400,000 MBNA Credit Card 6/30/95-
Trust 1991-A................... 8.250% 6/30/98 401,124
3,200,000 Standard Credit Card Master
Trust 1991-3A.................. 8.875% 7/7/98 3,400,992
------------
9,128,357
------------
FINANCIAL SERVICES (6.7%)
1,700,000 American General Finance Corp... 8.000% 2/15/00 1,795,965
1,200,000 Beneficial Corp. ............... 9.125% 2/15/98 1,277,052
1,225,000 Commercial Credit Group, Inc. .. 6.750% 5/15/00 1,241,231
2,400,000 Fleet Mortgage Group, Inc. ..... 6.500% 9/15/99 2,386,944
1,400,000 Fleet Mortgage Group, Inc. ..... 7.250% 1/15/98 1,425,116
1,200,000 Ford Motor Credit Co. .......... 8.450% 12/30/98 1,272,540
2,700,000 General Electric Capital Corp. . 7.625% 7/24/96 2,746,170
1,600,000 General Motors Acceptance Corp.
Deb. .......................... 7.850% 11/17/97 1,649,456
1,800,000 General Motors Acceptance
Corp. ......................... 7.050% 2/02/98 1,825,074
1,500,000 PennCorp Financial Group 12/15/98
Sr. Sub. ...................... 9.250% 12/15/03 1,455,000
2,000,000 Sears Credit Account Master 6/15/00-
Trust II 1994-1................ 8.100% 6/15/04 2,119,360
4/15/95-
1,401,004 Tandy Master Trust 1991-A ...... 8.250% 4/15/99 1,408,009
------------
20,601,917
------------
INDUSTRIAL--MISCELLANEOUS (8.5%)
1,500,000 American Home Products.......... 7.700% 2/15/00 1,570,020
11/01/95-
1,000,000 Anacomp, Inc. .................. 15.000% 11/01/00 770,000
1,000,000 Chevron Corp. Profit Sharing 12/01/01-
Amort. ........................ 8.110% 12/01/04 1,073,900
1,250,000 Continental Cablevision, Inc.
Sr. Deb. ...................... 9.000% 9/01/08 1,256,250
1,000,000 Continental Cablevision, Inc. 8/01/05-
Sr. Debs. ..................... 9.500% 8/01/13 1,030,000
5/01/00-
1,000,000 Coty, Inc. Sr. ................. 10.250% 5/01/05 1,020,000
11/01/98-
1,250,000 Crown Packaging Sr. Series B ... 10.750% 11/01/00 1,209,375
2,300,000 Electronic Data Systems 144A ... 6.850% 5/15/00 2,320,125
2,075,000 Haynes International, Inc.
Sr. Sec. ...................... 11.250% 6/15/98 1,969,175
4/01/98-
1,000,000 HealthSouth Sr. Sub. ........... 9.500% 4/01/01 1,032,500
750,000 Heritage Media Corp.Sr. Sub. ... 10/01/97-
11.000% 10/01/02 795,000
2,000,000 John Q Hammons Hotels
1st Mtge. ..................... 8.875% 2/15/04 1,940,000
2/01/99-
2,000,000 Koppers Industries Sr. ......... 8.500% 2/01/04 1,895,000
7/15/97-
1,000,000 Lear Seating Corp. Sr. Sub. .... 11.250% 7/15/00 1,045,000
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------ --------------------------- -------- --------- ------------
<C> <S> <C> <C> <C>
2/01/98-
$ 1,500,000 Lear Seating Corp. Sub. ... 8.250% 2/01/02 $ 1,425,000
10/15/03-
1,925,000 Loews Corp. Sr. Notes ..... 7.000% 10/15/23 1,736,177
625,000 Motor Wheel Corp. 3/01/96-
Sr. Ser. B. .............. 11.500% 3/01/00 537,500
2/01/99-
1,000,000 Paging Network Sr. Sub. ... 8.875% 2/01/06 910,000
6/15/00-
800,000 Ralph's Grocery Co. Sr. ... 10.450% 6/15/04 794,000
500,000 Sifto Canada, Inc. ........ 8.500% 7/15/00 482,500
750,000 Southern Pacific Rail Corp. 8/15/98-
Sr. ...................... 9.375% 8/15/05 765,000
250,000 Southwest Forest Industries
Sub. D.................... 12.125% 9/15/01 252,500
500,000 UCC Investors Holdings
Sr. ...................... 10.500% 5/01/02 510,000
------------
26,339,022
------------
MORTGAGE BACKED (3.2%)
3,070,266 Countrywide Series 1993-E 1/25/96-
A-1 PAC................... 6.500% 1/25/24 3,058,752
2,357,798 Prudential Home Loan
Mortgage Series 93-29 8/25/98-
A-6 PAC................... 6.750% 8/25/08 2,359,995
2,650,000 Prudential Home Loan
Mortgage Series 93-54 1/25/98-
A-21 PAC.................. 5.500% 1/25/24 2,543,152
1,899,018 Residential Fund Corp 93- 7/25/98-
S25 A-1 PAC............... 6.500% 7/25/08 1,884,167
------------
9,846,066
------------
TRUST CERTIFICATE (1.9%)
1,500,000 Big River Electric 9/15/97-
Cooperative Trust Cert. .. 10.700% 9/15/17 1,696,050
825,000 Cajun Power Electric 3/15/98-
Cooperative Trust Cert. .. 9.520% 3/15/19 974,391
2,900,000 Deseret Generation 12/15/09-
Cooperative Trust Cert. .. 10.110% 12/15/17 3,246,666
------------
5,917,107
------------
TOTAL CORPORATE BONDS
(Cost: $72,605,310)........................... 71,832,469
------------
FOREIGN OBLIGATIONS (10.1%)
AUD 8,400,000 Australian Government...... 9.500% 8/15/03 6,107,463
CAD 2,200,000 Canadian Government........ 7.500% 12/01/03 1,562,136
CAD 600,000 Canadian Government........ 9.750% 12/01/01 481,664
DKK 24,000,000 Danish Government.......... 8.000% 3/15/06 4,226,275
DKK 15,000,000 Danish Government.......... 9.000% 11/15/00 2,882,511
DEM 9,800,000 German Treuhandanstalt..... 6.625% 7/09/03 6,911,519
ITL1,500,000,000 Italian Government......... 8.500% 4/01/99 821,024
ESP 325,000,000 Spanish Government......... 10.900% 8/30/03 2,594,634
GBP 2,000,000 U.K. Treasury Stock........ 9.750% 8/27/02 3,400,865
GBP 1,400,000 U.K. Treasury Stock........ 8.000% 6/10/03 2,169,755
------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $30,858,095)........................... 31,157,846
------------
</TABLE>
MSF-3
<PAGE>
METROPOLITAN SERIES FUND, INC.
INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------ --------------------------------- -------- --------- ------------
<C> <S> <C> <C> <C>
FEDERAL AGENCY OBLIGATIONS (6.4%)
$ 20,213 Collateralized Mortgage 5/01/01-
Obligation Trust 21-Y........... 8.100% 5/01/17 $ 20,883
4,634,686 Federal Home Loan
Mortgage Corporation........... 6.500% 5/01/09 4,570,959
2,600,000 Federal Home Loan 5/15/98-
Mortgage Corporation........... 7.240% 5/15/02 2,634,112
996,876 Federal Home Loan
Mortgage Corporation........... 9.000% 12/01/09 1,040,639
90,998 Federal Home Loan
Mortgage Corporation........... 6.500% 2/01/09 89,747
2,498,589 Federal National
Mortgage Association............ 7.000% 2/01/24 2,455,638
1,487,000 Federal National
Mortgage Association............ 8.250% 7/01/08 1,529,350
1,324,639 Federal National
Mortgage Association............ 8.500% 2/01/09 1,402,740
935,160 Federal National
Mortgage Association............ 7.750% 3/01/08 953,545
674,375 Federal National
Mortgage Association............ 7.750% 9/01/06 688,301
566,233 Federal National
Mortgage Association............ 8.500% 9/01/09 589,590
407,191 Federal National
Mortgage Association............ 9.000% 5/01/09 428,821
202,421 Federal National
Mortgage Association............ 9.000% 4/01/16 213,173
176,023 Federal National
Mortgage Association............ 8.000% 6/01/08 181,059
87,852 Federal National
Mortgage Association............ 7.750% 4/01/08 89,580
2,575,000 Government National
Mortgage Association ARM........ 6.000% 8/24/25 2,581,437
411,336 Government National
Mortgage Association............ 7.500% 5/15/07 416,437
------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $19,426,219)................................. 19,886,011
------------
FEDERAL TREASURY OBLIGATIONS (48.0%)
42,250,000 U.S. Treasury Bond............... 8.125% 8/15/21 49,386,448
31,525,000 U.S. Treasury Note............... 5.750% 8/15/03 30,564,433
26,025,000 U.S. Treasury Note............... 8.500% 5/15/97 27,220,589
9,050,000 U.S. Treasury Note............... 7.125% 9/30/99 9,423,313
8,875,000 U.S. Treasury Note............... 6.875% 3/31/00 9,185,625
6,050,000 U.S. Treasury Note............... 6.375% 8/15/02 6,121,814
5,950,000 U.S. Treasury Note............... 7.250% 5/15/04 6,352,577
4,275,000 U.S. Treasury Note............... 5.875% 3/31/99 4,260,978
3,400,000 U.S. Treasury Note............... 5.125% 6/30/98 3,327,206
3,000,000 U.S. Treasury Note............... 7.875% 7/31/96 3,064,230
------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $140,546,296)................................ 148,907,213
------------
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------ -------------------------------- -------- --------- ------------
<C> <S> <C> <C> <C>
YANKEE BONDS (6.2%)
$ 2,250,000 Basque Country.................. 8.000% 9/21/04 $ 2,432,250
10/15/95-
1,800,000 Bell Canada Deb. ............... 13.375% 10/15/10 1,928,016
1,600,000 Carter Holt Harvey Deb. ........ 9.500% 12/01/24 1,956,480
1,700,000 Hydro Quebec Deb. Ser. HS ...... 9.400% 2/01/21 2,003,671
1,200,000 Laidlaw, Inc. Deb. ............. 8.750% 4/15/25 1,312,944
1,500,000 Province of Manitoba Deb. Ser.
CD ............................ 9.250% 4/01/20 1,815,240
1,500,000 Province of Manitoba Global
Notes ......................... 6.750% 3/01/03 1,502,010
3,900,000 Province of Quebec Global
Notes ......................... 7.500% 7/15/23 3,776,721
2,550,000 Talisman Energy Debs. .......... 7.125% 6/01/07 2,550,000
------------
TOTAL YANKEE BONDS
(Cost: $18,494,062) ............................... 19,277,332
------------
SHORT-TERM OBLIGATIONS (5.3%)
4,082,000 Associates Corp. of North
America ....................... 6.000% 7/11/95 4,082,000
6,569,000 Commercial Credit Co. .......... 5.920% 7/10/95 6,569,000
5,832,000 Ford Motor Credit Co. .......... 5.960% 7/03/95 5,832,000
------------
TOTAL SHORT-TERM OBLIGATIONS
(Cost: $16,483,000) ............................... 16,483,000
------------
TOTAL INVESTMENTS
(Cost: $298,412,982)--99.2% ....................... 307,543,871
OTHER ASSETS LESS LIABILITIES--0.8% ................ 2,413,774
------------
NET ASSETS--EQUIVALENT TO $12.59 PER
SHARE, 24,623,095 SHARES OF CAPITAL
STOCK OUTSTANDING--100.0% ......................... $309,957,645
============
</TABLE>
See Notes to Financial Statements.
MSF-4
<PAGE>
METROPOLITAN SERIES FUND, INC.
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------ ------------------------------------- -------- -------- -----------
<C> <S> <C> <C> <C>
COMMERCIAL PAPER (70.2%)
$2,000,000 American Express Credit Corp. ....... 5.850% 8/30/95 $ 1,980,500
2,000,000 AT&T Capital Corp. .................. 5.850% 8/18/95 1,984,400
2,000,000 AT&T Capital Corp. .................. 5.750% 9/19/95 1,974,444
2,000,000 Chevron Oil Finance Co. ............. 5.850% 7/31/95 1,990,250
2,000,000 Coca Cola Co. ....................... 5.910% 7/05/95 1,998,687
2,000,000 General Electric Capital Corp. ...... 6.000% 7/26/95 1,991,667
2,000,000 General Electric Capital Corp. ...... 5.940% 7/20/95 1,993,730
2,000,000 Hershey Foods Corp. ................. 5.850% 9/01/95 1,979,850
2,000,000 Monsanto Co. ........................ 5.850% 9/22/95 1,973,025
2,000,000 PACCAR Financial .................... 5.940% 7/10/95 1,997,030
2,000,000 Penney (J.C.) Funding Co. ........... 5.850% 7/31/95 1,990,250
2,000,000 Pitney Bowes Credit Corp. ........... 5.920% 7/18/95 1,994,409
2,000,000 SmithKline Beecham Corp. ............ 5.900% 7/12/95 1,996,394
2,000,000 Xerox Corp. ......................... 5.950% 7/07/95 1,998,017
2,000,000 Xerox Credit Corp. .................. 5.950% 7/12/95 1,996,364
-----------
TOTAL COMMERCIAL PAPER
(Cost: $29,839,017) ................................... 29,839,017
-----------
CORPORATE NOTE (4.8%)
2,000,000 Associates Corp. of North America.... 8.800% 3/01/96 2,027,201
-----------
TOTAL CORPORATE NOTE
(Cost: $2,027,201)..................................... 2,027,201
-----------
</TABLE>
<TABLE>
<CAPTION>
INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------ ------------------------------------- -------- -------- -----------
<C> <S> <C> <C> <C>
FEDERAL AGENCY OBLIGATIONS (16.8%)
$2,000,000 Federal Home Loan Mortgage Corp. .... 5.820% 8/03/95 $ 1,989,330
5,200,000 Federal National Mortgage Assoc. .... 5.780% 8/28/95 5,151,576
-----------
TOTAL FEDERAL AGENCY OBLIGATIONS (Cost: $7,140,906)..... 7,140,906
-----------
FEDERAL TREASURY OBLIGATIONS (7.9%)
1,900,000 U.S. Treasury Bills ................. 5.360% 8/17/95 1,886,704
1,100,000 U.S. Treasury Bills ................. 5.570% 8/17/95 1,092,001
400,000 U.S. Treasury Bills ................. 5.320% 8/17/95 397,222
-----------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $3,375,927)..................................... 3,375,927
-----------
TOTAL INVESTMENTS
(Cost: $42,383,051)--99.7% ............................ 42,383,051
OTHER ASSETS LESS LIABILITIES--0.3% .................... 124,345
-----------
NET ASSETS--EQUIVALENT TO $10.77 PER
SHARE 3,948,414 SHARES OF CAPITAL
STOCK OUTSTANDING--100.0% ............................. $42,507,396
===========
</TABLE>
See Notes to Financial Statements.
MSF-5
<PAGE>
METROPOLITAN SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------- ------------
<S> <C> <C>
COMMON STOCK (55.0%)
AEROSPACE (1.7%)
Boeing Co. ............................................... 124,000 $ 7,765,500
Raytheon Co. ............................................. 124,001 8,717,288
------------
16,482,788
------------
AUTOMOTIVE (0.5%)
Chrysler Corp. ........................................... 65,100 3,116,662
Cooper Tire & Rubber Co. ................................. 53,900 1,313,813
------------
4,430,475
------------
BANKING (2.1%)
BankAmerica Corp. ........................................ 142,400 7,493,800
Citicorp.................................................. 223,300 12,923,488
------------
20,417,288
------------
BUSINESS SERVICES (0.9%)
First Data Corp. ......................................... 152,600 8,679,125
------------
CHEMICAL (2.5%)
Du Pont (E.I.) de Nemours & Co. .......................... 158,700 10,910,625
Monsanto Co. ............................................. 92,500 8,336,562
Rohm & Haas............................................... 90,300 4,955,213
------------
24,202,400
------------
COMPUTER SOFTWARE & SERVICE (2.7%)
*Cisco Systems, Inc. ..................................... 55,400 2,801,163
General Motors Corp. Cl. E................................ 137,900 5,998,650
*Informix Corp. .......................................... 104,000 2,632,500
*Microsoft Corp. ......................................... 62,400 5,643,300
*Oracle Corp. ............................................ 83,400 3,216,112
*Parametric Technology Corp. ............................. 71,000 3,523,375
*3Com Corp. .............................................. 41,200 2,760,400
------------
26,575,500
------------
DIVERSIFIED (0.8%)
Corning, Inc. ............................................ 250,600 8,207,150
------------
DRUG (2.6%)
Lilly (Eli) & Co. ........................................ 68,200 5,353,700
Merck & Co. Inc. ......................................... 229,100 11,225,900
Pfizer, Inc. ............................................. 93,700 8,655,537
------------
25,235,137
------------
ELECTRICAL EQUIPMENT (1.2%)
General Electric Co. ..................................... 202,600 11,421,575
------------
ELECTRONICS (3.7%)
AMP, Inc. ................................................ 164,400 6,945,900
*Applied Materials, Inc. ................................. 28,400 2,456,600
*Ericsson (L.M.) Telephone Co. ADR Cl. B.................. 564,800 11,331,300
General Motors Corp. Cl. H................................ 43,300 1,710,350
*Intel Corp. ............................................. 115,800 7,331,587
Perkin-Elmer Corp. ....................................... 180,200 6,397,100
------------
36,172,837
------------
FINANCIAL SERVICES (2.3%)
Federal Home Loan Mortgage Corp. ......................... 151,400 10,408,750
Federal National Mortgage Assoc. ......................... 129,600 12,231,000
------------
22,639,750
------------
FOOD & BEVERAGE (1.6%)
Campbell Soup............................................. 113,900 5,581,100
Coca Cola Co. ............................................ 72,800 4,641,000
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------- ------------
<S> <C> <C>
PepsiCo, Inc. ................................................ 127,000 $ 5,794,375
------------
16,016,475
------------
FOREST PRODUCTS (0.4%)
Champion International........................................ 56,900 2,965,912
+*Crown Packaging Holdings 144A (Wts.)........................... 500 10,625
Westvaco Corp. ............................................... 20,900 924,825
------------
3,901,362
------------
HOSPITAL SUPPLY (3.8%)
Abbott Laboratories........................................... 330,100 13,369,050
*Columbia/HCA Healthcare Corp. ............................... 59,200 2,560,400
*Haemonetics Corp. ........................................... 100,100 1,926,925
*Healthsource, Inc. .......................................... 56,400 1,974,000
Johnson & Johnson............................................. 84,200 5,694,025
Medtronic, Inc. .............................................. 51,700 3,987,363
United Healthcare Corp. ...................................... 187,400 7,753,675
------------
37,265,438
------------
HOTEL & RESTAURANT (1.6%)
*Circus Circus Enterprises, Inc. ............................. 117,700 4,148,925
*Mirage Resorts, Inc. ........................................ 183,550 5,621,219
*Promus Hotels Cos., Inc. .................................... 141,500 5,518,500
------------
15,288,644
------------
INSURANCE (3.2%)
ACE Limited................................................... 150,100 4,352,900
AMBAC, Inc. .................................................. 22,600 906,825
American International Group, Inc. ........................... 52,200 5,950,800
*American Re Corp. ........................................... 156,300 5,822,175
Chubb Corp. .................................................. 25,000 2,003,125
General Re Corp. ............................................. 39,800 5,328,225
The Equitable Companies, Inc. ................................ 318,800 6,654,950
------------
31,019,000
------------
MACHINERY (2.6%)
Caterpillar, Inc. ............................................ 118,800 7,632,900
Fluor Corp. .................................................. 89,600 4,659,200
Millipore..................................................... 81,700 5,514,750
Pall Corp. ................................................... 336,400 7,484,900
------------
25,291,750
------------
METALS & MINING (0.5%)
Nucor Corp. .................................................. 81,500 4,360,250
------------
OFFICE EQUIPMENT (2.6%)
Hewlett Packard Co. .......................................... 76,400 5,691,800
International Business Machines Corp. ........................ 106,200 10,195,200
Xerox Corp. .................................................. 84,100 9,860,725
------------
25,747,725
------------
OIL (3.8%)
Exxon Corp. .................................................. 144,600 10,212,375
Louisiana Land & Exploration.................................. 141,600 5,646,300
Phillips Petroleum Co. ....................................... 221,900 7,405,912
Royal Dutch Petroleum Co. .................................... 73,700 8,982,187
Tosco Corp. .................................................. 3,000 95,625
TOTAL Cl. B ADS............................................... 155,100 4,691,775
------------
37,034,174
------------
OIL SERVICES (0.4%)
*Rowan Companies, Inc. ....................................... 504,900 4,102,313
------------
PERSONAL CARE (1.4%)
Procter & Gamble Co. ......................................... 190,800 13,713,750
------------
</TABLE>
MSF-6
<PAGE>
METROPOLITAN SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------- ------------
<S> <C> <C>
PRINTING & PUBLISHING (0.6%)
News Corp. Ltd. ADS........................................ 261,900 $ 5,925,487
------------
RAILROAD (0.2%)
CSX Corp. ................................................. 27,500 2,065,938
------------
RECREATION (3.8%)
Capital Cities/ABC, Inc. .................................. 27,500 2,970,000
Comcast Corp. Cl. A........................................ 94,800 1,730,100
Comcast Corp. Cl. A Spl. .................................. 261,350 4,851,309
Disney (Walt) Co. ......................................... 190,800 10,613,250
Gaylord Entertainment Co. Cl. A............................ 70,350 1,776,338
*Infinity Broadcasting Corp. Cl. A......................... 128,100 4,275,338
Mattel, Inc. .............................................. 173,062 4,499,612
Time Warner, Inc. ......................................... 150,200 6,176,975
------------
36,892,922
------------
RETAIL TRADE (4.3%)
+*Food 4 Less Holdings, Inc. (Wts.)........................ 582 21,680
Home Depot, Inc. .......................................... 189,000 7,678,125
*Office Depot, Inc. ....................................... 177,400 4,989,375
Penney (J.C.), Inc. ....................................... 173,400 8,323,200
Tandy Corp. ............................................... 63,200 3,278,500
*Toys 'R Us, Inc. ......................................... 189,500 5,542,875
Wal-Mart Stores, Inc. ..................................... 446,200 11,935,850
------------
41,769,605
------------
TOBACCO (1.3%)
Philip Morris Cos., Inc. .................................. 167,400 12,450,375
------------
UTILITIES--TELEPHONE (1.9%)
*AirTouch Communications, Inc. ............................ 259,000 7,381,500
AT&T Corp. ................................................ 206,200 10,954,375
------------
18,335,875
------------
TOTAL COMMON STOCK
(Cost: $454,157,096).............................................. 535,645,108
------------
CONVERTIBLE PREFERRED STOCK (0.0%)
OIL SERVICES (0.0%)
Noble Drilling Corp. Cv. Pfd. ............................. 6,000 140,250
------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost: $129,750).................................................. 140,250
------------
PREFERRED STOCK (0.1%)
RETAIL TRADE (0.1%)
Supermarkets General Ex. Pfd. PIK $3.52.................... 7,209 194,643
------------
TOTAL PREFERRED STOCK
(Cost: $196,445).................................................. 194,643
------------
</TABLE>
<TABLE>
<CAPTION>
DATE OR
RANGE OF
FACE INTEREST STATED VALUE
AMOUNT ISSUE RATE MATURITIES (NOTE 1A)
------ ----- -------- ---------- ---------
<C> <S> <C> <C> <C>
CORPORATE BONDS (9.2%)
BANKING (1.4%)
$ 2,000,000 First Chicago Credit Card 6/15/96-
Trust 91-D..................... 8.400% 6/15/98 $ 2,037,500
3,000,000 MBNA America Bank............... 7.650% 4/17/02 3,182,910
1,600,000 MBNA America Bank............... 7.610% 11/15/01 1,691,024
550,000 6/30/95-
MBNA Credit Card Trust 1991-A... 8.250% 6/30/98 551,545
5,500,000 Standard Credit Card Master
Tr 91-A........................ 8.875% 7/07/98 5,845,455
------------
13,308,434
------------
</TABLE>
<TABLE>
<CAPTION>
DATE OR
RANGE OF
FACE INTEREST STATED VALUE
AMOUNT ISSUE RATE MATURITIES (NOTE 1A)
------ ----- -------- ---------- ---------
<C> <S> <C> <C> <C>
FINANCIAL SERVICES (2.8%)
$ 2,400,000 American General Finance
Corp. ........................ 8.000% 2/15/00 $ 2,535,480
1,200,000 Beneficial Corp. .............. 9.125% 2/15/98 1,277,052
1,650,000 Commercial Credit Group,
Inc.. ........................ 6.750% 5/15/00 1,671,863
1,000,000 Community Program Ln. 1/01/07-
Trust A-4..................... 4.500% 1/01/18 840,313
3,000,000 Fleet Mortgage Group, Inc. .... 6.500% 9/15/99 2,983,680
1,400,000 Fleet Mortgage Group, Inc. .... 7.250% 1/15/98 1,425,116
1,750,000 Ford Motor Credit Co. ......... 8.450% 12/30/98 1,855,788
4,000,000 General Electric Capital
Corp. ........................ 7.625% 7/24/96 4,068,400
2,625,000 General Motors Acceptance
Corp. ........................ 7.850% 11/17/97 2,706,139
2,500,000 General Motors Acceptance
Corp. ........................ 7.050% 2/02/98 2,534,825
1,500,000 PennCorp Financial Group 12/15/98-
Sr. Sub. ..................... 9.250% 12/15/03 1,455,000
2,900,000 Sears Credit Acct. Master 6/15/00-
Tr II 94-1.................... 8.100% 6/15/04 2,755,168
4/15/95-
985,080 Tandy Master Trust 1991-A...... 8.250% 4/15/99 990,006
------------
27,098,830
------------
INDUSTRIAL--MISCELLANEOUS (3.3%)
2,150,000 American Home Products......... 7.700% 2/15/00 2,250,362
11/01/95-
2,000,000 Anacomp, Inc. ................. 15.000% 11/01/00 1,540,000
200,000 Anacomp International NV Cv. .. 9.000% 1/15/96 102,000
100,000 Bayou Steel Corp 1st Mortgage.. 10.250% 3/01/01 93,000
100,000 Carbide/Graphite Group Sr. .... 11.500% 9/01/03 105,000
1,500,000 Chevron Corp. Profit Sharing 12/01/01-
Amort. ....................... 8.110% 12/01/04 1,610,850
1,250,000 Continental Cablevision
Sr. Deb. ..................... 9.000% 9/01/08 1,256,250
900,000 Continental Cablevision 8/01/05-
Sr. Debs. .................... 9.500% 8/01/13 927,000
2,000,000 Crown Packaging Sr. 11/01/98-
Series B...................... 10.750% 11/01/00 1,935,000
11/01/98-
500,000 Crown Packaging Sr. Sub. ...... -- 11/01/03 228,750
100,000 Dual Drilling Co. Sr. Sub. .... 9.875% 1/15/04 93,625
+3,300,000 Electronic Data Systems 144A... 6.850% 5/15/00 3,328,875
2,375,000 Haynes International, Inc.
Sr. Sec. ..................... 11.250% 6/15/98 2,253,875
4/01/98-
2,000,000 HealthSouth Sr. Sub. .......... 9.500% 4/01/01 2,065,000
10/01/97-
750,000 Heritage Media Sr. Sub. ....... 11.000% 10/01/02 795,000
2,000,000 John Q. Hammons Hotels
1st Mtg. ..................... 8.875% 2/15/04 1,940,000
2/01/99-
2,000,000 Koppers Industries Sr. ........ 8.500% 2/01/04 1,895,000
2/01/98-
1,550,000 Lear Seating Sub. ............. 8.250% 2/01/02 1,472,500
</TABLE>
MSF-7
<PAGE>
METROPOLITAN SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DATE OR
RANGE OF
FACE INTEREST STATED VALUE
AMOUNT ISSUE RATE MATURITIES (NOTE 1A)
------ ----- -------- ---------- ---------
<C> <S> <C> <C> <C>
7/15/97-
$ 1,000,000 Lear Seating Sr. Sub. ......... 11.250% 7/15/00 $ 1,045,000
10/15/03-
2,700,000 Loews Corp. Sr. ............... 7.000% 10/15/23 2,435,157
3/01/96-
625,000 Motor Wheel Sr. Series B....... 11.500% 3/01/00 537,500
2/01/99-
1,000,000 Paging Network Sr. Sub. ....... 8.875% 2/01/06 910,000
6/15/00-
1,000,000 Ralphs Grocery Co. Sr. ........ 10.450% 6/15/04 992,500
500,000 Sifto Canada, Inc. ............ 8.500% 7/15/00 482,500
750,000 Southern Pacific Rail Corp. 8/15/98-
Sr. .......................... 9.375% 8/15/05 765,000
250,000 Southwest Forest Industries
Sub. ......................... 12.125% 9/15/01 252,500
300,000 Sullivan Graphics, Inc. ....... 15.000% 2/01/00 318,000
500,000 UCC Investors Holdings Sr. .... 10.500% 5/01/02 510,000
300,000 Wilrig AS Sr. Sec. ............ 11.250% 3/15/04 309,000
------------
32,449,244
------------
MORTGAGE BACKED (1.0%)
3,049,091 Countrywide, Inc. 1/25/96-
Series 1993-E A-1 PAC......... 6.500% 1/25/24 3,037,657
1,382,158 Pru Home Mtg. Series 93-29 A-6 8/25/98-
PAC........................... 6.750% 8/25/08 1,383,443
3,700,000 Pru Home Mtg. Series 93-54 A-21 1/25/98-
PAC........................... 5.500% 1/25/24 3,550,816
1,403,622 Residential Fund Corp. 93-S49 7/25/98-
A-1 PAC....................... 6.500% 7/25/08 1,392,646
------------
9,364,562
------------
TRUST CERTIFICATE(0.7%)
2,250,000 Big River Electric Cooperative 9/15/97-
Trust Cert. .................. 10.700% 9/15/17 2,544,075
3,750,000 Deseret Generation Cooperative 12/15/97-
Trust Cert. .................. 10.110% 12/15/17 4,198,275
566,963 Government Trust 11/15/95-
Cert. 2-D..................... 9.250% 11/15/96 574,555
------------
7,316,905
------------
TOTAL CORPORATE BONDS
(Cost: $90,109,791)................................ 89,537,975
------------
FEDERAL AGENCY OBLIGATIONS (2.9%)
3,700,000 Federal Home Loan Mortgage 5/15/98-
Corporation................... 7.240% 5/15/02 3,748,544
2,780,811 Federal Home Loan Mortgage
Corporation................... 6.500% 5/01/09 2,742,575
2,183,954 Federal Home Loan Mortgage
Corporation................... 6.500% 2/01/09 2,153,925
1,888,140 Federal Home Loan Mortgage
Corporation................... 6.500% 12/01/07 1,862,178
4,622,315 Federal National Mortgage
Association................... 7.000% 12/01/07 4,802,817
3,252,879 Federal National Mortgage
Association................... 7.000% 2/01/24 3,196,963
2,086,307 Federal National Mortgage
Association................... 8.500% 2/01/09 2,209,316
</TABLE>
<TABLE>
<CAPTION>
DATE OR
RANGE OF
FACE INTEREST STATED VALUE
AMOUNT ISSUE RATE MATURITIES (NOTE 1A)
------ ----- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 1,742,630 Federal National Mortgage
Association............. 8.000% 6/01/08 $ 1,792,487
1,026,545 Federal National Mortgage
Association............. 7.250% 9/01/07 1,035,836
790,073 Federal National Mortgage
Association............. 9.000% 5/01/09 832,042
67,473 Federal National Mortgage
Association............. 9.000% 4/01/16 71,058
3,625,000 Government National
Mortgage
Association ARM......... 6.000% 8/24/25 3,634,062
422,819 Government National
Mortgage Association.... 8.000% 9/15/07 435,888
------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $27,643,862).......................... 28,517,691
------------
FEDERAL TREASURY OBLIGATIONS (22.5%)
59,175,000 U.S. Treasury Bond....... 8.125% 8/15/21 69,170,249
41,400,000 U.S. Treasury Note....... 5.750% 8/15/03 40,138,542
31,725,000 U.S. Treasury Note....... 8.500% 5/15/97 33,182,446
21,800,000 U.S. Treasury Note....... 7.125% 9/30/99 22,699,250
20,750,000 U.S. Treasury Note....... 6.875% 3/31/00 21,476,250
12,725,000 U.S. Treasury Note....... 7.875% 7/31/96 12,997,442
9,100,000 U.S. Treasury Note....... 7.250% 5/15/04 9,715,706
5,200,000 U.S. Treasury Note....... 5.125% 6/30/98 5,088,668
3,275,000 U.S. Treasury Note....... 6.375% 8/15/02 3,313,874
1,150,000 U.S. Treasury Note....... 5.875% 3/31/99 1,146,228
------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $206,571,925)......................... 218,928,655
------------
FOREIGN OBLIGATIONS (4.5%)
11,100,000 AUD Australian
Government.............. 9.500% 8/15/03 8,070,576
3,000,000 CAD Canadian
Government.............. 7.500% 12/01/03 2,130,186
1,250,000 CAD Canadian
Government.............. 9.750% 12/01/01 1,003,467
53,000,000 DKK Danish Government........ 8.000% 3/15/06 9,333,025
20,000,000 DKK Danish Government........ 9.000% 11/15/00 3,843,348
8,400,000 DEM German Treuhandanstalt... 6.625% 7/09/03 5,924,159
3,100,000,000 ITL Italian Government....... 8.500% 4/01/99 1,696,782
485,000,000 ESP Spanish Government....... 10.900% 8/30/03 3,871,992
500,000 GBP U K Treasury Gilt........ 7.000% 11/06/01 742,355
2,400,000 GBP U K Treasury Stock....... 9.750% 8/27/02 4,081,038
2,300,000 GBP U K Treasury Stock....... 8.000% 6/10/03 3,564,598
------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $43,834,030).......................... 44,261,526
------------
</TABLE>
MSF-8
<PAGE>
METROPOLITAN SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DATE OR
RANGE OF
FACE INTEREST STATED VALUE
AMOUNT ISSUE RATE MATURITIES (NOTE 1A)
------ ----- -------- ---------- ---------
<C> <S> <C> <C> <C>
YANKEE BONDS (2.7%)
$2,900,000 Basque Country.................. 8.000% 9/21/04 $ 3,134,900
10/15/95-
1,800,000 Bell Canada Deb. ............... 13.375% 10/15/10 1,928,016
2,200,000 Carter Holt Harvey Deb. ........ 9.500% 12/01/24 2,690,160
2,500,000 Hydro Quebec Deb.
Ser. HS........................ 9.400% 2/01/21 2,946,575
1,700,000 Laidlaw, Inc. Deb. ............. 8.750% 4/15/25 1,860,004
1,650,000 Province of Manitoba Deb. Ser.
CD............................. 9.250% 4/01/20 1,996,764
700,000 Province of Manitoba Deb. Ser.
CO............................. 8.875% 9/15/21 821,478
2,300,000 Province of Manitoba Global
Notes.......................... 6.750% 3/01/03 2,303,082
5,500,000 Province of Quebec Global Notes. 7.500% 7/15/23 5,326,145
3,600,000 Talisman Energy Deb. ........... 7.125% 6/01/07 3,600,000
------------
TOTAL YANKEE BONDS
(Cost: $25,163,554)................................. 26,607,124
------------
SHORT-TERM OBLIGATIONS (3.0%)
$5,866,000 American Express Credit Corp. .. 5.800% 7/06/95 $ 5,866,000
854,000 American Express Credit Corp. .. 5.850% 7/03/95 854,000
3,598,000 Ford Motor Credit Co. .......... 5.920% 7/03/95 3,598,000
12,281,000 Household Finance Corp. ........ 5.930% 7/07/95 12,281,000
6,208,000 Norwest Financial, Inc. ........ 5.900% 7/03/95 6,208,000
------------
TOTAL SHORT-TERM OBLIGATIONS
(Cost: $28,807,000)................................. 28,807,000
------------
TOTAL INVESTMENTS
(Cost: $876,613,453)--99.9%......................... 972,639,972
OTHER ASSETS LESS LIABILITIES--0.1%.................. 416,537
------------
NET ASSETS--EQUIVALENT TO $15.47 PER SHARE,
62,904,714 SHARES OF CAPITAL STOCK OUTSTANDING--
100.0%.............................................. $973,056,509
============
</TABLE>
+ Restricted securities see Note 2.
Additional information on restricted holdings as follows:
<TABLE>
<CAPTION>
ACQUISITION ACQUISITION VALUATION AS OF
SECURITY DATE COST JUNE 30, 1995
-------- ----------- ----------- ---------------
<S> <C> <C> <C>
Crown Packaging Holdings Inc. 144A
(Wts.)................................ 6/01/95 $ 20,000 $ 10,625
Electronic Data Systems 144A,
6.850%, 5/15/00....................... 5/19/95 3,297,393 3,328,875
Food 4 Less Holdings (Wts.)............ 6/01/95 40,478 21,680
</TABLE>
* Non-income producing security.
See Notes to Financial Statements.
MSF-9
<PAGE>
METROPOLITAN SERIES FUND, INC.
AGGRESSIVE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- --------- ------------
<S> <C> <C>
COMMON STOCK (93.2%)
AEROSPACE (0.6%)
Boeing Co. ............................................. 69,300 $ 4,339,912
------------
AIRLINES (9.8%)
*AMR Corp. ............................................. 355,000 26,491,875
Delta Air Lines, Inc. .................................. 158,800 11,711,500
*Northwest Airlines Corp. Cl. A......................... 347,300 12,242,325
Southwest Airlines...................................... 359,000 8,571,125
*UAL Corp. ............................................. 114,200 16,016,550
------------
75,033,375
------------
AUTOMOTIVE (2.1%)
Danaher Corp. .......................................... 95,600 2,891,900
Exide Corp. ............................................ 277,500 11,932,500
*Team Rental Group, Inc. Cl. A.......................... 122,600 919,500
------------
15,743,900
------------
BUSINESS SERVICES (2.9%)
HBO & Co. .............................................. 77,500 4,233,437
*Medaphis Corp. ........................................ 433,300 9,315,950
*Tellabs, Inc. ......................................... 180,700 8,684,894
------------
22,234,281
------------
CHEMICAL (0.5%)
Potash Corp. of Saskatchewan, Inc. ..................... 63,900 3,570,412
------------
COMPUTER SOFTWARE & SERVICE (8.2%)
*Broderbund Software, Inc. ............................. 143,800 9,149,275
*Cisco Systems, Inc. ................................... 77,800 3,933,762
Computer Associates International, Inc. ................ 92,700 6,280,425
*Firefox Communications................................. 17,700 451,350
General Motors Corp. Cl. E.............................. 157,300 6,842,550
*Intuit, Inc. .......................................... 55,100 4,191,044
*Maxis, Inc. ........................................... 22,500 596,250
*Oracle Systems Corp. .................................. 207,750 8,011,359
*Plaintree Systems, Inc. ............................... 96,600 1,026,375
+*SAP AG FT 144A ADS.................................... 135,400 5,669,875
*3Com Corp. ............................................ 56,400 3,778,800
*VideoServer, Inc. ..................................... 24,100 936,887
*Xilinx, Inc. .......................................... 124,200 11,659,275
------------
62,527,227
------------
DIVERSIFIED (0.2%)
*Thermedics, Inc. ...................................... 94,950 1,851,525
------------
DRUG (0.8%)
*Amerisource Health Corp. .............................. 58,000 1,334,000
*Cephalon, Inc. ........................................ 94,900 1,743,787
*Cima Labs, Inc. ....................................... 160,000 650,000
*Vertex Pharmaceuticals, Inc. .......................... 150,400 2,481,600
------------
6,209,387
------------
ELECTRICAL EQUIPMENT (0.8%)
*Trimble Navigation Ltd. ............................... 230,000 6,497,500
------------
ELECTRONICS (25.6%)
*Analog Devices, Inc. .................................. 239,150 8,131,100
*Applied Materials, Inc. ............................... 149,600 12,940,400
*ASM Lithography Holdings N.V. ......................... 206,300 7,413,906
*Brooks Automation, Inc. ............................... 84,500 1,510,437
*Cypress Semiconductor Corp. ........................... 210,100 8,509,050
*DSC Communications Corp. .............................. 263,600 12,273,875
*Ericsson (L.M.) Tel. Co. ADR Cl. B..................... 1,000,800 20,078,550
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------- ------------
<S> <C> <C>
*Exide Electronics Group, Inc. ............................ 25,700 $ 584,675
*Intel Corp. .............................................. 360,200 22,805,162
*KLA Instruments Corp. .................................... 99,700 7,714,287
*Lam Research Corp. ....................................... 140,600 8,980,825
*LSI Logic Corp. .......................................... 408,600 15,986,475
Micron Technology, Inc. ................................... 160,600 8,812,925
*Novellus Systems, Inc. ................................... 102,300 6,930,825
*Number Nine Visual Technology, Inc. ...................... 51,000 1,077,375
*Oak Technology, Inc. ..................................... 117,200 4,292,450
*S3, Inc. ................................................. 105,300 3,784,219
*Sanmina Holdings, Inc. ................................... 215,400 8,265,975
*Silicon Valley Group, Inc. ............................... 216,900 7,876,181
*Teradyne, Inc. ........................................... 125,400 8,198,025
Texas Instruments, Inc. ................................... 150,400 20,134,800
------------
196,301,517
------------
FINANCIAL SERVICES (2.5%)
Countrywide Credit Industries, Inc. ....................... 190,000 3,990,000
First USA, Inc. ........................................... 193,800 8,599,875
Franklin Resources, Inc. .................................. 84,200 3,746,900
Schwab (Charles) Corp. .................................... 70,300 3,049,262
------------
19,386,037
------------
FOOD & BEVERAGE (0.4%)
*Starbucks Corp. .......................................... 76,500 2,715,750
------------
HOSPITAL SUPPLY (1.2%)
*Coram Healthcare Corp. ................................... 189,500 2,676,687
*Health Management Associates, Inc. ....................... 195,262 5,711,413
*Horizon Healthcare Corp. ................................. 9,600 171,600
*Theratx, Inc. ............................................ 59,500 788,375
------------
9,348,075
------------
HOTEL & RESTAURANT (2.5%)
*Doubletree Corp. ......................................... 98,000 2,131,500
*Hospitality Franchise System, Inc. ....................... 251,000 8,690,875
La Quinta Inns, Inc. ...................................... 247,612 6,685,524
*Station Casinos, Inc. .................................... 97,900 1,682,656
------------
19,190,555
------------
MACHINERY (1.0%)
*AGCO Corp. ............................................... 196,800 7,380,000
------------
OFFICE EQUIPMENT (8.3%)
*Digital Equipment Corp. .................................. 200,800 8,182,600
Hewlett Packard Co. ....................................... 234,600 17,477,700
International Business Machines Corp. ..................... 74,000 7,104,000
*Silicon Graphics, Inc. ................................... 224,900 8,967,887
*Sun Microsystems, Inc. ................................... 163,800 7,954,537
Telxon Corp. .............................................. 333,600 7,193,250
*U.S. Robotics Corp. ...................................... 60,500 6,586,938
------------
63,466,912
------------
PERSONAL CARE (0.9%)
Colgate-Palmolive Co. ..................................... 98,700 7,217,438
------------
PRINTING & PUBLISHING (0.6%)
*British Sky Broadcasting Group ADR........................ 42,300 1,105,088
News Corp. Ltd. ADS........................................ 159,300 3,604,163
------------
4,709,251
------------
RECREATION (2.3%)
*American Radio Systems Corp. ............................. 46,700 1,085,775
Anthony Industries, Inc. .................................. 111,700 2,052,488
</TABLE>
MSF-10
<PAGE>
METROPOLITAN SERIES FUND, INC.
AGGRESSIVE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------- ------------
<S> <C> <C>
Time Warner, Inc. ........................................ 208,200 $ 8,562,225
*Trump Hotels & Casino Resorts, Inc. ..................... 462,400 6,184,600
------------
17,885,088
------------
RETAIL TRADE (11.6%)
*Bed Bath & Beyond, Inc. ................................. 68,800 1,629,734
Circuit City Stores, Inc. ................................ 505,300 15,980,113
*General Nutrition Centers, Inc. ......................... 104,000 3,627,000
Home Depot, Inc. ......................................... 173,500 7,048,438
Industrie Natuzzi SPA ADR................................. 116,300 3,852,438
*Jan Bell Marketing, Inc. (Wts.).......................... 227 0
*Just For Feet, Inc. ..................................... 205,200 8,156,700
*Kohl's Corp. ............................................ 111,300 5,078,063
*Nine West Group, Inc. ................................... 222,100 8,106,650
*Petsmart, Inc. .......................................... 140,100 4,045,388
Pier 1 Imports, Inc. ..................................... 340,095 3,145,879
*Sunglass Hut International, Inc. ........................ 558,000 19,460,250
*Toys R Us, Inc. ......................................... 130,400 3,814,200
*Viking Office Products, Inc. ............................ 116,000 4,248,500
*Williams Sonoma, Inc. ................................... 29,250 641,672
------------
88,835,025
------------
TEXTILE & APPAREL (4.9%)
*Fila Holdings SPA Sponsored ADR.......................... 187,200 4,656,600
*Men's Wearhouse, Inc. ................................... 293,350 8,140,463
*Nautica Enterprises, Inc. ............................... 139,100 5,007,600
*Tommy Hilfiger Corp. .................................... 456,600 12,784,800
Wolverine World Wide, Inc. ............................... 327,000 6,785,250
------------
37,374,713
------------
UTILITIES--TELEPHONE (5.5%)
*ADC Telecommunications, Inc. ............................ 100,300 3,573,188
*Nera AS ADS.............................................. 35,000 984,375
Nokia Corp. ADS........................................... 489,900 29,210,288
Vodafone Group PLC ADR.................................... 219,300 8,305,988
------------
42,073,839
------------
TOTAL COMMON STOCK
(Cost: $569,061,322)............................................ 713,891,719
------------
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------ ----- -------- -------- ---------
<C> <S> <C> <C> <C>
CONVERTIBLE BONDS (0.3%)
$ 2,500,000 +Theratx, Inc. 144A
Cv. Sub. ...................... 8.000% 2/01/02 $ 2,312,500
------------
TOTAL CONVERTIBLE BONDS
(Cost: $2,500,000)................................ 2,312,500
------------
SHORT-TERM OBLIGATIONS (7.4%)
3,977,000 Associates Corp of North
America........................ 6.000% 7/07/95 3,977,000
4,100,000 Commercial Credit Co. .......... 5.850% 7/03/95 4,100,000
2,168,000 Commercial Credit Co. .......... 5.920% 7/05/95 2,168,000
16,009,000 Ford Motor Credit Co. .......... 5.950% 7/13/95 16,009,000
14,712,000 Ford Motor Credit Co. .......... 5.960% 7/05/95 14,712,000
992,000 General Electric Capital Corp. . 5.930% 7/05/95 992,000
15,000,000 Household Finance Corp. ........ 5.950% 7/10/95 15,000,000
------------
TOTAL SHORT-TERM OBLIGATIONS
(Cost: $56,958,000)............................... 56,958,000
------------
TOTAL INVESTMENTS
(Cost: $628,519,322)--100.9%...................... 773,162,219
OTHER ASSETS LESS LIABILITIES--(0.9%).............. (6,692,578)
------------
NET ASSETS--EQUIVALENT TO $26.36 PER SHARE,
29,082,075 SHARES OF CAPITAL
STOCK OUTSTANDING--100.0%......................... $766,469,641
============
</TABLE>
+ Restricted securities see Note 2.
Additional information on restricted holdings as follows:
<TABLE>
<CAPTION>
ACQUISITION ACQUISITION VALUATION AS OF
SECURITY DATE COST JUNE 30, 1995
-------- ----------- ----------- ---------------
<S> <C> <C> <C>
SAP AG FT 144A ADS................ 5/23/95 & 5/24/95 $4,959,790 $5,669,875
Theratx, Inc. 144A
Cv. Sub., 8.000%, 2/01/02........ 2/09/95 2,500,000 2,312,500
</TABLE>
* Non-income producing security.
See Notes to Financial Statements.
MSF-11
<PAGE>
METROPOLITAN SERIES FUND, INC.
STOCK INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ---------- ---------
<S> <C> <C>
COMMON STOCK (97.5%)
AEROSPACE (2.0%)
Boeing Co. ............................................ 41,650 $ 2,608,331
General Dynamics Corp. ................................ 5,200 230,750
Lockheed Martin Corp. ................................. 26,313 1,661,008
McDonnell Douglas Corp. ............................... 13,800 1,059,150
Raytheon Co. .......................................... 12,800 993,600
Rockwell International Corp. .......................... 24,600 1,125,450
Textron, Inc. ......................................... 12,300 714,937
United Technologies Corp. ............................. 16,500 1,289,062
------------
9,682,288
------------
AIRLINES (0.4%)
*AMR Corp. ............................................ 8,400 626,850
Delta Airlines, Inc. .................................. 6,000 442,500
Southwest Airlines Co. ................................ 15,400 367,675
*USAIR Group Inc. ..................................... 53,600 623,100
------------
2,060,125
------------
AUTOMOTIVE (2.8%)
Chrysler Corp. ........................................ 43,000 2,058,625
Cummins Engine, Inc. .................................. 5,400 235,575
Dana Corp. ............................................ 10,000 286,250
Eaton Corp. ........................................... 6,900 401,062
Echlin, Inc. .......................................... 10,500 364,875
Ford Motor Co. ........................................ 114,700 3,412,325
General Motors Corp. .................................. 87,418 4,097,719
Genuine Parts Co. ..................................... 11,850 448,819
*Navistar International Corp. ......................... 12,710 192,239
Paccar, Inc. .......................................... 5,865 274,189
Snap-On, Inc. ......................................... 7,100 275,125
SPX Corp. ............................................. 31,700 360,588
Timken Co. ............................................ 9,200 424,350
TRW, Inc. ............................................. 7,500 599,062
------------
13,430,803
------------
BANKING (6.0%)
Ahmanson (H.F.) & Co. ................................. 19,400 426,800
Banc One Corp. ........................................ 43,705 1,409,486
Bank of Boston Corp. .................................. 12,994 487,275
Bank of New York Co., Inc. ............................ 20,400 823,650
BankAmerica Corp. ..................................... 41,276 2,172,149
Bankers Trust N.Y. Corp. .............................. 7,300 452,600
Barnett Banks, Inc. ................................... 13,900 712,375
Boatmens Bancshares, Inc. ............................. 14,200 499,662
Chase Manhattan Corp. ................................. 22,081 1,037,807
Chemical Banking Corp. ................................ 29,670 1,401,907
Citicorp............................................... 46,714 2,703,573
Corestates Financial Corp. ............................ 23,300 812,588
First Chicago Corp. ................................... 11,690 699,939
First Fidelity Bancorp. ............................... 11,100 654,900
First Interstate Bancorp............................... 7,900 633,975
First Union Corp. ..................................... 17,400 787,350
Fleet Financial Group, Inc. ........................... 16,200 601,425
Golden West Financial Corp. ........................... 8,300 391,137
Great Western Financial Corp. ......................... 17,500 360,937
KeyCorp................................................ 34,203 1,073,119
MBNA Corp. ............................................ 16,500 556,875
Mellon Bank Corp. ..................................... 14,400 599,400
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ---------- ---------
<S> <C> <C>
Morgan (J.P.) & Co., Inc. ............................. 21,499 $ 1,507,617
NBD Bancorp, Inc. ..................................... 14,700 470,400
National City Corp. ................................... 15,400 452,375
NationsBank Corp. ..................................... 33,022 1,770,805
Norwest Corp. ......................................... 33,300 957,375
PNC Bank Corp. ........................................ 19,500 514,312
Shawmut National Corp. ................................ 14,700 468,563
Suntrust Banks, Inc. .................................. 17,700 1,031,025
U.S. Bancorp........................................... 14,100 339,281
Wachovia Corp. ........................................ 24,900 890,175
Wells Fargo & Co. ..................................... 6,730 1,213,083
------------
28,913,940
------------
BEVERAGES (5.4%)
American Brands, Inc. ................................. 25,500 1,013,625
Anheuser Busch......................................... 29,000 1,649,375
Brown Forman Corp. Cl. B. ............................. 11,700 390,487
Coca Cola Co. ......................................... 145,700 9,288,375
Coors (Adolph) Co. Cl. B. ............................. 20,800 336,700
PepsiCo, Inc. ......................................... 90,800 4,142,750
Philip Morris Cos., Inc. .............................. 96,800 7,199,500
Seagram Ltd. .......................................... 42,900 1,485,413
UST, Inc. ............................................. 19,100 568,225
------------
26,074,450
------------
BUILDING (1.0%)
Armstrong World Industries, Inc. ...................... 7,500 375,938
Crane Co. ............................................. 5,200 188,500
Dover Corp. ........................................... 4,500 327,375
Fleetwood Enterprises, Inc. ........................... 17,700 349,575
Georgia-Pacific Corp. ................................. 9,700 841,475
Louisiana Pacific Corp. ............................... 8,600 225,750
Mallinckrodt Group..................................... 8,000 284,000
Masco Corp. ........................................... 11,400 307,800
*Owens Corning Fiberglass Corp. ....................... 17,300 637,937
Stanley Works.......................................... 7,800 295,425
Weyerhaeuser Co. ...................................... 22,200 1,046,175
------------
4,879,950
------------
CHEMICAL (3.7%)
Air Products & Chemicals, Inc. ........................ 9,800 546,350
Allied-Signal Corp. ................................... 28,500 1,268,250
Avery Dennison Corp. .................................. 6,600 264,000
Dow Chemical Co. ...................................... 32,400 2,328,750
Du Pont (E.I.) de Nemours & Co. ....................... 63,500 4,365,625
Eastman Chemical....................................... 6,675 397,162
*FMC Corp. ............................................ 5,800 390,050
First Mississippi Corp. ............................... 19,400 662,025
Grace (W.R.) & Co. .................................... 10,200 626,025
Great Lakes Chemical Corp. ............................ 8,900 536,225
Hercules, Inc. ........................................ 13,400 653,250
Monsanto Co. .......................................... 11,200 1,009,400
Morton International, Inc. ............................ 11,400 333,450
Nalco Chemical Co. .................................... 9,800 356,475
Pall Corp. ............................................ 20,966 466,493
PPG Industries, Inc. .................................. 26,000 1,118,000
Praxair, Inc. ......................................... 24,500 612,500
Rohm & Haas Co. ....................................... 8,000 439,000
Sigma Aldrich Corp. ................................... 10,500 515,813
</TABLE>
MSF-12
<PAGE>
METROPOLITAN SERIES FUND, INC.
STOCK INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ---------- ---------
<S> <C> <C>
Union Carbide Corp. ................................... 15,200 $ 507,300
Williams Cos., Inc. ................................... 8,100 282,488
------------
17,678,631
------------
CONTAINER (0.2%)
Bemis, Inc. ........................................... 18,800 488,800
*Crown Cork & Seal, Inc. .............................. 6,900 345,863
------------
834,663
------------
COSMETICS (0.8%)
Alberto Culver Co. Cl. B CV. .......................... 10,700 323,675
Avon Products, Inc. ................................... 6,400 428,800
Gillette Co. .......................................... 49,600 2,213,400
International Flavors & Fragrances..................... 13,500 671,625
------------
3,637,500
------------
DRUG (5.4%)
Allergan, Inc. ........................................ 13,000 352,625
*Alza Corp. ........................................... 13,400 313,225
American Home Products Corp. .......................... 34,800 2,692,650
*Amgen, Inc. .......................................... 13,400 1,077,025
Bausch & Lomb, Inc. ................................... 15,300 634,950
Bristol Myers Squibb Co. .............................. 58,500 3,985,313
Lilly (Eli) & Co. ..................................... 33,700 2,645,450
Merck & Co., Inc. ..................................... 145,900 7,149,100
Pfizer, Inc. .......................................... 34,700 3,205,412
Schering-Plough Corp. ................................. 42,000 1,853,250
Upjohn Co. ............................................ 18,700 708,262
Warner Lambert Co. .................................... 13,800 1,191,975
------------
25,809,237
------------
ELECTRICAL CONNECTORS (0.3%)
AMP, Inc. ............................................. 21,600 912,600
Thomas & Betts Corp. .................................. 5,200 355,550
------------
1,268,150
------------
ELECTRICAL EQUIPMENT (3.5%)
Black & Decker Corp. .................................. 11,200 345,800
Briggs & Stratton Corp. ............................... 10,200 351,900
Emerson Electric Co. .................................. 27,200 1,944,800
General Electric Co. .................................. 196,600 11,083,325
General Signal Corp. .................................. 8,300 329,925
Grainger (W.W.), Inc. ................................. 4,900 287,875
Johnson Controls, Inc. ................................ 12,300 694,950
Maytag Corp. .......................................... 15,600 249,600
Tandy Corp. ........................................... 5,700 295,687
Tyco International..................................... 4,900 264,600
Westinghouse Electric Corp. ........................... 38,400 561,600
Whirlpool Corp. ....................................... 8,600 473,000
------------
16,883,062
------------
ELECTRONICS (4.8%)
*Advanced Micro Devices, Inc. ......................... 18,500 672,938
*Applied Materials, Inc. .............................. 9,100 787,150
*DSC Communications Corp. ............................. 10,800 502,875
EG & G Inc ............................................ 9,400 157,450
Harris Corp. .......................................... 7,300 376,862
Hewlett Packard Co. ................................... 59,700 4,447,650
Intel Corp. ........................................... 95,600 6,052,675
Loral Corp. ........................................... 9,900 512,325
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ---------- ---------
<S> <C> <C>
Micron Technology...................................... 21,000 $ 1,152,375
Motorola, Inc. ........................................ 69,100 4,638,337
*National Semiconductor Corp. ......................... 31,600 876,900
Northern Telecom Ltd. ................................. 25,200 919,800
Perkin-Elmer Corp. .................................... 8,800 312,400
Scientific Atlanta..................................... 16,300 358,600
Texas Instruments, Inc. ............................... 10,000 1,338,750
------------
23,107,087
------------
FINANCIAL SERVICES (2.6%)
American Express Co. .................................. 57,487 2,019,231
Beneficial Corp. ...................................... 16,200 712,800
Dean Witter Discover & Co. ............................ 15,413 724,411
Federal Home Loan Mortgage Corp. ...................... 18,300 1,258,125
Federal National Mortgage Assoc. ...................... 30,600 2,887,875
First Data Corp. ...................................... 11,300 642,687
Household International, Inc. ......................... 15,900 787,050
Merrill Lynch & Co., Inc. ............................. 22,500 1,181,250
Solomon, Inc. ......................................... 11,700 469,463
Transamerica Corp. .................................... 6,500 378,625
Travelers Group........................................ 33,483 1,464,881
------------
12,526,398
------------
FOODS (2.6%)
Archer Daniels Midland Co. ............................ 56,247 1,047,600
CPC International, Inc. ............................... 20,800 1,284,400
Campbell Soup Co. ..................................... 25,200 1,234,800
Conagra, Inc. ......................................... 23,550 821,306
General Mills, Inc. ................................... 17,100 878,512
Heinz (H.J.) Co. ...................................... 23,800 1,056,125
Hershey Foods Corp. ................................... 7,000 386,750
Kellogg Co. ........................................... 28,600 2,041,325
Pioneer Hi Bred International, Inc. ................... 7,100 297,313
Quaker Oats Co. ....................................... 14,200 466,825
Ralston Purina Co. .................................... 11,700 596,700
Sara Lee Corp. ........................................ 56,000 1,596,000
Wrigley (Wm.), Jr. Co. ................................ 12,500 579,688
------------
12,287,344
------------
HOSPITAL MANAGEMENT (0.9%)
*Beverly Enterprises, Inc. ............................ 20,500 253,688
Columbia/HCA Healthcare Corp. ......................... 50,190 2,170,717
Manor Care, Inc. ...................................... 11,500 334,938
*Tenet Healthcare Corp. ............................... 18,700 268,813
United Healthcare Corp. ............................... 14,900 616,488
U.S. Healthcare, Inc. ................................. 15,400 473,550
------------
4,118,194
------------
HOSPITAL SUPPLY (2.8%)
Abbott Laboratories.................................... 89,800 3,636,900
Bard (C.R.), Inc. ..................................... 14,500 435,000
Baxter International, Inc. ............................ 30,500 1,109,437
Becton Dickinson & Co. ................................ 7,200 419,400
*Biomet, Inc. ......................................... 23,000 355,063
*Boston Scientific Corp. .............................. 17,400 554,625
Johnson & Johnson...................................... 73,400 4,963,675
Medtronic, Inc. ....................................... 12,700 979,487
*St. Jude Medical, Inc. ............................... 8,900 445,556
United States Surgical Corp. .......................... 26,800 559,450
------------
13,458,593
------------
</TABLE>
MSF-13
<PAGE>
METROPOLITAN SERIES FUND, INC.
STOCK INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ---------- ---------
<S> <C> <C>
HOTEL & RESTAURANT (1.0%)
*Darden Restaurants, Inc. ............................. 17,100 $ 185,963
Hilton Hotels Corp. ................................... 4,800 337,200
Marriott International, Inc. .......................... 12,400 444,850
McDonald's Corp. ...................................... 79,000 3,090,875
*Promus Hotels Cos., Inc. ............................. 8,700 339,300
*Shoney's, Inc. ....................................... 11,300 132,775
Wendys International, Inc. ............................ 24,100 430,787
------------
4,961,750
------------
INDUSTRIALS--MISCELLANEOUS (2.2%)
Alco Standard Corp. ................................... 5,500 439,313
Corning, Inc. ......................................... 22,700 743,425
Dial Corp. ............................................ 25,400 628,650
ITT Corp. ............................................. 11,800 1,386,500
Loew's Corp. .......................................... 6,800 822,800
Minnesota Mining & Manufacturing Co. .................. 53,100 3,039,975
National Service Industries, Inc. ..................... 8,100 233,888
Newell Co. ............................................ 19,400 475,300
Raychem Corp. ......................................... 18,600 713,775
Rubbermaid, Inc. ...................................... 17,400 482,850
Tenneco, Inc. ......................................... 19,500 897,000
Whitman Corp. ......................................... 32,700 633,562
------------
10,497,038
------------
INSURANCE (2.7%)
Aetna Life & Casualty Co. ............................. 10,300 647,613
Alexander & Alexander Services, Inc. .................. 13,400 319,925
American General Corp. ................................ 19,700 664,875
American International Group, Inc. .................... 36,100 4,115,400
Chubb Corp. ........................................... 8,300 665,037
Cigna Corp. ........................................... 7,800 605,475
General RE Corp. ...................................... 8,800 1,178,100
Jefferson Pilot Corp. ................................. 6,000 328,500
Lincoln National Corp. ................................ 13,000 568,750
Marsh & McLennan Companies, Inc. ...................... 11,700 949,163
Providian Corp. ....................................... 18,000 652,500
SAFECO Corp. .......................................... 6,300 361,069
St. Paul Companies, Inc. .............................. 6,600 325,050
Torchmark Corp. ....................................... 7,900 298,225
USF&G Corp. ........................................... 30,300 492,375
UNUM Corp. ............................................ 6,800 318,750
USLife Corp. .......................................... 7,300 293,825
------------
12,784,632
------------
LEISURE (0.2%)
Brunswick Corp. ....................................... 18,200 309,400
Hasbro, Inc. .......................................... 18,500 587,375
------------
896,775
------------
MACHINERY (1.7%)
Browning-Ferris Industries, Inc. ...................... 24,800 895,900
Caterpillar, Inc. ..................................... 23,000 1,477,750
Cooper Industries, Inc. ............................... 13,100 517,450
Deere & Co. ........................................... 9,300 796,312
Fluor Corp. ........................................... 7,700 400,400
Foster Wheeler Corp. .................................. 6,000 211,500
Harnischfeger Industries, Inc. ........................ 1,600 55,400
Honeywell, Inc. ....................................... 14,600 629,625
Illinois Tool Works, Inc. ............................. 10,200 561,000
Ingersoll Rand Co. .................................... 7,100 271,575
Parker Hannifin Corp. ................................. 13,800 500,250
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ---------- ---------
<S> <C> <C>
*Varity Corp. ......................................... 6,500 $ 286,000
WMX Technologies, Inc. ................................ 53,400 1,515,225
------------
8,118,387
------------
METALS--ALUMINUM (0.4%)
Alcan Aluminium Ltd. .................................. 22,500 680,625
Aluminum Co. of America ............................... 18,200 912,275
Reynolds Metals Co. ................................... 6,000 310,500
------------
1,903,400
------------
METALS--GOLD (0.6%)
Barrick Gold Corp. .................................... 35,900 906,475
Echo Bay Mines Ltd. ................................... 42,100 378,900
Homestake Mining Co. .................................. 15,700 259,050
Newmont Mining Corp. .................................. 14,190 594,206
Placer Dome, Inc. ..................................... 20,700 540,788
Santa Fe Pacific Gold Corp. ........................... 13,207 160,135
------------
2,839,554
------------
METALS--MISCELLANEOUS (0.4%)
Asarco, Inc. .......................................... 12,600 384,300
Cyprus Amax Minerals Corp. ............................ 13,250 377,625
Englehard Corp. ....................................... 12,700 544,513
Inco Ltd. ............................................. 10,083 284,845
Phelps Dodge Corp. .................................... 6,300 371,700
------------
1,962,983
------------
METALS--STEEL & IRON (0.3%)
*Bethlehem Steel Corp. ................................ 9,500 154,375
Inland Steel Industries, Inc. ......................... 10,400 317,200
Nucor Corp. ........................................... 7,600 406,600
USX-U.S. Steel Group .................................. 9,900 340,312
Worthington Industries, Inc. .......................... 13,000 265,688
------------
1,484,175
------------
OFFICE EQUIPMENT (5.8%)
*Amdahl Corp. ......................................... 50,900 566,263
Apple Computer, Inc. .................................. 11,800 548,700
Autodesk, Inc. ........................................ 12,500 534,375
Automatic Data Processing, Inc. ....................... 13,500 848,813
*Cabletron Systems, Inc. .............................. 8,300 441,975
*Ceridian Corp. ....................................... 13,100 483,063
*Cisco Systems, Inc. .................................. 27,100 1,370,244
*Compaq Computer Corp. ................................ 29,700 1,347,637
Computer Associates International, Inc. ............... 17,400 1,178,850
*Computer Sciences Corp. .............................. 9,600 546,000
*Cray Research, Inc. .................................. 18,600 453,375
*Digital Equipment Corp. .............................. 14,300 582,725
International Business Machines Corp. ................. 66,200 6,355,200
*Microsoft Corp. ...................................... 66,800 6,041,225
Moore Corp. Ltd. ...................................... 20,900 462,413
*Novell, Inc. ......................................... 36,900 735,694
*Oracle Systems Corp. ................................. 50,300 1,939,694
Pitney Bowes, Inc. .................................... 12,100 464,338
*Silicon Graphics, Inc. ............................... 15,400 614,075
*Sun MicroSystems, Inc. ............................... 10,900 529,331
*Tandem Computers, Inc. ............................... 22,500 362,813
*Unisys Corp. ......................................... 59,900 651,413
Xerox Corp. ........................................... 10,900 1,278,025
------------
28,336,241
------------
</TABLE>
MSF-14
<PAGE>
METROPOLITAN SERIES FUND, INC.
STOCK INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ---------- ---------
<S> <C> <C>
OIL--CRUDE PRODUCERS (0.1%)
Louisiana Land & Exploration Co. ...................... 8,400 $ 334,950
*Santa Fe Energy Resources, Inc. ...................... 22,600 214,700
------------
549,650
------------
OIL--DOMESTIC (2.2%)
Amerada Hess Corp. .................................... 6,700 327,463
Amoco Corp. ........................................... 55,400 3,691,025
Ashland Oil Co. ....................................... 7,200 252,900
Atlantic Richfield Co. ................................ 18,300 2,008,425
Kerr McGee Corp. ...................................... 5,700 305,663
Occidental Petroleum Corp. ............................ 35,700 816,637
*Oryx Energy Co. ...................................... 23,500 323,125
Pennzoil Co. .......................................... 10,700 504,237
Phillips Petroleum Co. ................................ 24,800 827,700
Sun, Inc. ............................................. 9,200 251,850
Unocal Corp. .......................................... 21,057 581,700
USX-Marathon Group .................................... 38,900 768,275
------------
10,659,000
------------
OIL--INTERNATIONAL (5.7%)
Chevron Corp. ......................................... 74,900 3,492,213
Exxon Corp. ........................................... 143,400 10,127,625
Mobil Corp. ........................................... 45,300 4,348,800
Royal Dutch Petroleum Co. ............................. 61,200 7,458,750
Texaco Inc. ........................................... 29,100 1,909,688
------------
27,337,076
------------
OIL SERVICES (1.1%)
Baker Hughes, Inc. .................................... 23,800 487,900
Coastal Corp. ......................................... 12,100 367,538
Dresser Industries, Inc. .............................. 21,000 467,250
Halliburton Co. ....................................... 11,000 393,250
Helmerich & Payne, Inc. ............................... 14,100 415,950
*Rowan Cos., Inc. ..................................... 76,900 624,813
Schlumberger Ltd. ..................................... 26,400 1,640,100
*Wetern Atlas, Inc. ................................... 16,700 741,063
------------
5,137,864
------------
PAPER (1.4%)
Boise Cascade Corp. ................................... 8,300 336,150
Champion International Corp. .......................... 14,600 761,025
Federal Paper Board, Inc. ............................. 20,600 728,725
International Paper Co. ............................... 12,400 1,063,300
James River Corp. ..................................... 25,700 709,963
Kimberly Clark Corp. .................................. 18,400 1,101,700
Mead Corp. ............................................ 6,200 368,125
Scott Paper Co. ....................................... 17,000 841,500
*Stone Container Corp. ................................ 10,354 220,023
Temple Inland, Inc. ................................... 6,400 304,800
Union Camp Corp. ...................................... 4,000 231,500
------------
6,666,811
------------
PHOTOGRAPHY (0.5%)
Eastman Kodak Co. ..................................... 37,500 2,273,438
Polaroid Corp. ........................................ 7,400 301,550
------------
2,574,988
------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ---------- ---------
<S> <C> <C>
PRINTING & PUBLISHING (1.2%)
De Luxe Corp. ......................................... 10,900 $ 361,062
Donnelley (R.R.) & Sons Co. ........................... 13,700 493,200
Dow Jones & Co. Inc. .................................. 11,600 427,750
Dun & Bradstreet Corp. ................................ 17,500 918,750
Gannett, Inc. ......................................... 14,100 764,925
Harcourt General Inc. ................................. 8,100 344,250
Knight Ridder, Inc. ................................... 7,100 403,813
McGraw Hill, Inc. ..................................... 5,300 402,138
Meredith Corp. ........................................ 15,200 385,700
New York Times Co. Cl. A .............................. 26,400 620,400
Times Mirror Co. Cl. A ................................ 10,300 245,912
Tribune Co. ........................................... 8,800 540,100
------------
5,908,000
------------
RAILROAD (1.0%)
Burlington Northern, Inc. ............................. 8,300 526,013
Conrail Inc. .......................................... 8,000 445,000
CSX Corp. ............................................. 10,600 796,325
Norfolk Southern Corp. ................................ 18,600 1,253,175
Santa Fe Pacific Corp. ................................ 9,583 244,366
Union Pacific Corp. ................................... 25,200 1,395,450
------------
4,660,329
------------
RETAIL TRADE (5.5%)
Albertsons, Inc. ...................................... 25,400 755,650
American Stores Co. ................................... 14,000 393,750
Bruno's, Inc. ......................................... 62,100 725,794
Circuit City Stores, Inc. ............................. 11,600 366,850
Dayton Hudson Corp. ................................... 5,500 394,625
Dillard Dept Stores, Inc. Cl. A ....................... 10,700 314,312
Fleming Cos., Inc. .................................... 16,091 426,411
Gap, Inc. ............................................. 10,900 380,137
Giant Foods, Inc. ..................................... 21,400 607,225
Great Atlantic & Pacific Tea, Inc. .................... 9,300 245,288
Home Depot, Inc. ...................................... 51,733 2,101,653
K-Mart Corp. .......................................... 46,900 685,912
*Kroger Co. ........................................... 9,700 260,688
Limited, Inc. ......................................... 33,100 728,200
Longs Drug Stores Corp. ............................... 1,300 48,750
Lowes Cos., Inc. ...................................... 16,200 483,975
May Dept Stores Co. ................................... 24,900 1,036,461
Melville Corp. ........................................ 9,900 339,075
Mercantile Stores Co., Inc. ........................... 7,600 353,400
Nordstrom, Inc. ....................................... 13,300 549,456
Penney (J.C.), Inc. ................................... 27,100 1,300,800
Pep Boys-Manny, Moe & Jack ............................ 12,400 331,700
*Price/Costco, Inc. ................................... 29,767 485,574
Rite-Aid Corp. ........................................ 10,000 256,250
Sears Roebuck & Co. ................................... 42,100 2,520,738
Super Value Stores, Inc. .............................. 13,700 399,013
Sysco Corp. ........................................... 19,100 563,450
TJX Cos., Inc. ........................................ 45,500 602,875
*Toys R Us, Inc. ...................................... 25,800 754,650
Wal-Mart Stores, Inc. ................................. 266,500 7,128,875
Walgreen Co. .......................................... 10,500 526,313
Winn Dixie Stores, Inc. ............................... 5,300 306,075
*Woolworth Corp. ...................................... 27,200 411,400
------------
26,785,325
------------
</TABLE>
MSF-15
<PAGE>
METROPOLITAN SERIES FUND, INC.
STOCK INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ---------- ---------
<S> <C> <C>
SERVICES (0.7%)
Block (H & R), Inc. ................................... 10,700 $ 440,038
*CUC International, Inc. .............................. 13,000 546,000
Interpublic Group ..................................... 11,200 420,000
Laidlaw, Inc. Cl. B ................................... 46,300 445,637
Ogden Corp. ........................................... 10,300 225,312
Pittston Services Group ............................... 3,000 72,000
Premark International, Inc. ........................... 9,200 477,250
Safety Kleen Corp. .................................... 17,600 283,800
Service Corp. International ........................... 19,350 611,944
------------
3,521,981
------------
SHOES (0.2%)
Nike, Inc. Cl. B ...................................... 6,800 571,200
Reebok International Ltd. ............................. 5,700 193,800
Stride Rite Corp. ..................................... 7,000 72,625
------------
837,625
------------
SOAPS (2.1%)
Clorox Co. ............................................ 5,500 358,875
Colgate Palmolive Co. ................................. 18,900 1,382,062
Procter & Gamble Co. .................................. 79,100 5,685,312
Unilever N.V. ......................................... 20,400 2,654,550
------------
10,080,799
------------
TEXTILES & APPAREL (0.2%)
Liz Claiborne, Inc. ................................... 23,500 499,375
Russell Corp. ......................................... 4,200 120,750
Springs Industries, Inc. .............................. 1,500 55,875
V.F. Corp. ............................................ 7,600 408,500
------------
1,084,500
------------
TIRE & RUBBER (0.3%)
Cooper Tire & Rubber Co. .............................. 12,300 299,813
Goodrich (B.F.) Co. ................................... 7,100 380,737
Goodyear Tire & Rubber Co. ............................ 17,400 717,750
------------
1,398,300
------------
TOYS & MUSICAL INSTRUMENT (0.1%)
Mattel, Inc. .......................................... 25,771 670,046
------------
TRANSPORTATION--TRUCKING (0.1%)
Roadway Services, Inc. ................................ 3,100 145,700
Ryder Systems, Inc. ................................... 11,000 262,625
------------
408,325
------------
UTILITIES--ELECTRIC (3.4%)
American Electric Power, Inc. ......................... 19,200 674,400
Baltimore Gas & Electric Co. .......................... 9,400 235,000
Carolina Power & Light Co. ............................ 18,800 568,700
Central & South West Corp. ............................ 21,300 559,125
Cinergy Corp. ......................................... 21,892 574,665
Consolidated Edison Co. N.Y., Inc. .................... 21,900 646,050
Detroit Edison Co. .................................... 15,100 445,450
Dominion Resources, Inc. .............................. 15,300 558,450
Duke Power Co. ........................................ 22,300 925,450
Entergy Corp. ......................................... 18,400 443,900
FPL Group Inc. ........................................ 19,600 757,050
General Public Utilities Corp. ........................ 13,000 386,750
Houston Industries, Inc. .............................. 14,200 598,175
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ---------- ---------
<S> <C> <C>
Niagara Mohawk Power Corp. ............................ 24,400 $ 359,900
Northern States Power Co. ............................. 11,700 539,663
Ohio Edison Co. ....................................... 30,400 687,800
Pacific Gas & Electric Co. ............................ 49,300 1,429,700
Pacificorp ............................................ 29,200 547,500
Peco Energy Co. ....................................... 23,900 660,238
Public Service Enterprise Group ....................... 22,800 632,700
SCE Corp. ............................................. 42,200 722,675
Southern Co. .......................................... 73,900 1,653,511
Texas Utilities Co. ................................... 21,200 728,750
Unicom Corp. .......................................... 22,300 593,737
Union Electric Co. .................................... 7,200 268,200
------------
16,197,539
------------
UTILITIES--GAS DISTRIBUTION (0.6%)
Consolidated Natural Gas Co. .......................... 10,700 403,925
Enserch Corp. ......................................... 17,900 306,538
Nicor, Inc. ........................................... 21,700 583,188
Noram Energy Corp. .................................... 53,600 348,400
Oneok, Inc. ........................................... 11,500 245,812
Pacific Enterprises ................................... 13,100 320,950
Peoples Energy Corp. .................................. 24,900 644,286
------------
2,853,099
------------
UTILITIES--GAS PIPELINE (0.4%)
Burlington Resources Inc. ............................. 10,200 376,125
Enron Corp. ........................................... 23,200 814,900
Panhandle Eastern Corp. ............................... 26,976 657,540
Sonat, Inc. ........................................... 8,800 268,400
------------
2,116,965
------------
UTILITIES--TELEPHONE (7.7%)
*Air Touch Communications, Inc. ....................... 58,700 1,672,950
Alltel Corp. .......................................... 19,700 499,888
Ameritech ............................................. 64,500 2,838,000
AT&T Co. .............................................. 181,935 9,665,297
Bell Atlantic Corp. ................................... 49,700 2,783,200
BellSouth Corp. ....................................... 60,700 3,854,450
GTE Corp. ............................................. 116,300 3,968,737
MCI Communications Corp. .............................. 86,400 1,895,400
NYNEX Corp. ........................................... 49,600 1,996,400
Pacific Telesis Group ................................. 54,967 1,470,367
SBC Communications, Inc. .............................. 69,100 3,290,887
Sprint Corp. .......................................... 37,800 1,271,025
U.S. West, Inc. ....................................... 55,900 2,326,838
------------
37,533,439
------------
VIDEO (2.5%)
CBS, Inc. ............................................. 7,260 486,420
Capital Cities/ABC, Inc. .............................. 17,600 1,900,800
Comcast Corp. Cl. A Spl. .............................. 21,450 398,166
Disney (Walt) Co. ..................................... 62,900 3,498,812
*King World Productions Inc. .......................... 10,700 433,349
*Tele-Communications, Inc. Cl. A ...................... 69,800 1,635,937
Time Warner, Inc. ..................................... 44,120 1,814,435
*Viacom, Inc. Cl. B ................................... 37,426 1,735,631
------------
11,903,550
------------
TOTAL COMMON STOCK (Cost: $386,176,776)........................... 469,320,561
------------
</TABLE>
MSF-16
<PAGE>
METROPOLITAN SERIES FUND, INC.
STOCK INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------ ----- -------- -------- ---------
<C> <S> <C> <C> <C>
SHORT-TERM OBLIGATIONS (0.6%)
$725,000 U.S. Treasury Bills................. 5.375% 8/17/95 $ 719,912
525,000 U.S. Treasury Bills................. 5.490% 8/10/95 521,798
525,000 U.S. Treasury Bills................. 5.290% 8/17/95 521,374
400,000 U.S. Treasury Bills................. 5.570% 8/17/95 397,091
275,000 U.S. Treasury Bills................. 5.380% 8/17/95 273,068
200,000 U.S. Treasury Bills................. 5.320% 8/17/95 198,611
175,000 U.S. Treasury Bills................. 5.340% 8/17/95 173,780
100,000 U.S. Treasury Bills................. 5.325% 8/17/95 99,305
------------
TOTAL SHORT-TERM OBLIGATIONS
(Cost: $2,904,939).................................... 2,904,939
------------
TOTAL INVESTMENTS
(Cost: $389,081,715)--98.1%........................... 472,225,500
OTHER ASSETS LESS LIABILITIES--1.9%.................... 9,114,837
------------
NET ASSETS--EQUIVALENT TO $16.63 PER SHARE, 28,942,661
SHARES OF CAPITAL
STOCK OUTSTANDING--100.0%............................. $481,340,337
============
</TABLE>
* Non-income producing securities.
See Notes to Financial Statements.
MSF-17
<PAGE>
METROPOLITAN SERIES FUND, INC.
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------ ---------
<S> <C> <C>
COMMON STOCK (69.0%)
AUSTRALIA (6.4%)
*Austpac Gold NL....................................... 5,750,000 $ 245,203
Elders Australia Ltd................................... 1,850,000 2,038,024
*Euraust Mineral Development........................... 5,250,000 93,284
*Gold Mines of Australia............................... 6,903,160 1,422,826
*Gold Mines of Australia (Wts.)........................ 871,760 61,959
Henry Walker Group..................................... 725,000 592,573
*ISR Group Ltd......................................... 2,175,000 2,055,970
MIM Holdings Ltd....................................... 975,000 1,205,757
Perseverance Corp. .................................... 250,000 127,932
*Pima Mining NL........................................ 800,000 42,644
Renison Gold Consolidated.............................. 150,000 474,414
*Rhodes Mining NL...................................... 4,000,000 483,298
*Savage Resources...................................... 2,875,000 1,655,117
*Star Mining Corp. .................................... 12,000,000 2,473,348
Sydney Aquarium........................................ 500,450 889,215
*Valiant Consolidated.................................. 900,000 217,484
*Vanguard Petroleum Ltd. .............................. 1,900,000 945,274
Western Mining Corp. .................................. 415,000 2,285,892
------------
Total Investments in Australia.................................... 17,310,214
------------
AUSTRIA (0.9%)
Creditanstalt BKV...................................... 6,000 353,593
Flughaven Wien AG...................................... 7,860 418,016
OMV Handels AG......................................... 10,000 1,152,977
Wienerberger Baustof................................... 1,250 479,979
------------
Total Investments in Austria...................................... 2,404,565
------------
BELGIUM (0.3%)
*Union Miniere SA...................................... 15,000 980,806
------------
Total Investments in Belgium...................................... 980,806
------------
CANADA (14.1%)
*Advanced Material Resources Ltd....................... 1,350,000 766,655
*Akiko Gold Resources Ltd.............................. 790,000 316,345
*Arakis Energy Corp. .................................. 88,000 1,419,000
*Asia-Pacific Resources Ltd............................ 1,238,300 3,020,244
*Avocet Ventures, Inc.................................. 750,000 2,730,251
*Berkley Petroleum Corp. .............................. 800,000 2,213,324
*Black Hawk Mining, Inc................................ 2,384,000 1,562,140
*Breakwater Resources.................................. 1,250,000 1,947,579
*Canadian Crew Energy Corp. ........................... 620,000 1,512,195
Emtech Ltd Units....................................... 4,754,800 4,327,266
*Epicore Networks, Inc................................. 732,800 3,001,092
*International Euromin Corp............................ 1,250,000 637,059
*Kemgas International.................................. 270,000 648,708
*Madsen Gold Corp. .................................... 211,000 322,606
*Master Plan Mineral & Petroleum ...................... 8,850,000 1,095,377
*MSV Resources......................................... 929,900 1,557,168
*Nelson Trade & Finance Ltd............................ 1,390,900 2,632,938
*Palace Exploration.................................... 2,750,000 260,284
*PCS Wireless.......................................... 356,200 772,826
*Petersburg Long Distance, Inc......................... 134,500 795,641
*Reclamation Management Ltd............................ 750,000 32,763
*Reclamation Management Ltd. (Wts.).................... 250,000 0
*SCC Resources......................................... 750,000 464,143
*Siam Trading Ltd...................................... 1,700,000 1,621,405
*Tan Range Exploration Corp. .......................... 1,258,000 384,681
*Tan Range Exploration Corp. (Wts.).................... 1,008,000 0
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------ ---------
<S> <C> <C>
*Terrenex Ventures, Inc................................ 794,383 $ 1,388,074
*TVI Pacific, Inc. .................................... 2,104,600 1,287,123
*United Reef Ltd....................................... 582,500 296,869
*Xavier Mines Ltd...................................... 950,000 1,410,994
------------
Total Investments in Canada....................................... 38,424,750
------------
CHINA (0.3%)
Shanghai Lujiazui...................................... 1,050,000 737,100
------------
Total Investments in China........................................ 737,100
------------
DENMARK (0.2%)
Danisco AS............................................. 15,000 641,607
------------
Total Investments in Denmark...................................... 641,607
------------
FINLAND (0.2%)
Finnair................................................ 35,000 231,913
Finnlines.............................................. 10,000 199,017
------------
Total Investments in Finland...................................... 430,930
------------
FRANCE (4.5%)
AXA.................................................... 8,500 459,052
Bouygues............................................... 7,000 838,332
Castorama Dubois....................................... 2,500 414,322
Credit Comm France..................................... 15,000 671,263
Credit Foncier France.................................. 6,000 664,152
Eramet................................................. 12,500 891,514
Generale des Eaux...................................... 10,000 1,113,104
LaFarge Coppee SA...................................... 12,500 971,904
*Metaleurop SA......................................... 20,000 267,145
Pechiney International NV.............................. 25,000 631,274
Sanofi................................................. 15,000 830,190
St. Gobain............................................. 7,000 845,547
Total "B' SA........................................... 23,500 1,414,466
Ugine SA............................................... 13,038 916,447
Union Assurance de Paris............................... 15,000 393,297
Worms et Cie........................................... 15,000 729,701
------------
Total Investments in France....................................... 12,051,710
------------
GERMANY (6.3%)
Asko Deutsche Kaufhaus................................. 250 156,194
AVA.................................................... 1,750 683,347
Bayer.................................................. 2,800 696,507
Bilfinger & Berger..................................... 2,400 1,108,106
BMW.................................................... 1,250 687,866
*Bremer Vulkan Verbund................................. 10,000 578,494
*CKAG Colonia Konzern.................................. 750 676,296
Daimler-Benz AG........................................ 2,500 1,147,950
Deutsche Bank AG....................................... 25,000 1,214,838
Friedrich Grohe........................................ 1,500 506,544
*Fri. Krupp-Hoesch Krupp............................... 5,000 723,118
Hugo Boss.............................................. 1,000 719,502
Karstadt............................................... 1,250 548,666
*Klockner-Humbolt-Deutz AG............................. 7,500 244,052
Linde AG............................................... 1,500 889,435
MAN AG................................................. 2,750 708,927
Mannesmann AG.......................................... 4,000 1,222,070
*Metallgesellschaft.................................... 25,000 457,372
Preussag............................................... 2,500 746,619
*Schwarz Pharma........................................ 15,000 629,113
Siemens AG............................................. 1,900 943,199
</TABLE>
MSF-18
<PAGE>
METROPOLITAN SERIES FUND, INC.
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------ ---------
<S> <C> <C>
*SKW Trostberg......................................... 24,000 $ 503,290
Veba................................................... 3,000 1,179,044
------------
Total Investments in Germany...................................... 16,970,549
------------
HONG KONG (1.1%)
Cathay Pacific Airways................................. 510,000 744,785
China Merchants China Direct........................... 1,153,000 644,463
Hong Kong Aircraft..................................... 239,000 620,835
*Jardine Strategic (Wts.).............................. 170,000 74,800
Paul Y-ITC Construction................................ 4,100,000 911,370
------------
Total Investments in Hong Kong.................................... 2,996,253
------------
IRELAND (1.3%)
Allied Irish Banks..................................... 200,000 946,397
*Baltic Republic Fund.................................. 7,500 750,000
*Bula Resources Holdings............................... 12,400,000 419,119
Dana Exploration....................................... 5,000,000 596,469
*Dragon Oil............................................ 18,750,000 447,352
*Dragon Oil (Wts.)..................................... 9,375,000 111,838
*World Fluids.......................................... 3,521,073 189,019
------------
Total Investments in Ireland...................................... 3,460,194
------------
ITALY (1.0%)
Ansaldo Trasporti...................................... 250,000 646,295
Fiat................................................... 136,000 479,584
Sirti.................................................. 58,000 428,908
Tecnost................................................ 200,000 425,363
Telecom Italia......................................... 275,000 745,378
------------
Total Investments in Italy........................................ 2,725,528
------------
JAPAN (8.1%)
ACOM Co. .............................................. 4,000 115,627
*Amway Japan Ltd. ADR.................................. 48,000 834,000
*Casio Computer (Wts.)................................. 1,550 426,250
Chugai Pharmaceutical.................................. 150,000 1,518,494
*Citizen Watch (Wts.).................................. 2,240 56,000
*Credit Saison (Wts.).................................. 1,780 133,500
*Daido Steel (Wts.).................................... 1,325 198,750
*Dainichiseika (Wts.).................................. 7,750 134,607
Eiwa Corp. ............................................ 66,000 633,874
*Godo Steel (Wts.)..................................... 1,750 131,250
*Hankyu Corp. (Wts.)................................... 765 191,250
*Hitachi Information Systems (Wts.).................... 7,164 6,221
*Kuraray (Wts.)........................................ 1,700 510,000
Meitec................................................. 135,000 1,624,683
Mitsubishi Estate...................................... 230,000 2,591,588
Mitsukoshi............................................. 285,000 2,037,756
MOS Foods.............................................. 19,000 481,977
Nichiei Co. ........................................... 275,000 1,103,180
Nintendo............................................... 22,100 1,269,860
*Nippon Ceramic (Wts.)................................. 8,645 75,076
*Nippon Synthetic Chemicals (Wts.)..................... 990 148,500
*Pacific Metals (Wts.)................................. 21,050 109,683
*Ryobi (Wts.).......................................... 1,115 306,625
*Sanshin Electronics (Wts.)............................ 950 145,202
*Showa Sangyo (Wts.)................................... 1,700 127,500
*SNT Corp. (Wts.)...................................... 3,975 127,725
*Sumitomo Light Metal Industries (Wts.)................ 20,500 178,029
*Sumitomo Metal Mining (Wts.).......................... 2,340 5,850
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------ ---------
<S> <C> <C>
*Takashimaya (Wts.).................................... 3,345 $ 167,250
Tobu Railway Co. (Wts.)................................ 2,940 612,990
Tokio Marine & Fire.................................... 230,000 2,637,720
Tokyo Nissan........................................... 145,000 975,164
Tokyo Tungsten......................................... 270,000 1,876,349
*Toyo Engineering (Wts.)............................... 2,575 64,375
Yamato International................................... 73,000 374,668
*Yamazen (Wts.)........................................ 12,000 52,106
------------
Total Investments in Japan........................................ 21,983,679
------------
KOREA (1.0%)
*CITC Frontier Fund.................................... 50,000 965,000
*Yellow Sea Investment Company......................... 135,000 1,435,050
*Yukong (Wts.)......................................... 2,050 315,111
------------
Total Investments in Korea........................................ 2,715,161
------------
MALAYSIA (0.6%)
Sime Darby BHD......................................... 275,000 767,022
UMW Holdings BHD....................................... 270,000 780,763
------------
Total Investments in Malaysia..................................... 1,547,785
------------
MEXICO (0.2%)
*Fondo Opcion B........................................ 460,000 515,200
------------
Total Investments in Mexico....................................... 515,200
------------
NETHERLANDS (1.2%)
ABN AMRO Holdings NV................................... 15,000 578,896
Ceteco Holdings........................................ 10,000 303,324
Elsevier............................................... 35,000 413,359
IHC Caland NV.......................................... 38,700 1,098,935
*KLM NV................................................ 5,000 162,310
Royal Dutch Petroleum Co............................... 4,750 579,994
------------
Total Investments in Netherlands.................................. 3,136,818
------------
NEW ZEALAND (0.7%)
*Corporate Investments Ltd. ........................... 8,000,000 1,390,560
Fernz Corp. ........................................... 200,000 574,943
------------
Total Investments in New Zealand.................................. 1,965,503
------------
NORWAY (1.3%)
Nera................................................... 16,000 454,435
Norske Skogindustrier F................................ 35,000 1,226,974
*Pacific Basin Bulk Shipping Units..................... 55,000 804,375
*Pacific Basin Bulk Shipping (WTS)..................... 15,000 10,781
Saga Petroleum......................................... 62,000 880,467
------------
Total Investments in Norway....................................... 3,377,032
------------
SINGAPORE (0.3%)
*China North Industries................................ 750,000 780,000
------------
Total Investments in Singapore.................................... 780,000
------------
SPAIN (1.5%)
*Asturiana de Zinc..................................... 80,000 762,848
Aumar.................................................. 48,500 580,599
*Banco Espanol de Credito [Banesto].................... 3,833 26,392
Banco Santander SA..................................... 11,500 453,354
*Empresa Nacional Celulosas............................ 55,000 1,398,555
*Repsol................................................ 22,300 701,449
------------
Total Investments in Spain........................................ 3,923,197
------------
</TABLE>
MSF-19
<PAGE>
METROPOLITAN SERIES FUND, INC.
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------ ---------
<S> <C> <C>
SWEDEN (0.9%)
*Avesta Sheffield F.................................... 55,500 $ 610,637
*Ericsson BF........................................... 60,000 1,196,518
*Skandia Forsakring.................................... 29,000 562,363
------------
Total Investments in Sweden....................................... 2,369,518
------------
SWITZERLAND (1.8%)
*ADIA B................................................ 5,000 1,037,777
Alusuisse Lonza R...................................... 1,500 940,512
Baloise Holding........................................ 407 927,812
Danzas P............................................... 2,200 376,379
Merck B................................................ 750 579,679
Roche Genuss........................................... 100 644,377
*Von Roll P............................................ 5,500 137,321
*Von Roll (Wts.)....................................... 5,500 94,333
------------
Total Investments in Switzerland.................................. 4,738,190
------------
TAIWAN (0.4%)
*Taiwan Tracker Fund................................... 105,000 1,181,250
------------
Total Investments in Taiwan....................................... 1,181,250
------------
UNITED KINGDOM (14.2%)
*Alexon Group PLC...................................... 1,350,000 526,086
*Arcadian International PLC............................ 2,137,500 1,478,945
*Ascot Holdings........................................ 565,000 1,590,663
*Bakyrchik Gold PLC.................................... 337,159 949,215
*BCE Holdings.......................................... 2,701,241 655,224
*Birse Group PLC....................................... 4,750,000 1,397,725
Brightstone Properties................................. 250,000 437,411
*British Biotech....................................... 150,000 1,192,938
British Telecom........................................ 225,000 1,402,895
Caffyns................................................ 120,000 472,403
*Celsis International.................................. 962,492 1,331,904
*Chiroscience Group.................................... 364,000 781,613
*Eleco Holdings........................................ 800,000 356,291
*Energy Capital Investments............................ 400,000 639,415
+*Enterprise Computers PLC............................. 850,000 0
*Euro Sales Finance.................................... 299,400 595,276
*Exploration Co. of Louisiana.......................... 100,000 75,553
*First Russian Frontier................................ 50,000 489,104
*First Russian Frontier (Wts.)......................... 10,000 41,753
Geest PLC.............................................. 375,000 942,421
Gerrard & National Holdings PLC........................ 260,000 1,778,273
*Great Western Resources............................... 1,980,000 677,111
*Guangdong Development Fund............................ 750,000 450,000
*Guangdong Development Fund (Wts.)..................... 150,000 26,250
*Hobson................................................ 4,262,500 1,728,865
Johnson Fry Holdings................................... 100,000 155,877
Lloyds Bank............................................ 95,000 942,143
Melrose Energy......................................... 1,500,000 572,610
*Molyneux Estates...................................... 250,000 294,258
Panther Securities..................................... 722,000 890,011
*Panther Securities (Wts.)............................. 100,000 21,473
Piper European Smaller Companies....................... 700,000 907,428
</TABLE>
<TABLE>
<CAPTION>
VALUE
ISSUE SHARES (NOTE 1A)
----- ------ ---------
<S> <C> <C>
*Premium Underwriting PLC.............................. 420,000 $ 701,447
Prospect Industries PLC................................ 3,000,000 560,681
*Prospect Japan Fund Units............................. 300,000 2,925,000
*Prospect Japan Fund (Wts.)............................ 60,000 180,000
*Raglan Property....................................... 2,100,000 868,459
RAP Group.............................................. 356,453 847,618
REA Holdings........................................... 275,000 719,540
*Rhino Group........................................... 4,250,000 946,397
*Simon Engineering PLC................................. 1,688,888 2,068,465
Sims Food Group PLC.................................... 710,945 735,031
*Tadpole Technology.................................... 400,000 381,740
*United Breweries...................................... 30,900,000 491,490
*Upton & Southern Holdings PLC......................... 7,500,000 193,852
*Waverley Mining Finance PLC........................... 1,890,400 3,217,318
------------
Total Investments in the United Kingdom........................... 38,638,172
------------
ZAMBIA (0.2%)
*Zambia Consolidated Copper "B'........................ 180,000 406,553
------------
Total Investments in Zambia....................................... 406,553
------------
TOTAL COMMON STOCK (Cost: $200,778,136)........................... 186,412,264
------------
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------ ----- -------- -------- ---------
<C> <S> <C> <C> <C>
CONVERTIBLE BONDS (3.2%)
AUSTRIA
FRF 800,000 Lenzing........................ 5.250% 12/30/01 75,688
FRANCE
FRF 56,600 AXA............................ 4.500% 1/01/99 35,386
HONG KONG
US$ 680,000 Bank of Asia................... 3.750% 2/09/04 690,200
SwFr 1,100,000 Hoi Sing Holding............... 1.500% 12/31/98 811,984
US$ 680,000 Lippo Treasury................. 1.250% 12/31/00 542,300
US$ 620,000 S Megga........................ 2.500% 4/01/02 421,600
JAPAN
SwFr 2,700,000 NEC Corp....................... 1.000% 3/31/99 2,514,763
MALAYSIA
US$ 700,000 Renong......................... 2.500% 1/15/05 784,000
MEXICO
US$ 935,000 Cemex.......................... 8.875% 6/10/98 809,359
SINGAPORE
US$ 850,000 Dairy Farm International....... 6.500% -- 647,615
THAILAND
US$ 950,000 Hemaraj Land & Development..... 3.500% 9/09/03 665,000
US$ 915,000 Tanayong....................... 3.500% 3/01/04 681,675
------------
TOTAL CONVERTIBLE BONDS
(Cost: $8,281,519)............................... 8,679,570
------------
TOTAL INVESTMENTS
(Cost: $209,059,655)--72.2%...................... 195,091,834
OTHER ASSETS LESS LIABILITIES--27.8%.............. 75,005,778
------------
NET ASSETS--EQUIVALENT TO $11.87 PER
SHARE 22,750,199 SHARES OF CAPITAL
STOCK OUTSTANDING--100.0%........................ $270,097,612
============
</TABLE>
+ Security in default.
* Non-income producing security.
See Notes to Financial Statements.
MSF-20
<PAGE>
METROPOLITAN SERIES FUND, INC.
INTERNATIONAL STOCK PORTFOLIO
INDUSTRY DIVERSIFICATION
--------------------------------------------------------------------------------
As a Percentage of Total Value of Investments
<TABLE>
<S> <C>
Airlines.................................................................. 0.8%
Automotive................................................................ 1.2
Banking................................................................... 3.7
Beverages................................................................. 1.1
Broadcasting and Publishing............................................... 0.2
Building.................................................................. 4.2
Business & Public Service................................................. 2.7
Chemical.................................................................. 1.7
Diversified............................................................... 14.4
Drugs..................................................................... 3.2
Electrical Equipment...................................................... 2.2
Electronics............................................................... 1.6
Financial Services........................................................ 1.9
Foods..................................................................... 0.7
Forest Products........................................................... 1.4
Industrial--Miscellaneous................................................. 1.4
</TABLE>
<TABLE>
<S> <C>
Insurance................................................................ 3.3%
Leisure.................................................................. 3.0
Machinery................................................................ 1.7
Metals--Gold............................................................. 5.3
Metals--Miscellaneous.................................................... 10.0
Metals--Steel & Iron..................................................... 1.4
Miscellaneous............................................................ 6.0
Oil...................................................................... 9.3
Oil Services............................................................. 0.6
Railroad................................................................. 0.6
Retail Trade............................................................. 6.7
Real Estate.............................................................. 6.3
Shipping................................................................. 0.5
Textiles & Apparel....................................................... 0.5
Utilities--Telephone..................................................... 2.4
-----
100.0%
=====
</TABLE>
See Notes to Financial Statements.
MSF-21
<PAGE>
METROPOLITAN SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
(UNAUDITED)
---------------------------
<TABLE>
<CAPTION>
GROWTH INCOME
PORTFOLIO PORTFOLIO
--------- ---------
<S> <C> <C>
ASSETS:
Investments, at Value (Cost: Growth Portfolio--
$770,086,422; Income Portfolio--$298,412,982; Money
Market Portfolio--$42,383,051; Diversified
Portfolio--$876,613,453; Aggressive Growth
Portfolio--$628,519,322; Stock Index Portfolio--
$389,081,715; International Stock Portfolio--
$209,059,655 (Note 1A).............................. $922,872,467 $307,543,871
Cash................................................. 459 732
Cash Denominated in Foreign Currencies............... -- --
Receivable for Capital Stock Sold.................... 2,335 --
Interest and Dividends Receivable.................... 1,523,914 6,092,078
Receivable for Investment Securities Sold............ 1,005,893 29,046,941
Unrealized Appreciation on Forward Contracts (Note
7).................................................. -- --
Other Assets......................................... 52,653 143,736
------------ ------------
Total Assets........................................ 925,457,721 342,827,358
------------ ------------
LIABILITIES:
Payable for Capital Stock Repurchased................ 9,854 190,309
Payable for Investment Securities Purchased.......... 7,368,246 32,443,965
Accrued Investment Management Fee (Note 3)........... 185,502 63,300
Other Accrued Expenses............................... 44,871 26,069
Unrealized Depreciation on Forward Contracts (Note
7).................................................. -- 111,119
Other Liabilities.................................... 28,144 34,951
------------ ------------
Total Liabilities................................... 7,636,617 32,869,713
------------ ------------
NET ASSETS........................................... $917,821,104 $309,957,645
============ ============
CAPITAL STOCK OUTSTANDING............................ 35,837,495 24,623,095
============ ============
NET ASSET VALUE PER SHARE............................ $ 25.61 $ 12.59
============ ============
</TABLE>
-------
(1) The cost associated with cash denominated in foreign currencies for the
International Stock Portfolio is $61,001,574.
See Notes to Financial Statements.
MSF-22
<PAGE>
JUNE 30, 1995
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY AGGRESSIVE STOCK
MARKET DIVERSIFIED GROWTH INDEX INTERNATIONAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ----------- ---------- --------- -------------
<S> <C> <C> <C> <C>
$42,383,051 $972,639,972 $773,162,219 $472,225,500 $195,091,834
114,682 1,409 916 24,536 9,269,682
-- -- -- -- 64,051,018(1)
-- -- 3,405,149 8,151,043 473,869
58,667 9,352,553 531,872 1,045,783 563,541
-- 473,709 11,873,893 -- 4,486,470
-- -- -- -- --
15 265,155 8,874 19,161 268,573
----------- ------------ ------------ ------------ ------------
42,556,415 982,732,798 788,982,923 481,466,023 274,204,987
----------- ------------ ------------ ------------ ------------
31,269 67,786 -- -- --
-- 9,115,851 22,001,665 -- 3,785,696
8,895 198,456 454,391 95,104 188,752
8,855 60,856 38,527 28,342 58,521
-- 172,511 -- -- --
-- 60,829 18,699 2,240 74,406
----------- ------------ ------------ ------------ ------------
49,019 9,676,289 22,513,282 125,686 4,107,375
----------- ------------ ------------ ------------ ------------
$42,507,396 $973,056,509 $766,469,641 $481,340,337 $270,097,612
=========== ============ ============ ============ ============
3,948,414 62,904,714 29,082,075 28,942,661 22,750,199
=========== ============ ============ ============ ============
$ 10.77 $ 15.47 $ 26.36 $ 16.63 $ 11.87
=========== ============ ============ ============ ============
</TABLE>
MSF-23
<PAGE>
METROPOLITAN SERIES FUND, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------
GROWTH INCOME
PORTFOLIO PORTFOLIO
--------- ---------
<S> <C> <C>
INVESTMENT INCOME:
Income (Note 1B):
Interest....................................... $ 674,064 $ 10,689,887
Dividends...................................... 7,303,217 --
------------ ------------
Total investment income (net of withholding
taxes of *)................................... 7,977,281 10,689,887
------------ ------------
Expenses (Note 3):
Investment management fee...................... 1,018,418 358,457
Printing and distribution fees................. 105,139 38,900
Custodian and transfer agent fees.............. 77,465 70,469
Directors fees................................. 8,326 8,326
Other operating expenses....................... 18,782 13,466
------------ ------------
Total expenses................................. 1,228,130 489,618
------------ ------------
Net investment income (loss).................... 6,749,151 10,200,269
------------ ------------
REALIZED GAIN (LOSS) FROM SECURITY TRANSACTIONS
(Note 4):
Investments..................................... 1,673,352 (923,649)
Foreign currency transactions................... -- 461,853
------------ ------------
Realized gain (loss)............................ 1,673,352 (461,796)
------------ ------------
NET UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS AND FOREIGN CURRENCY HOLDINGS:
(Note 4) and (Note 7)
Beginning of period............................ 21,683,841 (12,738,617)
End of period.................................. 152,786,045 9,036,246
------------ ------------
Net unrealized appreciation (depreciation)...... 131,102,204 21,774,863
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................ $139,524,707 $ 31,513,336
============ ============
* Withholding taxes............................. $ 99,955 $ 21,220
</TABLE>
See Notes to Financial Statements.
MSF-24
<PAGE>
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30, 1995
--------------------------------------------------------------------------------
MONEY AGGRESSIVE STOCK INTERNATIONAL
MARKET DIVERSIFIED GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ----------- ---------- --------- -------------
<S> <C> <C> <C> <C>
$1,261,265 $ 15,736,715 $ 1,044,583 $ 100,209 $ 208,645
-- 4,492,928 1,474,751 5,430,326 1,704,569
---------- ------------ ------------ ----------- ------------
1,261,265 20,229,643 2,519,334 5,530,535 1,913,214
---------- ------------ ------------ ----------- ------------
52,742 1,127,691 2,417,910 508,170 967,952
5,899 124,840 85,104 50,348 72,186
21,316 139,403 73,712 66,576 235,855
8,326 8,326 8,326 8,326 8,326
10,527 15,414 17,399 15,015 19,274
---------- ------------ ------------ ----------- ------------
98,810 1,415,674 2,602,451 648,435 1,303,593
---------- ------------ ------------ ----------- ------------
1,162,455 18,813,969 (83,117) 4,882,100 609,621
---------- ------------ ------------ ----------- ------------
57 2,213,425 30,526,491 1,512,947 (11,542,603)
-- 539,733 -- -- 8,464,016
---------- ------------ ------------ ----------- ------------
57 2,753,158 30,526,491 1,512,947 (3,078,587)
---------- ------------ ------------ ----------- ------------
-- (13,077,784) 54,191,810 14,557,357 (4,241,184)
-- 95,877,985 144,642,897 83,143,785 (10,882,005)
---------- ------------ ------------ ----------- ------------
-- 108,955,769 90,451,087 68,586,428 (6,640,821)
---------- ------------ ------------ ----------- ------------
$1,162,512 $130,522,896 $120,894,461 $74,981,475 $ (9,109,787)
========== ============ ============ =========== ============
$ -- $ 95,968 $ 87,000 $ 40,955 $ 250,017
</TABLE>
MSF-25
<PAGE>
METROPOLITAN SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
GROWTH PORTFOLIO INCOME PORTFOLIO MONEY MARKET PORTFOLIO
-------------------------- -------------------------- --------------------------
FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
1995 DECEMBER 31, 1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994 (UNAUDITED) 1994
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS:
Operations:
Net investment income
(loss)............... $ 6,749,151 $ 10,056,040 $ 10,200,269 $ 20,598,703 $ 1,162,455 $ 1,511,945
Net realized gain
(loss) from security
and foreign currency
transactions......... 1,673,352 19,583,700 (461,796) (14,615,349) 57 289
Unrealized
appreciation
(depreciation) of
investments and
foreign currency
holdings............. 131,102,204 (54,777,145) 21,774,863 (15,925,405) -- --
------------ ------------ ------------ ------------ ------------ ------------
Net increase
(decrease) in net
assets resulting from
operations........... 139,524,707 (25,137,405) 31,513,336 (9,942,051) 1,162,512 1,512,234
------------ ------------ ------------ ------------ ------------ ------------
Dividends to
shareholders (Note 6):
Net investment income. (23,040) (10,033,000) (820,703) (19,778,000) (16,945) (1,495,000)
Net realized gain from
security
transactions......... (7,424,047) (13,173,038) -- -- (289) --
------------ ------------ ------------ ------------ ------------ ------------
Total Distributions... (7,447,087) (23,206,038) (820,703) (19,778,000) (17,234) (1,495,000)
------------ ------------ ------------ ------------ ------------ ------------
Capital stock
transactions (Note 5):
Proceeds from sale of
shares............... 40,332,221 142,725,802 18,705,801 31,064,352 12,668,948 14,031,251
Net asset value of
shares issued to
shareholders in
reinvestment of
dividends............ 7,447,087 23,206,038 820,703 19,778,000 17,234 1,495,000
Shares redeemed....... (8,468,942) (11,568,136) (15,920,167) (45,439,146) (11,285,362) (19,903,197)
Substitutions......... -- -- -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Net Capital Stock
Transactions......... 39,310,366 154,363,704 3,606,337 5,403,206 1,400,820 (4,376,946)
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE)
IN NET ASSETS......... 171,387,986 106,020,261 34,298,970 (24,316,845) 2,546,098 (4,359,712)
Net assets--beginning
of period............. 746,433,118 640,412,857 275,658,675 299,975,520 39,961,298 44,321,010
------------ ------------ ------------ ------------ ------------ ------------
Net assets--end of
period................ $917,821,104 $746,433,118 $309,957,645 $275,658,675 $ 42,507,396 $ 39,961,298
============ ============ ============ ============ ============ ============
Undistributed
(overdistributed) net
investment income..... $ 6,566,766 $ (159,345) $ 10,053,909 $ 674,343 $ 1,151,955 $ 6,445
============ ============ ============ ============ ============ ============
Undistributed
(accumulated) net
realized gains (loss). $ 1,200,825 $ 6,951,520 $(16,202,176) $(15,740,380) $ 2,421 $ 2,653
============ ============ ============ ============ ============ ============
</TABLE>
See Notes to Financial Statements.
MSF-26
<PAGE>
<TABLE>
<CAPTION>
DIVERSIFIED PORTFOLIO AGGRESSIVE GROWTH PORTFOLIO STOCK INDEX PORTFOLIO INTERNATIONAL STOCK PORTFOLIO
-------------------------- ---------------------------- -------------------------- ------------------------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
1995 DECEMBER 31, 1995 DECEMBER 31, 1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994 (UNAUDITED) 1994 (UNAUDITED) 1994
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 18,813,969 $ 31,661,634 $ (83,117) $ 1,181,813 $ 4,882,100 $ 8,084,285 $ 609,621 $ 188,980
2,753,158 (1,563,771) 30,526,491 (11,669,134) 1,512,947 2,120,555 (3,078,587) 12,953,108
108,955,769 (59,099,242) 90,451,087 3,037,483 68,586,428 (5,577,832) (6,640,821) (13,777,142)
------------ ------------ ------------- ------------- ------------ ------------ -------------- --------------
130,522,896 (29,001,379) 120,894,461 (7,449,838) 74,981,475 4,627,008 (9,109,787) (635,054)
------------ ------------ ------------- ------------- ------------ ------------ -------------- --------------
-- (31,965,725) -- (1,216,000) (97,285) (7,987,000) (161,980) (27,000)
-- (4,236,080) -- (210,244) (595,146) (4,959,963) (222,011) (13,395,442)
------------ ------------ ------------- ------------- ------------ ------------ -------------- --------------
-- (36,201,805) -- (1,426,244) (692,431) (12,946,963) (383,991) (13,422,442)
------------ ------------ ------------- ------------- ------------ ------------ -------------- --------------
17,199,784 178,226,077 69,266,659 225,182,181 48,483,274 86,148,938 21,567,371 168,836,697
-- 36,201,806 -- 1,426,245 692,431 12,946,963 383,991 13,422,442
(67,491,899) (41,157,082) (13,738,328) (15,634,001) (5,125,366) (10,475,425) (15,312,351) (16,030,074)
-- 40,960,412 -- -- -- -- -- --
------------ ------------ ------------- ------------- ------------ ------------ -------------- --------------
(50,292,115) 214,231,213 55,528,331 210,974,425 44,050,339 88,620,476 6,639,011 166,229,065
------------ ------------ ------------- ------------- ------------ ------------ -------------- --------------
80,230,781 149,028,029 176,422,792 202,098,343 118,339,383 80,300,521 (2,854,767) 152,171,569
892,825,728 743,797,699 590,046,849 387,948,506 363,000,954 282,700,433 272,952,379 120,780,810
------------ ------------ ------------- ------------- ------------ ------------ -------------- --------------
$973,056,509 $892,825,728 $ 766,469,641 $ 590,046,849 $481,340,337 $363,000,954 $ 270,097,612 $272,952,379
============ ============ ============= ============= ============ ============ ============== ==============
$ 14,315,059 $ (4,498,910) $ (516,743) $ (433,626) $ 4,752,100 $ (32,706) $ (733,321) $ (1,078,410)
============ ============ ============= ============= ============ ============ ============== ==============
$ 5,519,825 $ 2,766,667 $ 19,252,957 $ (11,273,534) $ 1,602,281 $ 684,480 $ (1,798,266) $ 1,399,780
============ ============ ============= ============= ============ ============ ============== ==============
</TABLE>
MSF-27
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH PORTFOLIO
--------------------------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
1995 ---------------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
SELECTED DATA FOR A
SHARE OF CAPITAL STOCK
OUTSTANDING THROUGHOUT
THE PERIOD:
NET ASSET VALUE:
Beginning of period.... $21.81 $23.27 $21.72 $21.56 $17.20 $19.34
------------ ------------ ------------ ------------ ------------ ------------
Income From Investment
Operations
Net investment income.. .19 .30 .28 .34 .41 .51
Net realized and
unrealized gain
(loss)................ 3.82 (1.06) 3.24 2.13 5.39 (2.15)
------------ ------------ ------------ ------------ ------------ ------------
Total From Investment
Operations............. 4.01 (.76) 3.52 2.47 5.80 (1.64)
------------ ------------ ------------ ------------ ------------ ------------
Less Distributions
Dividends from net
investment income..... -- (.30) (.28) (.29) (.42) (.50)
Distributions from net
realized capital
gains................. (.21) (.40) (1.69) (2.02) (1.02) --
------------ ------------ ------------ ------------ ------------ ------------
Total Distributions..... (.21) (.70) (1.97) (2.31) (1.44) (.50)
------------ ------------ ------------ ------------ ------------ ------------
NET ASSET VALUE: End of
period................. $25.61 $21.81 $23.27 $21.72 $21.56 $17.20
============ ============ ============ ============ ============ ============
Total Return........... 18.47% (3.25)% 14.40% 11.56% 33.09% (8.50)%
Net assets at end of
period................ $917,821,104 $746,433,118 $640,412,857 $351,027,830 $232,159,611 $153,255,154
SIGNIFICANT RATIOS:
Operating expenses to
average net assets.... 0.30%(2) 0.32% 0.28% 0.25% 0.25% 0.25%
Net investment income
to average net assets. 1.64%(2) 1.40% 1.19% 1.52% 2.04% 2.83%
Portfolio turnover(1).. 19.19% 57.27% 66.27% 63.74% 62.29% 39.86%
</TABLE>
-------
Total return information shown in the Financial Highlights tables do not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. See Note 4.
(2) Ratios have been determined on annualized operating results for the
period. Twelve-months results may be different.
See Notes to Financial Statements.
MSF-28
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INCOME PORTFOLIO
------------------------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
1995 -------------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
------------ ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
SELECTED DATA FOR A
SHARE OF CAPITAL STOCK
OUTSTANDING THROUGHOUT
THE PERIOD:
NET ASSET VALUE:
Beginning of period.... $11.32 $12.59 $12.22 $12.32 $11.16 $11.10
------------ ------------ ------------ ------------ ----------- -----------
Income From Investment
Operations
Net investment income.. .41 .91 .83 .90 .94 1.16
Net realized and
unrealized gain
(loss)................ .89 (1.31) .86 (.05) 1.14 (.05)
------------ ------------ ------------ ------------ ----------- -----------
Total From Investment
Operations............. 1.30 (.40) 1.69 .85 2.08 1.11
------------ ------------ ------------ ------------ ----------- -----------
Less Distributions
Dividends from net
investment income..... (.03) (.87) (.88) (.71) (.92) (1.05)
Distributions from net
realized capital
gains................. -- -- (.44) (.24) -- --
------------ ------------ ------------ ------------ ----------- -----------
Total Distributions..... (.03) (.87) (1.32) (.95) (.92) (1.05)
------------ ------------ ------------ ------------ ----------- -----------
NET ASSET VALUE: End of
period................. $12.59 $11.32 $12.59 $12.22 $12.32 $11.16
============ ============ ============ ============ =========== ===========
Total Return........... 11.53% (3.15)% 11.36% 6.91% 17.31% 10.03%
Net assets at end of
period................ $309,957,645 $275,658,675 $299,975,520 $156,245,124 $87,412,124 $54,530,771
SIGNIFICANT RATIOS:
Operating expenses to
average net assets.... 0.34%(2) 0.35% 0.32% 0.25% 0.25% 0.25%
Net investment income
to average net assets. 7.05%(2) 7.02% 6.39% 7.16% 7.61% 9.80%
Portfolio turnover(1).. 55.23% 141.15% 136.98% 151.74% 78.87% 82.93%
</TABLE>
-------
Total return information shown in the Financial Highlights tables do not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. See Note 4.
(2) Ratios have been determined on annualized operating results for the
period. Twelve-months results may be different.
See Notes to Financial Statements.
MSF-29
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MONEY MARKET PORTFOLIO
--------------------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1995 ---------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
SELECTED DATA FOR A
SHARE OF CAPITAL STOCK
OUTSTANDING THROUGHOUT
THE PERIOD:
NET ASSET VALUE:
Beginning of period.... $10.48 $10.49 $10.52 $10.59 $10.67 $10.49
----------- ----------- ----------- ----------- ----------- -----------
Income From Investment
----------------------
Operations
----------
Net investment income.. .29 .40 .28 .39 .57 .86
----------- ----------- ----------- ----------- ----------- -----------
Total From Investment
Operations............. .29 .40 .28 .39 .57 .86
----------- ----------- ----------- ----------- ----------- -----------
Less Distributions
------------------
Dividends from net
investment income..... -- (.41) (.31) (.46) (.65) (.68)
----------- ----------- ----------- ----------- ----------- -----------
Total Distributions..... -- (.41) (.31) (.46) (.65) (.68)
----------- ----------- ----------- ----------- ----------- -----------
NET ASSET VALUE: End of
period................. $10.77 $10.48 $10.49 $10.52 $10.59 $10.67
=========== =========== =========== =========== =========== ===========
Total Return........... 2.81% 3.85% 2.90% 3.73% 6.10% 8.23%
Net assets at end of
period................ $42,507,396 $39,961,298 $44,321,010 $55,411,504 $70,946,344 $78,013,826
SIGNIFICANT RATIOS:
Operating expenses to
average net assets.... 0.47%(1) 0.44% 0.38% 0.25% 0.25% 0.25%
Net investment income
to average net assets. 5.48%(1) 3.76% 2.85% 3.68% 5.93% 7.68%
Portfolio turnover..... N/A N/A N/A N/A N/A N/A
</TABLE>
-------
Total return information shown in the Financial Highlights tables do not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios have been determined on annualized operating results for the
period. Twelve-months results may be different.
See Notes to Financial Statements.
MSF-30
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
DIVERSIFIED PORTFOLIO
---------------------------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1995 ---------------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
SELECTED DATA FOR A
SHARE OF CAPITAL STOCK
OUTSTANDING THROUGHOUT
THE PERIOD:
NET ASSET VALUE:
Beginning of period.... $13.40 $14.41 $13.58 $13.61 $11.47 $12.16
------------ ------------ ------------ ------------ ------------ ------------
Income From Investment
----------------------
Operations
----------
Net investment income.. .30 .51 .46 .53 .62 .68
Net realized and
unrealized gain
(loss)................ 1.77 (.95) 1.58 .74 2.23 (.68)
------------ ------------ ------------ ------------ ------------ ------------
Total From Investment
Operations............. 2.07 (.44) 2.04 1.27 2.85 0.00
------------ ------------ ------------ ------------ ------------ ------------
Less Distributions
------------------
Dividends from net
investment income..... -- (.50) (.54) (.55) (.62) (.69)
Distributions from net
realized capital
gains................. -- (.07) (.67) (.75) (.09) --
------------ ------------ ------------ ------------ ------------ ------------
Total Distributions..... -- (.57) (1.21) (1.30) (.71) (.69)
------------ ------------ ------------ ------------ ------------ ------------
NET ASSET VALUE: End of
period................. $15.47 $13.40 $14.41 $13.58 $13.61 $11.47
============ ============ ============ ============ ============ ============
Total Return........... 15.45% (3.06)% 12.75% 9.48% 24.84% 0.00%
Net assets at end of
period................ $973,056,509 $892,825,728 $743,797,699 $334,480,043 $232,275,816 $184,878,889
SIGNIFICANT RATIOS:
Operating expenses to
average net assets.... 0.31%(2) 0.32% 0.29% 0.25% 0.25% 0.25%
Net investment income
to average net assets. 4.12%(2) 3.66% 3.16% 3.85% 4.94% 5.74%
Portfolio turnover(1).. 36.33% 96.49% 95.84% 114.67% 70.56% 62.51%
</TABLE>
-------
Total return information shown in the Financial Highlights tables do not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. See Note 4.
(2) Ratios have been determined on annualized operating results for the
period. Twelve-months results may be different.
See Notes to Financial Statements.
MSF-31
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH PORTFOLIO
--------------------------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1995 -------------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
------------- ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
SELECTED DATA FOR A
SHARE OF CAPITAL STOCK
OUTSTANDING THROUGHOUT
THE PERIOD:
NET ASSET VALUE:
Beginning of period.... $22.05 $22.54 $19.52 $18.11 $10.95 $12.41
------------ ------------ ------------ ------------ ----------- -----------
Income From Investment
----------------------
Operations
----------
Net investment income.. -- .05 .04 .08 .06 .15
Net realized and
unrealized gain
(loss)................ 4.31 (.48) 5.06 1.77 7.25 (1.43)
------------ ------------ ------------ ------------ ----------- -----------
Total From Investment
Operations............. 4.31 (.43) 5.10 1.85 7.31 (1.28)
------------ ------------ ------------ ------------ ----------- -----------
Less Distributions
------------------
Dividends from net
investment income..... -- (.05) (.06) (.10) (.07) (.14)
Distributions from net
realized capital gain. -- (.01) (2.02) (.34) (.08) (.04)
------------ ------------ ------------ ------------ ----------- -----------
Total Distributions..... -- (.06) (2.08) (.44) (.15) (.18)
------------ ------------ ------------ ------------ ----------- -----------
NET ASSET VALUE: End of
period................. $26.36 $22.05 $22.54 $19.52 $18.11 $10.95
============ ============ ============ ============ =========== ===========
Total Return........... 19.45% (1.88)% 22.63% 10.39% 66.41% (10.34)%
Net assets at end of
period................ $766,469,641 $590,046,849 $387,948,506 $129,248,849 $45,858,473 $15,408,820
SIGNIFICANT RATIOS:
Operating expenses to
average net assets.... 0.80%(2) 0.82% 0.79% 0.75% 0.75% 0.75%
Net investment income
to average net assets
...................... (0.03)%(2) 0.24% 0.18% 0.46% 0.45% 1.41%
Portfolio turnover(1).. 122.17% 186.52% 120.82% 100.95% 146.12% 271.31%
</TABLE>
-------
Total return information shown in the Financial Highlights tables do not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. See Note 4.
(2) Ratios have been determined on annualized operating results for the
period. Twelve-months results may be different.
See Notes to Financial Statements.
MSF-32
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
STOCK INDEX PORTFOLIO
------------------------------------------------------------------------------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED YEAR ENDED DECEMBER 31, MAY 1, 1990
JUNE 30, 1995 ----------------------------------------------------- TO
(UNAUDITED) 1994 1993 1992 1991 DECEMBER 31, 1990
------------- ------------ ------------ ------------ ----------- -----------------
<S> <C> <C> <C> <C> <C> <C>
SELECTED DATA FOR A SHARE OF
CAPITAL STOCK OUTSTANDING
THROUGHOUT THE PERIOD:
NET ASSET VALUE:
Beginning of period.... $13.87 $14.25 $13.27 $12.76 $ 9.96 $10.00
------------ ------------ ------------ ------------ ----------- ----------
Income From Investment
----------------------
Operations
----------
Net investment income.. .17 .33 .35 .36 .35 .23
Net realized and
unrealized gain
(loss)................ 2.61 (.17) .98 .60 2.82 (.05)
------------ ------------ ------------ ------------ ----------- ----------
Total From Investment
Operations............. 2.78 .16 1.33 .96 3.17 .18
------------ ------------ ------------ ------------ ----------- ----------
Less Distributions
------------------
Dividends from net
investment income..... -- (.32) (.35) (.26) (.37) (.22)
Distributions from net
realized capital
gains................. (.02) (.22) -- (.19) -- --
------------ ------------ ------------ ------------ ----------- ----------
Total Distributions..... (.02) (.54) (.35) (.45) (.37) (.22)
------------ ------------ ------------ ------------ ----------- ----------
NET ASSET VALUE: End of
period................. $16.63 $13.87 $14.25 $13.27 $12.76 $ 9.96
============ ============ ============ ============ =========== ==========
Total Return........... 20.08% 1.18% 9.54% 7.44% 29.76% 1.95%
Net assets at end of
period................ $481,340,337 $363,000,954 $282,700,433 $144,691,628 $54,183,263 $6,955,549
SIGNIFICANT RATIOS:
Operating expenses to
average net assets.... 0.31%(2) 0.33% 0.32% 0.25% 0.24% 0.25%(2)
Net investment income
to average net assets. 2.37%(2) 2.51% 2.51% 2.74% 2.98% 4.12%(2)
Portfolio turnover (1). 2.39% 6.66% 13.99% 17.54% 1.18% 3.50%
</TABLE>
-------
Total return information shown in the Financial Highlights tables do not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. See Note 4.
(2) Ratios have been determined on annualized operating results for the
period. Twelve-months results may be different.
See Notes to Financial Statements.
MSF-33
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERNATIONAL STOCK PORTFOLIO
-----------------------------------------------------------------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED YEAR ENDED DECEMBER 31, MAY 1, 1991
JUNE 30, 1995 --------------------------------------- TO
(UNAUDITED) 1994 1993 1992 DECEMBER 31, 1991
------------- ------------ ------------ ----------- -----------------
<S> <C> <C> <C> <C> <C>
SELECTED DATA FOR A
SHARE OF CAPITAL
STOCK OUTSTANDING
THROUGHOUT THE PERIOD:
NET ASSET VALUE:
Beginning of period.... $12.30 $12.33 $ 8.63 $9.71 $10.00
------------ ------------ ------------ ----------- -----------
Income From Investment
----------------------
Operations
----------
Net investment income.. .03 .08 .02 .05 .05
Net realized and
unrealized gain
(loss)................ (.44) .54 4.52 (1.04) (.20)
------------ ------------ ------------ ----------- -----------
Total From Investment
Operations............. (.41) .62 4.54 (.99) (.15)
------------ ------------ ------------ ----------- -----------
Less Distributions
------------------
Dividends from net
investment income..... (.01) -- (.26) (.09) (.14)
Distributions from net
realized capital
gains................. (.01) (.65) (.58) -- --
------------ ------------ ------------ ----------- -----------
Total Distributions..... (.02) (.65) (.84) (.09) (.14)
------------ ------------ ------------ ----------- -----------
NET ASSET VALUE: End of
period................. $11.87 $12.30 $12.33 $8.63 $ 9.71
============ ============ ============ =========== ===========
Total Return........... (3.36)% 5.08% 47.76% (10.21)% (1.55)%
Net assets at end of
period................ $270,097,612 $272,952,379 $120,780,810 $18,998,022 $10,809,068
SIGNIFICANT RATIOS:
Net expenses to average
net assets (Note 3)... 1.00%(2) 1.04% 1.14% 0.97% 0.97%(2)
Operating expenses to
average net assets
before voluntary
expense reimbursements
(Note 3).............. N/A N/A 1.15% N/A N/A
Net investment income
to average net assets. 0.47%(2) 0.08% 0.15% 0.89% 1.01%(2)
Net investment income
to average net assets
before voluntary
expense reimbursements
(Note 3).............. N/A N/A 0.15% N/A N/A
Portfolio turnover (1). 38.10% 65.84% 88.90% 65.09% 29.41%
</TABLE>
-------
Total return information shown in the Financial Highlights tables do not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. See Note 4.
(2) Ratios have been determined on annualized operating results for the
period. Twelve-months results may be different.
See Notes to Financial Statements.
MSF-34
<PAGE>
METROPOLITAN SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
1.SIGNIFICANT ACCOUNTING POLICIES
The Metropolitan Series Fund, Inc. ("Fund") is registered under the
Investment Company Act of 1940 as a diversified open end investment company.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles.
A.INVESTMENT SECURITY VALUATION
Portfolio securities which are traded on stock exchanges are valued at
the last price as of the close of business on the day the securities are
being valued, or, lacking any sales, at the mean between closing bid and
asked prices. Securities traded in the over-the-counter market are
valued at the mean between the bid and asked prices or yield equivalent
as obtained from two or more dealers that make markets in the
securities. Portfolio securities which are traded in both the over-the-
counter market and on a stock exchange are valued according to the
broadest and most representative market, and it is expected that for
debt securities this ordinarily will be the over-the-counter market. The
estimated fair value of equity and debt investments are based on the
quoted market price as of June 30, 1995. Securities for which market
quotations are not readily available are valued at fair value as
determined in good faith by or under the direction of the Board of
Directors of the Fund, including valuations furnished by a pricing
service retained for this purpose. The market values of foreign
securities are recorded after translation to U.S. dollars, based on the
exchange rate at the end of the period.
Short-term debt securities in all Portfolios, except the Money Market
Portfolio, with sixty days or less remaining to maturity are valued at
amortized cost, which approximates fair value. Short-term investments in
these Portfolios maturing more than sixty days from the valuation date
are valued at fair value based on the most recent bid price or yield
equivalent as obtained from dealers that make markets in such
securities. Portfolio securities in the Money Market Portfolio are
valued at amortized cost, which approximates fair value.
B.INVESTMENT SECURITY TRANSACTIONS
Security transactions are recorded as of the trade date plus one day.
Securities denominated in foreign currencies are translated at exchange
rates prevailing on the respective dates traded. Dividend income is
recorded as of the ex-dividend date or, for certain foreign securities,
when notified; interest income is accrued as earned. Income denominated
in foreign currencies is translated at the rate prevailing when earned
or incurred. Realized gains and losses are determined on the identified
cost basis. Asset and liability accounts that are denominated in foreign
currencies are adjusted to reflect current exchange rates.
C.FEDERAL INCOME TAXES
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code and regulations thereunder applicable to regulated
investment companies and to distribute all of its taxable income to
shareholders. Therefore, no Federal income tax provision is required. At
December 31, 1994, the Income, Diversified and Aggressive Growth
Portfolios had available for federal income tax purposes unused capital
loss carryovers of approximately $14,000,000, $2,000,000 and $12,000,000
respectively which will expire at December 31, 2002.
D.RETURN OF CAPITAL DISTRIBUTIONS
The Fund distributes all of its taxable income, both net realized gains
and net investment income, to shareholders. Effective January 1, 1994
the Portfolios adopted Statement of Position 93-2: Determination,
Disclosure, and Financial Statement Presentation of Income, Capital
Gain, and Return of Capital Distributions by Investment Companies. As a
result, the Fund changed the classification of distributions to
shareholders to better disclose the differences between financial
statement amounts and distributions determined in accordance with income
tax regulations. Through December 31, 1993, the Income portfolio had
paid return of capital distributions to its shareholders of
approximately $1,400,000. No significant return of capital distributions
had been paid by any other portfolio as of December 31, 1993 or during
1994.
E.FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
A forward foreign currency exchange contract is an agreement between two
parties to buy or sell a specific currency for a set price on a future
date. The Fund may enter into forward foreign currency exchange
contracts to hedge security transactions or holdings denominated in a
foreign currency. Should foreign currency exchange rates move
unexpectedly, the Fund may not achieve the anticipated benefits of the
forward foreign currency exchange contracts and may realize a loss. The
use of forward foreign currency exchange contracts involves the risk of
imperfect correlation in movements in the price of the underlying hedged
assets and foreign currency exchange rates. During the period that a
contract is open, changes in the value of the contract are recognized as
an unrealized gain or loss by "marking to market" on a daily basis. A
realized gain or loss will be recognized when a contract is completed or
cancelled.
2.RESTRICTED SECURITIES
The Diversified Portfolio holds three securities, and the Aggressive Growth
Portfolio holds two securities, which were purchased in private placement
transactions. These securities may be resold in transactions exempt from
registration or to the public if the securities are registered. The sale of
these securities may involve lengthy negotiations and additional expenses.
These constraints may affect the security's marketability, and therefore
hinder prompt disposal at an acceptable price. Restricted securities
(including Rule 144A issues) held at June 30, 1995 are footnoted at the end of
each applicable Portfolio's schedule of investments.
3.EXPENSES
The Fund has entered into investment management agreements with Metropolitan
Life. For providing investment management services to the Fund, Metropolitan
Life receives monthly compensation at the annual rate of 0.25% of the average
daily value of the aggregate net assets of each
MSF-35
<PAGE>
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
of the Portfolios except the Aggressive Growth Portfolio and the International
Stock Portfolio; and 0.75% of the average daily value of the aggregate net
assets of the Aggressive Growth Portfolio and the International Stock
Portfolio. The Fund and Metropolitan Life have entered into sub-investment
management agreements with State Street Research & Management Company ("State
Street Research"), a wholly-owned subsidiary of Metropolitan Life. The
agreements provide for the compensation to State Street Research for the
management of the Growth, Income, Diversified, and Aggressive Growth
Portfolios. The Fund and Metropolitan Life have entered into a separate sub-
investment management agreement with GFM International Investors Limited
("GFM"), a subsidiary of Metropolitan Life, for the International Stock
Portfolio. This agreement provides for the compensation to GFM for the
management of the International Stock Portfolio.
Prior to May 16, 1993, Metropolitan Life was obligated to pay all expenses
of each Portfolio of the Fund other than the investment management fees
payable to Metropolitan Life, brokerage commissions on portfolio transactions
(including any other direct costs related to the acquisition, disposition,
lending or borrowing of portfolio investments), taxes payable by the Fund,
interest and any other costs related to borrowings by the Fund, and any
extraordinary or non-recurring expenses (such as legal claims and liabilities
and litigation costs and any indemnification related thereto). Since that
date, the Fund has been obligated to pay all of its own expenses. However,
Metropolitan Life reserves the right, in its sole discretion, to pay all or a
portion of the expenses of the Fund or any of its Portfolios, and to terminate
such voluntary payment at any time upon notice to the Board of Directors and
shareholders of the Fund.
4.PURCHASES AND SALES OF SECURITIES
Purchases (at cost) and sales of securities, excluding short-term
securities, were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30, 1995
-----------------------------------------------------------------------------
AGGRESSIVE STOCK INTERNATIONAL
GROWTH INCOME DIVERSIFIED GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Purchases:
Common Stocks........... $196,513,706 $ -- $111,395,655 $793,430,245 $58,663,687 $ 87,528,417
Preferred Stocks........ -- -- -- 2,500,000 -- --
Corporate Bonds......... -- 22,713,558 27,695,199 -- -- --
Federal Government and
Agency Obligations..... -- 108,833,849 144,226,589 -- -- --
Foreign Obligations..... -- 23,592,896 38,152,926 -- -- 10,801,170
------------ ------------ ------------ ------------ ----------- ------------
Total................. $196,513,706 $155,140,303 $321,470,369 $795,930,245 $58,663,687 $ 98,329,587
============ ============ ============ ============ =========== ============
Sales:
Common Stocks........... $153,723,926 $ -- $133,042,507 $752,094,957 $ 9,736,569 $133,139,566
Preferred Stocks........ -- -- -- 4,943,543 -- --
Corporate Bonds......... -- 32,537,500 32,978,310 -- -- --
Federal Government and
Agency Obligations..... -- 19,683,754 155,614,916 -- -- --
Foreign Obligations..... -- 99,485,816 38,827,420 -- -- 4,654,368
------------ ------------ ------------ ------------ ----------- ------------
Total................. $153,723,926 $151,707,070 $360,463,153 $757,038,500 $ 9,736,569 $137,793,934
============ ============ ============ ============ =========== ============
</TABLE>
As of June 30, 1995, gross unrealized appreciation and depreciation of
investments were as follows:
<TABLE>
<CAPTION>
AGGRESSIVE STOCK INTERNATIONAL
GROWTH INCOME DIVERSIFIED GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Gross Unrealized Appre-
ciation................ $155,658,724 $ 11,798,277 $102,703,827 $150,539,202 $ 89,320,429 $ 25,546,012
Gross Unrealized Depre-
ciation................ 2,872,679 2,667,388 6,677,308 5,896,305 6,176,644 36,464,389
------------ ------------ ------------ ------------ ------------ ------------
Net Unrealized
Appreciation
(Depreciation) of
investments *.......... $152,786,045 $ 9,130,889 $ 96,026,519 $144,642,897 $ 83,143,785 $(10,918,377)
============ ============ ============ ============ ============ ============
Aggregate Cost of
Securities (including
short-term securities). $770,086,422 $298,412,982 $876,613,453 $628,519,322 $389,081,715 $209,059,655
============ ============ ============ ============ ============ ============
</TABLE>
* Does not include unrealized loss of $94,643 for the Income Portfolio,
unrealized loss of $148,534 for the Diversified Portfolio, and unrealized
gain of $36,372 for the International Stock Portfolio related to foreign
currency translation (see Note 7.)
5.CAPITAL STOCK ACTIVITY
At June 30, 1995, there were 1,000,000,000 shares of $0.01 par value common
stock authorized for the Fund. The shares of common stock are divided into
seven series: Growth Portfolio, Income Portfolio, Money Market Portfolio,
Diversified Portfolio, Aggressive Growth Portfolio, Stock Index Portfolio, and
International Stock Portfolio.
MSF-36
<PAGE>
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
Transactions in shares were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30, 1995
------------------------------------------------------------------------------------
MONEY AGGRESSIVE STOCK INTERNATIONAL
GROWTH INCOME MARKET DIVERSIFIED GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ---------- ----------- ---------- --------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares sold............. 1,678,006 1,553,320 1,192,153 1,171,202 2,913,107 3,087,546 1,830,235
Shares issued to
shareholders in
reinvestment of
dividends.............. 311,676 68,251 1,617 -- -- 44,494 31,937
--------- ---------- ---------- ---------- --------- --------- ----------
Total.................. 1,989,682 1,621,571 1,193,770 1,171,202 2,913,107 3,132,040 1,862,172
Shares redeemed......... (374,258) (1,353,268) (1,058,422) (4,900,041) (585,117) (357,790) (1,303,689)
--------- ---------- ---------- ---------- --------- --------- ----------
Net increase (decrease). 1,615,424 268,303 135,348 (3,728,839) 2,327,990 2,774,250 558,483
========= ========== ========== ========== ========= ========= ==========
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1994
------------------------------------------------------------------------------------
MONEY AGGRESSIVE STOCK INTERNATIONAL
GROWTH INCOME MARKET DIVERSIFIED GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ---------- ----------- ---------- --------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares sold............. 6,142,486 2,506,649 1,318,284 12,381,148 10,182,836 6,141,029 12,546,614
Shares substituted...... -- -- -- 2,897,145 -- -- --
Shares issued to
shareholders in
reinvestment of
dividends.............. 1,063,713 1,746,162 142,715 2,688,247 65,358 932,960 1,105,341
--------- ---------- ---------- ---------- ---------- --------- ----------
Total.................. 7,206,199 4,252,811 1,460,999 17,966,540 10,248,194 7,073,989 13,651,955
Shares redeemed......... (507,209) (3,728,706) (1,875,018) (2,945,594) (703,360) (747,005) (1,253,398)
--------- ---------- ---------- ---------- ---------- --------- ----------
Net increase (decrease). 6,698,990 524,105 (414,019) 15,020,946 9,544,834 6,326,984 12,398,557
========= ========== ========== ========== ========== ========= ==========
</TABLE>
6.DIVIDEND DISTRIBUTIONS
The Fund distributes, at least annually, substantially all net investment
income, if any, of each Portfolio, which will then be reinvested in additional
full and fractional shares of the Portfolio. All net realized long-term or
short-term capital gains of the Fund, if any, are declared and distributed at
least annually to the shareholders of the Portfolio or Portfolios to which
such gains are attributable.
7.FOREIGN CURRENCY TRANSLATIONS
The fair value of foreign currency contracts is the amount at which they
could be settled based on exchange rates obtained from dealers. As of June 30,
1995 the Income Portfolio experienced an unrealized net loss of $111,119 based
on the following foreign currency exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT JUNE 30, APPRECIATION
CONTRACTS TO SELL DATE AMOUNT 1995 (DEPRECIATION)
----------------- ---------- ----------- ----------- --------------
<S> <C> <C> <C> <C>
Australian Dollar 07/13/95 $ 1,821,105 $ 1,758,076 $ 63,029
Australian Dollar 08/16/95 3,408,206 3,281,742 126,464
Australian Dollar 08/24/95 126,873 125,925 948
Canadian Dollar 07/24/95 865,241 866,632 (1,391)
Canadian Dollar 08/16/95 913,483 901,774 11,709
Danish Kroner 07/24/95 1,436,479 1,440,944 (4,465)
Danish Kroner 08/16/95 3,096,362 3,173,502 (77,140)
Danish Kroner 08/24/95 1,949,974 2,047,600 (97,626)
German Mark 08/24/95 6,973,098 7,015,995 (42,897)
Italian Lira 08/24/95 725,999 750,904 (24,905)
Pound Sterling 07/24/95 1,800,939 1,775,962 24,977
Pound Sterling 08/24/95 3,567,481 3,577,683 (10,202)
Spanish Peseta 08/16/95 2,361,701 2,441,321 (79,620)
----------- ----------- ---------
$29,046,941 $29,158,060 $(111,119)
=========== =========== =========
</TABLE>
The Income Portfolio had unrealized translation gains on foreign currency
receivables and payables as follows:
Unrealized translation gain:
<TABLE>
<S> <C>
Interest Receivables.................................... $13,528
Interest Reclaim Receivable............................. 2,399
Tax Expense Payables.................................... 549
-------
Net unrealized translation gain........................ $16,476
=======
</TABLE>
MSF-37
<PAGE>
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
As of June 30, 1995 the Diversified Portfolio experienced an unrealized net
loss of $ 172,511 based on the following foreign currency exchange contracts
outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT JUNE 30, APPRECIATION
CONTRACTS TO SELL DATE AMOUNT 1995 (DEPRECIATION)
----------------- ---------- ----------- ----------- --------------
<S> <C> <C> <C> <C>
Australian Dollar... 07/13/95 $ 2,244,190 $ 2,166,518 $ 77,672
Australian Dollar... 08/16/95 4,778,237 4,601,015 177,222
Australian Dollar... 08/24/95 57,151 56,724 427
Canadian Dollar..... 07/24/95 478,458 479,227 (769)
Canadian Dollar..... 08/24/95 2,253,656 2,235,042 18,614
Danish Kroner....... 07/24/95 1,808,654 1,814,276 (5,622)
Danish Kroner....... 08/16/95 10,222,174 10,469,468 (247,294)
German Mark......... 08/24/95 5,994,112 6,026,030 (31,918)
Italian Lira........ 08/24/95 1,500,397 1,551,867 (51,470)
Pound Sterling...... 07/24/95 2,128,236 2,098,719 29,517
Pound Sterling...... 08/16/95 687,021 699,309 (12,288)
Pound Sterling...... 08/24/95 5,252,452 5,258,008 (5,556)
Spanish Peseta...... 08/16/95 3,632,633 3,753,679 (121,046)
----------- ----------- ---------
$41,037,371 $41,209,882 $(172,511)
=========== =========== =========
</TABLE>
The Diversified Portfolio had unrealized translation gains on foreign
currency receivables and payables as follows:
Unrealized translation gains:
<TABLE>
<S> <C>
Interest Receivables.................................... $20,332
Interest Reclaim Receivable............................. 695
Tax Expense Payables.................................... 2,950
-------
Net unrealized translation gain........................ $23,977
=======
</TABLE>
The International Stock Portfolio had unrealized translation gains and
losses on foreign currency receivables and payables as follows:
Unrealized translation gains and losses:
<TABLE>
<S> <C>
Dividend Receivable................................... $ 9,994
Dividend Reclaim Receivable........................... 19,206
Interest Receivables.................................. 64
Interest Reclaim Receivable........................... 198
Purchase Payables..................................... (22,873)
Sales Receivables..................................... 31,405
Tax Expense Payables.................................. (1,622)
--------
Net unrealized translation gain...................... $ 36,372
========
</TABLE>
MSF-38
<PAGE>
METROPOLITAN SERIES FUND, INC.
Directors and Officers
As of August 21, 1995
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
<S> <C>
JEFFREY J. HODGMAN--Chairman of the Board, ALBERT ROSENTHAL--Vice-President
President, Chief Executive and Chief Operating
Officer and Director Officer
STEVE A. GARBAN--Director LAWRENCE A. VRANKA--Vice-President
MALCOLM T. HOPKINS--Director JOSEPH M. PANETTA--Treasurer
ROBERT A. LAWRENCE--Director RONALD ZITO--Controller
DEAN O. MORTON--Director CHRISTOPHER P. NICHOLAS--Secretary
MICHAEL S. SCOTT MORTON--Director
JOHN H. TWEEDIE--Director
</TABLE>
<PAGE>
LOGO
--------------------------------------------------------------------------------
Bulk Rate
U.S. Postage Paid
Rutland, VT
Permit 220
[LOGO] MetLife(R)
Metropolitan Life Insurance Company
501 US Highway 22
Bridgewater, NJ 08807-2438
ADDRESS CORRECTION REQUESTED
FORWARDING AND RETURN
POSTAGE GUARANTEED
<PAGE>
This report has been prepared for the prospective
ownersof various insurance policies and annuity contracts
issuedby Metropolitan Life Insurance Company and
MetropolitanTower Life Insurance Company, a wholly-owned
subsidiaryof Metropolitan Life, and shareholders of
Metropolitan SeriesFund, Inc. This report is not
authorized for distribution toprospective purchasers of
any of those policies or contractsunless preceded or
accompanied by the current prospectusesfor the
appropriate Metropolitan Life contract or policy andfor
Metropolitan Series Fund, Inc., which contain
otherimportant facts including the sales deductions.
If you want more information contact yoursales
representative.
MSF-Semiannual Report (0895) 9508VCS (1295)MLIC-LD
Date of First Use: 8/28/95
