<PAGE>
Metropolitan
Series Fund, Inc.
------------------------------------------------------------
June 1996
Semiannual
Report
------------------------------------------------------------
for use with MetLife(R) Universal Life II
<PAGE>
We are pleased to present the performance as of June 30, 1996 for Universal
Life II policies. Universal Life II (a variable universal life policy)
provides you with:
. life insurance protection for your beneficiaries and
. the potential for tax-deferred growth of cash value.
UL II may be appropriate for individuals who need permanent life insurance and
who want more control over where their net premiums are invested. You can
choose from the Fixed Account and the seven investment divisions of the
Separate Account, depending on your investment objective and risk tolerance.
The following chart illustrates the past performance of the UL II policy's
investment divisions at the Separate Account level. The rates include the
charges for mortality and expense risks (M&E), fund management fees, and
direct fund expenses. When reviewing performance, keep in mind that these
rates are based on historical experience only and are not intended to suggest
what future returns will be.
Universal Life II
Performance as of June 30, 1996
AVERAGE ANNUAL RATES OF RETURN
<TABLE>
<CAPTION>
RISK SINCE
TOLERANCE INVESTMENT INCEPTION ONE FIVE TEN INCEPTION
LEVEL DIVISION DATE YEAR YEARS YEARS (OF PORTFOLIO)
<S> <C> <C> <C> <C> <C> <C>
CONSERVATIVE MONEY
MARKET* 6/24/83 4.24% 3.32% 4.94% 5.64%
- -----------------------------------------------------------------------------
CONSERVATIVE
TO MODERATE INCOME 6/24/83 4.71% 7.95% 7.48% 9.72%
- -----------------------------------------------------------------------------
MODERATE DIVERSIFIED 7/25/86 15.86% 12.46% N/A 10.21%
- -----------------------------------------------------------------------------
MODERATE TO
AGGRESSIVE STOCK INDEX 5/01/90 25.21% 14.03% N/A 14.14%
- -----------------------------------------------------------------------------
MODERATE TO
AGGRESSIVE GROWTH 6/24/83 24.16% 15.79% 12.12% 12.29%
- -----------------------------------------------------------------------------
AGGRESSIVE INTERNATIONAL
STOCK 5/01/91 4.45% 7.71% N/A 5.74%
- -----------------------------------------------------------------------------
AGGRESSIVE AGGRESSIVE
GROWTH 4/29/88 22.27% 20.22% N/A 17.50%
</TABLE>
* An investment in the Money Market Division is neither insured nor
guaranteed by the U.S. government.
THE RATES SHOWN ABOVE DO NOT REFLECT CHARGES AGAINST PREMIUMS (SUCH AS THE
COST OF INSURANCE AND MONTHLY POLICY FEES). IF THESE CHARGES WERE INCLUDED,
THE PERFORMANCE FIGURES WOULD BE SIGNIFICANTLY LOWER. Please refer to the
hypothetical illustrations in the current UL II prospectus which show the
effect of these charges on performance. In addition, you may request a
personalized illustration from your Registered Representative that will show
the effect of these charges at an assumed rate of return. Performance above
assumes the policy was in existence for the periods shown. UL II policies were
first offered on May 1, 1990.
This material must be preceded or accompanied by current prospectuses for
MetLife(R) Universal Life II policies and the Metropolitan Series Fund, Inc.
<PAGE>
METROPOLITAN SERIES FUND, INC.
PRESIDENT'S LETTER
- -------------------------------------------------------------------------------
Dear Investor:
We are pleased to present the June 30, 1996 Semiannual Report of the
Metropolitan Series Fund, Inc. The Report begins with an overview of the
domestic U.S. and international economies during the first six months of 1996.
Details for each Portfolio of the Fund follow, including a summary of net
assets and investments.
We remain committed to helping you realize your long-term financial goals.
ECONOMIC REVIEW
The U.S. economic tide continued to rise strongly in the first half of 1996,
but it lifted and lowered investors' boats unevenly. Consumer spending swelled
on credit and the growth of 1.3 million new jobs. Housing activity and food
and energy prices increased. Capital spending advanced, while manufacturing
inventories fell. Most significantly, inflation remained calm.
The Federal Reserve lowered short-term interest rates once throughout the six-
month period. The dollar rose against foreign currencies. Government spending
remained slack, awaiting the Presidential and Congressional elections. The
outlook indicated moderate economic growth, inflation uncertainty, and
challenging investing in volatile markets.
U.S. STOCK MARKET
Stock prices rose and fell over and over again as investors navigated tides of
quality versus growth, cross currents of business cycles, and strong undertows
in sectors such as technology. A wave of cash flowed into stock mutual funds,
more in the six-month period than in the previous full year. By the end of the
first half of the year, the Dow industrial blue-chip stocks had gained more
than 10%, the S&P 500 Index had increased nearly 9%, and the NASDAQ national
market with many smaller stocks had advanced over 12%.
U.S. BOND MARKET
In the rising economy, bond prices tumbled. Yields on long-term bonds swept
through the 7% barrier. Although recent inflation readings have been
acceptable, the market was concerned with employment costs and a reduced labor
supply. Investors pondered the course of Federal Reserve strategy with little
success.
INTERNATIONAL
MARKETS
The year began with the wheels of global economic activity slowing to the U.S.
pace. Then new growth concerns depressed bond markets worldwide. Equity
markets became somewhat unstable. Future prospects for both stocks and bonds
seemed to outshine near-term imbalance and turbulence. The Japanese yen and
German mark fell versus the U.S. dollar, reflecting expectations of higher
U.S. rates.
Continental Europe displayed generally low economic activity levels, favorable
monetary conditions and attractive corporate restructuring for investment.
Germany stood out with strong performance. The United Kingdom showed earnings
growth, but an uncertain political scene.
Japan's stock market drifted between foreign buying and domestic institutional
selling until the closing of its March 31 fiscal year. A second quarter bounce
came on evidence of renewed economic activity. A number of stocks,
particularly export products and financials, were attractive. Southeast Asian
countries benefited from U.S. mutual fund investing. However, there was
growing uncertainty over U.S. interest rates and concern about China's next-
year governance of Hong Kong.
Sincerely,
/s/ Jeffrey J. Hodgman
Jeffrey J. Hodgman
Chairman, President and Chief Executive Officer
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND GROWTH PORTFOLIO
In a turbulent six-month period, the Portfolio continued its strong
performance.
Selected technology stocks performed well, particularly computer software and
semiconductor companies, as well as consumer staple producers. Some large
computer hardware issues and individual stocks sensitive to the business cycle
held back performance. We continued to reduce the number of large growth
company holdings, with the goal of consistent, competitive returns.
Stock markets seem poised between the greater strength of the economy and the
threat of higher interest rates. Whether investors choose established blue-
chip stocks or novel technology issues, they appear to be seeking steady
growth.
INVESTMENT OBJECTIVE
To achieve long-term growth of capital and income and moderate current income.
UNDERLYING INVESTMENTS
Invests primarily in common stocks believed to be of good quality or to have
good growth potential or which are considered to be undervalued based on
historical investment standards.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1996
<TABLE>
<S> <C>
NET ASSETS $1.3 billion
</TABLE>
COMPOSITION
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
*Microsoft Corp. ................................................... 3.44%
*Cisco Systems, Inc. ............................................... 3.42%
General Electric Co. ............................................... 3.14%
PepsiCo, Inc. ...................................................... 2.92%
Philip Morris Cos., Inc. ........................................... 2.91%
Monsanto Co. ....................................................... 2.73%
Citicorp............................................................ 2.64%
Home Depot, Inc. ................................................... 2.50%
Royal Dutch Petroleum Co. .......................................... 2.48%
Pfizer, Inc. ....................................................... 2.29%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
*Non-income producing security.
MDA-1
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND INCOME PORTFOLIO
The investing environment continued to be difficult for fixed income
securities. There was further evidence of a strengthening U.S. economy and
rising employment. Although inflation remained subdued, the market reflected
concerns with employment costs and a reduced labor supply. Federal Reserve
policy held steady after January.
The Portfolio retained its defensive posture, maintaining strong performance
among similar funds over the six-month period. The Portfolio benefited from
its modest investments in foreign securities and in bonds below investment-
grade, which were less affected by rising rates. The average quality of
holdings remained high.
We believe that bond yields are likely to rise in the months ahead, depending
on the Federal Reserve's response to signs of a strengthening economy. In this
market environment, the Portfolio's duration or sensitivity to interest rates
is expected to be held below the average. We also expect the Portfolio to
retain more mortgage-backed securities and fewer Treasury and corporate bonds.
INVESTMENT OBJECTIVE
To achieve the highest possible total return by combining current income with
capital gains, consistent with prudent investment risk and preservation of
capital.
UNDERLYING INVESTMENTS
Invests primarily in fixed income, high-quality debt securities.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1996
<TABLE>
<C> <S>
NET ASSETS $362.3 million
AVERAGE BOND QUALITY AA+ (high grade fixed
income securities only)
</TABLE>
MDA-2
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND MONEY MARKET PORTFOLIO
The money markets remained remarkably stable for the first half of the year,
even after the Federal Reserve dropped the Federal Funds rate by a quarter
point on January 31. As the year unfolded, any talk that the Federal Reserve
would lower rates further was drowned out by a second quarter which appeared
to be growing in excess of a real 4% gross domestic product growth rate. In
fact, indication of a growing economy did push rates about 20 basis points
higher in the short end while the long end of the curve increased by over a
full percentage point. The vigilant bond market anticipated the Federal
Reserve's action by raising the cost of money even before the Federal Reserve
was set to act. But as the second quarter came to an end, market fears
subsided and rates dropped ever so slightly.
The Portfolio attempted to take advantage of a presumed reluctance of the
Federal Reserve to move rates. We maintained an average maturity of over 70
days, somewhat longer than the benchmark, which stayed in the 53 to 54 day
maturity range. Our strategy was that by being a bit longer, some additional
performance yield could be realized without risking unfavorable volatility in
net asset values. This seems to have worked successfully, especially in the
second quarter, when the Portfolio generated ever-increasing spreads over the
benchmark portfolio.
INVESTMENT OBJECTIVE
To achieve the highest possible current income consistent with preservation of
capital and maintenance of liquidity.
UNDERLYING INVESTMENTS
Invests primarily in short-term money market instruments.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1996
<TABLE>
<S> <C>
NET ASSETS $40.6 million
</TABLE>
MDA-3
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND DIVERSIFIED PORTFOLIO
The Portfolio continued to gain moderately in volatile markets, leading most
of its Lipper underlying funds group. Stocks outperformed bonds, and asset
allocation remained close to our normal guideline of 60% stocks/40% bonds at
the end of the period.
Technology stocks contributed most to performance, led by computer software
and semiconductor issues as well as by consumer staple producers. Stocks of a
few large computer hardware companies and businesses sensitive to the economic
cycle lost ground. The fixed income segment remained invested defensively in
view of the economy's pressure on interest rates.
In the months ahead, we will continue to assess the strengthening economy and
its potential two-sided impact on growth stocks and fixed income securities.
INVESTMENT OBJECTIVE
To achieve a high total return while attempting to limit investment risk and
preserve capital.
UNDERLYING INVESTMENTS
Invests in equity securities, fixed income debt securities, or short-term
money market instruments, or any combination thereof, at the discretion of
State Street Research & Management Company.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1996
<TABLE>
<C> <S>
NET ASSETS $1.3 billion
AVERAGE BOND QUALITY AA+ (high grade fixed
income securities only)
</TABLE>
COMPOSITION
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
*Microsoft Corp. ................................................... 2.12%
*Cisco Systems, Inc. ............................................... 2.11%
General Electric Co. ............................................... 1.93%
PepsiCo, Inc. ...................................................... 1.79%
Philip Morris Cos., Inc. ........................................... 1.74%
Monsanto Co. ....................................................... 1.68%
Citicorp............................................................ 1.65%
Royal Dutch Petroleum Co. .......................................... 1.54%
Home Depot, Inc. ................................................... 1.54%
Pfizer, Inc. ....................................................... 1.48%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
*Non-income producing security.
MDA-4
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND AGGRESSIVE GROWTH PORTFOLIO
Despite volatile U.S. stock markets, the Portfolio achieved strong first-half
growth, outperforming the major indices.
The markets responded favorably to reasonable corporate earnings reports and
stock valuations. Certain industry groups, including leading specialty
retailers and airlines, performed well. Stock selection among those groups
augmented the results. While there were no increases in overall technology
holdings, the emphasis on communications and networking stocks was also
beneficial. Whether earnings reports disappointed or surprised, they
reinforced the value of good research and stock selection.
The Portfolio remains focused on company management, strong earnings growth
and attractive valuations. These are important factors in trying to balance
the risks of investing in high growth stocks. We are attuned to opportunities
and special situations and try to select stocks individually, analyzing their
fundamentals from the bottom up.
INVESTMENT OBJECTIVE
To achieve maximum capital appreciation.
UNDERLYING INVESTMENTS
Invests primarily in common stocks (and equity and debt securities convertible
into or carrying the right to acquire common stocks) of emerging growth
companies, undervalued securities or special situations.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1996
<TABLE>
<S> <C>
NET ASSETS $1.2 billion
</TABLE>
COMPOSITION
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
*HFS, Inc. ......................................................... 5.05%
*Gucci Group........................................................ 4.89%
*Republic Industries, Inc. (Prvt)................................... 2.90%
Pfizer, Inc. ....................................................... 2.90%
*Sunglass Hut International, Inc. .................................. 2.88%
*Cascade Communications Corp. ...................................... 2.61%
HBO & Co. .......................................................... 2.37%
*Newbridge Networks Corp. .......................................... 2.29%
*Continental Airlines, Inc. Cl. B................................... 2.12%
Fila Holdings SPA ADR............................................... 2.11%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
*Non-income producing security.
MDA-5
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND STOCK INDEX PORTFOLIO
In the first half of 1996, stocks in the Standard & Poor's 500 Composite Stock
Price Index (S&P 500 Index) were helped by economic growth which was better
than expected, thus boosting the outlook for corporate profits. Investors also
continued to be encouraged by low levels of inflation. Moreover, U.S. stock
prices were supported by savers investing more cash in stock mutual funds to
provide for retirement needs. Stocks in the S&P 500 Index were also helped by
the Federal Reserve's reduction in short-term interest rates early in the
year.
The Portfolio continued to follow its strategy of investing virtually all its
assets in stocks comprising the S&P 500 Index. A computerized stock selection
procedure is used to allocate the Portfolio's holdings among industries and
specific stocks in order to achieve returns close to those of the S&P 500
Index.
INVESTMENT OBJECTIVE
To equal the performance of the S&P 500 Index (adjusted to assume reinvestment
of dividends).
UNDERLYING INVESTMENTS
Invests in the common stocks of companies that are included in the S&P 500
Index.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1996
<TABLE>
<S> <C>
NET ASSETS $859.5 million
</TABLE>
COMPOSITION
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
General Electric Co. ............................................... 2.83%
Coca-Cola Co. ..................................................... 2.38%
Exxon Corp. ........................................................ 2.12%
AT&T Corp. ......................................................... 1.95%
Philip Morris Cos., Inc. ........................................... 1.66%
Royal Dutch Petroleum Co. .......................................... 1.61%
Merck & Co., Inc. .................................................. 1.54%
*Microsoft Corp. ................................................... 1.37%
Johnson & Johnson................................................... 1.29%
Procter & Gamble Co. ............................................... 1.19%
</TABLE>
There is no guarantee that the Portfolio currently invests or will continue to
invest in the securities or industries listed.
*Non-income producing security.
MDA-6
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND INTERNATIONAL STOCK PORTFOLIO
The Portfolio underperformed its benchmark, the EAFE Index, during the six-
month period. Reasonable local market performances were largely masked by a
steady appreciation of the U.S. dollar. Continental Europe put on the
strongest showing overall as its economies continued slowing.
The Portfolio's positioning remained unchanged, anticipating growth, with
emphasis on continental Europe, particularly France, as well as on domestic
demand within Japan. We underweighted economies that were sensitive to U.S.
interest rates--Switzerland, Netherlands, Malaysia, Singapore, Hong Kong--as
well as the United Kingdom, where a good value market is fluctuating pending
political elections.
Japan's industrial production was dormant, seemingly months away from
recovery. However, domestic consumption was running high and reflected in
consumer stocks where the Portfolio profited. Investment was increased to take
advantage of growth in the Northeast Asian economies of Taiwan and Korea. The
Portfolio also retains equity opportunity through its convertible bond
holdings.
INVESTMENT OBJECTIVE
To achieve long-term growth of capital.
UNDERLYING INVESTMENTS
Invests primarily in common stocks and equity-related securities of non-United
States companies.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1996
<TABLE>
<S> <C>
NET ASSETS $323.0 million
</TABLE>
COMPOSITION
TOP TEN HOLDINGS
BASED ON THE LOCATION OF THE COMPANY'S PRINCIPAL OPERATION
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
Mitsubishi Bank (Japan)............................................. 2.09%
NEC Corp. (Japan)................................................... 2.00%
Hankyu Corp. (Japan)................................................ 1.94%
Kawasaki Heavy Industries (Japan)................................... 1.91%
Tokio Marine & Fire Insurance Co. Ltd. (Japan)...................... 1.63%
Sumitomo Realty & Development Co. Ltd. (Japan)...................... 1.42%
Canon, Inc. (Japan)................................................. 1.29%
Kandenko Co. (Japan)................................................ 1.10%
TDK Corp. (Japan)................................................... 1.06%
Mitsukoshi (Japan).................................................. 1.04%
</TABLE>
DIVERSIFICATION BY COUNTRY AND REGION ON 6/30/96
BASED ON MARKET VALUE OF INVESTMENTS
[PIE CHART]
(2.6%) Other Mid-East/Africa/Latin America
(9.6%) Other Asia/Pacific Basin
(6.0%) Other Europe
(2.1%) Canada
(2.2%) Spain
(2.7%) Netherlands
(2.9%) Switzerland
(3.3%) Hong Kong
(5.1%) Australia
(7.1%) Germany
(7.8%) France
(13.7%) United Kingdom
(34.9%) Japan
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or countries listed.
MDA-7
<PAGE>
- -------------------------------------------------------------------------------
Semiannual Report
of
Metropolitan
Series Fund, Inc.
June 30, 1996
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
GROWTH PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK: 98.1%
Aerospace: 3.2%
226,800 Boeing Co. $19,759,950
448,200 Raytheon Co. 23,138,325
-----------
42,898,275
- -------------------------------------------------------------------------------
Automotive: 1.7%
696,000 Ford Motor Co. 22,533,000
- -------------------------------------------------------------------------------
Banking: 5.4%
346,800 BankAmerica Corp. 26,270,100
430,000 Citicorp 35,528,750
255,300 Fleet Financial Group, Inc. 11,105,550
-----------
72,904,400
- -------------------------------------------------------------------------------
Broadcasting: 1.9%
154,500 Comcast Corp. Cl. A 2,858,250
341,550 Comcast Corp. Cl. A Spl. 6,275,981
407,900 Time Warner, Inc. 16,010,075
-----------
25,144,306
- -------------------------------------------------------------------------------
Business Services: 1.2%
209,300 First Data Corp. 16,665,513
- -------------------------------------------------------------------------------
Chemicals: 6.1%
223,700 Du Pont (E.I.) de Nemours & Co. 17,700,263
1,130,500 Monsanto Co. 36,741,250
323,700 Pall Corp. 7,809,263
317,200 Rohm & Haas Co. 19,904,300
-----------
82,155,076
- -------------------------------------------------------------------------------
Drugs & Health Care: 4.7%
289,720 Lilly (Eli) & Co. 18,831,800
215,700 Merck & Co., Inc. 13,939,613
431,400 Pfizer, Inc. 30,791,175
-----------
63,562,588
- -------------------------------------------------------------------------------
Electrical Equipment: 3.1%
487,800 General Electric Co. 42,194,699
- -------------------------------------------------------------------------------
Electronics: 7.2%
413,800 Electronic Data Systems Corp. 22,241,750
1,011,970 /*/Ericsson (L.M.) Telephone Co. ADR Cl. B 21,694,107
326,800 /*/Intel Corp. 23,999,375
368,300 /*/Lucent Technologies, Inc. 13,949,363
299,100 Perkin-Elmer Corp. 14,431,575
-----------
96,316,170
- -------------------------------------------------------------------------------
Financial Services: 2.5%
626,100 Federal National Mortgage Assoc. 20,974,350
269,550 Travelers Group, Inc. 12,298,219
-----------
33,272,569
- -------------------------------------------------------------------------------
Food & Beverages: 7.4%
329,700 Anheuser-Busch Co., Inc. 24,727,500
212,900 Campbell Soup Co. 15,009,450
433,200 Coca-Cola Co. 21,172,650
1,107,800 PepsiCo, Inc. 39,188,425
-----------
100,098,025
- -------------------------------------------------------------------------------
Hospital Management: 2.7%
408,500 /*/Columbia/HCA Healthcare Corp. 21,803,688
276,500 United Healthcare Corp. 13,963,250
-----------
35,766,938
- -------------------------------------------------------------------------------
Hospital Supply: 4.5%
385,100 Baxter International, Inc. 18,195,975
433,800 Johnson & Johnson 21,473,100
373,300 Medtronic, Inc. 20,904,800
-----------
60,573,875
- -------------------------------------------------------------------------------
Hotel & Restaurant: 3.8%
306,400 /*/Circus Circus Enterprises, Inc. 12,562,400
207,500 /*/HFS, Inc. 14,525,000
455,000 /*/Mirage Resorts, Inc. 24,570,000
-----------
51,657,400
- -------------------------------------------------------------------------------
Insurance: 1.4%
406,800 ACE Ltd. 19,119,600
- -------------------------------------------------------------------------------
Leisure: 2.9%
311,241 Disney (Walt) Co. 19,569,278
818,600 News Corp. Ltd. ADS 19,237,100
-----------
38,806,378
- -------------------------------------------------------------------------------
Machinery: 2.8%
368,900 Case Corp. 17,707,200
184,500 Fluor Corp. 12,061,688
</TABLE>
MSF-1
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
GROWTH PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
Machinery: (Continued)
182,800 Magna International, Inc. Cl. A $ 8,408,800
-----------
38,177,688
- -------------------------------------------------------------------------------
Metals-Aluminum: 1.4%
321,800 Aluminum Co. of America 18,463,275
- -------------------------------------------------------------------------------
Metals-Steel & Iron: 1.1%
283,000 Nucor Corp. 14,326,875
- -------------------------------------------------------------------------------
Office & Business Equipment: 5.6%
809,500 /*/Cisco Systems, Inc. 45,888,530
287,500 /*/Digital Equipment Corp. 12,937,500
170,500 International Business Machines Corp. 16,879,500
-----------
75,705,530
- -------------------------------------------------------------------------------
Oil: 1.6%
596,225 TOTAL Cl. B ADS 22,134,853
- -------------------------------------------------------------------------------
Oil-International: 2.5%
216,400 Royal Dutch Petroleum Co. 33,271,500
- -------------------------------------------------------------------------------
Oil-Services: 4.3%
493,900 Halliburton Co. 27,411,450
354,000 Schlumberger Ltd. 29,824,500
-----------
57,235,950
- -------------------------------------------------------------------------------
Retail Grocery: 1.1%
378,100 /*/Kroger Co. 14,934,950
- -------------------------------------------------------------------------------
Retail Trade: 7.1%
304,100 /*/Gucci Group NV 19,614,450
622,866 Home Depot, Inc. 33,634,764
551,600 /*/Office Depot, Inc. 11,238,850
266,600 Sears, Roebuck & Co. 12,963,425
689,000 Wal-Mart Stores, Inc. 17,483,375
-----------
94,934,864
- -------------------------------------------------------------------------------
Software: 3.4%
385,000 *Microsoft Corp. 46,224,062
- -------------------------------------------------------------------------------
Tobacco: 2.9%
376,000 Philip Morris Cos., Inc. 39,104,000
- -------------------------------------------------------------------------------
Toys & Amusements: 1.3%
603,007 Mattel, Inc. 17,261,075
- -------------------------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 1.1%
334,500 Burlington Resources, Inc. 14,383,500
- -------------------------------------------------------------------------------
Utilities-Telephone: 2.2%
787,800 *AirTouch Communications, Inc. 22,255,350
109,200 AT&T Corp. 6,770,400
-----------
29,025,750
- -------------------------------------------------------------------------------
TOTAL Common Stock
(Cost: $1,069,779,148)......................... 1,318,852,684
-------------
- -------------------------------------------------------------------------------
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT TERM OBLIGATIONS: 2.5%
$ 6,439,000 Associates Corp. of
North America 5.280% 7/19/96 $ 6,439,000
10,000,000 Chevron Oil Finance Co. 5.350% 7/03/96 10,000,000
10,000,000 Ford Motor Credit Co. 5.370% 7/02/96 10,000,000
7,004,000 General Electric
Capital Corp. 5.370% 7/02/96 7,004,000
-----------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $33,443,000)............................ 33,443,000
-----------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.6%
(Cost: $1,103,222,148)......................... 1,352,295,684
OTHER ASSETS LESS LIABILITIES: (0.6)%.......... (8,715,639)
--------------
TOTAL NET ASSETS: 100.0%....................... $1,343,580,045
==============
- -------------------------------------------------------------------------------
</TABLE>
* Non-income producing security.
See Notes to Financial Statements.
MFS-2
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
INCOME PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -----------------------------------------------------------------------------
CORPORATE BONDS: 25.3%
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Banking: 2.2%
$ 950,000 First Chicago Credit Card
Trust 91-D 8.400% 6/15/96-98 $ 954,152
1,000,000 NationsBank Master
Trust 1995-1 6.450% 4/15/03 990,000
3,200,000 Standard Credit Card
Master Trust 1991-3A 8.875% 9/07/99 3,346,976
2,600,000 Standard Credit Card
Master Trust 91-4 8.250% 11/07/03 2,743,000
-----------
8,034,128
- -----------------------------------------------------------------------------
Collateralized Mortgage Obligations: 2.4%
2,305,694 Countrywide Series 1993-E
A-1 PAC 6.500% 1/25/96-24 2,307,855
2,900,000 DeBartolo Cap.
Partnership A-2 144A 7.480% 5/01/04 2,929,906
1,996,789 Prudential Home Loan
Mortgage Ser. 93-29 A-6 PAC 6.750% 8/25/98-08 1,995,531
1,508,199 Residential Fund Corp.
93-S25 A1 PAC 6.500% 7/25/98-08 1,501,126
-----------
8,734,418
- -----------------------------------------------------------------------------
Financial Services: 9.2%
2,575,000 Allmerica Financial
Corp. Sr. 7.625% 10/15/25 2,469,889
2,800,000 Associates Corp. of North
America 6.375% 10/15/02 2,713,788
1,200,000 Beneficial Corp. 9.125% 2/15/98-02 1,248,996
2,100,000 Case Credit 6.125% 2/15/03 1,977,192
1,800,000 CIT Group Hldgs., Inc. 6.700% 5/28/01 1,777,500
1,225,000 Commercial Credit
Group, Inc. 6.750% 5/15/00 1,222,844
3,800,000 Fleet Mortgage Group, Inc. 7.060% 7/26/02 3,764,356
3,800,000 Ford Credit Auto Loan
Master Trust 95-1 6.500% 8/15/02 3,753,678
3,350,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 3,112,050
2,700,000 General Electric Capital
Corp. 7.625% 7/24/96 2,703,186
1,800,000 General Motors
Acceptance Corp. 7.050% 2/02/98 1,821,708
1,600,000 General Motors
Acceptance Corp. Deb. 7.850% 11/17/97 1,635,296
1,700,000 Household Finance Co. 6.750% 6/01/00 1,695,818
1,500,000 PennCorp Financial
Group Sr. Sub. 9.250% 12/15/98-03 1,473,750
2,000,000 Sears Credit Account
Master Trust II 1994-1 8.100% 6/15/00-04 2,085,620
-----------
33,455,671
- -----------------------------------------------------------------------------
Government Sponsored: Federally Chartered: 1.6%
1,500,000 Big Rivers Electric
Cooperative Trust 10.700% 9/15/97-17 1,648,725
825,000 Cajun Electric Power
Cooperative Trust 9.520% 3/15/98-19 897,872
2,900,000 Deseret Generation
Cooperative Trust 10.110% 12/15/97-17 3,171,933
----------
5,718,530
- -----------------------------------------------------------------------------
Industrials: 6.6%
1,225,000 360 Communications Co. 7.125% 3/01/03 1,171,419
1,000,000 Chevron Corp. Profit
Sharing Amort. 8.110% 12/01/01-04 1,051,860
2,600,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 2,558,062
1,000,000 Continental Cablevision,
Inc. Sr. Debs. 9.500% 8/01/05-13 1,080,000
1,250,000 Continental Cablevision,
Inc. Sr. Debs. 9.000% 9/01/08 1,358,588
2,300,000 Electronic Data Systems
Corp. 144A 6.850% 5/15/00 2,304,347
1,000,000 HealthSouth Sr. Sub. 9.500% 4/01/98-01 1,032,500
1,350,000 Heritage Media Service
Corp. Sr. Sub. 8.750% 2/15/01-06 1,255,500
2,000,000 Koppers Industries Sr. 8.500% 2/01/99-04 1,890,000
1,000,000 Lear Seating Corp. Sr.
Sub. 11.250% 7/15/97-00 1,030,000
1,500,000 Lear Seating Corp. Sub. 8.250% 2/01/98-02 1,425,000
1,925,000 Loews Corp. Sr. 7.000% 10/15/03-23 1,705,184
1,400,000 Oryx Energy Co. 8.125% 10/15/05 1,380,708
1,000,000 Paging Network Sr. Sub. 8.875% 2/01/99-06 905,000
</TABLE>
MSF-3
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
INCOME PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -----------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Industrials: (Continued)
$ 3,450,000 Viacom, Inc. Sr. 6.750% 1/15/03 $ 3,255,110
-----------
23,403,278
- -----------------------------------------------------------------------------
Miscellaneous: 2.1%
3,500,000 Darden Restaurants, Inc. 7.125% 2/01/16 3,156,055
1,500,000 /*/K-III Communications
Corp. 144A Sr. 8.500% 2/01/01-06 1,372,500
3,100,000 Tele-Communications,
Inc. 8.250% 1/15/03 3,132,674
-----------
7,661,229
- -----------------------------------------------------------------------------
Transportation-Railroad: 0.2%
750,000 Southern Pacific Rail
Corp. Sr. 9.375% 8/15/98-05 780,000
- -----------------------------------------------------------------------------
Utilities-Electric: 1.0%
1,500,000 Southern California
Edison Co. Deb. 5.875% 1/15/01 1,437,645
2,400,000 Southern California
Edison Co. 6.500% 6/01/01 2,351,040
-----------
3,788,685
- -----------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $93,876,592)............................... 91,575,939
- -----------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 8.9%
- -----------------------------------------------------------------------------
81,420 Federal Home Loan
Mortgage Corp. 6.500% 2/01/09 79,358
836,214 Federal Home Loan
Mortgage Corp. 9.000% 12/01/09 877,640
2,600,000 Federal Home Loan
Mortgage Corp. 7.240% 5/15/02 2,595,528
4,191,845 Federal Home Loan
Mortgage Corp. 6.500% 5/01/09 4,085,707
5,893,744 Federal Home Loan
Mortgage Corp. 7.500% 4/01/26 5,820,072
5,995,996 Federal Home Loan
Mortgage Corp. 7.500% 6/01/26 5,921,046
76,653 Federal National
Mortgage Assoc. 7.750% 4/01/08 77,632
148,776 Federal National
Mortgage Assoc. 8.000% 6/01/08 152,765
171,865 Federal National
Mortgage Assoc. 9.000% 4/01/16 180,618
333,784 Federal National
Mortgage Assoc. 9.000% 5/01/09 350,783
442,247 Federal National
Mortgage Assoc. 8.500% 9/01/09 458,274
572,058 Federal National
Mortgage Assoc. 7.750% 9/01/06 580,999
790,712 Federal National
Mortgage Assoc. 7.750% 3/01/08 800,809
1,113,656 Federal National
Mortgage Assoc. 8.500% 2/01/09 1,173,226
1,265,326 Federal National
Mortgage Assoc. 8.250% 7/01/08 1,301,324
2,319,729 Federal National
Mortgage Assoc. 7.000% 2/01/24 2,235,638
361,623 Government National
Mortgage Assoc. ARM 7.500% 5/15/07 362,343
5,188,561 Government National
Mortgage Assoc. ARM 6.500% 5/15/09 5,053,970
----------
32,107,732
- -----------------------------------------------------------------------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $32,058,982) 32,107,732
----------
- -----------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 37.8%
- -----------------------------------------------------------------------------
3,350,000 U.S. Treasury Bond 12.000% 8/15/08-13 4,722,462
12,850,000 U.S. Treasury Bond 6.250% 8/15/23 11,649,296
25,900,000 U.S. Treasury Bond 8.125% 8/15/21 29,165,730
3,850,000 U.S. Treasury Note 7.250% 5/15/04 3,988,947
4,875,000 U.S. Treasury Note 6.875% 3/31/00 4,945,834
5,375,000 U.S. Treasury Note 6.250% 8/31/00 5,337,214
5,850,000 U.S. Treasury Note 8.500% 5/15/97 5,984,375
6,875,000 U.S. Treasury Note 5.125% 6/30/98 6,747,194
7,450,000 U.S. Treasury Note 5.750% 8/15/03 7,094,933
16,700,000 U.S. Treasury Note 6.750% 5/31/99 16,893,052
19,175,000 U.S. Treasury Note 7.875% 11/15/04 20,610,056
19,525,000 U.S. Treasury Note 7.125% 9/30/99 19,952,011
-----------
137,091,104
- -----------------------------------------------------------------------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $139,120,216) 137,091,104
-----------
- -----------------------------------------------------------------------------
</TABLE>
MSF-4
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
INCOME PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -----------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 4.5%
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 8,125,000 Australian Government 9.500% 8/15/03 $ 6,628,851
2,775,000 Canadian Government 7.500% 12/01/03 2,040,671
8,700,000 Danish Government 8.000% 5/15/03 1,571,896
9,175,000 Danish Government 8.000% 3/15/06 1,628,745
11,600,000 Danish Government 8.000% 11/15/01 2,115,661
1,700,000 French Government 8.000% 4/25/03 2,273,003
-----------
16,258,827
- -----------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $16,174,180)............................... 16,258,827
- -----------------------------------------------------------------------------
YANKEE BONDS: 4.4%
- -----------------------------------------------------------------------------
2,000,000 City of Naples 7.520% 7/15/01-06 2,014,340
6,150,000 Hydro Quebec Deb. Ser.
HS 9.400% 2/01/21 7,128,342
1,200,000 Laidlaw, Inc. Deb. 8.750% 4/15/25 1,276,944
1,500,000 Province of Manitoba
Global Notes 6.750% 3/01/03 1,481,805
1,500,000 Province of Manitoba
Deb. Ser. CD 9.250% 4/01/20 1,785,015
2,550,000 Talisman Energy Deb. 7.125% 6/01/07 2,476,050
-----------
16,162,496
- -----------------------------------------------------------------------------
TOTAL YANKEE BONDS
(Cost: $16,513,786)............................... 16,162,496
- -----------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 17.3%
- -----------------------------------------------------------------------------
2,923,000 American Express Credit
Corp. 5.370% 7/08/96 2,923,000
5,000,000 American Express Credit
Corp. 5.310% 7/02/96 5,000,000
7,999,000 American Express Credit
Corp. 5.330% 7/02/96 7,999,000
3,314,000 Bell Atlantic Financial
Services 5.320% 7/05/96 3,312,048
6,122,000 Bell Atlantic Network
Funding 5.410% 7/16/96 6,108,251
10,000,000 Beneficial Corp. 5.370% 7/23/96 10,000,000
1,389,000 Ford Motor Credit Co. 5.270% 7/05/96 1,389,000
2,431,000 Ford Motor Credit Co. 5.320% 7/01/96 2,431,000
6,074,000 Ford Motor Credit Co. 5.370% 7/02/96 6,074,000
5,000,000 Houshold Financial Corp. 5.340% 7/12/96 5,000,000
3,319,000 Norwest Financial, Inc. 5.260% 7/03/96 3,319,000
9,191,000 Bellsouth Telecomm, Inc. 5.320% 7/12/96 $ 9,176,116
------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $62,731,415)............................... 62,731,415
------------
- -----------------------------------------------------------------------------
TOTAL INVESTMENTS: 98.2%
(Cost: $360,475,171).............................. 355,927,513
OTHER ASSETS LESS LIABILITIES: 1.8%............... 6,383,234
------------
TOTAL NET ASSETS: 100.0%.......................... $362,310,747
============
- -----------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
*Restricted Securities see note 2.
Additional information on restricted securities as follows:
<TABLE>
<CAPTION>
Valuation
Acquisition Acquisition as of
Issue Date Cost June 30, 1996
----- ---- ---- -------------
<S> <C> <C> <C>
DeBartolo Cap. Partnership
A-2 144A 11/16/95 $ 3,053,859 $ 2,929,906
Electronic Data Systems
Corp. 144A 5/19/95 2,298,183 2,304,347
K-III Communications Corp.
144A Sr. 1/22/96 1,506,875 1,372,500
</TABLE>
The aggregate value of restricted securities at June 30, 1996 was $6,606,753 or
1.82% of the Income Portfolio's net assets.
See Notes to Financial Statements.
MSF-5
<PAGE>
- ----------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ----------------------------------------------------------------------------
Schedule of Investments
- ----------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ----------------------------------------------------------------------------
COMMERCIAL PAPER: 58.3%
- ----------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$2,000,000 American Express Credit
Corp. 5.270% 8/22/96 $1,984,776
2,000,000 Anheuser Busch, Inc. 5.260% 9/06/96 1,980,421
2,000,000 Associates Corp. of North
America 5.280% 7/19/96 1,994,720
2,000,000 Bellsouth Capital Funding
Corp. 5.280% 8/06/96 1,989,440
2,000,000 Chase Manhattan Bank-New
York 5.280% 10/15/96 1,968,907
2,000,000 Coca-Cola Co. 5.320% 8/30/96 1,982,267
1,800,000 Ford Motor Credit Co. 5.320% 7/02/96 1,799,734
2,000,000 General Electric Capital
Corp. 4.840% 7/30/96 1,992,202
2,000,000 Heinz (H.J.) Co. 5.400% 7/31/96 1,991,000
2,000,000 Motorola, Inc. 5.350% 7/22/96 1,993,758
2,000,000 Pitney Bowes Credit Corp. 5.250% 7/19/96 1,994,750
2,000,000 Smithkline Beecham Corp. 4.730% 8/13/96 1,988,701
----------
TOTAL COMMERCIAL PAPER
(Cost: $23,660,676)................................. 23,660,676
----------
- ----------------------------------------------------------------------------
CORPORATE NOTES: 9.9%
- ----------------------------------------------------------------------------
2,000,000 Bank of America IL-
Chicago State Bank Notes 5.700% 5/28/97 1,997,814
2,000,000 PHH Corp. 5.950% 6/10/97 1,999,453
----------
TOTAL CORPORATE NOTES
(Cost: $3,997,267).................................. 3,997,267
----------
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 21.6%
- ----------------------------------------------------------------------------
$2,000,000 Federal Home Loan Bank 5.415% 11/20/96 $1,999,496
2,000,000 Federal Home Loan Bank 5.000% 7/18/96 1,995,278
1,000,000 Federal Home Loan
Mortgage Corp. 5.270% 7/03/96 999,707
1,200,000 Federal Home Loan
Mortgage Corp. 5.250% 7/15/96 1,197,550
2,000,000 Federal Home Loan
Mortgage Corp. 5.250% 7/08/96 1,997,958
575,000 Federal National Mortgage
Assoc. 5.140% 9/24/96 568,022
----------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $8,758,011).................................. 8,758,011
- ----------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 9.8%
- ----------------------------------------------------------------------------
2,000,000 U.S. Treasury Bill 5.310% 9/19/96 1,976,400
2,000,000 U.S. Treasury Bill 5.035% 9/19/96 1,977,622
----------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $3,954,022).................................. 3,954,022
----------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.6%
(Cost: $40,369,976)................................. $40,369,976
OTHER ASSETS LESS LIABILITIES: 0.4%................. 181,589
----------
TOTAL NET ASSETS: 100.0%............................ $40,551,565
==========
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
</TABLE>
MSF-6
<PAGE>
- --------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK: 59.8%
- -----------------------------------------------------------------------------
Aerospace: 1.9%
132,700 Boeing Co. $ 11,561,487
250,600 Raytheon Co. 12,937,225
-------------
24,498,712
- -----------------------------------------------------------------------------
Automotive: 1.0%
401,100 Ford Motor Co. 12,985,612
- -----------------------------------------------------------------------------
Banking: 3.4%
201,500 BankAmerica Corp. 15,263,625
253,300 Citicorp 20,928,912
151,600 Fleet Financial Group, Inc. 6,594,600
-------------
42,787,137
- -----------------------------------------------------------------------------
Broadcasting: 1.2%
94,800 Comcast Corp. Cl. A 1,753,800
200,350 Comcast Corp. Cl. A Spl. 3,681,431
236,700 Time Warner, Inc. 9,290,475
-------------
14,725,706
- -----------------------------------------------------------------------------
Business Services: 0.7%
117,900 First Data Corp. 9,387,788
- -----------------------------------------------------------------------------
Chemicals: 3.8%
130,600 Du Pont (E.I.) de Nemours & Co. 10,333,725
657,500 Monsanto Co. 21,368,750
192,200 Pall Corp. 4,636,825
186,000 Rohm & Haas Co. 11,671,500
-------------
48,010,800
- -----------------------------------------------------------------------------
Drugs & Health Care: 2.3%
166,646 Lilly (Eli) & Co. 10,831,990
263,100 Pfizer, Inc. 18,778,763
-------------
29,610,753
- -----------------------------------------------------------------------------
Electrical Equipment: 1.9%
283,700 General Electric Co. 24,540,050
- -----------------------------------------------------------------------------
Electronics: 4.5%
242,500 Electronic Data Systems Corp. 13,034,375
593,320 /*/Ericsson (L.M.) Telephone Co. ADR Cl. B 12,719,297
188,500 /*/Intel Corp. 13,842,969
216,000 /*/Lucent Technologies, Inc. 8,181,000
180,200 Perkin-Elmer Corp. 8,694,650
-------------
56,472,291
- -----------------------------------------------------------------------------
Financial Services: 1.6%
357,100 Federal National Mortgage Assoc. $ 11,962,850
191,550 Travelers Group, Inc. 8,739,469
-------------
20,702,319
- -----------------------------------------------------------------------------
Food & Beverages: 4.6%
186,000 Anheuser-Busch Co., Inc. 13,950,000
124,900 Campbell Soup Co. 8,805,450
253,600 Coca-Cola Co. 12,394,700
643,800 PepsiCo, Inc. 22,774,425
-------------
57,924,575
- -----------------------------------------------------------------------------
Hospital Management: 1.6%
222,600 /*/Columbia/HCA Healthcare Corp. 11,881,275
167,700 United Healthcare Corp. 8,468,850
-------------
20,350,125
- -----------------------------------------------------------------------------
Hospital Supply: 2.9%
223,500 Baxter International, Inc. 10,560,375
263,200 Johnson & Johnson 13,028,400
226,500 Medtronic, Inc. 12,684,000
-------------
36,272,775
- -----------------------------------------------------------------------------
Hotel & Restaurant: 2.3%
176,200 *Circus Circus Enterprises, Inc. 7,224,200
120,000 *HFS, Inc. 8,400,000
261,650 *Mirage Resorts, Inc. 14,129,100
-------------
29,753,300
- -----------------------------------------------------------------------------
Insurance: 0.9%
233,200 ACE Ltd. 10,960,400
- -----------------------------------------------------------------------------
Leisure: 1.8%
181,235 Disney (Walt) Co. 11,395,151
464,600 News Corp. Ltd. ADS 10,918,100
-------------
22,313,251
- -----------------------------------------------------------------------------
Machinery: 1.8%
215,400 Case Corp. 10,339,200
112,000 Fluor Corp. 7,322,000
104,200 Magna International, Inc. Cl. A 4,793,200
-------------
22,454,400
- -----------------------------------------------------------------------------
Metals-Aluminum: 0.8%
177,500 Aluminum Co. of America 10,184,062
- -----------------------------------------------------------------------------
</TABLE>
MSF-7
<PAGE>
- --------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK: (CONTINUED)
- -----------------------------------------------------------------------------
Metals-Steel & Iron: 0.7%
164,400 Nucor Corp. $ 8,322,750
- -----------------------------------------------------------------------------
Office & Business Equipment: 3.5%
472,300 /*/Cisco Systems, Inc. 26,773,506
165,000 /*/Digital Equipment Corp. 7,425,000
97,000 International Business Machines Corp. 9,603,000
-------------
43,801,506
- -----------------------------------------------------------------------------
Oil: 1.0%
342,079 TOTAL Cl. B ADS 12,699,683
- -----------------------------------------------------------------------------
Oil-International: 1.5%
127,000 Royal Dutch Petroleum Co. 19,526,250
- -----------------------------------------------------------------------------
Oil-Services: 2.6%
289,700 Halliburton Co. 16,078,350
207,700 Schlumberger Ltd. 17,498,725
-------------
33,577,075
- -----------------------------------------------------------------------------
Retail Grocery: 0.7%
582 /*/Food 4 Less Holdings, Inc. (Wts.) --
216,200 /*/Kroger Co. 8,539,900
-------------
8,539,900
- -----------------------------------------------------------------------------
Retail Trade: 4.3%
173,900 /*/Gucci Group NV 11,216,550
360,900 Home Depot, Inc. 19,488,600
319,400 /*/Office Depot, Inc. 6,507,775
154,100 Sears, Roebuck & Co. 7,493,113
400,200 Wal-Mart Stores, Inc. 10,155,075
-------------
54,861,113
- -----------------------------------------------------------------------------
Software: 2.1%
223,900 /*/Microsoft Corp. 26,881,994
- -----------------------------------------------------------------------------
Tobacco: 1.7%
212,400 Philip Morris Cos., Inc. 22,089,600
- -----------------------------------------------------------------------------
Toys & Amusements: 0.7%
317,577 Mattel, Inc. 9,090,642
- -----------------------------------------------------------------------------
Transportation-Trucking: 0.0%
500 /*/Crown Packaging Holdings Ltd. (Wts.) 62
- -----------------------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 0.6%
190,600 Burlington Resources, Inc. 8,195,800
- -----------------------------------------------------------------------------
Utilities-Telephone: 1.4%
479,000 /*/AirTouch Communications, Inc. 13,531,750
62,500 AT&T Corp. 3,875,000
-------------
17,406,750
- -----------------------------------------------------------------------------
TOTAL Common Stock
(Cost: $623,116,070)............................ 758,927,181
-------------
<CAPTION>
- -----------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONVERTIBLE BONDS: 0.0%
- -----------------------------------------------------------------------------
Miscellaneous: 0.0%
$ 200,000 Anacomp International
NV 9.000% 1/15/96 $ 51,598
-------------
TOTAL CONVERTIBLE BONDS
(Cost: $194,000)................................ 51,598
-------------
- -----------------------------------------------------------------------------
CORPORATE BONDS: 9.2%
- -----------------------------------------------------------------------------
Banking: 0.8%
1,000,000 First Chicago Credit
Card Trust 91-D 8.400% 6/15/96-98 1,004,370
2,800,000 NationsBank Master
Trust 1995-1 6.450% 4/15/03 2,772,000
2,100,000 Standard Credit Card
Master Trust 1991-3A 8.875% 9/07/99 2,196,453
3,500,000 Standard Credit Card
Master Trust 91-4 8.250% 11/07/03 3,692,500
-------------
9,665,323
- -----------------------------------------------------------------------------
Collateralized Mortgage Obligations: 0.7%
2,289,793 Countrywide Series
1993-E A-1 PAC 6.500% 1/25/96-24 2,291,940
4,075,000 /*/DeBartolo Cap.
Partnership A-2 144A 7.480% 5/01/04 4,117,023
1,170,530 Prudential Home Loan 6.750% 8/25/98-08 1,169,792
Mortgage Series 93-29
A-6 PAC
1,114,756 Residential Fund Corp.
93-S25 A1 PAC 6.500% 7/25/98-08 1,109,528
-------------
8,688,283
- -----------------------------------------------------------------------------
Financial Services: 3.6%
3,600,000 Allmerica Financial
Corp. Sr. 7.625% 10/15/25 3,453,048
4,100,000 Associates Corp. of
North America 6.375% 10/15/02 3,973,761
1,200,000 Beneficial Corp. 9.125% 2/15/98 1,248,996
2,700,000 Case Credit 6.125% 2/15/03 2,542,104
</TABLE>
MSF-8
<PAGE>
- --------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -----------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CORPORATE BONDS: (CONTINUED)
- -----------------------------------------------------------------------------
Financial Services: (Continued)
5,200,000 CIT Group Hldgs., Inc. 6.700% 5/28/01 $ 5,135,000
4,400,000 Fleet Mortgage Group,
Inc. 7.060% 7/26/02 4,358,728
5,350,000 Ford Credit Auto Loan
Master Trust 95-1 6.500% 8/15/02 5,284,784
4,250,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 3,948,123
4,000,000 General Electric
Capital Corp. 7.625% 7/24/96 4,004,720
2,500,000 General Motors
Acceptance Corp. 7.050% 2/02/98 2,530,150
2,625,000 General Motors
Acceptance Corp. Deb. 7.850% 11/17/97 2,682,908
2,400,000 Household Finance Co. 6.750% 6/01/00 2,394,096
1,500,000 Penncorp Financial
Group Sr. Sub. 9.250% 12/15/98-03 1,473,750
2,600,000 Sears Credit Account
Master Trust II 1994-1 8.100% 6/15/00-04 2,711,306
-------------
45,741,474
- -----------------------------------------------------------------------------
Government Sponsored: Federally Chartered: 0.5%
2,250,000 Big Rivers Electric
Cooperative Trust 10.700% 9/15/97-17 2,473,088
3,750,000 Deseret Generation
Cooperative Trust 10.110% 12/15/97-17 4,101,638
100,269 Government Trust
Certificates 2-D 9.250% 11/15/95-96 101,395
-------------
6,676,121
- -----------------------------------------------------------------------------
Industrials: 2.4%
1,700,000 360 Communications Co. 7.125% 3/01/03 1,625,642
1,500,000 Chevron Corp. Profit
Sharing Amort. 8.110% 12/01/01-04 1,577,790
3,700,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 3,640,319
900,000 Continental
Cablevision, Inc. Sr.
Debs. 9.500% 8/01/05-13 972,000
1,250,000 Continental
Cablevision, Inc. Sr.
Debs. 9.000% 9/01/08 1,358,588
3,300,000 /*/Electronic Data
Systems Corp. 144A 6.850% 5/15/00 3,306,237
2,000,000 HealthSouth Sr. Sub. 9.500% 4/01/98-01 2,065,000
1,750,000 Heritage Media Service
Corp. Sr. Sub. 8.750% 2/15/01-06 1,627,500
2,000,000 Koppers Industries Sr. 8.500% 2/01/99-04 1,890,000
1,000,000 Lear Seating Corp. Sr.
Sub. 11.250% 7/15/97-00 1,030,000
1,550,000 Lear Seating Corp. Sub. 8.250% 2/01/98-02 1,472,500
2,700,000 Loews Corp. Sr. 7.000% 10/15/03-23 2,391,687
2,000,000 Oryx Energy Co. 8.125% 10/15/05 1,972,440
1,000,000 Paging Network Sr. Sub. 8.875% 2/01/99-06 905,000
4,600,000 Viacom, Inc. Sr. 6.750% 1/15/03 4,340,146
-------------
30,174,849
- -----------------------------------------------------------------------------
Miscellaneous: 0.8%
500,000 Crown Packaging, Inc.
Sr. Sub. 1.000% 11/01/98-03 190,000
4,400,000 Darden Restaurants,
Inc. 7.125% 2/01/16 3,967,612
2,075,000 /*/K-III Communications
Corp. 144A Sr. 8.500% 2/01/01-06 1,898,625
4,200,000 Tele-Communications,
Inc. 8.250% 1/15/03 4,244,268
-------------
10,300,505
- -----------------------------------------------------------------------------
Transportation-Railroad: 0.0%
750,000 Southern Pacific Rail
Corp. Sr. 9.375% 8/15/98-05 780,000
- -----------------------------------------------------------------------------
Utilities-Electric: 0.4%
3,450,000 Southern California
Edison Co. 6.500% 6/01/01 3,379,620
1,900,000 Southern California
Edison Co. Deb. 5.875% 1/15/01 1,821,017
-------------
5,200,637
- -----------------------------------------------------------------------------
TOTAL Corporate Bonds
(Cost: $120,049,859)............................ 117,227,192
-------------
- -----------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 3.7%
- -----------------------------------------------------------------------------
1,668,494 Federal Home Loan
Mortgage Corp. 6.500% 12/01/07 $ 1,626,248
1,954,071 Federal Home Loan
Mortgage Corp. 6.500% 2/01/09 1,904,593
</TABLE>
MSF-9
<PAGE>
- --------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -----------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FEDERAL AGENCY OBLIGATIONS: (CONTINUED)
- -----------------------------------------------------------------------------
$ 2,515,107 Federal Home Loan
Mortgage Corp. 6.500% 5/01/09 $ 2,451,424
3,700,000 Federal Home Loan
Mortgage Corp. 7.240% 5/15/98-02 3,693,636
7,908,062 Federal Home Loan
Mortgage Corp. 7.500% 4/01/26 7,809,211
8,036,650 Federal Home Loan
Mortgage Corp. 7.500% 6/01/26 7,936,192
57,288 Federal National
Mortgage Assoc. 9.000% 4/01/16 60,206
647,640 Federal National
Mortgage Assoc. 9.000% 5/01/09 680,624
815,716 Federal National
Mortgage Assoc. 7.250% 9/01/07 816,066
1,472,885 Federal National
Mortgage Assoc. 8.000% 6/01/08 1,512,373
1,754,009 Federal National
Mortgage Assoc. 8.500% 2/01/09 1,847,831
3,859,535 Federal National
Mortgage Assoc. 7.000% 12/01/07 3,822,600
5,288,630 Federal National
Mortgage Assoc. 8.500% 8/01/22 5,471,035
363,348 Government National
Mortgage Assoc. 8.000% 9/15/07 373,791
6,528,330 Government National
Mortgage Assoc. ARM 6.500% 5/15/09 6,358,985
-------------
46,364,815
- -----------------------------------------------------------------------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $46,443,564)............................ 46,364,815
-------------
- -----------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 15.9%
- -----------------------------------------------------------------------------
5,725,000 U.S. Treasury Bond 12.000% 8/15/08-13 8,070,475
16,350,000 U.S. Treasury Bond 6.250% 8/15/23 14,822,256
40,025,000 U.S. Treasury Bond 8.125% 8/15/21 45,071,752
4,150,000 U.S. Treasury Note 7.250% 5/15/04 4,299,773
9,875,000 U.S. Treasury Note 5.125% 6/30/98 9,691,424
12,750,000 U.S. Treasury Note 6.875% 3/31/00 12,935,257
13,000,000 U.S. Treasury Note 6.750% 5/31/99 13,150,280
15,775,000 U.S. Treasury Note 5.750% 8/15/03 15,023,163
16,250,000 U.S. Treasury Note 8.500% 5/15/97 16,623,262
24,750,000 U.S. Treasury Note 7.875% 11/15/04 26,602,290
$34,375,000 U.S. Treasury Note 7.125% 9/30/99 35,126,781
-------------
201,416,713
- -----------------------------------------------------------------------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $204,230,053)............................ 201,416,713
-------------
- -----------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 1.8%
- -----------------------------------------------------------------------------
11,075,000 Australian Government 9.500% 8/15/03 9,035,633
3,875,000 Canadian Government 7.500% 12/01/03 2,849,585
10,700,000 Danish Government 8.000% 5/15/03 1,933,251
15,600,000 Danish Government 8.000% 3/15/06 2,769,310
16,850,000 Danish Government 8.000% 11/15/01 3,073,180
2,300,000 French Government 8.000% 4/25/03 3,075,240
-------------
22,736,199
- -----------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $22,596,606)............................. 22,736,199
-------------
- -----------------------------------------------------------------------------
YANKEE BONDS: 1.7%
- -----------------------------------------------------------------------------
2,750,000 City of Naples 7.520% 7/15/01-06 2,769,718
8,525,000 Hydro Quebec Deb. Ser
HS 9.400% 2/01/21 9,881,157
1,700,000 Laidlaw, Inc. Deb. 8.750% 4/15/25 1,809,004
2,300,000 Province of Manitoba 6.750% 3/01/03 2,272,101
1,650,000 Province of Manitoba
Canada 9.250% 4/01/20 1,963,517
3,600,000 Talisman Energy Deb. 7.125% 6/01/07 3,495,600
-------------
22,191,097
- -----------------------------------------------------------------------------
TOTAL YANKEE BONDS
(Cost: $22,545,113)............................. 22,191,097
-------------
- -----------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 7.6%
- -----------------------------------------------------------------------------
9,615,000 American Express
Credit Corp. 5.330% 7/02/96 9,615,000
8,708,000 Cargill, Inc. 5.300% 7/12/96 8,693,898
2,293,000 Ford Motor Credit Co. 5.320% 7/01/96 2,293,000
6,210,000 Ford Motor Credit Co. 5.340% 7/08/96 6,210,000
10,455,000 Ford Motor Credit Co. 5.370% 7/02/96 10,455,000
15,000,000 Ford Motor Credit Co. 5.290% 7/02/96 15,000,000
</TABLE>
MSF-10
<PAGE>
- -----------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- -----------------------------------------------------------------------------
Schedule of Investments
- -----------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -----------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: (CONTINUED)
- -----------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 3,764,000 General Electric
Capital Corp. 5.370% 7/02/96 $ 3,764,000
8,248,000 General Electric
Capital Corp. 5.340% 7/17/96 8,248,000
11,323,000 General Electric
Capital Corp. 5.350% 7/03/96 11,323,000
10,000,000 Household Financial
Corp. 5.340% 7/24/96 10,000,000
11,000,000 Household Financial
Corp. 5.340% 7/08/96 11,000,000
------------
96,601,898
- -----------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $96,601,898)............................ $ 96,601,898
------------
- -----------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.7%
(Cost: $1,135,777,163)......................... $1,265,516,693
OTHER ASSETS LESS LIABILITIES: 0.3%............. 3,497,062
--------------
TOTAL NET ASSETS: 100.0%........................ $1,269,013,755
==============
- -----------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
*Restricted Securities see note 2.
Additional information on restricted securities as follows:
<TABLE>
<CAPTION>
Valuation
Acquisition Acquisition as of
Issue Date Cost June 30, 1996
----- ---- ---- -------------
<S> <C> <C> <C>
DeBartolo Cap. Partnership
A-2 144A 12/19/95-5/13/96 $ 4,281,086 $ 4,117,023
Electronic Data Systems
Corp. 144A 5/19/95 3,297,393 1,898,625
K-III Communications Corp.
144A Sr. 1/22/96 2,084,125 1,898,625
</TABLE>
The aggregate value of restricted securities at June 30, 1996 was $9,321,885 or
0.73% of the Diversified Portfolio's net assets.
See Notes to Financial Statements.
MSF-11
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
AGGRESSIVE GROWTH PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK: 92.9%
- -------------------------------------------------------------------------------
Automotive: 1.4%
348,200 * AutoZone, Inc. $12,099,950
95,600 Danaher Corp. 4,158,600
25,000 * Penske Motor Sports, Inc. 656,250
-----------
16,914,800
- -------------------------------------------------------------------------------
Broadcasting: 4.5%
277,900 * American Radio Systems Corp. 12,019,175
71,900 * Chancellor Broadcasting Co. Cl. A 2,260,356
199,200 * Clear Channel Communications, Inc. 16,409,100
69,300 * Emmis Broadcasting Corp. Cl. A 3,447,675
467,100 Evergreen Media Corp. Cl. A 19,851,750
66,000 * Heftel Broadcasting Corp. Cl. A 1,947,000
-----------
55,935,056
- -------------------------------------------------------------------------------
Business Services: 7.1%
93,800 * Apache Medical Systems, Inc. 1,136,400
435,200 HBO & Co. 29,430,400
54,000 * MetroMail Corp. 1,208,250
726,200 * Republic Industries, Inc. 20,334,163
1,233,400 * Republic Industries, Inc. (Prvt) 35,999,863
35,800 * Xeikon, NV ADR 413,938
-----------
88,523,014
- -------------------------------------------------------------------------------
Drugs & Health Care: 6.7%
193,400 * Centocor Corp. 5,789,912
228,800 * Cephalon, Inc. 4,490,200
176,200 * Entremed, Inc. 2,665,025
67,800 * Express Scripts, Inc. Cl. A 3,110,325
1 * Healthdyne Technologies, Inc. 13
274,000 Lilly (Eli) & Co. 17,810,000
490,600 * Liposome Co., Inc. 9,198,750
172,900 * Magainin Pharmaceuticals, Inc. 1,804,644
86,300 * Matrix Pharmaceuticals, Inc. 1,531,825
31,500 * Myriad Genetics, Inc. 779,625
504,100 Pfizer, Inc. 35,980,138
-----------
83,160,457
- -------------------------------------------------------------------------------
Electronics: 2.1%
10,000 * Affymetrix, Inc. 150,625
82,000 * CHS Electronics, Inc. 1,137,750
75,500 * Lucent Technologies, Inc. 2,859,562
261,200 * Octel Communications Corp. 5,126,050
596,800 * Sanmina Holdings, Inc. 16,113,600
69,400 * Thermo Optek Corp. 902,200
-----------
26,289,787
- -------------------------------------------------------------------------------
Financial Services: 0.0%
14,000 * First USA Paymentech, Inc. 560,000
- -------------------------------------------------------------------------------
Food & Beverages: 2.6%
8,700 * Boston Beer Co., Inc. Cl. A 208,800
494,900 * Boston Chicken, Inc. 16,053,319
18,800 * Pete's Brewing Co. 279,650
550,900 * Starbucks Corp. 15,528,494
-----------
32,070,263
- -------------------------------------------------------------------------------
Hospital Supply: 2.2%
35,400 * CardioThoracic Systems, Inc. 471,262
156,600 Caremark International, Inc. 3,954,150
116,800 Guidant Corp. 5,752,400
299,000 * Medpartners/Mullikin, Inc. 6,241,625
92,700 Medtronic, Inc. 5,191,200
210,800 * Neopath, Inc. 5,296,350
-----------
26,906,987
- -------------------------------------------------------------------------------
Hotel & Restaurant: 11.8%
671,200 * Extended Stay America, Inc. 21,058,900
895,900 * HFS, Inc. 62,713,000
128,900 * Lone Star Steakhouse & Saloon, Inc. 4,857,919
134,000 * MGM Grand, Inc. 5,343,250
221,300 Mirage Resorts, Inc. 11,950,200
29,800 * Planet Hollywood International, Inc. Cl. A 802,738
88,500 * Rainforest Cafe, Inc. 4,413,937
98,900 * Renaissance Hotel Group NV 2,126,350
178,300 * Sun International Hotels Ltd. 8,647,550
874,300 * Trump Hotels & Casino Resorts, Inc. 24,917,550
-----------
146,831,394
- -------------------------------------------------------------------------------
Insurance: 0.7%
238,300 Everest Reinsurance Hldgs. 6,166,012
</TABLE>
MSF-12
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
AGGRESSIVE GROWTH PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
Insurance: (Continued)
54,400 W.R. Berkley Corp. $ 2,291,600
-----------
8,457,612
- -------------------------------------------------------------------------------
Leisure: 3.0%
119,300 *Ascent Entertainment Group, Inc. 2,982,500
114,900 *Gemstar Group Ltd. 3,403,912
154,100 *GTECH Holdings Corp. 4,565,213
369,400 News Corp. Ltd. ADS 8,680,900
353,500 *Oakley, Inc. 16,084,250
39,000 *Silver King Communications, Inc. 1,165,125
-----------
36,881,900
- -------------------------------------------------------------------------------
Machinery: 1.5%
215,000 Cincinnati Milacron, Inc. 5,160,000
326,900 *UCAR International, Inc. 13,607,213
-----------
18,767,213
- -------------------------------------------------------------------------------
Mining: 0.5%
178,300 *SGL Carbon AG ADS 6,819,975
- -------------------------------------------------------------------------------
Multi-Industry: 0.5%
93,400 ITT Corp. 6,187,750
- -------------------------------------------------------------------------------
Office & Business Equipment: 1.7%
120,900 *3 Com Corp. 5,523,619
366,000 *BT Office Products International, Inc. 6,542,250
128,900 *Dell Computer Corp. 6,549,731
74,500 *U.S. Office Products Co. 3,119,688
-----------
21,735,288
- -------------------------------------------------------------------------------
Oil & Gas Exploration: 0.2%
26,000 *Chesapeake Energy Corp. 2,336,750
- -------------------------------------------------------------------------------
Oil-Services: 0.2%
111,400 *Varco International, Inc. 2,019,125
- -------------------------------------------------------------------------------
Personal Care: 0.3%
190,000 *Polymer Group, Inc. 3,325,000
- -------------------------------------------------------------------------------
Printing & Publishing: 0.6%
9,000 *CKS Group, Inc. 289,687
272,400 *Hollinger International, Inc. 3,098,550
98,400 *Providence Journal Co. Cl. A 1,512,900
98,500 *World Color Press Inc. 2,499,438
-----------
7,400,575
- -------------------------------------------------------------------------------
Retail Trade: 20.1%
543,700 *AnnTaylor Stores Corp. $11,009,925
333,300 *Borders Group, Inc. 10,748,925
570,200 *Corporate Express, Inc. 22,843,637
942,200 Gucci Group NV 60,771,900
230,400 Home Depot, Inc. 12,441,600
116,300 Industrie Natuzzi SPA ADR 5,960,375
380,500 *Just For Feet, Inc. 20,190,281
20,700 *Loehmann's, Inc. 477,394
363,200 Melville Corp. 14,709,600
587,275 *Men's Wearhouse, Inc. 19,159,847
124,300 *Micro Warehouse, Inc. 2,454,925
795,400 Office Depot, Inc. 16,206,275
380,000 *Price/Costco, Inc. 8,170,000
282,150 *Staples, Inc. 5,484,291
1,469,300 *Sunglass Hut International, Inc. 35,722,356
122,000 *Western Wireless Corp. Cl. A 2,630,625
29,250 *Williams Sonoma, Inc. 691,031
-----------
249,672,987
- -------------------------------------------------------------------------------
Software: 11.6%
408,300 *Ascend Communications, Inc. 22,941,356
477,300 *Cascade Communications Corp. 32,486,231
61,400 *Check Point Software Technologies Ltd. 1,477,437
31,700 *CheckFree Corp. 632,019
57,800 *CompuServe Corp. 1,221,025
37,800 *Dassault Systems SA ADS 1,171,800
141,500 *Datastream Systems, Inc. 4,934,812
288,200 *Fore Systems, Inc. 10,393,213
262,400 *Geoworks 9,184,000
32,700 *Madge Networks NV 482,325
156,800 *Microsoft Corp. 18,825,800
17,400 *Open Market, Inc. 426,300
215,200 *Open Text Corp. 2,205,800
45,400 *OpenVision Technologies, Inc. 564,662
269,400 *Parametric Technology Corp. 11,668,388
14,200 *SS & C Technologies, Inc. 216,550
232,600 *Triple P NV 1,453,750
</TABLE>
MSF-13
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
AGGRESSIVE GROWTH PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
Software: (Continued)
<S> <C> <C>
305,000 *Westell Technologies, Inc. Cl. A $ 11,933,125
447,600 *Western Digital Corp. 11,693,550
12,050 *Yahoo!, Inc. 250,037
-------------
144,162,180
- -------------------------------------------------------------------------------
Textiles & Apparel: 4.2%
71,000 Authentic Fitness Corp. 1,322,375
34,000 *Designer Holdings Ltd. 905,250
304,000 Fila Holdings SPA ADR 26,220,000
213,900 *Nautica Enterprises, Inc. 6,176,363
318,100 *Tommy Hilfiger Corp. 17,058,112
-------------
51,682,100
- -------------------------------------------------------------------------------
Transportation-Airlines: 5.1%
128,100 *AMR Corp. 11,657,100
425,700 *Continental Airlines, Inc. Cl. B 26,286,975
84,100 Delta Air Lines, Inc. 6,980,300
355,100 *UAL Corp. 19,086,625
-------------
64,011,000
- -------------------------------------------------------------------------------
Utilities-Telephone: 4.3%
314,000 *ADC Telecommunications, Inc. 14,051,500
39,000 *Brooks Fiber Properties, Inc. 1,282,125
32,000 *Excel Communication, Inc. 864,000
77,800 McLeod, Inc. 1,886,650
433,500 *Newbridge Networks Corp. 28,394,250
144,000 *Omnipoint Corp. 3,753,000
158,700 *Teleport Communications Group, Inc. Cl. A 3,015,300
-------------
53,246,825
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $888,455,004).......................... 1,153,898,038
-------------
- -------------------------------------------------------------------------------
PREFERRED STOCK: 0.4%
- -------------------------------------------------------------------------------
Transportation-Airlines: 0.4%
118,000 *Trans World Airlines, Inc. 144A Cum.
Cvt. Ex. Pfd. 5,826,250
- -------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $5,900,000)............................ 5,826,250
-------------
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -------------------------------------------------------------------------------
CONVERTIBLE BONDS: 0.2%
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$2,500,000 *Theratx, Inc. 144A Cvt.
Sub. 8.000% 2/01/02 $ 2,562,500
TOTAL CONVERTIBLE BONDS
(Cost: $2,500,000)........................ 2,562,500
--------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 8.1%
- --------------------------------------------------------------------------------
3,520,000 American Express
Credit Corp. 5.390% 7/08/96 3,520,000
5,201,000 American Express
Credit Corp. 5.330% 7/02/96 5,201,000
20,000,000 American General
Finance Corp. 5.370% 7/02/96 20,000,000
10,000,000 Chevron Oil Finance Co. 5.350% 7/03/96 10,000,000
8,770,000 Ford Motor Credit Co. 5.370% 7/02/96 8,770,000
9,575,000 Ford Motor Credit Co. 5.320% 7/01/96 9,575,000
6,956,000 General Electric
Capital Corp. 5.370% 7/02/96 6,956,000
15,000,000 Philip Morris Cos., Inc. 5.400% 7/08/96 14,984,250
1,475,000 State Street Repurchase
Agreement 4.000% 7/01/96 1,475,000
20,000,000 Wal-Mart Stores, Inc. 5.300% 7/01/96 20,000,000
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $100,481,250)...................... 100,481,250
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 101.6%
(Cost: $997,336,254)...................... 1,262,768,038
OTHER ASSETS LESS LIABILITIES: (1.6)%..... (20,299,356)
-------------
TOTAL NET ASSETS: 100.0%.................. $1,242,468,682
==============
- -------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
*Restricted Securities see note 2.
Additional information on restricted securities as follows:
<TABLE>
<CAPTION>
Valuation
Acquisition Acquisition as of
Issue Date Cost June 30, 1996
----- ---- ---- -------------
<S> <C> <C> <C>
Theratx, Inc. 144A Cvt. Sub. 2/09/95 $2,500,000 $2,562,500
Trans World Airlines, Inc.
144A Cum. Cvt. Ex. Pfd. 3/22/96 5,900,000 5,826,250
</TABLE>
The aggregate value of restricted securities at June 30, 1996 was $8,388,750 or
0.68% of the Aggressive Growth's Portfolio's net assets.
See Notes to Financial Statements.
MSF-14
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: 99.7%
- ----------------------------------------------------------------
Aerospace: 2.5%
<S> <C> <C>
40,600 Allied-Signal, Inc. $2,319,275
54,450 Boeing Co. 4,743,956
8,600 Computer Sciences Corp. 642,850
12,600 General Dynamics Corp. 781,200
36,313 Lockheed Martin Corp. 3,050,292
43,000 McDonnell-Douglas Corp. 2,085,500
12,400 Northrop Grumman Corp. 844,750
39,400 Raytheon Co. 2,034,025
30,400 Rockwell International Corp. 1,740,400
12,300 Textron, Inc. 982,463
20,200 United Technologies Corp. 2,323,000
----------
21,547,711
- ----------------------------------------------------------------
Automotive: 2.5%
62,300 Chrysler Corp. 3,862,600
30,500 Dana Corp. 945,500
21,400 Eaton Corp. 1,254,575
10,500 Echlin, Inc. 397,687
197,100 Ford Motor Co. 6,381,112
124,132 General Motors Corp. 6,501,413
11,850 Genuine Parts Co. 542,137
12,710 Navistar International Corp. 125,511
5,865 PACCAR, Inc. 286,652
7,100 Snap-On, Inc. 336,362
9,200 Timken Co. 356,500
7,500 TRW, Inc. 674,063
----------
21,664,112
- ----------------------------------------------------------------
Banking: 7.4%
32,800 Ahmanson (H.F.) & Co. 885,600
87,795 Banc One Corp. 2,985,030
13,446 Bank of Boston Corp. 665,577
27,400 Bank of New York Co., Inc. 1,404,250
60,476 BankAmerica Corp. 4,581,057
17,700 Bankers Trust New York Corp. 1,307,587
13,900 Barnett Banks, Inc. 847,900
31,100 Boatmen's Bancshares, Inc. 1,244,000
70,234 Chase Manhattan Corp. 4,960,276
86,114 Citicorp 7,115,169
16,000 Comerica, Inc. 714,000
34,300 CoreStates Financial Corp. 1,320,550
14,700 Fifth Third Bancorp 791,962
30,100 First Bank Systems, Inc. 1,745,800
48,258 First Chicago NBD Corp. 1,888,094
54,285 First Union Corp. 3,304,599
39,915 Fleet Financial Group, Inc. 1,736,302
22,500 Golden West Financial Corp. 1,260,000
47,200 Great Western Financial Corp. 1,126,900
21,100 Green Tree Financial Corp. 659,375
34,203 KeyCorp 1,325,366
24,750 MBNA Corp. 705,375
27,000 Mellon Bank Corp. 1,539,000
34,199 Morgan (J.P.) & Co., Inc. 2,894,090
35,400 National City Corp. 1,243,425
51,922 NationsBank, Inc. 4,290,055
50,700 Norwest Corp. 1,768,162
57,900 PNC Bank Corp. 1,722,525
13,100 Republic New York Corp. 815,475
35,400 SunTrust Banks, Inc. 1,309,800
23,100 U.S. Bancorp 833,044
24,900 Wachovia Corp. 1,089,375
14,863 Wells Fargo & Co. 3,550,399
----------
63,630,119
- ----------------------------------------------------------------
Broadcasting: 1.0%
17,900 King World Productions, Inc. 651,112
100,700 Tele-Communications, Inc. Cl. A 1,818,894
61,520 Time Warner, Inc. 2,414,660
90,800 U.S. West, Inc.-Media Group 1,657,100
62,226 Viacom, Inc. Cl. B 2,419,036
----------
8,960,802
- ----------------------------------------------------------------
Building & Construction: 0.6%
7,500 Armstrong World Industries, Inc. 432,187
24,000 Crane Co. 984,000
</TABLE>
MSF-15
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------
<C> <S> <C>
Building & Construction: (Continued)
16,400 Dover Corp. $ 756,450
21,300 Masco Corp. 644,325
17,300 Owens-Corning Fiberglas Corp. 743,900
13,600 Sherwin-Williams Co. 632,400
15,600 Stanley Works 464,100
7,400 Willamette Industries, Inc. 439,375
----------
5,096,737
- ----------------------------------------------------------------
Business Services: 1.3%
57,900 Automatic Data Processing, Inc. 2,236,388
33,800 Block (H & R), Inc. 1,102,725
31,900 CUC International, Inc. 1,132,450
33,700 Deluxe Corp. 1,196,350
19,200 Ecolab, Inc. 633,600
34,000 First Data Corp. 2,707,250
11,200 Interpublic Group of Cos., Inc. 525,000
46,300 Laidlaw, Inc. Cl. B 468,788
17,600 Safety-Kleen Corp. 308,000
19,350 Service Corp. International 1,112,625
----------
11,423,176
- ----------------------------------------------------------------
Chemicals: 3.2%
20,100 Air Products & Chemicals, Inc. 1,160,775
41,300 Dow Chemical Co. 3,138,800
91,400 Du Pont (E.I.) de Nemours & Co. 7,232,025
14,675 Eastman Chemical Co. 893,341
5,800 FMC Corp. 378,450
15,100 Grace (W.R.) & Co. 1,070,213
13,200 Great Lakes Chemical Corp. 821,700
13,400 Hercules, Inc. 740,350
17,700 Mallinckrodt Group, Inc. 688,088
110,500 Monsanto Co. 3,591,250
29,400 Morton International, Inc. 1,095,150
28,800 Nalco Chemical Co. 907,200
27,600 Pall Corp. 665,850
26,000 PPG Industries, Inc. 1,267,500
24,500 Praxair, Inc. 1,035,125
8,000 Rohm & Haas Co. 502,000
18,500 Sigma Aldrich Corp. 985,125
15,200 Union Carbide Corp. 604,200
15,400 Williams Cos., Inc. 762,300
----------
27,539,442
- ----------------------------------------------------------------
Containers & Glass: 0.2%
18,800 Bemis Co., Inc. 658,000
18,400 Crown Cork & Seal Co., Inc. 828,000
----------
1,486,000
- ----------------------------------------------------------------
Cosmetics: 0.4%
22,000 Alberto-Culver Co. Cl. B Cvt. 1,020,250
29,200 Avon Products, Inc. 1,317,650
13,500 International Flavors & Fragrances, Inc. 642,937
----------
2,980,837
- ----------------------------------------------------------------
Drugs & Health Care: 6.4%
13,000 Allergan, Inc. 510,250
25,000 ALZA Corp. 684,375
106,100 American Home Products Corp. 6,379,263
43,600 Amgen, Inc. 2,348,950
16,600 Bausch & Lomb, Inc. 705,500
84,600 Bristol-Myers Squibb Co. 7,614,000
93,000 Lilly (Eli) & Co. 6,045,000
204,700 Merck & Co., Inc. 13,228,738
110,900 Pfizer, Inc. 7,915,488
76,915 Pharmacia & Upjohn, Inc. 3,413,103
61,800 Schering-Plough Corp. 3,877,950
40,400 Warner-Lambert Co. 2,222,000
----------
54,944,617
- ----------------------------------------------------------------
Electrical Equipment: 4.5%
29,200 AMP, Inc. 1,171,650
11,200 Black & Decker Corp. 432,600
10,200 Briggs & Stratton Corp. 419,475
35,900 Emerson Electric Co. 3,244,462
280,800 General Electric Co. 24,289,200
28,400 General Signal Corp. 1,075,650
16,100 Grainger (W.W.), Inc. 1,247,750
</TABLE>
MSF-16
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -----------------------------------------------------------------
Electrical Equipment: (Continued)
<C> <S> <C>
12,200 Johnson Controls, Inc. $ 847,900
29,000 National Service Industries, Inc. 1,134,625
18,600 Raychem Corp. 1,336,875
18,500 Tandy Corp. 876,437
10,400 Thomas & Betts Corp. 390,000
18,800 Tyco International Ltd. 766,100
55,100 Westinghouse Electric Corp. 1,033,125
----------
38,265,849
- -----------------------------------------------------------------
Electronics: 4.5%
65,600 Advanced Micro Devices, Inc. 893,800
15,500 Andrew Corp. 838,938
28,400 Applied Materials, Inc. 864,425
28,700 DSC Communications Corp. 862,794
27,400 General Instrument 791,175
14,300 Harris Corp. 872,300
84,000 Hewlett-Packard Co. 8,368,500
14,600 Honeywell, Inc. 795,700
135,300 Intel Corp. 9,936,094
19,400 LSI Logic Corp. 504,400
25,300 Micron Technology, Inc. 654,638
97,700 Motorola, Inc. 6,142,888
31,600 National Semiconductor Corp. 489,800
40,700 Northern Telecom Ltd. 2,213,063
8,800 Perkin-Elmer Corp. 424,600
16,300 Scientific-Atlanta, Inc. 252,650
47,900 Silicon Graphics, Inc. 1,149,600
9,400 Tektronix, Inc. 420,650
14,000 Tellabs, Inc. 936,250
31,100 Texas Instruments, Inc. 1,551,112
----------
38,963,377
- -----------------------------------------------------------------
Financial Services: 2.7
79,787 American Express Co. 3,560,495
13,600 Beneficial Corp. 763,300
35,013 Dean Witter Discover & Co. 2,004,494
25,700 Federal Home Loan Mortgage Corp. 2,197,350
179,600 Federal National Mortgage Assoc. 6,016,600
15,900 Household International, Inc. 1,208,400
28,800 Merrill Lynch & Co., Inc. 1,875,600
19,400 Morgan Stanley Group, Inc. 953,025
11,700 Salomon, Inc. 514,800
6,500 Transamerica Corp. 526,500
74,374 Travelers Group, Inc. 3,393,314
----------
23,013,878
- -----------------------------------------------------------------
Food & Beverages: 6.7%
39,200 Anheuser-Busch Co., Inc. 2,940,000
77,859 Archer-Daniels-Midland Co. 1,489,053
11,700 Brown-Forman Corp. Cl. B 468,000
42,200 Campbell Soup Co. 2,975,100
418,500 Coca-Cola Co. 20,454,187
49,850 ConAgra, Inc. 2,261,944
66,400 Coors (Adolph) Co. Cl. B 1,191,050
20,800 CPC International, Inc. 1,497,600
27,800 General Mills, Inc. 1,515,100
54,100 Heinz (H.J.) Co. 1,643,287
16,800 Hershey Foods Corp. 1,232,700
33,700 Kellogg Co. 2,468,525
265,300 PepsiCo, Inc. 9,384,987
19,400 Pioneer Hi Bred International, Inc. 1,025,775
23,300 Quaker Oats Co. 795,112
25,100 Ralston-Purina Group 1,609,537
74,800 Sara Lee Corp. 2,421,650
19,100 Sysco Corp. 654,175
32,700 Whitman Corp. 788,888
12,500 Wrigley (Wm.), Jr. Co. 631,250
----------
57,447,920
- -----------------------------------------------------------------
Forest Products & Paper: 1.5%
18,900 Alco Standard Corp. 855,225
8,300 Boise Cascade Corp. 303,987
14,600 Champion International Corp. 609,550
14,700 Georgia-Pacific Corp. 1,043,700
</TABLE>
MSF-17
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------
<C> <S> <C>
Forest Products & Paper: (Continued)
44,100 International Paper Co. $ 1,626,187
25,700 James River Corp. 677,837
47,160 Kimberly-Clark Corp. 3,643,110
32,100 Louisiana-Pacific Corp. 710,213
18,900 Mead Corp. 980,438
10,354 Stone Container Corp. 142,368
16,200 Temple Inland, Inc. 757,350
18,300 Westvaco Corp. 546,713
30,200 Weyerhaeuser Co. 1,283,500
-----------
13,180,178
- ----------------------------------------------------------------
Hospital Management: 1.0%
40,400 Beverly Enterprises, Inc. 484,800
69,290 Columbia/HCA Healthcare Corp. 3,698,354
43,700 Community Psychiatric Centers 415,150
21,700 Humana, Inc. 387,887
11,500 Manor Care, Inc. 452,813
40,200 Tenet Healthcare Corp. 859,275
22,700 U.S. Healthcare, Inc. 1,247,081
14,900 United Healthcare Corp. 752,450
----------
8,297,810
- ----------------------------------------------------------------
Hospital Supply: 2.8%
132,200 Abbott Laboratories, Inc. 5,750,700
14,500 Bard (C.R.), Inc. 493,000
38,100 Baxter International, Inc. 1,800,225
7,200 Becton, Dickinson & Co. 577,800
31,500 Boston Scientific Corp. 1,417,500
224,000 Johnson & Johnson 11,088,000
35,700 Medtronic, Inc. 1,999,200
13,350 St. Jude Medical, Inc. 445,556
23,000 United States Surgical Corp. 713,000
----------
24,284,981
- ----------------------------------------------------------------
Hotel & Restaurant: 1.1%
17,100 Darden Restaurants, Inc. 183,825
24,900 Harrah's Entertainment, Inc. 703,425
7,800 Hilton Hotels Corp. 877,500
27,100 Marriott International 1,456,625
117,400 McDonald's Corp. 5,488,450
11,300 Shoney's, Inc. 122,888
24,100 Wendy's International, Inc. 448,863
----------
9,281,576
- ----------------------------------------------------------------
Household Appliances & Home Furnishings: 0.2%
49,800 Maytag Corp. 1,039,575
19,400 Newell Co. 594,125
8,600 Whirlpool Corp. 426,775
----------
2,060,475
- ----------------------------------------------------------------
Household Products: 2.8%
9,600 Clorox Co. 850,800
29,300 Colgate-Palmolive Co. 2,483,175
33,100 Corning, Inc. 1,270,212
69,700 Gillette Co. 4,347,538
113,000 Procter & Gamble Co. 10,240,625
26,700 Rubbermaid, Inc. 727,575
9,200 Tupperware Corp. 388,700
25,200 Unilever NV 3,657,150
----------
23,965,775
- ----------------------------------------------------------------
Insurance: 3.5%
18,000 Aetna Life & Casualty Co. 1,287,000
37,400 Alexander & Alexander Services, Inc. 738,650
73,699 Allstate Corp. 3,362,517
37,800 American General Corp. 1,374,975
78,050 American International Group, Inc. 7,697,681
17,100 Aon Corp. 867,825
22,400 Chubb Corp. 1,117,200
13,500 CIGNA Corp. 1,591,312
12,600 General Re Corp. 1,918,350
14,700 ITT Hartford Group, Inc. 782,775
9,000 Jefferson-Pilot Corp. 464,625
13,000 Lincoln National Corp. 601,250
22,300 Loews Corp. 1,758,913
11,700 Marsh & McLennan Cos., Inc. 1,129,050
12,600 SAFECO Corp. 446,512
</TABLE>
MSF-18
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------
Insurance: (Continued)
<C> <S> <C>
21,700 St. Paul Cos., Inc. $ 1,160,950
24,500 Torchmark Corp. 1,071,875
21,100 UNUM Corp. 1,313,475
30,300 USF&G Corp. 496,162
20,300 USLIFE Corp. 667,363
----------
29,848,460
- ----------------------------------------------------------------
Leisure: 0.8%
111,499 Disney (Walt) Co. 7,010,500
- ----------------------------------------------------------------
Liquor: 0.2%
51,900 Seagram Ltd. 1,745,137
- ----------------------------------------------------------------
Machinery: 1.5%
24,800 Browning-Ferris Industries, Inc. 719,200
13,200 Case Corp. 633,600
28,500 Caterpillar, Inc. 1,930,875
13,100 Cooper Industries, Inc. 543,650
18,900 Cummins Engine Co., Inc. 763,087
36,900 Deere & Co. 1,476,000
14,000 Fluor Corp. 915,250
6,000 Foster Wheeler Corp. 269,250
15,100 Illinois Tool Works, Inc. 1,021,137
24,100 Ingersoll-Rand Co. 1,054,375
13,800 Parker Hannifin Corp. 584,775
6,500 Varity Corp. 312,813
75,100 WMX Technologies, Inc. 2,459,525
----------
12,683,537
- ----------------------------------------------------------------
Metals-Aluminum: 0.4%
33,600 Alcan Aluminium Ltd. 1,024,800
28,700 Aluminum Co. of America 1,646,663
18,700 Reynolds Metals Co. 974,737
----------
3,646,200
- ----------------------------------------------------------------
Metals-Gold: 0.5%
47,400 Barrick Gold Corp. 1,285,725
42,100 Echo Bay Mines Ltd. 452,575
15,700 Homestake Mining Co. 268,862
14,190 Newmont Mining Corp. 700,631
32,900 Placer Dome, Inc. 785,487
50,707 Santa Fe Pacific Gold Corp. 716,236
----------
4,209,516
- ----------------------------------------------------------------
Metals-Non-Ferrous: 0.1%
12,600 ASARCO, Inc. 348,075
19,050 Engelhard Corp. 438,150
10,106 Inco Ltd. 325,918
----------
1,112,143
- ----------------------------------------------------------------
Metals-Steel & Iron: 0.2%
9,500 Bethlehem Steel Corp. 112,812
10,400 Inland Steel Industries, Inc. 204,100
13,700 Nucor Corp. 693,563
46,600 Worthington Industries, Inc. 966,950
----------
1,977,425
- ----------------------------------------------------------------
Mining: 0.2%
13,250 Cyprus AMAX Minerals Co. 299,781
25,300 Freeport-McMoRan Copper & Gold, Inc.
Cl. B 806,437
6,300 Phelps-Dodge Corp. 392,963
----------
1,499,181
- ----------------------------------------------------------------
Multi-Industry: 1.0%
25,400 Harcourt General, Inc. 1,270,000
17,900 ITT Corp. 1,185,875
31,000 ITT Industries, Inc. 778,875
76,200 Minnesota Mining & Manufacturing Co. 5,257,800
----------
8,492,550
- ----------------------------------------------------------------
Newspapers: 0.6%
17,900 Dow Jones & Co., Inc. 747,325
19,300 Gannett Co., Inc. 1,365,475
10,400 Knight-Ridder, Inc. 754,000
26,400 New York Times Co. Cl. A 861,300
18,900 Times Mirror Co. Cl. A 822,150
10,700 Tribune Co. 777,087
----------
5,327,337
- ----------------------------------------------------------------
Office & Business Equipment: 3.5%
22,200 *3 Com Corp. 1,014,263
50,900 Amdahl Corp. 547,175
</TABLE>
MSF-19
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------
<C> <S> <C>
Office & Business Equipment: (Continued)
31,200 Apple Computer, Inc. $ 653,250
19,900 Avery Dennison Corp. 1,092,013
27,700 Bay Networks 713,275
8,300 Cabletron Systems, Inc. 569,588
13,100 Ceridian Corp. 661,550
95,300 Cisco Systems, Inc. 5,402,319
36,600 COMPAQ Computer Corp. 1,802,550
4,093 *Cray Research, Inc. 98,744
38,400 *Data General Corp. 499,200
19,400 Digital Equipment Corp. 873,000
34,500 *E M C Corp. 642,563
59,700 Intergraph Corp. 731,325
90,500 International Business Machines Corp. 8,959,500
20,900 Moore Corp. Ltd. 394,488
18,200 Pitney Bowes, Inc. 869,050
29,000 Sun Microsystems, Inc. 1,707,375
61,800 Unisys Corp. 440,325
47,400 Xerox Corp. 2,535,900
----------
30,207,453
- ----------------------------------------------------------------
Oil & Gas Exploration: 0.1%
8,400 Louisiana Land & Exploration Co. 484,050
22,600 Santa Fe Energy Resources, Inc. 268,375
----------
752,425
- ----------------------------------------------------------------
Oil-Domestic: 2.0%
12,800 Amerada Hess Corp. 686,400
80,000 Amoco Corp. 5,790,000
7,200 Ashland Oil, Inc. 285,300
24,300 Atlantic Richfield Co. 2,879,550
17,100 Kerr-McGee Corp. 1,040,963
50,000 Occidental Petroleum Corp. 1,237,500
23,500 Oryx Energy Co. 381,875
41,700 Phillips Petroleum Co. 1,746,187
26,100 Tenneco, Inc. 1,334,362
30,836 Unocal Corp. 1,040,715
38,900 USX-Marathon Group 782,862
----------
17,205,714
- ----------------------------------------------------------------
Oil-International: 5.7%
103,800 Chevron Corp. 6,124,200
209,800 Exxon Corp. 18,226,375
64,200 Mobil Corp. 7,198,425
89,900 Royal Dutch Petroleum Co. 13,822,125
43,500 Texaco, Inc. 3,648,562
----------
49,019,687
- ----------------------------------------------------------------
Oil-Services: 1.1%
23,800 Baker Hughes, Inc. 782,425
12,100 Coastal Corp. 505,175
21,000 Dresser Industries, Inc. 619,500
17,500 Halliburton Co. 971,250
14,100 Helmerich & Payne, Inc. 516,413
21,300 McDermott International, Inc. 444,638
76,900 Rowan Cos., Inc. 1,134,275
40,800 Schlumberger Ltd. 3,437,400
14,500 *Western Atlas, Inc. 844,625
----------
9,255,701
- ----------------------------------------------------------------
Photography: 0.6%
56,300 Eastman Kodak Co. 4,377,325
20,600 Polaroid Corp. 939,875
----------
5,317,200
- ----------------------------------------------------------------
Printing & Publishing: 0.5%
18,700 American Greetings Corp. Cl. A 510,744
25,100 Donnelley (R.R.) & Sons Co. 875,362
22,200 Dun & Bradstreet Corp. 1,387,500
16,000 McGraw-Hill Cos., Inc. 732,000
15,200 Meredith Corp. 634,600
4,140,206
- ----------------------------------------------------------------
Retail Grocery: 0.7%
35,300 Albertson's, Inc. 1,460,538
25,100 American Stores Co. 1,035,375
50,595 Fleming Cos., Inc. 727,303
21,400 Giant Foods, Inc. Cl. A 767,725
29,400 Kroger Co. 1,161,300
19,800 Winn-Dixie Stores, Inc. 700,425
----------
5,852,666
- ----------------------------------------------------------------
</TABLE>
MSF-20
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------
Retail Trade: 4.3%
<C> <S> <C>
123,400 Charming Shoppes, Inc. $ 863,800
35,300 Circuit City Stores, Inc. 1,275,212
8,800 Dayton-Hudson Corp. 907,500
20,600 Dillard Department Stores Inc. Cl. A 751,900
26,500 Federated Department Stores 904,312
73,533 Home Depot, Inc. 3,970,782
71,000 *K Mart Corp. 878,625
59,900 Limited, Inc. 1,287,850
100 Longs Drug Stores Corp. 4,463
16,200 Lowes Cos., Inc. 585,225
38,400 May Department Stores Co. 1,680,000
31,400 Melville Corp. 1,271,700
13,300 Nordstrom, Inc. 590,187
34,800 Penney (J.C.) Co., Inc. 1,827,000
12,400 Pep Boys-Manny, Moe & Jack 421,600
29,767 *Price/Costco, Inc. 639,990
38,300 Rite-Aid Corp. 1,139,425
62,200 Sears, Roebuck & Co. 3,024,475
22,200 SuperValu, Inc. 699,300
37,200 The Gap, Inc. 1,195,050
40,400 Toys 'R Us, Inc. 1,151,400
384,500 Wal-Mart Stores, Inc. 9,756,687
31,200 Walgreen Co. 1,045,200
27,200 Woolworth Corp. 612,000
----------
36,483,683
- ----------------------------------------------------------------
Software: 2.3%
19,200 Autodesk, Inc. 572,400
36,400 Computer Associates International, Inc. 2,593,500
97,800 Microsoft Corp. 11,742,113
36,900 Novell, Inc. 509,681
107,500 Oracle Systems Corp. 4,239,531
----------
19,657,225
- ----------------------------------------------------------------
Textiles & Apparel: 0.5%
23,500 Liz Claiborne, Inc. 813,688
23,000 Nike, Inc. Cl. B 2,363,250
19,800 Reebok International Ltd. 665,775
4,200 Russell Corp. 116,025
1,500 Springs Industries, Inc. 75,750
7,000 Stride Rite Corp. 57,750
7,600 VF Corp. 453,150
----------
4,545,388
- ----------------------------------------------------------------
Tires & Rubber: 0.3%
42,200 Cooper Tire & Rubber Co. 938,950
21,900 Goodrich (B.F.) Co. 818,512
17,400 Goodyear Tire And Rubber Co. 839,550
----------
2,597,012
- ----------------------------------------------------------------
Tobacco: 2.0%
25,500 American Brands, Inc. 1,157,063
137,500 Philip Morris Cos., Inc. 14,300,000
37,400 UST, Inc. 1,280,950
----------
16,738,013
- ----------------------------------------------------------------
Toys & Amusements: 0.2%
18,500 Hasbro, Inc. 661,375
32,213 Mattel, Inc. 922,097
----------
1,583,472
- ----------------------------------------------------------------
Transportation-Airlines: 0.4%
14,800 AMR Corp. 1,346,800
6,000 Delta Air Lines, Inc. 498,000
6,900 Federal Express Corp. 565,800
15,400 Southwest Airlines Co. 448,525
53,600 USAir Group, Inc. 964,800
----------
3,823,925
- ----------------------------------------------------------------
Transportation-Railroad: 1.0%
27,401 Burlington Northern Santa Fe Corp. 2,216,056
19,700 Conrail, Inc. 1,307,588
28,200 CSX Corp. 1,360,650
18,600 Norfolk Southern Corp. 1,576,350
34,700 Union Pacific Corp. 2,424,663
----------
8,885,307
- ----------------------------------------------------------------
Transportation-Trucking: 0.2%
13,000 Caliber System, Inc. 442,000
35,800 Ryder Systems, Inc. 1,006,875
----------
1,448,875
- ----------------------------------------------------------------
</TABLE>
MSF-21
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------
Utilities-Electric: 3.0%
<C> <S> <C>
27,400 American Electric Power Co., Inc. $ 1,167,925
28,700 Baltimore Gas & Electric Co. 814,363
18,800 Carolina Power & Light Co. 714,400
21,300 Central & South West Corp. 617,700
21,892 CINergy Corp. 700,544
32,200 Consolidated Edison Co. of New York, Inc. 941,850
22,600 Dominion Resources, Inc. 904,000
15,100 DTE Energy Co. 466,213
29,100 Duke Power Co. 1,491,375
61,000 Edison International 1,075,125
29,400 Entergy Corp. 834,225
27,900 FPL Group, Inc. 1,283,400
13,000 General Public Utilities Corp. 458,250
28,400 Houston Industries, Inc. 699,350
96,000 Niagara Mohawk Power Corp. 744,000
11,700 Northern States Power Co. 577,688
30,400 Ohio Edison Co. 665,000
66,800 Pacific Gas & Electric Co. 1,553,100
49,400 PacifiCorp 1,099,150
23,900 PECO Energy Corp. 621,400
33,500 Public Service Enterprise Group, Inc. 917,063
29,800 PP&L Resources, Inc. 704,025
101,700 Southern Co. 2,504,363
29,200 Texas Utilities Co. 1,248,300
22,300 Unicom Corp. 621,613
21,500 Union Electric Co. 865,375
29,400 WorldCom Inc. 1,626,188
----------
25,915,985
- ----------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 1.5%
32,200 Burlington Resources, Inc. 1,384,600
17,000 Columbia Gas Systems, Inc. 886,125
21,100 Consolidated Natural Gas Co. 1,102,475
18,500 Eastern Enterprises 615,125
39,900 Enron Corp. 1,630,912
64,200 ENSERCH Corp. 1,396,350
21,700 NICOR, Inc. 615,738
53,600 NorAm Energy Corp. 582,900
33,600 ONEOK, Inc. 840,000
44,500 Pacific Enterprises 1,318,313
23,300 Panenergy Corp. 765,987
24,900 Peoples Energy Corp. 834,150
27,800 Sonat, Inc. 1,251,000
----------
13,223,675
- ----------------------------------------------------------------
Utilities-Telephone: 7.5%
77,000 AirTouch Communications 2,175,250
42,300 ALLTEL Corp. 1,300,725
87,600 Ameritech Corp. 5,201,250
270,135 AT&T Corp. 16,748,370
75,800 Bell Atlantic Corp. 4,832,250
175,500 BellSouth Corp. 7,436,813
173,500 GTE Corp. 7,764,125
109,400 MCI Communications Corp. 2,796,538
69,300 NYNEX Corp. 3,291,750
78,067 Pacific Telesis Group 2,634,761
98,300 SBC Communications, Inc. 4,841,275
69,200 Sprint Corp. 2,906,400
77,500 U.S. West, Inc.-Communications Group 2,470,313
----------
64,399,820
- ----------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $653,791,846)................ 856,640,790
- ----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Face Value
Amount Issue (Note 1A)
- ----------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.4%
- ----------------------------------------------------------------
<C> <S> <C>
$3,650,000 U. S. Treasury Bills, 4.970% to
5.240% with maturities to 8/29/96 $ 3,619,947
------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $3,619,947).................. 3,619,947
------------
- ----------------------------------------------------------------
TOTAL INVESTMENTS: 100.1%
(Cost: $657,411,793)................ 860,260,737
OTHER ASSETS LESS LIABILITIES:
(0.1)%............................. (756,975)
TOTAL NET ASSETS: 100.0%............ $859,503,762
============
</TABLE>
- ----------------------------------------------------------------
See Notes to Financial Statements.
- ----------------------------------------------------------------
*Non-income producing security.
MSF-22
<PAGE>
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION> VALUE
SHARES ISSUE (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 73.2%
- -------------------------------------------------------------------------------
<S> <C> <C>
Australia: 4.3%
115,000 Brambles Industries Ltd. $1,597,800
280,000 Coles Myer Ltd. 1,016,582
1,100,000 Fosters Brewing Group Ltd. 1,893,124
1,188,849 * Gold Mines of Australia Ltd. (Wts.) 93,426
1,620,000 MIM Holdings Ltd. 2,087,859
465,000 QBE Insurance Group Ltd. 2,758,939
335,000 Resolute Samantha 776,621
600,000 Santos Ltd. 2,074,656
220,000 WMC Ltd. 1,573,281
------------
Total Investments in Australia 13,872,288
- -------------------------------------------------------------------------------
Austria: 1.1%
10,000 Bohler Uddeholm AG 775,375
6,000 Creditanstalt Bank AG 397,403
10,000 Flughafen Wien AG 687,094
10,000 OMV Handels AG 1,008,921
17,000 VA Stahl AG 574,898
------------
Total Investments in Austria 3,443,691
- -------------------------------------------------------------------------------
Belgium: 0.3%
3,500 Petrofina SA 1,098,030
------------
Total Investments in Belgium 1,098,030
- -------------------------------------------------------------------------------
Canada: 1.8%
790,000 * Akiko Gold Resources Ltd. 381,894
1,000,000 * Avocet Mining 2,407,206
1,075,000 * Epicore Networks, Inc. 2,283,381
1,900,000 * Princess Resources Ltd. 612,320
------------
Total Investments in Canada 5,684,801
- -------------------------------------------------------------------------------
China: 1.2%
4,185,000 * Advanced Material Resources Ltd. 2,115,030
1,153,000 China Merchants 623,807
810,000 * China North Industries 526,500
1,050,000 Shanghai Lujiazhui Finance & Trade Zone
Development Co. Ltd. Cl. B 781,200
------------
Total Investments in China 4,046,537
- -------------------------------------------------------------------------------
Czech Republic: 0.3%
32,000 * Komercni Banka 864,000
------------
Total Investments in Czech Republic 864,000
- -------------------------------------------------------------------------------
Finland: 0.4%
15,000 Cultor Oy Ser. 2 $ 770,792
41,000 Valmet Corp. 694,900
-----------
Total Investments in Finland 1,465,692
- -------------------------------------------------------------------------------
France: 6.6%
5,500 Accor 769,889
30,000 Assurance Generale de France 813,049
20,618 AXA 1,124,378
4,500 Canal Plus SA 1,101,466
5,500 Cetelem 1,237,169
10,000 Cie Financiere Paribas 591,026
25,500 Credit Commercial de France 1,182,887
15,000 Lafarge 908,410
32,000 Lagardere Groupe 825,570
3,500 LVMH Moet Hennessy Louis Vuitton 830,838
11,000 Lyonnaise des Eaux SA 1,051,326
20,000 Michelin Ser. B 978,303
24,997 * Pechiney International NV 1,010,358
3,500 Promodes 1,009,799
22,500 Rhone Poulenc SA 591,852
7,000 Saint-Gobain 937,670
20,000 Seita 917,645
10,000 Synthelabo 845,711
20,000 Thomson-C.S.F. 562,641
20,000 Total SA B 1,484,563
7,500 Union Assurance 925,908
50,000 * Usinor Sacilor 721,771
15,000 Valeo SA 803,426
-----------
Total Investments in France 21,225,655
- -------------------------------------------------------------------------------
Germany: 5.7%
3,750 Basf AG 1,072,838
32,500 Bayer AG 1,148,882
2,300 Bayer Motoren Werk AG 1,334,923
1,000 Colonia Konzern AG 808,944
4,000 * Daimler-Benz AG 2,142,716
4,000 * Daimler Benz AG(Rts.) 552
</TABLE>
MSF-23
<PAGE>
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
Germany: (Continued)
<S> <C> <C>
15,500 Deutsche Bank AG $ 733,969
22,500 Deutsche Pfandbrief (DEPFA) 890,825
37,500 Hoechst AG 1,272,608
5,000 Krupp-Hoesch AG 769,484
1,250 Linde AG 813,877
6,000 Lufthansa AG 848,405
3,500 Mannesmann AG 1,210,786
22,500 RWE AG 877,507
27,500 Siemens AG 1,470,404
6,000 Thyssen AG 1,097,402
20,000 Veba AG 1,063,729
2,500 Volkswagen AG 929,793
------------
Total Investments in Germany 18,487,644
- -------------------------------------------------------------------------------
Ghana: 0.4%
60,000 Ashanti Goldfields Ltd. GDR 1,185,000
------------
Total Investments in Ghana 1,185,000
- -------------------------------------------------------------------------------
Hong Kong: 2.2%
600,000 Cathay Pacific Airways 1,100,661
470,000 Consolidated Electric Power 777,181
1,300,000 Cosco Pacific Ltd. 932,074
955,000 Hong Kong Telecommunications Ltd. 1,714,874
780,000 Johnson Electric Holdings Ltd. 1,753,307
1,250,000 South China Morning Post 855,855
------------
Total Investments in Hong Kong 7,133,952
- -------------------------------------------------------------------------------
Hungary: 0.2%
55,000 * Mol Magyar Olaj-es Gazipari GDR 607,750
------------
Total Investments in Hungary 607,750
- -------------------------------------------------------------------------------
Indonesia: 0.5%
460,000 Anglo-Eastern Plantations 871,564
200,000 Rea Holdings 955,117
------------
Total Investments in Indonesia 1,826,681
- -------------------------------------------------------------------------------
Israel: 0.4%
70,000 Koors Industries Ltd. ADR 1,207,500
------------
Total Investments in Israel 1,207,500
- -------------------------------------------------------------------------------
Italy: 0.6%
70,500 Edison 425,878
225,000 Eni SPA 1,123,347
150,000 Italgas 560,816
------------
Total Investments in Italy 2,110,041
- -------------------------------------------------------------------------------
Japan: 20.1%
750,000 * Aoki Corp. 2,791,112
75,000 Asatsu, Inc. 3,257,441
200,000 Canon, Inc. 4,169,524
320,000 Casio Computer Co. 3,072,281
1,100,000 * ISR Group Ltd. 734,774
280,300 Kandenko Co. 3,562,538
93,000 Kansai Electric Power 2,125,277
20,000 Keyence Corp. 2,724,821
100,000 Meitec Corp. 2,276,780
315,000 Misawa Homes Co. Ltd. 3,081,882
360,000 Mitsui & Co. Ltd. 3,268,687
315,000 Mitsukoshi 3,369,908
41,500 Nintendo Co. Ltd. 3,096,420
60,000 Nippon Hodo Co. 1,020,436
430,000 Nippon Shinpan Co. 3,066,795
85,000 Pioneer Electronic Corp. 2,028,528
325,453 * Prospect Japan Fund 3,295,212
580,000 Sumitomo Realty & Development Co. Ltd. 4,597,998
145,000 Takara Co. 1,259,544
150,000 Takashimaya Co. 2,331,642
57,000 TDK Corp. 3,408,586
395,000 Tokio Marine & Fire Insurance Co. Ltd. 5,273,168
145,000 * Tokyo Nissan Auto Sales Co. Ltd. 1,034,152
------------
Total Investments in Japan 64,847,506
- -------------------------------------------------------------------------------
Malaysia: 1.6%
630,000 Magnum Corp. Bhd. 1,065,785
260,000 Malaysia Airlines System Bhd. 828,623
355,000 Tenaga Nasional Bhd. 1,494,287
465,000 UMW Holdings Bhd. 1,659,050
------------
Total Investments in Malaysia 5,047,745
- -------------------------------------------------------------------------------
</TABLE>
MSF-24
<PAGE>
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
<S> <C> <C>
Mexico: 0.3%
16,000 Banco Latinoamericano de Exportaciones SA Cl. E $ 900,000
------------
Total Investments in Mexico 900,000
- --------------------------------------------------------------------------------
Netherlands: 2.3%
31,000 ABN AMRO Holdings NV 1,664,966
10,000 Akzo Nobel NV 1,199,062
14,900 * ASM Lithography HL 615,919
25,000 Gist Brocades NV 825,271
10,000 Hagemeyer 712,987
25,000 ING Groep NV 747,178
10,000 Royal Dutch Petroleum 1,545,588
------------
Total Investments in Netherlands 7,310,971
- --------------------------------------------------------------------------------
Norway: 0.3%
18,000 Orkla AS A 948,668
------------
Total Investments in Norway 948,668
- --------------------------------------------------------------------------------
Pacific Basin: 0.5%
282,330 * Isleinvest Ltd. 1,628,469
------------
Total Investments in Pacific Basin 1,628,469
- --------------------------------------------------------------------------------
Philippines: 0.3%
763,000 * TVI Pacific, Inc. 961,225
------------
Total Investments in Philippines 961,225
- --------------------------------------------------------------------------------
Poland: 0.3%
70,000 * Bank Gdanski GDR SA 857,500
------------
Total Investments in Poland 857,500
- --------------------------------------------------------------------------------
Russia: 1.0%
33,900,000 * Bula Resources Holdings 1,579,438
2,186,000 * Xavier Mines Ltd. 1,601,113
------------
Total Investments in Russia 3,180,551
- --------------------------------------------------------------------------------
Singapore: 0.5%
100,000 * Keppel Corp. 836,286
390,000 Malayan Credit 688,235
------------
Total Investments in Singapore 1,524,521
- --------------------------------------------------------------------------------
South Africa: 1.2%
44,000 Kloof Gold Mining Ltd. ADR 426,250
600,000 Sun International 643,896
1,258,000 * Tan Range Exploration Corp. 1,474,255
1,650,000 * United Reef Ltd. 640,519
44,017 Western Areas Gold Mining Ltd. ADR $ 696,019
------------
Total Investments in South Africa 3,880,939
- --------------------------------------------------------------------------------
South Korea: 0.2%
73,000 Yukong GDS 613,200
------------
Total Investments in South Korea 613,200
- --------------------------------------------------------------------------------
Spain: 1.9%
20,000 Banco Bilbao Vizcaya 810,906
50,000 Centros Common Pryca 1,249,951
17,500 Empresa Nacional de Electricidad SA 1,092,340
128,000 Fuerzas Electric Catal 1,044,959
102,375 Iberdrola SA 1,051,702
25,800 Repsol SA 897,926
------------
Total Investments in Spain 6,147,784
- --------------------------------------------------------------------------------
Sweden: 1.2%
40,000 Ericsson (L.M.) Telephone Ser. B 864,035
40,000 Sandvik AB 924,457
22,500 Scania AB Ser. A 625,368
60,000 Skandia Foersaekrings AB 1,590,610
------------
Total Investments in Sweden 4,004,470
- --------------------------------------------------------------------------------
Switzerland: 2.4%
1,100 ABB AG 1,362,022
2,500 Ciba Geigy AG 3,049,512
2,000 Elektrowatt AG 740,681
1,250 Nestle SA 1,428,771
4,000 Schweiz Bankverein 786,932
750 SMH Neuenburg AG 524,686
------------
Total Investments in Switzerland 7,892,604
- --------------------------------------------------------------------------------
Taiwan: 0.3%
75,000 * Tung Ho Steel Ent GDR 873,750
------------
Total Investments in Taiwan 873,750
- --------------------------------------------------------------------------------
Tajikstan: 0.4%
1,640,900 * Nelson Gold Ltd. 1,442,232
------------
Total Investments in Tajikstan 1,442,232
- --------------------------------------------------------------------------------
Ukraine: 0.9%
4,254,800 * Emtech Technology 2,960,565
------------
Total Investments in Ukraine 2,960,565
- --------------------------------------------------------------------------------
</TABLE>
MSF-25
<PAGE>
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
Common Stock: (Continued)
- -------------------------------------------------------------------------------
<S> <C> <C>
United Kingdom: 11.5%
775,000 * Alexon Group PLC $ 1,757,260
1,900,000 * Alpha Omikron 560,646
265,000 Arjo Wiggins Appleton PLC 722,278
365,000 * Ascot Holdings PLC 2,154,061
200,000 Bank of Ireland 1,369,001
84,000 Barclays PLC 1,007,765
3,500,000 * Birse Group PLC 1,304,550
65,000 * British Biotech (Nil Paid) 2,493,400
8,125 * British Biotech 49,212
110,000 British Petroleum Co. 965,212
200,000 British Telecommunications PLC 1,074,701
236,000 BTR PLC 927,287
537,492 * Celsis International 993,346
1,000,000 * Electrophoretics 1,785,992
299,400 * Euro Sales Finance Cl. A 557,975
75,000 Glaxo Wellcome PLC 1,009,862
75,000 Grand Metropolitan 497,360
540,000 Hampden Group PLC 918,310
1,331,837 * Inn Business Group PLC 1,416,848
190,000 Irish Life PLC 755,397
250,000 J. Sainsbury PLC 1,471,502
615,000 * Kemgas International Ltd. 1,013,514
130,000 Marks & Spencer PLC 949,915
90,000 National Westminster Bank PLC 858,208
418,356 * On Demand Info. 1,007,069
420,000 * Premium Underwriting 945,799
477,099 RAP Group 685,381
342,500 Rolls Royce PLC 1,191,489
277,500 * Sun Life & Province 956,748
450,000 Tarmac PLC 768,753
1,653,979 * Turbo Genset, Inc. Cl. A 811,665
60,000 Unilever PLC 1,192,732
7,500,000 Upton & Southern Holdings PLC 378,553
750,000 Upton & Southern Holdings PLC (Wts.) 17,472
1,890,400 Waverley Mining Finance PLC 2,363,367
3,521,073 World Fluids Holdings PLC 252,911
-----------
Total Investments in United Kingdom 37,185,541
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $221,992,783)..............................236,467,503
- -------------------------------------------------------------------------------
PREFERRED STOCK: 1.3%
- -------------------------------------------------------------------------------
<S> <C> <C>
Baltic States: 0.3%
7,500 Baltic Republics Fund Units $ 933,750
-----------
Total Investments in Baltic States 933,750
- -------------------------------------------------------------------------------
Germany: 0.3%
2,000 Henkel KGAA AG 864,189
-----------
Total Investments in Germany 864,189
- -------------------------------------------------------------------------------
Hong Kong: 0.6%
2,115,000 Amoy Properties Cvt. Cum. Pfd. 1,974,881
-----------
Total Investments in Hong Kong 1,974,881
- -------------------------------------------------------------------------------
United Kingdom: 0.1%
295,000 Upton & Southern Holdings PLC Cum. Cvt. Pfd. 426,075
-----------
Total Investments in United Kingdom 426,075
- -------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $3,963,126)..................................4,198,895
- -------------------------------------------------------------------------------
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ----------------------------------------------------------------------------------------
CONVERTIBLE BONDS: 10.2%
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Japan $300,000,000 Asahi Glass Co. 1.900% 12/26/08 $ 3,288,301
Japan 660,000,000 Hankyu Corp. 1.250% 9/30/98 6,253,600
Japan 555,000,000 Kawasaki Heavy
Industries 0.500% 9/30/98 6,178,508
Japan 6,400,000 Mitsubishi Bank 3.500% 3/31/04 6,756,000
Japan 7,000,000 NEC Corp. 1.000% 3/31/99 6,466,965
Japan 185,000,000 Sumitomo Bank
International 0.750% 5/31/01 1,826,910
Malaysia 990,000 Aokam Perdana
Bhd. 3.500% 6/13/04 788,288
Thailand 2,140,000 NTS Steel Group 4.000% 12/16/08 786,450
Thailand 1,315,000 Siam Syntech
Construction 4.500% 2/25/02 670,650
- ----------------------------------------------------------------------------------------
TOTAL CONVERTIBLE BONDS
(Cost: $32,728,071).................................. 33,015,672
------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 84.7%
(Cost: $258,683,980)................................. 273,682,070
OTHER ASSETS LESS LIABILITIES: 15.3%................ 49,354,051
------------
TOTAL NET ASSETS: 100.0%............................ $323,036,121
============
- -------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
MSF-26
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Industry Diversification
- --------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
As a Percentage of Total Value of Investments (unaudited)
<TABLE>
<S> <C>
Aerospace................................ 0.21%
Automotive............................... 2.51%
Banking.................................. 7.64%
Broadcasting............................. 0.40%
Building & Construction.................. 4.07%
Business Services........................ 2.88%
Chemicals................................ 6.02%
Construction Materials................... 1.42%
Drugs & Health Care...................... 1.69%
Electrical Equipment..................... 3.25%
Electronics.............................. 7.06%
Financial Services....................... 2.27%
Food & Beverages......................... 1.93%
Forest Products & Paper.................. 0.26%
General Business......................... 1.71%
Insurance................................ 5.83%
Investment Companies..................... 1.55%
Leisure.................................. 2.29%
Liquor................................... 1.00%
Machinery................................ 2.67%
Metals-Gold.............................. 2.65%
Metals-Non-Ferrous....................... 3.40%
Metals-Steel & Iron...................... 2.05%
Mining................................... 1.64%
Miscellaneous............................ 2.49%
Multi-Industry........................... 1.81%
Office & Business Equipment.............. 1.52%
Oil & Gas Exploration.................... 1.67%
Oil-Domestic............................. 1.00%
Oil-International........................ 3.15%
Printing & Publishing.................... 0.31%
Real Estate.............................. 2.94%
Retail Trade............................. 5.44%
Shipbuilding............................. 2.26%
Tires & Rubber........................... 0.36%
Tobacco.................................. 0.34%
Toys & Amusements........................ 1.59%
Transportation-Airlines.................. 1.01%
Transportation-Railroad.................. 2.87%
Utilities-Electric....................... 2.93%
Utilities-Gas Distribution & Pipelines... 0.20%
Utilities-Miscellaneous.................. 0.38%
Utilities-Telephone...................... 1.33%
-----
100.0%
=====
</TABLE>
See Notes to Financial Statements.
MSF-27
<PAGE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
Metropilitan Series Fund, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Financial Statements
- ------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1996 (unaudited)
Money
Growth Income Market
Portfolio Portfolio Portfolio
----------- ----------- -----------
<S> <C> <C> <C> <C>
Assets: Investment, at value (Note 1A) (1) ----------------------- $1,352,295,684 $355,927,513 $40,369,976
Cash ----------------------------------------------------- 383 338 52,686
Cash denominated in foreign currencies (2) --------------- -- -- --
Receivable for investment securities sold ---------------- 833,984 428,903 --
Receivable for fund shares sold -------------------------- 493,540 360,703 115,995
Receivable for dividends and interest -------------------- 1,593,650 5,582,021 29,800
Unrealized appreciation on forward contacts (Note 7) ----- -- 83,774 --
Other assets --------------------------------------------- 115,095 63,776 15
-------------- ------------ -----------
TOTAL ASSETS ---------------------------------- 1,355,332,336 362,447,028 40,568,472
-------------- ------------ -----------
Liabilities: Payable for investment securities purchased -------------- 11,352,569 -- --
Payable for capital stock repurchased -------------------- 4,474 -- --
Accrued investment management fee (Note 3) --------------- 167,428 73,288 8,316
Accrued and other liabilities ---------------------------- 227,820 62,993 8,591
------------- ------------ ------------
TOTAL LIABILITIES ----------------------------- 11,752,291 136,281 16,907
------------- ------------ ------------
Net Assets: $1,343,580,045 $362,310,747 $ 40,551,565
============== ============ ============
Composition Paid-in-capital ------------------------------------------ 994,522,119 358,304,699 39,557,791
of Net Assets: Undistributed (overdistributed) net investment income
(loss) --------------------------------------------------- 8,345,027 13,464,613 990,261
Net unrealized appreciation (depreciation) --------------- 249,073,536 (4,465,623) --
Accumulated net realized gain (loss) --------------------- 91,639,363 (4,992,942) 3,513
-------------- ------------ -----------
NET ASSETS ------------------------------------ $1,343,580,045 $362,310,747 $40,551,565
============== ============ ===========
SHARES OUTSTANDING ---------------------------- 44,177,377 28,864,609 3,791,271
============== ============ ===========
NET ASSET VALUE PER SHARE --------------------- $30.41 $12.55 $10.70
============== ============ ===========
- ------------------------------------------------------------------------------------------------------------------------------------
Notes:
(1) Investment, at cost ---------------------------------- $1,103,222,148 $360,475,171 $40,369,976
(2) Cost of foreign currency ----------------------------- -- -- --
See Notes to Financial Statements
</TABLE>
MSF-28
<PAGE>
<TABLE>
<CAPTION>
Diversified Aggressive Stock Index International
Portfolio Growth Portfolio Portfolio Stock Portfolio
-------------- ------------------ --------------- -----------------
<S> <C> <C> <C>
$1,265,516,693 $1,262,768,038 $860,260,737 $273,682,070
560 1,954 35,757 1,628,280
-- -- -- 74,264,600
1,306,323 3,638 -- 1,126,961
392,432 295,688 645 398,184
8,661,746 263,044 1,279,360 656,437
56,922 -- -- --
66,401 15,514 52 377,684
-------------- -------------- ------------ ------------
1,276,001,077 1,263,347,876 861,576,551 352,134,216
-------------- -------------- ------------ ------------
6,590,974 20,046,086 1,747,703 28,753,444
-- -- 107,153 --
257,715 759,276 87,216 207,204
138,633 73,832 130,717 137,447
-------------- -------------- ------------ ------------
6,987,322 20,879,194 2,072,789 29,098,095
-------------- -------------- ------------ ------------
$1,269,013,755 $1,242,468,682 $859,503,762 $323,036,121
============== =============== ============ ============
1,061,142,343 962,939,961 642,846,942 326,755,530
16,067,114 (1,252,781) 6,999,073 (504,871)
129,795,496 265,431,784 202,848,944 14,316,205
62,008,802 15,349,718 6,808,803 (17,530,743)
-------------- -------------- ------------ ------------
$1,269,013,755 $1,242,468,682 $859,503,762 $323,036,121
============== =============== ============ ============
75,597,258 42,089,002 42,192,040 26,255,785
============== =============== ============ ============
$16.79 $29.52 $20.37 $12.30
============== =============== ============ ============
- -----------------------------------------------------------------------------------------------
$1,135,777,163 $ 997,336,254 $657,411,793 $258,683,980
-- -- -- 74,923,963
</TABLE>
MSF-29
<PAGE>
- --------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
Money
Growth Income Market
Portfolio Portfolio Portfolio
--------- --------- ---------
<S> <C> <C> <C> <C>
Investment Interest (Note 1B).................................... $ 1,022,908 $ 12,385,702 $1,105,090
Income: Dividends (Note 1B)................................... 9,278,414 -- --
------------ ------------ ----------
Total investment income, net of withholding
taxes of (1)........................................ 10,301,322 12,385,702 1,105,090
------------ ------------ ----------
Expenses: Investment management fee............................. 1,526,462 441,992 51,504
Printing and distribution fees........................ 199,434 57,243 5,324
Custodian and transfer agent fees..................... 86,061 42,577 23,045
Directors fees........................................ 8,372 8,372 8,372
Other operating expenses.............................. 26,990 19,046 16,083
------------ ------------ ----------
Total expenses.............................. 1,847,319 569,230 104,328
------------ ------------ ----------
NET INVESTMENT INCOME (LOSS)................ 8,454,003 11,816,472 1,000,762
------------ ------------ ----------
Net Realized Investment (Note 4)................................... 92,185,387 2,435,381 1,149
Gain (Loss) On: Foreign currency transactions (Note 4)................ -- (113,684) --
------------ ------------ ----------
NET REALIZED GAIN........................... 92,185,387 2,321,697 1,149
------------ ------------ ----------
Net Unrealized Beginning of period investments and foreign
Appreciation currency holdings (Note 4) (Note 7)................. 228,543,295 14,525,062 --
(Depreciation):
End of period investments and foreign currency
holdings (Note 4) (Note 7).......................... 249,073,535 (4,465,623) --
------------ ------------ ----------
NET UNREALIZED APPRECIATION
(DEPRECIATION)............................ 20,530,240 (18,990,685) --
------------ ------------ ----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS........................... $121,169,630 $ (4,852,516) $1,001,911
============ ============ ==========
------------------------------------------------------------------------------------------------------
Notes:
(1) Withholding taxes.................................. $242,911 $26,200 --
See Notes to Financial Statements.
</TABLE>
MSF-30
<PAGE>
<TABLE>
<CAPTION>
Aggressive Stock International
Diversified Growth Index Stock
Portfolio Portfolio Portfolio Portfolio
- ----------- ---------- --------- -------------
<S> <C> <C> <C>
$16,893,605 $ 1,826,165 $ 153,766 $ 686,555
5,439,701 2,200,710 8,165,577 1,813,709
- ----------- ------------ ------------ ------------
22,333,306 4,026,875 8,319,343 2,500,264
- ----------- ------------ ------------ ------------
1,486,716 4,012,762 929,573 1,159,316
173,271 213,100 129,111 66,404
40,886 113,679 96,502 298,857
8,372 8,372 8,372 8,234
27,600 32,720 26,725 11,414
- ----------- ------------ ------------ ------------
1,736,845 4,380,633 1,190,283 1,544,225
- ----------- ------------ ------------ ------------
20,596,461 (353,758) 7,129,060 956,039
- ----------- ------------ ------------ ------------
59,475,591 20,474,636 7,160,943 (13,137,493)
(220,843) -- (3) (5,338,993)
- ----------- ------------ ------------ ------------
59,254,748 20,474,636 7,160,940 (18,476,486)
- ----------- ------------ ------------ ------------
142,881,779 141,226,595 147,414,903 (6,426,580)
129,795,496 265,431,785 202,848,944 14,316,205
- ----------- ------------ ------------ ------------
(13,086,283) 124,205,190 55,434,041 20,742,785
- ----------- ------------ ------------ ------------
$66,764,926 $144,326,068 $ 69,724,041 $ 3,222,338
=========== ============ ============ ============
- ----------------------------------------------------------
$167,417 $32,040 $61,539 $253,475
</TABLE>
MSF-31
<PAGE>
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC
- -------------------------------------------------------------------------------
Financial Statements
- -------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Growth
Portfolio
------------------------------------------
Increase (Decrease) in Net Assets From: For the Six
Months
Ended For the Year
June 30, Ended
1996 December 31,
(Unaudited) 1995
-------------------- -------------------
<S> <C> <C>
Operations: Net investment income (loss).................................. $ 8,454,003 $ 13,355,435
Net realized gain (loss) from investment and foreign
currency transactions....................................... 92,185,387 35,369,486
Unrealized appreciation (depreciation) of investments
and foreign currency holdings............................... 20,530,454 206,859,454
-------------------- -------------------
Net increase (decrease) in net assets resulting from
operations.................................................. 121,169,630 256,084,375
-------------------- -------------------
Distributions to Net investment income --- (13,305,066)
Shareholders: Net realized gain from investment transactions................ (3,013,642) (40,353,389)
-------------------- -------------------
Total Distributions (Note 6).................................. (3,013,642) (53,658,455)
-------------------- -------------------
Capital Share Net proceeds from sale of shares.............................. 131,716,203 103,922,730
Transactions: Net asset value of shares issued to shareholders in
reinvestment of distributions............................... 3,013,642 53,658,455
Shares redeemed............................................... (4,056,385) (11,689,626)
-------------------- -------------------
Net Capital Stock Transactions (Note 5)....................... (130,673,460) (145,891,559)
-------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS......................... 248,829,448 348,317,479
NET ASSETS: Beginning of period.............................. 1,094,750,597 746,433,118
-------------------- -------------------
NET ASSETS: End of Period.................................... $ 1,343,580,045 $ 1,094,750,597
==================== ===================
</TABLE>
<TABLE>
<CAPTION>
Income
Portfolio
------------------------------------------
For the Six
Months
Ended For the Year
June 30, Ended
1996 December 31,
(Unaudited) 1995
-------------------- -------------------
<S> <C> <C>
Operations: Net investment income (loss)................................. $ 11,816,472 $ 21,505,858
Net realized gain (loss) from investment and foreign
currency transactions...................................... 2,321,697 5,614,353
Unrealized appreciation (depreciation) of investments
and foreign currency holdings.............................. (18,990,685) 27,263,679
------------------- ------------------
Net increase (decrease) in net assets resulting from
operations................................................. (4,852,516) 54,383,890
------------------- ------------------
Distributions to Net investment income........................................ --- (20,532,059)
Shareholders: Net realized gain from investment transactions............... --- ---
------------------- ------------------
Total Distributions (Note 6)................................. --- (20,532,059)
------------------- ------------------
Capital Share Net proceeds from sale of shares............................. (28,851,455) 44,596,378
Transactions: Net asset value of shares issued to shareholders in
reinvestment of distributions.............................. --- 20,532,059
Shares redeemed.............................................. (11,601,220) (24,725,915)
------------------- ------------------
Net Capital Stock Transactions (Note 5)...................... 17,250,235 40,402,522
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS........................ 12,397,719 74,254,353
NET ASSETS: Beginning of period............................. 349,913,028 275,658,675
------------------- ------------------
NET ASSETS: End of Period................................... $ 362,310,747 $ 349,913,028
=================== ==================
</TABLE>
<TABLE>
<CAPTION>
Money Market
Portfolio
------------------------------------------
For the Six
Months
Ended For the Year
June 30, Ended
1996 December 31,
(Unaudited) 1995
-------------------- -------------------
<S> <C> <C>
Operations: Net investment income (loss)................................ $ 1,000,762 $ 2,251,690
Net realized gain (loss) from investment and foreign
currency transactions..................................... 1,149 161
Unrealized appreciation (depreciation) of investments
and foreign currency holdings............................. --- ---
------------------- ------------------
Net increase (decrease) in net assets resulting from
operations................................................ 1,001,911 2,251,851
------------------- ------------------
Distributions to Net investment income....................................... (16,997) (2,251,639)
Shareholders: Net realized gain from investment transactions.............. (161) (289)
------------------- ------------------
Total Distributions (Note 6)................................ (17,158) (2,251,928)
------------------- ------------------
Capital Share Net proceeds from sale of shares............................ 12,502,976 21,703,650
Transactions: Net asset value of shares issued to shareholders in
reinvestment of distributions............................. 17,158 2,251,928
Shares redeemed............................................. (13,409,597) (23,460,524)
------------------- ------------------
Net Capital Stock Transactions (Note 5)..................... (889,463) 495,054
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS....................... 95,920 494,977
NET ASSETS: Beginning of period............................ 40,456,275 39,961,298
------------------- ------------------
NET ASSETS: End of Period.................................. $ 40,551,565 $ 40,456,275
=================== ==================
</TABLE>
- ------------------------------------------------------------------------------
See Notes to Financial Statements.
MSF-32
<PAGE>
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC
- -------------------------------------------------------------------------------
Financial Statements
- -------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Diversified
Portfolio
---------------------------------
For the Six
Months
Ended For the Year
June 30, Ended
1996 December 31,
(Unaudited) 1995
---------------- --------------
<S> <C> <C>
Operations: Net investment income (loss)................................. $ 20,596,461 $ 38,181,982
Net realized gain (loss) from investment and foreign
currency transactions...................................... 59,254,748 35,700,814
Unrealized appreciation (depreciation) of investments
and foreign currency holdings.............................. (13,086,283) 155,959,563
-------------- --------------
Net increase (decrease) in net assets resulting from
operations................................................. 66,764,926 229,842,359
-------------- --------------
Distributions to Net investment income........................................ -- (38,212,420)
Shareholders: Net realized gain from investment transactions............... (6,255,739) (31,703,894)
-------------- --------------
Total Distributions (Note 6)................................. (6,255,739) (69,916,314)
-------------- --------------
Capital Share Net proceeds from sale of shares............................. 92,041,113 65,067,419
Transactions: Net asset value of shares issued to shareholders in
reinvestment of distributions.............................. 6,255,739 69,916,314
Shares redeemed.............................................. (4,625,881) (72,901,909)
-------------- --------------
Net Capital Stock Transactions (Note 5)...................... 93,670,971 62,081,824
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS........................ 154,180,158 222,007,869
NET ASSETS: Beginning of period............................. 1,114,833,597 892,825,728
-------------- --------------
NET ASSETS: End of Period................................... $1,269,013,755 $1,114,833,597
============== ==============
<CAPTION>
Aggressive Growth
Portfolio
------------------------------
For the Six
Months
Ended For the year
June 30, Ended
1996 December 31,
(Unaudited) 1995
-------------- ------------
<S> <C> <C>
Operations: Net investment income (loss)................................. $ (353,758) $ (465,397)
Net realized gain (loss) from investment and foreign
currency transactions...................................... 20,474,636 96,911,708
Unrealized appreciation (depreciation) of investments
and foreign currency holdings.............................. 124,205,190 87,034,785
-------------- ------------
Net increase (decrease) in net assets resulting from
operations................................................. 144,326,068 183,481,096
-------------- ------------
Distributions to Net investment income........................................ -- --
Shareholders: Net realized gain from investment transactions............... (1,709,777) (89,053,728)
-------------- ------------
Total Distributions (Note 6)................................. (1,709,777) (89,053,728)
-------------- ------------
Capital Share Net proceeds from sale of shares............................. 160,131,017 211,278,782
Transactions: Net asset value of shares issued to shareholders in
reinvestment of distributions.............................. 1,709,777 89,053,728
Shares redeemed.............................................. (20,903,636) (25,891,494)
-------------- ------------
Net Capital Stock Transactions (Note 5)...................... 140,937,158 274,441,016
-------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS........................ 283,553,449 368,868,384
NET ASSETS: Beginning of period............................. 958,915,233 590,046,849
-------------- ------------
NET ASSETS: End of Period................................... $1,242,468,682 $958,915,233
============== ============
<CAPTION>
Stock Index
Portfolio
-----------------------------
For the Six
Months
Ended For the year
June 30, Ended
1996 December 31,
(Unaudited) 1995
-------------- ------------
<S> <C> <C>
Operations: Net investment income (loss)................................. $ 7,129,060 $ 10,717,017
Net realized gain (loss) from investment and foreign
currency transactions...................................... 7,160,940 3,287,091
Unrealized appreciation (depreciation) of investments
and foreign currency holdings.............................. 55,434,041 132,857,546
------------ ------------
Net increase (decrease) in net assets resulting from
operations................................................. 69,724,041 146,861,654
------------ ------------
Distributions to Net investment income........................................ (107,051) (10,707,245)
Shareholders: Net realized gain from investment transactions............... (1,120,005) (3,203,702)
------------ ------------
Total Distributions (Note 6)................................. (1,227,056) (13,910,947)
------------ ------------
Capital Share Net proceeds from sale of shares............................. 169,455,221 132,769,445
Transactions: Net asset value of shares issued to shareholders in
reinvestment of distributions.............................. 1,227,056 13,910,947
Shares redeemed.............................................. (15,498,739) (6,808,814)
------------ ------------
Net Capital Stock Transactions (Note 5)...................... 155,183,538 139,871,578
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS........................ 223,680,523 272,822,285
NET ASSETS: Beginning of period............................. 635,823,239 363,000,954
------------ ------------
NET ASSETS: End of Period................................... $859,503,762 $635,823,239
============ ============
<CAPTION>
International Stock
Portfolio
------------------------------
For the Six
Months
Ended For the year
June 30, Ended
1996 December 31,
(Unaudited) 1995
-------------- ------------
<S> <C> <C>
Operations: Net investment income (loss)................................. $ 956,039 $ 564,793
Net realized gain (loss) from investment and foreign
currency transactions...................................... (18,476,486) 4,503,585
Unrealized appreciation (depreciation) of investments
and foreign currency holdings.............................. 20,742,785 (2,185,396)
------------ ------------
Net increase (decrease) in net assets resulting from
operations................................................. 3,222,338 2,882,982
------------ ------------
Distributions to Net investment income........................................ (16,086) (931,206)
Shareholders: Net realized gain from investment transactions............... (3,229,290) (1,728,334)
------------ ------------
Total Distributions (Note 6)................................. (3,245,376) (2,659,540)
------------ ------------
Capital Share Net proceeds from sale of shares............................. 29,669,393 47,009,355
Transactions: Net asset value of shares issued to shareholders in
reinvestment of distributions.............................. 3,245,376 2,659,540
Shares redeemed.............................................. (7,316,651) (25,383,675)
------------ ------------
Net Capital Stock Transactions (Note 5)...................... 25,598,118 24,285,220
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS........................ 25,575,080 24,508,662
NET ASSETS: Beginning of period............................. 297,461,041 272,952,379
------------ ------------
NET ASSETS: End of Period................................... $323,036,121 $297,461,041
============ ============
</TABLE>
MSF-33
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Growth Portfolio
------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30,1994 -----------------------------------------------------
(unaudited) 1995 1994 1993 1992 1991
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period $ 27.56 $ 21.81 $ 23.27 $ 21.72 $ 21.56 $ 17.20
- ----------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ---------------------
Net investment income--------------------------- .19 .35 .30 .28 .34 .41
Net realized and unrealized gain (loss)--------- 2.73 6.83 (1.06) 3.24 2.13 5.39
------ ------ ------ ------ ------ ------
Total From Investment Operations-------------- 2.92 7.18 (.76) 3.52 2.47 5.80
------ ------ ------ ------ ------ ------
Less Distributions:
- ------------------
Dividends from net investment income------------ -- (.35) (.30) (.28) (.29) (.42)
Distributions from net realized capital gains--- (.07) (1.08) (.40) (1.69) (2.02) (1.02)
------ ------ ------ ------ ------ ------
Total Distributions--------------------------- (.07) (1.43) (.70) (1.97) (2.31) (1.44)
------ ------ ------ ------ ------ ------
- ----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period------------------ $ 30.41 $ 27.56 $ 21.81 $ 23.27 $ 21.72 $ 21.56
- ----------------------------------------------------------------------------------------------------------------------
Total Return------------------------------------ 10.61% 33.14% (3.25)% 14.40% 11.56% 33.09%
Supplemental Data/Significant Ratios:
- ------------------------------------
Net assets at end of period (000's)------------- $1,343,580 $1,094,751 $746,433 $640,413 $351,028 $232,160
Operating expenses to average net assets (1)---- 0.30% 0.31% 0.32% 0.28% 0.25% 0.25%
Net investment income to average net assets (1)- 1.37% 1.46% 1.40% 1.19% 1.52% 2.04%
Portfolio turnover (2)-------------------------- 40.78% 45.52% 57.27% 66.27% 63.74% 62.29%
Average broker commission rate (3)-------------- $ 0.0576 -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does 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 for the six months ended June 30, 1996 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
(2) 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. Purchases and sales of securities (excluding short-term
securities) for June 30, 1996 amounted to $618,357,055 and $488,772,263,
respectively.
(3) Total brokerage commissions paid on purchases and sales of portfolio
securities for the period divided by the total number of related shares
purchased and sold.
See Notes to Financial Statements.
MSF-34
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Income Portfolio
-----------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1996 --------------------------------------------------
(unaudited) 1995 1994 1993 1992 1991
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period $ 12.73 $ 11.32 $ 12.59 $ 12.22 $ 12.32 $ 11.16
- -----------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ----------------------- .41 .83 .91 .83 .90 .94
Net realized and unrealized gain (loss) ----- (.59) 1.38 (1.31) .86 (.05) 1.14
-------- -------- -------- -------- -------- -------
Total From Investment Operations ----- (.18) 2.21 (.40) 1.69 .85 2.08
-------- -------- -------- -------- -------- -------
Less Distributions:
- -------------------
Dividends from net investment income -------- -- (.80) (.87) (.88) (.71) (.92)
Distributions from net realized capital gains -- -- -- (.44) (.24) --
-------- -------- -------- -------- -------- -------
Total Distributions ------------------ -- (.80) (.87) (1.32) (.95) (.92)
-------- -------- -------- -------- -------- -------
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ---------------- $ 12.55 $ 12.73 $ 11.32 $ 12.59 $ 12.22 $ 12.32
- -----------------------------------------------------------------------------------------------------------------
Total Return -------------------------------- (1.41)% 19.55% (3.15)% 11.36% 6.91% 17.31%
Supplemental Data/Significant Ratios:
- ------------------------------------
Net assets at end of period (000's) --------- $362,311 $349,913 $275,659 $299,976 $156,245 $87,412
Operating expenses to average net assets (1) - 0.32% 0.34% 0.35% 0.32% 0.25% 0.25%
Net investment income to average net assets (1) 6.72% 7.01% 7.02% 6.39% 7.16% 7.61%
Portfolio turnover (2) ---------------------- 55.00% 102.88% 141.15% 136.98% 151.74% 78.87%
- ------------------------------------------------------------------------------------------------------------------------
Notes:
</TABLE>
Total return information shown in the Financial Highlights tables does 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 for the six months ended June 30, 1996 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
(2) 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. Purchases and sales of securities
(excluding short-term securities) for June 30, 1996 amounted to
$173,800,480 and $195,405,716, respectively.
See Notes to Financial Statements.
MSF-35
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Money Market Portfolio
-------------------------------------------------------------
For the Six
Months Ended
June 30, 1996 Year Ended December 31,
------------------------------------------------
(unaudited) 1995 1994 1993 1992 1991
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period............. $ 10.45 $ 10.48 $ 10.49 $ 10.52 $ 10.59 $ 10.67
- --------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income............................ .25 .59 .40 .28 .39 .57
----- ------ ----- ----- ----- -----
Total From Investment Operations.......... .25 .59 .40 .28 .39 .57
----- ------ ----- ----- ----- -----
Less Distributions:
- ------------------
Dividends from net investment income............ -- (.62) (.41) (.31) (.46) (.65)
----- ------ ----- ----- ----- -----
Total Distributions....................... -- (.62) (.41) (.31) (.46) (.65)
----- ------ ----- ----- ----- -----
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period................... $ 10.70 $ 10.45 $ 10.48 $ 10.49 $ 10.52 $ 10.59
- --------------------------------------------------------------------------------------------------------------
Total Return.............................. 2.40% 5.59% 3.85% 2.90% 3.73% 6.10%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's)............. $40,552 $40,456 $39,961 $44,321 $55,412 $70,946
Operating expenses to average net assets (1).... 0.50% 0.49% 0.44% 0.38% 0.25% 0.25%
Net investment income to average net assets (1). 4.81% 5.39% 3.76% 2.85% 3.68% 5.93%
Portfolio turnover.............................. N/A N/A N/A N/A N/A N/A
- --------------------------------------------------------------------------------------------------------------
Notes:
</TABLE>
Total return information shown in the Financial Highlights tables does 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 for the six months ended June 30, 1996 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
See Notes to Financial Statements.
MSF-36
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Diversified Portfolio
-----------------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1996 --------------------------------------------------------------
(unaudited) 1995 1994 1993 1992 1991
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period $15.95 $13.40 $14.41 $13.58 $13.61 $11.47
- -------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ---------------------
Net investment income ----------------------- .28 .59 .51 .46 .53 .62
.64 3.02 (.95) 1.58 .74 2.23
------- ------- -------- ------- ------- -------
Total From Investment Operations ------- .92 3.61 (.44) 2.04 1.27 2.85
------- ------- -------- ------- ------- -------
Less Distributions:
- ------------------
Dividends from net investment income -------- -- (.58) (.50) (.54) (.55) (.62)
Distributions from net realized capital gains (.08) (.48) (.07) (.67) (.75) (.09)
------- ------- ------- ------- ------- -------
Total Distributions -------------------- (.08) (1.06) (.57) (1.21) (1.30) (.71)
------- ------- ------- ------- ------- -------
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period --------------- $ 16.79 $ 15.95 $ 13.40 $ 14.41 $ 13.58 $ 13.61
- -------------------------------------------------------------------------------------------------------------------------
Total Return --------------------------------- 5.81% 27.03% (3.06)% 12.75% 9.48% 24.84%
Supplemental Data/Significant Ratios:
- ------------------------------------
Net assets at end of period (000's) -------- $1,269,014 $1,114,834 $892,826 $743,798 $334,480 $232,276
Operating expenses to average net assets (1) 0.29% 0.31% 0.32% 0.29% 0.25% 0.25%
Net investment income to average net assets (1) 3.44% 3.92% 3.66% 3.16% 3.85% 4.94%
Portfolio turnover (2) --------------------- 50.63% 79.29% 96.49% 95.84% 114.67% 70.56%
Average broker commission rate (3) --------- $ 0.0577 -- -- -- -- --
</TABLE>
- --------------------------------------------------------------------------------
Notes:
Total return information shown in the Financial Highlights tables does 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 for the six months ended June 30, 1996 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
(2) 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. Purchases and sales of securities
(excluding short-term securities) for June 30, 1996 amounted to
$618,356,136 and $574,537,672, respectively.
(3) Total brokerage commissions paid on purchases and sales of portfolio
securities for the period divided by the total number of related shares
purchased and sold.
See Notes to Financial Statements.
MSF-37
<PAGE>
<TABLE>
<CAPTION>
Metropolitan Series Fund, Inc.
Financial Highlights
- -------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
Aggressive Growth Portfolio
------------------------------------------------------------------------
For the Six
Months Ended
June 30, 1996 Year Ended December 31,
---------------------------------------------------------
(unaudited) 1995 1994 1993 1992 1991
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period.................... $25.87 $22.05 $22.54 $19.52 $18.11 $10.95
- -------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income (loss)............................ (.01) (.01) .05 .04 .08 .06
Net realized and unrealized gain (loss)................. 3.70 6.50 (.48) 5.06 1.77 7.25
------ ------ ------ ------ ------ ------
Total From Investment Operations.................... 3.69 6.49 (.43) 5.10 1.85 7.31
------ ------ ------ ------ ------ ------
Less Distributions:
- -------------------
Dividends from net investment income.................... -- -- (.05) (.06) (.10) (.07)
Distributions from net realized capital gains........... (.04) (2.67) (.01) (2.02) (.34) (.08)
------ ------ ------ ------ ------ ------
Total Distributions (.04) (2.67) (.06) (2.08) (.44) (.15)
------ ------ ------ ------ ------ ------
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period.......................... $29.52 $25.87 $22.05 $22.54 $19.52 $18.11
- -------------------------------------------------------------------------------------------------------------------------------
Total Return............................................. 14.28% 29.50% (1.88)% 22.63% 10.39% 66.41%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's)..................... $1,242,469 $958,915 $590,047 $387,949 $129,249 $45,858
Operating expenses to average net assets (1)............ 0.81% 0.81% 0.82% 0.79% 0.75% 0.75%
Net investment income (loss) to average net assets (1).. (0.07)% (0.06)% 0.24% 0.18% 0.46% 0.45%
Portfolio turnover (2).................................. 111.80% 255.83% 186.52% 120.82% 100.95% 146.12%
Average broker commission rate (3)...................... $0.0568 -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does 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 for the six months ended June 30, 1996 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
(2) 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. Purchases and sales of securities (excluding short-term
securities) for June 30, 1996 amounted to $1,280,391,695 and
$1,135,176,558, respectively.
(3) Total brokerage commissions paid on purchases and sales of portfolio
securities for the period divided by the total number of related shares
purchased and sold.
See Notes to Financial Statements.
MSF-38
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Stock Index Portfolio
----------------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1996 -------------------------------------------------------------
(unaudited) 1995 1994 1993 1992 1991
----------- ---- ---- ---- ---- ----
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ........... $ 18.56 $ 13.87 $ 14.25 $ 13.27 $ 12.76 $ 9.96
- -----------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ......................... .17 .32 .33 .35 .36 .35
Net realized and unrealized gain (loss) ....... 1.67 4.79 (.17) .98 .60 2.82
-------- -------- -------- -------- -------- -------
Total From Investment Operations ......... 1.84 5.11 .16 1.33 .96 3.17
-------- -------- -------- -------- -------- -------
Less Distributions:
- ------------------
Dividends from net investment income .......... -- (.32) (.32) (.35) (.26) (.37)
Distributions from net realized capital gains . (.03) (.10) (.22) -- (.19) --
------- ------- ------- ------- ------- -------
Total Distributions ...................... (.03) (.42) (.54) (.35) (.45) (.37)
------- ------- ------- ------- ------- -------
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................. $ 20.37 $ 18.56 $ 13.87 $ 14.25 $ 13.27 $ 12.76
- -----------------------------------------------------------------------------------------------------------------------------
Total Return .................................. 9.92% 36.87% 1.18% 9.54% 7.44% 29.76%
Supplemental Data/Significant Ratios:
- ------------------------------------
Net assets at end of period (000's) ........... $859,504 $635,823 $363,001 $282,700 $144,692 $54,183
Operating expenses to average net assets (1)... 0.32% 0.32% 0.33% 0.32% 0.25% 0.24%
Net investment income to average net assets (1) 1.90% 2.22% 2.51% 2.51% 2.74% 2.98%
Portfolio turnover (2) ........................ 7.39% 6.35% 6.66% 13.99% 17.54% 1.18%
Average broker commission rate (3) ............ $ 0.0203 -- -- -- -- --
</TABLE>
- --------------------------------------------------------------------------------
Notes:
Total return information shown in the Financial Highlights tables does 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 for the six months ended June 30, 1996 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
(2) 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. Purchases and sales of securities
(excluding short-term securities) for June 30, 1996 amounted to
$216,705,697 and $55,082,642, respectively.
(3) Total brokerage commissions paid on purchases and sales of portfolio
securites for the period divided by the total number of related shares
purchased and sold.
See Notes to Financial Statements.
MSF-39
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
International Stock Portfolio
--------------------------------------------------------------------------
For the Six For the Period
Months Ended Year Ended December 31, May 1, 1991
June 30, 1996 --------------------------------------- to
(unaudited) 1995 1994 1993 1992 December 31, 1991
---------- ---- ---- ---- ---- -----------------
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period............... $ 12.29 $ 12.30 $ 12.33 $ 8.63 $ 9.71 $ 10.00
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ---------------------
Net investment income............................. .04 .03 .08 .02 .05 .05
Net realized and unrealized gain (loss)........... .10 .07 .54 4.52 (1.04) (.20)
-------- -------- -------- ------- ------- -------
Total From Investment Operations............... .14 .10 .62 4.54 (.99) (.15)
-------- -------- -------- ------- ------- -------
Less Distributions:
- ------------------
Dividends from net investment income.............. -- (.04) -- (.26) (.09) (.14)
Distributions from net realized capital gains..... (.13) (.07) (.65) (.58) -- --
-------- -------- -------- ------- ------- -------
Total Distributions........................ (.13) (.11) (.65) (.84) (.09) (.14)
-------- -------- -------- ------- ------- -------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period..................... $ 12.30 $ 12.29 $ 12.30 $ 12.33 $ 8.63 $ 9.71
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return...................................... 1.19% 0.84% 5.08% 47.76% (10.21)% (1.55)%
Supplemental Data/Significant Ratios:
- ------------------------------------
Net assets at end of period (000's)............... $323,036 $297,461 $272,952 $120,781 $ 18,998 $10,809
Net expenses to average net assets (Note 3)....... 0.98% 1.01% 1.04% 1.14% 0.97% 0.97%(4)
Operating expenses to average net assets
before voluntary expense reimbursements
(Note 3)......................................... N/A N/A N/A 1.15% N/A N/A
Net investment income to average net assets (1)... 0.61% 0.21% 0.08% 0.15% 0.89% 1.01%(4)
Net investment income to average net assets
before voluntary expense reimbursements
(Note 3)......................................... N/A N/A N/A 0.15% N/A N/A
Portfolio turnover (2)............................ 50.43% 86.24% 65.84% 88.90% 65.09% 29.41%
Average broker commission rate (3)................ $ 0.0073 -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does 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 for the six months ended June 30, 1996 have been determined on
annualized operating results for the period. Twelve-months results may
be different.
(2) 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. Purchases and sales of securities
(excluding short-term securities) for June 30, 1996 amounted to
$193,020,305 and $143,559,846, respectively.
(3) Total brokerage commissions paid on purchases and sales of portfolio
securities for the period divided by the total number of related shares
purchased and sold.
(4) Ratios for the eight months ended December 31, 1991 have been determined
on annualized operating results for the period. Twelve-months results
may be different.
See Notes to Financial Statements.
MSF-40
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
1. Significant The Metropolitan Series Fund, Inc. ("Fund") is registered
Accounting under the Investment Company Act of 1940 as a diversified
Policies 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 that 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 that 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, 1996. 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 on the trade date. Securities denominated in foreign
currencies are translated at exchange rates prevailing on the
respective dates traded. Dividend income is recorded on the
ex-dividend date or, for certain foreign securities, when
notified; interest income is accrued as earned. Transactions
denominated in foreign currencies are recorded 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 prevailing on
the respective dates traded.
-------------------------------------------------------------
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, 1995, the Income Portfolio had available for
federal income tax purposes an unused capital loss carryover
of approximately $4,800,000 that will expire on 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 Fund 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.
-------------------------------------------------------------
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 canceled.
-------------------------------------------------------------
F. Estimates and Assumptions: The preparation of financial
statements in conformity with generally accepted accounting
principals requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and
liabilities as of the date of the financial statements and
the reported amounts of income and expenses during the
reporting period. Actual results could differ from those
estimates.
- --------------------------------------------------------------------------------
2. Restricted The Income Portfolio holds three securities, the Diversified
and Illiquid Portfolio holds three securities, and the Aggressive Growth
Securities Portfolio holds two securities that 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 expense. These
constraints may affect the security's marketability, and
therefore hinder prompt disposal at an acceptable price. The
Fund intends to invest no more than 15% of net assets in
illiquid and restricted securities, except for the Money
Market Portfolio where the restriction is 10% of net assets.
Restricted securities (including Rule 144A issues) held at
June 30, 1996 are footnoted at the end of each applicable
Portfolio's schedule of investments.
- --------------------------------------------------------------------------------
MSF-41
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
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 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 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, at 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. Net Unrealized
Appreciation As of June 30, 1996, gross unrealized appreciation and
(Depreciation) 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 Appreciation... $ 264,991,998 $ 2,387,890 $ 148,423,043 $ 292,314,324 $ 210,484,380 $ 25,854,219
Gross Unrealized Depreciation... (15,918,462) (6,935,548) (18,683,513) (26,882,540) (7,635,436) (10,856,129)
-------------- ------------ -------------- ------------- ------------- -------------
Net Unrealized Appreciation
(Depreciation) of Investments.. $ 249,073,536 $ (4,547,658) $ 129,739,530 $ 265,431,784 $ 202,848,944 $ 14,998,090
============== ============ ============== ============= ============= =============
Aggregate Cost of Securities
(including short-term
securities).................... $1,103,222,148 $360,475,171 $1,135,777,163 $ 997,336,254 $ 657,411,793 $ 258,683,980
============== ============ ============== ============= ============= =============
</TABLE>
*Does not include unrealized gain of $82,035 for the Income Portfolio,
unrealized gain of $55,966 for the Diversified Portfolio, and unrealized (loss)
of ($681,885) for the International Stock Portfolio related to foreign currency
translation (see Note 7.)
- --------------------------------------------------------------------------------
MSF-42
<PAGE>
Metropolitan Series Fund, Inc.
Notes to Financial Statements June 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
5. Capital Stock At June 30, 1996, there were 1,000,000,000 shares of $0.01
Activity 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.
Transaction in shares were as follows:
For the Six Months Ended June 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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................ 4,494,476 2,298,484 1,184,323 5,597,039 5,715,115 8,651,552 2,384,055
Shares issued in
reinvestment
of dividends............... 102,542 ----- 1,616 381,793 59,291 62,070 261,862
---------- ---------- ---------- ----------- ---------- --------- -----------
Total............ 4,597,018 2,298,484 1,185,939 5,978,832 5,774,406 8,713,622 2,645,917
Shares redeemed............ (137,144) (923,726) (1,267,905) (278,976) (757,624) (775,575) (592,125)
---------- ---------- ---------- ----------- ---------- --------- -----------
Net increase............... 4,459,874 1,374,758 (81,966) 5,699,856 5,016,782 7,938,047 2,053,792
========== ========== ========== =========== ========== ========= ===========
<CAPTION>
For the Year Ended December 31, 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................ 3,995,252 3,424,849 2,020,415 4,105,431 7,831,991 7,780,504 3,922,512
Shares issued in
reinvestment
of dividends............... 1,993,094 1,749,670 215,689 4,396,902 3,482,172 758,045 217,469
---------- ---------- ---------- ----------- ---------- --------- -----------
Total............ 5,988,346 5,174,519 2,236,104 8,502,333 11,314,163 8,538,549 4,139,981
Shares redeemed............ (492,914) (2,039,460) (2,175,933) (5,238,484) (996,028) (452,967) (2,129,704)
---------- ---------- ---------- ----------- ---------- --------- -----------
Net increase............... 5,495,432 3,135,059 60,171 3,263,849 10,318,135 8,085,582 2,010,277
========== ========== ========== =========== ========== ========= ===========
</TABLE>
- --------------------------------------------------------------------------------
6. Dividend The Fund distributes, at least annually, substantially all
Distributions 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 The fair value of foreign currency contracts is the amount
Currency at which they could be settled based on exchange rates
Translations obtained from dealers. As of June 30, 1996, the Income
Portfolio experienced an unrealized net gain of $83,774 based
on the following foreign currency exchange contracts
outstanding:
<TABLE>
<CAPTION>
Valuation Unrealized
Expiration Contract as of Appreciation
Sold Date Amount June 30, 1996 (Depreciation)
- ------------------------- ------------- ------------- ----------------- --------------
<S> <C> <C> <C> <C>
Australian Dollar 7/24/96 $ 1,028,330 $1,031,809 ($3,479)
Australian Dollar 8/14/96 5,224,770 5,154,227 70,543
Canadian Dollar 7/24/96 2,956,685 2,946,826 9,859
Canadian Dollar 8/14/96 905,109 909,111 (4,002)
Deutsche Mark 7/24/96 2,708,880 2,692,522 16,358
Deutsche Mark 8/15/96 1,821,105 1,830,409 (9,304)
Danish Kroner 7/24/96 2,771,284 2,759,033 12,251
Danish Kroner 8/14/96 2,356,253 2,376,847 (20,594)
European Currency Unit 8/14/96 2,200,178 2,225,846 (25,668)
------------- --------------- --------------
$21,972,594 $21,926,630 $45,964
============= =============== ==============
Purchased
- -------------------------
Canadian Dollar 7/24/96 $1,810,202 $1,818,249 $8,047
Canadian Dollar 8/14/96 212,112 212,615 503
Deutsche Mark 7/24/96 2,675,897 2,692,521 16,624
Deutsche Mark 8/15/96 1,818,837 1,830,409 11,572
European Currency Unit 8/14/96 70,053 71,117 1,064
------------- ----------------- --------------
$6,587,101 $6,624,911 $37,810
==============
Net unrealized appreciation............................................................. $83,774
==============
</TABLE>
MSF-43
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
7. - (Continued) The Income Portfolio had unrealized translation losses on
foreign currency receivables and payables as follows:
Unrealized Translation (loss):
Interest Receivables ($448)
Interest Reclaim Receivables (1,203)
Tax Expense Payables (88)
---------
Net unrealized translation (loss) . . . ($1,739)
=========
As of June 30, 1996 the Diversified Portfolio experienced an
unrealized net gain of $56,922 based on the following foreign
currency exchange contracts outstanding:
<TABLE>
<CAPTION>
Valuation Unrealized
Expiration Contract as of Appreciation
Sold Date Amount June 30, 1996 (Depreciation)
- ------------------------- ------------- ------------- ----------------- --------------
<S> <C> <C> <C> <C>
Australian Dollar 7/24/96 $1,407,600 $1,412,362 ($4,762)
Australian Dollar 8/14/96 7,115,441 7,019,372 96,069
Canadian Dollar 7/24/96 3,140,441 3,129,970 10,471
Canadian Dollar 8/14/96 2,242,159 2,253,715 (11,556)
Deutsche Mark 7/24/96 3,536,978 3,515,619 21,359
Deutsche Mark 8/15/96 2,569,235 2,582,360 (13,125)
Danish Kroner 7/24/96 7,458,292 7,517,274 (58,982)
European Currency Unit 8/14/96 2,973,559 3,008,136 (34,577)
------------- ----------------- -------------
30,443,705 $30,438,808 $4,897
============= ================= =============
Purchased
- -------------------------
Canadian Dollar 7/24/96 $577,678 $579,678 $2,000
Canadian Dollar 8/14/96 2,243,141 2,253,715 10,574
Deutsche Mark 7/24/96 3,493,912 3,515,619 21,707
Deutsche Mark 8/15/96 2,566,035 2,582,360 16,325
European Currency Unit 8/14/96 93,404 94,823 1,419
------------- ----------------- -------------
$8,974,170 $9,026,195 $52,025
============= ================= =============
Net unrealized appreciation.. $56,922
=============
</TABLE>
The Diversified Portfolio had unrealized translation losses
on foreign currency receivables and payables as follows:
Unrealized Translation (loss):
Dividends Receivables ($66)
Interest Receivables (781)
Tax Expense Payables (109)
---------
Net unrealized translation (loss)......... ($956)
=========
The International Portfolio had unrealized translation losses
on foreign currency receivables and payables as follows:
Unrealized Translation (loss):
Cash Denominated in Foreign Currencies ($659,363)
Dividends Receivables 4,363
Dividends Reclaim Receivables 5,019
Interest Receivables (214)
Interest Reclaim Receivables (5)
Marked-to-Market Foreign Exchange Contracts (3,353)
Purchase Payables (35,670)
Sales Receivable 8,014
Tax Expense Payables (676)
---------
Net unrealized translation (loss) . . . ($681,885)
=========
MSF-44
<PAGE>
This report has been prepared for the prospective owners of
Universal Life II policies issued by Metropolitan Life
Insurance Company and shareholders of Metropolitan Series
Fund, Inc. This report may be distributed only when
preceded or accompanied by the prospectus for Universal
Life II and a current performance sheet. Please consult the
prospectus for information regarding applicable fees and
charges.
If you want more information, contact your sales representative.
MSFSemiannualReportULII (0896) 96081HDX (exp0297)MLIC-LD
Date of First Use: 8/29/96
<PAGE>
- --------------------------------------------------------------------------------
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
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