<PAGE>
METROPOLITAN
SERIES FUND, INC.
------------------------------------------------------------
ANNUAL REPORT
------------------------------------------------------------
DECEMBER 1995
<PAGE>
METROPOLITAN SERIES FUND, INC.
PRESIDENT'S LETTER
- -------------------------------------------------------------------------------
DEAR INVESTOR:
We are pleased to present the December 31, 1995 Annual Report of the
Metropolitan Series Fund, Inc. We have prefaced the Report with an overview of
the domestic U.S. and international economies during 1995. Details for each
Portfolio follow, including a summary of net assets and investments. Thank you
for your continued support in 1995. We are committed to helping you realize
your financial goals.
ECONOMIC REVIEW
By almost any measure, 1995 was the kind of year investors appreciate.
Domestic markets soared, and indices reached historic highs. The soft landing
of the economy, with slackening inflation pressures, fueled the markets'
rally. Although consumers limited their spending because of job layoffs,
slowing wage growth and mounting debt, capital spending nonetheless spurred
economic growth.
The Federal Reserve cut short-term interest rates twice, at mid-year and again
at year-end. The dollar rose against the Japanese yen, but fell against the
German mark. Government spending slackened, while political wrangling produced
two Federal employment shutdowns and no budget plan by year-end. Our current
expectation is for continuing slow economic growth and low inflation in 1996.
U.S. BOND MARKET
Bonds rallied throughout the year as the economy slowed and the Federal
Reserve began to ease monetary rate policy once again. Prices rose in every
month except July. Even the political stalemate in Washington could not dampen
investor sentiment. Total returns for high-grade bonds were the highest in a
decade as yields dropped by 2.0-2.5% across all maturities.
While economic fundamentals remain positive for the year ahead, securities are
relatively fully-valued. The market is vulnerable to disappointment because of
the Federal budget outlook and the level of the Federal Funds rate.
U.S. STOCK MARKET
Stocks climbed the ladder of higher corporate earnings and lower interest
rates. The Dow Jones Industrial Average broke through both its 4000 and 5000
levels, more than a 33% total increase, only to be outdistanced by the S&P 500
Index and the broader NASDAQ Composite. Trucking, steel, transportation
equipment and specialty retailers were among the minority of industries that
had negative performance.
The challenge ahead is how well companies can make the transition to a slower
environment with modest earnings growth. Investors should expect to see the
market's favorite economic sectors change frequently.
INTERNATIONAL
MARKETS
International markets produced mixed results in 1995. Slowing growth allowed
the central banks of most major economies to cut interest rates, fueling a
major bull market for bonds with most stock markets following.
Japan--In early 1995, with Japan awakening from recession, still feeling the
enormous cost of the Kobe earthquake and suffering from poor consumer
confidence, the stage was set for a turbulent Japanese stock market. By July,
the market had fallen nearly 28% in yen terms but by year-end, it was down
just 1%. In marked contrast, Hong Kong bounced back from a dismal 1994,
showing a return of 22% to stock market investors.
Europe--Most European markets showed positive results in 1995, collectively up
15.71% in various European currencies (22.20% in U.S. dollars). Low inflation
prompted the Bundesbank to ease interest rates, allowing other central banks
to follow suit; the subsequent rally in the bond markets encouraged stock
investors.
Emerging Markets--The emerging markets had a rocky start to the year because
of the crisis in Mexico. Investors began returning late in the year,
confidence renewed through a combination of an improved outlook in some
emerging economies and strong returns in the U.S.
Overall, international market performance was largely regional: interest rate
sensitive stocks responded to falling rates in concert with the bond markets,
and large companies with global exposure rose in line with U.S. stocks. The
broader markets remained mixed.
Sincerely,
/s/ Jeffrey J Hodgman
Jeffrey J. Hodgman
Chairman, President and Chief Executive Officer
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
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METROPOLITAN SERIES FUND GROWTH PORTFOLIO
In a record-setting year for the stock market, the Portfolio also delivered
strong performance. The Portfolio's total returns more than doubled the
average annual returns achieved since the Portfolio's inception in 1983. Total
net assets climbed above $1 billion during the year, setting another record.
Our strategy emphasized investment in large growth companies. We remained
heavily invested in such industries as recreation, hospital supply, and
computer software and services. Energy holdings were increased, although they
are still underrepresented compared to the S&P 500 Index. At year-end, our
heaviest sector concentrations were in technology and in consumer staple
stocks.
We have begun reducing our large-company holdings from investments in 70-80
companies toward a goal of 50-60 companies to increase our position in areas
we believe to be of the best value. Our investment philosophy is to evaluate
risk and try to lower turnover and economic sensitivity, while continuing to
seek growth of capital and income.
INVESTMENT OBJECTIVE
To seek 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 & TOTAL
RETURN AS OF DECEMBER 31, 1995
<TABLE>
<S> <C>
NET ASSETS $1.1 billion
</TABLE>
COMPOSITION
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
Merck & Co., Inc. .................................................. 2.85%
Boeing Co. ......................................................... 2.56%
Philip Morris Cos., Inc. ........................................... 2.42%
Procter & Gamble Co. ............................................... 2.27%
Microsoft Corp. .................................................... 2.26%
International Business Machines Corp. .............................. 2.23%
Cisco Systems, Inc. ................................................ 2.16%
Abbott Laboratories................................................. 2.12%
Pfizer, Inc. ....................................................... 2.02%
Federal Home Loan Mortgage Corp. ................................... 1.92%
</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.
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the Growth Portfolio
and the S&P 500 Index from 12/31/85 to 12/31/95.
<TABLE>
COMPARISON OF TEN YEAR CUMULATIVE RETURN
AMONG GROWTH PORTFOLIO AND S&P 500 INDEX
<CAPTION>
Measurement period Growth S&P 500
(Fiscal year Covered) Portfolio Index
- --------------------- --------- ---------
<S> <C> <C>
Measurement PT -
12/31/85 $10,000 $10,000
FYE 12/31/86 $11,016 $11,867
FYE 12/31/87 $11,807 $12,490
FYE 12/31/88 $13,069 $14,558
FYE 12/31/89 $17,858 $19,163
FYE 12/31/90 $16,341 $18,567
FYE 12/31/91 $21,748 $24,212
FYE 12/31/92 $24,264 $26,054
FYE 12/31/93 $27,757 $28,674
FYE 12/31/94 $26,854 $29,051
FYE 12/31/95 $35,753 $39,955
</TABLE>
The chart illustrates the change in the dollar value of a $10,000 Investment in
the Growth Portfolio and the S&P 500 Index from 12/31/85 to 12/31/95.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. 10yr.
33.14% 16.95% 13.59%
</TABLE>
The above graph does not include withdrawal or surrender charges and Separate
Account expenses (general administrative expenses and mortality and expense
risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lowered. Past performance is no guarantee of future results. Principal value
and investment return will vary and you may have a gain or loss when you
withdraw your money.
MDA-1
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND INCOME PORTFOLIO
The Portfolio posted a year of exceptional performance, with its total return
nearly double its average annual returns dating back to 1983.
As the bond market rallied throughout the year, the Portfolio benefitted from
declining interest rates, rising bond prices and falling yields. Half of the
Portfolio was invested in U.S. Treasuries and nearly one-quarter more of its
holdings were in corporate bonds on December 31. The average quality of the
Portfolio's securities remained very high.
Although conditions remain favorable for the U.S. bond market, we have become
somewhat cautious of high valuation levels. We maintain a significant 9%
exposure to foreign bond markets in the belief that they may outperform the
U.S. market over the next several quarters.
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 & TOTAL
RETURN AS OF DECEMBER 31, 1995
<TABLE>
<C> <S>
NET ASSETS $349.9 million
AVERAGE BOND QUALITY AAA- (high grade fixed
income securities only)
</TABLE>
PERFORMANCE SUMMARY
Comparison of Change in Value of a
$10,000 Investment in the Income
Portfolio and the Lehman Brothers
Aggregate Index from 12/31/85 to
12/31/95.
<TABLE>
COMPARISON OF TEN YEAR CUMULATIVE RETURN
AMONG INCOME PORTFOLIO AND LEHMAN BROTHERS AGGREGATE INDEX
<CAPTION>
Measurement period Income Lehman Bros.
(Fiscal year Covered) Portfolio Aggregate Index
- --------------------- --------- ---------------
<S> <C> <C>
Measurement PT -
12/31/85 $10,000 $10,000
FYE 12/31/86 $11,963 $11,526
FYE 12/31/87 $11,740 $11,844
FYE 12/31/88 $12,829 $12,778
FYE 12/31/89 $14,541 $14,635
FYE 12/31/90 $15,999 $15,946
FYE 12/31/91 $18,768 $18,498
FYE 12/31/92 $20,065 $19,867
FYE 12/31/93 $22,345 $21,804
FYE 12/31/94 $21,642 $21,168
FYE 12/31/95 $25,873 $25,079
</TABLE>
This chart illustrates the change in dollar value of a $10,000 Investment in the
Income Portfolio and the Lehman Brothers Aggregate Index from 12/31/85 to
12/31/95.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. 10yr.
19.55% 10.09% 9.97%
</TABLE>
The above graph does not include
withdrawal or surrender charges and
Separate Account expenses (general
administrative expenses and
mortality and expense risk charges
or cost of insurance charges). If
performance information included
the effect of these additional
charges, performance would have
been lowered. Past performance is
no guarantee of future results.
Principal value and investment
return will vary and you may have a
gain or loss when you withdraw your
money.
MDA-2
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND MONEY MARKET PORTFOLIO
Money market rates remained relatively stable during 1995, if one were to
compare them to the previous year when rates rose 2.5% to 3.0%. Indeed, rates
stayed within a half percentage point range, starting the year slightly over
6% and ending the year somewhat under 6%.
The rates were being led by the Federal Funds rate, which slowly leveled off
and pointed downward after the previous year's vicious climb. The Federal
Reserve was trying to constrain the economy, and to some analysts the Federal
Reserve still is constraining money growth by maintaining relatively high real
rates of interest.
In sharp contrast to the thirty day average maturity of the Portfolio in 1994,
the average in 1995 was extended to approximately sixty days in the second and
third quarter and within ninety days in the fourth quarter. With an almost
universal belief that the Federal Reserve would continue to drop short-term
rates, market participants have had to accept lower rates to lock in
maturities for longer periods of time.
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 & TOTAL
RETURN AS OF DECEMBER 31, 1995
<TABLE>
<S> <C>
NET ASSETS $40.5 million
</TABLE>
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the Money Market
Portfolio and the IBC's Money Fund Report Averages(TM)/All Taxable 30 Day from
12/31/85 to 12/31/95.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. 10yr.
5.59% 4.43% 6.00%
<CAPTION>
Measurement period Money Market *IBC's Money
(Fiscal year Covered) Portfolio Fund Report
- --------------------- --------- ------------
<S> <C> <C>
Measurement PT -
12/31/85 $10,000 $10,000
FYE 12/31/86 $10,672 $10,626
FYE 12/31/87 $11,336 $11,276
FYE 12/31/88 $12,192 $12,078
FYE 12/31/89 $13,323 $13,149
FYE 12/31/90 $14,420 $14,178
FYE 12/31/91 $15,299 $14,987
FYE 12/31/92 $15,870 $15,491
FYE 12/31/93 $16,330 $15,909
FYE 12/31/94 $16,959 $16,474
FYE 12/31/95 $17,907 $17,377
</TABLE>
The chart illustrates the change of a dollar value of a $10,000 Investment in
the Money Market Portfolio and the IBC's Money Fund Report Averages(TM)/All
Taxable 30 Day from 12/31/85 to 12/31/95.
The above graph does not include withdrawal or surrender charges and Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lowered. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
The Money Market Portfolio is not insured or guaranteed by the U.S. government.
- -------
*Source: IBC's Money Fund Report
MDA-3
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND DIVERSIFIED PORTFOLIO
As both stock and bond markets set records, the Portfolio also performed very
well. Total returns for the year ended December 31 were more than twice the
average annual returns recorded since the Portfolio's inception in 1986. In
another milestone, total net assets surpassed $1 billion during the year.
The Portfolio's equity portion emphasized technology and consumer staple
stocks, frequently of large companies. The fixed income portion emphasized
Treasury and corporate bonds of very high credit quality. We also added
modestly to our stock positions in the finance and energy sectors.
After maintaining a slightly heavier bond allocation for most of 1995, we
began moving back toward our normal ratio of 60% stocks and 40% bonds in the
fourth quarter. Returns from stocks appear to offer more opportunity going
forward. Volatility in bonds has increased relative to stock price volatility.
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 & TOTAL
RETURN AS OF DECEMBER 31, 1995
<TABLE>
<C> <S>
NET ASSETS $1.1 billion
AVERAGE BOND QUALITY AAA- (high grade fixed
income securities only)
</TABLE>
COMPOSITION
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
Merck & Co., Inc. .................................................. 1.66%
Philip Morris Cos., Inc. ........................................... 1.48%
Procter & Gamble Co. ............................................... 1.42%
Microsoft Corp. .................................................... 1.32%
International Business Machines Corp. .............................. 1.28%
Federal Home Loan Mortgage Corp. ................................... 1.28%
Cisco Systems, Inc. ................................................ 1.25%
Abbott Laboratories................................................. 1.24%
Boeing Co. ......................................................... 1.18%
Pfizer, Inc. ....................................................... 1.17%
</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.
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the Diversified
Portfolio and the S&P 500 Index and Lehman Brothers Aggregate Index from
7/25/86 to 12/31/95.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. Inception
27.03% 13.67% 11.11%
<CAPTION>
Measurement period Diversified
(Fiscal year Covered) Portfolio S&P 500 Index Lehman Bros.
- --------------------- --------- ------------- ------------
<S> <C> <C> <C>
Measurement PT -
7/25/86 $10,000 $10,000 $10,000
FYE 7/25/86 $10,340 $10,402 $10,477
FYE 7/25/87 $10,716 $10,949 $10,766
FYE 7/25/88 $11,706 $12,762 $11,615
FYE 7/25/89 $14,253 $16,799 $13,030
FYE 7/25/90 $14,253 $16,276 $14,494
FYE 7/25/91 $17,794 $21,244 $16,814
FYE 7/25/92 $19,481 $22,839 $18,059
FYE 7/25/93 $21,966 $25,136 $19,819
FYE 7/25/94 $21,293 $25,466 $19,241
FYE 7/25/95 $27,048 $35,035 $22,769
</TABLE>
The chart illustrates the change of a dollar value of a $10,000 Investment in
the Diversified Portfolio and the S&P 500 Index and Lehman Brothers Aggregate
Index from 7/25/86 to 12/31/95.
The above graph does not include withdrawal or surrender charges and Separate
Account expenses (general administrative expenses and mortality and expense
risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lowered. Past performance is no guarantee of future results. Principal value
and investment return will vary and you may have a gain or loss when you
withdraw your money.
MDA-4
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND AGGRESSIVE GROWTH PORTFOLIO
The Portfolio advanced in a volatile, record-setting market over the year, and
continued its string of strong, average annual returns.
At year-end, the market had turned risk-averse, favoring large-cap, blue chip
stocks. We reduced our exposure to technology overall and added selectively to
holdings in finance and consumer cyclicals. Our diversification at year-end
more closely mirrored the asset allocation of the S&P 500 Index.
The Portfolio remains focused on top-quality company management, strong
earnings growth and attractive valuations. These are important factors in
trying to control the risks of investing in high growth stocks. We are attuned
to opportunities and special situations and continue 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 & TOTAL
RETURN AS OF DECEMBER 31, 1995
<TABLE>
<S> <C>
NET ASSETS $958.9 million
</TABLE>
COMPOSITION
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
Sunglass Hut International, Inc. ................................... 3.23%
HFS, Inc. .......................................................... 2.99%
General Electric Co. ............................................... 2.85%
Gucci Group NV...................................................... 2.36%
Philip Morris Cos., Inc. ........................................... 2.33%
Allstate Corp. ..................................................... 2.14%
Northwest Airlines Corp. CLA........................................ 2.12%
Halliburton Co. .................................................... 2.06%
Tommy Hilfiger Corp. ............................................... 2.02%
Travelers, Inc. .................................................... 2.01%
</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.
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the Aggressive Growth
Portfolio and the S&P 500 Index from 4/29/88 to 12/31/95.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. Inception
29.50% 23.41% 17.87%
<CAPTION>
Aggressive
Measurement period Growth
(Fiscal year Covered) Portfolio S&P 500 Index
- --------------------- --------- -------------
<S> <C> <C>
Measurement PT -
4/29/88 $10,000 $10,000
FYE 4/29/88 $10,521 $10,910
FYE 4/29/89 $13,776 $14,360
FYE 4/29/90 $12,351 $13,914
FYE 4/29/91 $20,553 $18,144
FYE 4/29/92 $22,688 $19,524
FYE 4/29/93 $27,822 $21,488
FYE 4/29/94 $27,298 $21,770
FYE 4/29/95 $35,350 $29,941
</TABLE>
The chart illustrates the change of a dollar value of a $10,000 Investment in
the Aggressive Growth Portfolio and the S&P 500 Index from 4/29/88 to 12/31/95.
The above graph does not include withdrawal or surrender charges and Separate
Account expenses (general administrative expenses and mortality and expense
risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lowered. Past performance is no guarantee of future results. Principal value
and investment return will vary and you may have a gain or loss when you
withdraw your money.
MDA-5
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND STOCK INDEX PORTFOLIO
In 1995, the S&P 500 Index had its best one-year return since 1958. Throughout
the year, stocks were helped by good profit growth and by global optimism
regarding low inflation and reduced government deficits. In addition, merger
and acquisition activity, corporate share repurchases and inflows into equity
mutual funds all boosted stock prices. The Stock Index Portfolio reflected
good performance by the stocks of the large multi-national corporations, which
are a significant component of the S&P 500 Index.
The Stock Index Portfolio continued to follow its strategy of investing
virtually all its assets in stocks of companies in the S&P 500 Index. The
Portfolio uses a computerized stock selection procedure to allocate its
holdings among industries and specific stocks in order to achieve returns
close to those of the S&P 500 Index.
INVESTMENT OBJECTIVE
To equal the performance of the Standard & Poor's 500 Composite Stock Price
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 & TOTAL
RETURN AS OF DECEMBER 31, 1995
<TABLE>
<S> <C>
NET ASSETS $635.8 million
</TABLE>
COMPOSITION
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
General Electric Co. ............................................... 2.58%
AT & T Corp. ....................................................... 2.27%
Exxon Corp. ........................................................ 2.15%
Coca-Cola Co. ...................................................... 1.98%
Merck & Co., Inc. .................................................. 1.77%
Royal Dutch Petroleum Co. .......................................... 1.64%
Philip Morris Cos., Inc. ........................................... 1.60%
Procter & Gamble Co. ............................................... 1.22%
Johnson & Johnson................................................... 1.20%
Wal-Mart Stores, Inc. .............................................. 1.11%
</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.
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the Stock Index
Portfolio and the S&P 500 Index from 5/1/90 to 12/31/95.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. Inception
36.87% 16.16% 14.52%
<CAPTION>
Measurement period Stock Index
(Fiscal year Covered) Portfolio S&P 500 Index
- --------------------- ----------- -------------
<S> <C> <C>
Measurement PT -
5/1/90 $10,000 $10,000
FYE 5/1/90 $10,195 $10,245
FYE 5/1/91 $13,229 $13,359
FYE 5/1/92 $14,213 $14,376
FYE 5/1/93 $15,569 $15,821
FYE 5/1/94 $15,753 $16,029
FYE 5/1/95 $21,561 $22,046
</TABLE>
The chart illustrates the change of a dollar value of a $10,000 Investment in
the Stock Index Portfolio and the S&P 500 Index from 5/1/90 to 12/31/95.
The above graph does not include withdrawal or surrender charges and Separate
Account expenses (general administrative expenses and mortality and expense
risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lowered. Past performance is no guarantee of future results. Principal value
and investment return will vary and you may have a gain or loss when you
withdraw your money.
MDA-6
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND INTERNATIONAL STOCK PORTFOLIO
1995's mixed performance in the international markets was reflected in the
International Stock Portfolio. The first quarter saw the most negative market
action. The Portfolio had moved away from emerging markets before their sharp
fall in January, but its exposure to Japan at the time of the Kobe earthquake
had a severe impact on it. Rounding out the difficult first quarter was
extreme volatility in currency markets, lending further uncertainty to already
rocky markets.
By the second quarter, the strength in international bond markets and the U.S.
stock market began filtering through to large global companies trading on the
European exchanges. Much of the Portfolio's subsequent underperformance may be
attributed to its higher exposure to medium- and smaller-size companies, which
tend to move with their underlying domestic economies rather than the U.S.
economy.
Looking forward, the Portfolio is well-positioned to take advantage of a
resurgent Japanese economy, as well as the worsening supply imbalance in a
number of raw materials. In addition, very few sectors within the
international markets participated in last year's rise, which potentially may
lead to a more favorable market.
INVESTMENT
OBJECTIVE/UNDERLYING
INVESTMENTS
To achieve long-term growth of capital by investing primarily in common stocks
and equity-related securities of non-United States companies.
PORTFOLIO COMPOSITION & TOTAL
RETURN AS OF DECEMBER 31, 1995
<TABLE>
<S> <C>
NET ASSETS $297.5 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>
Emtech (Bermuda) Units (Ukraine).................................... 1.45%
Avocet Ventures, Inc. (Canada)...................................... 1.10%
Sumitomo Realty & Development Co. Ltd. (Japan)...................... 1.09%
Tokio Marine & Fire Insurance Co. Ltd. (Japan)...................... 1.01%
Electrophoretics (United Kingdom)................................... 0.97%
Waverly Mining Finance PLC (United Kingdom)......................... 0.93%
Nelson Gold Ltd. (Tajikistan)....................................... 0.86%
British Biotech (United Kingdom).................................... 0.86%
Nippon Shinpan Co. Ltd. (Japan)..................................... 0.84%
Mitsukoshi (Japan).................................................. 0.81%
</TABLE>
ASSET ALLOCATION BY COUNTRY AND GEOGRAPHY ON 12/31/95
BASED ON MARKET VALUE OF INVESTMENTS
[PIE CHART]
<TABLE>
<CAPTION>
<S> <C>
United Kingdom (19.0%)
Japan (23.4%)
Other African/Latin America (2.6%)
Other Asia/Pacific Basin (17.9%)
Other Europe (11.6%)
Canada (5.1%)
Australia (5.2%)
France (7.0%)
Germany (8.2%)
</TABLE>
The pie chart illustrates the asset allocation, which is based on the market
value of the investments, by country & geography as of 12/31/95.
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or countries listed.
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the International
Stock Portfolio and the Morgan Stanley EAFE Index from 5/1/91 to 12/31/95.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C>
1yr. Inception
.84% 7.21%
[CHART]
<CAPTION>
Measurement period International Morgan Stanley
(Fiscal year Covered) Stock Portfolio EAFE
- --------------------- --------------- --------------
<S> <C> <C>
Measurement PT -
5/1/91 $10,000 $10,000
FYE 5/1/91 $ 9,845 $10,335
FYE 5/1/92 $ 8,840 $ 9,077
FYE 5/1/93 $13,062 $12,033
FYE 5/1/94 $13,725 $12,969
FYE 5/1/95 $13,841 $14,422
</TABLE>
The chart illustrates the change of a dollar value of a $10,000 Investment in
the International Stock Portfolio and the Morgan Stanley EAFE Index from 5/1/91
to 12/31/95.
The Average Annual Total Returns were not materially affected by Metropolitan
Life Insurance Company's subsidy of certain expenses for part of 1993, and did
not produce return figures different from those displayed. The above graph
does not include withdrawal or surrender charges and Separate Account expenses
(general administrative expenses and mortality and expense risk charges or
cost of insurance charges). If performance information included the effect of
these additional charges, performance would have been lowered. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-7
<PAGE>
ANNUAL REPORT
OF
METROPOLITAN
SERIES FUND, INC.
December 31, 1995
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders, Metropolitan Series Fund, Inc.
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of the Growth, Income, Money Market,
Diversified, Aggressive Growth, Stock Index, and International Stock
Portfolios of Metropolitan Series Fund, Inc. (the "Fund") as of December 31,
1995, the related statements of operations for the year then ended, the
statements of changes in net assets for the years ended December 31, 1995 and
1994 and the financial highlights for the applicable periods ended December
31, 1995, 1994, 1993, 1992 and 1991. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned at December 31, 1995 by correspondence with the custodian and brokers:
where replies were not received from brokers, we performed other auditing
procedures. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Growth,
Income, Money Market, Diversified, Aggressive Growth, Stock Index, and
International Stock Portfolios of the Metropolitan Series Fund, Inc. at
December 31, 1995 and the results of their operations, the changes in their
net assets, and the financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Denver, Colorado
February 23, 1996
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- ---------------------------------------------------------------------
<C> <S> <C>
COMMON STOCK: 98.3%
- ---------------------------------------------------------------------
AEROSPACE: 4.3%
358,000 Boeing Co. $ 28,058,250
398,200 Raytheon Co. 18,814,950
--------------
46,873,200
- ---------------------------------------------------------------------
AUTOMOTIVE: 0.8%
151,700 Chrysler Corp. 8,400,388
- ---------------------------------------------------------------------
BANKING: 4.3%
239,500 BankAmerica Corp. 15,507,625
308,600 Citicorp 20,753,350
255,300 Fleet Financial Group, Inc. 10,403,475
--------------
46,664,450
- ---------------------------------------------------------------------
BUILDING: 0.6%
149,200 *Owens-Corning Fiberglas Corp. 6,695,350
- ---------------------------------------------------------------------
BUSINESS SERVICES: 1.6%
258,800 First Data Corp. 17,307,250
- ---------------------------------------------------------------------
CHEMICAL: 5.7%
410,800 *Ciba Geigy AG 18,126,550
150,900 Du Pont (E.I.) de Nemours & Co. 10,544,138
154,600 Monsanto Co. 18,938,500
229,000 Rohm & Haas Co. 14,741,875
--------------
62,351,063
- ---------------------------------------------------------------------
COMPUTER SOFTWARE & SERVICE: 5.9%
316,600 *Cisco Systems, Inc. 23,646,063
224,200 General Motors Corp. Cl. E 11,658,400
281,900 *Microsoft Corp. 24,754,344
66,700 *Parametric Technology Corp. 4,427,213
--------------
64,486,020
- ---------------------------------------------------------------------
DRUG: 6.3%
278,920 Lilly (Eli) & Co. 15,689,250
474,500 Merck & Co., Inc. 31,198,375
350,600 Pfizer, Inc. 22,087,800
--------------
68,975,425
- ---------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 1.6%
250,200 General Electric Co. 18,014,400
- ---------------------------------------------------------------------
ELECTRONICS: 5.5%
274,000 AMP, Inc. 10,514,750
726,170 *Ericsson (L.M.) Telephone Co. ADR Cl. B 14,160,315
238,600 General Motors Corp. Cl. H 11,721,225
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------
<C> <S> <C>
158,800 *Intel Corp. $ 9,021,825
279,100 Perkin-Elmer Corp. 10,536,025
261,700 *VLSI Techniology, Inc. 4,726,956
--------------
60,681,096
- -------------------------------------------------------------
FINANCIAL SERVICES: 4.6%
251,700 Federal Home Loan Mortgage Corp. 21,016,950
143,100 Federal National Mortgage Assoc. 17,762,288
179,700 Travelers Group, Inc. 11,298,638
--------------
50,077,876
- -------------------------------------------------------------
FOOD & BEVERAGE: 5.1%
250,200 Anheuser-Busch Co., Inc. 16,732,125
212,900 Campbell Soup Co. 12,774,000
201,600 Coca-Cola Co. 14,968,800
215,200 PepsiCo, Inc. 12,024,300
--------------
56,499,225
- -------------------------------------------------------------
HOSPITAL MANAGEMENT: 2.1%
105,500 *Columbia/HCA Healthcare Corp. 5,354,125
276,000 United Healthcare Corp. 18,078,000
--------------
23,432,125
- -------------------------------------------------------------
HOSPITAL SUPPLY: 4.2%
555,800 Abbott Laboratories 23,204,650
145,200 Johnson & Johnson 12,432,750
190,000 Medtronic, Inc. 10,616,250
--------------
46,253,650
- -------------------------------------------------------------
HOTEL & RESTAURANT: 2.1%
197,200 *Circus Circus Enterprises, Inc. 5,496,950
443,900 *Harrah's Entertainment, Inc. 10,764,575
194,000 *Mirage Resorts, Inc. 6,693,000
--------------
22,954,525
- -------------------------------------------------------------
INSURANCE: 2.9%
290,000 ACE Ltd. 11,527,500
252,000 *American Re Corp. 10,300,500
422,900 The Equitable Cos., Inc. 10,149,600
--------------
31,977,600
- -------------------------------------------------------------
MACHINERY: 4.4%
142,100 Caterpillar, Inc. 8,348,375
207,700 Fluor Corp. 13,708,200
274,600 Millipore Corp. 11,292,925
541,100 Pall Corp. 14,542,062
--------------
47,891,562
- -------------------------------------------------------------
METALS & MINING: 0.7%
133,700 Nucor Corp. 7,637,612
- -------------------------------------------------------------
</TABLE>
MSF-1
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- ------------------------------------------------------------------
<C> <S> <C>
COMMON STOCK: (CONTINUED)
- ------------------------------------------------------------------
OFFICE EQUIPMENT: 6.2%
200,100 *Digital Equipment Corp. $ 12,831,413
122,400 Hewlett-Packard Co. 10,251,000
265,600 International Business Machines Corp. 24,368,800
151,000 Xerox Corp. 20,687,000
--------------
68,138,213
- ------------------------------------------------------------------
OIL: 6.4%
242,200 Exxon Corp. 19,406,275
300,300 Louisiana Land & Exploration Co. 12,875,362
429,700 *Oryx Energy Co. 5,747,237
133,200 Royal Dutch Petroleum Co. 18,797,850
236,025 TOTAL Cl. B ADS 8,024,850
193,900 *Union Pacific Resources Group, Inc. 4,920,213
--------------
69,771,787
- ------------------------------------------------------------------
OIL SERVICE: 1.7%
262,000 Schlumberger Ltd. 18,143,500
- ------------------------------------------------------------------
PAPER: 0.8%
200,700 Champion International Corp. 8,429,400
- ------------------------------------------------------------------
PERSONAL CARE: 2.3%
299,000 Procter & Gamble Co. 24,817,000
- ------------------------------------------------------------------
RETAIL TRADE: 7.5%
391,100 *Federated Department Stores, Inc. 10,755,250
436,266 Home Depot, Inc. 20,886,235
207,300 *Intimate Brands, Inc. 3,109,500
512,500 *Office Depot, Inc. 10,121,875
159,800 Tandy Corp. 6,631,700
438,200 *Toys R Us, Inc. 9,530,850
769,400 Wal-Mart Stores, Inc. 17,215,325
325,800 *Woolworth Corp. 4,235,400
--------------
82,486,135
- ------------------------------------------------------------------
TOBACCO: 2.4%
293,100 Philip Morris Cos., Inc. 26,525,550
- ------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
<C> <S> <C>
TOYS & MUSICAL INSTRUMENTS: 0.9%
322,406 Mattel, Inc. $ 9,913,984
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 2.9%
590,700 *AirTouch Communications, Inc. 16,687,275
233,300 AT & T Corp. 15,106,175
--------------
31,793,450
- --------------------------------------------------------------------------------
VIDEO: 4.5%
49,500 Capital Cities/ABC, Inc. 6,107,062
154,500 Comcast Corp. Cl. A 2,723,062
341,550 Comcast Corp. Cl. A Spl. 6,211,941
242,300 Disney (Walt) Co. 14,295,700
139,755 Gaylord Entertainment Co. Cl. A 3,878,201
175,350 *Infinity Broadcasting Corp. Cl. A 6,531,787
253,800 Time Warner, Inc. 9,612,675
--------------
49,360,428
--------------
TOTAL COMMON STOCK
(Cost: $848,008,969)............................... 1,076,552,264
--------------
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
SHORT TERM OBLIGATIONS: 1.8%
- ------------------------------------------------------------------------------
$3,799,000 Ford Motor Credit Co. 5.600% 1/05/96 3,799,000
9,246,000 Ford Motor Credit Co. 5.800% 1/02/96 9,246,000
6,730,000 General Electric Capital Corp. 5.720% 1/03/96 6,730,000
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $19,775,000).............................. 19,775,000
--------------
- ------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.1%
(Cost: $867,783,969)............................. 1,096,327,264
OTHER ASSETS LESS LIABILITIES: -0.1%............. (1,576,667)
--------------
TOTAL NET ASSETS: 100.0%......................... $1,094,750,597
==============
- ------------------------------------------------------------------------------
</TABLE>
* Non-income producing security.
See Notes to Financial Statements.
MSF-2
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
INCOME PORTFOLIO
DECEMBER 31, 1995
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CORPORATE BONDS: 23.7%
- -------------------------------------------------------------------------------
BANKING: 3.7%
$ 3,700,000 Banc One Credit Card Master
Trust 94-CA 7.800% 12/15/00 $ 3,916,191
1,900,000 First Chicago Credit Card 8.400% 6/15/96-98 1,921,964
1,000,000 NationsBank Master Trust
1995-1 6.450% 4/15/03 1,030,000
2,600,000 Standard Credit Card Master
Trust 91-4 8.250% 11/7/03 2,890,056
3,200,000 Standard Credit Card Master
Trust 1991-3A 8.875% 9/7/99 3,444,000
------------
13,202,211
- -------------------------------------------------------------------------------
FINANCIAL SERVICES: 8.0%
2,575,000 Allmerica Financial
Corp. Sr. 7.625% 10/15/25 2,705,527
2,800,000 Associates Corp. North
America 6.375% 10/15/02 2,852,808
1,200,000 Beneficial Corp. 9.125% 2/15/98 1,283,856
1,225,000 Commercial Credit
Group, Inc. 6.750% 5/15/00 1,268,353
3,800,000 Fleet Mortgage Group, Inc. 7.060% 7/26/02 3,962,184
3,800,000 Ford Credit Auto Loan
Master Trust 95-1 6.500% 8/15/02 3,908,034
2,700,000 General Electric Capital
Corp. MT 7.625% 7/24/96 2,731,104
1,600,000 General Motors Acceptance
Corp. Deb. 7.850% 11/17/97 1,663,824
1,800,000 General Motors
Acceptance Corp. 7.050% 2/2/98 1,850,850
1,700,000 Household Finance Co. Note 6.750% 6/1/00 1,757,749
1,500,000 PennCorp Financial Group
Sr. Sub. 9.250% 12/15/98-03 1,522,500
2,000,000 Sears Credit Account Master
Trust II 1994-1 8.100% 6/15/00-04 2,168,740
266,597 Tandy
Master Trust 1991-A 8.250% 4/15/95-99 266,931
------------
27,942,460
- -------------------------------------------------------------------------------
INDUSTRIAL: 8.5%
1,000,000 Anacomp, Inc. 15.000% 11/1/00 700,000
1,000,000 Chevron Corp. Profit
Sharing Amort. 8.110% 12/1/01-04 1,107,790
2,600,000 Columbia/HCA Healthcare
Corp. MT 6.870% 9/15/03 2,693,938
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 1,250,000 Continental Cablevision,
Inc. Sr. Deb. 9.000% 9/1/08 $ 1,312,500
1,000,000 Continental Cablevision,
Inc. Sr. Debs. 9.500% 8/1/05-13 1,075,000
1,250,000 Crown Packaging, Inc. Sr.
Series B 10.750% 11/1/98-00 1,187,500
2,300,000 #Electronic Data Systems
Corp. 144A 6.850% 5/15/00 2,386,112
1,575,000 Haynes International, Inc.
Sr. Sec. 11.250% 6/15/98 1,523,025
1,000,000 HealthSouth Sr. Sub. 9.500% 4/1/98-01 1,067,500
750,000 Heritage Media Corp.
Sr. Sub. 11.000% 10/1/97-02 789,375
1,800,000 ITT Corp. 6.250% 11/15/00 1,818,572
2,000,000 Koppers Industries Sr. 8.500% 2/1/99-04 1,940,000
1,500,000 Lear Seating Corp. Sr. Sub. 8.250% 2/1/98-02 1,470,000
1,000,000 Lear Seating Corp. Sub. 11.250% 7/15/97-00 1,052,500
1,925,000 Loews Corp. Sr. 7.000% 10/15/03-23 1,852,813
1,400,000 Oryx Energy Co. 8.125% 10/15/05 1,424,500
1,000,000 Paging Network Sr. Sub. 8.875% 2/1/99-06 1,025,000
1,750,000 Ralphs Grocery Co. Sr. 10.450% 6/15/99-04 1,776,250
500,000 Sifto Canada, Inc. 8.500% 7/15/00 480,000
750,000 Southern Pacific Rail
Corp. Sr. 9.375% 8/15/98-05 813,750
500,000 UCC Investors Holdings Sr. 10.500% 5/1/02 515,000
1,700,000 Viacom, Inc. Sr. 6.750% 1/15/03 1,704,250
------------
29,715,375
- -------------------------------------------------------------------------------
MORTGAGE BACKED: 3.5%
2,639,443 Countrywide Series 1993-E
A-1 PAC 6.500% 1/25/96-24 2,641,092
2,900,000 #DeBartolo Cap Partnership
A-2 144A 7.480% 5/1/04 3,052,250
2,164,942 Prudential Home Loan
Mortgage Series 93-29 A-6
PAC 6.750% 8/25/99-08 2,185,898
2,650,000 Prudential Home Loan
Mortgage Series 93-54 A-21
PAC 5.500% 1/25/98-24 2,585,393
1,704,829 Residential Fund Corp.
93-S25 A-1 PAC 6.500% 8/25/98-08 1,718,672
------------
12,183,305
------------
TOTAL CORPORATE BONDS
(Cost: $82,383,183).............................. 83,043,351
------------
- -------------------------------------------------------------------------------
</TABLE>
MSF-3
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
INCOME PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -----------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FOREIGN OBLIGATIONS: 9.1%
- -----------------------------------------------------------------------------
$ 8,250,000 AUD Australian Government 9.000% 9/15/04 $ 6,461,049
2,200,000 CAD Canadian Government 7.500% 12/01/03 1,661,576
600,000 CAD Canadian Government 9.750% 12/1/01 503,583
32,000,000 DKK Danish Government 8.000% 3/15/06 6,077,262
15,000,000 DKK Danish Government 8.000% 5/15/03 2,871,950
20,900,000 FRN French Government 8.500% 11/25/02 4,778,789
6,300,000 GER German Treuhandanstalt 6.625% 7/09/03 4,597,748
1,500,000,000 ITL Italian Government 8.500% 4/1/99 904,368
185,000,000 SPA Spanish Government 10.900% 8/30/03 1,621,991
1,400,000 UK UK Treasury Stock 8.000% 6/10/03 2,272,770
------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $30,472,428)........................ 31,751,086
------------
- -----------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 5.5%
- -----------------------------------------------------------------------------
921,048 Federal Home Loan
Mortgage Corp. 9.000% 12/1/09 974,662
86,197 Federal Home Loan
Mortgage Corp. 6.500% 2/1/09 86,655
4,413,753 Federal Home Loan
Mortgage Corp. 6.500% 5/1/09 4,437,190
2,600,000 Federal Home Loan
Mortgage Corp. 7.240% 5/15/98-02 2,686,944
2,410,958 Federal National
Mortgage Assoc. 7.000% 2/1/24 2,430,535
1,368,147 Federal National
Mortgage Assoc. 8.250% 7/1/08 1,430,630
1,229,476 Federal National
Mortgage Assoc. 8.500% 2/1/09 1,317,592
865,885 Federal National
Mortgage Assoc. 7.750% 3/1/08 902,954
624,593 Federal National
Mortgage Assoc. 7.750% 9/1/06 650,526
511,145 Federal National
Mortgage Assoc. 8.500% 9/1/09 538,619
373,903 Federal National
Mortgage Assoc. 9.000% 5/1/09 397,504
188,379 Federal National
Mortgage Assoc. 9.000% 4/1/16 200,269
162,766 Federal National
Mortgage Assoc. 8.000% 6/1/08 170,191
82,483 Federal National
Mortgage Assoc. 7.750% 4/1/08 86,014
1,275,000 Government National
Mortgage Assoc. ARM 6.000% 1/15/99 1,300,000
1,300,000 Government National
Mortgage Assoc. ARM 5.500% 1/15/99 1,287,352
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 374,021 Government National Mortgage
Assoc. ARM 7.500% 5/15/07 $ 390,373
------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $18,527,609)............................... 19,288,010
------------
- ------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 49.7%
- ------------------------------------------------------------------------------
21,425,000 U.S. Treasury Bond 8.125% 8/15/21 27,115,908
15,225,000 U.S. Treasury Bond 6.250% 8/15/23 15,665,155
9,700,000 U.S. Treasury Bond 12.000% 8/15/13 14,945,566
26,100,000 U.S. Treasury Note 5.750% 8/15/03 26,413,983
26,025,000 U.S. Treasury Note 8.500% 5/15/97 27,139,130
21,600,000 U.S. Treasury Note 7.125% 9/30/99 22,902,696
10,350,000 U.S. Treasury Note 6.750% 5/31/99 10,810,885
8,825,000 U.S. Treasury Note 7.500% 11/15/01 9,719,943
6,575,000 U.S. Treasury Note 6.250% 2/15/03 6,859,566
5,950,000 U.S. Treasury Note 7.250% 5/15/04 6,604,500
5,250,000 U.S. Treasury Note 6.875% 3/31/00 5,546,153
------------
TOTAL FEDERAL TREASURY OBLIGATIONS (Cost:
$164,289,181)..................................... 173,723,485
------------
- ------------------------------------------------------------------------------
GOVERNMENT SPONSORED: 1.7%
- ------------------------------------------------------------------------------
1,500,000 Big Rivers Electric
Cooperative Trust 10.700% 9/15/97-17 1,690,275
825,000 Cajun Electric Power
Cooperative Trust 9.520% 3/15/98-19 916,080
2,900,000 Deseret Generation
Cooperative Trust 10.110% 12/15/97-17 3,248,116
------------
TOTAL GOVERNMENT SPONSORED OBLIGATIONS
(Cost: $5,838,538)................................ 5,854,471
------------
- ------------------------------------------------------------------------------
YANKEE BONDS: 5.3%
- ------------------------------------------------------------------------------
2,250,000 Basque Country 8.000% 9/21/04 2,529,765
1,600,000 Carter Holt Harvey Deb. 9.500% 12/1/24 2,057,200
1,700,000 Hydro Quebec Deb. Ser. HS 9.400% 2/1/21 2,157,691
1,200,000 Laidlaw, Inc. Deb. 8.750% 4/15/25 1,430,964
1,500,000 Province of Manitoba Deb.
Ser. CD 9.250% 4/1/20 1,556,205
1,500,000 Province of Manitoba Global
Notes 6.750% 3/1/03 1,968,795
3,900,000 Province of Quebec Global
Notes 7.500% 7/15/23 4,088,448
2,550,000 Talisman Energy Deb. 7.125% 6/1/07 2,675,868
------------
TOTAL YANKEE BONDS
(Cost: $16,265,492)............................... 18,464,936
------------
- ------------------------------------------------------------------------------
</TABLE>
MSF-4
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
INCOME PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
SHORT TERM OBLIGATIONS: 3.9%
- -------------------------------------------------------------------------------
$ 2,760,000 Ford Motor Credit Co. 5.900% 1/2/96 $ 2,760,000
3,160,000 Ford Motor Credit Co. 5.800% 1/8/96 3,160,000
6,450,000 General Electric Capital Corp. 5.720% 1/3/96 6,450,000
1,415,000 General Electric Capital Corp. 5.550% 1/5/96 1,415,000
------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $13,785,000).............................. 13,785,000
------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 98.9%
(Cost: $331,561,431)............................. 345,910,339
OTHER ASSETS LESS LIABILITIES: 1.1%.............. 4,002,689
------------
TOTAL NET ASSETS: 100.0%......................... $349,913,028
============
- -------------------------------------------------------------------------------
</TABLE>
#Restricted securities see Note 2.
Additional Information on restricted securities as follows:
<TABLE>
<CAPTION>
ACQUISITION ACQUISITION VALUATION AS OF
ISSUE DATE COST DECEMBER 31, 1995
----- ----------- ----------- -----------------
<C> <S> <C> <C>
DeBartolo Cap Partnership
A-2 144A..................... 11/16/95 $3,053,859 $3,052,250
Electronic Data Systems 144A.. 5/19/95 2,298,183 2,386,112
</TABLE>
The aggregate value of restricted securities at December 31, 1995 was
$5,438,362 or 1.55% 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
DECEMBER 31, 1995
<TABLE>
<CAPTION>
INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -----------------------------------------------------------------------------
<C> <S> <C> <C> <C>
BANK NOTE: 4.9%
- -----------------------------------------------------------------------------
$2,000,000 Bank of America 5.770% 2/15/96 $ 1,999,841
-----------
TOTAL BANK NOTE
(Cost: $1,999,841).................................. 1,999,841
-----------
- -----------------------------------------------------------------------------
BANKERS' ACCEPTANCE: 4.8%
- -----------------------------------------------------------------------------
2,000,000 Mellon Bank 5.590% 4/19/96 1,966,149
-----------
TOTAL BANKERS' ACCEPTANCE
(Cost: $1,966,149).................................. 1,966,149
-----------
- -----------------------------------------------------------------------------
COMMERCIAL PAPER: 43.9%
- -----------------------------------------------------------------------------
2,000,000 American Express Credit Corp. 5.560% 4/24/96 1,964,787
2,000,000 AT &T Corp. 5.630% 2/12/96 1,986,863
2,000,000 CIT Group Holdings 5.540% 3/6/96 1,979,994
1,900,000 Coca-Cola Co. 5.500% 3/11/96 1,879,681
2,000,000 Ford Motor Credit Co. 5.620% 2/9/96 1,987,823
2,000,000 General Electric Capital Corp. 5.700% 2/2/96 1,989,867
2,000,000 General Electric Capital Services
Corp. 5.540% 3/11/96 1,978,456
2,000,000 SmithKline Beecham Corp. 5.380% 1/8/96 1,997,908
2,000,000 Xerox Corp. 5.650% 1/18/96 1,994,664
-----------
TOTAL COMMERCIAL PAPER
(Cost: $17,760,043)................................. 17,760,043
-----------
- -----------------------------------------------------------------------------
CORPORATE NOTE: 5.0%
- -----------------------------------------------------------------------------
2,000,000 Associates Corp. of North America 8.800% 3/1/96 2,006,689
-----------
TOTAL CORPORATE NOTE
(Cost: $2,006,689).................................. 2,006,689
-----------
- -----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FEDERAL AGENCY OBLIGATIONS: 23.8%
- -------------------------------------------------------------------------------
$4,000,000 Federal Home Loan Bank 5.580% 2/16/96 $ 3,971,480
2,000,000 Federal Home Loan Bank 5.415% 11/20/96 1,998,849
1,800,000 Federal National Mortgage Assoc. 5.540% 2/9/96 1,789,197
1,900,000 Federal National Mortgage Assoc. 5.140% 6/20/96 1,853,611
-----------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $9,613,137).................................... 9,613,137
-----------
- -------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 17.0%
- -------------------------------------------------------------------------------
6,975,000 U.S. Treasury Bills, 4.10% to 5.35%
with maturities to 9/19/96 6,874,040
-----------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $6,874,040).................................... 6,874,040
-----------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.4%
(Cost: $40,219,899)................................... 40,219,899
OTHER ASSETS LESS LIABILITIES: 0.6%................... 236,376
-----------
TOTAL NET ASSETS: 100.0%.............................. $40,456,275
===========
- -------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
MSF-6
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------
<C> <S> <C>
COMMON STOCK: 57.4%
- --------------------------------------------------------------------
AEROSPACE: 2.2%
168,000 Boeing Co. $ 13,167,000
238,600 Raytheon Co. 11,273,850
--------------
24,440,850
- --------------------------------------------------------------------
AUTOMOTIVE: 0.3%
65,100 Chrysler Corp. 3,604,913
- --------------------------------------------------------------------
BANKING: 2.4%
142,400 BankAmerica Corp. 9,220,400
174,100 Citicorp 11,708,225
151,600 Fleet Financial Group, Inc. 6,177,700
--------------
27,106,325
- --------------------------------------------------------------------
BUILDING: 0.4%
86,300 *Owens-Corning Fiberglas Corp. 3,872,713
- --------------------------------------------------------------------
BUSINESS SERVICES: 0.9%
152,600 First Data Corp. 10,205,126
- --------------------------------------------------------------------
CHEMICAL: 3.3%
231,400 *CIBA Geigy A G 10,181,600
85,200 Du Pont (E.I.) de Nemours & Co. 5,953,350
92,500 Monsanto Co. 11,331,250
148,500 Rohm & Haas Co. 9,559,688
--------------
37,025,888
- --------------------------------------------------------------------
COMPUTER SOFTWARE & SERVICE: 3.4%
187,000 *Cisco Systems, Inc. 13,966,563
139,200 General Motors Corp. Cl. E 6,838,200
167,400 *Microsoft Corp. 14,699,813
37,600 *Parametric Technology Corp. 2,495,700
--------------
38,000,276
- --------------------------------------------------------------------
DRUG: 3.8%
198,546 Lilly (Eli) & Co. 11,168,213
280,900 Merck & Co., Inc. 18,469,175
207,400 Pfizer, Inc. 13,066,200
--------------
42,703,588
- --------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 1.0%
146,000 General Electric Co. 10,512,000
- --------------------------------------------------------------------
ELECTRONICS: 3.3%
164,400 AMP, Inc. 6,308,850
444,020 *Ericsson (L.M.) Tel. Co. ADR Cl. B 8,658,390
137,900 General Motors Corp. Cl. H 7,170,800
98,600 *Intel Corp. 5,601,713
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -----------------------------------------------------------------
<C> <S> <C>
180,200 Perkin-Elmer Corp. $ 6,802,550
147,700 *VLSI Technology Inc. 2,667,831
--------------
37,210,134
- -----------------------------------------------------------------
FINANCIAL SERVICES: 3.0%
171,400 Federal Home Loan Mortgage Corp. 14,311,900
96,600 Federal National Mortgage Assoc. 11,990,475
106,700 Travelers Group, Inc. 6,708,763
--------------
33,011,138
- -----------------------------------------------------------------
FOOD & BEVERAGE: 3.0%
147,000 Anheuser-Busch Co., Inc. 9,830,625
124,900 Campbell Soup Co. 7,494,000
117,800 Coca-Cola Co. 8,746,650
127,000 PepsiCo, Inc. 7,096,125
--------------
33,167,400
- -----------------------------------------------------------------
HOSPITAL MANAGEMENT: 1.4%
142,100 *Columbia/HCA Healthcare Corp. 7,211,575
135,000 United Healthcare Corp. 8,842,500
--------------
16,054,075
- -----------------------------------------------------------------
HOSPITAL SUPPLY: 2.3%
330,100 Abbott Laboratories 13,781,675
89,200 Johnson & Johnson 7,637,750
74,400 Medtronic, Inc. 4,157,100
--------------
25,576,525
- -----------------------------------------------------------------
HOTEL & RESTAURANT: 1.2%
117,700 *Circus Circus Enterprises, Inc. 3,280,888
256,100 *Harrah's Entertainment, Inc. 6,210,425
110,950 *Mirage Resorts, Inc. 3,827,775
--------------
13,319,088
- -----------------------------------------------------------------
INSURANCE: 1.7%
165,100 ACE Ltd. 6,562,725
156,300 *American Re Corp. 6,388,763
238,800 The Equitable Companies, Inc. 5,731,200
--------------
18,682,688
- -----------------------------------------------------------------
MACHINERY: 2.6%
82,800 Caterpillar, Inc. 4,864,500
125,700 Fluor Corp. 8,296,200
163,400 Millipore Corp. 6,719,825
336,400 Pall Corp. 9,040,750
--------------
28,921,275
- -----------------------------------------------------------------
</TABLE>
MSF-7
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- ----------------------------------------------------------------------
<C> <S> <C>
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------------
METALS & MINING: 0.4%
81,500 Nucor Corp. $ 4,655,687
- ----------------------------------------------------------------------
OFFICE EQUIPMENT: 3.6%
123,100 *Digital Equipment Corp. 7,893,788
72,800 Hewlett-Packard Co. 6,097,000
156,100 International Business Machines Corp. 14,322,175
84,100 Xerox Corp. 11,521,700
--------------
39,834,663
- ----------------------------------------------------------------------
OIL: 3.8%
152,600 Exxon Corp. 12,227,075
169,500 Louisiana Land & Exploration Co. 7,267,312
250,600 *Oryx Energy Co. 3,351,775
80,700 Royal Dutch Petroleum Co. 11,388,787
3,000 Tosco Corp. 114,375
159,579 TOTAL Cl. B ADS 5,425,686
109,400 *Union Pacific Resources Group, Inc. 2,776,025
--------------
42,551,035
- ----------------------------------------------------------------------
OIL SERVICES: 0.9%
151,700 Schlumberger Ltd. 10,505,225
- ----------------------------------------------------------------------
PAPER: 0.4%
116,900 Champion International Corp. 4,909,800
500 *Crown Packaging Holdings (Wts.) 5,000
--------------
4,914,800
- ----------------------------------------------------------------------
PERSONAL CARE: 1.4%
190,800 Procter & Gamble Co. 15,836,400
- ----------------------------------------------------------------------
RETAIL TRADE: 4.4%
231,200 *Federated Department Stores, Inc. 6,358,000
582 *Food 4 Less Holdings, Inc. (Wts.) 54,824
254,400 Home Depot, Inc. 12,179,400
119,100 *Intimate Brands, Inc. 1,786,500
304,400 *Office Depot, Inc. 6,011,900
93,400 Tandy Corp. 3,876,100
255,400 *Toys R Us, Inc. 5,554,950
470,200 Wal-Mart Stores 10,520,725
183,800 Woolworth Corp. 2,389,400
--------------
48,731,799
- ----------------------------------------------------------------------
TOBACCO: 1.5%
182,400 Philip Morris Cos., Inc. 16,507,200
- ----------------------------------------------------------------------
TOYS & MUSICAL INSTRUMENTS: 0.5%
194,062 Mattel, Inc. 5,967,406
- ----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
<C> <S> <C>
UTILITIES-TELEPHONE: 1.7%
332,900 *AirTouch Communications, Inc. $ 9,404,425
139,200 AT&T Corp. 9,013,200
--------------
18,417,625
- --------------------------------------------------------------------------------
VIDEO: 2.6%
29,100 Capital Cities/ABC, Inc. 3,590,212
94,800 Comcast Corp. Cl. A 1,670,850
200,350 Comcast Corp. Cl. A Spl. 3,643,866
146,300 Disney (Walt) Co. 8,631,700
70,350 Gaylord Entertainment Co. Cl. A 1,952,212
89,500 *Infinity Broadcasting Corp. Cl. A 3,333,875
150,200 Time Warner, Inc. 5,688,825
--------------
28,511,540
TOTAL COMMON STOCK
(Cost: $516,395,523)............................ 639,847,382
--------------
- --------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK: 0.0%
- --------------------------------------------------------------------------------
OIL SERVICES: 0.0%
6,000 Noble Drilling Corp. Cv. Pfd. 154,500
--------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost: $129,750)................................ 154,500
--------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 0.0%
- --------------------------------------------------------------------------------
RETAIL TRADE: 0.0%
7,209 +Supermarkets General Ex. Pfd. PIK $3.52 209,061
--------------
TOTAL PREFERRED STOCK
(Cost: $196,445)................................ 209,061
--------------
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CORPORATE BONDS: 10.0%
- ------------------------------------------------------------------------------
BANKING: 1.8%
$ 5,400,000 Banc One Credit Card Master
Trust 94-CA 7.800% 12/15/00 $ 5,715,522
2,000,000 First Chicago Credit Card
Trust 91-D 8.400% 6/15/98 2,023,120
2,800,000 NationsBank Master Trust
1995-1 6.450% 4/15/03 2,884,000
5,500,000 Standard Credit Card Master
Trust 91-3 8.875% 9/7/99 5,919,375
3,500,000 Standard Credit Card Master
Trust 94-4 8.250% 11/7/03 3,890,460
--------------
20,432,477
- ------------------------------------------------------------------------------
</TABLE>
MSF-8
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ---------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CORPORATE BONDS: (CONTINUED)
- ---------------------------------------------------------------------------------
FINANCIAL SERVICES: 3.5%
$ 3,600,000 Allmerica Financial
Corp. Sr. 7.625% 10/15/25 $ 3,782,484
4,100,000 Associates Corp of
North America 6.375% 10/15/02 4,177,326
1,200,000 Beneficial Corp. 9.125% 2/15/98 1,283,856
1,650,000 Commercial Credit Group,
Inc. 6.750% 5/15/05 1,708,393
1,000,000 Community Program Loan
Trust A-4 4.500% 10/1/18 885,000
4,400,000 Fleet Mortgage
Group, Inc. 7.060% 7/26/02 4,587,792
5,350,000 Ford Credit Auto Loan
Master Tr 95-1 6.500% 8/15/02 5,502,100
4,000,000 General Electric
Capital Corp. 7.625% 7/24/96 4,046,080
2,625,000 General Motors Acceptance
Corp. 7.850% 11/17/97 2,729,711
2,500,000 General Motors Acceptance
Corp. 7.050% 2/2/98 2,570,625
2,400,000 Household Finance Co. 6.750% 6/1/00 2,481,528
1,500,000 PennCorp Financial Group
Sr. Sub. 9.250% 12/15/98-03 1,522,500
2,600,000 Sears Credit Account
Master Tr II 95-2 8.100% 6/15/04 2,819,362
187,451 Tandy Master Trust 1991-A 8.250% 4/15/99 187,686
--------------
38,284,443
- ---------------------------------------------------------------------------------
INDUSTRIAL-MISCELLANEOUS: 3.5%
2,000,000 Anacomp, Inc. 15.000% 11/1/96 1,400,000
200,000 Anacomp International NV 9.000% 1/15/96 16,500
100,000 Bayou Steel Corp 1st Mtg. 10.250% 3/1/01 88,500
91,000 Carbide/Graphite
Group Sr. 11.500% 9/1/03 98,280
1,500,000 Chevron Corp. Profit
Sharing Amort. 8.110% 12/1/01-04 $ 1,661,685
3,700,000 Columbia/HCA Healthcare
Corp. 6.870% 9/15/03 3,833,681
1,250,000 Continental Cablevision Co.
Sr. Deb. 9.000% 9/1/08 1,312,500
900,000 Continental Cablevision Co.
Sr. Debs 9.500% 8/1/05-13 967,500
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ---------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 2,000,000 Crown Packaging, Inc. Sr.
Series B 10.750% 11/1/98-00 1,900,000
500,000 Crown Packaging, Inc. Sr.
Sub. 1.000% 11/1/98-03 221,250
100,000 Dual Drilling Co. Sr.
Sub. 9.875% 1/15/04 95,250
3,300,000 #Electronic Data Systems
Corp. 144A 6.850% 5/15/00 3,423,552
1,875,000 Haynes International,
Inc. Sr. Sec. 11.250% 6/15/98 1,813,125
2,000,000 HealthSouth Sr. Sub. 9.500% 4/1/98-01 2,135,000
750,000 Heritage Media Sr. Sub. 11.000% 10/1/97-02 789,375
2,600,000 ITT Corp. 6.250% 11/15/00 2,626,826
2,000,000 Koppers Industries Sr. 8.500% 2/1/99-04 1,940,000
1,000,000 Lear Seating Corp. Sr. 11.250% 7/15/97-00 1,052,500
Sub.
1,550,000 Lear Seating Corp. Sub. 8.250% 2/1/98-02 1,519,000
2,700,000 Loews Corp. Sr. 7.000% 10/15/03-23 2,598,750
2,000,000 Oryx Energy Co. 8.125% 10/15/05 2,035,000
1,000,000 Paging Network Sr. Sub. 8.875% 2/1/99-06 1,025,000
2,325,000 Ralphs Grocery Co. Sr. 10.450% 6/15/00 2,359,875
750,000 Southern Pacific Rail
Corp. Sr. 9.375% 8/15/98-05 813,750
500,000 Southwest Forest
Industries, Inc. Sub. 8.500% 7/15/00 480,000
500,000 UCC Investors
Holdings Sr. 10.500% 5/1/02 515,000
2,300,000 Viacom, Inc. Sr. 6.750% 1/15/03 2,305,750
--------------
39,027,649
- ---------------------------------------------------------------------------------
MORTGAGE BACKED: 1.2%
2,621,240 Countrywide Series
1993-E A-1 PAC 6.500% 1/25/24 $ 2,622,878
3,900,000 #DeBartolo Cap
Partnership A-2 144A 7.480% 5/1/04 4,104,750
1,269,102 Prudential Home Mtg. Series
93-29 A-6 PAC 6.750% 8/25/98-08 1,281,387
3,700,000 Prudential Home Mtg. Series
93-54 A-21 PAC 5.500% 1/25/98-24 3,609,794
1,260,091 Residential Funding Corp
93-54 A-21 PAC 6.500% 7/15/98-08 1,270,323
--------------
12,889,132
TOTAL CORPORATE BONDS
(Cost: $109,535,929)........................... 110,633,701
--------------
- ---------------------------------------------------------------------------------
</TABLE>
MSF-9
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FEDERAL AGENCY OBLIGATIONS: 2.2%
- -------------------------------------------------------------------------------
$ 3,700,000 Federal Home Loan Mortgage
Corp. 7.240% 5/15/98-02 3,823,728
1,779,896 Federal Home Loan Mortgage
Corp. 6.500% 12/1/07 1,789,347
2,068,730 Federal Home Loan Mortgage
Corp. 6.500% 2/1/09 2,079,715
2,648,252 Federal Home Loan Mortgage
Corp. 6.500% 5/1/09 2,662,314
913,551 Federal National Mortgage
Assoc. 7.250% 9/1/07 945,580
4,249,662 Federal National Mortgage
Assoc. 7.000% 12/1/07 4,356,159
62,793 Federal National Mortgage
Assoc. 9.000% 4/1/16 66,756
1,936,424 Federal National Mortgage
Assoc. 8.500% 2/1/09 2,075,208
1,611,384 Federal National Mortgage
Assoc. 8.000% 6/1/08 1,684,896
725,484 Federal National Mortgage
Assoc. 9.000% 5/1/09 771,276
1,875,000 Government National
Mortgage Assoc. ARM 5.500% 1/15/99 1,875,000
1,750,000 Government National
Mortgage Assoc. ARM 6.000% 1/15/99 1,766,953
385,201 Government National
Mortgage Assoc. 8.000% 9/15/07 406,117
--------------
TOTAL FEDERAL AGENCY OBLIGATIONS (Cost:
$23,489,946)................................... 24,303,049
--------------
- -------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 20.4%
- -------------------------------------------------------------------------------
26,450,000 U.S. Treasury Bond 8.125% 8/15/21 $ 33,475,649
21,600,000 U.S. Treasury Bond 6.250% 8/15/23 22,224,456
13,775,000 U.S. Treasury Bond 12.000% 8/15/13 21,224,244
37,200,000 U.S. Treasury Note 7.125% 9/30/99 39,443,532
31,725,000 U.S. Treasury Note 8.500% 5/15/97 33,083,147
21,900,000 U.S. Treasury Note 5.750% 8/15/03 22,163,457
21,025,000 U.S. Treasury Note 6.250% 2/15/03 21,934,962
15,850,000 U.S. Treasury Note 6.875% 3/31/00 16,744,098
7,100,000 U.S. Treasury Note 7.500% 11/15/01 7,820,011
4,650,000 U.S. Treasury Note 6.750% 5/31/99 4,857,064
4,150,000 U.S. Treasury Note 7.250% 5/15/04 4,606,500
--------------
TOTAL FEDERAL TREASURY OBLIGATIONS (Cost:
$215,491,135).................................. 227,577,120
--------------
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FOREIGN OBLIGATIONS: 3.9%
- ------------------------------------------------------------------------------
$ 11,800,000 AUD Australian Government 9.000% 9/15/04 9,241,258
3,000,000 CAD Canadian Government 7.500% 12/1/03 2,265,785
1,250,000 CAD Canadian Government 9.750% 12/1/01 1,049,130
46,500,000 DKK Danish Government 8.000% 3/15/06 8,831,022
15,000,000 DKK Danish Government 8.000% 5/15/03 2,871,950
27,900,000 FRF French Government 8.500% 5/15/97 6,379,340
8,400,000 DEM German Treuhandanstalt 6.625% 7/9/03 6,130,331
3,100,000,000 ITL Italian Government 8.500% 4/1/99 1,869,028
242,500,000 ESP Spanish Government 10.900% 8/30/03 2,126,123
1,800,000 GBP UK Treasury Stock 8.000% 6/10/03 2,922,133
----------
FOREIGN OBLIGATIONS
(Cost: $41,829,486)........................... 43,686,100
----------
- ------------------------------------------------------------------------------
GOVERNMENT SPONSORED: 0.6%
- ------------------------------------------------------------------------------
2,250,000 Big Rivers Electric
Cooperative Trust 10.700% 9/15/17 2,535,413
3,750,000 Deseret Generation
Cooperative Trust 10.110% 12/15/17 4,200,150
333,616 Government Trust
Certificates 2-D 9.250% 11/15/96 337,670
----------
TOTAL GOVERNMENT SPONSORED
OBLIGATIONS (Cost: $7,094,973)................ 7,073,233
----------
- ------------------------------------------------------------------------------
YANKEE BONDS: 2.4%
- ------------------------------------------------------------------------------
2,900,000 Basque Country 8.000% 9/21/04 3,260,586
2,200,000 Carter Holt Harvey Deb. 9.500% 12/1/24 2,828,650
2,500,000 Hydro Quebec Deb. Ser. HS 9.400% 2/1/21 3,173,075
1,700,000 Laidlaw, Inc. Deb. 8.750% 4/15/25 2,027,199
1,650,000 Province of Manitoba Deb.
Ser. CD 9.250% 4/1/20 2,165,674
700,000 Province of Manitoba Deb.
Ser. CO 8.875% 9/15/21 889,679
2,300,000 Province of Manitoba Global
Notes 6.750% 3/1/03 2,386,181
5,500,000 Provence of Quebec Global
Notes 7.500% 7/15/23 5,765,760
3,600,000 Talisman Energy Deb. 7.125% 6/1/07 3,777,696
----------
TOTAL YANKEE BONDS
(Cost: $22,934,983)........................... 26,274,500
----------
- ------------------------------------------------------------------------------
</TABLE>
MSF-10
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
SHORT TERM OBLIGATIONS: 2.8%
- --------------------------------------------------------------------------
$ 11,160,000 Ford Motor Credit Co. 5.600% 1/5/96 $ 11,160,000
8,311,000 Ford Motor Credit Co. 5.850% 1/3/96 8,311,000
1,718,000 Ford Motor Credit Co. 5.900% 1/2/96 1,718,000
10,000,000 Household Finance Corp. 5.600% 1/8/96 10,000,000
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $31,189,000)....................... 31,189,000
--------------
- --------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ------------------------------------------------
<C> <S> <C> <C> <C>
TOTAL INVESTMENTS:
99.7%
(Cost: $968,287,170).... 1,110,947,646
OTHER ASSETS LESS
LIABILITIES: 0.3%....... 3,885,951
--------------
TOTAL NET ASSETS:
100.0%.................. $1,114,833,597
==============
- ------------------------------------------------
</TABLE>
*Non-income producing security.
+Interest or dividend is Paid-in-Kind.
#Restricted securities see Note 2.
Additional Information on restricted securities as follows:
<TABLE>
<CAPTION>
ACQUISITION ACQUISITION VALUATION AS OF
ISSUE DATE COST DECEMBER 31, 1995
----- ----------- ----------- -----------------
<C> <S> <C> <C>
DeBartolo Cap Partnership
A-2 144A..................... 11/16/95 $4,106,086 $4,104,750
Electronic Data Systems 144A.. 5/19/95 3,297,393 3,423,552
</TABLE>
The aggregate value of restricted securities at December 31, 1995 was
$7,528,302 or .67% 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
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------
<C> <S> <C>
COMMON STOCK: 88.6%
- -------------------------------------------------------------------
AEROSPACE: 3.9%
239,000 Boeing Co. $ 18,731,625
195,600 United Technologies Corp. 18,557,550
------------
37,289,175
- -------------------------------------------------------------------
AIRLINES: 2.5%
79,500 *Continental Airlines, Inc. Cl. B 3,458,250
399,800 *Northwest Airlines Corp. Cl. A 20,364,812
------------
23,823,062
- -------------------------------------------------------------------
AUTOMOTIVE: 0.4%
95,600 Danaher Corp. 3,035,300
71,800 *Team Rental Group, Inc. Cl. A 601,325
------------
3,636,625
- -------------------------------------------------------------------
BUSINESS SERVICES: 4.5%
217,600 HBO & Co. 16,646,400
433,300 *Medaphis Corp. 16,086,262
293,100 *Republic Waste Industries, Inc. 10,533,281
------------
43,265,943
- -------------------------------------------------------------------
CHEMICAL: 1.0%
250,500 Union Carbide Corp. 9,393,750
- -------------------------------------------------------------------
COMPUTER SOFTWARE & SERVICE: 8.8%
197,800 *7th Level, Inc. 2,831,012
10,500 *Advent Software, Inc. 189,000
213,150 *Bay Networks, Inc. 8,752,472
57,200 *Cabletron Systems, Inc. 4,633,200
31,700 *CheckFree Corp. 677,587
8,600 *Citrix Systems, Inc. 281,650
133,500 Computer Associates International, Inc. 7,592,812
262,400 *Geoworks 4,887,200
177,800 *GT Interactive Software Corp. 2,500,312
14,300 *IDX Systems Corp. 495,137
167,600 *Informix Corp. 5,038,475
27,000 *Logic Works, Inc. 334,125
13,100 *MetaTools, Inc. 337,325
16,900 *Objective Systems Integraters, Inc. 923,162
172,100 *Parametric Technology Corp. 11,423,137
261,800 *PeopleSoft, Inc. 11,159,225
96,600 *Plaintree Systems, Inc. 597,712
331,200 *PLATINUM Technology, Inc. 6,106,500
429,100 *Softkey International, Inc. 9,869,300
43,300 *Sync Research, Inc. 1,975,562
232,600 *Triple P NV 2,355,075
11,500 *Visio Corp. 319,125
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- ----------------------------------------------------------------
<C> <S> <C>
11,000 *Visioneer, Inc. $ 242,000
18,000 *Westell Technologies, Inc. 453,375
------------
83,974,480
- ----------------------------------------------------------------
DIVERSIFIED: 0.9%
115,200 Loews Corp. 9,028,800
- ----------------------------------------------------------------
DRUG: 2.5%
467,400 *Cephalon, Inc. 19,075,763
1 *Healthdyne Technologies, Inc. 11
172,900 *Magainin Pharmaceuticals, Inc. 2,247,700
86,300 *Matrix Pharmaceutical, Inc. 1,607,337
31,500 *Myriad Genetics, Inc. 1,029,656
------------
23,960,467
- ----------------------------------------------------------------
ELECTRICAL EQUIPMENT: 2.9%
379,800 General Electric Co. 27,345,600
- ----------------------------------------------------------------
ELECTRONICS: 1.6%
25,700 *Exide Electronics Group, Inc. 372,650
84,200 *Glenayre Technologies 5,241,450
185,100 *Sanmina Holdings, Inc. 9,625,200
------------
15,239,300
- ----------------------------------------------------------------
FINANCIAL SERVICES: 1.5%
447,600 Countrywide Credit Industries, Inc. 9,735,300
179,200 Green Tree Financial Corp. 4,726,400
------------
14,461,700
- ----------------------------------------------------------------
FOOD & BEVERAGE: 1.9%
8,700 *Boston Beer Company, Inc. Cl. A 206,625
318,600 Coca-Cola Enterprises, Inc. 8,522,550
18,800 *Pete's Brewing Co. 267,900
453,600 *Starbucks Corp. 9,497,250
------------
18,494,325
- ----------------------------------------------------------------
HOSPITAL SUPPLY: 0.0%
10,400 *National Surgery Centers, Inc. 236,600
- ----------------------------------------------------------------
HOTEL & RESTAURANT: 6.0%
20,400 *Extended Stay America, Inc. 555,900
350,700 *HFS, Inc. 28,669,725
178,700 *Lone Star Steakhouse & Saloon, Inc. 6,846,444
101,600 *Papa John's International, Inc. 4,152,900
39,600 *Rainforest Cafe, Inc. 1,185,525
201,800 *Renaissance Hotel Group. NV 5,145,900
490,500 *Trump Hotels & Casino Resorts, Inc. 10,545,750
------------
57,102,144
- ----------------------------------------------------------------
</TABLE>
MSF-12
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- ------------------------------------------------------------------
<C> <S> <C>
COMMON STOCK: (CONTINUED)
- ------------------------------------------------------------------
INSURANCE: 5.4%
498,600 Allstate Corp. $ 20,504,925
21,200 *Amerin Corp. 565,775
238,300 Prudential Reinsurance Holdings, Inc 5,570,263
141,000 The Equitable Companies, Inc. 3,384,000
305,900 Travelers, Inc. 19,233,463
54,400 W. R. Berkley Corp. 2,910,400
------------
52,168,826
- ------------------------------------------------------------------
MACHINERY: 3.4%
246,100 AGCO Corp. 12,551,100
106,600 Case Corp. 4,876,950
129,700 *Elsag Bailey Processing Automation NV 3,485,688
145,700 *UCAR International, Inc. 4,917,375
102,200 *Waters Corp. 1,865,150
129,900 *Wolverine Tube, Inc. 4,871,250
------------
32,567,513
- ------------------------------------------------------------------
OFFICE EQUIPMENT: 4.3%
299,800 *Digital Equipment Corp. 19,224,675
172,900 *Gateway 2000, Inc. 4,225,244
40,900 *Network General Corp. 1,354,813
108,900 *Stormedia, Inc. 3,988,463
279,100 *Sun Microsystems, Inc. 12,751,381
------------
41,544,576
- ------------------------------------------------------------------
OIL: 3.9%
111,200 Exxon Corp. 8,909,900
100,300 Royal Dutch Petroleum Co. 14,154,838
177,800 Texaco, Inc. 13,957,300
------------
37,022,038
- ------------------------------------------------------------------
OIL SERVICES: 2.6%
389,900 Halliburton Co. 19,738,688
226,600 McDermott International, Inc. 4,985,200
------------
24,723,888
- ------------------------------------------------------------------
PERSONAL CARE: 0.1%
24,900 *DeRigo SPA ADR 566,475
13,600 *Estee Lauder Cos., Inc. 474,300
------------
1,040,775
- ------------------------------------------------------------------
PRINTING & PUBLISHING: 0.8%
9,000 *CKS Group, Inc. 349,875
122,400 Gannett Co., Inc. 7,512,300
------------
7,862,175
- ------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
<C> <S> <C>
RECREATION: 5.2%
60,700 *American Radio Systems Corp. $ 1,676,838
169,000 *Ascent Entertainment Group, Inc. 2,682,875
625,100 Brunswick Corp. 15,002,400
151,300 Disney (Walt) Co. 8,926,700
129,400 Evergreen Media Corp. Cl. A 4,140,800
277,200 *Infinity Broadcasting Corp. Cl. A 10,325,700
169,200 *Oakley, Inc. 5,752,800
39,000 *Silver King Communications, Inc. 1,345,500
------------
49,853,613
- --------------------------------------------------------------------------------
RETAIL TRADE: 12.6%
160,000 *Baby Superstores, Inc. 9,100,000
298,000 *BT Office Products International, Inc. 4,768,000
522,300 *Corporate Express, Inc. 15,669,000
50,400 *Department 56, Inc. 1,934,100
310,200 *General Nutrition Centers, Inc. 7,212,150
581,200 *Gucci Group N.V. 22,594,150
116,300 Industrie Natuzzi SPA ADR 5,277,113
227 *Jan Bell Marketing, Inc. (Wts.) 0
412,900 *Just For Feet, Inc. 14,864,400
402,300 *Office Depot, Inc. 7,945,425
1,309,400 *Sunglass Hut International, Inc. 30,934,575
29,250 *Williams Sonoma, Inc. 542,953
------------
120,841,866
- --------------------------------------------------------------------------------
TEXTILES & APPAREL: 7.6%
46,400 *#Adidas 144A ADS 1,218,464
71,000 Authentic Fitness Corp. 1,473,250
269,200 *Fila Holdings SPA Sponsored ADR 12,248,600
520,275 *Men's Wearhouse, Inc. 13,527,150
301,250 *Nautica Enterprises, Inc. 13,066,719
456,600 *Tommy Hilfiger Corp. 19,348,425
370,900 Wolverine World Wide, Inc. 11,683,350
------------
72,565,958
- --------------------------------------------------------------------------------
TOBACCO: 2.3%
246,600 Philip Morris Cos., Inc. 22,317,300
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 2.0%
44,000 *MobileMedia Corp. Cl. A 973,500
433,500 *Newbridge Networks Corp. 17,936,063
30,800 *Wirelesss One, Inc. 519,750
------------
19,429,313
------------
TOTAL COMMON STOCK
(Cost: $708,814,391)................................ 849,189,812
------------
- --------------------------------------------------------------------------------
</TABLE>
MSF-13
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
<C> <S> <C>
CONVERTIBLE PREFERRED STOCK: 0.7%
- --------------------------------------------------------------------------------
MACHINERY: 0.7%
129,300 *Elsag Bailey Financing Trust Cvt. Pfd. $ 6,481,163
------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost: $6,470,387).................................. 6,481,163
------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 0.7%
- --------------------------------------------------------------------------------
AIRLINES: 0.7%
128,400 *#Continental Airlines Financing Trust Pfd. 144A.... 7,062,000
------------
TOTAL PREFERRED STOCK
(Cost: $6,420,000).................................. 7,062,000
------------
</TABLE>
<TABLE>
- --------------------------------------------------------------------------
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CONVERTIBLE BONDS: 1.0%
- --------------------------------------------------------------------------
$ 6,960,000 Starbucks Cvt. Corp. Sub. Deb. 4.250% 11/1/2002 7,377,600
2,500,000 #Theratx, Inc. 144A Cvt. Sub 8.000% 2/1/2002 2,281,250
---------
TOTAL CONVERTIBLE BONDS
(Cost: $9,460,452)................................ 9,658,850
---------
- --------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ---------------------------------------------------------------------
<C> <S> <C> <C> <C>
SHORT TERM OBLIGATIONS: 6.1%
- ---------------------------------------------------------------------
$10,000,000 Beneficial Corp. 5.700% 1/05/96 $ 10,000,000
11,486,000 Ford Motor Credit Co. 5.770% 1/04/96 11,486,000
15,310,000 Household Finance Corp. 5.600% 1/08/96 15,310,000
21,469,000 Household Finance Corp. 5.600% 1/02/96 21,469,000
------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $58,265,000)....................... 58,265,000
------------
- ---------------------------------------------------------------------
TOTAL INVESTMENTS: 97.1%
(Cost: $789,430,230)...................... 930,656,825
OTHER ASSETS LESS LIABILITIES: 2.9%....... 28,258,408
------------
TOTAL NET ASSETS: 100.0%.................. $958,915,233
============
- ---------------------------------------------------------------------
</TABLE>
*Non-income producing security.
#Restricted securities see Note 2.
Additional Information on restricted securities as follows:
<TABLE>
<CAPTION>
ACQUISITION ACQUISITION VALUATION AS OF
ISSUE DATE COST DECEMBER 31, 1995
----- ----------- ----------- -----------------
<S> <C> <C> <C>
Adidas 144A ADS..................... 11/13/95 $1,118,565 $1,218,464
Continental Airlines Financing Trust
Pfd. 144A.......................... 11/21/95 $6,420,000 7,062,000
Theratx, Inc. 144A Cvt. Sub......... 2/09/95 $2,500,000 2,281,250
</TABLE>
The aggregate value of restricted securities at December 31, 1995 was
$10,561,714 or 1.10% of the Aggressive Growth Portfolio's net assets.
See Notes to Financial Statements.
MSF-14
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------
<C> <S> <C>
COMMON STOCK: 99.4%
- --------------------------------------------------------
AEROSPACE: 2.2%
45,950 Boeing Co. $ 3,601,331
15,700 General Dynamics Corp. 928,262
26,313 Lockheed Martin Corp. 2,078,727
13,800 McDonnell-Douglas Corp. 1,269,600
8,500 Northrop-Grumman Corp. 544,000
39,400 Raytheon Co. 1,861,650
24,600 Rockwell International Corp. 1,300,725
12,300 Textron, Inc. 830,250
16,500 United Technologies Corp. 1,565,437
------------
13,979,982
- --------------------------------------------------------
AIRLINES: 0.4%
8,400 *AMR Corp. 623,700
6,000 Delta Airlines, Inc. 443,250
6,900 *Federal Express Corp. 509,737
15,400 Southwest Airlines Corp. 358,050
53,600 *USAIR Group Inc. 710,200
------------
2,644,937
- --------------------------------------------------------
AUTOMOTIVE: 2.5%
48,500 Chrysler Corp. 2,685,687
1,000 Cummins Engine, Inc. 37,000
30,500 Dana Corp. 892,125
6,900 Eaton Corp. 370,012
10,500 Echlin, Inc. 383,250
147,100 Ford Motor Co. 4,265,900
100,847 General Motors Corp. 5,332,285
11,850 Genuine Parts Co. 485,850
12,710 *Navistar International Corp. 133,455
5,865 PACCAR, Inc. 247,063
7,100 Snap-On, Inc. 321,275
9,200 Timken Co. 351,900
7,500 TRW, Inc. 581,250
------------
16,087,052
- --------------------------------------------------------
BANKING: 6.5%
19,400 Ahmanson (H.F.) & Co. 514,100
58,905 Banc One Corp. 2,223,664
13,221 Bank of Boston Corp. 611,471
27,400 Bank of New York Co., Inc. 1,335,750
50,676 BankAmerica Corp. 3,281,271
7,300 Bankers Trust N.Y. Corp. 485,450
13,900 Barnett Banks, Inc. 820,100
14,200 Boatmens Bancshares, Inc. 581,312
22,081 Chase Manhattan Corp. 1,338,661
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -----------------------------------------------------------
<C> <S> <C>
29,670 Chemical Banking Corp. $ 1,743,112
54,514 Citicorp 3,666,066
23,300 CoreStates Financial Corp. 882,487
17,700 First Bank Systems, Inc. 878,362
35,858 First Chicago Corp. 1,416,391
11,100 First Fidelity Bancorp. 836,662
12,200 First Interstate Bancorp 1,665,300
28,500 First Union Corp. 1,585,312
29,315 Fleet Financial Group, Inc. 1,194,586
8,300 Golden West Financial Corp. 458,575
17,500 Great Western Financial Corp. 446,250
34,203 KeyCorp 1,239,859
16,500 MBNA Corp. 608,437
14,400 Mellon Bank Corp. 774,000
25,299 Morgan (J.P.) & Co., Inc. 2,030,245
15,400 National City Corp. 510,125
42,022 NationsBank Corp. 2,925,782
50,700 Norwest Corp. 1,673,100
37,800 PNC Bank Corp. 1,219,050
17,700 Suntrust Banks, Inc. 1,212,450
14,100 U.S. Bancorp 473,231
24,900 Wachovia Corp. 1,139,175
6,730 Wells Fargo & Co. 1,453,680
------------
41,224,016
- -----------------------------------------------------------
BEVERAGES: 5.6%
25,500 American Brands, Inc. 1,137,937
33,400 Anheuser-Busch Co., Inc. 2,233,625
11,700 Brown-Forman Corp. Cl. B 427,050
169,200 Coca-Cola Co. 12,563,100
20,800 Coors (Adolph) Co. Cl. B 461,500
107,500 PepsiCo, Inc. 6,006,562
112,700 Philip Morris Cos., Inc. 10,199,350
42,900 Seagram Ltd. 1,485,412
37,400 UST, Inc. 1,248,225
------------
35,762,761
- -----------------------------------------------------------
BUILDING: 1.1%
7,500 Armstrong World Industries, Inc. 465,000
5,200 Crane Co. 191,750
9,000 Dover Corp. 331,875
17,700 Fleetwood Enterprises, Inc. 455,775
9,700 Georgia-Pacific Corp. 665,662
8,600 Louisiana-Pacific Corp. 208,550
17,200 Mallinckrodt Group, Inc. 625,650
21,300 Masco Corp. 668,287
17,300 *Owens-Corning Fiberglas Corp. 776,337
</TABLE>
MSF-15
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------
<C> <S> <C>
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------
13,600 Sherwin-Williams Co. $ 554,200
7,800 Stanley Works 401,700
22,200 Weyerhaeuser Co. 960,150
7,400 Willamette Industries, Inc. 416,250
------------
6,721,186
- -------------------------------------------------------------------
CHEMICAL: 3.6%
20,100 Air Products & Chemicals, Inc. 1,060,275
34,100 Allied-Signal Corp. 1,619,750
19,900 Avery Dennison Corp. 997,488
32,400 Dow Chemical Co. 2,280,150
76,100 Du Pont (E.I.) de Nemours & Co. 5,317,487
14,675 Eastman Chemical Co. 919,022
5,800 *FMC Corp. 392,225
10,200 Grace (W.R.) & Co. 603,075
8,900 Great Lakes Chemical Corp. 640,800
13,400 Hercules, Inc. 755,425
13,900 Monsanto Co. 1,702,750
29,400 Morton International, Inc. 1,054,725
28,800 Nalco Chemical Co. 867,600
20,966 Pall Corp. 563,461
26,000 PPG Industries 1,189,500
24,500 Praxair, Inc. 823,812
8,000 Rohm & Haas Co. 515,000
10,500 Sigma Aldrich Corp. 521,062
15,200 Union Carbide Corp. 570,000
8,100 Williams Cos., Inc. 355,388
------------
22,748,995
- -------------------------------------------------------------------
CONTAINER: 0.1%
18,800 Bemis, Inc. 481,750
6,900 *Crown Cork & Seal, Inc. 288,075
------------
769,825
- -------------------------------------------------------------------
COSMETICS: 0.7%
10,700 Alberto-Culver Co. Cl. B Conv. 367,812
6,400 Avon Products, Inc. 482,400
61,900 Gillette Co. 3,226,537
13,500 International Flavors & Fragrances, Inc. 648,000
------------
4,724,749
- -------------------------------------------------------------------
DRUG: 6.5%
13,000 Allergan, Inc. 422,500
27,300 *ALZA Corp. 675,675
41,600 American Home Products Corp. 4,035,200
32,600 *Amgen, Inc. 1,933,588
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------
<C> <S> <C>
16,600 Bausch & Lomb, Inc. $ 657,775
66,200 Bristol-Myers Squibb Co. 5,684,925
74,000 Lilly (Eli) & Co. 4,162,500
171,100 Merck & Co., Inc. 11,249,825
86,900 Pfizer, Inc. 5,474,700
67,715 Pharmacia & Upjohn, Inc. 2,623,956
48,000 Schering-Plough Corp. 2,628,000
16,700 Warner-Lambert Co. 1,621,988
------------
41,170,632
- --------------------------------------------------------
ELECTRICAL CONNECTORS: 0.2%
29,200 AMP, Inc. 1,120,550
5,200 Thomas & Betts Corp. 383,500
------------
1,504,050
- --------------------------------------------------------
ELECTRICAL EQUIPMENT: 3.7%
11,200 Black & Decker Corp. 394,800
10,200 Briggs & Stratton Corp. 442,425
27,200 Emerson Electric Co. 2,223,600
228,100 General Electric Co. 16,423,200
8,300 General Signal Corp. 268,713
4,900 Grainger (W.W.), Inc. 324,625
12,300 Johnson Controls, Inc. 845,625
15,600 Maytag Corp. 315,900
18,500 Tandy Corp. 767,750
18,800 Tyco International Ltd. 669,750
38,400 Westinghouse Electric Corp. 633,600
8,600 Whirlpool Corp. 457,950
------------
23,767,938
- --------------------------------------------------------
ELECTRONICS: 4.1%
18,500 *Advanced Micro Devices, Inc. 305,250
8,300 *Andrew Corp. 320,588
18,200 *Applied Materials, Inc. 715,488
27,300 *DSC Communications Corp. 1,010,100
9,400 EG & G , Inc 227,950
7,300 Harris Corp. 398,763
70,500 Hewlett-Packard Co. 5,904,375
110,500 Intel Corp. 6,277,781
19,800 Loral Corp. 700,425
25,300 Micron Technology, Inc. 1,002,513
77,000 Motorola, Inc. 4,389,000
31,600 *National Semiconductor Corp. 703,100
33,200 Northern Telecom Ltd. 1,427,600
8,800 Perkin-Elmer Corp. 332,200
16,300 Scientific-Atlanta, Inc. 244,500
9,400 Tektronix, Inc. 461,775
</TABLE>
MSF-16
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------
<C> <S> <C>
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------
17,300 *Tellabs, Inc. $ 642,263
23,500 Texas Instruments, Inc. 1,216,125
------------
26,279,796
- --------------------------------------------------------------
FINANCIAL SERVICES: 3.1%
70,087 American Express Co. 2,899,850
13,600 Beneficial Corp. 634,100
20,613 Dean Witter Discover & Co. 968,811
21,800 Federal Home Loan Mortgage Corp. 1,820,300
36,200 Federal National Mortgage Assoc. 4,493,325
28,700 First Data Corp. 1,919,313
15,900 Household International, Inc. 940,088
22,500 Merrill Lynch & Co., Inc. 1,147,500
9,700 Morgan Stanley Group, Inc. 782,063
11,700 Salomon, Inc. 415,350
6,500 Transamerica Corp. 473,688
49,583 Travelers Group, Inc. 3,117,531
------------
19,611,919
- --------------------------------------------------------------
FOODS: 2.7%
59,059 Archer-Daniels-Midland Co. 1,063,062
20,800 CPC International, Inc. 1,427,400
35,800 Campbell Soup Co. 2,148,000
30,150 ConAgra, Inc. 1,243,688
27,800 General Mills, Inc. 1,605,450
43,800 Heinz (H.J.) Co. 1,450,875
7,000 Hershey Foods Corp. 455,000
28,600 Kellogg Co. 2,209,350
19,400 Pioneer Hi Bred International, Inc. 1,079,125
14,200 Quaker Oats Co. 489,900
11,700 Ralston-Purina Co. 729,788
74,800 Sara Lee Corp. 2,384,250
12,500 Wrigley (Wm.), Jr. Co. 656,250
------------
16,942,138
- --------------------------------------------------------------
HOSPITAL MANAGEMENT: 1.0%
40,400 *Beverly Enterprises, Inc. 429,250
55,990 Columbia/HCA Healthcare Corp. 2,841,493
43,700 *Community Psychiatric Centers 535,325
11,500 Manor Care, Inc. 402,500
18,700 *Tenet Healthcare Corp. 388,025
14,900 United Healthcare Corp. 975,950
15,400 U.S. Healthcare, Inc. 715,138
------------
6,287,681
- --------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -----------------------------------------------------------------
<C> <S> <C>
HOSPITAL SUPPLY: 3.0%
103,600 Abbott Laboratories $ 4,325,300
14,500 Bard (C.R.), Inc. 467,625
30,500 Baxter International, Inc. 1,277,188
7,200 Becton, Dickinson & Co. 540,000
23,000 *Biomet, Inc. 409,688
17,400 *Boston Scientific Corp. 852,600
21,700 Humana, Inc. 594,038
89,200 Johnson & Johnson 7,637,750
35,700 Medtronic, Inc. 1,994,738
13,350 *St. Jude Medical, Inc. 572,381
22,400 United States Surgical Corp. 478,800
------------
19,150,108
- -----------------------------------------------------------------
HOTEL & RESTAURANT: 1.0%
17,100 Darden Restaurants, Inc. 203,063
24,900 *Harrah's Entertainment, Inc. 603,825
4,800 Hilton Hotels Corp. 295,200
12,400 Marriott International, Inc. 474,300
93,200 McDonald's Corp. 4,205,650
11,300 *Shoney's, Inc. 115,825
24,100 Wendys International, Inc. 512,125
------------
6,409,988
- -----------------------------------------------------------------
INDUSTRIAL-MISCELLANEOUS: 2.2%
11,000 Alco Standard Corp. 501,875
22,700 Corning, Inc. 726,400
25,400 Dial Corp. 752,475
30,800 ITT Corp. 1,632,400
14,700 ITT Industries, Inc. 352,800
13,600 Loews Corp 1,065,900
19,400 LSI Logic Corp. 635,350
53,100 Minnesota Mining & Manufacturing Co. 3,517,875
8,100 National Service Industries, Inc. 262,238
19,400 Newell Co. 501,975
24,700 PP & L Resources, Inc. 617,500
18,600 Raychem Corp. 1,057,875
17,400 Rubbermaid, Inc. 443,700
1,840 Schweitzer Mauduit International, Inc. 42,550
19,500 Tenneco, Inc. 967,688
32,700 Whitman Corp. 760,275
------------
13,838,876
- -----------------------------------------------------------------
INSURANCE: 3.5%
18,000 Aetna Life & Casualty Co. 1,246,500
39,500 Alexander & Alexander Services, Inc. 750,500
55,099 Allstate Corp. 2,265,946
</TABLE>
MSF-17
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------
<C> <S> <C>
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------
37,800 American General Corp. $ 1,318,275
64,950 American International Group, Inc. 6,007,875
11,200 Chubb Corp. 1,083,600
7,800 CIGNA Corp. 805,350
12,600 General Re Corp. 1,953,000
14,700 ITT Hartford Group, Inc. 711,113
9,000 Jefferson-Pilot Corp. 418,500
13,000 Lincoln National Corp. 698,750
11,700 Marsh & McLennan Cos., Inc. 1,038,375
18,000 Providian Corp. 733,500
12,600 SAFECO Corp. 435,488
6,600 St. Paul Cos., Inc. 367,125
7,900 Torchmark Corp. 357,475
194 Transport Holdings, Inc. Cl. A 8,075
30,300 USF&G Corp. 511,313
6,800 UNUM Corp. 374,000
32,450 USLife Corp. 969,444
------------
22,054,204
- -------------------------------------------------------------
LEISURE: 0.2%
18,200 Brunswick Corp. 436,800
18,500 Hasbro, Inc. 573,500
------------
1,010,300
- -------------------------------------------------------------
MACHINERY: 1.5%
24,800 Browning-Ferris Industries, Inc. 731,600
23,000 Caterpillar, Inc. 1,351,250
13,100 Cooper Industries, Inc. 481,425
27,900 Deere & Co. 983,475
7,700 Fluor Corp. 508,200
6,000 Foster Wheeler Corp. 255,000
14,600 Honeywell, Inc. 709,925
15,100 Illinois Tool Works, Inc. 890,900
24,100 Ingersoll-Rand Co. 846,513
13,800 Parker Hannifin Corp. 472,650
6,500 *Varity Corp. 241,313
63,300 WMX Technologies, Inc. 1,891,088
------------
9,363,339
- -------------------------------------------------------------
METALS-ALUMINIUM: 0.4%
22,500 Alcan Aluminium Ltd. 700,313
28,700 Aluminum Co. of America 1,517,513
6,000 Reynolds Metals Co. 339,750
------------
2,557,576
- -------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------
<C> <S> <C>
METALS-GOLD: 0.6%
47,400 Barrick Gold Corp. $ 1,250,175
42,100 Echo Bay Mines Ltd. 436,788
15,700 Homestake Mining Co. 245,313
14,190 Newmont Mining Corp. 642,098
20,700 Placer Dome, Inc. 499,388
50,707 Santa Fe Pacific Gold Corp. 614,822
------------
3,688,584
- --------------------------------------------------------------------
METALS-MISCELLANEOUS: 0.4%
12,600 ASARCO, Inc. 403,200
13,250 Cyprus Amax Minerals Corp. 346,156
19,050 Englehard Corp. 414,338
25,300 Freeport McMoran Copper & Gold Inc. Cl. B 711,563
10,106 Inco Ltd. 336,025
6,300 Phelps-Dodge Corp. 392,175
------------
2,603,457
- --------------------------------------------------------------------
METALS-STEEL & IRON: 0.3%
9,500 *Bethlehem Steel Corp. 133,000
10,400 Inland Steel Industries, Inc. 261,300
7,600 Nucor Corp. 434,150
9,900 USX-U.S. Steel Group 304,425
46,600 Worthington Industries, Inc. 969,863
------------
2,102,738
- --------------------------------------------------------------------
OFFICE EQUIPMENT: 5.6%
50,900 *Amdahl Corp. 432,650
11,800 Apple Computer, Inc. 375,388
12,500 Autodesk, Inc. 428,125
17,400 Automatic Data Processing, Inc. 1,291,950
8,300 *Cabletron Systems, Inc. 672,300
13,100 *Ceridian Corp. 540,375
35,500 *Cisco Systems, Inc. 2,651,406
36,600 *Compaq Computer Corp. 1,756,800
31,400 Computer Associates International, Inc. 1,785,875
8,600 *Computer Sciences 604,150
18,600 *Cray Research Inc. 460,350
19,400 *Digital Equipment Corp. 1,244,025
76,300 International Business Machines Corp. 7,000,525
41,300 Intergraph Corp. 655,638
79,200 *Microsoft Corp. 6,954,750
20,900 Moore Corp. Ltd. 389,263
36,900 *Novell, Inc. 523,519
56,700 *Oracle Systems Corp. 2,402,663
18,200 Pitney Bowes, Inc. 855,400
15,400 *Silicon Graphics, Inc. 423,500
</TABLE>
MSF-18
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK: (CONTINUED)
- -----------------------------------------------------------
21,800 *Sun MicroSystems, Inc. $ 995,988
67,800 *Tandem Computers, Inc. 720,375
61,800 *Unisys Corp. 347,625
13,000 Xerox Corp. 1,781,000
------------
35,293,640
- -----------------------------------------------------------
OIL CRUDE PRODUCERS: 0.1%
8,400 Louisiana Land & Exploration Co. 360,150
22,600 *Santa Fe Energy Resources, Inc. 217,525
------------
577,675
- -----------------------------------------------------------
OIL-DOMESTIC: 1.9%
12,800 Amerada Hess Corp. 678,400
64,000 Amoco Corp. 4,600,000
7,200 Ashland Oil Co. 252,900
21,000 Atlantic Richfield Co. 2,325,750
5,700 Kerr-McGee Corp. 361,950
35,700 Occidental Petroleum Corp. 763,088
23,500 *Oryx Energy Co. 314,313
32,100 Phillips Petroleum Co. 1,095,413
9,200 Sun, Inc. 251,850
30,435 Unocal Corp. 886,419
38,900 USX-Marathon Group 758,550
------------
12,288,633
- -----------------------------------------------------------
OIL-INTERNATIONAL: 5.9%
85,100 Chevron Corp. 4,467,750
171,000 Exxon Corp. 13,701,375
54,200 Mobil Corp. 6,070,400
73,700 Royal Dutch Petroleum Co. 10,400,913
33,500 Texaco, Inc. 2,629,750
------------
37,270,188
- -----------------------------------------------------------
OIL SERVICES: 1.1%
23,800 Baker Hughes, Inc. 580,125
12,100 Coastal Corp. 450,725
21,000 Dresser Industries, Inc. 511,875
11,000 Halliburton Co. 556,875
14,100 Helmerich & Payne, Inc. 419,475
21,300 McDermott International, Inc. 468,600
76,900 *Rowan Cos., Inc. 759,388
30,400 Schlumberger Ltd. 2,105,200
16,700 *Western Atlas, Inc. 843,350
------------
6,695,613
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------
<C> <S> <C>
PAPER: 1.4%
8,300 Boise Cascade Corp. $ 287,388
14,600 Champion International Corp. 613,200
30,400 International Paper Co. 1,151,400
25,700 James River Corp. 620,013
51,360 Kimberly-Clark Corp. 4,250,040
6,200 Mead Corp. 323,950
10,354 Stone Container Corp. 148,839
6,400 Temple-Inland, Inc. 282,400
8,400 Union Camp Corp. 400,050
18,300 Westvaco Corp. 507,825
------------
8,585,105
- -------------------------------------------------------------
PHOTOGRAPHY: 0.6%
45,200 Eastman Kodak Co. 3,028,400
20,600 Polaroid Corp. 975,925
------------
4,004,325
- -------------------------------------------------------------
PRINTING & PUBLISHING: 1.3%
18,700 American Greetings Corp. Cl. A 516,587
10,900 De Luxe Corp. 316,099
13,700 Donnelley (R.R.) & Sons Co. 539,438
11,600 Dow Jones & Co. Inc. 462,550
22,200 Dun & Bradstreet Corp. 1,437,450
14,100 Gannett, Inc. 865,388
8,100 Harcourt General Inc. 339,188
7,100 Knight-Ridder, Inc. 443,750
5,300 McGraw-Hill Cos., Inc. 461,763
15,200 Meredith Corp. 636,500
26,400 New York Times Co. Cl. A 782,100
18,900 Times Mirror Co. Ser. A 640,238
8,800 Tribune Co. 537,900
------------
7,978,951
- -------------------------------------------------------------
RAILROAD: 1.2%
27,401 Burlington Northern-Santa Fe, Inc. 2,137,278
8,000 Conrail, Inc. 560,000
28,200 CSX Corp. 1,286,625
18,600 Norfolk Southern Corp. 1,476,375
34,700 Union Pacific Corp. 2,290,200
------------
7,750,478
- -------------------------------------------------------------
RETAIL TRADE: 4.6%
25,400 Albertsons, Inc. 835,025
14,000 American Stores Co. 374,500
123,400 Charming Shoppes, Inc. 358,631
11,600 Circuit City Stores, Inc. 320,450
8,800 Dayton-Hudson Corp. 660,000
</TABLE>
MSF-19
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- -------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------
32,300 Dillard Dept Stores, Inc. Cl. A $ 920,549
26,500 Federated Department Stores, Inc. 728,749
18,195 Fleming Cos., Inc. 375,271
18,600 Gap, Inc. 781,199
21,400 Giant Foods, Inc. Cl. A 674,100
28,400 Great Atlantic & Pacific Tea, Inc. 653,200
65,333 Home Depot, Inc. 3,127,817
46,900 K-Mart Corp. 340,024
9,700 *Kroger Co. 363,750
59,900 Limited, Inc. 1,040,763
100 Longs Drug Stores Corp. 4,788
16,200 Lowes Cos., Inc. 542,700
30,600 May Department Stores Co. 1,292,849
9,900 Melville Corp. 304,425
7,600 Mercantile Stores Co., Inc. 351,500
13,300 Nordstrom, Inc. 536,988
27,100 Penney (J.C.), Inc. 1,290,638
12,400 Pep Boys-Manny, Moe & Jack 317,750
29,767 *Price/Costco, Inc. 457,668
10,000 Rite-Aid Corp. 342,500
46,600 Sears, Roebuck & Co. 1,817,400
13,700 SuperValu, Inc. 431,550
19,100 Sysco Corp. 620,750
25,800 *Toys R Us, Inc. 561,150
314,500 Wal-Mart Stores, Inc. 7,036,938
31,200 Walgreen Co. 932,100
19,800 Winn-Dixie Stores, Inc. 730,125
27,200 *Woolworth Corp. 353,600
------------
29,479,447
- -------------------------------------------------------------
SERVICES: 0.7%
10,700 Block (H & R), Inc. 433,350
19,500 *CUC International, Inc. 665,438
19,200 Ecolab, Inc. 576,000
11,200 Interpublic Group Cos., Inc. 485,800
46,300 Laidlaw, Inc. Cl. B 474,574
10,300 Ogden Corp. 220,162
3,000 Pittston Services Group 94,125
9,200 Premark International, Inc. 465,750
17,600 Safety-Kleen Corp. 275,000
19,350 Service Corp. International 851,400
------------
4,541,599
- -------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- -------------------------------------------------------------
SHOES: 0.3%
18,600 Nike, Inc. Cl. B $ 1,295,025
19,800 Reebok International Ltd. 559,350
7,000 Stride Rite Corp. 52,500
------------
1,906,875
- -------------------------------------------------------------
SOAPS: 1.9%
5,500 Clorox Co. 393,938
18,900 Colgate-Palmolive Co. 1,327,724
93,800 Procter & Gamble Co. 7,785,400
20,400 Unilever NV 2,871,300
------------
12,378,362
- -------------------------------------------------------------
TEXTILES & APPAREL: 0.2%
23,500 Liz Claiborne, Inc. 652,125
4,200 Russell Corp. 116,550
1,500 Springs Industries, Inc. 62,063
7,600 V.F. Corp. 400,900
------------
1,231,638
- -------------------------------------------------------------
TIRE & RUBBER: 0.2%
12,300 Cooper Tire & Rubber Co. 302,888
7,100 Goodrich (B.F.) Co. 483,687
17,400 Goodyear Tire & Rubber Co. 789,525
------------
1,576,100
- -------------------------------------------------------------
TOYS & MUSICAL INSTRUMENTS: 0.1%
25,771 Mattel, Inc. 792,458
- -------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.1%
13,000 Roadway Services, Inc. 635,375
11,000 Ryder Systems, Inc. 272,250
------------
907,625
- -------------------------------------------------------------
UTILITIES-ELECTRIC: 3.3%
19,200 American Electric Power, Inc. 777,600
28,700 Baltimore Gas & Electric Co. 817,950
18,800 Carolina Power & Light Co. 648,600
21,300 Central & South West Corp. 593,738
21,892 CINergy Corp. 670,443
32,200 Consolidated Edison Co. N.Y., Inc. 1,030,400
15,100 Detroit Edison Co. 520,950
22,600 Dominion Resources, Inc. 932,250
22,300 Duke Power Co. 1,056,463
29,400 Entergy Corp. 859,950
19,600 FPL Group, Inc. 908,950
13,000 General Public Utilities Corp. 442,000
28,400 Houston Industries, Inc. 688,700
24,400 Niagara Mohawk Power Corp. 234,850
</TABLE>
MSF-20
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- ---------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------
11,700 Northern States Power Co. $ 574,763
30,400 Ohio Edison Co. 714,400
49,300 Pacific Gas & Electric Co. 1,398,888
29,200 Pacificorp 620,500
23,900 PECO Energy Co. 719,988
33,500 Public Service Enterprise Group 1,025,937
61,000 SCE Corp. 1,082,750
85,800 Southern Co. 2,112,824
29,200 Texas Utilities Co. 1,200,850
22,300 Unicom Corp. 730,324
21,500 Union Electric Co. 897,625
------------
21,261,693
- ---------------------------------------------------------------
UTILITIES-GAS DISTRIBUTION: 0.6%
10,700 Consolidated Natural Gas Co. 485,513
17,900 Enserch Corp. 290,875
21,700 NICOR, Inc. 596,750
53,600 NorAm Energy Corp. 475,700
33,600 ONEOK, Inc. 768,599
13,100 Pacific Enterprises, Inc. 370,075
24,900 Peoples Energy Corp. 790,574
------------
3,778,086
- ---------------------------------------------------------------
UTILITIES-GAS PIPELINE: 0.5%
10,200 Burlington Resources Inc. 400,350
30,200 Enron Corp. 1,151,375
26,976 Panhandle Eastern Corp. 751,956
27,800 Sonat, Inc. 990,375
------------
3,294,056
- ---------------------------------------------------------------
UTILITIES-TELEPHONE: 8.5%
77,000 *Airtouch Communications, Inc. 2,175,250
19,700 ALLTEL Corp. 581,150
74,900 Ameritech 4,419,100
222,835 AT & T Corp. 14,428,566
58,300 Bell Atlantic Corp. 3,898,812
136,800 BellSouth Corp. 5,950,800
130,400 GTE Corp. 5,737,600
86,400 MCI Communications Corp. 2,262,600
61,200 NYNEX Corp. 3,304,800
54,967 Pacific Telesis Group 1,848,265
79,200 SBC Communications, Inc. 4,553,999
52,900 Sprint Corp. 2,109,387
64,800 U.S. West, Inc.-Communications Group 2,316,599
------------
53,586,928
- ---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- -------------------------------------------------------------------------------
VIDEO: 2.2%
22,300 Capital Cities/ABC, Inc. $ 2,751,262
21,450 Comcast Corp. Cl. A Spl. 390,122
68,000 Disney (Walt) Co. 4,011,999
10,700 *King World Productions, Inc. 415,961
80,000 *Tele-Communications, Inc. Cl. A 1,594,999
51,820 Time Warner, Inc. 1,962,682
55,900 U.S. West, Inc.-Media Group 1,062,100
43,126 *Viacom, Inc. Cl. B 2,043,094
------------
14,232,219
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $485,003,618)............................... 632,418,521
------------
- -------------------------------------------------------------------------------
<CAPTION>
FACE VALUE
AMOUNT ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
<C> <S> <C>
SHORT TERM OBLIGATIONS: 0.9%
- -------------------------------------------------------------------------------
$5,800,000 U.S. Treasury Bills, 4.10% to 5.40% with maturities
to 3/28/96......................................... 5,503,636
------------
TOTAL SHORT TERM OBLIGATIONS (Cost: $5,503,636).... 5,503,636
------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.3%
(Cost: $490,507,254) ............................. 637,922,157
------------
OTHER ASSETS LESS LIABILITIES: -0.3%............... (2,098,918)
------------
TOTAL NET ASSETS: 100.0%........................... $635,823,239
============
- -------------------------------------------------------------------------------
</TABLE>
* Non-income producing securities.
See Notes to Financial Statements.
MSF-21
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- ------------------------------------------------------------------
COMMON STOCK: 67.6%
- ------------------------------------------------------------------
ARGENTINA: 0.4%
52,500 Buenos Aires Embotelladora SA ADR Cl. B $ 1,082,812
------------
Total Investments in Argentina 1,082,812
- ------------------------------------------------------------------
AUSTRALIA: 3.8%
625,000 Australian Vintage 766,501
185,000 Coles Myer Ltd. 576,148
685,000 Elders Australia Ltd. 870,633
10,500,000 *Euraust Mineral Development 195,110
5,250,000 *Euraust Mineral Development (Wts.) 29,266
6,139,160 *Gold Mines of Australia Ltd. 1,505,814
1,188,849 *Gold Mines of Australia Ltd. (Wts.) 106,037
1,345,000 MIM Holdings Ltd. 1,859,447
842,853 Multistack International 400,941
257,014 Perseverance Corp. 148,050
800,000 *Pima Mining NL 50,840
326,900 QBE Insurance Group 1,511,311
4,000,000 *Rhodes Mining 341,906
420,000 Sydney Aquarium Ltd. 811,655
900,000 *Valiant Consolidated 150,513
330,000 WMC 2,119,221
------------
Total Investments in Australia 11,443,393
- ------------------------------------------------------------------
AUSTRIA: 0.9%
6,000 Creditanstalt Bank AG 332,788
10,000 Flughaven Wien AG 674,704
12,500 OMV Handels AG 1,085,231
20,000 *VA Stahl AG 573,498
------------
Total Investments in Austria 2,666,221
- ------------------------------------------------------------------
BELGIUM: 0.8%
10,000 D'Ieteren Trading 844,376
650 UCB 865,231
10,000 *Union Miniere SA 669,385
------------
Total Investments in Belgium 2,378,992
- ------------------------------------------------------------------
CANADA: 3.8%
790,000 *Akiko Gold Resources Ltd. 358,696
1,000,000 *Avocet Ventures, Inc. 3,273,526
2,484,000 *Black Hawk Mining, Inc. 1,455,291
1,840,000 *Breakwater Resources Ltd. 2,129,037
620,000 *Canadian Crew Energy Corp. 862,688
732,800 *Epicore Networks, Inc. 1,931,952
211,000 *Madsen Gold Corp. 224,057
767,900 *MSV Resources, Inc. Cl. A 731,066
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- ------------------------------------------------------------------
1,900,000 Princess Resources Ltd. $ 250,458
750,000 *Reclamation Management Ltd. 24,716
------------
Total Investments in Canada 11,241,487
- ------------------------------------------------------------------
CHINA: 1.4%
1,350,000 *Advanced Material Resources Ltd. 632,735
2,860,000 *China Construction Holdings 914,078
1,153,000 China Merchants 753,010
810,000 *China North Industries 729,000
750,000 Guangdong Development Fund Ltd. 446,250
150,000 *Guangdong Development Fund Ltd. (Wts.) 12,000
1,050,000 Shanghai Lujiazui Finance & Trade Cl. B 596,400
------------
Total Investments in China 4,083,473
- ------------------------------------------------------------------
DENMARK: 0.2%
10,000 Den Danske Bank 689,779
------------
Total Investments in Denmark 689,779
- ------------------------------------------------------------------
FINLAND: 0.2%
12,000 Cultor OY Ser. 2 496,620
------------
Total Investments in Finland 496,620
- ------------------------------------------------------------------
FRANCE: 5.2%
3,000 Accor 388,401
15,000 Assurance Generale de France 502,348
11,000 AXA 741,270
10,000 Banque Nationale de Paris 451,093
7,000 Bouygues 705,146
5,000 Cetelem 938,330
7,000 Cie de St. Gobain 763,324
17,500 Cie de Suez 721,871
25,500 Credit Commercial de France 1,301,297
10,000 Eramet 653,461
10,000 Generale des Eaux SA 998,366
12,500 Lafarge SA 805,340
3,000 LVMH 624,872
1,178 Norbert Dentressangle 151,790
6,500 *Pechiney Cl A. 225,383
25,000 Pechiney International 443,639
7,500 Peugeot SA 989,381
22,500 Seita 815,550
14,515 SGS Thomson Micro 555,761
20,000 Total Cl. B 1,349,806
25,000 Union Assurance de Paris 652,951
50,000 *Usinor Sacilor 661,119
------------
Total Investments in France 15,440,499
- ------------------------------------------------------------------
</TABLE>
MSF-22
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- ---------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------
GERMANY: 5.6%
1,500 Altana AG $ 873,127
2,800 Bayer AG 738,794
1,000 CKAG Colonia Konzern AG 836,528
7,188 Commerzbank AG 1,698,663
2,500 Daimler-Benz AG 1,258,278
2,200 Degussa AG 733,078
6,500 *Fri. Krupp-Hoesch Krupp AG 811,084
6,250 *Gildemeister AG 566,399
3,750 Hoechst AG 1,016,905
2,500 MAN AG 676,194
4,000 Mannesmann AG 1,273,475
45,000 *Metallgesellschaft 985,012
15,000 *Praktiker Bau Und 459,045
15,000 Schwarz Pharmacia 737,191
2,320 Siemens AG 1,269,571
24,000 SKW Trostberg AG 506,100
30,000 Veba AG 1,273,614
2,500 Volkswagen AG 835,831
------------
Total Investments in Germany 16,548,889
- ---------------------------------------------------------
HONG KONG: 0.9%
510,000 Cathay Pacific Airways 778,273
239,000 Hong Kong Aircraft 618,170
330,000 Johnson Electrical Holdings 588,943
425,000 Semi Tech 684,287
------------
Total Investments in Hong Kong 2,669,673
- ---------------------------------------------------------
HUNGARY: 0.2%
60,000 *MOL Magyar GDS 487,500
------------
Total Investments in Hungary 487,500
- ---------------------------------------------------------
IRELAND: 0.5%
200,000 Bank of Ireland 1,459,854
------------
Total Investments in Ireland 1,459,854
- ---------------------------------------------------------
INDONESIA: 0.6%
460,000 Anglo-Eastern Plantations 835,844
299,375 Rea Holdings 857,815
------------
Total Investments in Indonesia 1,693,659
- ---------------------------------------------------------
ISRAEL: 0.5%
70,000 *Koor Industries Ltd. ADR 1,417,500
------------
Total Investments in Isreal 1,417,500
- ---------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- ------------------------------------------------------------------
ITALY: 0.8%
250,000 Ansaldo Trasporti $ 391,185
32,500 Edison 139,976
225,000 Eni SPA 786,305
200,000 Tecnost SPA 327,430
505,000 *Telecom Italia Mobile 888,768
------------
Total Investments in Italy 2,533,664
- ------------------------------------------------------------------
JAPAN: 13.1%
130,000 Anritsu Corp. 1,410,169
1,070 *Asahi Glass Co. (Wts.) 601,875
1,205 *Best Denki Co. (Wts.) 677,812
1,940 *Casio Computer Co. (Wts.) 1,261,000
1,325 *Daido Steel Co. (Wts.) 397,500
7,750 *Dainichi Seika (Wts.) 241,873
85,000 Eiwa Corp. 831,477
1,960 *Godo Steel (Wts.) 220,500
1,325 *Hankyu Corp. (Wts.) 496,875
2,510,000 ISR Group Ltd. 2,145,459
15,000 Keyence Corp. 1,728,814
135,000 Meitec Corp. 2,288,136
210,000 Misawa Homes Co. Ltd. 1,846,780
255,000 Mitsukoshi 2,395,642
28,000 Mitsumi Electric 675,254
19,000 MOS Food Services 485,811
18,500 Nintendo Co. Ltd. 1,406,538
8,645 *Nippon Ceramic Co. Ltd. (Wts.) 382,224
330,000 Nippon Shinpan Co. Ltd. 2,492,978
1,000 *Nishio Rent All Co. (Wts.) 512,500
155,000 Nissho-Iwai Corp. 795,642
225,000 Prospect Japan Fund 2,081,250
135,000 *Prospect Japan Fund (Wts.) 286,875
1,115 *Ryobi (Wts.) 613,250
690 *Shibusawa Warehouse (Wts.) 621,000
2,700 *Showa Sangyo Co. (Wts.) 1,012,500
3,975 *SNT Corp. (Wts.) 413,524
20,500 *Sumitomo Light Metal Co. (Wts.) 390,984
2,340 *Sumitomo Metal Mining (Wts.) 58,500
460,000 Sumitomo Realty & Development Co. Ltd. 3,252,300
2,940 *Tobu Railway Co. (Wts.) 992,250
230,000 *Tokio Marine & Fire Insurance Co. Ltd. 3,007,264
145,000 Tokyo Nissan Auto Sales Co. Ltd. 947,942
165,000 Tokyotokeiba Co. 687,167
4,195 *Toyo Engineering (Wts.) 1,048,750
12,000 *Yamazen Corp. (Wts.) 228,869
------------
Total Investments in Japan 38,937,284
- ------------------------------------------------------------------
</TABLE>
MSF-23
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- -----------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -----------------------------------------------------------------------
KAZAKHSTAN: 0.2%
149,159 Bakyrchik Gold PLC $ 639,352
------------
Total Investments in Kazakhstan 639,352
- -----------------------------------------------------------------------
MALAYSIA: 0.8%
188,000 Landmarks BHD 250,203
215,000 Tenaga Nasional BHD 846,557
363,000 UMW Holdings BHD 971,926
365,000 *Wembley Industries Holdings 459,897
------------
Total Investments in Malaysia 2,528,583
- -----------------------------------------------------------------------
MEXICO: 0.3%
460,000 *Fondo Opcion S.A. de C.V. Ser. B 465,068
830,000 *William Resources, Inc. 565,287
------------
Total Investments in Mexico 1,030,355
- -----------------------------------------------------------------------
NETHERLANDS: 1.2%
20,000 Gist-Brocades NV 595,750
25,000 IHC Caland NV 841,279
10,000 International Nederlanden Group NV 668,038
7,500 Nutricia Ver Bedrj 606,655
5,500 Ver Ned Uitgevers 755,063
------------
Total Investments in Netherlands 3,466,785
- -----------------------------------------------------------------------
NEW ZEALAND: 0.7%
6,500,000 *Corporate Investments Ltd. 1,657,296
200,000 Fernz Corp. 528,243
------------
Total Investments in New Zealand 2,185,539
- -----------------------------------------------------------------------
NORWAY: 0.5%
20,000 Nera AS 650,448
17,500 Norsk Hydro AS 734,911
------------
Total Investments in Norway 1,385,359
- -----------------------------------------------------------------------
PACIFIC BASIN: 0.4%
9,881,560 *Master Plan Mineral & Petroleum Development 723,659
52,500 Pacific Basin Bulk Shipping 613,594
15,000 *Pacific Basin Bulk Shipping (Wts.) 10,781
------------
Total Investments in Pacific Basin 1,348,034
- -----------------------------------------------------------------------
PHILLIPPINES: 0.7%
1,290,000 *TVI Pacific, Inc. 2,078,360
------------
Total Investments in Phillippines 2,078,360
- -----------------------------------------------------------------------
POLAND: 0.3%
86,500 *Bank Gdanski GDR SA 841,212
------------
Total Investments in Poland 841,212
- -----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- ---------------------------------------------------------------
RUSSIA: 2.1%
33,900,000 Bula Resources Holdings $ 1,316,198
5,000,000 Dana Petroleum 737,692
625,000 *Eurogas Corp. 389,052
50,000 *First Russian Frontier Trust 473,676
10,000 *First Russian Frontier Trust (Wts.) 36,496
12,000,000 *Star Mining Corp. 1,516,278
1,280,000 Vanguard Petroleum Ltd. 256,875
2,186,000 *Xavier Mines Ltd. 1,376,756
------------
Total Investments in Russia 6,103,023
- ---------------------------------------------------------------
SINGAPORE: 0.4%
765,000 Comfort Group 648,993
88,000 Jurong Shipyard 678,119
------------
Total Investments in Singapore 1,327,112
- ---------------------------------------------------------------
SOUTH AFRICA: 0.7%
582,500 *United Reef Ltd. 217,558
104,600 Western Areas Gold Mining Ltd. ADR 1,765,125
------------
Total Investments in South Africa 1,982,683
- ---------------------------------------------------------------
SOUTH KOREA: 0.4%
30,000 #*CITC Frontier Fund PLC 529,200
65,000 *Yellow Sea Investment Co. 597,350
------------
Total Investments in South Korea 1,126,550
- ---------------------------------------------------------------
SPAIN: 1.1%
80,000 *Asturiana de Zinc 634,460
15,500 Banco Bilbao Vizcaya 558,409
3,833 *Banco Espanol de Credito 26,543
32,500 Empresa Nacional de Celulosas 527,824
15,490 Empresa Nacional de Electricidad 877,298
22,300 Repsol SA 730,771
------------
Total Investments in Spain 3,355,305
- ---------------------------------------------------------------
SUDAN: 0.1%
115,000 Arakis Energy Corp. 348,594
------------
Total Investments in Sudan 348,594
- ---------------------------------------------------------------
SWEDEN: 0.4%
11,500 Autoliv AB 672,018
50,000 Lindex AB 640,089
------------
Total Investments in Sweden 1,312,107
- ---------------------------------------------------------------
SWITZERLAND: 1.3%
1,500 Alusuisse-Lonza 1,188,557
370 BBC Brown Boveri AG 429,822
8,700 CS Holdings 891,873
</TABLE>
MSF-24
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- --------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------
2,200 Danzas Holdings $ 457,737
100 Roche Holdings AG 791,071
------------
Total Investments in Switzerland 3,759,060
- --------------------------------------------------------------
TAJIKISTAN: 0.9%
1,640,900 Nelson Gold Ltd. 2,547,571
------------
Total Investments in Tajikistan 2,547,571
- --------------------------------------------------------------
TANZANIA: 0.2%
2,750,000 Palace Exploration, Inc. 161,113
1,258,000 *Tan Range Exploration Corp. Cl. A 561,977
1,008,000 *Tan Range Exploration Corp. (Wts.) 0
------------
Total Investments in Tanzania 723,090
- --------------------------------------------------------------
THAILAND: 0.5%
1,370,000 Siam Trading 1,504,943
------------
Total Investments in Thailand 1,504,943
- --------------------------------------------------------------
UKRAINE: 1.4%
4,254,800 *Emtech (Bermuda) Units 4,299,981
------------
Total Investments in Ukraine 4,299,981
- --------------------------------------------------------------
UNITED KINGDOM: 14.0%
1,250,000 *Alexon Group PLC 1,591,862
1,887,500 Arcadian International PLC 1,604,917
565,000 *Ascot Holdings 2,325,283
2,701,241 BCE Holdings 943,903
4,750,000 *Birse Group PLC 1,198,750
250,000 Brightstone Properties 378,553
90,000 *British Biotech 2,543,873
335,000 BTR PLC 1,706,476
120,000 Caffyns 456,593
537,492 *Celsis International 1,085,168
800,000 *Eleco Holdings 378,941
1,000,000 Electrophoretics 2,873,117
400,000 *Energy Capital Investments 568,411
299,400 *Euro Sales Finance Cl. A 581,224
375,000 Geest PLC 1,106,538
1,980,000 *Great Western Resources 353,626
740,000 Hampden Homecare Group PLC 913,651
4,262,500 Hobson PLC 2,035,594
100,000 Johnson Fry Holdings 194,906
615,000 Kemgas International Ltd. 1,171,000
275,000 Medeva PLC 1,153,129
1,500,000 Melrose Energy 925,998
300,000 *Melrose Energy (Nil Paid) 25,625
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
<C> <S> <C>
- --------------------------------------------------------------------------------
100,000 National Westminster Bank PLC $ 1,007,144
722,000 Panther Securities PLC 734,446
100,000 *Panther Securities PLC (Wts.) 9,318
420,000 *Premium Underwriting 792,514
777,099 RAP Group 1,876,672
5,791,666 Rhino Group 1,214,280
200,000 Sainsbury PLC 1,219,133
62,500 Securicor Group Cl. A 859,023
1,238,888 *Simon Engineering PLC 1,404,548
710,945 Sims Food Group PLC 386,443
400,000 *Tadpole Technology 475,229
1,653,979 Turbo Genset, Inc. Cl. A 1,029,573
30,900,000 *United Breweries PLC 839,804
7,500,000 *Upton & Southern Holdings PLC 349,433
750,000 *Upton & Southern Holdings PLC (Wts.) 11,648
300,000 Voyageur 358,751
1,890,400 *Waverley Mining Finance PLC 2,774,387
3,521,073 World Fluids Holdings PLC 205,063
100,000 *XCL 41,155
------------
Total Investments in the United Kingdom 41,705,702
- --------------------------------------------------------------------------------
ZAMBIA: 0.1%
180,000 *Zambia Consolidated Copper Cl. B 223,637
------------
Total Investments in Zambia 223,637
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $204,787,390)................................. 201,094,236
------------
- --------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK: 0.1%
- --------------------------------------------------------------------------------
UNITED KINGDOM: 0.1%
295,000 Upton & Southern Holdings Cvt. Pfd. 426,075
------------
TOTAL CONVERTIBLE PREFERRED STOCK (Cost: $456,233)... 426,075
------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 0.9%
- --------------------------------------------------------------------------------
BALTIC STATES: 0.3%
7,500 Baltic Republic Fund Pfd. 817,500
------------
Total Investments in Baltic States 817,500
- --------------------------------------------------------------------------------
GERMANY: 0.6%
800 Boss (Hugo) AG Pfd. 664,204
7,500 Fresenius AG Pfd. 711,049
400 Sander (Jil) AG Pfd. 295,573
------------
Total Investments in Germany......................... 1,670,826
------------
TOTAL PREFERRED STOCK
(Cost: $2,185,520)................................... 2,488,326
------------
- --------------------------------------------------------------------------------
</TABLE>
MSF-25
<PAGE>
METROPOLITAN SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO (CONTINUED)
DECEMBER 31, 1995
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
CONVERTIBLE BONDS: 6.0%
- ------------------------------------------------------------------------------
France $ 56,566 AXA 4.500% 1/1/99 $ 40,222
Hong Kong 880,000 S Megga International 2.500% 1/4/02 598,400
Hong Kong 1,350,000 Sino Land Co. 5.000% 10/21/00 1,429,313
Japan 270,000,000 Hankyu Corp. 1.250% 9/30/98 2,650,969
Japan 6,610,000 Mitsubishi Bank 3.500% 3/31/04 6,919,844
Japan 3,300,000 NEC Corp. 1.000% 3/31/99 3,347,204
Malaysia 990,000 Aokam Perdana 3.500% 6/13/04 759,825
Thailand 2,795,000 NTS Steel Group 4.000% 12/16/08 1,383,525
Thailand 915,000 Tanayong Public 3.500% 3/01/04 645,075
------------
TOTAL CONVERTIBLE BONDS
(Cost: $16,553,767).................................. 17,774,377
------------
- ------------------------------------------------------------------------------
TOTAL INVESTMENTS: 74.6%
(Cost: $223,982,910)................................. 221,783,014
OTHER ASSETS LESS LIABILITIES: 25.4%................. 75,678,027
------------
TOTAL NET ASSETS: 100.0%............................. $297,461,041
============
- ------------------------------------------------------------------------------
</TABLE>
# Illiquid security.
* Non-income producing security.
See Notes to Financial Statements
MSF-26
<PAGE>
METROPOLITAN SERIES FUND, INC.
INDUSTRY DIVERSIFICATION
- --------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
AS A PERCENTAGE OF TOTAL VALUE OF INVESTMENTS
<TABLE>
<S> <C>
Airlines................................................................... 0.4%
Automotive................................................................. 2.5
Banking.................................................................... 7.3
Beverages.................................................................. 2.8
Broadcasting & Publishing.................................................. 0.3
Building................................................................... 1.9
Building................................................................... 1.5
Business Services.......................................................... 2.5
Chemicals.................................................................. 2.7
Electrical Equipment....................................................... 5.8
Financial Services......................................................... 4.6
Foods...................................................................... 2.8
Health & Personal Care..................................................... 4.8
Industrial - Miscellaneous................................................. 1.9
Industrial - Miscellaneous................................................. 0.8
Insurance.................................................................. 3.9
Leisure.................................................................... 2.3
Machinery.................................................................. 4.8
Metals - Steel & Iron...................................................... 2.3
</TABLE>
<TABLE>
<S> <C>
Metals - Gold............................................................ 9.7%
Metals - Miscellaneous................................................... 3.2
Miscellaneous............................................................ 1.5
Miscellaneous Materials.................................................. 4.6
Office Equipment......................................................... 0.1
Offshore Funds & Investment Trusts....................................... 2.3
Oil - Domestic........................................................... 4.5
Oil - International...................................................... 0.4
Paper.................................................................... 0.2
Railroad................................................................. 2.5
Real Estate.............................................................. 3.1
Recreation............................................................... 1.5
Retail Trade............................................................. 4.6
Telecommunications....................................................... 0.4
Textiles & Apparel....................................................... 0.6
Transportation - Trucking................................................ 0.3
Utilities - Electric..................................................... 1.9
Utilities - Water........................................................ 0.5
Wholesale & International Trade.......................................... 2.2
-----
100.0%
=====
</TABLE>
See Notes to Financial Statements.
MSF-27
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
GROWTH INCOME
PORTFOLIO PORTFOLIO
-------------- ------------
ASSETS:
<S> <C> <C>
Investment, at value (Note 1A) (1)..... $1,096,327,264 $345,910,339
Cash................................... 950 541
Cash denominated in foreign currencies
(2)................................... -- --
Receivable for investment securities
sold.................................. 965,684 2,585,401
Receivable for fund shares sold........ 675,255 455,371
Receivable for dividends and interest.. 1,424,371 5,976,347
Unrealized appreciation on forward con-
tracts (Note 7)....................... -- 181,720
Other assets........................... 202 88,859
-------------- ------------
TOTAL ASSETS....................... 1,099,393,726 355,198,578
-------------- ------------
LIABILITIES:
Payable for capital stock repurchased.. 10,023 125
Payable for investment securities pur-
chased................................ 4,348,881 5,164,682
Accrued investment management fee (Note
3).................................... 229,442 73,160
Accrued and other liabilities.......... 54,783 47,583
-------------- ------------
TOTAL LIABILITIES.................. 4,643,129 5,285,550
-------------- ------------
$1,094,750,597 $349,913,028
============== ============
NET
ASSETS:
Composition of Net Assets:
Paid-in-capital........................ 863,848,660 341,054,464
Undistributed (overdistributed) net in-
vestment income (loss)................ (108,976) 1,648,141
Net unrealized appreciation (deprecia-
tion)................................. 228,543,295 14,525,062
Accumulated net realized gain (loss) .. 2,467,618 (7,314,639)
-------------- ------------
NET ASSETS......................... $1,094,750,597 $349,913,028
============== ============
SHARES OUTSTANDING................. 39,717,503 27,489,851
============== ============
NET ASSET VALUE PER SHARE.......... $27.56 $12.73
============== ============
-------------------------------------------------------------------
Notes:
(1) Investments, at cost............... $867,783,969 $331,561,431
(2) Cost of foreign currency........... -- --
</TABLE>
See Notes to Financial Statements.
MSF-28
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY AGGRESSIVE STOCK INTERNATIONAL
MARKET DIVERSIFIED GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ----------- -------------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
$40,219,899 $1,110,947,646 $930,656,825 $637,922,157 $221,783,014
79,322 650 827 55,596 14,199,155
-- -- -- -- 64,126,393
-- 4,187,691 46,082,605 1,308,104 311,281
60,629 886,839 4,050,173 572,660 505,735
115,565 8,988,955 747,964 1,256,334 323,621
-- 227,542 -- -- --
16 113,091 11,570 1,964 349,271
- ----------- -------------- ------------ ------------ ------------
40,475,431 1,125,352,414 981,549,964 641,116,815 301,598,470
- ----------- -------------- ------------ ------------ ------------
1,789 16,278 -- -- 3,679
-- 10,194,862 21,967,194 5,114,386 3,831,521
8,489 233,658 597,540 132,417 207,084
8,878 74,019 69,997 46,773 95,145
- ----------- -------------- ------------ ------------ ------------
19,156 10,518,817 22,634,731 5,293,576 4,137,429
- ----------- -------------- ------------ ------------ ------------
$40,456,275 $1,114,833,597 $958,915,233 $635,823,239 $297,461,041
=========== ============== ============ ============ ============
40,447,254 967,471,372 822,003,215 487,663,404 301,157,412
6,496 (4,529,347) (899,023) (22,936) (1,444,824)
-- 142,881,779 141,226,595 147,414,903 (6,426,580)
2,525 9,009,793 (3,415,554) 767,868 4,175,033
- ----------- -------------- ------------ ------------ ------------
$40,456,275 $1,114,833,597 $958,915,233 $635,823,239 $297,461,041
=========== ============== ============ ============ ============
3,873,237 69,897,402 37,072,220 34,253,993 24,201,993
=========== ============== ============ ============ ============
$10.45 $15.95 $25.87 $18.56 $12.29
=========== ============== ============ ============ ============
- -----------------------------------------------------------------------------
$40,219,899 $968,287,170 $789,430,230 $490,507,254 $223,982,910
-- -- -- -- 68,429,624
</TABLE>
MSF-29
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
GROWTH INCOME
PORTFOLIO PORTFOLIO
------------ -----------
<S> <C> <C>
INVESTMENInterestT(Note 1B)......................... $1,581,723 $22,553,470
INCOME: Dividends (Note 1B) ....................... 14,557,479 --
------------ -----------
Total investment income, net of with-
holding taxes (1)..................... 16,139,202 22,553,470
------------ -----------
EXPENSES:
Investment management fee ................. 2,282,444 767,157
Printing and distribution fees............. 278,633 98,302
Custodian and transfer agent fees.......... 161,071 134,012
Director's fees ........................... 16,790 16,790
Other operating expenses .................. 44,829 31,351
------------ -----------
Total expenses ........................ 2,783,767 1,047,612
------------ -----------
NET INVESTMENT INCOME (LOSS)........... 13,355,435 21,505,858
------------ -----------
Investments................................ 35,869,486 5,020,069
NET Foreign currency transactions ............. -- 594,284
REALIZED
GAIN ------------ -----------
(LOSS) NET REALIZED GAIN ..................... 35,869,486 5,614,353
ON:
------------ -----------
NET
UNREALIZED
APPRECIATION
(DEPRECIATION):
Beginning of period investments and foreign
currency holdings (Note 4) (Note 7)....... 21,683,841 (12,738,617)
End of period investments and foreign cur-
rency holdings (Note 4) (Note 7) ......... 228,543,295 14,525,062
------------ -----------
NET UNREALIZED APPRECIATION (DEPRECIA-
TION)................................. 206,859,454 27,263,679
------------ -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ...................... $256,084,375 $54,383,890
============ ===========
-------------------------------------------------------------------
Notes:
(1) Withholding taxes...................... $145,698 $17,167
</TABLE>
See Notes to Financial Statements.
MSF-30
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY AGGRESSIVE STOCK INTERNATIONAL
MARKET DIVERSIFIED GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C>
$2,455,880 $32,460,473 $2,660,653 $228,617 $331,446
-- 8,774,313 3,163,544 12,034,799 2,976,332
---------- ------------ ------------ ------------ ----------
2,455,880 41,234,786 5,824,197 12,263,416 3,307,778
---------- ------------ ------------ ------------ ----------
104,346 2,431,711 5,824,030 1,202,788 2,035,593
13,720 310,108 240,740 144,249 156,231
44,443 250,035 164,662 146,252 503,531
16,790 16,790 16,790 16,790 16,790
24,891 44,160 43,372 36,320 30,840
---------- ------------ ------------ ------------ ----------
204,190 3,052,804 6,289,594 1,546,399 2,742,985
---------- ------------ ------------ ------------ ----------
2,251,690 38,181,982 (465,397) 10,717,017 564,793
---------- ------------ ------------ ------------ ----------
161 34,881,053 96,911,708 3,287,091 (7,148,124)
-- 819,761 -- -- 11,651,709
---------- ------------ ------------ ------------ ----------
161 35,700,814 96,911,708 3,287,091 4,503,585
---------- ------------ ------------ ------------ ----------
-- (13,077,784) 54,191,810 14,557,357 (4,241,184)
-- 142,881,779 141,226,595 147,414,903 (6,426,580)
---------- ------------ ------------ ------------ ----------
-- 155,959,563 87,034,785 132,857,546 (2,185,396)
---------- ------------ ------------ ------------ ----------
$2,251,851 $229,842,359 $183,481,096 $146,861,654 $2,882,982
========== ============ ============ ============ ==========
- ---------------------------------------------------------------------------------
-- $123,603 $107,147 $74,220 $402,016
</TABLE>
MSF-31
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
GROWTH INCOME MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------- -------------------------- --------------------------
INCREASE (DECREASE) IN NET ASSETS FROM:
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
OPERATIONS: DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1994 1995 1994 1995 1994
-------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income
(loss)................. $13,355,435 $10,056,040 $21,505,858 $20,598,703 $2,251,690 $1,511,945
Net realized gain (loss)
from investment and
foreign currency
transactions........... 35,869,486 19,583,700 5,614,353 (14,615,349) 161 289
Unrealized appreciation
(depreciation) of
investments and foreign
currency holdings...... 206,859,454 (54,777,145) 27,263,679 (15,925,405) -- --
-------------- ------------ ------------ ------------ ----------- -----------
Net increase (decrease)
in net assets resulting
from operations........ 256,084,375 (25,137,405) 54,383,890 (9,942,051) 2,251,851 1,512,234
-------------- ------------ ------------ ------------ ----------- -----------
DISTRIBUTIONS
TO
SHAREHOLDERS:
Net investment income... (13,305,066) (10,033,000) (20,532,059) (19,778,000) (2,251,639) (1,495,000)
Net realized gain from
investment
transactions........... (40,353,389) (13,173,038) -- -- (289) --
-------------- ------------ ------------ ------------ ----------- -----------
Total Distributions
(Note 6)............... (53,658,455) (23,206,038) (20,532,059) (19,778,000) (2,251,928) (1,495,000)
-------------- ------------ ------------ ------------ ----------- -----------
CAPITAL
SHARE
TRANSACTIONS:
Net proceeds from sale
of shares.............. 103,922,730 142,725,802 44,596,378 31,064,352 21,703,650 14,031,251
Net asset value of
shares issued to
shareholders in
reinvestment of
distributions.......... 53,658,455 23,206,038 20,532,059 19,778,000 2,251,928 1,495,000
Shares redeemed......... (11,689,626) (11,568,136) (24,725,915) (45,439,146) (23,460,524) (19,903,197)
Substitutions (Note 8).. -- -- -- -- -- --
-------------- ------------ ------------ ------------ ----------- -----------
Net Capital Stock
Transactions (Note 5).. 145,891,559 154,363,704 40,402,522 5,403,206 495,054 (4,376,946)
-------------- ------------ ------------ ------------ ----------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS.......... 348,317,479 106,020,261 74,254,353 (24,316,845) 494,977 (4,359,712)
NET ASSETS: Beginning of
period................. 746,433,118 640,412,857 275,658,675 299,975,520 39,961,298 44,321,010
-------------- ------------ ------------ ------------ ----------- -----------
NET ASSETS: End of
period................. $1,094,750,597 $746,433,118 $349,913,028 $275,658,675 $40,456,275 $39,961,298
============== ============ ============ ============ =========== ===========
</TABLE>
---------------------------------------------------------------------
See Notes to Financial Statements.
MSF-32
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DIVERSIFIED AGGRESSIVE GROWTH STOCK INDEX INTERNATIONAL STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------------------- -------------------------- -------------------------- --------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1994 1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
$38,181,982 $31,661,634 ($465,397) $1,181,813 $10,717,017 $8,084,285 $564,793 $188,980
35,700,814 (1,563,771) 96,911,708 (11,669,134) 3,287,091 2,120,555 4,503,585 12,953,108
155,959,563 (59,099,242) 87,034,785 3,037,483 132,857,546 (5,577,832) (2,185,396) (13,777,142)
- -------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
229,842,359 (29,001,379) 183,481,096 (7,449,838) 146,861,654 4,627,008 2,882,982 (635,054)
- -------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
(38,212,420) (31,965,725) -- (1,216,000) (10,707,245) (7,987,000) (931,206) (27,000)
(31,703,894) (4,236,080) (89,053,728) (210,244) (3,203,702) (4,959,963) (1,728,334) (13,395,442)
- -------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
(69,916,314) (36,201,805) (89,053,728) (1,426,244) (13,910,947) (12,946,963) (2,659,540) (13,422,442)
- -------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
65,067,419 178,226,077 211,278,782 225,182,181 132,769,445 86,148,938 47,009,355 168,836,697
69,916,314 36,201,806 89,053,728 1,426,245 13,910,947 12,946,963 2,659,540 13,422,442
(72,901,909) (41,157,082) (25,891,494) (15,634,001) (6,808,814) (10,475,425) (25,383,675) (16,030,074)
-- 40,960,412 -- -- -- -- -- --
- -------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
62,081,824 214,231,213 274,441,016 210,974,425 139,871,578 88,620,476 24,285,220 166,229,065
- -------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
222,007,869 149,028,029 368,868,384 202,098,343 272,822,285 80,300,521 24,508,662 152,171,569
892,825,728 743,797,699 590,046,849 387,948,506 363,000,954 282,700,433 272,952,379 120,780,810
- -------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
$1,114,833,597 $892,825,728 $958,915,233 $590,046,849 $635,823,239 $363,000,954 $297,461,041 $272,952,379
============== ============ ============ ============ ============ ============ ============ ============
</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
--------------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------------
1995 1994 1993 1992 1991
-----------------------------
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Begin-
ning of period.......... $21.81 $23.27 $21.72 $21.56 $17.20
- -------------------------------------------------------------------------------
Investment Operations:
Net investment income... .35 .30 .28 .34 .41
Net realized and
unrealized gain
(loss)................. 6.83 (1.06) 3.24 2.13 5.39
---------- -------- -------- -------- --------
Total From Investment
Operations........... 7.18 (.76) 3.52 2.47 5.80
---------- -------- -------- -------- --------
Less Distributions:
Dividends from net in-
vestment income........ (.35) (.30) (.28) (.29) (.42)
Distributions from net
realized capital
gains.................. (1.08) (.40) (1.69) (2.02) (1.02)
---------- -------- -------- -------- --------
Total Distributions... (1.43) (.70) (1.97) (2.31) (1.44)
---------- -------- -------- -------- --------
- -------------------------------------------------------------------------------
NET ASSET VALUE: End of
period.................. $27.56 $21.81 $23.27 $21.72 $21.56
- -------------------------------------------------------------------------------
Total Return............ 33.14% (3.25)% 14.40% 11.56% 33.09%
Supplemental
Data/Significant Ratios:
Net assets at end of pe-
riod (000's)........... $1,094,751 $746,433 $640,413 $351,028 $232,160
Operating expenses to
average net assets..... 0.31% 0.32% 0.28% 0.25% 0.25%
Net investment income to
average net assets..... 1.46% 1.40% 1.19% 1.52% 2.04%
Portfolio turnover (1).. 42.52% 57.27% 66.27% 63.74% 62.29%
</TABLE>
- --------------------------------------------------------------------------------
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate acount level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at the
time of acquisition of one year or less are excluded from the calculation.
Purchases and sales of securities (excluding short-term securities) for the
year ended December 31, 1995 amounted to $489,702,902 and $377,323,949,
respectively.
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
-----------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------
1995 1994 1993 1992 1991
----------------------------
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning
of period.................. $11.32 $12.59 $12.22 $12.32 $11.16
- -------------------------------------------------------------------------------
Investment Operations:
Net investment income...... .83 .91 .83 .90 .94
Net realized and unrealized
gain (loss)............... 1.38 (1.31) .86 (.05) 1.14
-------- -------- -------- -------- -------
Total From Investment Op-
erations................ 2.21 (.40) 1.69 .85 2.08
-------- -------- -------- -------- -------
Less Distributions:
Dividends from net invest-
ment income............... (.80) (.87) (.88) (.71) (.92)
Distributions from net re-
alized capital gains...... -- -- (.44) (.24) --
-------- -------- -------- -------- -------
Total Distributions...... (.80) (.87) (1.32) (.95) (.92)
-------- -------- -------- -------- -------
- -------------------------------------------------------------------------------
NET ASSET VALUE: End of pe-
riod....................... $12.73 $11.32 $12.59 $12.22 $12.32
- -------------------------------------------------------------------------------
Total Return............... 19.55% (3.15)% 11.36% 6.91% 17.31%
Supplemental
Data/Significant Ratios:
Net assets at end of period
(000's)................... $349,913 $275,659 $299,976 $156,245 $87,412
Operating expenses to aver-
age net assets............ 0.34% 0.35% 0.32% 0.25% 0.25%
Net investment income to
average net assets........ 7.01% 7.02% 6.39% 7.16% 7.61%
Portfolio turnover (1)..... 102.88% 141.15% 136.98% 151.74% 78.87%
</TABLE>
- --------------------------------------------------------------------------------
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate acount level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at the
time of acquisition of one year or less are excluded from the calculation.
Purchases and sales of securities (excluding short-term securities) for the
year ended December 31, 1995 amounted to $332,005,213 and $299,203,930,
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
-------------------------------------------
YEAR ENDED DECEMBER 31,
-------------------------------------------
1995 1994 1993 1992 1991
--------------------------
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of
period......................... $10.48 $10.49 $10.52 $10.59 $10.67
- -------------------------------------------------------------------------------
Investment Operations:
Net investment income.......... .59 .40 .28 .39 .57
------- ------- ------- ------- -------
Total From Investment Opera-
tions....................... .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.. $10.45 $10.48 $10.49 $10.52 $10.59
- -------------------------------------------------------------------------------
Total Return................... 5.59% 3.85% 2.90% 3.73% 6.10%
Supplemental Data/Significant
Ratios:
Net assets at end of period
(000's)....................... $40,456 $39,961 $44,321 $55,412 $70,946
Operating expenses to average
net assets.................... 0.49% 0.44% 0.38% 0.25% 0.25%
Net investment income to aver-
age net assets................ 5.39% 3.76% 2.85% 3.68% 5.93%
Portfolio turnover............. N/A N/A N/A N/A N/A
</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.
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
--------------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------------
1995 1994 1993 1992 1991
-----------------------------
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Begin-
ning of period.......... $13.40 $14.41 $13.58 $13.61 $11.47
- -------------------------------------------------------------------------------
Investment Operations:
Net investment income... .59 .51 .46 .53 .62
Net realized and
unrealized gain
(loss)................. 3.02 (.95) 1.58 .74 2.23
---------- -------- -------- -------- --------
Total From Investment
Operations........... 3.61 (.44) 2.04 1.27 2.85
---------- -------- -------- -------- --------
Less Distributions:
Dividends from net in-
vestment income........ (.58) (.50) (.54) (.55) (.62)
Distributions from net
realized capital
gains.................. (.48) (.07) (.67) (.75) (.09)
---------- -------- -------- -------- --------
Total Distributions... (1.06) (.57) (1.21) (1.30) (.71)
---------- -------- -------- -------- --------
- -------------------------------------------------------------------------------
NET ASSET VALUE: End of
period.................. $15.95 $13.40 $14.41 $13.58 $13.61
- -------------------------------------------------------------------------------
Total Return............ 27.03% (3.06)% 12.75% 9.48% 24.84%
Supplemental
Data/Significant Ratios:
Net assets at end of pe-
riod (000's)........... $1,114,834 $892,826 $743,798 $334,480 $232,276
Operating expenses to
average net assets..... 0.31% 0.32% 0.29% 0.25% 0.25%
Net investment income to
average net assets..... 3.92% 3.66% 3.16% 3.85% 4.94%
Portfolio turnover (1).. 79.29% 96.49% 95.84% 114.67% 70.56%
</TABLE>
- --------------------------------------------------------------------------------
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate acount level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at the
time of acquisition of one year or less are excluded from the calculation.
Purchases and sales of securities (excluding short-term securities) for the
year ended December 31, 1995 amounted to $762,472,356 and $745,575,956,
respectively.
See Notes to Financial Statements.
MSF-37
<PAGE>
METROPOLITAN SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH PORTFOLIO
-------------------------------------------
YEAR ENDED DECEMBER 31,
-------------------------------------------
1995 1994 1993 1992 1991
----------------------------
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of
period......................... $22.05 $22.54 $19.52 $18.11 $10.95
- -------------------------------------------------------------------------------
Investment Operations:
Net investment income (loss)... (.01) .05 .04 .08 .06
Net realized and unrealized
gain (loss)................... 6.50 (.48) 5.06 1.77 7.25
-------- -------- -------- -------- -------
Total From Investment Opera-
tions....................... 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................. (2.67) (.01) (2.02) (.34) (.08)
-------- -------- -------- -------- -------
Total Distributions.......... (2.67) (.06) (2.08) (.44) (.15)
-------- -------- -------- -------- -------
- -------------------------------------------------------------------------------
NET ASSET VALUE: End of period.. $25.87 $22.05 $22.54 $19.52 $18.11
- -------------------------------------------------------------------------------
Total Return................... 29.50% (1.88)% 22.63% 10.39% 66.41%
Supplemental Data/Significant
Ratios:
Net assets at end of period
(000's)....................... $958,915 $590,047 $387,949 $129,249 $45,858
Operating expenses to average
net assets.................... 0.81% 0.82% 0.79% 0.75% 0.75%
Net investment income (loss) to
average net assets............ (0.06%) 0.24% 0.18% 0.46% 0.45%
Portfolio turnover (1)......... 255.83% 186.52% 120.82% 100.95% 146.12%
</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) 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 the
year ended December 31, 1995 amounted to $2,021,984,610 and $1,889,874,185,
respectively.
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
-------------------------------------------
YEAR ENDED DECEMBER 31,
-------------------------------------------
1995 1994 1993 1992 1991
----------------------------
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of
period......................... $13.87 $14.25 $13.27 $12.76 $9.96
- -------------------------------------------------------------------------------
Investment Operations:
Net investment income.......... .32 .33 .35 .36 .35
Net realized and unrealized
gain (loss)................... 4.79 (.17) .98 .60 2.82
-------- -------- -------- -------- -------
Total From Investment Opera-
tions....................... 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................. (.10) (.22) -- (.19) --
-------- -------- -------- -------- -------
Total Distributions.......... (.42) (.54) (.35) (.45) (.37)
-------- -------- -------- -------- -------
- -------------------------------------------------------------------------------
NET ASSET VALUE: End of period.. $18.56 $13.87 $14.25 $13.27 $12.76
- -------------------------------------------------------------------------------
Total Return................... 36.87% 1.18% 9.54% 7.44% 29.76%
Supplemental Data/Significant
Ratios:
Net assets at end of period
(000's)....................... $635,823 $363,001 $282,700 $144,692 $54,183
Operating expenses to average
net assets.................... 0.32% 0.33% 0.32% 0.25% 0.24%
Net investment income to aver-
age net assets................ 2.22% 2.51% 2.51% 2.74% 2.98%
Portfolio turnover (1)......... 6.35% 6.66% 13.99% 17.54% 1.18%
</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) 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 the
year ended December 31, 1995 amounted to $176,294,937 and $30,311,462,
respectively.
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 PERIOD
YEAR ENDED DECEMBER 31, MAY 1, 1991
----------------------------------- TO
1995 1994 1993 1992 DECEMBER 31, 1991
------------------------------------
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Begin-
ning of period......... $12.30 $12.33 $8.63 $9.71 $10.00
- ---------------------------------------------------------------------------------
Investment Operations:
Net investment income.. .03 .08 .02 .05 .05
Net realized and
unrealized gain
(loss)................ .07 .54 4.52 (1.04) (.20)
-------- -------- -------- -------- --------
Total From Investment
Operations.......... .10 .62 4.54 (.99) (.15)
-------- -------- -------- -------- --------
Less Distributions:
Dividends from net in-
vestment income....... (.04) -- (.26) (.09) (.14)
Distributions from net
realized capital
gains................. (.07) (.65) (.58) -- --
-------- -------- -------- -------- --------
Total Distributions.. (.11) (.65) (.84) (.09) (.14)
-------- -------- -------- -------- --------
- ---------------------------------------------------------------------------------
NET ASSET VALUE: End of
period................. $12.29 $12.30 $12.33 $8.63 $9.71
- ---------------------------------------------------------------------------------
Total Return........... 0.84% 5.08% 47.76% (10.21)% (1.55)%
Supplemental
Data/Significant Ra-
tios:
Net assets at end of
period (000's)........ $297,461 $272,952 $120,781 $18,998 $10,809
Net expenses to average
net assets (Note 3)... 1.01% 1.04% 1.14% 0.97% 0.97% (2)
Operating expenses to
average net assets be-
fore voluntary expense
reimbursements (Note
3).................... N/A N/A 1.15% N/A N/A
Net investment income
to average net as-
sets.................. 0.21% 0.08% 0.15% 0.89% 1.01% (2)
Net investment income
to average net assets
before voluntary ex-
pense reimbursements
(Note 3).............. N/A N/A 0.15% N/A N/A
Portfolio turnover
(1)................... 86.24% 65.84% 88.90% 65.09% 29.41%
</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) 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 the
year ended December 31, 1995 amounted to $229,872,910 and $261,521,471,
respectively.
(2) Ratios 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 DECEMBER 31, 1995
- -------------------------------------------------------------------------------
The Metropolitan Series Fund, Inc. ("Fund") is registered under the
Investment Company Act of 1940 as a diversified open end investment
company. The following is a summary of significant accounting
policies consistently followed by the Fund in the preparation of its
financial statements. The policies are in conformity with generally
accepted accounting principles.
1. SIGNIFICANT
ACCOUNTING
POLICIES
---------------------------------------------------------------------
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 December 31, 1995. Securities for which market
quotations are not readily available are valued at fair value as
determined in good faith by or under the direction of the Board of
Directors of the Fund, including valuations furnished by a pricing
service retained for this purpose. The market values of foreign
securities are recorded after translation to U.S. dollars, based on
the exchange rate at the end of the period.
Short-term debt securities in all Portfolios, except the Money
Market Portfolio, with sixty days or less remaining to maturity are
valued at amortized cost, which approximates fair value. Short-term
investments in these Portfolios maturing more than sixty days from
the valuation date are valued at fair value based on the most recent
bid price or yield equivalent as obtained from dealers that make
markets in such securities. Portfolio securities in the Money Market
Portfolio are valued at amortized cost, which approximates fair
value.
---------------------------------------------------------------------
B. INVESTMENT SECURITY TRANSACTIONS: Security transactions are recorded
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. 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.
---------------------------------------------------------------------
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 which 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 cancelled.
---------------------------------------------------------------------
F. ESTIMATES AND ASSUMPTIONS: The preparation of financial statements
in conformity with generally accepted accounting principles 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
AND
ILLIQUID
SECURITIES
The Income Portfolio holds two securities, the Diversified Portfolio
holds two securities, and the Aggressive Growth Portfolio holds
three 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 expenses. 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 December 31, 1995
are footnoted at the end of each applicable Portfolio's schedule of
investments.
- -------------------------------------------------------------------------------
MSF-41
<PAGE>
METROPOLITAN SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 - (CONTINUED)
- -------------------------------------------------------------------------------
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 aggregrate 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.
3. EXPENSES
Prior to May 16, 1993, Metropolitan Life was obligated to pay all
expenses of each Portfolio of the Fund other than the investment
management fees payable to Metropolitan Life, brokerage commissions
on portfolio transactions (including any other direct costs related
to the acquisition, disposition, lending or borrowing of portfolio
investments), taxes payable by the Fund, interest and any other
costs related to borrowings by the Fund, and any extraordinary or
non-recurring expenses (such as legal claims and liabilities and
litigation costs and any indemnification related thereto). Since
that date, the Fund has been obligated to pay all of its own
expenses. However, Metropolitan Life reserves the right, in its sole
discretion, to pay all or a portion of the expenses of the Fund or
any of its Portfolios, and to terminate such voluntary payment at
any time upon notice to the Board of Directors and shareholders of
the Fund.
- -------------------------------------------------------------------------------
4. NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
As of December 31, 1995, gross unrealized appreciation and
depreciation of investments were as follows:
<TABLE>
<CAPTION>
AGGRESSIVE STOCK INTERNATIONAL
GROWTH INCOME DIVERSIFIED GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Gross Unrealized
Appreciation........... $243,957,065 $15,654,349 $155,713,435 $161,800,842 $156,142,805 $27,656,024
Gross Unrealized
(Depreciation)......... (15,413,770) (1,305,441) (13,052,959) (20,574,247) (8,727,902) (29,855,920)
------------ ------------ ------------ ------------ ------------ ------------
Net Unrealized
Appreciation
(Depreciation) of
investments *.......... $228,543,295 $14,348,908 $142,660,476 $141,226,595 $147,414,903 ($2,199,896)
============ ============ ============ ============ ============ ============
Aggregate Cost of
Securities (including
short-term
securities)............ $867,783,969 $331,561,431 $968,287,170 $789,430,230 $490,507,254 $223,982,910
============ ============ ============ ============ ============ ============
</TABLE>
*Does not include unrealized gain of $176,154 for the Income
Portfolio, unrealized gain of $221,303 for the Diversified
Portfolio, and unrealized (loss) of ($4,226,684) for the
International Stock Portfolio related to foreign currency
translation (see Note 7.)
- -------------------------------------------------------------------------------
MSF-42
<PAGE>
METROPOLITAN SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 - (CONTINUED)
- -------------------------------------------------------------------------------
At December 31, 1995, there were 1,000,000,000 shares of $0.01 par
value common stock authorized for the Fund. The shares of common
stock are divided into seven series: Growth Portfolio, Income
Portfolio, Money Market Portfolio, Diversified Portfolio, Aggressive
Growth Portfolio, Stock Index Portfolio, and International Stock
Portfolio.
5. CAPITAL
STOCK
ACTIVITY
Transaction in shares were as follows:
<TABLE>
<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 to
shareholders 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>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1994
------------------------------------------------------------------------------------
MONEY AGGRESSIVE STOCK INTERNATIONAL
GROWTH INCOME MARKET DIVERSIFIED GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ---------- ----------- ---------- --------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares sold............. 6,142,486 2,506,649 1,318,284 12,381,148 10,182,836 6,141,029 12,546,614
Shares substituted...... -- -- -- 2,897,145 -- -- --
Shares issued to
shareholders in
reinvestment of
dividends.............. 1,063,713 1,746,162 142,715 2,688,247 65,358 932,960 1,105,341
--------- ---------- ---------- ---------- ---------- --------- ----------
Total.................. 7,206,199 4,252,811 1,460,999 17,966,540 10,248,194 7,073,989 13,651,955
Shares redeemed......... (507,209) (3,728,706) (1,875,018) (2,945,594) (703,360) (747,005) (1,253,398)
--------- ---------- ---------- ---------- ---------- --------- ----------
Net increase
(decrease)............. 6,698,990 524,105 (414,019) 15,020,946 9,544,834 6,326,984 12,398,557
========= ========== ========== ========== ========== ========= ==========
</TABLE>
- -------------------------------------------------------------------------------
6. DIVIDEND
DISTRIBUTIONS
The Fund distributes, at least annually, substantially all net
investment income, if any, of each Portfolio, which will then be
reinvested in additional full and fractional shares of the
Portfolio. All net realized long-term or short-term capital gains of
the Fund, if any, are declared and distributed at least annually to
the shareholders of the Portfolio or Portfolios to which such gains
are attributable.
- -------------------------------------------------------------------------------
7. FOREIGN
CURRENCY
TRANSLATIONS
The fair value of foreign currency contracts is the amount at which
they could be settled based on exchange rates obtained from dealers.
As of December 31, 1995 the Income Portfolio experienced an
unrealized net gain of $181,720 based on the following foreign
currency exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT DECEMBER 31, APPRECIATION
SOLD DATE AMOUNT 1995 (DEPRECIATION)
---- ---------- ----------- ------------ --------------
<S> <C> <C> <C> <C>
Australian Dollar 2/16/96 $5,053,902 $5,015,438 $38,464
Canadian Dollar 1/24/96 883,468 872,233 11,235
Canadian Dollar 2/16/96 914,224 908,052 6,172
Danish Kroner 1/24/96 3,785,688 3,727,822 57,866
Danish Kroner 2/16/96 5,488,051 5,424,716 63,335
French Franc 1/24/96 4,696,569 4,762,449 (65,880)
German Mark 2/16/96 4,290,780 4,228,111 62,669
Italian Lira 2/16/96 769,102 774,359 (5,257)
Pound Sterling 2/16/96 2,109,004 2,069,564 39,440
Spanish Peseta 2/16/96 1,461,038 1,476,929 (15,891)
----------- ----------- --------
$29,451,826 $29,259,673 $192,153
=========== =========== ========
<CAPTION>
PURCHASED
---------
<S> <C> <C> <C> <C>
Danish Kroner 1/24/96 $990,198 $979,488 ($10,710)
French Franc 1/24/96 191,807 192,084 277
----------- ----------- --------
$1,182,005 $1,171,572 ($10,433)
=========== =========== ========
Net unrealized appreciation.......................... $181,720
========
</TABLE>
MSF-43
<PAGE>
METROPOLITAN SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 - (CONCLUDED)
- -------------------------------------------------------------------------------
The Income Portfolio had unrealized translation losses on foreign
currency receivables and payables as follows:
<TABLE>
<S> <C>
Unrealized translation
(loss):
Interest Receivables ($4,507)
Interest Reclaim
Receivable (62)
Tax Expense Payables (997)
-------
Net unrealized translation
(loss) ($5,566)
=======
</TABLE>
As of December 31, 1995 the Diversified Portfolio experienced an
unrealized net gain of $227,542 based on the following foreign
currency exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT DECEMBER 31, APPRECIATION
SOLD DATE AMOUNT 1995 (DEPRECIATION)
---- ---------- ---------- ------------ --------------
<S> <C> <C> <C> <C>
Australian Dollar 2/16/96 $7,289,478 $7,234,176 $55,302
Canadian Dollar 1/24/96 488,536 482,324 6,212
Canadian Dollar 2/16/96 2,263,790 2,250,992 12,798
Danish Kroner 1/24/96 1,793,924 1,766,503 27,421
Danish Kroner 2/16/96 11,050,114 10,927,566 122,548
French Franc 1/24/96 6,404,351 6,493,366 (89,015)
German Mark 2/16/96 5,897,163 5,811,032 86,131
Italian Lira 2/16/96 1,589,478 1,600,342 (10,864)
Pound Sterling 2/16/96 3,439,138 3,375,179 63,959
Spanish Peseta 2/16/96 1,914,427 1,935,933 (21,506)
---------- ---------- --------
42,130,399 41,877,413 252,986
========== ========== ========
PURCHASED
---------
Danish Kroner 1/24/96 $990,198 $979,488 ($10,710)
Danish Kroner 2/16/96 $1,007,012 $991,759 ($15,253)
French Franc 1/24/96 402,341 402,922 581
Pound Sterling 2/16/96 713,598 713,536 (62)
---------- ---------- --------
$3,113,149 $3,087,705 ($25,444)
========== ========== ========
Net unrealized appreciation......................... $227,542
========
</TABLE>
The Diversified Portfolio had unrealized translation losses on
foreign currency receivables and payables as follows:
<TABLE>
<S> <C>
Unrealized translation
(loss):
Interest Receivables ($5,039)
Tax Expense Payables (98)
Tax Reclaim Receivables (1,102)
-------
Net unrealized translation
(loss) ($6,239)
=======
</TABLE>
The International Stock Portfolio had unrealized translation gains
and losses on foreign currency receivables and payables as follows:
<TABLE>
<S> <C>
Unrealized translation
(loss):
Dividend Receivable ($504)
Dividend Reclaim
Receivable 15,739
Interest Receivables (170)
Interest Reclaim
Receivable 193
Purchase Payables 60,695
Sales Receivables 463
Tax Expense Payables 131
Cash Denominated in
Foreign Currencies (4,303,231)
-----------
Net unrealized
translation (loss) ($4,226,684)
===========
</TABLE>
- -------------------------------------------------------------------------------
On June 1, 1994, all shareholders of the GNMA and Equity Income
Portfolios redeemed their shares and purchased shares of equal
aggregate value in the Diversified Portfolio. This was in accordance
with the portfolio substitutions initiated by the shareholders of
the Fund, whereby on June 1, 1994 the Diversified Portfolio was
substituted as an investment vehicle for GNMA and Equity Income
Portfolio shareholders. As a result of the substitutions, the net
assets in the Diversified Portfolio increased by $40,960,412, while
the capital stock increased by 2,897,145 shares. The substitutions
were tax-free.
8. PORTFOLIO
SUBSTITUTIONS
- -------------------------------------------------------------------------------
MSF-44
<PAGE>
METROPOLITAN SERIES FUND, INC.
DIRECTORS AND OFFICERS
- --------------------------------------------------------------------------------
AS OF FEBRUARY 23, 1996
JEFFREY J. HODGMAN--Chairman of the Board, President, Chief Executive Officer
and Director
STEVE A. GARBAN--Director
MALCOLM T. HOPKINS--Director
ROBERT A. LAWRENCE--Director
DEAN O. MORTON--Director
MICHAEL S. SCOTT MORTON--Director
JOHN H. TWEEDIE--Director
ALBERT ROSENTHAL--Vice-President and Chief Operating Officer
LAWRENCE A. VRANKA--Vice-President
JOSEPH M. PANETTA--Treasurer
RONALD ZITO--Controller
CHRISTOPHER P. NICHOLAS--Secretary
<PAGE>
- --------------------------------------------------------------------------------
[LOGO] METLIFE
Bulk Rate
U.S. Postage Paid
Rutland, VT
Permit 220
Metropolitan Life Insurance Company
501 US Highway 22
Bridgewater, NJ 08807-2438
ADDRESS CORRECTION REQUESTED
FORWARDING AND RETURN
POSTAGE GUARANTEED
