<PAGE>
METROPOLITAN SERIES FUND, INC.
SUPPLEMENT DATED AUGUST 1, 1997
TO
PROSPECTUS DATED MARCH 3, 1997
This supplements the information contained in the prospectus ("Prospectus")
and Statement of Additional Information ("SAI") of the Metropolitan Series
Fund, Inc. ("Fund"), dated March 3, 1997. You should keep this Supplement to
the Prospectus for future reference.
1. The names of the following Portfolios are changed wherever they appear in
the Prospectus or SAI: the MetLife Money Market Portfolio is changed to the
State Street Research Money Market Portfolio; the GFM International Stock
Portfolio is changed to the State Street Research International Stock
Portfolio.
2. State Street Research is now the sub-investment manager with respect to
the State Street Research Money Market Portfolio and has the day-to-day
investment responsibility for the Portfolio. References to Metropolitan Life
are replaced with references to State Street Research wherever the Prospectus
or SAI refers to the entity that has day-to-day investment responsibility for
that Portfolio.
3. State Street Research is now the sub-investment manager of the State
Street Research International Stock Portfolio. GFM is now the sub-sub-
investment manager and will continue to have day-to-day investment
responsibility for the State Street Research International Stock Portfolio.
GFM's fees for sub-sub-investment management services are paid by State Street
Research. Thus, as in the case of other sub-investment management fees, the
sub-sub-investment management fees do not represent an additional cost to the
Fund. References to GFM in the Prospectus or SAI are replaced with references
to State Street Research, except where the reference is in connection with the
entity that has day-to-day investment responsibility for the Portfolio. In
addition, references that discuss the overall investment management of the
Portfolio should now include State Street Research in addition to Metropolitan
Life and GFM.
4. On July 30, 1997, shareholders approved certain investment management fee
changes that had been proposed to them. Consequently, the following replaces
the first two sentences of the fourth paragraph on page 24 of the Prospectus:
For providing investment management services to the State Street Research
Money Market Portfolio, Metropolitan Life receives monthly compensation from
the Portfolio at an annual rate of .25% of the average daily value of the
aggregate net assets of that Portfolio. For providing investment management
services to the State Street Research Growth Portfolio, Metropolitan Life
receives monthly compensation from the Portfolio at an annual rate of .55% of
the average daily value of the aggregate net assets of the Portfolio up to
$500 million, .50% of such assets on the next $500 million and .45% of such
assets on amounts over $1 billion. For providing investment management
services to the State Street Research Income Portfolio, Metropolitan Life
receives monthly compensation from the Portfolio at an annual rate of .35% of
the average daily value of the aggregate net assets up to $250 million, .30%
of such assets on the next $250 million and .25% of such assets on amounts
over $500 million. For providing investment management services to the State
Street Research Diversified Portfolio, Metropolitan Life receives monthly
compensation from the Portfolio at an annual rate of .50% of the average daily
value of the aggregate net assets of the Portfolio up to $500 million, .45% of
such assets on the next $500 million and .40% of such assets on amounts over
$1 billion. For providing investment management services to the State Street
Research International Stock Portfolio and the State Street Research
Aggressive Growth Portfolio, Metropolitan Life receives monthly compensation
at an annual rate of .75% of the average daily value of the aggregate net
assets of each such Portfolio up to $500 million, .70% of such assets on the
next $500 million and .65% of such assets on amounts over $1 billion.
5. On July 30, 1997, shareholders also approved certain sub-investment
management fee changes that had been proposed to them. Consequently, the
following replaces the sixth paragraph on page 24 and the first sentence of
the first full paragraph on page 25 of the Prospectus:
PROSP-SUPPLEMENT (0897) 970721KQ(exp0598)MLIC-LD
<PAGE>
For providing sub-investment management services with respect to the State
Street Research Money Market Portfolio, State Street Research receives from
Metropolitan Life an annual percentage fee, calculated on the month ending
value of the aggregate net assets of the Portfolio, of .25%. For providing sub-
investment management services with respect to the State Street Research Income
Portfolio, State Street Research receives from Metropolitan Life an annual
percentage fee, calculated on the month ending value of the aggregate net
assets of the Portfolio, of .27% up to $250 million, .22% on the next $250
million and .17% on amounts over $500 million. For providing sub-investment
management services with respect to the State Street Research Diversified
Portfolio, State Street Research receives from Metropolitan Life an annual
percentage fee, calculated on the month ending value of the aggregate net
assets of the Portfolio, of .35% up to $500 million, .30% on the next $500
million and .25% on amounts over $1 billion. For providing sub-investment
management services with respect to the State Street Research Growth Portfolio,
State Street Research receives from Metropolitan Life an annual percentage fee,
calculated on the month ending value of the aggregate net assets of the
Portfolio, of .40% up to $500 million, .35% on the next $500 million and .30%
on amounts over $1 billion. For providing sub-investment management services
with respect to the State Street Research Aggressive Growth Portfolio and the
State Street Research International Stock Portfolio, State Street Research
receives from Metropolitan Life an annual percentage fee, calculated on the
month ending value of the aggregate net assets of each such Portfolio of .55%
up to $500 million, .50% on the next $500 million and .45% on amounts over $1
billion. For providing sub-sub-investment management services with respect to
the State Street Research International Stock Portfolio, GFM receives from
State Street Research an annual percentage fee calculated on the month ending
value of the aggregate net assets of .50% up to $500 million, .45% on the next
$500 million and .40% on amounts over $1 billion.
During 1994, 1995 and 1996, sub-investment management fees for the State
Street Research Growth, State Street Research Income, State Street Research
Diversified, and State Street Research Aggressive Growth Portfolios aggregated
$7,652,865, $10,412,735 and $14,979,746, respectively. No sub-investment
management fees were paid to State Street Research with respect to the State
Street Research Money Market Portfolio or the State Street Research
International Stock Portfolio during these periods, because State Street
Research did not become sub-investment manager for these Portfolios until
August 1, 1997.
6. The following replaces the first sentence of the last paragraph on page 26
of the Prospectus:
The Scudder Global Equity Portfolio is managed by William E. Holzer, Diego
Espinosa and Nicholas Bratt.
7. The following is added to the end of the first paragraph on page 27 of the
Prospectus:
Mr. Espinosa is a co-manager of global products at Scudder. Previously, he
was responsible for Latin American research and was the portfolio manager of
The Argentina Fund, Inc. Prior to joining Scudder in 1996, he was employed for
two years at Morgan Stanley & Co. covering Latin American equities. He also
worked for three years in management consulting with the Boston Consulting
Group and for two years in corporate finance with Citibank's Latin American
Banking Group. He received a BS in Civil Engineering from Tufts University in
1983, an MA from the Johns Hopkins University of Advanced International Studies
in 1987, and an MBA from the Wharton School in 1991.
8. The following is added as a new section following the section of the
Prospectus entitled "Management of the Fund":
SUB-INVESTMENT MANAGER PERFORMANCE
On March 3, 1997 the Loomis Sayles High Yield Bond Portfolio, the Janus Mid
Cap Portfolio, and the Scudder Global Equity Portfolio commenced operations.
Because of their relatively brief existence, no performance information is
presented for these Portfolios. The following, however, sets forth total return
information for the one-year, three-year, five-year and ten-year periods ended
June 30, 1997 (or since inception, if more recent) for certain similar accounts
that are managed by the respective sub-investment managers of these Portfolios.
The tables also show the total return information for appropriate indices for
the same periods. No similar performance information exists for T. Rowe Price
Associates, Inc., the sub-investment manager of the
S-2
<PAGE>
T. Rowe Price Small Cap Portfolio, which also commenced operations on March 3,
1997. The reason for this is that, although T. Rowe Price manages accounts with
investment objectives similar to that of the T. Rowe Price Growth Portfolio,
the investment strategies of such accounts are not substantially similar to
those used in managing the Portfolio.
THE PERFORMANCE INFORMATION SET FORTH BELOW DOES NOT REPRESENT THE
PERFORMANCE OF ANY PORTFOLIO.
In each case, the actual fees and expenses of the accounts whose performance
is shown have been used, except as otherwise noted. Had each Portfolio's
estimated fees and expenses been used, the performance figures would have been
lower. Also, each sub-investment manager has represented to the Fund that,
except as otherwise noted, the accounts for which performance figures are shown
include all of the sub-investment manager's investment company and other
accounts that (a) have been managed with investment objectives, policies, and
strategies substantially similar to those used in managing the corresponding
Portfolio and (b) are of sufficient size that their performance would be
considered relevant to the owner of a policy or contract investing in that
Portfolio.
The performance figures set forth below do not reflect the deductions of
sales, administrative expense, mortality risk, expense risk, or other charges
or taxes under the terms of the variable annuity contracts and variable life
insurance policies that may invest in the Fund. These charges may be
substantial and will cause the investment return under such a contract or
policy to be less than that of the Fund Portfolios in which they invest. Such
contract and policy charges are discussed in detail in the appropriate product
prospectus.
LOOMIS, SAYLES & COMPANY, L.P.
Daniel J. Fuss and Kathleen C. Gaffney, portfolio managers of the Loomis
Sayles High Yield Bond Portfolio, also serve in the same capacities for other
non-mutual fund accounts that have investment objectives and investment
policies that are substantially similar to those of the Loomis Sayles High
Yield Bond Portfolio (the "High Yield Accounts").
The information below does not include information with respect to the Loomis
Sayles High Yield Fixed Income Fund, a series of the Loomis Sayles Investment
Trust, or the Institutional Class of shares of the Loomis Sayles High Yield
Fund, a series of the Loomis Sayles Funds. Both of these series are managed by
Mr. Fuss and Ms. Gaffney and have investment objectives and investment policies
that are substantially similar to those of the Loomis High Yield Bond
Portfolio. For the Loomis Sayles High Yield Fixed Income Fund, whose assets
were $25,159,431 as of June 30, 1997, the total return was 11.85% for the one-
year period ended June 30, 1997 and 11.36% (annualized) for the period from
inception (June 5, 1996) to June 30, 1997. For the Institutional Class of
shares of the Loomis Sayles High Yield Fund, whose assets were $3,944,932 as of
June 30, 1997, the total return was 8.96% for the period from inception
(September 11, 1996) to June 30, 1997. The total return numbers for these
series are net of their actual management fees and other expenses and are
unaudited.
<TABLE>
<CAPTION>
ANNUALIZED TOTAL RETURN LOOMIS SAYLES
FOR PERIOD ENDING HIGH YIELD LIPPER HIGH YIELD MERRILL LYNCH
6/30/97 (UNAUDITED)(1) ACCOUNTS BOND FUND INDEX HIGH YIELD INDEX
----------------------- ------------- ----------------- ----------------
<S> <C> <C> <C>
ONE YEAR..................... 15.34% 14.24% 14.30%
THREE YEAR................... 15.58% 11.30% 12.82%
FIVE YEAR.................... 15.24% 11.14% 11.60%
TEN YEAR..................... 13.54% 9.77% 11.41%
</TABLE>
- --------
(1) As of June 30, 1997 the High Yield Accounts included 20 non-mutual fund
accounts with assets of $2,451,531,534. The total returns were calculated
using a .90% expense ratio, which corresponds to the estimated first year
expense ratio of the Loomis Sayles High Yield Bond Portfolio. Performance
figures are based on historical performance and do not guarantee future
results. The Merrill Lynch High Yield Bond Index is an unmanaged index of
high current yield mutual funds. The Lipper High Yield Bond Fund Index is
an index of actively managed high yield bond mutual funds. Performance for
both indices has been obtained from public sources and has not been
audited.
S-3
<PAGE>
JANUS CAPITAL CORPORATION
James P. Goff, portfolio manager of the Janus Mid Cap Portfolio, also
currently serves in the same capacity for other accounts that have investment
objectives and policies that are substantially similar to those of the Janus
Mid Cap Portfolio (the "MidCap Accounts").
<TABLE>
<CAPTION>
ANNUALIZED TOTAL RETURN
FOR PERIOD ENDING JANUS MID CAP LIPPER MID CAP S&P MIDCAP
6/30/97 (UNAUDITED) (2) ACCOUNTS COMPOSITE FUND INDEX 400
----------------------- ------------------- -------------- ----------
<S> <C> <C> <C>
ONE YEAR......................... -1.67% 12.06% 17.61%
THREE YEAR....................... 18.44% 21.73% 23.37%
FIVE YEAR........................ 17.00% 17.43% 22.43%
SINCE COMPOSITE INCEPTION (4/89). 20.45% 16.00% 17.64%
</TABLE>
- --------
(2) As of June 30, 1997, the composite included 38 accounts with assets of
$2,054,310,000. 9 accounts are mutual funds and the information is net of
their actual management fees and other expenses. 29 are non-mutual fund
accounts and the information is net of their actual management fees and
other expenses. Accounts enter the composite upon their first full quarter
under full discretionary management in which assets exceed $1 million.
Performance figures are based upon historical information and do not
guarantee future results. The S&P MidCap 400 is an unmanaged index of
common stock prices. The Lipper Mid Cap Fund Index is an index of actively
managed mid cap mutual funds. Performance for both indices has been
obtained from published sources and has not been audited.
SCUDDER, STEVENS & CLARK, INC.
William E. Holzer, Diego Espinosa and Nicholas Bratt, the co-portfolio
managers of the Scudder Global Equity Portfolio, also currently serve in the
same capacities for other accounts that have investment objectives and
investment policies that are substantially similar to the Scudder Global Equity
Portfolio (the "Global Equity Accounts"). The Global Equity Accounts' total
return information does not include information with respect to the Scudder
Global Fund. This Fund is also managed by Messrs. Holzer, Espinoza and Bratt
and has investment objectives and investment policies that are substantially
similar to those of the Scudder Global Equity Portfolio. The total return
information for this fund is set forth separately.
<TABLE>
<CAPTION>
ANNUALIZED TOTAL RETURN FOR SCUDDER
PERIOD ENDING 6/30/97 SCUDDER GLOBAL EQUITY GLOBAL LIPPER GLOBAL MSCI ALL COUNTRY
(UNAUDITED)(3) ACCOUNTS COMPOSITE FUND FUND INDEX WORLD INDEX
---------------------------- --------------------- ------- ------------- ----------------
<S> <C> <C> <C> <C>
ONE YEAR.......................... 24.84% 24.91% 20.55% 19.78%
THREE YEAR........................ 19.24% 16.71% 15.34% 14.26%
FIVE YEAR......................... 18.32% 15.30% 14.30% 13.37%
SINCE COMPOSITE INCEPTION (12/88). 14.39% N/A 11.99% 8.19%
TEN YEAR.......................... N/A 12.10% 9.98% N/A
</TABLE>
- --------
(3) As of June 30, 1997 this composite included 5 non-mutual fund accounts with
assets of $1,053,515,000 and the total return information is net of their
actual expenses. This composite excludes accounts with significant
investment restrictions (i.e. social screens). As of June 30, 1997 Scudder
Global Fund had assets $1,617,600,000. The total return information for the
Scudder Global Fund is net of its actual management fees and other
expenses. Performance figures are based upon historical information and do
not guarantee future results. The MSCI All Country World Index is an
unmanaged index of global equity stocks. The Lipper Global Fund Index is an
index of actively managed global mutual funds. Performance for both indices
has been obtained from public sources and has not been audited.
9. On June 26, 1997, Scudder entered into an agreement with Zurich Insurance
Company ("Zurich") that would result in Zurich acquiring a majority interest in
Scudder. As part of the proposed transaction, Zurich Kemper Investments, Inc.
will become part of Scudder and the new entity will be named Scudder Kemper
Investments, Inc. It is anticipated that pursuant to a shareholder vote of the
Scudder Global Equity Portfolio of the Fund on October 21, 1997, which will be
effective as of the closing date of the proposed transaction, Scudder Kemper
Investments, Inc. will become the sub-investment manager of the Scudder Global
Equity Portfolio and references to Scudder will then be changed to references
to the new entity, Scudder Kemper Investments, Inc. In all other material
respects the sub-investment management arrangement with respect to the Scudder
Global Equity Portfolio will remain the same.
Metropolitan Life Insurance Company
One Madison Avenue
New York, New York 10010
S-4
