<PAGE>
Metropolitan
Series Fund, Inc.
------------------------------------------------------------
June 1997
Semiannual
Report
------------------------------------------------------------
for use with
MetLife(R) Universal Life II Policies
<PAGE>
We are pleased to present the Metropolitan Series Fund, Inc. June 1997
Semiannual Report for MetLife Universal Life II policies. Universal Life II (a
variable universal life policy) provides you with:
. life insurance protection for your beneficiaries and
. the potential for tax-deferred growth of cash value.
UL II may be appropriate for individuals who need permanent life insurance and
who want more control over where their net premiums are invested. You can
choose from the Fixed Account and the eleven investment divisions of the
Separate Account, depending on your investment objective and risk tolerance.
The following chart illustrates the past performance of the UL II policy's
investment divisions at the Separate Account level. The rates include the
charges for mortality and expense risks (M&E), fund management fees, and
direct fund expenses. When reviewing performance, keep in mind that these
rates are based on historical experience only and are not intended to suggest
what future returns will be.
MetLife Universal Life II
Performance as of June 30, 1997
SEPARATE ACCOUNT AVERAGE ANNUAL RATES OF RETURN
<TABLE>
<CAPTION>
RISK SINCE
TOLERANCE INVESTMENT INCEPTION YEAR TO ONE FIVE TEN INCEPTION
LEVEL DIVISION DATE DATE** YEAR YEARS YEARS (OF PORTFOLIO)
<S> <C> <C> <C> <C> <C> <C> <C>
CONSERVATIVE METLIFE(/1/)
MONEY MARKET* 6/24/83 2.07% 4.19% 3.38% 4.85% 5.54%
- --------------------------------------------------------------------------------------------
CONSERVATIVE STATE STREET
TO MODERATE RESEARCH INCOME 6/24/83 2.41% 7.14% 6.50% 8.05% 9.53%
- --------------------------------------------------------------------------------------------
MODERATE STATE STREET
RESEARCH DIVERSIFIED 7/25/86 11.64% 19.79% 13.36% 10.59% 11.06%
- --------------------------------------------------------------------------------------------
MODERATE TO METLIFE
AGGRESSIVE STOCK INDEX 5/01/90 19.76% 31.93% 18.25% N/A 16.47%
- --------------------------------------------------------------------------------------------
MODERATELY STATE STREET
AGGRESSIVE RESEARCH
GROWTH 6/24/83 18.53% 29.32% 18.51% 12.96% 13.43%
- --------------------------------------------------------------------------------------------
MODERATELY JANUS
AGGRESSIVE MID CAP 3/03/97 13.17% N/A N/A N/A 13.17%**
- --------------------------------------------------------------------------------------------
AGGRESSIVE LOOMIS SAYLES
HIGH YIELD BOND 3/03/97 4.10% N/A N/A N/A 4.10%**
- --------------------------------------------------------------------------------------------
AGGRESSIVE STATE STREET RESEARCH
AGGRESSIVE GROWTH 4/29/88 0.10% -5.68% 14.43% N/A 14.72%
- --------------------------------------------------------------------------------------------
AGGRESSIVE T. ROWE PRICE
SMALL CAP GROWTH 3/03/97 9.58% N/A N/A N/A 9.58%**
- --------------------------------------------------------------------------------------------
AGGRESSIVE SCUDDER
GLOBAL EQUITY 3/03/97 7.69% N/A N/A N/A 7.69%**
- --------------------------------------------------------------------------------------------
AGGRESSIVE GFM(/2/) INTERNATIONAL
STOCK 5/01/91 12.55% 8.95% 9.38% N/A 6.25%
</TABLE>
* An investment in the MetLife Money Market Division is neither insured nor
guaranteed by the U.S. Government.
** Non-Annualized rates of return.
THE RATES SHOWN ABOVE DO NOT REFLECT CHARGES AGAINST PREMIUMS, COST OF
INSURANCE, AND MONTHLY POLICY FEES. IF THESE CHARGES WERE INCLUDED, THE
PERFORMANCE FIGURES WOULD BE SIGNIFICANTLY LOWER. Please refer to the
hypothetical illustrations in the current UL II prospectus which show the
effect of these charges on performance. In addition, you may request a
personalized illustration from your Registered Representative that will show
the effect of these charges at an assumed rate of return. Performance above
assumes the policy was in existence for the periods shown. UL II policies were
first offered on May 1, 1990.
(1) Effective August 1, 1997, State Street Research is the sub-investment
manager of and has day-to-day investment responsibility for the Portfolio.
Accordingly, the name has been changed to the State Street Research Money
Market Portfolio.
(2) Effective August 1, 1997, State Street Research is the sub-investment
manager of the Portfolio. Accordingly, the name has been changed to the State
Street Research International Stock Portfolio. GFM International Investors
Limited is now the sub-sub-investment manager and continues to have day-to-
day investment responsibility for the Portfolio.
<PAGE>
METROPOLITAN SERIES FUND, INC.
CHAIRMAN'S LETTER
- -------------------------------------------------------------------------------
Dear Investor:
We are pleased to present the June 30, 1997 Semiannual Report of the
Metropolitan Series Fund, Inc. This Report begins with an overview of the U.S.
and international economies during the first six months of 1997. Details for
each Portfolio, including a listing of assets, investments, and Portfolio
characteristics, follow:
ECONOMIC REVIEW
- ------------------
The U.S. economy slowed in the second quarter, resulting in an average growth
rate of 3.5% for the first half of 1997. This pace seems likely to continue in
the second half, which may keep inflation concerns alive relating to "full
employment."
Consumer fundamentals remained healthy, with spending expected to rebound to a
level more in line with the growth in discretionary income. Capital spending,
especially for computers and related equipment, continues to be strong.
Inflation in the price of goods has been held in check by weakening demand
overseas and the dollar's appreciation over the past two years.
U.S. STOCK MARKET
- ------------------
The U.S. stock market staged a strong recovery in the second quarter, leaving
the major indices (e.g., the Standard & Poor's 500 Composite Stock Price
Index(R)) up nearly 20% for the first half of 1997. With valuations now
perhaps somewhat on the high side, further gains over the balance of the year
are likely to be modest. Operating earnings of companies in the S&P 500 Index
are expected to rise modestly in 1997, reflecting continuing improvement in
productivity.
U.S. BOND MARKET
- ------------------
The rates of long-term bonds are expected to remain within a tight trading
range as long as there is a threat of the Federal Reserve raising short-term
rates. Business cycle pressures have eased somewhat, but are likely to tighten
in the second half of 1997. Inflation has remained remarkably stable.
Technical factors in the bond market continued to be favorable, despite the
sizable issuance of corporate bonds. U.S. bonds remain attractive in a global
context. Despite recent price volatility, a stable-to-strong dollar remains in
the interest of international monetary policy makers.
INTERNATIONAL
MARKETS
- ------------------
International markets were surprisingly buoyant in local currency terms during
the period. However, U.S. dollar strength generally reduced total U.S.
investment returns. Continental Europe continued to show economic
acceleration. However, any event or trend seen as stalling this process could
inhibit global investors.
Globally, the best-performing industries included savings and loan,
pharmaceuticals, office equipment, soft drinks, and software. The worst
performers were casinos, agriculture, and shipbuilding.
Sincerely,
/s/ David A. Levene
David A. Levene
Chairman and Chief Executive Officer
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
The Portfolio performed well in its fund category for the six-month period.
Early in June, the Portfolio passed $2 billion in total net assets.
With its growth orientation, the Portfolio is invested in stocks of a number
of companies which dominate their industries or are global market leaders.
Fundamentals continued to improve in many of these companies, despite their
historically high stock prices. Leading contributors to performance were
science and technology, pharmaceuticals, and hospital supplies.
Underperforming stocks were financial and energy companies. The manager has
defensively increased the Portfolio's cash position in view of stock market
valuations and volatility.
INVESTMENT OBJECTIVE
To achieve long-term growth of capital and income and moderate current income.
UNDERLYING INVESTMENTS
Invests primarily in common stocks that are believed to be of good quality or
to have good growth potential or which are considered to be undervalued based
on historical investment standards.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $2.1 billion
COMPOSITION
STATE STREET RESEARCH GROWTH
PORTFOLIO
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
BankAmerica Corp................... 3.23%
Du Pont (E.I.) de Nemours & Co..... 3.20%
Citicorp........................... 3.07%
Royal Dutch Petroleum Co........... 2.79%
General Electric Co................ 2.57%
Coca-Cola Co....................... 2.46%
Schlumberger Ltd................... 2.45%
NationsBank, Inc................... 2.13%
Rohm & Haas Co..................... 2.10%
ACE Ltd............................ 1.89%
</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.
MDA-1
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
The Portfolio outperformed its benchmark, the Lehman Brothers(R)
Government/Corporate Index, for the six-month period.
This above-average performance can be attributed, in part, to contributions
from high-yield and foreign bond holdings. The manager also continued to
actively manage the Portfolio's duration, or interest-rate sensitivity, to
take advantage of price fluctuations caused by rate changes in the current
bond trading range.
At the end of the period, the manager had reduced mortgage-backed holdings
after some solid appreciation. Investment-grade corporate bonds were added for
their relatively attractive values. The Portfolio continued to hold selective,
small investments in high-yield and international bonds.
INVESTMENT OBJECTIVE
To achieve the highest possible total return, by combining current income with
capital gains, consistent with prudent investment risk and preservation of
capital.
UNDERLYING INVESTMENTS
Invests primarily in fixed-income, high-quality debt securities.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $380.6 million
Average Bond Quality AA+
MDA-2
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METLIFE(/1/) MONEY MARKET PORTFOLIO
Near the end of March, the Federal Reserve Bank ended its 14-month period of
stable rates by announcing its new targeted rate for Federal Funds--up a
quarter of a point. Money market rates followed Fed Funds, then remained in a
narrow trading range for the second quarter.
The Portfolio entered the first quarter of 1997 with a neutral outlook. Toward
the middle of May, the manager recognized a period of lower yield volatility
and extended the Portfolio's average maturity beyond IBC's (IBC Financial
Data, Inc.) reported average maturity of 52 days to about 70 days. By
targeting an average maturity of 70 days for the Portfolio, the manager
intends to capture additional yield at a time when yield volatility seems
range bound.
Throughout the first half of the year, the Portfolio maintained its investment
policy of buying only tier-one, non-government credits, as well as Treasury
Bills and Government Agency issues. There were no rating agency changes to any
credits held by the Portfolio this quarter. In light of the recent default of
Mercury Finance on its commercial paper, it's important to note that the
Portfolio manager relies on ratings provided by Moody's and Standard & Poor's.
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. INVESTMENT IN THIS
PORTFOLIO IS NEITHER INSURED NOR GUARANTEED BY THE UNITED STATES GOVERNMENT.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $41.8 million
(/1/) Effective August 1, 1997, State Street Research is the sub-investment
manager of and has day-to-day investment responsibility for the Portfolio.
Accordingly, the name has been changed to the State Street Research Money
Market Portfolio.
MDA-3
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
The Portfolio performed very well within its fund category over the six-month
period. The Portfolio is invested in the stocks of companies which dominate
their industries or are global market leaders. Fundamentals continued to
improve in many of these growth companies, despite the historically high
prices of their stocks. Leading industry performers were science and
technology, pharmaceuticals, and hospital supplies. Underperforming stocks
were financial and energy companies.
The bond segment of the Portfolio improved due, in part, to high-yield and
foreign bonds and to changes made in the interest-rate sensitivity of
holdings. The bond manager reduced mortgage-backed holdings after solid
growth. Modest additions of attractive investment-grade corporate bonds were
made.
The asset allocation for the Portfolio as of the end of the period was 54.7%
equities, 38.0% fixed income and 7.3% short term obligations and other assets,
close to the manager's guideline.
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.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $1.7 billion
Average Bond Quality AA+
COMPOSITION
STATE STREET RESEARCH DIVERSIFIED
PORTFOLIO
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
BankAmerica Corp................... 1.91%
Du Pont (E.I.) de Nemours & Co..... 1.85%
Citicorp........................... 1.79%
Royal Dutch Petroleum Co........... 1.61%
General Electric Co................ 1.51%
Schlumberger Ltd................... 1.42%
Coca-Cola Co....................... 1.41%
NationsBank, Inc................... 1.25%
Rohm & Haas Co..................... 1.24%
ACE Ltd............................ 1.12%
</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.
MDA-4
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
Finishing with significantly improved results in the second quarter, the
Portfolio returned to positive performance for the six-month period. The stock
market showed signs of reversing the trend of more declining issues over
advances that had persisted for the past year. A number of individual
Portfolio holdings in various sectors, which were depressed, began to revive:
science and technology, business services, and the hotel and restaurant
industries. The manager increased positions among business products and
financial companies, while reducing energy holdings.
The Portfolio remains focused on company management, strong earnings growth,
and attractive valuations. These are important factors in trying to balance
the risks of investing in high growth stocks.
INVESTMENT OBJECTIVE
To achieve maximum capital appreciation.
UNDERLYING INVESTMENTS
Invests primarily in common stocks (and equity and debt securities convertible
into or carrying the right to acquire common stocks) of emerging growth
companies, undervalued securities or special situations.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $1.3 billion
COMPOSITION
STATE STREET RESEARCH AGGRESSIVE
GROWTH PORTFOLIO
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
Republic Industries, Inc........... 4.19%
HFS, Inc........................... 3.96%
U.S. Office Products Co............ 2.82%
The Timberland Co.................. 2.21%
Citicorp........................... 2.05%
Sanmina Holdings, Inc.............. 1.83%
Caribiner International............ 1.79%
USAirways Group, Inc............... 1.78%
Advanced Fibre Communications,
Inc............................... 1.64%
Motorola, Inc...................... 1.57%
</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.
MDA-5
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
In the first half of 1997, stocks in the S&P 500 Index continued their strong
price appreciation. Gains in stock prices were underpinned by strong earnings
growth. Earnings gains for companies in the S&P 500 Index were better than
expected and reflected moderate U.S. economic growth, flat labor costs, and
market share gains by U.S. companies in global markets. Rising prices for the
S&P 500 stocks also reflected the remarkable absence of inflation during this
period of economic growth. Finally, stock prices were helped by expectations
of a capital gains tax cut and by a continuing flood of money into retirement
savings plans.
INVESTMENT OBJECTIVE
To equal the performance of the S&P 500 Index, adjusted to assume reinvestment
of dividends.
UNDERLYING INVESTMENTS
Invests in the common stock of companies which are included in the S&P 500
Index.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $1.6 billion
COMPOSITION
METLIFE STOCK INDEX PORTFOLIO
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
General Electric Co................ 3.11%
Coca-Cola Co....................... 2.44%
Exxon Corp......................... 2.24%
Microsoft Corp..................... 2.21%
Merck & Co., Inc................... 1.80%
Royal Dutch Petroleum Co........... 1.71%
Intel Corp......................... 1.69%
Philip Morris Cos., Inc............ 1.62%
Procter & Gamble Co................ 1.39%
International Business Machines
Corp.............................. 1.32%
</TABLE>
There is no guarantee that the
Portfolio currently invests or will
continue to invest in the
securities or industries listed.
MDA-6
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
GFM(/1/) INTERNATIONAL STOCK PORTFOLIO
The Portfolio achieved reasonable first half results, outperforming its
benchmark, the Morgan Stanley Capital International(R) EAFE(R) Index. Asset
allocation was tactical and productive. For example, the manager underweighted
Japan early in the year, but was able to capture most of the currency and
stock rally there in the second quarter, by using resources from the sale of
investments in Continental Europe. Growing concerns about the European
Monetary Union raised the risk profile of the already fully valued markets
there.
The manager maintained a pro-growth bias. Individual stock selection was
positive, with lower-than-average investments in the United Kingdom and
smaller Asian markets.
INVESTMENT OBJECTIVE
To achieve long-term growth of capital.
UNDERLYING INVESTMENTS
Invests primarily in common stock and equity-related securities of non-United
States companies.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $324.4 million
COMPOSITION
GFM(/1/) INTERNATIONAL STOCK
PORTFOLIO
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
Nomura Securities (Japan).......... 2.33%
Royal Dutch Petroleum
(Netherlands)..................... 1.77%
Novartis AG (Switzerland).......... 1.72%
Dai-Ichi Kangyo Bank (Japan)....... 1.62%
Glaxo Wellcome PLC (United
Kingdom).......................... 1.60%
British Petroleum Co. (United
Kingdom).......................... 1.51%
Nippon Telephone & Telegraph
(Japan)........................... 1.39%
ING Groep NV (Netherlands)......... 1.28%
Nestle SA (Switzerland)............ 1.27%
Unilever PLC (United Kingdom)...... 1.24%
</TABLE>
Due to active management, there is
no guarantee that the Portfolio
currently invests or will continue
to invest in the securities or
countries listed.
DIVERSIFICATION BY COUNTRY AND REGION AS
OF JUNE 30, 1997
BASED ON MARKET VALUE OF INVESTMENTS
[PIE CHART]
(30.3%) Japan
(0.7%) Other Americas
(3.9%) Other Europe
(4.2%) Other Asia/Pacific Basin
(1.6%) South Korea
(2.9%) Italy
(3.2%) Spain
(6.1%) Switzerland
(6.1%) Netherlands
(6.4%) Australia
(9.5%) Germany
(9.8%) France
(15.3%) United Kingdom
(/1/) Effective August 1, 1997, State Street Research is the sub-investment
manager of the Portfolio. Accordingly, the name has been changed to the State
Street Research International Stock Portfolio. GFM International Investors
Limited is now the sub-sub-investment manager and continues to have day-to-
day investment responsibility for the Portfolio.
MDA-7
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
Demand for higher yielding securities was strong. High-yield emerging markets
and convertible bonds continued to outperform the broader market. The
Portfolio's exposure to all of these sectors had a positive impact on
performance. Issue selection remains key in the Portfolio's structure.
Many of the recent additions to the Portfolio were in the Yankee sector (i.e.,
foreign issued but denominated in U.S. dollars). Latin America continues to
benefit from sound economic policies and markets that today are more
accessible to foreign investors, while Asian economies seem likely to overcome
their current growing pains. The majority of the Portfolio's holdings are now
evenly distributed between B and BB issues. The upside potential comes from
the underlying fundamentals for the credits, which on the whole are improving.
The outlook for low inflation and a growing economy would seem to bode well
for the higher yielding issues in the Portfolio.
INVESTMENT OBJECTIVE
To achieve high total investment return through a combination of current
income and capital appreciation.
UNDERLYING INVESTMENTS
Normally invests at least 65% of its assets in fixed-income securities of
below-investment-grade quality.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $11.7 million
Average Bond Quality BB
MDA-8
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
Domestic equities posted dramatic gains during the second quarter. However,
most major indices continued to be dominated by their larger equity
components. Despite this environment, the Portfolio registered solid gains,
advancing beyond the S&P MidCap 400 Index(R). A major market dichotomy has
persisted for some time, with large stocks dominating their smaller
counterparts. Numerous factors have contributed to this relative dominance,
including a long stretch of above-average corporate earnings, an affinity
among investors for liquidity, and large inflows of money chasing a limited
number of stocks.
During the period, the manager remained true to his investment discipline. The
Portfolio held a number of stocks that gained over 35%, including Fastenal,
Papa John's, Premier Parks, Omnicare, and the Apollo Group. The fundamentals
of these companies did not change during the period. However, the turnaround
in market psychology rewarded companies with solid fundamentals and rapid
earnings growth.
INVESTMENT OBJECTIVE
To provide long-term growth of capital.
UNDERLYING INVESTMENTS
Invests primarily in securities issued by medium-sized companies.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $26.2 million
COMPOSITION
JANUS MID CAP PORTFOLIO
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
Fastenal Co. ...................... 6.98%
Wetherspoon (J.D.) PLC............. 4.51%
Pizza Express PLC.................. 4.26%
Petco Animal Supplies, Inc. ....... 3.82%
Papa John's International, Inc..... 3.24%
HFS, Inc........................... 3.23%
Sofamor Danek Group, Inc........... 3.18%
Omnicare, Inc. .................... 2.95%
Teva Pharmaceutical Industries Ltd.
ADR............................... 2.84%
Apollo Group, Inc. Cl. A........... 2.72%
</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.
MDA-9
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
After a sluggish start, small cap stocks rebounded sharply. The broad stock
market, as measured by the S&P 500 Index, performed almost as well. While
there was no single catalyst for the advance, overall economic conditions
remained outstanding, with consistently low inflation, solid and seemingly
sustainable economic growth, and lower interest rates.
Strong asset growth pushed the Portfolio past $25 million in assets, which is
large enough to efficiently implement its well-diversified strategy. The P/E
ratio of the Portfolio is currently about 1.2 times the P/E ratio of the S&P
500 Index, which is reasonable for a portfolio of companies whose objective is
growth in excess of the overall market. At quarter's end, the Portfolio held
5.6% in cash reserves.
All sectors of the Portfolio consistently advanced during the second quarter.
Business services, technology, and media were the best sectors, with returns
in excess of 20%. Laggards included the consumer related stocks, retailers,
and resources, although even the worst sector was up 8%.
INVESTMENT OBJECTIVE
To achieve long-term capital growth.
UNDERLYING INVESTMENTS
Invests in small capitalization companies.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $26.5 million
COMPOSITION
T. ROWE PRICE SMALL CAP GROWTH
PORTFOLIO
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
Burr-Brown Corp.................... 0.58%
Black Box Corp. ................... 0.58%
CKE Restaurants, Inc. ............. 0.57%
CSG Systems International, Inc..... 0.57%
Rexall Sundown, Inc................ 0.56%
COREstaff, Inc..................... 0.54%
Sybron International Corp. ........ 0.53%
Blyth Industries, Inc.............. 0.52%
Renaissance Solutions, Inc......... 0.51%
Tera Tech, Inc..................... 0.51%
</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.
MDA-10
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
The second quarter was marked by the strong performance of several key themes
and a shift toward a more conservative investment position.
Stocks representing the managers' "Darkside Restructuring" theme (which is
concerned with the move from a high wage/inflexible cost environment to one of
cost cutting, globalization of production, and access to global capital
markets) were positive contributors to performance. Also contributing to
performance were the emerging markets, particularly holdings in Brazil.
Although the managers have taken a more conservative stance in the Portfolio,
they are still seeking out value in the global arena and believe that their
processes will assist them in locating undervalued securities well before the
market does.
INVESTMENT OBJECTIVE
To achieve long-term growth of capital through a diversified portfolio of
marketable securities, primarily equity securities, including common stocks,
preferred stocks, and debt securities convertible into common stocks.
UNDERLYING INVESTMENTS
Invests on a worldwide basis in equity securities of companies which are
incorporated in the U.S. or in foreign countries. May also invest in the debt
securities of U.S. and foreign issuers. Income is an incidental consideration.
PORTFOLIO COMPOSITION AS OF JUNE
30, 1997
Net Assets $32.7 million
COMPOSITION
SCUDDER GLOBAL EQUITY PORTFOLIO
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
Novartis AG (Switzerland).......... 2.17%
International Business Machines
Corp. (United States)............. 1.87%
Mannesmann AG (Germany)............ 1.59%
Canon, Inc. (Japan)................ 1.50%
Hoechst AG (Germany)............... 1.48%
Michelin Cl. B (France)............ 1.45%
Skandia Foersaekrings AB (Sweden).. 1.44%
Nestle SA (Switzerland)............ 1.42%
Daimler-Benz AG (Germany).......... 1.41%
Credit Suisse Group (Switzerland).. 1.37%
</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.
DIVERSIFICATION BY COUNTRY AND REGION AS
OF JUNE 30, 1997
BASED ON MARKET VALUE OF INVESTMENTS
[PIE CHART]
(22.5%) United States
(1.4%) Other Europe/Africa
(2.7%) Other Asia/Pacific Basin
(4.2%) Other Americas
(2.4%) Netherlands
(2.7%) Australia
(3.6%) France
(4.6%) Sweden
(5.4%) Brazil
(6.5%) Japan
(12.4%) Switzerland
(12.8%) United Kingdom
(18.8%) Germany
MDA-11
<PAGE>
- -------------------------------------------------------------------------------
Semiannual Report
of
Metropolitan
Series Fund, Inc.
June 30, 1997
- -------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------
COMMON STOCK: 94.0%
- ---------------------------------------------------------------------------
<S> <C> <C>
Aerospace: 2.7%
474,800 Boeing Co. $ 25,194,075
193,100 Raytheon Co. 9,848,100
241,900 United Technologies Corp. 20,077,700
--------------
55,119,875
- ---------------------------------------------------------------------------
Automotive: 1.0%
360,200 General Motors Corp. 20,058,637
- ---------------------------------------------------------------------------
Banking: 10.6%
682,500 Ahmanson (H.F.) & Co. 29,347,500
1,027,800 BankAmerica Corp. 66,357,338
523,500 Citicorp 63,114,469
679,100 NationsBank Corp. 43,801,950
252,100 *Washington Mutual, Inc. 15,070,853
--------------
217,692,110
- ---------------------------------------------------------------------------
Broadcasting: 2.3%
640,100 Time Warner, Inc. 30,884,825
816,300 *U.S. West, Inc.-Media Group 16,530,075
--------------
47,414,900
- ---------------------------------------------------------------------------
Business Services: 0.4%
124,300 HBO & Co. 8,561,162
- ---------------------------------------------------------------------------
Chemicals: 6.5%
113,800 Dow Chemical Co. 9,914,825
1,045,200 Du Pont (E.I.) de Nemours & Co. 65,716,950
354,200 Monsanto Co. 15,252,738
478,100 Rohm & Haas Co. 43,058,881
--------------
133,943,394
- ---------------------------------------------------------------------------
Cosmetics: 1.3%
366,300 Avon Products, Inc. 25,847,044
- ---------------------------------------------------------------------------
Drugs & Health Care: 6.3%
466,000 Bristol-Myers Squibb Co. 37,746,000
310,920 Lilly (Eli) & Co. 33,987,443
309,544 *Novartis AG ADR 24,778,781
281,700 Pfizer, Inc. 33,663,150
--------------
130,175,374
- ---------------------------------------------------------------------------
Electrical Equipment: 4.1%
807,000 General Electric Co. 52,757,625
462,200 Tyco International Ltd. 32,151,787
--------------
84,909,412
- ---------------------------------------------------------------------------
Electronics: 6.6%
278,070 *Ericsson (L. M.) Telephone Co. ADR Cl. B 10,957,696
171,200 *Intel Corp. 24,240,850
288,600 *LSI Logic Corp. 9,235,200
143,100 *Lucent Technologies, Inc. 10,312,144
482,000 Motorola, Inc. 36,632,000
129,300 Perkin-Elmer Corp. 10,287,431
534,600 *Teradyne, Inc. 20,983,050
164,300 Texas Instruments, Inc. 13,811,469
--------------
136,459,840
- ---------------------------------------------------------------------------
Entertainment & Leisure: 1.0%
246,041 Disney (Walt) Co. 19,744,790
- ---------------------------------------------------------------------------
Financial Services: 1.7%
544,866 Travelers Group, Inc. 34,360,612
- ---------------------------------------------------------------------------
Food & Beverages: 4.0%
747,200 Coca-Cola Co. 50,436,000
679,700 Heinz (H.J.) Co. 31,351,162
--------------
81,787,162
- ---------------------------------------------------------------------------
Forest Products & Paper: 2.1%
591,700 James River Corp. 21,892,900
424,000 Weyerhaeuser Co. 22,048,000
--------------
43,940,900
- ---------------------------------------------------------------------------
Hospital Management: 2.3%
804,600 Columbia/HCA Healthcare Corp. 31,630,837
494,600 Tenet Healthcare Corp. 14,621,613
--------------
46,252,450
- ---------------------------------------------------------------------------
Hospital Supply: 4.0%
710,000 Baxter International, Inc. 37,097,500
438,300 *Boston Scientific Corp. 26,928,056
109,700 Guidant Corp. 9,324,500
130,200 *Pacificare Health Systems, Inc. Cl. B 8,312,456
--------------
81,662,512
- ---------------------------------------------------------------------------
Hotel & Motel: 1.4%
161,400 *HFS, Inc. 9,361,200
767,500 *Mirage Resorts, Inc. 19,379,375
--------------
28,740,575
- ---------------------------------------------------------------------------
Household Products: 1.2%
167,600 Procter & Gamble Co. 23,673,500
- ---------------------------------------------------------------------------
Insurance: 4.7%
526,700 ACE Ltd. 38,909,962
146,600 Aetna, Inc. 15,008,175
124,400 General Re Corp. 22,640,800
260,000 St. Paul Cos., Inc. 19,825,000
--------------
96,383,937
- ---------------------------------------------------------------------------
</TABLE>
MSF-1
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------
<S> <C> <C>
Metals-Aluminum: 2.0%
179,400 Aluminum Co. of America $ 13,522,275
372,900 Reynolds Metals Co. 26,569,125
--------------
40,091,400
- ---------------------------------------------------------------------------
Metals-Steel & Iron: 0.6%
502,200 British Steel Corp. PLC ADR 12,680,550
- ---------------------------------------------------------------------------
Office & Business Equipment: 4.6%
262,000 *Cisco Systems, Inc. 17,594,937
283,100 *COMPAQ Computer Corp. 28,097,675
173,200 Diebold, Inc. 6,754,800
434,100 Hewlett-Packard Co. 24,309,600
200,600 International Business Machines Corp. 18,091,613
--------------
94,848,625
- ---------------------------------------------------------------------------
Oil: 1.7%
687,640 TOTAL Cl. B ADS 34,811,775
- ---------------------------------------------------------------------------
Oil & Gas Exploration: 1.0%
208,300 ENI SPA ADR 11,768,950
543,900 *Seagull Energy Corp. 9,518,250
--------------
21,287,200
- ---------------------------------------------------------------------------
Oil-Domestic: 2.2%
739,200 Oryx Energy Co. 15,615,600
772,600 Unocal Corp. 29,986,538
--------------
45,602,138
- ---------------------------------------------------------------------------
Oil-International: 2.8%
1,054,800 Royal Dutch Petroleum Co. 57,354,750
- ---------------------------------------------------------------------------
Oil-Services: 3.3%
350,100 *Ensco International, Inc. 18,467,775
402,300 Schlumberger Ltd. 50,287,500
--------------
68,755,275
- ---------------------------------------------------------------------------
Pollution Control: 0.2%
111,500 *USA Waste Services, Inc. 4,306,688
- ---------------------------------------------------------------------------
Retail Grocery: 1.5%
1,054,400 *Kroger Co. 30,577,600
- ---------------------------------------------------------------------------
Retail Trade: 5.9%
428,000 Circuit City Stores, Inc. 15,220,750
536,300 CVS Corp. 27,485,375
550,900 Rite Aid Corp. 27,476,138
763,100 *Staples, Inc. 17,694,381
952,400 *Toys 'R Us, Inc. 33,334,000
--------------
121,210,644
- ---------------------------------------------------------------------------
Software: 0.3%
52,600 *Microsoft Corp. 6,652,256
- ---------------------------------------------------------------------------
Tobacco: 1.8%
846,000 Philip Morris Cos., Inc. 37,541,250
- ---------------------------------------------------------------------------
Transportation-Railroad: 0.5%
222,900 Canadian National Railway Co. 9,751,875
- ---------------------------------------------------------------------------
Utilities-Electric: 1.4%
388,100 FPL Group, Inc. 17,876,856
324,400 *WorldCom, Inc. 10,370,663
--------------
28,247,519
--------------
TOTAL COMMON STOCK
(Cost: $1,494,401,018) .................... 1,930,447,731
--------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ---------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 5.8%
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$37,369,000 Beneficial Corp. 5.530% 7/08/97 $ 37,369,000
36,381,000 Chevron Oil Finance
Co. 5.500% 7/03/97 36,381,000
2,203,000 Ford Motor Credit Co. 5.500% 7/01/97 2,203,000
18,962,000 General Electric
Capital Corp. 5.550% 7/08/97 18,962,000
5,935,000 Household Finance
Corp. 5.570% 7/11/97 5,935,000
18,697,000 Household Finance
Corp. 5.460% 7/01/97 18,697,000
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $119,547,000) ...................... 119,547,000
--------------
- ---------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.8%
(Cost: $1,613,948,018) .................... 2,049,994,731
OTHER ASSETS LESS LIABILITIES: 0.2%........ 3,547,686
--------------
TOTAL NET ASSETS: 100.0%................... $2,053,542,417
==============
- ---------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
ADR (American depository receipt) represents ownership of foreign securities.
See Notes to Financial Statements.
MSF-2
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ---------------------------------------------------------------------------------------
CORPORATE BONDS: 39.3%
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Banking: 6.4%
$ 1,900,000 Advanta Master Trust II
1995-F A1 6.050% 8/01/00-03 $ 1,869,125
2,775,000 American Express Master
Trust 96-1 A 6.800% 5/15/01 2,798,393
3,950,000 +Bank of New York 144A 7.780% 12/01/06-26 3,837,544
2,500,000 +BankAmerica Institutional
Capital 144A 7.700% 12/31/06-26 2,403,850
3,800,000 Capital One Bank Sr. 7.080% 10/30/01 3,815,086
1,000,000 NationsBank Master Trust
1995-1 A 6.450% 8/15/00 998,750
1,400,000 NB Capital Trust 8.250% 4/15/07-27 1,434,636
1,900,000 Prime Credit Card Master
Trust 1995 1-A 6.750% 8/02/02 1,893,464
3,200,000 Standard Credit Card
Master Trust 1991-3A 8.875% 7/07/98 3,284,992
1,950,000 +Wells Fargo Capital
Securities 144A 7.730% 12/01/06-26 1,868,763
---------------
24,204,603
- ---------------------------------------------------------------------------------------
Collateralized Mortgage Obligations: 5.5%
2,025,000 Amresco Commercial
Mortgage Sec. 97-C1 A1 SEQ 6.730% 6/17/02-29 2,025,316
2,800,000 Chase Commercial Mortgage
Sec. 1997-1 A1 7.270% 6/01/02-29 2,848,125
1,414,178 Countrywide Series 1993-E
A-1 PAC 6.500% 1/25/97-24 1,411,968
3,650,000 +DeBartolo Capital
Partnership A-2 144A 7.480% 5/01/04 3,737,846
3,700,824 General Electric Capital
Mortgage Services 1994-13
A-7 TAC 6.500% 4/25/04-24 3,536,581
1,902,402 General Electric Capital
Mortgage Services 1994-21
A-SEQ 6.500% 8/25/01-09 1,863,745
1,618,425 Prudential Home Loan
Mortgage Series 93-29
A-6 PAC 6.750% 8/25/98-08 1,617,907
2,750,000 Residential Funding Corp.
93-S37 A-3 SEQ 6.400% 10/25/01-23 2,694,120
1,179,331 Residential Funding Corp.
93-S25 A1 PAC 6.500% 7/25/98-08 1,173,800
---------------
20,909,408
- ---------------------------------------------------------------------------------------
Financial Services: 14.0%
2,275,000 +Allmerica Financial Corp.
Capital Trust 144A 8.207% 2/03/27 2,319,294
2,575,000 Allmerica Financial Corp.
Sr. Note 7.625% 10/15/25 2,526,230
1,900,000 Arcadia Auto Trust 97-B
A5 SEQ 6.700% 2/15/00-05 1,907,125
1,800,000 Associates Corp. of North
America 6.750% 7/15/01 1,804,392
2,800,000 Associates Corp. of North
America 6.375% 10/15/02 2,740,724
3,775,000 Associates Corp. of North
America Note 6.700% 5/29/01 3,790,176
3,925,000 Banc One Auto Grantor
Trust 97-A A 6.270% 11/20/99-03 3,924,608
1,200,000 Beneficial Corp. 9.125% 2/15/98 1,221,864
1,875,000 Cigna Corp. Deb. 7.875% 5/15/27 1,895,531
1,800,000 CIT Group Holdings, Inc. 6.700% 5/28/01 1,802,790
1,225,000 Commercial Credit Group,
Inc. 6.750% 5/15/00 1,230,562
3,800,000 Fleet Mortgage Group, Inc. 7.060% 7/26/02 3,777,314
3,800,000 Ford Credit Auto Loan
Master Trust 95-1 6.500% 8/15/00 3,786,928
1,025,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 974,058
1,600,000 General Motors Acceptance
Corp. Deb. 7.850% 11/17/97 1,610,496
1,800,000 General Motors Acceptance
Corp. 7.050% 2/02/98 1,809,432
1,700,000 Household Finance Co. 6.750% 6/01/00 1,707,429
3,750,000 Household Finance Co. 7.125% 5/30/02 3,786,938
1,500,000 PennCorp Financial Group
Sr. Sub. 9.250% 12/15/98-03 1,590,000
3,357,339 +Railcar Leasing 1997-1 A1
SEQ 144A 6.750% 7/15/02-06 3,332,159
2,000,000 Sears Credit Account
Master Trust II 1995-2 8.100% 6/15/00-04 2,064,360
3,650,000 +Zurich Capital Trust 144A 8.376% 6/01/07-37 3,771,910
---------------
53,374,320
- ---------------------------------------------------------------------------------------
</TABLE>
MSF-3
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ---------------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Government Sponsored: Federally Chartered: 1.5%
$ 1,500,000 Big Rivers Electric
Cooperative Trust 10.700% 9/15/97-17 $ 1,591,920
825,000 Cajun Electric Power
Cooperative Trust 9.520% 3/15/98-19 881,257
2,900,000 Deseret Generation
Cooperative Trust 10.110% 12/15/97-17 3,093,169
---------------
5,566,346
- ---------------------------------------------------------------------------------------
Industrials: 7.5%
1,000,000 Chevron Corp. Profit
Sharing Amort. 8.110% 12/01/01-04 1,046,980
2,600,000 Columbia/HCA Healthcare
Corp. 6.870% 9/15/03 2,596,360
2,300,000 +Electronic Data Systems
Corp. 144A 6.850% 5/15/00 2,316,951
1,000,000 HEALTHSOUTH Corp. Sr. Sub. 9.500% 4/01/98-00 1,050,000
1,500,000 +K-III Communications 144A
Sr. 8.500% 2/01/01-06 1,500,000
2,000,000 Koppers Industries Sr. 8.500% 2/01/99-04 1,995,000
1,000,000 Lear Seating Corp. Sr.
Sub. 11.250% 7/15/97-00 1,001,250
1,500,000 Lear Seating Corp. Sub. 8.250% 2/01/98-02 1,522,500
1,925,000 Loews Corp. Sr. 6.750% 12/15/06 1,852,697
1,950,000 Oracle Corp. Sr. 6.910% 2/15/07 1,906,223
1,400,000 Oryx Energy Co. 8.125% 10/15/05 1,430,842
1,000,000 Paging Network Sr. Sub. 8.875% 2/01/99-06 910,000
1,000,000 Paging Network, Inc. 10.000% 10/15/01-08 971,250
2,300,000 Tenet Healthcare Corp.
Sr. 8.000% 1/15/05 2,305,750
2,550,000 +Tosco Corp. 144A 7.800% 1/01/27 2,582,462
3,800,000 Viacom, Inc. Sr. 7.750% 6/01/05 3,771,234
---------------
28,759,499
- ---------------------------------------------------------------------------------------
Miscellaneous: 1.7%
3,500,000 Darden Restaurants, Inc. 7.125% 2/01/16 3,104,465
2,875,000 Tele-Communications, Inc.
9.800% 2/01/12 3,290,696
---------------
6,395,161
- ---------------------------------------------------------------------------------------
Utilities-Electric: 2.7%
$ 3,500,000 Arizona Public Service
Sr. 6.750% 11/15/06 $ 3,415,335
2,850,000 +Edison Mission Energy
Funding 144A 7.330% 9/15/05-08 2,842,961
3,900,000 Southern California
Edison Co. 6.500% 6/01/01 3,871,179
---------------
10,129,475
TOTAL CORPORATE BONDS
(Cost: $150,093,932) .............................. 149,338,812
---------------
- ---------------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 5.2%
- ---------------------------------------------------------------------------------------
700,897 Federal Home Loan
Mortgage Corp. 9.000% 12/01/09 740,161
2,600,000 Federal Home Loan
Mortgage Corp. 7.240% 5/15/98-02 2,599,194
4,075,000 Federal Home Loan
Mortgage Corp. 7.500% 7/17/12 4,137,398
60,747 Federal National Mortgage
Assoc. 7.750% 4/01/08 61,731
124,651 Federal National Mortgage
Assoc. 8.000% 6/01/08 128,595
144,322 Federal National Mortgage
Assoc. 9.000% 4/01/16 152,619
368,272 Federal National Mortgage
Assoc. 8.500% 9/01/09 383,327
474,460 Federal National Mortgage
Assoc. 7.750% 9/01/06 481,838
653,277 Federal National Mortgage
Assoc. 7.750% 3/01/08 663,867
937,433 Federal National Mortgage
Assoc. 8.500% 2/01/09 978,455
1,085,782 Federal National Mortgage
Assoc. 8.250% 7/01/08 1,120,103
3,520,057 Government National
Mortgage Assoc. 8.000% 11/15/17 3,649,631
287,062 Government National
Mortgage Assoc. ARM 7.500% 5/15/07 290,601
4,500,291 Government National
Mortgage Assoc. ARM 6.500% 5/15/09 4,450,337
---------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $19,918,831) ............................... 19,837,857
---------------
- ---------------------------------------------------------------------------------------
</TABLE>
MSF-4
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ---------------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 37.5%
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 3,350,000 U.S. Treasury Bond 12.000% 8/15/08-13 $ 4,715,661
3,875,000 U.S. Treasury Bond 9.875% 11/15/15 5,095,625
14,800,000 U.S. Treasury Bond 6.250% 8/15/23 13,701,544
19,150,000 U.S. Treasury Bond 8.125% 8/15/21 21,929,813
3,766,348 U.S. Treasury Inflation
Indexed Note 3.375% 1/15/07 3,675,729
1,825,000 U.S. Treasury Note 5.875% 10/31/98 1,823,011
6,875,000 U.S. Treasury Note 5.125% 6/30/98 6,832,031
8,050,000 U.S. Treasury Note 7.125% 9/30/99 8,214,784
13,025,000 U.S. Treasury Note 6.500% 8/15/05 12,988,400
21,550,000 U.S. Treasury Note 6.750% 5/31/99 21,799,117
38,850,000 U.S. Treasury Note 7.875% 11/15/04 41,927,696
---------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $142,971,301) .............................. 142,703,411
---------------
- ---------------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 4.7%
- ---------------------------------------------------------------------------------------
6,300,000 Australian Government 10.000% 10/15/07 5,757,035
3,275,000 Canadian Government 0.010% 10/16/97 2,354,694
6,675,000 New Zealand 10.000% 3/15/02 5,106,683
2,625,000 UK Treasury 8.500% 12/07/05 4,759,379
---------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $17,793,416) ............................... 17,977,791
---------------
- ---------------------------------------------------------------------------------------
YANKEE BONDS: 6.0%
- ---------------------------------------------------------------------------------------
1,900,000 +British Aerospace
Finance, Inc. 144A 7.500% 7/01/27 1,894,205
1,900,000 City of Naples Note 7.520% 7/15/01-06 1,943,852
3,800,000 +DR Investments 144A Sr.
Note 7.100% 5/15/02 3,827,512
6,150,000 Hydro Quebec Deb. Ser. HS 9.400% 2/01/21 7,297,221
1,500,000 Province of Manitoba Deb.
Ser. CD 9.250% 4/01/20 1,798,575
1,500,000 Province of Manitoba
Global Notes 6.750% 3/01/03 1,497,795
1,925,000 Southern Investments UK
Sr. Note 6.375% 11/15/01 1,888,887
2,550,000 Talisman Energy Deb. 7.125% 6/01/07 2,525,979
---------------
TOTAL YANKEE BONDS
(Cost: $22,810,491) ............................... 22,674,026
---------------
- ---------------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 7.1%
- ---------------------------------------------------------------------------------------
3,295,000 American Express Credit
Corp. 5.500% 7/01/97 3,295,000
9,978,000 Chevron Oil Finance Co. 5.440% 7/08/97 9,978,000
192,000 Ford Motor Credit Co. 5.580% 7/02/97 192,000
2,992,000 Ford Motor Credit Co. 5.500% 7/01/97 2,992,000
4,487,000 General Electric Capital
Corp. 5.500% 7/17/97 4,487,000
2,740,000 General Electric Capital
Corp. 5.620% 7/07/97 2,740,000
3,493,000 Household Finance Crp. 5.520% 7/17/97 3,493,000
---------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $27,177,000) ............................... 27,177,000
---------------
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.8%
(Cost: $380,764,971) .............................. 379,708,897
OTHER ASSETS LESS LIABILITIES: 0.2%................ 924,253
---------------
TOTAL NET ASSETS: 100.0%........................... $ 380,633,150
===============
- ---------------------------------------------------------------------------------------
</TABLE>
+Restricted Securities see note 2.
Additional information on restricted securities as follows:
<TABLE>
<CAPTION>
Acquisition Acquisition Valuation as of
Issue Date Cost June 30, 1997
----- ---- ---- -------------
<S> <C> <C> <C>
Allmerica Financial Corp.
Capital Trust 144A............ 1/29/97 $ 2,275,000 $ 2,319,294
Bank of New York 144A........ 12/11/96 3,866,121 3,837,544
BankAmerica Institutional
Capital. 144A................. 11/26/96 2,473,850 2,403,850
British Aerospace Finanace,
Inc. 144A..................... 6/26/97 1,885,883 1,894,205
DeBartolo Capital Partnership
A-2 144A...................... 11/16/95-11/20/96 3,835,383 3,737,846
DR Investments 144A Sr.
Note.......................... 5/6/97 3,797,834 3,827,512
Edison Mission Energy Funding
144A.......................... 1/7/97 2,836,890 2,842,961
Electronic Data Systems Corp.
144A.......................... 5/19/95 3,297,393 2,316,951
K-III Communications Corp.
144A Sr....................... 1/22/96 1,506,875 1,500,000
RailcarLeasing 1997-1 A1 144A
SEQ........................... 4/1/97 3,309,864 3,332,159
Tosco Corp. 144A.............. 3/20/97 2,534,343 2,582,462
Wells Fargo Capital
Securities 144A............... 4/9/97 1,802,171 1,868,763
Zurich Capital Trust 144A..... 6/18/97 3,804,194 3,771,910
</TABLE>
The aggregate value of restricted securities at June 30, 1997 was $36,235,457 or
9.52% of the Income Portfolio's net assets.
See Notes to Financial Statements.
MSF-5
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE MONEY MARKET PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BANK NOTE: 4.8%
- ---------------------------------------------------------------------------------------
$ 2,000,000 Wachovia Bank Corp. 6.100% 4/06/98 $ 1,998,544
-------------
TOTAL BANK NOTE
(Cost: $1,998,544) ................................... 1,998,544
-------------
- ---------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT: 4.8%
- ---------------------------------------------------------------------------------------
2,000,000 Morgan Guaranty Trust Co. 5.780% 8/05/97 2,000,358
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $2,000,358) ................................... 2,000,358
-------------
- ---------------------------------------------------------------------------------------
COMMERCIAL PAPER: 66.4%
- ---------------------------------------------------------------------------------------
2,000,000 American Express Credit Corp. 5.530% 7/28/97 1,991,705
2,000,000 Bell Atlantic Financial
Services 5.540% 7/10/97 1,997,230
2,000,000 Campbell Soup Co. 5.240% 8/19/97 1,985,736
2,000,000 CIT Group Holdings, Inc. 5.540% 8/11/97 1,987,381
1,900,000 Deere & Co. 5.500% 7/25/97 1,893,033
2,000,000 Dow Chemical Co. 5.500% 7/11/97 1,996,944
2,000,000 Ford Motor Credit Co. 5.540% 7/07/97 1,998,153
2,000,000 Gannett, Inc. 5.500% 8/08/97 1,988,389
2,000,000 General Electric Capital Corp. 5.550% 8/04/97 1,989,517
2,000,000 Paccar Financial Corp. 5.500% 7/21/97 1,993,889
2,000,000 Penney (J.C.) Funding Corp. 5.540% 7/28/97 1,991,690
2,000,000 PepsiCo, Inc. 5.480% 7/15/97 1,995,738
2,000,000 Toys 'R Us, Inc. 5.500% 7/07/97 1,998,167
2,000,000 Xerox Credit Corp. 5.510% 7/18/97 1,994,796
-------------
TOTAL COMMERCIAL PAPER
(Cost: $27,802,368) .................................. 27,802,368
-------------
- ---------------------------------------------------------------------------------------
CORPORATE NOTE: 4.8%
- ---------------------------------------------------------------------------------------
2,000,000 Associates Corp. of North
America 6.625% 5/15/98 2,007,904
-------------
TOTAL CORPORATE NOTE
(Cost: $2,007,904) ................................... 2,007,904
-------------
- ---------------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 13.8%
- ---------------------------------------------------------------------------------------
500,000 Federal Home Loan Bank 6.000% 7/01/97 500,000
2,100,000 Federal Home Loan Mortgage
Corp. 5.400% 7/09/97 2,097,480
1,200,000 Federal National Mortgage
Assoc. 5.390% 7/10/97 1,198,383
2,000,000 Federal National Mortgage
Assoc. 5.890% 5/21/98 1,998,089
-------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $5,793,952) ................................... 5,793,952
-------------
- ---------------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 4.7%
- ---------------------------------------------------------------------------------------
2,000,000 United States Treasury Bills 5.245% 12/11/97 1,952,503
-------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $1,952,503) ................................... 1,952,503
-------------
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.3%
(Cost: $41,555,629) .................................. 41,555,629
OTHER ASSETS LESS LIABILITIES: 0.7%................... 284,514
-------------
TOTAL NET ASSETS: 100.0%.............................. $ 41,840,143
=============
- ---------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements
MSF-6
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------------
COMMON STOCK: 54.7%
- --------------------------------------------------------------------------------------
<S> <C> <C>
Aerospace: 1.6%
230,800 Boeing Co. $ 12,246,825
94,300 Raytheon Co. 4,809,300
118,900 United Technologies Corp. 9,868,700
---------------
26,924,825
- --------------------------------------------------------------------------------------
Automotive: 0.6%
175,000 General Motors Corp. 9,745,313
- --------------------------------------------------------------------------------------
Banking: 6.2%
331,700 Ahmanson (H.F.) & Co. 14,263,100
509,800 BankAmerica Corp. 32,913,963
254,900 Citicorp 30,731,381
333,400 NationsBank, Inc. 21,504,300
122,300 *Washington Mutual, Inc. 7,311,247
---------------
106,723,991
- --------------------------------------------------------------------------------------
Broadcasting: 1.3%
311,000 Time Warner, Inc. 15,005,750
397,000 *U.S. West, Inc.-Media Group 8,039,250
---------------
23,045,000
- --------------------------------------------------------------------------------------
Business Services: 0.2%
60,400 HBO & Co. 4,160,050
- --------------------------------------------------------------------------------------
Chemicals: 3.8%
57,300 Dow Chemical Co. 4,992,263
507,600 Du Pont (E.I.) de Nemours & Co. 31,915,350
172,200 Monsanto Co. 7,415,363
237,300 Rohm & Haas Co. 21,371,831
---------------
65,694,807
- --------------------------------------------------------------------------------------
Cosmetics: 0.7%
182,400 Avon Products, Inc. 12,870,600
- --------------------------------------------------------------------------------------
Drugs & Health Care: 3.7%
226,500 Bristol-Myers Squibb Co. 18,346,500
150,946 Lilly (Eli) & Co. 16,500,285
153,618 *Novartis AG ADR 12,297,013
139,200 Pfizer, Inc. 16,634,400
---------------
63,778,198
- --------------------------------------------------------------------------------------
Electrical Equipment: 2.4%
398,600 General Electric Co. 26,058,475
224,800 Tyco International Ltd. 15,637,650
---------------
41,696,125
- --------------------------------------------------------------------------------------
Electronics: 3.9%
135,120 *Ericsson (L. M.) Telephone Co. ADR Cl. B 5,324,573
83,300 *Intel Corp. 11,794,759
140,100 *LSI Logic Corp. 4,483,200
69,600 *Lucent Technologies, Inc. 5,015,550
234,400 Motorola, Inc. 17,814,400
62,900 Perkin-Elmer Corp. 5,004,481
259,800 *Teradyne, Inc. 10,197,150
79,900 Texas Instruments, Inc. 6,716,594
---------------
66,350,707
- --------------------------------------------------------------------------------------
Entertainment & Leisure: 0.6%
121,635 Disney (Walt) Co. 9,761,209
- --------------------------------------------------------------------------------------
Financial Services: 1.0%
270,266 Travelers Group, Inc. 17,043,650
- --------------------------------------------------------------------------------------
Food & Beverages: 2.3%
360,800 Coca-Cola Co. 24,354,000
330,500 Heinz (H.J.) Co. 15,244,313
---------------
39,598,313
- --------------------------------------------------------------------------------------
Forest Products & Paper: 1.3%
298,500 James River Corp. 11,044,500
213,000 Weyerhaeuser Co. 11,076,000
---------------
22,120,500
- --------------------------------------------------------------------------------------
Hospital Management: 1.3%
391,150 Columbia/HCA Healthcare Corp. 15,377,084
240,900 Tenet Healthcare Corp. 7,121,606
---------------
22,498,690
- --------------------------------------------------------------------------------------
Hospital Supply: 2.3%
347,000 Baxter International, Inc. 18,130,750
212,900 *Boston Scientific Corp. 13,080,044
53,300 Guidant Corp. 4,530,500
65,500 *Pacificare Health Systems, Inc. Cl. B 4,181,766
---------------
39,923,060
- --------------------------------------------------------------------------------------
Hotel & Motel: 0.8%
78,400 *HFS, Inc. 4,547,200
</TABLE>
MSF-7
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------------
<S> <C> <C>
Hotel & Motel: (Continued)
376,400 *Mirage Resorts, Inc. $ 9,504,100
---------------
14,051,300
- --------------------------------------------------------------------------------------
Household Products: 0.7%
81,500 Procter & Gamble Co. 11,511,875
- --------------------------------------------------------------------------------------
Insurance: 2.7%
260,100 ACE Ltd. 19,214,888
71,300 Aetna, Inc. 7,299,338
60,800 General Re Corp. 11,065,600
126,300 St. Paul Cos., Inc. 9,630,375
---------------
47,210,201
- --------------------------------------------------------------------------------------
Metals-Aluminum: 1.1%
87,200 Aluminum Co. of America 6,572,700
181,100 Reynolds Metals Co. 12,903,375
---------------
19,476,075
- --------------------------------------------------------------------------------------
Metals-Steel & Iron: 0.4%
244,000 British Steel Corp. PLC ADR 6,161,000
- --------------------------------------------------------------------------------------
Office & Business Equipment: 2.7%
127,600 *Cisco Systems, Inc. 8,569,138
137,400 *COMPAQ Computer Corp. 13,636,950
84,200 Diebold, Inc. 3,283,800
210,800 Hewlett-Packard Co. 11,804,800
97,500 International Business Machines Corp. 8,793,281
---------------
46,087,969
- --------------------------------------------------------------------------------------
Oil: 1.0%
341,045 TOTAL Cl. B ADS 17,265,403
- --------------------------------------------------------------------------------------
Oil & Gas Exploration: 0.6%
101,300 ENI SPA ADR 5,723,450
264,600 *Seagull Energy Corp. 4,630,500
---------------
10,353,950
- --------------------------------------------------------------------------------------
Oil-Domestic: 1.2%
315,600 Oryx Energy Co. 6,667,050
376,100 Unocal Corp. 14,597,381
---------------
21,264,431
- --------------------------------------------------------------------------------------
Oil-International: 1.6%
509,200 Royal Dutch Petroleum Co. 27,687,750
- --------------------------------------------------------------------------------------
Oil-Services: 1.9%
170,100 *Ensco International, Inc. 8,972,775
195,600 Schlumberger Ltd. 24,450,000
---------------
33,422,775
- --------------------------------------------------------------------------------------
Pollution Control: 0.1%
54,200 *USA Waste Services, Inc. 2,093,475
- --------------------------------------------------------------------------------------
Retail Grocery: 0.9%
582 *Food 4 Less Holdings, Inc. (Wts.) 52,126
515,900 *Kroger Co. 14,961,100
---------------
15,013,226
- --------------------------------------------------------------------------------------
Retail Trade: 3.4%
207,900 Circuit City Stores, Inc. 7,393,444
260,700 CVS Corp. 13,360,875
267,900 Rite-Aid Corp. 13,361,513
370,800 *Staples, Inc. 8,597,925
462,900 *Toys 'R Us, Inc. 16,201,500
---------------
58,915,257
- --------------------------------------------------------------------------------------
Software: 0.2%
5,887 *Anacomp, Inc. 73,220
1,495 *Anacomp, Inc. (Wts.) 7,008
25,600 *Microsoft Corp. 3,237,600
---------------
3,317,828
- --------------------------------------------------------------------------------------
Tobacco: 1.1%
411,200 Philip Morris Cos., Inc. 18,247,000
- --------------------------------------------------------------------------------------
Transportation-Railroad: 0.3%
110,100 Canadian National Railway Co. 4,816,875
- --------------------------------------------------------------------------------------
Transportation-Trucking: 0.0%
500 *Crown Packaging Holdings Ltd. (Wts.) 63
- --------------------------------------------------------------------------------------
Utilities-Electric: 0.8%
189,000 FPL Group, Inc. 8,705,813
157,700 *WorldCom, Inc. 5,046,400
---------------
13,752,213
TOTAL COMMON STOCK
(Cost: $734,831,799) ............................ 942,583,704
---------------
- --------------------------------------------------------------------------------------
</TABLE>
MSF-8
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------------
CORPORATE BONDS: 14.9%
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Banking: 2.6%
$ 2,950,000 Advanta Master Trust II
1995-F A1 6.050% 8/01/00-03 $ 2,902,063
2,850,000 +Bank of New York 144A 7.780% 12/01/06-26 2,768,860
3,500,000 +BankAmerica
Institutional Capital
144A 7.700% 12/31/06-26 3,365,390
5,400,000 Capital One Bank Sr. 7.080% 10/30/01 5,421,438
6,675,000 First Deposit Master
Trust 1993-2 5.750% 6/15/01 6,660,382
2,800,000 NationsBank Master
Trust 1995-1 A 6.450% 4/15/03 2,796,500
4,600,000 NB Capital Trust 8.250% 4/15/07-27 4,713,804
8,175,000 Prime Credit Card
Master Trust 1995 1-A 6.750% 8/02/02 8,146,878
2,100,000 Standard Credit Card
Master Trust 1991-3A 8.875% 9/07/98 2,155,776
2,800,000 +State Street
Institutional Capital
144A 7.940% 12/30/06-26 2,777,572
3,000,000 +Wells Fargo Capital
Securities 144A 7.730% 12/01/06-26 2,875,020
---------------
44,583,683
- --------------------------------------------------------------------------------------
Collateralized Mortgage Obligations: 1.9%
1,404,424 Countrywide Series
1993-E A-1 PAC 6.500% 1/25/98-24 1,402,230
2,632,506 Countrywide, Inc. 7.125% 12/25/97-23 2,647,300
5,175,000 +DeBartolo Capital
Partnership A-2 144A 7.480% 5/01/04 5,299,549
5,000,000 First Union Lehman
1997-C1 A-2 SEQ 7.300% 12/18/05-06 5,089,062
7,500,000 General Electric Capital
Mortgage Services., Inc. 6.500% 1/25/02-24 7,291,350
5,517,239 General Electric
Capital Mortgage
Services 1994-13 A-7 TAC 6.500% 4/25/04-24 5,272,384
3,700,000 +Morgan Stanley Capital
97-WF1-A1 144A 7.020% 10/15/03-29 3,709,250
948,732 Prudential Home Loan
Mortgage Ser. 93-29 A-6
PAC 6.750% 8/25/98-08 948,429
871,680 Residential Funding
Corp. 93-S25 A1 PAC 6.500% 7/25/98-08 867,591
----------------
32,527,145
- ---------------------------------------------------------------------------------------
Financial Services: 5.0%
$ 3,375,000 +Allmerica Financial
Corp. Capital Trust 144A 8.207% 2/03/27 3,440,711
2,600,000 Allmerica Financial
Corp. Sr. 7.625% 10/15/25 2,550,756
4,100,000 Associates Corp. of
North America 6.375% 10/15/02 4,013,203
2,550,000 Associates Corp. of
North America 6.750% 7/15/01 2,556,222
7,350,000 Banc One Auto Recievable
Grant Tr 97-A A 6.270% 11/20/99-03 7,349,265
1,200,000 Beneficial Corp. 9.125% 2/15/98 1,221,864
3,900,000 Chase Manhattan Credit
Card Master Trust 7.040% 2/15/05 3,959,709
3,300,000 Cigna Corp. Deb. 7.875% 5/15/27 3,336,135
3,230,000 CIT Group Holdings, Inc. 6.750% 5/14/01 3,241,176
5,200,000 CIT Group Holdings, Inc. 6.700% 5/28/01 5,208,060
6,600,000 Countrywide Home Loan,
Inc. 7.260% 5/10/04 6,690,750
6,600,000 Finova Capital Corp. Sr. 7.125% 5/01/02 6,655,242
4,400,000 Fleet Mortgage Group,
Inc. 7.060% 7/26/02 4,373,732
5,350,000 Ford Credit Auto Loan
Master Trust 95-1 6.500% 8/15/00 5,331,596
1,800,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 1,710,540
2,625,000 General Motors
Acceptance Corp. Deb. 7.850% 11/17/97 2,642,220
2,500,000 General Motors
Acceptance Corp. 7.050% 2/02/98 2,513,100
2,400,000 Household Finance Co. 6.750% 6/01/00 2,410,488
1,500,000 PennCorp Financial
Group Sr. Sub. 9.250% 12/15/98-03 1,590,000
5,275,819 +Railcar Leasing 1997-1
A1 144A SEQ 6.750% 7/15/02-06 5,236,250
2,600,000 Sears Credit Account
Master Trust II 1994-1 8.100% 6/15/04 2,683,668
6,950,000 +Zurich Capital Trust
144A 8.376% 6/01/07-37 7,182,130
----------------
85,896,817
- ---------------------------------------------------------------------------------------
</TABLE>
MSF-9
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Government Sponsored: Federally Chartered: 0.4%
$ 2,250,000 Big Rivers Electric
Cooperative Trust 10.700% 9/15/97-17 $ 2,387,880
3,750,000 Deseret Generation
Cooperative Trust 10.110% 12/15/97-17 3,999,787
---------------
6,387,667
- --------------------------------------------------------------------------------------
Industrials: 3.7%
2,825,000 Chesapeake Energy Corp.
Sr. Note 7.875% 3/15/04 2,683,750
1,500,000 Chevron Corp. Profit
Sharing Amort. Note 8.110% 12/01/01-04 1,570,470
3,350,000 CMS Energy Corp. Sr.
Note 8.125% 5/15/02 3,382,629
4,525,000 Columbia/HCA Healthcare
Corp. 6.410% 6/15/00 4,495,135
3,700,000 Columbia/HCA Healthcare
Corp. 6.870% 9/15/03 3,694,820
3,300,000 +Electronic Data Systems
Corp. 144A 6.850% 5/15/00 3,324,321
2,000,000 HealthSouth Sr. Sub. 9.500% 4/01/98-01 2,100,000
5,800,000 Honeywell, Inc. 6.750% 3/15/02 5,805,974
2,075,000 +K-III Communications
144A Sr. 8.500% 2/01/01-06 2,075,000
2,000,000 Koppers Industries Sr. 8.500% 2/01/99-04 1,995,000
1,000,000 Lear Seating Corp. Sr.
Sub. 11.250% 7/15/97-00 1,001,250
1,550,000 Lear Seating Corp. Sub. 8.250% 2/01/98-02 1,573,250
3,400,000 Loews Corp. 6.750% 12/15/06 3,272,296
5,800,000 Oracle Corp. Sr. Note 6.720% 2/15/04 5,723,034
2,000,000 Oryx Energy Co. 8.125% 10/15/05 2,044,060
3,125,000 Owens Illinois, Inc.
Sr. Note 7.850% 5/15/04 3,173,719
1,000,000 Paging Network Sr. Sub. 8.875% 2/01/99-06 910,000
2,000,000 Paging Network, Inc. 10.000% 10/15/01-08 1,942,500
3,500,000 Tenet Healthcare Corp.
Sr. Note 7.875% 1/15/03 3,508,750
3,900,000 +Tosco Corp. 144A Note 7.800% 1/01/27 3,949,647
5,400,000 Viacom, Inc. Sr. 7.750% 6/01/05 5,359,122
---------------
63,584,727
- --------------------------------------------------------------------------------------
Miscellaneous: 0.5%
4,400,000 Darden Restaurants, Inc. 7.125% 2/01/16 3,902,756
3,900,000 Tele-Communications,
Inc. 9.800% 2/01/12 4,463,901
---------------
8,366,657
- --------------------------------------------------------------------------------------
Utilities-Electric: 0.5%
$ 4,150,000 +Edison Mission Energy
Funding 144 Note 7.330% 9/15/05-08 4,139,749
5,350,000 Southern California
Edison Co. 6.500% 6/01/01 5,310,463
---------------
9,450,212
- --------------------------------------------------------------------------------------
Utilities-Telephone: 0.3%
5,000,000 Airtouch
Communications, Inc. 7.000% 10/01/03 4,995,950
---------------
TOTAL CORPORATE BONDS
(Cost: $256,118,987) ............................ 255,792,858
---------------
- --------------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 1.6%
- --------------------------------------------------------------------------------------
3,700,000 Federal Home Loan
Mortgage Corp. 7.240% 5/15/98-02 3,698,853
48,107 Federal National
Mortgage Assoc. 9.000% 4/01/16 50,873
1,476,458 Federal National
Mortgage Assoc. 8.500% 2/01/09 1,541,067
1,234,048 Federal National
Mortgage Assoc. 8.000% 6/01/08 1,273,093
673,798 Federal National
Mortgage Assoc. 7.250% 9/01/07 682,362
3,239,963 Federal National
Mortgage Assoc. 7.000% 12/01/07 3,245,536
4,379,458 Federal National
Mortgage Assoc. 8.500% 8/01/22 4,586,562
5,280,086 Government National
Mortgage Assoc. 8.000% 11/15/17 5,474,446
5,662,335 Government National
Mortgage Assoc. ARM 6.500% 5/15/09 5,599,483
2,152,928 Government National
Mortgage Assoc. Pool 6.000% 2/15/09 2,095,057
---------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $28,327,777) ............................. 28,247,332
---------------
- --------------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 17.5%
- --------------------------------------------------------------------------------------
5,725,000 U.S. Treasury Bond 12.000% 8/15/08-13 8,058,853
6,050,000 U.S. Treasury Bond 9.875% 11/15/15 7,955,750
58,900,000 U.S. Treasury Bond 8.125% 8/15/21 67,449,924
15,725,000 U.S. Treasury Bond 6.250% 8/15/23 14,557,890
5,864,380 U.S. Treasury Inflation
Indexed Notes 3.375% 1/15/07 5,723,283
250,000 U.S. Treasury Note 5.125% 6/30/98 248,437
37,150,000 U.S. Treasury Note 6.750% 5/31/99 37,579,454
33,025,000 U.S. Treasury Note 7.125% 9/30/99 33,701,022
</TABLE>
MSF-10
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: (CONTINUED)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 86,575,000 U.S. Treasury Note 7.875% 11/15/04 $ 93,433,472
3,275,000 U.S. Treasury Note 6.875% 3/31/00 3,328,219
11,800,000 U.S. Treasury Note 6.500% 8/15/05 11,766,842
16,600,000 U.S. Treasury Note 6.625% 7/31/01 16,755,542
---------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $298,667,548) ............................ 300,558,688
---------------
- --------------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 1.9%
- --------------------------------------------------------------------------------------
11,350,000 Australian Government 10.000% 10/15/07 10,371,801
6,225,000 Canadian Government 0.010% 10/16/97 4,475,716
12,100,000 New Zealand 10.000% 3/15/02 9,257,057
4,650,000 UK Treasury 8.500% 12/07/05 8,430,899
---------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $32,244,366) ............................. 32,535,473
---------------
- --------------------------------------------------------------------------------------
YANKEE BONDS: 2.1%
- --------------------------------------------------------------------------------------
3,625,000 +British Aerospace
Finance, Inc. 144A 7.500% 7/01/27 3,613,944
2,612,500 City of Naples Note 7.520% 7/15/01-06 2,672,796
6,700,000 +DR Investments 144A Sr.
Note 7.100% 5/15/02 6,748,508
8,525,000 Hydro Quebec Deb. Ser.
HS 9.400% 2/01/21 10,115,253
3,000,000 Norsk Hydro AS Deb. 7.150% 11/15/25 2,860,050
1,650,000 Province of Manitoba
Deb. Ser. CD 9.250% 4/01/20 1,978,432
2,300,000 Province of Manitoba
Global Notes 6.750% 3/01/03 2,296,619
1,800,000 Province Of Quebec Deb. 7.125% 2/09/24 1,693,008
3,600,000 Talisman Energy Deb. 7.125% 6/01/07 3,566,088
---------------
TOTAL YANKEE BONDS
(Cost: $35,576,785) ............................. 35,544,698
---------------
- --------------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 6.8%
- --------------------------------------------------------------------------------------
11,829,000 American Express Credit
Corp. 5.500% 7/01/97 11,829,000
8,072,000 Beneficial Corp. 5.530% 7/08/97 8,072,000
3,568,000 Beneficial Corp. 5.540% 7/15/97 3,568,000
15,000,000 Disney (Walt) Co. 5.450% 7/01/97 15,000,000
16,000,000 Ford Motor Credit Co. 5.500% 7/02/97 16,000,000
4,615,000 Ford Motor Credit Co. 0.000% 4,615,000
22,216,000 Ford Motor Credit Co. 5.530% 7/08/97 22,216,000
6,837,000 Ford Motor Credit Co. 5.540% 7/08/97 6,837,000
3,426,000 General Electric
Capital Corp. 5.620% 7/07/97 $ 3,426,000
10,000,000 Household Finance Corp. 5.500% 7/01/97 10,000,000
15,000,000 Household Finance Corp. 5.520% 7/08/97 15,000,000
---------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $116,563,000) ............................ 116,563,000
---------------
- --------------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.5%
(Cost: $1,502,330,262) .......................... 1,711,825,753
OTHER ASSETS LESS LIABILITIES: 0.5%.............. 9,309,578
---------------
TOTAL NET ASSETS: 100.0%......................... $ 1,721,135,331
===============
- --------------------------------------------------------------------------------------
*Non-income producing security.
.Restricted Securities see note 2.
Additional information on restricted securities as follows:
<CAPTION>
Acquisition Acquisition Valuation as of
Issue Date Cost June 30, 1997
----- ---- ---- ----
<S> <C> <C> <C>
Allmerica Financial Corp.
Capital Trust 144A........... 1/29/97 $ 3,375,000 $ 3,440,711
Bank of New York 144A....... 12/24/96 3,866,121 2,768,860
BankAmerica Institutional
Capital. 144A................ 11/26/96 2,473,850 3,365,390
British Aerospace Finance,
Inc. 144A.................... 6/26/97 3,598,066 3,613,944
DeBartolo Capital Partnership
A-2 144A..................... 11/16/95-11/20/96 3,835,383 5,299,549
DR Investments 144A Sr....... 5/6/97 6,696,181 6,748,508
Edison Mission Energy Funding
144A Note.................... 1/7/97 4,130,910 4,139,749
Electronic Data Systems Corp.
144A......................... 5/19/95 3,297,393 3,324,321
K-III Communications Corp.
144A Sr...................... 1/22/96 1,506,875 2,075,000
Morgan Stanley Capital
97-WF1-A1 144A............... 6/17/97 3,710,848 3,709,250
RailcarLeasing 1997-1 A1 144A
SEQ.......................... 4/1/97-4/15/97 5,201,215 5,236,250
State Street Institutional
Captial A 144A............... 12/18/96 2,757,760 2,777,572
Tosco Corp. 144A............. 3/20/97 3,876,054 3,949,647
Wells Fargo Capital
Securities 144A.............. 4/8/97 2,772,570 2,875,020
Zurich Capital Trust 144A.... 6/18/97-6/26/97 7,214,237 7,182,130
</TABLE>
The aggregate value of restricted securities at June 30, 1997 was $60,505,901 or
3.52% of the Diversified Portfolio's net assets.
ADR (American Depository Receipt) represents ownership of foreign securities.
See Notes to Financial Statements.
MSF-11
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: 96.9%
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Aerospace: 0.9%
230,700 Boeing Co. $ 12,241,519
- ---------------------------------------------------------------------------------------
Automotive: 1.4%
390,000 *Budget Group, Inc. 13,455,000
95,600 Danaher Corp. 4,857,675
----------------
18,312,675
- ---------------------------------------------------------------------------------------
Banking: 6.4%
163,200 Ahmanson (H.F.) & Co. 7,017,600
259,800 BankAmerica Corp. 16,773,337
203,800 Chase Manhattan Corp. 19,781,337
226,300 Citicorp 27,283,294
145,000 NationsBank, Inc. 9,352,500
139,400 *Unibanco Holdings SA GDR 5,175,225
----------------
85,383,293
- ---------------------------------------------------------------------------------------
Broadcasting: 1.3%
164,800 *Clear Channel Communications, Inc. 10,135,200
177,200 Evergreen Media Corp. Cl. A 7,896,475
----------------
18,031,675
- ---------------------------------------------------------------------------------------
Business Services: 14.1%
20,100 *Aris Corp. 434,662
730,400 *Caribiner International 23,829,300
416,100 *Cognos, Inc. 12,977,119
907,600 *Creative Technology Ltd. 15,315,750
187,400 HBO & Co. 12,907,175
26,200 *Maximus, Inc. 468,325
222,150 *Outdoor Systems, Inc. 8,469,469
2,246,500 *Republic Industries, Inc. 55,881,688
400,700 *Snyder Communications, Inc. 10,793,856
1,236,400 *U.S. Office Products Co. 37,671,563
256,700 *Universal Outdoor Holdings, Inc. 8,968,456
----------------
187,717,363
- ---------------------------------------------------------------------------------------
Computer Equipment & Service: 1.3%
315,800 *America Online, Inc. 17,566,375
- ---------------------------------------------------------------------------------------
Cosmetics: 1.1%
209,000 Avon Products, Inc. 14,747,562
- ---------------------------------------------------------------------------------------
Drugs & Health Care: 4.3%
278,000 *Cephalon, Inc. 3,205,687
59,000 *Entremed, Inc. 696,937
123,700 *Ligand Pharmaceuticals, Inc. 1,584,906
116,800 Lilly (Eli) & Co. 12,767,700
166,300 Pfizer, Inc. 19,872,850
306,500 *Vertex Pharmaceuticals, Inc. 11,685,313
55,900 Warner-Lambert Co. 6,945,575
----------------
56,758,968
- ---------------------------------------------------------------------------------------
Electrical Equipment: 1.1%
639,400 Westinghouse Electric Corp. 14,786,125
- ---------------------------------------------------------------------------------------
Electronics: 16.0%
362,500 *Advanced Fibre Communications, Inc. 21,919,922
409,600 *Altera Corp. 20,697,600
198,700 *Applied Materials, Inc. 14,064,234
136,700 *ASM Lithography Holdings NV 7,984,134
330,300 *CHS Electronics, Inc. 8,752,950
43,700 *Intel Corp. 6,187,647
130,300 *KLA-Tencor Corp. 6,356,197
364,500 *Kulicke & Soffa Industries, Inc. 11,812,078
115,700 *Lattice Semiconductor Corp. 6,529,819
188,900 *LSI Logic Corp. 6,044,800
19,500 *MAS Technology Ltd. ADR 292,500
276,000 Motorola, Inc. 20,976,000
216,300 *Puerto Common, Inc. 7,110,863
88,300 *Qwest Communications International, Inc. 2,400,656
23,700 *RF Micro Devices, Inc. 451,781
390,500 *Sanmina Holdings, Inc. 24,455,063
234,800 *Tellabs, Inc. 13,104,775
311,700 *Teradyne, Inc. 12,234,225
77,300 Texas Instruments, Inc. 6,498,031
452,900 *Thermo Electron Corp. 15,398,600
----------------
213,271,875
- ---------------------------------------------------------------------------------------
Entertainment & Leisure: 2.2%
270,600 *Action Performance Co., Inc. 6,578,962
218,300 *Ascent Entertainment Group, Inc. 2,026,097
</TABLE>
MSF-12
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Entertainment & Leisure: (Continued)
61,700 *Florida Panthers Holdings, Inc. Cl. A $ 1,488,512
1,035,400 *Oakley, Inc. 14,560,313
288,100 *Ticketmaster Group, Inc. 4,825,675
----------------
29,479,559
- ---------------------------------------------------------------------------------------
Financial Services: 4.0%
209,600 *Bank United Corp. Cl. A 8,004,100
131,000 *Hartford Financial Services Group 10,840,250
243,600 Merrill Lynch & Co., Inc. 14,524,650
71,200 *Quinenco S.A. ADR 1,317,200
286,700 Travelers Group, Inc. 18,080,019
----------------
52,766,219
- ---------------------------------------------------------------------------------------
Food & Beverages: 0.7%
191,800 *Peapod, Inc. 2,205,700
181,400 *Starbucks Corp. 7,080,269
----------------
9,285,969
- ---------------------------------------------------------------------------------------
Hospital Supply: 2.2%
229,600 *Boston Scientific Corp. 14,106,050
443,700 *Trigon Healthcare, Inc. 10,759,725
93,300 *Wellpoint Health Networks, Inc. 4,280,138
----------------
29,145,913
- ---------------------------------------------------------------------------------------
Hotel & Motel: 6.8%
449,000 *Extended Stay America, Inc. Pvt. 7,734,769
785,800 *Extended Stay America, Inc. 11,713,331
58,900 *Four Seasons Hotels, Inc. 1,744,912
910,100 *HFS, Inc. 52,785,800
333,800 *Interstate Hotels Co. 9,826,238
657,900 *Trump Hotels & Casino Resorts, Inc. 7,072,425
----------------
90,877,475
- ---------------------------------------------------------------------------------------
Household Products: 2.5%
204,800 Colgate-Palmolive Co. 13,363,200
210,200 Gillette Co. 19,916,450
----------------
33,279,650
- ---------------------------------------------------------------------------------------
Insurance: 2.8%
130,000 ACE Ltd. 9,603,750
113,800 Aetna, Inc. 11,650,275
66,000 Allstate Corp. 4,818,000
40,900 *ARM Financial Group, Inc. Cl. A 818,000
67,900 *Hartford Life, Inc. 2,546,250
156,400 Provident Cos., Inc. 8,367,400
----------------
37,803,675
- ---------------------------------------------------------------------------------------
Metals-Steel&Iron: 0.4%
264,600 *Chicago Bridge & Iron Co. NV 5,854,275
- ---------------------------------------------------------------------------------------
Office & Business Equipment: 2.4%
69,300 *Dell Computer Corp. 8,136,253
181,300 *EMC Corp. 7,070,700
441,800 *Sun Microsystems, Inc. 16,443,244
----------------
31,650,197
- ---------------------------------------------------------------------------------------
Oil & Gas Exploration: 0.6%
111,800 *Chesapeake Energy Corp. 1,097,037
134,200 ENI SPA ADS 7,582,300
----------------
8,679,337
- ---------------------------------------------------------------------------------------
Oil-Services: 2.7%
86,800 *Diamond Offshore Drilling, Inc. 6,781,250
121,300 *Ensco International, Inc. 6,398,575
95,600 *NewPark Resources, Inc. 3,226,500
106,300 Schlumberger Ltd. 13,287,500
70,600 *Varco International, Inc. 2,276,850
109,000 *Weatherford Enterra, Inc. 4,196,500
----------------
36,167,175
- ---------------------------------------------------------------------------------------
Printing & Publishing: 0.9%
312,200 *Big Flower Press Holdings, Inc. 6,478,150
281,000 *Journal Register Co. 5,584,875
----------------
12,063,025
- ---------------------------------------------------------------------------------------
Restaurant: 0.4%
328,100 Apple South, Inc. 5,013,778
- ---------------------------------------------------------------------------------------
Retail Trade: 5.9%
73,000 *Abercrombie & Fitch Co. Cl. A 1,350,500
666,600 *Borders Group, Inc. 16,081,725
51,300 *Eagle Hardware & Garden, Inc. 1,171,884
58,700 *Gucci Group NV 3,778,813
425,000 *Jones Apparel Group, Inc. 20,293,750
41,400 *Just For Feet, Inc. 720,619
312,400 *Linens 'n Things, Inc. 9,254,850
</TABLE>
MSF-13
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Retail Trade: (Continued)
440,475 *Men's Wearhouse, Inc. $ 13,957,552
150,900 *Proffitts, Inc. 6,611,306
83,900 *RDO Equipment Co. Cl. A 1,877,263
657,500 *Sunglass Hut International, Inc. 4,171,016
----------------
79,269,278
- ---------------------------------------------------------------------------------------
Software: 6.3%
154,100 Computer Associates International, Inc. 8,581,444
262,800 *Geoworks 1,548,056
289,900 *Informix Corp. 2,613,630
276,500 *McAfee Associates, Inc. 17,436,781
104,100 *Microsoft Corp. 13,165,397
263,100 *Oracle Systems Corp. 13,245,441
506,300 *Westell Technologies, Inc. Cl. A 12,673,322
291,800 *Xilinx, Inc. 14,307,319
----------------
83,571,390
- ---------------------------------------------------------------------------------------
Telecommunications Equipment & Services: 0.2%
101,300 *Aspect Telecommunications Corp. 2,241,262
- ---------------------------------------------------------------------------------------
Textiles & Apparel: 3.2%
500,500 *Nautica Enterprises, Inc. 13,247,609
456,800 *The Timberland Co. 29,463,600
----------------
42,711,209
- ---------------------------------------------------------------------------------------
Tobacco: 1.0%
299,200 Philip Morris Cos., Inc. 13,277,000
- ---------------------------------------------------------------------------------------
Transportation-Airlines: 3.4%
594,900 *Continental Airlines, Inc. Cl. B 20,784,319
30,300 *Ryanair Holdings PLC ADR 816,206
676,600 USAirways Group, Inc. 23,681,000
----------------
45,281,525
- ---------------------------------------------------------------------------------------
Utilities-Miscellaneous: 0.4%
260,200 *Calpine Corp. 4,943,800
----------------
TOTAL COMMON STOCK
(Cost: $1,149,885,466) .......................... 1,292,179,141
----------------
- ---------------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 2.1%
- ---------------------------------------------------------------------------------------
$ 24,978,000 Beneficial Corp. 5.530% 7/07/97 $ 24,978,000
2,742,000 Household Finance Corp. 5.580% 7/03/97 2,742,000
----------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $27,720,000) ............................. 27,720,000
----------------
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.0%
(Cost: $1,177,605,466) .......................... 1,319,899,141
OTHER ASSETS LESS LIABILITIES: 1.0%.............. 13,619,562
----------------
TOTAL NET ASSETS: 100.0%......................... $ 1,333,518,703
================
- ---------------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
ADR (American depository receipt) represents ownership of foreign securities.
See Notes to Financial Statements.
MSF-14
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: 99.8%
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Aerospace: 2.4%
66,300 Allied-Signal, Inc. $ 5,569,200
169,524 Boeing Co. 8,995,367
12,600 General Dynamics Corp. 945,000
44,313 Lockheed Martin Corp. 4,589,165
43,000 McDonnell-Douglas Corp. 2,945,500
12,400 Northrop Grumman Corp. 1,088,875
54,600 Raytheon Co. 2,784,600
48,600 Rockwell International Corp. 2,867,400
49,800 Textron, Inc. 3,305,475
56,800 United Technologies Corp. 4,714,400
----------------
37,804,982
- ---------------------------------------------------------------------------------------
Automotive: 2.4%
10,025 *Autoliv AB 392,228
54,700 *AutoZone, Inc. 1,288,869
157,300 Chrysler Corp. 5,161,406
32,500 Dana Corp. 1,235,000
18,000 Eaton Corp. 1,571,625
34,900 Echlin, Inc. 1,256,400
268,800 Ford Motor Co. 10,147,200
164,532 General Motors Corp. 9,162,376
42,300 Genuine Parts Co. 1,432,912
12,710 *Navistar International Corp. 219,248
11,730 PACCAR, Inc. 544,712
41,950 Snap-On, Inc. 1,651,781
62,700 Timken Co. 2,229,769
34,200 TRW, Inc. 1,942,988
----------------
38,236,514
- ---------------------------------------------------------------------------------------
Banking: 7.9%
32,800 Ahmanson (H.F.) & Co. 1,410,400
87,795 Banc One Corp. 4,252,570
27,904 Bank of Boston Corp. 2,010,832
87,000 Bank of New York Co., Inc. 3,784,500
166,952 BankAmerica Corp. 10,778,838
17,700 Bankers Trust New York Corp. 1,539,900
54,300 Barnett Banks, Inc. 2,850,750
95,634 Chase Manhattan Corp. 9,282,475
109,514 Citicorp 13,203,282
16,000 Comerica, Inc. 1,088,000
55,500 CoreStates Financial Corp. 2,983,125
22,400 Fifth Third Bancorp 1,837,500
30,100 First Bank Systems, Inc. 2,569,787
69,358 First Chicago NBD Corp. 4,196,159
69,785 First Union Corp. 6,455,112
61,415 Fleet Financial Group, Inc. 3,884,499
22,500 Golden West Financial Corp. 1,575,000
47,200 Great Western Financial Corp. 2,537,000
56,103 KeyCorp 3,134,755
81,975 MBNA Corp. 3,002,334
54,000 Mellon Bank Corp. 2,436,750
40,799 Morgan (J.P.) & Co., Inc. 4,258,396
48,300 National City Corp. 2,535,750
167,428 NationsBank, Inc. 10,799,106
76,400 Norwest Corp. 4,297,500
72,700 PNC Bank Corp. 3,026,138
13,600 Republic New York Corp. 1,462,000
59,200 SunTrust Banks, Inc. 3,259,700
46,900 U.S. Bancorp 3,008,928
35,200 Wachovia Corp. 2,052,600
24,263 Wells Fargo & Co. 6,538,879
----------------
126,052,565
- ---------------------------------------------------------------------------------------
Broadcasting: 1.0%
59,000 Comcast Corp. Cl. A Spl. 1,259,281
52,900 King World Productions, Inc. 1,851,500
150,000 *Tele-Communications, Inc. Cl. A 2,226,563
120,620 Time Warner, Inc. 5,819,915
120,400 *U.S. West, Inc.-Media Group 2,438,100
62,226 *Viacom, Inc. Cl. B 1,866,780
----------------
15,462,139
- ---------------------------------------------------------------------------------------
</TABLE>
MSF-15
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Building & Construction: 0.7%
7,500 Armstrong World Industries, Inc. $ 550,312
36,000 Crane Co. 1,505,250
24,400 Dover Corp. 1,500,600
49,500 Mallinckrodt, Inc. 1,881,000
21,300 Masco Corp. 889,275
17,300 Owens-Corning Fiberglas Corp. 746,063
27,200 Sherwin-Williams Co. 839,800
49,100 Stanley Works 1,964,000
24,000 Willamette Industries, Inc. 1,680,000
----------------
11,556,300
- ---------------------------------------------------------------------------------------
Business Services: 1.0%
57,900 Automatic Data Processing, Inc. 2,721,300
37,000 Block (H & R), Inc. 1,193,250
66,450 *CUC International, Inc. 1,715,241
33,700 Deluxe Corp. 1,150,012
19,200 Ecolab, Inc. 916,800
98,900 First Data Corp. 4,345,419
25,800 Interpublic Group of Cos., Inc. 1,581,862
46,300 Laidlaw, Inc. Cl. B 639,519
17,600 Safety-Kleen Corp. 297,000
38,700 Service Corp. International 1,272,263
----------------
15,832,666
- ---------------------------------------------------------------------------------------
Chemicals: 2.9%
20,100 Air Products & Chemicals, Inc. 1,633,125
48,500 Dow Chemical Co. 4,225,562
256,800 Du Pont (E.I.) de Nemours & Co. 16,146,300
14,675 Eastman Chemical Co. 931,862
18,700 *FMC Corp. 1,485,481
15,100 Grace (W.R.) & Co. 832,387
29,300 Great Lakes Chemical Corp. 1,534,587
40,500 Hercules, Inc. 1,938,937
127,000 Monsanto Co. 5,468,938
28,800 Nalco Chemical Co. 1,112,400
37,500 Pall Corp. 871,875
43,600 PPG Industries, Inc. 2,534,250
24,500 Praxair, Inc. 1,372,000
22,000 Rohm & Haas Co. 1,981,375
37,000 Sigma Aldrich Corp. 1,295,000
44,100 Union Carbide Corp. 2,075,456
23,100 Williams Cos., Inc. 1,010,625
----------------
46,450,160
- ---------------------------------------------------------------------------------------
Containers & Glass: 0.1%
18,800 Bemis Co., Inc. 813,100
18,400 Crown Cork & Seal Co., Inc. 983,250
----------------
1,796,350
- ---------------------------------------------------------------------------------------
Cosmetics: 0.3%
49,200 Alberto-Culver Co. Cl. B Cvt. 1,377,600
29,200 Avon Products, Inc. 2,060,425
41,600 International Flavors & Fragrances, Inc. 2,100,800
----------------
5,538,825
- ---------------------------------------------------------------------------------------
Drugs & Health Care: 7.6%
34,100 Allergan, Inc. 1,084,806
75,600 *ALZA Corp. 2,192,400
143,600 American Home Products Corp. 10,985,400
55,000 *Amgen, Inc. 3,195,156
39,800 Bard (C.R.), Inc. 1,445,237
5,600 Bausch & Lomb, Inc. 263,900
62,100 Biomet, Inc. 1,158,553
231,100 Bristol-Myers Squibb Co. 18,719,100
25,800 Cardinal Health, Inc. 1,477,050
62,400 *HEALTHSOUTH Corp. 1,556,100
123,600 Lilly (Eli) & Co. 13,511,025
278,800 Merck & Co., Inc. 28,855,800
145,600 Pfizer, Inc. 17,399,200
101,715 Pharmacia & Upjohn, Inc. 3,534,596
172,400 Schering-Plough Corp. 8,253,650
63,100 Warner-Lambert Co. 7,840,175
----------------
121,472,148
- ---------------------------------------------------------------------------------------
Electrical Equipment: 4.4%
43,600 AMP, Inc. 1,820,300
</TABLE>
MSF-16
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Electrical Equipment: (Continued)
11,200 Black & Decker Corp. $ 416,500
10,200 Briggs & Stratton Corp. 510,000
96,600 Emerson Electric Co. 5,319,037
761,400 General Electric Co. 49,776,524
23,600 General Signal Corp. 1,029,550
13,600 Grainger (W.W.), Inc. 1,063,350
24,400 Johnson Controls, Inc. 1,001,925
29,000 National Service Industries, Inc. 1,411,938
18,600 Raychem Corp. 1,383,375
18,500 Tandy Corp. 1,036,000
25,100 Thomas & Betts Corp. 1,319,319
29,200 Tyco International Ltd. 2,031,225
124,100 Westinghouse Electric Corp. 2,869,813
----------------
70,988,856
- ---------------------------------------------------------------------------------------
Electronics: 4.9%
35,500 *Advanced Micro Devices, Inc. 1,278,000
23,250 *Andrew Corp. 652,453
40,600 *Applied Materials, Inc. 2,873,719
87,300 *DSC Communications Corp. 1,945,153
67,200 *General Instrument Corp. 1,680,000
14,300 Harris Corp. 1,201,200
22,500 Honeywell, Inc. 1,707,187
190,800 Intel Corp. 27,016,087
37,900 *LSI Logic Corp. 1,212,800
149,897 Lucent Technologies, Inc. 10,801,953
40,700 Micron Technology, Inc. 1,625,456
140,000 Motorola, Inc. 10,640,000
31,600 *National Semiconductor Corp. 967,750
58,000 Northern Telecom Ltd. 5,278,000
18,300 Perkin-Elmer Corp. 1,455,994
71,900 Scientific-Atlanta, Inc. 1,572,813
42,300 *Tellabs, Inc. 2,360,869
39,100 Texas Instruments, Inc. 3,286,844
29,500 Thermo Electron Corp. 1,003,000
----------------
78,559,278
- ---------------------------------------------------------------------------------------
Entertainment & Leisure: 0.8%
43,600 Brunswick Corp. 1,362,500
153,399 Disney (Walt) Co. 12,310,270
----------------
13,672,770
- ---------------------------------------------------------------------------------------
Financial Services: 3.6%
100,987 American Express Co. 7,523,531
17,000 Beneficial Corp. 1,208,062
40,200 Charles Schwab Corp. 1,635,638
166,600 Federal Home Loan Mortgage Corp. 5,726,875
240,700 Federal National Mortgage Assoc. 10,500,537
23,200 Hartford Financial Services Group, Inc. 1,919,800
24,900 Household International, Inc. 2,924,194
22,300 Loews Corp. 2,232,788
71,800 Merrill Lynch & Co., Inc. 4,281,075
32,800 MGIC Investment Corp. 1,572,350
118,041 Morgan Stanley, Dean Witter, Discovery & Co. 5,083,141
22,500 Salomon, Inc. 1,251,563
20,400 Transamerica Corp. 1,908,675
150,265 Travelers Group, Inc. 9,476,087
----------------
57,244,316
- ---------------------------------------------------------------------------------------
Food & Beverages: 6.1%
105,400 Anheuser-Busch Co., Inc. 4,420,212
134,051 Archer-Daniels-Midland Co. 3,150,198
36,400 Brown-Forman Corp. Cl. B 1,776,775
113,400 Campbell Soup Co. 5,670,000
578,600 Coca-Cola Co. 39,055,500
49,850 ConAgra, Inc. 3,196,631
11,800 Coors (Adolph) Co. Cl. B 312,700
27,100 CPC International, Inc. 2,501,669
27,800 General Mills, Inc. 1,810,475
103,700 Heinz (H.J.) Co. 4,783,162
33,600 Hershey Foods Corp. 1,858,500
42,600 Kellogg Co. 3,647,625
</TABLE>
MSF-17
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Food & Beverages: (Continued)
356,600 PepsiCo, Inc. $ 13,394,788
19,400 Pioneer Hi Bred International, Inc. 1,552,000
23,300 Quaker Oats Co. 1,045,588
104,500 Sara Lee Corp. 4,349,813
33,000 Sysco Corp. 1,204,500
59,800 Whitman Corp. 1,513,688
29,500 Wrigley (Wm.), Jr. Co. 1,976,500
----------------
97,220,324
- ---------------------------------------------------------------------------------------
Forest Products & Paper: 1.2%
37,000 Boise Cascade Corp. 1,306,562
14,600 Champion International Corp. 806,650
14,700 Georgia-Pacific Corp. 1,255,012
55,900 International Paper Co. 2,714,644
25,700 James River Corp. 950,900
118,520 Kimberly-Clark Corp. 5,896,370
32,100 Louisiana-Pacific Corp. 678,113
24,500 Mead Corp. 1,525,125
10,354 Stone Container Corp. 148,192
16,200 Temple Inland, Inc. 874,800
17,100 Union Camp Corp. 855,000
18,300 Westvaco Corp. 575,306
45,200 Weyerhaeuser Co. 2,350,400
----------------
19,937,074
- ---------------------------------------------------------------------------------------
Hospital Management: 0.8%
88,800 *Beverly Enterprises, Inc. 1,443,000
148,385 Columbia/HCA Healthcare Corp. 5,833,385
48,600 *Humana, Inc. 1,123,875
28,800 Manor Care, Inc. 939,600
87,100 *Tenet Healthcare Corp. 2,574,894
14,900 United Healthcare Corp. 774,800
----------------
12,689,554
- ---------------------------------------------------------------------------------------
Hospital Supply: 2.9%
177,500 Abbott Laboratories, Inc. 11,848,125
62,700 Baxter International, Inc. 3,276,075
29,600 Becton, Dickinson & Co. 1,498,500
42,400 *Boston Scientific Corp. 2,604,950
19,100 Guidant Corp. 1,623,500
301,900 Johnson & Johnson 19,434,812
53,800 Medtronic, Inc. 4,357,800
35,100 *St. Jude Medical, Inc. 1,368,900
23,000 United States Surgical Corp. 856,750
----------------
46,869,112
- ---------------------------------------------------------------------------------------
Hotel & Motel: 0.4%
87,600 *Harrah's Entertainment, Inc. 1,598,700
35,300 *HFS, Inc. 2,047,400
55,500 Hilton Hotels Corp. 1,474,219
27,100 Marriott International 1,663,263
----------------
6,783,582
- ---------------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 0.2%
49,800 Maytag Corp. 1,301,025
58,400 Newell Co. 2,314,100
8,600 Whirlpool Corp. 469,238
----------------
4,084,363
- ---------------------------------------------------------------------------------------
Household Products: 3.2%
9,600 Clorox Co. 1,267,200
58,600 Colgate-Palmolive Co. 3,823,650
45,600 Corning, Inc. 2,536,500
126,100 Gillette Co. 11,947,975
157,200 Procter & Gamble Co. 22,204,500
51,400 Rubbermaid, Inc. 1,529,150
30,200 Tupperware Corp. 1,102,300
35,200 Unilever NV 7,673,600
----------------
52,084,875
- ---------------------------------------------------------------------------------------
Insurance: 3.7%
9,470 Aegon 663,512
28,700 Aetna, Inc. 2,938,162
93,199 Allstate Corp. 6,803,527
78,770 American General Corp. 3,761,267
109,150 American International Group, Inc. 16,304,281
25,650 Aon Corp. 1,327,387
32,600 Chubb Corp. 2,180,125
</TABLE>
MSF-18
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Insurance: (Continued)
13,500 CIGNA Corp. $ 2,396,250
33,400 Conseco Co., Inc. 1,235,800
45,800 Equifax, Inc. 1,703,187
19,400 General Re Corp. 3,530,800
32,800 Jefferson-Pilot Corp. 2,291,900
13,000 Lincoln National Corp. 836,875
35,600 Marsh & McLennan Cos., Inc. 2,540,950
13,000 MBIA, Inc. 1,466,563
21,800 Providian Financial Corp. 700,325
37,900 SAFECO Corp. 1,770,641
21,700 St. Paul Cos., Inc. 1,654,625
24,500 Torchmark Corp. 1,745,625
42,200 UNUM Corp. 1,772,400
99,900 USF&G Corp. 2,397,600
----------------
60,021,802
- ---------------------------------------------------------------------------------------
Liquor: 0.2%
83,200 Seagram Ltd. 3,348,800
- ---------------------------------------------------------------------------------------
Machinery: 1.2%
46,000 Browning-Ferris Industries, Inc. 1,529,500
13,200 Case Corp. 909,150
42,500 Caterpillar, Inc. 4,563,437
2,800 Cooper Industries, Inc. 139,300
18,900 Cummins Engine Co., Inc. 1,333,631
49,800 Deere & Co. 2,732,775
14,000 Fluor Corp. 772,625
6,000 Foster Wheeler Corp. 243,000
43,200 Illinois Tool Works, Inc. 2,157,300
24,100 Ingersoll-Rand Co. 1,488,175
42,200 Parker Hannifin Corp. 2,561,013
----------------
18,429,906
- ---------------------------------------------------------------------------------------
Metals-Aluminum: 0.3%
33,600 Alcan Aluminium Ltd. 1,165,500
37,500 Aluminum Co. of America 2,826,562
18,700 Reynolds Metals Co. 1,332,375
----------------
5,324,437
- ---------------------------------------------------------------------------------------
Metals-Gold: 0.4%
79,100 Barrick Gold Corp. 1,740,200
42,100 *Echo Bay Mines Ltd. 242,075
67,300 Homestake Mining Co. 879,106
35,994 Newmont Mining Corp. 1,403,766
111,000 Placer Dome, Inc. 1,817,625
----------------
6,082,772
- ---------------------------------------------------------------------------------------
Metals-Non-Ferrous: 0.2%
12,600 ASARCO, Inc. 385,875
76,650 Engelhard Corp. 1,604,859
30,106 Inco Ltd. 905,062
----------------
2,895,796
- ---------------------------------------------------------------------------------------
Metals-Steel & Iron: 0.2%
9,500 *Bethlehem Steel Corp. 99,156
10,400 Inland Steel Industries, Inc. 271,700
13,700 Nucor Corp. 774,050
45,700 USX US Steel Group 1,602,356
46,600 Worthington Industries, Inc. 854,819
----------------
3,602,081
- ---------------------------------------------------------------------------------------
Mining: 0.2%
25,300 Freeport-McMoRan Copper & Gold, Inc. Cl. B 787,462
21,100 Phelps-Dodge Corp. 1,797,456
----------------
2,584,918
- ---------------------------------------------------------------------------------------
Miscellaneous: 0.4%
43,700 Allegheny Teldyne, Inc. 1,179,900
29,300 Cognizant Corp. 1,186,650
49,400 Fortune Brands , Inc. 1,843,237
49,400 Gallaher Group PLC 910,812
25,100 Ralston-Purina Group 2,062,906
----------------
7,183,505
- ---------------------------------------------------------------------------------------
Multi-Industry: 0.8%
25,400 Harcourt General, Inc. 1,209,675
17,900 *ITT Corp. 1,093,019
31,000 ITT Industries, Inc. 798,250
90,300 Minnesota Mining & Manufacturing Co. 9,210,600
----------------
12,311,544
- ---------------------------------------------------------------------------------------
</TABLE>
MSF-19
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Newspapers: 0.6%
50,300 Dow Jones & Co., Inc. $ 2,021,431
26,100 Gannett Co., Inc. 2,577,375
20,800 Knight-Ridder, Inc. 1,020,500
26,400 New York Times Co. Cl. A 1,306,800
18,900 Times Mirror Co. Cl. A 1,044,225
21,400 Tribune Co. 1,028,538
----------------
8,998,869
- ---------------------------------------------------------------------------------------
Office & Business Equipment: 5.5%
76,900 *3 Com Corp. 3,458,097
50,900 *Amdahl Corp. 445,375
31,200 *Apple Computer, Inc. 443,625
39,800 Avery Dennison Corp. 1,596,975
94,900 *Bay Networks, Inc. 2,520,781
30,800 *Cabletron Systems, Inc. 872,025
13,100 *Ceridian Corp. 553,475
155,500 *Cisco Systems, Inc. 10,442,797
60,700 *Compaq Computer Corp. 6,024,475
26,500 *Computer Sciences Corp. 1,911,313
38,400 *Data General Corp. 998,400
39,800 *Dell Computer Corp. 4,672,769
58,800 *Digital Equipment Corp. 2,083,725
53,400 *EMC Corp. 2,082,600
226,400 Hewlett-Packard Co. 12,678,400
18,900 IKON Office Solutions, Inc. 471,319
59,700 *Intergraph Corp. 503,719
233,800 International Business Machines Corp. 21,085,837
10,000 Moore Corp. Ltd. 196,875
27,200 Pitney Bowes, Inc. 1,890,400
50,200 *Seagate Technology 1,766,413
45,600 *Silicon Graphics, Inc. 684,000
79,900 *Sun Microsystems, Inc. 2,973,778
83,200 *Tandem Computers, Inc. 1,684,800
61,800 *Unisys Corp. 471,225
76,200 Xerox Corp. 6,010,275
----------------
88,523,473
- ---------------------------------------------------------------------------------------
Oil & Gas Exploration: 0.1%
1,600 Louisiana Land & Exploration Co. 91,400
22,600 *Santa Fe Energy Resources, Inc. 331,938
37,350 Union Pacific Resources Group, Inc. 929,081
----------------
1,352,419
- ---------------------------------------------------------------------------------------
Oil-Domestic: 1.9%
41,500 Amerada Hess Corp. 2,305,844
123,300 Amoco Corp. 10,719,394
31,100 Ashland Oil, Inc. 1,442,262
75,900 Atlantic Richfield Co. 5,350,950
13,900 Kerr-McGee Corp. 880,912
50,000 Occidental Petroleum Corp. 1,253,125
19,400 Pennzoil Co. 1,488,950
58,600 Phillips Petroleum Co. 2,563,750
26,100 Tenneco, Inc. 1,179,394
44,897 Unocal Corp. 1,742,565
62,200 USX-Marathon Group 1,796,025
----------------
30,723,171
- ---------------------------------------------------------------------------------------
Oil-International: 5.9%
155,400 Chevron Corp. 11,489,887
583,900 Exxon Corp. 35,909,850
182,200 Mobil Corp. 12,731,225
502,400 Royal Dutch Petroleum Co. 27,318,000
59,900 Texaco, Inc. 6,514,125
----------------
93,963,087
- ---------------------------------------------------------------------------------------
Oil-Services: 1.2%
23,800 Baker Hughes, Inc. 920,762
39,400 Coastal Corp. 2,095,587
63,200 Dresser Industries, Inc. 2,354,200
27,000 Halliburton Co. 2,139,750
14,100 Helmerich & Payne, Inc. 812,512
21,300 McDermott International, Inc. 621,694
76,900 Rowan Cos., Inc. 2,167,619
52,300 Schlumberger Ltd. 6,537,500
14,500 Western Atlas, Inc. 1,062,125
----------------
18,711,749
- ---------------------------------------------------------------------------------------
</TABLE>
MSF-20
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Photography: 0.4%
69,900 Eastman Kodak Co. $ 5,364,825
21,200 Polaroid Corp. 1,176,600
----------------
6,541,425
- ---------------------------------------------------------------------------------------
Pollution Control: 0.2%
89,600 Waste Management, Inc. 2,878,400
- ---------------------------------------------------------------------------------------
Printing & Publishing: 0.3%
18,700 American Greetings Corp. Cl. A 693,069
25,100 Donnelley (R.R.) & Sons Co. 919,287
29,300 Dun & Bradstreet Corp. 769,125
16,000 McGraw-Hill Cos., Inc. 941,000
30,400 Meredith Corp. 881,600
----------------
4,204,081
- ---------------------------------------------------------------------------------------
Restaurant: 0.5%
17,100 Darden Restaurants, Inc. 154,969
154,200 McDonald's Corp. 7,449,788
24,100 Wendy's International, Inc. 625,094
----------------
8,229,851
- ---------------------------------------------------------------------------------------
Retail Grocery: 0.5%
53,900 Albertson's, Inc. 1,967,350
25,100 American Stores Co. 1,239,312
50,595 Fleming Cos., Inc. 910,710
21,400 Giant Foods, Inc. Cl. A 698,175
58,800 *Kroger Co. 1,705,200
60,300 Winn-Dixie Stores, Inc. 2,246,175
----------------
8,766,922
- ---------------------------------------------------------------------------------------
Retail Trade: 4.2%
123,400 *Charming Shoppes, Inc. 645,922
35,300 Circuit City Stores, Inc. 1,255,356
29,767 *Costco Cos., Inc. 979,520
31,400 CVS Corp. 1,609,250
40,800 Dayton-Hudson Corp. 2,170,050
65,100 Dillards, Inc. Cl. A 2,254,087
44,500 *Federated Department Stores 1,546,375
103,733 Home Depot, Inc. 7,151,094
71,000 *K Mart Corp. 869,750
59,900 Limited, Inc. 1,212,975
200 Longs Drug Stores Corp. 5,238
30,100 Lowes Cos., Inc. 1,117,463
51,900 May Department Stores Co. 2,452,275
28,600 Mercantile Stores Co., Inc. 1,800,013
40,800 Nordstrom, Inc. 2,001,750
48,400 Penney (J.C.) Co., Inc. 2,525,875
38,600 Pep Boys-Manny, Moe & Jack 1,314,813
32,500 Rite-Aid Corp. 1,620,938
85,600 Sears, Roebuck & Co. 4,601,000
65,300 SuperValu, Inc. 2,252,850
50,900 The Gap, Inc. 1,978,738
50,000 TJX Cos., Inc. 1,318,750
63,100 *Toys 'R Us, Inc. 2,208,500
520,100 Wal-Mart Stores, Inc. 17,585,881
44,600 Walgreen Co. 2,391,675
65,300 *Woolworth Corp. 1,567,200
----------------
66,437,338
- ---------------------------------------------------------------------------------------
Software: 3.1%
73,900 Computer Associates International, Inc. 4,115,306
279,800 *Microsoft Corp. 35,385,956
97,500 *Novell, Inc. 674,883
151,700 *Oracle Systems Corp. 7,637,147
30,800 *Parametric Technology Corp. 1,309,963
----------------
49,123,255
- ---------------------------------------------------------------------------------------
Textiles & Apparel: 0.5%
23,500 Liz Claiborne, Inc. 1,095,688
55,600 Nike, Inc. Cl. B 3,245,650
19,800 *Reebok International Ltd. 925,650
4,200 Russell Corp. 124,425
1,500 Springs Industries, Inc. 79,125
7,000 Stride Rite Corp. 90,125
23,100 VF Corp. 1,957,725
----------------
7,518,388
- ---------------------------------------------------------------------------------------
</TABLE>
MSF-21
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Tires & Rubber: 0.2%
44,200 Cooper Tire & Rubber Co. $ 972,400
21,900 Goodrich (B.F.) Co. 948,544
26,400 Goodyear Tire & Rubber Co. 1,671,450
----------------
3,592,394
- ---------------------------------------------------------------------------------------
Tobacco: 1.7%
583,900 Philip Morris Cos., Inc. 25,910,563
37,400 UST, Inc. 1,037,850
----------------
26,948,413
- ---------------------------------------------------------------------------------------
Toys & Amusements: 0.2%
41,850 Hasbro, Inc. 1,187,494
49,213 Mattel, Inc. 1,667,090
----------------
2,854,584
- ---------------------------------------------------------------------------------------
Transportation-Airlines: 0.4%
14,800 *AMR Corp. 1,369,000
13,600 Delta Air Lines, Inc. 1,115,200
69,900 Southwest Airlines Co. 1,808,663
53,600 *USAirways Group, Inc. 1,876,000
----------------
6,168,863
- ---------------------------------------------------------------------------------------
Transportation-Railroad: 0.8%
36,301 Burlington Northern Santa Fe Corp. 3,262,552
46,700 CSX Corp. 2,591,850
29,200 Norfolk Southern Corp. 2,941,900
56,200 Union Pacific Corp. 3,962,100
----------------
12,758,402
- ---------------------------------------------------------------------------------------
Transportation-Trucking: 0.1%
35,800 Ryder Systems, Inc. 1,181,400
- ---------------------------------------------------------------------------------------
Utilities-Electric: 2.2%
27,400 American Electric Power Co., Inc. 1,150,800
28,700 Baltimore Gas & Electric Co. 765,931
18,800 Carolina Power & Light Co. 674,450
36,000 Central & South West Corp. 765,000
66,792 CINergy Corp. 2,325,196
32,200 Consolidated Edison Co. of New York, Inc. 947,887
22,600 Dominion Resources, Inc. 827,725
48,000 DTE Energy Co. 1,326,000
108,535 Duke Energy Corp. 5,202,874
89,500 Edison International 2,226,312
29,400 Entergy Corp. 804,825
27,900 FPL Group, Inc. 1,285,144
55,100 GPU, Inc. 1,976,712
28,400 Houston Industries, Inc. 608,825
96,000 *Niagara Mohawk Power Corp. 822,000
37,000 Northern States Power Co. 1,914,750
30,400 Ohio Edison Co. 663,100
49,400 PacifiCorp 1,086,800
66,800 PG&E Corp. 1,619,900
29,800 PP&L Resources, Inc. 594,138
33,500 Public Service Enterprise Group, Inc. 837,500
160,300 Southern Co. 3,506,563
39,000 Texas Utilities Co. 1,343,063
42,900 Unicom Corp. 954,525
21,500 Union Electric Co. 810,281
----------------
35,040,301
- ---------------------------------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 0.8%
2,400 Burlington Resources, Inc. 105,900
17,000 Columbia Gas Systems, Inc. 1,109,250
21,100 Consolidated Natural Gas Co. 1,135,444
57,500 Enron Corp. 2,346,719
64,200 ENSERCH Corp. 1,428,450
21,700 NICOR, Inc. 778,488
54,379 NorAm Energy Corp. 829,280
35,088 ONEOK, Inc. 1,129,395
44,500 Pacific Enterprises 1,496,313
24,900 Peoples Energy Corp. 932,194
27,800 Sonat, Inc. 1,424,750
----------------
12,716,183
- ---------------------------------------------------------------------------------------
Utilities-Telephone: 6.1%
98,700 *AirTouch Communications, Inc. 2,701,912
42,300 ALLTEL Corp. 1,414,406
135,700 Ameritech Corp. 9,219,119
376,835 AT&T Corp. 13,212,777
</TABLE>
MSF-22
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Utilities-Telephone: (Continued)
93,600 Bell Atlantic Corp. $ 7,101,900
252,500 BellSouth Corp. 11,709,687
52,900 Frontier Corp. 1,054,694
228,100 GTE Corp. 10,007,887
143,100 MCI Communications Corp. 5,478,047
111,800 NYNEX Corp. 6,442,475
208,347 SBC Communications, Inc. 12,891,471
93,800 Sprint Corp. 4,936,225
94,700 U.S. West, Inc.-Communications Group 3,569,007
229,800 *WorldCom, Inc. 7,346,419
---------------
97,086,026
TOTAL COMMON STOCK
(Cost: $1,058,080,157) ............................. 1,596,441,608
---------------
- ---------------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.3%
- ---------------------------------------------------------------------------------------
5,175,000 U.S. Treasury Bills, 4.84% to 5.05% with maturities
to 8/28/97 5,137,743
---------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $5,137,743) ................................. 5,137,743
---------------
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.1%
(Cost: $1,063,217,900) ............................. 1,601,579,351
OTHER ASSETS LESS LIABILITIES: (0.1)%............... (855,830)
---------------
TOTAL NET ASSETS: 100.0%............................ $1,600,723,521
===============
- ---------------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
See Notes to Financial Statements.
MSF-23
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
GFM INTERNATIONAL STOCK PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------------
COMMON STOCK: 96.1%
- --------------------------------------------------------------------------------------
<S> <C> <C>
Australia: 6.2%
201,000 Amcor Ltd. $ 1,336,771
760,000 *Australia National Industries 930,479
170,000 Broken Hill Proprietary Co. 2,503,127
370,000 GIO Australia Holdings 1,146,473
80,000 Lend Lease Corp. 1,692,880
180,000 National Australia Bank 2,580,584
310,000 News Corp. Ltd. ADS 1,487,694
1,200,000 *Normandy Mining Ltd. 1,351,281
465,000 *North Ltd. 1,774,690
110,000 *Rio Tinto Ltd. 1,877,132
760,000 *Savage Resources 689,244
152,000 *Westpac Banking Ltd. 915,546
145,000 WMC Ltd. 915,024
250,000 Woolworths Ltd. 821,878
--------------
Total Investments in Australia 20,022,803
- --------------------------------------------------------------------------------------
Austria: 0.8%
10,000 Bohler Uddeholm AG 775,472
6,000 EVN Energie-Versorgung AG 773,026
25,000 *VA Stahl AG 1,132,425
--------------
Total Investments in Austria 2,680,923
- --------------------------------------------------------------------------------------
Belgium: 1.3%
6,000 *Arbed SA 708,964
6,375 GPE Bruxelles 1,068,406
3,500 Kredietbank 1,410,506
10,400 Society Generale De Belgique 971,206
--------------
Total Investments in Belgium 4,159,082
- --------------------------------------------------------------------------------------
Canada: 0.3%
282,330 ++*Isleinvest Ltd. 920,008
--------------
Total Investments in Canada 920,008
- --------------------------------------------------------------------------------------
China: 1.0%
595,000 *Advanced Material Resources Ltd. 1,572,649
1,670,000 *Beijing Datang Power Generation Co. Ltd. 770,623
450,000 *First Tractor Co. Cl. H 296,232
1,650,000 Guangshen Railway 724,123
--------------
Total Investments in China 3,363,627
- --------------------------------------------------------------------------------------
Denmark: 0.0%
60 Novo-Nordisk AS 6,542
--------------
Total Investments in Denmark 6,542
- --------------------------------------------------------------------------------------
France: 9.2%
9,500 Air Liquide 1,508,244
18,240 Alcatel Alsthom 2,284,384
37,600 AXA UAP 2,338,523
4,750 *Axime 561,752
21,350 Cap Gemini 1,126,227
20,000 Cie Financiere Paribas Cl. A 1,381,728
24,000 Credit Commercial de France 1,016,897
13,300 Danone 2,197,543
16,900 *Dexia France 1,644,937
14,500 *Eaux Cie Generale 1,857,930
14,500 *Eaux Cie Generale (Wts.) 8,685
18,750 Elf Aquitaine SA 2,022,819
30,000 Lafarge SA 1,865,843
24,000 Michelin Cl. B 1,441,217
11,625 Saint-Gobain 1,695,275
28,000 *Schneider SA 1,490,360
20,000 Total SA Cl. B 2,021,543
10,000 Union Assured 1,175,830
75,500 Usinor Sacilor 1,361,819
15,000 Valeo SA 931,645
--------------
Total Investments in France 29,933,201
- --------------------------------------------------------------------------------------
Germany: 8.8%
18,250 *Allianz AG Holdings 3,819,305
63,090 BASF AG 2,331,375
31,700 Bayer AG 1,218,126
80,000 Commerzbank AG 2,265,925
30,960 Daimler-Benz AG 2,511,806
16,800 Deutsche Bank AG 981,549
57,100 Deutsche Telekom 1,375,036
13,000 Deutsche Pfandbrief 747,606
38,500 Lufthansa AG 738,389
3,150 Man AG 969,870
</TABLE>
MSF-24
<PAGE>
- ------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ------------------------------------------------------------------------------
Schedule of Investments
- ------------------------------------------------------------------------------
GFM INTERNATIONAL STOCK PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Germany: (Continued)
35,100 *Metallgesellschaft AG $ 730,537
53,500 Siemens AG 3,176,380
9,200 Thyssen AG 2,178,545
5,000 *Viag AG 2,273,379
4,185 Volkswagen AG 3,208,156
---------------
Total Investments in Germany 28,525,984
- ---------------------------------------------------------------------------------------
Hong Kong: 1.1%
200,000 Hutchison Whampoa, Ltd. 1,729,635
160,000 Swire Pacific Ltd. Cl. A 1,440,502
200,000 Swire Pacific Ltd. Cl. B 303,331
---------------
Total Investments in Hong Kong 3,473,468
- ---------------------------------------------------------------------------------------
Indonesia: 0.2%
27,000 *Indosat ADR 808,313
---------------
Total Investments in Indonesia 808,313
- ---------------------------------------------------------------------------------------
Italy: 2.8%
46,250 *Assicuraziono Generali 840,874
175,000 Banca Populare Di Milano 1,048,721
940,000 Credito Italiano 1,720,082
138,000 Edison SPA 686,521
278,700 ENI SPA 1,578,333
16,650 *Gucci Group NV 1,071,844
376,500 Stet 2,193,113
---------------
Total Investments in Italy 9,139,488
- ---------------------------------------------------------------------------------------
Japan: 29.3%
185,000 *Amada Co., Ltd. 1,630,169
361,000 *Asahi Bank Ltd. 3,070,799
177,000 *Bank Of Tokyo 3,551,736
492,000 *Clarion Co. 2,279,288
385,000 *Dai-Ichi Kangyo Bank Ltd. 5,239,923
77,000 *Dai-Nippon Printing Co., Ltd. 1,739,923
200,000 *Daito Trust 2,355,610
537,000 *Daiwa Bank 2,543,980
38,000 *Fuji Machine Manufacturing Co. 1,375,851
140,000 Fujikura 1,306,927
42,000 *Ines Corp. 747,514
55,000 *Intec, Inc. 734,165
250 *Japan Tobacco, Inc. 1,973,914
186,000 *Kao Corp. 2,580,178
340,000 *Kenwood Corp. 1,634,444
465,000 *Kubota Ltd. 2,275,912
476,000 *Kumagai-Gumi Co., Ltd. 793,195
38,000 *Kyocera Corp. 3,016,926
122,000 Mitsubishi Estate Co. Ltd. 1,766,882
207,000 *Mitsubishi Heavy Industries Ltd. 1,587,446
287,000 Mitsui & Co. Ltd. 2,754,319
848,000 *Mitsui Engineering & Shipbuilding Co. Ltd. 1,849,590
125,000 *Mitsumi Electric 2,977,229
470 *Nippon Telephone & Telegraph Corp. 4,510,557
577,250 Nissan Fire & Marine Insurance 3,172,810
90,000 *Nitto Denko Corp. 1,751,003
548,000 Nomura Securities 7,554,005
84,000 Ono Pharmaceutical 2,960,740
70,000 Pioneer Electronic Corp. 1,697,784
22,000 *Secom Co. 1,614,204
110,000 *Sharp Corp. 1,516,315
15,000 *Shima Seiki Manufacturing Co. 658,262
100,000 Sumitomo Electric Industries 1,675,100
370,000 *Teijin Ltd. 1,743,151
77,600 *THK Co. 1,326,959
250,000 *Toko, Inc. 1,548,595
76,000 *Tokyo Electric Power 1,597,976
78,000 *Tokyo Nissan Auto Sales Co. Ltd. 325,964
131,000 *Tokyo Steel Manufacturing 1,462,921
135,000 *Toto Ltd. 1,660,705
65,000 *Yamanouchi Pharmaceuticals Ltd. 1,746,641
270,000 *Yasuda Fire & Marine 1,813,820
887,000 *Yasuda Trust & Banking 3,389,513
190,000 *Yokogawa Electric 1,649,363
---------------
Total Investments in Japan 95,162,308
- ---------------------------------------------------------------------------------------
</TABLE>
MSF-25
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
GFM INTERNATIONAL STOCK PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Malaysia: 0.0%
40,000 Commerce Asset Holdings Bhd. $ 6,181
25,000 Commerce Asset Holdings (Wts.) 891
---------------
Total Investments in Malaysia 7,072
- ---------------------------------------------------------------------------------------
Mexico: 0.5%
14,000 Banco Latinoamericano de Exportaciones SA Cl. E 603,750
125,000 Grupo Carso SA de CV Cl. A 872,916
---------------
Total Investments in Mexico 1,476,666
- ---------------------------------------------------------------------------------------
Netherlands: 5.9%
100,000 ABN AMRO Holdings NV 1,864,588
23,500 Ahold Kon NV 1,982,577
12,500 Akzo Nobel NV 1,713,027
90,000 ING Groep NV 4,149,473
53,000 *Koninklijke PTT 2,079,067
110,400 Royal Dutch Petroleum 5,742,442
80,000 Ver Ned Uitgevers 1,768,811
---------------
Total Investments in Netherlands 19,299,985
- ---------------------------------------------------------------------------------------
Norway: 0.6%
30,430 *Kvaerner Industries Cl. A 1,841,361
---------------
Total Investments in Norway 1,841,361
- ---------------------------------------------------------------------------------------
Philippines: 0.3%
13,500 Philippine Long Distance Telephone Co. ADR 867,375
---------------
Total Investments in Philippines 867,375
- ---------------------------------------------------------------------------------------
Portugal: 0.0%
3,800 *Electricidade de Portugal 69,735
---------------
Total Investments in Portugal 69,735
- ---------------------------------------------------------------------------------------
Singapore: 1.2%
150,000 City Development Ltd. 1,468,840
85,000 Development Bank of Singapore Ltd. 1,070,155
66,250 Keppel Corp. Cl. A 287,298
90,000 United Overseas Bank Ltd. 925,369
---------------
Total Investments in Singapore 3,751,662
- ---------------------------------------------------------------------------------------
South Korea: 1.6%
57,000 +*Kookmin Bank GDR 144A 1,239,750
330,000 +*LG Electronics, Inc. GDR 144A 1,930,500
72,000 +*Samsung Electronics Ltd. 144A 1,944,000
1,028 +*Samsung Electronics Ltd. 144A 27,684
---------------
Total Investments in South Korea 5,141,934
- ---------------------------------------------------------------------------------------
Spain: 3.1%
11,500 Acerinox SA 2,154,835
25,000 Banco Bilbao Vizcaya SA 2,030,879
5,300 Banco Popular Espagnol SA 1,298,473
29,500 Repsol SA 1,247,268
28,750 *Tabacalera SA Cl. A 1,543,349
61,800 Telefonica de Espagna 1,786,685
---------------
Total Investments in Spain 10,061,489
- ---------------------------------------------------------------------------------------
Sweden: 1.1%
100,000 ABB AB Cl. A 1,402,624
58,250 Skandia Foersaekrings AB 2,146,112
---------------
Total Investments in Sweden 3,548,736
- ---------------------------------------------------------------------------------------
Switzerland: 5.9%
11,100 *Ciba Specialty Chemicals AG 1,026,370
10,000 Credit Suisse Group 1,284,247
1,053 Holderbank Financiere Glarus AG 994,580
3,120 Nestle SA 4,115,836
3,500 Novartis AG 5,595,206
300 Roche Holdings AG 2,713,356
5,500 *Schweiz Bankverein AG 1,471,062
675 *Sudelektra Holdings 577,911
3,500 Zurich Versicherung 1,392,808
---------------
Total Investments in Switzerland 19,171,376
- ---------------------------------------------------------------------------------------
Ukraine: 0.2%
1,100,000 ++*Ashurst Technology Ltd. 597,415
---------------
Total Investments in Ukraine 597,415
- ---------------------------------------------------------------------------------------
United Kingdom: 14.7%
405,000 Arjo Wiggins Appleton PLC 1,180,282
110,000 Bass PLC 1,342,732
345,000 BAT Industries PLC 3,088,093
270,000 BG PLC 989,189
105,000 BOC Group PLC 1,824,629
210,000 *British Biotech PLC 786,855
395,000 British Petroleum Co. PLC 4,913,721
472,000 British Telecommunications PLC 3,505,659
175,000 Cable & Wireless PLC 1,602,852
</TABLE>
MSF-26
<PAGE>
- ------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ------------------------------------------------------------------------------
Schedule of Investments
- ------------------------------------------------------------------------------
GFM INTERNATIONAL STOCK PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
United Kingdom: (Continued)
104,000 Commercial Union PLC $ 1,093,703
66,000 *Enterprise Oil 739,693
299,400 ++*Euro Sales Finance Cl. A 623,239
250,500 Glaxo Wellcome PLC 5,183,187
140,000 *Great University Stores 1,421,001
250,000 Guinness PLC 2,447,993
250,000 *J. Sainsbury PLC 1,515,424
615,000 *Kemgas International Ltd. 779,355
74,000 Land Securities 1,047,474
196,000 Marks & Spencer PLC 1,625,467
126,000 Morgan Crucible Co. 935,833
170,000 National Westminster Bank PLC 2,286,042
262,000 Northern Foods 868,255
145,000 *P & O 1,443,983
148,000 Rank Group PLC 937,798
231,000 Rolls Royce PLC 880,928
122,500 Sun Life & Provincial Holding PLC 624,238
140,000 Unilever PLC 4,007,714
---------------
Total Investments in United Kingdom 47,695,339
---------------
TOTAL COMMON STOCK
(Cost: $269,577,918) ................................ 311,725,892
---------------
- ---------------------------------------------------------------------------------------
PREFERRED STOCK: 0.5%
- ---------------------------------------------------------------------------------------
Germany: 0.4%
3,100 Gea AG 1,201,537
---------------
Total Investments in Germany 1,201,537
- ---------------------------------------------------------------------------------------
United Kingdom: 0.1%
295,000 Upton & Southern Holdings PLC Cum. Cvt. Pfd. 493,720
---------------
Total Investments in United Kingdom 493,720
---------------
TOTAL PREFERRED STOCK
(Cost: $1,561,695) .................................. 1,695,257
---------------
- ---------------------------------------------------------------------------------------
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ---------------------------------------------------------------------------------------
CORPORATE BONDS: 0.3%
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
France $ 4,822,400 Cap Gemini 3.500% 12/31/99 $ 820,597
---------------
TOTAL CORPORATE BONDS
(Cost: $820,597) .................................... 820,597
---------------
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENTS: 96.9%
(Cost: $271,960,210) ................................ 314,241,746
OTHER ASSETS LESS LIABILITIES: 3.1%.................. 10,177,004
---------------
TOTAL NET ASSETS: 100.0%............................. $ 324,418,750
===============
- ---------------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
++Illiquid Securities.
+Restricted Securities see note 2.
Additional information on restricted securities as follows:
<TABLE>
<CAPTION>
Valuation
Acquisition Acquisition as of
Issue Date Cost June 30, 1997
----- ---- ---- -------------
<S> <C> <C> <C>
Kookmin Bank GDR 144A . . . . . . 6/5/97 $ 1,220,250 $ 1,239,750
LG Electronics, Inc. GDR 144A . . 5/21/97 1,664,184 1,930,500
Samsung Electronics Ltd. 144A . . 1/17/97 1,672,750 1,944,000
Samsung Electronics Ltd. 144A . . 6/25/97 28,681 27,684
</TABLE>
The aggregate value of restricted securities at June 30, 1997 was $5,141,934 or
1.58% of the GFM International Stock Portfolio's net assets.
ADR (American depository receipt) represents ownership of foreign
securities.
See Notes to Financial Statements.
MSF-27
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Industry Diversification
- --------------------------------------------------------------------------------
GFM INTERNATIONAL STOCK PORTFOLIO
As a Percentage of Total Value of Investments
<TABLE>
<S> <C>
Automotive.......................................................... 2.12%
Banking............................................................. 14.83%
Broadcasting........................................................ 0.47%
Building & Construction............................................. 0.25%
Business Services................................................... 1.27%
Chemicals........................................................... 4.13%
Construction Materials.............................................. 1.98%
Drugs & Health Care................................................. 6.04%
Electrical Equipment................................................ 1.98%
Electronics......................................................... 8.40%
Entertainment & Leisure............................................. 0.59%
Financial Services.................................................. 5.42%
Food & Beverages.................................................... 5.26%
Forest Products & Paper............................................. 0.80%
General Business.................................................... 0.88%
Insurance........................................................... 6.23%
Machinery........................................................... 3.74%
Metals-Gold......................................................... 0.43%
Metals-Non-Ferrous.................................................. 1.95%
Metals-Steel & Iron................................................. 4.14%
Mining.............................................................. 0.22%
Miscellaneous....................................................... 0.37%
Multi-Industry...................................................... 3.41%
Oil & Gas Exploration............................................... 1.28%
Oil-International................................................... 4.54%
Printing & Publishing............................................... 1.12%
Real Estate......................................................... 3.22%
Retail Trade........................................................ 2.95%
Shipbuilding........................................................ 0.59%
Telecommunications Equipment & Services............................. 1.49%
Textiles & Apparel.................................................. 0.55%
Tires & Rubber...................................................... 0.46%
Tobacco............................................................. 0.63%
Transportation-Airlines............................................. 0.23%
Transportation-Railroad............................................. 0.23%
Transportation-Shipping............................................. 0.46%
Utilities-Electric.................................................. 1.24%
Utilities-Gas Distribution & Pipelines.............................. 0.32%
Utilities-Miscellaneous............................................. 0.59%
Utilities-Telephone................................................. 5.19%
======
100.0%
======
</TABLE>
See Notes to Financial Statements.
MSF-28
<PAGE>
- --------------------------------------------------------------------------------
Metroplitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 1.6%
- --------------------------------------------------------------------------------
<S> <C> <C>
Banking: 0.9%
26,000,000 Siam Commercial Bank PLC $ 106,389
- --------------------------------------------------------------------------------
Computer Equipment & Service: 0.1%
1,300 Learning Co., Inc. 12,188
- --------------------------------------------------------------------------------
Utilities-Electric: 0.6%
4,000 Eastern Utilities Associates 73,000
------------
TOTAL COMMON STOCK
(Cost: $170,219) .............................. 191,577
------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 3.9%
- --------------------------------------------------------------------------------
Broadcasting: 1.4%
1,614 Cablevision Systems Corp. 162,207
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 1.5%
4,500 +Bethleham Steel Corp. 144A 182,250
- --------------------------------------------------------------------------------
Oil-Services: 0.2%
800 McDermott, Inc. 25,300
- --------------------------------------------------------------------------------
Transportation-Trucking: 0.5%
1,600 Arkansas Best Corp. 52,800
- --------------------------------------------------------------------------------
Utilities-Electric: 0.3%
50 Niagara Mohawk Power Corp. 4.85% pfd. 2,700
100 Niagara Mohawk Power Corp. 3.60% pfd. 4,057
100 Niagara Mohawk Power Corp. 2,206
200 Niagara Mohawk Power Corp. 9,000
200 Niagara Mohawk Power Corp. Ser. C adj. rate 4,475
400 Niagara Mohawk Power Corp. 4.40% pfd. 16,200
------------
38,638
------------
TOTAL PREFERRED STOCK
(Cost: $416,699) .............................. 461,195
------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CONVERTIBLE BONDS: 25.0%
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Automotive: 0.4%
$ 50,000 Kia Motors Corp. 0.250% 12/31/06 $ 47,500
- --------------------------------------------------------------------------------
Business Services: 0.7%
100,000 +Physicians Resource Group,
Inc. 144A 6.000% 12/01/01 82,000
- --------------------------------------------------------------------------------
Computer Equipment & Service: 7.7%
550,000 Apple Computer, Inc. 6.000% 6/01/01 464,749
540,000 +Softkey International, Inc. 5.500% 11/01/00 441,450
144A
-----------
906,199
- --------------------------------------------------------------------------------
Electrical Equipment: 0.3%
$ 40,000 Richardson Electronics
Ltd. 7.250% 12/15/06 $ 31,100
- --------------------------------------------------------------------------------
Electronics: 2.5%
350,000 Cyrix Corp. 5.500% 6/01/01 287,000
- --------------------------------------------------------------------------------
Foreign Obligations: 5.1%
20,000 Advanced Agro Public Co. 3.500% 6/17/01 19,900
300,000 Bangkok Bank 3.250% 3/03/04 231,750
50,000 Empresas ICA Sociedad 5.000% 3/15/04 39,500
50,000 Loxley 2.500% 4/04/01 43,500
100,000 Samsung Co. 0.250% 6/26/06 100,500
50,000 Sappi Bvi Finance 7.500% 8/01/02 47,438
175,000 Siam Commercial 3.250% 1/24/04 111,125
-------------
593,713
- --------------------------------------------------------------------------------
Industrials: 1.6%
150,000 +Exide Corp. 144A 2.900% 12/15/05 92,438
165,000 UroMed Corp. 6.000% 10/15/03 96,707
-------------
189,145
- --------------------------------------------------------------------------------
Miscellaneous: 1.4%
90,000 TPI Enterprises, Inc. 8.250% 7/15/02 78,188
125,000 Veterinary Centers of
America, Inc. 5.250% 5/01/06 88,750
-------------
166,938
- --------------------------------------------------------------------------------
Restaurant: 0.6%
175,000 Shoney's, Inc. 0.000% 4/11/04 75,250
- --------------------------------------------------------------------------------
Retail Trade: 0.7%
100,000 Jacobson Stores, Inc. 6.750% 12/15/11 86,250
- --------------------------------------------------------------------------------
Textiles & Apparel: 0.7%
100,000 Fieldcrest Cannon, Inc. 6.000% 3/15/12 79,500
- --------------------------------------------------------------------------------
Transportation-Trucking: 0.8%
160,000 Worldway Corp. 6.250% 4/15/11 96,000
- --------------------------------------------------------------------------------
Utilities-Telephone: 2.5%
400,000 Broadband Technologies,
Inc. 5.000% 5/15/01 292,000
-------------
TOTAL CONVERTIBLE BONDS
(Cost: $2,951,755) .......................... 2,932,595
- --------------------------------------------------------------------------------
</TABLE>
MSF-29
<PAGE>
- --------------------------------------------------------------------------------
Metroplitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: 42.8%
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Broadcasting: 4.4%
$ 100,000 CBS Inc. 7.125% 11/01/23 $ 86,262
150,000 Comcast Corp. 1.125% 4/15/07 87,000
350,000 Tele-Communications, Inc. 7.875% 8/01/13 341,723
----------
514,985
- --------------------------------------------------------------------------------
Collateralized Mortgage Obligations: 0.8%
100,000 Dr Structured Finance Corp. 8.375% 8/15/15 92,500
- --------------------------------------------------------------------------------
Electronics: 5.0%
450,000 +Cirrus Logic, Inc. 144A 6.000% 12/15/03 325,688
275,000 Westinghouse Electric Corp. 7.875% 9/01/23 254,859
----------
580,547
- --------------------------------------------------------------------------------
Entertainment & Leisure: 0.7%
100,000 Bell Sports Corp. 4.250% 11/15/00 85,250
- --------------------------------------------------------------------------------
Food & Beverages: 5.2%
100,000 Borden, Inc. 7.875% 2/15/23 90,829
45,000 Flagstar Corp. 11.250% 11/01/04 18,450
200,000 RJR Nabisco, Inc. 8.750% 8/15/05 202,990
300,000 RJR Nabisco, Inc. 8.500% 7/01/07 298,407
----------
610,676
- --------------------------------------------------------------------------------
Hospital Supply: 0.7%
100,000 NABI 6.500% 2/01/03 81,625
- --------------------------------------------------------------------------------
Industrials: 5.3%
200,000 Digital Equipment Corp. 8.625% 11/01/12 203,306
200,000 Digital Equipment Corp. 7.750% 4/01/23 183,222
50,000 Glycomed, Inc. 7.500% 1/01/03 43,000
50,000 Paging Network Sr. Sub. 8.875% 2/01/06 45,500
150,000 Pope & Talbot, Inc. 8.375% 6/01/13 142,977
----------
618,005
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 2.2%
50,000 Geneva Steel Co. 11.125% 3/15/01 45,000
29,000 Midland Ross Corp. 6.000% 2/15/07 18,850
200,000 Molten Metal Technology,
Inc. 5.500% 5/01/06 74,000
135,000 Republic Engineered
Steels, Inc. 9.875% 12/15/01 124,875
----------
262,725
- --------------------------------------------------------------------------------
Oil-International: 0.6%
100,000 Sangyong Oil Refining Co.
Ltd. 3.000% 12/31/04 68,125
- --------------------------------------------------------------------------------
Pollution Control: 1.0%
125,000 Envirotest Systems Corp. 9.625% 4/01/03 113,125
- --------------------------------------------------------------------------------
Retail Trade: 0.7%
100,000 Dillon Reed 7.430% 8/15/18 83,250
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 8.0%
855,000 Arch Communications Group,
Inc. 1.000% 3/15/08 453,150
230,000 Century Communications
Corp. 0.000% 3/15/03 136,850
210,000 Nextel Communications, Inc. 1.000% 8/15/04 160,650
200,000 TCI Communications, Inc. 7.875% 2/15/26 192,200
----------
942,850
- --------------------------------------------------------------------------------
Utilities-Telephone: 8.2%
550,000 Intercel, Inc. 1.000% 5/01/06 345,125
150,000 Intercel, Inc. 1.000% 2/01/06 96,187
160,000 Lenfest Communications,
Inc. 8.375% 11/01/05 157,600
500,000 Telewest PLC 1.000% 10/01/07 360,000
----------
958,912
----------
TOTAL CORPORATE BONDS
(Cost: $4,922,510) ............................. 5,012,575
----------
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 4.7%
- --------------------------------------------------------------------------------
600,000 U.S. Treasury Bond 6.250% 8/15/23 555,467
----------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $540,093) ............................... 555,467
----------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 8.1%
- --------------------------------------------------------------------------------
250,000 Republic of Argentina 5.500% 3/31/23 173,125
500,000 Republic of Brazil 10.125% 5/15/17 481,249
100,000 Rogers Cablesystems Ltd. 9.650% 1/15/14 73,138
150,000 Rogers Communications, Inc. 10.500% 2/14/06 119,602
100,000 South Africa Republic 8.500% 6/23/17 99,331
----------
946,445
----------
TOTAL FOREIGN OBLIGATIONS
(Cost: $917,672) ............................... 946,445
----------
- --------------------------------------------------------------------------------
</TABLE>
MSF-30
<PAGE>
- --------------------------------------------------------------------------------
Metroplitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
YANKEE BONDS: 10.0%
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 210,000 Grupo Televisa SA de CV 1.000% 5/15/08 $ 146,475
50,000 International Semi Tech 11.500% 8/15/03 29,750
350,000 MBI Finance 0.010% 12/18/01 250,688
500,000 +Pan Pacific Industrial
Investment PLC 144A 0.000% 4/28/07 225,625
300,000 Petroleos Mexicanos 8.625% 12/01/23 262,500
50,000 Rogers Communications, Inc. 2.000% 11/26/05 28,250
300,000 +TFM SA de CV 144A 1.000% 6/15/09 172,500
50,000 Transportacion Maritima
Mexica 10.000% 11/15/06 50,625
TOTAL YANKEE BONDS
(Cost: $1,138,659) ............................. 1,166,413
------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 6.9%
- --------------------------------------------------------------------------------
810,000 State Street Repurchase
Agreement (U.S. Treasury
Bills collateralized dated
6/30/98 due 7/01/98 @
6.25% with a market value 5.000% 7/01/97
of $828,868) 810,000
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $810,000) ........................... 810,000
-------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 103.1%
(Cost: $11,867,607) ........................ 12,076,267
OTHER ASSETS LESS LIABILITIES: (3.1)%....... (358,011)
-------------
TOTAL NET ASSETS: 100.0%.................... $ 11,718,256
============
- -------------------------------------------------------------------------------
</TABLE>
+Restricted Securities see note 2.
Additional information on restricted securities as follows:
<TABLE>
<CAPTION>
Acquisition Acquisition Valuation as of
Issue Date Cost June 30, 1997
----- ---- ---- ----
<S> <C> <C> <C>
Bethleham Steel Corp. 144A... 3/3/97 $ 171,125 $ 182,250
Cirrus Logic, Inc. 144A...... 4/23/97 333,575 325,688
Exide Corp. 144A............. 3/3/97 91,125 92,438
Pan Pacific Industrial
Investments PLC 144A......... 5/23/97 214,930 225,625
Physicians Resources Group,
Inc. 144A..................... 6/20/97 81,625 82,000
Softkey International Inc. 144A 3/4/97 436,925 441,450
TFM SA de CV 144A............ 6/11/97 171,111 172,500
</TABLE>
The aggregate value of restricted securities at June 30, 1997 was $1,521,951 or
12.99% of the Loomis Sayles High Yield Bond Portfolio's Net Assets.
See Notes to Financial Statements.
MSF-31
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 89.7%
- -------------------------------------------------------------------------------
<S> <C> <C>
Automotive: 1.0%
6,500 *O' Reilly Automotive, Inc. $ 249,437
- -------------------------------------------------------------------------------
Banking: 0.8%
575 First Empire State Corp. 193,775
75 Northern Trust Corp. 3,630
450 TCF Financial Corp. 22,219
------------
219,624
- -------------------------------------------------------------------------------
Broadcasting: 5.8%
9,700 Clear Channel Communications, Inc. 596,550
10,275 *Evergreen Media Corp. Cl. A 457,880
3,775 *Heftel Broadcasting Corp. Cl. A 207,153
6,925 *Univision Communications, Inc. Cl. A 270,941
------------
1,532,524
- -------------------------------------------------------------------------------
Business Services: 4.1%
1,350 *Catalina Marketing Corp. 64,969
10,525 *Outdoor Systems, Inc. 401,266
14,075 Paychex, Inc. 540,128
5,325 *Profit Recovery Group International, Inc. 73,385
------------
1,079,748
- -------------------------------------------------------------------------------
Construction Materials: 8.3%
13,800 *Barnett, Inc. 338,100
37,475 Fastenal Co. 1,831,591
------------
2,169,691
- -------------------------------------------------------------------------------
Drugs & Health Care: 11.1%
1,225 DENTSPLY International, Inc. 59,948
11,650 *Depotech Corp. 158,003
24,650 Omnicare, Inc. 773,394
18,250 *Sofamor Danek Group, Inc. 834,937
9,800 *Sunrise Assisted Living, Inc. 344,225
100 *Sybron International Corp. 3,987
11,500 Teva Pharmaceutical Industries Ltd. ADR 745,344
------------
2,919,838
- -------------------------------------------------------------------------------
Education: 2.7%
20,225 *Apollo Group, Inc. Cl. A 714,195
- -------------------------------------------------------------------------------
Electrical Equipment: 2.0%
18,075 Littelfuse, Inc. 506,100
- -------------------------------------------------------------------------------
Electronics: 0.4%
5,675 Methode Electronics, Inc. Cl. A 112,259
- -------------------------------------------------------------------------------
Entertainment & Leisure: 8.9%
13,375 *Family Golf Centers, Inc. 307,207
33,400 *Petco Animal Supplies, Inc. 1,000,956
12,775 *Premier Parks, Inc. 470,280
10,900 *Regal Cinemas, Inc. 359,019
5,475 Royal Caribbean Cruises Ltd. 191,283
------------
2,328,745
- -------------------------------------------------------------------------------
Financial Services: 8.5%
525 Associates First Capital Corp. Cl. A 29,137
4,625 Charles Schwab Corp. 188,180
6,150 *Credit Acceptance Corp. 78,989
9,800 *Federal Agricultural Mortgage Corp. Cl. C 350,350
225 FINOVA Group, Inc. 17,212
17,525 *Healthcare Financial Partners, Inc. 354,881
425 Household International, Inc. 49,911
32,075 *Insignia Financial Group, Inc. Cl. A 581,359
26,500 Medallion Financial Corp. 501,844
375 Nationwide Financial Services, Inc. Cl.A 9,961
1,050 Travelers Group, Inc. 66,216
------------
2,228,040
- -------------------------------------------------------------------------------
Food & Beverages: 1.6%
13,500 *JP Foodservice, Inc. 385,611
2,025 Weider Nutrition International, Inc. Cl. A 32,147
------------
417,758
- -------------------------------------------------------------------------------
Hotel & Motel: 7.8%
1,350 *Choice Hotels Holdings, Inc. 22,866
14,625 *HFS, Inc. 848,250
52,170 Wetherspoon (J.D.) PLC 1,183,723
------------
2,054,839
- -------------------------------------------------------------------------------
Insurance: 3.9%
750 AFLAC, Inc. 35,438
5,675 *Hartford Life, Inc. Cl. A 212,812
2,975 Progressive Corp. 258,825
8,725 Protective Life Corp. 438,431
</TABLE>
MSF-32
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
<S> <C> <C>
Insurance: (Continued)
1,825 *UICI $ 53,723
1,025 Western National Corp. 27,483
------------
1,026,712
- -------------------------------------------------------------------------------
Multi-Industry: 0.7%
43,482 Capita Group PLC 171,526
- -------------------------------------------------------------------------------
Newspapers: 0.6%
2,225 Central Newspapers, Inc. Cl. A 159,366
- -------------------------------------------------------------------------------
Office & Business Equipment: 0.1%
2,175 Amdahl Corp. 19,031
- -------------------------------------------------------------------------------
Plastics: 2.5%
13,750 Sealed Air Corp. 653,125
- -------------------------------------------------------------------------------
Pollution Control: 2.2%
12,600 *Culligan Water Technologies, Inc. 563,850
- -------------------------------------------------------------------------------
Restaurant: 7.5%
23,000 *Papa John's International, Inc. 849,562
106,469 Pizza Express PLC 1,117,009
------------
1,966,571
- -------------------------------------------------------------------------------
Retail Grocery: 0.6%
3,200 Quality Food Centers, Inc. 121,600
725 *Safeway, Inc. 33,441
------------
155,041
- -------------------------------------------------------------------------------
Retail Trade: 2.0%
1,775 *Costco Cos., Inc. 58,409
4,425 *Meyer (Fred), Inc. 228,717
5,775 *MSC Industrial Direct, Inc. Cl. A 231,722
------------
518,848
- -------------------------------------------------------------------------------
Telecommunications Equipment & Services: 0.2%
1,125 *CommNet Cellular, Inc. 39,234
- -------------------------------------------------------------------------------
Transportation-Airlines: 0.2%
2,275 *Ryanair Holdings PLC ADR 61,283
- -------------------------------------------------------------------------------
Transportation-Railroad: 1.9%
13,650 *Wisconsin Central Transportation Corp. 508,036
- -------------------------------------------------------------------------------
Utilities-Miscellaneous: 2.7%
27,050 *Hanover Compressor Co. 527,475
2,025 *JLK Direct Distribution, Inc. Cl. A 51,891
37,421 Rentokil Initial PLC 131,240
------------
710,606
- -------------------------------------------------------------------------------
Utilities-Telephone: 1.6%
2,350 Cincinnati Bell, Inc. 74,025
38,400 PriCellular Corp. Cl. A 352,800
------------
426,825
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $21,178,850) ............................ 23,512,852
------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 18.3%
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 4,800,000 Federal Home Loan
Mortgage Corp. 5.750% 7/01/97 $ 4,800,000
------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $4,800,000) ............................ 4,800,000
------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 108.0%
(Cost: $25,978,849) ........................... 28,312,852
OTHER ASSETS LESS LIABILITIES: (8.0)%.......... (2,089,397)
------------
TOTAL NET ASSETS: 100.0%....................... $ 26,223,455
============
- -------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
ADR (American depository receipt) represents ownership of foreign securities.
See Notes to Financial Statements.
MSF-33
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 94.2%
- -------------------------------------------------------------------------------
<S> <C> <C>
Aerospace: 0.7%
2,900 *BE Aerospace $ 91,531
1,700 Precision Castparts Corp. 101,363
------------
192,894
- -------------------------------------------------------------------------------
Automotive: 1.2%
6,000 *Miller Industries, Inc. 96,000
2,400 *O' Reilly Automotive, Inc. 92,100
2,900 *Tower Automotive, Inc. 124,700
------------
312,800
- -------------------------------------------------------------------------------
Banking: 1.9%
2,000 Astoria Financial Corp. 95,000
1,500 Community First Bankshares 57,375
900 Green Point Financial Corp. 59,906
1,400 Haven Bancorp, Inc. 52,150
2,400 *Imperial Bancorp 69,300
2,000 *Silicon Valley Bancshares 90,500
1,800 Texas Regional Bancshares, Inc. Cl. A 75,150
------------
499,381
- -------------------------------------------------------------------------------
Biotechnology: 1.0%
1,400 *Biogen, Inc. 47,469
2,500 *Dura Pharmaceuticals, Inc. 99,531
5,200 *Serologicals Corp. 117,000
------------
264,000
- -------------------------------------------------------------------------------
Broadcasting: 2.0%
2,600 *American Radio Systems Corp. Cl. A 103,675
3,000 *BET Holdings, Inc. Cl. A 98,250
1,500 *Clear Channel Communications, Inc. 92,250
2,800 *Evergreen Media Corp. Cl. A 124,775
2,600 *SFX Broadcasting, Inc. Cl. A 109,444
------------
528,394
- -------------------------------------------------------------------------------
Building & Construction: 0.7%
1,000 Blount International, Inc. Cl. A 42,563
3,000 *Fairfield Communities, Inc. 100,875
1,400 *NCI Building Systems, Inc. 45,238
------------
188,676
- -------------------------------------------------------------------------------
Business Services: 8.5%
5,600 *AccuStaff, Inc. 132,650
4,400 *Affiliated Computer Services, Inc. Cl. A 123,200
5,100 *American Business Information, Inc. 109,650
6,200 Amresco, Inc. 133,687
2,800 *Bisys Group, Inc. 117,513
2,700 *Concord EFS, Inc. 70,369
1,000 *Consolidated Graphics, Inc. 41,750
5,300 *COREstaff, Inc. 143,431
1,800 Fair Issac & Co., Inc. 80,213
4,000 *First USA Paymentech, Inc. 115,750
2,400 G&K Services, Inc. Cl. A 88,800
1,648 HBO & Co. 113,536
3,200 *Meta Group 68,800
1,500 *NHP, Inc. 33,469
3,300 Norrell Corp. 108,900
1,500 *Outdoor Systems, Inc. 57,188
1,850 Paychex, Inc. 70,994
1,900 *Payment Services, Inc. 28,916
3,400 *QuickResponse Services, Inc. 121,975
3,700 *Renaissance Solutions, Inc. 135,975
3,000 *Romac International, Inc. 99,375
3,900 *Superior Services, Inc. 91,894
5,600 *Tetra Tech, Inc. 135,450
800 *U.S. Office Products Co. 24,375
------------
2,247,860
- -------------------------------------------------------------------------------
Chemicals: 0.8%
3,400 *Foamex International, Inc. 44,413
2,000 *Mycogen Corp. 39,000
3,500 *Sybron International Corp. 139,536
------------
222,949
- -------------------------------------------------------------------------------
Computer Equipment & Service: 5.6%
4,000 *Actel Corp. 68,000
700 *America Online, Inc. 38,937
2,400 *BDM International, Inc. 54,900
1,000 *CBT Group Ltd. PLC ADR 62,813
</TABLE>
MSF-34
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
<S> <C> <C>
Computer Equipment & Service: (Continued)
1,800 *CIBER, Inc. $ 61,538
3,000 *Citrix Systems, Inc. 131,719
6,300 *Computer Management Sciences, Inc. 131,513
2,000 *DST Systems, Inc. 66,625
1,700 *FORE Systems, Inc. 23,109
2,700 *Gartner Group, Inc. Cl. A 96,947
2,200 *Gateway 2000, Inc. 71,363
2,000 Legato Systems, Inc. 37,250
2,700 *Medic Computer Systems, Inc. 60,159
1,600 *PeopleSoft, Inc. 84,300
1,500 Safeguard Scientifics, Inc. 47,719
800 *Solectron Corp. 56,000
3,500 *SPSS, Inc. 102,813
1,500 *SunGard Data Systems, Inc. 69,750
3,600 *Sykes Enterprises, Inc. 93,150
1,100 *Trident Microsystems, Inc. 12,409
1,800 *Vanstar Corp. 25,425
2,300 *Western Digital Corp. 72,738
------------
1,469,177
- -------------------------------------------------------------------------------
Construction Materials: 0.8%
3,000 *Barnett, Inc. 73,500
1,400 Fastenal Co. 68,425
1,300 *Shaw Group, Inc. 21,125
2,000 Valmont Industries, Inc. 38,375
------------
201,425
- -------------------------------------------------------------------------------
Consumer Products: 0.5%
4,050 *Blyth Industries, Inc. 136,688
- -------------------------------------------------------------------------------
Cosmetics: 0.3%
2,500 Alberto-Culver Co. Cl. B Cvt. 70,000
- -------------------------------------------------------------------------------
Drugs & Health Care: 8.9%
2,100 *Amerisource Health Corp. Cl. A 104,737
1,400 *Centocor Corp. 43,444
1,000 DENTSPLY International, Inc. 48,938
3,100 *Genesis Health Ventures, Inc. 104,625
1,900 *Health Management Associates, Inc. Cl. A 54,150
1,500 *HealthCare Compare Corp. 78,656
700 *IDEXX Laboratories, Inc. 8,684
1,300 Invacare Corp. 30,225
2,800 Jones Medical Industries, Inc. 133,000
2,200 *Lincare Holdings, Inc. 94,669
2,000 *Liposome Co., Inc. 17,813
700 *Lunar Corp. 15,050
3,000 Mentor Corp. 88,969
2,800 *National Surgery Centers, Inc. 99,050
4,000 *NBTY, Inc. 111,500
3,400 *OccuSystems, Inc. 98,706
3,600 Omnicare, Inc. 112,950
600 *Oxford Health Plans, Inc. 43,069
3,900 *PAREXEL International Corp. 122,850
3,000 *Patterson Dental Co. 102,563
2,500 *Pediatrix Medical Group, Inc. 114,531
3,400 *Phycor, Inc. 116,981
4,300 *Respironics, Inc. 90,031
6,100 *Rotech Medical Corp. 122,572
1,700 *Sofamor Danek Group, Inc. 77,775
2,000 St. Jude Medical, Inc. 78,000
3,000 *Theratech, Inc. 35,625
2,400 *Thermedics, Inc. 37,650
1,600 *Universal Health Services, Inc. Cl. B 61,600
2,700 *Watson Pharmaceuticals, Inc. 113,906
------------
2,362,319
- -------------------------------------------------------------------------------
Electrical Equipment: 2.3%
3,300 *American Power Conversion Corp. 62,391
3,700 *Anadigics, Inc. 115,162
900 *C-Cube Microsystems, Inc. 15,778
2,700 *Coherent, Inc. 120,572
600 Fisher Scientific International, Inc. 28,500
2,000 *Imnet Systems, Inc. 62,000
3,300 *Kent Electronics Corp. 121,069
3,300 *Littelfuse, Inc. 92,400
------------
617,872
- -------------------------------------------------------------------------------
</TABLE>
MSF-35
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
<S> <C> <C>
Electronics: 7.5%
1,400 *Adaptec, Inc. $ 48,650
1,200 *Altera Corp. 60,637
2,900 *Aspen Technology, Inc. 109,022
1,400 *Atmel Corp. 39,288
4,500 *Burr-Brown Corp. 154,828
2,200 *Checkpoint Systems, Inc. 35,338
2,100 *Dionex Corp. 107,363
2,000 *Electro Scientific Industries, Inc. 83,688
1,400 *Eletronics for Imaging, Inc. 66,106
2,800 *Encad, Inc. 116,725
1,100 *General Instrument Corp. 27,500
3,000 *Hologic, Inc. 80,063
1,500 *Linear Technology Corp. 77,484
3,100 *Microchip Technology, Inc. 92,128
2,800 *Microtouch Systems, Inc. 64,750
1,300 *Novellus Systems, Inc. 112,125
4,700 *Periphonics Corp. 99,875
3,300 *Puerto Common, Inc. 108,488
1,100 *Sanmina Holdings, Inc. 68,888
1,800 *SCI Systems, Inc. 114,750
3,700 *Smart Modular Technologies, Inc. 125,800
3,300 *Speedfam International, Inc. 119,006
2,000 *Thermo Instrument Systems, Inc. 61,250
------------
1,973,752
- -------------------------------------------------------------------------------
Energy: 0.9%
2,600 *CalEnergy, Inc. 98,800
6,700 *Offshore Logistics, Inc. 128,138
------------
226,938
- -------------------------------------------------------------------------------
Entertainment & Leisure: 2.2%
2,300 Callaway Golf Co. 81,650
4,000 *Cannondale Corp. 70,125
3,800 *Carmike Cinemas, Inc. Cl. A 124,450
2,000 *GTECH Holdings Corp. 64,500
4,600 *Hollywood Entertainment Corp. 105,800
4,000 *IMAX Corp. 98,750
2,100 International Game Technology $ 37,275
------------
582,550
- -------------------------------------------------------------------------------
Financial Services: 1.9%
1,600 Aames Financial Corp. 29,600
5,100 *Americredit Corp. 107,100
1,200 Capital One Financial Corp. 45,300
2,000 *Credit Acceptance Corp. 25,688
5,300 *Imperial Credit Industries, Inc. 109,147
4,300 Money Store, Inc. (The) 122,953
1,800 United Asset Management Corp. 50,963
------------
490,751
- -------------------------------------------------------------------------------
Forest Products & Paper: 0.2%
1,000 *Fort Howard Corp. 50,594
- -------------------------------------------------------------------------------
Healthcare Services: 2.6%
3,300 *Apria Healthcare Group 58,575
800 *Compdent Corp. 16,800
1,200 *CRA Managed Care, Inc. 62,663
1,800 *Emcare Holdings, Inc. 66,263
4,400 *Inhale Therapeutic Systems 107,250
4,700 *Orthodontic Centers of America, Inc. 85,628
3,000 *Pediatric Services of America, Inc. 60,563
3,900 *Renal Treatment Centers, Inc. 104,813
800 *Sangstat Medical Corp. 18,250
2,900 *Total Renal Care Holdings, Inc. 116,544
------------
697,349
- -------------------------------------------------------------------------------
Hospital Supply: 0.4%
3,500 ADAC Laboratories 82,687
535 *Boston Scientific Corp. 32,869
------------
115,556
- -------------------------------------------------------------------------------
Hotel & Motel: 1.1%
2,400 *Doubletree Corp. 98,625
3,300 *Extended Stay America, Inc. 49,191
400 *HFS, Inc. 23,200
2,000 La Quinta Inns, Inc. 43,750
</TABLE>
MSF-36
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
<S> <C> <C>
Hotel & Motel: (Continued)
2,200 *Promus Hotel Corp. $ 85,250
------------
300,016
- -------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 0.3%
2,200 Libbey, Inc. 77,000
- -------------------------------------------------------------------------------
Insurance: 2.7%
2,200 *Amerin Corp. 53,350
2,000 CMAC Investment Corp. 95,500
1,400 Executive Risk, Inc. 72,800
5,100 *FPA Medical Management, Inc. 120,806
4,000 HCC Insurance Holdings, Inc. 106,750
2,600 Protective Life Corp. 130,650
2,800 *Triad Guaranty, Inc. 127,225
------------
707,081
- -------------------------------------------------------------------------------
Machinery: 0.4%
1,200 *American Standard Cos., Inc. 53,700
1,600 Lindsay Manufacturing Co. 52,400
------------
106,100
- -------------------------------------------------------------------------------
Metals-Gold: 0.1%
500 Newmont Mining Corp. 19,500
- -------------------------------------------------------------------------------
Metals-Non-Ferrous: 0.5%
4,500 *RMI Titanium Co. 122,625
- -------------------------------------------------------------------------------
Miscellaneous: 1.9%
3,800 Central Parking Corp. 132,288
3,400 *Equity Corp. International 82,238
2,500 *Learning Tree International, Inc. 111,719
2,900 *Rural/Metro Corp. 84,825
2,500 Stewart Enterprises, Inc. Cl. A 104,688
------------
515,758
- -------------------------------------------------------------------------------
Office & Business Equipment: 3.7%
3,800 *Black Box Corp. 152,831
4,900 *CSG Systems International, Inc. 151,594
3,100 *Daisytek International Corp. 122,256
3,500 *IDX Systems Corp. 121,188
1,800 *InaCom Corp. 56,138
2,400 *Micron Electronics, Inc. 42,900
2,400 Symbol Technologies, Inc. 80,700
2,800 *Tech Data Corp. 87,938
6,400 *Transition Systems, Inc. Cl. A 116,600
3,000 *Viking Office Products, Inc. 56,813
------------
988,958
- -------------------------------------------------------------------------------
Oil & Gas Exploration: 2.0%
4,000 Cross Timbers Oil Co. 77,000
2,000 Devon Energy Corp. 73,500
3,000 *EVI, Inc. 126,000
2,100 *Falcon Drilling Co., Inc. 121,013
1,200 Noble Affiliates, Inc. 46,425
3,000 *Swift Energy Co. 71,625
800 *United Meridian Corp. 24,000
------------
539,563
- -------------------------------------------------------------------------------
Oil-Domestic: 0.2%
3,600 *Benton Oil & Gas Co. 54,000
- -------------------------------------------------------------------------------
Oil-Services: 1.9%
1,800 *BJ Services Co. 96,525
4,000 *Newpark Resources, Inc. 135,000
1,400 *SEACOR Holdings, Inc. 73,238
1,600 Smith International, Inc. 97,200
1,500 *Western Atlas, Inc. 109,875
------------
511,838
- -------------------------------------------------------------------------------
Plastics: 0.3%
1,500 *Sealed Air Corp. 71,250
- -------------------------------------------------------------------------------
Pollution Control: 0.9%
4,200 *Tetra Technologies, Inc. 99,488
2,000 *United States Filter Corp. 54,500
1,000 *United Waste Systems, Inc. 40,938
1,400 *USA Waste Services, Inc. 54,075
------------
249,001
- -------------------------------------------------------------------------------
Printing & Publishing: 0.1%
500 Houghton Mifflin Co. 33,375
- -------------------------------------------------------------------------------
Real Estate: 0.4%
700 Nationwide Health Properties, Inc. 15,400
3,000 Rouse Co. 88,500
------------
103,900
- -------------------------------------------------------------------------------
</TABLE>
MSF-37
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
<S> <C> <C>
Restaurant: 1.8%
4,400 Applebee's International, Inc. $ 117,975
800 *Boston Chicken, Inc. 11,175
4,800 CKE Restaurants, Inc. 151,800
4,000 *Lone Star Steakhouse & Saloon, Inc. 104,250
3,500 *Outback Steakhouse 84,547
------------
469,747
- -------------------------------------------------------------------------------
Retail Grocery: 0.7%
1,900 Quality Food Centers, Inc. 72,200
4,000 Richfood Holdings, Inc. 104,000
------------
176,200
- -------------------------------------------------------------------------------
Retail Trade: 7.6%
3,000 *AnnTaylor Stores Corp. 58,500
3,600 *Bed Bath & Beyond, Inc. 109,463
4,300 *Borders Group, Inc. 103,738
2,100 *CDW Computer Centers, Inc. 111,431
800 Circuit City Stores, Inc. 28,450
4,200 *CompUSA, Inc. 90,300
1,300 *Corporate Express, Inc. 18,728
1,000 *Costco Cos., Inc. 32,906
2,000 *Dollar Tree Stores, Inc. 100,875
2,000 *Eagle Hardware & Garden, Inc. 45,688
3,400 *General Nutrition Cos., Inc. 94,988
1,000 *Gymboree Corp. (The) 23,969
4,300 *Insight Enterprises, Inc. 128,463
1,700 *Jones Apparel Group, Inc. 81,175
500 *Kohls Corp. 26,469
3,600 Lands' End, Inc. 106,650
1,800 *Men's Wearhouse, Inc. 57,038
3,700 *Petco Animal Supplies, Inc. 110,884
4,000 *Renters Choice, Inc. 79,250
3,800 *Rexall Sundown, Inc. 148,438
3,000 Ross Stores, Inc. 97,969
1,800 TJX Cos., Inc. 47,475
3,900 *West Marine, Inc. 100,913
3,600 *WetSeal, Inc. Cl. A 113,513
2,500 *Williams Sonoma, Inc. 107,031
------------
2,024,304
- -------------------------------------------------------------------------------
Software: 7.1%
2,000 *Advent Software, Inc. 52,625
2,500 *Arbor Software Corp. 88,281
1,200 *Ascend Communications, Inc. 47,138
2,900 Autodesk, Inc. 111,197
1,600 *BMC Software, Inc. 88,700
900 *Broderbund Software, Inc. 22,275
2,600 *Cadence Design Systems, Inc. 87,100
3,200 *Cascade Communications Corp. 88,300
1,700 *Compuware Corp. 81,388
3,700 *Datastream Systems, Inc. 56,425
2,600 *Electronic Arts, Inc. 87,588
1,700 *HCIA, Inc. 56,950
3,600 *Hyperion Software Corp. 80,550
1,100 *Intuit, Inc. 25,197
1,800 *Keane, Inc. 93,600
1,600 *McAfee Associates, Inc. 100,900
2,100 *National Instruments Corp. 72,975
1,800 *Parametric Technology Corp. 76,556
1,200 *Project Software & Development, Inc. 17,325
3,100 *Remedy Corp. 123,516
3,900 *Structural Dynamics Research Corp. 102,497
2,800 *Synopsys, Inc. 103,338
1,500 *Systemsoft Corp. 16,125
3,000 *Transaction Systems Architects, Inc. Cl. A 103,313
900 *VERITAS Software Co. 45,113
800 *Visio Corp. 56,375
------------
1,885,347
- -------------------------------------------------------------------------------
Telecommunications Equipment & Services: 5.6%
2,000 *ADC Telecommunications, Inc. 66,875
2,000 *APAC Teleservices, Inc. 38,937
5,200 *Aspect Telecommunications Corp. 115,050
3,500 *Avant Corp. 112,984
3,000 *Coherent Communications Systems Corp. 74,625
</TABLE>
MSF-38
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications Equipment & Services: (Continued)
3,700 *CommNet Cellular, Inc. $ 129,038
2,400 *Comverse Technology, Inc. 125,250
1,200 *Cox Communications, Inc. Cl. A 28,800
3,500 *Davox Corp. 125,016
2,000 *Digital Microwave Corp. 59,250
2,800 *Level One Communications, Inc. 107,800
3,500 *MRV Communications, Inc. 103,688
2,500 National Data Corp. 108,281
1,600 *Network General Corp. 23,750
4,300 *Pairgain Technologies, Inc. 66,784
4,800 *Proxim, Inc. 116,100
4,200 *Sitel Corp. 86,625
------------
1,488,853
- -------------------------------------------------------------------------------
Textiles & Apparel: 1.2%
3,600 *Nautica Enterprises, Inc. 95,288
2,300 St. John Knits, Inc. 124,200
1,000 *Tommy Hilfiger Corp. 40,188
1,850 Wolverine World Wide, Inc. 56,194
------------
315,870
- -------------------------------------------------------------------------------
Transportation-Airlines: 0.5%
4,100 Comair Holdings, Inc. 113,647
1,000 *Eagle USA Airfreight, Inc. 27,188
------------
140,835
- -------------------------------------------------------------------------------
Transportation-Railroad: 0.7%
3,400 *Swift Transportation Co., Inc. 101,150
2,300 *Wisconsin Central Transportation Corp. 85,603
------------
186,753
- -------------------------------------------------------------------------------
Transportation-Trucking: 0.4%
3,900 Expeditors International of Washington, Inc. 110,906
- -------------------------------------------------------------------------------
Utilities-Telephone: 1.2%
3,600 ACC Corp. 111,375
6,600 *Omnipoint Corp. 109,519
6,000 *Tel-Save Holdings, Inc. 91,125
-------------
312,019
-------------
TOTAL COMMON STOCK
(Cost: $22,622,094) ............................ 24,962,724
=============
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 5.6%
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 196,000 Becton, Dickinson & Co. 5.600% 7/08/97 $ 195,787
224,000 Bell Atlantic Financial
Services 5.520% 7/11/97 223,657
545,000 France Telecom 5.530% 7/17/97 543,660
200,000 Minnesota Mining &
Manufacturing Co. 5.500% 7/16/97 199,542
326,000 Preferred Receivables Funding
5.530% 7/08/97 325,649
------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $1,488,295) .............................. 1,488,295
------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.8%
(Cost: $24,110,389) ............................. 26,451,019
OTHER ASSETS LESS LIABILITIES: 0.2%.............. 53,692
------------
TOTAL NET ASSETS: 100.0%......................... $ 26,504,711
============
- -------------------------------------------------------------------------------
</TABLE>
*Non-income producing security
See Notes to Financial Statements.
MSF-39
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 76.9%
- --------------------------------------------------------------------------------
<S> <C> <C>
Argentina: 0.9%
9,900 YPF SA ADR $ 304,425
------------
Total Investments in Argentina 304,425
- --------------------------------------------------------------------------------
Australia: 2.3%
14,700 Broken Hill Proprietary Co. 216,447
74,000 Fosters Brewing Group Ltd. 137,577
44,400 Woodside Petroleum Ltd. 382,530
------------
Total Investments in Australia 736,554
- --------------------------------------------------------------------------------
Austria: 0.4%
2,800 Flughafen Wien AG 118,270
------------
Total Investments in Austria 118,270
- --------------------------------------------------------------------------------
Bermuda: 0.9%
4,100 EXEL Ltd. 216,275
1,400 Mid Ocean Ltd. 73,412
------------
Total Investments in Bermuda 289,687
- --------------------------------------------------------------------------------
Brazil: 2.4%
12,300 Aracruz Celulose SA ADR 250,612
1,900 Telecom Brasil ADR 288,325
6,200 *Unibanco Holdings SA GDR 230,175
------------
Total Investments in Brazil 769,112
- --------------------------------------------------------------------------------
Canada: 1.7%
7,300 Canadian National Railway Co. 318,230
8,300 Canadian Pacific Ltd. 236,207
------------
Total Investments in Canada 554,437
- --------------------------------------------------------------------------------
France: 3.0%
4,963 AXA UAP 308,673
7,902 Michelin Cl. B 474,521
3,946 Schneider SA 210,034
------------
Total Investments in France 993,228
- --------------------------------------------------------------------------------
Germany: 13.5%
12,077 BASF AG 446,283
11,520 Bayer AG 442,676
7,723 Bayerische Vereinsbank AG 315,721
4,941 Commerzbank AG 139,949
5,678 Daimler-Benz AG 460,660
12,431 Deutsche Telekom 299,353
11,394 Hoechst AG 483,303
1,171 Mannesmann AG 521,683
107 Muenchener Rueckversicherungs AG 300,000
4,686 Siemens AG 278,215
7,832 VEBA AG 440,076
601 VIAG AG 273,260
------------
Total Investments in Germany 4,401,179
- --------------------------------------------------------------------------------
Ghana: 0.3%
8,100 Ashanti Goldfields Ltd. GDR 94,669
------------
Total Investments in Ghana 94,669
- --------------------------------------------------------------------------------
Hong Kong: 0.9%
35,000 Hutchison Whampoa Ltd. 302,686
------------
Total Investments in Hong Kong 302,686
- --------------------------------------------------------------------------------
Japan: 5.3%
17,000 Bridgestone Corp. 394,521
18,000 Canon, Inc. 489,967
1,200 Nichiei Co. Ltd. 139,243
9,000 Nomura Securities 124,062
600 Shohkoh Fund & Co. Ltd. 181,644
35,000 Sumitomo Metal Mining Co. Ltd. 247,339
13,000 Tokio Marine & Fire Insurance Co. Ltd. 170,127
------------
Total Investments in Japan 1,746,903
- --------------------------------------------------------------------------------
Netherlands: 2.0%
3,000 AEGON Insurance Group NV 209,384
4,865 *ING Groep NV 224,302
3,300 Philips Electronics NV 236,375
------------
Total Investments in Netherlands 670,061
- --------------------------------------------------------------------------------
South Africa: 0.5%
3,300 Rustenburg Platinum Holdings Ltd. ADR 60,389
8,994 Sasol Ltd. 117,951
------------
Total Investments in South Africa 178,340
- --------------------------------------------------------------------------------
South Korea: 1.4%
1,160 #*Pohang Iron & Steel Co. Ltd. 117,975
1,890 Samsung Display Devices 98,118
1,110 #*Samsung Electronics Co. Ltd. 121,612
4,330 Yukong Ltd. 104,837
------------
Total Investments in South Korea 442,542
- --------------------------------------------------------------------------------
</TABLE>
MSF-40
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
<S> <C> <C>
Sweden: 3.9%
13,500 AGA AB Cl. B $ 179,756
16,982 Astra AB Cl. A 316,128
12,100 S.K.F AB Cl. A 301,112
12,812 Skandia Foersaekrings AB 472,034
-------------
Total Investments in Sweden 1,269,030
- --------------------------------------------------------------------------------
Switzerland: 10.4%
198 ABB AG 299,712
1,824 *Ciba Specialty Chemical 168,658
282 Clariant AG 182,527
3,494 Credit Suisse Group 448,716
404 Holderbank Financiere Glarus AG 381,586
352 Nestle SA 464,351
445 Novartis AG 711,390
23 Schindler Holdings AG 28,750
218 Schw Ruckversicher 308,336
1,024 Zurich Versicherun 407,496
-------------
Total Investments in Switzerland 3,401,522
- --------------------------------------------------------------------------------
United Kingdom: 8.3%
20,200 BOC Group PLC 351,024
33,600 Carlton Communications PLC 284,527
70,400 General Electric Co. PLC 420,882
53,100 National Grid Group PLC 191,888
8,000 +*Norwich Union 144A 42,565
15,400 Reuters Holdings PLC 162,337
23,000 Rtz Corp. PLC 400,830
51,900 Shell Transport & Trading PLC 354,359
11,400 SmithKline Beecham PLC 209,873
10,900 Unilever PLC 312,029
-------------
Total Investments in United Kingdom 2,730,314
- --------------------------------------------------------------------------------
United States: 18.8%
7,500 *Advanced Micro Devices, Inc. 270,000
5,200 Anheuser-Busch Co., Inc. 218,075
6,200 *Autoliv AB 242,575
1,600 *Biogen, Inc. 54,200
4,000 Boeing Co. 212,250
2,400 *Boston Scientific Corp. 147,450
1,800 Charles Schwab Corp. 73,237
5,700 *Chiron Corp. 118,987
1,100 *Cisco Systems, Inc. 73,837
10,300 Electronic Data Systems Corp. 422,300
7,900 Enron Corp. 322,419
5,700 First Data Corp. 250,444
5,100 Goodyear Tire & Rubber Co. 322,894
1,500 Guidant Corp. 127,500
6,800 International Business Machines Corp. 613,275
2,400 MBIA, Inc. 270,750
8,400 *National Semiconductor Corp. 257,250
3,500 Newmont Mining Corp. 136,500
4,000 *Parametric Technology Corp. 170,250
5,300 Praxair, Inc. 296,800
10,400 *Sabre Group Hldgs, Inc. Cl. A 282,100
10,900 *Stillwater Mining Co. 233,669
3,700 *Tele-Communications International, Inc. 57,119
3,600 *Toys 'R Us, Inc. 126,000
5,600 UNUM Corp. 235,200
10,400 *USAir Group, Inc. 364,000
3,300 Xerox Corp. 260,288
-------------
Total Investments in United States 6,159,369
TOTAL COMMON STOCK
(Cost: $23,506,352) ........................... 25,162,328
-------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 4.5%
- --------------------------------------------------------------------------------
Brazil: 2.2%
11,700 Companhia Vale do Rio Doce ADR 260,832
10,900 *Petrobras SA ADR 298,684
14,800 Usinas Siderurgicas de Minas Gerais SA ADR 162,221
-------------
Total Investments in Brazil 721,737
- --------------------------------------------------------------------------------
Germany: 2.3%
12,400 RWE AG 431,558
</TABLE>
MSF-41
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
PREFERRED STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
<S> <C> <C>
Germany: (Continued)
1,500 SAP AG $ 311,335
-------------
Total Investments in Germany 742,893
-------------
TOTAL PREFERRED STOCK
(Cost: $1,377,837) ............................ 1,464,630
-------------
<CAPTION>
- --------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 2.4%
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
United
Kingdom 449,000 UK Treasury 7.750% 9/08/06 $ 778,096
-------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $770,497) ................................ 778,096
-------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 15.2%
- --------------------------------------------------------------------------------
$ 5,000,000 Federal National
Mortgage Assoc. 5.600% 7/01/97 5,000,000
-------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $5,000,000) .............................. 5,000,000
-------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 4.7%
- --------------------------------------------------------------------------------
1,528,000 State Street Repurchase
Agreement (U.S.
Treasury Bills
collateralized dated
6/30/97 due 5/31/98 @
6.00% with a market
value of $1,560,771) 5.600% 7/01/97 1,528,000
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $1,528,000) .............................. 1,528,000
-------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 103.7%
(Cost: $32,182,686) ............................. 33,933,054
OTHER ASSETS LESS LIABILITIES: (3.7)%............ (1,212,136)
-------------
TOTAL NET ASSETS: 100.0%......................... $ 32,720,918
=============
- --------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
# Good faith valued securities. These values have been estimated in the absence
of readily ascertainable market values. As of June 30, 1997 fair valued
securities amounted to $239,587 or 0.73% of the Scudder Global Equity
Portfolio's net assets.
+Restricted Securities see note 2.
Additional information on restricted securities as follows:
<TABLE>
<CAPTION>
Valuation
Acquisition Acquisition as of
Issue Date Cost June 30, 1997
----- ---- ---- -------------
<S> <C> <C> <C>
Norwich Union 144A 6/16/97 $ 23,200 $ 42,565
</TABLE>
The aggregate value of restricted securities at June 30, 1997 was $42,565 or
0.13% of the Scudder Global Equity Portfolio's net assets.
ADR (American depository receipt) represents ownership of foreign securities.
See Notes to Financial Statements.
MSF-42
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Industry Diversification
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
As a Percentage of Total Value of Investments
<TABLE>
<S> <C>
Aerospace........................................................... 0.63%
Automotive.......................................................... 2.07%
Banking............................................................. 3.75%
Biotechnology....................................................... 0.51%
Broadcasting........................................................ 0.84%
Business Services................................................... 0.74%
Chemicals........................................................... 7.52%
Construction & Mining Equipment..................................... 0.89%
Construction Materials.............................................. 1.12%
Consumer Services................................................... 0.35%
Drugs & Health Care................................................. 3.65%
Electrical Equipment................................................ 3.64%
Electronics......................................................... 2.82%
Financial Services.................................................. 5.62%
Food & Beverages.................................................... 3.34%
Foreign Obligations................................................. 2.29%
Forest Products & Paper............................................. 0.74%
Government Sponsored: Federally Chartered........................... 14.73%
Hospital Supply..................................................... 0.81%
Insurance........................................................... 9.54%
Machinery........................................................... 0.08%
Metals-Gold......................................................... 0.68%
Metals-Non-Ferrous.................................................. 0.91%
Metals-Steel & Iron................................................. 3.41%
Mining.............................................................. 1.04%
Multi-Industry...................................................... 3.93%
Office & Business Equipment......................................... 4.24%
Oil-International................................................... 4.40%
Oil-Services........................................................ 1.13%
Printing & Publishing............................................... 0.48%
Retail Trade........................................................ 0.37%
Software............................................................ 2.66%
Telecommunications Equipment & Services............................. 1.90%
Tires & Rubber...................................................... 3.51%
Transportation-Airlines............................................. 1.90%
Transportation-Railroad............................................. 0.94%
Utilities-Electric.................................................. 1.86%
Utilities-Gas Distribution & Pipelines.............................. 0.96%
=====
100.0%
=====
</TABLE>
See Notes to Financial Statements.
MSF-43
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
State Street State Street MetLife
Research Research Money
Growth Income Market
Portfolio Portfolio Portfolio
---------------- --------------- -----------
<S> <C> <C> <C> <C>
Assets: Investment, at value (Note 1A) (1) ...................... $2,049,994,731 $379,708,897 $41,555,629
Cash .................................................... 553 929 122,860
Cash denominated in foreign currencies (2) .............. -- -- --
Receivable for investment securities sold ............... 13,212,135 7,502,516 --
Receivable for fund shares sold ......................... 86,127 -- 12,099
Receivable for dividends and interest ................... 2,620,518 5,287,438 166,147
Unrealized appreciation on forward contacts (Note 9) .... -- 154,716 --
Other assets ............................................ 30,523 77,563 15
-------------- ------------ -----------
TOTAL ASSETS ................................. 2,065,944,587 392,732,059 41,856,750
-------------- ------------ -----------
Liabilities: Payable for investment securities purchased ............. 11,768,950 11,901,256 --
Payable for capital stock repurchased ................... 10,616 62,356 --
Accrued investment management fee (Note 3) .............. 414,143 78,286 8,689
Accrued and other liabilities ........................... 208,461 57,011 7,918
-------------- ------------ -----------
TOTAL LIABILITIES ............................ 12,402,170 12,098,909 16,607
-------------- ------------ -----------
Net Assets: $2,053,542,417 $380,633,150 $41,840,143
============== ============ ===========
Composition
of Net Assets: Paid-in-capital ......................................... 1,490,702,209 372,638,572 40,798,448
Undistributed (overdistributed) net investment income
(loss) ............................................... 14,691,269 15,039,882 1,038,478
Net unrealized appreciation (depreciation) .............. 436,046,713 (900,241) --
Accumulated net realized gain (loss) .................... 112,102,226 (6,145,063) 3,217
============== ============ ===========
NET ASSETS ................................... $2,053,542,417 $380,633,150 $41,840,143
============== ============ ===========
SHARES OUTSTANDING ........................... 60,194,176 30,020,801 3,910,678
============== ============ ===========
NET ASSET VALUE PER SHARE .................... $34.12 $12.68 $10.70
============== ============ ===========
-----------------------------------------------------------------------------------------------------------
Notes:
(1) Investment, at cost ................................. $1,613,948,018 $380,764,971 $41,555,629
(2) Cost of foreign currency ............................ -- -- --
See Notes to Financial Statements
<CAPTION>
State Street
Research
Diversified
Portfolio
---------------
<S> <C> <C>
Assets: Investment, at value (Note 1A) (1) ...................... $1,711,825,753
Cash .................................................... 932
Cash denominated in foreign currencies (2) .............. --
Receivable for investment securities sold ............... 20,412,302
Receivable for fund shares sold ......................... 50,538
Receivable for dividends and interest ................... 11,250,847
Unrealized appreciation on forward contacts (Note 9) .... 236,966
Other assets ............................................ 13,866
--------------
TOTAL ASSETS ................................. 1,743,791,204
--------------
Liabilities: Payable for investment securities purchased ............. 22,128,513
Payable for capital stock repurchased ................... 33,594
Accrued investment management fee (Note 3) .............. 325,504
Accrued and other liabilities ........................... 168,262
--------------
TOTAL LIABILITIES ............................ 22,655,873
--------------
Net Assets: $1,721,135,331
==============
Composition
of Net Assets: Paid-in-capital ......................................... 1,400,332,206
Undistributed (overdistributed) net investment income
(loss) ............................................... 24,162,332
Net unrealized appreciation (depreciation) .............. 209,728,227
Accumulated net realized gain (loss) .................... 86,912,566
==============
NET ASSETS ................................... $1,721,135,331
==============
SHARES OUTSTANDING ........................... 95,637,604
==============
NET ASSET VALUE PER SHARE .................... $18.00
==============
-----------------------------------------------------------------------------
Notes:
(1) Investment, at cost ................................. $1,502,330,262
(2) Cost of foreign currency ............................ --
See Notes to Financial Statements
</TABLE>
MSF-44
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
State Street
Research MetLife GFM
Aggressive Stock International
Growth Index Stock
Portfolio Portfolio Portfolio
---------------- ------------ --------------
<S> <C> <C> <C> <C>
Assets: Investment, at value (Note 1A) (1) ................... $1,319,899,141 $1,601,579,351 $314,241,746
Cash ................................................. 165,314 66,059 3,065,439
Cash denominated in foreign currencies (2) ........... -- -- 3,695,506
Receivable for investment securities sold ............ 50,423,762 2,497,516 6,596,453
Receivable for fund shares sold ...................... 141,135 102,003 --
Receivable for dividends and interest ................ 108,092 1,875,240 621,875
Unrealized appreciation on forward contacts (Note 9) . -- -- --
Other assets ......................................... 73 51 553,025
-------------- -------------- ------------
TOTAL ASSETS .............................. 1,370,737,517 1,606,120,220 328,774,044
-------------- -------------- ------------
Liabilities: Payable for investment securities purchased .......... 36,330,592 4,993,783 4,012,726
Payable for capital stock repurchased ................ -- -- 6,114
Accrued investment management fee (Note 3) ........... 810,563 321,324 197,406
Accrued and other liabilities ........................ 77,659 81,592 139,048
-------------- -------------- ------------
TOTAL LIABILITIES ......................... 37,218,814 5,396,699 4,355,294
-------------- -------------- ------------
Net Assets: $1,333,518,703 $1,600,723,521 $324,418,750
============== ============== ============
Composition
of Net Assets: Paid-in-capital ...................................... 1,189,161,336 1,048,071,177 293,839,859
Undistributed (overdistributed) net investment income
(loss) ............................................ (1,179,900) 10,515,559 2,050,064
Net unrealized appreciation (depreciation) ........... 142,293,675 538,361,451 42,262,289
Accumulated net realized gain (loss) ................. 3,243,592 3,775,334 (13,733,462)
============== ============== ============
NET ASSETS ................................ $1,333,518,703 $1,600,723,521 $324,418,750
============== ============== ============
SHARES OUTSTANDING ........................ 50,600,281 59,927,357 24,013,763
============== ============== ============
NET ASSET VALUE PER SHARE ................. $26.35 $26.71 $13.51
============== ============== ============
-------------------------------------------------------------------------------------------------------------
Notes:
(1) Investment, at cost .............................. $1,177,605,466 $1,063,217,900 $271,960,210
(2) Cost of foreign currency ......................... -- -- 3,696,615
See Notes to Financial Statements
<CAPTION>
Loomis
Sayles
High Yield Janus
Bond Mid Cap
Portfolio Portfolio
-------------- ------------
<S> <C> <C> <C>
Assets: Investment, at value (Note 1A) (1) ................... $12,076,267 $28,312,852
Cash ................................................. 32 35,207
Cash denominated in foreign currencies (2) ........... -- 178,607
Receivable for investment securities sold ............ 119,865 430,813
Receivable for fund shares sold ...................... 6,416 12,595
Receivable for dividends and interest ................ 137,287 1,035
Unrealized appreciation on forward contacts (Note 9) . -- --
Other assets ......................................... -- 292
----------- -----------
TOTAL ASSETS .............................. 12,339,867 28,971,401
----------- -----------
Liabilities: Payable for investment securities purchased .......... 614,474 2,724,835
Payable for capital stock repurchased ................ -- --
Accrued investment management fee (Note 3) ........... 5,483 13,724
Accrued and other liabilities ........................ 1,654 9,387
----------- -----------
TOTAL LIABILITIES ......................... 621,611 2,747,946
----------- -----------
$11,718,256 $26,223,455
Net Assets: =========== ===========
Composition
of Net Assets: Paid-in-capital ...................................... 11,345,097 23,680,650
Undistributed (overdistributed) net investment income
(loss) ............................................ 134,010 43,717
Net unrealized appreciation (depreciation) ........... 208,640 2,328,922
Accumulated net realized gain (loss) ................. 30,509 170,166
=========== ===========
NET ASSETS ................................ $11,718,256 $26,223,455
=========== ===========
SHARES OUTSTANDING ........................ 1,122,560 2,312,122
=========== ===========
NET ASSET VALUE PER SHARE ................. $10.44 $11.34
=========== ===========
--------------------------------------------------------------------------------------------
Notes:
(1) Investment, at cost .............................. $11,867,607 $25,978,849
(2) Cost of foreign currency ......................... -- 178,216
See Notes to Financial Statements
<CAPTION>
T. Rowe Price Scudder
Small Cap Global
Growth Equity
Portfolio Portfolio
------------------ ------------
<S> <C> <C> <C>
Assets: Investment, at value (Note 1A) (1) ................... $26,451,019 $33,933,054
Cash ................................................. 130,252 1,056
Cash denominated in foreign currencies (2) ........... -- 3,178
Receivable for investment securities sold ............ -- 9,467
Receivable for fund shares sold ...................... 11,654 20,069
Receivable for dividends and interest ................ 1,889 38,260
Unrealized appreciation on forward contacts (Note 9) . -- --
Other assets ......................................... -- 34,484
----------- -----------
TOTAL ASSETS .............................. 26,594,814 34,039,568
----------- -----------
Liabilities: Payable for investment securities purchased .......... 76,672 1,283,467
Payable for capital stock repurchased ................ -- --
Accrued investment management fee (Note 3) ........... 9,849 13,169
Accrued and other liabilities ........................ 3,582 22,014
----------- -----------
TOTAL LIABILITIES ......................... 90,103 1,318,650
----------- -----------
Net Assets: $26,504,711 $32,720,918
=========== ===========
Composition
Net Assets: Paid-in-capital ...................................... 24,136,071 30,722,071
Undistributed (overdistributed) net investment income
(loss) ............................................ 15,157 202,822
Net unrealized appreciation (depreciation) ........... 2,340,630 1,750,901
Accumulated net realized gain (loss) ................. 12,853 45,124
=========== ===========
NET ASSETS ................................ $26,504,711 $32,720,918
=========== ===========
SHARES OUTSTANDING ........................ 2,412,761 3,030,136
=========== ===========
NET ASSET VALUE PER SHARE ................. $10.99 $10.80
=========== ===========
----------------------------------------------------------------------------------------------
Notes:
(1) Investment, at cost .............................. $24,110,389 $32,182,686
(2) Cost of foreign currency ......................... -- 3,205
See Notes to Financial Statements
</TABLE>
MSF-45
<PAGE>
================================================================================
Metropolitan Sereies Fund, Inc.
================================================================================
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
State Street State Street Metlife State Street
Research Research Money Research
Growth Income Market Diversified
Portfolio Portfolio Portfolio Portfolio
-------------- -------------- ----------- ---------------
<S> <C> <C> <C> <C>
Investment Interest (Note 1B) ....................................... $ 3,446,626 $13,409,312 $1,141,808 $23,379,622
Income: Dividends (Note 1B) ...................................... 13,937,216 -- -- 7,565,618
------------- ----------- ----------- ------------
Total investment income, net of withholding taxes of (1) . 17,383,842 13,409,312 1,141,808 30,945,240
------------- ----------- ----------- ------------
Expenses: Investment management fee ................................ 2,235,030 469,677 52,265 1,921,080
Printing and distribution fees ........................... 200,651 45,729 5,032 174,469
Custodian and transfer agent fees ........................ 122,969 63,262 20,294 135,734
Directors fees ........................................... 4,948 4,948 4,948 4,907
Other operating expenses ................................. 19,579 10,796 10,300 17,370
------------- ----------- ----------- ------------
Total expenses before reimbursement ........... 2,583,177 594,412 92,839 2,253,560
------------- ----------- ----------- ------------
Less: expense reimbursement .................. -- -- -- --
------------- ----------- ----------- ------------
Net expenses .................................. 2,583,177 594,412 92,839 2,253,560
------------- ----------- ----------- ------------
NET INVESTMENT INCOME (LOSS) .................. 14,800,665 12,814,900 1,048,969 28,691,680
------------- ----------- ----------- ------------
Net Realized Investment (Note 7) ...................................... 112,645,591 (1,171,647) 852 83,930,527
Gain (Loss) On: Foreign currency transactions (Note 7) ................... 3,805 (377,812) -- (507,649)
------------- ----------- ----------- ------------
NET REALIZED GAIN (LOSS) ...................... 112,649,396 (1,549,459) 852 83,422,878
------------- ----------- ----------- ------------
Net Unrealized Beginning of period investments and foreign currency
Appreciation holdings (Notes 7,9) .............................. 243,748,890 (417,499) -- 139,692,509
(Depreciation): End of period investments and foreign currency holdings
(Notes 7,9) ........................................ 436,046,713 (900,241) -- 209,728,227
------------- ----------- ----------- ------------
NET UNREALIZED APPRECIATION (DEPRECIATION) .... 192,297,823 (482,742) -- 70,035,718
------------- ----------- ----------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS .................................. $319,747,884 $10,782,699 $1,049,821 $182,150,276
============= =========== =========== =============
-------------------------------------------------------------------------------------------------------------------
Notes:
(1) Withholding taxes .................................... $398,723 ($9,394) -- $190,497
See Notes to Financial Statements.
</TABLE>
MSF-46
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Sereies Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
State Street
Research MetLife GFM
Aggressive Stock International
Growth Index Stock
Portfolio Portfolio Portfolio
---------------- ------------ ----------------
<S> <C> <C> <C> <C>
Investment Interest (Note 1B) ........................................... $ 2,180,526 $ 187,968 $ 44,607
Income: Dividends (Note 1B) .......................................... 2,718,520 12,403,748 3,483,188
----------- ------------ -----------
Total investment income, net of withholding taxes of (1) ..... 4,899,046 12,591,716 3,527,795
----------- ------------ -----------
Expenses: Investment management fee .................................... 4,873,446 1,661,215 1,124,045
Printing and distribution fees ............................... 155,877 144,467 36,525
Custodian and transfer agent fees ............................ 126,699 116,500 305,777
Directors fees ............................................... 4,948 4,948 4,946
Other operating expenses ..................................... 18,955 19,027 6,439
----------- ------------ -----------
Total expenses before reimbursement ............... 5,179,925 1,946,157 1,477,732
----------- ------------ -----------
Less: expense reimbursement ...................... -- -- --
----------- ------------ -----------
Net expenses ...................................... 5,179,925 1,946,157 1,477,732
----------- ------------ -----------
NET INVESTMENT INCOME (LOSS) ...................... (280,879) 10,645,559 2,050,063
----------- ------------ -----------
Net Realized Investment (Note 7) .......................................... 2,842,894 6,556,377 13,655,165
Gain (Loss) On: Foreign currency transactions (Note 7) ....................... -- 11 (9,254,467)
----------- ------------ -----------
NET REALIZED GAIN (LOSS) .......................... 2,842,894 6,556,388 4,400,698
----------- ------------ -----------
Net Unrealized Beginning of period investments and foreign currency holdings
Appreciation (Notes 7,9) ......................................... 136,862,235 303,651,601 11,038,872
(Depreciation): End of period investments and foreign currency holdings
(Notes 7,9) ............................................ 142,293,675 538,361,451 42,262,289
----------- ------------ -----------
5,431,440 234,709,850 31,223,417
NET UNREALIZED APPRECIATION (DEPRECIATION) ........ ----------- ------------ -----------
NET INCREASE IN NET ASSETS RESULTING FROM $ 7,993,455 $251,911,797 $37,674,178
OPERATIONS ...................................... =========== ============ ===========
Notes: $2,002 $84,437 $507,362
(1) Withholding taxes ........................................
See Notes to Financial Statements.
<CAPTION>
Loomis
Sayles Janus T. Rowe Price Scudder
High Yield Mid Cap Small Cap Global
Bond Portfolio Growth Equity
Portfolio Portfolio Portfolio
------------ ----------- -------------- -----------
<S> <C> <C> <C> <C> <C>
Investment Interest (Note 1B) ......................................... $ 137,257 $ 79,339 $ 40,806 $ 116,165
Income: Dividends (Note 1B) ........................................ 13,657 5,861 6,069 135,014
----------- ---------- ---------- -----------
Total investment income, net of withholding taxes of (1) ... 150,914 85,200 46,875 251,179
----------- ---------- ---------- -----------
Expenses: Investment management fee .................................. 13,149 32,749 23,260 35,462
Printing and distribution fees ............................. 1,074 2,287 2,287 4,288
Custodian and transfer agent fees .......................... 20,346 27,039 31,743 54,912
Directors fees ............................................. 2,885 2,930 2,930 2,930
Other operating expenses ................................... 6,125 6,214 6,214 6,378
----------- ---------- ---------- -----------
Total expenses before reimbursement ............. 43,579 71,219 66,434 103,970
----------- ---------- ---------- -----------
Less: expense reimbursement .................... 26,674 29,736 34,716 55,613
----------- ---------- ---------- -----------
Net expenses .................................... 16,905 41,483 31,718 48,357
----------- ---------- ---------- -----------
NET INVESTMENT INCOME (LOSS) .................... 134,009 43,717 15,157 202,822
----------- ---------- ---------- -----------
Net Realized Investment (Note 7) ........................................ 30,522 171,878 12,853 37,165
Gain (Loss) On: Foreign currency transactions (Note 7) ..................... (13) (1,711) -- 7,959
----------- ---------- ---------- -----------
NET REALIZED GAIN (LOSS) ........................ 30,509 170,167 12,853 45,124
----------- ---------- ---------- -----------
Net Unrealized Beginning of period investments and foreign currency
Appreciation holdings (Notes 7,9) ................................. -- -- -- --
(Depreciation): End of period investments and foreign currency holdings
(Notes 7,9) .......................................... 208,640 2,328,922 2,340,630 1,750,901
----------- ---------- ---------- -----------
NET UNREALIZED APPRECIATION (DEPRECIATION) ...... 208,640 2,328,922 2,340,630 1,750,901
----------- ---------- ---------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS .................................... $ 373,158 $2,542,806 $2,368,640 $ 1,998,847
=========== ========== ========== ===========
-----------------------------------------------------------------------------------------------------------------
Notes:
(1) Withholding taxes ...................................... $67 $285 -- $17,035
See Notes to Financial Statements.
</TABLE>
MSF-47
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Financial Statements
- -------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
State Street State Street
Research Growth Research Income
Portfolio Portfolio
----------------------------------- ------------------------------------
Increase (Decrease) in Net Assets From: For the Six For the Six
Months Ended For the Year Months Ended For the Year
June 30, Ended June 30, Ended
1997 December 31, 1997 December 31,
(unaudited) 1996 (unaudited) 1996
---------------- ---------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Operations: Net investment income (loss) ........ $ 14,800,665 $ 17,239,321 $ 12,814,900 $ 24,051,031
Net realized gain (loss) from
investment and foreign currency
transactions ..................... 112,649,396 236,501,143 (1,549,459) 4,419,955
Unrealized appreciation
(depreciation) of investments and
foreign currency holdings ........ 192,297,823 15,205,595 (482,742) (14,942,561)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net
assets resulting from operations . 319,747,884 268,946,059 10,782,699 13,528,425
--------------- --------------- --------------- ---------------
Distributions to Net investment income ............... -- (17,239,740) -- (23,474,190)
Shareholders: Net realized gain from investment
transactions ..................... (105,468,468) (134,047,463) (1,003,203) (697,717)
--------------- --------------- --------------- ---------------
Total Distributions (Note 4) ........ (105,468,468) (151,287,203) (1,003,203) (24,171,907)
--------------- --------------- --------------- ---------------
Capital Share Net proceeds from sale of shares .... 138,914,534 246,392,853 7,487,566 46,724,830
Transactions: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................... 105,468,468 151,287,203 1,003,203 24,171,907
Shares redeemed ..................... (2,848,476) (12,361,034) (21,031,953) (26,771,445)
Transfer of assets to (Note 5) ...... -- -- -- --
--------------- --------------- --------------- ---------------
Net Capital Stock Transactions
(Note 8).......................... 241,534,526 385,319,022 (12,541,184) 44,125,292
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET
ASSETS ........................... 455,813,942 502,977,878 (2,761,688) 33,481,810
NET ASSETS: Beginning of period ..... 1,597,728,475 1,094,750,597 383,394,838 349,913,028
=============== =============== =============== ===============
NET ASSETS: End of period ........... $ 2,053,542,417 $ 1,597,728,475 $ 380,633,150 $ 383,394,838
=============== =============== =============== ===============
<CAPTION>
MetLife
Money Market
Portfolio
-------------------------------------
Increase (Decrease) in Net Assets From: For the Six
Months Ended For the Year
June 30, Ended
1997 December 31,
(unaudited) 1996
---------------- ----------------
<S> <C> <C>
Operations: Net investment income (loss) ........ $ 1,048,969 $ 2,028,460
Net realized gain (loss) from
investment and foreign currency
transactions ..................... 852 1,031
Unrealized appreciation
(depreciation) of investments and
foreign currency holdings ........ -- --
--------------- ---------------
Net increase (decrease) in net
assets resulting from operations . 1,049,821 2,029,491
--------------- ---------------
Distributions to Net investment income ............... -- (2,045,447)
Shareholders: Net realized gain from investment
transactions ..................... -- (1,192)
--------------- ---------------
Total Distributions (Note 4) ........ -- (2,046,639)
--------------- ---------------
Capital Share Net proceeds from sale of shares .... 10,985,195 19,329,406
Transactions: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................... -- 2,046,639
Shares redeemed ..................... (11,831,504) (20,178,541)
Transfer of assets to (Note 5) ...... -- --
--------------- ---------------
Net Capital Stock Transactions (Note
8) ............................... (846,309) 1,197,504
--------------- ---------------
NET INCREASE (DECREASE) IN NET
ASSETS ........................... 203,512 1,180,356
NET ASSETS: Beginning of period ..... 41,636,631 40,456,275
=============== ===============
NET ASSETS: End of period ........... $ 41,840,143 $ 41,636,631
=============== ===============
---------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
MSF-48
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Financial Statements
- -------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
State Street State Street
Research Diversified Research Aggressive Growth
Portfolio Portfolio
------------------------------------ -----------------------------------
Increase (Decrease) in Net Assets From: For the Six For the Six
Months Ended For the Year Months Ended For the Year
June 30, Ended June 30, Ended
1997 December 31, 1997 December 31,
(unaudited) 1996 (unaudited) 1996
---------------- ---------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Operations: Net investment income (loss) ........ $ 28,691,680 $ 42,980,569 $ (280,879) $ (1,338,007)
Net realized gain (loss) from
investment and foreign currency
transactions ..................... 83,422,878 135,252,779 2,842,894 78,458,844
Unrealized appreciation
(depreciation) of investments and
foreign currency holdings ........ 70,035,718 (3,189,270) 5,431,440 (4,364,360)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net
assets resulting from operations . 182,150,276 175,044,078 7,993,455 72,756,477
--------------- --------------- --------------- ---------------
Distributions to Net investment income ............... (804,242) (42,176,327) -- --
Shareholders: Net realized gain from investment
transactions ..................... (56,022,086) (84,750,798) (39,538,759) (35,104,245)
--------------- --------------- --------------- ---------------
Total Distributions (Note 4) ........ (56,826,328) (126,927,125) (39,538,759) (35,104,245)
--------------- --------------- --------------- ---------------
Capital Share Net proceeds from sale of shares .... 94,291,415 171,456,907 57,393,013 318,837,326
Transactions: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................... 56,826,328 126,927,125 39,538,759 35,104,245
Shares redeemed ..................... (4,147,527) (12,493,415) (53,717,129) (28,659,672)
Transfer of assets to (Note 5) ...... -- -- -- --
--------------- --------------- --------------- ---------------
Net Capital Stock Transactions
(Note 8).......................... 146,970,216 285,890,617 43,214,643 325,281,899
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET
ASSETS ........................... 272,294,164 334,007,570 11,669,339 362,934,131
NET ASSETS: Beginning of period ..... 1,448,841,167 1,114,833,597 1,321,849,364 958,915,233
--------------- --------------- --------------- ---------------
NET ASSETS: End of period ........... $ 1,721,135,331 $ 1,448,841,167 $ 1,333,518,703 $ 1,321,849,364
=============== =============== =============== ===============
<CAPTION>
MetLife GFM
Stock Index International Stock
Portfolio Portfolio
----------------------------------- ------------------------------------
Increase (Decrease) in Net Assets From: For the Six For the Six
Months Ended For the Year Months Ended For the Year
June 30, Ended June 30, Ended
1997 December 31, 1997 December 31,
(unaudited) 1996 (unaudited) 1996
---------------- --------------- ---------------- ---------------
<S>
Operations: Net investment income (loss) ........ $ 10,645,559 $ 16,426,973 $ 2,050,063 $ 1,728,132
Net realized gain (loss) from
investment and foreign currency
transactions ..................... 6,556,388 7,811,922 4,400,698 (25,299,526)
Unrealized appreciation
(depreciation) of investments and
foreign currency holdings ........ 234,709,850 156,236,698 31,223,417 17,465,452
--------------- --------------- --------------- ---------------
Net increase (decrease) in net
assets resulting from operations . 251,911,797 180,475,593 37,674,178 (6,105,942)
--------------- --------------- --------------- ---------------
Distributions to Net investment income ............... (375,308) (16,158,730) -- (16,086)
Shareholders: Net realized gain from investment
transactions ..................... (1,171,488) (10,189,362) -- (3,229,290)
--------------- --------------- --------------- ---------------
Total Distributions (Note 4) ........ (1,546,796) (26,348,092) -- (3,245,376)
--------------- --------------- --------------- ---------------
Capital Share Net proceeds from sale of shares .... 227,831,111 330,175,386 22,269,590 43,194,283
Transactions: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................... 1,546,796 26,348,092 -- 3,245,376
Shares redeemed ..................... (1,316,721) (24,176,884) (39,350,501) (30,723,899)
Transfer of assets to (Note 5) ...... -- -- -- --
--------------- --------------- --------------- ---------------
Net Capital Stock Transactions (Note
8) ............................... 228,061,186 332,346,594 (17,080,911) 15,715,760
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET
ASSETS ........................... 478,426,187 486,474,095 20,593,267 6,364,442
NET ASSETS: Beginning of period ..... 1,122,297,334 635,823,239 303,825,483 297,461,041
--------------- --------------- --------------- ---------------
NET ASSETS: End of period ........... $ 1,600,723,521 $ 1,122,297,334 $ 324,418,750 $ 303,825,483
=============== =============== =============== ===============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
MSF-49
<PAGE>
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Loomis Sayles Janus T. Rowe Price Scudder
High Yield Bond Mid Cap Small Cap Growth Global Equity
Portfolio Portfolio Portfolio Portfolio
------------------- ----------------- ------------------ --------------
Increase in Net Assets From: For the Period For the Period For the Period For the Period
March 3, 1997 to March 3, 1997 to March 3, 1997 to March 3, 1997
June 30, 1997 June 30, 1997 June 30, 1997 to June 30, 1997
(unaudited) (unaudited) (unaudited) (unaudited)
------------------ ---------------- ----------------- -------------
<S> <C> <C> <C> <C>
Operations: Net investment income ............... $ 134,009 $ 43,717 $ 15,157 $ 202,822
Net realized gain from
investment and foreign currency
transactions ..................... 30,509 170,167 12,853 45,124
Unrealized appreciation of
investments and foreign currency
holdings ......................... 208,640 2,328,922 2,340,630 1,750,901
------------------ -------------- -------------- -------------
Net increase in net assets resulting
from operations .................. 373,158 2,542,806 2,368,640 1,998,847
------------------ -------------- -------------- -------------
Distributions to Net investment income ............... -- -- -- --
Shareholders: Net realized gain from investment
transactions ..................... -- -- -- --
------------------ -------------- -------------- -------------
Total Distributions (Note 4) ........ -- -- -- --
------------------ -------------- -------------- -------------
Capital Share Net proceeds from sale of shares .... 10,349,073 18,680,681 20,797,659 20,722,104
Transactions: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................... -- -- -- --
Shares redeemed ..................... (1,003,975) (32) (1,661,588) (33)
Transfer of assets to (Note 5) ...... 2,000,000 5,000,000 5,000,000 10,000,000
------------------ -------------- -------------- -------------
Net Capital Stock Transactions
(Note 8) ......................... 11,345,098 23,680,649 24,136,071 30,722,071
------------------ -------------- -------------- -------------
NET INCREASE
IN NET ASSETS .................... 11,718,256 26,223,455 26,504,711 32,720,918
NET ASSETS: Beginning of period ..... -- -- -- --
================== ============== ============== =============
NET ASSETS: End of period ........... 11,718,256 26,223,455 $ 26,504,711 32,720,918
================== ============== ============== =============
</TABLE>
------------------------------------------------------------
See Notes to Financial Statements.
MSF-50
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Financial Highlights
- -------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
State Street Research Growth Portfolio
----------------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1997 ------------------------------------------------------------
(unaudited) 1996 1995 1994 1993 1992
------------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............... $30.51 $27.56 $21.81 $23.27 $21.72 $21.56
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ............................. 0.25 0.36 0.35 0.30 0.28 0.34
Net realized and unrealized gain (loss) ........... 5.26 5.78 6.83 (1.06) 3.24 2.13
----------- ------------ ------------ ---------- ---------- ----------
Total From Investment Operations ........... 5.51 6.14 7.18 (0.76) 3.52 2.47
----------- ------------ ------------ ---------- ---------- ----------
Less Distributions:
Dividends from net investment income .............. -- (0.36) (0.35) (0.30) (0.28) (0.29)
Distributions from net realized capital gains ..... (1.90) (2.83) (1.08) (0.40) (1.69) (2.02)
----------- ------------ ------------ ---------- ---------- ----------
Total Distributions ........................ (1.90) (3.19) (1.43) (0.70) (1.97) (2.31)
----------- ------------ ------------ ---------- ---------- ----------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ..................... $34.12 $30.51 $27.56 $21.81 $23.27 $21.72
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return ...................................... 19.06% 22.18% 33.14% (3.25)% 14.40% 11.56%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ............... $2,053,542 $1,597,728 $1,094,751 $746,433 $640,413 $351,028
Operating expenses to average net assets (1) ...... 0.29% 0.29% 0.31% 0.32% 0.28% 0.25%
Net investment income to average net assets (1) ... 1.65% 1.29% 1.46% 1.40% 1.19% 1.52%
Portfolio turnover (2) ............................ 38.33% 93.05% 45.52% 57.27% 66.27% 63.74%
Average broker commission rate (3) ................ $ 0.0587 $ 0.0578 -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products.
Inclusion of these charges would reduce the total return figures for all
periods shown.
(1) Ratios for the six months ended June 30, 1997 have been
determined on annualized operating results for the period.
Twelve-month results may be different.
(2) The lesser of purchases or sales of portfolio securities for
a period, divided by the monthly average of the market value of
portfolio securities owned during the period. Securities with a
maturity or expiration date at the time of acquisition of one
year or less are excluded from the calculation. Purchases and
sales of securities (excluding short-term securities) for June
30, 1997 amounted to $801,689,610 and $644,287,454, respectively.
(3) Total brokerage commissions paid on purchases and sales of
portfolio securities for the period divided by the total number
of related shares purchased and sold.
See Notes to Financial Statements.
MSF-51
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
State Street Research Income Portfolio
------------------------------------------------------------------------------
For the Six
Months Ended
June 30, 1997 Year Ended December 31,
------------------------------------------------------------
(unaudited) 1996 1995 1994 1993 1992
------------ ----- ----- ----- ----- ----
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period .............. $12.36 $12.73 $11.32 $12.59 $12.22 $12.32
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income ............................ 0.43 0.82 0.83 0.91 0.83 0.90
Net realized and unrealized gain (loss) .......... (0.08) (0.36) 1.38 (1.31) 0.86 (0.05)
---------- ---------- ---------- ---------- ---------- ----------
Total From Investment Operations .......... 0.35 0.46 2.21 (0.40) 1.69 0.85
---------- ---------- ---------- ---------- ---------- ----------
Less Distributions:
------------------
Dividends from net investment income ............. -- (0.81) (0.80) (0.87) (0.88) (0.71)
Distributions from net realized capital gains .... (0.03) (0.02) -- -- (0.44) (0.24)
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions ....................... (0.03) (0.83) (0.80) (0.87) (1.32) (0.95)
---------- ---------- ---------- ---------- ---------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................... $12.68 $12.36 $12.73 $11.32 $12.59 $12.22
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return ..................................... 2.87% 3.60% 19.55% (3.15)% 11.36% 6.91%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's) .............. $380,633 $383,395 $349,913 $275,659 $299,976 $156,245
Operating expenses to average net assets (1) ..... 0.31% 0.32% 0.34% 0.35% 0.32% 0.25%
Net investment income to average net assets (1) .. 6.77% 6.64% 7.01% 7.02% 6.39% 7.16%
Portfolio turnover (2) ........................... 54.36% 92.90% 102.88% 141.15% 136.98% 151.74%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products.
Inclusion of these charges would reduce the total return figures for all
periods shown.
(1) Ratios for the six months ended June 30, 1997 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1997 amounted to
$196,381,656 and $200,856,524, respectively.
See Notes to Financial Statements.
MSF-52
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Metlife Money Market Portfolio
-----------------------------------------------------------------------
For the Six
Months Ended
June 30, 1997 Year Ended December 31,
-----------------------------------------------------
(unaudited) 1996 1995 1994 1993 1992
------------ ----- ----- ----- ----- ----
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ................... $10.44 $10.45 $10.48 $10.49 $10.52 $10.59
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income ................................. 0.26 0.53 0.59 0.40 0.28 0.39
--------- --------- --------- --------- --------- --------
Total From Investment Operations ............... 0.26 0.53 0.59 0.40 0.28 0.39
--------- --------- --------- --------- --------- --------
Less Distributions:
------------------
Dividends from net investment income .................. -- (0.54) (0.62) (0.41) (0.31) (0.46)
--------- --------- --------- --------- --------- --------
Total Distributions ............................ -- (0.54) (0.62) (0.41) (0.31) (0.46)
--------- --------- --------- --------- --------- --------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ......................... $10.70 $10.44 $10.45 $10.48 $10.49 $10.52
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return .......................................... 2.52% 5.01% 5.59% 3.85% 2.90% 3.73%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's) ................... $41,840 $41,637 $40,456 $39,961 $44,321 $55,412
Operating expenses to average net assets (1) .......... 0.44% 0.43% 0.49% 0.44% 0.38% 0.25%
Net investment income to average net assets (1) ....... 4.96% 4.92% 5.39% 3.76% 2.85% 3.68%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products.
Inclusion of these charges would reduce the total return figures for
all periods shown.
(1) Ratios for the six months ended June 30, 1997 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
See Notes to Financial Statements.
MSF-53
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
State Street Research Diversified Portfolio
--------------------------------------------------------------------------------
For the Six
Months Ended
June 30, 1997 Year Ended December 31,
---------------------------------------------------------------
(unaudited) 1996 1995 1994 1993 1992
------------ ----- ----- ----- ----- ----
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ............. $16.67 $15.95 $13.40 $14.41 $13.58 $13.61
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income ........................... 0.30 0.55 0.59 0.51 0.46 0.53
Net realized and unrealized gain (loss) ......... 1.66 1.77 3.02 (0.95) 1.58 0.74
----------- ------------ ------------ ---------- ---------- ----------
Total From Investment Operations ......... 1.96 2.32 3.61 (0.44) 2.04 1.27
----------- ------------ ------------ ---------- ---------- ----------
Less Distributions:
------------------
Dividends from net investment income ............ (0.01) (0.53) (0.58) (0.50) (0.54) (0.55)
Distributions from net realized capital gains ... (0.62) (1.07) (0.48) (0.07) (0.67) (0.75)
----------- ------------ ------------ ---------- ---------- ----------
Total Distributions ...................... (0.63) (1.60) (1.06) (0.57) (1.21) (1.30)
----------- ------------ ------------ ---------- ---------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................... $18.00 $16.67 $15.95 $13.40 $14.41 $13.58
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return .................................... 12.14% 14.52% 27.03% (3.06)% 12.75% 9.48%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's) ............. $1,721,135 $1,448,841 $1,114,834 $892,826 $743,798 $334,480
Operating expenses to average net assets (1) .... 0.29% 0.29% 0.31% 0.32% 0.29% 0.25%
Net investment income to average net assets (1) . 3.66% 3.38% 3.92% 3.66% 3.16% 3.85%
Portfolio turnover (2) .......................... 54.84% 91.07% 79.29% 96.49% 95.84% 114.67%
Average broker commission rate (3) .............. $ 0.0588 $ 0.0578 -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products.
Inclusion of these charges would reduce the total return figures for
all periods shown.
(1) Ratios for the six months ended June 30, 1997 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
(2) The lesser of purchases or sales of portfolio securities for a
period, divided by the monthly average of the market value of
portfolio securities owned during the period. Securities with a
maturity or expiration date at the time of acquisition of one year or
less are excluded from the calculation. Purchases and sales of
securities (excluding short-term securities) for June 30, 1997
amounted to $896,400,643 and $807,786,874, respectively.
(3) Total brokerage commissions paid on purchases and sales of portfolio
securities for the period divided by the total number of related
shares purchased and sold.
See Notes to Financial Statements.
MSF-54
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
State Street Research Aggressive Growth Portfolio
---------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1997 ------------------------------------------------------
(unaudited) 1996 1995 1994 1993 1992
------------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ..................... $27.11 $25.87 $22.05 $22.54 $19.52 $18.11
- ---------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ---------------------
Net investment income (loss) ............................ -- (0.02) (0.01) 0.05 0.04 0.08
Net realized and unrealized gain (loss) ................. 0.05 2.01 6.50 (0.48) 5.06 1.77
----------- ---------- --------- --------- --------- ---------
Total From Investment Operations .................. 0.05 1.99 6.49 (0.43) 5.10 1.85
----------- ---------- --------- --------- --------- ---------
Less Distributions:
- ------------------
Dividends from net investment income .................... -- -- -- (0.05) (0.06) (0.10)
Distributions from net realized capital gains ........... (0.81) (0.75) (2.67) (0.01) (2.02) (0.34)
----------- ---------- --------- --------- --------- ---------
Total Distributions ............................... (0.81) (0.75) (2.67) (0.06) (2.08) (0.44)
----------- ---------- --------- --------- --------- ---------
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ........................... $26.35 $27.11 $25.87 $22.05 $22.54 $19.52
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return ............................................ 0.58% 7.72% 29.50% (1.88)% 22.63% 10.39%
Supplemental Data/Significant Ratios:
- ------------------------------------
Net assets at end of period (000's) ..................... $1,333,519 $1,321,849 $958,915 $590,047 $387,949 $129,249
Operating expenses to average net assets (1) ............ 0.79% 0.79% 0.81% 0.82% 0.79% 0.75%
Net investment income (loss) to average net assets (1) . (0.04)% (0.11)% (0.06)% 0.24% 0.18% 0.46%
Portfolio turnover (2) .................................. 171.51% 221.23% 255.83% 186.52% 120.82% 100.95%
Average broker commission rate (3) ...................... $ 0.0565 $ 0.0578 -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products.
Inclusion of these charges would reduce the total return figures for all
periods shown.
(1) Ratios have been determined on annualized operating results for the
period. Twelve-month results may be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1997 amounted to
$2,253,356,276 and $2,139,202,197, respectively.
(3) Total brokerage commissions paid on purchases and sales of portfolio
securities for the period divided by the total number of related
shares purchased and sold.
See Notes to Financial Statements.
MSF-55
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
MetLife Stock Index Portfolio
---------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1997 -----------------------------------------------------
(unaudited) 1996 1995 1994 1993 1992
------------ ----- ----- ----- ----- ----
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ................. $22.23 $18.56 $13.87 $14.25 $13.27 $12.76
- ---------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income ............................... 0.18 0.33 0.32 0.33 0.35 0.36
Net realized and unrealized gain (loss) ............. 4.33 3.88 4.79 (0.17) 0.98 0.60
----------- ---------- --------- --------- --------- ---------
Total From Investment Operations .............. 4.51 4.21 5.11 0.16 1.33 0.96
----------- ---------- --------- --------- --------- ---------
Less Distributions:
------------------
Dividends from net investment income ................ (0.01) (0.33) (0.32) (0.32) (0.35) (0.26)
Distributions from net realized capital gains ....... (0.02) (0.21) (0.10) (0.22) -- (0.19)
----------- ---------- --------- --------- --------- ---------
Total Distributions ........................... (0.03) (0.54) (0.42) (0.54) (0.35) (0.45)
----------- ---------- --------- --------- --------- ---------
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ....................... $26.71 $22.23 $18.56 $13.87 $14.25 $13.27
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return ........................................ 20.30% 22.66% 36.87% 1.18% 9.54% 7.44%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's) ................. $1,600,724 $1,122,297 $635,823 $363,001 $282,700 $144,692
Operating expenses to average net assets (1) ........ 0.29% 0.30% 0.32% 0.33% 0.32% 0.25%
Net investment income to average net assets (1) ..... 1.59% 1.91% 2.22% 2.51% 2.51% 2.74%
Portfolio turnover (2) .............................. 4.76% 11.48% 6.35% 6.66% 13.99% 17.54%
Average broker commission rate (3) .................. $ 0.0201 $ 0.0204 -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products.
Inclusion of these charges would reduce the total return figures for all
periods shown.
(1) Ratios for the six months ended June 30, 1997 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1997 amounted to
$296,795,086 and $63,535,348, respectively.
(3) Total brokerage commissions paid on purchases and sales of portfolio
securities for the period divided by the total number of related
shares purchased and sold.
See Notes to Financial Statements.
MSF-56
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
GFM International Stock Portfolio
----------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1997 ------------------------------------------------
(unaudited) 1996 1995 1994 1993 1992
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ......................... $11.95 $12.29 $12.30 $12.33 $8.63 $9.71
- --------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ....................................... 0.09 0.07 0.03 0.08 0.02 0.05
Net realized and unrealized gain (loss) ..................... 1.47 (0.28) 0.07 0.54 4.52 (1.04)
--------- --------- --------- -------- -------- --------
Total From Investment Operations ...................... 1.56 (0.21) 0.10 0.62 4.54 (0.99)
--------- --------- --------- -------- -------- --------
Less Distributions:
Dividends from net investment income ........................ -- -- (0.04) -- (0.26) (0.09)
Distributions from net realized capital gains ............... -- (0.13) (0.07) (0.65) (0.58) --
--------- --------- --------- -------- -------- --------
Total Distributions ................................... -- (0.13) (0.11) (0.65) (0.84) (0.09)
--------- --------- --------- -------- -------- --------
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ............................... $13.51 $11.95 $12.29 $12.30 $12.33 $8.63
- --------------------------------------------------------------------------------------------------------------------------------
Total Return ................................................ 13.56% (1.77)% 0.84% 5.08% 47.76% (10.21)%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ......................... $324,419 $303,826 $297,461 $272,952 $120,781 $18,998
Net expenses to average net assets (Note 3) (1) ............. 0.98% 0.97% 1.01% 1.04% 1.14% 0.97%
Operating expenses to average net assets before voluntary
expense reimbursements (Note 3) (1) ....................... N/A N/A N/A N/A% 1.15% N/A
Net investment income to average net assets (1) ............. 1.35% 0.56% 0.21% 0.80% 0.15% 0.89%
Net investment income to average net assets before voluntary
expense reimbursements (Note 3) (1)........................ N/A N/A N/A N/A 0.15% N/A
Portfolio turnover (2) ...................................... 75.92% 116.67% 86.24% 65.84% 88.90% 65.09%
Average broker commission rate (3) .......................... $0.0018 $ 0.0037 -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products.
Inclusion of these charges would reduce the total return figures for all
periods shown.
(1) Ratios for the six months ended June 30, 1997 have been determined on
annualized operating results for the period. Twelve-months results may
be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1997 amounted to
$233,588,665 and $245,860,377, respectively.
(3) Total brokerage commissions paid on purchases and sales of portfolio
securities for the period divided by the total number of related
shares purchased and sold.
See Notes to Financial Statements.
MSF-57
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Loomis Sayles T. Rowe Price Scudder
High Yield Janus Small Cap Global
Bond Mid Cap Growth Equity
Portfolio Portfolio Portfolio Portfolio
-------------- ----------- ----------- -----------
For the Period March 3, 1997 to June 30, 1997 (unaudited)
----------------------------------------------------------
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period .......................... $10.00 $10.00 $10.00 $10.00
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
----------------------
Net investment income ........................................ 0.12 0.02 0.01 0.07
Net realized and unrealized gain ............................ 0.32 1.32 0.98 0.73
--------- --------- --------- ----------
Total From Investment Operations ....................... 0.44 1.34 0.99 0.80
--------- --------- --------- ----------
Less Distributions:
-------------------
Dividends from net investment income ......................... -- -- -- --
Distributions from net realized capital gains ................ -- -- -- --
--------- --------- --------- ----------
Total Distributions .................................... -- -- -- --
--------- --------- --------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................................ $10.44 $11.34 $10.99 $10.80
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return ................................................. 4.40% 13.40% 9.90% 8.00%
Supplemental Data/Significant Ratios:
-------------------------------------
Net assets at end of period (000's) .......................... $ 11,718 $ 26,223 $ 26,505 $ 32,721
Net expenses to average net assets (Note 3) (1) .............. 1.30% 1.37% 1.07% 1.14%
Operating expenses to average net assets before voluntary
expense reimbursements (Note 3) (1)......................... 3.36% 2.35% 2.24% 2.46%
Net investment income to average net assets (1) .............. 10.33% 1.44% 0.51% 4.79%
Net investment income to average net assets before voluntary
expense reimbursements (Note 3) (1) ........................ 8.28% 0.46% (0.66)% 3.48%
Portfolio turnover (2) ....................................... 28.24% 38.13% 4.30% 8.87%
Average broker commission rate (3) ........................... N/A $0.0313 $0.0288 $0.0646
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products.
Inclusion of these charges would reduce the total return figures for all
periods shown.
(1) Ratios for the three months ended June 30, 1997 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1997 amounted to:
$12,001,031 and $999,178 for the Loomis Sayles High Yield Bond
Portfolio, $23,741,105 and $2,735,099 for the Janus Mid Cap Portfolio,
$22,966,786 and $357,455 for the T. Rowe Price Small Cap Growth
Portfolio, $26,516,878 and $915,272 for the Scudder Global Equity
Portfolio, respectively.
(3) Total brokerage commissions paid on purchases and sales of portfolio
securities for the period divided by the total number of related shares
purchased and sold.
See Notes to Financial Statements.
MSF-58
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1997
- --------------------------------------------------------------------------------
1. Significant The Metropolitan Series Fund, Inc. ("Fund") is registered
Accounting under the Investment Company Act of 1940 as a diversified
Policies open end investment company. The following is a summary of
significant accounting policies consistently followed by the
Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted
accounting principles.
------------------------------------------------------------
A. Investment Security Valuation: Portfolio securities that
are traded on stock exchanges are valued at the last price
as of the close of business on the day the securities are
being valued, or, lacking any sales, at the mean between
closing bid and asked prices. Securities traded in the
over-the-counter market are valued at the mean between the
bid and asked prices or yield equivalent as obtained from
two or more dealers that make markets in the securities.
Portfolio securities that are traded in both the
over-the-counter market and on a stock exchange are valued
according to the broadest and most representative market,
and it is expected that for debt securities this ordinarily
will be the over-the-counter market. The estimated fair
value of equity and debt investments are based on the quoted
market price as of June 30, 1997. 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
MetLife 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
MetLife 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.
------------------------------------------------------------
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, 1996, the State Street Research
Income and GFM International Stock Portfolios had available
for federal income tax purposes unused capital loss
carryovers of approximately $27,000 and $16,382,000,
respectively, which will expire on December 31, 2002 and on
December 31, 2004, respectively.
------------------------------------------------------------
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.
The State Street Research Aggressive Growth Portfolio
incurred a net investment loss of $1,338,007 during 1996,
which has been reclassified to paid-in-capital at December
31, 1996. Currency losses in the GFM International Stock
Portfolio incurred during the year of $5,952,403 were
reclassified between net investment income, accumulated net
realized loss, and paid-in-capital at December 31, 1996.
------------------------------------------------------------
E. Forward Foreign Currency Exchange Contracts: A forward
foreign currency exchange contract is an agreement between
two parties to buy or sell a specific currency for a set
price on a future date. The Fund may enter into forward
foreign currency exchange contracts to hedge security
transactions or holdings denominated in a foreign currency.
Should foreign currency exchange rates move unexpectedly,
the Fund may not achieve the anticipated benefits of the
forward foreign currency exchange contracts and may realize
a loss. The use of forward foreign currency exchange
contracts involves the risk of imperfect correlation in
movements in the price of the underlying hedged assets and
foreign currency exchange rates. During the period that a
contract is open, changes in the value of the contract are
recognized as an unrealized gain or loss by "marking to
market" on a daily basis. A realized gain or loss will be
recognized when a contract is completed or canceled.
------------------------------------------------------------
F. Estimates and Assumptions: The preparation of financial
statements in conformity with generally accepted accounting
principals requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and
liabilities as of the date of the financial statements and
the reported amounts of income and expenses during the
reporting period. Actual results could differ from those
estimates.
- --------------------------------------------------------------------------------
2. Restricted The State Street Research Income Portfolio holds thirteen
and Illiquid securities, the State Street Research Diversified Portfolio
Securities holds fifteen securities, the GFM International Stock
Portfolio holds four securities, the Loomis Sayles High
Yield Bond Portfolio holds seven securities, and the Scudder
Global Equity Portfolio holds one security that was
purchased in private placement transactions. These
securities may be resold in transactions exempt from
registration or to the public if the securities are
registered. The sale of these securities may involve lengthy
negotiations and additional expense. These constraints may
affect the security's marketability, and therefore hinder
prompt disposal at an acceptable price. The Fund intends to
invest no more than 15% of net assets in illiquid and
restricted securities, except for the MetLife Money Market
Portfolio and the Scudder Global Equity Portfolio where the
restriction is 10% of net assets. Restricted securities
(including Rule 144A issues) held at June 30, 1997 are
footnoted at the end of each applicable Portfolio's schedule
of investments.
- --------------------------------------------------------------------------------
MSF-59
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1997 - (Continued)
- --------------------------------------------------------------------------------
3. Expenses A. Investment Management Agreements: 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 net assets for
State Street Research Growth Portfolio, State Street
Research Income Portfolio, MetLife Money Market Portfolio,
State Street Research Diversified Portfolio, and MetLife
Stock Index Portfolio; 0.75% of the average daily net assets
for State Street Research Aggressive Growth Portfolio and
GFM International Stock Portfolio; and .70% of the average
daily net assets for Loomis Sayles High Yield Bond
Portfolio. For providing investment management services to
the Janus Mid Cap Portfolio, Metropolitan Life receives
monthly compensation from the Portfolio at an annual rate of
.75% of the average daily value of the aggregate net assets
of the Portfolio up to $100 million, .70% of such assets on
the next $400 million and .65% of such assets on amounts in
excess of $500 million. For providing investment management
services to the T. Rowe Price Small Cap 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
$100 million, .50% of such assets on the next $300 million
and .45% of such assets on amounts in excess of $400
million. For providing investment management services to the
Scudder Global Equity Portfolio, Metropolitan Life receives
monthly compensation from the Portfolio at an annual rate of
.90% of the average daily value of the aggregate net assets
of the Portfolio up to $50 million, .55% of such assets on
the next $50 million, .50% of such assets on the next $400
million, and .475% of such assets on amounts in excess of
$500 million.
The Fund and Metropolitan Life have entered into various
sub-investment management agreements. State Street Research
& Management Company, a subsidiary of Metropolitan Life, is
compensated to provide sub-investment management services
for the State Street Research Growth, State Street Research
Income, State Street Research Diversified, and State Street
Research Aggressive Growth Portfolios. GFM International
Investors Limited, a subsidiary of Metropolitan Life, is
compensated to provide sub-investment management services
for the GFM International Stock Portfolio. Loomis, Sayles &
Company, L.P., whose general partner is indirectly owned by
Metropolitan Life, is compensated to provide sub-investment
management services for the Loomis Sayles High Yield Bond
Portfolio. Janus Capital Corporation is compensated to
provide sub-investment management services for the Janus Mid
Cap Portfolio. T. Rowe Price Associates, Inc. is compensated
to provide sub-investment management services for the T.
Rowe Price Small Cap Growth Portfolio. Scudder, Stevens &
Clark, Inc. is compensated to provide sub-investment
management services for the Scudder Global Equity Portfolio.
------------------------------------------------------------
B. Investment Management Fee Waiver: Metropolitan Life has
agreed to waive a portion of its investment management fee
for the Scudder Global Equity Portfolio during the first
year of the Portfolio's operations. For the first six months
the waiver will equal .35% of the average daily value of the
aggregate net assets of the Portfolio up to $50 million,
.175% of such assets on the next $50 million, .15% of such
assets on the next $400 million and .1375% of such assets on
amounts in excess of $500 million. During the second six
months of the Portfolio's operations such waiver of the
investment management fee will be equal to .175% of assets
up to $50 million, .0875% of assets on the next $50 million,
.075% of assets on the next $400 million and .06875% of such
assets in excess of $500 million.
------------------------------------------------------------
C. Subsidization of New Portfolios: Metropolitan Life has
agreed to subsidize all expenses, excluding those listed
below, in excess of .20% of the net assets of Loomis Sayles
High Yield Bond Portfolio, Janus Mid Cap Portfolio, T. Rowe
Price Small Cap Growth Portfolio, and Scudder Global Equity
Portfolio. Subsidization will continue until either each
Portfolio's total net assets are at least $100 million, or
March 2, 1999, whichever is earlier. Expenses excluded from
subsidization are: investment management fees payable to
Metropolitan Life, brokerage commissions on portfolio
transactions (including any other direct costs related to
the acquisition, disposition, lending or borrowing of
portfolio investments), taxes payable by the Fund, interest
and other costs related to borrowings by the Fund, and any
extraordinary or non-recurring expenses (such as legal
claims and liabilities and litigation costs and any
indemnification related thereto).
Prior to May 16, 1993, Metropolitan Life was obligated to
pay all expenses of each Portfolio of the Fund that was in
operation at that time. Since that date, the Fund has been
obligated to pay all of its own expenses. However,
Metropolitan Life reserves the right, at its sole
discretion, to pay all or a portion of the expenses of the
Fund or any of its Portfolios, and to terminate such
voluntary payment at any time upon notice to the Board of
Directors and affected shareholders of the Fund.
------------------------------------------------------------
D. Impact of Expense Subsidy on Net Investment Income Per
Share: Net Investment Income per share is enhanced by
Metropolitan Life's subsidy of certain expenses for those
Portfolios that commenced operations in 1997. Net Investment
Income per share would have decreased by $.02 , $.01, $.02,
and $.02, for Loomis Sayles High Yield Bond Portfolio, Janus
Mid Cap Portfolio, T. Rowe Price Small Cap Growth Portfolio,
and Scudder Global Equity Portfolio, respectively.
- --------------------------------------------------------------------------------
4. Dividend The Fund distributes, at least annually, substantially all
Distributions net investment income, if any, of each Portfolio, which will
then be reinvested in additional full and fractional shares
of the Portfolio. All net realized long-term or short-term
capital gains of the Fund, if any, are declared and
distributed at least annually to the shareholders of the
Portfolio or Portfolios to which such gains are
attributable.
- --------------------------------------------------------------------------------
5. New Portfolios On March 3, 1997, the Fund commenced operations of four
additional Portfolios: Loomis Sayles High Yield Bond
Portfolio, Janus Mid Cap Portfolio, T. Rowe Price Small Cap
Growth Portfolio, and Scudder Global Equity Portfolio.
Metropolitan Life supplied initial capital of $22,000,000 to
facilitate the operation of these Portfolios. Metropolitan
Life Insurance, therefore, purchased 200,000 shares of the
Loomis Sayles High Yield Bond Portfolio, 500,000 shares of
the Janus Mid Cap Portfolio, 500,000 shares of the T. Rowe
Price Small Cap Growth Portfolio, and 1,000,000 shares of
the Scudder Global Equity Portfolio, with each Portfolio
valued at $10 per share. Subsequently, these Portfolios were
made available for certain contracts. At June 30, 1997 the
value of Metropolitan Life's investment in these Portfolios
totaled $24,084,000.
- --------------------------------------------------------------------------------
6. Portfolio The Growth Portfolio, Income Portfolio, Money Market
Name Changes Portfolio, Diversified Portfolio, Aggressive Growth
Portfolio, Stock Index Portfolio, and International Stock
Portfolio changed names on March 3, 1997. Subsequently,
these Portfolios are renamed as follows: State Street
Research Growth Portfolio, State Street Research Income
Portfolio, MetLife Money Market Portfolio, State Street
Research Diversified Portfolio, State Street Research
Aggressive Growth Portfolio, MetLife Stock Index Portfolio,
and GFM International Stock Portfolio.
- --------------------------------------------------------------------------------
MSF-60
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1997 - (Continued)
- --------------------------------------------------------------------------------
7. Net Unrealized As of June 30, 1997, gross unrealized appreciation and
Appreciation depreciation of investments were as follows:
(Depreciation)
<TABLE>
<CAPTION>
State Street
State Street State Street State Street Research MetLife
Research Research Research Aggressive Stock
Growth Income Diversified Growth Index
Portfolio Portfolio Portfolio Portfolio Portfolio
-------------- ------------ -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Gross Unrealized Appreciation .... $ 449,562,774 $ 2,575,027 $ 219,906,930 $ 191,362,172 $ 548,210,615
Gross Unrealized Depreciation .... (13,516,061) (3,631,101) (10,411,439) (49,068,498) (9,849,164)
-------------- ------------ -------------- -------------- --------------
Net Unrealized Appreciation
(Depreciation) of Investments*.... 436,046,713 (1,056,074) $ 209,495,491 142,293,674 538,361,451
Aggregate Cost of Securities
(including short-term securities). $1,613,948,018 $380,764,971 $1,502,330,262 $1,177,605,466 $1,063,217,900
============== ============ ============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
GFM T. Rowe Price
International Loomis Sayles Janus Small Cap Scudder Global
Stock High Yield Bond Mid Cap Growth Equity
Portfolio Portfolio Portfolio Portfolio Portfolio
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Gross Unrealized Appreciation.... $ 48,338,848 $ 280,618 $ 2,432,671 $ 2,808,318 $ 1,992,952
Gross Unrealized Depreciation.... (6,058,420) (71,958) (98,276) (467,688) (242,611)
------------- ------------- ------------- ------------- -------------
Net Unrealized Appreciation
of Investments* ................. $ 42,280,428 $ 208,660 $ 2,334,395 $ 2,340,630 $ 1,750,341
============= ============= ============= ============= =============
Aggregate Cost of Securities
(including short-term
securities ...................... $ 271,960,210 11,867,607 25,978,849 $ 24,110,389 $ 32,182,686
============= ============= ============= ============= =============
</TABLE>
*Does not include unrealized gains and (losses) related to
foreign currency transactions of $155,833, $232,736,
$(18,139), $(20), $(5,473), and $560 for the State Street
Research Income, State Street Research Diversified, GFM
International Stock, Loomis Sayles High Yield Bond, Janus
Mid Cap, and Scudder Global Equity Portfolios, respectively.
(see Note 9.)
- --------------------------------------------------------------------------------
8. Capital Stock At June 30, 1997, there were 2,000,000,000 shares of $0.01
Activity par value common stock authorized for the Fund. The shares
of common stock are divided into eleven series: State Street
Research Growth, State Street Research Income, MetLife Money
Market, State Street Research Diversified, State Street
Research Aggressive Growth, MetLife Stock Index, GFM
International Stock, Loomis Sayles High Yield Bond, Janus
Mid Cap, T. Rowe Price Small Cap Growth, and Scudder Global
Equity Portfolios.
Transactions in shares were as follows:
<TABLE>
<CAPTION>
For the Six Months Ended June 30, 1997
-----------------------------------------------------------------------------------------------------------------
State
State State State Street
Street Street MetLife Street Research MetLife GFM
Research Research Money Research Aggressive Stock International
Growth Income Market Diversified Growth Index Stock
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ------------ ---------- ------------ ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares sold...... 4,313,290 606,966 1,041,782 5,464,222 2,143,950 9,425,339 1,790,216
Shares issued in
reinvestment
of dividends..... 3,597,495 81,982 ------ 3,500,883 1,733,153 67,157 ------
----------- ------------ ----------- ------------- ------------ ------------- -------------
Total.. 7,910,785 688,948 1,041,782 8,965,105 3,877,103 9,492,496 1,790,216
Shares redeemed.. (88,442) (1,696,291) (1,120,894) (244,420) (2,029,274) (52,818) (3,192,015)
=========== ============ =========== ============= ============ ============= =============
Net increase
(decrease)....... 7,822,343 (1,007,343) (79,112) 8,720,685 1,847,829 9,439,678 (1,401,799)
=========== ============ =========== ============= ============ ============= =============
</TABLE>
MSF-61
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1997 - (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
8. Capital Stock For the Period March 3, 1997 (commencement of operations) to June 30, 1997
Activity (cont.) ----------------------------------------------------------------------------------------------------------------
T. Rowe
Loomis Price Scudder
Sayles High Janus Small Cap Global
Yield Bond Mid Cap Growth Equity
Portfolio Portfolio Portfolio Portfolio
----------- ------------ ----------- -------------
<S> <C> <C> <C> <C>
Shares sold...................... 1,221,354 2,312,125 2,568,218 3,030,139
Shares issued in reinvestment
of dividends..................... ---- ---- ---- ----
----------- ------------ ----------- -------------
Total.................. 1,221,354 2,312,125 2,568,218 3,030,139
Shares redeemed.................. (98,794) (3) (155,457) (3)
----------- ------------ ----------- -------------
Net increase..................... 1,122,560 2,312,122 2,412,761 3,030,136
=========== ============ =========== =============
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended December 31, 1996
----------------------------------------------------------------------------------------------------------------
State
State State State Street
Street Street MetLife Street Research MetLife GFM
Research Research Money Research 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...... 8,155,023 3,698,482 1,814,089 10,207,431 11,414,917 16,259,851 3,530,056
Shares issued in
reinvestment
of dividends..... 4,909,141 1,951,255 196,231 7,567,236 1,290,947 1,170,618 261,862
----------- ------------ ----------- ------------- ------------ ------------- -------------
Total.. 13,064,164 5,649,737 2,010,320 17,774,667 12,705,864 17,430,469 3,791,918
Shares redeemed.. (409,835) (2,111,443) (1,893,767) (755,150) (1,025,632) (1,196,783) (2,578,350)
----------- ------------ ----------- ------------- ------------ ------------- -------------
Net increase..... 12,654,329 3,538,294 116,553 17,019,517 11,680,232 16,233,686 1,213,568
=========== ============ =========== ============= ============ ============= =============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9. Foreign The fair value of foreign currency contracts is the amount
Currency at which they could be settled based on exchange rates
Translations obtained from dealers. As of June 30, 1997, the State Street
Research Income Portfolio experienced an unrealized net gain
of $154,716 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
Valuation Unrealized
Expiration Contract as of Appreciation
Sold Date Amount June 30, 1997 (Depreciation)
-------------------------- ---------------- ------------------- ----------------- ---------------
<S> <C> <C> <C> <C>
Australian Dollar 7/24/97 $3,048,990 $2,959,389 $89,601
Australian Dollar 8/14/97 4,908,280 4,830,659 77,621
British Pound 7/24/97 4,420,631 4,493,066 (72,435)
European Currency Unit 8/14/97 2,619,784 2,576,295 43,489
New Zealand Dollar 7/24/97 4,955,595 4,876,877 78,718
------------------- ----------------- ---------------
$19,953,280 $19,736,286 $216,994
=================== ================= ===============
Purchased
--------------------------
Australian Dollar 8/14/97 $2,388,975 $2,374,122 $(14,853)
European Currency Unit 8/14/97 2,623,720 2,576,295 (47,425)
------------------- ----------------- ---------------
$5,012,695 $4,950,417 $(62,278)
=================== ================= ===============
Net unrealized appreciation ................................................................ $154,716
===============
</TABLE>
The State Street Income Portfolio had an unrealized
translation gain on foreign currency receivables and payables
as follows:
<TABLE>
<S> <C>
Net unrealized translation gain:
Interest Receivables $(2,383)
Interest Reclaim Receivables 3,442
Tax Expense Receivables 58
-------------
Net unrealized translation gain................... $1,117
=============
</TABLE>
MSF-62
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1997 - (Continued)
- --------------------------------------------------------------------------------
9. Foreign As of June 30, 1997 the State Street Research Diversified
Currency Portfolio experienced an unrealized net gain of $236,966
Translations based on the following foreign currency exchange contracts
(Cont.) outstanding:
<TABLE>
<CAPTION>
Valuation Unrealized
Expiration Contract as of Appreciation
Sold Date Amount June 30, 1997 (Depreciation)
-------------------------- ---------------- ------------------- ----------------- ---------------
<S> <C> <C> <C> <C>
Australian Dollar 7/24/97 $4,400,320 $4,270,894 $129,426
Australian Dollar 8/14/97 8,960,626 8,845,496 115,130
British Pound 7/24/97 7,838,407 7,967,703 (129,296)
European Currency Unit 8/14/97 3,514,500 3,456,144 58,356
New Zealand Dollar 7/24/97 8,996,787 8,848,969 147,818
------------------- ----------------- ---------------
$33,710,640 $33,389,206 $321,434
=================== ================= ===============
Purchased
--------------------------
Australian Dollar 8/14/97 $3,352,934 $3,332,088 $(20,846)
European Currency Unit 8/14/97 3,519,765 3,456,143 (63,622)
------------------- ----------------- ---------------
$6,872,699 $6,788,231 $(84,468)
=================== ================= ===============
Net unrealized appreciation................................................................. $236,966
===============
</TABLE>
The State Street Research Diversified Portfolio had an
unrealized translation loss on foreign currency receivables
and payables as follows:
<TABLE>
<S> <C>
Net unrealized translation (loss):
Interest Receivables $(4,330)
Tax Expense Payables 100
----------------
Net unrealized translation (loss)................. $(4,230)
================
</TABLE>
The GFM International Stock Portfolio had an unrealized
translation loss on foreign currency receivables and
payables as follows:
<TABLE>
<S> <C>
Net unrealized translation (loss):
Dividend Receivables $11,952
Dividend Reclaim Receivables (31,190)
Sales Receivables 2,192
Tax Expense Payables (1,093)
----------------
Net unrealized translation (loss)................. $(18,139)
================
</TABLE>
The Loomis Sayles High Yield Bond Portfolio had an
unrealized translation loss on foreign currency receivables
and payables as follows:
<TABLE>
<S> <C>
Net unrealized translation (loss):
Interest Receivables $(20)
----------------
Net unrealized translation (loss)................. $(20)
================
</TABLE>
As of June 30, 1997 the Janus Mid Cap Portfolio experienced
an unrealized net loss of ($5,726) based on the following
foreign currency exchange contracts outstanding:
<TABLE>
<CAPTION>
Valuation Unrealized
Expiration Contract as of Appreciation
Sold Date Amount June 30, 1997 (Depreciation)
-------------------------- ---------------- ------------------- ----------------- ---------------
<S> <C> <C> <C> <C>
British Pound 7/24/97 $73,553 $74,884 $(1,331)
British Pound 8/20/97 220,178 224,473 (4,295)
------------------- ----------------- ---------------
$293,731 $299,357 $(5,626)
=================== ================= ===============
Purchased
--------------------------
British Pound 7/24/97 $186,466 $186,366 $(100)
------------------- ----------------- ---------------
$186,466 $186,366 $(100)
=================== ================= ===============
Net unrealized (depreciation)............................................................... $(5,726)
===============
</TABLE>
The Janus Mid Cap Portfolio had an unrealized translation
gain on foreign currency receivables and payables as
follows:
<TABLE>
<S> <C>
Net unrealized translation gain:
Purchase Payables $253
----------------
Net unrealized translation gain................... $253
================
</TABLE>
MSF-63
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1997 - (Continued)
- --------------------------------------------------------------------------------
9. Foreign
Currency
Translations The Scudder Global Equity Portfolio had an unrealized
(Cont.) translation gain on foreign currency receivables and
payables as follows:
<TABLE>
<S> <C>
Net unrealized translation gain:
Dividend Receivables $143
Dividend Reclaim Receivables (171)
Interest Receivables 210
Interest Reclaim Receivables 53
Marked-to-Market Foreign Exchange Contracts (13,901)
Pending Spot Foreign Exchange Contracts 39
Purchase Payables 14,247
Sales Receivables (39)
Tax Expense Payables (21)
---------------
Net unrealized translation gain..................... $560
===============
</TABLE>
- --------------------------------------------------------------------------------
10. Subsequent On July 30, 1997, an annual meeting of the Shareholders of
Events the Metropolitan Series Fund, Inc. was held in New York
City. At this meeting, all proposals, as outlined in the May
23, 1997 proxy, were adopted effective August 1, 1997.
- --------------------------------------------------------------------------------
MSF-64
<PAGE>
METROPOLITAN SERIES FUND, INC.
DIRECTORS AND OFFICERS
- --------------------------------------------------------------------------------
AS OF JUNE 30, 1997
DIRECTORS:
- --------------------------------------------------------------------------------
DAVID A. LEVENE--Chairman of the Board
JEFFREY J. HODGMAN--Director
STEVE A. GARBAN--Director
MALCOLM T. HOPKINS--Director
ROBERT A. LAWRENCE--Director
DEAN O. MORTON--Director
MICHAEL S. SCOTT MORTON--Director
OFFICERS:
- --------------------------------------------------------------------------------
DAVID A. LEVENE--Chief Executive Officer
CHRISTOPHER P. NICHOLAS--President and Chief Operating Officer
ELAINE STEVENSON--Vice-President
LAWRENCE A. VRANKA--Vice-President
BRADFORD W. WHITE--Controller
JOSEPH M. PANETTA--Treasurer
ROBIN WAGNER--Secretary
<PAGE>
This report has been prepared for the prospective owners of
Universal Life II policies issued by Metropolitan Life
Insurance Company and shareholders of Metropolitan Series
Fund, Inc. This report may be distributed only when
preceded or accompanied by the most recent quarterly
performance sheet and the current prospectus for the
Universal Life II policy. Please consult the prospectus for
information regarding applicable fees and charges.
If you want more information, please contact your sales representative.
MSFSemiannualReportULII (0897) 97082202 (exp0398)MLIC-LD
Date of First Use: 8/29/97
<PAGE>
- --------------------------------------------------------------------------------
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<PAGE>
- --------------------------------------------------------------------------------
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