<PAGE>
Metropolitan
Series Fund, Inc.
------------------------------------------------------------
------------------------------------------------------------
December 1996
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
President's Letter
- -------------------------------------------------------------------------------
Dear Investor:
We are pleased to present the December 31, 1996, Annual Report of the
Metropolitan Series Fund, Inc. This Report begins with an overview of the
domestic U.S. and international economies during 1996 after which follow
details for each Portfolio, including a listing of assets, investments and
other Portfolio characteristics.
- ---------------------------
Economic Review
- ---------------------------
The U.S. economy in 1996 continued to grow with surprising vigor. The domestic
economy expanded into its sixth consecutive year, without significant
inflation. Capital spending was steady and consumer fundamentals such as
growth in jobs, income and wealth were good. With inflation under control, the
Federal Reserve stood pat on interest rates, with its eye primarily on wages.
The dollar strengthened against foreign currencies.
The outlook early in 1997 indicates that the economy is continuing to grow, at
a moderate pace. Corporate profits are expected to advance but more modestly
than during 1996. Companies capable of delivering sustained above-average
earnings growth are most likely to attract investment. Without stronger growth
around the world, and absent wage pressures, which may yet occur, the economy
does not appear likely to overheat.
- ---------------------------
U.S. Stock Market
- ---------------------------
The stock market measured by the Dow Jones and the Standard & Poor's 500
Composite Stock Price Index (S&P 500) produced the best performance in over
forty years. Since stock leadership was actually quite narrow, a compounded
total return of over 20% was somewhat misleading. While several large
companies had very strong returns, dominating the market capitalization-
weighted indices, many other stocks delivered mediocre results or even
declined in value. The 50 best performers in the S&P 500 accounted for nearly
60% of its overall return. NASDAQ returns were tightly focused around a few
large company leaders. Most portfolio managers did not keep pace with the
overall market.
- ---------------------------
U.S. Bond Market
- ---------------------------
Bonds turned in a mediocre performance in 1996 with several indices indicating
total returns of 4% or less. Some foreign bonds and high yield securities did
produce attractive results. The bond market reflected stable Federal Reserve
policy as the economy continued to grow through confident consumer spending.
Inflation and wages were controlled and commodity prices were stable.
- ---------------------------
International Markets
- ---------------------------
Weak growth persisted abroad throughout the year, especially in Japan and
continental Europe, effectively dampening U.S. inflationary pressures and
attracting more foreign capital into our markets. About two-thirds of U.S. net
borrowing was funded by international investment.
Japan's economic recovery did not materialize. The policy that propped up its
corporations and banks was set to tighten at the end of the Japanese
government's fiscal year on March 31, 1997. No improvement was visible in the
Japanese stock market. Europe continued to struggle with a tightening fiscal
policy led by members of the European Monetary Union. There were few signs of
improvement. The United Kingdom showed earnings growth, but an uncertain
political scene.
Growth in Canada and Mexico picked up, but was not expected to help the U.S.
trade deficit. China, growing in importance as a U.S. trading partner, has
been preparing to take over the governance of Hong Kong. China also became a
large holder of dollar reserves and an active buyer of U.S. Treasury bonds.
Southeast Asian countries benefited from U.S. mutual fund investing. We expect
gradual improvement for growth abroad.
Despite challenging market conditions, the portfolios performed well, if
defensively. We look forward to 1997 bringing broader stock market
opportunities. We are committed to helping you realize your financial goals.
Sincerely,
/s/ Jeffrey J. Hodgman
Jeffrey J. Hodgman
Chairman, President and Chief Executive Officer
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND GROWTH PORTFOLIO
The Portfolio finished strong, among the top third of its fund category for
the 12-month period. Throughout the year, the manager seeking to achieve
consistently competitive returns, reduced the number of holdings of large,
growth company stocks. During the fourth quarter, investor interest narrowed
to the largest blue chip companies in the stock indices. Value stocks
outperformed during that period, before growth made a strong comeback.
John T. Wilson became portfolio manager in December 1996. At year-end, the
Portfolio held 64 stocks, continuing to focus on strong corporate leaders
across a broad spectrum of businesses. Heaviest investment was in consumer
staple products with steady demand and in technology stocks. There was
selective focus on energy and entertainment issues. The manager also reduced
the median market size of investments to take advantage of better valuations.
INVESTMENT OBJECTIVE
To seek long-term growth of capital and income and moderate current income.
UNDERLYING INVESTMENTS
Invests primarily in common stocks believed to be of good quality or to have
good growth potential or which are considered to be undervalued based on
historical investment standards.
PORTFOLIO COMPOSITION & TOTAL
RETURN AS OF DECEMBER 31, 1996
<TABLE>
<S> <C>
NET ASSETS $1.6 billion
</TABLE>
COMPOSITION
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
BankAmerica Corp. .................................................. 3.21%
Citicorp............................................................ 2.94%
Schlumberger Ltd. .................................................. 2.93%
General Electric Co. ............................................... 2.50%
Monsanto Co. ....................................................... 2.44%
International Business Machines Corp. .............................. 2.42%
COMPAQ Computer Corp. .............................................. 2.18%
Burlington Resources, Inc. ......................................... 2.08%
Du Pont (E.I.) de Nemours & Co. .................................... 2.08%
Rohm & Haas Co. .................................................... 2.06%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the Growth Portfolio
and the S&P 500 Index from 12/31/86 to 12/31/96.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. 10yr.
22.18% 14.97% 14.77%
[CHART]
</TABLE>
The above graph does not include withdrawal or surrender charges and Separate
Account expenses (general administrative expenses and mortality and expense
risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
MDA-1
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND INCOME PORTFOLIO
The Portfolio performed in the top quintile of its competing funds over the
12-month period. While the investing environment was difficult for bonds
throughout the year, the manager held defensive positions that were less
sensitive to interest rate changes than the market average. The Portfolio
continued to benefit from modest investments in foreign securities and in
bonds below investment-grade. However, with more than half of its assets
invested in U.S. Treasury bonds, the average quality of all holdings remained
high.
At year-end, the economic outlook reflected continuing moderate growth, with
inflation behaving well and the Federal Reserve maintaining its policy on
short-term interest rates. The manager planned to hold securities that would
mirror the market average if interest rates changed.
During 1996, the manager selected the Lehman Brothers Government/Corporate
Bond Index as its benchmark for comparing Portfolio performance. He determined
that this Index more accurately reflected the risk/return characteristics of
fixed income funds against which the Income Portfolio competes. The former
benchmark was the Lehman Brothers Aggregate Index, which is also presented
below for this transitional year.
INVESTMENT OBJECTIVE
To achieve the highest possible total return by combining current income with
capital gains, consistent with prudent investment risk and preservation of
capital.
UNDERLYING INVESTMENTS
Invests primarily in fixed income, high-quality debt securities.
PORTFOLIO COMPOSITION & TOTAL
RETURN AS OF DECEMBER 31, 1996
<TABLE>
<C> <S>
NET ASSETS $383.4 million
AVERAGE BOND QUALITY AA+
</TABLE>
PERFORMANCE SUMMARY
Comparison of Change in Value of a
$10,000 Investment in the Income
Portfolio, Lehman Brothers
Aggregate Index and the Lehman
Brothers Government/Corporate Bond
Index from 12/31/86 to 12/31/96.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. 10yr.
3.60% 7.39% 8.40%
</TABLE>
[CHART]
The above graph does not include
withdrawal or surrender charges and
Separate Account expenses (general
administrative expenses and
mortality and expense risk charges
or cost of insurance charges). If
performance information included
the effect of these additional
charges, performance would have
been lower. Past performance is no
guarantee of future results.
Principal value and investment
return will vary and you may have a
gain or loss when you withdraw your
money.
MDA-2
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND MONEY MARKET PORTFOLIO
The Federal Reserve's fund's target for the second half of 1996 stayed firmly
at 5.25%. Investments in the short end of the yield curve could hardly earn
more than that, even before expenses were levied against these types of
investments. Short rates did inch another quarter point higher in the last
month of the year, which is a typical year-end response. Even then, the
expected rise never materialized to the same extent as former years.
In short, money market mutual fund returns were uneventful. However, despite
low market returns, the Portfolio yielded a rate of return that was 2% higher
than the rate of inflation.
The steadiness of low inflation and the stability of Federal Reserve's funds,
the very factors causing the equity markets to explode and the bond market to
vacillate in disbelief, suggest the course of short rates going forward. In
1997 short-term investments should remain quite steady as forces that may
cause rates to rise, such as a growing economy, will be offset by forces that
may cause the rates to decline, such as lowering inflation expectations.
INVESTMENT OBJECTIVE
To achieve the highest possible current income consistent with preservation of
capital and maintenance of liquidity.
UNDERLYING INVESTMENTS
Invests primarily in short-term money market instruments.
PORTFOLIO COMPOSITION & TOTAL
RETURN AS OF DECEMBER 31, 1996
<TABLE>
<S> <C>
NET ASSETS $41.6 million
</TABLE>
PERFORMANCE SUMMARY
Comparison of Change in Value of a
$10,000 Investment in the Money
Market Portfolio and the IBC's
Money Fund Report Averages(TM)/All
Taxable 30 Day* from 12/31/86 to
12/31/96.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. 10yr.
5.01% 4.21% 5.83%
</TABLE>
[CHART]
The above graph does not include
withdrawal or surrender charges and
Separate Account expenses (general
administrative expenses and
mortality and expense risk charges
or cost of insurance charges). If
performance information included
the effect of these additional
charges, performance would have
been lower. Past performance is no
guarantee of future results.
Principal value and investment
return will vary and you may have a
gain or loss when you withdraw your
money. The Money Market Portfolio
is not insured or guaranteed by the
U.S. government.
- -------
*Source: IBC's Money Fund Report
MDA-3
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND DIVERSIFIED PORTFOLIO
The Portfolio performed well, completing its 10th year and finishing in the
top quartile of its fund category for the 12-month period. At year-end, there
were 153 total securities, excluding short-term instruments. Stocks remained
close to the allocation guideline at 61% of assets and outperformed the bond
segment despite volatile markets. The manager expanded holdings to companies
demonstrating consistent profitability, strong market leadership and above-
average earnings potential. John T. Wilson took over as stock portfolio
manager in December 1996.
For most of the year, the bond manager had invested defensively against rising
interest rates. Near year-end, he positioned the income segment to mirror the
market average if interest rates changed. The Portfolio continued to benefit
from modest investments in foreign securities and in bonds below investment-
grade. However, with more than half of the bond holdings in U.S. Treasuries,
average quality remained high.
During 1996, the bond manager selected the Lehman Brothers
Government/Corporate Bond Index as its benchmark for comparing fixed income
performance in the Portfolio. He determined that this Index more accurately
reflected the risk/return characteristics of fixed income funds against which
the Diversified Portfolio competes. The former benchmark was the Lehman
Brothers Aggregate Index, which is also presented below for this transitional
year.
INVESTMENT OBJECTIVE
To achieve a high total return while attempting to limit investment risk and
preserve capital.
UNDERLYING INVESTMENTS
Invests in equity securities, fixed income debt securities, or short-term
money market instruments, or any combination thereof, at the discretion of
State Street Research & Management Company.
PORTFOLIO COMPOSITION & TOTAL
RETURN AS OF DECEMBER 31, 1996
<TABLE>
<C> <S>
NET ASSETS $1.4 billion
AVERAGE BOND QUALITY AA+
</TABLE>
COMPOSITION
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
BankAmerica Corp. .................................................. 1.98%
Schlumberger Ltd. .................................................. 1.81%
Citicorp............................................................ 1.80%
General Electric Co. ............................................... 1.53%
Monsanto Co. ....................................................... 1.50%
International Business Machines Corp. .............................. 1.49%
COMPAQ Computer Corp. .............................................. 1.34%
Burlington Resources, Inc. ......................................... 1.28%
Du Pont (E.I.) de Nemours & Co. .................................... 1.28%
Rohm & Haas Co. .................................................... 1.27%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the Diversified
Portfolio and the S&P 500 Index, Lehman Brothers Government/Corporate Bond
Index and Lehman Brothers Aggregate Index from 12/31/86 to 12/31/96.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. Inception
14.52% 12.14% 11.72%
[CHART]
</TABLE>
The above graph does not include withdrawal or surrender charges and Separate
Account expenses (general administrative expenses and mortality and expense
risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
MDA-4
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND AGGRESSIVE GROWTH PORTFOLIO
The stock market in 1996 was risk-averse, favoring large company, blue-chip
stocks at the expense of small and medium-capitalization growth issues. A
dramatic flight to those large stock market leaders took place in the fourth
quarter. This narrow investment focus hurt many Portfolio holdings that
customarily were attractive growth stocks selected by a bottom-up valuation in
the manager's consistent investment process and style.
At year-end, the Portfolio held 148 stocks. Investment focus remained on
specialty retail, hotel and restaurant, and technology stocks emphasizing
products and services that help improve productivity. Consumer staples such as
business services, energy and finance were other important areas of
investment.
The manager kept the Portfolio positioned for maximum capital appreciation
when market investment broadens. He anticipated continued positive economic
growth with low inflation in 1997.
INVESTMENT OBJECTIVE
To achieve maximum capital appreciation.
UNDERLYING INVESTMENTS
Invests primarily in common stocks (and equity and debt securities convertible
into or carrying the right to acquire common stocks) of emerging growth
companies, undervalued securities or special situations.
PORTFOLIO COMPOSITION & TOTAL
RETURN AS OF DECEMBER 31, 1996
<TABLE>
<S> <C>
NET ASSETS $1.3 billion
</TABLE>
COMPOSITION
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
HFS, Inc. .......................................................... 4.84%
Republic Industries, Inc. .......................................... 3.30%
Gucci Group NV...................................................... 2.90%
Beneficial Corp. ................................................... 2.65%
Sanmina Holdings, Inc. ............................................. 2.55%
Extended Stay America, Inc. ........................................ 2.30%
Chase Manhattan Corp. .............................................. 1.98%
Philip Morris Cos., Inc. ........................................... 1.89%
Global Marine, Inc. ................................................ 1.78%
Lucent Technologies, Inc. .......................................... 1.72%
</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.
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the Aggressive Growth
Portfolio and the S&P 500 Index from 4/29/88 to 12/31/96.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. Inception
7.72% 13.13% 16.65%
[CHART]
</TABLE>
The above graph does not include withdrawal or surrender charges and Separate
Account expenses (general administrative expenses and mortality and expense
risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
MDA-5
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND STOCK INDEX PORTFOLIO
In 1996 stocks in the S&P 500 Index were up strongly. This followed good gains
in 1995, giving the S&P 500 its best two year period since 1954-55. U.S.
stocks have benefited from a multiyear period of full employment, low
inflation and an absence of significant economic downturns. Economic growth,
productivity improvements and restructuring benefits have led to a doubling of
profits since 1991 for companies in the S&P 500 Index. Investors have been
willing to pay more for a given level of earnings because they have more
optimistic views of future economic stability, inflation and interest rates.
The Portfolio continued to follow its strategy of investing virtually all its
assets in stocks of companies in the S&P 500 Index. The Portfolio owns most of
the stocks in the Index and uses a computerized stock selection procedure in
order to achieve returns close to those of the S&P 500 Index.
INVESTMENT OBJECTIVE
To equal the performance of the Standard & Poor's 500 Composite Stock Price
Index (adjusted to assume reinvestment of dividends).
UNDERLYING INVESTMENTS
Invests in the common stocks of companies that are included in the S&P 500
Index.
PORTFOLIO COMPOSITION & TOTAL
RETURN AS OF DECEMBER 31, 1996
<TABLE>
<S> <C>
NET ASSETS $1.1 billion
</TABLE>
COMPOSITION
TOP TEN EQUITY HOLDINGS
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
General Electric Co. ............................................... 2.87%
Coca-Cola Co. ...................................................... 2.30%
Exxon Corp. ........................................................ 2.15%
Intel Corp. ........................................................ 1.89%
Microsoft Corp. .................................................... 1.73%
Philip Morris Cos., Inc. ........................................... 1.66%
Royal Dutch Petroleum Co. .......................................... 1.66%
Merck & Co., Inc. .................................................. 1.65%
International Business Machines Corp. .............................. 1.39%
Procter & Gamble Co. ............................................... 1.29%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the Stock Index
Portfolio and the S&P 500 Index from 5/1/90 to 12/31/96.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. Inception
22.66% 14.86% 15.68%
[CHART]
</TABLE>
The above graph does not include withdrawal or surrender charges and Separate
Account expenses (general administrative expenses and mortality and expense
risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
MDA-6
<PAGE>
METROPOLITAN SERIES FUND, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
- -------------------------------------------------------------------------------
METROPOLITAN SERIES FUND INTERNATIONAL STOCK PORTFOLIO
Although performance improved markedly in the final quarter, the Portfolio
finished last among its peer group for the 12-month period. The Japanese
economy continued to struggle, and despite some selective profits and
restructured holdings, the Portfolio's investments there generally met with
depressed results. Steady strengthening of the U.S. dollar against the yen,
the German mark and other currencies throughout the year also reduced local
market returns. (The Portfolio is valued in dollars.) United Kingdom stocks
were a positive exception, but underweighted because of political concerns and
the effect of the sterling's strength on multinational company profits.
Ian Vose, Chief Executive Officer of the Portfolio's sub-adviser, took over
portfolio management early in 1996. At year-end, the manager anticipated
moderate growth with no significant inflationary pressures, based on fiscal
policies in continental Europe and Japan. Investment strategy emphasized
Europe, Southeast Asia and Australia as opportune regions.
INVESTMENT
OBJECTIVE/UNDERLYING
INVESTMENTS
To achieve long-term growth of capital by investing primarily in common stocks
and equity-related securities of non-United States companies.
PORTFOLIO COMPOSITION & TOTAL
RETURN AS OF DECEMBER 31, 1996
<TABLE>
<S> <C>
NET ASSETS $303.8 million
</TABLE>
COMPOSITION
TOP TEN EQUITY HOLDINGS
(BASED ON THE LOCATION OF THE COMPANY'S PRINCIPAL OPERATION)
<TABLE>
<CAPTION>
% OF TOTAL
SECURITY NET ASSETS
- -------- ----------
<S> <C>
Nomura Securities (Japan)........................................... 1.86%
Mitsubishi Estate (Japan)........................................... 1.75%
Bank of Ireland (Ireland)........................................... 1.61%
Sony Corp. (Japan).................................................. 1.58%
Canon, Inc. (Japan)................................................. 1.52%
British Petroleum Co. (United Kingdom).............................. 1.52%
Royal Dutch Petroleum (Netherlands)................................. 1.39%
Daimler-Benz AG (Germany)........................................... 1.36%
TDK Corp. (Japan)................................................... 1.28%
Novartis AG (Switzerland)........................................... 1.26%
</TABLE>
ASSET ALLOCATION BY COUNTRY AND GEOGRAPHY ON 12/31/96
BASED ON MARKET VALUE OF INVESTMENTS
[PIE]
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or countries listed.
PERFORMANCE SUMMARY
Comparison of Change in Value of a $10,000 Investment in the International
Stock Portfolio and the Morgan Stanley EAFE Index from 5/1/91 to 12/31/96.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<S> <C> <C>
1yr. 5yr. Inception
(1.77%) 6.67% 5.56%
</TABLE>
[CHART]
The Average Annual Total Returns were not materially affected by Metropolitan
Life Insurance Company's subsidy of certain expenses for part of 1993, and did
not produce return figures different from those displayed. The above graph
does not include withdrawal or surrender charges and Separate Account expenses
(general administrative expenses and mortality and expense risk charges or
cost of insurance charges). If performance information included the effect of
these additional charges, performance would have been lower. Past performance
is no guarantee of future results. Principal value and investment return will
vary and you may have a gain or loss when you withdraw your money.
MDA-7
<PAGE>
- --------------------------------------------------------------------------------
Annual Report
of
Metropolitan
Series Fund, Inc.
December 31, 1996
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Independent Auditors' Report
- --------------------------------------------------------------------------------
The Board of Directors and Shareholders,
Metropolitan Series Fund, Inc.
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of the Growth, Income, Money Market,
Diversified, Aggressive Growth, Stock Index, and International Stock Portfolios
of the Metropolitan Series Fund, Inc. (the "Fund") as of December 31, 1996, the
related statements of operations for the year then ended, the statements of
changes in net assets for the years ended December 31, 1996 and 1995, and the
financial highlights for the applicable periods ended December 31, 1996, 1995,
1994, 1993, and 1992. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at
December 31, 1996 by correspondence with the custodian and brokers: where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Growth, Income,
Money Market, Diversified, Aggressive Growth, Stock Index, and International
Stock Portfolios of the Metropolitan Series Fund, Inc. at December 31, 1996 and
the results of their operations, the changes in their net assets, and the
financial highlights for the respective stated periods, in conformity with
generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Denver, Colorado
February 14, 1997
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 91.9%
- --------------------------------------------------------------------------------
<C> <S> <C>
Aerospace: 0.9%
305,400 Raytheon Co. $ 14,697,375
- --------------------------------------------------------------------------------
Automotive: 2.4%
325,000 General Motors Corp. 18,118,750
360,000 Magna International, Inc. Cl. A 20,070,000
------------
38,188,750
- --------------------------------------------------------------------------------
Banking: 9.8%
513,900 BankAmerica Corp. 51,261,526
356,600 *Chase Manhattan Corp. 31,826,550
455,700 Citicorp 46,937,101
279,100 NationsBank, Inc. 27,282,025
------------
157,307,202
- --------------------------------------------------------------------------------
Broadcasting: 1.2%
526,100 Time Warner, Inc. 19,728,750
- --------------------------------------------------------------------------------
Business Services: 1.9%
452,600 First Data Corp. 16,519,900
245,200 HBO & Co. 14,558,750
------------
31,078,650
- --------------------------------------------------------------------------------
Chemicals: 6.6%
351,300 Du Pont (E.I.) de Nemours & Co. 33,153,937
1,001,000 Monsanto Co. 38,913,876
404,200 Rohm & Haas Co. 32,992,825
------------
105,060,638
- --------------------------------------------------------------------------------
Cosmetics: 1.3%
366,300 Avon Products, Inc. 20,924,887
- --------------------------------------------------------------------------------
Drugs & Health Care: 4.1%
135,500 *Amgen, Inc. 7,376,281
233,420 Lilly (Eli) & Co. 17,039,660
309,545 *Novartis AG ADR 17,670,516
281,700 Pfizer, Inc. 23,345,887
------------
65,432,344
- --------------------------------------------------------------------------------
Electrical Equipment: 2.5%
403,500 General Electric Co. 39,896,063
- --------------------------------------------------------------------------------
Electronics: 9.3%
664,270 *Ericsson (L.M.) Telephone Co.
Cl. B ADR 20,052,651
191,600 *Intel Corp. 25,087,625
572,900 *Lucent Technologies, Inc. 26,496,625
287,100 Motorola, Inc. 17,620,762
435,800 Perkin-Elmer Corp. 25,657,725
678,300 *Teradyne, Inc. 16,533,562
259,100 Texas Instruments, Inc. 16,517,625
------------
147,966,575
- --------------------------------------------------------------------------------
Financial Services: 2.1%
254,300 Federal National Mortgage Assoc. 9,472,675
544,867 Travelers Group, Inc. 24,723,325
------------
34,196,000
- --------------------------------------------------------------------------------
Food & Beverages: 3.5%
742,300 Anheuser-Busch Cos., Inc. 29,692,000
493,800 Coca-Cola Co. 25,986,225
------------
55,678,225
- --------------------------------------------------------------------------------
Hospital Management: 1.7%
661,200 Columbia/HCA Healthcare Corp. 26,943,900
- --------------------------------------------------------------------------------
Hospital Supply: 4.0%
390,400 Baxter International, Inc. 16,006,400
628,000 Johnson & Johnson 31,243,000
248,400 Medtronic, Inc. 16,891,200
------------
64,140,600
- --------------------------------------------------------------------------------
Hotel & Restaurant: 2.2%
570,000 Hilton Hotels Corp. 14,891,250
908,700 *Mirage Resorts, Inc. 19,650,637
------------
34,541,887
- --------------------------------------------------------------------------------
Household Products: 1.7%
258,500 Procter & Gamble Co. 27,788,750
- --------------------------------------------------------------------------------
Insurance: 3.7%
445,400 ACE Ltd. 26,779,675
161,800 Aetna, Inc. 12,944,000
15,600 General Re Corp. 2,460,900
286,700 St. Paul Cos., Inc. 16,807,787
------------
58,992,362
- --------------------------------------------------------------------------------
Leisure: 2.4%
311,241 Disney (Walt) Co. 21,670,154
346,700 Harley Davidson, Inc. 16,294,900
------------
37,965,054
- --------------------------------------------------------------------------------
</TABLE>
MSF-1
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------
<S> <C> <C>
Machinery: 1.5%
441,700 Case Corp. $ 24,072,650
- ---------------------------------------------------------------
Metals-Aluminum: 2.9%
478,200 Aluminum Co. of America 30,485,250
273,200 Reynolds Metals Co. 15,401,650
--------------
45,886,900
- ---------------------------------------------------------------
Miscellaneous: 1.1%
311,000 Guidant Corp. 17,727,000
- ---------------------------------------------------------------
Office & Business Equipment: 6.6%
417,400 *Cisco Systems, Inc. 26,583,162
468,700 *COMPAQ Computer Corp. 34,800,975
74,400 Diebold, Inc. 4,677,900
256,300 International Business Machines
Corp. 38,701,301
--------------
104,763,338
- ---------------------------------------------------------------
Oil: 1.7%
687,640 TOTAL Cl. B ADR 27,677,510
- ---------------------------------------------------------------
Oil-Domestic: 0.5%
295,700 Oryx Energy Co. 7,318,575
- ---------------------------------------------------------------
Oil-International: 2.0%
189,600 Royal Dutch Petroleum Co. 32,374,200
- ---------------------------------------------------------------
Oil-Services: 2.9%
468,800 Schlumberger Ltd. 46,821,401
- ---------------------------------------------------------------
Retail Grocery: 1.4%
495,500 *Kroger Co. 23,040,750
- ---------------------------------------------------------------
Retail Trade: 4.7%
169,300 Gucci Group NV 10,814,037
611,166 Home Depot, Inc. 30,634,696
209,600 Rite-Aid Corp. 8,331,600
530,300 Sears, Roebuck & Co. 24,460,087
--------------
74,240,420
- ---------------------------------------------------------------
Software: 1.3%
461,600 Electronic Data Systems Corp. 19,964,200
- ---------------------------------------------------------------
Tobacco: 1.4%
198,500 Philip Morris Cos., Inc. 22,356,062
- ---------------------------------------------------------------
Transportation-Railroad: 0.5%
213,600 Canadian National Railway Co. 8,116,800
- ---------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 2.1%
659,300 Burlington Resources, Inc. $ 33,212,237
--------------
TOTAL COMMON STOCK
(Cost: $1,224,351,179) 1,468,100,055
--------------
<CAPTION>
- ---------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ---------------------------------------------------------------
SHORT TERM OBLIGATIONS: 7.9%
- ---------------------------------------------------------------
<C> <S> <C> <C> <C>
$5,348,000 American Express
Credit Corp. 5.800% 1/06/97 $ 5,348,000
20,751,000 American Express
Credit Corp. 5.750% 1/06/97 20,751,000
32,939,000 Chevron Oil
Finance Co. 6.150% 1/07/97 32,939,000
3,296,000 Ford Motor Credit
Co. 5.720% 1/03/97 3,296,000
18,485,000 Ford Motor Credit
Co. 5.910% 1/03/97 18,485,000
25,000,000 Household Finance
Corp. 5.600% 1/02/97 25,000,000
20,000,000 Philip Morris
Cos., Inc. 5.587% 1/08/97 19,978,417
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $125,797,417)............. 125,797,417
--------------
- ---------------------------------------------------------------
TOTAL INVESTMENTS: 99.8%
(Cost: $1,350,148,596) .......... 1,593,897,472
OTHER ASSETS LESS LIABILITIES:
0.2%............................. 3,831,003
--------------
TOTAL NET ASSETS: 100.0%......... $1,597,728,475
==============
- ----------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
*Non-income producing security.
ADR (American depository receipt) represents ownership of foreign securities.
MSF-2
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
INCOME PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -----------------------------------------------------------------------------
CORPORATE BONDS: 28.4%
- -----------------------------------------------------------------------------
Banking: 4.5%
<S> <C> <C> <C> <C>
$ 2,775,000 American Express Master
Trust 96-1 A 6.800% 5/15/01 $ 2,814,877
3,950,000 **Bank of New York 144A 7.780% 12/01/06-26 3,854,331
2,500,000 **BankAmerica Institutional
Capital 144A 7.700% 12/31/06-26 2,458,875
3,800,000 Capital One Bank Sr. 7.080% 10/31/01 3,831,578
1,000,000 NationsBank Master
Trust 1995-1 6.450% 8/15/00 1,003,750
3,200,000 Standard Credit Card
Master Trust 1991-3A 8.875% 9/07/98 3,328,000
------------
17,291,411
- -----------------------------------------------------------------------------
Collateralized Mortgage Obligations: 2.3%
1,757,489 Countrywide Series 1993-E
A-1 PAC 6.500% 1/25/96-24 1,756,391
3,650,000 **DeBartolo Cap.
Partnership A-2 144A 7.480% 5/01/04 3,781,172
1,815,499 Prudential Home Loan
Mortgage Ser. 93-29 A-6
PAC 6.750% 8/25/98-08 1,819,457
1,328,210 Residential Funding
Corp. 93-S25 A1 PAC 6.500% 7/25/98-08 1,327,374
------------
8,684,394
- -----------------------------------------------------------------------------
Financial Services: 9.6%
2,575,000 Allmerica Financial
Corp. Sr. 7.625% 10/15/25 2,554,349
1,800,000 Associates Corp. of North
America 6.750% 7/15/01 1,812,924
2,800,000 Associates Corp. of North
America 6.375% 10/15/02 2,746,240
1,200,000 Beneficial Corp. 9.125% 2/15/98 1,239,912
1,800,000 CIT Group Holdings, Inc. 6.700% 5/28/01 1,833,750
1,225,000 Commercial Credit
Group, Inc. 6.750% 5/15/00 1,235,682
3,800,000 Fleet Mortgage Group,
Inc. 7.060% 7/26/02 3,807,942
3,800,000 Ford Credit Auto Loan
Master Trust 95-1 6.500% 8/15/02 3,811,856
3,350,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 3,226,184
1,800,000 General Motors
Acceptance Corp. 7.050% 2/02/98 1,822,446
1,600,000 General Motors
Acceptance Corp. Deb. 7.850% 11/17/97 1,627,280
1,700,000 Household Finance Co. 6.750% 6/01/00 1,714,008
1,500,000 PennCorp Financial
Group Sr. Sub. 9.250% 12/15/98-03 1,560,000
2,000,000 Sears Credit Account
Master Trust II 1994-1 8.100% 6/15/00-04 2,098,740
3,800,000 Sears Roebuck
Acceptance Corp. 7.010% 9/19/02 3,839,900
1,850,000 Travelers Aetna Property
& Cas. Sr. Note 7.750% 4/15/26 1,903,502
------------
36,834,715
- -----------------------------------------------------------------------------
Government Sponsored: Federally Chartered: 1.5%
1,500,000 Big Rivers Electric
Cooperative Trust 10.700% 9/15/97-17 1,623,945
825,000 Cajun Electric Power
Cooperative Trust 9.520% 3/15/98-19 892,502
2,900,000 Deseret Generation
Cooperative Trust 10.110% 12/15/97-17 3,140,323
------------
5,656,770
- -----------------------------------------------------------------------------
Industrials: 7.0%
1,225,000 360 Communications Co. 7.125% 3/01/03 1,210,190
2,100,000 Case Credit Corp. 6.125% 2/15/03 2,022,825
1,000,000 Chevron Corp. Profit
Sharing Amort. Note 8.110% 12/01/01-04 1,061,590
2,600,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 2,617,368
2,300,000 **Electronic Data Systems
Corp. 144A 6.850% 5/15/00 2,328,980
1,000,000 HealthSouth Sr. Sub. 9.500% 4/01/98-01 1,060,000
1,500,000 **K-III Communications
144A Sr. Note 8.500% 2/01/01-06 1,473,750
2,000,000 Koppers Industries Sr. 8.500% 2/01/99-04 1,940,000
1,000,000 Lear Seating Corp. Sr.
Sub. 11.250% 7/15/97-00 1,026,250
1,500,000 Lear Seating Corp. Sub. 8.250% 2/01/98-02 1,511,250
1,925,000 Loews Corp. Sr. 7.000% 10/15/03-23 1,748,093
1,400,000 Oryx Energy Co. 8.125% 10/15/05 1,421,868
</TABLE>
MSF-3
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
INCOME PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Industrials: (Continued)
$ 1,000,000 Paging Network Sr. Sub. 8.875% 2/01/99-06 $ 952,500
2,700,000 Union Pacific Resources
Deb. 7.500% 10/15/26 2,742,525
3,800,000 Viacom, Inc. Sr. 7.750% 6/01/05 3,741,746
-----------
26,858,935
- --------------------------------------------------------------------------------
Miscellaneous: 1.6%
3,500,000 Darden Restaurants, Inc. 7.125% 2/01/16 3,157,595
3,100,000 Tele-Communications, Inc. 8.250% 1/15/03 3,130,473
-----------
6,288,068
- --------------------------------------------------------------------------------
Utilities-Electric: 1.9%
3,500,000 Arizona Public Service
Sr. Note 6.750% 11/15/06 3,427,795
3,900,000 Southern California
Edison Co. 6.500% 6/01/01 3,877,263
-----------
7,305,058
-----------
TOTAL CORPORATE BONDS
(Cost: $109,539,384) .............................. 108,919,351
-----------
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 5.1%
- --------------------------------------------------------------------------------
4,228,078 Federal Home Loan
Mortage Corp. 7.500% 11/01/11 4,288,836
765,400 Federal Home Loan
Mortgage Corp. 9.000% 12/01/09 812,020
2,600,000 Federal Home Loan
Mortgage Corp. 7.240% 5/15/98-02 2,613,000
68,340 Federal National
Mortgage Assoc. 7.750% 4/01/08 70,193
135,592 Federal National
Mortgage Assoc. 8.000% 6/01/08 141,047
156,899 Federal National
Mortgage Assoc. 9.000% 4/01/16 166,607
300,666 Federal National
Mortgage Assoc. 9.000% 5/01/09 319,269
398,745 Federal National
Mortgage Assoc. 8.500% 9/01/09 417,311
525,901 Federal National
Mortgage Assoc. 7.750% 9/01/06 539,711
707,296 Federal National
Mortgage Assoc. 7.750% 3/01/08 726,478
1,016,841 Federal National
Mortgage Assoc. 8.500% 2/01/09 1,081,980
1,182,896 Federal National
Mortgage Assoc. 8.250% 7/01/08 1,230,543
2,224,298 Federal National
Mortgage Assoc. 7.000% 2/01/24 2,183,972
327,019 Government National
Mortgage Assoc. ARM 7.500% 5/15/07 331,578
4,825,036 Government National
Mortgage Assoc. ARM 6.500% 5/15/09 4,779,006
-----------
19,701,551
-----------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $19,484,861) ............................... 19,701,551
-----------
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 52.6%
- --------------------------------------------------------------------------------
3,350,000 U.S. Treasury Bond 12.000% 8/15/08-13 4,792,075
12,850,000 U.S. Treasury Bond 6.250% 8/15/23 12,046,875
24,825,000 U.S. Treasury Bond 8.125% 8/15/21 28,820,335
4,500,000 U.S. Treasury Note 6.625% 7/31/01 4,571,730
5,850,000 U.S. Treasury Note 8.500% 5/15/97 5,915,813
6,875,000 U.S. Treasury Note 5.125% 6/30/98 6,812,713
10,200,000 U.S. Treasury Note 6.250% 8/31/00 10,238,250
10,350,000 U.S. Treasury Note 5.750% 8/15/03 10,039,500
11,325,000 U.S. Treasury Note 7.125% 9/30/99 11,638,250
12,675,000 U.S. Treasury Note 7.250% 5/15/04 13,336,507
21,550,000 U.S. Treasury Note 6.750% 5/31/99 21,916,996
27,475,000 U.S. Treasury Note 5.875% 10/31/98 27,470,603
40,225,000 U.S. Treasury Note 7.875% 11/15/04 43,895,530
-----------
201,495,177
-----------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $201,969,944) .............................. 201,495,177
-----------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 3.8%
- --------------------------------------------------------------------------------
4,550,000AUD Australian Government 9.000% 4/09/15 3,975,581
2,775,000CAD Canadian Government 7.500% 12/01/03 2,190,675
</TABLE>
MSF-4
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
INCOME PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ------------------------------------------------------------------
FOREIGN OBLIGATIONS: (CONTINUED)
- ------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 8,700,000 DKK Danish Government 8.000% 5/15/03 $ 1,635,939
9,175,000 DKK Danish Government 8.000% 3/15/06 1,713,265
11,600,000 DKK Danish Government 8.000% 11/15/01 2,185,781
1,900,000 FRN French Government 8.000% 4/25/03 2,692,362
-----------
14,393,603
-----------
TOTAL FOREIGN OBLIGATIONS
(Cost: $14,113,484) ................... 14,393,603
-----------
- ------------------------------------------------------------------
YANKEE BONDS: 4.0%
- ------------------------------------------------------------------
2,000,000 City of Naples Note 7.520% 7/15/01-06 2,062,640
6,150,000 Hydro Quebec Deb.
Ser. HS 9.400% 2/01/21 7,416,408
1,500,000 Province of
Manitoba Deb. Ser. 9.250% 4/01/20 1,831,830
CD
1,500,000 Province of
Manitoba Global 6.750% 3/01/03 1,509,540
Notes
2,550,000 Talisman Energy
Deb. 7.125% 6/01/07 2,531,843
-----------
15,352,261
-----------
TOTAL YANKEE BONDS
(Cost: $15,320,158) ................ 15,352,261
-----------
- ------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 4.5%
- ------------------------------------------------------------------
2,063,000 American Express
Credit Corp. 5.500% 1/07/97 2,063,000
13,027,000 American Express
Credit Corp. 5.450% 1/03/97 13,027,000
2,303,000 Chevron Oil
Finance Co. 6.150% 1/07/97 2,303,000
-----------
17,393,000
-----------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $17,393,000) ................ 17,393,000
-----------
- ------------------------------------------------------------------
TOTAL INVESTMENTS: 98.4%
(Cost: $377,820,831) ............... 377,254,943
OTHER ASSETS LESS LIABILITIES: 1.6%. 6,139,895
TOTAL NET ASSETS: 100.0%............ $383,394,838
============
- ------------------------------------------------------------------
</TABLE>
*Restricted Securities see note 2.
Additional information on restricted securities as follows:
<TABLE>
<CAPTION>
Valuation
as of
Acquisition Acquisition December
Issue Date Cost 31, 1996
----- ---- ---- --------
<S> <C> <C> <C>
Bank of New York 144A 12/24/96 $ 3,866,121 $ 3,854,331
BankAmerica
Institutional
Capital. 144A 11/26/96 2,473,850 2,458,875
DeBartolo Cap.
Partnership A-2 144A 11/16/95-11/20/96 3,835,383 3,781,172
Electronic Data
Systems Corp. 144A 5/19/95 3,297,393 2,328,980
K-III Communications
Corp. 144A Sr. Note 1/22/96 1,506,875 1,473,750
</TABLE>
The aggregate value of restricted securities at December 31, 1996 was
$13,897,108 or 3.62% of the Income Portfolio's net assets.
See Notes to Financial Statements.
MSF-5
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
COMMERCIAL PAPER: 62.3%
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$2,000,000 Albertsons, Inc. 5.370% 1/24/97 $1,993,138
2,000,000 Bell Atlantic Financial Services 5.310% 1/22/97 1,993,805
2,000,000 Bellsouth Capital Funding Corp. 5.280% 1/14/97 1,996,187
2,000,000 CIT Group Holdings, Inc. 5.370% 1/06/97 1,998,508
2,000,000 Coca-Cola Co. 5.300% 2/25/97 1,983,806
2,000,000 Ford Motor Credit Co. 5.320% 1/07/97 1,998,227
2,000,000 General Electric Capital Corp. 5.420% 1/15/97 1,995,784
2,000,000 General Electric Capital Services,
Inc. 5.390% 1/10/97 1,997,305
2,000,000 Heinz (H.J.) Co. 5.400% 2/03/97 1,990,100
2,000,000 Kellogg Co. 5.330% 1/21/97 1,994,078
2,000,000 Motorola, Inc. 5.300% 1/14/97 1,996,172
2,000,000 Paccar Financial Corp. 5.300% 1/17/97 1,995,289
2,000,000 Xerox Corp 5.290% 1/22/97 1,993,828
---------
TOTAL COMMERCIAL PAPER
(COST: $25,926,227) .................................. 25,926,227
----------
- --------------------------------------------------------------------------------
CORPORATE NOTE: 9.6
- --------------------------------------------------------------------------------
2,000,000 Bank of America IL-
Chicago State Bank Notes 5.700% 5/28/97 1,999,029
2,000,000 PHH Corp. 5.950% 6/10/97 1,999,746
---------
TOTAL CORPORATE NOTE
(COST: $3,998,775) ................................... 3,998,775
---------
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 28.0%
- --------------------------------------------------------------------------------
$2,200,000 Federal Home Loan Bank 5.250% 1/06/97 $2,198,396
2,300,000 Federal Home Loan Bank 5.250% 1/10/97 2,296,981
2,500,000 Federal Home Loan
Mortgage Corp. 5.290% 1/30/97 2,489,346
2,000,000 Federal National Mortgage
Assoc. 5.280% 1/13/97 1,996,480
2,700,000 Federal National Mortgage
Assoc. 5.310% 1/15/97 2,694,425
---------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $11,675,628) .................................. 11,675,628
----------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.9%
(Cost: $41,600,630) .................................. 41,600,630
OTHER ASSETS LESS LIABILITIES: 0.1% .................. 36,001
----------
TOTAL NET ASSETS: 100.0% ............................. $41,636,631
==========
- --------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
MSF-6
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 56.6%
- --------------------------------------------------------------------------------
<S> <C> <C>
Aerospace: 0.6%
170,900 Raytheon Co. $ 8,224,562
- --------------------------------------------------------------------------------
Automotive: 1.5%
180,800 General Motors Corp. 10,079,600
201,100 Magna International, Inc. Cl. A 11,211,325
------------
21,290,925
- --------------------------------------------------------------------------------
Banking: 6.0%
287,100 BankAmerica Corp. 28,638,225
198,700 Chase Manhattan Corp. 17,733,975
253,300 Citicorp 26,089,900
155,200 NationsBank, Inc. 15,170,800
------------
87,632,900
- --------------------------------------------------------------------------------
Broadcasting: 0.8%
294,000 Time Warner, Inc. 11,025,000
- --------------------------------------------------------------------------------
Business Services: 1.2%
252,800 First Data Corp. 9,227,200
137,000 HBO & Co. 8,134,375
------------
17,361,575
- --------------------------------------------------------------------------------
Chemicals: 4.0%
195,800 Du Pont (E.I.) de Nemours & Co. 18,478,625
558,700 Monsanto Co. 21,719,462
224,800 Rohm & Haas Co. 18,349,300
------------
58,547,387
- --------------------------------------------------------------------------------
Cosmetics: 0.8%
205,500 Avon Products, Inc. 11,739,188
- --------------------------------------------------------------------------------
Drugs & Health Care: 2.5%
75,400 *Amgen, Inc. 4,104,588
131,246 Lilly (Eli) & Co. 9,580,958
173,119 Novartis AG ADR 9,882,580
156,700 Pfizer, Inc. 12,986,512
------------
36,554,638
- --------------------------------------------------------------------------------
Electrical Equipment: 1.5%
224,500 General Electric Co. 22,197,437
- --------------------------------------------------------------------------------
Electronics: 5.7%
369,720 Ericsson (L. M.) Telephone Co. ADR Cl. B 11,160,923
106,600 Intel Corp. 13,957,937
320,000 Lucent Technologies, Inc. 14,800,000
159,700 Motorola, Inc. 9,801,587
245,000 Perkin-Elmer Corp. 14,424,375
377,200 Teradyne, Inc. 9,194,250
145,200 Texas Instruments, Inc. 9,256,500
------------
82,595,572
- --------------------------------------------------------------------------------
Financial Services: 1.3%
141,300 Federal National Mortgage Assoc. 5,263,425
304,467 Travelers Group, Inc. 13,815,175
------------
19,078,600
- --------------------------------------------------------------------------------
Food & Beverages: 2.1%
415,900 Anheuser-Busch Co., Inc. 16,636,000
274,500 Coca-Cola Co. 14,445,563
------------
31,081,563
- --------------------------------------------------------------------------------
Hospital Management: 1.0%
371,550 Columbia/HCA Healthcare Corp. 15,140,663
- --------------------------------------------------------------------------------
Hospital Supply: 2.5%
217,400 Baxter International, Inc. 8,913,400
349,400 Johnson & Johnson 17,382,650
138,200 Medtronic, Inc. 9,397,600
------------
35,693,650
- --------------------------------------------------------------------------------
Hotel & Restaurant: 1.3%
317,900 Hilton Hotels Corp. 8,305,137
507,800 Mirage Resorts, Inc. 10,981,175
------------
19,286,312
- --------------------------------------------------------------------------------
Household Products: 1.1%
144,100 Procter & Gamble Co. 15,490,750
- --------------------------------------------------------------------------------
Insurance: 2.3%
249,600 ACE Ltd. 15,007,200
89,900 Aetna, Inc. 7,192,000
8,700 General Re Corp. 1,372,425
159,700 St. Paul Cos., Inc. 9,362,413
------------
32,934,038
- --------------------------------------------------------------------------------
Leisure: 1.5%
181,235 Disney (Walt) Co. 12,618,487
194,300 Harley Davidson, Inc. 9,132,100
------------
21,750,587
- --------------------------------------------------------------------------------
</TABLE>
MSF-7
<PAGE>
- ------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ------------------------------------------------------------------------------
Schedule of Investments
- ------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ------------------------------------------------------------------------------
<S> <C> <C>
Machinery: 0.9%
245,600 Case Corp. $13,385,200
- ------------------------------------------------------------------------------
Metals-Aluminum: 1.8%
268,200 Aluminum Co. of America 17,097,750
151,900 Reynolds Metals Co. 8,563,363
------------
25,661,113
- ------------------------------------------------------------------------------
Miscellaneous: 0.7%
173,000 Guidant Corp. 9,861,000
- ------------------------------------------------------------------------------
Office & Business Equipment: 4.0%
232,200 Cisco Systems, Inc. 14,788,238
262,200 COMPAQ Computer Corp. 19,468,350
41,400 Diebold, Inc. 2,603,025
142,900 International Business Machines
Corp. 21,577,900
------------
58,437,513
- ------------------------------------------------------------------------------
Oil: 1.1%
388,745 Total SA Cl. B 15,646,986
- ------------------------------------------------------------------------------
Oil-Domestic: 0.3%
164,500 *Oryx Energy Co. 4,071,375
- ------------------------------------------------------------------------------
Oil-International: 1.2%
105,600 Royal Dutch Petroleum Co. 18,031,200
- ------------------------------------------------------------------------------
Oil-Services: 1.8%
261,900 Schlumberger Ltd. 26,157,263
- ------------------------------------------------------------------------------
Retail Grocery: 0.9%
582 Food 4 Less Holdings, Inc. (Wts.) 55,406
278,800 Kroger Co. 12,964,200
------------
13,019,606
- ------------------------------------------------------------------------------
Retail Trade: 2.9%
94,200 Gucci Group NV 6,017,025
340,000 Home Depot, Inc. 17,042,500
116,800 Rite-Aid Corp. 4,642,800
296,400 Sears, Roebuck & Co. 13,671,450
41,373,775
- ------------------------------------------------------------------------------
Software: 0.8%
5,887 Anacomp Inc. Delaware 49,304
1,495 Anacomp Inc. Delaware (Wts.) 4,111
257,800 Electronic Data Systems Corp. 11,149,850
------------
11,203,265
- ------------------------------------------------------------------------------
Tobacco: 0.9%
111,900 Philip Morris Cos., Inc. $12,602,737
- ------------------------------------------------------------------------------
Transportation-Railroad: 0.3%
119,700 Canadian National Railway Co. 4,548,600
- ------------------------------------------------------------------------------
Transportation-Trucking: 0.0%
500 Crown Packaging Holdings Ltd. (Wts.) 5
- -------------------------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 1.3%
367,600 Burlington Resources, Inc. 18,517,850
------------
TOTAL COMMON STOCK
(Cost: $681,520,120) ............................. 820,142,835
------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -------------------------------------------------------------------------------
CORPORATE BONDS: 10.0%
- -------------------------------------------------------------------------------
Banking: 0.9%
<S> <C> <C> <C> <C>
$2,850,000 **Bank of New York 144A 7.780% 12/01/06-26 $2,780,973
5,400,000 Capital One Bank Sr. 7.080% 10/31/01 5,444,874
2,800,000 NationsBank Master
Trust 1995-1 6.450% 4/15/03 2,810,500
2,100,000 Standard Credit Card
Master Trust 1991-3A 8.875% 9/07/99 2,184,000
------------
13,220,347
- -----------------------------------------------------------------------------
Collateralized Mortgage Obligations: 0.6%
1,745,368 Countrywide Series
1993-E A-1 PAC 6.500% 1/25/24 1,744,278
5,175,000 **DeBartolo Cap.
Partnership A-2 144A 7.480% 5/01/04 5,360,977
1,064,258 Prudential Home
Loan Mortgage Ser. 93-29
A-6 PAC 6.750% 8/25/98-08 1,066,578
981,721 Residential Funding
Corp. 93-S25 A1 PAC 6.500% 7/25/98-08 981,102
------------
9,152,935
- -----------------------------------------------------------------------------
Financial Services: 4.2%
3,600,000 Allmerica Financial
Corp. Sr. 7.625% 10/15/25 3,571,128
4,100,000 Associates Corp.
of North America 6.375% 10/15/02 4,021,280
2,550,000 Associates Corp.
of North America 6.750% 7/15/01 2,568,309
</TABLE>
MSF-8
<PAGE>
- ----------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ----------------------------------------------------------------
Schedule of Investments
- ----------------------------------------------------------------
DIVERSIFIED PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ----------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- ----------------------------------------------------------------
Financial Services: (Continued)
<S> <C> <C> <C> <C>
$3,500,000 ** BankAmerica
Institutional
Capital 144A 7.700% 12/31/06-26 $3,442,425
1,200,000 Beneficial Corp. 9.125% 2/15/98 1,239,912
2,700,000 Case Credit Corp. 6.125% 2/15/03 2,600,775
3,900,000 Chase Manhattan
Credit Card Master 7.040% 2/15/05 3,988,959
5,200,000 CIT Group
Holdings, Inc. 6.700% 5/28/01 5,297,500
4,400,000 Fleet Mortgage
Group, Inc. 7.060% 7/26/02 4,409,196
5,350,000 Ford Credit Auto
Loan Master Trust
95-1 6.500% 8/15/02 5,366,692
4,250,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 4,092,920
2,500,000 General Motors
Acceptance Corp. 7.050% 2/02/98 2,531,175
2,625,000 General Motors
Acceptance Corp.
Deb. 7.850% 11/17/97 2,669,756
2,400,000 Household Finance
Co. 6.750% 6/01/00 2,419,776
1,500,000 PennCorp
Financial Group
Sr. Sub. 9.250% 12/15/98-03 1,560,000
2,600,000 Sears Credit
Account Master
Trust II 1994-1 8.100% 6/15/00-04 2,728,362
5,400,000 Sears Roebuck
Acceptance Corp.
Mountain 6.930% 10/03/02 5,435,694
2,600,000 Travelers Aetna
Property &
Casualty Sr. 7.750% 4/15/26 2,675,192
------------
60,619,051
- ----------------------------------------------------------------
Government Sponsored: Federally Chartered: 0.5%
2,250,000 Big Rivers
Electric
Cooperative Trust 10.700% 9/15/17 2,435,918
3,750,000 Deseret
Generation
Cooperative Trust 10.110% 12/15/17 4,060,762
------------
6,496,680
- ----------------------------------------------------------------
Industrials: 2.3%
1,700,000 360 Communications
Co. 7.125% 3/01/03 1,679,447
1,500,000 Chevron Corp.
Profit Sharing
Amort. Note 8.110% 12/01/01-04 1,592,385
3,700,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 3,724,716
3,300,000 ** Electronic Data
Systems Corp. 144A 6.850% 5/15/00 3,341,580
2,000,000 HealthSouth Sr.
Sub. 9.500% 4/01/98-01 2,120,000
2,075,000 ** K-III
Communications
144A Sr. Note 8.500% 2/01/01-06 2,038,687
2,000,000 Koppers
Industries Sr. 8.500% 2/01/99-04 1,940,000
1,000,000 Lear Seating
Corp. Sr. Sub. 11.250% 7/15/97-00 1,026,250
1,550,000 Lear Seating
Corp. Sub. 8.250% 2/01/98-02 1,561,625
2,700,000 Loews Corp. Sr. 7.000% 10/15/03-23 2,451,870
2,000,000 Oryx Energy Co. 8.125% 10/15/05 2,031,240
1,000,000 Paging Network
Sr. Sub. 8.875% 2/01/99-06 952,500
3,800,000 Union Pacific
Resources Deb. 7.500% 10/15/26 3,859,850
5,400,000 Viacom, Inc. Sr. 7.750% 6/01/05 5,317,218
------------
33,637,368
- ----------------------------------------------------------------
Miscellaneous: 0.6%
500,000 Crown Packaging,
Inc. Sr. Sub. 1.000% 11/01/98-03 125,000
4,400,000 Darden
Restaurants, Inc. 7.125% 2/01/16 3,969,548
4,200,000 Tele-Communications,
Inc. 8.250% 1/15/03 4,241,286
------------
8,335,834
- ----------------------------------------------------------------
Utilities-Electric: 0.4%
5,350,000 Southern California
Edison Co. 6.500% 6/01/01 5,318,809
- ------------------------------------------------------------------
Utilities-Miscellaneous: 0.2%
2,800,000 ** State Street
Institutional
Capital A 144A 7.940% 12/30/06-26 2,838,920
- ------------------------------------------------------------------
Utilities-Telephone: 0.3%
5,000,000 Airtouch
Communications
Inc. 7.000% 1/01/03 5,040,000
------------
TOTAL CORPORATE BONDS
(Cost: $144,936,019) ............... 144,659,944
------------
- ----------------------------------------------------------------
</TABLE>
MSF-9
<PAGE>
- -----------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -----------------------------------------------------------------
Schedule of Investments
- -----------------------------------------------------------------
DIVERSIFIED PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ----------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 2.1%
- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
$5,187,386 Federal Home Loan
Mortgage Corp. 7.500% 4/01/26 $ 5,198,695
3,700,000 Federal Home Loan
Mortgage Corp. 7.240% 5/15/02 3,718,500
52,300 Federal National
Mortgage Assoc. 9.000% 4/01/16 55,536
1,601,524 Federal National
Mortgage Assoc. 8.500% 2/01/09 1,704,118
1,342,364 Federal National
Mortgage Assoc. 8.000% 6/01/08 1,396,368
583,383 Federal National
Mortgage Assoc. 9.000% 5/01/09 619,476
741,413 Federal National
Mortgage Assoc. 7.250% 9/01/07 754,491
3,545,497 Federal National
Mortgage Assoc. 7.000% 12/01/07 3,572,584
4,813,434 Federal National
Mortgage Assoc. 8.500% 8/01/22 5,037,547
2,296,171 Government National
Mortgage Assoc. 6.000% 2/15/09 2,229,421
328,345 Government
National Mortgage
Assoc. 8.000% 9/15/07 341,479
6,070,938 Government
National Mortgage
Assoc. ARM 6.500% 5/15/09 6,013,021
------------
30,641,236
------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $30,486,107) ................ 30,641,236
------------
<CAPTION>
- ----------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 21.9%
- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
5,725,000 U.S. Treasury Bond 12.000% 8/15/08-13 8,189,441
44,950,000 U.S. Treasury Bond 8.125% 8/15/21 52,184,253
10,950,000 U.S. Treasury Bond 6.250% 8/15/23 10,265,625
9,875,000 U.S. Treasury Note 5.125% 6/30/98 9,785,533
19,550,000 U.S. Treasury Note 5.750% 8/15/03 18,963,500
22,675,000 U.S. Treasury Note 7.250% 5/15/04 23,858,408
25,150,000 U.S. Treasury Note 6.750% 5/31/99 25,578,305
33,025,000 U.S. Treasury Note 7.125% 9/30/99 33,938,471
53,975,000 U.S. Treasury Note 7.875% 11/15/04 58,900,219
7,975,000 U.S. Treasury Note 6.875% 3/31/00 8,154,438
39,225,000 U.S. Treasury Note 5.875% 10/31/98 39,218,724
16,250,000 U.S. Treasury Note 8.500% 5/15/97 16,432,813
11,950,000 U.S. Treasury Note 6.625% 7/31/01 12,140,483
------------
317,610,213
------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $317,289,011) .............. 317,610,213
------------
<CAPTION>
- ----------------------------------------------------------------
FOREIGN OBLIGATIONS: 1.4%
- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6,275,000 AUD Australian
Government 9.000% 4/09/15 5,482,807
3,875,000 CAD Canadian
Government 7.500% 12/01/03 3,059,051
15,600,000 DKK Danish Government 8.000% 3/15/06 2,913,017
10,700,000 DKK Danish Government 8.000% 5/15/03 2,012,017
16,850,000 DKK Danish Government 8.000% 11/15/01 3,175,036
2,550,000 FRF French Government 8.000% 4/25/03 3,613,433
------------
20,255,361
------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $19,822,204) ................ 20,255,361
------------
<CAPTION>
- ----------------------------------------------------------------
YANKEE BONDS: 1.5%
- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
2,750,000 City of Naples 7.520% 7/15/01-06 2,836,130
Note
8,525,000 Hydro Quebec
Deb. Ser. HS 9.400% 2/01/21 10,280,468
1,650,000 Province of
Manitoba Deb.
Ser. CD 9.250% 4/01/20 2,015,013
2,300,000 Province of
Manitoba Global
Notes 6.750% 3/01/03 2,314,628
3,600,000 Talisman Energy
Deb. 7.125% 6/01/07 3,574,368
------------
21,020,607
------------
TOTAL YANKEE BONDS
(Cost: $20,854,140) ................ 21,020,607
------------
- ----------------------------------------------------------------
SHORT TERM OBLIGATIONS: 5.7%
- ----------------------------------------------------------------
31,303,000 American Express
Credit Corp. 5.450% 1/06/97 31,303,000
23,788,000 Chevron Oil
Finance Co. 6.150% 1/06/97 23,788,000
</TABLE>
MSF-10
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
DIVERSIFIED PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: (CONTINUED)
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$12,000,000 Ford Motor Credit Co. 5.910% 1/02/97 $ 12,000,000
2,263,000 Ford Motor Credit Co. 5.720% 1/02/97 2,263,000
13,635,000 Ford Motor Credit Co. 5.800% 1/07/97 13,635,000
--------------
82,989,000
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $82,989,000) ............... 82,989,000
--------------
- --------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.2%
(Cost: $1,297,896,601) ............. 1,437,319,196
OTHER ASSETS LESS LIABILITIES: 0.8% 11,521,971
--------------
TOTAL NET ASSETS: 100.0%............ $1,448,841,167
==============
- --------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
**Restricted Securities see note 2.
ADR (American depository receipt) represents ownership of
foreign securities.
Additional information on restricted securities as follows:
<TABLE>
<CAPTION>
Valuation
as of
Acquisition Acquisition December 31,
Issue Date Cost 1996
----- ---- ---- ----
<S> <C> <C> <C>
Bank of New York 144A 12/20/96 $ 2,775,074 $ 2,780,973
BankAmerica Corp. 144A 11/26/96 3,463,390 3,442,425
DeBartolo Cap. Partnership
A-2 144A 11/16/95-11/20/96 5,427,320 5,360,977
Electronic Data Systems
Corp. 144A 5/19/95 3,297,393 3,341,580
K-III Communications
Corp. 144A Sr. Note 1/22/96 2,084,125 2,038,687
State Street Institutional
Capital A 144A 12/18/96 2,755,760 2,838,920
</TABLE>
The aggregate value of restricted securities at December 31, 1996 was
$19,803,562 or 1.37% of the Diversified Portfolio's net assets.
See Notes to Financial Statements.
MSF-11
<PAGE>
- ----------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ----------------------------------------------------------------
Schedule of Investments
- ----------------------------------------------------------------
AGGRESSIVE GROWTH PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: 88.0%
- ----------------------------------------------------------------
<S> <C> <C>
Automotive: 0.6%
95,600 Danaher Corp. $ 4,457,350
236,500 *Team Rental Group, Inc. Cl. A 3,843,125
------------
8,300,475
- ----------------------------------------------------------------
Banking: 4.0%
201,900 Boatmen's Bancshares, Inc. 13,009,931
293,300 *Chase Manhattan Corp. 26,177,025
335,900 Green Tree Financial Corp. 12,974,137
------------
52,161,093
- ----------------------------------------------------------------
Broadcasting: 0.1%
76,850 Evergreen Media Corp. Cl. A 1,911,644
- ----------------------------------------------------------------
Business Services: 8.5%
97,400 *Apache Medical Systems, Inc. 1,028,787
26,100 *Caribiner International 1,311,525
107,400 *Education Management Corp. 2,228,550
97,050 *Outdoor Systems, Inc. 2,753,794
55,600 *Prime Service, Inc. 1,529,000
750,000 *Republic Industries, Inc. 22,349,742
1,395,800 *Republic Industries, Inc. 43,531,513
726,200 *Republic Industries, Inc. pvt. 22,648,363
59,300 *Teletech Holdings, Inc. 1,519,563
202,200 *U.S. Office Products Co. 6,862,163
256,700 *Universal Outdoor Holdings, Inc. 5,968,275
------------
111,731,275
- ----------------------------------------------------------------
Chemicals: 0.6%
237,200 *Rhone-Poulnec SA 8,035,150
- ----------------------------------------------------------------
Drugs & Health Care: 3.1%
348,000 *Cephalon, Inc. 7,068,750
176,200 *Entremed, Inc. 2,797,175
123,700 *Ligand Pharmaceuticals, Inc. 1,847,769
172,900 *Magainin Pharmaceuticals, Inc. 1,642,550
142,079 *Novartis AG ADR 8,110,657
2,505 *Perseptive Biosystems, Inc. Cl. G --
(Wts.)
254,200 Warner-Lambert Co. 19,065,000
------------
40,531,901
- ----------------------------------------------------------------
Electronics: 12.0%
10,100 *Advanced Fibre Communications, Inc. 562,444
10,000 *Affymetrix, Inc. 202,500
215,800 *Altera Corp. 15,685,962
206,200 *Applied Magnetics Corp. 6,160,225
375,200 *Applied Materials, Inc. 13,483,750
82,000 *CHS Electronics, Inc. 1,419,625
203,400 *Cymer, Inc. 9,801,337
344,000 *KLA Instruments Corp. 12,190,500
491,700 *Lucent Technologies, Inc. 22,741,125
91,000 Motorola, Inc. 5,585,125
90,200 *Novellus Systems, Inc. 4,887,713
39,900 *Octel Communications Corp. 693,263
296,600 *Pairgain Technologies, Inc. 9,027,763
216,300 *P Com., Inc. 6,434,925
596,800 *Sanmina Holdings, Inc. 33,719,200
129,800 *Tencor Instruments 3,431,588
204,500 Texas Instruments, Inc. 13,036,875
------------
159,063,920
- ----------------------------------------------------------------
Finance: 0.1%
71,000 *Bank United Corp. Cl. A 1,903,687
- ----------------------------------------------------------------
Financial Services: 2.8%
256,100 Allmerica Financial Corp. 8,579,350
221,800 Beacon Properties Corp. 8,123,425
175,300 *First USA Paymentech, Inc. 5,938,287
367,900 *Moneygram Payment Systems, Inc. 4,874,675
168,100 Starwood Lodging Trust 9,266,513
------------
36,782,250
- ----------------------------------------------------------------
Food & Beverages: 0.7%
245,300 *Boston Chicken, Inc. 8,800,137
- ----------------------------------------------------------------
Hospital Supply: 1.9%
738,486 *Medpartners, Inc. 15,508,206
203,400 *Neopath, Inc. 3,737,475
158,100 *Wellpoint Health Networks, Inc. 5,434,688
------------
24,680,369
- ----------------------------------------------------------------
Hotel & Restaurant: 11.2%
202,200 *Doubletree Corp. 9,048,450
1,506,400 *Extended Stay America, Inc. 30,316,300
</TABLE>
MSF-12
<PAGE>
- ----------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ----------------------------------------------------------------
Schedule of Investments
- ----------------------------------------------------------------
AGGRESSIVE GROWTH PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------
<S> <C> <C>
Hotel & Restaurant: (Continued)
1,069,600 *HFS, Inc. $ 63,908,600
468,800 Hilton Hotels Corp. 12,247,400
468,500 *Interstate Hotels Co. 13,235,125
225,250 *Rainforest Cafe, Inc. 5,307,453
73,600 *Sun International Hotels Ltd. 2,686,400
926,300 *Trump Hotels & Casino Resorts, Inc. 11,115,600
--------------
147,865,328
- ----------------------------------------------------------------
Insurance: 1.8%
238,300 Everest Reinsurance Holdings 6,851,125
89,400 Progressive Corp. 6,023,325
249,500 TIG Holdings, Inc. 8,451,813
54,400 W.R. Berkley Corp. 2,777,800
--------------
24,104,063
- ----------------------------------------------------------------
Leisure: 1.7%
48,100 *Action Performance Co., Inc. 877,825
218,300 *Ascent Entertainment Group, Inc. 3,438,225
120,300 Coachmen Industries, Inc. 3,413,512
59,900 *Golden Bear Golf, Inc. Cl. A 670,131
171,200 *Lin Television Corp. 7,211,800
154,000 *Marker International, Inc. 856,625
102,400 *Petco Animal Supplies, Inc. 2,086,400
288,100 *Ticketmaster Group, Inc. 3,457,200
--------------
22,011,718
- ----------------------------------------------------------------
Machinery: 0.4%
113,300 *Thermo Fibergen, Inc. 1,189,650
126,000 *Thermo Fibergen, Inc. (Wts.) 315,000
119,700 *United States Filter Corp. 3,800,475
--------------
5,305,125
- ----------------------------------------------------------------
Office & Business Equipment: 3.5%
120,900 *3 Com Corp. 8,863,481
202,400 *BT Office Products International, 1,796,300
Inc.
243,800 *COMPAQ Computer Corp. 18,102,150
148,800 *Dell Computer Corp. 7,914,300
17,600 *Orckit Communications Ltd. 170,500
271,500 *Read Rite Corp. 6,821,438
190,800 *Stormedia, Inc. 3,088,575
--------------
46,756,744
- ----------------------------------------------------------------
Oil: 0.1%
147,300 *Titan Exploration, Inc. 1,795,219
- ----------------------------------------------------------------
Oil & Gas Exploration: 1.7%
32,800 *Chesapeake Energy Corp. 1,824,500
391,000 Eni SPA 20,185,375
--------------
22,009,875
- ----------------------------------------------------------------
Oil-Services: 8.7%
292,500 *BJ Services Co. 14,917,500
250,800 *Ensco International, Inc. 12,163,800
1,141,300 *Global Marine, Inc. 23,539,312
287,100 Helmerich & Payne, Inc. 14,965,087
251,200 *Marine Drilling Cos., Inc. 4,945,500
19,100 *National Oilwell, Inc. 587,325
74,000 *Newpark Resources, Inc. 2,756,500
981,500 *Noble Drilling Corp. 19,507,313
246,600 *Reading & Bates Corp. 6,534,900
577,600 *Rowan Cos., Inc. 13,068,200
111,400 *Varco International, Inc. 2,576,125
--------------
115,561,562
- ----------------------------------------------------------------
Personal Care: 0.2%
116,000 *Gargoyles, Inc. 964,250
121,300 *Polymer Group, Inc. 1,683,038
--------------
2,647,288
- ----------------------------------------------------------------
Printing & Publishing: 0.6%
9,000 *CKS Group, Inc. 252,562
669,100 *Hollinger International, Inc. 7,694,650
--------------
7,947,212
- ----------------------------------------------------------------
Retail Trade: 8.9%
73,000 *Abercrombie & Fitch Co. Cl. A 1,204,500
333,300 *Borders Group, Inc. 11,957,137
163,200 CVS Corp. 6,752,400
78,900 *Dollar Tree Stores, Inc. 3,008,062
599,600 Gucci Group NV 38,299,450
425,000 *Jones Apparel Group, Inc. 15,884,375
</TABLE>
MSF-13
<PAGE>
- ----------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ----------------------------------------------------------------
Schedule of Investments
- ----------------------------------------------------------------
AGGRESSIVE GROWTH PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------
<S> <C> <C>
Retail Trade: (Continued)
223,600 *Just For Feet, Inc. $ 5,855,525
20,700 *Loehmann's, Inc. 476,100
440,475 *Men's Wearhouse, Inc. 10,709,048
169,400 Rite-Aid Corp. 6,733,650
282,150 *Staples, Inc. 5,096,334
1,353,300 *Sunglass Hut International, Inc. 9,896,006
29,250 *Williams Sonoma, Inc. 1,060,313
--------------
116,932,900
- ----------------------------------------------------------------
Software: 8.3%
365,000 *Ascend Communications, Inc. 22,675,625
61,400 *Check Point Software
Technologies Ltd. 1,343,125
70,100 *Datastream Systems, Inc. 1,261,800
225,900 *Excalibur Technologies Corp. Pvt. 2,653,195
93,700 *Excalibur Technologies Corp. 1,464,062
384,100 *Geoworks 9,362,437
111,900 *Ingram Micro, Inc. 2,573,700
161,400 *JDA Software Group, Inc. 4,549,463
8,900 *OpenVision Technologies, Inc. 102,906
269,400 *Parametric Technology Corp. 13,857,263
48,000 *Premiere Technologies, Inc. 1,212,000
70,500 *Puma Technology, Inc. 1,198,500
94,400 *Sabre Group Hldgs, Inc. Cl. A 2,631,400
14,200 *SS & C Technologies, Inc. 92,300
576,900 *Sybase, Inc. 9,627,019
169,900 *Synopsys, Inc. 7,815,400
78,600 *Ultratech Stepper, Inc. 1,856,925
506,300 *Westell Technologies, Inc. Cl. A 11,518,325
225,300 *Western Digital Corp. 12,813,938
28,400 *Wind River Systems, Inc. 1,340,125
24,500 *Xionics Document Technologies, Inc.
Cl. A 307,781
--------------
110,257,289
- ----------------------------------------------------------------
Textiles & Apparel: 2.9%
325,000 *Nautica Enterprises, Inc. 8,165,625
456,800 *The Timberland Co. 17,358,400
268,000 *Tommy Hilfiger Corp. $ 12,864,000
--------------
38,388,025
- ----------------------------------------------------------------
Tobacco: 0.1%
112,500 *Swisher International Group, Inc. 1,785,938
- ----------------------------------------------------------------
Transportation-Airlines: 1.4%
677,500 *Continental Airlines, Inc. Cl. B 19,139,375
- ----------------------------------------------------------------
Utilities-Miscellaneous: 0.6%
396,800 *Calpine Corp. 7,936,000
- ----------------------------------------------------------------
Utilities-Telephone: 1.5%
25,500 *Brooks Fiber Properties, Inc. 656,625
165,700 *Colt Telecom Group PLC ADS 3,210,437
138,000 *Larscom, Inc. 1,587,000
144,000 *Omnipoint Corp. 2,763,000
129,300 *Telecom Brasil ADR 9,891,450
59,000 *Vimpel Communications ADR 1,393,875
19,502,387
--------------
TOTAL COMMON STOCK
(Cost: $1,027,344,564) ........... 1,163,847,949
--------------
- ----------------------------------------------------------------
PREFERRED STOCK: 0.3%
- ----------------------------------------------------------------
Printing & Publishing: 0.3%
312,200 Hollinger International Cvt. Pfd. 3,590,300
--------------
TOTAL PREFERRED STOCK
(Cost: $3,043,950) ............... 3,590,300
--------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ----------------------------------------------------------------
CONVERTIBLE BONDS: 0.2%
- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
2,500,000 *Theratx, Inc.
144A Cvt. Sub. 8.000% 2/01/02 2,312,500
------------
TOTAL CONVERTIBLE BONDS
(Cost: $2,500,000) ................. 2,312,500
------------
- ----------------------------------------------------------------
SHORT TERM OBLIGATIONS: 10.8%
- ----------------------------------------------------------------
6,994,000 American Express
Credit Corp. 5.800% 1/06/97 6,994,000
17,427,000 American Express
Credit Corp. 5.450% 1/03/97 17,427,000
34,918,000 Beneficial Corp. 5.800% 1/09/97 34,918,000
21,876,000 Ford Motor
Credit Co. 6.100% 1/06/97 21,876,000
</TABLE>
MSF-14
<PAGE>
- ----------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ----------------------------------------------------------------
Schedule of Investments
- ----------------------------------------------------------------
AGGRESSIVE GROWTH PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Face Interest Monthly Value
Amount Issue Rate Date (Note 1A)
- ------------------------------------------------------------------
SHORT TERM OBLIGATIONS: (CONTINUED)
- ------------------------------------------------------------------
<S> <C> <C> <C> <C>
$16,967,000 General Electric
Capital Corp. 5.600% 1/07/97 $ 16,967,000
19,618,000 General Electric
Capital Corp. 5.750% 1/02/97 19,618,000
25,000,000 Philip Morris
Cos., Inc. 5.550% 1/08/97 24,973,021
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $142,773,021) ................ 142,773,021
--------------
- ------------------------------------------------------------------
TOTAL INVESTMENTS: 99.3%
(Cost: $1,175,661,535) .............. 1,312,523,770
OTHER ASSETS LESS LIABILITIES: 0.7%.. 9,325,594
--------------
TOTAL NET ASSETS: 100.0%............. $1,321,849,364
==============
- ------------------------------------------------------------------
</TABLE>
*Non-income producing security.
**Restricted Securities see note 2.
Additional information on restricted securities as follows:
<TABLE>
<CAPTION>
Valuation
as of
Acquisition Acquisition December 31,
Issue Date Cost 1996
----- ---- ---- ----
<S> <C> <C> <C>
Excalibur Technologies Corp. 12/04/96 $ 2,959,290 $ 2,653,195
Pvt.
Republic Industries, Inc. 11/07/96 22,125,000 22,349,742
Theratx, Inc. 144A Cvt. Sub. 2/09/95 2,500,000 2,312,500
</TABLE>
The aggregate value of restricted securities at December 31, 1996 was
$27,315,437 or 2.07% of the Aggressive Growth's Portfolio's net assets.
See Notes to Financial Statements.
MSF-15
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 100.0%
- --------------------------------------------------------------------------------
<S> <C> <C>
Aerospace: 2.6%
48,100 Allied-Signal, Inc. $ 3,222,700
72,162 Boeing Co. 7,676,233
8,600 *Computer Sciences Corp. 706,275
12,600 General Dynamics Corp. 888,300
36,313 Lockheed Martin Corp. 3,322,640
43,000 McDonnell-Douglas Corp. 2,752,000
12,400 Northrop Grumman Corp. 1,026,100
39,400 Raytheon Co. 1,896,125
38,400 Rockwell International Corp. 2,337,600
12,300 Textron, Inc. 1,159,275
56,800 United Technologies Corp. 3,748,800
------------
28,736,048
- --------------------------------------------------------------------------------
Automotive: 2.6%
157,300 Chrysler Corp. 5,190,900
32,500 Dana Corp. 1,060,312
21,400 Eaton Corp. 1,492,650
34,900 Echlin, Inc. 1,103,712
228,000 Ford Motor Co. 7,267,500
142,332 General Motors Corp. 7,935,009
11,850 Genuine Parts Co. 527,325
12,710 *Navistar International Corp. 115,979
5,865 PACCAR, Inc. 398,820
41,950 Snap-On, Inc. 1,494,469
9,200 Timken Co. 422,050
34,200 TRW, Inc. 1,692,900
------------
28,701,626
- --------------------------------------------------------------------------------
Banking: 8.4%
32,800 Ahmanson (H.F.) & Co. 1,066,000
87,795 Banc One Corp. 3,775,185
27,552 Bank of Boston Corp. 1,770,216
87,000 Bank of New York Co., Inc. 2,936,250
77,376 BankAmerica Corp. 7,718,256
17,700 Bankers Trust New York Corp. 1,526,625
27,800 Barnett Banks, Inc. 1,143,275
31,100 Boatmen's Bancshares, Inc. 2,004,006
82,434 Chase Manhattan Corp. 7,357,234
91,514 Citicorp 9,425,942
16,000 Comerica, Inc. 838,000
55,500 CoreStates Financial Corp. 2,879,062
14,700 Fifth Third Bancorp 923,344
30,100 First Bank Systems, Inc. 2,054,325
69,358 First Chicago NBD Corp. 3,727,992
54,285 First Union Corp. 4,017,090
61,415 Fleet Financial Group, Inc. 3,063,073
22,500 Golden West Financial Corp. 1,420,312
47,200 Great Western Financial Corp. 1,368,800
21,100 Green Tree Financial Corp. 814,987
56,103 KeyCorp 2,833,202
54,650 MBNA Corp. 2,267,975
27,000 Mellon Bank Corp. 1,917,000
34,199 Morgan (J.P.) & Co., Inc. 3,338,677
35,400 National City Corp. 1,588,575
63,422 NationsBank, Inc. 6,199,501
76,400 Norwest Corp. 3,323,400
57,900 PNC Bank Corp. 2,178,488
13,100 Republic New York Corp. 1,069,288
35,400 SunTrust Banks, Inc. 1,743,450
23,100 U.S. Bancorp 1,038,056
24,900 Wachovia Corp. 1,406,850
18,463 Wells Fargo & Co. 4,980,394
------------
93,714,830
- --------------------------------------------------------------------------------
Broadcasting: 1.0%
59,000 Comcast Corp. Cl. A Spl. 1,050,937
17,900 *King World Productions, Inc. 660,063
10,070 *TCI Satellite Entertainment, Inc. 99,441
100,700 *Tele-Communications, Inc. Cl. A 1,315,394
104,720 Time Warner, Inc. 3,927,000
120,400 *U.S. West, Inc.-Media Group 2,227,400
62,226 *Viacom, Inc. Cl. B 2,170,132
------------
11,450,367
- --------------------------------------------------------------------------------
</TABLE>
MSF-16
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------
<S> <C> <C>
Building & Construction: 0.7%
7,500 Armstrong World Industries, Inc. $ 521,250
36,000 Crane Co. 1,044,000
16,400 Dover Corp. 824,100
17,700 Mallinckrodt Group, Inc. 781,013
21,300 Masco Corp. 766,800
17,300 Owens-Corning Fiberglas Corp. 737,413
13,600 Sherwin-Williams Co. 761,600
15,600 Stanley Works 421,200
24,000 Willamette Industries, Inc. 1,671,000
------------
7,528,376
- ----------------------------------------------------------------
Business Services: 1.3%
57,900 Automatic Data Processing, Inc. 2,482,462
37,000 Block (H & R), Inc. 1,073,000
66,450 *CUC International, Inc. 1,578,187
33,700 Deluxe Corp. 1,103,675
19,200 Ecolab, Inc. 722,400
79,400 First Data Corp. 2,898,100
56,700 Interpublic Group of Cos., Inc. 2,693,250
46,300 Laidlaw, Inc. Cl. B 532,450
17,600 Safety-Kleen Corp. 288,200
38,700 Service Corp. International 1,083,600
------------
14,455,324
- ----------------------------------------------------------------
Chemicals: 3.1%
20,100 Air Products & Chemicals, Inc. 1,389,412
41,300 Dow Chemical Co. 3,236,887
108,800 Du Pont (E.I.) de Nemours & Co. 10,268,000
14,675 Eastman Chemical Co. 810,794
18,700 *FMC Corp. 1,311,337
15,100 Grace (W.R.) & Co. 781,425
13,200 Great Lakes Chemical Corp. 617,100
13,400 Hercules, Inc. 579,550
110,500 Monsanto Co. 4,295,688
29,400 Morton International, Inc. 1,198,050
28,800 Nalco Chemical Co. 1,040,400
37,500 Pall Corp. 956,250
43,600 PPG Industries, Inc. 2,447,050
24,500 Praxair, Inc. 1,130,063
22,000 Rohm & Haas Co. 1,795,750
18,500 Sigma Aldrich Corp. 1,155,094
15,200 Union Carbide Corp. 621,300
23,100 Williams Cos., Inc. 866,250
------------
34,500,400
- ----------------------------------------------------------------
Containers & Glass: 0.2%
18,800 Bemis Co., Inc. 693,250
18,400 Crown Cork & Seal Co., Inc. 1,000,500
------------
1,693,750
- ----------------------------------------------------------------
Cosmetics: 0.3%
22,600 Alberto-Culver Co. Cl. B Cvt. 1,084,800
29,200 Avon Products, Inc. 1,668,050
13,500 International Flavors & Fragrances,
Inc. 607,500
------------
3,360,350
- ----------------------------------------------------------------
Drugs & Health Care: 6.5%
34,900 Allergan, Inc. 1,243,312
25,000 *ALZA Corp. 646,875
122,600 American Home Products Corp. 7,187,425
43,600 *Amgen, Inc. 2,373,475
49,000 Bausch & Lomb, Inc. 1,715,000
62,100 Biomet, Inc. 943,144
94,600 Bristol-Myers Squibb Co. 10,287,750
108,600 Lilly (Eli) & Co. 7,927,800
233,200 Merck & Co., Inc. 18,481,100
123,500 Pfizer, Inc. 10,235,063
87,015 Pharmacia & Upjohn, Inc. 3,447,969
69,700 Schering-Plough Corp. 4,513,075
48,200 Warner-Lambert Co. 3,615,000
------------
72,616,988
- ----------------------------------------------------------------
Electrical Equipment: 4.3%
29,200 AMP, Inc. 1,120,550
11,200 Black & Decker Corp. 337,400
10,200 Briggs & Stratton Corp. 448,800
</TABLE>
MSF-17
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ----------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ----------------------------------------------------------------
<S> <C> <C>
Electrical Equipment: (Continued)
41,600 Emerson Electric Co. $ 4,024,800
325,900 General Electric Co. 32,223,362
23,600 General Signal Corp. 1,008,900
13,600 Grainger (W.W.), Inc. 1,091,400
12,200 Johnson Controls, Inc. 1,011,075
29,000 National Service Industries, Inc. 1,083,875
18,600 Raychem Corp. 1,490,325
18,500 Tandy Corp. 814,000
25,100 Thomas & Betts Corp. 1,113,813
29,200 Tyco International Ltd. 1,543,950
55,100 Westinghouse Electric Corp. 1,095,113
------------
48,407,363
- ----------------------------------------------------------------
Electronics: 5.6%
44,800 *Advanced Micro Devices, Inc. 1,153,600
15,500 *Andrew Corp. 822,469
28,400 *Applied Materials, Inc. 1,020,625
87,300 *DSC Communications Corp. 1,565,944
27,400 *General Instrument 592,525
14,300 Harris Corp. 981,337
200,800 Hewlett-Packard Co. 10,090,200
22,500 Honeywell, Inc. 1,479,375
162,100 Intel Corp. 21,224,969
37,900 *LSI Logic Corp. 1,013,825
125,797 Lucent Technologies, Inc. 5,818,111
40,700 Micron Technology, Inc. 1,185,388
117,300 Motorola, Inc. 7,199,288
31,600 *National Semiconductor Corp. 770,250
48,700 Northern Telecom Ltd. 3,013,313
18,300 Perkin-Elmer Corp. 1,077,413
71,900 Scientific-Atlanta, Inc. 1,078,500
28,000 *Tellabs, Inc. 1,055,250
31,100 Texas Instruments, Inc. 1,982,625
------------
63,125,007
- ----------------------------------------------------------------
Financial Services: 3.1%
90,787 American Express Co. 5,129,465
17,000 Beneficial Corp. 1,077,375
35,013 Dean Witter Discover & Co. 2,319,611
30,900 Federal Home Loan Mortgage Corp. 3,402,862
207,900 Federal National Mortgage Assoc. 7,744,275
15,900 Household International, Inc. 1,466,775
22,300 Loews Corp. 2,101,775
28,800 Merrill Lynch & Co., Inc. 2,347,200
29,100 Morgan Stanley Group, Inc. 1,662,338
11,700 Salomon, Inc. 551,363
20,400 Transamerica Corp. 1,611,600
124,965 Travelers Group, Inc. 5,670,287
------------
35,084,926
- ----------------------------------------------------------------
Food & Beverages: 6.1%
90,200 Anheuser-Busch Co., Inc. 3,608,000
134,051 Archer-Daniels-Midland Co. 2,949,122
11,700 Brown-Forman Corp. Cl. B 535,275
42,200 Campbell Soup Co. 3,386,550
489,600 Coca-Cola Co. 25,765,200
49,850 ConAgra, Inc. 2,480,037
11,800 Coors (Adolph) Co. Cl. B 225,675
27,100 CPC International, Inc. 2,100,250
27,800 General Mills, Inc. 1,761,825
68,600 Heinz (H.J.) Co. 2,452,450
33,600 Hershey Foods Corp. 1,470,000
33,700 Kellogg Co. 2,211,563
298,200 PepsiCo, Inc. 8,722,350
19,400 Pioneer Hi Bred International, Inc. 1,358,000
23,300 Quaker Oats Co. 888,313
25,100 Ralston-Purina Group 1,841,713
88,800 Sara Lee Corp. 3,307,800
33,000 Sysco Corp. 1,076,625
32,700 Whitman Corp. 748,013
29,500 Wrigley (Wm.), Jr. Co. 1,659,375
------------
68,548,136
- ----------------------------------------------------------------
</TABLE>
MSF-18
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
<S> <C> <C>
Forest Products & Paper: 1.5%
18,900 Alco Standard Corp. $ 975,712
37,000 Boise Cascade Corp. 1,174,750
14,600 Champion International Corp. 631,450
14,700 Georgia-Pacific Corp. 1,058,400
55,900 International Paper Co. 2,256,963
25,700 James River Corp. 851,313
52,760 Kimberly-Clark Corp. 5,025,390
32,100 Louisiana-Pacific Corp. 678,113
10,354 Stone Container Corp. 154,016
16,200 Temple Inland, Inc. 876,825
17,100 Union Camp Corp. 816,525
18,300 Westvaco Corp. 526,125
30,200 Weyerhaeuser Co. 1,430,725
------------
16,456,307
- --------------------------------------------------------------------------------
Hospital Management: 0.9%
126,100 *Beverly Enterprises, Inc. 1,607,775
130,085 Columbia/HCA Healthcare Corp. 5,300,964
48,600 *Humana, Inc. 929,475
28,800 Manor Care, Inc. 777,600
40,200 *Tenet Healthcare Corp. 879,375
14,900 United Healthcare Corp. 670,500
------------
10,165,689
- --------------------------------------------------------------------------------
Hospital Supply: 2.7%
153,400 Abbott Laboratories, Inc. 7,785,050
48,400 Baxter International, Inc. 1,984,400
14,400 Becton, Dickinson & Co. 624,600
31,500 *Boston Scientific Corp. 1,890,000
255,000 Johnson & Johnson 12,686,250
43,800 Medtronic, Inc. 2,978,400
40,650 *St. Jude Medical, Inc. 1,732,706
23,000 United States Surgical Corp. 905,625
------------
30,587,031
- --------------------------------------------------------------------------------
Hotel & Restaurant: 0.9%
17,100 Darden Restaurants, Inc. 149,625
24,900 *Harrah's Entertainment, Inc. 494,887
21,500 *HFS, Inc. 1,284,625
31,200 Hilton Hotels Corp. 815,100
27,100 Marriott International 1,497,275
127,900 McDonald's Corp. 5,787,475
11,300 *Shoney's, Inc. 79,100
24,100 Wendy's International, Inc. 494,050
------------
10,602,137
- --------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 0.2%
49,800 Maytag Corp. 983,550
19,400 Newell Co. 611,100
8,600 Whirlpool Corp. 400,975
------------
1,995,625
- --------------------------------------------------------------------------------
Household Products: 3.1%
9,600 Clorox Co. 963,600
29,300 Colgate-Palmolive Co. 2,702,925
45,600 Corning, Inc. 2,109,000
84,000 Gillette Co. 6,531,000
134,700 Procter & Gamble Co. 14,480,250
26,700 Rubbermaid, Inc. 607,425
30,200 Tupperware Corp. 1,619,475
31,700 Unilever NV 5,555,425
------------
34,569,100
- --------------------------------------------------------------------------------
Insurance: 3.5%
28,700 Aetna, Inc. 2,296,000
37,400 Alexander & Alexander Services, Inc. 649,825
83,099 Allstate Corp. 4,809,355
37,800 American General Corp. 1,545,075
92,750 American International Group, Inc. 10,040,187
17,100 Aon Corp. 1,062,337
32,600 Chubb Corp. 1,752,250
13,500 CIGNA Corp. 1,844,437
19,400 General Re Corp. 3,060,350
23,200 ITT Hartford Group, Inc. 1,566,000
9,000 Jefferson-Pilot Corp. 509,625
13,000 Lincoln National Corp. 682,500
</TABLE>
MSF-19
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
<S> <C> <C>
Insurance: (Continued)
11,700 Marsh & McLennan Cos., Inc. $ 1,216,800
21,800 Providian Corp. 1,119,975
37,900 SAFECO Corp. 1,494,681
21,700 St. Paul Cos., Inc. 1,272,163
24,500 Torchmark Corp. 1,237,250
21,100 UNUM Corp. 1,524,475
30,300 USF&G Corp. 632,513
20,300 USLIFE Corp. 674,975
------------
38,990,773
- --------------------------------------------------------------------------------
Leisure: 0.9%
43,600 Brunswick Corp. 1,046,400
126,999 Disney (Walt) Co. 8,842,305
------------
9,888,705
- --------------------------------------------------------------------------------
Liquor: 0.2%
65,200 Seagram Ltd. 2,526,500
- --------------------------------------------------------------------------------
Machinery: 1.3%
24,800 Browning-Ferris Industries, Inc. 651,000
13,200 Case Corp. 719,400
34,800 Caterpillar, Inc. 2,618,700
13,100 Cooper Industries, Inc. 551,837
18,900 Cummins Engine Co., Inc. 869,400
49,800 Deere & Co. 2,023,125
14,000 Fluor Corp. 878,500
6,000 Foster Wheeler Corp. 222,750
21,600 Illinois Tool Works, Inc. 1,725,300
24,100 Ingersoll-Rand Co. 1,072,450
13,800 Parker Hannifin Corp. 534,750
89,600 WMX Technologies, Inc. 2,923,200
------------
14,790,412
- --------------------------------------------------------------------------------
Metals-Aluminum: 0.4%
33,600 Alcan Aluminium Ltd. 1,129,800
28,700 Aluminum Co. of America 1,829,625
18,700 Reynolds Metals Co. 1,054,213
------------
4,013,638
- --------------------------------------------------------------------------------
Metals-Gold: 0.5%
79,100 Barrick Gold Corp. 2,274,125
42,100 Echo Bay Mines Ltd. 278,912
67,300 Homestake Mining Co. 959,025
14,190 Newmont Mining Corp. 635,003
32,900 Placer Dome, Inc. 715,575
50,707 Santa Fe Pacific Gold Corp. 779,620
------------
5,642,260
- --------------------------------------------------------------------------------
Metals-Non-Ferrous: 0.2%
12,600 ASARCO, Inc. 313,425
76,650 Engelhard Corp. 1,465,931
30,106 Inco Ltd. 959,629
------------
2,738,985
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 0.2%
9,500 *Bethlehem Steel Corp. 85,500
10,400 Inland Steel Industries, Inc. 208,000
13,700 Nucor Corp. 698,700
46,600 Worthington Industries, Inc. 847,538
------------
1,839,738
- --------------------------------------------------------------------------------
Mining: 0.2%
25,300 Freeport-McMoRan Copper & Gold, Inc. 755,837
Cl. B
21,100 Phelps-Dodge Corp. 1,424,250
------------
2,180,087
- --------------------------------------------------------------------------------
Miscellaneous: 0.3%
43,700 Allegheny Teldyne, Inc. 1,005,100
29,300 *Cognizant Corp. 966,900
19,800 Guidant Corp. 1,128,600
5,220 *Newport News Shipbuilding, Inc. 78,300
------------
3,178,900
- --------------------------------------------------------------------------------
Multi-Industry: 0.9%
25,400 Harcourt General, Inc. 1,171,575
17,900 ITT Corp. 776,413
31,000 ITT Industries, Inc. 759,500
82,900 Minnesota Mining & Manufacturing Co. 6,870,338
------------
9,577,826
- --------------------------------------------------------------------------------
Newspapers: 0.5%
17,900 Dow Jones & Co., Inc. 606,362
</TABLE>
MSF-20
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
<S> <C> <C>
Newspapers: (Continued)
26,100 Gannett Co., Inc. $ 1,954,237
20,800 Knight-Ridder, Inc. 795,600
26,400 New York Times Co. Cl. A 1,003,200
18,900 Times Mirror Co. Cl. A 940,275
10,700 Tribune Co. 843,963
-----------
6,143,637
- --------------------------------------------------------------------------------
Office & Business Equipment: 4.3%
30,900 *3 Com Corp. 2,265,356
50,900 *Amdahl Corp. 617,162
31,200 *Apple Computer, Inc. 649,350
39,800 Avery Dennison Corp. 1,407,925
27,700 *Bay Networks 578,237
30,800 *Cabletron Systems, Inc. 1,024,100
13,100 *Ceridian Corp. 530,550
127,800 Cisco Systems, Inc. 8,139,262
52,400 COMPAQ Computer Corp. 3,890,700
38,400 *Data General Corp. 556,800
32,400 *Dell Computer Corp. 1,723,275
19,400 *Digital Equipment Corp. 705,675
34,500 *EMC Corp. 1,142,812
59,700 *Intergraph Corp. 619,388
103,000 International Business Machines Corp. 15,553,000
10,000 Moore Corp. Ltd. 203,750
27,200 Pitney Bowes, Inc. 1,482,400
37,400 Seagate Technology 1,477,300
58,000 *Sun Microsystems, Inc. 1,489,875
83,200 Tandem Computers, Inc. 1,144,000
61,800 *Unisys Corp. 417,150
55,500 Xerox Corp. 2,920,688
-----------
48,538,755
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.2%
26,000 Louisiana Land & Exploration Co. 1,394,250
22,600 *Santa Fe Energy Resources, Inc. 313,575
37,350 Union Pacific Resources Group, Inc. 1,092,488
-----------
2,800,313
- --------------------------------------------------------------------------------
Oil-Domestic: 1.9%
12,800 Amerada Hess Corp. 740,800
93,100 Amoco Corp. 7,494,550
31,100 Ashland Oil, Inc. 1,364,512
28,000 Atlantic Richfield Co. 3,710,000
13,900 Kerr-McGee Corp. 1,000,800
50,000 Occidental Petroleum Corp. 1,168,750
23,500 *Oryx Energy Co. 581,625
41,700 Phillips Petroleum Co. 1,845,225
26,100 Tenneco, Inc. 1,177,763
44,472 Unocal Corp. 1,806,675
38,900 USX-Marathon Group 928,738
-----------
21,819,438
- --------------------------------------------------------------------------------
Oil-International: 5.8%
126,100 Chevron Corp. 8,196,500
246,100 Exxon Corp. 24,117,800
76,300 Mobil Corp. 9,327,675
109,200 Royal Dutch Petroleum Co. 18,645,900
48,700 Texaco, Inc. 4,778,688
-----------
65,066,563
- --------------------------------------------------------------------------------
Oil-Services: 1.0%
23,800 Baker Hughes, Inc. 821,100
12,100 Coastal Corp. 591,387
21,000 Dresser Industries, Inc. 651,000
17,500 Halliburton Co. 1,054,375
14,100 Helmerich & Payne, Inc. 734,962
21,300 McDermott International, Inc. 354,113
76,900 Rowan Cos., Inc. 1,739,863
45,900 Schlumberger Ltd. 4,584,263
14,500 *Western Atlas, Inc. 1,027,688
-----------
11,558,751
- --------------------------------------------------------------------------------
Photography: 0.5%
62,700 Eastman Kodak Co. 5,031,675
21,200 Polaroid Corp. 922,200
-----------
5,953,875
- --------------------------------------------------------------------------------
</TABLE>
MSF-21
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
<S> <C> <C>
Printing & Publishing: 0.3%
18,700 American Greetings Corp. Cl. A $ 531,781
25,100 Donnelley (R.R.) & Sons Co. 787,512
29,300 Dun & Bradstreet Corp. 695,875
16,000 McGraw-Hill Cos., Inc. 738,000
15,200 Meredith Corp. 801,800
------------
3,554,968
- --------------------------------------------------------------------------------
Retail Grocery: 0.5%
35,300 Albertson's, Inc. 1,257,562
25,100 American Stores Co. 1,025,962
50,595 Fleming Cos., Inc. 872,764
21,400 Giant Foods, Inc. Cl. A 738,300
29,400 Kroger Co. 1,367,100
19,800 Winn-Dixie Stores, Inc. 626,175
------------
5,887,863
- --------------------------------------------------------------------------------
Retail Trade: 3.8%
123,400 *Charming Shoppes, Inc. 620,856
35,300 Circuit City Stores, Inc. 1,063,412
31,400 CVS Corp. 1,299,175
40,800 Dayton-Hudson Corp. 1,601,400
20,600 Dillard Department Stores, Inc. Cl. A 636,025
26,500 *Federated Department Stores 904,312
91,233 Home Depot, Inc. 4,573,054
71,000 *K Mart Corp. 736,625
59,900 Limited, Inc. 1,100,663
100 Longs Drug Stores Corp. 4,913
30,100 Lowes Cos., Inc. 1,068,550
38,400 May Department Stores Co. 1,795,200
40,800 Nordstrom, Inc. 1,445,850
34,800 Penney (J.C.) Co., Inc. 1,696,500
38,600 Pep Boys-Manny, Moe & Jack 1,186,950
29,767 *Price/Costco, Inc. 749,756
38,300 Rite-Aid Corp. 1,522,425
72,600 Sears, Roebuck & Co. 3,348,675
22,200 SuperValu, Inc. 629,925
50,900 The Gap, Inc. 1,533,362
25,000 TJX Cos., Inc. 1,184,375
40,400 *Toys'R Us, Inc. 1,212,000
445,800 Wal-Mart Stores, Inc. 10,197,675
44,600 Walgreen Co. 1,784,000
27,200 *Woolworth Corp. 595,000
------------
42,490,678
- --------------------------------------------------------------------------------
Software: 2.7%
64,900 Autodesk, Inc. 1,825,312
73,900 Computer Associates International, 3,676,525
Inc.
235,200 *Microsoft Corp. 19,448,100
97,500 *Novell, Inc. 923,203
118,900 *Oracle Systems Corp. 4,956,644
------------
30,829,784
- --------------------------------------------------------------------------------
Textiles & Apparel: 0.6%
23,500 Liz Claiborne, Inc. 907,688
55,600 Nike, Inc. Cl. B 3,322,100
19,800 *Reebok International Ltd. 831,600
4,200 Russell Corp. 124,950
1,500 Springs Industries, Inc. 64,500
7,000 Stride Rite Corp. 70,000
23,100 VF Corp. 1,559,250
------------
6,880,088
- --------------------------------------------------------------------------------
Tires & Rubber: 0.3%
44,200 Cooper Tire & Rubber Co. 872,950
21,900 Goodrich (B.F.) Co. 886,950
26,400 Goodyear Tire And Rubber Co. 1,356,300
------------
3,116,200
- --------------------------------------------------------------------------------
Tobacco: 1.9%
25,500 American Brands, Inc. 1,265,437
165,700 Philip Morris Cos., Inc. 18,661,963
37,400 UST, Inc. 1,210,825
------------
21,138,225
- --------------------------------------------------------------------------------
Toys & Amusements: 0.2%
27,900 Hasbro, Inc. 1,084,612
49,213 Mattel, Inc. 1,365,661
------------
2,450,273
- --------------------------------------------------------------------------------
</TABLE>
MSF-22
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
<S> <C> <C>
Transportation-Airlines: 0.4%
14,800 *AMR Corp. $ 1,304,250
13,600 Delta Air Lines, Inc. 963,900
13,800 *Federal Express Corp. 614,100
15,400 Southwest Airlines Co. 340,725
53,600 *USAir Group, Inc. 1,252,900
------------
4,475,875
- --------------------------------------------------------------------------------
Transportation-Railroad: 1.0%
27,401 Burlington Northern Santa Fe Corp. 2,366,761
19,700 Conrail, Inc. 1,962,612
46,700 CSX Corp. 1,973,075
29,200 Norfolk Southern Corp. 2,555,000
44,100 Union Pacific Corp. 2,651,513
------------
11,508,961
- --------------------------------------------------------------------------------
Transportation-Trucking: 0.1%
35,800 Ryder Systems, Inc. 1,006,875
- --------------------------------------------------------------------------------
Utilities-Electric: 2.5%
27,400 American Electric Power Co., Inc. 1,126,825
28,700 Baltimore Gas & Electric Co. 767,725
18,800 Carolina Power & Light Co. 686,200
36,000 Central & South West Corp. 922,500
21,892 CINergy Corp. 730,645
32,200 Consolidated Edison Co. of New York, Inc. 941,850
22,600 Dominion Resources, Inc. 870,100
48,000 DTE Energy Co. 1,554,000
29,100 Duke Power Co. 1,345,875
61,000 Edison International 1,212,375
29,400 Entergy Corp. 815,850
27,900 FPL Group, Inc. 1,283,400
55,100 GPU, Inc. 1,852,737
28,400 Houston Industries, Inc. 642,550
96,000 *Niagara Mohawk Power Corp. 948,000
11,700 Northern States Power Co. 536,738
30,400 Ohio Edison Co. 691,600
66,800 Pacific Gas & Electric Co. 1,402,800
49,400 PacifiCorp 1,012,700
23,900 PECO Energy Corp. 603,475
29,800 PP&L Resources, Inc. 685,400
33,500 Public Service Enterprise Group, Inc. 912,875
123,200 Southern Co. 2,787,400
39,000 Texas Utilities Co. 1,589,250
42,900 Unicom Corp. 1,163,663
21,500 Union Electric Co. 827,750
------------
27,914,283
- --------------------------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 1.3%
32,200 Burlington Resources, Inc. 1,622,075
17,000 Columbia Gas Systems, Inc. 1,081,625
21,100 Consolidated Natural Gas Co. 1,165,775
2,427 El Paso Natural Gas Co. 122,579
39,900 Enron Corp. 1,720,687
64,200 ENSERCH Corp. 1,476,600
21,700 NICOR, Inc. 775,775
54,118 NorAm Energy Corp. 832,064
34,375 ONEOK, Inc. 1,031,250
44,500 Pacific Enterprises 1,351,688
23,300 Panenergy Corp. 1,048,500
24,900 Peoples Energy Corp. 843,488
27,800 Sonat, Inc. 1,431,700
------------
14,503,806
- --------------------------------------------------------------------------------
Utilities-Telephone: 6.5%
98,700 *AirTouch Communications, Inc. 2,492,175
42,300 ALLTEL Corp. 1,327,162
102,300 Ameritech Corp. 6,201,937
321,935 AT&T Corp. 14,004,172
93,600 Bell Atlantic Corp. 6,060,600
189,200 BellSouth Corp. 7,638,950
198,300 GTE Corp. 9,022,650
143,100 MCI Communications Corp. 4,677,581
</TABLE>
MSF-23
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
<S> <C> <C>
Utilities-Telephone: (Continued)
83,500 NYNEX Corp. $ 4,018,438
78,067 Pacific Telesis Group 2,868,962
115,300 SBC Communications, Inc. 5,966,775
93,800 Sprint Corp. 3,740,275
94,700 U.S. West, Inc.-Communications Group 3,054,075
58,800 *WorldCom, Inc. 1,532,475
72,606,227
--------------
TOTAL COMMON STOCK
(Cost: $818,260,380) .............................. 1,121,912,642
--------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 0.0%
- --------------------------------------------------------------------------------
Hospital Supply: 0.0%
15,100 *Fresenius National Medical Care, 1,774
Inc. Pfd. Cl. D
--------------
TOTAL PREFERRED STOCK
(Cost: $2,435) .................................... 1,774
--------------
<CAPTION>
- --------------------------------------------------------------------------------
Face Value
Amount Issue (Note 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.5%
- --------------------------------------------------------------------------------
<S> <C> <C>
$6,150,000 U.S. Treasury Bills, 4.82% to 5.00%
with maturities to 2/13/97 $ 6,119,501
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $6,119,501) ................................ 6,119,501
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.5%
(Cost: $824,382,316) .............................. 1,128,033,917
OTHER ASSETS LESS LIABILITIES: (0.5)% (5,736,583)
--------------
TOTAL NET ASSETS: 100.0%........................... $1,122,297,334
==============
- --------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
*Non-income producing security.
MSF-24
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 88.9%
- --------------------------------------------------------------------------------
Argentina: 0.5%
<S> <C> <C>
70,000 Quilmes Industrial SA $ 638,750
32,000 YPF SA 808,000
-----------
Total Investments in Argentina 1,446,750
- --------------------------------------------------------------------------------
Australia: 3.9%
130,000 *Amcor Ltd. 835,943
500,000 *Burns, Philp & Co. Ltd 890,231
85,000 *Commonwealth Bank of Australia 813,449
240,000 *CSR Ltd. 839,361
50,000 *Lend Lease Corp. 969,716
1,000,000 MIM Holdings Ltd. 1,398,935
140,000 National Australia Bank 1,646,928
300,000 *News Corp. Ltd. 1,583,340
350,000 Resolute Samantha 728,877
340,000 Santos Ltd. 1,378,269
375,000 *Woolworths Ltd. 903,148
-----------
Total Investments in Australia 11,988,197
- --------------------------------------------------------------------------------
Austria: 1.3%
10,000 Bohler Uddeholm AG 715,704
6,000 EVN Energie-Versorgung AG 903,172
10,000 OMV Handels AG 1,127,580
30,000 VA Stahl AG 1,067,184
-----------
Total Investments in Austria 3,813,640
- --------------------------------------------------------------------------------
Belgium: 1.1%
6,000 *Arbed SA 652,296
7,400 *Dexia Credit Communal de Belgique 675,219
7,500 *GPE Bruxelles 965,645
3,500 *Petrofina SA 1,114,175
-----------
Total Investments in Belgium 3,407,335
- --------------------------------------------------------------------------------
Canada: 0.7%
173,000 *Akiko Gold Resources Ltd. 59,381
1,037,000 *Epicore Networks, Inc. 833,053
282,330 *Isleinvest Ltd. 1,237,114
-----------
Total Investments in Canada 2,129,548
- --------------------------------------------------------------------------------
China: 0.7%
595,000 *Advanced Material Resources Ltd. 1,325,312
210,000 China Merchants 145,258
1,456,000 China North Industries 596,960
-----------
Total Investments in China 2,067,530
- --------------------------------------------------------------------------------
Croatia: 0.4%
55,000 *Zagrebacka Banka GDR 1,120,625
-----------
Total Investments in Croatia 1,120,625
- --------------------------------------------------------------------------------
Czech Republic: 0.3%
32,000 *Komercni Banka GDR 867,200
-----------
Total Investments in Czech Republic 867,200
- --------------------------------------------------------------------------------
Denmark: 0.5%
8,280 *Novo Nordisk AS 1,560,196
-----------
Total Investments in Denmark 1,560,196
- --------------------------------------------------------------------------------
Finland: 0.4%
73,500 *Valmet Corp. 1,294,239
-----------
Total Investments in Finland 1,294,239
- --------------------------------------------------------------------------------
France: 8.0%
53,118 AXA 3,378,422
28,000 *Capital Gemini 1,353,994
13,000 *Cie Financiere Paribas 879,194
22,750 *Credit Local de France 1,981,883
19,000 *Eaux Cie Generale 2,354,630
20,230 *Elf Aquitaine SA 1,841,501
3,300 *Hermes International 915,872
30,000 Lafarge SA 1,799,942
5,500 *Peugeot SA 619,061
66,000 Rhone-Poulenc SA 2,250,246
7,000 Saint-Gobain 990,267
25,000 *SGS-Thomson Microelectronics NV 1,768,334
10,000 Synthelabo 1,081,237
20,000 Total SA B 1,626,674
50,000 Usinor Sacilor 727,571
15,000 Valeo SA 925,123
-----------
Total Investments in France 24,493,951
- --------------------------------------------------------------------------------
Germany: 7.6%
750 *Allianz AG Holdings 1,364,700
87,500 BASF AG 3,370,808
</TABLE>
MSF-25
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
Germany: (Continued)
<C> <S> <C>
32,500 Bayer AC $ 1,326,358
2,300 Bayer Motoren Werk AG 1,603,782
80,000 * Commerzbank AG 2,032,753
57,500 * Daimler-Benz AG 3,960,879
50,000 Deutsche Telekom 1,054,393
3,000 Mannesmann AG 1,300,364
5,050 Preussag AG 1,143,700
40,000 RWE AG 1,694,827
6,000 Thyssen AG 1,064,466
17,500 Veba AG 1,021,152
5,200 Volkswagen AG 2,162,724
-----------
Total Investments in Germany 23,091,906
- ------------------------------------------------------------------------------
Hong Kong: 4.3%
160,000 * Cheung Kong Holdings 1,422,199
1,500,000 Cosco Pacific Ltd. 1,745,426
1,790,000 * Goldlion Holdings Ltd. 1,469,584
735,000 Hong Kong & China Gas Co. Ltd. 1,420,680
200,000 * Hutchison Whampoa 1,570,884
620,000 Johnson Electric Holdings Ltd. 1,715,431
500,000 * Kerry Properties 1,370,483
1,250,000 South China Morning Post Ltd. 1,034,327
120,000 * Swire Pacific Cl. A 1,144,224
200,000 * Swire Pacific Cl. B 302,541
-----------
Total Investments in Hong Kong 13,195,779
- ------------------------------------------------------------------------------
Indonesia: 0.3%
410,000 * Anglo-Eastern Plantations 776,169
-----------
Total Investments in Indonesia 776,169
- ------------------------------------------------------------------------------
Irelend: 1.9%
513,000 Bank of Ireland 4,684,410
190,000 Irish Life PLC 882,131
3,521,073 * World Fluids PLC 358,015
-----------
Total Investments in Ireland 5,924,556
- ------------------------------------------------------------------------------
Israel: 0.3%
50,000 Koors Industries Ltd. ADR 850,000
-----------
Total Investments in Israel 850,000
- ------------------------------------------------------------------------------
Italy: 2.5%
750,000 * Autostrade SPA 1,473,303
125,000 * Edison SPA 791,035
374,000 ENI SPA 1,919,308
11,100 Gucci Group NV 709,013
250,000 Italgas 1,044,001
345,000 * Stet 1,569,216
-----------
Total Investments in Italy 7,505,876
- ------------------------------------------------------------------------------
Japan: 21.3%
200,000 Canon, Inc. 4,421,034
330,000 * Chugai Pharmaceutical Co. Ltd. 2,764,010
480,000 * Clarion Co. 2,486,832
115,000 * Denso Corp. 2,770,486
250,000 * Fujikura 2,003,281
20,000 Keyence Corp. 2,469,562
495,000 * Mitubishi Estate 5,086,348
10,000 Mitusi & Co. Ltd. 81,167
240,000 * Nikon Corp. 2,984,198
532,000 Nippon Shinpan Co. 2,985,925
360,000 * Nomura Securities 5,408,859
150,000 Omron Corp. 2,823,590
90,000 * Ono Pharmaceutical 2,681,116
150,000 Pioneer Electronic Corp. 2,862,447
325,000 * Prospect Japan Fund 2,234,375
50,000 * Rohm Co. 3,281,237
70,000 * Sony Corp. 4,587,687
145,000 * Sumitomo Electric Industries 2,028,322
580,000 Sumitomo Realty & Development Co. Ltd. 3,655,988
145,000 * Takara Co. 976,600
57,000 TDK Corp. 3,716,000
49,000 Tokio Marine & Fire Insurance Co. Ltd. 461,186
145,000 * Tokyo Nissan Auto Sales Co. Ltd. 663,587
80,000 * Toyoda Automatic Loom 1,499,007
-----------
Total Investments in Japan 64,932,844
- ------------------------------------------------------------------------------
Malaysia: 0.9%
100,000 * Commerce Asset Holdings 752,326
</TABLE>
MSF-26
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- ---------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
December 31, 1996
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------
Malaysia: (Continued)
<S> <C> <C>
325,000 *Leader Universal Holdings $ 682,043
180,000 *Sime Darby Bhd. 709,167
80,000 *United Engineers Bhd. 722,233
-----------
Total Investments in Malaysia 2,865,769
- ---------------------------------------------------------------
Mexico: 0.5%
16,000 *Banco Latinoamericano de Exportaciones
SA Cl. E 812,000
145,000 Grupo Carso SA de CV 755,208
-----------
Total Investments in Mexico 1,567,208
- ---------------------------------------------------------------
Netherlands: 5.3%
25,000 ABN Amro Holdings NV 1,627,570
23,500 Ahold Kon NV 1,470,026
12,500 Akzo Nobel NV 1,708,659
27,500 *ASM Lithography Holdings NV 1,374,602
90,000 ING Groep NV 3,242,398
25,000 *Koninklijke PTT 954,243
23,000 Royal Dutch Petroleum 4,035,158
80,000 Ver Ned Uitgevers 1,672,748
-----------
Total Investments in Netherlands 16,085,404
- ---------------------------------------------------------------
New Zealand: 1.5%
800,000 *Brierley Investment Ltd. 740,898
280,000 Fletcher Challenge 861,082
320,000 *Lion Nathan Ltd. 766,914
420,000 Telecom Corp. of New Zealand 2,143,796
-----------
Total Investments in New Zealand 4,512,690
- ---------------------------------------------------------------
Norway: 0.8%
400,000 *Storebrand ASA 2,297,031
-----------
Total Investments in Norway 2,297,031
- ---------------------------------------------------------------
Philippines: 0.2%
645,000 *TVI Pacific, Inc. 598,225
-----------
Total Investments in Philippines 598,225
- ---------------------------------------------------------------
Poland: 0.3%
70,000 Bank Gdanski SA GDR 880,250
-----------
Total Investments in Poland 880,250
- ---------------------------------------------------------------
Russia: 0.3%
45,800 *Rao Gazprom ADR 812,950
-----------
Total Investments in Russia 812,950
- ---------------------------------------------------------------
Singapore: 2.5%
85,000 *Development Bank of Singapore Ltd. 1,148,074
185,000 Keppel Corp. 1,441,078
200,000 *Parkway Holdings 786,107
60,000 *Singapore Press Holdings Ltd. 1,183,449
375,000 *Straits Steamship Land 1,200,600
90,000 *United Overseas Bank Ltd. 1,003,359
280,000 *Want Want Holdings 736,400
-----------
Total Investments in Singapore 7,499,067
- ---------------------------------------------------------------
South Africa: 0.2%
600,000 *Sun International Hotels Ltd. 480,923
41 *Western Areas Gold Mining Ltd. ADR 561
-----------
Total Investments in South Africa 481,484
- ---------------------------------------------------------------
South Korea: 0.2%
113,505 *Yukong GDS 732,107
-----------
Total Investments in South Korea 732,107
- ---------------------------------------------------------------
Spain: 3.2%
11,500 Acerinox SA 1,661,776
56,250 *Autopistas Cesa 775,563
35,000 Banco Bilbao Vizcaya 1,889,852
5,300 *Banco Popular Espanol SA 1,041,017
102,375 Iberdrola SA 1,450,953
45,000 Repsol SA 1,726,170
50,000 *Telefonica de Espana 1,161,179
-----------
Total Investments in Spain 9,706,510
- ---------------------------------------------------------------
Sweden: 1.1%
10,000 ABB AB Ser. A 1,129,049
75,000 *Nordbanken AB 2,270,928
-----------
Total Investments in Sweden 3,399,977
- ---------------------------------------------------------------
Switzerland: 3.3%
10,000 *Credit Suisse Group 1,027,269
3,200 *Novartis AG 3,664,998
410 *Roche Holdings AG 3,190,250
5,500 *Schweiz Bankverein AG 1,045,760
1,750 *SMH Neuenburg AG 1,078,633
-----------
Total Investments in Switzerland 10,006,910
- ---------------------------------------------------------------
</TABLE>
MSF-27
<PAGE>
- ---------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ---------------------------------------------------------------
Schedule of Investments
- ---------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
December 31, 1996 (unaudited)
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ---------------------------------------------------------------
<S> <C> <C>
Taiwan: 0.3%
82,500 *Tung Ho Steel Enterprise GDR $ 907,500
------------
Total Investments in Taiwan 907,500
- ---------------------------------------------------------------
Ukraine: 1.0%
4,254,800 *Ashurst Technology Ltd. 3,076,208
------------
Total Investments in Ukraine 3,076,208
- ---------------------------------------------------------------
United Kingdom: 11.3%
322,000 *Alexon Group PLC 976,426
265,000 Arjo Wiggins Appleton PLC 814,931
162,000 *Ascot Holdings PLC 777,112
290,000 *Bat Industries 2,404,660
210,000 *British Biotech PLC 732,140
367,500 British Petroleum Co. PLC 4,407,230
236,000 BTR PLC 1,152,304
1,000,000 *Electrophoretics 659,585
299,400 *Euro Sales Finance CLA 641,168
106,500 Glaxo Wellcome PLC 1,733,339
105,000 *Greenalls Group 1,057,735
246,000 Guardian Royal Exchange PLC 1,173,737
250,000 *J. Sainsbury PLC 1,657,530
615,000 *Kemgas International Ltd. 1,212,663
280,000 *Lasmo 1,127,291
130,000 Marks & Spencer PLC 1,095,768
126,000 *Morgan Crucible Co. 943,327
90,000 National Westminster Bank PLC 1,057,735
420,000 *Premium Underwriting 982,183
189,000 Racal Electronics 828,919
148,000 *Rank Organisation 1,110,571
122,000 Royal Bank Scotland Group 1,174,645
388,500 *Sun Life & Province 1,730,512
450,000 Tarmac PLC 759,380
1,653,979 *Turbo Genset, Inc. CL A 628,109
83,000 Unilever PLC 2,012,078
7,500,000 Upton & Southern Holdings PLC 513,963
750,000 *Upton & Southern Holdings PLC (Wts.) 17,668
890,400 *Waverley Mining Finance PLC 991,537
Total Investments in United Kingdom 34,374,246
------------
TOTAL COMMON STOCK
(Cost: $259,485,844).................. 270,269,877
------------
- ---------------------------------------------------------------
PREFERRED STOCK: 0.2%
- ---------------------------------------------------------------
United Kingdom: 0.2%
295,000 *Upton & Southern Holdings PLC Cum.
Cvt. Pfd. 518,032
------------
Total Investments in United Kingdom 518,032
------------
TOTAL PREFERRED STOCK
(Cost: $456,231) ..................... 518,032
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ---------------------------------------------------------------
CONVERTIBLE BONDS: 6.4%
- ---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Hong
Kong 1,100,000 Hysan
Development 6.750% 6/01/00$ 1,479,500
Japan 340,000,000 Hankyu Corp. 1.250% 9/30/98 2,950,522
Japan 300,000,000 Matsushita 1.040% 3/31/04 3,108,540
Electric
Japan 305,000,000 Mitsui & Co. 1.050% 9/30/09 2,765,305
Japan 8,500,000 NEC Corp. 1.000% 3/31/99 8,366,642
Taiwan 750,000 Yageo Corp. 1.250% 7/24/03 828,750
------------
TOTAL CONVERTIBLE BONDS
(Cost: $19,324,899).................. 19,499,259
------------
- ---------------------------------------------------------------
TOTAL INVESTMENTS: 95.5%
(Cost: $279,266,974) ................ 290,287,168
OTHER ASSETS LESS LIABILITIES: 4.5%.. 13,538,315
------------
TOTAL NET ASSETS: 100.0%.............$303,825,483
============
- ----------------------------------------------------------------
See Notes to Financial Statements.
*Non-income producing security.
</TABLE>
MSF-28
<PAGE>
- ------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ------------------------------------------------------------------------------
Industry Diversification
- ------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
As a Percentage of Total Value of Investments
<TABLE>
<S> <C>
Automotive.............................................................. 4.14%
Banking................................................................. 9.82
Broadcasting............................................................ 0.55
Business Services....................................................... 0.47
Chemicals............................................................... 5.44
Construction Materials.................................................. 1.52
Consumer Non-Durables................................................... 0.37
Drugs & Health Care..................................................... 4.70
Electrical Equipment.................................................... 1.67
Electronics............................................................. 15.83
Financial Services...................................................... 5.64
Food & Beverages........................................................ 1.54
Forest Products & Paper................................................. 0.57
General Business........................................................ 0.98
Homebuilders............................................................ 0.80
Household Products...................................................... 0.56
Insurance............................................................... 4.22
Investment Companies.................................................... 0.77
Leisure................................................................. 0.97
Machinery............................................................... 1.75
Metals-Gold............................................................. 0.02
Metals-Non-Ferrous...................................................... 1.40
Metals-Steel & Iron..................................................... 2.34
Miscellaneous........................................................... 1.95
Multi-Industry.......................................................... 5.15
Oil & Gas Exploration................................................... 2.09
Oil-International....................................................... 5.17
Printing & Publishing................................................... 1.34
Real Estate............................................................. 5.93
Retail Trade............................................................ 2.93
Textiles & Apparel...................................................... 0.82
Toys & Amusements....................................................... 0.34
Transportation.......................................................... 0.60
Transportation-Railroad................................................. 1.02
Utilities-Electric...................................................... 1.57
Utilities-Gas Distribution & Pipelines.................................. 1.29
Utilities-Miscellaneous................................................. 1.08
Utilities-Telephone..................................................... 2.65
=====
100.0%
=====
</TABLE>
See Notes to Financial Statements.
MSF-29
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
Money
Growth Income Market
Portfolio Portfolio Portfolio
-------------- ------------ ------------
<S> <C> <C> <C> <C>
Assets: Investments, at value (Note 1A) (1) ...... $1,593,897,472 $377,254,943 $41,600,630
Cash ..................................... 1,132 153 --
Cash denominated in foreign currencies -- -- --
(2) ....................................
Receivable for investment securities sold 3,573,334 -- --
Receivable for fund shares sold .......... -- 217,234 --
Receivable for dividends and interest .... 1,478,207 5,832,980 134,923
Unrealized appreciation on forward
contacts (Note 7) ...................... -- 145,826 --
Other assets ............................. 140 68,078 3,359
-------------- ------------ ------------
TOTAL ASSETS ..................... 1,598,950,285 383,519,214 41,738,912
-------------- ------------ ------------
Liabilities: Payable for investment securities 840,094 -- --
purchased ..............................
Payable for capital stock repurchased .... 42,255 2,033 92,460
Accrued investment management fee 338,415 81,038 8,792
(Note 3) ...............................
Accrued and other liabilities ............ 1,046 41,305 1,029
-------------- ------------ ------------
TOTAL LIABILITIES ................ 1,221,810 124,376 102,281
-------------- ------------ ------------
Net Assets: $1,597,728,475 $383,394,838 $41,636,631
============== ============ ============
Composition
of Net Assets: Paid-in-capital .......................... 1,249,167,683 385,179,755 41,644,757
Undistributed (overdistributed) net
investment income (loss) ............... (109,396) 2,224,983 (10,491)
Net unrealized appreciation 243,748,890 (417,499) --
(depreciation) .........................
Accumulated net realized gain (loss) ..... 104,921,298 (3,592,401) 2,365
-------------- ------------ ------------
NET ASSETS ....................... $1,597,728,475 $383,394,838 $41,636,631
============== ============ ============
SHARES OUTSTANDING ............... 52,371,833 31,028,144 3,989,790
============== ============ ============
NET ASSET VALUE PER SHARE ........ $30.51 $12.36 $10.44
============== ============ ============
------------------------------------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ................. $1,350,148,596 $377,820,831 $41,600,630
(2) Cost of foreign currency ............. -- -- --
See Notes to Financial Statements
</TABLE>
MSF-30
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Aggressive Stock International
Diversified Growth Index Stock
Portfolio Portfolio Portfolio Portfolio
-------------- -------------- -------------- ------------
<S> <C> <C> <C>
$1,437,319,196 $1,312,523,770 $1,128,033,917 $290,287,168
995 110,949 46,497 4,496,287
-- -- -- 13,258,084
1,944,827 13,409,697 -- 1,562,606
725,586 5,649,430 2,443 88,815
9,424,203 488,573 1,911,224 300,040
274,050 -- -- --
124 117,693 22,718 253,740
--------------- --------------- --------------- -------------
1,449,688,981 1,332,300,112 1,130,016,799 310,246,740
--------------- --------------- --------------- -------------
462,249 9,608,176 5,147,488 6,120,770
15,947 -- 2,335,595 --
306,703 842,572 236,382 211,941
62,915 -- -- 88,546
--------------- --------------- --------------- -------------
847,814 10,450,748 7,719,465 6,421,257
--------------- --------------- --------------- -------------
$1,448,841,167 $1,321,849,364 $1,122,297,334 $303,825,483
=============== =============== =============== =============
1,253,361,990 1,145,946,694 820,009,991 310,920,771
(3,725,106) (899,023) 245,308 --
139,692,509 136,862,235 303,651,601 11,038,872
59,511,774 39,939,458 (1,609,566) (18,134,160)
=============== =============== =============== =============
$1,448,841,167 $1,321,849,364 $1,122,297,334 $303,825,483
=============== =============== =============== =============
86,916,919 48,752,452 50,487,679 25,415,562
=============== =============== =============== =============
$16.67 $27.11 $22.23 $11.95
=============== =============== =============== =============
- -----------------------------------------------------------------------------------------------------------------------------------
$1,297,896,601 $1,175,661,535 $824,382,316 $279,266,974
-- -- -- 13,220,243
</TABLE>
MSF-31
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 1996
<TABLE>
<CAPTION>
Money
Growth Income Market
Portfolio Portfolio Portfolio
------------ ------------ ----------
<S> <C> <C> <C>
Investment Interest (Note 1B) .......................... $ 2,555,287 $ 25,197,173 $2,207,574
Income: Dividends (Note 1B) ......................... 18,553,513 -- --
------------ ------------ ----------
Total investment income, net of
withholding taxes (1) ............. 21,108,800 25,197,173 2,207,574
------------ ------------ ----------
Expenses: Investment management fee ................... 3,351,614 911,476 102,785
Printing and distribution fees .............. 244,288 66,526 9,369
Custodian and transfer agent fees ........... 215,063 131,021 40,319
Directors fees .............................. 16,805 16,805 16,805
Other operating expenses .................... 41,709 20,314 9,836
------------ ------------ ----------
Total expenses ...................... 3,869,479 1,146,142 179,114
------------ ------------ ----------
NET INVESTMENT INCOME (LOSS) ........ 17,239,321 24,051,031 2,028,460
------------ ------------ ----------
Net Realized Investments (Note 4) ........................ 236,500,694 4,194,441 1,031
Gain (Loss) On: Foreign currency transactions (Note 4) ...... 449 225,514 --
------------ ------------ ----------
NET REALIZED GAIN (LOSS) ............ 236,501,143 4,419,955 1,031
------------ ------------ ----------
Net Unrealized Beginning of period investments and foreign
Appreciation currency holdings (Notes 4, 7) ............ 228,543,295 14,525,062 --
(Depreciation):
End of period investments and foreign
currency holdings (Notes 4, 7) ............ 243,748,890 (417,499) --
------------ ------------ ----------
NET UNREALIZED APPRECIATION
(DEPRECIATION) .................... 15,205,595 (14,942,561) --
------------ ------------ ----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS .. $268,946,059 $ 13,528,425 $2,029,491
============ ============ ==========
------------------------------------------------------------------------------------------------------------
Notes:
(1) Withholding taxes ....................... $351,457 $44,235 --
See Notes to Financial Statements.
</TABLE>
MSF-32
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aggressive Stock International
Diversified Growth Index Stock
Portfolio Portfolio Portfolio Portfolio
------------ ------------- ---------- --------------
<S> <C> <C> <C>
$35,997,579 $3,684,784 $ 294,044 $1,351,412
10,704,528 4,256,611 18,697,228 3,386,189
----------- ----------- ----------- ----------
46,702,107 7,941,395 18,991,272 4,737,601
---------- ----------- ----------- ----------
3,179,254 8,815,041 2,154,140 2,330,738
221,203 190,205 164,972 55,669
253,741 223,256 200,306 588,631
16,805 16,805 16,805 16,805
50,535 34,095 28,076 17,626
---------- ----------- ----------- ----------
3,721,538 9,279,402 2,564,299 3,009,469
---------- ----------- ----------- ----------
42,980,569 (1,338,007) 16,426,973 1,728,132
---------- ----------- ----------- ----------
135,162,664 78,458,844 7,811,922 (15,371,961)
90,115 -- -- (9,927,565)
---------- ----------- ----------- ----------
135,252,779 78,458,844 7,811,922 (25,299,526)
---------- ----------- ----------- ----------
142,881,779 141,226,595 147,414,903 (6,426,580)
139,692,509 136,862,235 303,651,601 11,038,872
---------- ----------- ----------- ----------
3,189,270 (4,364,360) 156,236,698 17,465,452
---------- ----------- ----------- ----------
$175,044,078 $72,756,477 $180,475,593 $(6,105,942)
=========== =========== =========== ==========
- ------------------------------------------------------------------------------------------------------
$ 199,906 $ 115,804 $ 115,212 $ 466,833
</TABLE>
MSF-33
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Growth Income Money Market
Portfolio Portfolio Portfolio
----------------------------- --------------------------- --------------------------
Increase in Net Assets From: For the Year For the Year For the Year For the Year For the Year For the Year
Ended Ended Ended Ended Ended Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1996 1995 1996 1995 1996 1995
-------------- -------------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Operations: Net investment income
(loss) .................. $17,239,321 $13,355,435 $24,051,031 $21,505,858 $ 2,028,460 $ 2,251,690
Net realized gain (loss)
from investment and
foreign currency
transactions ............ 236,501,143 35,869,486 4,419,955 5,614,358 1,031 161
Unrealized appreciation
(depreciation) of
investments and foreign
currency holdings ....... 15,205,595 206,859,454 (14,942,561) 27,263,679 -- --
-------------- -------------- ------------ ------------ ----------- -----------
Net increase (decrease) in
net assets resulting from
operations .............. 268,946,059 256,084,375 13,528,425 54,383,895 2,029,491 2,251,851
-------------- -------------- ------------ ------------ ----------- -----------
Distributions Net investment income ..... (17,239,740) (13,305,066) (23,474,190) (20,532,059) (2,045,447) (2,251,639)
to
Shareholders: Net realized gain from
investment transactions (134,047,463) (40,353,389) (697,717) -- (1,192) (289)
-------------- -------------- ------------ ------------ ----------- -----------
Total Distributions
(Note 6) ................ (151,287,203) (53,658,455) (24,171,907) (20,532,059) (2,046,639) (2,251,928)
-------------- -------------- ------------ ------------ ----------- -----------
Capital Share Net proceeds from sale of
Transactions: shares .................. 246,392,853 103,922,730 46,724,830 44,596,378 19,329,406 21,703,650
Net asset value of shares
issued to shareholders
in reinvestment of
distributions ........... 151,287,203 53,658,455 24,171,907 20,532,059 2,046,639 2,251,928
Shares redeemed ........... (12,361,034) (11,689,626) (26,771,445) (24,725,915) (20,178,541) (23,460,524)
-------------- -------------- ------------ ------------ ----------- -----------
Net Capital Stock
Transactions (Note 5) ... 385,319,022 145,891,559 44,125,292 40,402,522 1,197,504 495,054
-------------- -------------- ------------ ------------ ----------- -----------
NET INCREASE IN NET ASSETS 502,977,878 348,317,479 33,481,810 74,254,353 1,180,356 494,977
NET ASSETS: Beginning of
period .................. 1,094,750,597 746,433,118 349,913,028 275,658,675 40,456,275 39,961,298
-------------- -------------- ------------ ------------ ----------- -----------
NET ASSETS: End of period . $1,597,728,475 $1,094,750,597 $383,394,838 $349,913,028 $41,636,631 $40,456,275
============== ============== ============ ============ =========== ===========
-------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
MSF-34
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Diversified Aggressive Growth Stock Index International Stock
Portfolio Portfolio Portfolio Portfolio
- ----------------------------- ----------------------------- ----------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
For the For the For the For the For the For the For the For the
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31,
1996 1995 1996 1995 1996 1995 1996 1995
- ------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------
$ 42,980,569 $ 38,181,982 $ (1,338,007) $ (465,397) $ 16,426,973 $10,717,017 $ 1,728,132 $ 564,793
135,252,779 35,700,814 78,458,844 96,911,708 7,811,922 3,287,091 (25,299,526) 4,503,585
(3,189,270) 155,959,563 (4,364,360) 87,034,785 156,236,698 132,857,546 17,465,452 (2,185,396)
- -------------- -------------- -------------- ------------ -------------- ------------ ------------ ------------
175,044,078 229,842,359 72,756,477 183,481,096 180,475,593 146,861,654 (6,105,942) 2,882,982
- -------------- -------------- -------------- ------------ -------------- ------------ ------------ ------------
(42,176,327) (38,212,420) -- -- (16,158,730) (10,707,245) (16,086) (931,206)
(84,750,798) (31,703,894) (35,104,245) (89,053,728) (10,189,362) (3,203,702) (3,229,290) (1,728,334)
- -------------- -------------- -------------- ------------ -------------- ------------ ------------ ------------
(126,927,125) (69,916,314) (35,104,245) (89,053,728) (26,348,092) (13,910,947) (3,245,376) (2,659,540)
- -------------- -------------- -------------- ------------ -------------- ------------ ------------ ------------
171,456,907 65,067,419 318,837,326 211,278,782 330,175,386 132,769,445 43,194,283 47,009,355
126,927,125 69,916,314 35,104,245 89,053,728 26,348,092 13,910,947 3,245,376 2,659,540
(12,493,415) (72,901,909) (28,659,672) (25,891,494) (24,176,884) (6,808,814) (30,723,899) (25,383,675)
- -------------- -------------- -------------- ------------ -------------- ------------ ------------ ------------
285,890,617 62,081,824 325,281,899 274,441,016 332,346,594 139,871,578 15,715,760 24,285,220
- -------------- -------------- -------------- ------------ -------------- ------------ ------------ ------------
334,007,570 222,007,869 362,934,131 368,868,384 486,474,095 272,822,285 6,364,442 24,508,662
1,114,833,597 892,825,728 958,915,233 590,046,849 635,823,239 363,000,954 297,461,041 272,952,379
- -------------- -------------- -------------- ------------ -------------- ------------ ------------ ------------
$1,448,841,167 $1,114,833,597 $1,321,849,364 $958,915,233 $1,122,297,334 $635,823,239 $303,825,483 $297,461,041
============== ============== ============== ============ ============== ============ ============ ============
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
MSF-35
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Growth Portfolio
-------------------------------------------------------
Year Ended December 31,
-------------------------------------------------------
1996 1995 1994 1993 1992
---- ----- ----- ----- ----
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............................. $27.56 $21.81 $23.27 $21.72 $21.56
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income ........................................... 0.36 0.35 0.30 0.28 0.34
Net realized and unrealized gain (loss) ......................... 5.78 6.83 (1.06) 3.24 2.13
--------- --------- --------- --------- ---------
Total From Investment Operations ........................... 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 ................... (2.83) (1.08) (0.40) (1.69) (2.02)
--------- --------- --------- --------- ---------
Total Distributions ........................................ (3.19) (1.43) (0.70) (1.97) (2.31)
--------- --------- --------- --------- ---------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................................... $30.51 $27.56 $21.81 $23.27 $21.72
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return .................................................... 22.18% 33.14% (3.25)% 14.40% 11.56%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's) ............................. $1,597,728 $1,094,751 $746,433 $640,413 $351,028
Operating expenses to average net assets ....................... 0.29% 0.31% 0.32% 0.28% 0.25%
Net investment income to average net assets .................... 1.29% 1.46% 1.40% 1.19% 1.52%
Portfolio turnover (1) .......................................... 93.05% 45.52% 57.27% 66.27% 63.74%
Average broker commission rate (2) .............................. $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) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1996
amounted to $1,348,105,796 and $1,208,264,280, respectively.
(2) 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-36
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Income Portfolio
-------------------------------------------------------
Year Ended December 31,
-------------------------------------------------------
1996 1995 1994 1993 1992
---- ----- ----- ----- ----
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............................... $12.73 $11.32 $12.59 $12.22 $12.32
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income ............................................. 0.82 0.83 0.91 0.83 0.90
Net realized and unrealized gain (loss) ........................... (0.36) 1.38 (1.31) 0.86 (0.05)
--------- --------- --------- -------- ---------
Total From Investment Operations ............................. 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 ..................... (0.02) -- -- (0.44) (0.24)
--------- --------- --------- -------- ---------
Total Distributions .......................................... (0.83) (0.80) (0.87) (1.32) (0.95)
--------- --------- --------- -------- ---------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ..................................... $12.36 $12.73 $11.32 $12.59 $12.22
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return ...................................................... 3.60% 19.55% (3.15)% 11.36% 6.91%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's) ............................... $383,395 $349,913 $275,659 $299,976 $156,245
Operating expenses to average net assets ......................... 0.32% 0.34% 0.35% 0.32% 0.25%
Net investment income to average net assets ...................... 6.64% 7.01% 7.02% 6.39% 7.16%
Portfolio turnover (1) ............................................ 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) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of (portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1996
amounted to $332,786,481 and $293,974,932, respectively.
See Notes to Financial Statements.
MSF-37
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Money Market Portfolio
-------------------------------------------------------
Year Ended December 31,
-------------------------------------------------------
1996 1995 1994 1993 1992
---- ---- ----- ----- ----
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ..................... $10.45 $10.48 $10.49 $10.52 $10.59
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income ................................... 0.53 0.59 0.40 0.28 0.39
--------- --------- --------- -------- ---------
Total From Investment Operations ................... 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 ........................... $10.44 $10.45 $10.48 $10.49 $10.52
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return ............................................ 5.01% 5.59% 3.85% 2.90% 3.73%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's) ..................... $ 41,637 $ 40,456 $ 39,961 $44,321 $ 55,412
Operating expenses to average net assets ............... 0.43% 0.49% 0.44% 0.38% 0.25%
Net investment income to average net assets ............ 4.92% 5.39% 3.76% 2.85% 3.68%
Portfolio turnover ...................................... N/A N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total
return figures for all periods shown.
See Notes to Financial Statements.
MSF-38
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Diversified Portfolio
-------------------------------------------------------
Year Ended December 31,
-------------------------------------------------------
1996 1995 1994 1993 1992
----- ----- ----- ----- -----
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ............................. $15.95 $13.40 $14.41 $13.58 $13.61
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
----------------------
Net investment income ........................................... 0.55 0.59 0.51 0.46 0.53
Net realized and unrealized gain (loss) ......................... 1.77 3.02 (0.95) 1.58 0.74
--------- --------- --------- -------- ---------
Total From Investment Operations ........................... 2.32 3.61 (0.44) 2.04 1.27
--------- --------- --------- -------- ---------
Less Distributions:
-------------------
Dividends from net investment income ............................ (0.53) (0.58) (0.50) (0.54) (0.55)
Distributions from net realized capital gains ................... (1.07) (0.48) (0.07) (0.67) (0.75)
--------- --------- --------- -------- ---------
Total Distributions ........................................ (1.60) (1.06) (0.57) (1.21) (1.30)
--------- --------- --------- -------- ---------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................................... $16.67 $15.95 $13.40 $14.41 $13.58
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return .................................................... 14.52% 27.03% (3.06)% 12.75% 9.48%
Supplemental Data/Significant Ratios:
-------------------------------------
Net assets at end of period (000's) ............................. $1,448,841 $1,114,834 $892,826 $743,798 $334,480
Operating expenses to average net assets ....................... 0.29% 0.31% 0.32% 0.29% 0.25%
Net investment income to average net assets .................... 3.38% 3.92% 3.66% 3.16% 3.85%
Portfolio turnover (1)........................................... 91.07% 79.29% 96.49% 95.84% 114.67%
Average broker commission rate (2)............................... $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) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1996
amounted to $1,224,380,985 and $1,081,252,639, respectively.
(2) 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-39
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Aggressive Growth Portfolio
-------------------------------------------------------
Year Ended December 31,
-------------------------------------------------------
1996 1995 1994 1993 1992
----- ----- ----- ----- ----
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............................... $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) ........................... 2.01 6.50 (0.48) 5.06 1.77
--------- --------- --------- -------- ---------
Total From Investment Operations ............................. 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 ..................... (0.75) (2.67) (0.01) (2.02) (0.34)
--------- --------- --------- -------- ---------
Total Distributions .......................................... (0.75) (2.67) (0.06) (2.08) (0.44)
--------- --------- --------- -------- ---------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ..................................... $27.11 $25.87 $22.05 $22.54 $19.52
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return ...................................................... 7.72% 29.50% (1.88)% 22.63% 10.39%
Supplemental Data/Significant Ratios:
-------------------------------------
Net assets at end of period (000's) ............................... $1,321,849 $958,915 $590,047 $387,949 $129,249
Operating expenses to average net assets ......................... 0.79% 0.81% 0.82% 0.79% 0.75%
Net investment income (loss) to average net assets ............... (0.11)% (0.06)% 0.24% 0.18% 0.46%
Portfolio turnover (1) ............................................ 221.23% 255.83% 186.52% 120.82% 100.95%
Average broker commission rate (2) ................................ $0.0576 -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1996 amounted to $2,668,086,800
and $2,444,822,359, respectively.
(2) 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-40
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Stock Index Portfolio
------------------------------------------------------
Year Ended December 31,
------------------------------------------------------
1996 1995 1994 1993 1992
----- ----- ----- ----- ----
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............................... $18.56 $13.87 $14.25 $13.27 $12.76
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income ............................................. 0.33 0.32 0.33 0.35 0.36
Net realized and unrealized gain (loss) ........................... 3.88 4.79 (0.17) 0.98 0.60
--------- --------- --------- -------- ---------
Total From Investment Operations ............................. 4.21 5.11 0.16 1.33 0.96
--------- --------- --------- -------- ---------
Less Distributions:
------------------
Dividends from net investment income .............................. (0.33) (0.32) (0.32) (0.35) (0.26)
Distributions from net realized capital gains ..................... (0.21) (0.10) (0.22) -- (0.19)
--------- --------- --------- -------- ---------
Total Distributions .......................................... (0.54) (0.42) (0.54) (0.35) (0.45)
--------- --------- --------- -------- ---------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ..................................... $22.23 $18.56 $13.87 $14.25 $13.27
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return ...................................................... 22.66% 36.87% 1.18% 9.54% 7.44%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's) ............................... $1,122,297 $635,823 $363,001 $282,700 $144,692
Operating expenses to average net assets .......................... 0.30% 0.32% 0.33% 0.32% 0.25%
Net investment income to average net assets ...................... 1.91% 2.22% 2.51% 2.51% 2.74%
Portfolio turnover (1)............................................. 11.48% 6.35% 6.66% 13.99% 17.54%
Average broker commission rate (2) ................................ $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) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1996
amounted to $424,005,842 and $98,565,577, respectively.
(2) Total brokerage commissions paid on purchases and sales of portfolio
securites for the period divided by the total number of related shares
purchased and sold.
See Notes to Financial Statements.
MSF-41
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
International Stock Portfolio
-------------------------------------------------------
Year Ended December 31,
-------------------------------------------------------
1996 1995 1994 1993 1992
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ................. $12.29 $12.30 $12.33 $8.63 $9.71
- ---------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income ............................... 0.07 0.03 0.08 0.02 0.05
Net realized and unrealized gain (loss) ............. (0.28) 0.07 0.54 4.52 (1.04)
--------- ------- -------- --------- --------
Total From Investment Operations ............... (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 ....................... $11.95 $12.29 $12.30 $12.33 $8.63
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return ........................................ (1.77)% 0.84% 5.08% 47.76% (10.21)%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's) ................. $303,826 $297,461 $272,952 $120,781 $18,998
Net expenses to average net assets (Note 3) ......... 0.97% 1.01% 1.04% 1.14% 0.97%
Operating expenses to average net assets
before voluntary expense reimbursements (Note 3) N/A N/A N/A 1.15% N/A
Net investment income to average net assets ........ 0.56% 0.21% 0.80% 0.15% 0.89%
Net investment income to average net assets
before voluntary expense reimbursements (Note 3) N/A N/A N/A 0.15% N/A
Portfolio turnover (1) .............................. 116.67% 86.24% 65.84% 88.90% 65.09%
Average broker commission rate (2) .................. $0.0037 -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
expenses that apply at the separate account level or to related insurance
products.
Inclusion of these charges would reduce the total return figures for all
periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1996
amounted to $418,140,220 and $342,539,121, respectively.
(2) 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-42
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements December 31, 1996
- --------------------------------------------------------------------------------
1. Significant Accounting Policies
The Metropolitan Series Fund, Inc. ("Fund") is registered under the
Investment Company Act of 1940 as a diversified open end investment company.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles.
- --------------------------------------------------------------------------------
A. Investment Security Valuation: Portfolio securities that are traded on stock
exchanges are valued at the last price as of the close of business on the day
the securities are being valued, or, lacking any sales, at the mean between
closing bid and asked prices. Securities traded in the over-the-counter
market are valued at the mean between the bid and asked prices or yield
equivalent as obtained from two or more dealers that make markets in the
securities. Portfolio securities that are traded in both the over-the-counter
market and on a stock exchange are valued according to the broadest and most
representative market, and it is expected that for debt securities this
ordinarily will be the over-the-counter market. The estimated fair value of
equity and debt investments are based on the quoted market price as of
December 31, 1996. Securities for which market quotations are not readily
available are valued at fair value as determined in good faith by or under
the direction of the Board of Directors of the Fund, including valuations
furnished by a pricing service retained for this purpose. The market values
of foreign securities are recorded after translation to U.S. dollars, based
on the exchange rate at the end of the period.
Short-term debt securities in all Portfolios, except the Money Market
Portfolio, with sixty days or less remaining to maturity are valued at
amortized cost, which approximates fair value. Short-term investments in
these Portfolios maturing more than sixty days from the valuation date are
valued at fair value based on the most recent bid price or yield equivalent
as obtained from dealers that make markets in such securities. Portfolio
securities in the Money Market Portfolio are valued at amortized cost, which
approximates fair value.
- --------------------------------------------------------------------------------
B. Investment Security Transactions: Security transactions are recorded on the
trade date. Securities denominated in foreign currencies are translated at
exchange rates prevailing on the respective dates traded. Dividend income is
recorded on the ex-dividend date or, for certain foreign securities, when
notified; interest income is accrued as earned. Transactions denominated in
foreign currencies are recorded at the rate prevailing when earned or
incurred. Realized gains and losses are determined on the identified cost
basis. Asset and liability accounts that are denominated in foreign
currencies are adjusted to reflect current exchange rates prevailing on the
respective dates traded. 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 foreigh currencies are adjusted to reflect current
exchange rates.
- --------------------------------------------------------------------------------
C. Federal Income Taxes: It is the Fund's policy to comply with the requirements
of the Internal Revenue Code and regulations thereunder applicable to
regulated investment companies and to distribute all of its taxable income to
shareholders. Therefore, no Federal income tax provision is required. At
December 31, 1996, the Income and 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 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 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 and Illiquid Securities
The Income Portfolio holds five securities, the Diversified Portfolio holds
six securities, and the Aggressive Growth Portfolio holds three securities
that were purchased in private placement transactions. These securities may
be resold in transactions exempt from registration or to the public if the
securities are registered. The sale of these securities may involve lengthy
negotiations and additional expense. These constraints may affect the
security's marketability, and therefore hinder prompt disposal at an
acceptable price. The Fund intends to invest no more than 15% of net assets
in illiquid and restricted securities, except for the Money Market Portfolio
where the restriction is 10% of net assets. Restricted securities (including
Rule 144A issues) held at December 31, 1996 are footnoted at the end of each
applicable Portfolio's schedule of investments.
- --------------------------------------------------------------------------------
MSF-43
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements December 31, 1996 - (Continued)
- --------------------------------------------------------------------------------
3. Expenses
The Fund has entered into investment management agreements with Metropolitan
Life. For providing investment management services to the Fund, Metropolitan
Life receives monthly compensation at the annual rate of 0.25% of the average
daily net assets of each of the Portfolios except the Aggressive Growth
Portfolio and the International Stock Portfolio; and 0.75% of the average
daily net assets of the Aggressive Growth Portfolio and the International
Stock Portfolio. The Fund and Metropolitan Life have entered into sub-
investment management agreements with State Street Research & Management
Company ("State Street Research"), a wholly-owned subsidiary of Metropolitan
Life. The agreements provide for the compensation to State Street Research
for the management of the Growth, Income, Diversified, and Aggressive Growth
Portfolios. The Fund and Metropolitan Life have entered into a separate sub-
investment management agreement with GFM International Investors Limited
("GFM"), a subsidiary of Metropolitan Life, for the International Stock
Portfolio. This agreement provides for the compensation to GFM for the
management of the International Stock Portfolio.
Prior to May 16, 1993, Metropolitan Life was obligated to pay all expenses of
each Portfolio of the Fund other than the investment management fees payable
to Metropolitan Life, brokerage commissions on portfolio transactions
(including any other direct costs related to the acquisition, disposition,
lending or borrowing of portfolio investments), taxes payable by the Fund,
interest and other costs related to borrowings by the Fund, and any
extraordinary or non-recurring expenses (such as legal claims and liabilities
and litigation costs and any indemnification related thereto). Since that
date, the Fund has been obligated to pay all of its own expenses. However,
Metropolitan Life reserves the right, at its sole discretion, to pay all or a
portion of the expenses of the Fund or any of its Portfolios, and to
terminate such voluntary payment at any time upon notice to the Board of
Directors and shareholders of the Fund.
- --------------------------------------------------------------------------------
4. Net Unrealized
Appreciation
(Depreciation)
As of December 31, 1996, gross unrealized appreciation and depreciation of
investments were as follows:
<TABLE>
<CAPTION>
Aggressive Stock International
Growth Income Diversified Growth Index Stock
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------- ------------- ------------- -------------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Gross Unrealized Appreciation... $ 256,290,033 $ 3,232,638 $ 150,691,907 $ 186,857,642 $313,206,359 $ 24,734,407
Gross Unrealized Depreciation... (12,541,156) (3,798,526) (11,269,313) (49,995,407) (9,554,758) (13,714,213)
-------------- ------------- ------------ ------------- ----------- ------------
Net Unrealized Appreciation
(Depreciation) of Investments*.. 243,748,877 (565,888) $ 139,422,594 $ 136,862,235 $303,651,601 $ 11,020,194
============== ============ ============== ============== ============ ============
Aggregate Cost of Securities
(including short-term
securities)..................... $1,350,148,596 $377,820,831 $1,297,896,601 $1,175,661,535 $824,382,316 $279,266,974
============== ============ ============== ============== ============ ============
</TABLE>
*Does not include unrealized gains related to foreign currency transactions
of $13, $148,389, $269,915, and $18,678 for the Growth, Income, Diversified,
and International Stock Portfolios, respectively, (see Note 7.)
- --------------------------------------------------------------------------------
MSF-44
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements December 31, 1996 - (Continued)
- --------------------------------------------------------------------------------
5. Capital
Stock
Activity
At December 31, 1996, there were 2,000,000,000 shares of $0.01 par value
common stock authorized for the Fund. The shares of common stock are divided
into seven series: Growth Portfolio, Income Portfolio, Money Market
Portfolio, Diversified Portfolio, Aggressive Growth Portfolio, Stock Index
Portfolio, and International Stock Portfolio.
Transactions in shares were as follows:
<TABLE>
<CAPTION>
For the Year Ended December 31, 1996
-----------------------------------------------------------------------------------------------------------------
Money Aggressive Stock International
Growth Income Market Diversified Growth Index Stock
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ---------- ---------- ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares Sold. . . . . . .. 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
=========== ========== ========== =========== ========== =========== ===========
<CAPTION>
For the Year Ended December 31, 1995
-----------------------------------------------------------------------------------------------------------------
Money Aggressive Stock International
Growth Income Market Diversified Growth Index Stock
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ---------- ---------- ----------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares Sold............. 3,995,252 3,424,849 2,020,415 4,105,431 7,831,991 7,780,504 3,922,512
Shares issued in
reinvestment
of dividends........... 1,993,094 1,749,670 215,689 4,396,902 3,482,172 758,045 217,469
----------- ---------- ---------- ---------- ---------- ---------- -----------
Total........ 5,988,346 5,174,519 2,236,104 8,502,333 11,314,163 8,538,549 4,139,981
Shares redeemed........ (492,914) (2,039,460) (2,175,933) (5,238,484) (996,028) (452,967) (2,129,704)
=========== ========== ========== ========== ========== ========== ===========
Net increase........... 5,495,432 3,135,059 60,171 3,263,849 10,318,135 8,085,582 2,010,277
=========== ========== ========== ========== ========== ========== ===========
</TABLE>
- --------------------------------------------------------------------------------
6. Dividend
Distributions
The Fund distributes, at least annually, substantially all net investment
income, if any, of each Portfolio, which will then be reinvested in
additional full and fractional shares of the Portfolio. All net realized
long-term or short-term capital gains of the Fund, if any, are declared and
distributed at least annually to the shareholders of the Portfolio or
Portfolios to which such gains are attributable.
- --------------------------------------------------------------------------------
7. Foreign
Currency
Translations
The Growth Portfolio had an unrealized translation gain on foreign currency
receivables and payables as follows: Net unrealized translation gain:
<TABLE>
<S> <C>
Dividend Receivables $16
Tax Expense Payables (3)
-------------------
Net unrealized translation gain......... $13
===================
</TABLE>
The fair value of foreign currency contracts is the amount at which they
could be settled based on exchange rates obtained from dealers. As of
December 31, 1996, the Income Portfolio experienced an unrealized net gain of
$145,826 based on the following foreign currency exchange contracts
outstanding:
<TABLE>
<CAPTION>
Valuation Unrealized
Expiration Contract as of Appreciation
Sold Date Amount December 31, (Depreciation)
1996
-------------------- ------------------ ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Australian Dollar 1/24/97 $1,043,321 $1,044,864 ($1,543)
Australian Dollar 2/14/97 2,619,698 2,635,833 (16,135)
Canadian Dollar 1/24/97 1,150,421 1,126,489 23,932
Canadian Dollar 2/14/97 716,792 695,782 21,010
Danish Kroner 1/24/97 2,762,512 2,744,396 18,116
Danish Kroner 2/14/97 2,698,143 2,641,560 56,583
European Currency 2/14/97 2,708,120 2,664,257 43,863
Unit
---------------- ---------------- ----------------
$13,699,007 $13,553,181 $145,826
================ ================ ================
Net unrealized appreciation.................................................................. $145,826
================
</TABLE>
MSF-45
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Notes to Financial Statements December 31, 1996 - (Continued)
- -------------------------------------------------------------------------------
7. (Continued)
The Income Portfolio had an unrealized translation gain on foreign currency
receivables and payables as follows:
Net unrealized translation gain:
Interest Receivables ($3,015)
Interest Reclaim Receivables 5,424
Tax Expense Receivables 154
-----------
Net unrealized translation gain............. $2,563
===========
As of December 31, 1996 the Diversified Portfolio experienced an unrealized
net gain of $274,050 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
Valuation
as of Unrealized
Expiration Contract December 31, Appreciation
Sold Date Amount 1996 (Depreciation)
---------------------- ------------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Australian Dollar 1/24/97 $1,428,120 $1,430,232 $(2,112)
Australian Dollar 2/14/97 3,622,729 3,645,521 (22,792)
Canadian Dollar 1/24/97 2,598,954 2,545,572 53,382
Danish Kroner 2/14/97 8,076,487 7,889,713 186,774
European Currency Unit 2/14/97 3,634,180 3,575,382 58,798
----------------- ----------------- -----------------
$19,360,470 $19,086,420 $274,050
================= ================= =================
Net unrealized appreciation............................................................. $274,050
=================
</TABLE>
The Diversified Portfolio had an unrealized translation loss on foreign currency
receivables and payables as follows:
<TABLE>
<S> <C>
Net unrealized translation (loss):
Dividends Receivables $9
Interest Receivables (4,355)
Tax Expense Payables 211
-------------
Net unrealized translation (loss)............... ($4,135)
=============
</TABLE>
The International Portfolio had an unrealized translation gain on foreign
currency receivables and payables as follows:
<TABLE>
<S> <C>
Net unrealized translation gain:
Cash Denominated in Foreign Currencies $37,841
Pending Spot Foreign Exchange Purchases 8,334
Pending Spot Foreign Exchange Sales (14,573)
Dividends Receivables 4,473
Interest Receivables (1,157)
Tax Reclaim Receivables (1,832)
Sales Receivable (28,233)
Purchase Payables 13,825
-------------
Net unrealized translation gain................. $18,678
=============
</TABLE>
MSF-46
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Directors and Officers
- --------------------------------------------------------------------------------
As of February 14, 1997
DIRECTORS:
- -------------------------------------------------------------
Jeffrey J. Hodgman--Chairman of the Board
Steve A. Garban--Director
Malcolm T. Hopkins--Director
Robert A. Lawrence--Director
Dean O. Morton--Director
Michael S. Scott Morton--Director
John H. Tweedie--Director
OFFICERS:
- -------------------------------------------------------------
Jeffrey J. Hodgman--President and Chief Executive Officer
Christopher P. Nicholas-- Vice-President, Chief Operating
Officer and Secretary
Joseph M. Panetta--Treasurer
Elaine Stevenson--Vice-President
Lawrence A. Vranka--Vice-President
Bradford W. White--Controller
<PAGE>
This report has been prepared for the prospective
ownersof various insurance policies and annuity contracts
issuedby Metropolitan Life Insurance Company and
MetropolitanTower Life Insurance Company, a wholly-owned
subsidiaryof Metropolitan Life, and shareholders of
Metropolitan SeriesFund, Inc. This report is not
authorized for distribution toprospective purchasers of
any of those policies or contractsunless preceded or
accompanied by the current prospectusesfor the
appropriate contract or policy and for Metropolitan
Series Fund, Inc., which contain other important facts
including the sales deductions.
If you want more information, contact yoursales
representative.
MSFAnnualReport (0297)
Date of First Use: 2/28/97 97021R4O(exp0897)MLIC-LD
