<PAGE>
Metropolitan
Series Fund, Inc.
June 1998
Semiannual
Report
for use with
MetFlex(sm) Contracts
<PAGE>
MetFlex/(SM)/
Performance as of June 30, 1998
================================================================================
This report has been prepared for the prospective owners of MetFlex contracts
issued by Metropolitan Life Insurance Company and shareholders of Metropolitan
Series Fund, Inc.
The following chart illustrates the past performance of the MetFlex policy's
investment divisions. When reviewing performance, keep in mind that the rates
are based on historical experience and are not intended to suggest what future
---
returns will be. These rates are net of fund management fees and direct fund
expenses.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUALIZED RATES OF RETURN*
- ------------------------------------------------------------------------------------------------------------------------------
NAME OF INVESTMENT LAST LAST 3 YEAR TO SINCE
DIVISION MONTH** MONTHS** DATE** 1 YEAR 3 YEAR 5 YEAR 10 YEAR INCEPTION
AND PORTFOLIO 05/31/98- 03/31/98- 12/31/97- 06/30/97- 06/30/95- 06/30/93- 06/30/88- OF
INCEPTION DATE 06/30/98 06/30/98 06/30/98 06/30/98 06/30/98 06/30/98 06/30/98 PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATE STREET
RESEARCH
GROWTH (6/24/83) 4.32% 3.14% 19.40% 28.73% 28.15% 21.08% 18.08% 15.45%
- ------------------------------------------------------------------------------------------------------------------------------
STATE STREET
RESEARCH
INCOME (6/24/83) 0.84% 2.78% 4.49% 11.56% 8.41% 7.38% 9.47% 10.58%
- ------------------------------------------------------------------------------------------------------------------------------
STATE STREET
RESEARCH
MONEY MARKET (6/24/83)***+ 0.41% 1.29% 2.60% 5.29% 5.20% 4.74% 5.61% 6.39%
- ------------------------------------------------------------------------------------------------------------------------------
STATE STREET
RESEARCH
DIVERSIFIED (7/25/86) 2.67% 3.01% 12.65% 21.13% 19.62% 15.19% 13.98% 12.79%
- ------------------------------------------------------------------------------------------------------------------------------
STATE STREET
RESEARCH
INTERNATIONAL STOCK (5/1/91) 1.72% 3.72% 22.12% 5.49% 6.92% 6.91% N/A 6.96%
- ------------------------------------------------------------------------------------------------------------------------------
METLIFE STOCK INDEX (5/1/90) 4.04% 3.25% 17.42% 28.99% 29.45% 22.45% N/A 18.87%
- ------------------------------------------------------------------------------------------------------------------------------
STATE STREET
RESEARCH
AGGRESSIVE GROWTH (4/29/88) 7.26% -0.60% 13.65% 20.53% 12.29% 13.28% 15.66% 16.15%
- ------------------------------------------------------------------------------------------------------------------------------
SCUDDER
GLOBAL EQUITY (3/3/97)(S) 2.11% 3.52% 16.11% 17.85% N/A N/A N/A 19.95%
- ------------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE SMALL
CAP GROWTH (3/3/97)(S) 3.74% -5.81% 5.13% 13.66% N/A N/A N/A 18.27%
- ------------------------------------------------------------------------------------------------------------------------------
LOOMIS SAYLES
HIGH YIELD BOND (3/3/97)(S) -1.69% -3.93% 3.18% 4.93% N/A N/A N/A 7.12%
- ------------------------------------------------------------------------------------------------------------------------------
JANUS MID CAP (3/3/97)(S) 9.32% 5.22% 18.48% 33.84% N/A N/A N/A 37.07%
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* MetFlex policies were first offered in September, 1993. Performance assumes
the MetFlex contract was in existence for the period shown.
** Returns are actual returns for the period shown (not annualized).
*** An investment in the Money Market Division is neither insured nor
guaranteed by the U.S. Government.
+ SEC Standardized 7-Day Effective Yield = 5.33%
(S) Performance results for the portfolio are increased by the voluntary
reduction of portfolio fees and expenses. Without subsidization performance
would have been lower.
The rates do not reflect charges, such as the cost of insurance, M & E risk
-- ---
charges and premium expense loads. If these charges were included, the
performance figures would be significantly lower. Please refer to the
hypothetical illustrations in the current MetFlex prospectus (dated May 1, 1998)
which show the effect of these charges on performance. You may request a
personalized illustration from your Registered Representative that will show the
effect of these charges at an assumed rate of return. Your Representative can
also provide information about the Fixed Account.
Annualized rates of return shown in the chart on this page may differ from those
shown in the attached Metropolitan Series Fund, Inc. Semiannual Report. This
difference results from the fact that when the rate of return period begins or
ends on a non-business day (i.e., weekends and holidays), the Series Fund rates
of return are calculated using values as of the last business day, while,
consistent with industry practice and in compliance with applicable laws,
MetFlex rates of return are calculated based on values as of the next business
day.
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Letter from the Fund's Chairman and President
- --------------------------------------------------------------------------------
Dear Investor:
We are pleased to present the June 30, 1998 Semiannual Report of the
Metropolitan Series Fund, Inc. We have prefaced the Report with an overview of
the U.S. and international economies during the first six months of 1998.
Details for each Portfolio, including a listing of assets, investments, and
Portfolio characteristics, follow.
- -------------------------------------
Economic Review
- -------------------------------------
The U.S. economy continued to forge ahead with low inflation. Consumer demand
remained strong in real terms, but rising inventories and trade deficits were
slowing overall growth in Gross Domestic Product. High-tech goods production
accounted for a substantial portion of growth. The collapse in Asian economies,
together with surging capacity at home, held down inflation. U.S. budget surplus
forecasts were rising toward $100 billion for FY 1998.
The Federal Reserve seemed unlikely to change its policy on interest rates.
Indeed, its next major move could be to ease rates. The Fed remained concerned,
however, about labor costs and the heated stock market.
- -------------------------------------
U.S. Stock Market
- -------------------------------------
After reacting to a variety of such concerns, the market went to new highs at
the end of the period. The Standard & Poor's 500 Composite Stock Price Index
rose 17.7% in the first six months of 1998 to another record. Despite leadership
from the large company growth stock universe, the market narrowed on faltering
performance among small- and mid-cap stocks. The overall environment for stocks
continued to be very good. The market appeared to be somewhat overvalued by
traditional measures and historical comparisons. The greatest risk could be any
sustained shortfall in corporate earnings.
- -------------------------------------
U.S. Bond Market
- -------------------------------------
The global economic environment remained bond-friendly. The flight of foreign
assets to U.S. Treasury bonds has driven bond prices higher and bond yields
lower than anticipated in the business cycle. Nevertheless, long-term
fundamentals - sound monetary and benign fiscal policies - remained positive for
bonds. Although the U.S. Treasury had less need to borrow, there has been a
surge in corporate bond issuance.
- -------------------------------------
International Markets
- -------------------------------------
As Asian economies continued to falter, Europe enjoyed a modest pick-up with low
inflation. Aided by low interest rates and the establishment of "Euroland,"
European economies seemed to be embarking on an economic expansion. Confidence
was rising in both consumer and corporate sectors. Rising interest rates in the
United Kingdom could slow demand there. The impact of problems in Southeast Asia
remained a major concern. The Japanese yen is weaker, and Japan is struggling to
come up with a credible plan for its banking system. Deteriorating Russian
fundamentals threatened a ruble collapse, extending to currency markets in
Eastern Europe and Latin America.
Sincerely,
David A. Levene Christopher P. Nicholas
Chairman of the Board and Chief Executive Officer President and Chief
Operating Officer
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Table of Contents
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
Management Discussion and Analysis
- --------------------------------------------------------------------
<S> <C>
State Street Research Growth Portfolio........................................ MDA-1
State Street Research Income Portfolio........................................ MDA-2
State Street Research Money Market Portfolio.................................. MDA-3
State Street Research Diversified Portfolio................................... MDA-4
State Street Research Aggressive Growth Portfolio............................. MDA-5
MetLife Stock Index Portfolio................................................. MDA-6
State Street Research International Stock Portfolio........................... MDA-7
Loomis Sayles High Yield Bond Portfolio....................................... MDA-8
Janus Mid Cap Portfolio....................................................... MDA-9
T. Rowe Price Small Cap Growth Portfolio...................................... MDA-10
Scudder Global Equity Portfolio............................................... MDA-11
<CAPTION>
- --------------------------------------------------------------------
Annual Report of the Metropolitan Series Fund as of June 30, 1998
- --------------------------------------------------------------------
<S> <C>
Schedule of Investments: State Street Research Growth Portfolio............... MSF-1
Schedule of Investments: State Street Research Income Portfolio............... MSF-4
Schedule of Investments: State Street Research Money Market Portfolio......... MSF-8
Schedule of Investments: State Street Research Diversified Portfolio.......... MSF-9
Schedule of Investments: State Street Research Aggressive Growth Portfolio.... MSF-15
Schedule of Investments: MetLife Stock Index Portfolio........................ MSF-18
Schedule of Investments: State Street Research International Stock Portfolio.. MSF-27
Industry Diversification: State Street Research International Stock Portfolio. MSF-31
Schedule of Investments: Loomis Sayles High Yield Bond Portfolio.............. MSF-32
Schedule of Investments: Janus Mid Cap Portfolio.............................. MSF-37
Schedule of Investments: T. Rowe Price Small Cap Growth Portfolio............. MSF-39
Schedule of Investments: Scudder Global Equity Portfolio...................... MSF-46
Industry Diversification: Scudder Global Equity Portfolio..................... MSF-49
Statements of Assets and Liabilities.......................................... MSF-50
Statements of Operations...................................................... MSF-52
Statements of Changes in Net Assets........................................... MSF-54
Financial Highlights: State Street Research Growth Portfolio.................. MSF-58
Financial Highlights: State Street Research Income Portfolio.................. MSF-59
Financial Highlights: State Street Research Money Market Portfolio............ MSF-60
Financial Highlights: State Street Research Diversified Portfolio............. MSF-61
Financial Highlights: State Street Research Aggressive Growth Portfolio....... MSF-62
Financial Highlights: MetLife Stock Index Portfolio........................... MSF-63
Financial Highlights: State Street Research International Stock Portfolio..... MSF-64
Financial Highlights: Loomis Sayles High Yield Bond Portfolio................. MSF-65
Financial Highlights: Janus Mid Cap Portfolio................................. MSF-65
Financial Highlights: T. Rowe Price Small Cap Growth Portfolio................ MSF-66
Financial Highlights: Scudder Global Equity Portfolio......................... MSF-66
Notes to Financial Statements June 30, 1998 (unaudited)....................... MSF-67
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
The Portfolio's performance substantially exceeded its Lipper peer group average
(Growth & Income). We continued to focus on growth stocks of large, high-quality
companies, highlighting domestic markets such as consumer retailing and cable
service. Other strong holdings included diversified communications media,
healthcare, supermarkets and drug chains. Approximately one-tenth of the
Portfolio was invested in Europe at the end of the first half, with some of the
best results. We remained under-invested in energy.
Investors have favored stocks exhibiting stable prices and a history of strong
earnings. Our best performing investments have sound operating and financial
fundamentals, domestic market leadership, and improving returns on capital.
- --------------------------------------------------------------------------------
Investment Objective
- --------------------------------------------------------------------------------
To achieve long-term growth of capital and income and moderate current income.
- --------------------------------------------------------------------------------
Underlying Investments
- --------------------------------------------------------------------------------
Invests primarily in common stocks that are believed to be of good quality or to
have good growth potential or that are considered to be undervalued based on
historical investment standards.
- --------------------------------------------------------------------------------
Portfolio Composition as of June 30, 1998
- --------------------------------------------------------------------------------
Net Assets $2.9 billion
- --------------------------------------------------------------------------------
Composition
- --------------------------------------------------------------------------------
State Street Research Growth Portfolio
Top Ten Equity Holdings
% of Total
Security Net Assets
- -------- ----------
Tyco International Ltd. ..................................... 3.15
General Electric Co. ........................................ 3.10
MediaOne Group, Inc. ........................................ 2.68
Warner-Lambert Co. .......................................... 2.47
TOTAL SA ADR ................................................ 2.28
Chase Manhattan Corp. ....................................... 2.14
Travelers Group, Inc. ....................................... 2.10
ACE Ltd. .................................................... 2.03
UNUM Corp. .................................................. 1.98
WorldCom, Inc. .............................................. 1.98
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
MDA-1
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
The Portfolio's performance substantially exceeded its Lipper peer group average
(Corp. Debt A-Rated) for the first half of 1998, as it has consistently over
periods of 1, 3, 5 and 10 years. We positioned the Portfolio to take advantage
of an anticipated decline in interest rates. Sector selection also was
important, because of the Asian crisis and corporate bond spreads.
The Portfolio was weighted in investment-grade corporates, mortgage and
asset-backed securities, and good individual high-yield bonds. Our non-dollar
holdings, reduced below normal, were kept in industrialized countries. Bond
quality continued to be very high.
- --------------------------------------------------------------------------------
Investment Objective
- --------------------------------------------------------------------------------
To achieve the highest possible total return, by combining current income with
capital gains, consistent with prudent investment risk and preservation of
capital.
- --------------------------------------------------------------------------------
Underlying Investments
- --------------------------------------------------------------------------------
Invests primarily in fixed-income, high-quality debt securities.
- --------------------------------------------------------------------------------
Portfolio Composition as of June 30, 1998
- --------------------------------------------------------------------------------
Net Assets $457.9 million
Average Bond Quality AA+
MDA-2
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
STATE STREET RESEARCH MONEY MARKET PORTFOLIO
The Portfolio continued to improve with strong performance above its Lipper peer
group average (Money Market) for the first half of 1998. The Federal Reserve's
target for the Fed Funds rate in the first half year stayed firmly at 5.50%.
Short-term rates remained stable, reflecting the steady policy of the Federal
Reserve Board. The Portfolio's current maturity target is in the 45- to 55- day
range, awaiting a possible change in the targeted rate for Fed Funds.
Low inflation, uncertainty in overseas markets, and an outlook of slow growth
for the U.S. economy suggest the Federal Reserve monetary policy will remain
unchanged for the short term. We continued to invest in high quality instruments
considered to be both stable and liquid.
- ---------------------------------------------------
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. Instruments in this
Portfolio are neither insured nor guaranteed by the United States Government.
- ----------------------------------------------------------------------
Portfolio Composition as of June 30, 1998
- ----------------------------------------------------------------------
Net Assets $50.9 million
MDA-3
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
The Portfolio's performance substantially exceeded its Lipper peer group average
(Income). We continued to focus on growth stocks of large, high-quality
companies, highlighting domestic markets such as consumer retailing and cable
service. Other strong holdings included diversified communications media,
healthcare, supermarkets and drug chains. European stocks delivered some of the
best results. We remained under-invested in energy.
The bond manager anticipated declining interest rates. Sector selection was
important, because of the Asian economic crisis and corporate bond spreads. The
Portfolio was weighted in investment-grade corporates, mortgage and asset-backed
securities, and select high-yield bonds. Foreign bond holdings were only in
industrialized countries.
- --------------------------------------------------------------------------------
Investment Objective
- --------------------------------------------------------------------------------
To achieve a high total return while attempting to limit investment risk and
preserve capital.
- --------------------------------------------------------------------------------
Underlying Investments
- --------------------------------------------------------------------------------
Invests in equity securities, fixed-income debt securities, or short-term money
market instruments, or any combination thereof.
- --------------------------------------------------------------------------------
Portfolio Composition as of June 30, 1998
- --------------------------------------------------------------------------------
Net Assets $2.4 billion
Average Bond Quality AA+
- --------------------------------------------------------------------------------
Composition
- --------------------------------------------------------------------------------
State Street Research Diversified Portfolio
Top Ten Equity Holdings
% of Total
Security Net Assets
- -------- ----------
General Electric Co. ................................ 1.64
Tyco International Ltd. ............................. 1.63
MediaOne Group, Inc. ................................ 1.42
Warner-Lambert Co. .................................. 1.29
TOTAL SA ADR ........................................ 1.26
Travelers Group, Inc. ............................... 1.11
Chase Manhattan Corp. ............................... 1.11
UNUM Corp. .......................................... 1.06
Viacom, Inc. Cl. B .................................. 1.05
WorldCom, Inc. ...................................... 1.03
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
MDA-4
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
Portfolio performance rose near the Lipper peer group average (Capital
Appreciation) during a turbulent six-month period. Technology and energy stocks
were weak. The Southeast Asian economy softened technology demand, while
continuing low oil prices hurt energy. However, the Portfolio was heavily
invested in consumer stocks, such as broadcasting, retailing and services, and
their performance, based on good earnings and prospects, was strong.
Richard J. Jodka, Senior Vice President of State Street Research, became
Portfolio Manager in February 1998. The manager has focused on the stocks of
companies in the $1 - $10 billion asset range which show potential for rapid
growth. Investment strategy is directed toward a reduction in price volatility
and turnover among the Portfolio's holdings and, most importantly, toward
seeking steadily improving long-term results.
- --------------------------------------------------------------------------------
Investment Objective
- --------------------------------------------------------------------------------
To achieve maximum capital appreciation.
- --------------------------------------------------------------------------------
Underlying Investments
- --------------------------------------------------------------------------------
Invests primarily in common stocks (and equity and debt securities convertible
into or carrying the right to acquire common stocks) of emerging growth
companies, undervalued securities or special situations.
- --------------------------------------------------------------------------------
Portfolio Composition as of June 30, 1998
- --------------------------------------------------------------------------------
Net Assets $1.5 billion
- --------------------------------------------------------------------------------
Composition
- --------------------------------------------------------------------------------
State Street Research Aggressive Growth Portfolio
Top Ten Equity Holdings
% of Total
Security Net Assets
- -------- ----------
Republic Industries, Inc. .................................. 3.45
News Corp. Ltd. ADR ........................................ 2.22
America Online, Inc. ....................................... 2.22
Advanced Fibre Communications, Inc. ........................ 2.07
Clear Channel Communications, Inc. ......................... 1.96
Qwest Communications International, Inc. ................... 1.85
Cendant Corp. .............................................. 1.77
Men's Wearhouse, Inc. ...................................... 1.73
HBO & Co. .................................................. 1.69
Outdoor Systems, Inc. ...................................... 1.69
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
MDA-5
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
In the first half of 1998, the Standard and Poor's 500 Index again rose to new
all-time highs. This resulted in a strong gain for the Portfolio which is
designed to track the S&P 500 Index.
Stocks in the S&P 500 Index continued to benefit from favorable economic
conditions in the U.S. and Europe. In the first half of 1998, profits for the
companies in the S&P 500 Index rose, but at a slower pace than in 1997. Strong
consumer demand in the U.S. and rising productivity stemming from investments in
new technology have helped corporate profits. Low inflation and an apparent end
to the federal deficit problem led to lower long-term interest rates in the
second quarter which, in turn, helped boost stock values. Families continuing to
channel retirement savings into equity funds also served to support stock
prices. During the first half of 1998, larger capitalization stocks tended to
perform better than smaller stocks as investors favored the safety and liquidity
of larger companies.
- --------------------------------------------------------------------------------
Investment Objective
- --------------------------------------------------------------------------------
To equal the performance of the S&P 500 Index, adjusted to assume reinvestment
of dividends.
- --------------------------------------------------------------------------------
Underlying Investments
- --------------------------------------------------------------------------------
Invests in the common stock of companies which are included in the S&P 500
Index.
- --------------------------------------------------------------------------------
Portfolio Composition as of June 30, 1998
- --------------------------------------------------------------------------------
Net Assets $2.7 billion
- --------------------------------------------------------------------------------
Composition
- --------------------------------------------------------------------------------
MetLife Stock Index Portfolio
Top Ten Equity Holdings
% of Total
Security Net Assets
- -------- ----------
General Electric Co. ........................................ 3.30
Microsoft Corp. ............................................. 2.97
Coca-Cola Co. ............................................... 2.35
Exxon Corp. ................................................. 1.94
Merck & Co., Inc. ........................................... 1.78
Pfizer, Inc. ................................................ 1.58
Wal-Mart Stores, Inc. ....................................... 1.52
Intel Corp. ................................................. 1.40
Procter & Gamble Co. ........................................ 1.36
Royal Dutch Petroleum Co. ................................... 1.31
There is no guarantee that the Portfolio currently invests or will continue to
invest in the securities or industries listed.
MDA-6
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INTERNATIONAL STOCK PORTFOLIO
The Portfolio improved performance significantly versus its Lipper peer group
(International) during the six-month period. We remained under-invested in Asia
amid a full-blown recession in Japan. The Portfolio benefited from greater
emphasis in Europe where inflation remained subdued and growth accelerated.
The manager favored European stocks that could avoid global pressure. With the
French and German economy expanding, we trimmed overweighting of such
Mediterranean markets as Spain, Italy and Portugal. We maintained an emphasis in
France and bolstered investment in Germany. Stock selection was a major
contributor, with particularly strong results in the United Kingdom and Belgium.
Returns were held back somewhat by under-investment in Finland and stock
selection in Sweden and Australia.
- --------------------------------------------------------------------------------
Investment Objective
- --------------------------------------------------------------------------------
To achieve long-term growth of capital.
- --------------------------------------------------------------------------------
Underlying Investments
- --------------------------------------------------------------------------------
Invests primarily in common stock and equity-related securities of non-United
States companies.
- --------------------------------------------------------------------------------
Portfolio Composition as of June 30, 1998
- --------------------------------------------------------------------------------
Net Assets $303.5 million
- --------------------------------------------------------------------------------
Composition
- --------------------------------------------------------------------------------
State Street Research International Stock Portfolio
Top Ten Equity Holdings
% of Total
Security Net Assets
- -------- ----------
Glaxo Wellcome PLC (United Kingdom) ............................. 1.58
Novartis AG (Switzerland) ....................................... 1.47
British Telecom (United Kingdom) ................................ 1.44
Nippon Telephone & Telegraph (Japan) ............................ 1.42
Allianz Holdings AG (Germany) ................................... 1.40
British Petroleum (United Kingdom) .............................. 1.37
Nestle SA (Switzerland) ......................................... 1.21
Lloyds TSB Group PLC (United Kingdom) ........................... 1.21
Royal Dutch Petroleum Co. (Netherlands) ......................... 1.14
Roche Holdings AG (Switzerland) ................................. 1.10
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
International Stock Test Pie Chart Graphic
[PIE CHART APPEARS HERE]
Diversification by Country and Region For the State Street Research
International Stock Portfolio
as 8/30/98
United Kingdom: 24.4%
Japan: 12.6%
France: 11.2%
Germany: 11.2%
Switzerland: 7.6%
Italy: 7.2%
Netherlands: 5.6%
Spain: 4.7%
Sweden: 3.9%
Australia: 1.7%
Other Europe: 6.5%
Other Asia/Pacific Basin: 2.8%
Other Americas: 0.6%
MDA-7
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
The first six months of 1998 were challenging ones for high yield investors.
After posting solid returns over the first three months, economic and political
turmoil resurfaced throughout Asia and Russia, dampening returns in the second
quarter.
The Portfolio had a disappointing second quarter return of minus 3.93%, which
lagged the 1.68% return of the Merrill Lynch High Yield Index. Year to date, our
Portfolio trailed the index by a slimmer margin, returning 3.2% versus 4.5% for
the benchmark. Despite the recent setback, we remain committed to our current
international exposure as a means of diversifying our Portfolio and adding
additional yield. We are comfortable with the overall structure of the
Portfolio, and we remain confident that over the long term, select Latin
American and Southeast Asian debt offer some of the most attractive investment
opportunities for solid returns.
- --------------------------------------------------------------------------------
Investment Objective
- --------------------------------------------------------------------------------
To achieve high total investment return through a combination of current income
and capital appreciation.
- --------------------------------------------------------------------------------
Underlying Investments
- --------------------------------------------------------------------------------
Normally invests at least 65% of its assets in fixed-income securities of
below-investment-grade quality.
- --------------------------------------------------------------------------------
Portfolio Composition as of June 30, 1998
- --------------------------------------------------------------------------------
Net Assets $42.8 million
Average Bond Quality BB
MDA-8
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
Turmoil in Asia once again dominated the marketplace, stirring new fears over a
continued downdraft in the Far East. Additionally, an increase in earnings
disappointments, particularly in semiconductor stocks, rattled equities and sent
stocks lower in May and early June. However, the stock market proved resilient
and shook off these concerns to end the second quarter on a positive note. New
reports of benign inflationary pressures in June prompted a strong rally in the
bond market, where the yield on the 30-year U.S. Treasury bond fell to 5.6%.
This dramatic decline in long-term rates acted as a strong catalyst for equities
which helped stocks move forward at the end of the period.
Looking ahead, we remain optimistic toward domestic equities. Regardless of the
backdrop for equities, we continue to believe in our approach, which emphasizes
companies with low risk relative to their growth rates. Our discipline has not
only produced some solid results for the first six months of 1998, but our
returns have picked up dramatically over the past year--despite a less than
favorable backdrop in small and midsize stocks.
- --------------------------------------------------------------------------------
Investment Objective
- --------------------------------------------------------------------------------
To provide long-term growth of capital.
- --------------------------------------------------------------------------------
Underlying Investments
- --------------------------------------------------------------------------------
Invests primarily in securities issued by medium-sized companies.
- --------------------------------------------------------------------------------
Portfolio Composition as of June 30, 1998
- --------------------------------------------------------------------------------
Net Assets $243.4 million
- --------------------------------------------------------------------------------
Composition
- --------------------------------------------------------------------------------
Janus Mid Cap Portfolio
Top Ten Equity Holdings
% of Total
Security Net Assets
- -------- ----------
Apollo Group, Inc. Cl. A ...................................... 5.05
Vitesse Semiconductor Corp. ................................... 4.71
Heftel Broadcasting Corp. Cl. A ............................... 4.58
Sofamor Danek Group, Inc. ..................................... 4.29
Omnicare, Inc. ................................................ 4.25
Pizza Express PLC ............................................. 4.05
Chancellor Media Corp. ........................................ 3.93
Paychex, Inc. ................................................. 3.78
Progressive Corp. ............................................. 3.61
Wetherspoon (J.D.) PLC ........................................ 3.44
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
MDA-9
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
The Portfolio performance for the first half of 1998 of 5.13% compares favorably
with 5.46% for the Russell 2000 Growth Index. The second quarter of 1998 was
more difficult, as the Portfolio and the respective index performances were all
negative. 1998 has exhibited a very strong market cap effect; across virtually
all segments of the market, as size has increased, so has performance. This
helped us with performance vs. the Russell 2000 as we are slightly larger in
market cap, but hurt vs. the Lipper Index (Small Cap) as our Portfolio is
somewhat smaller than the competition.
The companies in our Portfolio show good fundamental performance. Over the first
six months of 1998, almost 56% of the earnings estimate changes reported by Wall
Street analysts for our holdings have been positive. This compares with only 42%
for the S&P 500.
The companies in the Portfolio are strong (as measured by the estimate revision
performance noted above). The sector needs a catalyst to trigger a sustained
period of outperformance. Small cap growth stocks have historically exhibited a
pronounced pattern of relative performance, and have been in the downward part
of that cycle for the past several years. Predicting when that will turn is very
difficult, and we think a long-term approach to the sector is the best one. The
best case for the sector is a slow-down in earnings posted by the large cap
stocks that have dominated the market. If this happens (which we believe seems
likely) without triggering a panic away from stocks, the possibility increases
that small cap growth stocks will perform well.
- -------------------------------------
Investment Objective
- -------------------------------------
To achieve long-term capital growth.
- -------------------------------------
Underlying Investments
- -------------------------------------
Invests in small capitalization companies.
- ----------------------------------------------------------
Portfolio Composition as of June 30, 1998
- ----------------------------------------------------------
Net Assets $163.3 million
- ----------------------------------------------------------
Composition
- ----------------------------------------------------------
T. Rowe Price Small Cap Growth Portfolio
Top Ten Equity Holdings
% of Total
Security Net Assets
- -------- ----------
Outdoor Systems, Inc. ........................................ 0.62
TCA Cable TV , Inc. .......................................... 0.57
Jacor Communications, Inc. ................................... 0.54
Executive Risk, Inc. ......................................... 0.52
Concord EFS, Inc. ............................................ 0.51
Protective Life Corp. ........................................ 0.51
American Homestar Corp. ...................................... 0.51
Dollar Tree Stores, Inc. ..................................... 0.49
PAREXEL International Corp. .................................. 0.49
CBT Group Public Ltd. ADR .................................... 0.49
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in the securities or industries listed.
MDA-10
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
The last six months have been strong ones in Europe for several of our themes,
including Savings, Health and "Darkside Restructuring." Performances in all
three themes accelerated as companies delivered news on consolidation efforts,
profitability targets and efforts to increase accounting transparency.
In our "Secure Streams of Income" theme we recently added Lockheed Martin whose
profits are underpinned by an increasing defense budget and a strong internal
efficiency plan. We have also initiated a position in American Greetings whose
long record of success should be enhanced by some new product initiatives.
Investments in the Portfolio's "Emerging Markets" theme have underperformed in
recent months, and since the beginning of the year, our weighting in the
emerging markets has dropped slightly. While these investments are in the
riskier end of the risk-reward spectrum, we remind ourselves that it is only
here that the huge amounts of industrialized country wealth that are being
generated today can be absorbed.
- ----------------------------------------------
Investment Objective
- ----------------------------------------------
To achieve long-term growth of capital through a diversified portfolio of
marketable securities, primarily equity securities, including common stocks,
preferred stocks, and debt securities convertible into common stocks.
- ----------------------------------------------
Underlying Investments
- ----------------------------------------------
Invests on a worldwide basis in equity securities of companies which are
incorporated in the U.S. or in foreign countries. The Portfolio may also invest
in the debt securities of U.S. and foreign issuers. Income is an incidental
consideration.
- ----------------------------------------------------------------
Portfolio Composition as of June 30, 1998
- ----------------------------------------------------------------
Net Assets $99.4 million
- --------------------------------------------------------------------------------
Composition
- --------------------------------------------------------------------------------
Scudder Global Equity Portfolio
Top Ten Equity Holdings
% of Total
Security Net Assets
- ----------- ------------
RWE AG (Germany) ................................................. 1.64
Novartis AG (Switzerland) ........................................ 1.61
SAP AG (Germany) ................................................. 1.56
Muenchener Rueckversicherungs AG (Germany) ....................... 1.55
Bayer AG (Germany) ............................................... 1.54
Viag AG (Germany) ................................................ 1.51
Hoechst AG(Germany) .............................................. 1.49
BASF AG (Germany) ................................................ 1.47
Credit Suisse Group (Switzerland) ................................ 1.46
Allianz Holdings AG (Germany) .................................... 1.44
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
International Stock Test Pie Chart Graphic
[PIE CHART APPEARS HERE]
United States: 36.9%
Germany: 16.9%
United Kingdom: 13.0%
Switzerland: 8.9%
France: 5.7%
Japan: 3.7%
Canada: 3.1%
Sweden: 2.7%
Australia: 2.2%
Netherlands: 2.0%
Other Americas: 2.9%
Other Asia/Pacific Basin: 1.2%
Other Europe: 0.8%
MDA-11
<PAGE>
- --------------------------------------------------------------------------------
Semiannual Report
of
Metropolitan
Series Fund, Inc.
June 30, 1998
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 91.3%
- --------------------------------------------------------------------------------
Aerospace: 1.3%
219,300 Boeing Co. $ 9,772,556
22,969 *Raytheon Co. Cl. A 1,323,589
435,400 *Raytheon Co. Cl. B 25,743,025
---------------
36,839,170
- --------------------------------------------------------------------------------
Automotive: 2.0%
360,200 General Motors Corp. 24,065,863
615,100 *Renault SA 34,988,982
---------------
59,054,845
- --------------------------------------------------------------------------------
Banking: 6.6%
522,700 Ahmanson (H.F.) & Co. 37,111,700
771,649 +Banc One Corp. 43,067,660
568,500 BankAmerica Corp. 49,139,719
825,400 Chase Manhattan Corp. 62,317,700
---------------
191,636,779
- --------------------------------------------------------------------------------
Broadcasting: 6.9%
1,193,900 CBS Corp. 37,906,325
1,773,400 +*MediaOne Group, Inc. 77,918,763
308,300 +Time Warner, Inc. 26,340,381
987,900 +*Viacom, Inc. Cl. B 57,545,175
---------------
199,710,644
- --------------------------------------------------------------------------------
Business Services: 0.9%
575,671 *Cendant Corp. 12,017,132
378,000 HBO & Co. 13,336,313
46,900 *Young & Rubicam, Inc. 1,500,800
---------------
26,854,245
- --------------------------------------------------------------------------------
Chemicals: 3.0%
463,400 Du Pont (E.I.) de Nemours & Co. 34,581,225
95,500 *Rhodia, Inc. 2,602,375
489,100 Rohm & Haas Co. 50,835,831
---------------
88,019,431
- --------------------------------------------------------------------------------
Computer Equipment & Service: 0.2%
63,900 +*America Online, Inc. 6,773,400
- --------------------------------------------------------------------------------
Containers & Glass: 0.8%
506,500 +Owens-Illinois, Inc. 22,665,874
- --------------------------------------------------------------------------------
Drugs & Health Care: 4.3%
310,200 +Bristol-Myers Squibb Co. 35,653,613
168,500 Pfizer, Inc. 18,313,844
1,035,000 Warner-Lambert Co. 71,803,125
---------------
125,770,582
- --------------------------------------------------------------------------------
Electrical Equipment: 4.4%
992,100 General Electric Co. 90,281,100
442,300 +Philips Electronics NV 37,595,500
---------------
127,876,600
- --------------------------------------------------------------------------------
Electronics: 2.5%
689,000 +*Analog Devices, Inc. 16,923,563
350,400 *Intel Corp. 25,962,450
155,200 Lucent Technologies, Inc. 12,910,700
307,600 Texas Instruments, Inc. 17,936,925
---------------
73,733,638
- --------------------------------------------------------------------------------
Entertainment & Leisure: 2.4%
902,300 International Game Technology 21,880,775
1,475,200 +News Corp. Ltd. ADR 47,390,800
---------------
69,271,575
- --------------------------------------------------------------------------------
Financial Services: 3.1%
458,400 Federal National Mortgage Assoc. 27,847,800
1,009,349 +Travelers Group, Inc. 61,191,782
---------------
89,039,582
- --------------------------------------------------------------------------------
Food & Beverages: 5.2%
435,300 Coca-Cola Co. 37,218,150
679,700 Heinz (H.J.) Co. 38,148,163
804,900 PepsiCo, Inc. 33,151,819
769,500 Sara Lee Corp. 43,043,906
---------------
151,562,038
- --------------------------------------------------------------------------------
Forest Products & Paper: 1.7%
642,300 Fort James Corp. 28,582,350
439,300 Weyerhaeuser Co. 20,290,168
---------------
48,872,518
- --------------------------------------------------------------------------------
Household Products: 1.5%
182,400 Gillette Co. 10,339,800
354,500 Procter & Gamble Co. 32,281,656
---------------
42,621,456
- --------------------------------------------------------------------------------
MSF-1
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Insurance: 4.0%
1,513,200 ACE Ltd. $ 59,014,800
1,039,500 UNUM Corp. 57,692,250
----------------
116,707,050
- --------------------------------------------------------------------------------
Medical Supply: 3.5%
415,700 +*Boston Scientific Corp. 29,774,513
290,200 Guidant Corp. 20,694,888
705,500 Johnson & Johnson 52,030,625
----------------
102,500,026
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 0.4%
551,700 +British Steel Corp. PLC ADR 12,551,174
- --------------------------------------------------------------------------------
Miscellaneous: 3.2%
1,455,500 Tyco International Ltd. 91,696,500
- --------------------------------------------------------------------------------
Multi-Industry: 0.2%
87,800 Minnesota Mining & Manufacturing Co. 7,216,062
- --------------------------------------------------------------------------------
Office & Business Equipment: 4.6%
325,050 +*Cisco Systems, Inc. 29,935,073
322,700 +*EMC Corp. 14,460,994
356,500 International Business Machines Corp. 40,930,656
481,000 Xerox Corp. 48,881,625
----------------
134,208,348
- --------------------------------------------------------------------------------
Oil: 2.3%
1,012,940 TOTAL SA ADR 66,220,952
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 1.6%
419,800 Anadarko Petroleum Corp. 28,205,313
1,111,700 *Seagull Energy Corp. 18,412,531
----------------
46,617,844
- --------------------------------------------------------------------------------
Oil-Domestic: 1.3%
538,700 Amoco Corp. 22,423,388
739,200 Oryx Energy Co. 16,354,800
----------------
38,778,188
- --------------------------------------------------------------------------------
Oil-International: 1.5%
615,000 Exxon Corp. 43,857,187
- --------------------------------------------------------------------------------
Oil-Services: 0.6%
271,800 +Schlumberger Ltd. 18,567,337
- --------------------------------------------------------------------------------
Retail Grocery: 3.1%
1,026,700 *Kroger Co. 44,019,763
1,134,800 +Safeway, Inc. 46,172,175
----------------
90,191,938
- --------------------------------------------------------------------------------
Retail Trade: 7.6%
1,181,800 CVS Corp. 46,016,338
1,133,000 Dayton-Hudson Corp. 54,950,500
797,600 Family Dollar Stores, Inc. 14,755,600
84,300 *Fred Meyer, Inc. 3,582,750
512,700 +Home Depot, Inc. 42,586,144
791,500 Rite Aid Corp. 29,730,719
492,000 +Wal-Mart Stores, Inc. 29,889,000
----------------
221,511,051
- --------------------------------------------------------------------------------
Software: 1.6%
400,900 *Cadence Design Systems, Inc. 12,528,125
316,800 *Microsoft Corp. 34,343,100
----------------
46,871,225
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 0.5%
437,000 *Qwest Communications International, Inc. 15,226,719
- --------------------------------------------------------------------------------
Tobacco: 0.7%
479,400 Philip Morris Cos., Inc. 18,876,374
- --------------------------------------------------------------------------------
Utilities-Electric: 5.0%
328,600 FPL Group, Inc. 20,701,800
980,400 +*Texas Utilities Co. 40,809,150
726,700 Unicom Corp. 25,479,919
1,192,200 +*WorldCom, Inc. 57,635,419
----------------
144,626,288
- --------------------------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 0.9%
484,000 Enron Corp. 26,166,250
- --------------------------------------------------------------------------------
Utilities-Telephone: 1.9%
289,100 +AT&T Corp. 16,514,838
823,400 Bell Atlantic Corp. 37,567,625
1 U.S. West, Inc. 47
----------------
54,082,510
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $2,043,883,241).................... 2,656,775,400
----------------
- --------------------------------------------------------------------------------
MSF-2
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
June 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -----------------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 7.3%
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,723,000 American Express
Credit Corp. 5.650% 7/06/98 $ 1,723,000
40,000,000 Beneficial Corp. 5.590% 7/02/98 40,000,000
34,679,000 Deere (John) Capital
Corp. 5.560% 7/09/98 34,679,000
40,000,000 Household Finance
Corp. 5.530% 7/06/98 40,000,000
6,134,000 Merrill Lynch & Co.,
Inc. 5.680% 7/13/98 6,122,386
43,900,000 Merrill Lynch & Co.,
Inc. 5.620% 7/09/98 43,845,174
46,341,000 Morgan (J.P.) & Co.,
Inc. 5.700% 7/13/98 46,252,952
- -----------------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $212,622,512)................................ 212,622,512
--------------
- -----------------------------------------------------------------------------------------
TOTAL INVESTMENTS: 98.6%
(Cost: $2,256,505,753).............................. 2,869,397,912
OTHER ASSETS LESS LIABILITIES: 1.4%................. 40,182,713
--------------
TOTAL NET ASSETS: 100.0%............................ $2,909,580,625
==============
- -----------------------------------------------------------------------------------------
</TABLE>
LEGEND:
- -------
* Non-income producing security.
+ Securities on loan.
ADR (American depository receipt) represents ownership of foreign
securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1998, the market value of securities loaned was $191,039,010 with
collateral backing valued at $196,234,283.
See Notes to Financial Statements.
MSF-3
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: 46.7%
- --------------------------------------------------------------------------------
Asset Backed: 3.4%
$1,900,000 Arcadia Auto Trust Ser.
97-B A5 6.700% 2/15/01-05 $ 1,937,406
4,100,000 AT&T Universal Card
Master Trust Ser. 95-2 A 5.950% 10/17/00 4,107,667
1,700,000 Ford Credit Auto Loan
Master Trust Ser. 95-1 6.500% 8/15/00 1,719,125
3,950,000 Ford Credit Auto Owner
Trust Ser. 97-B A3 6.050% 4/15/99-01 3,958,611
4,000,000 World Omni Automobile
Lease Trust Ser. 97-B A3 6.180% 11/25/00-03 4,017,480
------------
15,740,289
- --------------------------------------------------------------------------------
Banking: 4.8%
1,900,000 Advanta Master Trust II
Ser. 95-F A1 6.050% 8/01/00-03 1,903,553
2,775,000 American Express Master
Trust 96-1 A 6.800% 5/15/01 2,841,767
3,950,000 (s)Bank of New York 144A 7.780% 12/01/06-26 4,219,785
1,925,000 Capital One Bank Sr. 7.080% 10/30/01 1,966,464
3,000,000 Capital One Bank Sr. 6.280% 2/20/01 3,004,710
4,125,000 Citibank Credit Card
Master Trust I Ser. 98-1 A 5.750% 1/15/01 4,106,932
850,000 NationsBank Capital
Trust 8.250% 4/15/07-27 949,322
1,000,000 NationsBank Master
Trust Ser. 95-1 A 6.450% 8/15/00 1,011,250
1,900,000 Prime Credit Card
Master Trust Ser. 95-1 A 6.750% 8/15/02 1,946,892
------------
21,950,675
- --------------------------------------------------------------------------------
Broadcasting: 0.9%
3,900,000 TCI Communications,
Inc. Sr. 7.250% 6/15/99 3,944,538
- --------------------------------------------------------------------------------
Collateralized Mortgage Obligations: 3.8%
2,623,567 Chase Commercial Mtg.
Sec. Ser. 97-1 A1 7.270% 7/19/02-04 2,712,112
454,425 Countrywide Ser. 93-E A1 6.500% 1/25/97-24 452,862
2,025,000 Credit Suisse First
Boston Ser. 97-C2 A2 6.520% 7/17/05-07 2,072,446
1,950,000 First Union Lehman
Bros. Ser. 97-C2 A2 6.600% 5/18/05-07 1,970,109
1,943,160 Morgan Stanley Capital,
Inc. Ser. 98HF1-A1 SEQ 6.200% 1/15/03-07 $ 1,956,642
2,450,000 Morgan Stanley Capital,
Inc. Ser. 98-XL1 A1 SEQ 6.200% 5/03/03-05 2,408,656
1,110,867 Prudential Home Loan
Mortgage Ser. 93-29 A-6 6.750% 8/25/98-08 1,114,678
842,959 Residential Funding
Corp. Ser. 93-S25 A1 6.500% 7/25/98-08 843,481
3,867,174 Structured Asset
Securities Corp. 6.790% 6/12/02-04 3,984,397
------------
17,515,383
- --------------------------------------------------------------------------------
Drugs & Health Care: 0.9%
1,900,000 HealthSouth Corp. Sr. 9.500% 4/01/99-01 1,971,250
2,200,000 (s)HealthSouth Corp. Sr.
144A 7.000% 6/15/08 2,199,560
------------
4,170,810
- --------------------------------------------------------------------------------
Finance & Banking: 1.0%
4,400,000 AT&T Capital Corp. 6.250% 5/15/01 4,405,016
- --------------------------------------------------------------------------------
Financial Services: 13.4%
2,575,000 Allmerica Financial
Corp. Sr. 7.625% 10/15/25 2,811,797
1,800,000 Associates Corp. of North
America 6.750% 7/15/01 1,834,542
2,800,000 Associates Corp. of North
America 6.375% 10/15/02 2,825,312
3,775,000 Associates Corp. of North
America Sr. 6.700% 5/29/01 3,838,911
2,250,000 British Gas Finance, Inc. 6.625% 6/01/18 2,259,844
1,800,000 CIT Group Holdings, Inc.
Sr. 6.700% 5/28/01 1,833,300
1,225,000 Commercial Credit
Group, Inc. 6.750% 5/15/00 1,241,121
3,075,000 Countrywide Funding
Corp. 6.580% 9/21/01 3,107,687
2,125,000 (s)ERAC USA Finance Co.
144A 6.625% 2/15/05 2,133,755
2,900,000 (s)ERAC USA Finance Co.
144A 6.750% 5/15/07 2,929,203
3,800,000 Fleet Mortgage Group,
Inc. 7.060% 7/26/02 3,915,406
2,250,000 (s)Florida Windstorm-MBIA
Sr. Ser. 97 144A 6.850% 8/25/07 2,343,892
MSF-4
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- -------------------------------------------------------------------------------
Financial Services: (Continued)
$1,025,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 $ 1,095,387
2,050,000 GMAC Commercial
Mortgage Security, Inc.
Ser. 97-C2 A 6.550% 4/15/06-07 2,092,281
2,113,789 GMAC Commercial
Mortgage Security, Inc.
Ser. 98-C1 A1 6.411% 11/15/03-07 2,122,889
4,425,000 Green Tree Financial
Corp. Sr. Ser. 98-4 A5 6.180% 07/15/03-05 4,427,766
1,700,000 Household Finance Co.
Sr. 6.750% 6/01/00 1,722,627
3,750,000 Household Finance Co.
Sr. 7.125% 5/30/02 3,895,050
2,200,000 MBNA Corp. Sr. 7.125% 9/15/04 2,264,680
1,500,000 PennCorp Financial
Group Sr. 9.250% 12/15/98-03 1,556,250
3,079,522 .Railcar Leasing LLC A1
144A 6.750% 7/15/02-06 3,146,009
2,000,000 Sears Credit Account
Master Trust II Ser. 95 2A 8.100% 6/15/00-04 2,055,620
1,925,000 Sears Credit Account
Master Trust II Ser. 97 1A 6.200% 7/16/02-07 1,935,222
3,650,000 .Zurich Capital Trust
144A 8.376% 6/01/07-37 4,039,090
-------------
61,427,641
- -------------------------------------------------------------------------------
Government Sponsored: Federally Chartered: 0.2%
825,000 Cajun Electric Power
Cooperative Trust 9.520% 3/15/99-19 865,828
- -------------------------------------------------------------------------------
Healthcare Services: 2.7%
2,600,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 2,529,800
3,800,000 Columbia/HCA
Healthcare Corp. 7.690% 6/15/25 3,671,522
3,850,000 Columbia/HCA
Healthcare Corp. 6.500% 3/15/99 3,831,289
2,300,000 Tenet Healthcare Corp.
Sr. 8.000% 1/15/05 2,363,250
-------------
12,395,861
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- -------------------------------------------------------------------------------
Household Products: 0.9%
$3,950,000 Fort James Corp. Sr. 6.625% 9/15/04 $ 4,009,171
- -------------------------------------------------------------------------------
Industrials: 5.7%
3,400,000 .Beckman Coulter Sr.
144A 7.100% 3/04/03 3,423,460
920,000 Chevron Corp. Profit
Sharing Amort. 8.110% 12/01/01-04 981,024
2,300,000 .Electronic Data Systems
Corp. 144A 6.850% 5/15/00 2,339,905
1,500,000 K-III Communications
Corp. Sr. 8.500% 2/01/01-06 1,526,250
1,500,000 Lear Seating Corp. Sub. 8.250% 2/01/99-02 1,513,125
1,950,000 Oracle Corp. Sr. 6.910% 2/15/07 1,996,195
1,950,000 Oryx Energy Co. Deb. 8.125% 10/15/05 2,108,301
1,925,000 Owens-Illinois, Inc. Sr. 7.850% 5/15/04 2,008,834
1,000,000 Paging Network, Inc. Sr. 10.000% 10/15/01-08 1,032,500
1,000,000 Paging Network, Inc. Sr. 8.875% 2/01/99-06 980,000
4,350,000 Service Corp.
International 6.300% 3/15/03-20 4,344,127
3,800,000 Viacom, Inc. Sr. 7.750% 6/01/05 4,048,710
-------------
26,302,431
- -------------------------------------------------------------------------------
Insurance: 1.0%
4,400,000 CNA Financial Corp. 6.500% 4/15/05 4,414,344
- -------------------------------------------------------------------------------
Mortgage Related: 1.9%
3,505,675 Deutsche Mortgage &
Asset Receivables Corp.
Ser. 98-1 A1 6.220% 9/15/03-07 3,494,721
3,225,000 Deutsche Mortgage &
Asset Receivables Corp.
Ser. 98-C1 A2 6.538% 2/15/07-08 3,221,978
2,100,633 LB Commercial Conduit
Mortgage Trust A1 6.330% 11/18/02-04 2,118,357
-------------
8,835,056
- -------------------------------------------------------------------------------
MSF-5
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Newspapers: 1.6%
$5,300,000 .News America Holdings,
Inc. Sr. 144A 6.625% 1/09/08 $ 5,292,103
1,975,000 News America Holdings,
Inc. Sr. Deb. 7.750% 1/20/24 2,124,349
------------
7,416,452
- --------------------------------------------------------------------------------
Pollution Control: 0.9%
4,125,000 USA Waste Services, Inc.
Sr. 7.000% 10/01/04 4,245,079
- --------------------------------------------------------------------------------
Restaurant: 0.8%
3,500,000 Darden Restaurants, Inc.
Deb. 7.125% 2/01/16 3,517,955
- --------------------------------------------------------------------------------
Utilities-Electric: 2.8%
3,500,000 Arizona Public Service
Sr. 6.750% 11/15/06 3,590,650
2,000,000 CMS Energy Corp. Sub. 7.625% 11/15/04 2,009,540
2,850,000 .Edison Mission Energy
Funding Ser. A 144A 7.330% 9/15/05-08 3,021,456
3,900,000 Southern California
Edison Co. 6.500% 6/01/01 3,957,057
------------
12,578,703
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $210,132,919)............................. 213,735,232
------------
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 2.2%
- --------------------------------------------------------------------------------
551,790 Federal Home Loan
Mortgage Corp. 9.000% 12/01/09 584,334
48,280 Federal National
Mortgage Assoc. 7.750% 4/01/08 49,965
101,060 Federal National
Mortgage Assoc. 8.000% 6/01/08 105,229
117,365 Federal National
Mortgage Assoc. 9.000% 4/01/16 124,346
251,364 Federal National
Mortgage Assoc. 8.500% 9/01/09 262,105
356,529 Federal National
Mortgage Assoc. 7.750% 9/01/06 366,626
510,827 Federal National
Mortgage Assoc. 7.750% 3/01/08 528,660
754,003 Federal National
Mortgage Assoc. 8.500% 2/01/09 788,409
837,396 Federal National
Mortgage Assoc. 8.250% 7/01/08 870,917
2,925,000 Federal National
Mortgage Assoc. 6.800% 9/25/04-22 2,993,533
3,050,000 Government National
Mortgage Assoc. 6.500% 8/19/28 3,040,469
213,559 Government National
Mortgage Assoc. 7.500% 5/15/07 220,028
------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $9,824,112)............................. 9,934,621
------------
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 37.5%
- --------------------------------------------------------------------------------
1,933,932 U.S. Treasury Inflation
Indexed Bond 3.625% 4/15/28 1,910,357
3,350,000 +U.S. Treasury Bond 12.000% 8/15/08-13 4,966,911
6,250,000 +U.S. Treasury Bond 6.625% 2/15/27 7,057,625
8,825,000 +U.S. Treasury Bond 6.875% 8/15/25 10,220,409
11,700,000 +U.S. Treasury Bond 8.500% 2/15/20 15,681,627
22,000,000 +U.S. Treasury Bond 8.750% 5/15/17 29,627,840
34,875,000 U.S. Treasury Bond 8.125% 8/15/21 45,457,470
775,000 U.S. Treasury Note 6.250% 2/28/02 792,802
1,450,000 U.S. Treasury Note 6.500% 8/15/05 1,530,200
2,137,304 U.S. Treasury Inflation
Indexed Note 3.625% 1/15/08 2,112,597
3,000,000 U.S. Treasury Note 6.875% 5/15/06 3,248,430
3,325,000 U.S. Treasury Note 6.250% 8/31/00 3,373,844
3,350,000 U.S. Treasury Note 6.875% 3/31/00 3,424,337
5,000,000 U.S. Treasury Note 5.625% 2/15/06 5,020,300
5,200,000 +U.S. Treasury Note 7.875% 11/15/04 5,840,224
5,550,000 U.S. Treasury Note 6.875% 8/31/99 5,633,250
5,825,000 U.S. Treasury Note 5.875% 9/30/02 5,897,813
5,825,000 U.S. Treasury Strip 0.000% 11/15/15 2,181,230
9,900,000 U.S. Treasury Strip 0.000% 11/15/01 8,228,385
16,025,000 U.S. Treasury Strip 0.000% 5/15/07 9,804,416
------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $165,993,500)............................ 172,010,067
------------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 4.0%
- --------------------------------------------------------------------------------
7,125,000 +(NZD)New Zealand 8.000% 11/15/06 4,074,166
8,925,000 (NZD)New Zealand 10.000% 3/15/02 5,096,927
4,675,000 (GBP)UK Treasury 8.500% 12/07/05 8,915,741
------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $19,667,935)............................. 18,086,834
------------
- --------------------------------------------------------------------------------
MSF-6
<PAGE>
- -----------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -----------------------------------------------------------------------------
Schedule of Investments
- -----------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -----------------------------------------------------------------------------
STATE AGENCY OBLIGATION: 0.4%
$1,850,000 New Jersey Economic
Development Authority
State Pension Funding
Ser. A 7.425% 2/15/29 $ 2,116,770
------------
TOTAL STATE AGENCY OBLIGATION
(Cost: $1,886,870)............................. 2,116,770
------------
- -----------------------------------------------------------------------------
YANKEE BONDS: 6.0%
- -----------------------------------------------------------------------------
1,900,000 .British Aerospace
Finance, Inc. 144A 7.500% 7/01/27 2,137,082
1,700,000 City of Naples 7.520% 7/15/01-06 1,780,291
3,800,000 .DR Investments Sr. 144A 7.100% 5/15/02 3,910,884
4,350,000 Hellenic Republic of
Greece Sr. 6.950% 3/04/08 4,507,405
2,000,000 .Petroliam Nasional Bhd
144A 7.125% 8/15/05 1,739,920
2,600,000 .Petroliam Nasional Bhd
144A 6.875% 7/01/03 2,356,952
4,500,000 +Province of Quebec Deb. 7.125% 2/09/24 4,816,530
1,925,000 Southern Investments UK
Sr. 6.375% 11/15/01 1,933,277
2,100,000 TransCanada Pipelines
Ltd. 6.430% 3/15/04-29 2,124,507
2,200,000 .Woodside Finance, Ltd.
144A 6.600% 4/15/08 2,180,948
------------
TOTAL YANKEE BONDS
(Cost: $27,337,375)............................ 27,487,796
------------
- -----------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 3.2%
- -----------------------------------------------------------------------------
1,669,000 American Express Credit
Corp. 5.600% 7/09/98 1,669,000
3,294,000 American Express Credit
Corp. 5.520% 7/01/98 3,294,000
1,203,000 Deere & Co. 5.450% 7/01/98 1,203,000
8,530,000 General Electric Capital
Corp. 5.620% 7/07/98 8,530,000
------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $14,696,000)............................. 14,696,000
------------
- -----------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.0%
(Cost: $449,538,711)............................ 458,067,320
OTHER ASSETS LESS LIABILITIES: 0.0%............. (203,929)
------------
TOTAL NET ASSETS: 100.0%........................ $457,863,391
============
- -----------------------------------------------------------------------------
LEGEND:
- -------
+ Securities on loan.
. Restricted security.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1998, the market value of securities loaned was $34,958,920 with
collateral backing valued at $35,471,748.
RESTRICTED SECURITIES: (Note 2)
- -------------------------------
Valuation
as of
Acquisition Acquisition June 30,
Issue Date Cost 1998
----- ---- ---- ----
Beckman Coulter, Inc. 144A..... 2/25/98 $ 3,400,000 $ 3,423,460
Bank of New York 144A ........ 12/11/96 3,866,121 4,219,785
British Aerospace Finance,
Inc. 144A...................... 6/26/97 1,885,883 2,137,082
DR Investments Sr. 144A........ 5/6/97 3,797,834 3,910,884
Edison Mission Energy
Funding Note 144A.............. 1/7/97 2,836,890 3,021,456
Electronic Data Systems
Corp. 144A..................... 5/19/95 3,297,393 2,339,905
ERAC USA Finance Co. 144A...... 2/10/98 2,123,215 2,133,755
ERAC USA Finance Co. 144A...... 5/6/98 2,889,531 2,929,203
Florida Windstorm-MBIA Sr.
Ser. 97 144A................... 3/20/98 2,333,813 2,343,892
HealthSouth Corp. Sr. 144A..... 6/19/98 2,186,822 2,199,560
News America Holdings, Inc.
144A........................... 4/9/97 1,912,373 5,292,103
Petroliam Nasional Bhd 144A.... 10/2/97 1,998,300 1,739,920
Petroliam Nasional Bhd 144A.... 10/15/97 2,577,718 2,356,952
RailcarLeasing LLC 1997-1
A1 144A SEQ.................... 4/1/97 3,035,975 3,146,009
Woodside Finance, Ltd. 144A.... 4/3/98 2,196,282 2,180,948
Zurich Capital Trust 144A...... 6/18/97 3,804,194 4,039,090
The aggregate value of restricted securities at June 30, 1998 was $47,414,004 or
10.35% of the Income Portfolio's net assets.
See Notes to Financial Statements.
MSF-7
<PAGE>
- ------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ------------------------------------------------------------------------------
Schedule of Investments
- ------------------------------------------------------------------------------
STATE STREET RESEARCH MONEY MARKET PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ------------------------------------------------------------------------------
BANKERS' ACCEPTANCES: 2.9%
- ------------------------------------------------------------------------------
$1,500,000 BankAmerica Corp. 5.490% 10/09/98 $ 1,477,125
-----------
TOTAL BANKERS' ACCEPTANCES
(Cost: $1,477,125) ................................. 1,477,125
-----------
- ------------------------------------------------------------------------------
COMMERCIAL PAPER: 99.5%
- ------------------------------------------------------------------------------
1,000,000 American Express Credit
Corp. 5.490% 10/16/98 983,682
1,500,000 American Express Credit
Corp. 5.490% 9/21/98 1,481,242
2,000,000 American General Finance
Corp. 5.500% 9/08/98 1,978,917
2,634,000 Anheuser-Busch Co., Inc. 6.000% 7/01/98 2,634,000
1,500,000 BellSouth
Telecommunications, Inc. 5.700% 7/08/98 2,597,118
650,000 Beneficial Corp. 5.510% 8/21/98 644,926
1,000,000 Canadian Wheat Board 5.460% 7/24/98 996,512
2,600,000 Cargill, Inc. 5.570% 7/08/98 2,597,184
500,000 Chrysler Financial Corp. 5.510% 7/31/98 497,704
1,500,000 Chrysler Financial Corp. 5.490% 8/31/98 1,486,046
500,000 CIT Group Holdings, Inc. 5.470% 8/10/98 496,961
1,500,000 CIT Group Holdings, Inc. 5.470% 8/03/98 1,492,479
2,000,000 Coca-Cola Co. 5.470% 8/27/98 1,982,678
500,000 DuPont (E.I.) de Nemours
& Co. 5.480% 8/10/98 496,956
500,000 DuPont (E.I.) de Nemours
& Co. 5.470% 10/09/98 492,403
600,000 DuPont (E.I.) de Nemours
& Co. 5.500% 10/23/98 589,550
1,000,000 DuPont (E.I.) de Nemours
& Co. 5.470% 9/24/98 987,085
500,000 Ford Motor Credit Co. 5.500% 7/17/98 498,778
500,000 Ford Motor Credit Co. 5.490% 7/31/98 497,712
600,000 Ford Motor Credit Co. 5.490% 10/16/98 590,209
1,000,000 Ford Motor Credit Co. 5.490% 8/21/98 992,222
500,000 General Electric Capital
Corp. 5.520% 8/10/98 496,933
600,000 General Electric Capital
Corp. 5.520% 10/23/98 589,512
1,500,000 General Electric Capital
Corp. 5.500% 8/31/98 1,486,021
1,000,000 General Motors Acceptance
Corp. 5.500% 7/13/98 998,167
500,000 Goldman Sachs Group LP 5.500% 9/16/98 494,118
1,500,000 Goldman Sachs Group LP 5.470% 9/04/98 1,485,185
1,500,000 Manitoba Hydro Electric
Board 5.460% 8/13/98 1,490,217
500,000 Merrill Lynch & Co., Inc. 5.520% 10/23/98 491,260
2,100,000 Merrill Lynch & Co., Inc. 5.510% 10/05/98 2,069,144
1,000,000 Monsanto Co. 5.470% 7/17/98 997,569
500,000 Morgan (J.P.) & Co., Inc. 5.500% 9/17/98 494,042
1,500,000 Morgan (J.P.) & Co., Inc. 5.490% 9/17/98 1,482,158
2,500,000 Motorola, Inc. 5.500% 9/24/98 2,467,535
1,000,000 Ontario Hydro Electric 5.450% 7/07/98 999,092
2,000,000 .Penney (J.C.) Funding
Corp. 144A 5.500% 7/01/98 2,000,000
2,600,000 Pitney-Bowes Credit Co. 5.630% 7/08/98 2,597,154
1,500,000 Procter & Gamble Co. 5.580% 9/11/98 1,483,530
1,500,000 Sears Roebuck Acceptance
Corp. 5.500% 9/30/98 1,479,146
2,000,000 Toronto-Dominion Holdings 5.450% 7/27/98 1,992,128
-----------
TOTAL COMMERCIAL PAPER
(Cost: $50,607,275) ................................ 50,607,275
-----------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 102.4%
(Cost: $52,084,400) ................................ 52,084,400
OTHER ASSETS LESS LIABILITIES: (2.4)% .............. (1,230,249)
-----------
TOTAL NET ASSETS: 100.0% ........................... $50,854,151
===========
- --------------------------------------------------------------------------------
LEGEND:
- -------
. Restricted security.
RESTRICTED SECURITIES (Note 2):
- -------------------------------
Valuation
Acquisition Acquisition as of
Issue Date Cost June 30, 1998
----- ---- ---- -------------
Penney (J.C.) Funding
Corp. 144A 1/30/97 $ 1,990,283 $ 2,000,000
The aggregate value of restricted securities at June 30, 1998 was $2,000,000 or
3.93% of the State Street Research Money Market Portfolio's net assets.
See Notes to Financial Statements.
MSF-8
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 48.1%
- --------------------------------------------------------------------------------
Aerospace: 0.6%
95,300 Boeing Co. $ 4,246,806
9,443 *Raytheon Co. Cl. A 544,153
181,900 +Raytheon Co. Cl. B 10,754,837
----------------
15,545,796
- --------------------------------------------------------------------------------
Automotive: 1.1%
149,400 General Motors Corp. 9,981,787
269,400 *Renault SA 15,324,389
----------------
25,306,176
- --------------------------------------------------------------------------------
Banking: 3.5%
243,900 Ahmanson (H.F.) & Co. 17,316,900
342,140 +Banc One Corp. 19,095,689
247,500 BankAmerica Corp. 21,393,281
353,800 Chase Manhattan Corp. 26,711,900
----------------
84,517,770
- --------------------------------------------------------------------------------
Broadcasting: 3.6%
505,700 CBS Corp. 16,055,975
778,600 +*MediaOne Group, Inc. 34,209,737
135,400 +Time Warner, Inc. 11,568,237
435,300 *Viacom, Inc. Cl. B 25,356,225
----------------
87,190,174
- --------------------------------------------------------------------------------
Business Services: 0.5%
250,577 *Cendant Corp. 5,230,795
162,000 HBO & Co. 5,715,562
21,200 *Young & Rubicam, Inc. 678,400
----------------
11,624,757
- --------------------------------------------------------------------------------
Chemicals: 1.7%
204,400 +Du Pont (E.I.) de Nemours & Co. 15,253,350
95,500 *Rhodia, Inc. 2,602,375
215,800 +Rohm & Haas Co. 22,429,712
----------------
40,285,437
- --------------------------------------------------------------------------------
Computer Equipment & Service: 0.1%
28,200 +*America Online, Inc. 2,989,200
- --------------------------------------------------------------------------------
Containers & Glass: 0.4%
223,200 +Owens-Illinois, Inc. 9,988,200
- --------------------------------------------------------------------------------
Drugs & Health Care: 2.3%
133,300 +Bristol-Myers Squibb Co. 15,321,169
73,200 Pfizer, Inc. 7,955,925
447,900 Warner-Lambert Co. 31,073,062
----------------
54,350,156
- --------------------------------------------------------------------------------
Electrical Equipment: 2.3%
436,100 General Electric Co. 39,685,100
196,200 +Philips Electronics NV 16,677,000
----------------
56,362,100
- --------------------------------------------------------------------------------
Electronics: 1.3%
298,100 *Analog Devices, Inc. 7,322,081
153,600 *Intel Corp. 11,380,800
67,100 Lucent Technologies, Inc. 5,581,881
135,100 Texas Instruments, Inc. 7,878,019
----------------
32,162,781
- --------------------------------------------------------------------------------
Entertainment & Leisure: 1.3%
391,500 International Game Technology 9,493,875
650,800 +News Corp. Ltd. ADR 20,906,950
----------------
30,400,825
- --------------------------------------------------------------------------------
Financial Services: 1.6%
202,400 +Federal National Mortgage Assoc. 12,295,800
443,199 +Travelers Group, Inc. 26,868,939
----------------
39,164,739
- --------------------------------------------------------------------------------
Food & Beverages: 2.7%
186,100 +Coca-Cola Co. 15,911,550
282,000 Heinz (H.J.) Co. 15,827,250
349,500 PepsiCo, Inc. 14,395,031
330,000 Sara Lee Corp. 18,459,375
----------------
64,593,206
- --------------------------------------------------------------------------------
Forest Products & Paper: 0.9%
306,000 Fort James Corp. 13,617,000
197,400 Weyerhaeuser Co. 9,117,412
----------------
22,734,412
- --------------------------------------------------------------------------------
Household Products: 0.8%
78,800 Gillette Co. 4,466,975
166,100 Procter & Gamble Co. 15,125,481
----------------
19,592,456
- --------------------------------------------------------------------------------
Insurance: 2.1%
632,300 ACE Ltd. 24,659,700
462,800 UNUM Corp. 25,685,400
----------------
50,345,100
- --------------------------------------------------------------------------------
Medical Supply: 1.9%
182,100 +*Boston Scientific Corp. 13,042,912
127,100 Guidant Corp. 9,063,819
MSF-9
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Medical Supply: (Continued)
309,900 Johnson & Johnson $ 22,855,125
----------------
44,961,856
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 0.2%
243,100 +British Steel Corp. PLC ADR 5,530,525
- --------------------------------------------------------------------------------
Miscellaneous: 1.6%
624,200 +Tyco International Ltd. 39,324,600
- --------------------------------------------------------------------------------
Multi-Industry: 0.1%
37,100 Minnesota Mining & Manufacturing Co. 3,049,156
- --------------------------------------------------------------------------------
Office & Business Equipment: 2.4%
140,700 *Cisco Systems, Inc. 12,957,591
141,700 +*EMC Corp. 6,349,931
154,400 +International Business Machines Corp. 17,727,050
210,700 +Xerox Corp. 21,412,387
----------------
58,446,959
- --------------------------------------------------------------------------------
Oil: 1.3%
467,345 TOTAL SA ADR 30,552,679
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.8%
180,000 Anadarko Petroleum Corp. 12,093,750
464,200 *Seagull Energy Corp. 7,688,312
----------------
19,782,062
- --------------------------------------------------------------------------------
Oil-Domestic: 0.7%
237,300 +Amoco Corp. 9,877,612
269,300 Oryx Energy Co. 5,958,262
----------------
15,835,874
- --------------------------------------------------------------------------------
Oil-International: 0.8%
283,700 +Exxon Corp. 20,231,356
- --------------------------------------------------------------------------------
Oil-Services: 0.3%
119,800 +Schlumberger Ltd. 8,183,837
- --------------------------------------------------------------------------------
Retail Grocery: 1.6%
440,200 *Kroger Co. 18,873,575
476,800 +Safeway, Inc. 19,399,800
----------------
38,273,375
- --------------------------------------------------------------------------------
Retail Trade: 4.0%
518,800 CVS Corp. 20,200,775
492,800 Dayton-Hudson Corp. 23,900,800
336,500 Family Dollar Stores, Inc. 6,225,250
40,339 *Fred Meyer, Inc. 1,714,407
215,400 +Home Depot, Inc. 17,891,662
366,300 +Rite Aid Corp. 13,759,144
216,800 +Wal-Mart Stores, Inc. 13,170,600
----------------
96,862,638
- --------------------------------------------------------------------------------
Software: 0.9%
5,887 *Anacomp, Inc. 138,344
1,495 *Anacomp, Inc. (Wts.) 21,117
174,400 *Cadence Design Systems, Inc. 5,450,000
140,300 +*Microsoft Corp. 15,209,397
----------------
20,818,858
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 0.3%
212,200 *Qwest Communications International, Inc. 7,393,844
- --------------------------------------------------------------------------------
Tobacco: 0.3%
210,200 Philip Morris Cos., Inc. 8,276,625
- --------------------------------------------------------------------------------
Transportation-Trucking: 0.0%
500 .*Crown Packaging Holdings Ltd. (Wts.) 144A 250
- --------------------------------------------------------------------------------
Utilities-Electric: 2.6%
138,500 FPL Group, Inc. 8,725,500
424,000 +Texas Utilities Co. 17,649,000
313,600 Unicom Corp. 10,995,600
515,600 +*WorldCom, Inc. 24,926,037
----------------
62,296,137
- --------------------------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 0.5%
215,400 Enron Corp. 11,645,062
- --------------------------------------------------------------------------------
Utilities-Telephone: 1.0%
128,000 +AT&T Corp. 7,312,000
365,200 Bell Atlantic Corp. 16,662,250
1 U.S. West, Inc. 48
----------------
23,974,298
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $897,556,867) ........................... 1,162,593,276
----------------
- --------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: 20.4%
Asset Backed: 0.8%
$ 3,500,000 Arcadia Automobile
Receivables 6.550% 6/15/01-05 $ 3,554,688
7,205,000 Ford Credit Auto Owner
Trust Ser. 97-B A3 6.050% 4/15/99-01 7,220,707
8,480,000 World Omni Automobile
Lease Trust Ser. 97-B A3 6.180% 11/25/00-03 8,517,058
----------------
19,292,453
- --------------------------------------------------------------------------------
MSF-10
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Banking: 1.8%
$ 2,950,000 Advanta Master Trust II
Ser. 95-F A1 6.050% 8/01/00-03 $ 2,955,516
2,850,000 .Bank of New York 144A 7.780% 12/01/03-26 3,044,655
3,500,000 .BankAmerica
Institutional Capital
144A 7.700% 12/31/06-26 3,720,780
6,850,000 Capital One Bank Sr. 6.150% 6/01/01 6,838,355
1,725,000 Capital One Bank Sr. 7.080% 10/30/01 1,762,157
9,000,000 Capital One Bank Sr. 6.280% 2/20/01 9,014,130
2,300,000 NationsBank Capital
Trust 8.250% 4/15/07-27 2,568,755
2,800,000 NationsBank Master
Trust Ser. 95-1 A 6.450% 4/15/03 2,831,500
8,175,000 Prime Credit Card
Master Trust Ser. 95-1 A 6.750% 11/15/05 8,376,759
2,800,000 .State Street
Institutional Capital A
144A 7.940% 12/30/06-26 3,094,308
--------------
44,206,915
- --------------------------------------------------------------------------------
Broadcasting: 0.3%
7,650,000 TCI Communications,
Inc. Sr. 7.250% 6/15/99 7,737,363
- --------------------------------------------------------------------------------
Collateralized Mortgage Obligations: 1.4%
451,291 Countrywide Ser. 93-E
A-1 6.500% 1/25/97-24 449,739
1,547,476 Countrywide Ser. 93-5
A4 7.125% 12/25/98-23 1,556,652
4,300,000 Credit Suisse First
Boston Ser. 97-C2 A2 6.520% 7/17/05-07 4,400,749
4,150,000 First Union Lehman
Bros. Ser. 97-C2 A2 6.600% 5/18/05-07 4,192,797
3,700,000 Morgan Stanley Capital,
Inc. Ser. 98-XL1 A2 SEQ 6.460% 4/03/05-07 3,743,941
3,984,708 Morgan Stanley Capital,
Inc. Ser. 98-HF1 A1 SEQ 6.190% 1/15/03-07 4,012,354
6,000,000 Morgan Stanley Capital,
Inc. Ser. 98-XL1 A1 SEQ 6.200% 5/03/03-05 5,898,750
651,198 Prudential Home Loan
Mortgage Ser. 93-29 A-6 6.750% 8/25/98-08 653,432
623,057 Residential Funding
Corp. Ser. 93-S25 A1 6.500% 7/25/98-08 623,443
7,586,557 Structured Asset
Securities Corp. 6.790% 6/12/02-04 7,816,525
--------------
33,348,382
- --------------------------------------------------------------------------------
Drugs & Health Care: 0.4%
$ 4,100,000 HealthSouth Corp. Sr. 9.500% 4/01/99-01 $ 4,253,750
5,900,000 .HealthSouth Corp. Sr.
144A 7.000% 6/15/08 5,898,820
--------------
10,152,570
- --------------------------------------------------------------------------------
Finance & Banking: 0.9%
10,375,000 AT&T Capital Corp. 6.250% 5/15/01 10,386,827
6,600,000 FINOVA Capital Corp. 7.125% 5/01/02 6,803,082
5,400,000 FINOVA Capital Corp. 6.375% 5/15/05 5,440,554
--------------
22,630,463
- --------------------------------------------------------------------------------
Financial Services: 5.7%
2,600,000 Allmerica Financial
Corp. Sr. 7.625% 10/15/25 2,839,096
4,200,000 Associates Corp. of
North America 6.450% 10/15/01 4,245,024
4,100,000 Associates Corp. of
North America 6.375% 10/15/02 4,137,064
2,550,000 Associates Corp. of
North America 6.750% 7/15/01 2,598,935
6,300,000 British Gas Finance,
Inc. 6.625% 6/01/18 6,327,563
3,900,000 Chase Manhattan Credit
Card Master Trust 7.040% 2/15/05 4,012,125
3,230,000 CIT Group Holdings,
Inc. 6.750% 5/14/01 3,293,437
5,200,000 CIT Group Holdings,
Inc. Sr. 6.700% 5/28/01 5,296,200
14,600,000 Commercial Credit
Group, Inc. 6.450% 7/01/02 14,723,954
9,725,000 Countrywide Funding
Corp. 6.580% 9/21/01 9,828,377
6,600,000 Countrywide Home
Loan, Inc. 7.260% 5/10/04 6,892,512
4,500,000 .ERAC USA Finance Co.
144A 6.625% 2/15/05 4,518,540
4,300,000 .ERAC USA Finance Co.
144A 6.750% 5/15/07 4,343,301
4,400,000 Fleet Mortgage Group,
Inc. 7.060% 7/26/02 4,533,628
4,750,000 .Florida Windstorm-
MBIA Sr. Ser. 97 144A 6.850% 8/25/07 4,948,218
1,800,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 1,923,606
4,325,000 GMAC Commercial
Mortgage Security, Inc.
Ser. 97-C2 A 6.550% 4/15/06-07 4,414,203
- --------------------------------------------------------------------------------
MSF-11
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Financial Services: (Continued)
$ 4,948,753 GMAC Commercial
Mortgage Security, Inc.
Ser. 98-C1 A1 6.411% 11/15/03-07 $ 4,970,057
10,725,000 Green Tree Financial
Corp. Sr. Ser. 98-4 A5 6.180% 7/15/03-05 10,731,703
2,400,000 Household Finance Co.
Sr. 6.750% 6/01/00 2,431,944
5,150,000 MBNA Corp. Sr. 7.125% 9/15/04 5,301,410
1,500,000 PennCorp Financial
Group Sr. 9.250% 12/15/98-03 1,556,250
4,839,249 .Railcar Leasing LLC A1
144A 6.750% 7/15/02-06 4,943,728
2,600,000 Sears Credit Account
Mstr. Trust II Ser. 95 2A 8.100% 6/15/00-04 2,672,306
3,700,000 Sears Credit Account
Mstr. Trust II Ser. 97 1A 6.200% 7/16/02-07 3,719,647
4,300,000 Travelers Capital III 7.750% 12/01/06-36 4,505,884
7,175,000 .Zurich Capital Trust
144A 8.376% 6/01/07-37 7,939,855
----------------
137,648,567
- --------------------------------------------------------------------------------
Healthcare Services: 0.6%
4,650,000 Columbia/HCA
Healthcare Corp. 6.910% 6/15/05 4,516,406
3,600,000 Columbia/HCA
Healthcare Corp. 7.690% 6/15/25 3,478,284
3,725,000 +Columbia/HCA
Healthcare Corp. 7.500% 12/15/23 3,495,317
3,700,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 3,600,100
----------------
15,090,107
- --------------------------------------------------------------------------------
Household Products: 0.2%
5,700,000 Fort James Corp. Sr. 6.625% 9/15/04 5,785,386
- --------------------------------------------------------------------------------
Industrials: 4.4%
8,375,000 Allied Signal, Inc. 5.750% 3/15/01-11 8,337,145
9,000,000 .Beckman Coulter Sr.
144A 7.100% 3/04/03 9,062,100
1,380,000 Chevron Corp. Profit
Sharing Amort. 8.110% 12/01/01-04 1,471,535
3,350,000 CMS Energy Corp. Sr.
Note 8.125% 5/15/02 3,446,179
3,300,000 .Electronic Data Systems
Corp. 144A 6.850% 5/15/00 3,357,255
5,800,000 Honeywell, Inc. 6.750% 3/15/02 5,940,302
8,450,000 Ingersoll-Rand Co. 6.200% 11/15/99 8,479,491
10,000,000 +Interace, Inc. Sr. 7.300% 4/01/08 10,093,900
2,075,000 K-III Communications
Corp. Sr. 8.500% 2/01/01-06 2,111,313
1,550,000 Lear Seating Corp. Sub. 8.250% 2/01/99-02 1,563,563
4,125,000 Oryx Energy Co. Deb. 8.125% 10/15/05 4,459,868
5,300,000 Owens-Illinois, Inc. Sr. 7.150% 5/15/05 5,351,410
4,925,000 Owens-Illinois, Inc. Sr. 7.850% 5/15/04 5,139,484
2,225,000 Paging Network, Inc. Sr. 8.875% 2/01/99-06 2,180,500
2,000,000 +Paging Network, Inc. Sr. 10.000% 10/15/01-08 2,065,000
9,150,000 Service Corp.
International 6.300% 3/15/03-20 9,137,648
3,500,000 Tenet Healthcare Corp.
Sr. Note 7.875% 1/15/03 3,561,250
11,000,000 Tyco International
Group 6.250% 6/15/03-13 10,980,750
7,250,000 Viacom, Inc. Sr. 7.750% 6/01/05 7,724,513
----------------
104,463,206
- --------------------------------------------------------------------------------
Insurance: 0.4%
10,250,000 CNA Financial Corp. 6.500% 4/15/05 10,283,415
- --------------------------------------------------------------------------------
Mining: 0.0%
975,000 .P&L Coal Holdings
Corp. 144A 8.875% 5/15/03-08 1,003,031
- --------------------------------------------------------------------------------
Mortgage Related: 1.0%
7,371,792 Deutsche Mortgage &
Asset Receivables Corp.
Ser. 98-1 A1 6.220% 6/15/03-07 7,348,759
6,900,000 Deutsche Mortgage &
Asset Receivables Corp.
Ser. 98-C1 A2 6.538% 6/15/07-08 6,893,535
9,892,515 LB Commercial Conduit
Mortgage Trust A1 6.330% 11/18/02-04 9,975,983
----------------
24,218,277
- --------------------------------------------------------------------------------
Multi-Industry: 0.2%
5,000,000 .Cargill, Inc. 144A 6.875% 5/01/28 5,388,650
- --------------------------------------------------------------------------------
Newspapers: 0.5%
7,775,000 News America Holdings,
Inc. Sr. 6.625% 1/09/08 7,763,415
3,825,000 News America Holdings,
Inc. Sr. Deb. 7.750% 1/20/24 4,114,247
----------------
11,877,662
- --------------------------------------------------------------------------------
MSF-12
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Other Marketable: 0.3%
$ 6,150,000 California
Infrastructure Ser. 97
A6 6.320% 9/25/05 $ 6,225,434
Pollution Control: 0.4%
8,600,000 +USA Waste Services,
Inc. Sr. 7.000% 10/01/04 8,850,346
Restaurant: 0.2%
4,400,000 Darden Restaurants,
Inc. Deb. 7.125% 2/01/16 4,422,572
Utilities-Electric: 0.7%
6,300,000 Arizona Public Service
Co. 6.250% 1/15/05 6,251,553
4,150,000 .Edison Mission Energy
Funding Ser. A 144A 7.330% 9/15/05-08 4,399,664
5,350,000 Southern California
Edison Co. 6.500% 6/01/01 5,428,271
----------------
16,079,488
- --------------------------------------------------------------------------------
Utilities-Telephone: 0.2%
5,000,000 AirTouch
Communications, Inc. 7.000% 10/01/03 5,174,950
----------------
TOTAL CORPORATE BONDS
(Cost: $497,795,839) ......................... 493,879,237
----------------
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 1.0%
- --------------------------------------------------------------------------------
39,122 Federal National
Mortgage Assoc. 9.000% 4/01/16 41,449
1,187,555 Federal National
Mortgage Assoc. 8.500% 2/01/09 1,241,744
1,000,494 Federal National
Mortgage Assoc. 8.000% 6/01/08 1,041,764
532,117 Federal National
Mortgage Assoc. 7.250% 9/01/07 546,090
2,629,163 Federal National
Mortgage Assoc. 7.000% 12/01/07 2,691,158
5,875,000 Federal National
Mortgage Assoc. Cl. H 6.800% 9/25/04-22 6,012,651
4,575,000 Government National
Mortgage Assoc. 6.500% 12/15/99 4,560,703
4,722,291 Government National
Mortgage Assoc. 6.500% 5/15/09 4,784,248
1,797,039 Government National
Mortgage Assoc. 6.000% 2/15/09 1,795,350
----------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $22,508,599) .......................... 22,715,157
----------------
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 19.3%
- --------------------------------------------------------------------------------
5,725,000 +U.S. Treasury Bond 12.000% 8/15/08-13 $ 8,488,229
39,175,000 +U.S. Treasury Bond 8.750% 5/15/17 52,757,756
24,575,000 +U.S. Treasury Bond 8.500% 2/15/20 32,938,118
112,825,000 +U.S. Treasury Bond 8.125% 8/15/21 147,060,618
14,675,000 +U.S. Treasury Bond 6.875% 8/15/25 16,995,411
17,350,000 +U.S. Treasury Bond 6.625% 2/15/27 19,591,967
3,742,284 U.S. Treasury Inflation
Indexed Bond 3.625% 4/15/28 3,696,666
24,375,000 U.S. Treasury Note 6.250% 2/28/02 24,934,894
4,100,000 U.S. Treasury Note 5.875% 9/30/02 4,151,250
30,900,000 +U.S. Treasury Note 5.625% 10/31/99 30,933,681
4,526,055 U.S. Treasury Inflation
Indexed Note 3.625% 1/15/08 4,473,734
18,200,000 U.S. Treasury Note 6.875% 8/31/99 18,473,000
9,250,000 U.S. Treasury Note 7.125% 9/30/99 9,426,305
38,975,000 +U.S. Treasury Note 7.875% 11/15/04 43,773,602
17,300,000 U.S. Treasury Strip 0.000% 11/15/15 6,478,158
21,875,000 U.S. Treasury Strip 0.000% 11/15/01 18,181,406
38,650,000 U.S. Treasury Strip 0.000% 5/15/07 23,646,843
----------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $449,583,128) 466,001,638
----------------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 1.6%
- --------------------------------------------------------------------------------
16,075,000 +New Zealand 8.000% 11/15/06 9,191,890
20,425,000 New Zealand 10.000% 3/15/02 11,664,396
9,625,000 UK Treasury 8.500% 12/07/05 18,355,938
----------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $35,732,459) 39,212,224
----------------
- --------------------------------------------------------------------------------
STATE AGENCY OBLIGATION: 0.2%
- --------------------------------------------------------------------------------
3,675,000 New Jersey Economic
Development Authority
State Pension Funding
Ser. A 7.425% 2/15/29 4,204,935
----------------
TOTAL STATE AGENCY OBLIGATION
(Cost: $3,748,243) 4,204,935
- --------------------------------------------------------------------------------
YANKEE BONDS: 2.2%
- --------------------------------------------------------------------------------
3,625,000 .British Aerospace
Finance, Inc. 144A 7.500% 7/01/27 4,077,328
2,337,500 City of Naples 7.520% 7/15/01-06 2,447,900
6,700,000 .DR Investments Sr.
144A 7.100% 5/15/02 6,895,506
10,675,000 Hellenic Republic of
Greece Sr. 6.950% 3/04/08 11,061,275
3,000,000 Norsk Hydro AS Deb. 7.150% 11/15/25 3,206,250
MSF-13
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
YANKEE BONDS:(CONTINUED)
- --------------------------------------------------------------------------------
$ 8,100,000 .Petroliam Nasional Bhd
144A 7.125% 8/15/05 $ 7,046,676
8,575,000 +Province of Quebec Deb. 7.125% 2/09/24 9,178,166
4,475,000 TransCanada Pipelines
Ltd. 6.430% 3/15/04-29 4,527,223
5,100,000 .Woodside Finance, Ltd.
144A 6.600% 4/15/08 5,055,834
--------------
TOTAL YANKEE BONDS
(Cost: $56,167,976)............................ 53,496,158
--------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 5.8%
- --------------------------------------------------------------------------------
2,087,000 American Express
Credit Corp. 5.560% 7/06/98 2,087,000
3,152,000 Associates Corp. of
North America 5.550% 7/09/98 3,152,000
28,475,000 Beneficial Corp. 5.590% 7/09/98 28,475,000
3,352,000 General Electric Capital
Corp. 5.580% 7/06/98 3,352,000
35,975,000 General Electric Capital
Corp. 5.570% 7/06/98 35,975,000
8,669,000 General Electric Capital
Corp. 5.620% 7/06/98 8,669,000
20,446,000 Household Finance Corp. 5.650% 7/06/98 20,446,000
4,327,000 Household Finance Corp. 5.620% 7/09/98 4,327,000
20,000,000 Merrill Lynch & Co., Inc. 5.700% 7/14/98 19,962,000
13,659,000 Morgan (J.P.) & Co., Inc. 5.700% 7/13/98 13,633,048
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $140,078,048)........................... 140,078,048
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 98.6%
(Cost: $2,103,171,159)......................... 2,382,180,673
OTHER ASSETS LESS LIABILITIES: 1.4%............ 33,798,158
--------------
TOTAL NET ASSETS: 100.0%....................... 2,415,978,831
==============
- --------------------------------------------------------------------------------
LEGEND:
- ------
*Non-income producing security.
+Securities on loan.
.Restricted security.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1998, the market value of securities loaned was $256,664,319 with
collateral backing valued at $262,949,759.
RESTRICTED SECURITIES: (Note 2)
- -------------------------------
Valuation
as of
Acquisition Acquisition June 30,
Issue Date Cost 1998
----- ---- ---- ----
BankAmerica Institutional
Capital 144A...................... 11/26/96 $ 3,463,390 $ 3,720,780
Bank of New York 144A............. 12/24/96 2,775,074 3,044,655
Beckman Coulter, Inc. 144A........ 2/25/98 9,000,000 9,062,100
British Aerospace Finance, Inc.
144A.............................. 6/26/97 3,598,066 4,077,328
Cargill, Inc. 144A................ 4/28/98 4,962,350 5,388,650
Crown Packaging Holdings, Ltd.
(Wts.) 144A....................... 6/1/94 20,000 250
DR Investments Sr. 144A........... 5/6/97 6,696,181 6,895,506
Edison Mission Energy Funding
Ser. A 144A....................... 1/7/97 4,130,910 4,399,664
Electronic Data Systems Corp.
144A.............................. 5/19/95 3,297,393 3,357,255
ERAC USA Finance Co. 144A......... 2/10/98 4,496,220 4,518,540
ERAC USA Finance Co. 144A......... 5/6/98 4,284,477 4,343,301
Florida Windstorm-MBIA Sr.
Ser. 97 144A...................... 3/20/98 4,926,938 4,948,218
HealthSouth Corp. Sr. 144A........ 3/19/98 5,864,659 5,898,820
P&L Coal Holdings Corp 144A....... 5/14/98 985,969 1,003,031
Petroliam Nasional Bhd 10/2/97-
144A.............................. 11/19/97 7,986,721 7,046,676
Railcar Leasing LLC 1997-1 4/1/97-
A1 144A SEQ....................... 4/15/97 4,770,819 4,943,728
State Street Institutional
Capital A 144A.................... 12/18/96 2,755,760 3,094,308
Woodside Finance, Ltd. 144A....... 4/3/98 5,091,381 5,055,834
Zurich Capital Trust 144A......... 6/18/97-
6/26/97 7,480,202 7,939,855
The aggregate value of restricted securities at June 30, 1998 was $88,738,499 or
3.67% of the Income Portfolio's net assets.
See Notes to Financial Statements.
MSF-14
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 96.4%
- --------------------------------------------------------------------------------
Aerospace: 0.6%
183,900 *Gulfstream Aerospace Corp. $ 8,551,350
- --------------------------------------------------------------------------------
Automotive: 3.9%
693,100 +*Budget Group, Inc. Cl. A 22,135,881
571,800 +Danaher Corp. 20,977,913
220,500 Magna International, Inc. Cl. A 15,131,813
--------------
58,245,607
- --------------------------------------------------------------------------------
Banking: 2.1%
368,500 *Bank United Corp. Cl. A 17,664,969
475,800 TCF Financial Corp. 14,036,100
--------------
31,701,069
- --------------------------------------------------------------------------------
Broadcasting: 8.0%
730,900 *Capstar Broadcasting Corp. Cl. A 18,363,863
368,600 +Chancellor Media Corp. 18,303,294
266,928 *Clear Channel Communications, Inc. 29,128,518
69,000 +*Jacor Communications, Inc. 4,075,313
228,000 +Scripps (E.W.) Co. Cl. A 12,497,250
117,300 *TCA Cable TV, Inc. 7,052,663
418,900 *Univision Communications, Inc. Cl. A 15,604,025
560,709 +*USA Networks, Inc. 14,105,326
--------------
119,130,252
- --------------------------------------------------------------------------------
Building & Construction: 0.9%
306,100 Stanley Works 12,722,280
- --------------------------------------------------------------------------------
Business Services: 11.3%
1,261,428 *Cendant Corp. 26,332,310
448,200 +*Concord EFS, Inc. 11,709,225
396,150 *Fiserv, Inc. 16,823,995
714,800 HBO & Co. 25,219,038
896,005 *Outdoor Systems, Inc. 25,088,140
577,800 +*Republic Industries, Inc. 14,445,000
1,476,200 *Republic Industries, Inc. pvt. 36,905,000
358,900 *Young & Rubicam, Inc. 11,484,800
--------------
168,007,508
- --------------------------------------------------------------------------------
Chemicals: 2.2%
446,800 +*NOVA Corp. 15,973,100
688,700 *Sybron International Corp. 17,389,675
--------------
33,362,775
- --------------------------------------------------------------------------------
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Computer Equipment & Service: 2.2%
312,000 +*America Online, Inc. $ 33,072,000
- --------------------------------------------------------------------------------
Construction & Mining Equipment: 1.1%
593,700 *Terex Corp. 16,920,450
- --------------------------------------------------------------------------------
Construction Materials: 0.2%
73,900 +Fastenal Co. 3,434,040
- --------------------------------------------------------------------------------
Cosmetics: 1.1%
219,300 Avon Products, Inc. 16,995,750
- --------------------------------------------------------------------------------
Drugs & Health Care: 2.2%
510,500 *Health Management Associates, Inc. Cl. A 17,069,844
375,000 +*Lincare Holdings, Inc. 15,761,719
------------------
32,831,563
- --------------------------------------------------------------------------------
Education: 1.0%
429,900 *Apollo Group, Inc. Cl. A 14,227,002
- --------------------------------------------------------------------------------
Electrical Equipment: 0.4%
239,900 +*SLI, Inc. 6,267,387
- --------------------------------------------------------------------------------
Electronics: 6.3%
769,400 +*Advanced Fibre Communications, Inc. 30,824,088
337,800 +*Altera Corp. 9,975,656
598,100 +*Analog Devices, Inc. 14,690,831
397,800 +*Sanmina Holdings, Inc. 17,192,419
207,500 +*Tellabs, Inc. 14,855,703
379,260 +*Vishay Intertechnology, Inc. 6,802,976
------------------
94,341,673
- --------------------------------------------------------------------------------
Entertainment & Leisure: 6.8%
524,000 *Florida Panthers Holdings, Inc. Cl. A 10,316,250
625,800 +Harley Davidson, Inc. 24,249,750
700,100 International Game Technology 16,977,425
1,029,800 +News Corp. Ltd. ADR 33,082,325
206,000 +*Royal Caribbean Cruises Ltd. 16,377,000
------------------
101,002,750
- --------------------------------------------------------------------------------
Financial Services: 2.3%
615,400 *Heller Financial, Inc. Cl. A 18,462,000
633,600 +Sirrom Capital Corp. 16,473,600
-------------------
34,935,600
- --------------------------------------------------------------------------------
MSF-15
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Food & Beverages: 0.9%
256,600 +*Starbucks Corp. $ 13,704,043
- -------------------------------------------------------------------------------
Healthcare Services: 0.9%
368,600 +*Total Renal Care Holdings, Inc. 12,716,700
- -------------------------------------------------------------------------------
Hospital Management: 0.9%
424,000 Tenet Healthcare Corp. 13,250,000
- -------------------------------------------------------------------------------
Hotel & Motel: 2.2%
1,045,500 *Extended Stay America, Inc. 11,761,875
1,002,300 +*Mirage Resorts, Inc. 21,361,519
---------------
33,123,394
- -------------------------------------------------------------------------------
Insurance: 3.6%
480,000 ACE Ltd. 18,720,000
500,100 +Provident Cos., Inc. 17,253,450
313,600 UNUM Corp. 17,404,800
---------------
53,378,250
- -------------------------------------------------------------------------------
Medical Supply: 2.8%
244,900 +*Boston Scientific Corp. 17,540,963
250,000 *Trigon Healthcare, Inc. 9,046,875
207,600 +*Wellpoint Health Networks, Inc. Cl. A 15,362,400
---------------
41,950,238
- -------------------------------------------------------------------------------
Miscellaneous: 1.1%
176,800 +Central Parking Corp. 8,221,200
292,200 *Steelcase, Inc. 7,597,200
---------------
15,818,400
- -------------------------------------------------------------------------------
Multi-Industry: 1.3%
426,400 Harsco Corp. 19,534,450
- -------------------------------------------------------------------------------
Office & Business Equipment: 0.7%
211,700 *CSG Systems International, Inc. 9,910,205
- -------------------------------------------------------------------------------
Oil & Gas Exploration: 0.9%
193,300 Anadarko Petroleum Corp. 12,987,343
- -------------------------------------------------------------------------------
Oil-Domestic: 0.8%
525,700 +Oryx Energy Co. 11,631,112
- -------------------------------------------------------------------------------
Oil-Services: 0.6%
509,500 Ensco International, Inc. 8,852,562
- -------------------------------------------------------------------------------
Pollution Control: 1.6%
467,400 +*USA Waste Services, Inc. 23,077,874
- -------------------------------------------------------------------------------
Printing & Publishing: 1.2%
463,500 Valassis Communications , Inc. 17,873,719
- -------------------------------------------------------------------------------
Real Estate: 0.4%
158,400 *Boston Properties, Inc. 5,464,800
1 Patriot American Hospitality, Inc. 17
---------------
5,464,817
- -------------------------------------------------------------------------------
Restaurant: 0.7%
267,900 +*CKE Restaurants, Inc. 11,050,875
- -------------------------------------------------------------------------------
Retail Trade: 12.2%
223,944 +*Abercrombie & Fitch Co. Cl. A 9,853,536
484,400 +*Borders Group, Inc. 17,922,800
405,600 +CVS Corp. 15,793,050
877,100 Family Dollar Stores, Inc. 16,226,350
492,300 +*Fred Meyer, Inc. 20,922,750
477,200 +*Jones Apparel Group, Inc. 17,447,625
695,400 *Linens 'n Things, Inc. 21,253,163
779,512 +*Men's Wearhouse, Inc. 25,748,256
230,800 +*Office Depot, Inc. 7,284,625
586,300 *Proffitts, Inc. 23,671,863
187,700 +*Staples, Inc. 5,437,434
---------------
181,561,452
- -------------------------------------------------------------------------------
Software: 6.1%
381,000 +*Ascend Communications, Inc. 18,871,406
226,500 +*Check Point Software Technologies Ltd. 7,417,875
424,200 *Edwards (J.D.) & Co. 18,214,088
402,000 +*i2 Technologies , Inc. 14,145,375
279,400 *Netscape Communications Corp. 7,535,069
364,200 *Premiere Technologies, Inc. 3,021,722
451,600 +*Sterling Commerce, Inc. 21,902,600
---------------
91,108,135
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 2.9%
314,800 +*Networks Associates, Inc. 15,061,213
789,176 *Qwest Communications Int'l, Inc. 27,497,851
---------------
42,559,064
- --------------------------------------------------------------------------------
Textiles & Apparel: 0.4%
113,700 Cintas Corp. 5,788,041
- -------------------------------------------------------------------------------
MSF-16
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Transportation-Railroad: 0.8%
287,400 Trinity Industries, Inc. $ 11,927,100
- -------------------------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 0.8%
267,000 Burlington Resources, Inc. 11,497,688
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $1,194,744,969)............................ 1,434,514,518
---------------
- --------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 3.0%
- --------------------------------------------------------------------------------
$14,660,000 Ford Motor Credit Co. 5.560% 7/02/98 $ 14,660,000
6,094,000 General Electric
Capital Corp. 5.620% 7/09/98 6,094,000
9,655,000 General Electric
Capital Corp. 5.650% 7/09/98 9,655,000
14,229,000 Merrill Lynch & Co.,
Inc. 5.700% 7/14/98 14,199,712
---------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $44,608,712).............................. 44,608,712
---------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.4%
(Cost: $1,239,353,681)........................... 1,479,123,230
OTHER ASSETS LESS LIABILITIES: 0.6%.............. 9,123,561
---------------
TOTAL NET ASSETS: 100.0%......................... $1,488,246,791
===============
- -------------------------------------------------------------------------------
LEGEND:
- -------
* Non-income producing security.
+ Securities on loan.
ADR (American depository receipt) represents ownership of foreign
securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1998, the market value of securities loaned was $246,185,917 with
collateral backing valued at $253,322,040.
See Notes to Financial Statements.
MSF-17
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 99.6%
- --------------------------------------------------------------------------------
Aerospace: 1.8%
169,700 Allied-Signal, Inc. $ 7,530,438
304,124 Boeing Co. 13,552,526
38,600 General Dynamics Corp. 1,794,900
59,313 Lockheed Martin Corp. 6,279,763
20,400 Northrop Grumman Corp. 2,103,750
102,000 +Raytheon Co. Cl. B 6,030,750
59,200 Rockwell International Corp. 2,845,300
49,100 Textron, Inc. 3,519,855
69,100 United Technologies Corp. 6,391,750
--------------
50,049,032
- -------------------------------------------------------------------------------
Automotive: 2.2%
45,500 *AutoZone, Inc. 1,453,156
194,300 Chrysler Corp. 10,953,663
31,800 Dana Corp. 1,701,300
22,100 Eaton Corp. 1,718,275
19,300 Echlin, Inc. 946,906
365,100 Ford Motor Co. 21,540,900
201,232 General Motors Corp. 13,444,813
54,000 Genuine Parts Co. 1,866,375
20,710 *Navistar International Corp. 598,001
23,430 PACCAR, Inc. 1,222,021
17,750 Snap-On, Inc. 643,437
18,300 Timken Co. 563,868
37,200 TRW, Inc. 2,032,050
--------------
58,684,765
- -------------------------------------------------------------------------------
Banking: 9.2%
33,200 Ahmanson (H.F.) & Co. 2,357,200
211,644 Banc One Corp. 11,812,381
88,578 BankBoston Corp. 4,927,151
113,300 Bank of New York Co., Inc. 6,875,894
205,452 BankAmerica Corp. 17,758,757
29,900 Bankers Trust New York Corp. 3,470,269
42,300 BB&T Corp. 2,860,538
256,868 Chase Manhattan Corp. 19,393,534
135,914 Citicorp 20,285,165
46,850 Comerica, Inc. 3,103,813
75,150 +Fifth Third Bancorp 4,727,405
86,458 First Chicago NBD Corp. 7,662,340
291,296 First Union Corp. 16,967,992
85,515 Fleet Financial Group, Inc. 7,140,503
17,600 Golden West Financial Corp. 1,871,100
40,300 Green Tree Financial Corp. 1,725,344
58,000 Huntington Bancshares, Inc. 1,946,625
132,606 KeyCorp 4,724,089
150,662 MBNA Corp. 4,971,846
78,300 Mellon Bank Corp. 5,451,638
40,100 Mercantile Bancorporation, Inc. 2,020,038
53,799 Morgan (J.P.) & Co., Inc. 6,301,208
99,400 National City Corp. 7,057,400
288,309 +NationsBank Corp. 22,055,639
33,600 Northern Trust Corp. 2,562,000
227,700 Norwest Corp. 8,510,288
90,500 PNC Bank Corp. 4,870,031
32,600 Republic New York Corp. 2,051,763
49,100 State Street Corp. 3,412,450
53,900 Summit Bancorp 2,560,250
63,900 SunTrust Banks, Inc. 5,195,869
79,100 +Synovus Financial Corp. 1,878,625
223,627 +U.S. Bancorp 9,615,961
62,000 Wachovia Corp. 5,239,000
116,870 Washington Mutual, Inc. 5,072,887
26,263 Wells Fargo & Co. 9,691,046
--------------
248,128,039
- -------------------------------------------------------------------------------
Broadcasting: 1.9%
216,100 CBS Corp. 6,861,175
37,200 *Clear Channel Communications, Inc. 4,059,450
111,000 Comcast Corp. Cl. A 4,505,906
22,200 King World Productions, Inc. 566,100
182,800 *MediaOne Group, Inc. 8,031,775
152,200 +*Tele-Communications, Inc. Cl. A 5,845,431
MSF-18
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Broadcasting: (Continued)
177,820 Time Warner, Inc. $ 15,192,495
107,926 *Viacom, Inc. Cl. B 6,286,690
--------------
51,349,022
- --------------------------------------------------------------------------------
Building & Construction: 0.4%
12,200 Armstrong World Industries, Inc. 821,975
13,600 Crane Co. 660,450
67,300 Dover Corp. 2,305,025
22,000 Mallinckrodt, Inc. 653,125
51,200 Masco Corp. 3,097,600
16,700 +Owens-Corning Fiberglas Corp. 681,569
52,400 Sherwin-Williams Co. 1,735,750
26,500 Stanley Works 1,101,406
33,500 Willamette Industries, Inc. 1,072,000
--------------
12,128,900
- --------------------------------------------------------------------------------
Business Services: 1.3%
90,500 Automatic Data Processing, Inc. 6,595,188
31,600 +Block (H & R), Inc. 1,331,150
256,179 *Cendant Corp. 5,347,737
24,400 Deluxe Corp. 873,825
38,400 Ecolab, Inc. 1,190,400
44,100 *FDX Corp. 2,767,275
134,400 First Data Corp. 4,477,200
129,300 HBO & Co. 4,561,866
41,100 Interpublic Group of Cos., Inc. 2,494,256
51,200 Omnicom Group, Inc. 2,553,600
77,100 Service Corp. International 3,305,663
--------------
35,498,160
- --------------------------------------------------------------------------------
Chemicals: 2.5%
70,600 Air Products & Chemicals, Inc. 2,824,000
68,200 Dow Chemical Co. 6,594,088
339,700 Du Pont (E.I.) de Nemours & Co. 25,350,113
23,575 Eastman Chemical Co. 1,467,544
11,100 FMC Corp. 756,881
22,800 Grace (W.R.) & Co. 389,025
17,500 Great Lakes Chemical Corp. 690,156
28,500 Hercules, Inc. 1,172,063
180,300 Monsanto Co. 10,074,263
38,600 Morton International, Inc. 965,000
20,300 Nalco Chemical Co. 713,038
37,000 Pall Corp. 758,500
53,900 PPG Industries, Inc. 3,749,419
47,300 Praxair, Inc. 2,214,231
18,800 Rohm & Haas Co. 1,954,025
30,600 Sigma Aldrich Corp. 1,076,738
41,000 Union Carbide Corp. 2,188,374
127,600 Williams Cos., Inc. 4,306,500
--------------
67,243,958
- --------------------------------------------------------------------------------
Construction & Mining Equipment: 0.0%
14,600 Harnischfeger Industries, Inc. 413,362
- --------------------------------------------------------------------------------
Containers & Glass: 0.2%
9,300 Ball Corp. 373,744
16,600 Bemis Co., Inc. 678,525
37,200 Crown Cork & Seal Co., Inc. 1,767,000
46,400 *Owens-Illinois, Inc. 2,076,400
24,770 +Sealed Air Corp. 910,297
--------------
5,805,966
- --------------------------------------------------------------------------------
Cosmetics: 0.2%
17,400 +Alberto-Culver Co. Cl. B Cvt. 504,600
40,200 Avon Products, Inc. 3,115,500
32,000 International Flavors & Fragrances, Inc. 1,390,000
--------------
5,010,100
- --------------------------------------------------------------------------------
Drugs & Health Care: 8.5%
19,900 Allergan, Inc. 922,863
26,500 *ALZA Corp. 1,146,125
395,100 American Home Products Corp. 20,446,425
76,500 *Amgen, Inc. 5,003,578
16,700 +Bard (C.R.), Inc. 635,644
17,200 Bausch & Lomb, Inc. 862,150
33,600 +Biomet, Inc. 1,110,900
MSF-19
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Drugs & Health Care: (Continued)
299,500 Bristol-Myers Squibb Co. $ 34,423,781
33,300 +Cardinal Health, Inc. 3,121,875
120,600 *HEALTHSOUTH Corp. 3,218,513
333,000 Lilly (Eli) & Co. 21,998,813
359,800 Merck & Co., Inc. 48,123,250
393,000 Pfizer, Inc. 42,714,188
153,315 Pharmacia & Upjohn, Inc. 7,071,654
221,200 Schering-Plough Corp. 20,267,450
25,700 *St. Jude Medical, Inc. 946,081
247,200 Warner-Lambert Co. 17,149,500
--------------
229,162,790
- --------------------------------------------------------------------------------
Electrical Equipment: 4.1%
65,700 AMP, Inc. 2,258,438
29,000 Black & Decker Corp. 1,769,000
6,900 Briggs & Stratton Corp. 258,319
133,600 Emerson Electric Co. 8,066,100
980,600 General Electric Co. 89,234,600
45,200 General Instrument Corp. 1,228,875
12,800 General Signal Corp. 460,800
29,400 Grainger (W.W.), Inc. 1,464,488
26,000 Johnson Controls, Inc. 1,486,875
13,000 Millipore Corp. 354,250
12,900 National Service Industries, Inc. 656,288
25,600 Raychem Corp. 756,800
30,400 Tandy Corp. 1,613,100
17,100 Thomas & Betts Corp. 842,174
--------------
110,450,107
- --------------------------------------------------------------------------------
Electronics: 4.4%
43,100 *Advanced Micro Devices, Inc. 735,394
25,750 *Andrew Corp. 464,305
110,000 *Applied Materials, Inc. 3,248,438
35,400 *DSC Communications Corp. 1,059,788
13,500 EG&G, Inc. 405,000
23,900 Harris Corp. 1,068,031
38,000 Honeywell, Inc. 3,175,375
510,500 Intel Corp. 37,824,859
26,100 *KLA Instruments Corp. 723,459
42,000 *LSI Logic Corp. 968,625
394,894 Lucent Technologies, Inc. 32,850,245
64,000 *Micron Technology, Inc. 1,588,000
179,800 Motorola, Inc. 9,450,738
49,000 *National Semiconductor Corp. 646,188
156,800 +Northern Telecom Ltd. 8,898,400
15,200 Perkin-Elmer Corp. 945,250
23,700 +Scientific-Atlanta, Inc. 601,388
14,900 Tektronix, Inc. 527,088
54,800 +*Tellabs, Inc. 3,923,338
118,100 Texas Instruments, Inc. 6,886,706
48,200 *Thermo Electron Corp. 1,647,837
--------------
117,638,452
- --------------------------------------------------------------------------------
Entertainment & Leisure: 0.8%
29,400 Brunswick Corp. 727,650
205,199 Disney (Walt) Co. 21,558,720
10,900 Fleetwood Enterprises, Inc. 436,000
--------------
22,722,370
- --------------------------------------------------------------------------------
Financial Services: 4.8%
138,787 American Express Co. 15,821,718
104,685 *Associates First Capital Corp. Cl. A 8,047,659
16,600 Beneficial Corp. 2,542,913
79,900 Charles Schwab Corp. 2,596,750
32,600 Countrywide Credit Industries, Inc. 1,654,450
204,200 Federal Home Loan Mortgage Corp. 9,610,163
312,100 Federal National Mortgage Assoc. 18,960,075
76,500 Franklin Resources, Inc. 4,131,000
35,400 Hartford Financial Services Group, Inc. 4,048,875
96,600 +Household International, Inc. 4,805,850
35,700 Lehman Brothers Holdings, Inc. 2,768,981
34,800 Loews Corp. 3,031,950
104,200 Merrill Lynch & Co., Inc. 9,612,450
34,400 MGIC Investment Corp. 1,962,950
MSF-20
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Financial Services: (Continued)
180,641 Morgan Stanley, Dean Witter, Discovery & Co. $ 16,506,071
19,300 Transamerica Corp. 2,221,913
346,184 Travelers Group, Inc. 20,987,404
--------------
129,311,172
- --------------------------------------------------------------------------------
Food & Beverages: 5.4%
146,300 Anheuser-Busch Co., Inc. 6,903,531
171,453 Archer-Daniels-Midland Co. 3,321,902
86,600 Bestfoods 5,028,213
21,000 Brown-Forman Corp. Cl. B 1,349,250
136,500 Campbell Soup Co. 7,251,563
743,200 Coca-Cola Co. 63,543,600
144,600 ConAgra, Inc. 4,582,013
11,200 Coors (Adolph) Co. Cl. B 382,200
47,400 General Mills, Inc. 3,240,975
110,700 Heinz (H.J.) Co. 6,213,038
43,200 Hershey Foods Corp. 2,980,800
122,700 Kellogg Co. 4,608,919
448,800 PepsiCo, Inc. 18,484,950
73,900 Pioneer Hi Bred International, Inc. 3,057,613
42,000 Quaker Oats Co. 2,307,375
140,600 Sara Lee Corp. 7,864,813
101,000 Sysco Corp. 2,588,125
34,900 Wrigley (Wm.), Jr. Co. 3,420,200
--------------
147,129,080
- --------------------------------------------------------------------------------
Forest Products & Paper: 1.0%
16,500 Boise Cascade Corp. 540,375
29,400 Champion International Corp. 1,446,113
66,300 Fort James Corp. 2,950,350
27,400 Georgia-Pacific Corp. 1,614,888
92,600 International Paper Co. 3,981,800
167,420 Kimberly-Clark Corp. 7,680,393
32,100 Louisiana-Pacific Corp. 585,825
30,800 Mead Corp. 977,900
9,000 Potlatch Corp. 378,000
29,300 Stone Container Corp. 457,813
17,200 Temple Inland, Inc. 926,650
21,200 Union Camp Corp. 1,052,050
30,100 Westvaco Corp. 850,325
59,800 Weyerhaeuser Co. 2,762,012
--------------
26,204,494
- --------------------------------------------------------------------------------
Homebuilders: 0.1%
18,400 Centex Corp. 694,600
11,700 Kaufman & Broad Home Corp. 371,475
12,700 Pulte Corp. 379,412
--------------
1,445,487
- --------------------------------------------------------------------------------
Hospital Management: 0.4%
193,385 +Columbia/HCA Healthcare Corp. 5,632,338
50,100 *Humana, Inc. 1,562,494
19,500 Manor Care, Inc. 749,530
92,800 *Tenet Healthcare Corp. 2,900,000
14,900 United Healthcare Corp. 946,150
--------------
11,790,512
- --------------------------------------------------------------------------------
Hotel & Motel: 0.2%
29,700 Harrah's Entertainment, Inc. 690,525
73,900 Hilton Hotels Corp. 2,106,150
76,600 Marriott International, Inc. Cl. A 2,479,925
53,400 *Mirage Resorts, Inc. 1,138,087
--------------
6,414,687
- --------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 0.2%
28,100 +Maytag Corp. 1,387,438
47,700 Newell Co. 2,376,055
22,600 Whirlpool Corp. 1,553,750
--------------
5,317,243
- --------------------------------------------------------------------------------
Household Products: 3.2%
31,400 Clorox Co. 2,994,775
89,100 Colgate-Palmolive Co. 7,840,800
69,400 Corning, Inc. 2,411,650
338,200 Gillette Co. 19,171,713
403,600 Procter & Gamble Co. 36,752,825
45,100 Rubbermaid, Inc. 1,496,756
MSF-21
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Household Products: (Continued)
18,800 *Tupperware Corp. $ 528,750
192,600 Unilever NV 15,203,362
--------------
86,400,631
- --------------------------------------------------------------------------------
Insurance: 3.9%
43,800 Aetna, Inc. 3,334,275
126,399 Allstate Corp. 11,573,408
76,770 American General Corp. 5,465,064
210,425 American International Group, Inc. 30,722,050
51,050 Aon Corp. 3,586,263
50,600 Chubb Corp. 4,066,975
64,800 CIGNA Corp. 4,471,200
50,500 Cincinnati Financial Corp. 1,947,406
56,700 +Conseco Co., Inc. 2,650,725
44,200 Equifax, Inc. 1,605,013
23,600 General Re Corp. 5,982,600
31,750 Jefferson-Pilot Corp. 1,839,516
30,100 Lincoln National Corp. 2,750,388
77,400 Marsh & McLennan Cos., Inc. 4,677,863
30,100 MBIA, Inc. 2,253,738
21,900 Progressive Corp. 3,087,900
29,100 Providian Financial Corp. 2,286,169
42,900 +SAFECO Corp. 1,947,928
70,996 St. Paul Cos., Inc. 2,986,269
58,550 +SunAmerica, Inc. 3,362,966
42,400 Torchmark Corp. 1,939,800
42,100 UNUM Corp. 2,336,550
--------------
104,874,066
- --------------------------------------------------------------------------------
Liquor: 0.2%
104,200 Seagram Ltd. 4,265,687
- --------------------------------------------------------------------------------
Machinery: 1.0%
55,800 Browning-Ferris Industries, Inc. 1,939,050
22,600 +Case Corp. 1,090,450
110,400 Caterpillar, Inc. 5,837,400
12,000 Cincinnati Milacron, Inc. 291,750
36,200 Cooper Industries, Inc. 1,988,738
11,500 Cummins Engine Co., Inc. 589,375
75,200 Deere & Co. 3,976,200
25,000 Fluor Corp. 1,275,000
12,200 Foster Wheeler Corp. 261,538
75,500 Illinois Tool Works, Inc. 5,034,906
49,450 Ingersoll-Rand Co. 2,178,891
3,300 NACCO Industries, Inc. Cl. A 426,525
33,700 Parker Hannifin Corp. 1,284,812
--------------
26,174,635
- --------------------------------------------------------------------------------
Medical Supply: 2.7%
464,600 Abbott Laboratories, Inc. 18,990,525
84,800 Baxter International, Inc. 4,563,300
37,500 Becton, Dickinson & Co. 2,910,938
58,400 *Boston Scientific Corp. 4,182,900
45,700 Guidant Corp. 3,258,981
404,700 Johnson & Johnson 29,846,625
141,900 Medtronic, Inc. 9,046,124
22,800 United States Surgical Corp. 1,040,250
--------------
73,839,643
- --------------------------------------------------------------------------------
Metals-Aluminum: 0.2%
68,400 Alcan Aluminium Ltd. 1,889,550
50,700 Aluminum Co. of America 3,343,031
22,300 Reynolds Metals Co. 1,247,405
--------------
6,479,986
- --------------------------------------------------------------------------------
Metals-Gold: 0.2%
112,100 Barrick Gold Corp. 2,150,919
69,100 Battle Mountain Gold Co. 410,281
63,500 +Homestake Mining Co. 658,813
46,994 Newmont Mining Corp. 1,110,232
75,200 Placer Dome, Inc. 883,600
--------------
5,213,845
- --------------------------------------------------------------------------------
Metals-Non-Ferrous: 0.1%
11,100 ASARCO, Inc. 246,975
42,650 Engelhard Corp. 863,663
MSF-22
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Metals-Non-Ferrous: (Continued)
49,806 Inco Ltd. $ 678,606
-------------
1,789,244
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 0.1%
31,700 *Armco, Inc. 202,088
37,900 +*Bethlehem Steel Corp. 471,381
26,200 +Nucor Corp. 1,205,200
26,100 USX US Steel Group 861,300
28,600 Worthington Industries, Inc. 429,893
-------------
3,169,862
- --------------------------------------------------------------------------------
Mining: 0.1%
27,700 Cyprus Amax Minerals Co. 367,025
54,400 Freeport-McMoRan Copper & Gold, Inc. Cl. B 826,200
18,200 Phelps-Dodge Corp. 1,040,812
-------------
2,234,037
- --------------------------------------------------------------------------------
Miscellaneous: 0.8%
58,900 Allegheny Teldyne, Inc. 1,347,338
49,500 Cognizant Corp. 3,118,500
52,100 Fortune Brands, Inc. 2,002,594
32,300 Ralston-Purina Group 3,773,043
175,500 Tyco International Ltd. 11,056,500
-------------
21,297,975
- --------------------------------------------------------------------------------
Multi-Industry: 0.5%
8,800 Aeroquip-Vickers, Inc. 513,700
21,500 Harcourt General, Inc. 1,279,250
35,500 ITT Industries, Inc. 1,326,813
121,800 Minnesota Mining & Manufacturing Co. 10,010,437
-------------
13,130,200
- --------------------------------------------------------------------------------
Newspapers: 0.6%
28,000 +Dow Jones & Co., Inc. 1,561,000
85,800 Gannett Co., Inc. 6,097,163
23,700 +Knight-Ridder, Inc. 1,304,981
29,400 New York Times Co. Cl. A 2,329,950
27,300 Times Mirror Co. Cl. A 1,716,487
36,800 Tribune Co. 2,532,300
-------------
15,541,881
- --------------------------------------------------------------------------------
Office & Business Equipment: 5.9%
106,400 3 Com Corp. 3,268,475
39,500 +*Apple Computer, Inc. 1,134,391
35,300 Avery Dennison Corp. 1,897,375
67,100 *Bay Networks, Inc. 2,163,975
47,400 *Cabletron Systems, Inc. 636,938
22,000 *Ceridian Corp. 1,292,500
307,900 *Cisco Systems, Inc. 28,355,666
497,262 *Compaq Computer Corp. 14,109,809
46,600 +*Computer Sciences Corp. 2,982,400
14,200 *Data General Corp. 212,113
193,900 *Dell Computer Corp. 17,990,284
150,200 *EMC Corp. 6,730,838
47,000 +*Gateway 2000, Inc. 2,379,374
311,800 Hewlett-Packard Co. 18,669,025
40,400 IKON Office Solutions, Inc. 588,325
283,800 International Business Machines Corp. 32,583,788
26,400 +Moore Corp. Ltd. 349,800
82,500 Pitney Bowes, Inc. 3,970,313
72,400 *Seagate Technology 1,724,025
56,800 *Silicon Graphics, Inc. 688,700
113,900 *Sun Microsystems, Inc. 4,951,091
75,600 *Unisys Corp. 2,135,700
98,900 Xerox Corp. 10,050,712
-------------
158,865,617
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.1%
18,500 Anadarko Petroleum Corp. 1,242,969
29,700 Apache Corp. 935,550
9,902 ONEOK, Inc. 394,842
74,650 Union Pacific Resources Group, Inc. 1,311,040
-------------
3,884,401
- --------------------------------------------------------------------------------
Oil-Domestic: 1.5%
27,200 Amerada Hess Corp. 1,477,300
288,800 Amoco Corp. 12,021,300
22,600 +Ashland Oil, Inc. 1,166,725
97,000 Atlantic Richfield Co. 7,578,125
14,100 Kerr-McGee Corp. 816,038
MSF-23
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
Oil-Domestic: (Continued)
110,500 Occidental Petroleum Corp. $ 2,983,500
32,000 *Oryx Energy Co. 708,000
14,100 Pennzoil Co. 713,813
78,200 Phillips Petroleum Co. 3,768,263
28,000 Sun Co., Inc. 1,086,750
50,700 Tenneco, Inc. 1,929,769
72,656 Unocal Corp. 2,597,452
87,100 USX-Marathon Group 2,988,618
-------------
39,835,653
- -------------------------------------------------------------------------------
Oil-International: 4.9%
196,900 Chevron Corp. 16,355,006
736,400 Exxon Corp. 52,514,525
235,200 Mobil Corp. 18,022,200
645,100 Royal Dutch Petroleum Co. 35,359,544
162,900 Texaco, Inc. 9,723,093
-------------
131,974,368
- -------------------------------------------------------------------------------
Oil-Services: 0.9%
51,300 Baker Hughes, Inc. 1,773,056
32,100 Coastal Corp. 2,240,981
53,100 Dresser Industries, Inc. 2,339,719
78,900 Halliburton Co. 3,515,981
14,700 Helmerich & Payne, Inc. 327,075
18,600 McDermott International, Inc. 640,538
25,800 *Rowan Cos., Inc. 501,488
150,500 Schlumberger Ltd. 10,281,031
17,000 *Western Atlas, Inc. 1,442,874
-------------
23,062,743
- -------------------------------------------------------------------------------
Photography: 0.3%
97,100 Eastman Kodak Co. 7,094,369
13,400 Polaroid Corp. 476,537
-------------
7,570,906
- -------------------------------------------------------------------------------
Pollution Control: 0.2%
98,600 Laidlaw, Inc. 1,201,687
143,100 Waste Management, Inc. 5,008,500
-------------
6,210,187
- -------------------------------------------------------------------------------
Printing & Publishing: 0.3%
22,200 American Greetings Corp. Cl. A 1,130,813
42,700 Donnelley (R.R.) & Sons Co. 1,953,525
51,700 Dun & Bradstreet Corp. 1,867,663
10,700 Jostens, Inc. 255,463
30,200 McGraw-Hill Cos., Inc. 2,463,188
15,600 +Meredith Corp. 732,224
-------------
8,402,876
- -------------------------------------------------------------------------------
Restaurant: 0.6%
42,900 Darden Restaurants, Inc. 681,038
206,800 McDonald's Corp. 14,269,200
45,700 Tricon Global Restaurants, Inc. 1,448,118
39,300 Wendy's International, Inc. 923,550
-------------
17,321,906
- -------------------------------------------------------------------------------
Retail Grocery: 0.5%
74,400 Albertson's, Inc. 3,854,850
82,000 American Stores Co. 1,983,375
17,500 Giant Foods, Inc. Cl. A 753,594
76,900 *Kroger Co. 3,297,088
11,500 The Great Atlantic & Pacific Tea Co., Inc. 380,219
44,900 Winn-Dixie Stores, Inc. 2,298,318
-------------
12,567,444
- -------------------------------------------------------------------------------
Retail Trade: 5.0%
30,100 Circuit City Stores, Inc. 1,410,938
32,500 *Consolidated Stores Corp. 1,178,125
65,367 *Costco Cos., Inc. 4,124,249
115,700 CVS Corp. 4,505,069
131,600 Dayton-Hudson Corp. 6,382,600
32,400 Dillards, Inc. Cl. A 1,342,575
63,500 *Federated Department Stores, Inc. 3,417,094
220,999 Home Depot, Inc. 18,356,729
146,400 +*K Mart Corp. 2,818,200
68,400 Limited, Inc. 2,265,750
11,700 Longs Drug Stores Corp. 337,838
105,800 Lowes Cos., inc. 4,291,513
69,500 May Department Stores Co. 4,552,250
MSF-24
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Retail Trade: (Continued)
11,100 Mercantile Stores Co., Inc. $ 876,206
23,200 Nordstrom, Inc. 1,791,475
75,600 Penney (J.C.) Co., Inc. 5,466,825
18,400 +Pep Boys-Manny, Moe & Jack 348,450
77,400 Rite Aid Corp. 2,907,338
118,100 Sears, Roebuck & Co. 7,211,481
18,600 SuperValu, Inc. 825,375
118,850 The Gap, Inc. 7,324,131
95,600 TJX Cos., Inc. 2,306,350
84,000 *Toys 'R Us, Inc. 1,979,250
40,100 *Venator Group, Inc. 766,913
675,600 Wal-Mart Stores, Inc. 41,042,700
149,900 Walgreen Co. 6,192,743
--------------
134,022,167
- --------------------------------------------------------------------------------
Software: 3.9%
20,100 Adobe Systems, Inc. 854,250
57,900 +*Ascend Communications, Inc. 2,867,859
14,300 +Autodesk, Inc. 550,997
164,950 Computer Associates International, Inc. 9,165,034
741,600 *Microsoft Corp. 80,394,075
105,500 *Novell, Inc. 1,348,422
292,950 *Oracle Systems Corp. 7,186,430
81,400 *Parametric Technology Corp. 2,205,431
7,900 +*Shared Medical Systems 580,155
--------------
105,152,653
- --------------------------------------------------------------------------------
Textiles & Apparel: 0.3%
21,100 *Fruit of the Loom, Inc. Cl. A 700,256
20,400 Liz Claiborne, Inc. 1,065,900
86,600 +Nike, Inc. Cl. B 4,216,338
16,500 +Reebok International Ltd. 456,844
11,100 +Russell Corp. 335,080
5,600 Springs Industries, Inc. 258,300
36,600 VF Corp. 1,884,900
--------------
8,917,618
- --------------------------------------------------------------------------------
Tires & Rubber: 0.2%
23,600 Cooper Tire & Rubber Co. 486,750
21,700 Goodrich (B.F.) Co. 1,076,863
47,900 Goodyear Tire & Rubber Co. 3,086,555
--------------
4,650,168
- --------------------------------------------------------------------------------
Tobacco: 1.1%
731,400 Philip Morris Cos., Inc. 28,798,874
55,600 UST, Inc. 1,501,200
--------------
30,300,074
- --------------------------------------------------------------------------------
Toys & Amusements: 0.2%
39,650 Hasbro, Inc. 1,558,740
88,813 Mattel, Inc. 3,757,900
--------------
5,316,640
- --------------------------------------------------------------------------------
Transportation-Airlines: 0.4%
55,500 *AMR Corp. 4,620,375
23,300 Delta Air Lines, Inc. 3,011,525
67,350 Southwest Airlines Co. 1,995,243
30,400 +*USAirways Group, Inc. 2,409,200
--------------
12,036,343
- --------------------------------------------------------------------------------
Transportation-Railroad: 0.5%
47,901 Burlington Northern Sante Fe Corp. 4,703,279
65,900 CSX Corp. 2,998,450
113,400 Norfolk Southern Corp. 3,380,737
74,800 Union Pacific Corp. 3,300,550
--------------
14,383,016
- --------------------------------------------------------------------------------
Transportation-Trucking: 0.0%
22,000 Ryder Systems, Inc. 694,374
- --------------------------------------------------------------------------------
Utilities-Electric: 2.3%
41,700 Ameren Corp. 1,657,575
57,000 American Electric Power Co., Inc. 2,586,375
44,500 Baltimore Gas & Electric Co. 1,382,281
45,300 Carolina Power & Light Co. 1,964,888
64,200 Central & South West Corp. 1,725,375
47,292 CINergy Corp. 1,655,220
70,500 Consolidated Edison, Inc. 3,247,406
58,700 Dominion Resources, Inc. 2,392,025
43,800 DTE Energy Co. 1,768,425
MSF-25
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Utilities-Electric: (Continued)
108,734 Duke Energy Corp. $ 6,442,490
109,000 Edison International 3,222,313
74,100 Entergy Corp. 2,130,375
69,200 FirstEnergy Corp. 2,127,900
54,900 FPL Group, Inc. 3,458,700
38,000 GPU, Inc. 1,436,875
88,945 Houston Industries, Inc. 2,746,177
42,800 *Niagara Mohawk Power Corp. 639,325
45,000 Northern States Power Co. 1,288,125
89,500 PacifiCorp 2,024,938
67,100 PECO Energy Corp. 1,958,481
115,000 PG&E Corp. 3,629,688
50,500 +PP&L Resources, Inc. 1,145,719
69,700 Public Service Enterprise Group, Inc. 2,400,294
209,900 Southern Co. 5,811,606
73,645 +Texas Utilities Co. 3,065,473
65,400 Unicom Corp. 2,293,088
--------------
64,201,137
- --------------------------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 0.5%
53,440 Burlington Resources, Inc. 2,301,260
24,950 Columbia Energy Group 1,387,844
29,200 Consolidated Natural Gas Co. 1,719,150
6,600 Eastern Enterprises 282,975
99,100 Enron Corp. 5,357,594
14,300 NICOR, Inc. 573,788
10,700 Peoples Energy Corp. 413,287
33,200 Sonat, Inc. 1,282,350
--------------
13,318,248
- --------------------------------------------------------------------------------
Utilities-Miscellaneous: 0.0%
37,745 Sempra Energy Solutions 1,047,433
- --------------------------------------------------------------------------------
Utilities-Telephone: 6.8%
172,300 *AirTouch Communications, Inc. 10,068,781
55,900 +ALLTEL Corp. 2,599,350
331,200 Ameritech Corp. 14,862,600
488,635 AT&T Corp. 27,913,274
467,724 Bell Atlantic Corp. 21,339,908
297,700 BellSouth Corp. 19,983,113
51,500 Frontier Corp. 1,622,250
289,700 GTE Corp. 16,114,563
218,000 MCI Communications Corp. 12,664,438
82,200 *Nextel Communications, Inc. Cl. A 2,042,156
553,494 SBC Communications, Inc. 22,139,760
129,900 Sprint Corp. 9,157,950
155,964 +U.S. West, Inc. 7,330,307
310,600 +*WorldCom, Inc. 15,015,568
--------------
182,854,018
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $1,706,528,026).......................... 2,692,899,380
--------------
- --------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.3%
- --------------------------------------------------------------------------------
$8,085,000 Federal Home Loan
Bank 5.400% 7/01/98 $ 8,085,000
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $8,085,000).............................. 8,085,000
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.9%
(Cost: $1,714,613,026).......................... 2,700,984,380
OTHER ASSETS LESS LIABILITIES: 0.1%............. 2,841,283
--------------
TOTAL NET ASSETS: 100.0%........................ $2,703,825,663
==============
- --------------------------------------------------------------------------------
LEGEND:
- ------
* Non-income producing security.
+ Securities on loan.
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING: (Note 7)
- ---------------------------
As of June 30, 1998, the market value of securities loaned was $41,045,958 with
collateral backing valued at $42,298,160.
See Notes to Financial Statements.
MSF-26
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INTERNATIONAL STOCK PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 93.3%
- --------------------------------------------------------------------------------
Australia: 1.6%
140,700 *AMP Ltd. $ 1,650,717
90,100 Broken Hill Proprietary Co. 763,438
189,600 Mayne Nickless Ltd. 1,006,285
60,900 +National Australia Bank 805,218
63,800 Rio Tinto Ltd. 760,394
------------
Total Investments in Australia 4,986,052
- --------------------------------------------------------------------------------
Austria: 0.4%
21,200 +Bank of Austria AG 20,051
7,860 EVN Energie-Versorgung AG 1,177,281
------------
Total Investments in Austria 1,197,332
- --------------------------------------------------------------------------------
Belgium: 1.6%
14,750 +Delhaize-Le Lion SA 1,031,191
8,045 +GPE Bruxelles 1,624,575
10,000 KBC Bankverzekeringgs 895,402
15,000 Kredietbank 1,343,103
------------
Total Investments in Belgium 4,894,271
- --------------------------------------------------------------------------------
Bermuda: 0.2%
183,000 *Vtech Holdings Ltd. 681,408
------------
Total Investments in Bermuda 681,408
- --------------------------------------------------------------------------------
Canada: 0.4%
595,000 AMR Technologies, Inc. 1,233,223
282,330 *.Isleinvest Ltd. --
------------
Total Investments in Canada 1,233,223
- --------------------------------------------------------------------------------
Denmark: 1.0%
16,340 *Danisco AS 1,098,927
19,500 ISS International Service Systems SA Cl. B 1,135,454
20,500 *Sophus Berendsen Cl. B 850,499
------------
Total Investments in Denmark 3,084,880
- --------------------------------------------------------------------------------
Finland: 1.0%
20,300 *Huhtamaki Oy 1,162,952
15,900 *Nokia AB Oy Cl. A 1,170,515
16,600 *Sampo Cl. A 787,440
------------
Total Investments in Finland 3,120,907
- --------------------------------------------------------------------------------
France: 10.9%
7,760 Accor 2,171,778
12,150 Alcatel Alsthom 2,473,932
25,800 Assurance Generale de France 1,459,910
19,864 Cap Gemini 3,121,359
11,000 Casino Guich Perrachon 878,443
4,400 Danone 1,213,226
13,694 Eaux Cie Generale 2,924,220
14,130 Elf Aquitaine SA 1,986,619
15,500 France Telecom SA 1,069,107
19,012 Lafarge SA 1,965,447
29,200 Rhone-Poulenc SA Cl. A 1,646,989
10,280 Saint-Gobain 1,906,128
16,400 Sanofi SA 1,928,710
26,880 Schneider SA 2,143,482
4,800 Societe Generale de France SA 997,999
8,350 Strafor Facom 816,258
18,510 Total SA Cl. B 2,406,481
18,800 Valeo SA 1,921,763
------------
Total Investments in France 33,031,851
- --------------------------------------------------------------------------------
Germany: 8.3%
443 *Allianz Holdings AG 146,524
12,740 Allianz Holdings AG 4,249,139
1,190 +Bayerische Motoren Werke AG 1,204,220
356 *Bayerische Motoren Werke AG 355,319
37,400 *BHF Bank AG 1,424,703
24,500 Deutsche Bank AG 2,073,082
20,250 Deutsche Pfandbrief 1,621,392
48,400 Deutsche Telekom AG 1,325,770
25,030 *Hoechst AG 1,259,515
59,681 Lufthansa AG 1,504,062
3,550 MAN AG 1,385,788
15,000 Mannesmann AG 1,542,876
20,700 +*Metro AG 1,251,102
31,550 RWE AG 1,868,386
23,400 Tarkett-Sommer AG 778,508
6,016 Thyssen AG 1,531,145
22,500 VEBA AG 1,513,973
------------
Total Investments in Germany 25,035,504
- --------------------------------------------------------------------------------
MSF-27
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INTERNATIONAL STOCK PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Hong Kong: 1.6%
176,000 +Cheung Kong Infrastructure Holdings Ltd. $ 865,462
384,000 +*China Telecom (Hong Kong) Ltd. 666,598
124,000 +Hang Seng Bank Ltd. 700,981
212,500 Johnson Electric Holdings Ltd. 787,139
1,218,000 +*Ng Fung Hong Ltd. 841,030
1,570,000 Swire Pacific Ltd. Cl. B 942,243
------------
Total Investments in Hong Kong 4,803,453
- --------------------------------------------------------------------------------
Italy: 7.0%
162,000 Arnoldo Mondadori Editore 1,914,732
62,644 Assicuraziono Generali SPA 2,037,891
1,507,000 +*Banca di Roma SPA 3,138,258
589,000 Credito Italiano SPA 3,084,646
316,500 +ENI SPA ADR 2,075,264
800,000 *Finmeccanica SPA 629,464
620,000 *Finmeccanica SPA 487,835
71,500 Italcementi 643,067
1,416,000 Montedison SPA 1,757,298
183,858 +Rinascente SPA 1,831,595
1,120,000 *SNIA BPD Group 1,374,194
294,000 +Telecom Italia SPA 2,165,184
------------
Total Investments in Italy 21,139,428
- --------------------------------------------------------------------------------
Japan: 12.2%
182,000 Amada Co., Ltd. 888,479
61,000 +Bank Of Tokyo 648,073
108,000 +Dai-Ichi Kangyo Bank Ltd. 636,581
109,000 +Industrial Bank of Japan Ltd. 685,832
211,000 Izumiya Co., Ltd. 1,359,666
161,000 Kirin Brewery Co., Ltd. 1,525,349
55,600 Kyocera Corp. 2,726,318
109,000 +Matsushita Electric Industrial Co., Ltd. 1,757,937
85,000 +Mitsubishi Estate Co., Ltd. 749,982
313,000 +Mitsubishi Paper Mills Ltd. 611,195
129,000 *Nikon Corp. 931,091
31,500 Nintendo Co., Ltd. 2,927,425
517 Nippon Telephone & Telegraph 4,299,920
310,000 Nissan Fire & Marine Insurance 1,069,429
179,000 +Nomura Securities Co., Ltd. 2,090,728
36,000 *Noritsu Koki Co., Ltd. 807,116
63,000 *Pioneer Electronic Corp. 1,207,420
115,000 +*Ricoh Co., Ltd. 1,215,123
140,000 *Sanrio Co., Ltd. 1,675,707
14,000 Secom Co. 811,022
61,000 Shimano, Inc. 1,552,904
268,000 *Shionogi & Co., Ltd. 1,550,589
73,000 +Sumitomo Bank Ltd. 712,736
563,000 *Tokyo Gas Co., Ltd. 1,258,169
75,000 *Tokyo Nissan Auto Sales Co., Ltd. 159,471
175,400 Tokyo Steel Manufacturing 905,732
75,000 *Tokyo Style Co. 737,687
72,000 Tomy Co., Ltd. 718,594
303,000 Toyo Ink Manufacturing Co. 679,323
------------
Total Investments in Japan 36,899,598
- --------------------------------------------------------------------------------
Netherlands: 5.4%
7,740 Akzo Nobel NV 1,721,819
31,700 *Benckiser NV Cl. B 1,950,889
32,100 Heineken NV 1,261,734
39,400 ING Groep NV 2,581,764
42,600 Koninklijke KNP BT NV 1,100,234
28,800 Koninklijke PTT Nederland NV 1,109,354
14,300 Philips Electronics NV 1,202,952
62,500 Royal Dutch Petroleum Co. 3,468,208
28,800 *TNT Post Groep NV 736,736
18,058 *Vedior 510,803
18,300 Vendex International NV 688,698
------------
Total Investments in Netherlands 16,333,191
- --------------------------------------------------------------------------------
New Zealand: 0.3%
1,595,000 *Brierley Investment Ltd. 796,760
------------
Total Investments in New Zealand 796,760
- --------------------------------------------------------------------------------
MSF-28
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INTERNATIONAL STOCK PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Norway: 0.4%
44,000 *Fred Olsen Energy ASA $ 585,557
39,000 +Schibsted ASA 656,403
------------
Total Investments in Norway 1,241,960
- --------------------------------------------------------------------------------
Portugal: 1.3%
46,684 Banco Comercial Portugues SA 1,326,422
58,000 *Companhia de Seguros Imperio 681,798
40,000 Electricidade de Portugal 930,444
16,350 Portugal Telecom SA 867,099
------------
Total Investments in Portugal 3,805,763
- --------------------------------------------------------------------------------
Singapore: 0.6%
326,000 +City Development Ltd. 913,187
185,100 Development Bank of Singapore Ltd. 1,027,113
------------
Total Investments in Singapore 1,940,300
- --------------------------------------------------------------------------------
South Korea: 0.1%
112,070 *.LG Electronics, Inc. GDR 144A 170,346
------------
Total Investments in South Korea 170,346
- --------------------------------------------------------------------------------
Spain: 4.5%
36,300 *ACS Actividades SA 1,090,065
28,000 *Azucarera Ebro 832,605
29,100 Banco Bilbao Vizcaya SA 1,493,427
44,500 Banco Central Hispano Americano 1,398,696
124,000 *Corporacion Financiera Reunida SA 1,871,927
57,300 Endesa SA 1,253,613
47,000 Superdiplo SA 1,017,542
61,400 Telefonica de Espagna 2,838,774
24,900 Vallehermoso SA 915,787
21,550 *Viscofan Envoltura SA 1,003,371
------------
Total Investments in Spain 13,715,807
- --------------------------------------------------------------------------------
Sweden: 3.7%
23,500 *AssiDoman AB 683,551
46,850 Autoliv AB SDR 1,497,837
101,100 Electrolux AB Cl. B 1,736,547
132,095 Skandia Foersaekrings AB 1,888,018
18,750 Skanska AB Cl. B 841,587
53,600 *Stora Kopparbergs Bergslags AB Cl. A 843,380
34,900 Svenska Handelsbanken AB Cl. A 1,618,982
211,000 *Swedish Match AB 701,041
50,700 Volvo AB Cl. B 1,509,685
------------
Total Investments in Sweden 11,320,628
- --------------------------------------------------------------------------------
Switzerland: 7.3%
2,050 Adecco SA 925,972
4,450 *Barry Callebaut AG 960,939
6,994 Credit Suisse Group 1,558,790
7,800 *Gretagmacbeth Holding AG 749,455
884 Holderbank Financiere Glarus AG 1,126,672
1,720 *Nestle SA 3,686,931
2,670 Novartis AG 4,450,294
341 *Roche Holdings AG 3,354,154
600 *Swiss Reinsurance AG 1,519,910
7,083 *UBS AG 2,638,030
2,077 Zurich Versicherung AG 1,327,700
------------
Total Investments in Switzerland 22,298,847
- --------------------------------------------------------------------------------
Ukraine: 0.0%
1,100,000 []*.Ashurst Technology Ltd. 82,226
------------
Total Investments in Ukraine 82,226
- --------------------------------------------------------------------------------
United Kingdom: 23.5%
55,500 Abbey National PLC 986,918
73,600 Barclays PLC 2,123,538
166,850 BAT Industries PLC 1,671,537
387,300 BG PLC 2,240,728
183,600 Blue Circle Industries PLC 1,037,695
268,400 British Aerospace PLC 2,056,997
285,200 British Petroleum Co. PLC 4,161,974
353,800 British Telecommunications PLC 4,371,475
70,550 *Cable & Wireless Communication PLC 715,030
126,100 Cable & Wireless PLC 1,532,798
82,200 *Cadbury Schweppes PLC 1,272,988
122,800 *Compass Group PLC 1,412,720
240,600 Diageo PLC 2,852,282
235,100 *General Electric Co. PLC 2,027,502
159,650 Glaxo Wellcome PLC 4,795,551
MSF-29
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INTERNATIONAL STOCK PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
United Kingdom: (Continued)
111,400 *Halifax PLC $ 1,447,116
111,400 HSBC Holdings PLC 2,829,130
615,000 *Kemgas International Ltd. 585,097
67,000 *Kingfisher PLC 1,079,545
113,700 Legal & General Group PLC 1,214,058
261,300 *Lloyds TSB Group PLC 3,658,313
52,000 *Logica PLC 1,673,974
118,800 Marks & Spencer PLC 1,082,056
139,000 National Power PLC 1,308,978
81,600 Pearson PLC 1,495,998
50,599 Provident Financial PLC 794,160
89,700 Prudential Corp. PLC 1,182,451
45,700 *Railtrack Group PLC 1,120,925
151,800 *Rentokil Initial PLC 1,092,415
85,600 *Reuters Group PLC 979,045
113,200 *Royal Sun Alliance PLC 1,170,917
70,200 Royal Bank Scotland Group 1,219,015
95,900 *Scottish & Newcastle Breweries 1,357,853
199,970 Smith (W.H.) Group PLC 1,776,294
255,300 SmithKline Beecham PLC 3,118,197
156,800 *Somerfield Stores Ltd. PLC 1,002,728
178,800 Unilever PLC 1,904,700
222,900 Vodafone Group PLC 2,830,399
49,800 Zeneca Group PLC 2,138,645
------------
Total Investments in United Kingdom 71,321,742
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $235,427,781)........................... 283,135,477
------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 3.5%
- --------------------------------------------------------------------------------
Austria: 0.6%
21,200 *Bank of Austria AG 1,722,735
------------
Total Investments in Austria 1,722,735
- --------------------------------------------------------------------------------
Germany: 2.6%
3,150 +*Gea AG 1,231,390
13,700 *Henkel KGAA AG 1,355,984
20,700 *Metro AG 1,435
23,500 *ProSieben Media AG 1,218,359
4,100 +*SAP AG 2,784,940
1,045 *Wella AG 1,170,479
------------
Total Investments in Germany 7,762,587
- --------------------------------------------------------------------------------
South Korea: 0.2%
140,900 *LG Electronics, Inc. 306,840
30,400 *Samsung Electronics Co., Ltd. 365,331
------------
Total Investments in South Korea 672,171
- --------------------------------------------------------------------------------
United Kingdom: 0.1%
295,000 *Upton & Southern Holdings PLC Cum. Cvt. Pfd. 433,454
------------
Total Investments in United Kingdom 433,454
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $7,417,788)............................. 10,590,947
------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 96.8%
(Cost: $242,845,569)........................... 293,726,424
OTHER ASSETS LESS LIABILITIES: 3.2%............ 9,819,028
------------
TOTAL NET ASSETS: 100.0%....................... $303,545,452
============
- --------------------------------------------------------------------------------
LEGEND:
- -------
* Non-income producing security.
+ Securities on loan.
. Restricted security
[] Illiquid security.
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1998, the market value of securities loaned was $13,312,976 with
collateral backing valued at $13,805,885.
RESTRICTED SECURITIES: (Note 2)
- -------------------------------
Acquisition Acquisition Valuation as of
Issue Date Cost June 30, 1998
----- ---- ---- ---------------
Ashurst Technology Ltd...... 12/14/94-5/25/95 942,588 82,226
Isleinvest Ltd.............. 12/16/94-7/03/95 1,399,554 ---
LG Electronics, Inc. GDR
144A........................ 6/2/98-6/30/98 346,248 170,346
The aggregate value of restricted securities at June 30, 1998 was $252,572 or
0.08% of the State Street Research International Stock Portfolio's net assets.
See Notes to Financial Statements.
MSF-30
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Industry Diversification
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INTERNATIONAL STOCK PORTFOLIO
As a Percentage of Total Value of Investments
Aerospace ............................................. 0.9%
Automotive ............................................ 2.2
Banking ............................................... 15.5
Broadcasting .......................................... 1.1
Building & Construction ............................... 0.4
Business Services ..................................... 3.7
Chemicals ............................................. 2.0
Construction Materials ................................ 3.1
Consumer Products ..................................... 0.7
Cosmetics ............................................. 0.4
Drugs & Health Care ................................... 6.7
Electrical Equipment .................................. 1.3
Electronics ........................................... 3.2
Energy ................................................ 0.2
Entertainment & Leisure ............................... 1.9
Financial Services .................................... 2.2
Food & Beverages ...................................... 6.2
Forest Products & Paper ............................... 1.1
Homebuilders .......................................... 0.3
Household Appliances & Home Furnishings................ 1.4
Insurance ............................................. 6.4
Liquor ................................................ 1.0
Machinery ............................................. 1.4
Medical Supply ........................................ 0.4
Metals-Aluminum ....................................... 0.3
Metals-Non-Ferrous .................................... 0.3
Metals-Steel & Iron ................................... 1.1
Miscellaneous ......................................... 0.4
Multi-Industry ........................................ 2.2
Newspapers ............................................ 0.2
Office & Business Equipment ........................... 0.7
Oil & Gas Exploration ................................. 0.7
Oil-International ..................................... 4.1
Personal Care ......................................... 0.5
Photography ........................................... 0.5
Printing & Publishing ................................. 0.5
Real Estate ........................................... 1.5
Retail Grocery ........................................ 0.3
Retail Trade .......................................... 4.7
Software .............................................. 0.9
Telecommunications Equipment & Services................ 3.6
Textiles & Apparel .................................... 0.3
Tobacco ............................................... 0.2
Toys & Amusements ..................................... 1.0
Transportation-Airlines ............................... 0.5
Transportation-Railroad ............................... 0.7
Utilities-Electric .................................... 2.1
Utilities-Gas Distribution & Pipelines................. 1.1
Utilities-Miscellaneous ............................... 2.6
Utilities-Telephone ................................... 5.3
100.0%
See Notes to Financial Statements.
MSF-31
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 4.4%
- --------------------------------------------------------------------------------
Banking: 0.0%
26,000 *Siam Commercial Bank PLC $ 8,318
- --------------------------------------------------------------------------------
Forest Products & Paper: 1.6%
1,867,500 *Indah Kiat Paper & Pulp Corp. 360,115
92,550 *Sappi Ltd. ADR 345,211
-----------
705,326
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.6%
59,675 Chesapeake Energy Corp. 238,700
- --------------------------------------------------------------------------------
Real Estate: 1.3%
16,500 Associated Estates Realty Corp. 308,344
21,950 Berkshire Realty Co., Inc. 256,541
-----------
564,885
- --------------------------------------------------------------------------------
Restaurant: 0.1%
2,024 *Advantica Restaurant Group, Inc. 19,987
- --------------------------------------------------------------------------------
Utilities-Electric: 0.3%
4,000 Eastern Utilities Associates 105,000
2,000 Tenaga Nasional Berhad ADR 9,750
-----------
114,750
- --------------------------------------------------------------------------------
Utilities-Telephone: 0.5%
4,500 Philippine Long Distance 207,000
-----------
TOTAL COMMON STOCK
(Cost: $2,141,739)............................ 1,858,966
-----------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 3.2%
- --------------------------------------------------------------------------------
Construction Materials: 0.2%
1,250 Owens Corning Cvt. Pfd. 66,719
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 0.7%
6,500 .Bethleham Steel Corp. Cvt. Pfd. Ser. B 144A 296,563
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.6%
6,000 .Chesapeake Energy Corp. Cvt. Pfd. 144A 256,500
- --------------------------------------------------------------------------------
Transportation-Shipping: 0.9%
8,500 Hvide Capital Trust Cvt. 6.50% Pfd. 363,375
- --------------------------------------------------------------------------------
Transportation-Trucking: 0.1%
1,600 Arkansas Best Corp. Cvt. Pfd. Ser. A 61,700
- --------------------------------------------------------------------------------
Utilities-Electric: 0.7%
655 Central Maine Power Co. 3.50% Pfd. 36,189
100 Consumers Energy Co. 7,100
150 Consumers Energy Co. 4.16% Pfd. 10,275
200 Entergy Gulf States, Inc. 4.40% Pfd. 12,725
200 Niagara Mohawk Power Corp. 13,000
900 Niagara Mohawk Power Corp. 3.60% Pfd. 52,650
2,580 Niagara Mohawk Power Corp. 4.40% Pfd. 142,223
50 Niagara Mohawk Power Corp. 4.85% Pfd. 3,925
150 Ohio Edison Co. 4.40% Pfd. 10,725
50 Ohio Edison Co. 4.44% Pfd. 3,525
200 Toledo Edison Co. 4.25% Pfd. 12,825
-----------
305,162
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $1,323,433)........................... 1,350,019
-----------
- --------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CONVERTIBLE BONDS: 33.7%
- --------------------------------------------------------------------------------
Building & Construction: 0.2%
$ 100,000 Schuler Homes, Inc. 6.500% 1/15/03 $ 90,000
- --------------------------------------------------------------------------------
Business Services: 1.0%
550,000 .Physicians Resource Group,
Inc. 144A 6.000% 12/01/01 433,813
- --------------------------------------------------------------------------------
Computer Equipment & Service: 5.7%
300,000 Apple Computer, Inc. Sub. 6.000% 6/01/01 339,561
155,000 Cray Research, Inc. Sub. 6.125% 2/01/11 114,700
200,000 Cypress Semiconductor
Corp. 6.000% 10/01/02 175,000
150,000 .Cypress Semiconductor
Corp. 144A 6.000% 10/01/02 131,625
250,000 Data General Corporation 6.000% 5/15/04 226,250
200,000 Integrated Device
Technology 5.500% 6/01/02 161,000
600,000 Read-Rite Corp. 6.500% 9/01/04 378,000
400,000 S3, Inc. Sub. 5.750% 10/01/03 288,500
400,000 Silicon Graphics, Inc. 5.250% 9/01/04 341,248
1,000,000 #.Western Digital Corp. 144A 0.010% 2/18/18 260,000
-----------
2,415,884
- --------------------------------------------------------------------------------
Drugs & Health Care: 1.1%
325,000 Dura Pharmaceuticals, Inc. 3.500% 7/15/02 270,562
200,000 Heartport, Inc. 7.250% 5/01/04 140,000
100,000 Thermedics, Inc. 0.000% 6/01/03 75,000
-----------
485,562
- --------------------------------------------------------------------------------
MSF-32
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CONVERTIBLE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Electronics: 3.6%
$ 800,000 .Cirrus Logic, Inc. Sub. 144A 6.000% 12/15/03 $ 633,000
475,000 Kent Electronics Corp. 4.500% 9/01/04 388,312
300,000 Lam Research Corp. 5.000% 9/01/02 246,000
40,000 Richardson Electronics,
Ltd. Sub. Deb. 7.250% 12/15/06 38,400
879,000 +Zenith Electric Sub. Deb. 6.250% 4/01/11 223,046
-----------
1,528,758
- --------------------------------------------------------------------------------
Entertainment & Leisure: 2.2%
1,500,000 .AMF Bowling, Inc. 144A 0.000% 5/12/18 395,625
430,000 Bell Sports Corp. Sub. Deb. 4.250% 11/15/00 370,875
50,000 .CML Group, Inc. 144A 5.500% 1/15/03 31,000
200,000 CML Group, Inc. 5.500% 1/15/03 124,000
-----------
921,500
- --------------------------------------------------------------------------------
Foreign Obligations: 9.4%
95,000 Advanced Agro Public Co. 3.500% 6/17/01 85,500
450,000 .App Finance VII Mauritius,
Ltd. 144A 3.500% 4/30/03 356,625
775,000 Bangkok Bank Public 3.250% 3/03/04 251,875
325,000 Banpu Public Co. 2.750% 4/10/03 222,625
300,000 Burns, Philp Treasury Sub. 5.500% 4/30/04 171,000
930,000 Empresas ICA Sociedad
Sub. Deb. 5.000% 3/15/04 663,787
100,000 Loxley PLC 2.500% 4/04/01 30,000
425,000 Piltel International
Holdings Corp. 1.750% 7/17/06 329,375
1,700,000 Rogers Communications,
Inc. Deb. 2.000% 11/26/05 1,054,000
100,000 #Samsung Co. --- 6/26/06 92,000
100,000 #Samsung Display Devices --- 3/12/06 94,500
250,000 Sappi BVI Finance 7.500% 8/01/02 233,125
300,000 Siam Commercial Bank 3.250% 1/24/04 102,000
150,000 Telekom Malaysia 4.000% 10/03/04 109,500
300,000 Total Access
Communication Public Co.,
Ltd. 2.000% 5/31/06 228,000
-----------
4,023,912
- --------------------------------------------------------------------------------
Healthcare Services: 0.2%
100,000 Columbia Healthcare,
Inc. 6.750% 10/01/06 91,625
- --------------------------------------------------------------------------------
Industrials: 2.2%
$ 600,000 .Exide Corp. 144A 2.900% 12/15/05 370,500
50,000 Glycomed, Inc. 7.500% 1/01/03 47,000
150,000 Intevac, Inc. 6.500% 3/01/04 128,625
250,000 Mascotech, Inc. Deb. 4.500% 12/15/03 235,000
365,000 UroMed Corp. Sub. 6.000% 10/15/03 164,250
-----------
945,375
- --------------------------------------------------------------------------------
Medical Supply: 0.6%
400,000 NABI Sub. 6.500% 2/01/03 263,500
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 0.0%
200,000 Molten Metal Technology,
Inc. Sub. 5.500% 5/01/06 8,000
- --------------------------------------------------------------------------------
Mining: 0.9%
325,000 Battle Mountain Gold Co.
Sub. Deb. 6.000% 1/04/05 263,250
200,000 Coeur D'Alene Mines Corp. 6.000% 6/10/02 136,000
-----------
399,250
- --------------------------------------------------------------------------------
Oil-International: 0.4%
390,000 Ssangyong Oil Refining Co.
Ltd. 3.000% 12/31/04 183,300
- --------------------------------------------------------------------------------
Oil-Services: 0.6%
350,000 Key Energy Group, Inc. 5.000% 9/15/04 266,875
- --------------------------------------------------------------------------------
Pollution Control: 1.0%
327,000 Air & Water Technologies
Corp. Sub. Deb. 8.000% 5/15/15 271,410
150,000 .Thermo Terratech, Inc.
144A 4.625% 5/01/03 134,438
-----------
405,848
- --------------------------------------------------------------------------------
Real Estate: 0.2%
100,000 Sizeler Property Inv., Inc.
Sub. Deb. 8.000% 7/15/03 99,500
- --------------------------------------------------------------------------------
Restaurant: 2.3%
500,000 Boston Chicken, Inc. 0.000% 6/01/15 25,000
50,000 Boston Chicken, Inc. Sub.
Deb. 7.750% 5/01/04 8,750
938,000 +Boston Chicken, Inc. Sub.
Deb. 4.500% 2/01/04 145,390
325,000 Einstein/Noah Bagel Corp.
Sub. Deb. 7.250% 6/01/04 211,250
475,000 Shoney's, Inc. Sub. Deb. 0.000% 4/11/04 213,750
440,000 TPI Enterprises, Inc. Sub.
Deb. 8.250% 7/15/02 365,200
-----------
969,340
- --------------------------------------------------------------------------------
MSF-33
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CONVERTIBLE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Retail Trade: 0.2%
$ 100,000 Jacobson Stores, Inc. Sub.
Deb. 6.750% 12/15/11 $ 86,125
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 0.8%
500,000 Broadband Technologies,
Inc. Sub. 5.000% 5/15/01 330,000
- --------------------------------------------------------------------------------
Textiles & Apparel: 0.8%
200,000 Converse, Inc. Sub. 7.000% 6/01/04 129,250
250,000 Fieldcrest Cannon, Inc.
Sub. Deb. 6.000% 3/15/12 218,750
-----------
348,000
- --------------------------------------------------------------------------------
Transportation-Trucking: 0.3%
160,000 Worldway Corp. Sub. Deb. 6.250% 4/15/11 132,800
-----------
TOTAL CONVERTIBLE BONDS
(Cost: $15,809,171)............................. 14,428,967
-----------
- --------------------------------------------------------------------------------
CORPORATE BONDS: 25.1%
- --------------------------------------------------------------------------------
Broadcasting: 3.7%
100,000 CBS Inc. 7.125% 11/01/23 95,501
700,000 Century Communications
Corp. Sr. 8.375% 11/15/17 670,250
1,250,000 #Fox Family Worldwide, Inc. --- 11/01/07 812,500
-----------
1,578,251
- --------------------------------------------------------------------------------
Computer Equipment & Service: 1.8%
390,000 Apple Computer, Inc. 6.500% 2/15/04 358,800
400,000 CSC Holdings, Inc. Sr. Deb. 8.125% 8/15/09 429,000
-----------
787,800
- --------------------------------------------------------------------------------
Electronics: 0.7%
275,000 Westinghouse Electric
Corp. 7.875% 9/01/23 282,637
- --------------------------------------------------------------------------------
Food & Beverages: 1.5%
100,000 Borden, Inc. 7.875% 2/15/23 98,378
200,000 RJR Nabisco, Inc. 8.750% 8/15/05 208,574
300,000 RJR Nabisco, Inc. 8.500% 7/01/07 311,493
-----------
618,445
- --------------------------------------------------------------------------------
Miscellaneous: 0.1%
100,000 #.Triton Systems, Inc. Sr.
144A --- 5/01/08 58,500
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 1.5%
475,000 +Chesapeake Energy Corp.
Sr. 7.875% 3/15/04 445,312
200,000 +Chesapeake Energy Corp. 8.500% 3/15/12 187,000
-----------
632,312
- --------------------------------------------------------------------------------
Retail Grocery: 0.9%
250,000 +Penn Traffic Co. New 9.625% 4/15/05 92,500
400,000 Penn Traffic Company Sr. 8.625% 12/15/03 300,000
-----------
392,500
- --------------------------------------------------------------------------------
Retail Trade: 1.5%
100,000 Dillon Reed Ser. 1993-K1
A2 7.430% 8/15/18 93,125
100,000 (o)DR Structured Finance
Corp. Ser. 1994-K1 A2 8.375% 8/15/15 99,875
200,000 K Mart Corp. 7.950% 2/01/23 201,500
250,000 K Mart Corp. 7.750% 10/01/12 251,875
-----------
646,375
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 4.6%
1,105,000 #Arch Communications
Group, Inc. Sr. --- 3/15/08 629,850
200,000 #Intercel, Inc. Sr. --- 5/01/06 157,000
415,000 #RCN Corp. Sr. --- 7/01/08 246,925
500,000 #RCN Corp. Sr. --- 10/15/07 321,250
620,000 RCN Corp. Sr. 9.800% 2/15/08 372,000
250,000 Seagate Technology, Inc.
Sr. 7.370% 3/01/07 247,233
-----------
1,974,258
- --------------------------------------------------------------------------------
Transportation-Shipping: 1.1%
500,000 .TBS Shipping
International, Ltd. 144A 10.000% 5/01/05 455,000
- --------------------------------------------------------------------------------
Utilities-Electric: 2.5%
300,000 AES Corp. Sr. 8.375% 8/15/07 303,000
500,000 AES Corp. Sr. Deb. 8.875% 11/01/27 493,750
300,000 National Power PLC 9.625% 5/15/28 276,000
-----------
1,072,750
- --------------------------------------------------------------------------------
Utilities-Telephone: 5.2%
250,000 .Intermedia
Communications, Inc. 144A 8.600% 6/01/08 251,875
775,000 #Nextel Communications,
Inc. Sr. --- 10/31/07 505,687
250,000 #.Nextel Communications,
Inc. Sr. 144A --- 2/15/08 159,375
250,000 #.Nextel International, Inc.
Sr. 144A --- 4/15/08 143,750
250,000 #.Nextlink Communications,
Inc. Sr. 144A --- 4/15/08 153,750
200,000 #.NTL, Inc. Sr. 144A --- 4/01/08 130,000
MSF-34
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Utilities-Telephone: (Continued)
$ 500,000 #Telewest PLC Sr. Deb. -- 10/01/07 $ 412,500
850,000 #.Teligent, Inc. 144A -- 3/01/08 469,625
-----------
2,226,562
-----------
TOTAL CORPORATE BONDS
(Cost: $11,066,445)................................ 10,725,390
-----------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 24.6%
- --------------------------------------------------------------------------------
200,000 .Bangkok Bank Public, Ltd.
Sub. 144A 8.250% 3/15/16 149,722
200,000 .Bangkok Bank Public, Ltd. 8.375% 1/15/27 146,278
Sub 144A
1,250,000 Clearnet Communications,
Inc. Sr. 0.000% 5/15/08 496,925
800,000 #Clearnet Communications,
Inc. Sr. --- 8/13/07 358,805
550,000 .Espirito Santo Centrais
Electriciadad Sr. 144A 10.000% 7/15/07 462,000
200,000 +Export Import Bank Korea 6.375% 2/15/06 151,392
550,000 +Federative Republic of
Brazil 10.125% 5/15/27 473,550
899,164 Federative Republic Of
Brazil 8.000% 4/15/14 663,133
250,000 .Hyundai Motor Co. 144A 7.600% 7/15/07 194,530
200,000 .Industrial Finance Corp.
Thailand 144A 6.875% 4/01/03 179,358
1,287,000 #International Semi. Tech. --- 8/15/03 386,100
150,000 +Korea Electric Power Corp.
Deb. 6.750% 8/01/27 119,327
200,000 Korea Electric Power Corp. 7.750% 4/01/13 147,864
442,806 Korea Electric Power Corp. 7.400% 4/01/16 355,036
1,400,000 #Microcell
Telecommunications --- 10/15/07 599,368
325,000 .Multicanal S A 144A 10.500% 4/15/18 302,250
250,000 Murrin Murrin Hldgs Pty
Ltd. 9.375% 8/31/07 245,000
1,400,000 .Pan Pacific Industrial
Investment PLC 144A 0.000% 4/28/07 538,636
500,000 Philippine Long Distance
Telephone Co. 8.350% 3/06/17 426,284
200,000 Pindo Deli Finance
Mauritius Ltd. Sr. Deb. 10.875% 10/01/27 118,000
400,000 Pindo Deli Finance
Mauritius, Ltd. Sr. 10.750% 10/01/07 280,000
300,000 +Pohang Iron & Steel, Ltd. 6.625% 7/01/03 242,853
200,000 .Pycsa Panama SA 144A 10.280% 12/12/15 188,750
350,000 Quezon Power Philippines
Co. 8.860% 6/15/17 301,070
100,000 Rogers Cablesystems, Ltd. 9.650% 1/15/14 78,374
150,000 Rogers Communications,
Inc. Sr. 10.500% 2/14/06 115,440
660,000 Rogers Communications,
Inc. Sr. 8.750% 7/15/07 457,477
425,000 Samsung Electronics Co.,
Ltd. 0.000% 12/31/07 331,500
700,000 .Siam Commercial Bank
Public Ltd. 144A 7.500% 3/15/06 574,966
350,000 .Tenaga Nasional Berhad
Deb. 144A 7.500% 11/01/25 261,471
350,000 #TFM SA de CV Sr. --- 6/15/09 218,750
350,000 .Thai Farmers Bank Public
Ltd. 144A 8.250% 8/21/16 246,491
600,000 Tjiwi Kimia Mauritius, Ltd.
Sr. 10.000% 8/01/04 426,000
200,000 .Total Access
Communication Public, 8.375% 11/04/06 144,000
Ltd. 144A
200,000 .Total Access
Communication Public,
Ltd. 144A 7.625% 11/04/01 152,000
-----------
TOTAL FOREIGN OBLIGATIONS
(Cost: $11,018,888)................................ 10,532,700
-----------
- --------------------------------------------------------------------------------
YANKEE BONDS: 6.4%
- --------------------------------------------------------------------------------
300,000 Bangko Sentral Ng
Philipinas 8.600% 6/15/27 258,000
500,000 Petroleos Mexicanos 9.500% 9/15/27 470,750
700,000 .+Petroleos Mexicanos 144A 8.625% 12/01/23 602,875
500,000 Republic of South Africa 8.500% 6/23/17 476,390
1,200,000 +Republic of Venezuela 9.250% 9/15/27 927,000
-----------
TOTAL YANKEE BONDS
(Cost: $2,972,751)................................. 2,735,015
-----------
- --------------------------------------------------------------------------------
MSF-35
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
June 30, 1998 (unaudited)
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.2%
- --------------------------------------------------------------------------------
$ 508,000 State Street Bank
Repurchase Agreement
(U.S. Treasury Bills
collateralized dated 6/30/98
due 7/1/98 @ 5.00% with a
market value of $515,000) 5.000% 7/01/98 $ 508,000
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost: $508,000)................................... 508,000
-----------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 98.6%
(Cost: $44,840,427)................................ 42,139,057
OTHER ASSETS LESS LIABILITIES: 1.4%................ 614,319
-----------
TOTAL NET ASSETS: 100.0%........................... $42,753,376
===========
- --------------------------------------------------------------------------------
LEGEND:
- ------
* Non-income producing security.
+ Securities on loan.
. Restricted security.
# Step bond: A zero coupon bond that converts to a fixed or variable interest
rate at a designated future date.
o Illiquid Security
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1998, the market value of securities loaned was $1,147,943 with
collateral backing valued at $1,206,905.
RESTRICTED SECURITIES (Note 2):
- ------------------------------
Acquisition Acquisition Valuation as of
Issue Date Cost June 30, 1998
----- ---- ---- -------------
AMF Bowling, Inc. 144A 5/6/98 $ 382,458 $ 395,625
App Finance VII Mauritius,
Ltd. 144A 6/3-6/4/98 352,933 356,625
Bangkok Bank Public, Ltd.
Sub. 144A 8/28/97 188,508 149,722
Bangkok Bank Public, Ltd.
Sub 144A 1/8/98 123,106 146,278
Bethleham Steel Corp. Cvt.
Pfd. Ser. B 144A 3/3/97-10/17/97 255,625 296,563
Chesapeake Energy Corp.
Cvt. Pfd. 144A 4/17/98 300,000 256,500
Cirrus Logic, Inc. Sub. 144A 4/23/97-1/20/98 614,024 633,000
CML Group, Inc. 144A 4/14/98 31,441 31,000
Cypress Semiconductor
Corp. 144A 3/5/98 132,211 131,625
Espirito Santo Centrais Sr.
144A 9/9/97-10/9/97 543,600 462,000
Exide Corp. Sr. 144A 3/3/97-11/5/97 397,089 370,500
Hyundai Motor Corp. 144A 12/23/97 174,656 194,530
Industrial Finance Corp.
Thailand 144A 3/31/98 179,918 179,358
Intermedia Communications,
Inc. 144A 6/11/98 251,625 251,875
Multicanal S A 144A 4/16/98 319,587 302,250
Nextel Communications, Inc.
Sr. 144A 2/9/98 160,275 159,375
Nextel International, Inc. Sr.
144A 3/9/98 142,416 143,750
Nextlink Communications,
Inc. Sr. 144A 4/29/98 157,418 153,750
NTL, Inc. Sr. 144A 3/6/98 127,129 130,000
Pan Pacific Industrial
Investments PLC 144A 5/23/97-3/10/98 608,090 538,636
Petroleos Mexicanos 144A 4/14/97 632,820 602,875
Physicians Resource Group,
Inc. 144A 6/20/97-5/6/98 417,582 433,813
Pycsa Panama SA 144A 10/1/97 200,000 188,750
Siam Commercial Bank
Public, Ltd. 144A 1/23/98-2/2/98 551,638 574,966
TBS Shipping International,
Ltd. 144A 4/29/98 465,152 455,000
Teligent, Inc. 144A 2/12/98 484,313 469,625
Tenega Nasional Berhad
Deb. 144A 5/15-5/29/98 265,766 261,471
Thai Farmers Bank Public,
Ltd. 144A 2/9/98-3/20/98 289,397 246,491
Thermo Terratech, Inc. 144A 3/25/98 138,517 134,438
Total Access Communication
Public, Ltd. 144A 12/2/98 161,013 152,000
Total Access Communication
Public, Ltd. 144A 1/8/98 85,978 144,000
Triton Systems, Inc. Sr. 144A 6/24/98 57,000 58,500
Western Digital Corp.
144A 6/11/98 251,393 260,000
The aggregate value of restricted securities at June 30, 1998 was $9,264,891 or
21.67% of the Loomis Sayles High Yield Bond Portfolio's net assets.
See Notes to Financial Statements.
MSF-36
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 100.1%
- --------------------------------------------------------------------------------
Banking: 6.3%
31,945 Firstar Corp. $ 1,250,123
4,660 M&T Bank Corp. 2,581,640
46,900 Northern Trust Corp. 3,574,659
124,735 +Star Banc Corp. 7,967,448
------------
15,373,870
- --------------------------------------------------------------------------------
Biotechnology: 1.8%
69,917 +*MedImmune, Inc. 4,378,552
- --------------------------------------------------------------------------------
Broadcasting: 18.9%
156,880 *Capstar Broadcasting Corp. Cl. A 3,941,610
192,690 +*Chancellor Media Corp. 9,568,263
47,940 *Clear Channel Communications, Inc. 5,231,453
62,800 +Comcast Corp. Cl. A 2,549,288
249,650 *Heftel Broadcasting Corp. Cl. A 11,148,433
83,670 +*Jacor Communications, Inc. 4,941,759
59,860 +*MediaOne Group, Inc. 2,630,099
158,568 *Univision Communications, Inc. Cl. A 5,906,658
------------
45,917,563
- --------------------------------------------------------------------------------
Business Services: 7.8%
66,105 *HA-LO Industries, Inc. 2,057,518
215,794 *Outdoor Systems, Inc. 6,042,232
226,515 Paychex, Inc. 9,209,250
17,895 *Robert Half International, Inc. 999,883
16,030 +*Snyder Communications, Inc. 705,320
------------
19,014,203
- --------------------------------------------------------------------------------
Computer Equipment & Service: 3.6%
65,855 +*America Online, Inc. 6,980,630
24,420 +*At Home Corp. Cl. A 1,154,608
18,895 +*Gartner Group, Inc. Cl. A 660,735
------------
8,795,973
- --------------------------------------------------------------------------------
Construction Materials: 0.9%
48,237 +Fastenal Co. 2,241,513
- --------------------------------------------------------------------------------
Drugs & Health Care: 11.0%
55,975 +*ALZA Corp. 2,420,919
18,260 *Cyberonics, Inc. 194,583
24,880 *INCYTE Pharmaceuticals, Inc. 850,585
271,160 +Omnicare, Inc. 10,337,975
12,705 +*Sepracor, Inc. 526,860
120,650 *Sofamor Danek Group, Inc. 10,443,766
43,400 *Watson Pharmaceuticals, Inc. 2,026,238
------------
26,800,926
- --------------------------------------------------------------------------------
Education: 7.4%
371,525 *Apollo Group, Inc. Cl. A 12,295,155
178,545 *ITT Educational Services, Inc. 5,758,076
------------
18,053,231
- --------------------------------------------------------------------------------
Electronics: 6.8%
100,160 *Maxim Integrated Products, Inc. 3,176,950
85,775 *SIPEX Corp. 1,841,482
370,320 *Vitesse Semiconductor Corp. 11,456,775
------------
16,475,207
- --------------------------------------------------------------------------------
Entertainment & Leisure: 5.2%
64,410 *Premier Parks, Inc. 4,291,316
34,860 +Royal Caribbean Cruises Ltd. 2,771,370
121,617 *SFX Entertainment, Inc. Cl. A 5,575,379
------------
12,638,065
- --------------------------------------------------------------------------------
Financial Services: 6.9%
51,850 American Capital Strategies Ltd. 1,182,828
9,660 +Capital One Financial Corp. 1,199,651
72,657 Charles Schwab Corp. 2,361,353
90,265 *Healthcare Financial Partners, Inc. 5,531,552
89,570 Medallion Financial Corp. 2,446,381
54,230 +Newcourt Credit Group, Inc. 2,667,438
17,150 U.S. Trust Corp. 1,305,008
------------
16,694,211
- --------------------------------------------------------------------------------
Insurance: 3.6%
62,400 Progressive Corp. 8,798,400
- --------------------------------------------------------------------------------
Multi-Industry: 1.6%
440,495 Capita Group PLC 3,804,345
- --------------------------------------------------------------------------------
Photography: 0.4%
92,685 Metromedia International Group, Inc. 1,106,427
- --------------------------------------------------------------------------------
Real Estate: 0.8%
210,930 Capital Trust Cl. A 2,030,201
- --------------------------------------------------------------------------------
MSF-37
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Restaurant: 7.5%
1,740,079 J.D. Wetherspoon PLC $ 8,367,580
685,500 Pizza Express PLC 9,866,274
------------
18,233,854
- -------------------------------------------------------------------------------
Retail Trade: 2.2%
65,700 CVS Corp. 2,558,194
97,048 *MSC Industrial Direct, Inc. Cl. A 2,765,868
------------
5,324,062
- -------------------------------------------------------------------------------
Software: 3.7%
234,815 *Cadence Design Systems, Inc. 7,337,969
60,855 +*Parametric Technology Corp. 1,648,790
------------
8,986,759
- -------------------------------------------------------------------------------
Telecommunications Equipment & Services: 0.8%
103,495 *Western Wireless Corp. Cl. A 2,060,197
- -------------------------------------------------------------------------------
Transportation-Airlines: 1.0%
66,520 +*Ryanair Holdings PLC ADR 2,369,775
- -------------------------------------------------------------------------------
Utilities-Electric: 1.9%
86,305 AES Corp. 4,536,407
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $209,017,032)........................... 243,633,741
------------
- -------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 9.0%
- -------------------------------------------------------------------------------
$12,000,000 CIT Group Holdings, Inc. 6.100% 7/01/98 $12,000,000
9,800,000 Household Finance Corp. 6.000% 7/01/98 9,800,000
-----------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $21,800,000) ........................... 21,800,000
-----------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 109.1%
(Cost: $230,817,032)............................ 265,433,741
OTHER ASSETS LESS LIABILITIES: (9.1)%........... (22,033,066)
------------
TOTAL NET ASSETS: 100.0%........................ $243,400,675
============
- -------------------------------------------------------------------------------
LEGEND:
- -------
* Non-income producing security.
+ Securities on loan.
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1998, the market value of securities loaned was $23,939,681 with
collateral backing valued at $24,689,236.
See Notes to Financial Statements.
MSF-38
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 95.7%
- --------------------------------------------------------------------------------
Aerospace: 1.8%
21,450 +AAR Corp. $ 634,116
19,700 +*BE Aerospace 577,456
19,900 *Orbital Sciences Corp. 744,384
7,400 Precision Castparts Corp. 394,974
14,400 *Triumph Group, Inc. 604,800
------------
2,955,730
- --------------------------------------------------------------------------------
Automotive: 1.3%
9,600 *Dura Automotive Systems, Inc. 304,800
30,800 *Gentex Corp. 559,213
19,200 *O'Reilly Automotive, Inc. 688,800
12,900 *Tower Automotive, Inc. 553,087
------------
2,105,900
- --------------------------------------------------------------------------------
Banking: 3.4%
6,200 +Astoria Financial Corp. 332,088
17,400 Bay View Capital Corp. 553,538
15,000 +City National Corp. 554,063
12,075 +Commerce Bancorp, Inc. 706,388
26,700 Community First Bankshares 705,047
18,399 *Imperial Bancorp 551,970
28,000 North Fork Bancorp, Inc. 684,250
19,600 Silicon Valley Bancshares 697,638
11,700 Webster Financial Corp. 389,024
5,900 Zions Bancorp 313,805
------------
5,487,811
- --------------------------------------------------------------------------------
Biotechnology: 0.6%
6,900 *Biogen, Inc. 338,100
17,100 *Serologicals Corp. 555,750
------------
893,850
- --------------------------------------------------------------------------------
Broadcasting: 4.0%
26,400 +*American Business Information, Inc. Cl. A 405,900
18,500 *American Business Information, Inc. Cl. B 294,844
5,400 *BET Holdings, Inc. Cl. A 339,863
12,600 +*Chancellor Media Corp. 625,669
1,500 *Clear Channel Communications, Inc. 163,688
14,500 *Cox Radio, Inc. Cl. A 627,125
10,200 *Emmis Broadcasting Corp. Cl A 489,281
7,900 *Heftel Broadcasting Corp. Cl. A 352,784
14,900 +*Jacor Communications, Inc. 880,031
3,875 *Saga Communications Cl. A 61,758
15,500 TCA Cable TV, Inc. 931,938
7,800 *United Video Satellite Group, Inc. Cl. A 310,538
8,800 *Univision Communications, Inc. Cl. A 327,800
15,200 *USA Networks, Inc. 382,375
5,700 *Young Broadcasting, Inc. Cl. A 370,855
------------
6,564,449
- --------------------------------------------------------------------------------
Building & Construction: 1.3%
34,700 *American Homestar Corp. 831,716
10,400 +Blount International, Inc. Cl. A 296,400
20,300 *Fairfield Communities, Inc. 389,506
11,300 *NCI Building Systems, Inc. 651,868
------------
2,169,490
- --------------------------------------------------------------------------------
Business Services: 10.0%
14,100 +*AccuStaff, Inc. 440,625
14,400 *Affiliated Computer Services, Inc. Cl. A 554,400
19,700 Amresco, Inc. 572,531
500 *Billing Concepts Corp. 7,656
12,600 +*Bisys Group, Inc. 516,994
7,200 *Coast Federal Litigation Contingent Payments
Rights Trust 109,350
19,100 *Cognos, Inc. 509,134
32,100 +*Concord EFS, Inc. 838,613
12,000 +*Consolidated Graphics, Inc. 708,000
11,600 *Cort Business Services Corp. 365,400
29,900 +Danka Business Systems ADR 354,128
18,600 *Data Processing Resources Corp. 579,506
23,700 *Eltron International, Inc. 656,194
4,600 Fair Issac & Co., Inc. 174,800
15,400 G&K Services, Inc. Cl. A 673,750
20,500 *HA-LO Industries, Inc. 638,063
17,760 HBO & Co. 626,595
MSF-39
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Business Services: (Continued)
16,800 Merrill Corp. $ 372,225
25,350 *Meta Group 559,284
21,200 +*Metamor Worldwide, Inc. 746,638
11,400 *Nielson (A.C.) Corp. 287,850
35,887 *Outdoor Systems, Inc. 1,004,836
2,775 Paychex, Inc. 112,821
24,400 *Payment Services, Inc. 620,675
34,800 +*Paymentech, Inc. 715,575
9,700 *Pre-Paid Legal Services, Inc. 306,156
2,400 *Professional Staff PLC ADR 31,200
21,000 +*Rent Way, Inc. 640,500
20,400 *Romac International, Inc. 622,200
19,000 *Service Experts, Inc. 655,500
8,000 *StaffMark, Inc. 294,500
17,200 *Superior Services, Inc. 517,613
20,925 *Tetra Tech, Inc. 512,662
-------------
16,325,974
- --------------------------------------------------------------------------------
Chemicals: 0.4%
4,500 *Special Devices, Inc. 159,046
20,800 *Sybron International Corp. 525,200
-------------
684,246
- --------------------------------------------------------------------------------
Computer Equipment & Service: 6.3%
18,200 Analysts International Corp. 517,563
24,800 *Artesyn Technologies, Inc. 395,250
5,600 *Cambridge Technology Parners (Massachusetts),
Inc. 315,377
18,200 +*CIBER, Inc. 691,600
10,950 *Citrix Systems, Inc. 749,048
28,400 *Computer Management Sciences, Inc. 674,500
26,000 *Cotelligent Group, Inc. 607,750
11,000 +*DST Systems, Inc. 616,000
19,700 +*Harbinger Corp. 477,725
31,900 *Integrated Systems Consulting Group 440,619
9,100 *International Network Services 370,541
14,200 *Legato Systems, Inc. 554,688
2,800 *Lexmark International Group, Inc. 167,749
13,800 National Computer Systems, Inc. 330,338
3,200 *PeopleSoft, Inc. 150,300
1,600 *Solectron Corp. 67,300
30,600 *Summit Design, Inc. 452,306
26,900 *Sykes Enterprises, Inc. 540,522
24,000 *Systems & Computer Technology 654,000
19,400 *Technology Solutions Co. 615,344
30,500 *Vanstar Corp. 444,156
11,300 *Zebra Technologies Corp. Cl. A 483,780
-------------
10,316,456
- --------------------------------------------------------------------------------
Construction Materials: 0.6%
20,800 *Barnett, Inc. 418,600
6,800 +Fastenal Co. 315,988
8,300 *Simpson Manufacturing, Inc. 320,587
-------------
1,055,175
- --------------------------------------------------------------------------------
Consumer Products: 0.4%
18,850 +*Blyth Industries, Inc. 626,762
- --------------------------------------------------------------------------------
Cosmetics: 0.2%
19,900 *French Fragrances, Inc. 307,205
- --------------------------------------------------------------------------------
Drugs & Health Care: 7.7%
14,200 *ABR Information Services, Inc. 338,138
7,300 *Amerisource Health Corp. Cl. A 479,519
5,600 +*Atrix Laboratories, Inc. 75,250
7,600 *Barr Laboratories, Inc. 302,100
13,800 *Covance, Inc. 310,500
12,900 DENTSPLY International, Inc. 320,888
4,100 *Express Scripts, Inc. Cl. A 330,563
25,100 +*Genesis Health Ventures, Inc. 627,500
2,850 *Health Management Associates, Inc. Cl. A 95,297
7,100 *IDEXX Laboratories, Inc. 177,056
14,170 +Integrated Health Services, Inc. 531,375
20,000 Jones Pharma, Inc. 661,875
17,400 *Lincare Holdings, Inc. 731,344
3,400 *Medco Research, Inc. 86,700
15,300 Mentor Corp. 370,069
17,950 +*National Surgery Centers, Inc. 525,598
MSF-40
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Drugs & Health Care: (Continued)
34,800 *NBTY, Inc. $ 636,188
15,700 +Omnicare, Inc. 598,563
600 *Oxford Health Plans, Inc. 9,206
22,000 +*PAREXEL International Corp. 798,875
17,350 *Patterson Dental Co. 638,697
11,000 *Pediatrix Medical Group, Inc. 409,063
27,900 +*Phycor, Inc. 461,222
10,800 +*Total Renal Care Group, Inc. 476,550
29,527 *Respironics, Inc. 457,669
1,800 *Scherer (R.P.) Corp. 159,525
5,100 *Sofamor Danek Group, Inc. 441,469
8,400 *Trex Medical Corp. 138,600
3,700 *Twinlab Corp. 161,991
7,300 *Universal Health Services, Inc. Cl. B 426,138
11,100 *Watson Pharmaceuticals, Inc. 518,231
11,000 *Wesley Jessen VisionCare, Inc. 254,031
------------
12,549,790
- ------------------------------------------------------------------------------
Education: 1.3%
15,600 *Apollo Group, Inc. Cl. A 516,263
19,400 +*Computer Learning Centers, Inc. 483,181
10,900 *ITT Educational Services, Inc. 351,525
7,700 Strayer Education, Inc. 277,922
12,600 *Sylvan Learning Systems, Inc. 414,619
------------
2,043,510
- ------------------------------------------------------------------------------
Electrical Equipment: 1.6%
23,900 *Advanced Lighting Technologies, Inc. 558,663
3,300 +*American Power Conversion Corp. 98,588
19,600 *Berg Electronics Corp. 383,425
900 *C-Cube Microsystems, Inc. 16,706
15,900 *SLI, Inc. 415,388
14,000 Technitrol, Inc. 559,125
17,000 Watsco, Inc. 598,187
------------
2,630,082
- ------------------------------------------------------------------------------
Electronics: 7.0%
18,400 +*Affymetrix, Inc. 443,900
14,600 +*Aspen Technology, Inc. 740,038
17,700 *ATMI, Inc. 266,606
17,650 *Burr-Brown Corp. 373,408
15,200 Dallas Semiconductor Corp. 471,200
21,400 +*Dionex Corp. 567,100
10,100 *Electro Scientific Industries, Inc. 319,728
13,000 *Etec Systems, Inc. 457,844
12,200 *KLA Instruments Corp. 338,169
25,700 *Kulicke & Soffa Industries, Inc. 435,294
7,000 +*Lattice Semiconductor Corp. 198,844
14,500 +*Microchip Technology, Inc. 379,719
30,500 *Microtouch Systems, Inc. 567,109
12,000 +*Novellus Systems, Inc. 428,625
21,500 +*P-Com, Inc. 197,195
16,400 +*Photronic, Inc. 361,825
4,800 *Plexus Corp. 94,800
10,000 *QLogic Corp. 356,563
13,400 +*QRS Corp. 506,688
11,200 +*Sanmina Holdings, Inc. 484,050
28,000 *Sawtek, Inc. 408,625
14,500 +*SCI Systems, Inc. 545,563
17,200 *Semtech Corp. 305,300
17,100 *Smart Modular Technologies, Inc. 251,691
9,000 *Tekelec, Inc. 403,875
33,100 *Thermo Optek Corp. 490,294
17,500 *Tollgrade Communications, Inc. 448,438
8,300 +*Uniphase Corp. 521,083
------------
11,363,574
- ------------------------------------------------------------------------------
Energy: 0.3%
25,400 *Offshore Logistics, Inc. 453,230
- ------------------------------------------------------------------------------
Entertainment & Leisure: 1.7%
9,900 *Cannondale Corp. 130,247
3,800 *Carmike Cinemas, Inc. Cl. A 102,363
14,500 +*Coach USA, Inc. 661,563
500 *GC Cos., Inc. 25,938
MSF-41
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Entertainment & Leisure: (Continued)
27,100 *IMAX Corp. $ 614,831
5,700 International Game Technology 138,225
7,400 *Premier Parks, Inc. 493,025
10,300 *SFX Entertainment, Inc. Cl. A 472,191
6,300 *Steinway Musical Instruments, Inc. 203,174
------------
2,841,557
- --------------------------------------------------------------------------------
Financial Services: 2.9%
17,700 *Americredit Corp. 631,669
25,200 +*E Trade Group, Inc. 577,238
13,100 +*FirstPlus Financial Group, Inc. 471,600
11,200 +*Healthcare Financial Partners, Inc. 686,350
27,800 *Imperial Credit Industries, Inc. 646,350
12,733 +Legg Mason, Inc. 732,943
7,400 +Metris Cos., Inc. 472,674
24,800 *NCO Group, Inc. 548,700
------------
4,767,524
- --------------------------------------------------------------------------------
Food & Beverages: 0.7%
5,500 Earthgrains Co. 307,313
15,300 *J&J Snack Foods Corp. 324,169
17,000 *Smithfield Foods, Inc. 515,312
------------
1,146,794
- --------------------------------------------------------------------------------
Forest Products & Paper: 0.0%
1,375 Fort James Corp. 61,187
- --------------------------------------------------------------------------------
Healthcare Services: 2.3%
18,000 *American Oncology Resources, Inc. 219,938
18,115 +*Concentra Managed Care, Inc. 470,424
21,600 +*Inhale Therapeutic Systems 537,300
48,600 *NovaCare, Inc. 571,050
25,100 *Novoste Corp. 553,769
21,300 +*Orthodontic Centers of America, Inc. 445,969
3,000 *Pediatric Services of America, Inc. 45,938
20,300 *PSS World Medical, Inc. 296,888
17,809 +*Total Renal Care Holdings, Inc. 614,410
------------
3,755,686
- --------------------------------------------------------------------------------
Hospital Management: 0.7%
13,000 *Access Health, Inc. 331,906
18,200 *First Health Group Corp. 520,975
10,500 *Quorum Health Group, Inc. 277,921
------------
1,130,802
- --------------------------------------------------------------------------------
Hotel & Motel: 0.5%
3,300 *Extended Stay America, Inc. 37,125
10,525 *Promus Hotel Corp. 405,212
27,500 +*Signature Resorts, Inc. 453,750
------------
896,087
- --------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 0.3%
11,900 Pillowtex Corp. 477,487
- --------------------------------------------------------------------------------
Insurance: 2.3%
21,100 *Amerin Corp. 615,197
10,900 Blanch (E.W.) Holdings, Inc. 400,575
8,800 CMAC Investment Corp. 541,200
11,500 +Executive Risk, Inc. 848,125
22,700 +Protective Life Corp. 832,805
14,600 *Triad Guaranty, Inc. 503,700
------------
3,741,602
- --------------------------------------------------------------------------------
Machinery: 0.0%
2,400 Lindsay Manufacturing Co. 65,100
- --------------------------------------------------------------------------------
Medical Supply: 1.4%
23,700 *Acuson Corp. 431,044
18,700 ADAC Laboratories 421,919
24,300 *Airgas, Inc. 349,313
7,300 *STERIS Corp. 464,234
20,900 *Theragenics Corp. 544,052
------------
2,210,562
- --------------------------------------------------------------------------------
Metals-Non-Ferrous: 0.4%
28,300 +*RMI Titanium Co. 643,824
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 0.2%
19,000 *Steel Dynamics, Inc. 264,812
- --------------------------------------------------------------------------------
Miscellaneous: 1.4%
28,600 *Box Hill Systems Corp. 198,413
13,700 *Carriage Services, Inc. Cl. A 344,213
8,250 Central Parking Corp. 383,625
22,600 +*Equity Corp. International 542,400
MSF-42
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Miscellaneous: (Continued)
29,200 *Learning Tree International, Inc. $ 588,563
8,100 *Veterinary Centers of America, Inc. 152,633
3,100 *WMF Group Ltd. 72,850
------------
2,282,697
- -------------------------------------------------------------------------------
Newspapers: 0.2%
14,000 Harte-Hanks Communications 361,374
- --------------------------------------------------------------------------------
Office & Business Equipment: 2.6%
15,300 *Black Box Corp. 508,247
8,600 *CSG Systems International, Inc. 402,588
14,100 *Cybex Computer Products Corp. 320,775
2,200 *Daisytek International Corp. 56,306
14,200 +*IDX Systems Corp. 655,863
11,300 *Knoll, Inc. 333,350
18,700 Symbol Technologies, Inc. 705,925
9,400 *Tech Data Corp. 403,319
18,700 *Transition Systems, Inc. 201,024
18,400 Viking Office Products, Inc. 576,150
------------
4,163,547
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 1.6%
6,000 +Cross Timbers Oil Co. 114,375
12,900 +Devon Energy Corp. 450,694
15,800 Noble Affiliates, Inc. 600,400
21,300 *R&B Falcon Corp. 481,913
32,340 +*Swift Energy Co. 515,419
24,100 Vintage Petroleum, Inc. 454,887
------------
2,617,688
- --------------------------------------------------------------------------------
Oil-Services: 1.4%
12,700 +*BJ Services Co. 369,094
5,200 *Evi Weatherford, Inc. 193,050
26,100 *Newpark Resources, Inc. 290,363
20,700 *Oceaneering International, Inc. 367,425
17,300 *Pool Energy Services Co. 256,256
11,300 *Smith International, Inc. 393,381
25,200 *UTI Energy Corp. 324,450
1,500 *Western Atlas, Inc. 127,312
------------
2,321,331
- --------------------------------------------------------------------------------
Photography: 0.2%
10,600 *Pinnacle Systems, Inc. 340,524
- --------------------------------------------------------------------------------
Pollution Control: 0.4%
19,100 +*Allied Waste Industries, Inc. 457,802
9,187 +*United States Filter Corp. 257,810
-------------
715,612
- --------------------------------------------------------------------------------
Printing & Publishing: 1.1%
14,800 *CBT Group Public Ltd. ADR 795,500
22,100 *CKS Group, Inc. 396,419
13,200 *Day Runner, Inc. 333,712
1,000 Houghton Mifflin Co. 31,750
4,900 *World Color Press, Inc. 171,500
-------------
1,728,881
- --------------------------------------------------------------------------------
Real Estate: 0.5%
18,553 Apartment Investment & Management Co. Cl. A 732,843
8,000 Intrawest Corp. 159,500
-------------
892,343
- --------------------------------------------------------------------------------
Restaurant: 1.7%
14,500 +Applebee's International, Inc. 324,891
7,400 +*Brinker International 142,450
16,930 +CKE Restaurants, Inc. 698,363
19,500 * Dave & Busters, Inc. 485,672
17,300 +*Landry's Seafood Restaurants, Inc. 313,022
3,500 * Logan's Roadhouse, Inc. 73,172
8,800 Luby's Cafeterias, Inc. 154,550
11,400 *Outback Steakhouse 444,244
7,300 *Sonic Corp. 162,880
-------------
2,799,244
- --------------------------------------------------------------------------------
Retail Grocery: 0.4%
14,000 Richfood Holdings, Inc. 289,625
5,200 * Whole Foods Market, Inc. 314,925
-------------
604,550
- --------------------------------------------------------------------------------
Retail Trade: 7.5%
8,700 *Barnes & Noble, Inc. 325,706
14,600 +*Bed Bath & Beyond, Inc. 756,919
17,800 *Borders Group, Inc. 658,600
10,700 +*CDW Computer Centers, Inc. 535,669
MSF-43
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Retail Trade: (Continued)
20,100 +*Central Garden & Pet Co. $ 624,356
31,000 +*CompUSA, Inc. 559,938
1,000 +*Costco Cos., Inc. 63,094
19,800 +*Dollar Tree Stores, Inc. 804,375
6,500 *Fossil, Inc. 162,094
9,120 *Fred Meyer, Inc. 387,600
11,400 *General Nutrition Cos., Inc. 355,538
5,600 *Guitar Center, Inc. 169,050
7,400 *Henry Schein, Inc. 339,938
12,500 +*Insight Enterprises, Inc. 499,219
20,200 *Jones Apparel Group, Inc. 738,563
1,000 +*Kohls Corp. 51,875
10,900 Lands' End, Inc. 344,713
19,650 *Men's Wearhouse, Inc. 649,064
11,400 *MSC Industrial Direct, Inc. Cl. A 324,900
11,100 Neiman-Marcus Group, Inc. 482,156
9,750 *Pacific Sunwear of California, Inc. 341,859
19,500 *Renters Choice, Inc. 555,750
14,400 +*Rexall Sundown, Inc. 513,900
10,300 Ross Stores, Inc. 444,188
24,600 *Stein Mart, Inc. 331,331
16,300 *WetSeal, Inc. Cl. A 523,638
21,100 *Williams Sonoma, Inc. 671,243
-------------
12,215,276
- --------------------------------------------------------------------------------
Shipbuilding: 0.3%
17,700 *Avondale Industries, Inc. 489,515
- --------------------------------------------------------------------------------
Software: 6.5%
1,900 +*Advent Software, Inc. 79,444
11,700 *Arbor Software Corp. 370,378
3,440 +*Ascend Communications, Inc. 170,388
12,300 +Autodesk, Inc. 473,934
24,900 +*AXENT Technologies, Inc. 761,784
3,200 * BMC Software, Inc. 166,300
16,800 *Cadence Design Systems, Inc. 525,000
3,400 +*Compuware Corp. 173,719
18,800 *Datastream Systems, Inc. 357,788
9,400 +*Documentum, Inc. 454,138
12,400 +*Electronic Arts, Inc. 670,375
8,600 *Engineering Animation, Inc. 525,138
10,300 *Hyperion Software Corp. 293,872
11,100 *JDA Software Group, Inc. 486,319
13,300 *Keane, Inc. 744,800
14,550 +*National Instruments Corp. 520,617
3,600 +*Parametric Technology Corp. 97,538
16,400 *Security Dynamics Technologies, Inc. 315,346
6,800 *Sterling Commerce, Inc. 326,405
18,400 *Symantec Corp. 479,550
14,400 +*Synopsys, Inc. 659,250
14,700 *Transaction Systems Architects, Inc. Cl. A 566,409
13,474 +*VERITAS Software Co. 557,066
8,900 *Visio Corp. 426,088
15,300 *XcelleNet, Inc. 342,815
-------------
10,544,461
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 5.6%
9,100 +*American Tower Systems Inc. Cl. A 226,931
18,500 *Aspect Telecommunications Corp. 507,594
10,700 *Coherent Communications Systems Corp. 502,566
13,200 Comsat Corp. Ser. 1 373,725
11,300 *Comverse Technology, Inc. 586,541
15,100 +*Dialogic Corp. 447,338
13,400 *Gilat Satellite Networks Ltd. 448,481
27,400 Inter-Tel, Inc. 440,113
17,250 +*Level One Communications, Inc. 405,914
22,100 *MRV Communications, Inc. 460,647
15,000 +National Data Corp. 656,250
10,650 +*Networks Associates, Inc. 509,536
8,600 *Pacific Gateway Exchange, Inc. 344,806
46,200 *Paging Network, Inc. 645,356
18,900 *Premisys Communications, Inc. 471,319
36,600 *Proxim, Inc. 610,763
MSF-44
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
Schedule of Investments
- -------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
Telecommunications Equipment & Services: (Continued)
16,045 *Qwest Communications International, Inc. $ 559,068
16,100 *REMEC, Inc. 185,653
9,500 *Saville Systems PLC ADR 476,188
14,900 *Transaction Network Services, Inc. 315,227
-----------
9,174,016
- -------------------------------------------------------------------------------
Textiles & Apparel: 1.0%
6,000 *Kenneth Cole Productions, Inc. Cl. A 155,250
24,500 *Nautica Enterprises, Inc. 658,438
17,700 +*North Face, Inc. 427,013
20,350 +Wolverine World Wide, Inc. 441,340
-----------
1,682,041
- -------------------------------------------------------------------------------
Transportation: 0.2%
15,400 *Heartland Express, Inc. 311,368
- -------------------------------------------------------------------------------
Transportation-Airlines: 0.5%
15,600 Comair Holdings, Inc. 481,163
14,700 Mesaba Holdings, Inc. 339,018
------------
820,181
- -------------------------------------------------------------------------------
Transportation-Railroad: 0.4%
31,750 *Swift Transportation Co., Inc. 631,030
- -------------------------------------------------------------------------------
Transportation-Trucking: 0.6%
11,300 Expeditors International of Washington, Inc. 495,788
15,400 U.S. Freightways Corp. 505,794
------------
1,001,582
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $142,221,360)............................ 156,233,519
------------
- -------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 6.9%
- -------------------------------------------------------------------------------
$ 500,000 Daimler-Benz of North
America 5.520% 7/10/98 $ 499,310
4,966,000 Heinz (H.J.) Co. 5.520% 7/31/98 4,943,156
1,035,000 IBM Credit Corp. 5.500% 7/08/98 1,033,893
1,910,000 Kellogg Co. 5.520% 7/28/98 1,902,093
2,910,000 KFW International
Finance, Inc. 5.500% 7/13/98 2,904,665
TOTAL SHORT TERM OBLIGATIONS
(Cost: $11,283,117)............................. 11,283,117
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 102.6%
(Cost: $153,504,477)............................ 167,516,636
OTHER ASSETS LESS LIABILITIES: (2.6)%........... (4,172,006)
------------
TOTAL NET ASSETS: 100.0%........................ $163,344,629
============
- -------------------------------------------------------------------------------
LEGEND:
- -------
* Non-income producing security.
+ Securities on loan.
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1998, the market value of securities loaned was $19,582,213 with
collateral backing valued at $20,231,868.
See Notes to Financial Statements.
MSF-45
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 82.6%
- --------------------------------------------------------------------------------
Argentina: 0.7%
23,100 +YPF SA ADR Cl. D $ 694,444
------------
Total Investments in Argentina 694,444
- --------------------------------------------------------------------------------
Australia: 2.2%
52,700 Broken Hill Proprietary Co. 446,539
294,600 +Fosters Brewing Group Ltd. 694,917
13,000 WMC Ltd. 39,219
202,300 Woodside Petroleum Ltd. 1,012,156
------------
Total Investments in Australia 2,192,831
- --------------------------------------------------------------------------------
Austria: 0.3%
6,400 Flughafen Wien AG 307,200
------------
Total Investments in Austria 307,200
- --------------------------------------------------------------------------------
Bermuda: 0.5%
4,100 +EXEL Ltd. 319,031
1,700 Mid Ocean Ltd. 133,450
------------
Total Investments in Bermuda 452,481
- --------------------------------------------------------------------------------
Brazil: 0.4%
36,200 +Aracruz Celulose SA ADR 414,038
------------
Total Investments in Brazil 414,038
- --------------------------------------------------------------------------------
Canada: 3.2%
26,200 BCE, Inc. 1,110,102
18,700 Canadian National Railway Co. 993,741
24,600 Canadian Pacific Ltd. 692,087
22,000 The Molson Cos., Ltd. ADR Cl. A 399,918
------------
Total Investments in Canada 3,195,848
- --------------------------------------------------------------------------------
France: 5.9%
17,001 Assurance Generale de France 962,013
12,021 AXA SA 1,352,082
5,299 Canal Plus SA 990,435
9,672 Michelin Cl. B 558,335
4,418 Peugeot SA 949,997
2,258 *Rhodia, Inc. 62,970
11,772 Schneider SA 938,730
------------
Total Investments in France 5,814,562
- --------------------------------------------------------------------------------
Germany: 13.8%
107 Allianz Holdings AG 35,391
7,033 Allianz Holdings AG (Wts.) 40,890
4,298 Allianz Holdings AG 1,433,501
30,734 BASF AG 1,461,333
29,470 Bayer AG 1,526,240
15,763 Bayerische Vereinsbank AG 1,337,292
10,392 BHF Bank AG 395,869
12,196 Commerzbank AG 464,590
35,803 Deutsche Telekom 980,714
2,394 Heidelberger Druckmaschinen AG 198,455
29,467 Hoechst AG 1,482,786
3,092 Muenchener Rueckversicherungs AG 1,536,185
19,720 VEBA AG 1,326,913
2,180 Viag AG 1,501,321
------------
Total Investments in Germany 13,721,480
- --------------------------------------------------------------------------------
Ghana: 0.1%
9,956 Ashanti Goldfields Ltd. GDR 80,893
------------
Total Investments in Ghana 80,893
- --------------------------------------------------------------------------------
Hong Kong: 1.2%
58,000 Cheung Kong Holdings 285,209
165,000 +Citic Pacific Ltd. 291,753
74,000 Hutchison Whampoa Ltd. 390,630
124,162 New World Development Co., Ltd. 240,376
------------
Total Investments in Hong Kong 1,207,968
- --------------------------------------------------------------------------------
Italy: 0.6%
201,500 +Instituto Nazionale Delle Assicurazioni SPA 572,717
------------
Total Investments in Italy 572,717
- --------------------------------------------------------------------------------
Japan: 3.7%
18,000 Canon, Inc. 410,067
90,000 Dai Tokyo Fire & Marine Insurance Co., Ltd. 314,385
123,000 Daiwa Securities Co., Ltd. 531,069
43,000 Minebea Co., Ltd. 429,471
2,600 Nichiei Co., Ltd. 177,508
86,000 Nomura Securities Co., Ltd. 1,004,484
6,000 Ono Pharmaceutical 144,066
700 Shohkoh Fund & Co., Ltd. 172,633
MSF-46
<PAGE>
- ------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ------------------------------------------------------------------------------
Schedule of Investments
- ------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
June 30, 1998 (unaudited)
Value
Shares Issue (Note 1A)
- ------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ------------------------------------------------------------------------------
Japan: (Continued)
52,000 Sumitomo Metal Mining Co., Ltd. $ 211,731
15,000 Yamanouchi Pharmaceuticals Ltd. 313,517
------------
Total Investments in Japan 3,708,931
- ------------------------------------------------------------------------------
Netherlands: 2.0%
15,400 Aegon Insurance Group NV 1,340,942
9,965 *ING Groep NV 652,977
------------
Total Investments in Netherlands 1,993,919
- ------------------------------------------------------------------------------
South Africa: 0.4%
13,700 Anglo American Platinum Corp., Ltd. ADR 150,024
25,318 Sasol Ltd. 146,657
------------
Total Investments in South Africa 296,681
- ------------------------------------------------------------------------------
South Korea: 0.0%
301 Samsung Display Devices 8,221
1,230 *Samsung Electronics Co., Ltd. 38,074
------------
Total Investments in South Korea 46,295
- ------------------------------------------------------------------------------
Sweden: 2.7%
57,000 AGA AB Cl. B 871,866
48,482 Astra AB Cl. A 990,793
58,060 Skandia Foersaekrings AB 829,845
------------
Total Investments in Sweden 2,692,504
- ------------------------------------------------------------------------------
Switzerland: 9.0%
8,041 Ciba Specialty Chemicals AG 1,034,131
2,050 +Clariant AG 1,352,407
6,494 Credit Suisse Group 1,447,352
680 Holderbank Financiere Glarus AG 866,671
625 Nestle SA 1,339,728
958 Novartis AG 1,596,772
535 Swiss Reinsurance AG 1,355,252
------------
Total Investments in Switzerland 8,992,313
- ------------------------------------------------------------------------------
United Kingdom: 11.3%
47,837 BOC Group PLC 652,167
58,426 British Airways PLC 632,637
93,136 British Telecommunications PLC 1,150,768
110,893 Carlton Communications PLC 990,596
140,400 General Electric Co. PLC 1,210,810
112,625 National Grid Group PLC 759,722
36,152 Railtrack Group PLC 886,732
79,981 Reuters Group PLC 914,778
34,079 Rio Tinto-Zinc Corp. PLC 384,087
179,323 Shell Transport & Trading PLC 1,263,534
80,920 SmithKline Beecham PLC 988,345
128,900 Unilever PLC 1,373,130
------------
Total Investments in United Kingdom 11,207,306
- ------------------------------------------------------------------------------
United States: 24.6%
27,900 +*Advanced Micro Devices, Inc. 476,044
24,700 American Greetings Corp. Cl. A 1,258,156
6,300 Anheuser-Busch Co., Inc. 297,281
900 *Biogen, Inc. 44,100
21,100 Boeing Co. 940,269
6,600 *Boston Scientific Corp. 472,725
9,700 Charles Schwab Corp. 315,250
4,700 *Chiron Corp. 73,731
30,100 CINergy Corp. 1,053,500
13,000 Duke Energy Corp. 770,250
24,500 Electronic Data Systems Corp. 980,000
17,700 Enron Corp. 956,906
22,100 Equity Residential Properties Trust 1,048,369
10,100 Exxon Corp. 720,256
37,900 First Data Corp. 1,262,544
5,600 Guidant Corp. 399,350
12,200 International Business Machines Corp. 1,400,713
9,600 Lockheed Martin Corp. 1,016,400
17,600 MBIA, Inc. 1,317,800
19,300 +Newmont Mining Corp. 455,963
30,600 +*Parametric Technology Corp. 830,025
24,700 +PG&E Corp. 779,594
17,500 Praxair, Inc. 819,219
9,900 Prologis Trust 247,500
28,000 *Sabre Group Holdings, Inc. Cl. A 1,064,000
11,800 +*Sterling Commerce, Inc. 572,300
19,300 +*Stillwater Mining Co. 523,513
16,100 +*Tele-Communications International, Inc. Cl.A. 323,509
18,800 +*Tele-Communications, Inc. Cl. A 722,625
25,300 UNUM Corp. 1,404,150
15,000 +*USAirways Group, Inc. 1,188,750
22,800 Williams Cos., Inc. 769,500
------------
Total Investments in United States 24,504,292
- ------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $72,232,044)............................. 82,096,703
------------
- ------------------------------------------------------------------------------
MSF-47
<PAGE>
- ---------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ---------------------------------------------------------------------------
Schedule of Investments
- ---------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
June 30, 1998
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------
PREFERRED STOCK: 4.5%
- ---------------------------------------------------------------------------
Brazil: 1.0%
590,000 Companhia Cervejaria Brahma ADR $ 367,299
25,500 + Companhia Vale do Rio Doce ADR 518,109
28,600 Usinas Siderurgicas de Minas Gerais S/A ADR 143,912
-------------
Total Investments in Brazil 1,029,320
- ---------------------------------------------------------------------------
Germany: 3.5%
6,700 RWE AG non-vtg. 286,434
27,600 RWE AG 1,634,467
2,277 SAP AG 1,546,661
-------------
Total Investments in Germany 3,467,562
- ---------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $3,309,692)........................... 4,496,882
-------------
- ---------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ---------------------------------------------------------------------------
CORPORATE BONDS: 0.1%
- ---------------------------------------------------------------------------
United
Kingdom $ 30,000 National Grid Group
PLC 4.250% 2/17/08 $ 57,166
-------------
TOTAL CORPORATE BONDS
(Cost: $49,740).............................. 57,166
-------------
- ---------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 8.0%
- ---------------------------------------------------------------------------
+ 3,790,000 U.S. Treasury Bond 6.375% 8/15/27 4,161,875
+ 1,670,000 U.S. Treasury Note 6.125% 8/15/07 1,737,585
7,600,000 U.S. Treasury Strip -- 8/15/21 2,028,212
-------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $7,531,253)........................... 7,927,672
-------------
- ---------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 2.0%
- ---------------------------------------------------------------------------
United
Kingdom 994,000 U.K. Treasury 8.500% 7/16/07 1,952,719
-------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $1,760,713)........................... 1,952,719
-------------
- ---------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- ---------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.5%
- ---------------------------------------------------------------------------
$1,548,000 State Street Bank
Repurchase Agreement
(U.S. Treasury Bills
collateralized dated
7/1/98 due 2/15/04 @
13.750% with a
market value of
$1,579,607) 5.750% 7/01/98 $ 1,548,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $1,548,000)........................... 1,548,000
-----------
- ---------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 3.5%
- ---------------------------------------------------------------------------
3,500,000 Federal National
Mortgage Association 5.850% 7/01/98 3,500,000
-----------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $3,500,000)........................... 3,500,000
-----------
- ---------------------------------------------------------------------------
TOTAL INVESTMENTS: 102.2%
(Cost: $89,931,442).......................... 101,579,142
OTHER ASSETS LESS LIABILITIES: (2.2)%........ (2,168,228)
-----------
TOTAL NET ASSETS: 100.0%..................... $99,410,914
===========
- ---------------------------------------------------------------------------
LEGEND:
- -------
* Non-income producing security.
+ Securities on loan.
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1998, the market value of securities loaned was $8,046,124 with
collateral backing valued at $8,798,457.
See Notes to Financial Statements.
MSF-48
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Industry Diversification
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
As a Percentage of Total Value of Investments
Aerospace............................................................ 1.9%
Automotive........................................................... 1.0
Banking.............................................................. 3.8
Biotechnology........................................................ 0.1
Broadcasting......................................................... 2.7
Business Services.................................................... 2.1
Chemicals............................................................ 10.0
Construction Materials............................................... 0.9
Consumer Products.................................................... 1.4
Consumer Services.................................................... 0.3
Corporate............................................................ 0.1
Drugs & Health Care.................................................. 4.0
Electrical Equipment................................................. 1.2
Electronics.......................................................... 1.4
Federal Treasury Obligations......................................... 7.8
Financial Services................................................... 4.3
Food & Beverages..................................................... 3.1
Forest Products & Paper.............................................. 0.4
Government........................................................... 1.9
Government Sponsored: Federally Chartered............................ 3.4
Insurance............................................................ 12.6
Machinery............................................................ 0.6
Medical Supply....................................................... 2.3
Metals-Gold.......................................................... 0.5
Metals-Non-Ferrous................................................... 0.4
Metals-Steel & Iron.................................................. 1.5
Mining............................................................... 0.7
Multi-Industry....................................................... 2.8
Office & Business Equipment.......................................... 1.8
Oil-International.................................................... 2.9
Oil-Services......................................................... 1.0
Printing & Publishing................................................ 1.2
Real Estate.......................................................... 1.8
Software............................................................. 3.9
Telecommunications Equipment & Services.............................. 1.3
Tires & Rubber....................................................... 0.5
Transportation-Airlines.............................................. 2.8
Transportation-Railroad.............................................. 1.9
Utilities-Electric................................................... 4.6
Utilities-Gas Distribution & Pipelines............................... 0.9
Utilities-Telephone.................................................. 2.2
-----
100.0%
=====
See Notes to Financial Statements.
MSF-49
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1998 (unaudited)
<TABLE>
<CAPTION>
State Street
State Street State Street Research
Research Research Money
Growth Income Market
Portfolio Portfolio Portfolio
---------------- --------------- ----------------
<S> <C> <C> <C>
Assets: Investments, at value (Note 1A)(1).......................... $ 2,869,397,912 $ 458,067,320 $ 52,084,400
Cash ....................................................... 96,265 661 --
Foreign currencies held at value (2) ....................... -- -- --
Receivable for investment securities sold .................. 49,937,562 1,631,850 --
Receivable for fund shares sold ............................ 72,912 37,758 --
Receivable for dividends and interest ...................... 3,299,534 6,536,535 --
Unrealized appreciation on forward contracts (Note 10) ..... -- 577,447 --
Collateral for securities loaned (Note 7) .................. 196,234,283 35,471,748 --
Other assets ............................................... 121 2,291 16
----------------- --------------- ----------------
TOTAL ASSETS ..................................... 3,119,038,589 502,325,610 52,084,416
----------------- --------------- ----------------
Liabilities: Payable for investment securities purchased................. 11,893,679 8,833,321 --
Payable for capital stock repurchased ...................... 4,955 647 352,053
Unrealized depreciation on forward contracts (Note 10) ..... -- -- --
Return of collateral for securities loaned (Note 7) ........ 196,234,283 35,471,748 --
Accrued investment management fee (Note 3) ................. 1,104,406 121,872 1,623
Accrued and other liabilities .............................. 220,641 34,631 876,589
----------------- --------------- ----------------
TOTAL LIABILITIES ................................ 209,457,964 44,462,219 1,230,265
----------------- --------------- ----------------
Net Assets: $ 2,909,580,625 $ 457,863,391 $ 50,854,151
================= =============== ================
Composition
of Net Assets: Paid-in-capital............................................. 2,093,804,515 432,905,536 49,765,350
Undistributed/(overdistributed) net investment
income/(loss)............................................. 13,476,658 14,487,188 1,086,436
Net unrealized appreciation/(depreciation) ................. 612,892,159 9,102,047 --
Accumulated net realized gain/(loss) ....................... 189,407,293 1,368,620 2,365
----------------- --------------- ----------------
NET ASSETS ....................................... $ 2,909,580,625 $ 457,863,391 $ 50,854,151
================= =============== ================
SHARES OUTSTANDING ............................... 78,227,065 34,709,967 4,775,302
================= =============== ================
NET ASSET VALUE PER SHARE ........................ $ 37.19 $ 13.19 $ 10.65
================= =============== ================
Notes:
(1) Investments, at cost ................................... $ 2,256,505,753 $ 449,538,711 $ 52,084,400
(2) Cost of foreign currency ............................... -- -- --
<CAPTION>
State Street
Research
Diversified
Portfolio
-----------------
Assets: Investments, at value (Note 1A)(1).......................... $ 2,382,180,673
Cash ....................................................... 69,767
Foreign currencies held at value (2) ....................... --
Receivable for investment securities sold .................. 30,588,571
Receivable for fund shares sold ............................ 473,655
Receivable for dividends and interest ...................... 17,020,536
Unrealized appreciation on forward contracts (Note 10) ..... 1,315,758
Collateral for securities loaned (Note 7) .................. 262,949,759
Other assets ............................................... 6,383
-----------------
TOTAL ASSETS ..................................... 2,694,605,102
-----------------
Liabilities: Payable for investment securities purchased................. 14,593,110
Payable for capital stock repurchased ...................... 62,097
Unrealized depreciation on forward contracts (Note 10) ..... --
Return of collateral for securities loaned (Note 7) ........ 262,949,759
Accrued investment management fee (Note 3) ................. 836,171
Accrued and other liabilities .............................. 185,134
-----------------
TOTAL LIABILITIES ................................ 278,626,271
-----------------
Net Assets: $ 2,415,978,831
=================
Composition
of Net Assets: Paid-in-capital............................................. 1,978,957,261
Undistributed/(overdistributed) net
investment income/(loss).................................. 32,567,414
Net unrealized appreciation/(depreciation) ................. 280,316,126
Accumulated net realized gain/(loss) ....................... 124,138,030
-----------------
NET ASSETS ....................................... $ 2,415,978,831
=================
SHARES OUTSTANDING ............................... 128,255,195
=================
NET ASSET VALUE PER SHARE ........................ $ 18.84
=================
-------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ................................... $ 2,103,171,159
(2) Cost of foreign currency ............................... --
</TABLE>
See Notes to Financial Statements
MSF-50
<PAGE>
<TABLE>
<CAPTION>
State Street State Street Loomis
Research MetLife Research Sayles T. Rowe Price Scudder
Aggressive Stock International High Yield Janus Small Cap Global
Growth Index Stock Bond Mid Cap Growth Equity
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,479,123,230 $ 2,700,984,380 $ 293,726,424 $ 42,139,057 $ 265,433,741 $ 167,516,636 $ 101,579,142
31,849 6,300 5,740,999 996 60,392 4,177 4,339
-- -- 419,295 -- -- -- --
17,702,841 407,422 6,725,345 95,729 737,508 770,297 1,411,613
68,234 352,762 21,309 25,855 78,538 74,189 40,581
318,443 2,699,420 351,323 678,179 37,166 13,183 316,126
-- -- -- -- -- -- --
253,322,040 42,298,160 13,805,885 1,206,905 24,689,236 20,231,868 8,798,457
28 14,062 459,842 3,775 -- -- 80,548
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
1,750,566,665 2,746,762,506 321,250,422 44,150,496 291,036,581 188,610,350 112,230,806
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
8,107,654 -- 3,573,974 152,963 22,658,848 4,952,294 3,925,959
3,141 -- -- -- -- -- --
-- -- -- -- 143,261 -- 10,455
253,322,040 42,298,160 13,805,885 1,206,905 24,689,236 20,231,868 8,798,457
819,716 537,959 185,110 24,436 130,673 66,830 57,592
67,323 100,724 140,001 12,816 13,888 14,729 27,429
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
262,319,874 42,936,843 17,704,970 1,397,120 47,635,906 25,265,721 12,819,892
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
$ 1,488,246,791 $ 2,703,825,663 $ 303,545,452 $ 42,753,376 $ 243,400,675 $ 163,344,629 $ 99,410,914
=============== =============== =============== =============== =============== =============== ===============
1,110,182,380 1,653,986,536 259,627,985 43,228,642 204,140,673 153,996,156 86,333,950
(3,102,187) 14,209,237 3,809,042 1,715,045 (188,738) 79,849 879,494
239,769,503 986,371,354 50,921,649 (2,701,952) 34,473,911 14,012,159 11,637,868
141,397,095 49,258,536 (10,813,224) 511,641 4,974,829 (4,743,535) 559,602
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
$ 1,488,246,791 $ 2,703,825,663 $ 303,545,452 $ 42,753,376 $ 243,400,675 $ 163,344,629 $ 99,410,914
=============== =============== =============== =============== =============== =============== ===============
47,946,259 80,096,902 21,352,511 4,086,145 16,094,522 13,072,800 7,900,563
=============== =============== =============== =============== =============== =============== ===============
$ 31.04 $ 33.76 $ 14.22 $ 10.46 $ 15.12 $ 12.49 $ 12.58
=============== =============== =============== =============== =============== =============== ===============
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,239,353,681 $ 1,714,613,026 $ 242,845,569 $ 44,840,427 $ 230,817,032 $ 153,504,477 $ 89,931,442
-- -- 406,628 -- -- -- --
</TABLE>
MSF-51
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 1998 (unaudited)
<TABLE>
<CAPTION>
State Street
State Street State Street Research State Street
Research Research Money Research
Growth Income Market Diversified
Portfolio Portfolio Portfolio Portfolio
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
Investment Interest (Note 1B).................................... $ 5,128,928 $14,567,979 $1,199,379 $ 35,532,893
Income: Dividends (Note 1B)................................... 15,465,906 -- -- 6,999,263
------------ ----------- ---------- ------------
Total investment income, net of
withholding taxes (1)..................... 20,594,834 14,567,979 1,199,379 42,532,156
------------ ----------- ---------- ------------
Expenses: Investment management fee (Note 3A)................... 6,295,601 710,237 52,921 4,748,462
Printing and distribution fees........................ 337,885 60,191 6,437 283,682
Custodian and transfer agent fees..................... 190,235 79,573 22,019 215,518
Directors fees........................................ 5,590 5,590 5,590 5,590
Other operating expenses.............................. 22,223 16,541 12,971 22,155
------------ ----------- ---------- ------------
Total expenses before reimbursement......... 6,851,534 872,132 99,938 5,275,407
------------ ----------- ---------- ------------
Less: expense reimbursement................ -- -- -- --
------------ ----------- ---------- ------------
Net expenses................................ 6,851,534 872,132 99,938 5,275,407
------------ ----------- ---------- ------------
NET INVESTMENT INCOME/(LOSS)................ 13,743,300 13,695,847 1,099,441 37,256,749
------------ ----------- ---------- ------------
Net Realized Investments........................................... 190,902,582 4,104,107 -- 120,477,019
Gain/(Loss) On: Foreign currency transactions (Note 8)................ 160,425 (77,384) -- (189,027)
------------ ----------- ---------- ------------
NET REALIZED GAIN/(LOSS).................... 191,063,007 4,026,723 -- 120,287,992
------------ ----------- ---------- ------------
Net Unrealized Beginning of period investments and foreign
Appreciation/ currency holdings (Notes 8, 10)..................... 355,872,622 7,694,955 -- 179,266,518
(Depreciation): End of period investments and foreign currency
holdings (Notes 8, 10).............................. 612,892,159 9,102,047 -- 280,316,126
------------ ----------- ---------- ------------
NET UNREALIZED APPRECIATION/(DEPRECIATION).. 257,019,537 1,407,092 -- 101,049,608
------------ ----------- ---------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS................................ $461,825,844 $19,129,662 $1,099,441 $258,594,349
============ =========== ========== ============
------------------------------------------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned....................... $ 117,349 $ 14,449 -- $ 71,128
(2) Withholding taxes................................. $ 314,755 $ (25,741) -- $ 90,570
See Notes to Financial Statements.
</TABLE>
MSF-52
<PAGE>
<TABLE>
<CAPTION>
State Street State Street Loomis
Research MetLife Research Sayles T. Rowe Price Scudder
Aggressive Stock International High Yield Janus Small Cap Global
Growth Index Stock Bond Mid Cap Growth Equity
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 2,484,420 $ 332,979 $ 273,350 $ 1,826,225 $ 328,437 $ 276,932 $ 431,501
1,974,678 17,574,954 3,363,974 49,808 207,186 247,442 818,219
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
4,459,098 17,907,933 3,637,324 1,876,033 535,623 524,374 1,249,720
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
5,004,137 2,953,530 1,081,166 124,154 600,704 349,248 286,939
205,764 280,277 34,104 3,207 11,550 10,501 7,746
111,456 217,366 305,154 39,659 60,752 57,544 91,327
5,590 5,590 5,590 5,590 5,590 5,590 5,590
19,016 19,717 49,581 14,179 14,322 14,299 14,250
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
5,345,963 3,476,480 1,475,595 186,789 692,918 437,182 405,852
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
-- -- -- 26,473 -- -- 39,080
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
5,345,963 3,476,480 1,475,595 160,316 692,918 437,182 366,772
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
(886,865) 14,431,453 2,161,729 1,715,717 (157,295) 87,192 882,948
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
140,876,474 52,750,487 5,669,203 511,603 5,939,883 (4,317,099) 733,781
-- 61 (6,203,924) (635) (37,993) -- 73,534
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
140,876,474 52,750,548 (534,721) 510,968 5,901,890 (4,317,099) 807,315
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
196,900,177 680,466,140 (4,246,703) (1,078,040) 10,847,186 5,049,772 1,942,819
239,769,503 986,371,354 50,921,649 (2,701,952) 34,473,911 14,012,159 11,637,868
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
42,869,326 305,905,214 55,168,352 (1,623,912) 23,626,725 8,962,387 9,695,049
- --------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 182,858,935 $ 373,087,215 $ 56,795,360 $ 602,773 $ 29,371,320 $ 4,732,480 $ 11,385,312
=============== ============= ============= ============= ============= ============= =============
- ------------------------------------------------------------------------------------------------------------------------------------
$ 158,711 $ 63,172 $ 35,488 $ 2,214 $ 43,574 $ 41,245 $ 14,575
$ 19,033 $ 122,048 $ 483,935 $ 2,171 $ 6,143 $ 572 $ 94,401
</TABLE>
MSF-53
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
State Street State Street
Research Growth Research Income
Portfolio Portfolio
----------------------------------- -----------------------------------
Increase/(Decrease) in Net Assets From: For the Six For the Six
Months Ended For the Year Months Ended For the Year
June 30, Ended June 30, Ended
1998 December 31, 1998 December 31,
(Unaudited) 1997 (Unaudited) 1997
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Operations: Net investment income/(loss) ........ $ 13,743,300 $ 27,619,047 $ 13,695,847 $ 25,458,694
Net realized gain/(loss) from
investment and foreign currency
transactions ...................... 191,063,007 346,717,684 4,026,723 3,041,326
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings ..... 257,019,537 112,123,732 1,407,092 8,112,454
--------------- --------------- --------------- ---------------
Net increase/(decrease) in net
assets resulting from operations .. 461,825,844 486,460,463 19,129,662 36,612,474
--------------- --------------- --------------- ---------------
Distributions Net investment income ............. -- (27,776,294) (391,046) (26,501,290)
to Net realized gain from investment
Shareholders: transactions ...................... (67,207,029) (386,087,667) (889,238) (1,217,790)
--------------- --------------- --------------- ---------------
Total Distributions (Note 4) ........ (67,207,029) (413,863,961) (1,280,284) (27,719,080)
--------------- --------------- --------------- ---------------
Capital Share Net proceeds from sale of shares .... 111,970,195 281,613,597 35,594,152 25,921,259
Transactions: Net asset value of shares issued to
shareholders in reinvestment of
distributions ..................... 67,207,029 413,863,961 1,280,284 27,719,080
Shares redeemed ..................... (13,276,997) (16,740,952) (9,051,054) (33,737,940)
--------------- --------------- --------------- ---------------
Net Capital Stock Transactions
(Note 9) .......................... 165,900,227 678,736,606 27,823,382 19,902,399
--------------- --------------- --------------- ---------------
NET INCREASE/(DECREASE) IN
NET ASSETS ........................ 560,519,042 751,333,108 45,672,760 28,795,793
NET ASSETS: Beginning of period ..... 2,349,061,583 1,597,728,475 412,190,631 383,394,838
--------------- --------------- --------------- ---------------
NET ASSETS: End of period ........... $ 2,909,580,625 $ 2,349,061,583 $ 457,863,391 $ 412,190,631
=============== =============== =============== ===============
<CAPTION>
State Street
Research Money Market
Portfolio
----------------------------------
Increase/(Decrease) in Net Assets From: For the Six
Months Ended For the Year
June 30, Ended
1998 December 31,
(Unaudited) 1997
--------------- ---------------
<S> <C> <C>
Operations: Net investment income/(loss) ........ $ 1,099,441 $ 2,140,715
Net realized gain/(loss) from
investment and foreign currency
transactions ...................... -- 561
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings ..... -- --
--------------- ---------------
Net increase/(decrease) in net
assets resulting from operations .. 1,099,441 2,141,276
--------------- ---------------
Distributions Net investment income ............. -- (2,143,228)
to Net realized gain from investment
Shareholders: transactions ...................... -- (561)
--------------- ---------------
Total Distributions (Note 4) ........ -- (2,143,789)
--------------- ---------------
Capital Share Net proceeds from sale of shares .... 29,808,838 25,785,388
Transactions: Net asset value of shares issued to
shareholders in reinvestment of
distributions ..................... -- 2,143,789
Shares redeemed ..................... (19,533,967) (30,083,456)
--------------- ---------------
Net Capital Stock Transactions
(Note 9) .......................... 10,274,871 (2,154,279)
--------------- ---------------
NET INCREASE/(DECREASE) IN
NET ASSETS ........................ 11,374,312 (2,156,792)
NET ASSETS: Beginning of period ..... 39,479,839 41,636,631
--------------- ---------------
NET ASSETS: End of period ........... $ 50,854,151 $ 39,479,839
=============== ===============
- --------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
MSF-54
<PAGE>
<TABLE>
<CAPTION>
State Street State Street MetLife State Street Research
Research Diversified Research Aggressive Growth Stock Index International Stock
Portfolio Portfolio Portfolio Portfolio
- ------------------------------ ---------------------------------- ------------------------------- ---------------------------
For the Six For the Six For the Six For the Six
Months Ended For the Year Months Ended For the Year Months Ended For the Year Months Ended For the Year
June 30, Ended June 30, Ended June 30, Ended June 30, Ended
1998 December 31, 1998 December 31, 1998 December 31, 1998 December 31,
(Unaudited) 1997 (Unaudited) 1997 (Unaudited) 1997 (Unaudited) 1997
- --------------- ---------------- ----------------- ---------------- --------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 37,256,749 $ 60,099,946 $ (886,865) $ (1,316,297) $ 14,431,453 $ 23,100,778 $ 2,161,729 $ 2,309,120
120,287,992 216,669,622 140,876,474 30,729,705 52,750,548 17,206,056 (534,721) 7,855,657
101,049,608 39,574,009 42,869,326 60,037,942 305,905,214 376,814,539 55,168,352 (15,285,575)
- --------------- ---------------- ----------------- ---------------- --------------- --------------- -------------- --------------
258,594,349 316,343,577 182,858,935 89,451,350 373,087,215 417,121,373 56,795,360 (5,120,798)
- --------------- ---------------- ----------------- ---------------- --------------- --------------- -------------- --------------
-- (61,064,178) -- -- -- (23,568,303) (661,807) --
(34,673,093) (237,658,263) (15,925,025) (55,883,502) (2,581,292) (16,507,210) -- --
- --------------- ---------------- ----------------- ---------------- --------------- --------------- -------------- --------------
(34,673,093) (298,722,441) (15,925,025) (55,883,502) (2,581,292) (40,075,513) (661,807) --
- --------------- ---------------- ----------------- ---------------- --------------- --------------- -------------- --------------
178,114,520 226,893,034 29,198,698 103,191,357 322,120,312 496,672,317 61,881,445 49,148,625
34,673,093 298,722,441 15,925,025 55,883,502 2,581,292 40,075,513 661,807 --
(2,961,752) (9,846,064) (115,766,454) (122,536,459) (11,861,900) (15,610,988) (82,220,162) (80,764,501)
- --------------- ---------------- ----------------- ---------------- --------------- --------------- -------------- --------------
209,825,861 515,769,411 (70,642,731) 36,538,400 312,839,704 521,136,842 (19,676,910) (31,615,876)
- --------------- ---------------- ----------------- ---------------- --------------- --------------- -------------- --------------
433,747,117 533,390,547 96,291,179 70,106,248 683,345,627 898,182,702 36,456,643 (36,736,674)
1,982,231,714 1,448,841,167 1,391,955,612 1,321,849,364 2,020,480,036 1,122,297,334 267,088,809 303,825,483
- --------------- ---------------- ----------------- ---------------- --------------- --------------- -------------- --------------
$ 2,415,978,831 $ 1,982,231,714 $ 1,488,246,791 $ 1,391,955,612 $ 2,703,825,663 $ 2,020,480,036 $ 303,545,452 $ 267,088,809
=============== ================ ================= ================ =============== =============== ============== ==============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
MSF-55
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Loomis Sayles Janus
High Yield Bond Mid Cap
Portfolio Portfolio
------------------------------- -------------------------------
Increase/(Decrease) in Net Assets From: For the For the
For the Six Period For the Six Period
Months Ended March 3, Months Ended March 3,
June 30, 1997 to June 30, 1997 to
1998 December 31, 1998 December 31,
(Unaudited) 1997 (Unaudited) 1997
-------------- ---------------- -------------- ----------------
Operations: Net investment income/(loss) ..... $ 1,715,717 $ 918,473 $ (157,295) $ 40,370
Net realized gain/(loss) from
investment and foreign currency
transactions ................... 510,968 325,936 5,901,890 (591,976)
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. (1,623,912) (1,078,040) 23,626,725 10,847,186
-------------- ---------------- -------------- ----------------
Net increase/(decrease) in net
assets resulting from operations 602,773 166,369 29,371,320 10,295,580
-------------- ---------------- -------------- ----------------
Distributions to Net investment income ............ -- (919,145) -- (71,815)
Shareholders: Net realized gain from investment
transactions ................... (8,184) (317,080) -- (335,084)
-------------- ---------------- -------------- ----------------
Total Distributions (Note 4) ..... (8,184) (1,236,225) -- (406,899)
-------------- ---------------- -------------- ----------------
Capital Share Net proceeds from sale of shares . 16,008,057 29,791,455 111,140,990 93,684,756
Transactions: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. 8,184 1,236,225 -- 406,899
Shares redeemed .................. (1,661,120) (2,154,158) (963,276) (128,695)
-------------- ---------------- -------------- ----------------
Net Capital Stock Transactions
(Note 9) ....................... 14,355,121 28,873,522 110,177,714 93,962,960
-------------- ---------------- -------------- ----------------
NET INCREASE/(DECREASE) IN
NET ASSETS ..................... 14,949,710 27,803,666 139,549,034 103,851,641
NET ASSETS: Beginning of period .. 27,803,666 -- 103,851,641 --
-------------- ---------------- -------------- ----------------
NET ASSETS: End of period ........ $ 42,753,376 $ 27,803,666 $243,400,675 $ 103,851,641
============== ================ ============== ================
<CAPTION>
T. Rowe Price
Small Cap Growth
Portfolio
-------------------------------
Increase/(Decrease) in Net Assets From: For the
For the Six Period
Months Ended March 3,
June 30, 1997 to
1998 December 31,
(Unaudited) 1997
-------------- --------------
<S> <C> <C>
Operations: Net investment income/(loss) ..... $ 87,192 $ 2,812
Net realized gain/(loss) from
investment and foreign currency
transactions ................... (4,317,099) (426,436)
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. 8,962,387 5,049,772
------------- -------------
Net increase/(decrease) in net
assets resulting from operations 4,732,480 4,626,148
------------- -------------
Distributions to Net investment income ............ -- (10,155)
Shareholders: Net realized gain from investment
transactions ................... -- --
------------- -------------
Total Distributions (Note 4) ..... -- (10,155)
------------- -------------
Capital Share Net proceeds from sale of shares . 100,779,109 107,739,742
Transactions: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. -- 10,155
Shares redeemed .................. (36,186,966) (18,345,884)
------------- -------------
Net Capital Stock Transactions
(Note 9) ....................... 64,592,143 89,404,013
------------- -------------
NET INCREASE/(DECREASE) IN
NET ASSETS ..................... 69,324,623 94,020,006
NET ASSETS: Beginning of period .. 94,020,006 --
------------- -------------
NET ASSETS: End of period ........ $ 163,344,629 $ 94,020,006
============= =============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
MSF-56
<PAGE>
<TABLE>
<CAPTION>
Scudder
Global Equity
Portfolio
--------------------------------
For the
For the Six Period
Months Ended March 3,
June 30, 1997 to
1998 December 31,
(Unaudited) 1997
------------ ------------
<S> <C> <C>
Increase/(Decrease) in Net Assets From:
Operations:
Net investment income/(loss) ............................ $ 882,948 $ 559,500
Net realized gain/(loss) from investment
and foreign currency transactions ................... 807,315 (37,763)
Unrealized appreciation/(depreciation) of
investments and foreign currency holdings ........... 9,695,049 1,942,819
------------ ------------
Net increase/(decrease) in net
assets resulting from operations..................... 11,385,312 2,464,556
------------ ------------
Distributions to Shareholders:
Net investment income ................................... -- (562,955)
Net realized gain from investment transactions .......... (129,023) (80,927)
------------ ------------
Total Distributions (Note 4) .................. (129,023) (643,882)
------------ ------------
Capital Share Transactions:
Net proceeds from sale of shares ........................ 38,265,243 63,644,896
Net asset value of shares issued to
shareholders in reinvestment of distributions ....... 129,023 643,882
Shares redeemed ......................................... (10,951,783) (5,397,310)
------------ ------------
Net Capital Stock Transactions (Note 9) ................. 27,442,483 58,891,468
------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS ................... 38,698,772 60,712,142
NET ASSETS: Beginning of period ..................... 60,712,142 --
------------ ------------
NET ASSETS: End of period ........................... $ 99,410,914 $ 60,712,142
============ ============
</TABLE>
MSF-57
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
State Street Research Growth Portfolio
--------------------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1998 ----------------------------------------------------------------
(unaudited) 1997 1996 1995 1994 1993
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............ $31.92 $30.51 $27.56 $21.81 $23.27 $21.72
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ......................... 0.18 0.44 0.36 0.35 0.30 0.28
Net realized and unrealized gain/(loss) ....... 5.98 7.72 5.78 6.83 (1.06) 3.24
-------- -------- -------- -------- -------- --------
Total From Investment Operations ........ 6.16 8.16 6.14 7.18 (0.76) 3.52
-------- -------- -------- -------- -------- --------
Less Distributions:
- -------------------
Dividends from net investment income .......... -- (0.44) (0.36) (0.35) (0.30) (0.28)
Distributions from net realized capital gains . (0.89) (6.31) (2.83) (1.08) (0.40) (1.69)
-------- -------- -------- -------- -------- --------
Total Distributions ..................... (0.89) (6.75) (3.19) (1.43) (0.70) (1.97)
-------- -------- -------- -------- -------- --------
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................. $37.19 $31.92 $30.51 $27.56 $21.81 $23.27
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return .................................. 19.40% 28.36% 22.18% 33.14% (3.25)% 14.40%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ........... $2,909,581 $2,349,062 $1,597,728 $1,094,751 $746,433 $640,413
Operating expenses to average net assets (1) .. 0.54% 0.43% 0.29% 0.31% 0.32% 0.28%
Net investment income to average net assets (1) 1.08% 1.37% 1.29% 1.46% 1.40% 1.19%
Portfolio turnover (2) ........................ 38.02% 82.81% 93.05% 45.52% 57.27% 66.27%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total
return figures for all periods shown.
(1) Ratios for the six months ended June 30, 1998 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for June 30, 1998 amounted to $1,035,033,533 and $938,155,848,
respectively.
See Notes to Financial Statements.
MSF-58
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
State Street Research Income Portfolio
--------------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1998 ------------------------------------------------------------
(unaudited) 1997 1996 1995 1994 1993
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period............ $12.66 $12.36 $12.73 $11.32 $12.59 $12.22
- -----------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ---------------------
Net investment income.......................... 0.39 0.83 0.82 0.83 0.91 0.83
Net realized and unrealized gain/(loss)........ 0.18 0.38 (0.36) 1.38 (1.31) 0.86
---------- --------- --------- --------- --------- --------
Total From Investment Operations......... 0.57 1.21 0.46 2.21 (0.40) 1.69
---------- --------- --------- --------- --------- --------
Less Distributions:
- -------------------
Dividends from net investment income........... (0.01) (0.87) (0.81) (0.80) (0.87) (0.88)
Distributions from net realized capital gains.. (0.03) (0.04) (0.02) -- -- (0.44)
---------- --------- --------- --------- --------- --------
Total Distributions...................... (0.04) (0.91) (0.83) (0.80) (0.87) (1.32)
---------- --------- --------- --------- --------- --------
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period.................. $13.19 $12.66 $12.36 $12.73 $11.32 $12.59
- -----------------------------------------------------------------------------------------------------------------------------
Total Return................................... 4.49% 9.83% 3.60% 19.55% (3.15)% 11.36%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's)............ $457,863 $412,191 $383,395 $349,913 $275,659 $299,976
Operating expenses to average net assets (1)... 0.40% 0.38% 0.32% 0.34% 0.35% 0.32%
Net investment income to average net assets (1) 6.29% 6.57% 6.64% 7.01% 7.02% 6.39%
Portfolio turnover (2)......................... 53.80% 121.92% 92.90% 102.88% 141.15% 136.98%
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total
return figures for all periods shown.
(1) Ratios for the six months ended June 30, 1998 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1998 amounted to
$274,992,671 and $224,426,095, respectively.
See Notes to Financial Statements.
MSF-59
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
State Street Research Money Market Portfolio
------------------------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1998 ---------------------------------------------------------------------
(unaudited) 1997 1996 1995 1994 1993
----------- ---- ---- ---- ---- ----
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ........... $10.38 $10.44 $10.45 $10.48 $10.49 $10.52
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ---------------------
Net investment income ......................... 0.27 0.54 0.53 0.59 0.40 0.28
------ ------ ------ ------ ------ ------
Total From Investment Operations ........ 0.27 0.54 0.53 0.59 0.40 0.28
------ ------ ------ ------ ------ ------
Less Distributions:
- -------------------
Dividends from net investment income .......... -- (0.60) (0.54) (0.62) (0.41) (0.31)
------ ------ ------ ------ ------ ------
Total Distributions ..................... -- (0.60) (0.54) (0.62) (0.41) (0.31)
------ ------ ------ ------ ------ ------
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................. $10.65 $10.38 $10.44 $10.45 $10.48 $10.49
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return .................................. 2.60% 5.21% 5.01% 5.59% 3.85% 2.90%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ........... $50,854 $39,480 $41,637 $40,456 $39,961 $44,321
Operating expenses to average net assets (1) .. 0.47% 0.49% 0.43% 0.49% 0.44% 0.38%
Net investment income to average net assets (1) 5.12% 5.08% 4.92% 5.39% 3.76% 2.85%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 1998 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
See Notes to Financial Statements.
MSF-60
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
State Street Research Diversified Portfolio
--------------------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1998 -----------------------------------------------------------------
(unaudited) 1997 1996 1995 1994 1993
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............ $16.98 $16.67 $15.95 $13.40 $14.41 $13.58
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ---------------------
Net investment income ......................... 0.29 0.60 0.55 0.59 0.51 0.46
Net realized and unrealized gain/(loss) ....... 1.85 2.71 1.77 3.02 (0.95) 1.58
-------- -------- -------- -------- -------- --------
Total From Investment Operations ........ 2.14 3.31 2.32 3.61 (0.44) 2.04
-------- -------- -------- -------- -------- --------
Less Distributions:
- ------------------
Dividends from net investment income .......... -- (0.60) (0.53) (0.58) (0.50) (0.54)
Distributions from net realized capital gains . (0.28) (2.40) (1.07) (0.48) (0.07) (0.67)
-------- -------- -------- -------- -------- --------
Total Distributions ..................... (0.28) (3.00) (1.60) (1.06) (0.57) (1.21)
-------- -------- -------- -------- -------- --------
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................. $18.84 $16.98 $16.67 $15.95 $13.40 $14.41
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return .................................. 12.65% 20.58% 14.52% 27.03% (3.06)% 12.75%
Supplemental Data/Significant Ratios:
- ------------------------------------
Net assets at end of period (000's) ........... $2,415,979 $1,982,232 $1,448,841 $1,114,834 $892,826 $743,798
Operating expenses to average net assets (1) .. 0.48% 0.40% 0.29% 0.31% 0.32% 0.29%
Net investment income to average net assets (1) 3.38% 3.50% 3.38% 3.92% 3.66% 3.16%
Portfolio turnover (2) ........................ 52.62% 114.79% 91.07% 79.29% 96.49% 95.84%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total
return figures for all periods shown.
(1) Ratios for the six months ended June 30, 1998 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1998 amounted to
$1,303,201,075 and $1,087,548,177, respectively.
See Notes to Financial Statements.
MSF-61
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
State Street Research Aggressive Growth Portfolio
-------------------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1998 ---------------------------------------------------------------
(unaudited) 1997 1996 1995 1994 1993
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............ $27.61 $27.11 $25.87 $22.05 $22.54 $19.52
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ......................... (0.02) (0.03) (0.02) (0.01) 0.05 0.04
Net realized and unrealized gain/(loss) ....... 3.79 1.67 2.01 6.50 (0.48) 5.06
-------- ------- ------- ------- ------- -------
Total From Investment Operations ........ 3.77 1.64 1.99 6.49 (0.43) 5.10
-------- ------- ------- ------- ------- -------
Less Distributions:
- -------------------
Dividends from net investment income .......... -- -- -- -- (0.05) (0.06)
Distributions from net realized capital gains . (0.34) (1.14) (0.75) (2.67) (0.01) (2.02)
-------- ------- ------- ------- ------- -------
Total Distributions ..................... (0.34) (1.14) (0.75) (2.67) (0.06) (2.08)
-------- ------- ------- ------- ------- -------
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................. $31.04 $27.61 $27.11 $25.87 $22.05 $22.54
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return .................................. 13.65% 6.67% 7.72% 29.50% (1.88)% 22.63%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ........... $1,488,247 $1,391,956 $1,321,849 $958,915 $590,047 $387,949
Operating expenses to average net assets (1) .. 0.74% 0.81% 0.79% 0.81% 0.82% 0.79%
Net investment income to average net assets (1) (0.12)% (0.10)% (0.11)% (0.06)% 0.24% 0.18%
Portfolio turnover (2) ........................ 60.34% 219.08% 221.23% 255.83% 186.52% 120.82%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total
return figures for all periods shown.
(1) Ratios for the six months ended June 30, 1998 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1998 amounted to
$820,794,661 and $869,559,809, respectively.
See Notes to Financial Statements.
MSF-62
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
MetLife Stock Index Portfolio
------------------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1998 ------------------------------------------------------------
(unaudited) 1997 1996 1995 1994 1993
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............ $28.78 $22.23 $18.56 $13.87 $14.25 $13.27
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ......................... 0.18 0.34 0.33 0.32 0.33 0.35
Net realized and unrealized gain/(loss) ....... 4.83 6.79 3.88 4.79 (0.17) 0.98
------- ------- ------- ------- ------- -------
Total From Investment Operations ........ 5.01 7.13 4.21 5.11 0.16 1.33
------- ------- ------- ------- ------- -------
Less Distributions:
- -------------------
Dividends from net investment income .......... -- (0.34) (0.33) (0.32) (0.32) (0.35)
Distributions from net realized capital gains.. (0.03) (0.24) (0.21) (0.10) (0.22) --
------- ------- ------- ------- ------- -------
Total Distributions ..................... (0.03) (0.58) (0.54) (0.42) (0.54) (0.35)
------- ------- ------- ------- ------- -------
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................. $33.76 $28.78 $22.23 $18.56 $13.87 $14.25
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return .................................. 17.42% 32.19% 22.66% 36.87% 1.18% 9.54%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ........... $2,703,826 $2,020,480 $1,122,297 $635,823 $363,001 $282,700
Operating expenses to average net assets (1) .. 0.29% 0.33% 0.30% 0.32% 0.33% 0.32%
Net investment income to average
net assets (1)............................... 1.21% 1.47% 1.91% 2.22% 2.51% 2.51%
Portfolio turnover (2) ........................ 8.29% 10.69% 11.48% 6.35% 6.66% 13.99%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total
return figures for all periods shown.
(1) Ratios for the six months ended June 30, 1998 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1998 amounted to
$524,492,805 and $196,816,254, respectively.
See Notes to Financial Statements.
MSF-63
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
State Street Research International Stock Portfolio
---------------------------------------------------------------------------
For the Six
Months Ended Year Ended December 31,
June 30, 1998 ------------------------------------------------------------
(unaudited) 1997 1996 1995 1994 1993
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period..................... $11.67 $11.95 $12.29 $12.30 $12.33 $8.63
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income................................... 0.11 0.10 0.07 0.03 0.08 0.02
Net realized and unrealized gain/(loss)................. 2.47 (0.38) (0.28) 0.07 0.54 4.52
------ ------ ------ ------ ------ ------
Total From Investment Operations.................. 2.58 (0.28) (0.21) 0.10 0.62 4.54
------ ------ ------ ------ ------ ------
Less Distributions:
Dividends from net investment income.................... (0.03) -- -- (0.04) -- (0.26)
Distributions from net realized capital gains........... -- -- (0.13) (0.07) (0.65) (0.58)
------ ------ ------ ------ ------ ------
Total Distributions .............................. (0.03) -- (0.13) (0.11) (0.65) (0.84)
------ ------ ------ ------ ------ ------
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .......................... $14.22 $11.67 $11.95 $12.29 $12.30 $12.33
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return ........................................... 22.12% (2.34)% (1.77)% 0.84% 5.08% 47.76%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ....................$303,545 $267,089 $303,826 $297,461 $272,952 $120,781
Net expenses to average net assets (Note 3) (1) ........ 1.02% 1.03% 0.97% 1.01% 1.04% 1.14%
Operating expenses to average net assets before
voluntary expense reimbursements (Note 3) (1) ........ N/A N/A N/A N/A N/A 1.15%
Net investment income to average net assets (1) ........ 1.49% 0.77% 0.56% 0.21% 0.80% 0.15%
Net investment income to average net assets before
voluntary expense reimbursements (Note 3) (1) ........ N/A N/A N/A N/A N/A 0.15%
Portfolio turnover (2) ................................. 59.45% 182.11% 116.67% 86.24% 65.84% 88.90%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total
return figures for all periods shown.
(1) Ratios for the six months ended June 30, 1998 have been determined on
annualized operating results for the period. Twelve-months results
may be different.
(2) The lesser of purchases or sales of portfolio securities for a
period, divided by the monthly average of the market value of
portfolio securities owned during the period. Securities with a
maturity or expiration date at the time of acquisition of one year or
less are excluded from the calculation. Purchases and sales of
securities (excluding short-term securities) for June 30, 1998
amounted to $166,954,243 and $180,229,673, respectively.
See Notes to Financial Statements.
MSF-64
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Loomis Sayles
High Yield Bond Portfolio
-----------------------------------
For the Six For the Period
Months Ended March 3, 1997 to
June 30, 1998 December 31,
(unaudited) 1997
--------------- ----------------
<S> <C> <C>
- --------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ......................... $ 10.14 $ 10.00
- --------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ....................................... 0.42 0.35
Net realized and unrealized gain/(loss) ..................... (0.10) 0.26
--------- ---------
Total From Investment Operations ...................... 0.32 0.61
--------- ---------
Less Distributions:
- ------------------
Dividends from net investment income ........................ -- (0.35)
Distributions from net realized capital gains ............... --(3) (0.12)
--------- ---------
Total Distributions ................................... -- (0.47)
--------- ---------
- --------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ............................... $ 10.46 $ 10.14
- --------------------------------------------------------------------------------------------------
Total Return ................................................ 3.18% 6.18%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's).......................... $ 42,753 $ 27,804
Net expenses to average net assets (Note 3) (1) ............. 0.90% 0.83%
Operating expenses to average net assets before voluntary
expense reimbursements (Note 3) (1) ....................... 1.05% 1.35%
Net investment income to average net assets (1) ............. 9.62% 7.04%
Net investment income to average net assets before voluntary
expense reimbursements (Note 3) (1) ....................... 9.47% 6.52%
Portfolio turnover (2) ...................................... 28.48% 39.26%
- --------------------------------------------------------------------------------------------------
<CAPTION>
Janus
Mid Cap Portfolio
-----------------------------------
For the Six For the Period
Months Ended March 3, 1997 to
June 30, 1998 December 31,
(unaudited) 1997
--------------- ----------------
<S> <C> <C>
- --------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ......................... $ 12.77 $ 10.00
- --------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ....................................... (0.01) 0.01
Net realized and unrealized gain/(loss) ..................... 2.36 2.81
--------- ---------
Total From Investment Operations ...................... 2.35 2.82
--------- ---------
Less Distributions:
- ------------------
Dividends from net investment income ........................ -- (0.01)
Distributions from net realized capital gains ............... -- (0.04)
--------- ---------
Total Distributions ................................... -- (0.05)
--------- ---------
- --------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ............................... $ 15.12 $ 12.77
- --------------------------------------------------------------------------------------------------
Total Return ................................................ 18.48% 28.22%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's).......................... $ 243,401 $ 103,852
Net expenses to average net assets (Note 3) (1) ............. 0.83% 0.85%
Operating expenses to average net assets before voluntary
expense reimbursements (Note 3) (1) ....................... N/A 0.99%
Net investment income to average net assets (1) ............. (0.19)% 0.10%
Net investment income to average net assets before voluntary
expense reimbursements (Note 3) (1) ....................... N/A (0.04)%
Portfolio turnover (2) ...................................... 45.49% 74.70%
</TABLE>
- --------------------------------------------------------------------------------
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total
return figures for all periods shown.
(1) Ratios for the six months ended June 30, 1998 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1998 amounted to:
$25,878,485 and $9,821,970 for the Loomis Sayles High Yield Bond
Portfolio, $188,671,364 and $73,994,203 for the Janus Mid Cap
Portfolio, respectively.
(3) Less than $.005 per share.
See Notes to Financial Statements.
MSF-65
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
T. Rowe Price Scudder
Small Cap Growth Portfolio Global Equity Portfolio
--------------------------------- ---------------------------------
For the Six For the Period For the Six For the Period
Months Ended March 3, 1997 to Months Ended March 3, 1997 to
June 30, 1998 December 31, June 30, 1998 December 31,
(unaudited) 1997 (unaudited) 1997
--------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ........................... $11.88 $10.00 $10.85 $10.00
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ......................................... 0.01 -- 0.11 0.10
Net realized and unrealized gain .............................. 0.60 1.88 1.64 0.86
------ ------ ------ ------
Total From Investment Operations ........................ 0.61 1.88 1.75 0.96
------ ------ ------ ------
Less Distributions:
- -------------------
Dividends from net investment income .......................... -- --(3) -- (0.10)
Distributions from net realized capital gains ................. -- -- (0.02) (0.01)
------ ------ ------ ------
Total Distributions ..................................... -- -- (0.02) (0.11)
------ ------ ------ ------
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................................. $12.49 $11.88 $12.58 $10.85
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return .................................................. 5.13% 18.81% 16.11% 9.62%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's)............................ $163,345 $94,020 $99,411 $60,712
Net expenses to average net assets (Note 3) (1) ............... 0.66% 0.67% 0.92% 0.78%
Operating expenses to average net assets before voluntary
expense reimbursements (Note 3) (1) ......................... 0.66% 0.86% 1.01% 1.14%
Net investment income to average net assets (1) ............... 0.13% 0.01% 2.20% 1.66%
Net investment income to average net assets before voluntary
expense reimbursements (Note 3) (1) ......................... 0.13% (0.19)% 2.11% 1.30%
Portfolio turnover (2) ........................................ 22.98% 13.45% 9.68% 36.04%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total
return figures for all periods shown.
(1) Ratios for the six months ended June 30, 1998 have been determined
on annualized operating results for the period. Twelve-month results
may be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for June 30, 1998 amounted to:
$88,344,901 and $28,741,844 for the T. Rowe Price Small Cap Growth
Portfolio, $37,217,026 and $7,266,491 for the Scudder Global Equity
Portfolio, respectively.
(3) Less than $.005 per share.
See Notes to Financial Statements.
MSF-66
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
1. Significant The Metropolitan Series Fund, Inc. ("Fund") is registered
Accounting under the Investment Company Act of 1940 as an open end
Policies investment company. All of the portfolios of the Fund are
diversified as defined under securities laws. 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 domestic 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 (except for the Loomis Sayles
High Yield Portfolio, which in the latter case would value
such securities at the last bid price). Securities trading
primarily on non-domestic exchanges are valued at the
preceding closing price on the exchange where it primarily
trades (or, in the case of the Loomis Sayles High Yield Bond
and Scudder Global Equity Portfolios, the last sale). A
security that is listed or traded on more than one exchange
is valued at the quotation on the exchange determined to be
the primary market for that security by the Board of
Directors or its delegates. If no closing price is
available, then such securities are valued by using the mean
between the last current bid and asked prices or, second, by
using the last available closing price (except for the
Scudder Global Equity Portfolio which second values such
securities at the last current bid, and third by using the
last available price). Domestic 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
(except for the Loomis Sayles High Yield Bond Portfolio,
which, in the latter case, would value such security at the
last bid price; or the Scudder Global Equity Portfolio which
would value such security first at the last sale, and second
at the bid price). All non-U.S. securities traded in the
over-the-counter securities market are valued at the last
sale quote, if market quotations are available, or the last
closing bid price, if there is no active trading in a
particular security for a given day. Where market quotations
are not readily available for such non-domestic
over-the-counter securities, then such securities will be
valued in good faith by a method that the Board of
Directors, or its delegates, believe accurately reflects
fair value. Portfolio securities which are traded both in
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. Securities
and assets for which market quotations are not readily
available (e.g. certain long-term bonds and notes) 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 and typically utilized by other
institutional-sized trading organizations. Forward foreign
currency exchange contracts are valued based on the closing
prices of the forward currency contract rates in the London
foreign exchange markets on a daily basis as provided by a
reliable bank or dealer. Short-term instruments with a
remaining maturity of sixty days or less are valued
utilizing the amortized cost method of valuation. If for any
reason the fair value of any security is not fairly
reflected by such method, such security will be valued by
the same methods as securities having a maturity of more
than sixty days.
Options, whether on securities, indices, or futures
contracts, are valued at the last sales price available as
of the close of business on the day of valuation or, if no
sale, at the mean between the bid and asked prices. Options
on currencies are valued at the spot price each day. As a
general matter, futures contracts are marked-to-market
daily. The value of futures contracts will be the sum of the
margin deposit plus or minus the difference between the
value of the futures contract on each day the net asset
value is calculated and the value on the date the futures
contract originated, value being that established on a
recognized commodity exchange, or by reference to other
customary sources, with gain or loss being realized when the
futures contract closes or expires.
------------------------------------------------------------
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 on investments and unrealized
appreciation and depreciation are determined on the
identified cost basis, which is the same basis used for
federal income tax purposes. Asset and liability accounts
that are denominated in foreign currencies are adjusted to
reflect current exchange rates prevailing on the respective
dates traded.
------------------------------------------------------------
C. Federal Income Taxes: It is the Fund's policy to comply with
the requirements of the Internal Revenue Code and
regulations thereunder applicable to regulated investment
companies and to distribute all of its taxable income to
shareholders. Therefore, no Federal income tax provision is
required. At December 31, 1997, the State Street Research
Income, State Street Research International Stock, and
T. Rowe Price Small Cap Growth Portfolios had available for
federal income tax purposes unused capital loss carryovers
of approximately $29,822, $7,097,000, and $69,489,
respectively, which will expire on December 31, 2005, on
December 31, 2004, and on December 31, 2005, respectively.
------------------------------------------------------------
D. Return of Capital Distributions: The Fund distributes all of
its taxable income, both net realized gains and net
investment income, to shareholders. Effective January 1,
1994 the Fund adopted Statement of Position 93-2:
Determination, Disclosure, and Financial Statement
Presentation of Income, Capital Gain, and Return of Capital
Distributions by Investment Companies. As a result, the Fund
changed the classification of distributions to shareholders
to better disclose the differences between financial
statement amounts and distributions determined in accordance
with income tax regulations.
The State Street Research Aggressive Growth Portfolio
incurred net investment losses of $1,338,007 during 1996 and
$1,659,985 during 1997, which has been reclassified to
paid-in-capital at December 31, 1996 and December 31, 1997,
respectively.
------------------------------------------------------------
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 on 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.
------------------------------------------------------------
MSF-67
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
1. Significant F. Repurchase Agreements: The Fund requires the custodian to
Accounting take possession, to have legally segregated in the Federal
Policies- Reserve Book Entry System, or to have segregated within the
(Cont.) custodian's vault, all securities held as collateral for
repurchase agreements. The market value of the underlying
securities is required to be at least 102% of the resale
price at the time of purchase. If the seller of the
agreement defaults, and the value of the collateral
declines, or if the seller enters an insolvency proceeding,
realization of the value of the collateral by the Fund may
be delayed or limited.
------------------------------------------------------------
G. Estimates and Assumptions: The preparation of financial
statements in conformity with generally accepted accounting
principals requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and
liabilities as of the date of the financial statements and
the reported amounts of income and expenses during the
reporting period. Actual results could differ from those
estimates.
------------------------------------------------------------
2. Restricted The State Street Research Income Portfolio holds sixteen
and Illiquid securities, the State Street Research Money Market Portfolio
Securities holds one security, the State and Research Diversified
Portfolio holds nineteen securities, the State Street
Research International Stock Portfolio holds three
securities, and the Loomis Sayles High Yield Bond
Portfolio holds thirty-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 State Street Research Money Market Portfolio
and the Scudder Global Equity Portfolio where the
restriction is 10% of net assets. Restricted securities
(including Rule 144A issues) held at June 30, 1998 are
footnoted at the end of each applicable Portfolio's schedule
of investments.
------------------------------------------------------------
3. Expenses A. Investment Management Agreements: The Fund has entered into
investment management agreements with Metropolitan Life. For
providing investment management services to the Fund,
Metropolitan Life receives monthly compensation at the
annual rate of:
<TABLE>
<CAPTION>
Portfolio First Tier Second Tier Third Tier Fourth Tier
--------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
State Street Research Growth .55% up to $500 mil. .50% next $500 mil. .45% above $1 bil.
State Street Research Income .35% up to $250 mil. .30% next $250 mil. .25% above $500 mil.
State Street Research Money Market .25% all asset levels
State Street Research Diversified .50% up to $500 mil. .45% next $500 mil. .40% above $1 bil.
State Street Research Aggressive Growth .75% up to $500 mil. .70% next $500 mil. .65% above $1 bil.
MetLife Stock Index .25% all assets levels
State Street Research International Stock .75% up to $500 mil. .70% next $500 mil. .65% above $1 bil.
Loomis Sayles High Yield Bond .70% all asset levels
Janus Mid Cap .75% up to $100 mil. .70% next $400 mil. .65% above $500 mil.
T. Rowe Price Small Cap Growth .55% up to $100 mil. .50% next $300 mil. .45% above $400 mil.
Scudder Global Equity .90% up to $50 mil. .55% next $50 mil. .50% next $400 mil. .475% above $500 mil.
</TABLE>
The Fund and Metropolitan Life have entered into various
sub-investment management agreements. State Street Research
& Management Company, a subsidiary of Metropolitan Life, is
compensated to provide sub-investment management services
for the State Street Research Growth, State Street Research
Income, State Street Research Money Market, State Street
Research Diversified, State Street Research Aggressive
Growth, and the State Street Research International Stock
Portfolios. GFM International Investors Limited, a
subsidiary of Metropolitan Life, is compensated to provide
sub-sub-investment management services for the State Street
Research International Stock Portfolio. Loomis, Sayles &
Company, L.P., whose general partner is indirectly owned by
Metropolitan Life, is compensated to provide sub-investment
management services for the Loomis Sayles High Yield Bond
Portfolio. Janus Capital Corporation is compensated to
provide sub-investment management services for the Janus Mid
Cap Portfolio. T. Rowe Price Associates, Inc. is compensated
to provide sub-investment management services for the T.
Rowe Price Small Cap Growth Portfolio. Scudder Kemper
Investments, Inc. is compensated to provide sub-investment
management services for the Scudder Global Equity Portfolio.
------------------------------------------------------------
B. Investment Management Fee Waiver: Metropolitan Life has
agreed to waive a portion of its investment management fee
for the Scudder Global Equity Portfolio during the first
year of the Portfolio's operations. For the first six
months, the waiver equaled .35% of the average daily value
of the aggregate net assets of the Portfolio up to $50
million, .175% of such assets on the next $50 million, .15%
of such assets on the next $400 million and .1375% of such
assets on amounts in excess of $500 million. During the
second six months of the Portfolio's operations, such waiver
of the investment management fee is equal to .175% of assets
up to $50 million, .0875% of assets on the next $50 million,
.075% of assets on the next $400 million and .06875% of such
assets in excess of $500 million.
------------------------------------------------------------
C. Subsidization of Portfolios: Metropolitan Life has agreed to
subsidize all expenses, excluding those listed below, in
excess of .20% of the net assets of Loomis Sayles High Yield
Bond Portfolio, Janus Mid Cap Portfolio, T. Rowe Price Small
Cap Growth Portfolio, and Scudder Global Equity Portfolio.
Subsidization will continue until either each Portfolio's
total net assets are at least $100 million, or March 2,
1999, whichever is earlier. Subsidization ceased on December
31, 1997 for the Janus Mid Cap Portfolio, and on January 22,
1998 for the T. Rowe Price Small Cap Growth Portfolio when
each Portfolio exceeded the $100 million threshold. Expenses
excluded from subsidization are: investment management fees
payable to Metropolitan Life, brokerage commissions on
portfolio transactions (including any other direct costs
related to the acquisition, disposition, lending or
borrowing of portfolio investments), taxes payable by the
Fund, interest and other costs related to borrowings by the
Fund, and any extraordinary or non-recurring expenses (such
as legal claims and liabilities and litigation costs and any
indemnification related thereto).
Prior to May 16, 1993, Metropolitan Life was obligated to
pay all expenses of each Portfolio of the Fund that was in
operation at that time. Since that date, the Fund has been
obligated to pay all of its own expenses (except as outlined
in the preceding paragraph). However, Metropolitan Life
reserves the right, at its sole discretion, to pay all or a
portion of the expenses of the Fund or any of its
Portfolios, and to terminate such voluntary payment at any
time upon notice to the Board of Directors and affected
shareholders of the Fund.
------------------------------------------------------------
MSF-68
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
4. Dividend The Fund distributes, at least annually, substantially all
Distributions net investment income, if any, of each Portfolio, which will
then be reinvested in additional full and fractional shares
of the Portfolio. All net realized long-term or short-term
capital gains of the Fund, if any, are declared and
distributed at least annually to the shareholders of the
Portfolio or Portfolios to which such gains are
attributable.
- --------------------------------------------------------------------------------
5. New Portfolios On March 3, 1997, the Fund commenced operations of four
additional Portfolios: Loomis Sayles High Yield Bond
Portfolio, Janus Mid Cap Portfolio, T. Rowe Price Small Cap
Growth Portfolio, and Scudder Global Equity Portfolio.
Metropolitan Life supplied initial start-up capital of
$22,000,000 to facilitate the operation of these Portfolios.
Metropolitan Life Insurance, therefore, purchased 200,000
shares of the Loomis Sayles High Yield Bond Portfolio,
500,000 shares of the Janus Mid Cap Portfolio, 500,000
shares of the T. Rowe Price Small Cap Growth Portfolio, and
1,000,000 shares of the Scudder Global Equity Portfolio,
with each Portfolio valued at $10 per share. Subsequently,
these Portfolios were made available for certain contracts.
As of June 30, 1998, all start-up capital for the four
Portfolios introduced in 1997 (including applicable market
appreciation) has been redeemed by Metropolitan Life.
- --------------------------------------------------------------------------------
6. Portfolio On March 3, 1997, the names of the Growth Portfolio, Income
Name Changes Portfolio, Money Market Portfolio, Diversified Portfolio,
Aggressive Growth Portfolio, Stock Index Portfolio, and
International Stock Portfolio changed. These Portfolios were
renamed as follows: State Street Research Growth Portfolio,
State Street Research Income Portfolio, MetLife Money Market
Portfolio, State Street Research Diversified Portfolio,
State Street Research Aggressive Growth Portfolio, MetLife
Stock Index Portfolio, and GFM International Stock
Portfolio. Subsequently, on August 1, 1997, the names of the
MetLife Money Market Portfolio and GFM International Stock
Portfolio were changed to the State Street Research Money
Market Portfolio and the State Street Research International
Stock Portfolio, respectively.
- --------------------------------------------------------------------------------
7. Securities On December 15, 1997, the Fund entered into a securities
Lending lending arrangement with the Fund's custodian, State Street
Bank and Trust Co. ("the custodian"). Under the agreement,
the custodian is authorized to loan securities on the Fund's
behalf. In exchange, the Fund receives collateral against
the loaned securities. Each Portfolio receives collateral at
least equal to 102% of the market value of the loaned
securities (105% for foreign securities), at each loan's
inception. Collateral must be maintained at least at 100% of
the market value of the loaned securities for the duration
of the loan. The collateral is invested in the Navigator
Securities Lending Prime Portfolio, which invests in a
variety of high quality U.S. dollar-denominated instruments.
The Fund receives 70% of the annual net income from lending
transactions, which is included in interest income of the
respective Portfolios. The Fund bears the risk of any
deficiency in the amount of collateral available for return
to a borrower due to a loss in an approved investment.
Portfolios with outstanding loans at June 30, 1998 are
footnoted at the end of each applicable Portfolio's schedule
of investments.
- --------------------------------------------------------------------------------
8. Net Unrealized As of June 30, 1998, gross unrealized appreciation and
Appreciation/ depreciation on investments and foreign currency were as
(Depreciation) follows:
<TABLE>
<CAPTION>
State Street
State Street State Street State Street Research MetLife
Research Research Research Aggressive Stock
Growth Income Diversified Growth Index
Portfolio Portfolio Portfolio Portfolio Portfolio
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
Gross Unrealized Appreciation ....... $ 651,246,965 $ 11,834,663 $ 302,867,814 $ 300,611,158 $ 1,010,963,831
Gross Unrealized Depreciation ....... (38,354,806) (3,306,054) (23,858,300) (60,841,609) (24,592,477)
--------------- --------------- --------------- --------------- ---------------
Net Unrealized Appreciation/
(Depreciation) of Investments(*) ... $ 612,892,159 $ 8,528,609 $ 279,009,514 $ 239,769,549 $ 986,371,354
=============== =============== =============== =============== ===============
Aggregate Cost of Securities
(including short-term securities) ... $ 2,256,505,753 $ 449,538,711 $ 2,103,171,159 $ 1,239,353,681 $ 1,714,613,026
=============== =============== =============== =============== ===============
<CAPTION>
State Street
Research T. Rowe Price
International Loomis Sayles Janus Small Cap Scudder Global
Stock High Yield Bond Mid Cap Growth Equity
Portfolio Portfolio Portfolio Portfolio Portfolio
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
Gross Unrealized Appreciation ....... $ 63,188,663 $ 988,444 $ 36,700,329 $ 22,359,691 $ 15,569,063
Gross Unrealized Depreciation ....... (12,295,141) (3,689,814) (2,083,620) (8,347,532) (3,921,363)
--------------- --------------- --------------- --------------- ---------------
Net Unrealized Appreciation /
(Depreciation) of Investments(*) ... $ 50,893,522 $ (2,701,370) $ 34,616,709 $ 14,012,159 $ 11,647,700
=============== =============== =============== =============== ===============
Aggregate Cost of Securities
(including short-term securities) ... $ 242,845,569 $ 44,840,427 $ 230,817,032 $ 153,504,477 $ 89,931,442
=============== =============== =============== =============== ===============
</TABLE>
(*) Does not include unrealized gains and (losses) related to foreign currency
contracts and translations of $573,438, $1,306,612, $(46), $28,127, $(582),
$(142,798), and $(9,832) for the State Street Research Income, State Street
Research Diversified, State Street Research Aggressive Growth, State Street
Research International Stock, Loomis Sayles High Yield Bond, Janus Mid Cap, and
Scudder Global Equity Portfolios, respectively.(see Note 10.)
MSF-69
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
9.Capital Stock At June 30, 1998, there were 2,000,000,000 shares of $0.01
Activity par value common stock authorized for the Fund. The shares
of common stock are divided into eleven series: State Street
Research Growth, State Street Research Income, State Street
Research Money Market, State Street Research Diversified,
State Street Research Aggressive Growth, MetLife Stock
Index, State Street Research International Stock, Loomis
Sayles High Yield Bond, Janus Mid Cap, T. Rowe Price Small
Cap Growth, and Scudder Global Equity Portfolios.
Transactions in shares were as follows:
<TABLE>
<CAPTION>
For the Six Months Ended June 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
State Street State Street State Street
State Street State Street Research State Street Research MetLife Research
Research Research Money Research Aggressive Stock International
Growth Income Market Diversified Growth Index Stock
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares sold .................. 3,142,643 2,759,504 2,827,085 9,812,467 962,365 10,178,940 4,582,142
Shares issued in reinvestment
of dividends ................. 1,870,499 99,093 --- 1,892,636 517,046 79,351 47,340
---------- ---------- ---------- ---------- ----------- ----------- ----------
Total .............. 5,013,142 2,858,597 2,827,085 11,705,103 1,479,411 10,258,291 4,629,482
Shares redeemed .............. (386,148) (703,641) (1,855,526) (162,665) (3,945,372) (365,325) (6,162,797)
---------- ---------- ---------- ---------- ----------- ----------- ----------
Net increase (decrease) ...... 4,626,994 2,154,956 971,559 11,542,438 (2,465,961) 9,892,966 (1,533,315)
========== ========== ========== ========== =========== =========== ==========
<CAPTION>
For the Six Months Ended June 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
T. Rowe
Loomis Price Scudder
Sayles High Janus Small Cap Global
Yield Bond Mid Cap Growth Equity
Portfolio Portfolio Portfolio Portfolio
----------- --------- ----------- ----------
<S> <C> <C> <C> <C>
Shares sold .................. 1,503,625 8,028,196 8,032,438 3,207,584
Shares issued in reinvestment
of dividends ................. 752 --- --- 10,515
----------- --------- ----------- ----------
Total .............. 1,504,377 8,028,196 8,032,438 3,218,099
Shares redeemed .............. (159,289) (65,921) (2,875,247) (912,658)
----------- --------- ----------- ----------
Net increase ................. 1,345,088 7,962,275 5,157,191 2,305,441
=========== ========= =========== ==========
<CAPTION>
For the Year Ended December 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
State Street State Street State Street
State Street State Street Research State Street Research MetLife Research
Research Research Money Research Aggressive Stock International
Growth Income Market Diversified Growth Index Stock
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares sold ................. 8,230,850 2,000,510 2,412,286 12,435,452 3,762,075 18,865,897 3,959,141
Shares issued in reinvestment
of dividends ................ 13,468,235 2,191,691 206,604 17,906,235 2,348,065 1,429,601 ---
---------- ---------- ---------- ---------- ----------- ----------- ----------
Total ............. 21,699,085 4,192,201 2,618,890 30,341,687 6,110,140 20,295,498 3,959,141
Shares redeemed ............. (470,847) (2,665,334) (2,804,937) (545,849) (4,450,372) (579,241) (6,488,877)
---------- ---------- ---------- ---------- ----------- ----------- ----------
Net increase (decrease) ..... 21,228,238 1,526,867 (186,047) 29,795,838 1,659,768 19,716,257 (2,529,736)
========== ========== ========== ========== =========== =========== ==========
</TABLE>
MSF-70
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
9.Capital Stock For the Period March 3, 1997 (commencement of operations) to December 31, 1997
Activity- -----------------------------------------------------------------------------------------------------------------------
(Cont.) T. Rowe
Loomis Price Scudder
Sayles High Janus Small Cap Global
Yield Bond Mid Cap Growth Equity
Portfolio Portfolio Portfolio Portfolio
---------- --------- ---------- ----------
<S> <C> <C> <C> <C>
Shares sold ......................................... 2,822,530 8,109,326 9,488,942 6,023,632
Shares issued in reinvestment
of dividends ........................................ 122,359 33,002 885 59,518
---------- --------- ---------- ----------
Total ..................................... 2,944,889 8,142,328 9,489,827 6,083,150
Shares redeemed ..................................... (203,832) (10,081) (1,574,218) (488,028)
---------- --------- ---------- ----------
Net increase ........................................ 2,741,057 8,132,247 7,915,609 5,595,122
========== ========= ========== ==========
</TABLE>
- --------------------------------------------------------------------------------
10.Foreign The fair value of foreign currency contracts is the amount
Currency at which the contracts could be settled based on exchange
Translations rates obtained from dealers. As of June 30, 1998, the State
Street Research Income Portfolio experienced an unrealized
net gain of $577,447 based on the following foreign currency
exchange contracts outstanding:
<TABLE>
<CAPTION>
Valuation Unrealized
Expiration Contract as of Appreciation
Sold Date Amount June 30, 1998 (Depreciation)
- ------------------- ------------- ----------- ------------- --------------
<S> <C> <C> <C> <C>
Australian Dollar 7/23/98 $ 1,738,437 $ 1,657,996 $ 80,441
Australian Dollar 8/13/98 630,654 616,770 13,884
British Pound Sterling 7/23/98 8,831,592 8,804,681 26,911
New Zealand Dollar 7/10/98 1,842,902 1,866,781 (23,879)
New Zealand Dollar 7/23/98 6,678,891 6,242,194 436,697
New Zealand Dollar 8/13/98 932,640 902,813 29,827
--------------- --------------- ---------------
$20,655,116 $20,091,235 $ 563,881
=============== =============== ===============
Purchased
- -------------------
Australian Dollar 7/23/98 $ 1,647,924 $ 1,657,996 $ 10,072
Australian Dollar 8/13/98 613,278 616,772 3,494
-------------- -------------- ---------------
$ 2,261,202 $ 2,274,768 $ 13,566
=============== =============== ===============
Net unrealized appreciation...................................................................... $ 577,447
===============
</TABLE>
The State Street Research Income Portfolio had an unrealized net
translation loss on foreign currency receivables and payables as follows:
Net unrealized translation (loss):
Interest Receivables $(4,009)
-----------
Net unrealized translation (loss)....................... $(4,009)
===========
As of June 30, 1998 the State Street Research Diversified Portfolio experienced
an unrealized net gain of $1,315,758 based on the following foreign currency
exchange contracts outstanding:
<TABLE>
<CAPTION>
Valuation Unrealized
Expiration Contract as of Appreciation
Sold Date Amount June 30, 1998 (Depreciation)
- --------------------- -------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Australian Dollar 7/23/98 $5,710,544 $5,445,927 $264,617
Australian Dollar 8/13/98 1,063,792 1,040,373 23,419
British Pound Sterling 7/23/98 18,180,248 18,126,304 53,944
New Zealand Dollar 7/10/98 4,281,739 4,367,957 (86,218)
New Zealand Dollar 7/23/98 13,978,585 13,064,707 913,878
New Zealand Dollar 8/13/98 3,216,000 3,113,147 102,853
------------- -------------- --------------
$46,430,908 $45,158,415 $1,272,493
============= ============== ==============
Purchased
- ---------------------
Australian Dollar 7/23/98 $5,408,556 $5,445,927 $37,371
Australian Dollar 8/13/98 1,034,481 1,040,375 5,894
------------- -------------- --------------
$6,443,037 $6,486,302 $43,265
============= ============== ==============
Net unrealized appreciation...................................................... $1,315,758
==============
</TABLE>
MSF-71
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
10.Foreign The State Street Research Diversified Portfolio had an
Currency unrealized net translation loss on foreign currency
Translations-(Cont.) receivables and payables as follows:
Net unrealized translation (loss):
Interest Receivables $ (9,146)
-----------------
Net unrealized translation (loss)............................ $ (9,146)
=================
The State Street Research Aggressive Growth Portfolio had an
unrealized net translation loss on foreign currency
receivables and payables as follows:
Net unrealized translation (loss):
Dividend Receivables $ (54)
Tax Expense Payables 8
-----------------
Net unrealized translation (loss)............................ $ (46)
=================
The State Street Research International Stock Portfolio had
an unrealized net translation gain on foreign currency
receivables and payables as follows: Net unrealized
translation gain:
Dividend Payables $ 301
Dividend Receivables 572
Dividend Reclaim Receivables (6,618)
Purchase Payables (26,946)
Sales Receivables 60,826
Tax Expense Payables (8)
-----------------
Net unrealized translation gain................................ $ 28,127
=================
The Loomis Sayles High Yield Bond Portfolio had an unrealized net
translation loss on foreign currency receivables and payables as follows:
Net unrealized translation (loss):
Interest Receivables $ (582)
-----------------
Net unrealized translation (loss).............................. $ (582)
=================
</TABLE>
As of June 30, 1998 the Janus Mid Cap Portfolio experienced an unrealized net
loss of $143,261 based on the following foreign currency exchange contracts
outstanding:
<TABLE>
<CAPTION>
Valuation Unrealized
Expiration Contract as of Appreciation
Sold Date Amount June 30, 1998 (Depreciation)
- ------------------------ ------------ ------------ ----------------- ------------
<S> <C> <C> <C> <C>
British Pound Sterling 07/10/98 $1,372,449 $ 1,410,108 $ (37,659)
British Pound Sterling 08/13/98 2,367,440 2,440,214 (72,774)
British Pound Sterling 10/07/98 3,100,460 3,105,152 (4,692)
British Pound Sterling 11/04/98 3,121,700 3,149,836 (28,136)
------------ ----------------- ------------
$9,962,049 $10,105,310 $(143,261)
============ ================= ============
Net unrealized (depreciation)............................................................. $(143,261)
============
</TABLE>
The Janus Mid Cap Portfolio had an unrealized net translation gain on foreign
currency receivables and payables as follows:
Net unrealized translation gain:
Dividend Reclaim Receivables $ 41
Pending Spot Foreign Exchange Purchases 3,211
Purchase Payables (2,789)
------------
Net unrealized translation gain................... $ 463
============
MSF-72
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements June 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
10 Foreign As of June 30, 1998 the Scudder Global Equity Portfolio
Currency experienced an unrealized net loss of $10,455 based
Transactions-(Cont.) on the following foreign currency exchange contracts
outstanding:
<TABLE>
<CAPTION>
Valuation Unrealized
Expiration Contract as of Appreciation
Sold Date Amount June 30, 1998 (Depreciation)
- --------------------- -------------- -------------- --------------- ----------------
<S> <C> <C> <C> <C>
Dutch Mark 7/31/98 $ 1,237,786 $ 1,227,802 $ 9,984
Dutch Mark 8/17/98 955,000 966,195 (11,195)
Japanese Yen 9/28/98 2,444,405 2,453,649 (9,244)
-------------- --------------- ----------------
$ 4,637,191 $ 4,647,646 $ (10,455)
============== =============== ================
Net unrealized (depreciation).................................................................. $ (10,455)
================
</TABLE>
<TABLE>
The Scudder Global Equity Portfolio had an unrealized net translation gain on
foreign currency receivables and payables as follows:
Net unrealized translation gain:
<S> <C>
Dividend Receivables $(221)
Dividend Reclaim Receivables (432)
Interest Receivables 652
Interest Reclaim Receivables 289
Pending Spot Foreign Exchange Purchases 4,331
Pending Spot Foreign Exchange Sales 203
Purchase Payables 19,282
Sales Receivables (23,488)
Tax Expense Payables 7
--------------
Net unrealized translation gain...................... $623
==============
</TABLE>
MSF-73
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Directors and Officers
- --------------------------------------------------------------------------------
As of July 30, 1998
DIRECTORS:
- --------------------------------------------------------------------------------
David A. Levene--Chairman of the Board and Director
Steve A. Garban--Director
Malcolm T. Hopkins--Director
Robert A. Lawrence--Director
Dean O. Morton--Director
Michael S. Scott Morton--Director
Arthur G. Typermass--Director
OFFICERS:
- --------------------------------------------------------------------------------
David A. Levene--Chief Executive Officer
Christopher P. Nicholas--President and Chief Operating Officer
Elaine Stevenson--Vice-President
Lawrence A. Vranka--Vice-President
Bradford W. White--Controller
Janet Morgan--Treasurer
Robin Wagner--Secretary
<PAGE>
This report has been prepared for the prospective owners of MetFlex/SM/
contracts issued by Metropolitan Life Insurance Company and shareholders of
Metropolitan Series Fund, Inc. This report may be distributed only when preceded
or accompanied by the appropriate MetFlex prospectus and a current performance
sheet. Please consult the prospectus for information regarding applicable fees
and charges.
If you want more information, please contact your
sales representative.
MetLife(R) -----------------
Bulk Rate
Specialized Benefit Resources U.S. Postage Paid
485-B, Rt. One South Lancaster, PA
Suite 420 Permit 1620
Iselin, NJ 08830 -----------------
Address Service Requested
MSFSemiannuallyReportMetFlex(0898) 98072LQ8(exp0199)MLIC-LD
Date of First Use: 08/31/98
