<PAGE>
Metropolitan Series Fund, Inc.
UL II Semiannual Report
June 1999
[GRAPHIC APPEARS HERE]
FOR USE WITH
MetLife(R) Universal Life II Policies
<PAGE>
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MetLife(R) Universal Life II MetLife
Separate Account Performance as of June 30, 1999
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Universal Life II (a variable universal life insurance policy) provides you
with:
. life insurance protection for your beneficiaries and
. the potential for tax-deferred growth of cash value.
Universal Life II (UL II) may be appropriate for individuals who need permanent
life insurance and who want more control over where their net premiums are
invested. You can choose from the Fixed Account and the eleven investment
divisions of the Separate Account, depending on your investment objective and
risk tolerance. This performance material should only be used in conjunction
with the current prospectuses for the UL II policy and the Metropolitan Series
Fund, Inc.
The following chart illustrates the past performance of the UL II policy's
investment divisions at the Separate Account level. 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 reflect the charges
for mortality and expense risks (M&E), fund management fees and direct fund
expenses.
<TABLE>
<CAPTION>
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Separate Account Average Annual Rates of Return
<S> <C> <C> <C> <C> <C> <C> <C>
Risk Tolerance Investment Inception Year to One Five Ten Since Inception
Level Division Date Date** Year Years Years (of Portfolio)
Conservative State Street Research
Money Market* 6/24/83 1.83% 3.95% 4.18% 4.31% 5.36%
Conservative State Street Research
to Moderate Income 6/24/83 -3.31% 0.27% 6.86% 7.55% 9.02%
Moderate State Street Research
Diversified 7/25/86 3.91% 9.85% 16.17% 12.51% 11.63%
Moderate MetLife
to Aggressive Stock Index 5/01/90 11.80% 21.54% 26.13% N/A 18.21%
Moderately State Street Research
Aggressive Growth 6/24/83 10.14% 17.71% 23.43% 16.62% 14.53%
Moderately Janus
Aggressive Mid Cap 3/03/97 29.00% 48.70% N/A N/A 41.22%
Aggressive Loomis Sayles High
Yield Bond 3/03/97 11.42% -0.57% N/A N/A 3.21%
Aggressive State Street Research
Aggressive Growth 4/29/88 3.92% 3.49% 13.06% 13.53% 14.08%
Aggressive T. Rowe Price
Small Cap Growth 3/03/97 2.64% 0.54% N/A N/A 9.72%
Aggressive Scudder
Global Equity 3/03/97 8.04% 7.41% N/A N/A 13.80%
Aggressive Santander
International Stock 5/01/91 3.57% 3.48% 2.49% N/A 5.70%
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</TABLE>
* An investment in the MetLife Money Market Division is neither insured nor
guaranteed by the Federal Deposit Insurance Corporation or any other U.S.
government agency.
** Non Annualized Rates of Return
You may request a personalized illustration from your Registered Representative
that will show the effect of these charges at an assumed rate of return.
Performance above assumes the policy was in existence for the periods shown. UL
II policies were first offered on May 1, 1990.
An investor brochure is available describing NASD Regulation's Public Disclosure
Program. You may obtain a brochure or learn more about this program by calling
the NASD Regulation's Public Disclosure Program Hotline, toll free, at
1-800-289-9999 or visiting its web site at www.nasd.com.
This chart must be preceded or accompanied by current prospectuses for
MetLife(R) Universal Life II policies and the Metropolitan Series Fund, Inc.
<PAGE>
Metropolitan Series Fund, Inc.
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LETTER FROM THE CHAIRMAN AND PRESIDENT August 1999
- --------------------------------------------------------------------------------
TO OUR VALUED CLIENT:
We are pleased to present the June 30, 1999 semiannual report of the
Metropolitan Series Fund, Inc. The report begins with an overview of the U.S.
and international economies during the first six months of 1999. Details for
each Portfolio, including a listing of assets, investments, and Portfolio
characteristics, follow.
U.S STOCK MARKET CONTINUED TO DELIVER DOUBLE DIGIT RETURNS
The U.S. stock market continued to deliver double-digit returns,
rising 12.38% in the first six months of 1999, as measured by the
Standard & Poor's 500 Composite Stock Price Index. Once again, stocks
outperformed all other major asset classes; strong U.S. economic
growth and good corporate earnings spurred returns. Stocks of
large-sized companies turned in the best overall performance, although
stocks of small-sized and medium-sized companies gained ground in the
second quarter by turning in respectable returns. Conversely,
high-quality bonds struggled during the period. Bond yields rose and
prices declined in anticipation of the Federal Reserve raising
short-term interest rates as a preemptive strike against higher
inflation. In late June, the Federal Reserve did raise short-term
interest rates, from 4.75% to 5.00%.
KEEP A LONG-TERM FOCUS
In today's volatile market environment, it is especially important to
maintain a long-term investment strategy based on your goals and
individual risk level. The day-to-day fluctuations in the value of
individual securities and in the value of the Portfolio(s) should be
expected and compared with the potential rewards of long-term
investing. We appreciate your continued participation in the
Metropolitan Series Fund, Inc. and look forward to serving your future
investment needs.
/s/ David A. Levene /s/ Christopher P. Nicholas
David A. Levene Christopher P. Nicholas
Chairman of the Board and Chief President and Chief Operating Officer
Executive Officer Metropolitan Series Fund, Inc.
Metropolitan Series Fund, Inc.
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AN UPDATE FROM METLIFE
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Year 2000
On the technology front, MetLife has devoted considerable time,
effort, and financial resources towards its goal that, at the turn of
the century, MetLife's computer systems, applications, and hardware
will be compliant and functional in the Year 2000 and beyond. MetLife
converted, tested, and certified as Year 2000 compatible all of its
critical business applications scheduled for use next year. Based on
the status of these Year 2000 efforts, MetLife is confident that it
has deployed the resources necessary to meet the Year 2000 challenge.
Of course, even the most thorough plans and painstaking execution
cannot guarantee that the Year 2000 will arrive smoothly.*
* This is a "Year 2000 Readiness Disclosure" under and subject to the
United States Year 2000 Information and Readiness Act.
Please refer to the back inside cover of this semiannual report for important
information, which supplements the Metropolitan Series Fund Prospectus, dated
April 30, 1999.
<PAGE>
Metropolitan Series Fund, Inc.
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PERFORMANCE REVIEW FOR 6 MONTHS ENDED JUNE 30, 1999
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For seven years running, and with few interruptions, investors in the
United States have had the opportunity to benefit from the "best of all
possible financial worlds." U.S. stocks and bonds have been strong,
inflation and interest rates have declined, and the economy has grown at a
pace that has seemed just right.
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STOCK AND BOND MARKET RETURNS
AS MEASURED BY THE FOLLOWING INDEXES* ENDING JUNE 30, 1999
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[BAR CHART APPEARS HERE]
U.S. STOCKS U.S. SMALL INTERNATIONAL U.S. BONDS
Standard & Poor's 500 CAP STOCKS STOCKS Lehman Brothers
Composite Stock Price Russel 2000(R) MSCI EAFE(R) Aggregate Bond
("S&P 500") Index Index Index Index
- --------------------------------------------------------------------------------
YEAR TO DATE 1 YEAR 3 YEARS 5 YEARS
Cumulative total Cumulative total Annualized Total Annualized Total
Return Return Return Return
12.4 22.8 29.1 27.9
9.3 1.5 11.2 15.4
4.0 7.6 8.8 8.2
-1.4 3.2 7.2 7.8
Source: Lipper Analytical Services, Inc. *Direct investment into the indexes is
not possible.
This chart is for illustrative purposes only and is not indicative of past,
present, or future performance of any specific investment. It compares the YTD,
1 Year, 3 Year, & 5 Year returns of various categories of investments -- U.S.
Stock Market as measured by Standard & Poor's 500 Composite Stock Price Index,
U.S. Small Cap Stocks as measured by the Russell 2000 Index, International
Stocks as measured by the Morgan Stanley Capital International EAFE(R)(Europe,
Asia, and Far East Index), and U.S. Bonds as measured by Lehman Brothers
Aggregate Bond Index.
U.S. workers have reaped the benefits of a healthy economy, and U.S.
investors have been handsomely rewarded. Many people have taken their
prosperity to the mall, where retail sales have been strong. However,
investors may have also been carried away with the recent success. The
nation's savings rate fell to -1.2% at the period's end, the lowest level
since the Great Depression.
U.S. STOCK MARKET MARCHES FORWARD
In the first quarter of 1999, the Dow Jones Industrial Average passed a
significant milestone, 10,000, and ended the 6-month period just short of
11,000. During these six months, the Standard & Poor's 500 Composite Stock
Price Index, a broad measure of U.S. stock market performance, gained
12.38%.
Large-company growth and technology stocks were the strongest performers.
This strong performance was led by Internet stocks, some of which delivered
astounding returns. Performance gains were concentrated in a narrow band of
stocks for most of the period. It was a challenge for investors to have
their investments match the market's returns. Finally, during the second
quarter, the gap between large-company growth stocks and the rest of the
market began to narrow. The performance of small- and medium-sized company
stocks improved, and value stocks came back to life.
For seven years
running, and with few
interruptions, investors
in the United States
have had the
opportunity to benefit
from the "best of all
possible financial worlds."
<PAGE>
INTERNATIONAL MARKETS MIXED
The Morgan Stanley Capital International (MSCI) EAFE(R) Index, a
broad-based measure of international equities, returned 3.97% for the six
months. Hopes for the euro, the new common currency shared by 11 European
nations, initially helped European markets, but the luster was short lived.
Many European economies, still feeling the effects of weakness in Asian
markets, stumbled in the first half of 1999. However, Asian emerging
markets have started to show some signs of life.
Japan's stock market managed to deliver strong gains in the first half of
1999; corporate restructuring and signs that Japan's Central Bank was
beginning to help its economy encouraged their stock market. Japanese
small-company stocks performed especially well.
U.S. BOND MARKET STRUGGLED
The U.S. bond market struggled under the weight of a robust economy. Even
before the Federal Reserve Board raised short-term interest rates -- a move
widely expected before it was actually announced on June 30 -- the yield on
the benchmark 30-year Treasury bond had climbed back above 6.00%. As a
result, U.S. Treasury bonds went from leaders to laggards. Bond prices rise
as interest rates fall, and vice versa. Long-term, high-quality bonds, like
the 30-year Treasury bond, are usually the most sensitive to interest rate
changes. Conversely, high-yield "junk" bonds, which had weakened early in
the period, were buoyed by the strong economic news. That is because
high-yield bonds tend to react more to the overall strength of the economy
and to corporate earning reports, rather than to interest rate changes.
INVESTMENT OUTLOOK
The U.S. economy has experienced strong growth and low inflation, which
have been facilitated by weakness overseas. The inability of both producers
and wage earners to drive prices higher has sustained this balance. The
U.S. stock market has been strong in response to this but stock returns are
likely to be modest over the balance of the year. The bond market outlook
depends on how quickly U.S. growth slows relative to the economic
recoveries in many overseas markets. U.S. market and policy actions are now
aimed at global convergence: slowing the U.S. while the rest of the world
begins to recover.
U.S. stock market returns
are likely to be modest
over the balance of the year.
Commentary for Performance Review provided by
State Street Research & Management Company.
<PAGE>
Metropolitan Series Fund, Inc.
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TABLE OF CONTENTS
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<TABLE>
<CAPTION>
MANAGEMENT'S 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
Santander 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
Harris Oakmark Large Cap Value Portfolio .................................... MDA-12
Neuberger Berman Partners Mid Cap Value Portfolio ........................... MDA-13
T. Rowe Price Large Cap Growth Portfolio .................................... MDA-14
Lehman Brothers Aggregate Bond Index Portfolio .............................. MDA-15
Morgan Stanley EAFE(R) Index Portfolio ...................................... MDA-16
Russell 2000(R) Index Portfolio ............................................. MDA-17
<CAPTION>
<S> <C>
SEMIANNUAL REPORT OF THE METROPOLITAN SERIES FUND AS OF JUNE 30, 1999
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-17
Schedule of Investments: Santander International Stock Portfolio ........... MSF-26
Industry Diversification: Santander International Stock Portfolio .......... MSF-29
Schedule of Investments: Loomis Sayles High Yield Bond Portfolio ........... MSF-30
Schedule of Investments: Janus Mid Cap Portfolio ........................... MSF-35
Schedule of Investments: T. Rowe Price Small Cap Growth Portfolio .......... MSF-37
Schedule of Investments: Scudder Global Equity Portfolio ................... MSF-42
Industry Diversification: Scudder Global Equity Portfolio .................. MSF-45
Schedule of Investments: Harris Oakmark Large Cap Value Portfolio .......... MSF-46
Schedule of Investments: Neuberger Berman Partners Mid Cap Value Portfolio.. MSF-47
Schedule of Investments: T. Rowe Price Large Cap Growth Portfolio .......... MSF-49
Schedule of Investments: Lehman Brothers Aggregate Bond Index Portfolio .... MSF-53
Schedule of Investments: Morgan Stanley EAFE(R) Index Portfolio ............ MSF-57
Industry Diversification: Morgan Stanley EAFE(R) Index Portfolio ........... MSF-71
Schedule of Investments: Russell 2000 Index Portfolio ...................... MSF-72
Statement of Assets and Liabilities ......................................... MSF-98
Statement of Operations ..................................................... MSF-102
Statement of Changes in Net Assets .......................................... MSF-106
Financial Highlights: State Street Research Growth Portfolio ............... MSF-111
Financial Highlights: State Street Research Income Portfolio ............... MSF-112
Financial Highlights: State Street Research Money Market Portfolio ......... MSF-113
Financial Highlights: State Street Research Diversified Portfolio .......... MSF-114
Financial Highlights: State Street Research Aggressive Growth Portfolio .... MSF-115
Financial Highlights: MetLife Stock Index Portfolio ........................ MSF-116
Financial Highlights: Santander International Stock Portfolio .............. MSF-117
Financial Highlights: Loomis Sayles High Yield Bond Portfolio .............. MSF-118
Financial Highlights: Janus Mid Cap Portfolio .............................. MSF-118
Financial Highlights: T. Rowe Price Small Cap Growth Portfolio ............. MSF-119
Financial Highlights: Scudder Global Equity Portfolio ...................... MSF-119
Financial Highlights: Harris Oakmark Large Cap Value Portfolio ............. MSF-120
Financial Highlights: Neuberger Berman Partners Mid Cap Value Portfolio .... MSF-120
Financial Highlights: T. Rowe Price Large Cap Growth Portfolio ............. MSF-121
Financial Highlights: Lehman Brothers Aggregate Bond Index Portfolio ....... MSF-121
Financial Highlights: Morgan Stanley EAFE(R) Index Portfolio ............... MSF-122
Financial Highlights: Russell 2000 Index Portfolio ......................... MSF-122
Notes to Financial Statements June 30, 1999 ................................. MSF-123
</TABLE>
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
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STATE STREET RESEARCH GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To achieve long-term growth of capital and income, and moderate current income.
INCEPTION DATE
6/24/83
ASSET CLASS
Large Cap Stocks
UNDERLYING INVESTMENTS
Invests primarily in equity securities of good quality where the stock price
represents a good value based on considerations such as price to book value and
price to earnings ratios.
NET ASSETS
$3.5 billion
PORTFOLIO MANAGER
John T. Wilson, CFA
PERFORMANCE AT-A-GLANCE
Continuing a trend of positive performance, the Portfolio returned 10.63% in the
first half of 1999. The Portfolio's benchmark, the Standard & Poor's 500
Composite Stock Price ("S&P 500") Index, returned 12.38% and the Portfolio's
peer group, the Lipper Growth & Income Funds Average, returned 11.7% over the
same period.
PORTFOLIO ACTIVITY
During these six months, investors turned their attention from growth- to value-
oriented stocks. The Portfolio Manager anticipated this change and added some
exposure to industrial stocks, such as Allied Signal and Dow Chemical, which are
more responsive to the business cycle. However, the Portfolio's bias toward
growth did not completely offset this shift in investor focus.
Basic industry, energy, and selected technology stocks outperformed their sector
averages because expectations about demands from foreign economies rose. The
profitability outlook for U.S. companies improved as well.
Stocks among drug, consumer staple product, and selected financial service
companies held back the Portfolio's performance. Rising interest rates also hurt
the stocks of some financial services companies as investors waited to see
whether the Federal Reserve would raise short-term interest rates.
PORTFOLIO OUTLOOK
The Portfolio continues to emphasize companies that lead or dominate their
respective industries. The Portfolio Manager reallocated some assets to seek
more attractive valuations among companies in the size range of $10-$35 billion.
Currently, the Portfolio Manager believes companies of this size offer more
attractive valuations than larger size companies.
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PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
---------------------------------------------------------------
BankAmerica Corp. ................................. 3.69%
Tyco International Ltd. ........................... 3.55%
Chase Manhattan Corp. ............................. 3.17%
MCI WorldCom, Inc. ................................ 2.79%
TOTAL SA ADR ...................................... 2.61%
General Electric Co. .............................. 2.57%
Dow Chemical Co. .................................. 2.47%
Citigroup, Inc. ................................... 2.37%
CBS Corp. ......................................... 2.37%
International Business Machines Corp............... 2.09%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
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AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date.................10.63%
3 Years......................26.22%
5 Years......................24.53%
10 Years.....................17.65%
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-1
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
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STATE STREET RESEARCH INCOME PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To achieve the highest possible total return, by combing current income with
capital gains, consistent with prudent investment risk and preservation of
capital.
INCEPTION DATE
6/24/83
ASSET CLASS
U.S. Bonds
UNDERLYING INVESTMENTS
Invests primarily in highly rated corporate and government bonds.
NET ASSETS
$512.0 million
AVERAGE BOND
QUALITY AA
PORTFOLIO MANAGER
Kim M. Peters, CFA
PERFORMANCE AT-A-GLANCE
The Portfolio returned -2.88% over the first half of 1999. The Portfolio's
benchmark, the Lehman Brothers Aggregate Index, returned -1.37% and the
Portfolio's peer group, the Lipper Corporate Debt Funds A-Rated Average,
returned -2.2% over the same period.
PORTFOLIO ACTIVITY
The Portfolio's negative performance resulted from the overall rise in interest
rates during the period. Generally, bond prices rise when interest rates fall
and vice-versa.
Interest rates rose during the first half of 1999 amid growing concerns about
the rapid pace of U.S. economic growth and a potential move by the Federal
Reserve to raise short-term interest rates. As of June 30, 1999, the 30-year
Treasury yield was over 6.00%, more than one percentage point higher than at the
beginning of the year.
Mortgage-backed, asset-backed, and corporate securities performed somewhat
better than Treasuries as their yields did not rise to the same degree. High-
yield bonds, which respond more readily to economic growth, rather than interest
rates, bucked the trend by posting positive returns for the six-month period.
PORTFOLIO OUTLOOK
In the second quarter, the Portfolio Manager sought to boost the Portfolio's
yield by increasing its holdings in mortgage-backed, asset-backed, emerging
market, and high-yield securities. In addition, the Portfolio Manager reduced
the Portfolio's duration, making it less sensitive to interest rate changes.
The average bond quality of the Portfolio remains very high, at AA.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date.............-2.88%
3 Years...................7.03%
3 Years...................7.82%
3 Years...................8.52%
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-2
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- -------------------------------------------------------------------------------
STATE STREET RESEARCH MONEY MARKET PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To achieve the highest possible current income consistent with preservation of
capital and maintenance of liquidity.
INCEPTION DATE
5/1/90
ASSET CLASS
Cash/Cash Equivalent
UNDERLYING INVESTMENTS
Invests primarily in short-term money market instruments with minimal credit
risk. Instruments in this Portfolio are neither insured nor guaranteed by the
United States government.
NET ASSETS
$52.2 million
PORTFOLIO MANAGER
Dyann H. Kiessling
PERFORMANCE AT-A-GLANCE
The Portfolio returned 2.27% over the first half of 1999. The Portfolio's peer
group, the Lipper Money Market Instrument Funds Average, returned 2.21% over the
same period.
PORTFOLIO ACTIVITY
Short-term yields rose during the period in anticipation of an increase in the
Federal Funds target rate. The increase resulted from the Federal Reserve's
efforts to calm financial markets, slow economic growth, and cool potential
inflationary pressures.
Short-term interest rates rose, which culminated in a tightening of the Federal
Reserve's monetary policy by 25 basis points (0.25%) on June 30, 1999. Further
short-term interest rate hikes will depend on the levels of economic strength,
tightening labor markets, and signs of inflation.
By June 30, 1999, the Portfolio's maturity increased to 55 days. Maturity was
kept shorter than its peer group to take advantage of rising interest rates. The
current target is in the average maturity range of 45 - 60 days.
PORTFOLIO OUTLOOK
The Portfolio continues to invest in only high-quality, first-tier money market
instruments, such as corporate and domestic bank paper, as well as the paper of
Canadian banks and provinces.
The Portfolio seeks the highest possible current income consistent with
preservation of capital and maintenance of liquidity.
The Portfolio is not guaranteed or insured by the Federal Deposit Insurance
Corporation or any other agency. While the Portfolio seeks to preserve the
value of your investment, it is possible to lose money by investing in the
Portfolio.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date................2.27%
3 Years.....................5.10%
5 Years.....................5.11%
10 Years.................... N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-3
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- -------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To achieve a high total return while attempting to limit investment risk and
preserve capital.
INCEPTION DATE
7/25/86
ASSET CLASS
U.S. Bonds/Large Cap Stocks
UNDERLYING INVESTMENTS
Invests in equity securities, fixed-income debt securities, or short-term money
market instruments, or any combination thereof.
NET ASSETS
$2.9 billion
PORTFOLIO MANAGERS
Kim M. Peters, CFA (Fixed Income)
John T. Wilson, CFA (Equity)
PERFORMANCE AT-A-GLANCE
The Portfolio had a total return of 4.37% over the first half of 1999. The
Portfolio's benchmarks, the Standard & Poor's 500 Composite Stock Price ("S&P
500") Index and Lehman Brothers Aggregate Index, returned 12.38% and -1.37%,
respectively. The Portfolio's total return is the result of the Portfolio being
managed as a blend of these two indexes. The Portfolio performed above its peer
group, the Lipper Income Funds Average, which returned 3.73% for the period.
PORTFOLIO ACTIVITY
Basic industry, energy, and selected technology stocks outperformed their sector
averages because expectations about demands from foreign economies rose. The
profit outlook for U.S. companies improved as well. Stocks among drug, consumer
staple product, and selected financial service companies held back performance.
Rising interest rates hurt the stocks of some financial services companies as
investors waited to see whether the Federal Reserve would raise short-term
interest rates. The rise in interest rates also pushed up yields and pushed down
prices on U.S. Treasury securities, which resulted in negative returns for this
sector.
PORTFOLIO OUTLOOK
The Portfolio Managers sought to boost the Portfolio's yield by increasing its
holdings in mortgage-backed, asset-backed, emerging market, and high-yield
securities. Anticipating continued strength in the U.S. economy and a possible
further rise in interest rates, the Portfolio Managers reduced the Portfolio's
interest-rate sensitivity to bring it more in line with the market average.
The Portfolio continues to emphasize companies that lead or dominate their
respective industries.
- -------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
----------------------------------------------------------
BankAmerica Corp. ................................ 2.06%
Tyco International Ltd............................ 1.99%
Chase Manhattan Corp. ............................ 1.75%
MCI WorldCom, Inc. ............................... 1.54%
TOTAL SA ADR...................................... 1.44%
General Electric Co. ............................. 1.43%
Dow Chemical Co. ................................. 1.38%
Citigroup, Inc. .................................. 1.33%
CBS Corp. ........................................ 1.32%
McDonald's Corp. ................................. 1.15%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date.............. 4.37%
3 Years...................17.68%
5 Years...................17.21%
10 Years..................13.52%
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-4
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- -------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To achieve maximum capital appreciation.
INCEPTION DATE
4/29/88
ASSET CLASS
Mid Cap Stocks
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.
NET ASSETS
$1.4 billion
PORTFOLIO MANAGER
Richard J. Jodka, CFA
PERFORMANCE AT-A-GLANCE
Over the first half of 1999, the Portfolio returned 4.39%, while its benchmark,
the Standard & Poor's 500 Composite Stock Price ("S&P 500") Index, returned
12.38%. The Portfolio trailed the average total return of its peer group, the
Lipper Capital Appreciation Funds, which returned 13.75% over the same period.
PORTFOLIO ACTIVITY
The Portfolio Manager continued to focus on stocks of companies in the $1-10
billion asset range. Holdings emphasized stocks of companies with solid
earnings potential -- companies with a history of solid business achievement,
prospects for above-average earnings growth, and below-average market
valuations.
Advertising industry holdings, including communications media, helped returns.
However, the Portfolio was over-weighted in the consumer discretionary product
sector. This sector was hurt in the second quarter by sharp declines in the
stock prices of companies such as America Online and Mirage Resorts.
- -------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
------------------------------------------------------------
Concord EFS, Inc. ................................... 2.93%
Outdoor Systems, Inc ................................ 2.78%
Clear Channel Communications, Inc. .................. 2.66%
Jones Apparel Group, Inc. ........................... 2.46%
Valassis Communications, Inc. ....................... 2.35%
Univision Communications, Inc. Cl. A................. 2.34%
Sybron International Corp. .......................... 2.32%
Harley Davidson, Inc. ............................... 2.28%
Young & Rubicam, Inc. ............................... 2.18%
Danaher Corp. ....................................... 2.17%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
PORTFOLIO OUTLOOK
The Portfolio Manager believes that if the U.S. stock market rally continues to
broaden into mid-cap and small-cap sectors, the Portfolio's prospects will
remain attractive.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- ------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date............... 4.39%
3 Years.................... 6.07%
5 Years....................14.08%
10 Years...................14.54%
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-5
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- -------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To equal the performance of the Standard & Poor's 500 Composite Stock Price
("S&P 500") Index.
INCEPTION DATE
5/1/90
ASSET CLASS
Large Cap Stocks
UNDERLYING INVESTMENTS
Invests in the common stock of companies which are included in the "S&P 500"
Index.
NET ASSETS
$3.8 billion
PORTFOLIO MANAGEMENT
MetLife
Investment
Department
PERFORMANCE AT-A-GLANCE
The total return for the Portfolio in the first half of 1999 was 12.28%. The
Standard & Poor's 500 Composite Stock Price ("S&P 500") Index, which the
Portfolio is designed to track, returned 12.38%.
PORTFOLIO ACTIVITY
An Index Portfolio can not exactly duplicate its Index's return because the
Portfolio's return is net of management fees and expenses. In addition,
transaction costs have a small negative impact on the Portfolio's return.
Normally, the Portfolio does own shares of all of the companies in the "S&P 500"
Index. Within the Index, large capitalization stocks tended to perform better
than smaller stocks for the first half of 1999. However, toward the end of the
period, expectations for stronger economic growth helped smaller stocks
outperform large cap stocks.
The favorable U.S. market conditions in the first half of 1999 raised
expectations for strong, non-inflationary economic growth. The resumption of
economic growth in many countries outside the U.S. eliminated most investors'
fears that overseas weakness would spread to the U.S.
Economic growth, both in the U.S. and overseas, along with technology-induced
productivity gains, led to improved earnings for the companies in the Index.
Also, on the last day of the quarter, investors reacted favorably to the Federal
Reserve's announcement that the Fed would raise short-term interest rates by 25
basis points (.25%) to 5.00% while it did not have a bias for future rate
increases.
PORTFOLIO OUTLOOK
The Portfolio Manager believes that for the remainder of the year, business
fundamentals appear strong for the companies in the "S&P 500" Index.
- -------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
--------------------------------------------------------------
Microsoft Corp. ...................................... 4.09%
General Electric Co. ................................. 3.29%
International Business Machines Corp.................. 2.09%
Wal-Mart Stores, Inc. ................................ 1.91%
Cisco Systems, Inc. .................................. 1.83%
Lucent Technologies, Inc. ............................ 1.82%
Intel Corp. .......................................... 1.76%
Exxon Corp. .......................................... 1.67%
AT&T Corp. ........................................... 1.58%
Merck & Co., Inc. .................................... 1.55%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date..............12.28%
3 Years...................28.54%
5 Years...................27.27%
10 Years....................N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-6
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- -------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To achieve long-term growth of capital.
INCEPTION DATE
7/1/91
ASSET CLASS
International Stocks
UNDERLYING INVESTMENTS
Invests primarily in equity securities of established large capitalization
foreign (non-U.S. domiciled) companies.
NET ASSETS
$309.9 million
PORTFOLIO MANAGER
Christopher Goudie
PERFORMANCE AT-A-GLANCE
For the first half of 1999, the Portfolio returned 4.03%, while its benchmark,
the Morgan Stanley Capital International (MSCI) EAFE(R) Index, returned 3.97%
over the same period.
PORTFOLIO ACTIVITY
There have been sharp recoveries in a number of international markets. It is
without precedent for markets to show "V" shaped recoveries after experiencing
falls of the magnitude seen during 1998.
That said, there is significant pent up demand for Asian equities. If these
markets create new highs, the momentum may draw investors who would otherwise
wait for more attractive valuations. The global economic rebound has emboldened
investors and liquidity has flowed into the Asian markets as signs of economic
recovery have grown. Money has also flowed into more cyclical industries that
will benefit from renewed growth. The Portfolio's value added came from stock
selection as well as an overweighting in Asian markets.
The Portfolio Manager has built an exposure to Hong Kong and Australia in recent
months. Australia continues to move forward with corporate restructuring and
reforms, similar to those seen in the U.S. and U.K. during the 1980s.
PORTFOLIO OUTLOOK
Hong Kong, although a possible victim of higher U.S. interest rates, continues
to experience stronger activity. If the economic environment in Japan
stabilizes and growth continues in the U.S. and Europe, then Hong Kong and
Australia will continue to perform well. During a review of Continental Europe,
the greatest level of optimism surrounded Spain, where corporate earnings
revisions have improved dramatically. In France, there are signs of continued
improvement fueled by stronger consumer demand. However, Germany continues to
disappoint performance expectations.
- -------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
--------------------------------------------------------------
Nokia AB Oy Cl. A .................................... 2.49%
British Telecommunications PLC........................ 2.34%
British Petroleum Co. PLC ............................ 1.75%
DaimlerChrysler AG ................................... 1.61%
Thyssen AG ........................................... 1.57%
ENI SPA ADR .......................................... 1.53%
Elf Aquitaine SA ..................................... 1.43%
Kingfisher PLC ....................................... 1.33%
ING Groep NV ......................................... 1.30%
BASF AG .............................................. 1.30%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
DIVERSIFICATION BY COUNTRY AND REGION
- -------------------------------------------------------------------------------
as of June 30, 1999
Based on Market Value of Investments
Japan ...................... 21.9% Australia .................. 4.4%
United Kingdom ............. 19.5% Netherlands ................ 4.3%
Other Asia/ Italy ...................... 4.2%
Pacific Basin.............. 12.8% Switzerland ................ 4.0%
France ..................... 10.9% Spain ...................... 2.6%
Other Europe ............... 7.5% Ireland .................... 0.4%
Germany .................... 7.2% Other Americas.............. 0.3%
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date.............. 4.03%
3 Years................... 6.94%
5 Years................... 5.32%
10 Years.................. N/A
The chart on the left does not include withdrawal or surrender charges or
Separate Account expenses (general administrative expenses and mortality and
expense risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
MDA-7
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- -------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To achieve high total investment return through a combination of current income
and capital appreciation.
INCEPTION DATE
3/3/97
ASSET CLASS
High Yield Bonds
UNDERLYING INVESTMENTS
Normally invests at least 65% of its assets in below investment grade fixed-
income securities (commonly referred to as "junk bonds").
NET ASSETS:
$51.6 million
AVERAGE BOND QUALITY:
B1
PORTFOLIO MANAGERS
Daniel J. Fuss, CFA, CIC
Kathleen C. Gaffney, CFA
PERFORMANCE AT-A-GLANCE
Over the first six months of 1999, the Portfolio returned 11.92%, measurably
outperforming the 1.76% return of its benchmark, the Merrill Lynch High Yield
Index.
PORTFOLIO ACTIVITY
After Russia's ruble devaluation and the subsequent illiquid state of financial
markets, the bond markets returned to relative normalcy during the first half of
the year. Investors regained their appetites for higher yielding securities as
the economy demonstrated its resiliency by expanding despite only minimal signs
of inflation. In fact, the resurgence of strong growth spurred the Federal
Reserve to raise short-term interest rates by 0.25 percentage points to 5.00% in
June to preempt any inflationary pressures that might be incubating in the
economy.
The Portfolio recouped much of the loss it incurred in the second half of last
year, as yield spreads narrowed considerably in the Portfolio's single B and BB
rated issues.
Hints of a burgeoning recovery in Asia and a more stable currency in Brazil
helped reduce investors' risk premiums and had a positive effect on the
Portfolio's Brazilian, Korean, and Thai holdings.
Also contributing positively to performance was an "overweight" position in the
telecommunications and cable sectors, which continues to rally as a result of
the opportunities created by deregulation and the explosive growth of the
Internet.
PORTFOLIO OUTLOOK
Going forward, the Portfolio Managers remain optimistic towards the high-yield
market because, although spreads have narrowed and liquidity has improved, the
bond market has yet to approach the return levels in early 1998. In addition,
the Portfolio Managers believe that the Portfolio will continue to benefit from
the yield-to-maturity built into the Portfolio and the diversity in its
holdings.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date..............11.92%
3 Years................... N/A
5 Years................... N/A
10 Years.................. N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-8
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To provide long-term growth of capital.
INCEPTION DATE
3/3/97
ASSET CLASS
Small Cap Stocks
UNDERLYING INVESTMENTS
Normally Invests at least 65% of its total assets in common stocks of medium
capitalization companies selected for their growth potential
NET ASSETS
$785.2 million
PORTFOLIO MANAGER
James P. Goff, CFA
PERFORMANCE AT-A-GLANCE
During the first half of 1999, the Portfolio returned 29.54%, outperforming its
benchmark, the Standard & Poor's MidCap 400 Index, which returned 6.87%.
PORTFOLIO ACTIVITY
During the period, the Portfolio posted superior returns, reflecting the
Portfolio Manager's ability to find "all-weather" companies that can grow their
earnings in any environment. Investors rewarded a number of the Portfolio's
holdings, which possessed dynamic earnings prospects. Additionally, the
Portfolio benefited from a more positive investment backdrop. Although the
overall market moved higher during the first half of the year, small- and mid-
sized stocks regained the mantle of leadership during the second quarter, and
led the market higher.
While media, technology, and telecommunications positions bolstered the
Portfolio's results, several pharmaceutical holdings were a drag on returns.
Among media-related companies, Hispanic Broadcasting and Univision posted
exceptional results. Their respective radio and television programming targets
the Hispanic audience, which is the fastest growing demographic segment in the
U.S.
Selected technology stocks also contributed well towards performance. Positions
in Vitesse Semiconductor and Exodus Communications appreciated substantially.
Vitesse produces gallium arsenide semiconductors, which operate at extremely
high speeds. Exodus provides outsourcing services for Internet sites.
PORTFOLIO OUTLOOK
Looking ahead, despite continued U.S. economic growth and increased volatility,
the Portfolio Manager remains optimistic because the Portfolio consists of what
he believes are "all-weather" companies, possessing dominant business models and
dynamic earnings growth potential.
- -------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
--------------------------------------------------
Amazon.com, Inc. ...................... 5.20%
Apollo Group, Inc. Cl. A .............. 5.18%
Vitesse Semiconductor Corp. ........... 4.82%
Paychex, Inc. ......................... 4.65%
Hispanic Broadcasting Corp. ........... 4.25%
Exodus Communications, Inc. ........... 4.10%
Nextlink Communications, Inc. Cl. A ... 3.94%
McLeod USA, Inc. ...................... 3.59%
Metromedia Fiber Network, Inc. Cl. A... 3.48%
eBay, Inc. ............................ 3.24%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date.........29.54%
3 Years................N/A
5 Years................N/A
10 Years...............N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-9
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To achieve long-term capital growth.
INCEPTION DATE
3/3/97
ASSET CLASS
Small Cap Stocks
UNDERLYING INVESTMENTS
Normally invests at least 65% of its total assets in a diversified group of
small capitalization companies.
NET ASSETS
$200.5 million
PORTFOLIO MANAGER
Richard T. Whitney, CFA
PERFORMANCE AT-A-GLANCE
The Portfolio returned 3.09% during the first six months of 1999. The Portfolio
lagged behind the performance of its benchmark, the Russell 2000 Growth Index,
which returned 12.82% during the same period.
PORTFOLIO ACTIVITY
Despite a surge in the second quarter, small-cap stock returns for the first
half, as measured by the Russell 2000 Index, 9.28%, did not overtake large-cap
stocks, as measured by the Standard & Poor's 500 Composite Stock Price ("S&P
500") Index, 12.38%. After focusing almost exclusively on a handful of blue
chip growth stocks, investors broadened their horizons to include areas they had
previously shunned, including small- and mid-cap companies and large-cap
cyclicals. The principal catalyst for this change appeared to be continued
evidence of the U.S. economy's strength and signs that global growth was
stabilizing. Typically, small-cap stocks are fairly dependent on solid economic
growth for good performance.
The Portfolio advanced sharply in the second quarter, but overall returns for
the first half were significantly muted by negative performance during the
difficult first quarter. In the early months of the year, the Portfolio was at
a particular disadvantage versus the benchmark indices because it had little
exposure to the high-flying Internet stocks. Such investments did not, and do
not, meet the Portfolio's investment criteria, which stresses investment
fundamentals.
PORTFOLIO OUTLOOK
Now that small-company growth stocks have achieved some momentum, the Portfolio
Manager is reasonably optimistic it can be maintained if the economy remains
vibrant. The Portfolio Manager will stick to the strategy of selecting stocks
of fast-growing companies with solid, long-term growth potential and reasonable
values at the time of purchase.
- -------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
-----------------------------------------------------
Proxim, Inc. ............................. 0.93%
Sanmina Holdings, Inc. ................... 0.83%
QLogic Corp. ............................. 0.82%
VISX, Inc. ............................... 0.78%
Comverse Technology, Inc.................. 0.78%
Uniphase Corp. ........................... 0.75%
Symbol Technologies, Inc.................. 0.74%
Outback Steakhouse ....................... 0.74%
Chancellor Media Corp. ................... 0.70%
VERITAS Software Co. ..................... 0.70%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date...........3.09%
3 Years............... N/A
5 Years............... N/A
10 Years............... N/A
The chart on the left does not include withdrawal or surrender charges or
Separate Account expenses (general administrative expenses and mortality and
expense risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
MDA-10
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To achieve long-term growth of capital.
INCEPTION DATE
3/3/97
ASSET CLASS
Large Cap Stocks/
International Stocks
UNDERLYING INVESTMENTS
Invests, on a worldwide basis, in equity securities of companies that 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.
NET ASSETS
$132.4 million
PORTFOLIO MANAGERS
William E. Holzer
Diego Espinosa
Nicholas Bratt
PERFORMANCE AT-A-GLANCE
The Portfolio returned 8.51% for the first six months of 1999. The Portfolio's
benchmark, the Morgan Stanley Capital International (MSCI) All Country World
Index, returned 10.21% over the same period.
PORTFOLIO ACTIVITY
During the first five weeks of the second quarter, cyclical stocks appreciated
dramatically based on the perception of renewed global growth and fatigue with
the highly-valued large-cap growth stocks. For the second quarter, the Dow Jones
Industrial Average (DJIA) gained over 12%, and the MSCI Emerging Markets ($US)
rose more than 26%. After the announcement of April U.S. price data, there was
more hesitation about the implications for U.S. interest rates as investors
oscillated between growth and cyclical stocks. Fear of high interest rates hurt
the technology stocks, and, therefore, investors directed assets into cyclicals.
Japan, which announced strong, but probably anomalous, growth and employment
data late in the same month, was the best performing major market. The MSCI
Emerging Markets Asia Index ($US) returned an astonishing 40% in the second
quarter, as local and specialist investors continued to pursue their belief in
higher growth.
PORTFOLIO OUTLOOK
Going forward, renewed global growth is helping the Portfolio get a better
sighting, but it still faces volatile financial markets. However, the
Portfolio's investment philosophy is little changed -- to achieve balanced
exposure to the processes of change by focusing both on those companies that can
enable, adopt, and adapt to the Internet world, and those companies in
traditional industries that can adapt successfully to the difficult business
environment.
- -------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
----------------------------------------------------------------
International Business Machines Corp................. 2.65%
Electronic Data Systems Corp. ....................... 1.82%
Enron Corp. ......................................... 1.77%
BOC Group PLC ....................................... 1.59%
UNUMProvident Corp. ................................. 1.52%
Immunex Corp. ....................................... 1.46%
Sabre Group Holdings, Inc. Cl. A .................... 1.45%
Reuters Group PLC ................................... 1.45%
Rio Tinto-Zinc PLC .................................. 1.41%
Bayer AG ............................................ 1.34%
.
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
DIVERSIFICATION BY COUNTRY AND REGION
- -------------------------------------------------------------------------------
as of June 30, 1999 Based on Market Value of Investments
United States .... 39.9% Canada ........... 4.6%
United Kingdom ... 17.3% Hong Kong ........ 2.5%
Japan ............ 9.9% France ........... 1.8%
Germany .......... 9.8% Singapore ........ 1.4%
Switzerland ...... 5.9% Other Europe ..... 1.1%
Other Americas ... 5.4% Other Asia/
Pacific Basin .... 0.4%
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date...................8.51%
3 Years........................ N/A
5 Years........................ N/A
10 Years....................... N/A
The chart on the left does not include withdrawal or surrender charges or
Separate Account expenses (general administrative expenses and mortality and
expense risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
MDA-11
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
HARRIS OAKMARK LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To seek long-term capital appreciation.
INCEPTION DATE
11/9/98
ASSET CLASS
Large Cap Stocks
UNDERLYING INVESTMENTS
Normally invests at least 65% of its total assets in equities securities of
large capitalization U.S. companies.
NET ASSETS
$26.6 million
PORTFOLIO MANAGERS
Robert J. Sanborn, CFA
Edward Loeb, CFA
PERFORMANCE AT-A-GLANCE
The Portfolio returned 13.51% in the first half of 1999. The Portfolio's
benchmark, the Standard & Poor's 500 Composite Stock Price ("S&P 500") Index,
returned 12.38% during the same period.
PORTFOLIO ACTIVITY
The Portfolio's strong performance was broad-based: more than 80% of the
holdings rose in price during the period. In particular, the Portfolio's more
economically-sensitive holdings exhibited strong performance as fundamental
economic trends showed strong improvement.
With just 23 holdings, the Portfolio remains quite concentrated. The Portfolio
maintains large average position sizes so that the best ideas may have a
meaningful impact on performance. As of June 30, 1999, the top-10 holdings
represented more than 50% of the Portfolio.
PORTFOLIO OUTLOOK
The Portfolio Managers remain skeptical of overall market valuations,
particularly considering the recent rise in interest rates. Based on historical
trends, the U.S. stock market's valuation remains very high, and in particular,
the larger growth stocks look quite risky. Nonetheless, the Portfolio's average
holding trades at a steep valuation discount to the market and this gives the
Portfolio Managers additional comfort that prospective investment returns for
the Portfolio appear relatively favorable.
- ------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- ------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
---------------------------------------------------------
Philip Morris Cos., Inc..................... 7.30%
Nike, Inc. Cl. B ........................... 5.61%
Knight-Ridder, Inc. ........................ 5.26%
Mattel, Inc. ............................... 5.16%
Boeing Co. ................................. 4.99%
Black & Decker Corp. ....................... 4.98%
Dun & Bradstreet Corp. ..................... 4.98%
Block (H & R), Inc. ........................ 4.84%
Eaton Corp. ................................ 4.77%
Bank One Corp. ............................. 4.70%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date...........13.51%
3 Years.................N/A
5 Years.................N/A
10 Years.................N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-12
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
NEUBERGER BERMAN PARTNERS MID CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To seek capital growth.
INCEPTION DATE
11/9/98
ASSET CLASS
Mid Cap Stocks
UNDERLYING INVESTMENTS
Normally invests at least 65% of its total assets in common stocks of mid
capitalization companies.
NET ASSETS
$23.2 million
PORTFOLIO MANAGERS
Michael Kassen
Robert Gendelman
S. Basu Mullick
PORTFOLIO PERFORMANCE AT-A-GLANCE
The Portfolio returned 18.21% during the first six months of 1999. The
Portfolio outperformed its benchmark, the Standard & Poor's MidCap 400/BARRA
Value Index, which returned 5.68%.
The Portfolio's Co-Managers attribute the performance to their disciplined,
value-oriented, bottom-up stock selection strategy.
PORTFOLIO ACTIVITY
The Portfolio benefited from its holdings in the technology (15.3% of total
market value as of June 30) and communication services (1.6% of total market
value as of June 30) sectors. MediaOne and Tandy are examples of technology
stocks that were bought inexpensively and appreciated as the companies recovered
from previous, temporary problems.
Later in the six-month reporting period, it became apparent that economies in
the U.S., Japan, Asia, and Latin America were stronger than many analysts
expected. As a result, U.S. interest rates began to rise amid investors'
concerns that inflationary pressures might re-emerge.
Because higher interest rates have the potential to erode earnings, many highly-
valued growth companies lost value. Instead, equity investors turned their
attention to attractively-valued companies that had been out-of-favor, including
many of the value-oriented and economically sensitive companies in which the
Portfolio invests.
PORTFOLIO OUTLOOK
Looking forward, the Portfolio's Co-Managers have been encouraged by the
broadening of the mid-cap value sectors of the stock market during the second
quarter, which stands in stark contrast to the remarkably narrow markets of
previous quarters. The Portfolio's Co-Managers remain optimistic about the
stock market's trend towards value.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
------------------------------------------------------------
Allied Waste Industries, Inc. .................. 3.29%
Gulfstream Aerospace Corp. ..................... 2.65%
Rite Aid Corp. ................................. 2.35%
BankBoston Corp. ............................... 2.18%
FINOVA Group, Inc. ............................. 2.15%
Dun & Bradstreet Corp. ......................... 2.06%
Becton, Dickinson & Co. ........................ 2.02%
SLM Holding Corp. .............................. 1.95%
Countrywide Credit Industries, Inc.............. 1.90%
Bear Stearns Cos., Inc. ........................ 1.89%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date............18.21%
3 Years..................N/A
5 Years..................N/A
10 Years.................N/A
The chart on the left does not include withdrawal or surrender charges or
Separate Account expenses (general administrative expenses and mortality and
expense risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
MDA-13
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- --------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To achieve long-term capital growth, and secondarily, dividend income.
INCEPTION DATE
11/9/98
ASSET CLASS
Large Cap Stocks
UNDERLYING INVESTMENTS
Normally invests at least 65% of its total assets in large cap stocks that
demonstrate sustained growth characteristics.
NET ASSETS
$26.6 million
PORTFOLIO MANAGER
Robert W. Smith
PERFORMANCE AT-A-GLANCE
The Portfolio returned 8.74% during the first six months of 1999. The
Portfolio's performance lagged behind the performance of its benchmark, the
Standard & Poor's 500 Composite Stock Price ("S&P 500") Index, which returned
12.38% during the same period. The Lipper Growth Funds Average returned 11.65%
during the same period.
PORTFOLIO ACTIVITY
Technology stocks, particularly Internet stocks, performed well. The Portfolio
was under-invested in these areas and, therefore, paid a short-term price.
However, many of the Portfolio's large technology holdings did extremely well
and made valuable contributions to the Portfolio's favorable absolute return.
Rising interest rates during most of the six-month period posed a considerable
concern for investors but did not succeed in restraining returns. At the end
of June, the Federal Reserve raised the key Federal Funds rate by 25 basis
points (.25%) to 5.00% as a preemptive strike against potentially higher
inflation down the road. So far, the move has served to reassure investors that
the Federal Reserve is standing guard to keep the economy from overheating and
inflation from accelerating.
While the rate hike did not slow the overall market, it did spur investors to
turn their attention back to the growth stocks in which the Portfolio invests.
PORTFOLIO OUTLOOK
While the Portfolio Manager believes stock market gains will moderate in the
second half -- particularly if interest rates move higher -- many positive
factors remain. For the most part, foreign economies appear healthier than they
did last year, and global earnings growth is improving. Over time these factors
should benefit the Portfolio, which holds many of the leading companies in a
wide variety of industries.
- -------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
---------------------------------------------------------
Tyco International Ltd. .................... 2.78%
Federal Home Loan Mortgage Corp............. 2.77%
Microsoft Corp. ............................ 2.47%
MCI WorldCom, Inc. ......................... 2.46%
General Electric Co. ....................... 2.38%
Citigroup, Inc. ............................ 2.18%
Bristol-Myers Squibb Co. ................... 1.85%
Wells Fargo & Co. .......................... 1.75%
Waste Management, Inc. ..................... 1.48%
United Healthcare Corp. .................... 1.46%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date............8.74%
3 Years..................N/A
5 Years..................N/A
10 Years.................N/A
The chart on the left does not include withdrawal or surrender charges or
Separate Account expenses (general administrative expenses and mortality and
expense risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
MDA-14
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- -------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To equal the performance of the Lehman Brothers Aggregate Bond Index.
INCEPTION DATE
11/9/98
ASSET CLASS
U.S.Bonds
UNDERLYING INVESTMENTS
Normally invests most of its assets in fixed income securities included in the
Lehman Brothers Aggregate Bond Index.
NET ASSETS
$98.8 million
AVERAGE BOND QUALITY:
AA+
PORTFOLIO MANAGEMENT
MetLife
Investment
Department
PERFORMANCE AT-A-GLANCE
For the first half of 1999, the Portfolio returned -1.86% while the Portfolio's
benchmark, Lehman Brothers Aggregate Bond Index, returned -1.37% over the same
period. The Portfolio's return is net of management fees and expenses. An Index
Portfolio cannot exactly duplicate its Index's return because of differences
that primarily result from sampling, pricing, and transaction costs.
These results reflect the overall rise in interest rates during this period,
mainly in the second quarter. The Portfolio's and Index's returns in the second
quarter were -1.18% and -0.88%, respectively.
PORTFOLIO ACTIVITY
Generally, bond prices rise as interest rates fall, and vice versa. The
correlation of returns between the Portfolio and Index since the Portfolio's
inception in November 1998 has been 98.8%, indicating that the Portfolio has
closely matched the Index's return.
As global growth continued to recover from the worldwide financial crisis of
last year, interest rates moved higher. Strong growth persuaded the Federal
Reserve to `take back' one-third of its crisis-related interest rate easing in
1998, pushing the targeted Federal Funds rate up by 25 basis points (0.25%) to
5.00% in late June. The U.S. bond market expected this change in policy and
pushed rates even higher, causing bond prices to decline.
On balance, the yield advantage of corporate bonds and mortgage backed
securities (MBS) over U.S. Treasury bonds were narrower from year-end 1998
levels, partially offsetting the negative impact of rising interest rates.
The Index is currently comprised of U.S. Treasuries (35%), MBS (33%), Corporates
(21%), U.S. Agencies (8%), Asset Backed Securities (2%) and Collateralized
Mortgaged Backed Securities (1%).
PORTFOLIO OUTLOOK
A dearth of liquidity and an aura of caution best characterize current market
conditions. Fear of another increase in short-term rates by the Federal
Reserve, "Y2K" concerns, and restraint by both investors and dealers have all
contributed to this condition.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date........... -1.86%
3 Years....................N/A
5 Years....................N/A
10 Years...................N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-15
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- -------------------------------------------------------------------------------
MORGAN STANLEY EAFE(R) INDEX PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To equal the performance of the MSCI EAFE(R) Index.
INCEPTION DATE
11/9/98
ASSET CLASS
International Stocks
UNDERLYING INVESTMENTS
Normally invests most of its assets in securities included in the MSCI EAFE(R)
Index, which primarily includes equity securities in countries outside the U.S.
NET ASSETS
$49.1 million
PORTFOLIO MANAGEMENT
MetLife
Investment
Department
PERFORMANCE AT-A-GLANCE
For the first half of 1999, Morgan Stanley EAFE(R) Index Portfolio returned
3.52%. The Morgan Stanley Capital International (MSCI) EAFE(R) Index, which the
Portfolio is designed to track, returned 3.97% during the same period. The
Portfolio's return is net of management fees and expenses. The Portfolio cannot
exactly duplicate its Index's return because of differences that primarily
result from sampling and transaction costs.
The Portfolio does own shares of most of the companies in the MSCI EAFE(R)
Index, which is composed of about 1,000 companies in developed markets outside
the U.S.
PORTFOLIO ACTIVITY
During the first half of 1999, stocks in the MSCI EAFE(R) Index were helped as
investors gained more confidence in global economic growth. This change in
confidence particularly helped Asian markets. Japanese stocks, which currently
have a 24% weighting in the MSCI EAFE(R) Index, rose strongly. Another 7% of
the MSCI EAFE(R) Index invests in Australia and other Asian markets which were
also helped by the improvement in investor sentiment. Stock markets in Europe,
which comprise 69% of the Index, were helped when European central banks reduced
interest rates in April. However, the new euro currency has been weak relative
to the U.S. dollar. This currency weakness has depressed the value of European
stocks when translated into U.S. dollars.
PORTFOLIO OUTLOOK
Looking ahead, some of the strategies that have helped U.S. stocks may
increasingly be applied by companies in the MSCI EAFE(R) Index. These trends,
such as restructuring, mergers, and greater adoption of technology, could
support further gains for stocks in the MSCI EAFE(R) Index.
- -------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
------------------------------------------------------------
British Petroleum Co. PLC ....................... 2.18%
Nippon Telephone & Telegraph Corp................ 1.85%
Royal Dutch Petroleum Co. ....................... 1.58%
Toyota Motor Corp. .............................. 1.48%
British Telecommunications PLC .................. 1.35%
Nokia Oyj ....................................... 1.32%
Glaxo Wellcome PLC .............................. 1.26%
Novartis AG ..................................... 1.25%
Deutsche Telekom AG ............................. 1.15%
DaimlerChrysler AG .............................. 1.09%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
DIVERSIFICATION BY COUNTRY AND REGION
- -------------------------------------------------------------------------------
as of June 30, 1999
Based on Market Value of Investments
Japan .................... 24.2% Netherlands .............. 5.7%
United Kingdo............. 21.7% Italy .................... 4.4%
Germany .................. 9.7% Spain .................... 3.0%
France ................... 9.6% Australia ................ 2.9%
Other Europe ............. 8.6% Hong Kong ................ 2.6%
Switzerland .............. 6.6% Other Asia/
Pacific Basin............. 1.0%
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APPEARS HERE]
Year to Date............3.52%
3 Years..................N/A
5 Years..................N/A
10 Years.................N/A
The chart on the left does not include withdrawal or surrender charges or
Separate Account expenses (general administrative expenses and mortality and
expense risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
MDA-16
<PAGE>
Metropolitan Series Fund, Inc.
Management's Discussion and Analysis
- -------------------------------------------------------------------------------
RUSSELL 2000(R) INDEX PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To equal the performance of the Russell 2000 Index.
INCEPTION DATE
11/9/98
ASSET CLASS
Small Cap Stocks
UNDERLYING INVESTMENTS
Normally invests most of its assets in common stocks included in the Russell
2000 Index.
NET ASSETS
$72.2 million
PORTFOLIO MANAGEMENT
MetLife
Investment
Department
PERFORMANCE AT-A-GLANCE
During the first half of 1999, the Portfolio returned 10.25%, ahead of the 9.28%
return by the Russell 2000 Index, which the Portfolio is designed to track. The
Portfolio's return is net of management fees and expenses. The Portfolio cannot
exactly duplicate its Index's return because of differences that primarily
result from sampling and transaction costs.
The Portfolio is managed on a sampling basis and owns about 1,600 of the
companies in the Index. The Russell 2000 Index is composed of approximately
2,000 U.S. small capitalization stocks.
PORTFOLIO ACTIVITY
Performance of small-capitalization stocks modestly lagged larger stocks during
the first half of 1999. However, towards the end of the period, expectations
for stronger economic growth gave small-cap stocks a boost. The returns of both
the Portfolio and the Index were enhanced by the strong performance of
approximately 30 Internet stocks during the first half of the year.
The annual reconstitution of the Russell 2000 Index occurred on June 30th. In
this process, stocks are added to or removed from the Index so that the Index
continues to represent the small capitalization sector of the stock market.
Many of the Internet stocks, which had become too large for the Index, were
removed. After the reconstitution, the largest stock in the Russell 2000 Index
had a market capitalization of about $1.5 billion. The Portfolio was able to
enhance its returns by purchasing, at advantageous prices, those stocks being
added to the Index during this reconstitution.
- -------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- -------------------------------------------------------------------------------
Top Ten Equity Holdings as of June 30, 1999
% of Total
Security Net Assets
----------------------------------------------------------
Lam Research Corp. .......................... 0.20%
Go2Net, Inc. ................................ 0.19%
VerticalNet, Inc. ........................... 0.19%
Informix Corp. .............................. 0.18%
EG&G, Inc. .................................. 0.18%
Andrew Corp. ................................ 0.17%
Ethan Allen Interiors, Inc. ................. 0.17%
MONY Group, Inc. ............................ 0.17%
IDEC Pharmaceuticals Corp. .................. 0.17%
General Nutrition Cos., Inc. ................ 0.17%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999
- -------------------------------------------------------------------------------
[BAR CHART APEARS HERE]
Year to Date............10.25%
3 Years..................N/A
5 Years..................N/A
10 Years.................N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-17
<PAGE>
================================================================================
SEMIANNUAL REPORT
of the
Metropolitan
Series Fund, Inc.
JUNE 30, 1999
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -----------------------------------------------------------------------------------------
COMMON STOCK: 97.2%
- -----------------------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE & DEFENSE: 0.5%
269,200 Raytheon Co. Cl. B $ 18,944,950
- -----------------------------------------------------------------------------------------
AUTOMOTIVE: 1.3%
414,814 +Delphi Automotive Systems Corp. 7,699,985
593,500 General Motors Corp. 39,171,000
------------------
46,870,985
- -----------------------------------------------------------------------------------------
BANKING: 6.9%
1,758,684 +BankAmerica Corp. 128,933,521
1,278,000 Chase Manhattan Corp. 110,706,750
------------------
239,640,271
- -----------------------------------------------------------------------------------------
BROADCASTING: 6.2%
1,903,400 CBS Corp. 82,678,937
1,083,200 *Fox Entertainment Group, Inc. Cl. A 29,178,700
841,900 Time Warner, Inc. 61,879,650
1,004,800 *Viacom, Inc. Cl. B 44,211,200
------------------
217,948,487
- -----------------------------------------------------------------------------------------
BUSINESS SERVICES: 2.3%
956,200 First Data Corp. 46,794,037
391,100 Interpublic Group of Cos., Inc. 33,879,038
------------------
80,673,075
- -----------------------------------------------------------------------------------------
CHEMICALS: 2.5%
681,800 Dow Chemical Co. 86,503,375
- -----------------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 2.0%
663,250 *Cisco Systems, Inc. 42,717,445
392,500 *+Solectron Corp. 26,174,844
------------------
68,892,289
- -----------------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 5.4%
504,300 American Home Products Corp. 28,997,250
728,200 *Amgen, Inc. 44,306,419
372,900 Bristol-Myers Squibb Co. 26,266,144
889,300 Pharmacia & Upjohn, Inc. 50,523,356
743,700 Schering-Plough Corp. 39,416,100
------------------
189,509,269
- -----------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 6.0%
1,001,500 +Allied-Signal, Inc. 63,094,500
911,100 +Black & Decker Corp. 57,513,187
794,700 General Electric Co. $ 89,801,100
------------------
210,408,787
- -----------------------------------------------------------------------------------------
ELECTRONICS: 6.0%
744,000 *Intel Corp. 44,244,750
764,600 Lucent Technologies, Inc. 51,562,712
650,500 *Teradyne, Inc. 46,673,375
467,700 Texas Instruments, Inc. 67,816,500
------------------
210,297,337
- -----------------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.6%
374,200 Harley Davidson, Inc. 20,347,125
- -----------------------------------------------------------------------------------------
FINANCIAL SERVICES: 5.8%
298,000 American Express Co. 38,777,250
386,100 Capital One Financial Corp. 21,500,944
1,746,523 Citigroup, Inc. 82,959,842
1,289,000 +Household International, Inc. 61,066,375
------------------
204,304,411
- -----------------------------------------------------------------------------------------
FOOD & BEVERAGES: 2.8%
226,500 Anheuser-Busch Co., Inc. 16,067,344
1,497,900 +Coca Cola Enterprises, Inc. 44,562,525
988,900 PepsiCo, Inc. 38,258,069
------------------
98,887,938
- -----------------------------------------------------------------------------------------
HOTEL & MOTEL: 0.8%
1,691,200 *Mirage Resorts, Inc. 28,327,600
- -----------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 2.2%
453,200 Colgate-Palmolive Co. 44,753,500
371,700 Procter & Gamble Co. 33,174,225
------------------
77,927,725
- -----------------------------------------------------------------------------------------
INSURANCE: 3.7%
1,592,100 ACE Ltd. 44,976,825
405,700 American International Group, Inc. 47,492,256
566,700 +Equitable Cos., Inc. 37,968,900
------------------
130,437,981
- -----------------------------------------------------------------------------------------
LIQUOR: 2.0%
1,404,400 Seagram Ltd. 70,746,650
- -----------------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 2.7%
776,100 Baxter International, Inc. 47,051,062
</TABLE>
MSF-1
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
JUNE 30, 1999 (unaudited)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY:(CONTINUED)
235,400 Guidant Corp. $ 12,108,388
355,900 Johnson & Johnson 34,878,200
------------------
94,037,650
- --------------------------------------------------------------------------------
METALS-NON-FERROUS: 0.1%
177,200 Engelhard Corp. 4,009,150
- --------------------------------------------------------------------------------
MULTI-INDUSTRY: 3.6%
1,308,800 Tyco International Ltd. 124,008,800
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 3.1%
247,600 *EMC Corp. 13,618,000
564,400 International Business Machines Corp. 72,948,700
225,600 Pitney-Bowes, Inc. 14,494,800
111,900 *Sun Microsystems, Inc. 7,710,609
------------------
108,772,109
- --------------------------------------------------------------------------------
OIL: 2.6%
1,413,240 TOTAL SA ADR 91,065,653
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.4%
1,314,400 *Ocean Energy, Inc. 12,651,100
- --------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 1.0%
763,300 Halliburton Co. 34,539,325
- --------------------------------------------------------------------------------
OIL-INTERNATIONAL: 4.2%
318,460 +BP Amoco PLC ADR 34,552,910
877,200 Exxon Corp. 67,654,050
721,600 Royal Dutch Petroleum Co. 43,476,400
------------------
145,683,360
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 1.7%
1,105,900 *Waste Management, Inc. 59,442,125
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 0.6%
515,300 +Readers Digest Association, Inc. Cl. A 20,483,175
- --------------------------------------------------------------------------------
RESTAURANT: 2.1%
1,764,600 McDonald's Corp. 72,900,038
- --------------------------------------------------------------------------------
RETAIL GROCERY: 1.2%
1,460,600 *Kroger Co. 40,805,513
- --------------------------------------------------------------------------------
RETAIL TRADE: 5.8%
495,200 *+Best Buy Co., Inc. 33,426,000
909,900 CVS Corp. 46,177,425
786,500 Dayton-Hudson Corp. 51,122,500
1,075,100 *Staples, Inc. 33,227,309
787,100 Wal-Mart Stores, Inc. 37,977,575
------------------
201,930,809
- --------------------------------------------------------------------------------
SOFTWARE: 2.4%
291,700 Electronic Data Systems Corp. 16,499,281
741,600 *Microsoft Corp. 66,836,700
------------------
83,335,981
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 1.5%
379,100 +Nokia Corp. ADR 34,711,344
548,800 *Qwest Communications
International, Inc. 18,161,850
------------------
52,873,194
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 1.0%
894,600 Unicom Corp. 34,498,013
- --------------------------------------------------------------------------------
UTILITIES-GAS & PIPELINES: 1.2%
500,100 Enron Corp. 40,883,175
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 5.0%
686,200 AT&T Corp. 38,298,538
578,000 +Bell Atlantic Corp. 37,786,750
1,133,100 *MCI WorldCom, Inc. 97,482,009
------------------
173,567,297
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $2,579,561,249) .......... 3,396,154,722
------------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 2.9%
- --------------------------------------------------------------------------------
$19,000,000 American Express
Credit Corp. 4.950% 7/1/99 $ 19,000,000
17,931,000 American Express
Credit Corp. 5.250% 7/1/99 17,931,000
25,532,000 Commercial Credit
Co. 5.000% 7/6/99 25,532,000
15,000,000 Commercial Credit
Co. 5.010% 7/19/99 15,000,000
16,870,000 Ford Motor Credit
Co. 4.900% 7/2/99 16,870,000
2,778,000 Ford Motor Credit
Co. 5.080% 7/2/99 2,778,000
MSF-2
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS:(CONTINUED)
- --------------------------------------------------------------------------------
$ 147,000 Ford Motor Credit
Co. 5.250% 7/6/99 $ 147,000
4,380,000 Household Finance
Corp. 4.930% 7/6/99 4,380,000
----------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $101,638,000) .................... 101,638,000
----------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.1%
(Cost $2,681,199,249) 3,497,792,722
OTHER ASSETS LESS LIABILITIES (0.1%) .... (2,547,795)
----------------
TOTAL NET ASSETS: 100.0% ................ $3,495,244,927
================
- --------------------------------------------------------------------------------
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, 1999, the market value of securities loaned was $131,130,386
with collateral backing valued at $136,213,403.
See Notes to Financial Statements.
MSF-3
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ----------------------------------------------------------------------------------
CORPORATE BONDS: 52.4%
- ----------------------------------------------------------------------------------
ASSET BACKED: 1.1%
<S> <C> <C> <C> <C>
$ 1,900,000 Arcadia Auto Trust
Ser. 97-B A5 6.700% 2/15/05 $ 1,922,382
3,983,108 World Omni Automobile
Lease Trust Ser. 97-B
A3 6.180% 11/25/03 3,986,813
--------------
5,909,195
- ----------------------------------------------------------------------------------
AUTOMOTIVE: 1.3%
5,175,000 ++Lear Corp. 144A 8.110% 5/15/09 5,029,841
1,500,000 Lear Seating Corp.
Sub. 8.250% 2/1/02 1,503,750
--------------
6,533,591
- ----------------------------------------------------------------------------------
BANKING: 2.2%
1,150,000 BankAmerica Corp. 5.875% 2/15/09 1,055,804
5,300,000 Capital One Bank 6.620% 8/4/03 5,246,894
5,350,000 Capital One Bank 6.650% 3/15/04 5,239,255
--------------
11,541,953
- ----------------------------------------------------------------------------------
CHEMICALS: 0.5%
2,400,000 ++Rohm & Haas Co. 144A 7.400% 7/15/09 2,399,424
- ----------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS: : 6.2%
2,405,962 Chase Commercial
Mortgage Sec. Corp.
Ser. 98-2 A1 6.025% 8/18/07 2,345,907
1,824,575 Chase Commercial
Mortgage Sec.
Ser. 97-1 A1 7.270% 7/19/04 1,855,650
1,425,000 Credit Suisse First
Boston Ser. 97-C2 A2 6.520% 7/17/07 1,397,498
5,500,000 General Motors
Acceptance Corp. 5.950% 3/14/03 5,370,695
5,375,000 GMAC Commercial
Mortgage Security,
Inc. 6.175% 5/15/33 5,104,570
2,050,000 GMAC Commercial
Mortgage Security,
Inc. Ser. 97-C2 A 6.550% 4/15/29 2,016,047
6,902,508 GMAC Commercial
Mortgage Security,
Inc. Ser. 98-C1 A1 6.411% 11/15/07 6,835,640
874,711 Morgan Stanley
Capital, Inc.
Ser. 98 HF1-A1 6.190% 1/15/07 858,036
2,315,631 Morgan Stanley
Capital, Inc.
Ser. 98 XL1-A1 6.220% 5/3/05 2,270,765
3,774,569 Structured Asset
Securities Corp. 6.790% 10/15/34 3,799,339
--------------
31,854,147
- ----------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 0.8%
$ 2,200,000 HealthSouth Corp. Sr. 7.000% 6/15/08 $ 2,002,220
1,900,000 HealthSouth Corp. Sr. 9.500% 4/1/01 1,946,759
--------------
3,948,979
- ----------------------------------------------------------------------------------
FINANCIAL SERVICES: : 17.3%
1,900,000 Advanta Master Trust
II Ser. 95-F A1 6.050% 8/1/03 1,904,142
2,800,000 Associates Corp. of
North America 6.375% 10/15/02 2,801,092
1,800,000 Associates Corp. of
North America 6.750% 7/15/01 1,819,404
1,800,000 CIT Group Holdings,
Inc. Sr. 6.700% 5/28/01 1,814,076
6,745,000 Citibank Credit Card
Master Trust I 5.875% 3/10/11 6,281,281
7,800,000 Citibank Credit Card
Master Trust I Ser. 98 A 5.300% 1/9/06 7,439,250
4,125,000 Citibank Credit Card
Master Trust I
Ser. 98-1 A 5.750% 1/15/03 4,108,211
5,200,000 +Citigroup, Inc. 6.200% 3/15/09 4,904,484
3,075,000 Countrywide Funding
Corp. 6.580% 9/21/01 3,085,055
3,100,000 Discover Card Master
Trust I Ser. 98 A 5.600% 5/15/06 2,980,836
3,750,000 Donaldson, Lufkin &
Jenrette, Inc. 6.240% 11/12/31 3,577,148
5,225,000 Donaldson, Lufkin &
Jenrette, Inc. 6.460% 1/10/09 5,055,188
2,125,000 ++ERAC USA Finance Co.
144A 6.625% 2/15/05 2,056,341
2,850,000 ++ERAC USA Finance Co.
144A 6.625% 5/15/06 2,745,797
2,750,000 ++ERAC USA Finance Co.
144A 6.750% 5/15/07 2,620,778
3,800,000 Fleet Mortgage Group,
Inc. 7.060% 7/26/02 3,841,990
2,600,000 ++Florida Windstorm-MBIA
Sr. Ser. 99 144A 7.125% 2/25/19 2,545,036
10,275,000 Ford Motor Credit Co. 5.800% 1/12/09 9,390,323
1,025,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 1,002,040
4,425,000 Green Tree Financial
Corp. Sr. A5 6.180% 12/1/17 4,379,334
3,925,000 Green Tree Financial
Corp. Sr. Cl. A 4 5.980% 5/1/13 3,889,400
2,300,000 Household Finance
Corp. 6.125% 7/15/02 2,280,174
</TABLE>
MSF-4
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ----------------------------------------------------------------------------------
CORPORATE BONDS:(CONTINUED)
- ----------------------------------------------------------------------------------
FINANCIAL SERVICES:(CONTINUED)
<S> <C> <C> <C> <C>
$ 1,700,000 Household Finance
Corp. Sr. 6.750% 6/1/00 $ 1,710,353
1,950,000 MBNA Master Credit
Card Tr. II Ser 98-J A 5.250% 2/15/06 1,865,897
2,525,000 MBNA Master Credit
Card Trust II 5.900% 8/15/11 2,372,692
1,900,000 Prime Credit Card
Master Trust
Ser. 95-1 A 6.750% 11/15/05 1,913,642
--------------
88,383,964
- ----------------------------------------------------------------------------------
FOOD & BEVERAGES: 1.9%
4,975,000 Coca-Cola Co. 5.750% 11/1/08 4,589,985
5,325,000 ++Pepsi Bottling Group,
Inc. 144A 5.625% 2/17/09 4,914,389
--------------
9,504,374
- ----------------------------------------------------------------------------------
HEALTHCARE SERVICES: 2.6%
2,600,000 Columbia HCA
Healthcare Corp. 6.870% 9/15/03 2,421,354
3,800,000 Columbia HCA
Healthcare Corp. 7.690% 6/15/25 3,160,612
3,000,000 Columbia HCA
Healthcare Corp. 7.750% 7/15/36 2,443,050
5,625,000 Tenet Healthcare Corp.
Sr. 8.000% 1/15/05 5,456,250
--------------
13,481,266
- ----------------------------------------------------------------------------------
INDUSTRIALS: 3.4%
6,100,000 Aramark Services, Inc. 6.750% 8/1/04 5,875,032
3,400,000 Beckman Coulter, Inc.
Sr. 7.100% 3/4/03 3,300,346
826,667 Chevron Corp. Profit
Sharing Amort. 8.110% 12/1/04 864,966
1,950,000 Oracle Corp. Sr. 6.910% 2/15/07 1,841,502
1,025,000 Owens-Illinois, Inc.
Sr. 7.850% 5/15/04 1,025,810
775,000 ++Scotts Co. 144A 8.625% 1/15/09 763,375
4,125,000 United Technologies
Corp. 6.700% 8/1/28 3,859,927
--------------
17,530,958
- ----------------------------------------------------------------------------------
MORTGAGE RELATED: 0.4%
1,902,300 LB Commercial Conduit
and Mortgage Ser.
98-C1 A1 6.330% 2/18/30 1,887,438
- ----------------------------------------------------------------------------------
NEWSPAPERS: 1.8%
5,300,000 News America, Inc. Sr. 6.625% 1/9/08 5,010,938
2,600,000 News America, Inc. Sr. 7.125% 4/8/28 2,348,892
$ 1,975,000 News America, Inc. Sr. 7.750% 1/20/24 $ 1,914,901
--------------
9,274,731
- ----------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 1.3%
1,450,000 First Union Corp. 6.070% 10/15/35 1,371,156
5,275,000 Xerox Corp. 5.875% 5/15/04 5,085,100
--------------
6,456,256
- ----------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.5%
2,650,000 Union Pacific
Resources Group, Inc. 7.300% 4/15/09 2,550,307
- ----------------------------------------------------------------------------------
POLLUTION CONTROL: 1.2%
2,000,000 Allied Waste
Industries, Inc. 7.875% 1/1/09 1,855,000
4,125,000 USA Waste Services,
Inc. Sr. 7.000% 10/1/04 4,167,116
--------------
6,022,116
- ----------------------------------------------------------------------------------
RESTAURANT: 0.6%
3,500,000 Darden Restaurants,
Inc. 7.125% 2/1/16 3,122,455
- ----------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 4.0%
5,100,000 ++Cable & Wireless PLC
144A 8.125% 6/15/09 5,194,350
3,000,000 ++Charter Communications
Holdings 144A 8.625% 4/1/09 2,872,500
4,850,000 Lucent Technologies,
Inc. 6.450% 3/15/29 4,387,358
4,600,000 ++Orange PLC 144A 8.750% 1/1/80 4,570,146
3,675,000 ++Telecommunicaciones De
Puerto 144A 6.650% 5/15/06 3,547,588
--------------
20,571,942
- ----------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 5.3%
3,500,000 Arizona Public Service
Sr. 6.750% 11/15/06 3,465,805
5,200,000 Calpine Corp. 7.750% 4/15/09 4,940,000
1,750,000 ++Edison Mission Energy
Funding Ser. A 144A 7.330% 9/15/08 1,744,470
5,000,000 NRG Energy, Inc. 7.500% 6/1/09 4,932,400
3,500,000 PECO Energy Co. 6.050% 3/1/09 3,352,335
5,330,000 PECO Energy Co. 6.130% 3/1/09 5,065,152
3,900,000 Southern California
Edison Co. 6.500% 6 1 01 3,924,336
--------------
27,424,498
- ----------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $277,814,031) ....................... 268,397,594
--------------
- ----------------------------------------------------------------------------------
</TABLE>
MSF-5
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ----------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 10.5%
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$10,475,000 Federal Home Loan
Mortgage Corp. 6.500% 6/1/29 $ 10,111,622
1,250,000 Federal Home Loan
Mortgage Corp. 7.100% 4/10/07 1,299,800
419,109 Federal Home Loan
Mortgage Corp. 9.000% 12/1/09 438,128
270,139 Federal National
Mortgage Assoc. 7.750% 9/1/06 274,934
382,053 Federal National
Mortgage Assoc. 7.750% 3/1/08 390,622
35,782 Federal National
Mortgage Assoc. 7.750% 4/1/08 36,585
77,800 Federal National
Mortgage Assoc. 8.000% 6/1/08 80,079
626,214 Federal National
Mortgage Assoc. 8.250% 7/1/08 649,741
580,333 Federal National
Mortgage Assoc. 8.500% 2/1/09 609,036
185,864 Federal National
Mortgage Assoc. 8.500% 9/1/09 195,079
90,669 Federal National
Mortgage Assoc. 9.000% 4/1/16 97,448
1,972,541 Federal National
Mortgage Assoc. 5.500% 12/1/13 1,866,517
984,432 Federal National
Mortgage Assoc. 5.500% 12/1/13 931,519
73,920 Federal National
Mortgage Assoc. 5.500% 2/1/14 69,947
5,265,038 Federal National
Mortgage Assoc. 6.000% 12/1/28 4,945,819
10,250,000 Federal National
Mortgage Assoc. 7.000% 12/31/99 10,112,240
8,650,000 Federal National
Mortgage Assoc. 7.500% 12/31/99 8,717,557
10,025,000 Federal National
Mortgage Assoc. 7.500% 6/1/29 10,125,250
2,948,267 Government National
Mortgage Assoc. 6.500% 11/15/28 2,834,935
140,125 Government National
Mortgage Assoc. 7.500% 5/15/07 142,999
--------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $54,483,874) ........................ 53,929,857
--------------
- ----------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 15.1%
- ----------------------------------------------------------------------------------
$10,150,000 +U.S. Treasury Bond 5.250% 11/15/28 $ 8,997,061
5,925,000 +U.S. Treasury Bond 5.250% 2/15/29 5,323,257
8,575,000 +U.S. Treasury Bond 6.625% 2/15/27 9,055,972
7,350,000 +U.S. Treasury Bond 8.125% 5/15/21 8,950,903
10,450,000 +U.S. Treasury Bond 8.125% 8/15/21 12,740,849
4,375,000 +U.S. Treasury Bond 8.500% 2/15/20 5,486,513
1,675,000 +U.S. Treasury Bond 12.000% 8/15/13 2,351,801
5,975,000 U.S. Treasury Note 4.750% 2/15/04 5,747,173
7,325,000 +U.S. Treasury Note 6.375% 8/15/02 7,472,672
7,175,000 +U.S. Treasury Note 7.000% 7/15/06 7,599,904
7,775,000 U.S. Treasury Strip 0.000% 5/15/18 2,365,777
1,100,000 U.S. Treasury Strip 0.000% 11/15/01 965,030
--------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $80,610,282) ........................ 77,056,912
--------------
- ----------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 1.9%
- ----------------------------------------------------------------------------------
12,725,000 /NZD/New Zealand 8.000% 11/15/06 7,312,614
3,950,000 /NZD/New Zealand 10.000% 3/15/02 2,316,627
--------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $10,736,061) ........................ 9,629,241
--------------
- ----------------------------------------------------------------------------------
STATE AGENCY OBLIGATION: 3.9%
- ----------------------------------------------------------------------------------
2,500,000 California
Infrastructure
Ser. 97-1 A5 6.250% 6/25/04 2,488,281
4,950,000 California
Infrastructure
Ser. 97-1 A6 6.310% 9/25/08 4,840,172
8,775,000 California
Infrastructure
Ser. 97-1 A7 6.420% 9/25/08 8,658,800
3,950,000 New Jersey Economic
Development Authority
State Pension Funding
Ser. A 7.425% 2/15/29 4,122,536
--------------
TOTAL STATE AGENCY OBLIGATION
(Cost: $21,068,017) ........................ 20,109,789
--------------
- ----------------------------------------------------------------------------------
YANKEE BONDS: 7.4%
- ----------------------------------------------------------------------------------
1,500,000 City of Naples 7.520% 7/15/06 1,533,810
3,800,000 ++DR Investments
Sr. 144A 7.100% 5/15/02 3,834,124
6,450,000 Hellenic Republic of
Greece Sr. 6.950% 3/4/08 6,384,413
5,200,000 Province of Quebec 5.750% 2/15/09 4,784,208
5,200,000 Province of Quebec 7.000% 1/30/07 5,234,840
</TABLE>
MSF-6
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
YANKEE BONDS:(CONTINUED)
- --------------------------------------------------------------------------------
$ 4,500,000 +Province of Quebec 7.125% 2/9/24 $ 4,381,155
5,275,000 Republic of Panama 4.000% 7/17/14 3,857,344
6,300,000 Republic of Peru 4.500% 3/7/17 3,780,000
2,100,000 TransCanada Pipelines
Ltd. 6.430% 3/15/04 2,079,924
2,200,000 ++Woodside Finance Ltd.
144A 6.600% 4/15/08 2,047,694
-------------
TOTAL YANKEE BONDS
(Cost: $40,196,024) ........................ 37,917,512
-------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 11.7%
- --------------------------------------------------------------------------------
10,000,000 American Express
Credit Corp. 5.050% 7/12/99 10,000,000
4,634,000 American Express
Credit Corp. 5.060% 7/20/99 4,634,000
3,116,000 American Express
Credit Corp. 5.280% 7/8/99 3,116,000
3,000,000 Associates First
Capital Corp. 5.700% 7/1/99 3,000,000
3,273,000 Chevron USA, Inc.
Yrs 1+2 5.160% 7/12/99 3,273,000
7,445,000 Commercial Credit Co. 5.200% 7/9/99 7,445,000
9,356,000 Ford Motor Credit Co. 4.900% 7/2/99 9,356,000
10,000,000 General Electric
Capital Corp. 5.060% 8/2/99 10,000,000
9,016,000 Norwest Financial,
Inc. 4.900% 7/7/99 9,016,000
------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $59,840,000) ........................ 59,840,000
-------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 102.9%
(Cost $544,748,289) 526,880,905
OTHER ASSETS LESS LIABILITIES (2.9)%........ (14,921,112)
--------------
TOTAL NET ASSETS: 100% ..................... $511,959,793
==============
- --------------------------------------------------------------------------------
LEGEND:
- ------
+Securities on Loan
++Restricted security
SECURITIES LENDING: (Note 7)
- ---------------------------
As of June 30, 1999, the market value of securities loaned was $21,211,823
with collateral backing valued at $21,469,153.
RESTRICTED SECURITIES: (Note 2)
- ------------------------------
VALUATION
ACQUISITION ACQUISITION AS OF JUNE,
ISSUE DATE COST 30, 1999
- --------------------------------------------------------------------------------
Cable & Wireless PLC 144A 6/28/99 $ 5,090,361 $ 5,194,350
Charter Communications
Holdings 144A 3/12/99 2,990,850 2,872,500
DR Investments Sr. 144A 5/6/97 32,333 3,834,500
Edison Mission Energy Funding
Ser. A 144A 1/7/97 1,741,950 1,744,470
ERAC USA Finance Co. 144A 2/10/98 2,123,215 2,056,341
ERAC USA Finance Co. 144A 5/6/98 2,740,073 2,620,778
ERAC USA Finance Co. 144A 4/28/99 2,847,692 2,745,797
Florida Windstorm-MBIA Sr.
Ser. 97 144A 3/20/98 2,333,813 2,545,036
Lear Corp. 144A 5/13/99 5,175,000 5,029,841
Orange PLC 144A 6/4/99 4,576,172 4,570,146
Pepsi Bottling Group, Inc. 144A 2/3/99 5,301,943 4,914,389
Rohm & Haas Co. 144A 6/30/99 2,399,424 2,399,424
Scotts Co. 144A 1/14/99 775,000 763,375
Telecommunications De Puerto
144A 5/13/99 3,673,640 3,547,588
Woodside Finance, Ltd. 144A 4/3/98 2,196,282 2,047,694
The aggregate value of restricted securities at June 30, 1999 was $46,885,853 or
9.16% 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, 1999 (UNAUDITED)
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
BANKERS' ACCEPTANCES: 1.9%
- --------------------------------------------------------------------------------
$1,000,000 BankAmerica Corp. 4.830% 7/7/99 $ 999,195
TOTAL BANKERS' ACCEPTANCES
(Cost: $999,195) ............................. 999,195
--------------
- --------------------------------------------------------------------------------
COMMERCIAL PAPER: 85.2%
- --------------------------------------------------------------------------------
1,500,000 AIG Funding 5.180% 10/29/99 1,474,100
450,000 American Express Credit
Corp. 4.800% 7/7/99 449,640
1,000,000 American General Finance
Corp. 4.810% 8/26/99 992,518
600,000 American General Finance
Corp. 4.820% 7/29/99 597,751
1,000,000 American General Finance
Corp. 5.080% 10/18/99 984,619
500,000 American Telephone &
Telegraph Co. 4.830% 7/2/99 499,933
1,000,000 American Telephone &
Telegraph Co. 4.790% 7/28/99 996,407
2,000,000 Associates Corp. of
North America 4.850% 9/16/99 1,979,253
700,000 Associates First Capital
Corp. 4.920% 9/14/99 692,825
2,000,000 Caterpillar Financial
Services 4.770% 8/5/99 1,990,725
300,000 Caterpillar Financial
Services 4.780% 8/4/99 298,646
700,000 CIT Group Holdings, Inc. 4.790% 8/10/99 696,274
200,000 CIT Group Holdings, Inc. 4.780% 8/10/99 198,938
1,625,000 Coca-Cola Co. 5.000% 9/27/99 1,605,139
1,000,000 Coca-Cola Co. 4.950% 9/21/99 988,725
300,000 Deere & Co. 4.780% 8/10/99 298,407
1,700,000 Deere & Co. 4.830% 8/24/99 1,687,683
600,000 Deere & Co. 4.960% 9/21/99 593,221
2,000,000 DuPont (E.I.) de Nemours
& Co. 5.000% 9/29/99 1,975,000
763,000 Exxon Corp. 5.700% 7/1/99 763,000
1,000,000 Ford Motor Credit Co. 4.790% 7/13/99 998,403
975,000 Ford Motor Credit Co. 4.790% 7/27/99 971,627
650,000 Ford Motor Credit Co. 5.060% 10/12/99 640,590
600,000 General Electric Capital
Corp. 4.830% 7/23/99 598,229
1,400,000 General Electric Capital
Corp. 5.000% 10/7/99 1,380,944
360,000 General Electric Capital
Corp. 4.900% 9/14/99 356,325
350,000 General Electric Capital
Corp. 4.810% 8/19/99 347,709
1,400,000 General Motors
Acceptance Corp. 4.800% 7/23/99 1,395,893
1,300,000 General Motors
Acceptance Corp. 4.800% 8/13/99 1,292,547
1,000,000 Goldman Sachs Group LP 4.820% 9/1/99 991,699
1,700,000 Goldman Sachs Group LP 4.800% 9/3/99 1,685,493
900,000 Household Finance Corp. 4.930% 9/23/99 889,647
1,100,000 Household Finance Corp. 5.020% 10/5/99 1,085,275
600,000 Household Finance Corp. 5.190% 10/12/99 591,090
1,000,000 McGraw-Hill, Inc. 5.030% 9/23/99 988,263
586,000 McGraw-Hill, Inc. 4.810% 7/7/99 585,530
450,000 Merrill Lynch & Co., Inc. 4.830% 7/22/99 448,732
1,400,000 Merrill Lynch & Co., Inc. 4.790% 7/16/99 1,397,206
800,000 Merrill Lynch & Co., Inc. 4.780% 7/19/99 798,088
700,000 Morgan (J.P.) & Co., Inc. 4.930% 9/15/99 692,715
2,000,000 Morgan (J.P.) & Co., Inc. 4.810% 9/8/99 1,981,562
1,100,000 Norwest Financial, Inc. 4.800% 7/29/99 1,095,893
1,000,000 Sara Lee Corp. 4.800% 7/1/99 1,000,000
1,000,000 Sears Roebuck Acceptance
Corp. 4.860% 7/7/99 999,190
1,500,000 Sears Roebuck Acceptance
Corp. 5.070% 10/14/99 1,477,819
--------------
TOTAL COMMERCIAL PAPER
(Cost: $44,453,273) .......................... 44,453,273
--------------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 12.9%
- --------------------------------------------------------------------------------
2,000,000 Canadian Imperial
Holdings, Inc. 4.890% 8/30/99 1,983,700
1,100,000 Province de Quebec 4.790% 7/15/99 1,097,951
165,000 Province de Quebec 4.800% 7/19/99 164,604
800,000 Province de Quebec 4.810% 8/19/99 794,762
1,425,000 Province of British
Columbia 4.800% 7/6/99 1,424,050
1,275,000 Province of British
Columbia 4.820% 9/7/99 1,263,392
--------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $6,728,459) ........................... 6,728,459
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 100.0%
(Cost $52,180,927) ........................... 52,180,927
OTHER ASSETS LESS LIABILITIES : 0.0% ......... (7,561)
--------------
TOTAL NET ASSETS : 100.0% .................... $ 52,173,366
==============
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
MSF-8
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 53.9%
- -------------------------------------------------------------------------------
AEROSPACE & DEFENSE: 0.3%
123,200 Raytheon Co. Cl. B $ 8,670,200
- -------------------------------------------------------------------------------
AUTOMOTIVE: 0.7%
188,432 *Delphi Automotive Systems Corp. 3,497,760
269,600 General Motors Corp. 17,793,600
--------------
21,291,360
- -------------------------------------------------------------------------------
BANKING: 3.8%
808,946 BankAmerica Corp. 59,305,854
580,700 Chase Manhattan Corp. 50,303,137
--------------
109,608,991
- -------------------------------------------------------------------------------
BROADCASTING: 3.5%
874,300 CBS Corp. 37,977,406
511,000 *Fox Entertainment Group, Inc. Cl. A 13,765,063
385,100 Time Warner, Inc. 28,304,850
461,600 *Viacom, Inc. Cl. B 20,310,400
--------------
100,357,719
- -------------------------------------------------------------------------------
BUSINESS SERVICES: 1.3%
435,600 First Data Corp. 21,317,175
178,900 Interpublic Group of Cos., Inc. 15,497,212
--------------
36,814,387
- -------------------------------------------------------------------------------
CHEMICALS: 1.4%
312,800 Dow Chemical Co. 39,686,500
- -------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 1.1%
304,400 *Cisco Systems, Inc. 19,605,262
179,700 *Solectron Corp. 11,983,744
--------------
31,589,006
- -------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 3.0%
229,700 American Home Products Corp. 13,207,750
335,000 *Amgen, Inc. 20,382,656
170,200 Bristol-Myers Squibb Co. 11,988,463
402,000 Pharmacia & Upjohn, Inc. 22,838,625
337,000 Schering-Plough Corp. 17,861,000
--------------
86,278,494
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 3.4%
459,400 Allied-Signal, Inc. 28,942,200
414,400 Black & Decker Corp. 26,159,000
364,500 General Electric Co. 41,188,500
--------------
96,289,700
- -------------------------------------------------------------------------------
ELECTRONICS: 3.3%
338,100 *Intel Corp. 20,106,384
351,800 Lucent Technologies, Inc. 23,724,513
294,600 *Teradyne, Inc. 21,137,550
208,800 Texas Instruments, Inc. 30,276,000
--------------
95,244,447
- -------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.3%
171,900 Harley-Davidson, Inc. 9,347,063
- -------------------------------------------------------------------------------
FINANCIAL SERVICES: 3.3%
135,300 American Express Co. 17,605,913
176,700 Capital One Financial Corp. 9,839,981
801,448 Citigroup, Inc. 38,068,780
586,500 Household International, Inc. 27,785,437
--------------
93,300,111
- -------------------------------------------------------------------------------
FOOD & BEVERAGES: 1.6%
103,900 Anheuser-Busch Co., Inc. 7,370,406
689,300 Coca-Cola Enterprises, Inc. 20,506,675
447,000 PepsiCo, Inc. 17,293,313
--------------
45,170,394
- -------------------------------------------------------------------------------
HOTEL & MOTEL: 0.5%
776,800 *Mirage Resorts, Inc. 13,011,400
- -------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 1.2%
207,300 Colgate-Palmolive Co. 20,470,875
171,000 Procter & Gamble Co. 15,261,750
--------------
35,732,625
- -------------------------------------------------------------------------------
INSURANCE: 2.0%
690,200 ACE Ltd. 19,498,150
185,800 American International Group, Inc. 21,750,212
255,600 Equitable Cos., Inc. 17,125,200
--------------
58,373,562
- -------------------------------------------------------------------------------
LIQUOR: 1.1%
646,000 Seagram Ltd. 32,542,250
- -------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 1.5%
354,900 Baxter International, Inc. 21,515,812
MSF-9
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- -------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY:(CONTINUED)
106,500 Guidant Corp. $ 5,478,094
163,000 Johnson & Johnson 15,974,000
--------------
42,967,906
- -------------------------------------------------------------------------------
METALS-NON-FERROUS: 0.1%
81,200 Engelhard Corp. 1,837,150
- -------------------------------------------------------------------------------
MULTI-INDUSTRY: 2.0%
602,200 Tyco International Ltd. 57,058,450
- -------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 1.7%
112,000 *EMC Corp. 6,160,000
255,400 International Business Machines Corp. 33,010,450
99,800 Pitney-Bowes, Inc. 6,412,150
51,300 *Sun Microsystems, Inc. 3,534,891
--------------
49,117,491
- -------------------------------------------------------------------------------
OIL: : 1.4%
643,345 TOTAL SA ADR 41,455,543
- -------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.2%
579,700 *Ocean Energy, Inc. 5,579,613
- -------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 0.6%
349,400 Halliburton Co. 15,810,350
- -------------------------------------------------------------------------------
OIL-INTERNATIONAL: 2.3%
141,485 BP Amoco PLC ADR 15,351,122
397,000 Exxon Corp. 30,618,625
327,800 Royal Dutch Petroleum Co. 19,749,950
--------------
65,719,697
- -------------------------------------------------------------------------------
POLLUTION CONTROL: 1.0%
506,000 *Waste Management, Inc. 27,197,500
- -------------------------------------------------------------------------------
PRINTING & PUBLISHING: 0.3%
236,700 Readers Digest Association, Inc. Cl. A 9,408,825
- -------------------------------------------------------------------------------
RESTAURANT: 1.2%
801,700 McDonald's Corp. 33,120,231
- -------------------------------------------------------------------------------
RETAIL GROCERY: 0.6%
647,800 *Kroger Co. 18,097,913
- -------------------------------------------------------------------------------
RETAIL TRADE: 3.2%
227,400 *Best Buy Co., Inc. 15,349,500
416,500 CVS Corp. 21,137,375
355,700 Dayton-Hudson Corp. 23,120,500
494,400 *Staples, Inc. 15,280,050
362,100 Wal-Mart Stores, Inc. 17,471,325
--------------
92,358,750
- -------------------------------------------------------------------------------
SOFTWARE: 1.3%
5,887 *Anacomp, Inc. 100,447
1,495 *Anacomp, Inc. (Wts.) 14,296
133,700 Electronic Data Systems Corp. 7,562,406
334,100 *Microsoft Corp. 30,110,763
--------------
37,787,912
- -------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 0.8%
174,500 Nokia Corp. ADR 15,977,656
251,400 *+Qwest Communications International, Inc. 8,319,769
--------------
24,297,425
- -------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.0%
500 *Crown Packaging Holdings Ltd. (Wts.) 5
- -------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 0.5%
404,900 Unicom Corp. 15,613,956
- -------------------------------------------------------------------------------
UTILITIES-GAS & PIPELINES: 0.6%
223,800 Enron Corp. 18,295,650
- -------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 2.8%
315,200 AT&T Corp. 17,592,100
265,900 Bell Atlantic Corp. 17,383,213
514,800 *MCI WorldCom, Inc. 44,288,887
--------------
79,264,200
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $1,192,683,382) .............. 1,548,296,776
----------------
- -------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
CORPORATE BONDS: 21.2%
- -------------------------------------------------------------------------------
AUTOMOTIVE: 0.5%
$ 12,025,000 ++Lear Corp. 144A 8.110% 5/15/09 $ 11,687,699
1,550,000 Lear Seating Corp. Sub 8.250% 2/1/02 1,553,875
----------------
13,241,574
- -------------------------------------------------------------------------------
CHEMICALS: 0.2%
6,150,000 ++Rohm & Haas Co. 144A 7.400% 7/15/09 6,148,524
- -------------------------------------------------------------------------------
MSF-10
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
CORPORATE BONDS:(CONTINUED)
- -------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS: 1.8%
$ 5,533,713 Chase Commercial
Mortgage Sec. Corp.
Ser. 98-2 A1 6.025% 8/18/07 $ 5,395,587
415,407 Countrywide MBS, Inc.
Ser. 93-5 A4 7.125% 12/25/23 415,536
12,225,000 GMAC Commercial
Mortgage Security,
Inc. 6.175% 5/15/33 11,609,930
4,325,000 GMAC Commercial
Mortgage Security,
Inc. 6.550% 4/15/29 4,253,367
16,665,223 GMAC Commercial
Mortgage Security,
Inc. 6.411% 11/15/07 16,503,778
1,795,458 Morgan Stanley
Capital, Inc.
Ser. 98 HF1-A1 6.190% 1/15/07 1,761,232
5,670,932 Morgan Stanley
Capital, Inc.
Ser. 98 XL1-A1 6.220% 5/3/05 5,561,057
7,404,886 Structured Asset
Securities Corp. 6.790% 10/12/34 7,453,481
54,768 World Omni Automobile
Lease Trust Ser. 97-BA3 6.180% 11/25/03 54,819
----------------
53,008,787
- -------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 0.3%
5,900,000 HealthSouth Corp. Sr. 7.000% 6/15/08 5,369,590
4,100,000 HealthSouth Corp. Sr. 9.500% 4/1/01 4,200,901
----------------
9,570,491
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 0.2%
5,650,000 Ametek, Inc. Sr. 7.200% 7/15/08 5,280,546
- -------------------------------------------------------------------------------
FINANCE & BANKING: 2.0%
2,550,000 Bank of America Corp. 5.875% 2/15/09 2,341,129
12,100,000 Capital One Bank Group 6.620% 8/4/03 11,978,758
11,900,000 FINOVA Capital Corp. 6.125% 3/15/04 11,581,437
5,400,000 FINOVA Capital Corp. Sr. 6.375% 5/15/05 5,286,492
22,650,000 Ford Motor Credit Co. 5.800% 1/12/09 20,699,835
4,500,000 General Motors
Acceptance Corp. 5.950% 3/14/03 4,394,205
----------------
56,281,856
- -------------------------------------------------------------------------------
FINANCIAL SERVICES: 6.1%
3,900,000 Chase Manhattan Credit
Card Master Trust Ser.
96-3 A 7.040% 2/15/05 3,952,377
5,200,000 CIT Group Holdings,
Inc. Sr. 6.700% 5/28/01 5,240,664
$ 3,230,000 CIT Group Holdings,
Inc. Sr. 6.750% 5/14/01 $ 3,257,907
16,755,000 Citibank Credit Card
Master Trust I 5.875% 3/10/11 15,603,094
17,850,000 Citibank Credit Card
Master Trust I Ser. 98A 5.300% 1/9/06 17,024,437
11,900,000 Citigroup, Inc. 6.200% 3/15/09 11,223,723
14,600,000 Commercial Credit
Group, Inc. 6.450% 7/1/02 14,630,660
9,725,000 Countrywide Funding
Corp. 6.580% 9/21/01 9,756,801
6,900,000 Discover Card Master
Trust I Ser. 98-7 A 5.600% 5/15/06 6,634,764
11,950,000 Donaldson, Lufkin &
Jenrette, Inc. 6.460% 1/10/09 11,561,625
4,500,000 ++ERAC USA Finance Co.
144A 6.625% 2/15/05 4,354,605
9,550,000 ++ERAC USA Finance Co.
144A 6.625% 5/15/06 9,200,828
4,400,000 Fleet Mortgage Group,
Inc. 7.060% 7/26/02 4,448,620
6,000,000 ++Florida Windstorm-MBIA
Sr. Ser. 97 144A 7.125% 2/25/19 5,873,160
1,800,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 1,759,680
10,725,000 Green Tree Financial
Corp. Sr. Ser. 98-4 A5 6.180% 12/1/17 10,614,318
8,500,000 Green Tree Financial
Corp. Sr. Ser. 98-6 A4 5.980% 5/1/13 8,422,905
50,000 Household Finance
Corp. Sr. 6.750% 6/1/00 50,305
17,025,000 MBNA Master Credit
Card Tr. II Ser 98-J A 5.250% 2/15/06 16,290,712
6,000,000 MBNA Master Credit
Card Trust II 5.900% 8/15/11 5,638,080
8,175,000 Prime Credit Card
Master Trust I Ser.
95-1 A 6.750% 11/15/05 8,233,696
----------------
173,772,961
- -------------------------------------------------------------------------------
FOOD & BEVERAGES: 0.2%
6,550,000 ++Pepsi Bottling Group,
Inc. 144A 5.625% 2/17/09 6,044,929
- -------------------------------------------------------------------------------
HEALTHCARE SERVICES: 0.8%
3,700,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 3,445,773
MSF-11
<PAGE>
- --------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS:(CONTINUED)
- --------------------------------------------------------------------------------
HEALTHCARE SERVICES:(CONTINUED)
$ 4,650,000 Columbia/HCA
Healthcare Corp. 6.910% 6/15/05 $ 4,240,707
8,600,000 Columbia/HCA
Healthcare Corp. 7.690% 6/15/25 7,152,964
3,985,000 Columbia/HCA
Healthcare Corp. 7.750% 7/15/36 3,245,185
4,600,000 Tenet Healthcare Corp.
Sr. 8.000% 1/15/05 4,462,000
---------------
22,546,629
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 0.2%
5,700,000 Fort James Corp. Sr. 6.625% 9/15/04 5,693,274
- --------------------------------------------------------------------------------
INDUSTRIALS: 2.4%
8,375,000 AlliedSignal, Inc. 5.750% 3/15/01 8,331,366
11,300,000 Aramark Services, Inc. 6.750% 8/1/04 10,883,256
1,240,000 Chevron Corp. Profit
Sharing Amort. 8.110% 12/1/04 1,297,449
5,375,000 Coca-Cola Enterprises,
Inc. 5.750% 11/1/08 4,959,029
4,475,000 Harrahs Operating,
Inc. 7.875% 12/15/05 4,318,375
5,800,000 Honeywell, Inc. 6.750% 3/15/02 5,864,090
1,750,000 Owens-Illinois, Inc.
Sr. 7.150% 5/15/05 1,682,415
6,100,000 ++Safety Kleen Corp.
144A 9.250% 5/15/09 6,161,000
6,425,000 Tenet Healthcare Corp.
Sr. 7.875% 1/15/03 6,296,500
11,000,000 Tyco International
Group SA 6.250% 6/15/03 10,823,890
9,875,000 ++United Technologies
Corp. 144A 6.700% 8/1/28 9,240,433
---------------
69,857,803
- --------------------------------------------------------------------------------
MISCELLANEOUS: 0.3%
9,000,000 Beckman Industries,
Inc. Sr. 7.100% 3/4/03 8,736,210
- --------------------------------------------------------------------------------
MORTGAGE RELATED: 0.6%
8,600,000 Donaldson, Lufkin &
Jenrette, Inc. Ser. 98 6.240% 11/12/31 8,203,594
8,958,493 LB Commercial Conduit
and Mortgage Ser.
98-C1 A1 6.330% 2/18/30 8,888,505
---------------
17,092,099
- --------------------------------------------------------------------------------
NEWSPAPERS: 0.6%
7,775,000 News America, Inc. Sr. 6.625% 1/9/08 7,350,952
7,900,000 News America, Inc. Sr. 7.125% 4/8/28 7,137,018
3,825,000 News America, Inc. Sr. 7.750% 1/20/24 3,708,605
---------------
18,196,575
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 0.5%
3,200,000 First Union Corp. 6.070% 10/15/35 3,026,000
12,000,000 Xerox Corp. 5.875% 5/15/04 11,568,000
-----------------
14,594,000
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.2%
4,865,000 Union Pacific
Resources Group, Inc. 7.300% 4/15/09 4,681,979
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 0.8%
6,100,000 Allied Waste
Industries, Inc. 7.875% 1/1/09 5,657,750
8,475,000 USA Waste Services,
Inc. 6.125% 7/15/01 8,424,235
8,600,000 USA Waste Services,
Inc. Sr. 7.000% 10/1/04 8,687,806
-----------------
22,769,791
- --------------------------------------------------------------------------------
RESTAURANT: 0.1%
4,400,000 Darden Restaurants,
Inc. 7.125% 2/1/16 3,925,372
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 1.9%
12,575,000 ++Cable & Wireless PLC
144A 8.125% 6/15/09 12,807,637
7,000,000 ++Charter Communications
Holdings 144A 8.625% 4/1/09 6,702,500
17,100,000 Lucent Technologies,
Inc. 6.450% 3/15/29 15,468,831
11,200,000 ++Orange PLC 144A 9.000% 6/1/09 11,312,000
8,550,000 ++Telecommunicaciones De
Puerto 144A 6.650% 5/15/06 8,253,572
-----------------
54,544,540
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 1.5%
6,300,000 Arizona Public Service
Co. 6.250% 1/15/05 6,179,418
10,000,000 Calpine Corp. 7.750% 4/15/09 9,500,000
11,000,000 NRG Energy, Inc. 7.500% 6/1/09 10,851,280
12,025,000 PECO Energy Co. 6.130% 3/1/09 11,427,478
5,350,000 Southern California
Edison Co. 6.500% 6/1/01 5,383,384
-----------------
43,341,560
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $629,699,991) ....................... 609,329,500
-----------------
- --------------------------------------------------------------------------------
MSF-12
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 3.9%
- --------------------------------------------------------------------------------
$ 24,000,000 Federal Home Loan
Mortgage Corp. 6.500% 6/1/29 $ 23,167,440
1,957,540 Federal National
Mortgage Assoc. 7.000% 12/1/07 1,962,238
398,378 Federal National
Mortgage Assoc. 7.250% 9/1/07 402,489
770,217 Federal National
Mortgage Assoc. 8.000% 6/1/08 792,785
914,024 Federal National
Mortgage Assoc. 8.500% 2/1/09 959,232
30,223 Federal National
Mortgage Assoc. 9.000% 4/1/16 32,483
1,799,943 Federal National
Mortgage Assoc. 5.500% 12/1/13 1,703,196
1,968,864 Federal National
Mortgage Assoc. 5.500% 12/1/13 1,863,038
985,607 Federal National
Mortgage Assoc. 5.500% 2/1/14 932,630
11,995,347 Federal National
Mortgage Assoc. 6.000% 12/1/28 11,268,069
11,891,442 Federal National
Mortgage Assoc. 6.000% 3/1/29 11,170,464
25,225,000 Federal National
Mortgage Assoc. 7.000% 12/31/99 24,885,976
24,700,000 Federal National
Mortgage Assoc. 7.500% 6/1/29 24,947,000
3,676,698 Government National
Mortgage Assoc. 6.500% 5/15/09 3,654,859
1,469,812 Government National
Mortgage Assoc. 6.000% 2/15/09 1,433,978
4,386,446 Government National
Mortgage Assoc. 6.500% 11/15/28 4,217,83
----------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $114,933,315) ....................... 113,393,708
----------------
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 8.7%
- --------------------------------------------------------------------------------
17,325,000 +U.S. Treasury Bond 5.250% 11/15/28 15,357,053
5,975,000 U.S. Treasury Bond 5.250% 2/15/29 5,370,965
9,825,000 +U.S. Treasury Bond 6.625% 2/15/27 10,376,084
11,500,000 +U.S. Treasury Bond 8.125% 5/15/21 14,004,815
73,825,000 +U.S. Treasury Bond 8.125% 8/15/21 90,008,917
10,200,000 +U.S. Treasury Bond 8.500% 2/15/20 12,791,412
45,900,000 +U.S. Treasury Note 7.000% 7/15/06 48,618,198
42,775,000 +U.S. Treasury Note 5.875% 9/30/02 43,042,344
5,300,000 +U.S. Treasury Strip 0.000% 5/15/07 3,310,062
14,525,000 U.S. Treasury Strip 0.000% 5/15/18 4,419,667
2,050,000 U.S. Treasury Strip 0.000% 11/15/01 1,798,465
----------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $257,392,515) ....................... 249,097,982
----------------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 0.8%
- --------------------------------------------------------------------------------
28,800,000 /NZD/New Zealand 8.000% 11/15/06 16,550,357
9,475,000 /NZD/New Zealand 10.000% 3/15/02 5,556,972
----------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $24,308,255) ........................ 22,107,329
----------------
- --------------------------------------------------------------------------------
STATE AGENCY OBLIGATION: 1.7%
- --------------------------------------------------------------------------------
5,600,000 California
Infrastructure Ser.
97-1 A5 6.250% 6/25/04 5,573,750
11,225,000 California
Infrastructure Ser.
97-1 A6 6.310% 9/25/08 10,975,945
6,150,000 California
Infrastructure Ser.
97-1 A6 6.320% 9/25/05 6,155,351
5,325,000 California
Infrastructure Ser.
97-1 A6 6.380% 9/25/08 5,268,395
11,275,000 California
Infrastructure Ser.
97-1 A7 6.420% 9/25/08 11,125,694
8,475,000 New Jersey Economic
Development Authority
State Pension Funding
Ser. A 7.425% 2/15/29 8,845,188
-----------------
TOTAL STATE AGENCY OBLIGATION
(Cost: $50,052,926) ........................ 47,944,323
-----------------
- --------------------------------------------------------------------------------
YANKEE BONDS: 3.0%
- --------------------------------------------------------------------------------
2,062,500 City of Naples 7.520% 7/15/06 2,108,989
6,700,000 DR Investments Sr. 7.100% 5/15/02 6,760,166
15,925,000 Hellenic Republic of
Greece 6.950% 3/4/08 15,763,067
3,000,000 Norsk Hydro AS 7.150% 11/15/25 2,788,590
12,000,000 Province of Quebec 5.750% 2/15/09 11,040,480
10,575,000 Province of Quebec 7.125% 2/9/24 10,295,714
11,800,000 Province of Quebec 7.000% 1/30/07 11,879,060
12,125,000 Republic of Panama 4.000% 7/17/14 8,866,406
MSF-13
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
YANKEE BONDS:(CONTINUED)
- --------------------------------------------------------------------------------
$14,450,000 Republic of Peru 4.500% 3/7/17 $ 8,670,000
4,475,000 TransCanada Pipelines
Ltd. 6.430% 3/15/04 4,432,219
5,100,000 ++Woodside Finance Ltd. 6.600% 4/15/08 4,746,927
TOTAL YANKEE BONDS
(Cost: $92,904,095) ........................ 87,351,618
----------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 7.3%
- --------------------------------------------------------------------------------
11,883,000 American Express
Credit Corp. 5.050% 7/8/99 11,883,000
27,773,000 Ameritech Corp. 4.840% 7/6/99 27,754,330
25,000,000 Commercial Credit Co. 4.980% 7/15/99 25,000,000
15,000,000 Commercial Credit Co. 5.000% 7/15/99 15,000,000
30,364,000 Commercial Credit Co. 5.250% 7/1/99 30,364,000
8,161,000 Ford Motor Credit Co. 5.060% 7/8/99 8,161,000
5,341,000 Ford Motor Credit Co. 5.100% 7/28/99 5,341,000
7,988,000 Ford Motor Credit Co. 5.230% 7/8/99 7,988,000
49,565,000 Ford Motor Credit Co. 5.250% 7/7/99 49,565,000
13,253,000 General Electric
Capital Corp. 4.860% 7/6/99 13,253,000
15,000,000 General Electric
Capital Corp. 5.020% 7/28/99 15,000,000
---------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $209,309,330) ....................... 209,309,330
---------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 100.5%
(Cost $2,571,283,809) ...................... 2,886,830,566
OTHER ASSETS LESS LIABILITIES (0.5%) ...... (14,537,656)
---------------
TOTAL NET ASSETS : 100.0% .................. $2,872,292,910
===============
- --------------------------------------------------------------------------------
LEGEND:
- ------
* Non-income producing security.
+ Securities on loan.
++ Restricted security
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1999, the market value of securities loaned was $102,706,895
with collateral backing valued at $104,061,054.
RESTRICTED SECURITIES: (NOTE 2)
- -------------------------------
VALUATION
ACQUISITION ACQUISITION AS OF JUNE,
ISSUE DATE COST 30, 1999
- ----------------------------------------------------------------------------
Cable & Wireless PLC 144A 6/28/99 12,551,233 $12,807,638
Charter Communications
Holdings 144A 3/12/99 6,978,650 6,702,500
Crown Packaging Holdings
Ltd. 144A (Wts.) 6/1/94 20,000 5
DR Investments Sr. 144A 5/6/97 6,696,181 6,760,166
ERAC USA Finance Co. 144A 2/10/98 4,496,220 4,354,605
ERAC USA Finance Co. 144A 4/29/99 9,542,265 9,200,828
Florida Windstorm-MBIA Sr.
Ser. 97 144A 3/26/99 5,967,060 5,873,160
Lear Corp. 144A 5/13/99 12,025,000 11,687,699
Orange PLC 144A 6/4/99 11,200,000 11,312,000
Pepsi Bottling Group, Inc. 144A 2/3/99 6,521,639 6,044,929
Rohm & Haas Co. 144A 6/30/99 6,148,524 6,148,524
Safety Kleen Corp. 144A 5/11/99 6,100,000 6,161,000
Telecommunicaciones
De Puerto 144A 5/13/99 8,546,837 8,253,572
United Technology Corp. 144A 7/30-10/27/98 10,076,815 9,240,433
Woodside Finance, Ltd. 144A 4/3/98 5,091,381 4,746,927
The aggregate value of restricted securities at June 30, 1999 was $109,293,986
or 3.80% of the Diversified 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, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK: 98.5%
- ------------------------------------------------------------------------------------------------------------------------------------
AEROSPACE & DEFENSE: 1.0%
197,100 *Gulfstream Aerospace Corp. $ 13,316,569
- ------------------------------------------------------------------------------------------------------------------------------------
AUTOMOTIVE: 2.2%
503,500 Danaher Corp. 29,265,937
- ------------------------------------------------------------------------------------------------------------------------------------
BANKING: 1.2%
601,300 +TCF Financial Corp. 16,761,238
- ------------------------------------------------------------------------------------------------------------------------------------
BROADCASTING: 10.6%
646,300 *Capstar Broadcasting Corp. Cl. A 17,692,463
379,200 +Chancellor Media Corp. 20,891,550
521,456 *+Clear Channel Communications, Inc. 35,947,873
305,100 *+Infinity Broadcasting Corp. Cl. A 9,076,725
478,700 *+Univision Communications, Inc. Cl. A 31,594,200
690,008 *USA Networks, Inc. 27,665,008
-----------------
142,867,819
- ------------------------------------------------------------------------------------------------------------------------------------
BUSINESS SERVICES: 14.3%
206,600 *+Bisys Group, Inc. 12,092,556
1,277,428 *Cendant Corp. 26,187,274
935,399 *Concord EFS, Inc. 39,608,301
794,575 *+Fiserv, Inc. 24,904,960
1,029,305 *Outdoor Systems, Inc. 37,569,633
350,500 +Paychex, Inc. 11,150,281
478,700 *+Robert Half International, Inc. 12,446,200
646,600 *+Young & Rubicam, Inc. 29,379,888
-----------------
193,339,093
- ------------------------------------------------------------------------------------------------------------------------------------
CHEMICALS: 3.6%
707,100 *+NOVA Corp. 17,677,500
1,137,700 *Sybron International Corp. 31,357,856
-----------------
49,035,356
- ------------------------------------------------------------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 7.2%
236,800 *America Online, Inc. 26,166,400
279,100 *+Citrix Systems, Inc. 15,725,541
89,000 *+Covad Communications Group, Inc. 4,742,031
146,100 *+Gateway, Inc. 8,619,900
179,900 *+Network Appliance, Inc. 10,057,534
92,900 * Network Solutions, Inc. Cl. A 7,347,809
109,600 *+NorthPoint Communications 3,993,550
149,800 *+Solectron Corp. 9,989,788
321,700 *+SunGard Data Systems, Inc. 11,098,650
-----------------
97,741,203
- ------------------------------------------------------------------------------------------------------------------------------------
CONTAINERS & GLASS: 1.0%
458,100 AptarGroup, Inc. 13,743,000
- ------------------------------------------------------------------------------------------------------------------------------------
COSMETICS: 0.9%
245,300 *+Estee Lauder, Inc. Cl. A 12,295,663
- ------------------------------------------------------------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 2.7%
1,410,800 *Health Management Associates, Inc. Cl. A 15,871,500
822,200 *Lincare Holdings, Inc. 20,580,694
-----------------
36,452,194
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION: 0.8%
432,200 *+Apollo Group, Inc. Cl. A 11,466,806
- ------------------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 0.3%
85,600 Millipore Corp. 3,472,150
- ------------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS: 6.6%
667,100 *Altera Corp. 24,536,772
427,600 *KLA-Tencor Corp. 27,727,187
241,900 +Linear Technology Corp. 16,282,894
319,000 *+Maxim Integrated Products, Inc. 21,213,500
-----------------
89,760,353
- ------------------------------------------------------------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 4.7%
565,800 +Harley-Davidson, Inc. 30,765,375
546,700 *+Royal Caribbean Cruises Ltd. 23,918,125
133,300 *+SFX Entertainment, Inc. Cl. A 8,531,200
-----------------
63,214,700
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES: 1.8%
811,700 +Heller Financial, Inc. Cl. A 22,575,406
84,900 *+TD Waterhouse Group, Inc. 2,127,806
-----------------
24,703,212
- ------------------------------------------------------------------------------------------------------------------------------------
HOTEL & MOTEL: 1.4%
1,142,400 *Mirage Resorts, Inc. 19,135,200
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD APPLIANCES & HOME FURNISHINGS: 0.9%
177,900 +Maytag Corp. 12,397,406
- ------------------------------------------------------------------------------------------------------------------------------------
INSURANCE: 1.7%
584,600 +ACE Ltd. 16,514,950
175,100 +Mutual Risk Management Ltd. 5,843,963
-----------------
22,358,913
- ------------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS: 0.5%
190,600 +Central Parking Corp. 6,528,050
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
MSF-15
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
NEWSPAPERS: 0.3%
115,700 Central Newspapers, Inc. Cl. A $ 4,353,213
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 2.8%
916,900 *CSG Systems International, Inc. 24,039,972
867,700 *Silicon Graphics, Inc. 14,208,587
-----------------
38,248,559
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 1.0%
355,900 Anadarko Petroleum Corp. 13,101,569
- --------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 1.4%
285,900 *+BJ Services Co. 8,416,181
510,500 *Noble Drilling Corp. 10,050,469
-----------------
18,466,650
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 1.2%
309,000 *Waste Management, Inc. 16,608,750
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 2.4%
867,550 Valassis Communications, Inc. 31,774,019
- --------------------------------------------------------------------------------
RETAIL TRADE: 11.4%
166,100 +Circuit City Stores, Inc. 15,447,300
299,200 CVS Corp. 15,184,400
1,165,100 Family Dollar Stores, Inc. 27,962,400
968,041 *Jones Apparel Group, Inc. 33,215,907
556,000 *Linens 'n Things, Inc. 24,325,000
531,212 *+Men's Wearhouse, Inc. 13,645,508
838,100 *+Saks, Inc. 24,200,138
-----------------
153,980,653
- --------------------------------------------------------------------------------
SOFTWARE: 4.3%
187,100 *+BMC Software, Inc. 10,097,553
305,200 *Compuware Corp. 9,699,637
46,000 *+Inktomi Corp. 6,050,437
92,900 *+Intuit, Inc. 8,378,419
224,100 *+Keane, Inc. 5,070,263
718,000 *Novell, Inc. 19,027,000
-----------------
58,323,309
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 5.3%
676,500 *+American Tower Systems Inc. Cl. A 16,236,000
100,250 *+Comverse Technology, Inc. 7,562,609
231,600 *+Gilat Satellite Networks Ltd. 12,173,475
147,300 *Intermedia Communications, Inc. 4,401,737
15,100 *+Juniper Networks, Inc. 2,249,900
865,152 *+Qwest Communications International, Inc. 28,631,124
-----------------
71,254,845
- --------------------------------------------------------------------------------
TEXTILES & APPAREL: 0.9%
176,200 +Cintas Corp. 11,832,931
- --------------------------------------------------------------------------------
TOYS & AMUSEMENTS: 1.7%
857,800 +Mattel, Inc. 22,678,087
- --------------------------------------------------------------------------------
UTILITIES-GAS & PIPELINES: 1.7%
537,600 Burlington Resources, Inc. 23,251,200
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 0.7%
81,800 *+Colt Telecom Group PLC ADR 7,032,244
71,200 *ITC Deltacom, Inc. 1,998,662
-----------------
9,030,906
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $1,015,445,752) ................... 1,330,759,553
-----------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 1.5%
- --------------------------------------------------------------------------------
$11,402,000 American Express
Credit Corp. 4.920% 7/6/99 $ 11,402,000
1,999,000 American Express
Credit Corp. 5.250% 7/1/99 1,999,000
1,511,000 Exxon Corp. 5.700% 7/1/99 1,511,000
5,000,000 Ford Motor Credit 5.360% 7/2/99 5,000,000
TOTAL SHORT TERM OBLIGATIONS
(Cost: $19,912,000) ....................... 19,912,000
-----------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 100.0%
(Cost $1,035,357,752) 1,350,671,553
OTHER ASSETS LESS LIABILITIES (0.0%) ..... (261,276)
-----------------
TOTAL NET ASSETS : 100.0% ................. $1,350,410,277
-----------------
- --------------------------------------------------------------------------------
LEGEND:
- -------
* Nonincome producing security.
+ Securities on loan.
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1999, the market value of securities loaned was $186,794,086
with collateral backing value at $189,621,560.
See notes to Financial Statements.
MSF-16
<PAGE>
- ------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- ------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- ------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- ------------------------------------------------------------------------------
COMMON STOCK: 99.9%
- ------------------------------------------------------------------------------
AEROSPACE & DEFENSE: 1.4%
328,124 Boeing Co. $ 14,498,979
43,000 +General Dynamics Corp. 2,945,500
132,426 Lockheed Martin Corp. 4,932,868
23,400 Northrop Grumman Corp. 1,551,713
113,000 Raytheon Co. Cl. B 7,952,375
64,000 Rockwell International Corp. 3,888,000
50,700 Textron, Inc. 4,173,244
162,800 United Technologies Corp. 11,670,725
-----------------
51,613,404
- ------------------------------------------------------------------------------
AUTOMOTIVE: 1.5%
50,300 *AutoZone, Inc. 1,515,287
55,735 Dana Corp. 2,567,293
45,600 Danaher Corp. 2,650,500
190,199 *Delphi Automotive Systems Corp. 3,530,569
24,100 Eaton Corp. 2,217,200
407,700 Ford Motor Co. 23,009,569
218,732 General Motors Corp. 14,436,312
60,000 Genuine Parts Co. 2,100,000
22,710 *Navistar International Corp. 1,135,500
26,430 +PACCAR, Inc. 1,411,527
22,050 Snap-On, Inc. 797,934
20,800 +Timken Co. 405,600
40,500 TRW, Inc. 2,222,437
-----------------
57,999,728
- ------------------------------------------------------------------------------
BANKING: 7.2%
59,350 AmSouth Bancorporation 1,376,178
256,600 Bank of New York Co., Inc. 9,414,012
397,665 Bank One Corp. 23,685,921
587,598 Bank of America Corp. 43,078,278
99,912 BankBoston Corp. 5,108,001
105,600 BB&T Corp. 3,874,200
284,368 Chase Manhattan Corp. 24,633,378
52,850 Comerica, Inc. 3,141,271
90,250 Fifth Third Bancorp 6,010,086
325,996 First Union Corp. 15,321,812
222,100 Firstar Corp. 6,218,800
191,530 Fleet Financial Group, Inc. 8,499,144
18,900 Golden West Financial Corp. 1,852,200
70,800 Huntington Bancshares, Inc. 2,478,000
150,406 KeyCorp 4,831,793
269,193 MBNA Corp. 8,244,036
175,100 Mellon Bank Corp. 6,369,262
53,200 Mercantile Bancorporation, Inc. 3,039,050
59,699 Morgan (J.P.) & Co., Inc. 8,387,710
105,600 National City Corp. 6,916,800
37,600 Northern Trust Corp. 3,648,375
102,100 PNC Bank Corp. 5,883,513
75,200 Regions Financial Corp. 2,876,400
35,600 Republic New York Corp. 2,427,475
56,300 SouthTrust Corp. 2,158,753
54,100 State Street Corp. 4,618,788
57,700 Summit Bancorp 2,412,581
108,000 SunTrust Banks, Inc. 7,499,250
91,000 Synovus Financial Corp. 1,808,625
244,727 U.S. Bancorp 8,320,718
47,900 Union Planters Corp. 2,140,531
68,400 Wachovia Corp. 5,852,475
199,754 Washington Mutual, Inc. 7,066,298
556,530 Wells Fargo & Co. 23,791,658
-----------------
272,985,372
- ------------------------------------------------------------------------------
BIOTECHNOLOGY: 0.1%
17,200 PE Biosystems Group 1,973,700
- ------------------------------------------------------------------------------
BROADCASTING: 2.2%
240,100 CBS Corp. 10,429,344
111,500 *Clear Channel Communications, Inc. 7,686,531
249,600 Comcast Corp. Cl. A 9,594,000
23,800 *King World Productions, Inc. 828,537
203,800 *MediaOne Group, Inc. 15,157,625
401,640 Time Warner, Inc. 29,520,540
MSF-17
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
BROADCASTING: (CONTINUED)
231,252 *Viacom, Inc. Cl. B $ 10,175,088
------------------
83,391,665
- -------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: 0.3%
13,500 Armstrong World Industries, Inc. 780,469
22,900 Crane Co. 719,918
71,600 Dover Corp. 2,506,000
24,000 Mallinckrodt, Inc. 873,000
113,100 Masco Corp. 3,265,763
18,700 Owens-Corning Fiberglas Corp. 642,813
57,200 Sherwin-Williams Co. 1,587,300
29,900 +Stanley Works 962,406
37,500 Willamette Industries, Inc. 1,727,344
------------------
13,065,013
- -------------------------------------------------------------------------------
BUSINESS SERVICES: 1.3%
207,800 Automatic Data Processing, Inc. 9,143,200
32,900 Block (H & R), Inc. 1,645,000
257,879 * Cendant Corp. 5,286,520
26,400 + Deluxe Corp. 1,027,950
43,400 Ecolab, Inc. 1,893,325
100,100 *FDX Corp. 5,430,425
145,000 First Data Corp. 7,095,937
106,400 *IMS Health, Inc. 3,325,000
47,100 Interpublic Group of Cos., Inc. 4,080,038
60,100 Omnicom Group, Inc. 4,808,000
82,750 Paychex, Inc. 2,632,484
91,500 Service Corp. International 1,761,375
------------------
48,129,254
- -------------------------------------------------------------------------------
CHEMICALS: 1.9%
77,200 Air Products & Chemicals, Inc. 3,107,300
74,200 Dow Chemical Co. 9,414,125
379,800 Du Pont (E.I.) de Nemours & Co. 25,945,087
26,575 Eastman Chemical Co. 1,375,256
11,100 *FMC Corp. 758,269
23,200 *Grace (W.R.) & Co. 426,300
19,700 Great Lakes Chemical Corp. 907,431
33,900 Hercules, Inc. 1,332,694
212,000 Monsanto Co. 8,360,750
22,300 Nalco Chemical Co. 1,156,813
41,900 Pall Corp. 929,656
58,900 PPG Industries, Inc. 3,478,781
53,300 Praxair, Inc. 2,608,369
70,251 +Rohm & Haas Co. 3,012,013
33,900 Sigma Aldrich Corp. 1,168,491
45,000 Union Carbide Corp. 2,193,750
145,200 Williams Cos., Inc. 6,180,075
------------------
72,355,160
- -------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 4.9%
365,900 *America Online, Inc. 40,431,950
1,075,700 *Cisco Systems, Inc. 69,281,803
854,000 *Dell Computer Corp. 31,571,312
53,000 *+Gateway, Inc. 3,127,000
342,400 Hewlett-Packard Co. 34,411,200
24,100 *Network Appliance, Inc. 1,347,341
80,800 *+PeopleSoft, Inc. 1,396,325
84,700 *+Solectron Corp. 5,648,431
------------------
187,215,362
- -------------------------------------------------------------------------------
CONTAINERS & GLASS: 0.2%
10,300 Ball Corp. 435,175
17,600 Bemis Co., Inc. 699,600
41,200 Crown Cork & Seal Co., Inc. 1,174,200
52,400 *Owens-Illinois, Inc. 1,712,825
28,170 *Sealed Air Corp. 1,827,529
------------------
5,849,329
- -------------------------------------------------------------------------------
COSMETICS: 0.2%
18,900 +Alberto-Culver Co. Cl. B Cvt. 503,212
88,400 Avon Products, Inc. 4,906,200
36,000 International Flavors & Fragrances, Inc. 1,597,500
------------------
7,006,912
- -------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 7.7%
22,900 Allergan, Inc. 2,541,900
MSF-18
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: (CONTINUED)
34,000 *+ALZA Corp. $ 1,729,750
441,000 American Home Products Corp. 25,357,500
172,900 *Amgen, Inc. 10,519,884
17,700 Bard (C.R.), Inc. 846,281
19,200 Bausch & Lomb, Inc. 1,468,800
37,800 Biomet, Inc. 1,500,187
668,700 Bristol-Myers Squibb Co. 47,101,556
92,150 Cardinal Health, Inc. 5,909,119
139,200 *HEALTHSOUTH Corp. 2,079,300
370,700 Lilly (Eli) & Co. 26,551,388
794,900 Merck & Co., Inc. 58,822,600
435,900 Pfizer, Inc. 47,840,025
170,315 Pharmacia & Upjohn, Inc. 9,676,021
495,700 Schering-Plough Corp. 26,272,100
28,400 *St. Jude Medical, Inc. 1,011,750
286,700 Warner-Lambert Co. 19,889,813
32,200 *+Watson Pharmaceuticals, Inc. 1,129,013
-------------------
290,246,987
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 4.2%
186,600 AlliedSignal, Inc. 11,755,800
29,500 Black & Decker Corp. 1,862,187
7,900 Briggs & Stratton Corp. 456,225
146,300 Emerson Electric Co. 9,198,612
1,101,800 General Electric Co. 124,503,400
58,000 *General Instrument Corp. 2,465,000
31,400 Grainger (W.W.), Inc. 1,689,713
29,000 Johnson Controls, Inc. 2,010,063
15,000 Millipore Corp. 608,438
13,900 National Service Industries, Inc. 500,400
26,000 Raychem Corp. 962,000
65,000 Tandy Corp. 3,176,875
19,100 +Thomas & Betts Corp. 902,475
-------------------
160,091,188
- --------------------------------------------------------------------------------
ELECTRONICS: 5.6%
49,200 *Advanced Micro Devices, Inc. 888,675
27,650 *Andrew Corp. 524,486
125,300 *Applied Materials, Inc. 9,252,622
15,200 EG&G, Inc. 541,500
26,900 Harris Corp. 1,054,144
43,000 Honeywell, Inc. 4,982,625
1,117,300 Intel Corp. 66,444,435
30,100 *KLA-Tencor Corp. 1,951,797
48,200 *LSI Logic Corp. 2,223,225
1,023,603 Lucent Technologies, Inc. 69,029,227
84,100 *Micron Technology, Inc. 3,390,281
203,500 Motorola, Inc. 19,281,625
56,400 *National Semiconductor Corp. 1,427,625
25,100 Scientific-Atlanta, Inc. 903,600
15,900 +Tektronix, Inc. 479,981
131,500 *Tellabs, Inc. 8,888,578
132,100 Texas Instruments, Inc. 19,154,500
52,800 *Thermo Electron Corp. 1,059,300
-------------------
211,478,226
- --------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.9%
30,900 Brunswick Corp. 861,337
206,300 Carnival Corp. 10,005,550
693,397 Disney (Walt) Co. 21,365,295
11,700 Fleetwood Enterprises, Inc. 309,320
-------------------
32,541,502
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 5.4%
152,387 American Express Co. 19,829,358
245,470 Associates First Capital Corp. Cl. A 10,877,389
39,055 Bear Stearns Cos., Inc. 1,825,821
66,100 Capital One Financial Corp. 3,680,944
138,150 Charles Schwab Corp. 15,179,231
1,138,403 Citigroup, Inc. 54,074,142
37,807 Countrywide Credit Industries, Inc. 1,616,249
234,500 Federal Home Loan Mortgage Corp. 13,601,000
345,200 Federal National Mortgage Assoc. 23,603,050
84,600 Franklin Resources, Inc. 3,436,875
MSF-19
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
FINANCIAL SERVICES: (CONTINUED)
76,200 Hartford Financial Services Group, Inc. $ 4,443,413
160,905 Household International, Inc. 7,622,874
39,900 Lehman Brothers Holdings, Inc. 2,483,775
36,700 Loews Corp. 2,903,888
123,600 Merrill Lynch & Co., Inc. 9,880,275
36,700 MGIC Investment Corp. 1,784,538
192,641 Morgan Stanley, Dean Witter, Discovery & Co. 19,745,703
49,000 Paine Webber Group, Inc. 2,290,750
55,000 SLM Holding Corp. 2,519,688
42,000 Transamerica Corp. 3,150,000
------------------
204,548,963
- -------------------------------------------------------------------------------
FOOD & BEVERAGES: 4.2%
160,500 Anheuser-Busch Co., Inc. 11,385,468
197,090 Archer-Daniels-Midland Co. 3,042,576
93,800 Bestfoods 4,643,100
23,000 +Brown-Forman Corp. Cl. B 1,499,312
146,500 Campbell Soup Co. 6,793,937
142,200 +Coca-Cola Enterprises, Inc. 4,230,450
830,900 Coca-Cola Co. 51,931,250
164,100 ConAgra, Inc. 4,369,163
12,400 Coors (Adolph) Co. Cl. B 613,800
51,400 General Mills, Inc. 4,131,275
120,700 Heinz (H.J.) Co. 6,050,088
46,900 Hershey Foods Corp. 2,784,688
136,000 Kellogg Co. 4,488,000
109,300 Nabisco Group Holding Corp. 2,138,181
497,300 PepsiCo, Inc. 19,239,294
80,400 Pioneer Hi Bred International, Inc. 3,130,575
45,400 Quaker Oats Co. 3,013,425
303,400 Sara Lee Corp. 6,883,388
111,300 Sysco Corp. 3,318,131
193,610 Unilever NV 13,504,298
38,900 Wrigley (Wm.), Jr. Co. 3,501,000
------------------
160,691,399
- -------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 0.9%
19,000 Boise Cascade Corp. 814,625
32,400 Champion International Corp. 1,551,150
74,300 Fort James Corp. 2,814,113
57,600 Georgia-Pacific Corp. 2,728,800
138,056 International Paper Co. 6,971,828
179,820 Kimberly-Clark Corp. 10,249,740
36,100 Louisiana-Pacific Corp. 857,375
34,200 Mead Corp. 1,427,850
10,000 Potlatch Corp. 439,375
19,200 Temple Inland, Inc. 1,310,400
33,700 Westvaco Corp. 977,300
67,800 Weyerhaeuser Co. 4,661,250
------------------
34,803,806
- -------------------------------------------------------------------------------
HEALTHCARE SERVICES: 0.0%
37,300 *HCR Manor Care, Inc. 902,194
- -------------------------------------------------------------------------------
HOMEBUILDERS: 0.0%
20,000 Centex Corp. 751,250
16,100 +Kaufman & Broad Home Corp. 400,488
14,500 Pulte Corp. 334,406
------------------
1,486,144
- -------------------------------------------------------------------------------
HOSPITAL MANAGEMENT: 0.3%
190,685 Columbia/HCA Healthcare Corp. 4,350,001
56,200 *Humana, Inc. 727,088
104,500 *Tenet Healthcare Corp. 1,939,781
58,200 United Healthcare Corp. 3,644,775
------------------
10,661,645
- -------------------------------------------------------------------------------
HOTEL & MOTEL: 0.2%
42,800 *Harrah's Entertainment, Inc. 941,600
86,700 Hilton Hotels Corp. 1,230,056
83,800 Marriott International, Inc. Cl. A 3,132,025
66,800 *Mirage Resorts, Inc. 1,118,900
------------------
6,422,581
- -------------------------------------------------------------------------------
HOUSEHOLD APPLIANCES & HOME FURNISHINGS: 0.1%
30,100 Maytag Corp. 2,097,594
MSF-20
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
HOUSEHOLD APPLIANCES & HOME FURNISHINGS: (CONTINUED)
25,600 Whirlpool Corp. $ 1,894,400
------------------
3,991,994
- -------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 2.1%
39,800 Clorox Co. 4,251,137
98,600 Colgate-Palmolive Co. 9,736,750
81,900 Corning, Inc. 5,743,238
373,500 Gillette Co. 15,313,500
94,896 Newell Rubbermaid, Inc. 4,412,664
447,400 Procter & Gamble Co. 39,930,450
19,400 Tupperware Corp. 494,700
------------------
79,882,439
- -------------------------------------------------------------------------------
INDUSTRIAL COMPONENTS & MATERIALS: 0.0%
12,400 Milacron, Inc. 229,400
- -------------------------------------------------------------------------------
INSURANCE: 3.4%
47,700 Aetna, Inc. 4,266,168
89,800 AFLAC, Inc. 4,299,175
271,998 Allstate Corp. 9,757,928
84,770 American General Corp. 6,389,539
417,234 American International Group, Inc. 48,842,455
86,075 +Aon Corp. 3,550,594
54,600 Chubb Corp. 3,794,700
68,300 CIGNA Corp. 6,078,700
55,500 Cincinnati Financial Corp. 2,081,250
108,634 Conseco Co., Inc. 3,306,547
48,600 Equifax, Inc. 1,734,413
35,750 Jefferson-Pilot Corp. 2,366,203
67,200 Lincoln National Corp. 3,515,400
88,400 Marsh & McLennan Cos., Inc. 6,674,200
34,100 MBIA, Inc. 2,207,975
24,900 Progressive Corp. 3,610,500
44,700 Provident Cos., Inc. 1,788,000
48,150 Providian Financial Corp. 4,502,025
45,600 +SAFECO Corp. 2,012,100
75,996 +St. Paul Cos., Inc. 2,417,623
44,800 Torchmark Corp. 1,528,800
47,100 UnumProvident Corp. 2,578,725
------------------
127,303,020
- -------------------------------------------------------------------------------
LIQUOR: 0.2%
144,300 Seagram, Ltd. 7,269,113
- -------------------------------------------------------------------------------
MACHINERY: 0.8%
52,700 Browning-Ferris Industries, Inc. 2,266,100
25,000 Case Corp. 1,203,125
120,100 Caterpillar, Inc. 7,206,000
31,900 Cooper Industries, Inc. 1,658,800
14,500 +Cummins Engine Co., Inc. 828,312
77,800 Deere & Co. 3,082,825
25,700 +Fluor Corp. 1,040,850
13,700 Foster Wheeler Corp. 193,513
84,500 Illinois Tool Works, Inc. 6,929,000
55,850 Ingersoll-Rand Co. 3,609,306
3,300 NACCO Industries, Inc. Cl. A 242,550
36,700 Parker Hannifin Corp. 1,679,025
------------------
29,939,406
- -------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 2.8%
512,000 Abbott Laboratories, Inc. 23,296,000
97,900 Baxter International, Inc. 5,935,187
83,900 Becton, Dickinson & Co. 2,517,000
132,900 *Boston Scientific Corp. 5,839,294
101,500 Guidant Corp. 5,220,906
453,000 Johnson & Johnson 44,394,000
92,865 McKesson HBOC, Inc. 2,983,288
196,500 Medtronic, Inc. 15,302,438
22,700 *Wellpoint Health Networks, Inc. Cl. A 1,926,663
------------------
107,414,776
- -------------------------------------------------------------------------------
METALS-ALUMINUM: 0.3%
75,600 +Alcan Aluminium, Ltd. 2,414,475
124,400 Aluminum Company Of Americal, Inc. 7,697,250
22,100 Reynolds Metals Co. 1,303,900
------------------
11,415,625
- -------------------------------------------------------------------------------
METALS-GOLD: 0.2%
130,900 Barrick Gold Corp. 2,536,187
77,300 Battle Mountain Gold Co. 188,419
87,400 Homestake Mining Co. 715,588
MSF-21
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
METALS-GOLD: (CONTINUED)
56,294 +Newmont Mining Corp. $ 1,118,843
109,500 Placer Dome, Inc. 1,293,469
------------------
5,852,506
- -------------------------------------------------------------------------------
METALS-NON-FERROUS: 0.1%
13,300 ASARCO, Inc. 250,206
42,150 Engelhard Corp. 953,644
64,406 Inco, Ltd. 1,159,308
------------------
2,363,158
- -------------------------------------------------------------------------------
METALS-STEEL & IRON: 0.1%
43,900 *Bethlehem Steel Corp. 337,481
29,200 Nucor Corp. 1,385,175
29,710 USX US Steel Group 802,170
30,900 Worthington Industries, Inc. 506,953
------------------
3,031,779
- -------------------------------------------------------------------------------
MINING: 0.1%
30,400 +Cyprus Amax Minerals Co. 461,700
55,000 +Freeport-McMoRan Copper & Gold, Inc. Cl. B 986,563
19,500 Phelps-Dodge Corp. 1,207,781
------------------
2,656,044
- -------------------------------------------------------------------------------
MISCELLANEOUS: 0.2%
64,700 Allegheny Teldyne, Inc. 1,463,837
56,100 Fortune Brands, Inc. 2,321,138
109,500 Ralston-Purina Group 3,332,906
------------------
7,117,881
- -------------------------------------------------------------------------------
MULTI-INDUSTRY: 1.1%
23,900 Harcourt General, Inc. 1,232,344
29,500 ITT Industries, Inc. 1,124,688
37,300 Kansas City Southern Industries, Inc. 2,380,206
135,500 Minnesota Mining & Manufacturing Co. 11,780,031
276,576 Tyco International Ltd. 26,205,576
------------------
42,722,845
- -------------------------------------------------------------------------------
NEWSPAPERS: 0.4%
30,500 Dow Jones & Co., Inc. 1,618,406
93,800 Gannett Co., Inc. 6,694,975
26,700 +Knight-Ridder, Inc. 1,466,831
59,300 New York Times Co. Cl. A 2,182,981
24,700 +Times Mirror Co. Cl. A 1,463,475
40,100 Tribune Co. 3,493,713
------------------
16,920,381
- -------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 4.5%
121,500 *3Com Corp. 3,238,734
53,800 *+Apple Computer, Inc. 2,494,975
38,200 Avery Dennison Corp. 2,306,325
57,900 *Cabletron Systems, Inc. 752,700
48,600 *Ceridian Corp. 1,588,612
572,362 Compaq Computer Corp. 13,557,825
53,600 *Computer Sciences Corp. 3,708,450
17,000 *Data General Corp. 247,562
341,000 *EMC Corp. 18,755,000
50,000 +IKON Office Solutions, Inc. 750,000
611,200 International Business Machines Corp. 78,997,600
90,200 Pitney-Bowes, Inc. 5,795,350
74,800 *Seagate Technology 1,916,750
63,400 *Silicon Graphics, Inc. 1,038,175
260,900 *Sun Microsystems, Inc. 17,977,641
90,500 *+Unisys Corp. 3,523,844
223,100 Xerox Corp. 13,176,844
------------------
169,826,387
- -------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.1%
40,600 Anadarko Petroleum Corp. 1,494,588
37,500 Apache Corp. 1,462,500
10,587 ONEOK, Inc. 336,137
84,650 Union Pacific Resources Group, Inc. 1,380,853
------------------
4,674,078
------------------
OIL-DOMESTIC: 0.8%
30,400 Amerada Hess Corp. 1,808,800
24,600 Ashland Oil, Inc. 987,075
109,100 Atlantic Richfield Co. 9,116,669
29,277 Kerr-McGee Corp. 1,469,339
116,800 Occidental Petroleum Corp. 2,467,400
MSF-22
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
OIL-DOMESTIC: (CONTINUED)
84,600 Phillips Petroleum Co. $ 4,256,437
30,400 Sunoco, Inc. 917,700
57,200 Tenneco, Inc. 1,365,650
81,392 Unocal Corp. 3,225,158
103,800 USX-Marathon Group 3,379,988
------------------
28,994,216
- -------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 0.7%
110,200 Baker Hughes, Inc. 3,691,700
71,800 Coastal Corp. 2,872,000
148,600 Halliburton Co. 6,724,150
16,600 Helmerich & Payne, Inc. 395,287
19,900 McDermott International, Inc. 562,175
27,800 *+Rowan Cos., Inc. 512,563
184,700 Schlumberger, Ltd. 11,763,081
------------------
26,520,956
- -------------------------------------------------------------------------------
OIL-INTERNATIONAL: 4.4%
221,100 Chevron Corp. 21,045,956
817,500 Exxon Corp. 63,049,688
263,800 Mobil Corp. 26,116,200
722,100 Royal Dutch Petroleum Co. 43,506,525
180,400 Texaco, Inc. 11,275,000
------------------
164,993,369
- -------------------------------------------------------------------------------
PHOTOGRAPHY: 0.2%
108,000 Eastman Kodak Co. 7,317,000
14,800 Polaroid Corp. 408,850
------------------
7,725,850
- -------------------------------------------------------------------------------
POLLUTION CONTROL: 0.3%
110,800 *Laidlaw, Inc. 817,150
205,572 Waste Management, Inc. 11,049,495
------------------
11,866,645
- -------------------------------------------------------------------------------
PRINTING & PUBLISHING: 0.2%
22,700 American Greetings Corp. Cl. A 683,837
44,000 Donnelley (R.R.) & Sons Co. 1,630,750
55,200 *Dun & Bradstreet Corp. 1,956,150
11,500 Jostens, Inc. 242,219
66,400 McGraw-Hill Cos., Inc. 3,581,450
17,600 Meredith Corp. 609,400
------------------
8,703,806
- -------------------------------------------------------------------------------
RESTAURANT: 0.6%
44,900 Darden Restaurants, Inc. 979,381
457,300 McDonald's Corp. 18,892,206
51,700 *Tricon Global Restaurants, Inc. 2,798,263
41,500 Wendy's International, Inc. 1,174,969
------------------
23,844,819
- -------------------------------------------------------------------------------
RETAIL GROCERY: 0.7%
142,190 Albertson's, Inc. 7,331,672
12,900 Great Atlantic & Pacific Tea Co., Inc. 436,181
277,400 *Kroger Co. 7,749,862
166,800 *Safeway, Inc. 8,256,600
49,900 +Winn-Dixie Stores, Inc. 1,843,181
------------------
25,617,496
- -------------------------------------------------------------------------------
RETAIL TRADE: 5.7%
68,900 *Best Buy Co., Inc. 4,650,750
34,100 Circuit City Stores, Inc. 3,171,300
36,700 *Consolidated Stores Corp. 990,900
74,367 *+Costco Cos., Inc. 5,951,684
131,300 CVS Corp. 6,663,475
149,700 Dayton-Hudson Corp. 9,730,500
36,200 Dillards, Inc. Cl. A 1,271,525
74,375 Dollar General Corp. 2,156,875
70,200 *+Federated Department Stores, Inc. 3,716,212
498,998 Home Depot, Inc. 32,154,184
166,200 *K Mart Corp. 2,731,912
54,700 *Kohls Corp. 4,222,156
71,600 Limited, Inc. 3,248,850
13,200 Longs Drug Stores Corp. 456,225
124,600 Lowes Cos., Inc. 7,063,262
112,250 May Department Stores Co. 4,588,219
47,600 +Nordstrom, Inc. 1,594,600
125,200 *Office Depot, Inc. 2,762,225
MSF-23
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
JUNE 30, 1999(UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
RETAIL TRADE: (CONTINUED)
88,500 Penney (J.C.) Co., Inc. $ 4,297,781
17,700 Pep Boys-Manny, Moe & Jack 382,763
86,600 Rite Aid Corp. 2,132,525
127,800 Sears, Roebuck & Co. 5,695,088
156,050 *Staples, Inc. 4,822,920
40,100 SuperValu, Inc. 1,030,069
289,613 The Gap, Inc. 14,589,230
107,700 TJX Cos., Inc. 3,587,756
83,500 *Toys 'R Us, Inc. 1,727,406
1,496,500 Wal-Mart Stores, Inc. 72,206,125
337,300 Walgreen Co. 9,908,188
------------------
217,504,705
- -------------------------------------------------------------------------------
SOFTWARE: 5.5%
20,500 Adobe Systems, Inc. 1,684,203
19,800 Autodesk, Inc. 585,956
79,000 *+BMC Software, Inc. 4,263,531
180,750 Computer Associates International, Inc. 9,941,250
123,400 *Compuware Corp. 3,921,806
166,300 Electronic Data Systems Corp. 9,406,344
1,718,700 *Microsoft Corp. 154,897,838
112,900 *Novell, Inc. 2,991,850
484,675 *Oracle Corp. 17,993,560
90,900 *Parametric Technology Corp. 1,264,078
9,000 +Shared Medical Systems 587,250
------------------
207,537,666
- -------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 0.6%
46,900 CenturyTel, Inc. 1,864,275
223,260 Nortel Networks Corp. 19,381,759
------------------
21,246,034
- -------------------------------------------------------------------------------
TEXTILES & APPAREL: 0.3%
24,100 *Fruit Of The Loom, Inc. Cl. A 234,975
21,400 Liz Claiborne, Inc. 781,100
94,600 Nike, Inc. Cl. B 5,989,363
18,800 *+Reebok International, Ltd. 350,150
11,400 Russell Corp. 222,300
6,000 Springs Industries, Inc. 261,750
40,600 VF Corp. 1,735,650
------------------
9,575,288
- -------------------------------------------------------------------------------
TIRES & RUBBER: 0.1%
25,500 Cooper Tire & Rubber Co. 602,438
25,100 +Goodrich (B.F.) Co. 1,066,750
52,900 Goodyear Tire & Rubber Co. 3,111,181
------------------
4,780,369
- -------------------------------------------------------------------------------
TOBACCO: 0.9%
812,400 Philip Morris Cos., Inc. 32,648,325
59,100 UST, Inc. 1,728,675
------------------
34,377,000
- -------------------------------------------------------------------------------
TOYS & AMUSEMENTS: 0.1%
65,475 Hasbro, Inc. 1,829,208
139,413 Mattel, Inc. 3,685,731
------------------
5,514,939
- -------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: 0.3%
51,600 *AMR Corp. 3,521,700
47,700 Delta Air Lines, Inc. 2,748,712
112,925 Southwest Airlines Co. 3,514,791
24,800 *USAirways Group, Inc. 1,080,350
------------------
10,865,553
- -------------------------------------------------------------------------------
TRANSPORTATION-RAILROAD: 0.4%
157,803 Burlington Northern Santa Fe Corp. 4,891,893
72,900 CSX Corp. 3,303,281
127,600 Norfolk Southern Corp. 3,843,950
83,400 Union Pacific Corp. 4,863,263
------------------
16,902,387
- -------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.0%
23,800 Ryder Systems, Inc. 618,800
- -------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 2.1%
64,400 *AES Corp. 3,743,250
46,200 Ameren Corp. 1,772,925
65,000 American Electric Power Co., Inc. 2,441,563
51,000 Carolina Power & Light Co. 2,183,438
MSF-24
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
JUNE 30, 1999(UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
UTILITIES-ELECTRIC: (CONTINUED)
71,400 Central & South West Corp. $ 1,668,975
53,292 CINergy Corp. 1,705,344
39,800 CMS Energy Corp. 1,666,625
76,300 Consolidated Edison, Inc. 3,452,575
50,300 Constellation Energy Group, Inc. 1,490,137
64,500 Dominion Resources, Inc. 2,793,656
48,800 DTE Energy Co. 1,952,000
122,334 Duke Energy Corp. 6,651,911
116,600 Edison International 3,119,050
83,100 Entergy Corp. 2,596,875
79,000 FirstEnergy Corp. 2,449,000
32,600 Florida Progress Corp. 1,346,787
60,900 FPL Group, Inc. 3,326,663
42,300 GPU, Inc. 1,784,531
38,700 *New Century Energies, Inc. 1,502,044
62,900 *Niagara Mohawk Power Corp. 1,010,331
51,700 Northern States Power Co. 1,250,494
99,900 PacifiCorp 1,835,663
64,400 PECO Energy Corp. 2,696,750
129,100 PG&E Corp. 4,195,750
52,900 PP&L Resources, Inc. 1,626,675
73,600 Public Service Enterprise Group, Inc. 3,008,400
99,445 Reliant Energy, Inc. 2,747,168
80,845 *Sempra Energy Solutions 1,829,118
234,100 Southern Co. 6,203,650
94,545 Texas Utilities Co. 3,899,981
73,100 Unicom Corp. 2,818,919
------------------
80,770,248
- -------------------------------------------------------------------------------
UTILITIES-GAS & PIPELINES: 0.5%
59,440 Burlington Resources, Inc. 2,570,780
27,950 Columbia Energy Group 1,752,116
32,200 Consolidated Natural Gas Co. 1,956,150
7,600 Eastern Enterprises 302,100
118,800 Enron Corp. 9,711,900
15,300 NICOR, Inc. 582,356
11,900 Peoples Energy Corp. 448,481
37,200 Sonat, Inc. 1,232,250
------------------
18,556,133
- -------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 8.4%
94,500 ALLTEL Corp. 6,756,750
370,400 Ameritech Corp. 27,224,400
1,070,218 AT&T Corp. 59,731,542
522,724 Bell Atlantic Corp. 34,173,082
637,800 BellSouth Corp. 29,896,875
58,500 Frontier Corp. 3,451,500
327,300 GTE Corp. 24,792,975
626,621 *MCI WorldCom, Inc. 53,908,988
99,400 *+Nextel Communications, Inc. Cl. A 4,991,744
661,294 SBC Communications, Inc. 38,355,052
291,500 Sprint Corp. 15,394,843
148,450 +Sprint Corp. 8,480,206
169,164 U.S. West, Inc. 9,938,385
------------------
317,096,342
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $2,336,713,633) ................... 3,781,682,987
------------------
- -------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.2%
- -------------------------------------------------------------------------------
$8,025,000 Federal Home Loan
Mortgage Corp. 5.000% 7/14/99 $ 8,010,510
------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $8,010,510) ........................ 8,010,510
------------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.1%
(Cost $2,344,724,143) ..................... 3,789,693,497
OTHER ASSETS LESS LIABILITIES (0.1%) ...... (5,484,431)
------------------
TOTAL NET ASSETS: 100.0% .................. $3,784,209,066
==================
- -------------------------------------------------------------------------------
LEGEND:
- -------
+ Securities on loan.
* Non-income producing security.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1999, the market value of securities loaned was $23,571,190 with
collateral backing valued at $24,296,719.
See Notes to Financial Statements.
MSF-25
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 94.1%
- --------------------------------------------------------------------------------
AUSTRALIA: 4.1%
78,000 Broken Hill Proprietary Co. $ 902,333
115,100 Commonwealth Bank of Australia 1,829,889
150,200 +National Australia Bank 2,482,243
828,300 Qantas Airways Ltd. 2,732,263
878,600 Santos Ltd. 2,874,952
348,800 Telstra Corp., Ltd. 1,996,081
--------------
Total Investments in Australia 12,817,761
- --------------------------------------------------------------------------------
AUSTRIA: 0.4%
13,100 OMV Handels AG 1,167,973
---------------
Total Investments in Austria 1,167,973
- --------------------------------------------------------------------------------
BELGIUM: 0.5%
16,640 CBR Cimenteries 1,530,079
----------------
Total Investments in Belgium 1,530,079
- --------------------------------------------------------------------------------
CANADA: 0.3%
440,500 *[_]AMR Technologies, Inc. 661,124
1,100,000 *[_]Ashurst Technology Ltd. 0
282,330 *[_]Isleinvest Ltd. 0
582,400 *[_]Kemgas International Ltd. 257,087
---------------
Total Investments in Canada 918,211
- --------------------------------------------------------------------------------
FINLAND: 2.5%
88,200 Nokia AB Oy Cl. A 7,728,284
---------------
Total Investments in Finland 7,728,284
- --------------------------------------------------------------------------------
FRANCE: 10.4%
53,900 Assurance Generale de France 2,594,784
22,400 AXA SA 2,731,671
46,800 Banque Nationale de Paris 3,898,098
30,230 Elf Aquitaine SA 4,434,439
41,506 France Telecom SA 3,134,109
15,000 *Galeries Lafayette SA 1,983,871
2,800 L' Oreal SA 1,892,023
29,312 Lafarge SA 2,785,941
87,500 Pechiney International NV Cl. A 3,759,511
15,180 Saint-Gobain 2,417,663
45,200 Seita 2,609,288
---------------
Total Investments in France 32,241,398
- --------------------------------------------------------------------------------
GERMANY: 6.8%
91,300 BASF AG 4,032,897
51,500 Continental AG 1,221,042
57,500 DaimlerChrysler AG 4,979,007
65,981 +Lufthansa AG 1,195,731
48,400 Merck KGaA 1,573,630
220,900 *Thyssen AG 4,857,157
51,200 +Volkswagen AG 3,277,609
---------------
Total Investments in Germany 21,137,073
- --------------------------------------------------------------------------------
HONG KONG: 3.3%
406,000 Cheung Kong Infrastructure Holdings Ltd. 3,610,703
286,600 Hang Seng Bank Ltd. 3,204,515
848,400 +Hong Kong Telecommunications Ltd. 2,203,395
138,000 +Hutchison Whampoa Ltd. 1,249,517
---------------
Total Investments in Hong Kong 10,268,130
- --------------------------------------------------------------------------------
IRELAND: 0.4%
125,047 Irish Life & Permanent PLC 1,291,038
---------------
Total Investments in Ireland 1,291,038
- --------------------------------------------------------------------------------
ITALY: 4.0%
305,400 +Banca Populare di Milano SPA 2,358,014
792,100 +ENI SPA 4,727,746
504,400 Montedison SPA 821,538
130,300 Rolo Banca 1473 SPA 2,921,456
161,700 Telecom Italia SPA 1,680,220
---------------
Total Investments in Italy 12,508,974
- --------------------------------------------------------------------------------
JAPAN: 20.9%
45,000 Acom Co., Ltd. 3,887,327
173,000 +Bank of Tokyo - Mitsubishi Ltd. 2,464,074
275,000 +Chugai Pharmaceutical Co., Ltd. 2,964,371
369,000 Citizen Watch Co., Ltd. 3,202,860
89,000 Daiichi Pharmaceutical Co., Ltd. 1,381,681
83,000 Fuji Photo Film Ltd. 3,142,432
150,000 +Futaba Industrial Co., Ltd. 2,070,761
89,000 Honda Motor Co., Ltd. 3,774,242
8,000 Ito-Yokado Co., Ltd. 535,670
41,000 Mabuchi Motor Co., Ltd. 3,812,929
MSF-26
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
JAPAN: (CONTINUED)
186,000 Matsushita Electric Industrial Co., Ltd. $ 3,613,293
302,000 +Mazda Motor Corp. 1,735,058
54,000 Murata Manufacturing Co., Ltd. 3,553,278
16,500 Nintendo Co., Ltd. 2,320,121
252 Nippon Telephone & Telegraph 2,937,257
163,000 Omron Corp. 2,829,627
21,000 Rohm Co. 3,289,659
143,000 +Sankyo Co., Ltd. 3,605,439
227,000 +Sekisui House Ltd. 2,450,707
34,000 +Sony Corp. 3,667,851
119,000 +Sumitomo Bank Ltd. 1,476,556
38,300 Takefuji Corp. 3,960,759
486,000 Teijin Ltd. 1,968,587
---------------
Total Investments in Japan 64,644,539
- -------------------------------------------------------------------------------
MALAYSIA: 1.3%
745,000 Malayan Bank Bhd. 2,235,000
466,300 Telekom Malaysia Bhd. 1,742,489
---------------
Total Investments in Malaysia 3,977,489
- -------------------------------------------------------------------------------
NETHERLANDS: 4.0%
113,600 ABN AMRO Holdings NV 2,459,196
74,700 ING Groep NV 4,042,737
49,400 Koninklijke KPN NV 2,317,042
63,800 Royal Dutch Petroleum Co. 3,735,637
---------------
Total Investments in Netherlands 12,554,612
- -------------------------------------------------------------------------------
PHILIPPINES: 2.0%
899,700 Bank of Philippine Islands 3,215,747
98,800 Philippine Long Distance Telephone Co. 3,012,037
---------------
Total Investments in Philippines 6,227,784
- -------------------------------------------------------------------------------
PORTUGAL: 0.3%
23,600 Portugal Telecom SA 959,742
23,600 *Portugal Telecom SA (rts.) 243
---------------
Total Investments in Portugal 959,985
- -------------------------------------------------------------------------------
SINGAPORE: 3.3%
1,598,000 +DBS Land Ltd. 3,192,244
326,000 Singapore Airlines Ltd. 3,102,938
552,000 +United Overseas Bank Ltd. 3,859,460
---------------
Total Investments in Singapore 10,154,642
- -------------------------------------------------------------------------------
SOUTH KOREA: 0.5%
54,010 LG Electronics, Inc. 1,493,149
---------------
Total Investments in South Korea 1,493,149
- -------------------------------------------------------------------------------
SPAIN: 2.4%
147,700 +Endesa SA 3,148,666
127,900 Grupo Dragados SA 1,499,086
60,000 Telefonica de Espagna SA 2,889,061
---------------
Total Investments in Spain 7,536,813
- -------------------------------------------------------------------------------
SWEDEN: 3.5%
147,200 Electrolux AB Cl. B 3,086,536
84,000 Skanska AB Cl. B 3,171,398
132,100 +Svenska Cellulosa AB Cl. B 3,423,489
104,700 Svenska Handelsbanken AB Cl. A 1,258,028
---------------
Total Investments in Sweden 10,939,451
- -------------------------------------------------------------------------------
SWITZERLAND: 3.8%
5,600 *Adecco SA 2,999,678
1,100 Compagnie Financiere Richemont AG 2,114,977
2,100 Holderbank Financiere Glarus AG 2,477,976
2,100 *Holderbank Financiere Glarus AG (rts.) 30,789
210 Roche Holdings AG 2,157,932
5,700 Sairgroup 1,193,074
2,300 Swisscom AG 865,218
---------------
Total Investments in Switzerland 11,839,644
- -------------------------------------------------------------------------------
THAILAND: 0.9%
202,900 Advanced Info Service Public Co., Ltd. 2,751,186
---------------
Total Investments in Thailand 2,751,186
- -------------------------------------------------------------------------------
UNITED KINGDOM: 18.5%
70,800 Abbey National PLC 1,329,696
157,700 Allied Zurich PLC 1,982,383
39,100 AstraZeneca Group PLC 1,511,818
281,000 Bank of Scotland 3,758,230
760,400 Beazer Group PLC 2,385,176
469,600 BG PLC 2,864,602
MSF-27
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
UNITED KINGDOM: (CONTINUED)
303,100 BP Amoco PLC $ 5,427,370
432,900 British Telecommunications PLC 7,246,650
86,600 Cable & Wireless PLC 1,104,312
464,600 FirstGroup PLC 2,537,509
88,300 GKN PLC 1,507,351
130,900 Glaxo Wellcome PLC 3,637,618
153,900 Hanson PLC 1,382,734
102,400 HSBC Holdings PLC 3,628,453
413,000 Iceland Group PLC 1,718,617
354,400 Kingfisher PLC 4,135,543
145,200 Logica PLC 1,527,260
45,000 National Express Group 718,179
124,700 PowerGen PLC 1,342,494
19,500 Railtrack Group PLC 398,657
159,300 SmithKline Beecham PLC 2,071,548
375,100 Somerfield Stores Ltd. PLC 1,758,973
164,000 Vodafone Group PLC 3,226,143
---------------
Total Investments in United Kingdom 57,201,316
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $263,483,696) ........................ 291,889,531
---------------
PREFERRED STOCK: 1.0%
- --------------------------------------------------------------------------------
THAILAND: 0.9%
1,875,800 [_]Siam Commercial Bank Public Co., Ltd. 2,670,631
---------------
Total Investments in Thailand 2,670,631
UNITED KINGDOM: 0.1%
295,000 [_]Upton & Southern Holdings PLC Cum. Cvt. Pfd. 316,196
---------------
Total Investments in United Kingdom 316,196
TOTAL PREFERRED STOCK
(Cost: $3,660,042) 2,986,827
---------------
- --------------------------------------------------------------------------------
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 2.3%
- --------------------------------------------------------------------------------
$ 7,045,000 State Street
Repurchase Agreement
(U.S. Treasury Note
collateralized, dated
6/30/99 due 2/29/00 @
7.125% with a market
value of $7,257,733) 4.700% 7/1/99 $ 7,045,000
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost : $7,045,000) ......................... 7,045,000
---------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 97.4%
(Cost $274,188,738) ......................... 301,921,358
OTHER ASSETS LESS LIABILITIES: 2.6% ......... 7,940,445
---------------
TOTAL NET ASSETS: 100.0% .................... $ 309,861,803
===============
- --------------------------------------------------------------------------------
LEGEND:
- ------
* Non-income producing security.
+ Securities on loan.
[_] Illiquid security.
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1999, the market value of securities loaned was $24,809,999 with
collateral backing valued at $26,304,462.
See Notes to Financial Statements.
MSF-28
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
- --------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK PORTFOLIO
AS A PERCENTAGE OF TOTAL VALUE OF INVESTMENTS
Automotive: ............................................................ 5.4%
Banking: ............................................................... 14.2%
Building & Construction: ............................................... 0.5%
Business Services: ..................................................... 1.5%
Chemicals: ............................................................. 1.4%
Construction Materials: ................................................ 3.1%
Consumer Products: ..................................................... 0.5%
Drugs & Health Care: ................................................... 6.4%
Electrical Equipment: .................................................. 2.8%
Electronics: ........................................................... 6.2%
Entertainment & Leisure: ............................................... 0.0%
Financial Services: .................................................... 4.4%
Forest Products & Paper: ............................................... 1.2%
Homebuilders: .......................................................... 2.7%
Household Appliances & Home Furnishings: ............................... 2.3%
Insurance: ............................................................. 3.6%
Machinery: ............................................................. 0.5%
Metals-Non-Ferrous: .................................................... 1.3%
Metals-Steel & Iron: ................................................... 0.3%
Miscellaneous: ......................................................... 1.1%
Multi-Industry: ........................................................ 2.3%
Oil & Gas Exploration: ................................................. 2.5%
Oil-International: ..................................................... 5.1%
Personal Care: ......................................................... 0.6%
Photography: ........................................................... 1.1%
Real Estate: ........................................................... 2.3%
Retail Grocery: ........................................................ 1.2%
Retail Trade: .......................................................... 2.4%
Telecommunications Equipment & Services: ............................... 4.1%
Textiles & Apparel: .................................................... 0.7%
Tires & Rubber: ........................................................ 0.4%
Tobacco: ............................................................... 1.6%
Toys & Amusements: ..................................................... 0.8%
Transportation: ........................................................ 0.6%
Transportation-Airlines: ............................................... 2.6%
Transportation-Miscellaneous: .......................................... 0.9%
Transportation-Railroad: ............................................... 0.1%
Utilities-Electric: .................................................... 1.1%
Utilities-Gas & Pipelines: ............................................. 1.0%
Utilities-Miscellaneous: ............................................... 0.4%
Utilities-Telephone: ................................................... 8.8%
------
100.0%
======
- --------------------------------------------------------------------------------
Excludes short-term securities.
See Notes to Financial Statements.
MSF-29
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 4.7%
- -------------------------------------------------------------------------------
BANKING: 0.0%
7,000 *Siam Commercial Bank (Wts.) $ 4,508
- -------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 3.0%
1,867,500 *Indah Kiat Paper & Pulp Corp. 862,960
9,255 +Sappi Ltd. ADR 673,301
--------------
1,536,261
- -------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.4%
59,675 +Chesapeake Energy Corp. 175,295
- -------------------------------------------------------------------------------
REAL ESTATE: 1.3%
16,500 Associated Estates Realty Corp. 194,906
21,950 Berkshire Realty Co., Inc. 253,797
2,000 +Developers Diversified Realty 33,250
15,500 Meditrust 202,469
--------------
684,422
- -------------------------------------------------------------------------------
RESTAURANT: 0.0%
2,024 *Advantica Restaurant Group, Inc. 7,021
- -------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 0.0%
2,000 Tenaga Nasional Berhad 10,063
--------------
TOTAL COMMON STOCK
(Cost : $2,075,072)............................. 2,417,570
- -------------------------------------------------------------------------------
PREFERRED STOCK: 5.0%
- -------------------------------------------------------------------------------
BANKING: 0.0%
7,000 Siam Commercial Bank Public Co., Ltd. 5.500% 9,966
- -------------------------------------------------------------------------------
CONSTRUCTION MATERIALS: 0.1%
1,250 Owens-Corning 6.500% 59,531
- -------------------------------------------------------------------------------
METALS-STEEL & IRON: 0.5%
6,500 Bethlehem Steel Corp. $3.50 236,438
- -------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 1.9%
1,099 Hyperion Telecommunications, Inc. Sr. 12.875% 989,351
- -------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.5%
10,500 Chesapeake Energy Corp. 7.000% 273,000
- -------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 0.5%
250 R & B Falcon Corp. 13.875% 257,500
- -------------------------------------------------------------------------------
TRANSPORTATION-SHIPPING: 0.2%
16,000 Hvide Capital Trust 6.500% 104,000
- -------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.1%
1,600 Arkansas Best Corp. $2.875 56,800
- -------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 0.7%
935 Central Maine Power Co. 3.500% 50,022
150 Consumers Energy Co. $4.16 9,450
250 Consumers Energy Co. $4.50 15,625
300 Entergy Gulf States, Inc. 4.400% 18,300
140 +Entergy Gulf States, Inc. $4.52 9,214
1,000 Niagara Mohawk Power Corp. 3.600% 54,000
200 Niagara Mohawk Power Corp. 3.900% 12,400
2,680 Niagara Mohawk Power Corp. 3.400% 144,720
50 Niagara Mohawk Power Corp. 4.850% 3,850
150 Ohio Edison Co. 4.400% 9,750
50 Ohio Edison Co. 4.440% 3,350
200 Toledo Edison Co. 4.250% 12,300
--------------
342,981
- -------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 0.5%
4,500 Philippine Long Distance Telephone Co. $3.50 234,000
--------------
TOTAL PREFERRED STOCK
(Cost: $3,042,661) 2,563,567
--------------
- -------------------------------------------------------------------------------
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
CONVERTIBLE BONDS: 0.8%
- -------------------------------------------------------------------------------
AUTOMTIVE: 0.8%
$ 725,000 ++Exide Corp. 144A 2.900% 12/15/05 $ 440,438
- -------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: 0.1%
100,000 Schuler Homes, Inc. 6.500% 11/5/03 77,000
- -------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 5.9%
155,000 Cray Research, Inc. 6.125% 2/1/11 124,000
730,000 Data General Corp. 6.000% 5/15/04 627,800
300,000 HMT Technology Corp. Sub. 5.750% 11/5/04 109,500
515,000 Ingram Micro, Inc. 0.000% 6/9/18 168,019
300,000 Integrated Device Technology 5.500% 6/1/02 239,250
200,000 Maxtor Corp. 5.750% 3/1/12 150,000
800,000 Read-Rite Corp. 6.500% 9/1/04 336,000
750,000 S3, Inc. 5.750% 10/1/03 630,937
400,000 Silicon Graphics, Inc. 5.250% 9/1/04 354,000
100,000 Telxon Corp. 5.750% 1/1/03 71,250
1,400,000 Western Digital Corp. 0.000% 2/18/18 245,000
--------------
3,055,756
- -------------------------------------------------------------------------------
MSF-30
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CONVERTIBLE BONDS:(CONTINUED)
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 0.7%
$ 200,000 Centocor, Inc. 4.750% 2/15/05 $ 223,250
150,000 Tenet Healthcare Corp. 6.000% 12/1/05 115,125
--------------
338,375
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 0.2%
195,000 Intevac, Inc. Sub. 6.500% 3/1/04 121,144
- -------------------------------------------------------------------------------
ELECTRONICS: 4.2%
800,000 Cirrus Logic, Inc. 6.000% 12/15/03 547,000
675,000 Kent Electronics Corp. 4.500% 9/1/04 550,969
750,000 Lam Research Corp. 5.000% 9/1/02 678,750
100,000 National Semiconductor Corp. 6.500% 10/1/02 95,000
40,000 Richardson Electronics, Ltd. 7.250% 12/15/06 28,800
100,000 Thermedics, Inc. 0.000% 6/1/03 68,000
879,000 Zenith Corp. 6.250% 4/1/11 193,380
--------------
2,161,899
- -------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.1%
83,000 Bell Sports Corp. Sub. 4.250% 11/15/00 67,126
50,000 .CML Group, Inc. 5.500% 1/15/03 250
200,000 .CML Group, Inc. 5.500% 1/15/03 1,000
--------------
68,376
- -------------------------------------------------------------------------------
FOOD & BEVERAGE: 0.2%
100,000 Borden, Inc. 7.875% 2/15/23 80,519
- -------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 10.3%
95,000 Advanced Agro Public Co. 3.500% 6/17/01 78,850
450,000 App Finance VII Mauritius Ltd. 3.500% 4/30/03 337,500
100,000 App Finance VII Mauritius Ltd. 3.500% 4/30/03 75,000
775,000 Bangkok Bank Public Ltd. 4.589% 3/3/04 403,000
325,000 Banpu Public 2.750% 4/10/03 289,250
300,000 Burns, Philp 5.500% 4/30/04 148,500
1,280,000 Empresas ICA Sociedad 5.000% 3/15/04 870,400
100,000 Loxley PLC 2.500% 4/4/01 31,000
300,000 Piltel International
Holdings Corp. 1.750% 7/17/06 187,500
1,700,000 Rogers Communications, Inc. 2.000% 11/26/05 1,266,500
100,000 Samsung Display Devices 0.250% 3/12/06 104,730
425,000 Samsung Electronics Co., Ltd. 0.000% 12/31/07 445,187
250,000 Sappi BVI Finance 7.500% 8/1/02 235,313
300,000 Siam Commercial Bank 3.250% 1/24/04 150,750
390,000 Ssangyong Oil Refining Co., Ltd. 3.000% 12/31/04 278,850
150,000 Telekom Malaysia 4.000% 10/3/04 129,938
300,000 Total Access Communication
Public Ltd. 2.000% 5/31/06 297,000
--------------
5,329,268
- -------------------------------------------------------------------------------
HEALTHCARE SERVICES: 0.2%
150,000 Phycor, Inc. 4.500% 2/15/03 112,875
- -------------------------------------------------------------------------------
INDUSTRIAL COMPONENTS & MATERIAL: 0.9%
400,000 Hexcel Corp. 7.000% 8/1/03 363,000
100,000 Hexcel Corp. 7.000% 8/1/11 80,500
--------------
443,500
- -------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 0.8%
400,000 NABI 6.500% 2/1/03 284,000
365,000 UroMed Corp. 6.000% 10/15/03 155,125
--------------
439,125
- -------------------------------------------------------------------------------
METALS-STEEL & IRON: 0.0%
200,000 Molten Metal
Technology, Inc. Sub. 5.500% 5/1/06 0
- -------------------------------------------------------------------------------
MINING: 0.7%
325,000 Battle Mountain Gold Co. 6.000% 1/4/05 227,500
200,000 Coeur D'Arlen Mines Corp. 6.000% 6/10/02 116,000
--------------
343,500
- -------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.3%
200,000 Pogo Producing Co. Sub. 5.500% 6/15/06 161,000
- -------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 1.4%
585,000 Key Energy Group, Inc. 5.000% 9/15/04 364,893
1,090,000 Pride International, Inc. Sub. 0.000% 4/24/18 336,538
--------------
701,431
- -------------------------------------------------------------------------------
POLLUTION CONTROL: 0.8%
327,000 Air & Water Technologies
Corp. Sub. 8.000% 5/15/15 283,673
150,000 Thermo Terratech, Inc. Sub. 4.625% 5/1/03 130,312
--------------
413,985
- -------------------------------------------------------------------------------
MSF-31
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CONVERTIBLE BONDS:(CONTINUED)
- --------------------------------------------------------------------------------
RESTAURANT: 1.1%
$ 500,000 .Boston Chicken, Inc. 0.000% 6/1/15 $ 2,500
938,000 .Boston Chicken, Inc. Sub. 4.500% 2/1/04 32,830
50,000 .Boston Chicken, Inc. Sub. 7.750% 5/1/04 2,250
325,000 EinsteinNoah Bagel
Corp. Sub. 7.250% 6/1/04 185,250
475,000 Shoney's, Inc. Sub. 0.000% 4/11/04 109,844
440,000 TPI Enterprises, Inc. Sub. 8.250% 7/15/02 217,800
------------
550,474
- --------------------------------------------------------------------------------
REAL ESTATE: 0.2%
100,000 Sizeler Property Investments,
Inc. Sub. 8.000% 7/15/03 94,000
- --------------------------------------------------------------------------------
RETAIL TRADE: 0.1%
100,000 Jacobson Stores, Inc. Sub. 6.750% 12/15/11 76,000
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 0.6%
500,000 Aspect Telecommunications
Corp. Sub. 0.000% 8/10/18 106,875
500,000 Broadband Technologies,
Inc. Sub. 5.000% 5/15/01 215,000
------------
321,875
- --------------------------------------------------------------------------------
TEXTILES & APPAREL: 0.4%
250,000 Fieldcrest Cannon, Inc. 6.000% 3/15/12 201,250
- --------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.3%
160,000 Worldway Corp. Sub. 6.250% 4/15/11 129,600
------------
TOTAL CONVERTIBLE BONDS
(Cost: $18,158,714)................................ 15,661,390
------------
- --------------------------------------------------------------------------------
CORPORATE BONDS: 26.7%
- --------------------------------------------------------------------------------
BROADCASTING: 3.3%
700,000 Century Communications
Corp. Sr. 8.375% 11/15/17 644,875
1,650,000 #Fox Family Worldwide,
Inc. Sr. 1.000% 11/1/07 1,047,750
------------
1,692,625
- --------------------------------------------------------------------------------
CHEMICALS: 0.5%
287,000 Arco Chemical Co. 9.800% 2/1/20 274,602
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICES: 0.9%
250,000 Seagate Technology,
Inc. Sr. 7.370% 3/1/07 230,413
250,000 Seagate Technology,
Inc. Sr. 7.450% 3/1/37 232,205
------------
462,618
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 2.1%
900,000 Dura Pharmaceuticals,
Inc. Sub. 3.500% 7/15/02 678,375
250,000 Glycomed, Inc. 7.500% 1/1/03 201,875
200,000 Heartport, Inc. Sub. 7.250% 5/1/04 88,000
150,000 Omnicare, Inc. Sub. 5.000% 12/1/07 109,875
------------
1,078,125
- --------------------------------------------------------------------------------
HEALTHCARE SERVICES: 1.8%
400,000 ColumbiaHCA Healthcare Corp. 6.750% 10/1/06 342,000
300,000 ColumbiaHCA Healthcare Corp. 7.050% 12/1/27 226,137
250,000 ColumbiaHCA Healthcare Corp. 7.690% 6/15/25 207,935
200,000 Integrated Health Services,
Inc. Sr. 9.250% 1/15/08 143,500
------------
919,572
- --------------------------------------------------------------------------------
INDUSTRIALS: 1.0%
300,000 Glencore Nickel Pty.,
Ltd. Sr. 9.000% 12/1/14 258,000
300,000 Reliance Industries Ltd. 10.375% 6/24/16 258,000
------------
516,000
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 1.9%
475,000 Chesapeake Energy
Corp. Sr. Ser. B 7.875% 3/15/04 399,000
200,000 Chesapeake Energy
Corp. Sr. Ser. B 8.500% 3/15/12 166,000
200,000 Chesapeake Energy
Corp. Sr. Ser. B 9.625% 5/1/05 184,000
250,000 Ocean Energy, Inc. Sr.
Ser. B 8.250% 7/1/18 240,000
------------
989,000
- --------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 2.9%
100,000 Pioneer Natural
Resources Co. Ser. A 7.200% 1/15/28 77,000
400,000 Pioneer Natural
Resources Co. Sr. 6.500% 1/15/08 342,000
200,000 R & B Falcon Corp. Ser. B 7.375% 4/15/18 144,000
200,000 R & B Falcon Corp. Sr. Ser. B 6.500% 4/15/03 170,000
675,000 R & B Falcon Corp. Sr.
Ser. B 6.750% 4/15/05 546,750
MSF-32
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS:(CONTINUED)
- --------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES:(CONTINUED)
$ 250,000 Trico Marine Services,
Inc. Sr. Ser. G 8.500% 8/1/05 $ 227,500
------------
1,507,250
- --------------------------------------------------------------------------------
REAL ESTATE: 0.6%
410,000 Meditrust 7.000% 8/15/07 336,564
- --------------------------------------------------------------------------------
RETAIL GROCERY: 0.3%
250,000 .Penn Traffic Company 9.625% 4/15/05 10,000
400,000 .Penn Traffic Company Sr. 8.625% 12/15/03 148,000
------------
158,000
- --------------------------------------------------------------------------------
RETAIL TRADE: 0.9%
100,000 Dillon Reed Structured
Finance Corp. Ser. 93-K1 A2 7.430% 8/15/18 89,711
100,000 Dillon Reed Structured
Finance Corp. Ser. 94-K1 A2 8.375% 8/15/15 96,000
350,000 Woolworth Corp. 8.500% 1/15/22 254,453
------------
440,164
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 5.1%
415,000 #RCN Corp. Sr. 1.000% 7/1/08 257,300
1,170,000 #RCN Corp. Sr. Ser. B 9.800% 2/15/08 731,250
500,000 #RCN Corp. Sr. Ser. B 11.125% 10/15/07 333,750
875,000 #Telecorp PCS, Inc. Sr. 1.000% 4/15/09 483,438
1,000,000 #Teligent, Inc. Sr. 1.000% 3/1/08 590,000
450,000 #Tritel PCS, Inc. Sr. 1.000% 5/15/09 244,125
------------
2,639,863
- --------------------------------------------------------------------------------
TEXTILES & APPAREL: 0.4%
250,000 Fruit Of The Loom, Inc. Sr. 8.875% 4/15/06 215,000
- --------------------------------------------------------------------------------
TRANSPORTATION: 0.6%
450,000 American President
Cos., Ltd. Sr. 8.000% 1/15/24 292,500
- --------------------------------------------------------------------------------
TRANSPORTATION-SHIPPING: 0.8%
550,000 Hvide Marine, Inc. Sr. 8.375% 2/15/08 236,500
500,000 TBS Shipping
International, Ltd. 10.000% 5/1/05 177,500
------------
414,000
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 1.4%
300,000 AES Corp. Sr. 8.375% 8/15/07 282,000
500,000 AES Corp. Sr. 8.875% 1/11/27 461,250
------------
743,250
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 2.2%
250,000 Intermedia Communications,
Inc. Sr. 8.600% 6/1/08 230,000
350,000 Intermedia Communications,
Inc. Sr. 12.500% 3/1/09 194,250
500,000 Mccaw International
Ltd. Sr. 0.010% 4/15/07 295,000
250,000 #Nextel International,
Inc. Sr. 1.000% 4/15/08 130,000
250,000 #Nextlink Communications,
Inc. Sr. 1.000% 4/15/08 150,000
200,000 #Triton PCS, Inc. Sr. 1.000% 5/1/08 128,000
------------
1,127,250
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $15,154,421)................................. 13,806,383
------------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 20.2%
- --------------------------------------------------------------------------------
500,000 ++Bangkok Bank Public
Ltd. 144A 9.025% 3/15/29 398,655
150,000 #Clearnet Communications, 10.750% 2/15/09 55,773
1,840,000 #Clearnet Communications,
Inc. Sr. 0.000% 5/15/08 702,886
675,000 #Clearnet Communications,
Inc. Sr. 11.750% 8/13/07 307,131
700,000 Compania De Alimentos
Fargo SA Sr. 13.250% 8/1/08 553,000
500,000 Dolphin Telecommunications
PLC 11.625% 6/1/08 249,981
400,000 #Dolphin Telecommunications
PLC Sr. 11.500% 6/1/08 200,000
550,000 Espirito Santo Centrais
Eletriciadad Sr. 10.000% 7/15/07 415,250
250,000 Hyundai Motor Co. 7.600% 7/15/07 207,053
200,000 Industrial Finance
Corp. Thailand Ser. 6 6.875% 4/1/03 186,694
1,287,000 #International Semi. Tech.
Microelectronics, Inc. 11.500% 8/15/03 180,180
150,000 Korea Electric Power Corp. 6.750% 8/1/27 138,050
430,437 Korea Electric Power Corp. 7.400% 4/1/16 380,274
1,400,000 #Microcell Telecommunications
Sr. Ser. B 11.125% 10/15/07 579,966
325,000 Multicanal SA Ser. C 10.500% 4/15/18 247,000
250,000 Multicanal Ser E 13.125% 4/15/09 227,500
MSF-33
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS:(CONTINUED)
- --------------------------------------------------------------------------------
$ 250,000 Murrin Murrin Hldgs.
Pty., Ltd. Sr. 9.375% 8/31/07 $ 221,250
300,000 National Power Corp. PLC 9.625% 5/15/28 261,000
700,000 Philippine Long
Distance Telephone Co. 8.350% 3/6/17 567,651
400,000 Pindo Deli Finance
Mauritius, Ltd. Sr. 10.750% 10/1/07 278,000
200,000 Pindo Deli Finance
Mauritius, Ltd. Sr. 10.875% 10/1/27 121,500
200,000 Pycsa Panama SA 10.280% 12/15/12 149,000
400,000 Quezon Power
Philippines Co. Sr. 8.860% 6/15/17 324,596
710,000 Rogers Communications,
Inc. Sr. 8.750% 7/15/07 484,584
150,000 Rogers Communications,
Inc. Sr. 10.500% 2/14/06 112,054
700,000 Siam Commercial Bank
Public, Ltd. Sub. 7.500% 3/15/06 567,000
150,000 Tata Electric Cos. 8.500% 8/19/17 128,065
1,350,000 Tenaga Nasional Berhad 7.500% 11/1/25 1,049,463
350,000 TFM SA de CV Sr. 1.000% 6/15/09 209,124
250,000 ++Thai Fmrs Bank Public,
Ltd. Sub. 144A 8.250% 8/21/16 195,000
600,000 Tjiwi Kimia Mauritius,
Ltd. Sr. 10.000% 8/1/04 426,000
200,000 Total Access
Communication Public Ltd. 7.625% 11/4/01 162,000
200,000 Total Access
Communication Public Ltd. 8.375% 11/4/06 150,384
------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $11,641,123)................................. 10,436,064
------------
- --------------------------------------------------------------------------------
YANKEE BONDS: 10.7%
- --------------------------------------------------------------------------------
300,000 Bangko Sentral
Philipinas 8.600% 6/15/27 243,750
150,000 Cerro Negro Finance
Ltd. 144A 7.900% 12/1/20 117,000
1,045,870 +Federative Republic Of
Brazil 8.000% 4/15/14 674,586
550,000 +Federative Republic Of
Brazil 10.125% 5/15/27 409,750
500,000 +Petroleos Mexicanos 9.500% 9/15/27 421,250
700,000 +Petroleos Mexicanos 8.625% 12/1/23 526,750
100,000 +Republic Of Argentina 9.750% 9/19/27 76,500
500,000 Republic Of Argentina 8.875% 3/1/29 315,100
418,500 Republic Of Argentina Ser. L 6.187% 3/31/05 355,725
400,000 #Republic Of Ecuador 4.000% 2/28/25 158,000
600,000 #Republic Of Peru 3.750% 3/7/17 322,500
1,120,000 Republic Of South Africa 8.500% 6/23/17 954,800
1,450,000 Republic Of Venezuela 9.250% 9/15/27 944,385
------------
TOTAL YANKEE BONDS
(Cost: $6,283,641).................................. 5,520,096
------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 0.7%
- --------------------------------------------------------------------------------
345,000 State Street Repurchase
Agreement (U.S. Treasury
note collateralized dated
6/30/99 due 2/29/00 @
7.125% with a market
value of $357,192) 4.000% 7/1/99 345,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $345,000).................................... 345,000
------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 98.3%
(Cost $56,700,632) 50,750,070
OTHER ASSETS LESS LIABILITIES 1.7% ................ 891,886
------------
TOTAL NET ASSETS : 100.0% .......................... $51,641,956
============
- --------------------------------------------------------------------------------
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.
ADR (American depository receipt) represents ownership of foreign securities.
. Securities In Default
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1999, the market value of securities loaned was $1,460,605
with collateral backing valued at $1,556,669.
RESTRICTED SECURITIES: (NOTE 2)
- -------------------------------
VALUATION
ACQUISITION ACQUISITION AS OF JUNE,
ISSUE DATE COST 30, 1999
- ------------------------------------------------------------------------------
Bangkok Bank Public, Ltd. 8/28/97-
144A 4/22/99 388,790 398,655
Exide Corp. 144A 3/3/97-
6/15/99 457,438 440,438
Thai Farmers. Bank Public,
Ltd. Sub. 144A 2/9-3/20/98 207,739 195,000
The aggregate value of restricted securities at June 30, 1999 was $1,034,093 or
2.00% of the Loomis Sayles High Yield Bond Portfolio's net assets.
See Notes to Financial Statements.
MSF-34
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 97.0%
- --------------------------------------------------------------------------------
BANKING: 1.8%
513,740 Firstar Corp. $ 14,384,720
- --------------------------------------------------------------------------------
BIOTECHNOLOGY: 2.9%
202,254 *+MedImmune, Inc. 13,734,311
158,800 *QLT Phototherapeutics, Inc. 8,719,113
--------------
22,453,424
- --------------------------------------------------------------------------------
BROADCASTING: 13.4%
267,055 *+Adelphia Communications Corp. Cl. A 17,116,556
232,480 *+Chancellor Media Corp. 12,808,195
202,490 *Citadel Communications Corp. 7,333,935
224,600 *+Clear Channel Communications, Inc. 15,483,363
216,700 *Entercom Communications Corp. 9,263,925
439,855 *Hispanic Broadcasting Corp. 33,360,253
151,633 *+Univision Communications, Inc. Cl. A 10,007,778
--------------
105,374,005
- --------------------------------------------------------------------------------
BUSINESS SERVICES: 6.5%
182,360 *Concentric Network Corp. 7,243,111
130,460 *Concord EFS, Inc. 5,524,166
22,685 *Flycast Communications Corp. 431,724
27,675 *Lamar Advertising Co. Cl. A 1,132,080
1,147,737 Paychex, Inc. 36,512,383
--------------
50,843,464
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 13.3%
168,015 *+eBay, Inc. 25,417,519
268,370 *+Exodus Communications, Inc. 32,196,013
568,330 *+PSINet, Inc. 24,828,917
81,350 *+Verio, Inc. 5,651,283
192,440 *+VeriSign, Inc. 16,597,950
--------------
104,691,682
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS: 0.3%
40,600 +Fastenal Co. 2,126,425
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 3.8%
209,475 *+Sepracor, Inc. 16,993,659
373,430 *Watson Pharmaceuticals, Inc. 13,093,389
--------------
30,087,048
- --------------------------------------------------------------------------------
EDUCATION: 5.2%
1,532,375 *Apollo Group, Inc. Cl. A 40,655,824
- --------------------------------------------------------------------------------
ELECTRONICS: 9.0%
192,475 *+E-Tek Dynamics, Inc. 9,172,637
226,245 *Gemstar International Group Ltd. 14,776,626
53,620 *+Uniphase Corp. 8,907,623
559,250 *Vitesse Semiconductor Corp. 37,836,758
--------------
70,693,644
- --------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 1.0%
210,475 +Premier Parks, Inc. 7,734,956
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 2.6%
185,013 Charles Schwab Corp. 20,328,303
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 0.6%
60,960 *MiniMed, Inc. 4,692,015
- --------------------------------------------------------------------------------
MULTI-INDUSTRY: 0.6%
467,245 Capita Group PLC 4,835,090
- --------------------------------------------------------------------------------
RESTAURANT: 1.4%
759,286 Pizza Express PLC 11,010,788
- --------------------------------------------------------------------------------
RETAIL TRADE: 5.2%
326,410 *+Amazon.com, Inc. 40,831,851
- --------------------------------------------------------------------------------
SOFTWARE: 2.8%
235,825 *VERITAS Software Co. 22,396,005
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 17.3%
326,250 *+American Tower Corp. Cl. A 7,830,000
1,102,255 *Crown Castle International Corp. 22,906,237
15,755 *+Juniper Networks, Inc. 2,349,957
236,270 *Level 3 Communications, Inc. 14,205,734
759,495 *+Metromedia Fiber Network, Inc. Cl. A 27,318,086
415,975 *+Nextlink Communications, Inc. Cl. A 30,925,141
239,380 *+NTL, Inc. 20,639,044
583,870 *Rogers Communications, Inc. Cl. B 9,451,396
--------------
135,625,595
- --------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: 1.1%
160,085 *Ryanair Holdings PLC ADR 8,464,494
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 1.5%
201,975 *AES Corp. 11,739,797
- --------------------------------------------------------------------------------
MSF-35
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 6.7%
238,935 *AT&T Canada, Inc. $ 15,269,440
512,705 *+McLeodUSA, Inc. 28,166,731
160,335 *+Sprint Corp. 9,159,137
--------------
52,595,308
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $601,107,814).......................... 761,564,438
--------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: : 5.2%
- --------------------------------------------------------------------------------
$ 5,000,000 Federal National
Mortgage Association
Discount Nts 4.690% 8/19/99 $ 4,968,082
35,700,000 Prudential Funding
Corp. 5.550% 7/1/99 35,700,000
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $40,668,082) ........................... 40,668,082
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 102.2%
(Cost $641,775,896) ........................... 802,232,520
OTHER ASSETS LESS LIABILITIES : (2.2)% ........ (17,062,790)
--------------
TOTAL NET ASSETS : 100.0% ..................... $785,169,730
==============
- --------------------------------------------------------------------------------
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, 1999, the market value of securities loaned was $129,350,739
with collateral backing valued at $128,580,835.
See Notes to Financial Statements.
MSF-36
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 100.6%
- -------------------------------------------------------------------------------
AEROSPACE & DEFENSE: 1.0%
20,350 AAR Corp. $ 461,691
8,400 *Aviation Sales Co. 331,800
24,100 *Orbital Sciences Corp. 569,362
21,700 *Triumph Group, Inc. 553,350
------------
1,916,203
- -------------------------------------------------------------------------------
AUTOMOTIVE: 1.5%
41,800 *Gentex Corp. 1,170,400
14,400 *Group 1 Automotive, Inc. 304,200
22,500 *O' Reilly Automotive, Inc. 1,132,031
19,300 *+Tower Automotive, Inc. 490,944
------------
3,097,575
- -------------------------------------------------------------------------------
BANKING: 2.2%
21,700 City National Corp. 812,394
19,947 Commerce Bancorp, Inc. 852,734
36,000 Community First Bankshares 857,250
28,100 North Fork Bancorp, Inc. 598,881
14,000 *TeleBanc Financial Corp. 541,625
10,400 +Zions Bancorp 661,700
------------
4,324,584
- -------------------------------------------------------------------------------
BIOTECHNOLOGY: 0.8%
18,200 *Biogen, Inc. 1,171,057
65,900 *Serologicals Corp. 539,556
------------
1,710,613
- -------------------------------------------------------------------------------
BROADCASTING: 5.3%
19,800 *Century Communications Corp. Cl. A 911,419
25,400 *+Chancellor Media Corp. 1,399,381
19,000 *Cox Radio, Inc. Cl. A 1,030,750
25,500 *Emmis Communications Corp. Cl. A 1,255,078
13,700 *Hispanic Broadcasting Corp. 1,039,059
16,000 TCA Cable TV, Inc. 887,000
29,400 *TV Guide, Inc. 1,074,019
16,500 *+Univision Communications, Inc. Cl. A 1,089,000
27,300 *USA Networks, Inc. 1,094,560
17,700 *Young Broadcasting, Inc. Cl. A 752,803
------------
10,533,069
- -------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: 0.6%
30,800 *Insituform Technologies, Inc. Cl. A 663,163
29,800 *NCI Building Systems, Inc. 636,975
------------
1,300,138
- -------------------------------------------------------------------------------
BUSINESS SERVICES: 10.9%
22,400 *Affiliated Computer Services, Inc. Cl. A 1,134,000
8,000 *American Management Systems, Inc. 256,250
18,700 *Bisys Group, Inc. 1,094,534
10,800 *+Catalina Marketing Corp. 993,600
22,600 *Cognos, Inc. 495,788
24,100 *Concord EFS, Inc. 1,020,484
19,400 *Consolidated Graphics, Inc. 970,000
19,500 *Cort Business Services Corp. 466,781
27,500 *Data Processing Resources Corp. 648,828
11,300 FactSet Research Systems, Inc. 639,862
8,800 Fair Issac & Co., Inc. 308,550
40,630 *+First Consulting Group, Inc. 424,076
18,200 G&K Services, Inc. Cl. A 952,656
41,650 *+HA-LO Industries, Inc. 411,294
9,700 *INSpire Insurance Solutions, Inc. 140,347
24,300 *+Lason, Inc. 1,208,925
38,850 *+Meta Group 599,747
35,600 *Metamor Worldwide, Inc. 854,400
23,000 *Metzler Group, Inc. 634,656
67,100 *Modis Professional Services, Inc. 922,625
24,000 *Nielson (A.C.) Corp. 726,000
35,887 *Outdoor Systems, Inc. 1,309,875
12,900 *Paymentech, Inc. 327,338
24,900 *+Pre-Paid Legal Services, Inc. 676,969
24,400 *+Preview Travel, Inc. 534,513
46,900 *Professional Staff PLC ADR 307,781
40,800 *+Rent Way, Inc. 1,004,700
34,300 *Romac International, Inc. 303,341
21,800 *+StaffMark, Inc. 218,341
19,800 *Superior Services, Inc. 527,794
51,914 *+Tetra Tech, Inc. 863,066
MSF-37
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BUSINESS SERVICES: (CONTINUED)
21,330 *Zebra Technologies Corp. $ 817,872
-------------
21,794,993
- --------------------------------------------------------------------------------
CHEMICALS: 1.3%
24,600 *Catalytica, Inc. 343,631
9,100 MacDermid, Inc. 423,150
32,946 *NOVA Corp. 823,650
39,000 *Sybron International Corp. 1,074,938
-------------
2,665,369
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 6.0%
32,000 *+CIBER, Inc. 612,000
20,000 *+Citrix Systems, Inc. 1,126,875
22,700 *Cotelligent Group, Inc. 177,344
15,500 *DST Systems, Inc. 974,563
11,000 *Gartner Group, Inc. Cl. A 225,500
26,400 *InfoUSA, Inc. Cl. A 230,175
18,500 *InfoUSA, Inc. Cl. B 156,094
23,700 *International Network Services 951,703
19,200 *Legato Systems, Inc. 1,109,400
9,600 *Lexmark International Group, Inc. 634,200
22,200 *MedQuist, Inc. 970,556
20,500 National Computer Systems, Inc. 691,234
8,400 *+PSINet, Inc. 366,975
58,200 *Summit Design, Inc. 175,509
28,700 *+SunGard Data Systems, Inc. 990,150
30,600 *Sykes Enterprises, Inc. 1,020,319
16,900 *+USinternetworking, Inc. 709,272
37,600 *USWeb Corp. 835,425
-------------
11,957,294
- --------------------------------------------------------------------------------
CONSTRUCTION & MINING EQUIPMENT: 0.3%
19,900 *Terex Corp. 605,706
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS: 0.4%
15,500 *Simpson Manufacturing, Inc. 736,250
- --------------------------------------------------------------------------------
CONSUMER PRODUCTS: 0.5%
29,550 *Blyth Industries, Inc. 1,015,781
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 7.5%
32,600 *Amerisource Health Corp. Cl. A 831,300
14,800 *Barr Laboratories, Inc. 590,150
14,300 *Chattem, Inc. 455,812
26,700 *+Covance, Inc. 639,131
21,400 DENTSPLY International, Inc. 619,262
15,000 *+Express Scripts, Inc. Cl. A 904,219
8,600 *Forest Laboratories, Inc. 397,750
23,100 +Jones Pharma, Inc. 908,841
17,900 *KV Pharmaceutical Co. 277,450
35,800 *Lincare Holdings, Inc. 896,119
26,900 *Liposome Co., Inc. 511,941
28,700 *Medco Research, Inc. 753,375
43,300 Mentor Corp. 811,875
42,700 Omnicare, Inc. 539,087
17,350 *Patterson Dental Co. 603,455
26,400 *Priority Healthcare Corp. Cl. B 913,275
20,500 *Renal Care Group, Inc. 529,797
36,200 *Roberts Pharmaceutical Corp. 877,850
11,700 *+Shire Pharmaceuticals Group PLC ADR 302,738
20,800 *Universal Health Services, Inc. Cl. B 993,200
25,700 *Watson Pharmaceuticals, Inc. 901,106
22,000 *Wesley Jessen VisionCare, Inc. 707,437
-------------
14,965,170
- --------------------------------------------------------------------------------
EDUCATION: 1.8%
34,800 *+Apollo Group, Inc. Cl. A 923,287
28,200 *ITT Educational Services, Inc. 734,963
48,200 *+Learning Tree International, Inc. 528,694
12,300 Strayer Education, Inc. 377,072
38,300 *+Sylvan Learning Systems, Inc. 1,041,281
-------------
3,605,297
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 1.0%
22,400 *American Power Conversion Corp. 450,100
29,200 *SLI, Inc. 788,400
43,900 Watsco, Inc. 718,863
-------------
1,957,363
- --------------------------------------------------------------------------------
MSF-38
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
ELECTRONICS: 10.5%
11,900 *Analog Devices, Inc. $ 597,231
30,250 *Burr-Brown Corp. 1,117,359
20,200 Dallas Semiconductor Corp. 1,020,100
14,400 *Dionex Corp. 581,850
12,600 *Electronics for Imaging, Inc. 644,963
11,700 *+Etec Systems, Inc. 387,563
22,200 *+Lattice Semiconductor Corp. 1,379,175
15,900 *Maxim Integrated Products, Inc. 1,057,350
17,800 *Micrel, Inc. 1,319,425
17,300 *Microchip Technology, Inc. 818,506
14,000 *Novellus Systems, Inc. 955,063
22,200 *Plexus Corp. 661,838
15,000 *PMC-Sierra, Inc. 884,531
12,500 *QLogic Corp. 1,651,562
16,400 *QRS Corp. 1,281,763
22,000 *+Sanmina Holdings, Inc. 1,669,250
20,500 *+SCI Systems, Inc. 973,750
17,000 *Teradyne, Inc. 1,219,750
9,100 *+Uniphase Corp. 1,511,737
18,400 *Vitesse Semiconductor Corp. 1,244,875
--------------
20,977,641
- --------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 2.5%
28,000 *Coach USA, Inc. 1,174,250
51,300 *+IMAX Corp. 1,160,663
25,400 *+Premier Parks, Inc. 933,450
18,100 *+SFX Entertainment, Inc. Cl. A 1,158,400
22,200 *Steinway Musical Instruments, Inc. 588,300
--------------
5,015,063
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 3.2%
32,700 *Affiliated Managers Group, Inc. 987,131
62,900 *AmeriCredit Corp. 1,006,400
17,700 *Healthcare Financial Partners, Inc. 606,225
24,066 Legg Mason, Inc. 926,541
11,900 Metris Cos., Inc. 484,925
29,800 *NCO Group, Inc. 1,128,675
45,600 Waddell & Reed Financial, Inc. 1,251,150
--------------
6,391,047
- --------------------------------------------------------------------------------
FOOD & BEVERAGES: 0.6%
38,500 *Smithfield Foods, Inc. 1,281,328
- --------------------------------------------------------------------------------
HEALTHCARE SERVICES: 1.5%
30,915 *Concentra Managed Care, Inc. 456,962
27,900 *Inhale Therapeutic Systems 666,985
25,100 *+Novoste Corp. 526,316
52,600 *+Orthodontic Centers of America, Inc. 742,975
29,600 *PSS World Medical, Inc. 330,225
25,100 *U.S. Oncology, Inc. 301,984
--------------
3,025,447
- --------------------------------------------------------------------------------
HOSPITAL MANAGEMENT: 0.3%
28,000 *First Health Group Corp. 602,875
- --------------------------------------------------------------------------------
HOUSEHOLD APPLIANCES & HOME FURNISHINGS: 0.1%
26,400 *+Select Comfort Corp. 233,475
- --------------------------------------------------------------------------------
INSURANCE: 1.1%
10,500 Blanch (E.W.) Holdings, Inc. 715,969
20,200 Protective Life Corp. 666,600
17,885 Radian Group, Inc. 873,011
--------------
2,255,580
- --------------------------------------------------------------------------------
LEASE RENTAL OBLIGATIONS: 0.7%
20,300 *Avis Rent A Car, Inc. 591,237
35,400 *Rent-A-Center, Inc. 848,494
--------------
1,439,731
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 2.0%
35,300 *CYTYC Corp. 687,247
10,800 *+Pacificare Health Systems, Inc. Cl. B 777,262
21,000 *+STERIS Corp. 406,875
47,000 *Theragenics Corp. 326,062
15,000 *+Ventana Medical Systems, Inc. 289,219
19,700 *VISX, Inc. 1,561,841
--------------
4,048,506
- --------------------------------------------------------------------------------
MISCELLANEOUS: 0.3%
20,200 *+Carriage Services, Inc. Cl. A 378,750
17,300 *Veterinary Centers of America, Inc. 234,091
--------------
612,841
- --------------------------------------------------------------------------------
NEWSPAPERS: 0.5%
23,600 Harte-Hanks Communications 640,150
6,800 Media General, Inc. Cl. A 346,800
--------------
986,950
- --------------------------------------------------------------------------------
MSF-39
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 2.1%
18,700 *Black Box Corp. $ 937,922
34,650 *Cybex Computer Products Corp. 968,035
40,350 Symbol Technologies, Inc. 1,487,906
20,800 *Tech Data Corp. 794,950
--------------
4,188,813
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.3%
19,900 Noble Affiliates, Inc. 560,931
- --------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 0.9%
27,700 *+BJ Services Co. 815,419
37,700 *Oceaneering International, Inc. 607,912
6,500 *Smith International, Inc. 282,344
--------------
1,705,675
- --------------------------------------------------------------------------------
PHOTOGRAPHY: 0.6%
36,400 *Pinnacle Systems, Inc. 1,228,500
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 0.4%
30,300 *+Casella Waste Systems, Inc. Cl. A 784,013
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 0.5%
21,950 Valassis Communications , Inc. 803,919
11,100 *World Color Press, Inc. 305,250
--------------
1,109,169
- --------------------------------------------------------------------------------
REAL ESTATE: 1.0%
26,353 Apartment Investment & Management Co. Cl. A 1,126,591
55,400 *+Sunterra Corp. 772,137
--------------
1,898,728
- --------------------------------------------------------------------------------
RESTAURANT: 2.1%
22,000 Applebee's International, Inc. 665,500
25,200 *Brinker International 685,125
33,300 *Dave & Buster's, Inc. 965,700
37,650 *+Outback Steakhouse 1,476,586
12,300 *Sonic Corp. 398,212
--------------
4,191,123
- --------------------------------------------------------------------------------
RETAIL GROCERY: 1.0%
25,600 Richfood Holdings, Inc. 451,200
15,900 *U.S. Foodservice 677,737
14,300 *+Whole Foods Market, Inc. 686,847
--------------
1,815,784
- --------------------------------------------------------------------------------
RETAIL TRADE: 7.5%
17,700 *+Barnes & Noble, Inc. 484,538
14,100 *Bed Bath & Beyond, Inc. 541,969
22,400 *Borders Group, Inc. 354,200
20,900 *Buckle, Inc. 600,875
26,400 *CDW Computer Centers, Inc. 1,163,250
29,700 *Dollar Tree Stores, Inc. 1,305,872
24,000 *+Duane Reade, Inc. 735,000
22,700 Family Dollar Stores, Inc. 544,800
17,200 *Fossil, Inc. 829,900
15,800 *+Henry Schein, Inc. 501,156
47,124 *+Insight Enterprises, Inc. 1,164,846
26,800 *Jones Apparel Group, Inc. 919,575
15,900 *Linens 'n Things, Inc. 695,625
33,350 *Men's Wearhouse, Inc. 856,678
24,300 *MSC Industrial Direct, Inc. Cl. A 249,075
30,200 Neiman-Marcus Group, Inc. 775,762
39,850 *Office Depot, Inc. 879,191
36,225 *Pacific Sunwear of California, Inc. 884,116
11,900 Ross Stores, Inc. 598,347
29,100 *+Williams Sonoma, Inc. 1,013,044
--------------
15,097,819
- --------------------------------------------------------------------------------
SHIPBUILDING: 0.1%
4,700 *Avondale Industries, Inc. 183,594
- --------------------------------------------------------------------------------
SOFTWARE: 9.7%
26,000 *Cadence Design Systems, Inc. 331,500
15,800 *Clarify, Inc. 652,244
10,500 *EarthLink Network, Inc. 645,422
20,000 *Electronic Arts, Inc. 1,082,500
13,600 *+Engineering Animation, Inc. 287,300
14,200 *Great Plains Software, Inc. 664,737
14,100 *Henry (Jack) & Associates, Inc. 551,663
36,875 *Hyperion Solutions Corp. 657,988
25,700 *IMRglobal Corp. 496,331
12,500 *Intuit, Inc. 1,127,344
20,700 *+Keane, Inc. 468,338
12,200 *Macromedia, Inc. 433,481
20,200 *MAPICS, Inc. 212,731
37,200 *Mastech Corp. 690,525
19,400 *Mercury Interactive Corp. 687,487
MSF-40
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
SOFTWARE: (CONTINUED)
23,150 *National Instruments Corp. $ 931,787
19,000 *NetGravity, Inc. 433,438
12,800 *Pegasystems, Inc. 481,200
25,900 *Peregrine Systems, Inc. 664,497
50,600 *+Security Dynamics Technologies, Inc. 1,068,925
15,214 *Sterling Commerce, Inc. 555,311
29,400 *Symantec Corp. 750,619
23,700 *Synopsys, Inc. 1,307,203
22,500 *Transaction Systems Architects, Inc. Cl. A 877,500
14,674 *+VERITAS Software Co. 1,393,571
16,800 *Visio Corp. 638,925
18,300 *WebTrends Corp. 843,516
34,000 *Wind River Systems, Inc. 545,063
-------------
19,481,146
- -------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 7.3%
35,600 *American Tower Systems Inc. Cl. A 854,400
16,800 *AVT Corp. 635,250
20,700 *+Comverse Technology, Inc. 1,561,556
30,400 *Crown Castle International Corp. 631,750
22,550 *Dycom Industries, Inc. 1,262,800
21,600 *Gilat Satellite Networks Ltd. 1,135,350
29,100 *+ICG Communications, Inc. 619,284
27,400 Inter-Tel, Inc. 496,625
38,800 *InterVoice, Inc. 558,963
24,250 *+Level One Communications, Inc. 1,187,492
27,100 +National Data Corp. 1,158,525
19,550 *+Networks Associates, Inc. 287,141
17,400 *+Pacific Gateway Exchange, Inc. 505,688
15,300 *Polycom, Inc. 594,787
23,900 *Premisys Communications, Inc. 173,275
32,200 *Proxim, Inc. 1,871,625
37,000 *Saville Systems PLC ADR 537,656
11,500 *+United States Cellular Corp. 615,250
-------------
14,687,417
- -------------------------------------------------------------------------------
TEXTILES & APPAREL: 0.7%
12,300 *Kenneth Cole Productions, Inc. Cl. A 342,863
12,300 *Mohawk Industries, Inc. 373,612
29,750 *Quiksilver, Inc. 775,359
-------------
1,491,834
- -------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: 0.7%
9,000 Alaska Air Group, Inc. 375,750
31,500 Comair Holdings, Inc. 654,609
34,400 Mesaba Holdings, Inc. 437,525
-------------
1,467,884
- -------------------------------------------------------------------------------
TRANSPORTATION-RAILROAD: 0.4%
39,125 *Swift Transportation Co., Inc. 859,527
- -------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.3%
14,500 U.S. Freightways Corp. 667,453
- -------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 0.6%
8,600 *AT&T Canada, Inc. 549,594
21,600 *ITC Deltacom, Inc. 604,125
-------------
1,153,719
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $166,248,347) .......................... 201,629,018
-------------
- -------------------------------------------------------------------------------
REGULATED INVESTMENT COMPANIES: 2.6%
- -------------------------------------------------------------------------------
5,263,301 T. Rowe Price Resources Investor Fund 5,263,302
-------------
TOTAL REGULATED INVESTMENT COMPANIES
(Cost $5,263,302) ............................. 5,263,302
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 103.2%
(Cost $171,511,649) ............................ 206,892,320
OTHER ASSETS LESS LIABILITIES (3.2)%............ (6,414,892)
---------------
TOTAL NET ASSETS: 100.0% ....................... $200,477,428
===============
- -------------------------------------------------------------------------------
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, 1999, the market value of securities loaned was $21,094,991 with
collateral backing valued at $21,456,285.
See Notes to Financial Statements.
MSF-41
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 92.2%
- -------------------------------------------------------------------------------
AUSTRALIA: 3.1%
433,700 Fosters Brewing Group Ltd. $ 1,220,757
419,300 Normandy Mining Ltd. 278,841
297,800 WMC Ltd. 1,277,626
207,300 Woodside Petroleum Ltd. 1,401,875
----------------
Total Investments in Australia 4,179,099
- -------------------------------------------------------------------------------
AUSTRIA: 0.2%
6,900 Flughafen Wien AG 289,423
----------------
Total Investments in Austria 289,423
- -------------------------------------------------------------------------------
BERMUDA: 0.3%
6,136 Xl Capital Ltd. 346,684
----------------
Total Investments in Bermuda 346,684
- -------------------------------------------------------------------------------
BRAZIL: 1.0%
36,700 Aracruz Celulose SA ADR 807,400
26,000 Companhia Vale do Rio Doce ADR 516,201
----------------
Total Investments in Brazil 1,323,601
- -------------------------------------------------------------------------------
CANADA: 4.3%
84,700 Barrick Gold Corp. 1,641,062
26,700 BCE, Inc. 1,301,002
18,700 Canadian National Railway Co. 1,255,980
35,400 *Canadian Pacific Ltd. 841,426
17,600 Noranda, Inc. 231,878
22,000 The Molson Cos., Ltd. ADR Cl. A 398,913
----------------
Total Investments in Canada 5,670,261
- -------------------------------------------------------------------------------
CHINA: 0.3%
21,400 Huaneng Power International, Inc. ADR 366,475
----------------
Total Investments in China 366,475
- -------------------------------------------------------------------------------
FRANCE: 1.7%
5,287 AXA-UAP 644,747
5,756 Canal Plus SA 1,614,526
----------------
Total Investments in France 2,259,273
- -------------------------------------------------------------------------------
GERMANY: 8.9%
2,409 Allianz Holdings AG 668,013
31,334 BASF AG 1,384,083
42,523 Bayer AG 1,770,928
16,163 Bayerische Vereinsbank AG 1,049,683
2,872 Heidelberger Druckmaschinen AG 163,721
36,584 Hoechst AG 1,655,584
3,192 Muenchener Rueckversicherungs AG 590,640
2,642 Muenchener Rueckversicherungs AG 482,061
27,600 RWE AG 1,277,186
22,824 VEBA AG 1,341,103
2,886 Viag AG 1,362,566
----------------
Total Investments in Germany 11,745,568
- -------------------------------------------------------------------------------
HONG KONG: 2.4%
60,000 Cheung Kong Infrastructure Holdings Ltd. 533,601
305,000 Citic Pacific Ltd. 972,953
137,000 Hutchison Whampoa Ltd. 1,240,462
125,164 +New World Development Co., Ltd. 375,076
----------------
Total Investments in Hong Kong 3,122,092
- -------------------------------------------------------------------------------
ITALY: 0.1%
54,400 +Instituto Nazionale Delle Assicurazioni SPA 126,176
----------------
Total Investments in Italy 126,176
- -------------------------------------------------------------------------------
JAPAN: 9.1%
48,000 Bank of Tokyo 683,674
143,000 Daiwa Securities Co., Ltd. 945,689
121,000 Mitsubishi Estate Co., Ltd. 1,181,293
76,000 Mitsui Fudosan Co., Ltd. 615,690
7,100 +Nichiei Co., Ltd. 622,138
58,000 +Sanwa Bank Ltd. 571,034
117,000 Sharp Corp. 1,383,070
700 Shohkoh Fund & Co., Ltd. 502,273
16,300 Sony Corp. 1,758,411
108,000 Sumitomo Metal Mining Co., Ltd. 446,392
7,000 TDK Corp. 640,572
179,000 Toshiba Corp. 1,276,986
39,000 Yamanouchi Pharmaceuticals Ltd. 1,492,684
----------------
Total Investments in Japan 12,119,906
- -------------------------------------------------------------------------------
SINGAPORE: 1.3%
44,500 +Development Bank of Singapore Ltd. 543,831
72,000 +Overseas Chinese Banking Corp., Ltd. 600,705
MSF-42
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
SINGAPORE: (CONTINUED)
123,200 Overseas Union Bank $ 593,560
----------------
Total Investments in Singapore 1,738,096
- -------------------------------------------------------------------------------
SOUTH AFRICA: 0.6%
33,900 +Anglo American Platinum Corp., Ltd. ADR 790,996
----------------
Total Investments in South Africa 790,996
- -------------------------------------------------------------------------------
SWEDEN: 0.5%
51,300 +AGA AB Cl. B 634,527
----------------
Total Investments in Sweden 634,527
- -------------------------------------------------------------------------------
SWITZERLAND: 5.4%
1,037 Clariant AG 426,776
680 Holderbank Financiere Glarus AG 802,392
680 Holderbank Financiere Glarus AG (rts.) 9,970
716 Nestle SA 1,289,638
769 Novartis AG 1,122,520
118 Roche Holdings AG 1,212,552
4,096 Swisscom AG 1,540,840
2,745 UBS AG 819,034
----------------
Total Investments in Switzerland 7,223,722
- -------------------------------------------------------------------------------
UNITED KINGDOM: 16.0%
107,808 BOC Group PLC 2,110,560
56,761 British Telecommunications PLC 950,167
159,684 Carlton Communications PLC 1,323,952
78,120 Enterprise Oil PLC 498,543
49,666 Gallaher Group PLC 306,098
165,342 General Electric Co. PLC 1,679,698
122,269 Great University Stores PLC 1,363,540
143,672 J. Sainsbury PLC 905,852
268,812 Lasmo PLC 605,913
187,545 National Grid Group PLC 1,306,631
80,750 Prudential Corp. PLC 1,190,089
61,515 Railtrack Group PLC 1,257,611
95,327 Reed International PLC 634,094
145,695 Reuters Group PLC 1,916,444
111,823 Rio Tinto-Zinc PLC 1,873,655
224,104 Shell Transport & Trading PLC 1,681,442
100,717 SmithKline Beecham PLC 1,309,730
45,378 United Assurance Group PLC 295,407
----------------
Total Investments in United Kingdom 21,209,426
- -------------------------------------------------------------------------------
UNITED STATES: 37.0%
15,400 Amerada Hess Corp. 916,300
5,300 *America Online, Inc. 585,650
22,763 AT&T Corp. 1,270,460
47,876 *AT&T Corp. Cl. A 1,759,443
15,700 Atlantic Richfield Co. 1,311,931
33,600 *+Azurix Corp. 672,000
13,400 *+Biogen, Inc. 861,788
29,400 Comcast Corp. Cl. A 1,130,063
29,700 +Conoco, Inc. Cl. A 827,888
23,500 +CSX Corp. 1,064,844
14,400 Duke Energy Corp. 783,000
42,600 Electronic Data Systems Corp. 2,409,562
28,700 Enron Corp. 2,346,225
28,200 Equity Residential Properties Trust 1,270,763
5,400 *+Freeport-McMoRan Copper & Gold, Inc. Cl. B 96,863
92,000 Homestake Mining Co. 753,250
15,200 *+Immunex Corp. 1,937,050
27,200 International Business Machines Corp. 3,515,600
35,200 Lockheed Martin Corp. 1,311,200
10,600 MBIA, Inc. 686,350
14,700 Motorola, Inc. 1,392,825
68,700 +Newmont Mining Corp. 1,365,413
25,800 Northrop Grumman Corp. 1,710,862
38,300 *Oracle Systems Corp. 1,421,887
69,200 PacifiCorp 1,271,550
31,600 *Parametric Technology Corp. 438,450
38,900 PECO Energy Corp. 1,628,937
17,500 Phillips Petroleum Co. 880,469
3,500 Progressive Corp. 507,500
9,900 Prologis Trust 200,475
28,000 *+Sabre Group Holdings, Inc. Cl. A 1,925,000
MSF-43
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
UNITED STATES: (CONTINUED)
29,400 *+Sterling Commerce, Inc. $ 1,073,100
29,250 *Stillwater Mining Co. 956,109
23,300 *Sun Microsystems, Inc. 1,604,787
23,000 +Unocal Corp. 911,375
36,700 UNUMProvident Corp. 2,009,325
20,500 *USAirways Group, Inc. 893,031
114,600 USEC, Inc. 1,704,675
36,400 Williams Cos., Inc. 1,549,275
---------------
Total Investments in United States 48,955,275
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $103,367,256) ...................... 122,100,600
----------------
- -------------------------------------------------------------------------------
PREFERRED STOCK: 0.2%
- -------------------------------------------------------------------------------
GERMANY: 0.2%
6,700 RWE AG (non-vtg.) 232,755
----------------
Total Investments in Germany 232,755
- -------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $289,893) .......................... 232,755
- -------------------------------------------------------------------------------
INTEREST MATURITY VALUE
SHARES ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
PARTICIPATING LOAN NOTES: 0.3%
- -------------------------------------------------------------------------------
LUXEMBOURG: 0.3%
300 Eurotunnel Finance 1.000% 4/30/40 $ 420,587
----------------
420,587
- -------------------------------------------------------------------------------
TOTAL PARTICIPATING LOAN NOTES
(Cost: $404,436) .......................... 420,587
----------------
- -------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 6.8%
- -------------------------------------------------------------------------------
$9,034,000 State Street
Repurchase Agreement
(U.S. Treasury Notes
collateralized dated
6/30/99 due 4/15/28 @
3.625% with a market
value of $9,216,149) 4.750% 7/1/99 $ 9,034,000
----------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $9,034,000) ........................ 9,034,000
----------------
TOTAL INVESTMENTS: 99.5%
(Cost $113,095,585) ....................... 131,787,942
OTHER ASSETS LESS LIABILITIES: 0.5% ....... 628,586
---------------
TOTAL NET ASSETS: 100.0% .................. $132,416,528
===============
------------------------------------------------------------------------------
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, 1999, the market value of securities loaned was $7,606,962 with
collateral backing valued at $7,888,463.
See Notes to Financial Statements.
MSF-44
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
AS A PERCENTAGE OF TOTAL VALUE OF INVESTMENTS
Aerospace & Defense: .................................................... 2.5%
Banking: ................................................................ 4.5%
Biotechnology: .......................................................... 2.3%
Broadcasting: ........................................................... 3.3%
Building & Construction: ................................................ 0.5%
Business Services: ...................................................... 1.6%
Chemicals: .............................................................. 6.4%
Computer Equipment & Service: ........................................... 0.5%
Construction Materials: ................................................. 0.7%
Consumer Services: ...................................................... 0.2%
Corporate: .............................................................. 0.3%
Drugs & Health Care: .................................................... 4.2%
Electrical Equipment: ................................................... 1.4%
Electronics: ............................................................ 5.3%
Financial Services: ..................................................... 1.2%
Food & Beverages: ....................................................... 2.4%
Forest Products & Paper: ................................................ 0.7%
Insurance: .............................................................. 6.1%
Machinery: .............................................................. 0.1%
Medical Equipment & Supply: ............................................. 1.3%
Metals-Gold: ............................................................ 3.3%
Metals-Non-Ferrous: ..................................................... 3.6%
Metals-Steel & Iron: .................................................... 1.9%
Mining: ................................................................. 0.9%
Multi-Industry: ......................................................... 3.6%
Office & Business Equipment: ............................................ 4.2%
Oil & Gas Exploration: .................................................. 0.9%
Oil-Domestic: ........................................................... 3.9%
Oil-Equipment & Services: ............................................... 1.1%
Oil-International: ...................................................... 1.6%
Printing & Publishing: .................................................. 0.5%
Real Estate: ............................................................ 2.9%
Retail Trade: ........................................................... 1.8%
Software: ............................................................... 4.4%
Telecommunications Equipment & Services: ................................ 1.4%
Tobacco: ................................................................ 0.2%
Transportation-Airlines: ................................................ 2.3%
Transportation-Railroad: ................................................ 2.9%
Utilities-Electric: ..................................................... 5.5%
Utilities-Gas & Pipelines: .............................................. 3.0%
Utilities-Telephone: .................................................... 4.1%
Utilities-Water: ........................................................ 0.5%
------
100.0%
======
- --------------------------------------------------------------------------------
Excludes short-term securities.
See Notes to Financial Statements.
MSF-45
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
HARRIS OAKMARK LARGE CAP VALUE PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION> VALUE
SHARES ISSUE (NOTE 1A)
- ----------------------------------------------------------------
COMMON STOCK: 90.3%
- ----------------------------------------------------------------
AEROSPACE & DEFENSE: 9.6%
<S> <C> <C>
30,050 Boeing Co. $ 1,327,834
33,000 Lockheed Martin Corp. 1,229,250
------------
2,557,084
- ----------------------------------------------------------------
AUTOMOTIVE: 4.8%
13,800 Eaton Corp. 1,269,600
- ----------------------------------------------------------------
BANKING: 9.2%
21,000 Bank One Corp. 1,250,812
34,100 Washington Mutual, Inc. 1,206,288
------------
2,457,100
- ----------------------------------------------------------------
BUILDING & CONSTRUCTION: 1.3%
11,000 Stanley Works 354,063
- ----------------------------------------------------------------
BUSINESS SERVICES: 7.6%
25,800 Block (H & R), Inc. 1,290,000
15,100 First Data Corp. 738,956
------------
2,028,956
- ----------------------------------------------------------------
CHEMICALS: 1.4%
12,000 Geon Co. 387,000
- ----------------------------------------------------------------
ELECTRICAL EQUIPMENT: 5.0%
21,000 Black & Decker Corp. 1,325,625
- ----------------------------------------------------------------
ENTERTAINMENT & LEISURE: 4.1%
39,500 Brunswick Corp. 1,101,062
- ----------------------------------------------------------------
FOREST PRODUCTS & PAPER: 2.6%
18,000 Fort James Corp. 681,750
- ----------------------------------------------------------------
HOSPITAL MANAGEMENT: 4.0%
46,700 Columbia/HCA Healthcare Corp. 1,065,344
- ----------------------------------------------------------------
INSURANCE: 1.2%
18,900 Old Republic International Corp. 327,206
- ----------------------------------------------------------------
MACHINERY: 3.2%
16,300 Cooper Industries, Inc. 847,600
- ----------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 1.4%
13,400 *Sybron International Corp. 369,338
- ----------------------------------------------------------------
MISCELLANEOUS: 3.5%
22,300 Fortune Brands, Inc. 922,663
- ----------------------------------------------------------------
NEWSPAPERS: 5.3%
25,500 Knight-Ridder, Inc. 1,400,906
- ----------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- ----------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- ----------------------------------------------------------------
PRINTING & PUBLISHING: 5.0%
37,400 Dun & Bradstreet Corp. $ 1,325,362
- ----------------------------------------------------------------
REAL ESTATE: 3.0%
52,000 *Catellus Development Corp. 806,000
- ----------------------------------------------------------------
TEXTILES & APPAREL: 5.6%
23,600 Nike, Inc. Cl. B 1,494,175
- ----------------------------------------------------------------
TOBACCO: 7.3%
48,400 Philip Morris Cos., Inc. 1,945,075
- ----------------------------------------------------------------
TOYS & AMUSEMENTS: 5.2%
52,000 Mattel, Inc. 1,374,750
-------------
TOTAL COMMON STOCK
(Cost : $21,978,425) ............ 24,040,659
-------------
- ----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ---------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 3.4%
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 904,000 State Street
Repurchase Agreement
(U.S. Treasury Notes
collateralized dated
6/30/99 due 2/29/00 @
7.125% with a market
value of $931,806) 4.750% 7/1/99 $ 904,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $904,000) ......................... 904,000
--------------
- ---------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 7.5%
- ---------------------------------------------------------------------------
1,000,000 American Express Co. 5.500% 7/1/99 1,000,000
1,000,000 General Electric
Capital Corp. 5.700% 7/1/99 1,000,000
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $2,000,000) ....................... 2,000,000
--------------
- ---------------------------------------------------------------------------
TOTAL INVESTMENTS: 101.2%
(Cost $24,882,425) ....................... 26,944,659
OTHER ASSETS LESS LIABILITIES (1.2)% ..... (308,372)
--------------
TOTAL NET ASSETS: 100.0% ................. $26,636,287
==============
- ---------------------------------------------------------------------------
</TABLE>
LEGEND:
- -------
* Non-income producing security.
See Notes to Financial Statements.
MSF-46
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
NEUBERGER BERMAN PARTNERS MID CAP VALUE PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 98.0%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE: 3.3%
9,100 *Gulfstream Aerospace Corp. $ 614,819
2,200 Raytheon Co. Cl. A 151,525
-------------
766,344
- --------------------------------------------------------------------------------
AUTOMOTIVE: 5.5%
9,600 *AutoZone, Inc. 289,200
7,200 *General Motors Corp. Cl. H 405,000
8,400 *Lear Corp. 417,900
3,400 *Navistar International Corp. 170,000
-------------
1,282,100
- --------------------------------------------------------------------------------
BANKING: 6.0%
5,600 Bank One Corp. 333,550
9,900 BankBoston Corp. 506,137
3,600 Chase Manhattan Corp. 311,850
8,550 Valley National Bancorp 245,813
-------------
1,397,350
- --------------------------------------------------------------------------------
BROADCASTING: 2.5%
10,700 AH Belo Corp. Ser. A 210,656
4,800 Scripps (E.W.) Co. Cl. A 228,300
3,300 Shaw Communications, Inc. Cl. B 131,175
-------------
570,131
- --------------------------------------------------------------------------------
CHEMICALS: 7.3%
19,300 *Grace (W.R.) & Co. 354,637
5,400 Hercules, Inc. 212,288
16,500 Lyondell Chemical Co. 340,312
7,300 Praxair, Inc. 357,244
10,000 Williams Cos., Inc. 425,625
-------------
1,690,106
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 2.0%
11,400 *Quantum Corp. 274,312
8,300 *Storage Technology Corp. 188,825
-------------
463,137
- --------------------------------------------------------------------------------
CONTAINERS & GLASS: 0.9%
6,700 *Owens-Illinois, Inc. 219,006
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 2.8%
5,900 *ALZA Corp. 300,163
7,700 *Centocor Corp. 359,253
-------------
659,416
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 0.9%
3,700 Grainger (W.W.), Inc. 199,106
- --------------------------------------------------------------------------------
ELECTRONICS: 1.2%
3,900 *Teradyne, Inc. 279,825
- --------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 1.8%
13,100 News Corporation Ltd. ADR 413,469
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 8.0%
9,400 Bear Stearns Cos., Inc. 439,450
10,300 Countrywide Credit Industries, Inc. 440,325
9,500 FINOVA Group, Inc. 499,937
400 Goldman Sachs Group, Inc. 28,900
9,900 SLM Holding Corp. 453,544
-------------
1,862,156
- --------------------------------------------------------------------------------
FOOD & BEVERAGES: 0.8%
7,300 ConAgra, Inc. 194,363
- --------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 1.9%
11,400 Fort James Corp. 431,775
- --------------------------------------------------------------------------------
HOSPITAL MANAGEMENT: 1.5%
19,000 *Tenet Healthcare Corp. 352,687
- --------------------------------------------------------------------------------
HOTEL & MOTEL: 0.9%
11,900 *Mirage Resorts, Inc. 199,325
- --------------------------------------------------------------------------------
INSURANCE: 5.4%
14,400 ACE Ltd. 406,800
3,600 AMBAC Financial Group, Inc. 205,650
4,700 CIGNA Corp. 418,300
6,100 Cincinnati Financial Corp. 228,750
-------------
1,259,500
- --------------------------------------------------------------------------------
MACHINERY: 2.1%
5,200 *SPX Corp. 434,200
2,300 *UCAR International, Inc. 58,075
-------------
492,275
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 5.3%
3,400 Baxter International, Inc. 206,125
15,600 Becton, Dickinson & Co. 468,000
5,900 *Pacificare Health Systems, Inc. Cl. B 424,616
1,500 *Wellpoint Health Networks, Inc. Cl. A 127,312
-------------
1,226,053
- --------------------------------------------------------------------------------
MSF-47
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
NEUBERGER BERMAN PARTNERS MID CAP VALUE PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
METALS-NON-FERROUS: 1.4%
14,500 Engelhard Corp. $ 328,063
- --------------------------------------------------------------------------------
METALS-STEEL & IRON: 0.5%
5,600 AK Steel Holding Corp. 126,000
- --------------------------------------------------------------------------------
MULTI-INDUSTRY: 1.4%
6,300 Harcourt General, Inc. 324,844
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 0.8%
3,000 Xerox Corp. 177,188
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 1.2%
7,100 Apache Corp. 276,900
- --------------------------------------------------------------------------------
OIL-DOMESTIC: 1.2%
8,600 USX-Marathon Group 280,038
- --------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 3.5%
6,800 Coastal Corp. 272,000
7,400 McDermott International, Inc. 209,050
12,400 Tosco Corp. 321,625
-------------
802,675
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 3.3%
38,600 *Allied Waste Industries, Inc. 762,350
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 2.1%
13,500 Dun & Bradstreet Corp. 478,406
- --------------------------------------------------------------------------------
REAL ESTATE: 1.5%
21,100 Indymac Mortgage Holdings, Inc. 337,600
- --------------------------------------------------------------------------------
RETAIL GROCERY: 1.5%
29,800 Food Lion, Inc. Cl. B 343,631
- --------------------------------------------------------------------------------
RETAIL TRADE: 2.4%
22,100 Rite Aid Corp. 544,212
- --------------------------------------------------------------------------------
SOFTWARE: 4.0%
25,100 *Cadence Design Systems, Inc. 320,025
7,300 Computer Associates International, Inc. 401,500
15,500 *Parametric Technology Corp. 215,547
-------------
937,072
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 5.2%
12,900 *American Tower Systems Inc. Cl. A 309,600
9,200 *AT&T Corp. Liberty Media Cl. A 338,100
12,200 *Loral Space & Communications Ltd. 219,600
3,900 Nortel Networks Corp. 338,569
-------------
1,205,869
- --------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: 1.0%
6,400 *Continental Airlines, Inc. Cl. B 240,800
- --------------------------------------------------------------------------------
TRANSPORTATION-RAILROAD: 1.8%
10,500 Burlington Northern Santa Fe Corp. 325,500
1,300 Canadian National Railway Co. 87,100
-------------
412,600
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 2.8%
14,100 *Niagara Mohawk Power Corp. 226,481
4,900 Texas Utilities Co. 202,125
5,900 Unicom Corp. 227,519
-------------
656,125
- --------------------------------------------------------------------------------
UTILITIES-GAS & PIPELINES: 0.8%
9,600 UGI Corp. 193,800
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 1.5%
4,100 *MCI WorldCom, Inc. 352,728
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $21,076,965) .............................. 22,739,025
-------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 0.6%
- --------------------------------------------------------------------------------
$ 139,000 *State Street Repurchase
Agreement (U.S. Treasury
Notes collateralized,
dated 6/30/99 due
2/29/00 @ 7.125% with a
market value of
$144,948) 3.500% 7/1/99 $ 139,000
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $139,000)............................. 139,000
-------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 98.6%
(Cost $21,215,965) .......................... 22,878,025
OTHER ASSETS LESS LIABILITIES 1.4% .......... 321,964
-------------
TOTAL NET ASSETS: 100.0% .................... $ 23,199,989
=============
- --------------------------------------------------------------------------------
LEGEND:
- ------
* Non-income producing security.
ADR (American depository receipt) represents ownership of foreign securities.
See Notes to Financial Statements.
MSF-48
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 95.5%
- -------------------------------------------------------------------------------
AUTOMOTIVE: 0.8%
3,700 Danaher Corp. $ 215,063
- -------------------------------------------------------------------------------
BANKING: 5.0%
7,400 Bank of New York Co., Inc. 271,487
4,200 BankAmerica Corp. 307,912
2,400 HSBC Holdings PLC 87,542
3,700 Mellon Bank Corp. 134,588
230 UBS AG 68,626
10,900 Wells Fargo & Co. 465,975
------------
1,336,130
- -------------------------------------------------------------------------------
BROADCASTING: 4.7%
6,000 CBS Corp. 260,625
2,300 *Clear Channel Communications, Inc. 158,556
1,800 Comcast Corp. Cl. A 69,188
6,200 *Fox Entertainment Group, Inc. Cl. A 167,012
5,500 *Infinity Broadcasting Corp. Cl. A 163,625
2,600 *MediaOne Group, Inc. 193,375
3,200 Time Warner, Inc. 235,200
------------
1,247,581
- -------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: 0.6%
5,800 Masco Corp. 167,475
- -------------------------------------------------------------------------------
BUSINESS SERVICES: 3.7%
4,700 Automatic Data Processing, Inc. 206,800
10,500 Compass Group PLC 104,186
1,500 *Concord EFS, Inc. 63,516
3,300 First Data Corp. 161,494
4,800 *IMS Health, Inc. 150,000
3,700 Omnicom Group, Inc. 296,000
------------
981,996
- -------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 5.0%
1,700 *America Online, Inc. 187,850
4,700 *Cisco Systems, Inc. 302,709
900 *Citrix Systems, Inc. 50,709
4,400 *Dell Computer Corp. 162,663
3,000 *Fujitsu Ltd. 61,487
4,100 *Gartner Group, Inc. Cl. A 84,050
3,000 Hewlett-Packard Co. 301,500
2,700 *Solectron Corp. 180,056
------------
1,331,024
- -------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 10.1%
3,500 American Home Products Corp. 201,250
1,100 *Amgen, Inc. 66,928
7,000 Bristol-Myers Squibb Co. 493,062
2,900 Cardinal Health, Inc. 185,963
600 GEHE AG 27,586
6,900 *HEALTHSOUTH Corp. 103,069
2,900 Lilly (Eli) & Co. 207,713
4,500 Merck & Co., Inc. 333,000
3,300 Pfizer, Inc. 362,175
20 Roche Holdings AG 205,517
3,800 Schering-Plough Corp. 201,400
4,100 Warner-Lambert Co. 284,437
------------
2,672,100
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 3.8%
4,900 Allied-Signal, Inc. 308,700
5,600 General Electric Co. 632,800
1,700 *General Instrument Corp. 72,250
------------
1,013,750
- -------------------------------------------------------------------------------
ELECTRONICS: 6.3%
4,000 *Altera Corp. 147,125
2,500 *Applied Materials, Inc. 184,609
5,700 *Intel Corp. 338,972
4,290 *Lucent Technologies, Inc. 289,307
4,200 *Maxim Integrated Products, Inc. 279,300
700 Motorola, Inc. 66,325
3,600 Teleflex, Inc. 156,375
1,400 Texas Instruments, Inc. 203,000
------------
1,665,013
- -------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.4%
1,800 Carnival Corp. 87,300
MSF-49
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: (CONTINUED)
1,000 Disney (Walt) Co. $ 30,813
-----------
118,113
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 8.3%
900 American Express Co. 117,112
6,600 Associates First Capital Corp. Cl. A 292,462
12,200 Citigroup, Inc. 579,500
12,700 Federal Home Loan Mortgage Corp. 736,600
4,600 *Federal National Mortgage Assoc. 314,525
400 Goldman Sachs Group, Inc. 28,900
1,100 Morgan Stanley, Dean Witter, Discovery & Co. 112,750
1,000 *TD Waterhouse Securities, Inc. 25,063
-----------
2,206,912
- --------------------------------------------------------------------------------
FOOD & BEVERAGES: 1.6%
1,600 Coca-Cola Co. 100,000
5,800 PepsiCo, Inc. 224,388
4,300 Sara Lee Corp. 97,556
-----------
421,944
- --------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 0.4%
1,900 Kimberly-Clark Corp. 108,300
- --------------------------------------------------------------------------------
HOSPITAL MANAGEMENT: 1.5%
6,200 United Healthcare Corp. 388,275
- --------------------------------------------------------------------------------
HOTEL & MOTEL: 0.8%
5,300 *Mirage Resorts, Inc. 88,775
4,400 Starwood Hotels & Resorts Worldwide, Inc. Cl. B 134,475
-----------
223,250
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 1.6%
1,100 Colgate-Palmolive Co. 108,625
3,100 Corning, Inc. 217,387
1,400 Gillette Co. 57,400
500 Procter & Gamble Co. 44,625
-----------
428,037
- --------------------------------------------------------------------------------
INSURANCE: 5.5%
7,700 ACE Ltd. 217,525
2,700 Aetna, Inc. 241,481
1,800 AMBAC Financial Group, Inc. 102,825
3 *Berkshire Hathaway, Inc. Cl. A 206,700
623 *Fairfax Financial Holdings Ltd. 167,121
5,600 Mutual Risk Management Ltd. 186,900
3,100 PartnerRe Ltd. 115,862
1,500 Travelers Property Casualty Corp. Cl. A 58,688
3,100 UNUMProvident Corp. 169,725
-----------
1,466,827
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 1.8%
1,600 Baxter International, Inc. 97,000
1,600 *Boston Scientific Corp. 70,300
2,000 Johnson & Johnson 196,000
1,500 *Wellpoint Health Networks, Inc. Cl. A 127,312
-----------
490,612
- --------------------------------------------------------------------------------
MULTI-INDUSTRY: 4.6%
24,000 *Hutchison Whampoa Ltd. 217,307
16,700 Rentokil Group PLC 64,756
44,140 Tomkins PLC 191,333
7,800 Tyco International Ltd. 739,050
-----------
1,212,446
- --------------------------------------------------------------------------------
NEWSPAPERS: 0.6%
1,700 Tribune Co. 148,113
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 0.9%
2,600 *EMC Corp. 143,000
1,500 *Sun Microsystems, Inc. 103,359
-----------
246,359
- --------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 0.7%
4,000 Halliburton Co. 181,000
- --------------------------------------------------------------------------------
OIL-INTERNATIONAL: 2.8%
1,900 Chevron Corp. 180,856
2,600 Mobil Corp. 257,400
5,100 Royal Dutch Petroleum Co. 307,275
-----------
745,531
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 1.5%
7,300 *Waste Management, Inc. 392,375
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 1.1%
3,800 Ver Ned Uitgevers NV 151,793
MSF-50
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: (CONTINUED)
3,360 Wolters Kluwer NV $ 133,697
------------
285,490
- --------------------------------------------------------------------------------
REAL ESTATE: 0.9%
4,500 Crescent Real Estate Equities Co. 106,875
6,900 Security Capital Cl. A 131,100
------------
237,975
- --------------------------------------------------------------------------------
RESTAURANT: 0.4%
2,400 McDonald's Corp. 99,150
- --------------------------------------------------------------------------------
RETAIL GROCERY: 2.3%
8,200 Kroger Co. 229,087
7,800 *Safeway, Inc. 386,100
------------
615,187
- --------------------------------------------------------------------------------
RETAIL TRADE: 4.0%
1,200 Cifra SA De CV ADR 22,200
3,900 CVS Corp. 197,925
500 Dayton-Hudson Corp. 32,500
3,800 Home Depot, Inc. 244,862
4,000 *Saks, Inc. 115,500
10,900 TAG Heuer International SA ADR 113,088
7,000 Wal-Mart Stores, Inc. 337,750
------------
1,063,825
- --------------------------------------------------------------------------------
SOFTWARE: 5.5%
6,300 *BMC Software, Inc. 340,003
4,600 *Compuware Corp. 146,194
7,300 *Microsoft Corp. 657,912
1,500 *Oracle Systems Corp. 55,688
12,400 *Parametric Technology Corp. 172,437
2,400 *Sterling Commerce, Inc. 87,600
------------
1,459,834
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 1.4%
2,000 Getronics NV 76,901
15,000 *Telecom Italia Mobile SPA 55,202
1,250 *Vodafone AirTouch PLC ADR 246,250
------------
378,353
- --------------------------------------------------------------------------------
TEXTILES & APPAREL: 0.4%
1,800 Nike, Inc. Cl. B 113,963
- --------------------------------------------------------------------------------
TOBACCO: 0.9%
6,100 Philip Morris Cos., Inc. 245,144
- --------------------------------------------------------------------------------
TOYS & AMUSEMENTS: 0.5%
2,000 Hasbro, Inc. 55,875
2,640 Mattel, Inc. 69,795
------------
125,670
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 5.1%
7,600 *MCI WorldCom, Inc. 653,838
2,400 *Nextel Communications, Inc. Cl. A 120,525
2,800 SBC Communications, Inc. 162,400
1,200 Sprint Corp. 63,375
16,800 Telecom Italia SPA 174,568
1,900 *Telecomunicacoes Brasileiras SA ADR 171,356
------------
1,346,062
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $23,410,828) .......................... 25,378,879
------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY Value
AMOUNT ISSUE RATE DATE (Note 1A)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 2.2%
- --------------------------------------------------------------------------------
$ 589,000 State Street Repurchase
Agreement (U.S. Treasury
Note collateralized
dated 6/30/99 due 2/29/00
@ 7.125% with a market
value of $610,851) 3.500% 7/1/99 $ 589,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost : $589,000) ............................. 589,000
------------
- --------------------------------------------------------------------------------
MSF-51
<PAGE>
- -------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 3.0%
- -------------------------------------------------------------------------------
$790,000 Federal Home Loan
Mortgage Corp. 4.790% 7/14/99 $ 788,634
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $788,634) ........................... 788,634
--------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.7%
(Cost $24,788,462) .......................... 26,756,513
OTHER ASSETS LESS LIABILITIES: (0.7)% ...... (172,575)
--------------
TOTAL NET ASSETS: 100.0% ...................
$26,583,938
==============
- -------------------------------------------------------------------------------
LEGEND:
- ------
* Non-income producing security.
ADR (American depository receipt) represents ownership of foreign securities.
See Notes to Financial Statements.
MSF-52
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: 21.6%
- --------------------------------------------------------------------------------
ASSET BACKED: 1.1%
$ 170,000 Bank One Credit Card
Master Trust Ser. 95-B A 6.300% 10/15/02 $ 170,743
200,000 Citibank Credit Card
Master Trust I Ser. 97-2 A 6.550% 2/15/04 201,374
228,000 Citibank Credit Card
Master Trust I Ser. 98 A 5.300% 1/9/06 217,455
175,000 First USA Credit Card
Master Trust Ser. 98-9 A 5.280% 9/18/06 167,179
200,000 Premier Auto Trust
Ser. 99-1 A4 5.820% 10/8/03 197,750
175,000 Sears Credit Account
Master Trust Ser. 98-1 A 5.800% 8/15/05 174,234
------------
1,128,735
- --------------------------------------------------------------------------------
AUTOMOTIVE: 0.7%
300,000 Delphi Automotive
Systems Corp. 7.125% 5/1/29 277,161
400,000 Ford Motor Co. 7.250% 10/1/08 406,420
------------
683,581
- --------------------------------------------------------------------------------
BANKING: 2.3%
230,000 +Abn Amro Bank 7.750% 5/15/23 233,363
260,000 Bank One Corp. Sr. 6.250% 9/1/00 260,835
200,000 +Capital One Bank 6.700% 5/15/08 191,018
250,000 Chase Manhattan Corp. Sub. 6.000% 2/15/09 231,635
151,000 Chase Manhattan Corp. Sub. 7.125% 2/1/07 153,294
500,000 +Korea Development Bank 7.128% 4/22/04 482,630
350,000 National Australia
Bank Ltd. 6.600% 12/10/07 339,321
330,000 Norwest Corp. 6.750% 5/12/00 332,590
------------
2,224,686
- --------------------------------------------------------------------------------
BROADCASTING: 0.2%
200,000 TCI Communications, Inc. 7.375% 2/15/00 201,980
- --------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS: 1.0%
250,000 Chase Commercial Mortgage
Securities Corp. Ser. 98 A2 6.390% 11/18/08 240,844
250,000 First Union Lehman Brothers
Bank Ser. 98-C2 A2 6.560% 11/18/08 244,384
250,000 LB Commercial Conduit Mortgage
Trust Ser. 98-C4 A1 6.210% 10/15/08 238,199
250,000 Morgan Stanley Capital, Inc.
Ser. 98 Cl. A2 6.550% 12/15/07 244,443
------------
967,870
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 0.5%
425,000 International Business
Machines Corp. 8.375% 11/1/19 486,145
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 0.1%
145,000 Abbott Laboratories 5.600% 10/1/03 140,897
- --------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.5%
500,000 Carnival Corp. Sr. 6.150% 4/15/08 470,155
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 5.1%
300,000 +Associates Corp. of
North America Sr. 6.250% 11/1/08 286,278
22,000 Associates Corp. of
North America Sr. 8.250% 12/1/99 22,235
350,000 BankAmerica Corp. 8.125% 2/1/02 364,353
250,000 CIT Group Holdings, Inc. 6.375% 10/1/02 249,405
400,000 +Citigroup, Inc. 6.200% 3/15/09 377,268
250,000 Equitable Companies, Inc. Sr. 6.500% 4/1/08 241,150
250,000 FINOVA Capital Corp. 6.440% 11/6/01 248,965
568,000 Ford Motor Credit Co. Sr. 8.200% 2/15/02 592,475
78,000 General Electric Capital Corp. 8.375% 3/1/01 81,003
500,000 Heller Financial, Inc. 5.875% 11/1/00 498,250
500,000 Mellon Financial Co. Sr. 5.750% 11/15/03 483,235
300,000 Merrill Lynch & Co., Inc. 6.000% 2/17/09 277,140
23,000 Merrill Lynch & Co., Inc. 8.250% 11/15/99 23,220
640,000 Paine Webber Group, Inc. Sr. 6.550% 4/15/08 603,962
350,000 Sears Roebuck Acceptance
Corp. 7.000% 6/15/07 349,531
375,000 Western National Corp. Sr. 7.125% 2/15/04 381,675
------------
5,080,145
- --------------------------------------------------------------------------------
FOOD & BEVERAGES: 0.2%
200,000 Coca Cola Enterprises, Inc. 6.375% 8/1/01 200,720
- --------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 0.4%
377,000 Georgia Pacific Corp. 9.500% 12/1/11 436,400
- --------------------------------------------------------------------------------
INDUSTRIALS: 0.5%
160,000 Du Pont E I De Nemours
& Co. Sr. 6.500% 1/15/28 146,645
312,000 Lockheed Martin Corp. 7.750% 5/1/26 309,023
------------
455,668
- --------------------------------------------------------------------------------
MSF-53
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS:(CONTINUED)
- --------------------------------------------------------------------------------
MISCELLANEOUS: 0.8%
$ 375,000 Salomon, Inc. 6.650% 7/15/01 $ 377,970
400,000 Tyco International
Group S A 6.875% 1/15/29 364,752
------------
742,722
- --------------------------------------------------------------------------------
MULTI-INDUSTRY: 0.2%
233,000 Raytheon Co. 6.750% 8/15/07 230,628
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.6%
200,000 Coastal Corp. Sr. 7.750% 10/15/35 201,006
400,000 +Conoco, Inc. 5.900% 4/15/04 390,312
------------
591,318
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 0.5%
418,000 Time Warner, Inc. Sr. 9.125% 1/15/13 473,201
- --------------------------------------------------------------------------------
REAL ESTATE: 0.2%
200,000 Equity Office
Properties Trust 6.375% 2/15/03 195,472
- --------------------------------------------------------------------------------
RESTAURANT: 0.5%
497,000 McDonald's Corp. 5.950% 1/15/08 473,412
- --------------------------------------------------------------------------------
RETAIL TRADE: 0.5%
447,000 Dayton Hudson Corp. 6.400% 2/15/03 444,921
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 1.5%
500,000 AT&T Corp. 6.000% 3/15/09 469,895
500,000 AT&T Corp. 6.500% 3/15/29 451,220
650,000 Lucent Technologies, Inc. 6.450% 3/15/29 587,997
------------
1,509,112
- --------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: 0.4%
300,000 Delta Air Lines, Inc. 9.750% 5/15/21 355,002
- --------------------------------------------------------------------------------
TRANSPORTATION-RAILROAD: 0.3%
300,000 Union Pacific Corp. 7.600% 5/1/05 309,546
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 1.4%
600,000 Calenergy, Inc. Sr. 7.520% 9/15/08 602,850
235,000 Commonwealth Edison Co. 6.400% 10/15/05 228,921
150,000 Consolidated Edison Co., Inc. 6.450% 12/1/07 147,208
400,000 Southern California Edison Co. 8.250% 2/1/00 405,660
------------
1,384,639
- --------------------------------------------------------------------------------
UTILITIES-GAS & PIPELINES: 1.0%
400,000 KN Energy, Inc. Sr. 6.650% 3/1/05 387,708
350,000 Occidental Petroleum
Corp. Sr. 7.375% 11/15/08 344,155
200,000 Transcanada Pipelines Ltd. 9.125% 4/20/06 218,796
------------
950,659
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 1.1%
124,000 Bellsouth
Telecommunications 6.500% 6/15/05 123,301
683,000 Cable & Wireless
Communication 6.375% 3/6/03 673,335
236,000 MCI WorldCom, Inc. 6.125% 8/15/01 235,254
100,000 New York Telephone Co. 5.875% 9/1/03 97,943
------------
1,129,833
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $22,191,590) ............................. 21,267,447
------------
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 38.7%
- --------------------------------------------------------------------------------
1,650,000 Federal Farm Credit
Banks, Consolidated 6.380% 11/27/06 1,640,199
600,000 Federal Home Loan Bank 5.125% 9/15/03 577,872
485,000 Federal Home Loan Bank 5.500% 7/14/00 484,471
400,000 Federal Home Loan Bank 6.340% 6/13/05 400,000
1,002,904 Federal Home Loan
Mortgage Corp. 6.000% 2/1/29 943,041
2,000,000 Federal Home Loan
Mortgage Corp. 7.000% 12/31/99 1,978,760
490,175 Federal Home Loan
Mortgage Corp. 7.000% 4/1/29 484,964
563,630 Federal Home Loan
Mortgage Corp. 7.500% 8/1/24 569,971
494,635 Federal Home Loan
Mortgage Corp. 7.500% 11/1/24 500,353
1,457,018 Federal Home Loan
Mortgage Corp. 7.500% 10/1/27 1,472,943
358,153 Federal Home Loan
Mortgage Corp. 8.000% 2/1/27 368,002
739,888 Federal Home Loan
Mortgage Corp. 8.000% 10/1/28 760,235
350,000 Federal National
Mortgage Assoc. 5.360% 2/16/01 347,756
245,000 +Federal National
Mortgage Assoc. 5.375% 3/15/02 241,670
MSF-54
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS:(CONTINUED)
- --------------------------------------------------------------------------------
$ 250,000 Federal National
Mortgage Assoc. 5.875% 2/2/06 $ 242,540
1,300,000 Federal National
Mortgage Assoc. 6.000% 12/31/99 1,250,641
500,000 Federal National
Mortgage Assoc. 6.000% 5/15/08 484,920
505,240 Federal National
Mortgage Assoc. 6.000% 3/1/14 488,027
477,936 Federal National
Mortgage Assoc. 6.000% 3/1/14 461,653
694,181 Federal National
Mortgage Assoc. 6.000% 3/1/14 670,530
83,828 Federal National
Mortgage Assoc. 6.000% 3/1/14 80,972
500,000 +Federal National
Mortgage Assoc. 6.160% 8/7/28 467,655
600,000 Federal National
Mortgage Assoc. 6.490% 3/19/02 610,596
839,856 Federal National
Mortgage Assoc. 6.500% 1/1/13 827,519
33,352 Federal National
Mortgage Assoc. 6.500% 4/1/13 32,862
883,335 Federal National
Mortgage Assoc. 6.500% 6/1/13 870,359
516,382 Federal National
Mortgage Assoc. 6.500% 6/1/13 508,797
58,179 Federal National
Mortgage Assoc. 6.500% 7/1/13 57,324
500,050 Federal National
Mortgage Assoc. 6.500% 6/1/14 492,704
876,478 Federal National
Mortgage Assoc. 6.500% 3/1/29 845,521
870,280 Federal National
Mortgage Assoc. 6.500% 3/1/29 839,542
2,987,266 Federal National
Mortgage Assoc. 6.500% 4/1/29 2,881,755
649,675 Federal National
Mortgage Assoc. 6.500% 4/1/29 626,729
344,730 Federal National
Mortgage Assoc. 6.500% 5/1/29 332,555
1,000,000 Federal National
Mortgage Assoc. 7.000% 12/31/99 988,440
800,000 Federal National
Mortgage Assoc. 7.000% 2/1/14 802,744
59,233 Federal National
Mortgage Assoc. 7.000% 6/1/26 58,549
210,194 Federal National
Mortgage Assoc. 7.000% 9/1/28 207,762
635,369 Federal National
Mortgage Assoc. 7.000% 10/1/28 628,018
295,678 Federal National
Mortgage Assoc. 7.000% 10/1/28 292,257
253,541 Federal National
Mortgage Assoc. 7.000% 11/1/28 250,607
434,243 Federal National
Mortgage Assoc. 7.000% 3/1/29 429,218
997,939 Federal National
Mortgage Assoc. 7.000% 4/1/29 986,393
714,095 Federal National
Mortgage Assoc. 7.500% 9/1/25 721,236
709,675 Federal National
Mortgage Assoc. 7.500% 6/1/26 716,771
57,849 Federal National
Mortgage Assoc. 7.500% 9/1/27 58,427
45,026 Federal National
Mortgage Assoc. 7.500% 11/1/27 45,477
12,906 Federal National
Mortgage Assoc. 7.500% 12/1/27 13,035
800,080 Federal National
Mortgage Assoc. 7.500% 3/1/28 808,080
25,741 Federal National
Mortgage Assoc. 7.500% 8/1/28 25,998
824,949 Federal National
Mortgage Assoc. 7.000% 4/1/12 827,779
618,825 Government National
Mortgage Assoc. 7.000% 5/15/28 610,508
190,317 Government National
Mortgage Assoc. 7.000% 5/15/28 187,759
177,175 Government National
Mortgage Assoc. 7.000% 10/15/28 174,794
400,040 Government National
Mortgage Assoc. 7.000% 6/15/29 394,663
1,000,000 Government National
Mortgage Assoc. 8.000% 12/31/99 1,028,590
746,406 Government National
Mortgage Assoc. 9.000% 11/15/24 799,349
158,505 Government National
Mortgage Assoc. 6.500% 5/15/23 153,303
562,004 Government National
Mortgage Assoc. 6.500% 12/1/28 540,401
224,798 Government National
Mortgage Assoc. 6.500% 12/15/28 216,157
MSF-55
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS:(CONTINUED)
- --------------------------------------------------------------------------------
$ 23,326 Government National
Mortgage Assoc. 7.000% 4/15/27 $ 23,012
463,098 Government National
Mortgage Assoc. 7.000% 1/15/28 456,874
386,624 Government National
Mortgage Assoc. 7.000% 10/15/28 381,428
370,128 Government National
Mortgage Assoc. 8.000% 8/15/26 380,650
347,053 Government National
Mortgage Assoc. 8.000% 9/15/26 356,920
472,665 Government National
Mortgage Assoc. 8.000% 4/15/27 486,103
286,293 Government National
Mortgage Assoc. 8.000% 5/15/27 294,432
-------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $39,054,599).............................. 38,189,172
-------------
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 36.3%
- --------------------------------------------------------------------------------
250,000 +U.S. Treasury Bond 5.250% 2/15/29 224,610
1,050,000 U.S. Treasury Bond 6.125% 11/15/27 1,042,944
1,000,000 U.S. Treasury Bond 6.250% 8/15/23 1,004,690
1,200,000 +U.S. Treasury Bond 8.000% 11/15/21 1,446,936
570,000 U.S. Treasury Bond 8.875% 8/15/17 728,175
2,625,000 +U.S. Treasury Bond 8.875% 2/15/19 3,383,389
700,000 U.S. Treasury Bond 9.250% 2/15/16 911,750
4,610,000 +U.S. Treasury Note 4.500% 9/30/00 4,559,567
400,000 U.S. Treasury Note 4.750% 11/15/08 367,312
1,700,000 +U.S. Treasury Note 5.250% 5/15/04 1,670,522
300,000 U.S. Treasury Note 5.500% 5/15/09 293,061
1,000,000 U.S. Treasury Note 5.625% 2/15/06 985,000
2,260,000 U.S. Treasury Note 5.875% 11/15/05 2,260,000
1,400,000 U.S. Treasury Note 6.125% 8/15/07 1,415,092
3,000,000 U.S. Treasury Note 6.250% 2/28/02 3,045,000
600,000 +U.S. Treasury Note 6.250% 8/31/02 610,032
4,400,000 +U.S. Treasury Note 6.375% 5/15/00 4,439,864
1,200,000 U.S. Treasury Note 6.500% 8/15/05 1,236,936
3,310,000 U.S. Treasury Note 7.000% 7/15/06 3,506,018
2,500,000 +U.S. Treasury Note 7.875% 11/15/04 2,734,375
-------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $37,312,124) ............................. 35,865,273
-------------
- --------------------------------------------------------------------------------
STATE AGENCY OBLIGATION: 0.2%
- --------------------------------------------------------------------------------
190,000 California Infastructure
Ser. 97-1 A8 6.480% 12/26/09 185,689
-------------
TOTAL STATE AGENCY OBLIGATION
(Cost: $188,412) ................................ 185,689
-------------
- --------------------------------------------------------------------------------
YANKEE BONDS: 0.9%
- --------------------------------------------------------------------------------
45,000 Asian Development Bank 5.750% 5/19/03 44,320
83,000 Province of Ontario 6.125% 6/28/00 83,209
100,000 Province of Quebec 7.500% 7/15/23 100,944
415,000 Province of Quebec 8.800% 4/15/03 444,905
50,000 Republic of Finland 7.875% 7/28/04 53,636
200,000 Republic of Korea 8.875% 4/15/08 208,776
-------------
TOTAL YANKEE BONDS
(Cost: $983,802) ................................ 935,790
-------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 6.0%
- --------------------------------------------------------------------------------
3,000,000 Anadarko Petroleum Corp. 5.100% 7/14/99 2,994,474
1,350,000 Federal Home Loan
Mortgage Corp. 5.000% 7/16/99 1,347,188
500,000 Federal Home Loan
Mortgage Corp. 4.850% 7/16/99 498,990
1,100,000 Federal National
Mortgage Assoc. 4.840% 7/13/99 1,098,225
-------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $5,938,877) .............................. 5,938,877
-------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 103.7%
(Cost $105,669,404) ............................. 102,382,248
OTHER ASSETS LESS LIABILITIES (3.7%) ............ (3,607,983)
-------------
TOTAL NET ASSETS : 100.0% ....................... $ 98,774,265
=============
- --------------------------------------------------------------------------------
LEGEND:
- -------
+ Securities on loan.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of June 30, 1999, the market value of securities loaned was $10,039,665 with
collateral backing valued at $10,213,020.
See Notes to Financial Statements.
MSF-56
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 97.3%
- --------------------------------------------------------------------------------
AUSTRALIA: 2.7%
3,300 Amcor Ltd. $ 18,320
6,600 AMP Ltd. 72,058
1,300 Australia Gas & Light Co., Ltd. 7,898
6,100 Boral, Ltd. 10,323
1,200 Brambles Industries Ltd. 31,572
10,600 Broken Hill Proprietary Co. 122,625
5,400 Coca-Cola Amatil Ltd. 21,736
6,400 Coles Myer Ltd. 37,188
5,200 Colonial Ltd. 18,390
700 *CSL Ltd. 6,035
5,900 CSR Ltd. 16,849
8,300 David Jones Ltd. 8,120
4,100 Delta Gold NL 5,827
900 F.H. Faulding & Co. Limited 5,474
9,800 Fosters Brewing Group Ltd. 27,585
4,000 Futuris Corp., Ltd. 5,817
8,400 General Property Trust 13,638
3,300 GIO Australia Holdings 8,028
7,300 Goodman Fielder Ltd. 6,500
2,200 Iluka Resources 4,750
2,000 James Hardie Industries Ltd. 5,288
2,300 Leighton Holdings Ltd. 8,970
2,800 Lend Lease Corp. 38,394
2,400 Mayne Nickless Ltd. 8,202
10,600 Metal Manufactures, Ltd. 12,963
15,300 MIM Holdings Ltd. 10,822
8,900 National Australia Bank 147,084
2,600 Newcrest Mining Ltd. 5,830
12,400 News Corp., Ltd. 105,660
10,000 Normandy Mining Ltd. 6,650
4,200 North Ltd. 8,496
1,500 Orica Ltd. 8,182
6,600 Pacific Dunlop Ltd. 9,511
4,600 Pioneer International Ltd. 11,707
1,100 Publishing & Broadcasting Ltd. 7,272
2,100 QBE Insurance Group Ltd. 7,982
22,700 Resolute Samantha 11,404
1,700 Rio Tinto Ltd. 27,838
2,900 Santos Ltd. 9,489
5,400 Schroders Property Fund 8,389
1,700 Smith (Howard) Ltd. 12,980
4,900 Sons Of Gwalia Ltd. 12,882
3,800 Southcorp Ltd. 15,326
3,600 Stockland Trust Group 8,210
1,200 Suncorp-Metway Ltd. 7,139
1,800 Tab Corp. Holdings Ltd. 12,113
31,600 Telstra Corp., Ltd. 180,838
1,100 Wesfarmers Ltd. 9,889
7,000 Westfield Trust 14,150
10,800 +Westpac Banking Ltd. 69,966
6,200 WMC Ltd. 26,599
6,400 Woolworths Ltd. 21,259
-------------
Total Investments in Australia 1,300,217
- --------------------------------------------------------------------------------
AUSTRIA: 0.3%
100 Austria Tabakwerke AG 5,824
300 Austrian Airlines 7,236
600 Bank Austria AG 31,544
100 Bbag Oesterreichische Brau-Beteiligungs 4,433
100 Bohler Uddeholm AG 4,947
200 Flughafen Wien AG 8,389
40 Generali Holding Vienna AG 7,340
100 Lenzing AG 5,670
100 Mayr-Melnhof Karton AG 4,536
200 Oesterreichische Elektrizitaetswirtsch Cl. A 29,111
200 OMV Handels AG 17,832
100 VA Technologie AG 9,056
400 Wienerberger Baustoffindustrie AG 10,354
-------------
Total Investments in Austria 146,272
- --------------------------------------------------------------------------------
BELGIUM: 1.6%
2,000 Bankverzekerin KBC 118,548
MSF-57
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BELGIUM:(CONTINUED)
200 Barco N.V. $ 32,183
40 Bekaert NV 17,112
200 CBR Cimenteries 18,390
400 CMB SA-Compagnie Maritime Belge 16,906
400 Delhaize-Le Lion SA 34,039
300 Electrabel SA 96,797
4,600 Fortis (B) 144,391
100 Glaverbel SA 9,401
200 GPE Bruxelles 33,791
100 Petrofina SA 57,418
600 Solvay SA 39,801
600 +Tractebel SA 84,118
500 UCB SA 48,513
400 Union Miniere SA 16,494
-------------
Total Investments in Belgium 767,902
- --------------------------------------------------------------------------------
DENMARK: 0.8%
100 Bang & Olufsen AS 6,337
100 Carlsberg A/S Cl. B 4,160
7 Dampskibsselskabet af 1912 A/S Cl. B 61,923
5 Dampskibsselskabet Svendborg A/S Cl. B 61,770
300 Danisco A/S 13,519
300 Den Danske Bank 32,445
200 FLS Industries AS Cl. B 5,186
100 ISS International Service Systems SA Cl. B 5,338
400 Korn Og Foderstof Kompagniet AS 8,874
100 NKT Holding AS 7,764
500 Novo-Nordisk AS Cl. B 53,867
100 Radiometer AS 4,853
800 SAS Danmark AS 8,319
400 Superfos AS 5,407
1,900 Tele Danmark AS 93,259
300 Unidanmark A/S Cl. A 19,966
-------------
Total Investments in Denmark 392,987
- --------------------------------------------------------------------------------
FINLAND: 1.9%
600 American Group, Inc. 8,628
500 Asko Oyj 8,149
200 Finnlines Oyj 5,195
200 Instrumentarium Corp. Cl. A 8,144
1,300 Kemira Oyj 7,853
4,700 Merita Oyj 26,696
400 Metra Oy AB Cl. B 8,453
7,400 Nokia Oyj 648,405
700 Outokumpu Oyj Cl. A 7,865
200 Pohjola Insurance Group Cl. B 10,257
900 Raisio Yhtyma Oyj 8,350
500 Sampo Cl. A 14,483
2,500 Sonera-Yhtyma Oyj 54,635
400 Stockmann Oyj ABP Cl. A 8,115
500 Stockmann Oyj ABP Cl. B 7,602
400 +Tieto Corporation Oyj 16,659
1,600 UPM-Kymmene Corp. Oy 45,852
700 Valmet Corp. 7,938
-------------
Total Investments in Finland 903,279
- --------------------------------------------------------------------------------
FRANCE: 9.3%
200 Accor 50,202
500 Air Liquide 78,602
1,200 Alcatel Alsthom 168,853
2,200 AXA-UAP 268,289
1,300 Banque Nationale de Paris 108,281
1,000 Banque Paribas SA 112,053
300 BIC 15,818
20 Bongrain SA 7,546
200 Bouygues SA 52,841
200 Bouygues SA (rts.) 532
200 Canal Plus SA 56,099
400 Cap Gemini 62,841
1,400 Carrefour SA 205,655
500 Casino Guich Perrachon 43,811
200 Chargeurs SA 11,133
200 *Cie Generale de Geophysique SA 10,618
MSF-58
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
FRANCE:(CONTINUED)
100 *Club Mediterranee SA $ 10,607
100 Coflexip SA 8,582
200 CPR 8,919
500 Danone 128,856
600 Dassault Systems SA 19,823
1,700 Elf Aquitaine SA 249,373
200 Eridania Beghin-Say 28,658
100 Essilor International SA 31,245
6,300 France Telecom SA 475,712
100 Groupe GTM 10,721
100 Imetal 14,844
400 L' Oreal SA 270,289
600 Lafarge SA 57,027
700 Lagardere Sca 26,050
200 Legrand SA 40,698
600 LVMH Moet Hennessy Louis Vuitton 175,595
500 LVMH Moet-Hennssey Louis Vuitton SA 14,612
800 +Michelin Cl. B 32,715
200 Natexis SA 10,504
200 Nord Est SA 5,484
200 Pathe 23,998
400 Pechiney International NV Cl. A 17,186
300 Pernod Ricard 20,102
300 Peugeot SA 47,316
700 Pinault-Printemps-Redoute SA 120,073
100 Primagaz 8,762
100 Promodes 65,614
2,200 Rhone-Poulenc SA Cl. A 100,489
600 Saint-Gobain 95,560
4,500 Sanofi SA 190,888
900 Schneider SA 50,517
100 Seb SA 7,474
100 Sefimeg 6,958
300 Seita 17,318
200 Sidel SA 24,308
100 Simco SA 8,453
400 Skis Rossignol SA 5,369
600 Societe Generale de France SA 105,703
200 Sodexho Alliance 34,430
200 Sommer Allibert 5,484
900 Suez Lyonnaise Des Eaux SA 162,266
100 Technip SA 11,216
1,200 Thomson-C.S.F. 41,688
1,500 Total SA Cl. B 193,439
60 Unibail SA 7,676
1,200 Usinor Sacilor 17,875
500 Valeo SA 41,234
3,300 Vivendi SA 267,212
40 Zodiac SA 8,725
-------------
Total Investments in France 4,580,821
- --------------------------------------------------------------------------------
GERMANY: 9.2%
300 Adidas-Salomon AG 29,766
1,500 Allianz Holdings AG 415,948
200 Amb Aach & Municipal Bet 20,308
200 Axa Colonia Konzern AG 19,174
3,800 BASF AG 167,853
4,400 Bayer AG 183,244
2,500 Bayerische Vereinsbank AG 162,359
500 Beiersdorf AG 33,245
700 Continental AG 16,597
6,200 DaimlerChrysler AG 536,867
3,700 Deutsche Bank AG 225,607
13,500 +Deutsche Telekom AG 566,401
200 Douglas Holdings AG 8,968
3,200 Dresdner Bank AG 125,021
300 Heidelberger Zement AG 24,740
400 Hochtief AG 18,390
100 Karstadt AG 48,038
100 Linde AG 59,892
2,200 Lufthansa AG 39,869
MSF-59
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
GERMANY:(CONTINUED)
600 MAN AG 20,473
2,400 Mannesmann AG 358,736
1,000 Merck KGaA 32,513
1,600 Metro AG 99,291
800 Muenchener Rueckversicherungs AG (registered
shares) 148,030
300 Muenchener Rueckversicherungs AG 54,738
1,000 Preussag AG 53,707
500 Rheinmetall AG 10,824
2,800 RWE AG 129,570
400 SAP AG 135,248
400 Schering AG 42,389
100 SGL Carbon AG 7,731
3,500 Siemens AG 269,877
3,200 *Thyssen Krupp AG 70,362
3,100 VEBA AG 182,151
200 Viag AG 94,426
1,900 Volkswagen AG (Pvt.) 121,630
-------------
Total Investments in Germany 4,533,983
- --------------------------------------------------------------------------------
HONG KONG: 2.5%
8,000 +Bank of East Asia Ltd. 20,261
18,000 Cathay Pacific Airways 27,608
14,000 Cheung Kong Infrastructure Holdings Ltd. 124,507
36,000 *Chinese Estates Holdings Ltd. 6,542
15,000 CLP Holdings Ltd. 72,887
7,000 Hang Lung Development Co., Ltd. 8,661
12,000 Hang Seng Bank Ltd. 134,174
27,900 Hong Kong & China Gas Co., Ltd. 40,455
4,000 Hong Kong Aircraft Engineering Co. 7,733
72,400 Hong Kong Telecommunications Ltd. 188,031
10,000 Hongkong and Shanghai Hotels Ltd. 8,507
15,000 Hopewell Holdings Ltd. 11,407
24,000 Hutchison Whampoa Ltd. 217,307
6,000 Hysan Development Co., Ltd. 9,048
5,000 Johnson Electric Holdings Ltd. 20,622
4,000 Miramar Hotel & Investment Ltd. 4,872
13,000 +New World Development Co., Ltd. 38,957
76,000 *Regal Hotels International Holdings Ltd. 9,208
9,000 Shangri La Asia Ltd. 11,136
22,000 Shun Tak Holdings Ltd. 5,884
16,000 Sino Land Co., Ltd. 9,177
16,000 South China Morning Post Ltd. 8,971
15,000 Sun Hung Kai Properties Ltd. 136,784
9,000 Swire Pacific Ltd. Cl. A 44,544
2,000 Television Broadcasts Ltd. 9,383
14,000 Wharf Holdings Ltd. 43,668
2,000 Wing Lung Bank Ltd. 7,785
-------------
Total Investments in Hong Kong 1,228,119
- --------------------------------------------------------------------------------
IRELAND: 0.4%
5,200 Allied Irish Banks PLC 68,345
1,100 Clondalkin Group Plc 7,371
2,300 CRH PLC 40,780
1,600 DCC PLC 13,030
2,100 Fyffes PLC 4,546
1,000 Independent Newspapers PLC 4,794
500 Irish Continental Group Plc 6,391
1,200 Irish Life PLC 10,515
1,600 Irish Permanent PLC 16,906
6,500 Jefferson Smurfit Group PLC 15,244
700 Jurys Hotel Group Plc 5,556
800 Kerry Group PLC 9,484
600 *Ryanair Holdings PLC Cl. A 6,216
-------------
Total Investments in Ireland 209,178
- --------------------------------------------------------------------------------
ITALY: 4.2%
8,900 Alitalia Linee Aeree Italiane SPA 23,120
700 Arnoldo Mondadori Editore SPA 12,123
6,300 Assicuraziono Generali SPA 218,210
10,900 +Banca Commerciale Italiana SPA 79,553
14,300 +Banca Intesa SPA 68,694
3,400 Banca Intesa SPA (non-cvt.) 7,606
1,500 Banca Populare di Milano SPA 11,582
MSF-60
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
ITALY:(CONTINUED)
11,200 Benetton Group SPA $ 22,052
1,400 Bulgari SPA 9,410
1,100 +Burgo (Cartiere) SPA 7,053
9,200 Cementir SPA 9,768
800 Danieli & C. Officine Meccaniche SPA 4,866
1,600 Danieli & C. Officine Meccaniche SPA (non cvt.) 4,486
3,600 Edison SPA 31,173
48,400 ENI SPA 288,881
21,100 Fiat SPA 66,775
4,700 Fiat SPA (non-cvt.) 8,018
25,500 Immobiliare Metanopoli SPA 11,303
10,500 *Impregilo SPA 8,865
22,600 +Instituto Nazionale Delle Assicurazioni SPA 52,419
800 Italcementi SPA 10,143
1,900 Italcementi SPA (non-cvt.) 9,519
3,200 Italgas 13,426
5,800 Magneti Marelli SPA 7,683
1,000 Manifattura Lane G. Marzotto & Figli SPA 7,773
7,200 Mediaset SPA 63,979
3,500 Mediobanca SPA 36,621
14,716 Montedison SPA 23,968
5,928 Montedison SPA (non cvt.) 6,875
18,300 *Oliveti SPA (rts.) 2,462
18,300 *+Olivetti SPA 43,954
6,600 Parmalat Finanziaria SPA 8,641
2,200 Pirelli SPA (non cvt.) 4,354
10,500 Pirelli SPA 28,575
2,600 RAS 25,247
900 RAS (non-cvt.) 7,589
2,000 Reno De Medici SPA 4,762
2,100 Rinascente LA SPA 7,577
900 Rinascente SPA 6,810
1,800 Sai(Soc Assic) (non cvt.) 9,463
900 Sai(Soc Assic) 9,278
8,400 +San Paolo-Imi SPA 114,301
1,500 Sirti SPA 7,236
6,700 SNIA BPD 8,392
5,500 Snia BPD SPA (non cvt.) 4,315
8,900 Telecom Italia Mobile SPA (non-cvt.) 32,753
40,200 Telecom Italia Mobile SPA 239,939
5,400 Telecom Italia SPA (non-cvt.) 29,280
22,300 Telecom Italia SPA 231,719
29,000 Unicredito Italiano SPA 127,351
------------
Total Investments in Italy 2,079,942
- --------------------------------------------------------------------------------
JAPAN: 23.7%
2,000 +77th Bank Ltd. 17,525
1,000 Acom Co., Ltd. 86,385
1,000 Advantest Corp. 109,945
4,000 Ajinomoto General Foods, Inc. 45,631
1,000 Alps Electric Co., Ltd. 23,436
2,000 Amada Co., Ltd. 14,136
1,000 Amano Corp. 8,250
1,000 Arabian Oil Co., Ltd. 17,814
17,000 Asahi Bank Ltd. 81,508
3,000 Asahi Breweries Ltd. 37,348
9,000 Asahi Chemical Industry Co., Ltd. 49,921
7,000 Asahi Glass Co., Ltd. 45,424
6,000 Ashikaga Bank Ltd. 11,705
200 Autobacs Seven Co., Ltd. 9,721
29,000 Bank of Tokyo 413,053
7,000 Bank of Yokohama Ltd. 17,996
5,000 Bridgestone Corp. 151,277
2,000 Brother Industries Ltd. 6,894
5,000 Canon Inc. 143,837
2,000 Casio Computer Co. 15,210
4,000 +Chiba Bank Ltd. 14,781
4,000 Chiyoda Corp. 8,267
2,000 Chugai Pharmaceutical Co., Ltd. 21,559
2,000 Citizen Watch Co., Ltd. 17,360
1,000 Credit Saison Co., Ltd. 20,914
MSF-61
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
JAPAN:(CONTINUED)
5,000 Dai-Nippon Printing Co., Ltd. $ 79,979
2,000 Daicel Chemical Industries Ltd. 7,357
4,000 +Daiei, Inc. 13,689
1,000 Daifuku Co., Ltd. 6,985
2,000 Daiichi Pharmaceutical Co., Ltd. 31,049
2,000 Daikin Industries Ltd. 23,229
3,000 Daikyo, Inc. 10,664
2,000 Daimaru, Inc. 9,788
4,000 Dainippon Ink & Chemicals, Inc. 13,623
2,000 Dainippon Screen Manufacturing Co., Ltd. 10,333
1,000 Daito Trust 11,160
3,000 Daiwa House Industry Co., Ltd. 31,570
3,000 Daiwa Kosho Lease Co., Ltd. 13,144
8,000 Daiwa Securities Co., Ltd. 52,906
3,000 Denki Kagaku Kogyo Kabushiki Kaisha 6,572
6,000 Denso Corp. 122,014
24 East Japan Railway Co. 128,958
2,000 +Ebara Corp. 23,791
2,000 Eisai Co., Ltd. 39,431
1,000 Ezaki Glico Co. 5,993
1,000 Fanuc Ltd. 53,732
21,000 +Fuji Bank Ltd. 146,516
3,000 Fuji Photo Film Ltd. 113,582
2,000 Fujikura 9,556
12,000 Fujita Corp. 8,928
1,000 Fujita Kanko Inc. 9,506
12,000 Fujitsu Ltd. 241,547
3,000 Furukawa Electric Co., Ltd. 13,764
3,000 +Gunma Bank Ltd. 18,848
3,000 Gunze Ltd. 7,936
5,000 Hankyu Corp. 19,840
1,000 Hankyu Department Stores, Inc. 6,638
10,000 *Haseko Corp. 8,515
3,000 Higo Bank Ltd. 12,276
20,000 Hitachi Ltd. 187,650
9,000 Hitachi Zosen Corp. 10,862
4,000 Hokuriku Bank 7,936
6,000 Honda Motor Co., Ltd. 254,443
1,000 House Food Corp. 14,747
1,000 Hoya Corp. 56,460
1,000 Inax Corp. 6,109
16,000 Industrial Bank of Japan Ltd. 126,974
1,000 Isetan Co., Ltd. 8,622
7,000 *Ishihara Sangyo Kaisho Ltd. 13,251
3,000 Ito-Yokado Co., Ltd. 200,876
7,000 Itochu Corp. 17,418
3,000 Itoham Foods, Inc. 12,201
4,000 Iwatani International Corp. 9,523
2,000 Jaccs Co., Ltd. 9,159
11,000 Japan Airlines Co. 36,373
5,000 Joyo Bank 19,468
2,000 Jusco Co., Ltd. 36,373
5,000 Kajima Corp. 18,186
1,000 Kaken Pharmaceutical Co., Ltd. 7,159
2,000 Kamigumi Co., Ltd. 10,267
1,000 Kandenko Co. 6,134
4,000 *Kanebo Ltd. 6,547
2,000 Kaneka Corp. 18,848
6,000 Kansai Electric Power Co., Inc. 114,078
2,000 Kansai Paint Co., Ltd. 6,134
4,000 Kao Corp. 112,425
1,000 Katokichi Co., Ltd. 17,277
7,000 Kawasaki Heavy Industry 18,980
3,000 Kawasaki Kisen Kaisha Ltd. 6,473
19,000 Kawasaki Steel Corp. 35,496
2,000 Keihin Electric Express Railway 6,613
1,000 Kikkoman Corp. 8,473
2,000 Kinden Corp. 21,576
9,000 Kinki Nippon Railway Co., Ltd. 44,267
6,000 Kirin Brewery Co., Ltd. 71,919
MSF-62
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
JAPAN:(CONTINUED)
1,000 Kissei Pharmaceutical Co., Ltd. $ 19,881
1,000 Kokuyo Co., Ltd. 16,120
6,000 Komatsu Ltd. 38,340
1,000 Komori Corp. 18,021
300 Konami Co., Ltd. 12,400
3,000 Konica Corp. 12,375
1,000 Koyo Seiko Co., Ltd. 8,721
8,000 Kubota Ltd. 23,940
6,000 Kumagai-Gumi Co., Ltd. 6,696
7,000 Kurabo Industries 9,374
2,000 Kuraray Co., Ltd. 24,072
1,000 Kurita Water Industries, Ltd. 17,938
1,000 Kyocera Corp. 58,692
2,000 Kyowa Hakko Kogyo Co., Ltd. 11,457
1,000 Kyudenko Corp. 5,720
2,000 +Lion Corp. 8,267
1,000 Maeda Road Construction Co., Ltd. 6,737
1,000 Makino Milling Machine Co., Ltd. 6,853
1,000 Makita Corp. 11,317
8,000 Marubeni Corp. 16,731
8,000 Maruha Corp. 9,986
2,000 Marui Co., Ltd. 33,066
13,000 Matsushita Electric Industrial Co., Ltd. 252,542
2,000 Meiji Milk Products Co., Ltd. 7,159
2,000 Meiji Seika Kaisha 11,193
2,000 Minebea Co., Ltd. 22,320
2,000 +Misawa Homes Co. Ltd. 8,415
12,000 Mitsubishi Chemical Corp. 41,564
9,000 Mitsubishi Corp. 61,007
12,000 Mitsubishi Electric Corp. 46,127
8,000 Mitsubishi Estate Co., Ltd. 78,102
3,000 Mitsubishi Gas Chemical Co., Inc. 9,473
20,000 Mitsubishi Heavy Industries Ltd. 81,177
1,000 Mitsubishi Logistics Corp. 11,251
5,000 Mitsubishi Materials Corp. 11,201
7,000 Mitsubishi Paper Mills Ltd. 13,135
4,000 Mitsubishi Rayon Co., Ltd. 11,408
8,000 Mitsubishi Trust & Banking Corp. 77,771
10,000 Mitsui & Co., Ltd. 69,769
5,000 *Mitsui Engineering & Shipbuilding 5,663
5,000 Mitsui Fudosan Co., Ltd. 40,506
4,000 Mitsui Marine & Fire Insurance Co., Ltd. 19,674
3,000 Mitsui Mining Co., Ltd. 15,500
7,000 Mitsui O.S.K. Lines, Ltd. 15,045
7,000 Mitsui Trust & Banking Corp. 11,168
3,000 Mitsui-Soko Co., Ltd. 9,969
3,000 Mitsukoshi Ltd. 13,045
1,000 Mori Seiki Co., Ltd. 13,640
1,000 Murata Manufacturing Co., Ltd. 65,801
2,000 Mycal Corp. 12,565
2,000 Nagase & Co., Ltd. 9,506
4,000 +Nagoya Railroad Co., Ltd. 13,160
300 Namco Ltd. 8,060
3,000 Nankai Electric Railway Co., Ltd. 13,913
10,000 NEC Corp. 124,411
2,000 NGK Insulators Ltd. 20,898
1,000 NGK Spark Plug Co., Ltd. 10,292
2,000 Nichido Fire & Marine Insurance Co., Ltd. 10,300
3,000 Nichirei Corp. 7,936
2,000 Nikon Corp. 32,735
1,000 Nippon COMSYS Corp. 16,244
6,000 Nippon Express Co., Ltd. 35,959
3,000 Nippon Fire & Marine Insurance 10,168
6,000 Nippon Light Metal Co. 8,977
1,000 Nippon Meat Packers, Inc. 13,061
8,000 Nippon Mitsubishi Oil Co., Ltd. 33,727
5,000 Nippon Paper Industries Co., Ltd. 26,081
3,000 Nippon Sharyo Ltd. 9,672
2,000 Nippon Sheet Glass Co., Ltd. 7,126
2,000 Nippon Shinpan Co. 6,646
MSF-63
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
JAPAN:(CONTINUED)
1,000 Nippon Shokubai Co., Ltd. $ 5,952
41,000 Nippon Steel Corp. 95,238
6,000 Nippon Suisan Kaisha, Ltd. 9,473
78 Nippon Telephone & Telegraph Corp. 909,151
7,000 Nippon Yusen Kabushiki Kaisha 26,965
15,000 Nissan Motor Co., Ltd. 71,671
2,000 Nisshinbo Industries, Inc. 9,110
1,000 Nissin Food Products Co, Ltd. 24,386
1,000 Nitto Denko Corp. 20,997
16,000 NKK Corp. 13,094
3,000 NOF Corp. 7,737
12,000 Nomura Securities Co., Ltd. 140,564
3,000 NSK Ltd. 16,467
2,000 NTN Corp. 6,828
4,000 Obayashi Corp. 20,137
4,000 Odakyu Electric Railway Co., Ltd. 13,392
6,000 Oji Paper Co., Ltd. 34,719
2,000 Okuma Corp. 9,292
3,000 Okumura Corp. 11,160
2,000 Olympus Optical Co., Ltd. 29,578
2,000 Omron Corp. 34,719
1,000 Onward Kashiyama Co., Ltd. 10,994
2,000 Orient Corp. 5,820
14,000 Osaka Gas Co., Ltd. 47,566
7,000 Penta-Ocean Construction 12,210
1,000 Pioneer Electronic Corp. 19,468
1,000 Q.P. Corp. 7,192
6,000 *Renown, Inc. 8,432
1,000 Rohm Co. 156,650
24,000 Sakura Bank Ltd. 91,064
1,000 Sanden Corp. 7,977
3,000 Sankyo Co., Ltd. 75,639
1,000 Sanrio Co., Ltd. 34,058
2,000 Sanwa Shutter Corp. 10,846
11,000 Sanyo Electric Co., Ltd. 44,738
2,000 Sapporo Breweries Ltd. 8,878
1,000 Secom Co. 104,158
1,000 Sega Enterprises, Ltd. 13,235
1,000 Seino Transportation Co., Ltd. 5,952
3,000 Sekisui Chemical Co., Ltd. 17,409
4,000 Sekisui House Ltd. 43,184
7,000 Sharp Corp. 82,748
1,000 Shimachu Co., Ltd. 22,154
1,000 Shimano, Inc. 23,684
4,000 Shimizu Corp. 15,607
3,000 Shin-Etsu Chemical Co., Ltd. 100,438
2,000 Shionogi & Co., Ltd. 15,822
3,000 Shiseido Co., Ltd. 44,986
5,000 Shizuoka Bank 49,847
5,000 Showa Denko K.K. 6,407
1,000 Skylark Co., Ltd. 21,493
2,000 Snow Brand Milk Products Co., Ltd. 9,771
2,500 Sony Corp. 269,695
19,000 Sumitomo Bank Ltd. 235,753
9,000 Sumitomo Chemical Co., Ltd. 41,291
6,000 Sumitomo Corp. 43,895
4,000 Sumitomo Electric Industries 45,499
1,000 Sumitomo Forestry Co., Ltd. 7,787
4,000 Sumitomo Heavy Industry, Ltd. 8,928
4,000 Sumitomo Marine & Fire Insurance Co. 24,138
19,000 Sumitomo Metal Industries Ltd. 23,717
3,000 Sumitomo Metal Mining Co., Ltd. 12,400
5,000 Sumitomo Osaka Cement Co., Ltd 9,713
5,000 Taiheiyo Cement Corp. 14,342
5,000 +Taisei Corp. 10,994
2,000 Taisho Pharmaceutical Co., Ltd. 66,132
1,000 Taiyo Yuden Co., Ltd. 16,417
1,000 Takara Shuzo Co., Ltd. 8,159
1,000 Takara Standard Co., Ltd. 6,283
2,000 Takashimaya Co. 19,129
MSF-64
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
JAPAN:(CONTINUED)
5,000 Takeda Chemical Industries Ltd. $ 231,876
1,000 Takuma Co., Ltd. 9,225
5,000 Teijin Ltd. 20,253
2,000 Teikoku Oil Co., Ltd. 6,481
5,000 Toa Corp. 9,300
4,000 Tobu Railway Co., Ltd. 11,342
2,000 Toei Co., Ltd. 8,184
3,000 Tohoku Electric Power Co., Inc. 45,433
14,000 Tokai Bank Ltd. 79,855
10,000 Tokio Marine & Fire Insurance Co., Ltd. 108,705
1,000 Tokyo Broadcasting System 14,466
1,000 Tokyo Dome Corp. 5,803
8,000 Tokyo Electric Power 168,968
1,000 Tokyo Electron Ltd. 67,868
17,000 Tokyo Gas Co., Ltd. 41,878
1,000 Tokyo Style Co. 10,746
4,000 Tokyo Tatemono Co., Ltd. 9,258
4,000 Tokyotokeiba Co., Ltd. 6,547
5,000 Tokyu Corp. 12,606
4,000 Toppan Printing Co., Ltd. 44,672
8,000 Toray Industries, Inc. 40,076
3,000 Tosoh Corp. 8,382
1,000 Tostem Corp. 19,220
2,000 Toto Ltd. 15,458
1,000 Toyo Exterior Co., Ltd. 11,573
1,000 Toyo Seikan Kaisha 22,485
6,000 Toyobo Co., Ltd. 9,077
2,000 +Toyoda Automatic Loom 33,975
23,000 Toyota Motor Corp. 728,197
200 Trans Cosmos, Inc. 14,549
3,000 Tsubakimoto Chain Co. 10,689
3,000 Ube Industries Ltd. 6,473
1,000 Uniden Corp. 10,168
11,000 *Unitika, Ltd. 10,002
1,000 Uny Co., Ltd. 15,045
1,000 Wacoal Corp. 10,184
1,000 Yamaguchi Bank Ltd. 9,052
1,000 Yamaha Corp. 12,028
2,000 Yamanouchi Pharmaceuticals Ltd. 76,548
3,000 +Yamato Transport Co., Ltd. 52,327
1,000 Yamazaki Baking Co., Ltd 12,416
--------------
Total Investments in Japan 11,629,098
- --------------------------------------------------------------------------------
NETHERLANDS:5.6%
8,800 ABN-AMRO Holdings NV 190,501
3,600 Aegon Insurance Group NV 261,073
1,700 Akzo Nobel NV 71,500
600 Buhrmann NV 9,680
4,500 Elsevier NV 52,187
500 Getronics NV 19,225
600 Hagemeyer NV 19,607
1,900 Heineken NV 97,245
600 Hollandsche Beton Groep NV 7,670
200 IHC Caland NV 7,834
5,800 ING Groep NV 313,894
400 KLM Royal Dutch 11,319
3,800 Koninklijke Ahold NV 130,836
200 Koninklijke Hoogovens CVA NV 10,432
2,900 Koninklijke KPN NV 136,021
300 Koninklijke Nedlloyd Groep NV 7,422
400 Oce NV 10,185
2,132 Philips Electronics NV 210,217
13,200 Royal Dutch Petroleum Co. 772,890
400 Stork NV 9,113
2,900 TNT Post Groep NV 69,206
3,525 Unilever NV 237,465
600 Vedior 10,205
1,600 Wolters Kluwer NV 63,665
--------------
Total Investments in Netherlands 2,729,392
- --------------------------------------------------------------------------------
NEW ZEALAND:0.2%
9,000 Carter Holt Harvey Ltd. 10,769
MSF-65
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
NEW ZEALAND:(CONTINUED)
18,000 *Fletcher Challenge Ltd. (forest shares) $ 10,102
8,500 Fletcher Challenge Ltd. (bldg. shares) 12,376
400 Fletcher Challenge Ltd. (energy shares) 1,084
11,600 Fletcher Challenge Ltd. (paper shares) 8,660
4,800 Lion Nathan Ltd. 11,487
9,700 Telecom Corp. of New Zealand 41,599
--------------
Total Investments in New Zealand 96,077
- --------------------------------------------------------------------------------
NORWAY: 0.4%
900 Aker Rgi ASA Cl. A 12,220
900 Bergesen D.Y. ASA Cl. A 13,248
2,600 Christiania Bank og Kreditkasse 9,337
2,800 Den Norske Bank ASA 9,238
300 Dyno Industrier ASA 5,406
400 Elkem ASA 7,106
800 Hafslund ASA 5,330
700 Kvaerner Industries Cl. A 14,390
1,300 Merkantildata ASA 12,537
1,800 *NCL Holdings ASA 6,007
1,300 +Norsk Hydro ASA 48,994
300 Norske Skogsindustrier ASA Cl. A 11,040
700 Orkla ASA Cl. A 10,881
300 Orkla ASA Cl. B 4,073
300 *Petroleum Geo-Services 4,511
400 Schibsted ASA 4,492
700 Smedvig ASA 6,485
1,200 *Storebrand ASA Cl. A 8,071
200 Tomra Systems ASA 7,512
--------------
Total Investments in Norway 200,878
- --------------------------------------------------------------------------------
PORTUGAL: 0.5%
1,200 Banco Comercial Portugues SA 31,086
700 Banco Espirito Santo & Comercial SA 16,279
600 BPI-SGPA SA 12,587
300 Brisa Auto-Estradas de Portugal SA 12,370
500 Cimpor-Cimento de Portugal SA 12,886
200 CIN-Corp. Industrial do Norte SA 5,152
200 Companhia De Seguros Tranquilid SA 5,031
900 Corticeira Amorim SGPS SA 8,953
3,600 Electricidade de Portugal SA 64,795
600 Inapa, Investmentos Participacoes e Gestao SA 4,824
500 Jeronimo Martins SGPS SA 16,509
1,300 Portucel Industrial Celulose SA 7,143
1,100 Portugal Telecom SA 44,734
1,100 Portugal Telecom SA (rts.) 11
200 Sonae Investimentos SA 6,800
--------------
Total Investments in Portugal 249,160
- --------------------------------------------------------------------------------
SINGAPORE: 1.0%
5,000 +City Development Ltd. 32,021
1,000 Creative Technology Ltd. 13,043
1,000 Cycle & Carriage Ltd. 5,758
5,000 DBS Land Ltd. 9,988
5,000 Development Bank of Singapore Ltd. (foreign shares) 61,105
2,000 Fraser and Neave Ltd. 8,872
5,000 Keppel Corp. 17,039
6,000 Natsteel Ltd. 10,505
12,000 *Neptune Orient Lines Ltd. 14,665
7,000 Overseas Chinese Banking Corp., Ltd. (foreign
shares) 58,402
3,000 Overseas Union Enterprise, Ltd. 9,518
4,000 +Parkway Holdings 9,871
8,000 *Sembcorp Logistics Ltd. 12,691
6,000 Singapore Airlines Ltd. (foreign shares) 57,109
2,000 Singapore Press Holdings Ltd. 34,078
16,000 +Singapore Technologies Engineering 18,143
37,000 +Singapore Telecommunications Ltd. 63,478
5,000 Straits Trading Co., Ltd. 6,639
13,000 +United Industrial Corp., Ltd. 8,784
6,000 United Overseas Bank Ltd. (foreign shares) 41,951
1,000 Venture Manufacturing Ltd. 7,697
--------------
Total Investments in Singapore 501,357
- --------------------------------------------------------------------------------
SPAIN: 3.0%
200 Acerinox SA 5,845
MSF-66
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
SPAIN:(CONTINUED)
200 +ACS Actividades SA $ 5,723
200 Aguas De Barcelona SA 10,412
1,400 *Aguila SA 13,393
2,900 Argentaria Corp. Bancaria de Espana 66,037
1,200 Asturiana De Zinc 14,622
1,300 Autopistas Concesionares Espanola SA 15,210
1,300 Autopistas Concesionares Espanola SA (rts.) 750
500 Azucarera Ebro SA 7,649
23,140 Banco Central Hispanoamericano SA 240,924
12,600 Banco de Bilbao Vizcaya SA 181,972
100 Corporacion Financiera Alba SA 16,184
400 Corporacion Mapfre, CIA Internacional de
Reaseguros SA 8,144
200 Cortefiel SA 5,257
400 Empresa Nacional Celulosas SA 7,133
5,800 +Endesa SA 123,644
6,100 *Ercros SA 4,968
300 Fomento de Construcciones y Contratas SA 17,164
900 Gas Natural SDG SA 65,407
900 Grupo Dragados SA 10,549
5,300 +Iberdrola SA 80,696
700 *Inmobilaria Ubris SA 9,669
300 +Metrovacesa SA 5,873
300 Metrovacesa SA (rts.) 291
200 Portland Valderrivas SA 6,288
600 Prosegur, Compania De Seguridad SA 6,692
15,700 *Puleva SA 8,092
5,400 Repsol SA 110,219
200 Sol Melia SA 8,443
900 Tabacalera Contreras Cigar Co. Cl. A 18,184
1,100 *Tele Pizza SA 5,692
6,500 Telefonica de Espagna SA 312,982
1,600 Union Electric Fenosa SA 20,914
900 Uralita SA 7,561
800 Vallehermoso SA 7,744
700 +Viscofan SA 7,938
200 Zardoya-Otis SA 5,020
--------------
Total Investments in Spain 1,443,285
- --------------------------------------------------------------------------------
SWEDEN: 2.4%
1,000 AGA AB Cl. A 12,487
600 +AGA AB Cl. B 7,421
700 Atlas Copco AB Cl. A 19,089
500 +Atlas Copco AB Cl. B 13,429
1,300 Diligentia AB 10,107
1,200 Drott AB Cl. B 9,754
2,300 Electrolux AB Cl. B 48,227
12,000 Ericsson (L.M.) Telephone Cl. B 385,204
900 Esselte AB Cl. A 9,012
600 Esselte AB Cl. B 6,220
3,300 Foreningssparbanken AB Cl. A 46,649
500 Granges AB 8,482
5,000 Hennes & Mauritz AB 123,690
800 *Netcom AB Cl. B 26,953
700 OM Gruppen AB 7,916
500 S.K.F AB Cl. A 8,835
500 S.K.F. AB Cl. B 9,247
1,000 Sandvik AB Cl. A 21,852
400 Sandvik AB Cl. B 8,859
2,400 Securitas AB Cl. B 35,905
3,800 Skand Enskilda BKN Cl. A 44,316
3,100 Skandia Foersaekrings AB 58,063
900 Skanska AB Cl. B 33,979
800 SSAB Svenskt Stal AB Cl. A 9,942
800 SSAB Svenskt Stal AB Cl. B 10,037
1,400 Svenska Cellulosa AB Cl. B 36,282
600 Svenska Handelsbanken AB Cl. B 6,644
3,900 Svenska Handelsbanken AB Ser. A 46,861
2,400 *Swedish Match AB 8,566
1,100 Trelleborg AB Cl. B 9,718
800 Volvo AB Cl. A 23,089
MSF-67
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
SWEDEN:(CONTINUED)
1,900 Volvo AB Cl. B $ 55,171
600 +Wm-data AB Cl. B 22,900
--------------
Total Investments in Sweden 1,184,906
- --------------------------------------------------------------------------------
SWITZERLAND:6.4%
44 Alusuisse Lonza Group Ltd. 51,269
1,600 Credit Suisse Group 276,767
100 Danzas Holding AG 36,846
20 Forbo Holding AG 7,948
30 Georg Fischer, Ltd. 9,781
100 Holderbank Financiere Glarus AG (registered shares) 31,831
34 Holderbank Financiere Glarus AG (bearer shares) 40,120
27 Holderbank Financiere Glarus AG (rts.) 396
100 Holderbank Financiere Glarus AG (rts.) 608
100 Jelmoli Holdings Ltd. AG (registered shares) 18,262
10 Jelmoli Holdings Ltd. AG (bearer shares) 9,260
20 Moevenpick Holding 8,642
241 Nestle SA 434,082
421 Novartis AG 614,539
10 Roche Holdings AG (bearer shares) 164,620
43 Roche Holdings AG (genusshein) 441,862
100 Sairgroup 20,931
5 Schindler Holdings AG (registered shares) 7,716
6 Schindler Holdings AG (part. certificate) 9,183
40 SGS Societe Generale de Surveillance Holding
SA (registered shares) 9,903
10 SGS Societe Generale de Surveillance Holdings
SA (bearer shares) 10,353
30 Sika Finanz AG 8,951
100 Swatch Group 14,276
89 +Swiss Reinsurance AG 169,404
500 Swisscom AG 188,091
1,300 UBS AG 387,885
40 Valora Holdings AG 9,208
300 Zurich Allied AG 170,536
--------------
Total Investments in Switzerland 3,153,270
- --------------------------------------------------------------------------------
UNITED KINGDOM:21.2%
8,500 Abbey National PLC 159,639
9,400 Allied Zurich PLC 118,164
2,000 AMEC PLC 8,149
1,400 Anglian Water, Inc. 15,491
5,600 Arjo Wiggins Appleton PLC 19,464
4,224 Associated British Foods PLC 27,531
3,632 AstraZeneca Group PLC 141,618
7,300 AstraZeneca Group PLC 282,258
9,900 B.A.T. Industries PLC 93,395
6,200 BAA PLC 59,741
9,300 Barclays PLC 270,461
1,400 Barratt Developments PLC 7,856
4,800 Bass PLC 69,607
2,100 BBA Group PLC 16,087
700 Berkeley Group PLC 8,397
24,300 BG PLC 148,232
5,300 BICC PLC 7,519
5,100 Blue Circle Industries PLC 34,004
3,100 BOC Group PLC 60,689
5,600 Boots Co. PLC 66,467
1,100 Bowthorpe PLC 9,614
3,200 BPB PLC 18,965
10,400 British Aerospace PLC 67,703
7,100 British Airways PLC 49,018
3,500 British Land Co. 29,239
59,700 British Petroleum Co. PLC 1,069,000
10,600 British Sky Broadcasting Group PLC 98,328
10,500 British Steel PLC 27,184
39,500 British Telecommunications PLC 661,221
2,900 Bunzl PLC 14,376
1,133 Burmah Castrol PLC 21,484
14,500 Cable & Wireless PLC 184,902
13,100 Cadbury Schweppes PLC 83,605
3,900 Caradon PLC 9,190
3,900 Carlton Communications PLC 32,335
MSF-68
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
UNITED KINGDOM:(CONTINUED)
26,080 Centrica PLC $ 61,252
7,800 CGU PLC 112,313
11,700 Coats Viyella PLC 9,406
600 Cobham PLC 9,500
4,400 Compass Group PLC 43,659
3,500 Courtaulds Textiles PLC 8,993
1,700 De LA Rue PLC 10,196
3,400 Delta PLC 7,932
21,000 Diageo PLC 220,620
2,200 Electrocomponents PLC 16,194
5,700 Elementis PLC 9,344
4,300 EMI Group PLC 34,669
4,700 FKI PLC 14,599
16,400 General Electric Co. PLC 166,607
4,300 GKN PLC 73,404
22,200 Glaxo Wellcome PLC 616,922
5,400 Granada Group PLC 100,013
2,500 Great Portland Estates PLC 8,640
6,200 Great University Stores PLC 69,142
13,965 Halifax PLC 166,413
1,800 Hammerson PLC 13,449
4,000 Hanson PLC 35,939
3,000 Hepworth PLC 9,363
9,200 Hilton Group PLC 36,761
11,600 HSBC Holdings PLC 410,121
5,600 HSBC Holdings PLC 198,431
800 Hyder PLC 9,445
1,800 IMI PLC 7,296
4,800 Imperial Chemical Industries PLC 47,401
23,114 Invensys PLC 109,300
11,300 J. Sainsbury PLC 71,247
1,900 Jarvis PLC 9,284
1,600 Johnson Matthey Public Ltd. Co. 15,636
8,400 Kingfisher PLC 98,021
1,700 Laird Group PLC 7,047
3,100 Land Securities PLC 41,583
5,900 Lasmo PLC 13,299
32,300 Legal and General Goup PLC 82,224
800 Lex Service PLC 7,352
33,400 Lloyds TSB Group PLC 453,552
1,800 Lonrho PLC 16,740
17,600 Marks & Spencer PLC 101,536
1,800 MEPC PLC 14,654
800 Meyer International PLC 5,239
3,200 Misys PLC 27,389
8,700 National Grid Co. PLC 60,613
7,200 National Power PLC 52,319
2,100 Next PLC 25,488
1,200 Ocean Group PLC 19,766
3,900 P & O PLC 58,492
3,600 Pearson PLC 73,144
7,000 Pilkington PLC 9,534
1,700 Provident Financial PLC 23,366
12,000 Prudential Corp. PLC 176,855
1,700 Racal Electronics 10,357
3,000 Railtrack Group PLC 61,332
4,000 Rank Group PLC 15,920
6,600 Reed International PLC 43,902
17,000 Rentokil Group PLC 65,919
8,700 Reuters Group PLC 114,438
2,200 Rexam PLC 8,912
6,400 Rio Tinto-Zinc PLC 107,235
1,600 RMC Group PLC 25,724
10,100 Rolls Royce PLC 42,666
8,363 Royal & Sun Alliance Insurance Group PLC 74,941
5,300 Royal Bank Scotland Group PLC 108,604
4,200 Rugby Group PLC 7,481
6,900 Safeway PLC 27,517
1,800 Schroders PLC 36,317
3,400 Scottish & Newcastle Breweries 35,532
MSF-69
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
UNITED KINGDOM: (CONTINUED)
5,000 Scottish & Southern PLC $ 51,071
7,100 Scottish Power PLC 60,769
2,200 Slough Estates PLC 12,553
34,300 SmithKline Beecham PLC 446,039
1,800 Smiths Industries PLC 23,890
2,600 St. James Place Capital 9,631
7,700 Stagecoach Holdings PLC 27,521
972 Sun Life & Provincial Holding PLC 6,941
6,400 Tarmac PLC 12,005
2,200 Tate & Lyle PLC 13,698
3,200 Taylor Woodrow PLC 9,231
39,600 Tesco PLC 102,680
2,000 Thames Water PLC 31,714
3,100 TI Group PLC 20,816
2,400 Transport Development Group PLC 8,550
1,500 Unigate PLC 9,528
17,871 Unilever NC 158,592
2,600 United Biscuits Holdings PLC 7,787
3,500 United Utilities PLC 43,032
3,500 Vickers Group PLC 8,993
19,000 Vodafone Airtouch PLC 373,761
4,300 Williams PLC 28,399
3,000 Wilson (Connolly) Holdings PLC 8,370
4,300 Wimpey (George) PLC 10,235
3,000 Wolseley PLC 22,603
--------------
Total Investments in United Kingdom 10,387,843
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $45,058,082) ...................... 47,717,966
--------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 0.5%
- --------------------------------------------------------------------------------
AUSTRALIA: 0.2%
10,200 News Corp., Ltd. 77,608
5,500 Star City Holdings Ltd. 5,345
--------------
Total Investments in Australia 82,953
- --------------------------------------------------------------------------------
FRANCE: 0.0%
100 Casino Guichard Perrachon 5,474
--------------
Total Investments in France 5,474
- --------------------------------------------------------------------------------
GERMANY: 0.3%
500 RWE AG (non-vtg.) 17,370
300 SAP AG 119,836
500 Volkswagen AG 18,478
--------------
Total Investments in Germany 155,684
- --------------------------------------------------------------------------------
ITALY: 0.0%
5,500 Fiat SPA (Pvt.) 8,816
2,100 Rinascente LA SPA 8,681
--------------
Total Investments in Italy 17,497
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $264,278) ............................. 261,608
--------------
- --------------------------------------------------------------------------------
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 2.6%
- --------------------------------------------------------------------------------
$1,300,000 Federal Home Loan
Mortgage Corp. 5.000% 7/14/99 $ 1,297,653
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $1,297,653) ........................... 1,297,653
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.4%
(Cost $46,620,013) ........................... 49,277,227
OTHER ASSETS LESS LIABILITIES (0.4)% ......... (216,067)
--------------
TOTAL NET ASSETS: 100.0% .................... $49,061,160
==============
- --------------------------------------------------------------------------------
LEGEND:
- -------
* Non-income producing security.
+ Securities on loan.
SECURITIES LENDING:(Note 7)
- ---------------------------
As of June 30, 1999, the market value of securities loaned was $967,568 with
collateral backing valued at $1,017,051.
See Notes to Financial Statements.
MSF-70
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
AS A PERCENTAGE OF TOTAL VALUE OF INVESTMENTS
Aerospace & Defense: ............................................ 0.3%
Automotive: ..................................................... 4.5%
Banking: ........................................................ 13.1%
Biotechnology: .................................................. 0.3%
Broadcasting: ................................................... 1.1%
Building & Construction: ........................................ 0.8%
Business Services: .............................................. 1.0%
Chemicals: ...................................................... 2.6%
Computer Equipment & Service: ................................... 0.6%
Construction & Mining Equipment: ................................ 0.1%
Construction Materials: ......................................... 2.4%
Consumer Products: .............................................. 0.5%
Containers & Glass: ............................................. 0.2%
Cosmetics: ...................................................... 0.1%
Drugs & Health Care: ............................................ 7.2%
Electrical Equipment: ........................................... 1.9%
Electronics: .................................................... 4.1%
Energy: ......................................................... 0.1%
Entertainment & Leisure: ........................................ 0.7%
Financial Services: ............................................. 3.5%
Food & Beverages: ............................................... 3.9%
Forest Products & Paper: ........................................ 0.6%
General Business: ............................................... 0.1%
Homebuilders: ................................................... 0.3%
Hotel & Motel: .................................................. 0.2%
Household Appliances & Home Furnishings: ........................ 0.7%
Household Products: ............................................. 0.1%
Industrial Components & Material: ............................... 0.4%
Industrial Devel/Pollution Bonds: ............................... 0.1%
Insurance: ...................................................... 5.8%
Liquor: ......................................................... 0.9%
Machinery: ...................................................... 1.6%
Metals-Non-Ferrous: ............................................. 0.3%
Metals-Steel & Iron: ............................................ 1.0%
Mining: ......................................................... 0.1%
Miscellaneous: .................................................. 0.2%
Multi-Industry: ................................................. 3.9%
Office & Business Equipment: .................................... 0.5%
Oil & Gas Exploration: .......................................... 0.7%
Oil: ............................................................ 0.3%
Oil-International: .............................................. 5.1%
Personal Care: .................................................. 0.7%
Photography: .................................................... 0.2%
Plastics: ....................................................... 0.1%
Printing & Publishing: .......................................... 0.8%
Real Estate: .................................................... 1.7%
Restaurant: ..................................................... 0.1%
Retail Grocery: ................................................. 0.8%
Retail Trade: ................................................... 3.4%
Software: ....................................................... 0.7%
Telecommunications Equipment & Services: ........................ 4.6%
Textiles & Apparel: ............................................. 0.4%
Tires & Rubber: ................................................. 0.5%
Tobacco: ........................................................ 0.3%
Transportation: ................................................. 0.4%
Transportation-Airlines: ........................................ 0.6%
Transportation-Railroad: ........................................ 0.8%
Transportation-Shipping: ........................................ 0.6%
Utilities-Electric: ............................................. 2.9%
Utilities-Gas & Pipelines: ...................................... 1.0%
Utilities-Miscellaneous: ........................................ 0.2%
Utilities-Telephone: ............................................ 7.3%
------
100.0%
======
- --------------------------------------------------------------------------------
Excludes short-term securities.
See Notes to Financial Statements.
MSF-71
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 99.5%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE: 0.8%
2,200 AAR Corp. $ 49,912
1,900 Ametek Aerospace Products, Inc. 43,700
1,000 *Aviation Sales Co. 39,500
1,000 *BE Aerospace 18,719
4,300 *Coltec Industries, Inc. 93,256
900 Curtiss-Wright Corp. 34,988
3,682 *Fairchild Corp. Cl. A 46,946
2,400 Gencorp, Inc. 60,600
2,600 Kaman Corp. Cl. A 40,706
3,000 *+Orbital Sciences Corp. 70,875
1,800 +Precision Castparts Corp. 76,500
400 *Triumph Group, Inc. 10,200
----------------
585,902
- -------------------------------------------------------------------------------
AGRICULTURE & RELATED: 0.1%
3,100 Delta & Pine Land Co. 97,650
- -------------------------------------------------------------------------------
AUTOMOTIVE: 1.6%
1,700 *Aftermarket Technology Corp. 18,806
2,000 *American Axle & Manufacturing Holdings, Inc. 28,000
2,700 Applied Industrial Technologies, Inc. 51,300
1,800 Arvin Industries, Inc. 68,175
3,000 *+Budget Group, Inc. Cl. A 36,938
1,800 CLARCOR, Inc. 34,537
1,500 *Detroit Diesel Corp. 36,938
1,200 *Discount Auto Parts, Inc. 28,950
1,200 *Dura Automotive Systems, Inc. 40,050
3,000 Federal Signal Corp. 63,562
2,000 *Group 1 Automotive, Inc. 42,250
1,200 *Hayes Lemmerz International, Inc. 35,250
700 *Keystone Automotive Industries, Inc. 12,119
3,500 Mark IV Industries, Inc. 73,937
3,100 +MascoTech, Inc. 52,506
1,000 Midas, Inc. 28,375
2,300 *+Miller Industries, Inc. 9,056
1,600 Modine Manufacturing Co. 52,050
1,100 *O'Reilly Automotive, Inc. 55,344
800 Oshkosh Truck Corp. 40,275
500 Standard Motor Products, Inc. Cl. A 12,250
2,000 Standard Products Co. 51,250
1,300 +Superior Industries International, Inc. 35,506
4,000 Timken Co. 78,000
3,200 *+Tower Automotive, Inc. 81,400
1,225 Varlen Corp. 49,383
1,700 +Wabash National Corp. 32,938
----------------
1,149,145
- -------------------------------------------------------------------------------
BANKING: 7.8%
1,340 +1st Source Corp. 43,047
1,900 +Advanta Corp. Cl. A 34,438
400 Alabama National Bancorporation 9,925
1,600 AMCORE Financial, Inc. 36,800
2,100 Anchor Bancorp Wisconsin, Inc. 37,406
3,600 *Arcadia Financial Ltd. 27,900
1,200 Area Bancshares Corp. 32,175
1,000 BancFirst Corp. 34,875
1,900 Banco Santander Central Hispano SA 34,319
3,900 BancorpSouth, Inc. 70,687
1,400 +BancWest Corp. 51,975
1,200 Bank of Granite Corp. 29,175
2,300 Bank United Corp. Cl. A 92,359
1,460 Banknorth Group, Inc. 47,952
2,100 Bay View Capital Corp. 43,050
1,412 *Bok Financial Corp. 35,477
1,760 Brenton Banks, Inc. 27,225
2,700 Brookline Bancorp, Inc. 31,134
400 +BSB Bancorp, Inc. 10,725
1,700 BT Financial Corp. 41,863
7,300 Capitol Federal Financial 75,737
1,300 Carolina First Corp. 31,606
900 Cathay Bancorp, Inc. 38,475
1,300 Century South Banks, Inc. 29,656
1,000 Chemical Financial Corp. 34,906
MSF-72
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
BANKING: (CONTINUED)
3,104 +Chittenden Corp. $ 97,000
1,600 +Citizens Banking Corp. 48,050
1,333 City Holding Co. 38,324
2,045 Commerce Bancorp, Inc. 87,424
800 Commonwealth Bancorp, Inc. 14,375
3,400 Community First Bankshares 80,962
550 Community Trust Bancorp, Inc. 12,891
900 Corus Bankshares, Inc. 28,603
400 Cullen Frost Bankers, Inc. 11,025
1,650 +CVB Financial Corp. 42,900
1,600 Dime Community Bancorp, Inc. 37,000
1,900 Doral Financial Corp. 32,716
2,100 Downey Financial Corp. 46,069
400 F&M Bancorp 13,438
1,100 F & M Bancorporation, Inc. 41,663
1,400 F & M National Corp. 46,462
1,155 F N B Corp. 31,149
300 Farmers Capital Bank Corp. 10,781
1,400 First Bancorp 31,588
1,300 First Busey Corp. 33,881
400 First Citizens Bancshares, Inc. 32,375
2,300 +First Commonwealth Financial Corp. 54,912
2,100 First Federal Capital Corp. 31,500
2,100 First Financial Bancorp 48,694
1,030 First Financial Bankshares, Inc. 32,509
300 First Financial Corp. 11,484
500 First Industry Corp. 10,781
600 First Liberty Financial Corp. 18,750
1,100 First Merchants Corp. 26,194
2,100 First Midwest Bancorp, Inc. 83,344
1,500 *First Republic Bank 43,406
4,400 First Sentinel Bancorp, Inc. 38,844
2,400 First United Bancshares, Inc. 44,925
500 First Washington Bancorp, Inc. 10,031
900 First Western Bancorp, Inc. 30,122
2,200 *FirstFed Financial Corp. 42,350
1,200 Flagstar Bancorp, Inc. 30,225
1,200 Frontier Financial Corp. 28,800
1,500 GBC Bancorp 30,609
990 Grand Premier Financial, Inc. 12,220
1,500 Greater Bay Bancorp 49,781
400 *Hamilton Bancorp, Inc. 9,575
1,200 Hancock Holding Co. 54,075
3,500 Harbor Florida Bancshares, Inc. 42,766
300 Harleysville National Corp. 10,613
1,900 Harris Financial, Inc. 20,484
2,800 Hudson United Bancorp 85,750
2,696 *Imperial Bancorp 53,414
6,100 Independence Community Bank Corp. 81,587
875 International Bancshares Corp. 37,105
800 +Interwest Bancorp, Inc. 19,975
1,000 +Irwin Financial Corp. 19,875
1,700 Jeffbanks, Inc. 48,397
900 JSB Financial, Inc. 45,787
1,900 MAF Bancorp, Inc. 46,016
1,000 Merchants N.Y. Bancorp, Inc. 33,750
0 ++Michigan Financial Corp. 33
412 Mid-America Bancorp 10,146
1,000 *Mid-State Bancshares 34,000
1,000 Mississippi Valley Bankshares, Inc. 33,188
1,800 National Bancorp of Alaska, Inc. 49,050
1,320 National City Bancshares, Inc. 42,611
900 National Penn Bancshares, Inc. 21,206
1,625 NBT Bancorp, Inc. 33,262
1,700 *Net.B@nk, Inc. 64,494
3,100 Niagara Bancorp, Inc. 33,131
3,300 Northwest Bancorp, Inc. 33,309
800 Ocean Financial Corp. 14,475
3,700 *Ocwen Financial Corp. 32,838
1,300 Omega Financial Corp. 45,337
MSF-73
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BANKING: (CONTINUED)
2,500 One Valley Bancorp West Virginia, Inc. $ 93,750
1,200 Oriental Financial Group, Inc. 28,950
1,900 Pacific Capital Bancorp 59,375
3,900 +Peoples Bancorp, Inc. 38,452
400 Pinnacle Banc Group, Inc. 12,750
1,800 Premier Bancshares, Inc. 32,963
1,700 Premier National Bancorp, Inc. 33,363
700 Prime Bancorp, Inc. 19,600
1,575 Provident Bankshares Corp. 36,570
1,100 Queens County Bancorp, Inc. 35,578
400 Reliance Bancorp, Inc. 11,163
3,510 +Republic Bancorp, Inc. 53,527
1,100 *Republic Banking Corp. of Florida 21,141
3,100 Republic Security Financial Corp. 25,914
1,900 Richmond County Financial Corp. 36,397
2,100 Riggs National Corp. 42,919
1,600 S & T Bancorp, Inc. 40,200
400 Sandy Spring Bancorp, Inc. 11,200
1,200 Second Bancorp, Inc. 35,025
400 Shoreline Financial Corp. 12,188
2,200 *+Silicon Valley Bancshares 54,587
3,630 +Sky Financial Group, Inc. 98,577
2,400 *Southwest Bancorporation of Texas, Inc. 43,050
2,900 St. Paul Bancorp, Inc. 74,131
3,400 Staten Island Bancorp, Inc. 61,200
3,500 Sterling Bancshares, Inc. 46,703
2,300 Susquehanna Bancshares, Inc. 40,466
2,600 *Telebanc Financial Corp. 100,587
1,500 Texas Regional Bancshares, Inc. Cl. A 40,922
1,600 Triangle Bancorp, Inc. 27,100
1,800 Trust Company of New Jersey 42,244
1,900 TrustCo Bank Corp. 51,003
1,100 UMB Financial Corp. 46,887
3,400 United Bankshares, Inc. 89,462
2,700 United Community Financial Corp. 39,741
1,800 United National Bancorp 42,637
770 +USB Holding Co., Inc. 11,791
3,500 UST Corp. 105,766
4,500 Washington Federal, Inc. 100,828
2,700 Webster Financial Corp. 73,406
1,200 Wesbanco, Inc. 35,963
600 West Coast Bancorp (Oregon) 10,575
1,400 Westcorp, Inc. 15,750
1,500 +Western Bancorp 65,203
2,600 Westernbank Puerto Rico 33,719
1,600 Whitney Holding Corp. 62,900
24,400 Wilshire Financial Services Group, Inc. 9,150
----------------
5,642,666
- --------------------------------------------------------------------------------
BIOTECHNOLOGY: 0.8%
1,100 *Albany Molecular Research, Inc. 32,863
2,300 *Dura Pharmaceuticals, Inc. 27,313
2,900 *Enzon, Inc. 59,812
2,100 *Gilead Sciences, Inc. 109,594
1,600 *+Human Genome Sciences, Inc. 63,100
2,000 *Imclone Systems, Inc. 50,500
1,300 *+King Pharmaceuticals, Inc. 33,678
3,700 *Organogenesis, Inc. 34,687
2,000 *PE Corp. - Celera Genomics 32,375
2,400 *Protein Design Labs, Inc. 53,025
1,400 *Regeneron Pharmaceuticals, Inc. 11,156
1,000 *Syncor International Corp. 35,750
1,100 *Thermo BioAnalysis Corp. 19,113
1,000 *+Transkaryotic Therapies, Inc. 32,937
----------------
595,903
- --------------------------------------------------------------------------------
BROADCASTING: 0.8%
2,300 *AT Entertainment, Inc. 43,053
1,900 *+CD Radio, Inc. 57,891
1,500 *Citadel Communications Corp. 54,328
1,300 *Emmis Communications Corp. Cl. A 63,984
1,600 *Entercom Communications Corp. 68,400
MSF-74
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BROADCASTING: (CONTINUED)
900 *Metro Networks, Inc. $ 47,981
1,500 *Paxson Communications Corp. 18,750
600 *+Pegasus Communications Corp. Cl. A 23,644
2,000 *+Sinclair Broadcast Group, Inc. 32,625
200 +United Television, Inc. 21,200
1,200 *+Westwood One, Inc. 42,825
900 *Worldgate Communications, Inc. 46,097
1,200 *Young Broadcasting, Inc. Cl. A 51,038
----------------
571,816
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: 0.8%
3,200 Apogee Enterprises, Inc. 43,400
2,000 Blount International, Inc. Cl. A 54,375
4,000 D. R. Horton, Inc. 66,500
2,900 *Fairfield Communities, Inc. 46,763
1,200 +Granite Construction, Inc. 35,175
3,100 *+Group Maintenance America Corp. 40,106
2,000 Hughes Supply, Inc. 59,375
2,800 *Insituform Technologies, Inc. Cl. A 60,287
1,100 *MasTec, Inc. 31,075
3,600 *Morrison Knudsen Corp. 37,125
1,400 *NCI Building Systems, Inc. 29,925
1,900 *URS Corp. 55,694
----------------
559,800
- --------------------------------------------------------------------------------
BUSINESS SERVICES: 5.5%
1,200 *24/7 Media, Inc. 46,275
800 *Abacus Direct Corp. 72,575
1,000 ABM Industries, Inc. 30,688
800 *+Advance Paradigm, Inc. 48,500
1,500 *ADVO, Inc. 31,125
1,200 *AHL Services, Inc. 29,813
3,400 *American Management Systems, Inc. 108,906
1,900 *+AnswerThink Consulting Group, Inc. 47,856
1,700 Banta Corp. 35,700
3,600 *Billing Concepts Corp. 40,162
1,900 *Borg-Warner Security Corp. 38,594
2,300 Bowne & Co., Inc. 29,900
3,689 *Building One Services Corp. 51,070
1,000 *CCC Information Services Group, Inc. 12,750
1,200 *CDI Corp. 40,875
1,100 *CEC Entertainment, Inc. 46,475
1,900 *Cellnet Data Systems, Inc. 17,041
3,700 *+Century Business Services, Inc. 53,419
1,000 *Cheap Tickets, Inc. 36,469
1,100 *Choicepoint, Inc. 73,837
1,600 *Complete Business Solutions, Inc. 28,600
1,700 *Computer Horizons Corp. 23,428
1,600 Computer Task Group, Inc. 27,200
3,000 *Concentric Network Corp. 119,156
700 *Conning Corp. 11,200
1,000 *Consolidated Graphics, Inc. 50,000
1,000 *Copart, Inc. 21,219
2,600 Crawford & Co. Cl. B 42,250
800 Dain Rauscher Corp. 43,300
3,500 *Data Broadcasting 34,415
400 *+Data Transmission Network Corp. 11,288
1,800 *DBT Online, Inc. 58,950
700 *Diamond Technology Partners, Inc. Cl. A 15,641
1,000 *Education Management Corp. 20,719
1,300 *+F.Y.I., Inc. 40,787
750 *+Factset Research Systems, Inc. 42,469
900 Fair Issac & Co., Inc. 31,556
2,200 *First Consulting Group, Inc. 22,963
1,300 Flashnet Communications, Inc. 38,977
1,300 *Forrester Research, Inc. 32,663
4,100 *Fritz Companies, Inc. 44,203
1,300 G&K Services, Inc. Cl. A 68,047
1,600 *+Getty Images, Inc. 30,300
100 Grey Advertising, Inc. 33,050
2,800 *+HA-LO Industries, Inc. 27,650
2,000 Hooper Holmes, Inc. 40,750
MSF-75
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BUSINESS SERVICES: (CONTINUED)
1,500 *Information Management Resources, Inc. $ 13,031
1,200 *Inspire Insurance Solutions, Inc. 17,363
2,300 *+Integrated Electrical Services, Inc. 37,087
3,500 *+Interim Services, Inc. 72,187
1,600 *+Iron Mountain, Inc. 45,800
1,800 *Jacobs Engineering Group, Inc. 68,400
1,400 Kelly Services, Inc. 44,887
2,200 *Korn/Ferry International 37,400
1,700 *+Labor Ready, Inc. 55,250
1,200 *+Lason, Inc. 59,700
1,300 *Maximus, Inc. 37,375
500 McGrath RentCorp 9,813
10,900 *Medaphis Corp. 62,505
800 *Media Metrix, Inc. 42,500
800 *Memberworks, Inc. 23,375
2,600 Merrill Corp. 36,887
2,200 *Metamor Worldwide, Inc. 52,800
2,900 *Metzler Group, Inc. 80,022
3,400 *National Processing, Inc. 34,425
1,100 *NFO Worldwide, Inc. 15,400
600 *Nichols Research Corp. 13,088
2,500 Norrell Corp. 47,031
4,700 Olsten Corp. 29,669
400 *On Assignment, Inc. 10,425
700 *Paymentech, Inc. 17,763
1,800 *+Pierce Leahy Corp. 44,437
1,600 *+Pre-Paid Legal Services, Inc. 43,500
500 *+Preview Travel, Inc. 10,953
700 *ProBusiness Services, Inc. 25,069
1,600 *+Profit Recovery Group International, Inc. 75,650
3,600 *+Protection One, Inc. 19,350
2,100 *Quanta Services, Inc. 92,400
2,500 *Rare Medium Group, Inc. 31,016
900 *Realty Information Group, Inc. 38,869
4,300 *Renaissance Worldwide, Inc. 34,131
970 *+Rent Way, Inc. 23,886
2,600 *Romac International, Inc. 22,994
500 *RWD Technologies, Inc. 5,203
900 Schawk, Inc. Cl. A 8,044
1,800 *Sovran Self Storage, Inc. 48,487
1,000 *+SportsLine USA, Inc. 35,937
2,500 *Staff Leasing, Inc. 32,109
1,900 *+StaffMark, Inc. 19,030
400 Stone & Webster, Inc. 10,650
900 *Superior Consultant Holdings Corp. 22,359
2,000 *Superior Services, Inc. 53,312
2,600 *Syntel, Inc. 23,644
2,100 *Systemax, Inc. 25,988
4,200 *+Teletech Holdings, Inc. 42,262
2,375 *Tetra Tech, Inc. 39,484
1,000 The Corporate Executive Board Co. 35,594
2,000 *theglobe.com, Inc. 39,312
3,400 True North Communications, Inc. 102,000
1,700 *U.S. Franchise System, Inc. 39,472
1,500 *United Payors & United Providers, Inc. 34,828
1,500 Volt Information Sciences, Inc. 34,313
1,000 Xtra Corp. 45,937
---------
3,977,214
- -------------------------------------------------------------------------------
CHEMICALS: 1.9%
1,700 Arch Chemicals, Inc. 41,331
1,400 Calgon Carbon Corp. 8,313
1,500 Cambrex Corp. 39,375
3,400 *Catalytica, Inc. 47,494
1,400 Chemfirst, Inc. 34,037
5,400 Crompton & Knowles Corp. 105,637
3,400 *Cytec Industries, Inc. 108,375
1,700 Dexter Corp. 69,381
7,100 Ethyl Corp. 42,600
2,500 Ferro Corp. 68,750
1,100 Fuller (H.B.) Co. 75,178
MSF-76
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
CHEMICALS: (CONTINUED)
1,400 Geon Co. $ 45,150
2,200 Georgia Gulf Corp. 37,125
5,300 *Grace (W.R.) & Co. 97,387
4,000 Hanna (M.A.) Co. 65,750
2,800 *+Hexcel Corp. 28,350
3,300 *International Specialty Products, Inc. 33,619
900 MacDermid, Inc. 41,850
1,500 Minerals Technologies, Inc. 83,719
1,000 Mississippi Chemical Corp. 9,813
2,900 +NTL Industries, Inc. 32,263
1,700 OM Group, Inc. 58,650
1,400 *Scotts Co. Cl. A 66,675
1,700 Terra Industries, Inc. 6,800
2,200 Wellman, Inc. 35,062
4,300 Witco Corp. 86,000
----------------
1,368,684
- --------------------------------------------------------------------------------
COAL: 0.1%
3,000 *Consol Energy, Inc. 36,000
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 4.6%
1,100 *About.Com, Inc. 56,856
900 *Actel Corp. 13,163
1,400 *+AdForce, Inc. 32,856
900 *Advanced Digital Information Corp. 36,422
6,900 *+Amkor Technology, Inc. 70,509
1,200 Analogic Corp. 37,313
2,400 Analysts International Corp. 34,425
1,900 Ancor Communications, Inc. 61,453
1,800 *Apex PC Solutions, Inc. 36,844
2,100 *Artesyn Technologies, Inc. 46,594
0 ++*At Home Corp. Cl. A 54
3,100 *Auspex Systems, Inc. 33,809
1,300 *Aware, Inc. 59,800
2,000 *+Barnesandnoble.Com, Inc. 35,938
1,600 *+Beyond.Com Corp. 45,750
3,900 *+Cambridge Technology Partners, Inc. 68,372
3,300 *+CIBER, Inc. 63,112
0 ++*Cisco Systems, Inc. 37
1,800 *Computer Network Technology 38,869
4,700 *Concurrent Computer Corp. 29,595
1,200 *+CustomTracks Corporation 67,087
3,100 *Egghead.Com, Inc. 34,778
500 *+Emulex Corporation 55,797
6,800 *+Finet.Com, Inc. 37,719
1,500 Gerber Scientific, Inc. 33,094
1,500 *+Go2Net, Inc. 137,859
4,100 *Harbinger Corp. 51,122
600 *HiFn, Inc. 45,506
4,000 *Hypercom Corp. 38,250
1,000 *+iVillage, Inc. 50,281
2,800 *Latitude Communications, Inc. 36,456
3,000 *LTX Corp. 39,750
2,100 *+Mapquest.com, Inc. 34,191
600 *+MarketWatch.Com, Inc. 34,763
6,100 *+Maxtor Corp. 30,595
1,000 *Mede America Corp. 37,781
2,500 *MedQuist, Inc. 109,297
4,400 *Mentor Graphics Corp. 56,237
1,900 *Metro Information Service, Inc. 31,469
900 *MIPS Technologies, Inc. 43,088
2,400 *+MMC Networks, Inc. 107,250
1,700 *Mpath Interactive, Inc. 37,506
3,000 *MTI Technology Corp. 39,094
1,100 *+Multex.com, Inc. 28,806
2,600 National Computer Systems, Inc. 87,669
1,200 National Presto Industries, Inc. 45,900
1,800 *OneMain.com, Inc. 42,356
1,500 *Proxicom, Inc. 38,297
4,500 *Read-Rite Corp. 27,914
7,000 *S3, Inc. 63,656
1,600 *SanDisk Corp. 71,950
MSF-77
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: (CONTINUED)
800 *+SCM Microsystems, Inc. $ 37,075
3,100 *Sequent Computer Systems, Inc. 54,928
2,300 *Silicon Valley Group, Inc. 38,597
2,600 *SVI Holdings, Inc. 31,200
1,700 *+Sykes Enterprises, Inc. 56,684
3,700 *Systems & Computer Technology 53,303
4,600 *Technology Solutions Co. 49,450
1,100 *TheStreet.com, Inc. 39,566
3,600 *+Titan Corp. 39,600
1,100 *+USinternetworking, Inc. 46,166
1,300 *VerticalNet, Inc. 136,703
1,200 *+Visual Networks, Inc. 38,363
2,800 *+Wave Systems Corp. 53,112
7,200 *+Western Digital Corp. 46,800
1,600 *Xceed, Inc. 34,900
2,500 *Xircom, Inc. 75,234
700 *Xoom.Com, Inc. 36,597
1,600 *Zebra Technologies Corp. Cl. A 61,350
----------------
3,326,917
- --------------------------------------------------------------------------------
CONSTRUCTION & MINING EQUIPMENT: 0.3%
1,000 *Astec Industries, Inc. 41,125
3,500 JLG Industries, Inc. 71,312
1,500 *Rental Service Corp. 42,938
1,100 *Terex Corp. 33,481
----------------
188,856
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS: 0.9%
3,600 Amcol International Corp. 51,750
1,200 Centex Construction Products, Inc. 40,950
4,300 *Dal Tile International, Inc. 48,912
900 Elcor Chemical Corp. 39,319
1,500 Florida Rock Industries, Inc. 68,250
3,000 Flowserve Corp. 56,812
1,200 +Lone Star Industries, Inc. 45,075
200 NCH Corp. 9,900
1,400 *Nortek, Inc. 43,838
2,200 *+Palm Harbor Homes, Inc. 55,206
900 *Simpson Manufacturing, Inc. 42,750
1,300 +Texas Industries, Inc. 50,375
1,800 Valmont Industries, Inc. 30,656
2,600 *Walter Industries, Inc. 33,638
----------------
617,431
- --------------------------------------------------------------------------------
CONSUMER PRODUCTS: 0.3%
2,400 Carter Wallace, Inc. 43,650
1,400 Chemed Corp. 46,550
700 +Oneida, Ltd. 19,687
2,000 *Playtex Products, Inc. 31,125
1,700 *+Rayovac Corp. 38,569
1,500 Russ Berrie and Co., Inc. 37,125
2,900 Sturm, Ruger & Co., Inc. 30,994
----------------
247,700
- --------------------------------------------------------------------------------
CONTAINERS & GLASS: 0.3%
2,500 AptarGroup, Inc. 75,000
5,100 *+Earthshell Corp. 35,541
3,000 *Gaylord Container Corp. Cl. A 23,812
1,600 Greif Brothers Corp. Cl. A 41,000
2,200 Myers Industries, Inc. 44,000
1,400 *Silgan Holdings, Inc. 27,956
----------------
247,309
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 3.9%
1,200 *+Algos Pharmaceutical Corp. 26,138
1,300 *+Alkermes, Inc. 29,900
1,300 +Alpharma, Inc. Cl. A 46,231
3,400 *Amerisource Health Corp. Cl. A 86,700
1,500 *+Aviron 42,750
900 *+Barr Laboratories, Inc. 35,888
1,467 +Bindley Western Industries, Inc. 33,825
5,900 *+Bio-Technology General Corp. 41,116
2,000 *+Biomatrix, Inc. 43,250
815 Block Drug Co., Inc. Cl. A 34,103
2,000 *Celgene Corp. 35,250
MSF-78
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: (CONTINUED)
1,600 *Cephalon, Inc. $ 27,500
1,200 *Chattem, Inc. 38,250
700 *Chirex, Inc. 22,444
4,700 Columbia Laboratories, Inc. 40,244
1,500 *Cooper Cos., Inc. 37,406
2,300 *Cor Therapeutics, Inc. 33,781
1,500 *+Coulter Pharmaceutical, Inc. 33,797
4,200 *+Covance, Inc. 100,537
4,400 *Coventry Health Care, Inc. 47,988
2,400 *Duramed Pharmaceuticals , Inc. 38,299
1,200 *+Entremed, Inc. 26,850
1,000 *Enzo Biochem, Inc. 9,875
2,100 *+Geltex Pharmaceuticals, Inc. 37,734
1,900 *Hanger Orthopedic Group, Inc. 26,956
1,600 *+IDEC Pharmaceuticals Corp. 123,250
2,700 *IDEXX Laboratories, Inc. 62,691
400 *Impath, Inc. 10,788
1,700 *+Incyte Pharmaceuticals, Inc. 44,891
4,300 *Integrated Health Services, Inc. 34,400
1,400 +Invacare Corp. 37,450
1,000 *+Isis Pharmaceuticals, Inc. 10,094
1,900 +Jones Pharma, Inc. 74,753
10,400 *+Laboratory Corp. of America Holdings 29,900
3,000 *Ligand Pharmaceuticals, Inc. Cl. B 33,094
2,700 *Liposome Co., Inc. 51,384
2,000 *Medicis Pharmaceutical Corp. Cl. A 50,750
2,900 Mentor Corp. 54,375
2,800 *Millennium Pharmaceutical 100,712
6,100 *NBTY, Inc. 39,555
2,100 *Nexstar Pharmaceuticals, Inc. 41,606
1,400 *PAREXEL International Corp. 18,681
900 *+Pathogenesis Corp. 12,741
1,900 *Patterson Dental Co. 66,084
2,200 *+Pediatrix Medical Group, Inc. 46,750
3,800 *Perrigo Co. 29,331
900 *Pharmaceutical Product Development, Inc. 24,609
1,300 *Pharmacyclics, Inc. 36,238
6,200 *Phycor, Inc. 45,919
1,152 *+Priority Healthcare Corp. Cl. B 39,852
1,800 *+Province Healthcare Co. 35,325
2,300 *+Quest Diagnostics, Inc. 62,962
3,000 *Renal Care Group, Inc. 77,531
2,000 *Respironics, Inc. 30,250
2,500 *Roberts Pharmaceutical Corp. 60,625
2,900 *Schein Pharmaceutical, Inc. 34,981
10,600 *SICOR, Inc. 45,547
2,900 *Sola International, Inc. 56,369
1,500 *+Sugen, Inc. 44,156
1,300 *+Sunrise Assisted Living, Inc. 45,256
1,900 *+SuperGen, Inc. 29,034
5,400 *+Thermedics, Inc. 50,287
1,800 *Triangle Pharmaceuticals, Inc. 32,288
2,500 *+Twinlab Corp. 21,445
1,500 *+Vertex Pharmaceuticals, Inc. 36,000
1,400 *Wesley Jessen VisionCare, Inc. 45,019
----------------
2,803,785
- --------------------------------------------------------------------------------
EDUCATION: 0.1%
1,100 *ITT Educational Services, Inc. 28,669
1,600 *Learning Tree International, Inc. 17,550
900 Strayer Education, Inc. 27,590
----------------
73,809
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 1.7%
800 *Advanced Energy Industries, Inc. 32,425
900 *AFC Cable Systems, Inc. 31,781
700 *Alpine Group, Inc. 11,244
1,200 *Anadigics, Inc. 44,363
1,900 *+Anixter International, Inc. 34,675
2,400 Baldor Electric Co. 47,700
1,700 Belden, Inc. 40,694
700 Brush Wellman, Inc. 12,688
MSF-79
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: (CONTINUED)
3,100 *C-Cube Microsystems, Inc. $ 98,134
3,400 *Cable Design Technologies Corp. 52,487
2,700 *Coherent, Inc. 50,203
1,500 Cohu, Inc. 53,109
2,800 +Exide Corp. 41,300
700 Franklin Electric Co., Inc. 46,375
2,300 Furon Co. 43,700
1,800 General Cable Corp. 28,800
2,100 *Genlyte Group, Inc. 47,184
1,100 Helix Technology Corp. 26,366
3,600 *+Kent Electronics Corp. 71,325
2,100 *+Littelfuse, Inc. 39,834
3,700 *+MagneTek, Inc. 39,081
2,700 *Mettler-Toledo International, Inc. 66,994
2,100 *+Optical Cable Corp. 23,231
700 +Park Electrochemical Corp. 20,125
900 *Power Integrations, Inc. 65,756
700 *SLI, Inc. 18,900
1,600 Technitrol, Inc. 51,600
1,500 *Veeco Instruments, Inc. 51,141
2,100 Watsco, Inc. 34,388
----------------
1,225,603
- --------------------------------------------------------------------------------
ELECTRONICS: 5.5%
1,200 *+3DFX Interactive, Inc. 18,825
1,500 *+ADTRAN, Inc. 54,469
5,700 *Advanced Fibre Communications, Inc. 88,884
2,000 *Aeroflex, Inc. 39,500
1,300 *+Affymetrix, Inc. 63,944
1,900 *Allen Telecom, Inc. 20,425
1,000 *Alliant Techsystems, Inc. 86,500
1,100 *Alpha Industries, Inc. 52,387
1,500 *American Xtal Technology, Inc. 35,438
900 *Amphenol Corp. Cl. A 35,775
6,600 *Andrew Corp. 125,194
900 *+Aspen Technology, Inc. 10,519
1,400 *ATMI, Inc. 41,475
1,300 *+Avid Technology, Inc. 20,841
900 *Bell & Howell Co. 34,031
1,600 *Benchmark Electronics, Inc. 57,500
2,200 BMC Industries, Inc. 22,688
6,000 *+Brightpoint, Inc. 36,563
2,000 *Burr-Brown Corp. 73,875
4,300 *Cellstar Corp. 34,131
3,500 *+Checkpoint Systems, Inc. 31,281
11,400 *+CHS Electronics, Inc. 49,875
5,300 *Cirrus Logic, Inc. 46,706
3,800 *Commscope, Inc. 116,850
1,300 *Credence Systems Corp. 47,937
1,100 CTS Corp. 77,000
2,200 *+Cymer, Inc. 55,000
6,900 *Cypress Semiconductor Corp. 113,850
2,300 +Dallas Semiconductor Corp. 116,150
2,400 *DII Group, Inc. 89,250
1,700 *Dionex Corp. 68,691
1,200 *Dupont Photomasks, Inc. 57,600
3,600 EG&G, Inc. 128,250
1,000 *Electro Scientific Industries, Inc. 41,781
3,100 *Electroglas, Inc. 61,709
2,800 *ESS Technology, Inc. 37,538
1,300 *+Etec Systems, Inc. 43,063
4,500 *General Semiconductor, Inc. 41,063
1,000 *Hadco Corp. 39,750
500 Harmon Industries, Inc. 9,797
1,500 *+IGEN International, Inc. 43,969
3,800 *+Input Output, Inc. 28,738
6,000 *Integrated Device Technology 65,062
3,400 *International Rectifier Corp. 45,263
2,400 *Kemet Corp. 54,975
700 *Kopin Corp. 16,734
1,300 *Kulicke & Soffa Industries, Inc . 34,653
MSF-80
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
ELECTRONICS:(CONTINUED)
3,100 *Lam Research Corp. $ 144,634
1,800 *+Lattice Semiconductor Corp. 111,825
1,400 *Marshall Industries 50,312
3,100 *MEMC Electronic Materials, Inc. 37,781
2,300 Methode Electronics, Inc. Cl. A 52,612
1,000 *Micrel, Inc. 74,125
900 +MTS Systems Corp. 10,913
1,900 *+NVIDIA Corp. 36,338
1,500 *+Photronics, Inc. 36,797
3,200 *PictureTel Corp. 25,550
3,600 Pioneer-Standard Electronics, Inc. 43,313
700 *Plexus Corp. 20,869
1,200 *+PLX Technology, Inc. 56,887
500 *QRS Corp. 39,078
600 *Sawtek, Inc. 27,525
900 *Semtech Corp. 46,856
600 *Siliconix, Inc. 19,969
700 *SIPEX Corp. 14,306
3,000 *Smart Modular Technologies, Inc. 51,937
3,100 *Tekelec, Inc. 37,878
3,500 Tektronix, Inc. 105,656
3,000 *Thermo Optek Corp. 31,125
2,000 *Transwitch Corp. 94,687
1,700 *Trimble Navigation, Ltd. 21,888
600 *Triquint Semiconductor, Inc. 34,106
2,200 *Unitrode Corp. 63,112
2,400 *Varian Semiconductor Equipment Associates, Inc. 41,100
1,800 *Vicor Corp. 38,475
159 Vishay Intertechnology, Inc. 3,334
1,800 Woodward Governor Co. 47,194
----------------
3,935,681
- --------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 1.9%
1,300 Ackerley Group, Inc. 23,644
1,200 *+Action Performance Co., Inc. 39,563
2,100 *AMC Entertainment, Inc. 40,162
2,300 *American Classic Voyages Co. 54,769
5,700 *AMF Bowling, Inc. 48,094
1,000 *+Anchor Gaming, Inc. 48,094
3,600 Arctic Cat, Inc. 32,288
2,100 *Ascent Entertainment Group, Inc. 29,400
2,600 *Aztar Corp. 23,888
1,400 *+Bally Total Fitness Holding Corp. 39,725
3,500 *Boyd Gaming Corp. 24,500
6,100 +Callaway Golf Co. 89,212
1,600 *Championship Auto Racing Team 47,900
1,800 *Coach USA, Inc. 75,487
1,800 Coachmen Industries, Inc. 41,850
3,000 Dover Downs Entertainment, Inc. 53,062
1,600 *+Family Golf Centers, Inc. 12,225
2,800 +Fleetwood Enterprises, Inc. 74,025
3,100 *Florida Panthers Holdings, Inc. Cl. A 33,131
1,100 *GC Cos., Inc. 39,325
2,900 *GTECH Holdings Corp. 68,331
1,900 *Hollywood Entertainment Corp. 37,109
1,200 *Hollywood Park, Inc. 20,400
3,400 *Loews Cineplex Entertainment Corp. 36,975
600 *Macrovision Corp. 44,962
3,700 *Oakley, Inc. 26,363
1,500 *On Command Corp. 26,156
500 *Penske Motor Sports, Inc. 24,813
2,000 Polaris Industries, Inc. 87,000
1,500 *Station Casinos, Inc. 30,563
1,800 *+Vail Resorts, Inc. 31,500
1,000 Winnebago Industries, Inc. 22,500
2,100 WMS Industries, Inc. 35,700
----------------
1,362,716
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 2.9%
1,600 *Affiliated Managers Group, Inc. 48,300
4,600 +Allied Capital Corp. 110,256
MSF-81
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
FINANCIAL SERVICES:(CONTINUED)
4,400 *AmeriCredit Corp. $ 70,400
2,400 Capital Re Corp. 38,550
9,100 *Capstead Mortgage Corp. 49,481
2,400 *CB Richard Ellis Services, Inc. 59,700
0 ++Centennial Bancorp 14
660 CFSB Bancorp, Inc. 16,376
900 Charter Municipal Mortgage Acceptance Co. 11,531
1,700 *Compucredit Corp. 32,194
1,600 *+ContiFinancial Corp. 5,700
2,000 *Credit Acceptance Corp. 12,188
200 Duff & Phelps Credit Rating Co. 13,375
2,400 Eaton Vance Corp. 82,650
1,500 Everen Capital Corp. 44,719
1,600 *+Financial Federal Corp. 35,200
1,900 First Charter Corp. 46,906
1,200 First Commerce Bancshares, Inc. Cl. B 28,537
600 First Financial Holdings, Inc. 11,269
3,900 *Franchise Mortgage Acceptance Co. 35,100
2,400 Freedom Securities Corp. 41,100
1,600 *Hambrecht & Quist Group, Inc. 59,400
1,200 *Healthcare Financial Partners, Inc. 41,100
5,400 *Imperial Credit Industries, Inc. 38,053
900 *+Insignia Financial Group, Inc. 9,450
1,000 +Investors Financial Services Corp. 39,969
1,700 Jefferies Group, Inc. 51,000
900 John Nuveen & Co., Inc. Cl. A 38,419
1,700 *Long Beach Financial Corp. 24,862
800 *Medallion Financial Corp. 15,225
2,700 Metris Cos., Inc. 110,025
1,900 Morgan Keegan, Inc. 35,981
800 *+National Discount Brokers Group, Inc. 46,400
1,200 *NCO Group, Inc. 45,450
800 +Nextcard, Inc. 27,125
500 Park National Corp. 50,000
1,500 *PEC Israel Economic Corp. 47,250
2,400 *PFF Bancorp, Inc. 45,225
4,800 Phoenix Investment Partners, Ltd. 41,400
1,600 +Pioneer Group, Inc. 27,800
3,300 Raymond James Financial, Inc. 78,994
1,400 +Siebert Financial Corp. 41,956
800 +Southwest Securities Group, Inc. 57,400
900 Student Loan Corp. 40,050
1,600 *UniCapital Corp. 10,100
1,400 *+Unistar Financial Service Corp. 82,600
4,300 +United Asset Management Corp. 97,825
3,400 United Companies Financial Corp. 408
2,400 WFS Financial, Inc. 33,450
400 White Mountains Insurance Group, Inc. 56,400
-----------------
2,086,863
- --------------------------------------------------------------------------------
FOOD & BEVERAGES: 2.0%
1,900 *+AgriBioTech, Inc. 11,697
1,400 *Agribrands International, Inc. 55,387
1,300 *American Italian Pasta Co. Cl. A 39,488
1,700 *Aurora Foods, Inc. 29,750
1,500 *Bush Boake Allen, Inc. 43,875
4,700 +Chiquita Brands International, Inc. 42,300
700 Coca Cola Bottling Co. Consolidated 39,331
2,600 Corn Products International, Inc. 79,137
4,200 *Del Monte Foods Company 70,350
2,800 Dreyer's Grand Ice Cream, Inc. 42,525
3,200 Earthgrains Co. 82,600
100 Farmer Brothers Co. 20,250
600 *Hain Food Group, Inc. 12,356
2,000 *IHOP Corp. 48,063
2,000 *International Home Foods, Inc. 36,875
1,900 International Multifoods Corp. 42,869
2,700 Lance, Inc. 42,019
2,300 *Mannatech, Inc. 23,144
1,800 Michael Foods, Inc. 42,075
1,200 *Mondavi (Robert) Corp. Cl. A 44,025
MSF-82
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
FOOD & BEVERAGES: (CONTINUED)
700 Natures Sunshine Products, Inc. $ 7,569
1,800 *Performance Food Group Co. 49,219
1,600 Pilgrim's Pride Corp. 48,000
1,800 *Ralcorp Holdings, Inc. 28,913
600 Riviana Foods, Inc. 11,400
3,400 *Smithfield Foods, Inc. 113,156
1,500 +Smucker (J.M.) Co. Cl. A 33,375
2,700 *+Suiza Foods Corp. 113,062
1,600 *Triarc Companies, Inc. Cl. A 34,000
1,300 *United Natural Foods, Inc. 32,256
3,400 +Universal Foods Corp. 71,825
2,800 *Vlasic Foods International, Inc. 20,475
----------------
1,411,366
- --------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 1.1%
3,200 *Buckeye Technologies, Inc. 48,600
1,800 Caraustar Industries, Inc. 44,325
1,400 Chesapeake Corp. 52,413
700 Deltic Timber Corp. 18,856
2,200 *Ivex Packaging Corp. 48,400
4,100 Longview Fibre Co. 64,063
1,600 New England Business Service, Inc. 49,400
2,900 P.H. Glatfelter Co. 42,413
1,900 Potlatch Corp. 83,481
2,200 Rayonier, Inc. 109,587
800 Rock-Tenn Co. Cl. A 13,350
2,400 Schweitzer-Mauduit International, Inc. 36,000
1,600 *Shorewood Packaging Corp. 29,500
1,200 TJ International, Inc. 37,050
1,900 Universal Forest Products, Inc. 40,731
3,500 Wausau-Mosinee Paper Corp. 63,000
----------------
781,169
- --------------------------------------------------------------------------------
HEALTHCARE SERVICES: 1.0%
1,800 *+Alterra Healthcare Corp. 24,750
2,500 *+American Retirement Corp. 31,250
4,200 *+Apria Healthcare Group 71,400
800 *Assisted Living Concepts, Inc. 2,250
7,500 *Beverly Enterprises, Inc. 60,469
1,300 *+Carematrix Corp. 16,128
3,800 *+Concentra Managed Care, Inc. 56,169
2,300 *Eclipsys Corporation 55,128
1,100 *Inhale Therapeutic Systems 26,297
700 *+Novoste Corp. 14,678
1,200 Omega Healthcare Investors, Inc. 30,975
2,200 *+Orthodontic Centers of America, Inc. 31,075
1,100 *Osteotech, Inc. 31,659
4,600 *PSS World Medical, Inc. 51,319
1,800 *+Res-Care, Inc. 40,837
600 *+Sangstat Medical Corp. 10,219
2,800 *Sierra Health Services, Inc. 40,425
6,000 *Total Renal Care Holdings, Inc. 93,375
4,796 *U.S. Oncology, Inc. 57,702
----------------
746,105
- --------------------------------------------------------------------------------
HOMEBUILDERS: 0.7%
500 *+Crossmann Communities, Inc. 14,484
3,800 +Kaufman & Broad Home Corp. 94,525
3,800 +Lennar Corp. 91,200
1,500 M.D.C. Holdings, Inc. 32,250
900 *+NVR, Inc. 46,969
3,300 Oakwood Homes Corp. 43,313
2,600 Pulte Corp. 59,962
1,200 Ryland Group, Inc. 35,625
1,000 Standard Pacific Corp. 12,938
1,600 *Toll Brothers, Inc. 34,300
900 *U.S. Home Corp. 31,950
----------------
497,516
- --------------------------------------------------------------------------------
HOSPITAL MANAGEMENT: 0.3%
4,100 *First Health Group Corp. 88,278
2,900 *+Lifepoint Hospitals, Inc. 38,878
5,800 *Quorum Health Group, Inc. 73,044
MSF-83
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
HOSPITAL MANAGEMENT:(CONTINUED)
2,800 *+Triad Hospitals, Inc. $ 37,712
-----------
237,912
- --------------------------------------------------------------------------------
HOTEL & MOTEL: 0.9%
4,400 *Choice Hotels International, Inc. 86,900
2,000 *Crestline Capital Corp. 33,625
4,200 *Equity Inns, Inc. 38,850
4,700 *Extended Stay America, Inc. 56,400
3,300 *Foodmaker, Inc. 93,638
1,000 *Host Marriott Services Corp. 8,125
2,400 Marcus Corp. 29,550
3,000 *Prime Hospitality Corp. 36,000
1,900 *Red Roof Inns, Inc. 34,081
2,500 *RFS Hotel Investors, Inc. 31,406
4,400 *Sunstone Hotel Investors, Inc. 37,400
900 *Trendwest Resorts, Inc. 20,053
3,400 *Vistana, Inc. 52,913
15,500 Wyndham International, Inc. 69,750
-----------
628,691
- --------------------------------------------------------------------------------
HOUSEHOLD APPLIANCES & HOME FURNISHINGS: 1.1%
1,900 +Bassett Furniture Industries, Inc. 42,869
8,000 Collins & Aikman Corp. 61,000
1,100 *Cost Plus, Inc. 49,981
3,300 Ethan Allen Interiors, Inc. 124,575
3,900 *Furniture Brands International, Inc. 108,712
1,000 Harman International Industries, Inc. 44,000
5,100 Heilig-Meyers Co. 34,744
2,000 Kimball International, Inc. Cl. B 33,875
3,700 +La-Z-Boy, Inc. 85,100
1,100 Libbey, Inc. 31,900
1,400 *O'Sullivan Industries Holdings, Inc. 23,800
400 +Pillowtex Corp. 6,525
700 *+Salton, Inc. 35,000
7,000 +Sunbeam Corp. 55,562
1,000 Toro Co. 39,375
2,100 +Windmere-Durable Holdings, Inc. 35,438
-----------
812,456
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 0.3%
1,400 Church & Dwight Co., Inc. 60,900
400 Stepan Co. 10,150
4,600 Tupperware Corp. 117,300
1,500 WD-40 Co. 37,781
-----------
226,131
- --------------------------------------------------------------------------------
INDUSTRIAL COMPONENTS & MATERIAL: 2.1%
2,900 *Aviall, Inc. 54,556
1,600 Barnes Group, Inc. 34,800
1,600 C & D Technologies, Inc. 49,000
1,600 Chart Industries, Inc. 12,600
900 *Citation Corp. 14,484
700 +Columbus McKinnon Corp. 16,625
1,600 *Excel Switching Corp. 47,700
3,800 *Global Industrial Technologies, Inc. 45,838
4,100 Hussmann International, Inc. 67,906
2,200 Kaydon Corp. 73,975
500 Lawson Products, Inc. 12,594
2,400 Lilly Industries, Inc. Cl. A 44,550
1,100 *Lone Star Technologies, Inc. 19,525
8,000 LTV Corp. 53,500
1,100 Mathews International Corp. Cl. A 32,725
2,800 *Metals USA, Inc. 35,700
2,500 Milacron, Inc. 46,250
1,700 *MKS Instruments, Inc. 31,716
2,700 *Mueller Industries, Inc. 91,631
900 Nordson Corp. 55,097
1,500 Regal-Beloit Corp. 35,438
1,900 Robbins & Myers, Inc. 42,394
2,000 Roper Industries, Inc. 64,000
4,900 Sauer, Inc. 52,675
600 *Sequa Corp. Cl. A 42,000
1,300 Smith (A.O.) Corp. 36,400
MSF-84
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
INDUSTRIAL COMPONENTS & MATERIAL:(CONTINUED)
700 *SPS Technologies, Inc. $ 26,250
3,600 Stewart & Stevenson Services, Inc. 54,562
1,800 *Stoneridge, Inc. 24,300
2,000 Thomas Industries, Inc. 41,000
1,300 Tredegar Industries, Inc. 28,275
1,900 Watts Industries, Inc. Cl. A 36,456
1,900 Westinghouse Air Brake Co. 49,281
1,200 *Wolverine Tube, Inc. 30,150
2,300 Wyman-Gordon Co. 44,419
2,000 Wynn's International, Inc. 36,875
------------
1,485,247
- --------------------------------------------------------------------------------
INSURANCE: 4.0%
600 *Acceptance Insurance Co., Inc. 9,038
2,700 Alfa Corp. 53,241
400 *Alleghany Corp. 74,000
1,500 American Annuity Group, Inc. 36,375
1,400 American Heritage Life Investment Corp. 34,300
1,800 AmerUs Life Holdings, Inc. 48,600
1,100 Argonaut Group, Inc. 26,400
3,100 ARM Financial Group, Inc. Cl. A 26,350
1,700 Baldwin & Lyons, Inc. Cl. B 40,162
1,000 Blanch (E.W.) Holdings, Inc. 68,187
1,200 Brown & Brown, Inc. 45,600
900 *Chicago Title Corp. 32,119
3,000 CNA Surety Corp. 45,937
1,600 Commerce Group, Inc. 39,000
826 *Delphi Financial Group, Inc. 29,633
1,400 Enhance Financial Services Group, Inc. 27,650
800 Executive Risk, Inc. 68,050
1,700 FBL Financial Group, Inc. Cl. A 33,150
2,170 Fidelity National Financial, Inc. 45,570
3,700 First American Financial Corp. 66,137
1,800 Foremost Corp. of America 39,600
800 *FPIC Insurance Group, Inc. 38,700
2,200 +Frontier Insurance Group, Inc. 33,825
1,300 Gallagher (Arthur J.) & Co. 64,350
1,400 Harleysville Group, Inc. 28,656
3,300 +HCC Insurance Holdings, Inc. 74,869
2,200 Hilb Rogal & Hamilton Co. 49,225
3,400 +Horace Mann Educators Corp. 92,437
2,300 HSB Group, Inc. 94,731
400 Kansas City Life Insurance Co. 17,800
1,200 LandAmerica Financial Group, Inc. 34,500
3,400 Leucadia National Corp. 86,275
1,200 Liberty Corp. 65,400
1,100 Liberty Financial Companies, Inc. 32,038
1,000 Life USA Holding, Inc. 20,219
300 *Markel Corp. 56,100
1,480 *Medical Assurance, Inc. 41,810
3,400 *Mid Atlantic Medical Services, Inc. 33,575
500 Midland Co. 12,875
800 MMI Companies, Inc. 13,500
3,800 MONY Group, Inc. 123,975
300 *National Western Life Insurance Co. Cl. A 29,138
2,500 +Ohio Casualty Corp. 90,156
2,200 +Orion Capital Corp. 78,925
1,900 *Philadelphia Consolidated Holding Corp. 46,372
2,000 PICO Holdings, Inc. 50,687
2,600 Presidential Life Corp. 50,781
1,000 *Professionals Group, Inc. 33,844
1,200 *Provident American Corp. 33,413
2,453 +Radian Group, Inc. 119,737
5,200 Reliance Group Hldgs, Inc. 38,675
1,600 *Risk Capital Holdings, Inc. 22,000
500 RLI Corp. 19,375
1,900 Selective Insurance Group, Inc. 36,159
1,400 *Stancorp Financial Group, Inc. 42,000
2,800 State Auto Financial Corp. 37,625
400 Stewart Information Services Corp. 8,450
1,500 *Superior National Insurance Group, Inc. 41,250
MSF-85
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, INc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
INSURANCE:(CONTINUED)
1,200 +Trenwick Group, Inc. 29,588
3,000 *UICI, Inc. 82,875
1,000 United Fire & Casualty Co. 25,875
1,200 W.R. Berkley (W.R.) Corp. 30,038
0 ++Xl Capital Ltd. 28
1,500 Zenith National Insurance Corp. 36,937
------------
2,887,887
- --------------------------------------------------------------------------------
LEASE RENTAL OBLIGATIONS: 0.5%
800 +Aaron Rents, Inc. Cl. B 17,800
1,100 *AMERCO 24,613
1,800 *Avis Rent A Car, Inc. 52,425
2,700 *Dollar Thrifty Automotive Group 62,775
3,300 *Electro Rental Corp. 35,887
1,500 *+First Sierra Financial, Inc. 37,406
2,400 Interpool, Inc. 31,200
1,000 *+Rent-A-Center, Inc. 23,969
3,200 Rollins Truck Leasing Corp. 35,600
-----------
321,675
- --------------------------------------------------------------------------------
LIQUOR: 0.2%
1,800 *+Beringer Wine Estates Holdings, Inc. Cl. B 75,094
1,300 *+Canandaigua Brands, Inc. Cl. A 68,128
-----------
143,222
- --------------------------------------------------------------------------------
MACHINERY: 1.9%
4,800 AGCO Corp. 54,300
3,200 +Applied Power, Inc. Cl. A 87,400
1,500 *Bio-Rad Laboratories, Inc. Cl. A 39,187
1,400 Brady Corp. Cl. A 45,500
1,300 Carbo Ceramics, Inc. 39,203
2,400 *Comfort Systems USA, Inc. 43,200
2,700 *Cuno, Inc. 51,975
3,300 Donaldson Co., Inc. 80,850
2,000 *Dril-Quip, Inc. 45,875
1,900 *Esterline Technologies Corp. 27,313
2,500 Foster Wheeler Corp. 35,313
800 *Gardner Denver, Inc. 12,900
1,600 Graco, Inc. 47,000
2,100 IDEX Corp. 69,037
1,000 *Ionics, Inc. 36,500
2,200 Kennametal, Inc. 68,200
2,900 Lincoln Electric Holdings, Inc. 60,175
1,000 Lindsay Manufacturing Co. 17,563
2,100 Manitowoc Co., Inc. 87,412
1,850 *+Motivepower Industries, Inc. 32,838
500 NACCO Industries, Inc. Cl. A 36,750
1,300 *+Presstek, Inc. 9,567
1,300 *+PRI Automation, Inc. 47,287
1,500 *Specialty Equipment Companies, Inc. 44,156
1,652 *SpeedFam-IPEC, Inc. 26,587
1,300 Standex International Corp. 35,588
900 Tennant Co. 29,250
2,100 *Thermo Fibertek, Inc. 14,963
3,000 *Thermoquest Corp. 39,937
3,600 *+UCAR International, Inc. 90,900
-----------
1,356,726
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 2.4%
2,400 *+Acuson Corp. 41,250
5,100 *Airgas, Inc. 62,475
2,000 *Alaris Medical, Inc. 6,813
1,600 Arrow International, Inc. 41,300
1,800 Ballard Medical Products 41,963
1,300 *+Closure Medical Corp. 38,838
2,700 *Cognex Corp. 85,134
1,100 CONMED Corp. 33,653
2,200 *CYTYC Corp. 42,831
1,500 *Datascope Corp. 48,375
1,500 Diagnostic Products Corp. 41,438
700 *DVI, Inc. 11,988
2,800 *Eclipse Surgical Technologies, Inc. 30,363
2,600 *Fisher Scientific International, Inc. 58,012
2,600 *Haemonetics Corp. 52,163
MSF-86
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY:(CONTINUED)
3,300 *+LCA Vision, Inc. $ 30,834
800 *+Laser Vision Centers, Inc. 50,350
2,000 *Maxxim Medical, Inc. 46,625
15,300 *Medpartners, Inc. 115,706
700 Mine Safety Appliances Co. 45,500
1,300 *Ocular Sciences, Inc. 22,547
1,700 *OEC Medical Systems, Inc. 41,650
2,400 +Owens & Minor, Inc. 26,400
1,200 *+Perclose, Inc. 57,637
1,100 *+ResMed, Inc. 36,472
3,700 *Safeskin Corp. 44,284
2,500 *Scott Technologies, Inc. 48,281
5,500 *+STERIS Corp. 106,562
3,400 *Summit Technology, Inc. 74,906
3,400 *+Sunrise Technologies International, Inc. 41,756
1,200 *+Techne Corp. 30,600
3,300 *Theragenics Corp. 22,894
3,500 *Thermo Cardiosystems, Inc. 38,063
1,400 *Trex, Inc. 35,525
2,400 Varian Medical Systems, Inc. 60,600
600 *+Ventana Medical Systems, Inc. 11,569
700 Vital Signs, Inc. 13,956
1,400 *VWR Scientific Products Corp. 51,406
850 *Xomed Surgical Products, Inc. 41,172
------------
1,731,891
- --------------------------------------------------------------------------------
METALS-ALUMINUM: 0.1%
4,600 *Kaiser Aluminum Corp. 40,825
- --------------------------------------------------------------------------------
METALS-GOLD: 0.0%
11,900 Battle Mountain Gold Co. 29,006
- --------------------------------------------------------------------------------
METALS-NON-FERROUS: 0.3%
3,200 ASARCO, Inc. 60,200
800 +Imco Recycling, Inc. 13,700
1,600 *+RTI International Metals, Inc. 23,500
8,000 USEC, Inc. 119,000
------------
216,400
- --------------------------------------------------------------------------------
METALS-STEEL & IRON: 0.8%
5,900 *Armco, Inc. 39,087
10,700 *Bethlehem Steel Corp. 82,256
1,200 Carpenter Technology Corp. 34,275
800 Cleveland Cliffs, Inc. 25,900
2,000 *Gibraltor Steel Corp. 49,250
2,500 Intermet Corp. 37,656
4,300 *National Steel Corp. Cl. B 36,013
2,700 Oregon Steel Mills, Inc. 35,944
700 +Quanex Corp. 19,950
800 Reliance Steel & Aluminum Co. 31,200
2,400 Ryerson Tull, Inc. 54,150
3,400 *+Steel Dynamics, Inc. 52,700
6,100 Worthington Industries, Inc. 100,078
------------
598,459
- --------------------------------------------------------------------------------
MINING: 0.3%
2,600 Arch Coal, Inc. 36,075
6,800 Cyprus Amax Minerals Co. 103,275
2,850 *Stillwater Mining Co. 93,159
------------
232,509
- --------------------------------------------------------------------------------
MISCELLANEOUS: 0.6%
1,300 +Central Parking Corp. 44,525
600 Movado Group, Inc. 15,562
3,100 Pittston Brinks Group 82,925
2,200 Regis Corp. 42,144
2,100 Rollins, Inc. 33,469
5,200 *+Sensormatic Electronics Corp. 72,475
1,800 Tejon Ranch Co. 45,450
800 *Veterinary Centers of America, Inc. 10,825
1,600 +Wackenhut Corp. 47,600
1,600 *Wackenhut Correction Corp. 31,700
1,200 Whittaker Corp. 33,600
------------
460,275
- --------------------------------------------------------------------------------
MOBILE HOMES: 0.2%
3,300 *Champion Enterprises, Inc. 61,462
600 *Monaco Coach Corp. 25,388
MSF-87
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
MOBILE HOMES:(CONTINUED)
500 *National RV Holdings, Inc. $ 12,125
400 Skyline Corp. 11,725
500 Thor Industries, Inc. 14,188
------------
124,888
- --------------------------------------------------------------------------------
MORTGAGE RELATED: 0.0%
2,700 Resource Bancshares Mortgage Group, Inc. 27,506
- --------------------------------------------------------------------------------
MULTI-INDUSTRY: 1.1%
2,700 *ACX Technologies, Inc. 43,875
2,000 Albemarle Corp. 46,250
1,200 +Commercial Metals Co. 34,200
1,400 Enesco Group, Inc. 32,375
1,500 Forest City Enterprises, Inc. 42,000
1,200 *Gaylord Entertainment Co. 36,000
1,700 Gentek, Inc. 23,587
1,100 *Griffon Corp. 8,594
3,300 Harsco Corp. 105,600
1,300 *Kroll-O'Gara Co. 28,803
700 *Maxxam, Inc. 45,150
3,900 Ogden Corp. 105,056
3,300 Olin Corp. 43,519
2,500 Pittway Corp. 85,469
3,100 Resource America, Inc. 44,853
1,700 RPC, Inc. 14,875
1,700 Ruddick Corp. 34,000
100 Seabord Corp. 34,000
3,000 Valhi, Inc. 33,375
-----------
841,581
- --------------------------------------------------------------------------------
NEWSPAPERS: 0.1%
3,100 Lee Enterprises, Inc. 94,550
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 1.2%
600 American Business Products, Inc. 9,150
2,000 *BancTec, Inc. 35,875
1,300 *Black Box Corp. 65,203
3,900 *Boise Cascade Office Products Corp. 45,825
1,300 *Cybex Computer Products Corp. 36,319
800 *Daisytek International Corp. 13,000
3,600 *+Data General Corp. 52,425
1,000 General Binding Corp. 22,500
1,600 *+Hutchinson Technology, Inc. 44,300
1,400 *+IDX Systems Corp. 31,544
4,924 *+InaCom Corp. 62,165
3,400 *Intergraph Corp. 26,244
21,500 *+Iomega Corp. 106,156
1,500 *Knoll, Inc. 39,938
2,900 *+Mail-Well, Inc. 46,944
3,500 *Micron Electronics, Inc. 35,109
1,000 *Micros Systems, Inc. 34,125
1,500 Standard Register Co. 46,125
2,600 *+United Stationers, Inc. 57,281
3,100 Wallace Computer Services, Inc. 77,500
-----------
887,728
- --------------------------------------------------------------------------------
OIL: 0.3%
6,200 Pennzoil Quaker State Co. 93,000
3,900 *+Tesoro Petroleum Corp. 62,156
4,000 Valero Energy Corp. 85,750
-----------
240,906
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 1.6%
1,200 *Atwood Oceanics, Inc. 37,500
2,300 *+Barrett Resources Corp. 88,262
2,100 *Belco Oil & Gas Corp. 14,569
900 +Berry Petroleum Co. Cl. A 12,544
2,600 Cabot Oil & Gas Corp. Cl. A 48,425
600 *Cal Dive International, Inc. 17,944
4,300 Cross Timbers Oil Co. 63,962
1,533 *+EEX Corp. 10,635
2,700 Energen Corp. 50,288
4,100 *Forest Oil Corp. 51,506
4,900 *Harken Energy Corp. 7,963
2,000 *Houston Exploration Co. 37,875
1,000 *HS Resources, Inc. 14,750
MSF-88
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION:(CONTINUED)
2,600 *+Louis Dreyfus Natural Gas Corp. $ 56,062
6,800 *Meridian Resource Corp. 26,350
2,800 Mitchell Energy & Development Corp. Cl. A 54,075
2,700 *Newfield Exploration Co. 76,781
2,300 *Nuevo Energy Co. 30,475
2,100 ONEOK, Inc. 66,675
1,900 *+Patterson Energy, Inc. 18,703
3,600 Pennzenergy Co. 60,075
8,000 Pioneer Natural Resources Co. 88,000
1,800 *+Plains Resources, Inc. 34,200
2,400 +Pogo Producing Co. 44,700
800 *+Seitel, Inc. 12,950
900 *Stone Energy Corp. 38,138
3,000 *Tom Brown, Inc. 46,594
2,700 +Vintage Petroleum, Inc. 29,025
-----------
1,139,026
- --------------------------------------------------------------------------------
OIL-EQUIPMENT & SERVICES: 1.0%
2,200 *+Friede Goldman International, Inc. 30,525
4,900 *Global Industries, Ltd. 62,781
8,300 *Grey Wolf, Inc. 20,750
2,300 *+Hanover Compressor Co. 73,887
3,500 Helmerich & Payne, Inc. 83,344
3,200 *Marine Drilling Cos., Inc. 43,800
3,600 *National Oilwell, Inc. 50,400
4,100 *+Newpark Resources, Inc. 36,388
2,400 *Oceaneering International, Inc. 38,700
800 *Offshore Logistics, Inc. 8,800
7,400 *Parker Drilling Co. 24,513
3,300 *Pride International, Inc. 34,856
800 *+SEACOR Smit, Inc. 42,800
2,900 *+Tuboscope, Inc. 39,694
3,400 *Unova, Inc. 53,975
4,900 *Varco International, Inc. 53,594
2,600 *Veritas DGC, Inc. 47,612
-----------
746,419
- --------------------------------------------------------------------------------
PACKAGING: 0.1%
1,700 *U.S. Can Corp. 37,434
- --------------------------------------------------------------------------------
PHOTOGRAPHY: 0.4%
1,600 CPI Corp. 52,800
7,200 *+Metromedia International Group, Inc. 54,000
1,600 *+ParkerVision, Inc. 55,400
1,800 *Pinnacle Systems, Inc. 60,750
3,500 Polaroid Corp. 96,688
-----------
319,638
- --------------------------------------------------------------------------------
PLASTICS: 0.2%
2,300 Schulman (A.), Inc. 39,316
2,100 Spartech Corp. 66,412
1,000 West Pharmaceutical Services, Inc. 39,250
-----------
144,978
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 0.2%
20,700 *Aqua Alliance, Inc. Cl. A 20,700
1,300 *+Casella Waste Systems, Inc. Cl. A 33,638
2,100 *It Group, Inc. 33,731
400 +Landauer, Inc. 11,800
3,000 *+Thermo Ecotek Corp. 24,000
1,100 *Waste Connections, Inc. 33,550
-----------
157,419
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 1.0%
3,600 *+Applied Graphics Technologies, Inc. 45,000
1,000 *Big Flower Holdings, Inc. 31,875
1,300 *CSS Industries, Inc. 36,563
2,100 Harland (John H.) Co. 41,869
2,200 Jostens, Inc. 46,337
3,800 *Journal Register Co. 85,500
1,600 Penton Media, Inc. 38,800
1,400 *+Playboy Enterprises, Inc. Cl. B 37,187
800 Pulitzer, Inc. 38,850
2,700 R.H. Donnelley Corp. 52,819
800 *Scholastic Corp. 40,450
900 Value Line, Inc. 35,944
3,100 *+World Color Press, Inc. 85,250
MSF-89
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING:(CONTINUED)
2,800 *Ziff-Davis, Inc. $ 43,225
1,700 *ZD Net, Inc. 44,200
-----------
703,869
- --------------------------------------------------------------------------------
REAL ESTATE: 5.7%
600 *Alexander's, Inc. 44,325
1,200 Alexandria Real Estate Equities, Inc. 37,500
1,500 American Health Properties, Inc. 30,188
1,600 AMLI Residential Properties Trust 35,800
1,000 Associated Estates Realty Corp. 11,813
2,500 Bedford Property Investors, Inc. 44,687
3,900 Berkshire Realty Co., Inc. 45,094
900 Boykin Lodging Co. 13,838
1,700 Bradley Real Estate, Inc. 35,275
2,900 Brandywine Realty Trust 57,456
3,100 BRE Properties, Inc. 80,406
3,700 Burnham Pacific Properties, Inc. 45,556
1,500 Cabot Industrial Trust 31,875
4,500 *Cadiz, Inc. 42,328
3,600 Camden Property Trust 99,900
900 Capital Automotive REIT 11,841
800 *Castle & Cooke, Inc. 14,100
1,300 CBL & Associates Properties, Inc. 34,288
4,100 Center Trust Retail Properties, Inc. 48,175
1,600 CenterPoint Properties Trust 58,600
1,200 Chateau Communities, Inc. 35,925
1,100 +Chelsea GCA Realty, Inc. 40,838
1,700 Colonial Properties Trust 48,025
3,400 Commercial Net Lease Realty, Inc. 43,775
3,200 Cornerstone Realty Income Trust, Inc. 34,400
1,900 Cousins Properties, Inc. 64,244
4,200 +Developers Diversified Realty 69,825
2,200 Eastgroup Properties, Inc. 44,137
700 Entertainment Properties Trust 12,338
1,000 Essex Property Trust, Inc. 35,375
3,000 Federal Realty Investment Trust 68,812
2,700 First Industrial Realty Trust, Inc. 74,081
1,600 Gables Residential Trust 38,600
1,900 Glenborough Realty Trust, Inc. 33,250
2,700 Glimcher Realty Trust 43,875
700 Great Lakes REIY, Inc. 11,375
2,300 Health Care Property Investments, Inc. 66,412
1,700 Health Care Reit, Inc. 39,525
3,000 Healthcare Realty Trust 63,000
1,200 +Home Properties of New York, Inc. 33,150
2,600 Hospitality Properties Trust 70,525
4,300 Imperial Credit Commercial and Mortgage
Investment Corp. 46,628
5,900 +Indymac Mortgage Holdings, Inc. 94,400
3,800 Innkeepers USA Trust 38,000
4,800 IRT Property Co. 47,400
2,000 JDN Realty Corp. 44,750
2,300 *+Jones Lang Lasalle, Inc. 68,569
1,900 JP Realty, Inc. 39,069
1,700 Kilroy Realty Corp. 41,437
3,000 Koger Equity, Inc. 55,312
1,600 *LNR Property Corp. 34,200
3,000 +LTC Properties, Inc. 39,000
2,400 Macerich Co. 63,000
1,300 Manufactured Home Communities, Inc. 33,800
3,500 Meristar Hospitality Corp. 78,531
1,500 *MGI Properties 42,375
1,300 Mid-America Apartment Communities, Inc. 30,063
1,700 Mills Corp. 36,869
500 +National Golf Properties, Inc. 12,156
1,500 National Health Investors, Inc. 34,219
3,700 Nationwide Health Properties, Inc. 70,531
1,800 *Pacific Gulf Properties, Inc. 40,725
1,800 Pan Pacific Retail Properties, Inc. 34,875
1,400 Parkway Properties, Inc. 46,375
600 Pennsylvania Real Estate Investment Trust 12,563
MSF-90
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
REAL ESTATE:(CONTINUED)
2,500 Prentiss Properties Trust $ 58,750
700 Prime Group Realty Trust 12,031
4,500 Prime Retail, Inc. 39,094
1,500 PS Business Parks, Inc. 36,563
1,500 Realty Income Corp. 35,625
3,000 +Reckson Associates Realty Corp. 70,500
2,200 Regency Realty Corp. 48,262
3,400 *Security Capital Group, Inc. Cl. B 49,512
1,800 Shurgard Storage Centers, Inc. Cl. A 48,825
1,700 +SL Green Realty Corp. 34,744
1,000 +Smith (Charles E.) Residential Realty, Inc. 33,938
2,100 Storage USA, Inc. 66,937
2,400 Summit Properties, Inc. 47,400
1,400 Sun Communities, Inc. 49,700
3,000 *+Sunterra Corp. 41,812
2,500 Taubman Centers, Inc. 32,969
1,500 Thornburg Mortgage Asset Corp. 15,000
800 Town & Country Trust 14,300
1,500 *Trammell Crow Co. 24,656
1,700 TriNet Corporate Realty Trust, Inc. 47,069
500 +U.S. Restaurant Properties, Inc. 10,625
7,300 United Dominion Realty Trust, Inc. 85,775
1,100 Urban Shopping Centers, Inc. 34,650
8,900 *Ventas, Inc. 47,837
1,800 Walden Residential Properties, Inc. 38,700
2,200 Washington Real Estate Investment Trust 37,263
2,100 Webb Corp. 50,137
1,100 Weeks Corp. 33,550
1,900 Weingarten Realty Investors 79,325
1,900 Westfield America, Inc. 28,619
------------
4,133,547
- --------------------------------------------------------------------------------
RESTAURANT: 1.1%
2,100 Applebee's International, Inc. 63,525
1,500 +Avado Brands, Inc. 12,609
3,100 Bob Evans Farms, Inc. 61,516
2,400 *Buffets, Inc. 27,525
4,800 +CBRL Group, Inc. 82,950
1,200 *Cheesecake Factory, Inc. 36,525
4,200 +CKE Restaurants, Inc. 68,250
1,400 *Consolidated Prods, Inc. 25,200
1,800 *Dave & Buster's, Inc. 52,200
1,300 *Landry's Seafood Restaurants, Inc. 10,319
4,800 *Lone Star Steakhouse & Saloon, Inc. 46,575
2,800 Luby's Cafeterias, Inc. 42,000
3,300 *NPC International, Inc. 50,634
1,800 *+Papa John's International, Inc. 80,381
2,600 Ruby Tuesday, Inc. 49,400
2,600 *Ryan's Family Steak Houses, Inc. 30,144
1,500 Sbarro, Inc. 40,594
1,100 *Sonic Corp. 35,612
------------
815,959
- --------------------------------------------------------------------------------
RETAIL GROCERY: 0.6%
32,900 *+7-Eleven, Inc. 72,483
3,700 Casey's General Stores, Inc. 55,384
3,100 Fleming Cos., Inc. 36,038
1,400 Great Atlantic & Pacific Tea Co., Inc. 47,337
1,000 Ingles Markets, Inc. 15,375
3,800 Richfood Holdings, Inc. 66,975
1,100 Smart & Final, Inc. 17
2,100 *+Whole Foods Market, Inc. 100,866
1,600 *Wild Oats Markets, Inc. 48,550
------------
443,025
- --------------------------------------------------------------------------------
RETAIL TRADE: 3.8%
750 *+99 Cents Only Stores 37,453
1,900 *Ames Department Stores, Inc. 86,569
1,200 *+AnnTaylor Stores Corp. 54,000
2,600 *Bacou USA, Inc. 44,362
1,300 *Bebe Stores, Inc. 44,362
6,200 *+Borders Group, Inc. 98,037
4,400 *Boyds Collection Ltd. 76,175
MSF-91
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
RETAIL TRADE:(CONTINUED)
1,400 *Buckle, Inc. $ 40,250
2,200 Burlington Coat Factory Warehouse 42,487
1,000 Cash America International, Inc. 12,875
2,400 Cato Corp. Cl. A 27,900
2,198 *+CDnow, Inc. 38,740
3,400 *+Central Garden & Pet Co. 34,956
7,200 *Charming Shoppes, Inc. 43,762
1,300 *+Children's Place Retail Stores, Inc. 52,569
3,600 *Coleman Co., Inc. 33,750
7,300 *CompUSA, Inc. 54,294
8,600 *Corporate Express, Inc. 60,066
1,000 *CSK Auto Corp. 27,000
1,100 *Department 56, Inc. 29,563
2,000 *Donna Karan International, Inc. 19,875
800 *Dress Barn, Inc. 12,825
900 *+Duane Reade, Inc. 27,563
1,800 *Footstar, Inc. 66,937
600 *Fossil, Inc. 28,950
5,200 *General Nutrition Cos., Inc. 121,062
1,100 *+Guitar Center, Inc. 11,619
2,100 *Gymboree Corp. 22,247
3,600 *Handleman Co. 42,525
8,500 *Hanover Direct, Inc. 23,906
600 Haverty Furniture Companies, Inc. 21,150
2,000 *+Henry Schein, Inc. 63,437
1,050 *+Insight Enterprises, Inc. 25,955
1,900 *Jo Ann Stores, Inc. Cl. A 28,500
0 ++*Jones Apparel Group, Inc. 4
2,900 *+Just For Feet, Inc. 18,488
1,000 *+Lands' End, Inc. 48,500
1,700 *Men's Wearhouse, Inc. 43,669
2,100 *+Michaels Stores, Inc. 64,050
2,700 *Micro Warehouse, Inc. 47,925
2,200 *MSC Industrial Direct, Inc. Cl. A 22,550
4,200 *Musicland Stores, Inc. 37,275
600 *+NCS Healthcare, Inc. Cl. A 3,281
1,800 *+Neiman-Marcus Group, Inc. 46,237
9,200 *Office Max, Inc. 110,400
1,200 *+ONSALE, Inc. 22,763
1,800 *+Pacific Sunwear of California, Inc. 43,931
4,500 Pep Boys-Manny, Moe & Jack 97,312
1,300 *Petco Animal Supplies, Inc. 20,516
8,200 *PETsMART, Inc. 83,794
7,800 +Pier 1 Imports, Inc. 87,750
2,700 *+Rexall Sundown, Inc. 32,822
1,700 *ShopKo Stores, Inc. 61,625
3,500 *Spiegel, Inc. Cl. A 31,172
2,200 *Stein Mart, Inc. 20,281
3,200 *Sunglass Hut International, Inc. 54,900
4,800 *The Bombay Company, Inc. 36,900
2,200 *Transport World Entertainment Corp. 24,613
1,500 *Tuesday Morning Corp. 38,625
800 *Urban Outfitters, Inc. 19,950
1,600 *+Value America, Inc. 30,500
4,100 *Value City Department Stores, Inc. 50,225
2,100 *ValueVision International, Inc. 41,672
600 *+WetSeal, Inc. Cl. A 17,063
-------------
2,714,514
- --------------------------------------------------------------------------------
SHIPBUILDING: 0.2%
1,200 *Avondale Industries, Inc. 46,875
3,200 *Newport News Shipbuilding, Inc. 94,400
-------------
141,275
- --------------------------------------------------------------------------------
SOFTWARE: 4.7%
5,800 *+Acclaim Entertainment, Inc. 36,884
2,400 *Activision, Inc. 34,875
1,200 *Advantage Learning System 26,325
600 *+Advent Software, Inc. 40,181
700 *Allaire Corp. 47,709
900 *Anacomp, Inc. 15,356
1,500 *Ardent Software, Inc. 31,828
MSF-92
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
SOFTWARE:(CONTINUED)
2,900 *+Aspect Development, Inc. $ 53,559
3,900 *AXENT Technologies, Inc. 43,266
1,000 *BARRA, Inc. 25,063
1,600 *Bindview Development Corp. 37,950
900 *Bottomline Technologies, Inc. 47,644
1,300 *+Broadvision, Inc. 95,794
2,100 *+Cerner Corp. 44,034
1,700 *Clarify, Inc. 70,178
2,500 *Com21, Inc. 42,578
1,100 *Concord Communications, Inc. 49,087
1,200 *+Concur Technologies, Inc. 33,900
1,200 *Dendrite International, Inc. 43,537
1,400 *Digital River, Inc. 46,506
1,500 *+Documentum, Inc. 19,547
1,300 *+Entrust Technologies, Inc. 43,266
3,400 *Epicor Software Corp. 25,394
4,700 *Filenet Corp. 53,609
1,900 *Genrad, Inc. 39,544
900 *Great Plains Software, Inc. 42,131
4,900 *GT Interactive Software Corp. 16,691
900 Henry (Jack) & Associates, Inc. 35,213
1,600 *+HNC Software, Inc. 49,250
2,100 *Hyperion Solutions Corp. 37,472
2,900 *Imation Corp. 71,956
1,500 *+IMRglobal Corp. 28,969
1,100 *InfoCure Corp. 58,197
1,100 *Informatica Corp. 39,256
15,500 *Informix Corp. 131,508
3,500 *Integrated Systems, Inc. Cl. A 41,016
900 *InterVU, Inc. 34,397
1,900 *+ISS Group, Inc. 71,606
850 *Kronos, Inc. 37,878
2,500 *Manugistics Group, Inc. 36,094
2,300 *Mastech Corp. 42,694
800 *Medical Manager Corp. 35,425
3,000 *Mercury Interactive Corp. 106,312
2,800 *MessageMedia, Inc. 53,112
600 *Micromuse, Inc. 29,888
3,700 *Midway Games, Inc. 47,869
1,000 *National Instruments Corp. 40,250
1,600 *Net Perceptions, Inc. 35,000
1,800 *+Open Market, Inc. 25,538
700 *Pegasus Systems, Inc. 26,316
1,900 *Peregrine Systems, Inc. 48,747
2,200 *Phoenix Technology, Ltd. 39,187
2,900 *Policy Management Systems Corp. 87,000
3,700 *+Premiere Technologies, Inc. 42,434
1,500 *Primark Corp. 42,094
1,000 *Progress Software Corp. 28,438
400 *Project Software & Development, Inc. 12,425
1,800 *Remedy Corp. 48,262
4,200 *Saga Systems, Inc. 53,550
1,000 *Sanchez Computer Associates, Inc. 34,563
2,500 *+Security Dynamics Technologies, Inc. 52,812
2,000 *Security First Technologies Corp. 90,125
1,100 *Silknet Software, Inc. 44,584
2,600 *Structural Dynamics Research Corp. 47,775
5,900 *Sybase, Inc. 64,716
1,200 *+Tenfold Corp. 37,800
2,200 *Transaction Systems Architects, Inc. Cl. A 85,800
1,400 *TSI International Software, Ltd. 39,637
2,600 *+Ultratech Stepper, Inc. 39,081
1,200 *Vantive Corp. 13,650
1,000 *Verity, Inc. 54,156
2,100 *Visio Corp. 79,866
1,000 *WebTrends Corp. 46,094
2,400 *+Wind River Systems, Inc. 38,475
-------------
3,392,923
- --------------------------------------------------------------------------------
TECHNOLOGY: 0.3%
1,000 *Cree Research, Inc. 76,969
MSF-93
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
TECHNOLOGY:(CONTINUED)
800 Optical Coating Laboratory, Inc. $ 66,875
1,900 Prociurenet, Inc. 285
2,800 *Varian, Inc. 37,712
-----------
181,841
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 3.9%
2,200 *+Abovenet Communications, Inc. 88,756
2,700 *ACTV, Inc. 37,378
1,400 *Adaptive Broadband Corp. 30,538
2,200 *Advanced Radio Telecom Corp. 31,694
2,700 *+Aerial Communications, Inc. 36,619
2,000 *+American Mobile Satellite Corp. 32,813
1,100 *Anicom, Inc. 11,516
1,500 *+ANTEC Corp. 47,953
5,800 *+Aspect Telecommunications Corp. 56,187
1,700 *+Avant Corp. 21,409
600 *AVT Corp. 22,688
2,300 *Caprock Communications Corp. 93,078
900 *+Carrier Access Corp. 39,403
800 *Cellullar Communications of Puerto Rico 22,775
800 *Commonwealth Telephone Enterprises 32,325
2,700 *+Destia Communications, Inc. 33,328
700 *Dialogic Corp. 30,669
4,300 *+Digital Microwave Corp. 54,691
2,900 *DSP Communications, Inc. 83,737
1,000 *DSP Group, Inc. 35,969
1,750 *+Dycom Industries, Inc. 98,000
3,000 *+e.spire Communications, Inc. 31,594
7,100 *Executone Information Systems, Inc. 30,175
6,400 *General Communication, Inc. 43,500
1,500 *Genesys Telecommunications Laboratories, Inc. 37,453
800 *Harmonic Lightwaves, Inc. 45,925
2,000 *Hyperion Telecommunications, Inc. 37,750
3,700 *+ICG Communications, Inc. 78,741
2,000 Inter-Tel, Inc. 36,250
6,600 *InterDigital Communications Corp. 30,525
3,700 *+Intermedia Communications, Inc. 110,884
2,500 *InterVoice, Inc. 36,016
1,600 *+Intraware, Inc. 38,450
600 *IPC Communications, Inc. 40,950
2,400 *+IXC Communications, Inc. 94,125
1,200 *Maker Communications, Inc. 37,050
1,900 *+MGC Communications, Inc. 49,341
2,200 *+MRV Communications, Inc. 28,738
1,100 *Oak Industries, Inc. 48,056
700 *+Pacific Gateway Exchange, Inc. 20,344
9,400 *Paging Network, Inc. 45,825
4,600 *Pairgain Technologies, Inc. 53,044
1,800 *Pinnicle Holdings, Inc. 43,987
1,200 *Plantronics, Inc. 78,150
1,700 *Polycom, Inc. 66,087
1,600 *+Powertel, Inc. 47,750
800 *Powerwave Technologies, Inc. 25,800
2,200 *Price Communications Corp. 33,000
1,800 *Primus Telecommunications Group, Inc. 40,331
900 *Proxim, Inc. 52,312
1,000 *+Razorfish, Inc. 37,031
3,500 *REMEC, Inc. 56,000
4,500 *SkyTel Communications, Inc. 93,797
2,400 *Star Telecommunications, Inc. 18,675
1,175 +Superior Telecom, Inc. 29,375
3,000 *Talk.Com, Inc. 33,562
75 Talk.Com, Inc. (rts.) 0
1,100 *+Terayon Communication Systems 61,462
900 *+Tut Systems, Inc. 44,072
700 *Viatel, Inc. 39,200
3,200 *West Teleservices Corp. 30,000
3,200 *World Access, Inc. 45,100
----------
2,791,953
- --------------------------------------------------------------------------------
MSF-94
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
TEXTILES & APPAREL: 1.4%
1,300 Albany International Corp. Cl. A $ 26,975
2,400 Authentic Fitness Corp. 42,000
4,100 *Burlington Industries, Inc. 37,156
600 *Columbia Sportswear Co. 9,169
2,400 *Genesco, Inc. 34,950
1,000 *Goody's Family Clothing, Inc. 11,406
2,800 *Guess?, Inc. 38,675
800 +Guilford Mills, Inc. 8,300
3,100 +Interface, Inc. Cl. A 26,834
2,800 Justin Industries, Inc. 39,375
900 K-Swiss, Inc. 41,653
1,400 +Kellwood Co. 37,975
700 *Kenneth Cole Productions, Inc. Cl. A 19,513
2,300 *+Nautica Enterprises, Inc. 38,741
100 Oshkosh B'Gosh, Inc. Cl. A 2,091
400 Oxford Industries, Inc. 11,325
3,900 *Paxar Corp. 35,100
3,300 Phillips-Van Heusen Corp. 32,588
1,400 *Quiksilver, Inc. 36,488
3,700 *+Reebok International Ltd. 68,912
1,700 Russell Corp. 33,150
1,300 Springs Industries, Inc. 56,712
2,800 Stride Rite Corp. 28,875
1,200 Talbots, Inc. 45,750
1,400 *Tarrant Apparel Group 31,719
600 *+Timberland Co. 40,837
4,800 Unifi, Inc. 102,000
2,700 +Wolverine World Wide, Inc. 37,800
------------
976,069
- --------------------------------------------------------------------------------
TIRES & RUBBER: 0.1%
1,900 Bandag, Inc. 65,906
- --------------------------------------------------------------------------------
TOBACCO: 0.2%
1,600 Brooke Group Ltd. 35,533
1,600 +Dimon, Inc. 8,300
2,400 Universal Corp. 68,250
------------
112,083
- --------------------------------------------------------------------------------
TOYS & AMUSEMENTS: 0.0%
2,500 *Marvel Enterprises, Inc. 18,438
- --------------------------------------------------------------------------------
TRANSPORTATION: 0.2%
2,400 Air Express International Corp. 60,600
1,900 Circle International Group, Inc. 41,681
1,900 *Heartland Express, Inc. 30,994
------------
133,275
- --------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: 0.7%
3,900 Airborne Freight Corp. 107,981
4,200 *+AirTran Holdings, Inc. 23,888
1,700 *+Alaska Air Group, Inc. 70,975
2,700 *America West Holding Corp. Cl. B 50,962
1,200 *Amtran, Inc. 29,775
1,300 *+Atlantic Coast Airlines Holdings, Inc. 24,619
900 *Atlas Air, Inc. 29,025
700 *Eagle USA Airfreight, Inc. 29,641
2,100 *Frontier Airlines, Inc. 33,928
2,000 *Mesaba Holdings, Inc. 25,437
1,000 *+Midwest Express Holdings, Inc. 34,000
1,400 +SkyWest, Inc. 34,781
5,300 *+Transport World Airlines, Inc. 26,169
------------
521,181
- --------------------------------------------------------------------------------
TRANSPORTATION-RAILROAD: 0.5%
2,500 Florida East Coast Industries, Inc. 110,625
2,800 *Swift Transportation Co., Inc. 61,513
3,500 Trinity Industries, Inc. 117,250
5,100 *Wisconsin Central Transportation Corp. 95,306
------------
384,694
- --------------------------------------------------------------------------------
TRANSPORTATION-SHIPPING: 0.2%
3,500 Alexander & Baldwin, Inc. 77,656
2,500 *Kirby Corp. 52,969
1,900 Werner Enterprises, Inc. 39,425
------------
170,050
- --------------------------------------------------------------------------------
MSF-95
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.6%
1,400 *American Freightways Corp. $ 27,344
2,500 Arnold Industries, Inc. 38,516
3,300 *C.H.Robinson Worldwide, Inc. 120,862
1,000 *Consolidated Freightways Corp. 12,844
1,500 Hunt (J.B.) Transport Services, Inc. 24,422
700 *+Knight Transportation, Inc. 14,962
800 *Landstar System, Inc. 28,875
500 *M.S. Carriers, Inc. 14,828
2,600 Roadway Express, Inc. 50,619
2,100 U.S. Freightways Corp. 96,666
2,000 *Yellow Corp. 35,187
------------
465,125
- --------------------------------------------------------------------------------
UTILITIES: 0.8%
1,350 Aquarion Co. 46,913
3,500 Avista Corp. 56,875
1,200 California Water Service Group 31,350
1,000 CILCORP, Inc. 62,500
1,100 Orange & Rockland Utilities, Inc. 64,281
1,500 Pennsylvania Enterprises, Inc. 46,031
3,700 +Philadelphia Suburban Corp. 85,331
3,000 Rochester Gas and Electric Corp. 79,687
1,400 SIGCORP, Inc. 39,638
1,800 United Water Resources, Inc. 40,838
------------
553,444
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 1.5%
1,200 American States Water Co. 34,050
1,400 Black Hills Corp. 32,375
1,700 Central Hudson Gas & Electric Corp. 71,400
2,200 CLECO Corp. 66,825
2,100 CMP Group, Inc. 54,994
1,500 Commonwealth Energy System 63,000
1,200 Eastern Utilities Associates 34,950
3,900 *El Paso Electric Co. 34,856
1,900 Empire District Electric Co. 49,519
2,300 +Hawaiian Electric Industries, Inc. 81,650
2,700 +IdaCorp, Inc. 85,050
1,100 Madison Gas & Electric Co. 22,481
3,600 Nevada Power Co. 90,000
1,400 Northwestern Corp. 33,863
800 Otter Tail Power Co. 30,825
3,100 +Public Service Co. of New Mexico 61,612
2,200 Sierra Pacific Resources 80,025
1,200 TNP Enterprises, Inc. 43,500
3,700 *+Unisource Energy Corp. 44,169
800 +United Illuminating Co. 33,950
1,900 WPS Resources Corp. 57,000
------------
1,106,094
- --------------------------------------------------------------------------------
UTILITIES-GAS & PIPELINES: 1.9%
4,200 AGL Resources, Inc. 77,437
2,200 Atmos Energy Corp. 55,000
900 Colonial Gas Co. 33,300
800 Connecticut Energy Corp. 30,850
1,200 CTG Resources, Inc. 43,650
1,500 Eastern Enterprises 59,625
2,500 Equitable Resources, Inc. 94,375
1,700 Indiana Energy, Inc. 36,231
1,900 Laclede Gas Co. 44,175
4,300 MDU Resources Group, Inc. 98,094
1,900 +New Jersey Resources Corp. 71,131
1,500 North Carolina Natural Gas Corp. 51,094
1,500 Northwest Natural Gas Co. 36,094
1,500 +NUI Corp. 37,500
2,200 Piedmont Natural Gas Co., Inc. 68,475
1,400 Public Service Co. of North Carolina, Inc. 40,950
2,100 SEMCO Energy, Inc. 32,222
1,600 South Jersey Industries, Inc. 45,300
1,400 *+Southern Union Co. 30,450
2,100 Southwest Gas Corp. 60,112
1,900 Southwestern Energy Co. 20,069
2,500 *TransMontaigne, Inc. 31,406
MSF-96
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
JUNE 30, 1999 (UNAUDITED)
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED)
- --------------------------------------------------------------------------------
UTILITIES-GAS & PIPELINES:(CONTINUED)
2,600 UGI Corp. 52,488
3,200 Washington Gas Light Co. 83,200
1,400 Western Gas Resources, Inc. 22,400
3,500 WICOR, Inc. 97,781
1,200 +Yankee Energy Systems, Inc. 47,625
------------
1,401,034
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 0.4%
1,000 +CFW Communications Co. 24,000
1,900 *Commnet Cellular, Inc. 50,291
1,300 *IDT Corp. 28,925
3,900 *+ITC Deltacom, Inc. 109,078
2,000 *+Omnipoint Corp. 57,812
------------
270,106
- --------------------------------------------------------------------------------
UTILITIES-WATER: 0.1%
900 E'town Corp. 41,175
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $66,337,731) 71,846,571
------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.5%
- --------------------------------------------------------------------------------
$375,000 Federal Home Loan
Mortgage Corp. 5.000% 7/14/99 $ 374,323
------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $374,323) ........................... 374,323
------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.0%
(Cost $66,712,054) ......................... 72,220,894
OTHER ASSETS LESS LIABILITIES: 0.0% ........ (25,203)
------------
TOTAL NET ASSETS: 100.0% ................... $72,195,691
============
- --------------------------------------------------------------------------------
LEGEND:
- ------
* Non-income producing security
+ Securities on loan.
++ Fractional Shares
SECURITIES LENDING: (Note 7)
- -----------------
As of June 30, 1999, the market value of securities loaned was $7,208,922 with
collateral backing valued at $7,347,445.
See Notes to Financial Statements.
MSF-97
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999 (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>
Assets: Investments, at value (Note 1A) ........................ $3,497,792,722 $526,880,905 $52,180,927 $2,886,830,567
Cash ................................................... 273 892 1,006 --
Foreign currencies held at value ....................... -- -- -- --
Receivable for investment securities sold............... -- 7,087,709 -- 16,300,193
Receivable for fund shares sold ........................ -- -- 26,225 690,775
Receivable for dividends and interest................... 2,297,220 7,425,161 121 19,290,226
Unrealized appreciation on forward contacts (Note 10) .. -- 271,167 -- 579,757
Collateral for securities loaned (Note 7) .............. 136,213,403 21,469,153 -- 104,061,054
Other Assets ........................................... 167,277 -- 15 61,747
-------------- ------------ ----------- --------------
TOTAL ASSETS ...................................... 3,636,470,895 563,134,987 52,208,294 3,027,814,319
-------------- ------------ ----------- --------------
Liabilities: Payable for investment securities purchased ............ 2,424,403 29,190,132 -- 50,373,350
Payable for capital stock repurchased .................. 1,182,446 354,915 17,022 17,786
Unrealized depreciation on forward contacts (Note 10) .. -- -- -- --
Return of collateral for securities loaned (Note 7) .... 136,213,403 21,469,153 -- 104,061,054
Bank overdraft ......................................... -- -- -- 2,600
Accrued investment management fee (Note 3).............. 1,307,831 135,145 10,882 982,416
Accrued and other liabilities........................... 97,885 25,849 7,024 84,203
-------------- ------------ ----------- --------------
TOTAL LIABILITIES.................................. 141,225,968 51,175,194 34,928 155,521,409
-------------- ------------ ----------- --------------
Net Assets: 3,495,244,927 $511,959,793 $52,173,366 $2,872,292,910
============== ============ =========== ==============
Composition of
Net Assets: Paid-in-capital ........................................ 2,410,361,968 519,477,226 50,999,349 2,400,906,658
Undistributed/(overdistributed) net investment
income/(loss)......................................... 9,315,795 14,620,554 1,171,728 38,769,408
Net unrealized appreciation/(depreciation).............. 816,587,794 (17,598,694) -- 316,118,230
Accumulated net realized gain/(loss).................... 258,979,370 (4,539,293) 2,289 116,498,614
-------------- ------------ ----------- --------------
NET ASSETS ........................................ $3,495,244,927 $511,959,793 $52,173,366 $2,872,292,910
============== ============ =========== ==============
SHARES OUTSTANDING................................. 86,479,138 41,322,337 4,928,740 150,976,350
============== ============ =========== ==============
NET ASSET VALUE PER SHARE ......................... 40.42 $ 12.39 $ 10.59 $ 19.02
============== ============ =========== ==============
--------------------------------------------------------------------------------------------------------------------
Notes:
(1) Investments, at cost................................ 2,681,199,249 $544,748,289 $52,180,927 $2,571,283,809
(2) Cost of foreign currency............................ -- -- -- --
See Notes to Financial Statements
</TABLE>
MSF-98
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- -------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
STATE STREET
RESEARCH METLIFE SANTANDER
AGGRESSIVE STOCK INTERNATIONAL
GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ----------------
<S> <C> <C> <C>
Assets: Investments, at value (Note 1A) ............................ $ 1,350,671,553 $ 3,789,693,498 $ 301,921,358
Cash ....................................................... 242,482 38,435 960
Foreign currencies held at value ........................... -- -- 180,295
Receivable for investment securities sold .................. 12,354,746 5,916,066 1,672,215
Receivable for fund shares sold ............................ -- -- 5,500,081
Receivable for dividends and interest ...................... 347,969 3,248,188 405,683
Unrealized appreciation on forward contacts (Note 10) ...... -- -- --
Collateral for securities loaned (Note 7) .................. 189,621,560 24,296,719 26,304,462
Other Assets ............................................... 74 31,018 488,504
--------------- --------------- ---------------
TOTAL ASSETS .......................................... 1,553,238,384 3,823,223,924 336,473,558
--------------- --------------- ---------------
Liabilities: Payable for investment securities purchased ................ 11,180,163 13,172,137 --
Payable for capital stock repurchased ...................... 1,216,865 698,088 --
Unrealized depreciation on forward contacts (Note 10) ...... -- -- --
Return of collateral for securities loaned (Note 7) ........ 189,621,560 24,296,719 26,304,462
Bank overdraft ............................................. -- -- --
Accrued investment management fee (Note 3) ................. 764,182 742,926 184,046
Accrued and other liabilities .............................. 45,337 104,988 123,247
--------------- --------------- ---------------
TOTAL LIABILITIES ..................................... 202,828,107 39,014,858 26,611,755
--------------- --------------- ---------------
Net Assets: $ 1,350,410,277 $ 3,784,209,066 $ 309,861,803
=============== =============== ===============
Composition of
Net Assets: Paid-in-capital ............................................ 991,480,788 2,248,084,218 272,447,971
Undistributed/(overdistributed net investment
income/(loss) ............................................ (7,086,686) 17,889,362 3,678,434
Net unrealized appreciation/(depreciation) ................. 315,313,801 1,444,969,354 27,705,506
Accumulated net realized gain/(loss) ....................... 50,702,374 73,266,132 6,029,892
--------------- --------------- ---------------
NET ASSETS ............................................ $ 1,350,410,277 $ 3,784,209,066 $ 309,861,803
=============== =============== ===============
SHARES OUTSTANDING .................................... 44,032,252 96,505,171 22,335,450
=============== =============== ===============
NET ASSET VALUE PER SHARE ............................. $ 30.67 $ 39.21 $ 13.87
=============== =============== ===============
-------------------------------------------------------------------------------------------------------------------
Notes:
(1) Investments, at cost................. $ 1,035,357,752 $ 2,344,724,143 $ 274,188,738
(2) Cost of foreign currency............. -- -- 180,295
<CAPTION>
LOOMIS
SAYLES T. ROWE PRICE
HIGH YIELD JANUS SMALL CAP
BOND MID CAP GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ---------------
<S> <C> <C> <C> <C>
Assets: Investments, at value (Note 1A) ............................ $ 50,750,070 $ 802,232,520 $ 206,892,320
Cash ....................................................... 792 44,404 --
Foreign currencies held at value ........................... 992 -- --
Receivable for investment securities sold .................. -- 10,982,892 1,733,492
Receivable for fund shares sold ............................ 45,315 1,040,036 --
Receivable for dividends and interest ...................... 885,291 60,925 29,643
Unrealized appreciation on forward contacts (Note 10) ...... 10,602 -- --
Collateral for securities loaned (Note 7) .................. 1,556,669 128,580,835 21,456,285
Other Assets ............................................... 258 38 --
--------------- --------------- ---------------
TOTAL ASSETS .......................................... 53,249,989 942,941,650 230,111,740
--------------- --------------- ---------------
Liabilities: Payable for investment securities purchased ................ 11,664 28,758,609 3,252,480
Payable for capital stock repurchased ...................... -- -- 4,827,711
Unrealized depreciation on forward contacts (Note 10) ...... -- -- --
Return of collateral for securities loaned (Note 7) ........ 1,556,669 128,580,835 21,456,285
Bank overdraft ............................................. -- -- --
Accrued investment management fee (Note 3) ................. 29,304 409,594 82,725
Accrued and other liabilities .............................. 10,396 22,882 15,111
--------------- --------------- ---------------
TOTAL LIABILITIES ..................................... 1,608,033 157,771,920 29,634,312
--------------- --------------- ---------------
Net Assets: $ 51,641,956 $ 785,169,730 $ 200,477,428
=============== =============== ===============
Composition of
Net Assets: Paid-in-capital ............................................ 55,839,520 565,507,935 183,329,349
Undistributed/(overdistributed net investment
income/(loss) ............................................ 2,152,564 (1,526,218) (301,121)
Net unrealized appreciation/(depreciation) ................. (5,939,710) 160,456,624 35,380,671
Accumulated net realized gain/(loss) ....................... (410,418) 60,731,389 (17,931,471)
--------------- --------------- ---------------
NET ASSETS ............................................ $ 51,641,956 $ 785,169,730 $ 200,477,428
=============== =============== ===============
SHARES OUTSTANDING .................................... 5,502,546 35,292,340 15,816,369
=============== =============== ===============
NET ASSET VALUE PER SHARE ............................. $ 9.39 $ 22.25 $ 12.68
=============== =============== ===============
-------------------------------------------------------------------------------------------------------------------
Notes:
(1) Investments, at cost.................................... $ 56,700,632 $ 641,775,896 $ 171,511,649
(2) Cost of foreign currency................................ 1,000 -- --
<CAPTION>
SCUDDER
GLOBAL
EQUITY
PORTFOLIO
---------------
<S> <C> <C>
Assets: Investments, at value (Note 1A) ............................ $ 131,787,943
Cash ....................................................... 73
Foreign currencies held at value ........................... 32,623
Receivable for investment securities sold .................. 219,600
Receivable for fund shares sold ............................ 320,261
Receivable for dividends and interest ...................... 112,959
Unrealized appreciation on forward contacts (Note 10) ...... 25,107
Collateral for securities loaned (Note 7) .................. 7,888,463
Other Assets ............................................... 75,170
---------------
TOTAL ASSETS .......................................... 140,462,199
---------------
Liabilities: Payable for investment securities purchased ................ 58,038
Payable for capital stock repurchased ...................... 6
Unrealized depreciation on forward contacts (Note 10) ...... --
Return of collateral for securities loaned (Note 7) ........ 7,888,463
Bank overdraft ............................................. --
Accrued investment management fee (Note 3) ................. 71,470
Accrued and other liabilities .............................. 27,694
---------------
TOTAL LIABILITIES ..................................... 8,045,671
---------------
Net Assets: $ 132,416,528
===============
Composition of
Net Assets: Paid-in-capital ............................................ 111,481,600
Undistributed/(overdistributed net investment
income/(loss) ............................................ 822,762
Net unrealized appreciation/(depreciation) ................. 18,715,142
Accumulated net realized gain/(loss) ....................... 1,397,024
---------------
NET ASSETS ............................................ $ 132,416,528
===============
SHARES OUTSTANDING .................................... 9,946,545
===============
NET ASSET VALUE PER SHARE ............................. $ 13.31
===============
------------------------------------------------------------------------------
Notes:
(1) Investments, at cost................. $ 113,095,585
(2) Cost of foreign currency............. 32,576
</TABLE>
MSF-99
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABLITIES
JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NEUBERGER LEHMAN
HARRIS BERMAN T. ROWE BROTHERS
OAKMARK PARTNERS PRICE AGGREGATE
LARGE CAP MID CAP LARGE CAP BOND
VALUE VALUE GROWTH INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS: Investments, at value (Note 1A) ....................... $26,944,659 $22,878,025 $26,756,513 $102,382,248
Cash .................................................. 28 726 747 89,693
Foreign currencies held at value ...................... -- -- -- --
Receivable for investment securities sold ............. -- 413,497 248,489 --
Receivable for fund shares sold ....................... 232,571 252,556 81,795 349,965
Receivable for dividends and interest ................. 45,271 24,674 14,373 1,224,988
Unrealized appreciation on forward contacts (Note 10).. -- -- -- --
Collateral for securities loaned (Note 7) ............. -- -- -- 10,213,020
Other Assets .......................................... 4,877 5,448 11,264 --
----------- ----------- ----------- ------------
TOTAL ASSETS ..................................... 27,227,406 23,574,926 27,113,181 114,259,914
----------- ----------- ----------- ------------
LIABILITIES: Payable for investment securities purchased ........... 567,465 352,987 500,248 5,241,578
Payable for capital stock repurchased ................. -- -- -- --
Unrealized depreciation on forward contacts (Note 10).. -- -- -- --
Return of collateral for securities loaned (Note 7) ... -- -- -- 10,213,020
Bank overdraft ........................................ -- -- -- --
Accrued investment management fee (Note 3) ............ 14,824 12,800 14,219 19,356
Accrued and other liabilities ......................... 8,830 9,150 14,776 11,695
----------- ----------- ----------- ------------
TOTAL LIABILITIES ................................ 591,119 374,937 529,243 15,485,649
----------- ----------- ----------- ------------
NET ASSETS: $26,636,287 $23,199,989 $26,583,938 $ 98,774,265
=========== =========== =========== ============
COMPOSITION OF
NET ASSETS: Paid-in-capital ....................................... 24,407,387 20,103,147 24,512,293 100,073,720
Undistributed/(overdistributed) net investment
income/(loss) ....................................... 110,854 58,405 28,119 2,311,350
Net unrealized appreciation/(depreciation) ............ 2,062,235 1,662,060 1,968,158 (3,287,156)
Accumulated net realized gain/(loss) .................. 55,811 1,376,377 75,368 (323,649)
----------- ----------- ----------- ------------
NET ASSETS ....................................... $26,636,287 $23,199,989 $26,583,938 $ 98,774,265
=========== =========== =========== ============
SHARES OUTSTANDING ............................... 2,419,165 1,847,931 2,218,103 10,006,037
=========== =========== =========== ============
NET ASSET VALUE PER SHARE ........................ $ 11.01 $ 12.55 $ 11.98 $ 9.87
=========== =========== =========== ============
------------------------------------------------------------------------------------------------------------------
Notes:
(1) Investments, at cost .............................. $24,882,425 $ 21,215,965 $24,788,462 $105,669,404
(2) Cost of foreign currency .......................... -- -- -- --
See Notes to Financial Statements
</TABLE>
MSF-100
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
MORGAN
STANLEY RUSSELL
EAFE 2000
INDEX INDEX
PORTFOLIO PORTFOLIO
----------- -----------
<S> <C> <C> <C>
ASSETS: Investments, at value (Note 1A) ....................... $49,277,227 $72,220,894
Cash .................................................. 14,781 101,812
Foreign currencies held at value ...................... 47,395 --
Receivable for investment securities sold ............. 92,933 2,805,444
Receivable for fund shares sold ....................... 258,967 285,759
Receivable for dividends and interest ................. 67,912 64,154
Unrealized appreciation on forward contacts (Note 10).. -- --
Collateral for securities loaned (Note 7) ............. 1,017,051 7,347,445
Other Assets .......................................... 125,616 22,519
----------- -----------
TOTAL ASSETS ..................................... 50,901,882 82,848,027
----------- -----------
LIABILITIES: Payable for investment securities purchased ........... 709,463 3,257,626
Payable for capital stock repurchased ................. -- --
Unrealized depreciation on forward contacts (Note 10).. -- --
Return of collateral for securities loaned (Note 7) ... 1,017,051 7,347,445
Bank overdraft ........................................ -- --
Accrued investment management fee (Note 3) ............ 11,577 13,736
Accrued and other liabilities ......................... 102,632 33,529
----------- -----------
TOTAL LIABILITIES ................................ 1,840,723 10,652,336
----------- -----------
NET ASSETS: $49,061,159 $72,195,691
=========== ===========
COMPOSITION OF
NET ASSETS: Paid-in-capital ....................................... 45,940,684 63,519,290
Undistributed/(overdistributed) net investment
income/(loss) ....................................... 429,588 264,643
Net unrealized appreciation/(depreciation) ............ 2,654,522 5,508,840
Accumulated net realized gain/(loss) .................. 36,365 2,902,918
----------- -----------
NET ASSETS ....................................... $49,061,159 $72,195,691
=========== ===========
SHARES OUTSTANDING ............................... 4,389,705 6,222,928
=========== ===========
NET ASSET VALUE PER SHARE ........................ $ 11.18 $ 11.60
=========== ===========
---------------------------------------------------------------------------------
Notes:
(1) Investments, at cost .............................. $46,620,013 $66,712,054
(2) Cost of foreign currency .......................... 47,442 --
See Notes to Financial Statements
</TABLE>
MFS-101
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1999 (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>
INVESTMENT Interest (Note 1B) (1) ............................... $ 3,166,969 $ 16,402,823 $ 1,292,785 $ 40,049,802
INCOME: Dividends (Note 1B) .................................. 14,723,564 -- -- 6,861,311
------------- ------------- ------------- -------------
Total investment income, net of withholding taxes (2) 17,890,533 16,402,823 1,292,785 46,911,113
------------- ------------- ------------- -------------
EXPENSES: Investment management fee (Note 3A) .................. 7,710,477 831,127 65,113 5,848,700
Printing and distribution fees ....................... 343,507 57,515 5,329 291,703
Custodian and transfer agent fees .................... 229,591 73,752 23,685 233,366
Audit and tax service fees ........................... 7,805 5,677 5,574 7,420
Directors fees ....................................... 3,617 3,617 3,617 3,617
Insurance fees ....................................... 2,496 2,496 2,496 2,496
Other operating expenses ............................. 2,237 2,239 2,239 2,237
------------- ------------- ------------- -------------
Total expenses before reimbursement .................. 8,299,730 976,423 108,053 6,389,539
------------- ------------- ------------- -------------
Less: expense reimbursement .......................... -- -- -- --
------------- ------------- ------------- -------------
Net expenses ......................................... 8,299,730 976,423 108,053 6,389,539
------------- ------------- ------------- -------------
NET INVESTMENT INCOME/(LOSS) .................... 9,590,803 15,426,400 1,184,732 40,521,574
------------- ------------- ------------- -------------
NET REALIZED Investments .......................................... 263,252,450 (1,596,947) -- 119,705,570
GAIN/(LOSS) ON: Foreign currency transactions (Note 8) ............... 129,202 (461,809) -- (938,013)
------------- ------------- ------------- -------------
NET REALIZED GAIN/(LOSS) ........................ 263,381,652 (2,058,756) -- 118,767,557
------------- ------------- ------------- -------------
NET UNREALIZED Beginning of period investments and
APPRECIATION/ foreign currency holdings (Notes 8, 10) .............. 756,429,561 10,923,390 -- 357,500,084
(DEPRECIATION): End of period investments and
foreign currency holdings (Notes 8, 10) .............. 816,587,794 (17,598,694) -- 316,118,230
------------- ------------- ------------- -------------
NET UNREALIZED
APPRECIATION/(DEPRECIATION) .................... 60,158,233 (28,522,084) -- (41,381,854)
------------- ------------- ------------- -------------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .................... $ 333,130,688 $ (15,154,440) $ 1,184,732 $ 117,907,277
============= ============= ============= =============
--------------------------------------------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned ....................... $ 95,700 $ 44,474 $ -- $ 175,615
(2) Withholding taxes ................................ 211,011 -- -- 98,703
</TABLE>
See Notes to Financial Statements.
MSF-102
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
STATE STREET LOOMIS
RESEARCH METLIFE SANTANDER SAYLES
AGGRESSIVE STOCK INTERNATIONAL HIGH YIELD
GROWTH INDEX STOCK BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- -------------- ------------- --------------
<S> <C> <C> <C> <C>
INVESTMENT Interest (Note 1B) (1) .............................. $ 1,295,207 $ 287,751 $ 149,842 $ 2,336,835
INCOME: Dividends (Note 1B) ................................. 1,554,070 22,709,501 3,465,439 76,696
------------- -------------- ------------- -------------
Total investment income, net of withholding taxes (2) 2,849,277 22,997,252 3,615,281 2,413,531
------------- -------------- ------------- -------------
EXPENSES: Investment management fee (Note 3A) ................. 4,717,324 4,231,254 1,110,917 164,776
Printing and distribution fees ...................... 164,035 325,960 35,192 4,800
Custodian and transfer agent fees ................... 106,488 312,397 294,875 42,948
Audit and tax service fees .......................... 6,302 7,742 5,772 5,255
Directors fees ...................................... 3,617 3,617 3,617 3,617
Insurance fees ...................................... 2,496 2,496 2,496 2,496
Other operating expenses ............................ 2,238 2,237 2,239 2,238
------------- -------------- ------------- -------------
Total expenses before reimbursement ................. 5,002,500 4,885,703 1,455,108 226,130
------------- -------------- ------------- -------------
Less: expense reimbursement ......................... -- -- -- 6,722
------------- -------------- ------------- -------------
Net expenses ........................................ 5,002,500 4,885,703 1,455,108 219,408
------------- -------------- ------------- -------------
NET INVESTMENT INCOME/(LOSS) ................... (2,153,223) 18,111,549 2,160,173 2,194,123
------------- -------------- ------------- -------------
NET REALIZED Investments ......................................... 46,595,771 79,599,614 14,435,426 (183,272)
GAIN/(LOSS) ON: Foreign currency transactions (Note 8) .............. 5,445 440 (5,368,286) 17,553
------------- -------------- ------------- -------------
NET REALIZED GAIN/(LOSS) ....................... 46,601,216 79,600,054 9,067,140 (165,719)
------------- -------------- ------------- -------------
NET UNREALIZED Beginning of period investments and
APPRECIATION/ foreign currency holdings (Notes 8, 10) ........... 303,801,880 1,142,925,615 26,443,264 (9,111,204)
(DEPRECIATION): End of period investments and
foreign currency holdings (Notes 8, 10) ........... 315,313,800 1,444,969,354 27,705,506 (5,939,710)
------------- -------------- ------------- -------------
NET UNREALIZED
APPRECIATION/(DEPRECIATION) .................. 11,511,920 302,043,739 1,262,242 3,171,494
------------- -------------- ------------- -------------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................... $ 55,959,913 $ 399,755,342 $ 12,489,555 $ 5,199,898
============= ============== ============= =============
- ------------------------------------------------------------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned ...................... $ 233,868 $ 82,022 $ 55,853 $ 3,699
(2) Withholding taxes ............................... -- 347,815 486,372 1,639
<CAPTION>
T. ROWE PRICE SCUDDER
JANUS SMALL CAP GLOBAL
MID CAP GROWTH EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ---------------
<S> <C> <C> <C>
INVESTMENT Interest (Note 1B) (1) .............................. $ 759,453 $ 168,620 $ 311,054
INCOME: Dividends (Note 1B) ................................. 261,888 135,189 1,055,891
------------- ------------- -------------
Total investment income, net of withholding taxes (2) 1,021,341 303,809 1,366,945
------------- ------------- -------------
EXPENSES: Investment management fee (Note 3A) ................. 1,895,099 475,566 409,560
Printing and distribution fees ...................... 32,053 18,285 11,602
Custodian and transfer agent fees ................... 77,619 58,047 96,379
Audit and tax service fees .......................... 5,451 5,315 5,516
Directors fees ...................................... 3,617 3,617 3,617
Insurance fees ...................................... 2,496 2,496 2,496
Other operating expenses ............................ 2,239 2,237 2,237
------------- ------------- -------------
Total expenses before reimbursement ................. 2,018,574 565,563 531,407
------------- ------------- -------------
Less: expense reimbursement ......................... -- -- --
------------- ------------- -------------
Net expenses ........................................ 2,018,574 565,563 531,407
------------- ------------- -------------
NET INVESTMENT INCOME/(LOSS) .................... (997,233) (261,754) 835,538
------------- ------------- -------------
NET REALIZED Investments ......................................... 61,096,641 (1,130,926) 2,398,333
GAIN/(LOSS) ON: Foreign currency transactions (Note 8) .............. (27,375) -- (802,537)
------------- ------------- -------------
NET REALIZED GAIN/(LOSS) ........................ 61,069,266 (1,130,926) 1,595,796
------------- ------------- -------------
NET UNREALIZED Beginning of period investments and
APPRECIATION/ foreign currency holdings (Notes 8, 10) ........... 82,690,135 27,478,297 10,888,557
(DEPRECIATION): End of period investments and
foreign currency holdings (Notes 8, 10) ........... 160,456,624 35,380,671 18,715,142
------------- ------------- -------------
NET UNREALIZED
APPRECIATION/(DEPRECIATION) ................... 77,766,489 7,902,374 7,826,585
------------- ------------- -------------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ..................... $ 137,838,522 $ 6,509,694 $ 10,257,919
============= ============= =============
--------------------------------------------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned ...................... $ 162,784 $ 37,297 $ 19,498
(2) Withholding taxes ............................... -- -- 71,986
</TABLE>
MSF-103
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NEUBERGER LEHMAN
HARRIS BERMAN T. ROWE BROTHERS
OAKMARK PARTNERS PRICE AGGREGATE
LARGE CAP MID CAP LARGE CAP BOND
VALUE VALUE GROWTH INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT Interest (Note 1B) (1) .............................. $ 33,778 $ 20,278 $ 28,345 $ 2,492,517
INCOME: Dividends (Note 1B) ................................. 155,921 107,376 74,387 --
----------- ----------- ----------- -----------
Total investment income, net of withholding taxes (2) 189,699 127,654 102,732 2,492,517
----------- ----------- ----------- -----------
EXPENSES: Investment management fee (Note 3A) ................. 61,828 53,438 57,985 99,170
Printing and distribution fees ...................... 1,179 1,129 1,043 7,632
Custodian and transfer agent fees ................... 29,617 34,640 61,690 35,042
Audit and tax service fees .......................... 7,682 7,681 7,682 7,731
Directors fees ...................................... 3,617 3,617 3,617 3,617
Insurance fees ...................................... 2,496 2,496 2,496 2,496
Other operating expenses ............................ 2,240 2,775 2,291 2,239
----------- ----------- ----------- -----------
Total expenses before reimbursement ................. 108,659 105,776 136,804 157,927
----------- ----------- ----------- -----------
Less: expense reimbursement ......................... 30,337 36,527 62,192 --
----------- ----------- ----------- -----------
Net expenses ........................................ 78,322 69,249 74,612 157,927
----------- ----------- ----------- -----------
NET INVESTMENT INCOME/(LOSS) ................... 111,377 58,405 28,120 2,334,590
----------- ----------- ----------- -----------
NET REALIZED Investments ......................................... 55,811 1,376,378 82,995 (345,359)
GAIN/(LOSS) ON: Foreign currency transactions (Note 8) .............. -- -- (6,136) --
----------- ----------- ----------- -----------
NET REALIZED GAIN/(LOSS) ....................... 55,811 1,376,378 76,859 (345,359)
----------- ----------- ----------- -----------
NET UNREALIZED Beginning of period investments and
APPRECIATION/ foreign currency holdings (Notes 8, 10) ............. (127,600) 268,351 406,259 233,207
(DEPRECIATION): End of period investments and
foreign currency holdings (Notes 8, 10) ............. 2,062,235 1,662,060 1,968,158 (3,287,156)
----------- ----------- ----------- -----------
NET UNREALIZED APPRECIATION/(DEPRECIATION) ..... 2,189,835 1,393,709 1,561,899 (3,520,363)
----------- ----------- ----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................... $ 2,357,023 $ 2,828,492 $ 1,666,878 $(1,531,132)
=========== =========== =========== ===========
-------------------------------------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned ...................... $ -- $ -- $ -- $ 195
(2) Withholding taxes ............................... -- 213 1,861 (360)
</TABLE>
See Notes to Financial Statements.
MSF-104
<PAGE>
<TABLE>
<CAPTION>
MORGAN
STANLEY RUSSELL
EAFE 2000
INDEX INDEX
PORTFOLIO PORTFOLIO
----------- ----------
<S> <C> <C> <C>
INVESTMENT Interest (Note 1B) (1) .............................. $ 27,453 $ 20,378
INCOME: Dividends (Note 1B) ................................. 506,049 361,585
---------- ----------
Total investment income, net of withholding taxes (2) 533,502 381,963
---------- ----------
EXPENSES: Investment management fee (Note 3A) ................. 55,246 64,977
Printing and distribution fees ...................... 3,311 4,708
Custodian and transfer agent fees ................... 369,980 187,564
Audit and tax service fees .......................... 7,698 7,709
Directors fees ...................................... 3,617 3,617
Insurance fees ...................................... 2,496 2,496
Other operating expenses ............................ 2,942 2,594
---------- ----------
Total expenses before reimbursement ................. 445,290 273,665
---------- ----------
Less: expense reimbursement ......................... 343,296 156,345
---------- ----------
Net expenses ........................................ 101,994 117,320
---------- ----------
NET INVESTMENT INCOME/(LOSS) ................... 431,508 264,643
---------- ----------
NET REALIZED Investments ......................................... 240,248 2,914,278
GAIN/(LOSS) ON: Foreign currency transactions (Note 8) .............. (80,203) --
---------- ----------
NET REALIZED GAIN/(LOSS) ....................... 160,045 2,914,278
---------- ----------
NET UNREALIZED Beginning of period investments and
APPRECIATION/ foreign currency holdings (Notes 8, 10) ............. 1,821,024 1,879,709
(DEPRECIATION): End of period investments and
foreign currency holdings (Notes 8, 10) ............. 2,654,522 5,508,840
---------- ----------
NET UNREALIZED APPRECIATION/(DEPRECIATION) ..... 833,498 3,629,131
---------- ----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................... $1,425,051 $6,808,052
========== ==========
- ---------------------------------------------------------------------------------------------------
Notes:
(1) Income on securites
loaned ............................................. $ 36 $ 812
(2) Withholding taxes ............................... 65,028 84
</TABLE>
MSF-105
<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
1999 DECEMBER 31, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
--------------- ---------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS: Net investment income (loss) ...... $ 9,590,803 $ 27,761,991 $ 15,426,400 $ 28,438,208
Net realized gain (loss) from
investment and foreign currency
transactions ................... 263,381,652 239,776,427 (2,058,756) 9,707,383
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. 60,158,233 400,556,939 (28,522,084) 3,228,435
--------------- --------------- --------------- ---------------
Net increase/(decrease) in net
assets resulting from operations 333,130,688 668,095,357 (15,154,440) 41,374,026
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO Net Investment income ............. (31,517) (27,738,839) -- (30,426,440)
SHAREHOLDERS: Net realized gain from investment
transactions ................... (51,297,956) (258,432,068) (897,435) (9,521,620)
--------------- --------------- --------------- ---------------
Total Distributions (Note 4) ...... (51,329,473) (286,170,907) (897,435) (39,948,060)
--------------- --------------- --------------- ---------------
CAPITAL SHARE Net proceeds from sale of shares .. 77,151,843 183,944,051 20,183,450 99,254,831
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. 51,329,473 286,170,907 897,435 39,948,060
Shares redeemed ................... (27,118,715) (89,019,880) (19,923,590) (25,965,115)
--------------- --------------- --------------- ---------------
Net Capital Stock Transactions
(Note 9) ....................... 101,362,601 381,095,078 1,157,295 113,237,776
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN
NET ASSETS ..................... 383,163,816 763,019,528 (14,894,580) 114,663,742
NET ASSETS: Beginning of period ... 3,112,081,111 2,349,061,583 526,854,373 412,190,631
--------------- --------------- --------------- ---------------
NET ASSETS: End of period ......... $ 3,495,244,927 $ 3,112,081,111 $ 511,959,793 $ 526,854,373
=============== =============== =============== ===============
<CAPTION>
STATE STREET
RESEARCH MONEY MARKET
PORTFOLIO
---------------------------
INCREASE (DECREASE) IN NET ASSETS FROM: FOR THE SIX
MONTHS ENDED FOR THE YEAR
JUNE 30, ENDED
1999 DECEMBER 31,
(UNAUDITED) 1998
------------ ------------
<S> <C> <C> <C>
OPERATIONS: Net investment income (loss) ...... $ 1,184,732 $ 2,153,494
Net realized gain (loss) from
investment and foreign currency
transactions ................... -- (76)
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. -- --
------------ ------------
Net increase/(decrease) in net
assets resulting from operations 1,184,732 2,153,418
------------ ------------
DISTRIBUTIONS TO Net Investment income ............. (15,739) (2,137,755)
SHAREHOLDERS: Net realized gain from investment
transactions ................... -- --
------------ ------------
Total Distributions (Note 4) ...... (15,739) (2,137,755)
------------ ------------
CAPITAL SHARE Net proceeds from sale of shares .. 26,132,180 40,779,247
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. 15,739 2,137,755
Shares redeemed ................... (16,328,281) (41,227,769)
------------ ------------
Net Capital Stock Transactions
(Note 9) ....................... 9,819,638 1,689,233
------------ ------------
NET INCREASE/(DECREASE) IN
NET ASSETS ..................... 10,988,631 1,704,896
NET ASSETS: Beginning of period ... 41,184,735 39,479,839
------------ ------------
NET ASSETS: End of period ......... $ 52,173,366 $ 41,184,735
============ ============
-----------------------------------------------------------------
</TABLE>
See notes to Financial Statements.
MSF-106
<PAGE>
<TABLE>
<CAPTION>
STATE STREET RESEARCH STATE STREET RESEARCH
DIVERSIFIED AGGRESSIVE GROWTH
PORTFOLIO PORTFOLIO
--------------------------------- ---------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM: FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR
JUNE 30, ENDED JUNE 30, ENDED
1999 DECEMBER 31, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
OPERATIONS: Net investment income (loss) ...... $ 40,521,574 $ 78,129,039 $ (2,153,223) $ (2,655,843)
Net realized gain (loss) from
investment and foreign currency
transactions ................... 118,767,557 155,325,065 46,601,216 74,327,301
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. (41,381,854) 178,233,566 11,511,920 106,901,703
--------------- --------------- --------------- ---------------
Net increase/(decrease) in net
assets resulting from operations 117,907,277 411,687,670 55,959,913 178,573,161
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO Net Investment income ............. -- (79,241,817) -- --
SHAREHOLDERS: Net realized gain from investment
transactions ................... (24,012,864) (168,054,328) (6,828,143) (82,562,223)
--------------- --------------- --------------- ---------------
Total Distributions (Note 4) ...... (24,012,864) (247,296,145) (6,828,143) (82,562,223)
--------------- --------------- --------------- ---------------
CAPITAL SHARE Net proceeds from sale of shares .. 104,105,003 293,938,943 95,032,415 116,275,245
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. 24,012,864 247,296,145 6,828,143 82,562,223
Shares redeemed ................... (6,706,436) (30,871,261) (231,918,637) (255,467,432)
--------------- --------------- --------------- ---------------
Net Capital Stock Transactions
(Note 9) ....................... 121,411,431 510,363,827 (130,058,079) (56,629,964)
--------------- --------------- --------------- ---------------
NET INCREASE/(DECREASE) IN
NET ASSETS ..................... 215,305,844 674,755,352 (80,926,309) 39,380,974
NET ASSETS: Beginning of period ... 2,656,987,066 1,982,231,714 1,431,336,586 1,391,955,612
--------------- --------------- --------------- ---------------
NET ASSETS: End of period ......... $ 2,872,292,910 $ 2,656,987,066 $ 1,350,410,277 $ 1,431,336,586
=============== =============== =============== ===============
<CAPTION>
METLIFE SANTANDER
STOCK INDEX INTERNATIONAL STOCK
PORTFOLIO PORTFOLIO
------------------------------- ----------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM: FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR
JUNE 30, ENDED JUNE 30, ENDED
1999 DECEMBER 31, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
--------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
OPERATIONS: Net investment income (loss) ...... $ 18,111,549 $ 30,787,944 $ 2,160,173 $ 2,489,872
Net realized gain (loss) from
investment and foreign currency
transactions ................... 79,600,054 139,102,116 9,067,140 24,540,552
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. 302,043,739 462,459,475 1,262,242 30,689,967
--------------- --------------- --------------- ---------------
Net increase/(decrease) in net
assets resulting from operations 399,755,342 632,349,535 12,489,555 57,720,391
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO Net Investment income ............. (144,613) (30,643,302) -- (3,280,730)
SHAREHOLDERS: Net realized gain from investment
transactions ................... (47,041,615) (97,483,702) (17,217,209) (82,089)
--------------- --------------- --------------- ---------------
Total Distributions (Note 4) ...... (47,186,228) (128,127,004) (17,217,209) (3,362,819)
--------------- --------------- --------------- ---------------
CAPITAL SHARE Net proceeds from sale of shares .. 366,815,493 578,786,140 127,991,945 179,209,872
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. 47,186,228 128,127,004 17,217,209 3,362,819
Shares redeemed ................... (94,280,753) (119,696,727) (128,000,609) (206,638,160)
--------------- --------------- --------------- ---------------
Net Capital Stock Transactions
(Note 9) ....................... 319,720,968 587,216,417 17,208,545 (24,065,469)
--------------- --------------- --------------- ---------------
NET INCREASE/(DECREASE) IN
NET ASSETS ..................... 672,290,082 1,091,438,948 12,480,891 30,292,103
NET ASSETS: Beginning of period ... 3,111,918,984 2,020,480,036 297,380,912 267,088,809
--------------- --------------- --------------- ---------------
NET ASSETS: End of period ......... $ 3,784,209,066 $ 3,111,918,984 $ 309,861,803 $ 297,380,912
=============== =============== =============== ===============
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
MSF-107
<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 SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR
JUNE 30, ENDED JUNE 30, ENDED
1999 DECEMBER 31, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
OPERATIONS: Net investment income(loss) ....... $ 2,194,123 $ 3,937,744 $ (997,233) $ (497,540)
Net realized gain (loss) from
investment and foreign currency
transactions ................... (165,719) 142,105 61,069,266 12,255,248
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. 3,171,494 (8,033,164) 77,766,489 71,842,949
------------- ------------- ------------- -------------
Net increase/(decrease) in net
assets resulting from operations 5,199,898 (3,953,315) 137,838,522 83,600,657
------------- ------------- ------------- -------------
DISTRIBUTIONS TO Net Investment income ............. -- (3,978,631) -- --
SHAREHOLDERS: Net realized gain from investment
transactions ................... -- (395,661) (9,897,424) (1,768,641)
------------- ------------- ------------- -------------
Total Distributions (Note 4) ...... -- (4,374,292) (9,897,424) (1,768,641)
------------- ------------- ------------- -------------
CAPITAL SHARE Net proceeds from sale of shares .. 6,323,762 23,282,322 308,825,200 215,371,688
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. -- 4,374,292 9,897,424 1,768,641
Shares redeemed ................... (2,284,695) (4,729,682) (32,997,903) (31,320,075)
------------- ------------- ------------- -------------
Net Capital Stock Transactions
(Note 9) ....................... 4,039,067 22,926,932 285,724,721 185,820,254
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN
NET ASSETS ..................... 9,238,965 14,599,325 413,665,819 267,652,270
NET ASSETS: Beginning of period ... 42,402,991 27,803,666 371,503,911 103,851,641
------------- ------------- ------------- -------------
NET ASSETS: End of period ......... $ 51,641,956 $ 42,402,991 $ 785,169,730 $ 371,503,911
============= ============= ============= =============
<CAPTION>
T. ROWE PRICE
SMALL CAP GROWTH
PORTFOLIO
-------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM: FOR THE SIX
MONTHS ENDED FOR THE YEAR
JUNE 30, ENDED
1999 DECEMBER 31,
(UNAUDITED) 1998
-------------- ---------------
<S> <C> <C> <C>
OPERATIONS: Net investment income(loss) ....... $ (261,754) $ (32,020)
Net realized gain (loss) from
investment and foreign currency
transactions ................... (1,130,926) (16,406,136)
Unrealized appreciation
(depreciation) of investments
and foreign currency holdings .. 7,902,374 22,428,525
------------- -------------
Net increase (decrease) in net
assets resulting from operations 6,509,694 5,990,369
------------- -------------
DISTRIBUTIONS TO Net Investment income ............. -- --
SHAREHOLDERS: Net realized gain from investment
transactions ................... -- --
------------- -------------
Total Distributions (Note 4) ...... -- --
------------- -------------
CAPITAL SHARE Net proceeds from sale of shares .. 35,733,284 168,963,708
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. -- --
Shares redeemed ................... (30,897,516) (79,842,117)
------------- -------------
Net Capital Stock Transactions
(Note 9) ....................... 4,835,768 89,121,591
------------- -------------
NET INCREASE (DECREASE) IN
NET ASSETS ..................... 11,345,462 95,111,960
NET ASSETS: Beginning of period ... 189,131,966 94,020,006
------------- -------------
NET ASSETS: End of period ......... $ 200,477,428 $ 189,131,966
============= =============
- ----------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
MSF-108
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, INc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
HARRIS
OAKMARK
SCUDDER LARGE CAP
GLOBAL EQUITY VALUE
PORTFOLIO PORTFOLIO
----------------------------- -------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM: FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE PERIOD
JUNE 30, ENDED JUNE 30, ENDED
1999 DECEMBER 31, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (1)
------------- --------------- ------------ --------------
<S> <C> <C> <C> <C> <C>
OPERATIONS: Net investment income(loss) ....... $ 835,538 $ 1,455,456 $ 111,377 $ 22,813
Net realized gain (loss) from
investment and foreign currency
transactions ................... 1,595,796 1,391,861 55,811 --
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. 7,826,585 8,945,738 2,189,835 (127,600)
------------- ------------- ------------- -------------
Net increase/(decrease) in net
assets resulting from operations 10,257,919 11,793,055 2,357,023 (104,787)
------------- ------------- ------------- -------------
DISTRIBUTIONS TO Net Investment income ............. -- (1,464,777) -- (23,336)
SHAREHOLDERS: Net realized gain from investment
transactions ................... (1,184,191) (287,752) -- --
------------- ------------- ------------- -------------
Total Distributions (Note 4) ...... (1,184,191) (1,752,529) -- (23,336)
------------- ------------- ------------- -------------
CAPITAL SHARE Net proceeds from sale of shares .. 20,514,632 84,867,042 15,813,392 8,765,238
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. 1,184,191 1,752,529 -- 23,336
Shares redeemed ................... (12,071,020) (43,657,242) (192,167) (2,412)
------------- ------------- ------------- -------------
Net Capital Stock Transactions
(Note 9) ....................... 9,627,803 42,962,329 15,621,225 8,786,162
------------- ------------- ------------- -------------
NET INCREASE/(DECREASE) IN
NET ASSETS ..................... 18,701,531 53,002,855 17,978,248 8,658,039
NET ASSETS: Beginning of period ... 113,714,997 60,712,142 8,658,039 --
------------- ------------- ------------- -------------
NET ASSETS: End of period ......... $ 132,416,528 $ 113,714,997 $ 26,636,287 $ 8,658,039
============= ============= ============= =============
<CAPTION>
NEUBERGER BERMAN
PARTNERS T. ROWE
MID CAP PRICE
VALUE LARGE CAP GROWTH
PORTFOLIO PORTFOLIO
---------------------------- -----------------------------
INCREASE (DECREASE) IN NET ASSETS FROM: FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD
JUNE 30, ENDED JUNE 30, ENDED
1999 DECEMBER 31, 1999 DECEMBER 31,
(UNAUDITED) 1998 (1) (UNAUDITED) 1998 (1)
------------ -------------- ------------- ---------------
<S> <C> <C> <C> <C> <C>
OPERATIONS: Net investment income(loss) ....... $ 58,405 $ 24,471 $ 28,120 $ 5,364
Net realized gain (loss) from
investment and foreign currency
transactions ................... 1,376,378 193,292 76,859 1,788
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. 1,393,709 268,351 1,561,899 406,259
------------- ------------- ------------- -------------
Net increase/(decrease) in net
assets resulting from operations 2,828,492 486,114 1,666,878 413,411
------------- ------------- ------------- -------------
DISTRIBUTIONS TO Net Investment income ............. (13,924) (10,547) (1,476) (3,889)
SHAREHOLDERS: Net realized gain from investment
transactions ................... (193,292) -- (3,279) --
------------- ------------- ------------- -------------
Total Distributions (Note 4) ...... (207,216) (10,547) (4,755) (3,889)
------------- ------------- ------------- -------------
CAPITAL SHARE Net proceeds from sale of shares .. 13,320,894 8,308,317 18,527,852 6,333,551
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. 207,216 10,547 4,755 3,889
Shares redeemed ................... (1,596,492) (147,336) (350,490) (7,264)
------------- ------------- ------------- -------------
Net Capital Stock Transactions
(Note 9) ....................... 11,931,618 8,171,528 18,182,117 6,330,176
------------- ------------- ------------- -------------
NET INCREASE/(DECREASE) IN
NET ASSETS ..................... 14,552,894 8,647,095 19,844,240 6,739,698
NET ASSETS: Beginning of period ... 8,647,095 -- 6,739,698 --
------------- ------------- ------------- -------------
NET ASSETS: End of period ......... $ 23,199,989 $ 8,647,095 $ 26,583,938 $ 6,739,698
============= ============= ============= =============
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) For the period November 9, 1998 to December 31, 1998.
MSF-109
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LEHMAN
BROTHERS MORGAN
AGGREGATE STANLEY
BOND EAFE
INDEX INDEX
PORTFOLIO PORTFOLIO
--------------------------- ---------------------------
INCREASE/(DECREASE) IN NET ASSETS FROM: FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED PERIOD MONTHS ENDED PERIOD
JUNE 30, ENDED JUNE 30, ENDED
1999 DECEMBER 31, 1999 DECEMBER 31,
(UNAUDITED) 1998 (1) (UNAUDITED) 1998 (1)
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
OPERATIONS: Net investment income/(loss) ...... $ 2,334,590 $ 410,699 $ 431,508 $ 23,052
Net realized gain/(loss) from
investment and foreign currency
transactions ................... (345,359) 45,520 160,045 (123,680)
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. (3,520,363) 233,207 833,498 1,821,024
------------ ------------ ------------ ------------
Net increase/(decrease)
in net assets resulting
from operations .................. (1,531,132) 689,426 1,425,051 1,720,396
------------ ------------ ------------ ------------
DISTRIBUTIONS TO Net Investment income ............. -- (433,940) -- (24,971)
SHAREHOLDERS: Net realized gain from
investment transactions .......... (23,810) -- -- --
------------ ------------ ------------ ------------
Total Distributions (Note 4) ...... (23,810) (433,940) -- (24,971)
------------ ------------ ------------ ------------
CAPITAL SHARE Net proceeds from sale of shares .. 42,861,367 59,875,311 26,809,829 23,921,856
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. 23,810 433,940 -- 24,971
Shares redeemed ................... (1,365,495) (1,755,212) (4,627,172) (188,801)
------------ ------------ ------------ ------------
Net Capital Stock Transactions
(Note 9) ....................... 41,519,682 58,554,039 22,182,657 23,758,026
------------ ------------ ------------ ------------
NET INCREASE/(DECREASE)
IN NET ASSETS .................... 39,964,740 58,809,525 23,607,708 25,453,451
NET ASSETS: Beginning of period ... 58,809,525 -- 25,453,451 --
------------ ------------ ------------ ------------
NET ASSETS: End of period ......... $ 98,774,265 $ 58,809,525 $ 49,061,159 $ 25,453,451
============ ============ ============ ============
<CAPTION>
INCREASE/(DECREASE) IN NET ASSETS FROM: RUSSELL
2000
INDEX
PORTFOLIO
-------------
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
JUNE 30, ENDED
1999 DECEMBER 31,
(UNAUDITED) 1998 (1)
------------ --------------
<S> <C> <C> <C>
OPERATIONS: Net investment income/(loss) ...... $ 264,643 $ 69,978
Net realized gain/(loss) from
investment and foreign currency
transactions ................... 2,914,278 30,667
Unrealized appreciation/
(depreciation) of investments
and foreign currency holdings .. 3,629,131 1,879,709
------------ ------------
Net increase/(decrease)
in net assets resulting
from operations .................. 6,808,052 1,980,354
------------ ------------
DISTRIBUTIONS TO Net Investment income ............. (10,315) (59,663)
SHAREHOLDERS: Net realized gain from
investment transactions .......... (42,027) --
------------ ------------
Total Distributions (Note 4) ...... (52,342) (59,663)
------------ ------------
CAPITAL SHARE Net proceeds from sale of shares .. 27,933,054 36,167,171
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .................. 52,342 59,663
Shares redeemed ................... (692,180) (760)
------------ ------------
Net Capital Stock Transactions
(Note 9) ....................... 27,293,216 36,226,074
------------ ------------
NET INCREASE/(DECREASE)
IN NET ASSETS .................... 34,048,926 38,146,765
NET ASSETS: Beginning of period ... 38,146,765 --
------------ ------------
NET ASSETS: End of period ......... $ 72,195,691 $ 38,146,765
============ ============
- --------------------------------------------------------------------------------------------------
</TABLE>
(1) For the period November 9, 1998 to December 31, 1998.
PeriodSee Notes to Financial Statements.
MSF-110
<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, 1999 ------------------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
------------- ---- ---- ---- ---- ----
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ... $ 37.10 $ 31.92 $ 30.51 $ 27.56 $ 21.81 $ 23.27
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ................. 0.11 0.36 0.44 0.36 0.35 0.30
Net realized and unrealized 3.81 8.52 7.72 5.78 6.83 (1.06)
gain/(loss) .......................... ---------- ---------- ---------- ---------- ---------- -----------
Total From Investment Operations ... 3.92 8.88 8.16 6.14 7.18 (0.76)
---------- ---------- ---------- ---------- ---------- -----------
Less Distributions:
- -------------
Dividends from net investment income .. -- (0.36) (0.44) (0.36) (0.35) (0.30)
Distributions from net realized (0.60) (3.34) (6.31) (2.83) (1.08) (0.40)
capital gains ........................ ---------- ---------- ---------- ---------- ---------- -----------
Total Distributions ................ (0.60) (3.70) (6.75) (3.19) (1.43) (0.70)
---------- ---------- ---------- ---------- ---------- -----------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ......... $ 40.42 $ 37.10 $ 31.92 $ 30.51 $ 27.56 $ 21.81
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return .......................... 10.63% 28.18% 28.36% 22.18% 33.14% (3.25)%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ... $ 3,495,245 $ 3,112,081 $ 2,349,062 $ 1,597,728 $ 1,094,751 $ 746,433
Operating expenses to average net
assets (1) ........................... 0.50% 0.53% 0.43% 0.29% 0.31% 0.32%
Net investment income to average net
assets (1) ........................... 0.58% 1.04% 1.37% 1.29% 1.46% 1.40%
Portfolio Turnover (2) ................ 41.86% 74.29% 82.81% 93.05% 45.52% 57.27%
- ----------------------------------------------------------------------------------------------------------------------------------
</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, 1999 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, 1999 amounted to
$1,436,526,230 and $1,325,925,025, respectively.
See Notes to Financial Statements.
MSF-111
<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, 1999 ---------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
------------- ---- ---- ---- ---- ----
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ............ $ 12.78 $ 12.66 $ 12.36 $ 12.73 $ 11.32 $ 12.59
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income .......................... 0.37 0.75 0.83 0.82 0.83 0.91
Net realized and unrealized gain (loss) ........ (0.74) 0.42 0.38 (0.36) 1.38 (1.31)
--------- --------- --------- --------- --------- ---------
Total From Investment Operations ............ (0.37) 1.17 1.21 0.46 2.21 (0.40)
--------- --------- --------- --------- --------- ---------
Less Distributions:
- -------------------
Dividends from net investment income ........... -- (0.80) (0.87) (0.81) (0.80) (0.87)
Distributions from net realized capital gains .. (0.02) (0.25) (0.04) (0.02) -- --
--------- --------- --------- --------- --------- ---------
Total Distributions ......................... (0.02) (1.05) (0.91) (0.83) (0.80) (0.87)
--------- --------- --------- --------- --------- ---------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................. $ 12.39 $ 12.78 $ 12.66 $ 12.36 $ 12.73 $ 11.32
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return ................................... (2.88)% 9.40% 9.83% 3.60% 19.55% (3.15)%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ............ $511,960 $526,854 $412,191 $383,395 $349,913 $275,659
Operating expenses to average net assets (1) ... 0.37% 0.39% 0.38% 0.32% 0.34% 0.35%
Net investment income to average net assets (1) 5.92% 6.13% 6.57% 6.64% 7.01% 7.02%
Portfolio Turnover (2) ......................... 100.89% 123.60% 121.92% 92.90% 102.88% 141.15%
- ----------------------------------------------------------------------------------------------------------------------------------
</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, 1999 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, 1999 amounted to
$505,253,357 and $526,505,682, respectively.
See Notes to Financial Statements.
MSF-112
<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, 1999 --------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
------------- ------ ------ ------ ------ ------
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE:
Beginning of period ............... $ 10.35 $ 10.38 $ 10.44 $ 10.45 $ 10.48 $ 10.49
- ---------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ............ 0.24 0.54 0.54 0.53 0.59 0.40
----------- ------- ------- ------- ------- -------
Total From Investment
Operations ................... 0.24 0.54 0.54 0.53 0.59 0.40
----------- ------- ------- ------- ------- -------
Less Distributions:
- -------------------
Dividends from net investment
income .......................... -- (0.57) (0.60) (0.54) (0.62) (0.41)
----------- ------- ------- ------- ------- -------
Total Distributions............ -- (0.57) (0.60) (0.54) (0.62) (0.41)
----------- ------- ------- ------- ------- -------
- ---------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .... $ 10.59 $ 10.35 $ 10.38 $ 10.44 $ 10.45 $ 10.48
- ---------------------------------------------------------------------------------------------------
Total Return ..................... 2.27% 5.19% 5.21% 5.01% 5.59% 3.85%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period
(000's) ......................... $52,173 $41,185 $39,480 $41,637 $40,456 $39,961
Operating expenses to average net
assets (1) ...................... 0.42% 0.48% 0.49% 0.43% 0.49% 0.44%
Net investment income to average
net assets (1) .................. 4.59% 5.11% 5.08% 4.92% 5.39% 3.76%
- ---------------------------------------------------------------------------------------------------
</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, 1999 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
See Notes to Financial Statements.
MSF-113
<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, 1999 ------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
------------- ---- ---- ---- ---- ------
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period .. $ 18.39 $ 16.98 $ 16.67 $ 15.95 $ 13.40 $ 14.41
- ------------------------------------------------------------------------------------------------------------------------
Investment Operations:
----------------------
Net investment income ................ 0.27 0.60 0.60 0.55 0.59 0.51
Net realized and unrealized gain 0.52 2.70 2.71 1.77 3.02 (0.95)
(loss)............................... ------------- ---------- ---------- ---------- ---------- ---------
Total From Investment Operations .. 0.79 3.30 3.31 2.32 3.61 (0.44)
------------- ---------- ---------- ---------- ---------- ---------
Less Distributions:
-------------------
Dividends from net investment income . -- (0.57) (0.60) (0.53) (0.58) (0.50)
Distributions from net realized (0.16) (1.32) (2.40) (1.07) (0.48) (0.07)
capital gains ....................... ------------- ---------- ---------- ---------- ---------- ---------
Total Distributions ............... (0.16) (1.89) (3.00) (1.60) (1.06) (0.57)
------------- ---------- ---------- ---------- ---------- ---------
- ------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ........ $ 19.02 $ 18.39 $ 16.98 $ 16.67 $ 15.95 $ 13.40
- ------------------------------------------------------------------------------------------------------------------------
Total Return ......................... 4.37% 19.64% 20.58% 14.52% 27.03% (3.06)%
Supplemental Data/Significant Ratios:
-------------------------------------
Net assets at end of period (000's) .. $2,872,293 $2,656,987 $1,982,232 $1,448,841 $1,114,834 $892,826
Operating expenses to average net
assets (1) .......................... 0.46% 0.48% 0.40% 0.29% 0.31% 0.32%
Net investment income to average net
assets (1) .......................... 2.93% 3.39% 3.50% 3.38% 3.92% 3.66%
Portfolio Turnover (2) ............... 68.94% 105.89% 114.79% 91.07% 79.29% 96.49%
- ------------------------------------------------------------------------------------------------------------------------
</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, 1999 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, 1999 amounted to
$1,879,180,452 and $1,815,428,189, respectively.
See Notes to Financial Statements.
MSF-114
<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, 1999 ----------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
------------- ---- ---- ---- ---- ----
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ....... $ 29.53 $ 27.61 $ 27.11 $ 25.87 $ 22.05 $ 22.54
- -------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
----------------------
Net investment income ..................... (0.06) (0.06) (0.03) (0.02) (0.01) 0.05
Net realized and unrealized gain (loss) ... 1.35 3.75 1.67 2.01 6.50 (0.48)
------------- ---------- ---------- ---------- -------- ---------
Total From Investment Operations ....... 1.29 3.69 1.64 1.99 6.49 (0.43)
------------- ---------- ---------- ---------- -------- ---------
Less Distributions:
-------------------
Dividends from net investment income ...... -- -- -- -- -- (0.05)
Distributions from net realized capital
gains .................................... (0.15) (1.77) (1.14) (0.75) (2.67) (0.01)
------------- ---------- ---------- ---------- -------- ---------
Total Distributions .................... (0.15) (1.77) (1.14) (0.75) (2.67) (0.06)
------------- ---------- ---------- ---------- -------- ---------
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ............. $ 30.67 $ 29.53 $ 27.61 $ 27.11 $ 25.87 $ 22.05
- -------------------------------------------------------------------------------------------------------------------------------
Total Return .............................. 4.39% 13.69% 6.67% 7.72% 29.50% (1.88)%
Supplemental Data/Significant Ratios:
-------------------------------------
Net assets at end of period (000's) ....... $1,350,410 $1,431,337 $1,391,956 $1,321,849 $958,915 $590,047
Operating expenses to average net
assets (1) ............................... 0.74% 0.75% 0.81% 0.79% 0.81% 0.82%
Net investment income to average net
assets (1) ............................... (0.32)% (0.20)% (0.10)% (0.11)% (0.06)% 0.24%
Portfolio Turnover (2) .................... 32.84% 97.39% 219.08% 221.23% 255.83% 186.52%
- -------------------------------------------------------------------------------------------------------------------------------
</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, 1999 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, 1999 amounted to
$434,185,281 and $570,898,117, respectively.
See Notes to Financial Statements.
MSF-115
<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, 1999 -----------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
------------- ---- ---- ---- ---- ----
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ...... $ 35.38 $ 28.78 $ 22.23 $ 18.56 $ 13.87 $ 14.25
- -----------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income .................... 0.19 0.37 0.34 0.33 0.32 0.33
Net realized and unrealized gain (loss) .. 4.15 7.75 6.79 3.88 4.79 (0.17)
------------- ---------- ---------- ---------- -------- ---------
Total From Investment Operations ...... 4.34 8.12 7.13 4.21 5.11 0.16
------------- ---------- ---------- ---------- -------- ---------
Less Distributions:
- -------------------
Dividends from net investment income ..... -- (0.36) (0.34) (0.33) (0.32) (0.32)
Distributions from net realized capital
gains.................................... (0.51) (1.16) (0.24) (0.21) (0.10) (0.22)
------------- ---------- ---------- ---------- -------- --------
Total Distributions ................... (0.51) (1.52) (0.58) (0.54) (0.42) (0.54)
------------- ---------- ---------- ---------- -------- --------
- -----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ............ $ 39.21 $ 35.38 $ 28.78 $ 22.23 $ 18.56 $ 13.87
- -----------------------------------------------------------------------------------------------------------------------
Total Return ............................. 12.28% 28.23% 32.19% 22.66% 36.87% 1.18%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ...... $3,784,209 $3,111,919 $2,020,480 $1,122,297 $635,823 $363,001
Operating expenses to average net
assets (1)............................... 0.29% 0.30% 0.33% 0.30% 0.32% 0.33%
Net investment income to average net
assets (1) .............................. 1.06% 1.21% 1.47% 1.91% 2.22% 2.51%
Portfolio Turnover (2) ................... 4.57% 15.07% 10.69% 11.48% 6.35% 6.66%
- -----------------------------------------------------------------------------------------------------------------------
</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, 1999 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, 1999 amounted to
$466,182,932 and $155,838,792, respectively.
See Notes to Financial Statements.
MSF-116
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
SANTANDER INTERNATIONAL STOCK PORTFOLIO
----------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1999 -------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
------------- ---- ---- ---- ---- --------
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period .......... $ 14.14 $ 11.67 $ 11.95 $ 12.29 $ 12.30 $ 12.33
- -----------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ........................ 0.09 0.13 0.10 0.07 0.03 0.08
Net realized and unrealized gain (loss) ...... 0.48 2.50 (0.38) (0.28) 0.07 0.54
------------- -------- -------- -------- -------- ---------
Total From Investment Operations .......... 0.57 2.63 (0.28) (0.21) 0.10 0.62
------------- -------- -------- -------- -------- ---------
Less Distributions:
- -------------------
Dividends from net investment income ......... -- (0.16) -- -- (0.04) --
Distributions from net realized capital gains. (0.84) -- -- (0.13) (0.07) (0.65)
------------- -------- -------- -------- -------- ---------
Total Distributions ....................... (0.84) (0.16) -- (0.13) (0.11) (0.65)
------------- -------- -------- -------- -------- ---------
- -----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................ $ 13.87 $ 14.14 $ 11.67 $ 11.95 $ 12.29 $ 12.30
- -----------------------------------------------------------------------------------------------------------------------
Total Return ................................. 4.03% 22.56% (2.34)% (1.77)% 0.84% 5.08%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) .......... $309,862 $297,381 $267,089 $303,826 $297,461 $272,952
Operating expenses to average net
assets (1) .................................. 0.98% 1.02% 1.03% 0.97% 1.01% 1.04%
Net investment income to average net
assets (1)................................... 1.45% 0.87% 0.77% 0.56% 0.21% 0.80%
Portfolio Turnover (2) ....................... 49.19% 156.32% 182.11% 116.67% 86.24% 65.84%
- -----------------------------------------------------------------------------------------------------------------------
</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, 1999 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, 1999 amounted to
$143,958,451 and $151,376,646, respectively.
See Notes to Financial Statements.
MSF-117
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
LOOMIS SAYLES JANUS
HIGH YIELD BOND PORTFOLIO MID CAP PORTFOLIO
----------------------------------- -------------------------------------
FOR THE SIX PERIOD ENDED FOR THE SIX PERIOD ENDED
MONTHS ENDED DECEMBER 31, MONTHS ENDED DECEMBER 31,
JUNE 30, 1999 ------------------ JUNE 30, 1999 --------------------
(UNAUDITED) 1998 1997(1) (UNAUDITED) 1998 1997(1)
----------- ---- ------- ----------- ---- -------
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ....... $ 8.39 $ 10.14 $ 10.00 $ 17.44 $ 12.77 $ 10.00
- --------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ..................... 0.40 0.88 0.35 (0.02) (0.02) 0.01
Net realized and unrealized gain/(loss) ... 0.60 (1.65) 0.26 5.15 4.77 2.81
----------- ---------- ----------- ----------- ----------- -----------
Total From Investment Operations ....... 1.00 (0.77) 0.61 5.13 4.75 2.82
----------- ---------- ----------- ----------- ----------- -----------
Less Distributions:
- -------------------
Dividends from net investment income ...... -- (0.89) (0.35) -- -- (0.01)
Distributions from net realized capital
gains .................................... -- (0.09) (0.12) (0.32) (0.08) (0.04)
----------- ---------- ----------- ----------- ----------- -----------
Total Distributions .................... -- (0.98) (0.47) (0.32) (0.08) (0.05)
----------- ---------- ----------- ----------- ----------- -----------
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ............. $ 9.39 $ 8.39 $ 10.14 $ 22.25 $ 17.44 $ 12.77
- --------------------------------------------------------------------------------------------------------------------------
Total Return .............................. 11.92% (7.51)% 6.18% 29.54% 37.19% 28.22%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ....... $ 51,642 $ 42,403 $ 27,804 $ 785,170 $ 371,504 $ 103,852
Net expenses to average net assets (note 3)
(2) ...................................... 0.93% 0.87% 0.83% 0.73% 0.81% 0.85%
Operating expenses to average net assets
before voluntary expense reimbursements
(note 3) (2) ............................. 0.95% 1.05% 1.35% NA NA 0.99%
Net investment income to average net assets
(2) ...................................... 9.27% 10.41% 7.04% (0.36)% (0.22)% 0.10%
Net investment income to average net assets
before voluntary expense reimbursements
(note 3) (2) ............................. 9.24% 10.23% 6.52% NA NA (0.40)%
Portfolio Turnover (3) .................... 13.98% 46.02% 39.26% 56.39% 106.66% 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) For the period March 3, 1997 to December 31, 1997.
(2) Ratios for the six months ended June 30, 1999 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
(3) 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, 1999 amounted to
$12,207,175 and $6,441,007 for the Loomis Sayles High Yield Bond
Portfolio, $570,157,778 and $301,994,199 for the Janus Mid Cap
Portfolio, respectively.
See Notes to Financial Statements.
MSF-118
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
T. ROWE PRICE SMALL CAP SCUDDER GLOBAL
GROWTH PORTFOLIO EQUITY PORTFOLIO
---------------------------------- ---------------------------------
FOR THE SIX PERIOD ENDED FOR THE SIX PERIOD ENDED
MONTHS ENDED DECEMBER 31, MONTHS ENDED DECEMBER 31,
JUNE 30, 1999 ------------------- JUNE 30, 1999 ------------------
(UNAUDITED) 1998 1997(1) (UNAUDITED) 1998 1997(1)
----------- ---- ------- ----------- ---- -------
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ........ $ 12.29 $ 11.88 $ 10.00 $ 12.38 $ 10.85 $ 10.00
- ------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ...................... (0.02) -- -- 0.08 0.16 0.10
Net realized and unrealized gain (loss) .... 0.41 0.41 1.88 0.97 1.57 0.86
-------- -------- ------- -------- -------- -------
Total From Investment Operations ........ 0.39 0.41 1.88 1.05 1.73 0.96
-------- -------- ------- -------- -------- -------
Less Distributions:
- -------------------
Dividends from net investment income ....... -- -- --(4) -- (0.16) (0.10)
Distributions from net realized capital
gains...................................... -- -- -- (0.12) (0.04) (0.01)
-------- -------- ------- -------- -------- -------
Total Distributions ..................... -- -- -- (0.12) (0.20) (0.11)
-------- -------- ------- -------- -------- -------
- ------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .............. $ 12.68 $ 12.29 $ 11.88 $ 13.31 $ 12.38 $ 10.85
- ------------------------------------------------------------------------------------------------------------------------
Total Return ............................... 3.09% 3.45% 18.81% 8.51% 15.96% 9.62%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ........ $200,477 $189,132 $94,020 $132,417 $113,715 $60,712
Net expenses to average net assets (Note 3)
(2)........................................ 0.61% 0.67% 0.67% 0.88% 0.96% 0.78%
Operating expenses to average net assets
before voluntary expense reimbursements
(Note 3) (2) .............................. NA NA 0.86% NA 1.01% 1.14%
Net investment income to average net assets
(2)........................................ (0.28)% (0.02)% 0.01% 1.39% 1.61% 1.66%
Net investment income to average net assets
before voluntary expense reimbursements
(Note 3) (2) .............................. NA NA (0.19)% NA 1.56% 1.30%
Portfolio Turnover (3) ..................... 26.64% 37.93% 13.45% 34.40% 50.98% 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) For the period March 3, 1997 to December 31, 1997.
(2) Ratios for the six months ended June 30, 1999 have been determined on
annualized operating results for the period. Twelve-month results may
be different.
(3) 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, 1999 amounted to
$54,048,885 and $47,998,887 for the T. Rowe Price Small Cap Growth
Portfolio, $44,354,495 and $38,675,238 for the Scudder Global Equity
Portfolio, respectively.
(4) Less than $.005 per share.
See Notes to Financial Statements.
MSF-119
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
HARRIS OAKMARK NEUBERGER BERMAN
LARGE CAP VALUE PARTNERS MID CAP
PORTFOLIO VALUE PORTFOLIO
--------------------------- -------------------------------
FOR THE
PERIOD FOR THE PERIOD
FOR THE SIX NOVEMBER 9, FOR THE SIX NOVEMBER 9,
MONTHS ENDED 1998 TO MONTHS ENDED 1998 TO
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
------------- ------------ ------------- --------------
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period .............. $ 9.70 $ 10.00 $ 10.73 $ 10.00
- ------------------------------------------------------------------------------------------------------------------
Investment Operations:
- -----------------------
Net investment income ............................ 0.05 0.03 0.02 0.03
Net realized and unrealized gain/(loss) .......... 1.26 (0.30) 1.69 0.71
---------- ---------- ---------- ----------
Total From Investment Operations .............. 1.31 (0.27) 1.71 0.74
---------- ---------- ---------- ----------
Less Distributions:
- -------------------
Dividends from net investment income ............. -- (0.03) (0.01) (0.01)
Distributions from net realized capital gains .... -- -- 0.12 --
---------- ---------- ---------- ----------
Total Distributions ........................... -- (0.03) 0.11 (0.01)
---------- ---------- ---------- ----------
- -------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................... $ 11.01 $ 9.70 $ 12.55 $ 10.73
- -------------------------------------------------------------------------------------------------------------------
Total Return ..................................... 13.51% (2.70)% 18.21% 7.44%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) .............. $ 26,636 $ 8,658 $ 23,200 $ 8,647
Net expenses to average net assets (Note 3) (1) .. 0.93% 0.70% 0.90% 0.68%
Operating expenses to average net assets before
voluntary expense reimbursements
(Note 3) (1) .................................... 1.29% 1.79% 1.37% 1.86%
Net investment income to average net assets (1) .. 1.32% 2.47% 0.76% 2.61%
Net investment income to average net assets before
voluntary expense reimbursements
(Note 3) (1) .................................... 0.96% 1.38% 0.28% 1.42%
Portfolio Turnover (2) ........................... 8.61% 0.00% 75.18% 20.81%
- ---------------------------------------------------------------------------------------------------------------------
</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, 1999 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, 1999 amounted to
$15,269,175 and $1,334,477 for the Harris Oakmark Large Cap Value
Portfolio, $23,072,769 and $11,116,597 for the Neuberger Berman Partners
Mid Cap Value Portfolio, respectively.
See Notes to Financial Statements.
MSF-120
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
T. ROWE PRICE LEHMAN BROTHERS
LARGE CAP AGGREGATE BOND
GROWTH PORTFOLIO INDEX PORTFOLIO
-------------------------- --------------------------
FOR THE FOR THE
PERIOD PERIOD
FOR THE SIX NOVEMBER 9, FOR THE SIX NOVEMBER 9,
MONTHS ENDED 1998 TO MONTHS ENDED 1998 TO
JUNE 30, 1999 DECEMBER JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 31, 1998 (UNAUDITED) 1998
------------- ----------- ------------- -------------
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE:
Beginning of period ............................ $ 11.02 $ 10.00 $ 10.06 $ 10.00
- ---------------------------------------------------------------------------------------------------------
Investment Operations:
- ----------------------
Net investment income ......................... 0.01 0.01 0.23 0.07
Net realized and unrealized gain/(loss) ....... 0.95 1.02 (0.42) 0.07
---------- ---------- ---------- ----------
Total From Investment Operations ........... 0.96 1.03 (0.19) 0.14
---------- ---------- ---------- ----------
Less Distributions:
- -------------------
Dividends from net investment income .......... -- (0.01) -- (0.08)
Distributions from net realized capital gains.. -- -- -- --
---------- ---------- ---------- ----------
Total Distributions ........................ -- (0.01) -- (0.08)
---------- ---------- ---------- ----------
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................. $ 11.98 $ 11.02 $ 9.87 $ 10.06
- ---------------------------------------------------------------------------------------------------------
Total Return .................................. 8.74% 10.28% (1.86)% 1.38%
Supplemental Data/Significant Ratios:
- -------------------------------------
Net assets at end of period (000's) ........... $ 26,584 $ 6,740 $ 98,774 $ 58,810
Net expenses to average net assets (Note 3) (1) 0.89% 0.50% 0.39% 0.42%
Operating expenses to average net assets before
voluntary expense reimbursements
(Note 3) (1) ................................. 1.63% 2.62% NA 0.59%
Net investment income to average
net assets (1) ............................... 0.33% 0.93% 5.81% 5.28%
Net investment income to average net assets
before voluntary expense reimbursements
(Note 3) (1) ................................. (0.41)% (1.19)% NA 5.11%
Portfolio Turnover (2) ........................ 16.00% 5.69% 78.03% 11.08%
- ---------------------------------------------------------------------------------------------------------
</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, 1999 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, 1999 amounted to
$20,119,630 and $2,532,688 for the T. Rowe Price Large Cap Growth
Portfolio, $104,217,405 and $61,531,616 for the Lehman Brothers
Aggregate Bond Index Portfolio, respectively.
See Notes to Financial Statements.
MSF-121
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
MORGAN STANLEY
EAFE INDEX RUSSELL 2000
PORTFOLIO INDEX PORTFOLIO
--------------------------- ---------------------------
FOR THE FOR THE
PERIOD PERIOD
FOR THE SIX NOVEMBER 9, FOR THE SIX NOVEMBER 9,
MONTHS ENDED 1998 TO MONTHS ENDED 1998 TO
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
------------- ------------ ------------- --------------
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ................ $ 10.80 $ 10.00 $ 10.53 $ 10.00
- -------------------------------------------------------------------------------------------------------------------
Investment Operations:
----------------------
Net investment income............................... 0.10 0.01 0.04 0.02
Net realized and unrealized gain/(loss)............. 0.28 0.80 1.04 0.53
------- ------- ------- -------
Total From Investment Operations................. 0.38 0.81 1.08 0.55
------- ------- ------- -------
Less Distributions:
-------------------
Dividends from net investment income ............... -- (0.01) -- (0.02)
Distributions from net realized capital gains ...... -- -- (0.01) --
------- ------- ------- -------
Total Distributions.............................. -- (0.01) (0.01) (0.02)
------- ------- ------- -------
- -------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ...................... $ 11.18 $ 10.80 $ 11.60 $ 10.53
- -------------------------------------------------------------------------------------------------------------------
Total Return ....................................... 3.52% 8.11% 10.25% 5.48%
Supplemental Data/Significant Ratios:
-------------------------------------
Net assets at end of period (000's) ................ $49,061 $25,453 $72,196 $38,147
Net expenses to average net assets (Note 3) (1) .... 0.55% 0.49% 0.44% 0.40%
Operating expenses to average net assets
before voluntary expense reimbursements
(Note 3) (1)....................................... 2.40% 1.41% 1.03% 1.04%
Net investment income to average net assets (1)..... 2.33% 0.71% 0.99% 1.46%
Net investment income to average net assets
before voluntary expense reimbursements
(Note 3) (1) ...................................... 0.48% (0.21)% 0.41% 0.82%
Portfolio Turnover (2).............................. 33.31% 12.68% 53.06% 2.80%
- -------------------------------------------------------------------------------------------------------------------
</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, 1999 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, 1999 amounted to
$34,525,776 and $12,152,885 for the Morgan Stanley EAFE Index Portfolio,
$55,816,990 and $27,971,649 for the Russell 2000 Index Portfolio,
respectively.
See Notes to Financial Statements.
MSF-122
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES:
The Metropolitan Series Fund, Inc. ("Fund") is registered under the Investment
Company Act of 1940 as a diversified open end investment company. The following
is a summary of significant accounting policies consistently followed by the
Fund in the preparation of its financial statements. The policies are in
conformity with generally accepted accounting principles.
- --------------------------------------------------------------------------------
A. INVESTMENT SECURITY VALUATION:
Portfolio securities that are traded on 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 Bond 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 and the Neuberger Berman Partners Mid Cap
Value Portfolios 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 (except for the Neuberger Berman Partners
Mid Cap Value Portfolio, which would be valued at the mean between closing bid
and asked price). 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:
Portfolio 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. The Santander International Stock Portfolio
fully used its carryover loss of approximately $6,941,088 in 1998. At December
31, 1998, the T. Rowe Price Small Cap Growth Portfolio had available for federal
income tax purposes an unused capital loss carryover of approximately
$13,167,975 ($69,489 will expire in 2005 and the remainder in 2006).
- --------------------------------------------------------------------------------
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, $1,659,985 during 1997 and $2,656,277 during
1998, which has been reclassified to paid-in-capital at December 31, 1996,
December 31, 1997 and December 31, 1998, respectively. The T. Rowe Price Small
Cap Growth Portfolio incurred net investment losses of $32,023 during 1998,
which has been reclassified to paid-in-capital at December 31, 1998.
- --------------------------------------------------------------------------------
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-123
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED):
F. REPURCHASE AGREEMENTS:
The Fund requires the custodian to take possession, to have legally segregated
in the Federal Reserve Book Entry System, or to have segregated within the
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 AND ILLIQUID SECURITIES:
The State Street Research Income Portfolio holds fifteen securities, the State
Street Research Diversified Portfolio holds fifteen securities, the Santander
International Stock Portfolio holds six securities, and the Loomis Sayles High
Yield Bond Portfolio holds three securities that were purchased in private
placement transactions. These securities may be resold in transactions exempt
from registration or to the public if the securities are registered. The sale of
these securities may involve lengthy negotiations and additional expense. These
constraints may affect the security's marketability, and therefore hinder prompt
disposal at an acceptable price. The Fund intends to invest no more than 15% of
net assets in illiquid and restricted securities, except for the 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, 1999 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
--------- ---------- ----------- ----------
<S> <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 asset levels
SANTANDER 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.
HARRIS OAKMARK LARGE CAP VALUE................ .75% up to $250 mil. .70% above $250 mil.
NEUBERGER BERMAN PARTNERS MID CAP VALUE....... .70% up to $100 mil. .675% next $250 mil. .65% next $500 mil.
T. ROWE PRICE LARGE CAP GROWTH................ .70% up to $50 mil. .60% above $50 mil.
LEHMAN BROTHERS AGGREGATE BOND INDEX.......... .25% all asset levels
MORGAN STANLEY EAFE INDEX..................... .30% all asset levels
RUSSELL 2000 INDEX............................ .25% all asset levels
<CAPTION>
PORTFOLIO FOURTH TIER FIFTH TIER
--------- ----------- ----------
<S> <C> <C>
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...........................
SANTANDER INTERNATIONAL STOCK.................
LOOMIS SAYLES HIGH YIELD BOND.................
JANUS MID CAP.................................
T. ROWE PRICE SMALL CAP GROWTH................
SCUDDER GLOBAL EQUITY......................... .475% above $500 mil.
HARRIS OAKMARK LARGE CAP VALUE................
NEUBERGER BERMAN PARTNERS MID CAP VALUE....... .625% next $750 mil. .60% above $1.6 bil.
T. ROWE PRICE LARGE CAP GROWTH................
LEHMAN BROTHERS AGGREGATE BOND INDEX..........
MORGAN STANLEY EAFE INDEX.....................
RUSSELL 2000 INDEX............................
</TABLE>
MSF-124
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
3. EXPENSES - (CONTINUED):
A. INVESTMENT MANAGEMENT AGREEMENTS - (CONTINUED):
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, and State
Street Research Aggressive Growth Portfolios. Santander Global Advisors, Inc.,
25% owned by Metropolitan Life Insurance Co. and 75% owned by Banco Santander,
is compensated to provide sub-investment management services for the Santander
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 and the T. Rowe Price Large Cap Growth Portfolios.
Scudder Kemper Investments, Inc. is compensated to provide sub-investment
management services for the Scudder Global Equity Portfolio. Harris Associates,
L.P., whose general partner is indirectly owned by Metropolitan Life, is
compensated to provide sub-investment management services for the Harris Oakmark
Large Cap Value Portfolio. Neuberger Berman Management, Inc. is compensated to
provide sub-investment management services for the Neuberger Berman Partners Mid
Cap Value 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,
Janus Mid Cap, T. Rowe Price Small Cap Growth, Scudder Global Equity, Harris
Oakmark Large Cap Value, Neuberger Berman Partners Mid Cap Value, T. Rowe Price
Large Cap Growth, Lehman Brothers Aggregate Bond Index, and Russell 2000 Index
Portfolios. For the Morgan Stanley EAFE Index Portfolio, subsidization is capped
at .25%. Subsidization will continue until either each Portfolio's total net
assets are at least $100 million, or after two years from inception, whichever
is earlier. Subsidization ceased December 31, 1997 for the Janus Mid Cap,
January 22, 1998 for the T. Rowe Price Small Cap Growth, and July 2, 1998 for
the Scudder Global Equity Portfolios when those Portfolios 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).
- --------------------------------------------------------------------------------
4. DIVIDEND DISTRIBUTIONS:
The Fund distributes, at least annually, substantially all net investment
income, if any, of each Portfolio, which will then be reinvested in additional
full and fractional shares of the Portfolio. All net realized long-term or
short-term capital gains of the Fund, if any, are declared and distributed at
least annually to the shareholders of the Portfolio(s) to which such gains are
attributable.
- --------------------------------------------------------------------------------
5. NEW PORTFOLIOS:
On November 9, 1998, the Fund commenced operations of six Portfolios: Harris
Oakmark Large Cap Value, Neuberger Berman Partners Mid Cap Value, T. Rowe Price
Large Cap Growth, Lehman Brothers Aggregate Bond Index, Morgan Stanley EAFE
Index, and Russell 2000 Index Portfolios. Metropolitan Life supplied initial
start-up capital of $112,000,000 to facilitate the operation of these
Portfolios. Metropolitan Life, therefore, purchased 500,000 shares of the Harris
Oakmark Large Cap Value Portfolio, 500,000 shares of the Neuberger Berman
Partners Mid Cap Value Portfolio, 200,000 shares of the T. Rowe Price Large Cap
Growth Portfolio, 5,000,000 shares of the Lehman Brothers Aggregate Bond Index
Portfolio, 2,000,000 shares of the Morgan Stanley EAFE Index Portfolio, and
3,000,000 shares of the Russell 2000 Index Portfolio, with each Portfolio valued
at $10 per share. Subsequently, these Portfolios were made available for certain
contracts. As of June 30, 1999, the value of Metropolitan Life's investment in
these Portfolios totaled $121,433,427.
- --------------------------------------------------------------------------------
6. PORTFOLIO NAME CHANGES:
On November 9, 1998 the name of the State Street Research International Stock
Portfolio was changed to the Santander International Stock Portfolio.
- --------------------------------------------------------------------------------
7. SECURITIES LENDING:
On December 15, 1997, the Fund entered into a securities 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,
1999 are footnoted at the end of each applicable Portfolio's schedule of
investments.
- --------------------------------------------------------------------------------
MSF-125
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
8. NET UNREALIZED APPRECIATION/(DEPRECIATION):
As of June 30, 1999, gross unrealized appreciation and depreciation on
investments and foreign currency were as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
GROSS UNREALIZED GROSS UNREALIZED APPRECIATION/
PORTFOLIO APPRECIATION DEPRECIATION (DEPRECIATION)*
--------- ------------ ------------ ---------------
<S> <C> <C> <C>
State Street Research
Growth ................. $ 856,492,725 ($ 39,899,252) $ 816,593,473
State Street Research
Income ................. 615,782 (18,483,166) (17,867,384)
State Street Research
Diversified ............ 374,727,896 (59,181,139) 315,546,757
State Street Research
Aggressive Growth ...... 355,890,522 (40,576,721) 315,313,801
MetLife Stock Index .... 1,485,390,527 (40,421,173) 1,444,969,354
Santander
International Stock .... 39,688,018 (11,955,398) 27,732,620
Loomis Sayles High
Yield Bond ............. 2,524,487 (8,475,057) (5,950,570)
Janus Mid Cap .......... 170,977,870 (10,521,245) 160,456,625
T. Rowe Price Small
Cap Growth ............. 47,689,789 (12,309,118) 35,380,671
Scudder Global Equity... 23,053,065 (4,360,660) 18,692,405
Harris Oakmark Large
Cap Value .............. 2,595,830 (533,595) 2,062,235
Neuberger Berman
Partners Mid Cap Value.. 2,175,971 (513,911) 1,662,060
T. Rowe Price Large
Cap Growth ............. 2,487,916 (519,865) 1,968,051
Lehman Brothers
Aggregate Bond Index ... 36,787 (3,323,943) (3,287,156)
Morgan Stanley EAFE
Index .................. 4,702,984 (2,045,818) 2,657,166
Russell 2000 Index ..... 8,166,045 (2,657,205) 5,508,840
</TABLE>
*Does not include unrealized gains and (losses) related to foreign currency
contracts and translations of $(5,679), $268,690, $571,473, $(27,114), $10,860,
$(1), $22,738, $107, and $(2,644) for the State Street Research Growth, State
Street Research Income, State Street Research Diversified, Santander
International Stock, Loomis Sayles High Yield Bond, Janus Mid Cap, Scudder
Global Equity, T. Rowe Price Large Cap Growth, and Morgan Stanley EAFE Index
Portfolios, respectively (see Note 10).
-------------------------------------------------------------------------------
9. CAPITAL STOCK ACTIVITY:
At June 30, 1999, there were 3,000,000,000 shares of $0.01 par value common
stock authorized for the Fund. The shares of common stock are divided into
seventeen 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, Santander International
Stock, Loomis Sayles High Yield Bond, Janus Mid Cap, T. Rowe Price Small Cap
Growth, Scudder Global Equity, Harris Oakmark Large Cap Value, Neuberger Berman
Partners Mid Cap Value, T. Rowe Price Large Cap Growth, Lehman Brothers
Aggregate Bond Index, Morgan Stanley EAFE Index, and Russell 2000 Index
Portfolios.
Transactions in shares were as follows:
<TABLE>
<CAPTION>
For the Six Months Ended June 30, 1999
-------------------------------------------------------------------------------------------------------------------------
STATE STREET
STATE STREET STATE STREET STATE STREET STATE STREET RESEARCH
RESEARCH RESEARCH RESEARCH RESEARCH AGGRESSIVE METLIFE
GROWTH INCOME MONEY MARKET DIVERSIFIED GROWTH STOCK INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares sold ................ 1,983,022 1,605,854 2,504,881 5,553,408 3,252,899 9,845,622
Shares issued in reinvest-
ment of dividends ......... 1,308,758 71,395 1,496 1,274,568 226,172 1,234,595
------------ ------------ ------------ ------------ ------------ ------------
Total ...................... 3,291,780 1,677,249 2,506,377 6,827,976 3,479,071 11,080,217
Shares redeemed ............ (700,757) (1,577,959) (1,555,895) (359,641) (7,910,282) (2,535,384)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/ (decrease) ... 2,591,023 99,290 950,482 6,468,335 (4,431,211) 8,544,833
============ ============ ============ ============ ============ ============
</TABLE>
MSF-126
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
9. CAPITAL STOCK ACTIVITY - (CONTINUED):
<TABLE>
<CAPTION>
For the Six Months Ended June 30, 1999
-----------------------------------------------------------------------------------------------------------
SANTANDER LOOMIS SAYLES T. ROWE PRICE
INTERNATIONAL HIGH YIELD JANUS SMALL CAP SCUDDER GLOBAL
STOCK BOND MID CAP GROWTH EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Shares sold .............. 9,049,093 706,038 15,096,223 3,034,033 1,629,610
Shares issued in reinvest-
ment of dividends ........ 1,235,981 -- 466,200 -- 90,053
------------ ------------ ------------ ------------ ------------
Total .................... 10,285,074 706,038 15,562,423 3,034,033 1,719,663
Shares redeemed .......... (8,977,075) (257,707) (1,574,384) (2,605,661) (961,022)
------------ ------------ ------------ ------------ ------------
Net increase/(decrease) .. 1,307,999 448,331 13,988,039 428,372 758,641
============ ============ ============ ============ ============
<CAPTION>
For the Six Months Ended June 30, 1999
-----------------------------------------------------------------------------------------------------------------------
NEUBERGER LEHMAN
HARRIS OAKMARK BERMAN T. ROWE PRICE BROTHERS MORGAN
LARGE CAP PARTNERS MID LARGE CAP AGGREGATE STANLEY EAFE RUSSELL 2000
VALUE CAP VALUE GROWTH BOND INDEX INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- --------- ---------
Shares sold ................. 1,545,778 1,156,094 1,637,413 4,292,223 2,446,587 2,658,941
Shares issued in reinvestment
of dividends ................ -- 17,125 406 2,386 -- 4,763
------------ ------------ ------------ ------------ ------------ ------------
Total ....................... 1,545,778 1,173,219 1,637,819 4,294,609 2,446,587 2,663,704
Shares redeemed ............. (19,352) (131,015) (31,221) (136,737) (413,897) (62,584)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ..... 1,526,426 1,042,204 1,606,598 4,157,872 2,032,690 2,601,120
============ ============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended December 31, 1998
-----------------------------------------------------------------------------------------------------------------------
STATE STREET
STATE STREET STATE STREET STATE STREET STATE STREET RESEARCH
RESEARCH RESEARCH RESEARCH RESEARCH AGGRESSIVE METLIFE
GROWTH INCOME MONEY MARKET DIVERSIFIED GROWTH STOCK INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares sold ............. 5,102,533 7,477,573 3,845,200 15,958,606 4,160,571 17,844,211
Shares issued in
reinvestment of dividends 7,817,372 3,153,420 206,800 13,555,996 2,915,793 3,629,852
------------ ------------ ------------ ------------ ------------ ------------
Total ................... 12,919,905 10,630,993 4,052,000 29,514,602 7,076,364 21,474,063
Shares redeemed ......... (2,631,861) (1,962,957) (3,877,485) (1,719,344) (9,025,121) (3,717,661)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) . 10,288,044 8,668,036 174,515 27,795,258 (1,948,757) 17,756,402
============ ============ ============ ============ ============ ============
<CAPTION>
For the Year Ended December 31, 1998
- ------------------------------------------------------------------------------------------------------------------
SANTANDER LOOMIS SAYLES T. ROWE PRICE
INTERNATIONAL HIGH YIELD JANUS SMALL CAP SCUDDER GLOBAL
STOCK BOND MID CAP GROWTH EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Shares sold .................... 13,289,786 2,279,157 15,312,519 14,274,228 7,095,699
Shares issued in reinvestment of
dividends ...................... 240,269 524,895 108,974 -- 143,372
------------ ------------ ------------ ------------ ------------
Total .......................... 13,530,055 2,804,052 15,421,493 14,274,228 7,239,071
Shares redeemed ................ (15,388,430) (490,894) (2,249,439) (6,801,840) (3,646,289)
------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ....... (1,858,375) 2,313,158 13,172,054 7,472,388 3,592,782
============ ============ ============ ============ ============
</TABLE>
MSF-127
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
9. CAPITAL STOCK ACTIVITY - (CONTINUED):
For the Period November 9, 1998 (commencement of operations) to December 31,
1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NEUBERGER LEHMAN
HARRIS OAKMARK BERMAN T. ROWE PRICE BROTHERS MORGAN
LARGE CAP PARTNERS MID LARGE CAP AGGREGATE STANLEY EAFE RUSSELL 2000
VALUE CAP VALUE GROWTH BOND INDEX INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares sold.................... 890,538 819,020 611,872 5,978,010 2,373,243 3,615,979
Shares issued in reinvestment
of dividends................... 2,444 999 358 43,481 2,334 5,907
--------- --------- --------- --------- --------- ---------
Total.......................... 892,982 820,019 612,230 6,021,491 2,375,577 3,621,886
Shares redeemed................ (243) (14,292) (725) (173,326) (18,562) (78)
--------- --------- --------- --------- --------- ---------
Net increase/ (decrease)....... 892,739 805,727 611,505 5,848,165 2,357,015 3,621,808
========= ========= ========= ========= ========= =========
</TABLE>
10. FOREIGN CURRENCY TRANSLATIONS:
The fair value of foreign currency contracts is the amount at which the
contracts could be settled based on exchange rates obtained from dealers.
The State Street Research Growth Portfolio had an unrealized net translation
(loss) on foreign currency receivables as follows:
Net unrealized translation gain/(loss):
Dividend reclaim receivables.............. $(5,679)
---------
Net unrealized translation gain/(loss).. $(5,679)
=========
As of June 30, 1999, the State Street Research Income Portfolio experienced an
unrealized net gain of $271,167 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
VALUATION UNREALIZED
AS OF APPRECIATION/
SOLD EXPIRATION DATE CONTRACT AMOUNT JUNE 30, 1999 (DEPRECIATION)
- -------------------- ----------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
New Zealand Dollar 7/22/99 $3,955,343 $3,805,707 $149,636
New Zealand Dollar 7/22/99 2,659,277 2,558,325 100,952
New Zealand Dollar 8/27/99 3,386,296 3,365,717 20,579
-------------- --------------- ----------------
$10,000,916 $9,729,749 $271,167
============== =============== ================
Net unrealized appreciation ....................................................... $271,167
================
</TABLE>
The State Street Research Income Portfolio had an unrealized net translation
(loss) on foreign currency receivables as follows:
Net unrealized translation gain/(loss):
Interest receivables....................... $(2,477)
---------
Net unrealized translation gain/(loss)... $(2,477)
=========
As of June 30, 1999 the State Street Research Diversified Portfolio experienced
an unrealized net gain of $579,757 based on the following foreign currency
exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION UNREALIZED
AS OF APPRECIATION/
SOLD EXPIRATION DATE CONTRACT AMOUNT JUNE 30, 1999 (DEPRECIATION)
- -------------------- ----------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
New Zealand Dollar 7/22/99 $5,775,532 $5,556,279 $219,253
New Zealand Dollar 7/22/99 8,068,678 7,763,431 305,247
New Zealand Dollar 8/27/99 9,092,339 9,037,082 55,257
------------- --------------- ----------------
$22,936,549 $22,356,792 $579,757
============= =============== ================
Net unrealized appreciation ....................................................... $579,757
================
</TABLE>
MSF-128
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS - (CONTINUED):
The State Street Research Diversified Portfolio had an unrealized net
translation (loss)on foreign currency receivables as follows:
<TABLE>
<CAPTION>
<S> <C>
Net unrealized translation gain/(loss):
Dividend reclaim receivables ............ $(2,487)
Interest receivables .................... (5,797)
---------
Net unrealized translation gain/(loss). $(8,284)
=========
</TABLE>
The Santander International Stock Portfolio had an unrealized net translation
(loss) on foreign currency receivables and payables as follows:
<TABLE>
<CAPTION>
<S> <C>
Net unrealized translation gain/(loss):
Dividend receivables..................... $(3,464)
Dividend reclaim receivables ............ (16,833)
Pending spot foreign exchange sales ..... (2,671)
Sales Receivables ....................... (4,690)
Tax expense payables .................... 544
---------
Net unrealized translation gain/(loss). ($27,114)
=========
</TABLE>
As of June 30, 1999 the Loomis Sayles High Yield Bond Portfolio experienced an
unrealized net gain of $10,602 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
VALUATION UNREALIZED
AS OF APPRECIATION/
SOLD EXPIRATION DATE CONTRACT AMOUNT JUNE 30, 1999 (DEPRECIATION)
- ------------------ ------------------ ------------------ -------------------- --------------------
<S> <C> <C> <C> <C>
Japanese Yen 8/31/99 $203,054 $191,827 $11,227
------------------ -------------------- --------------------
$203,054 $191,827 $11,227
=================== ==================== ====================
PURCHASED
- ------------------
Japanese Yen 8/31/99 $192,452 $191,827 $(625)
------------------ -------------------- --------------------
$192,452 $191,827 $(625)
================== ==================== ====================
Net unrealized appreciation ................................................................ $10,602
====================
</TABLE>
The Loomis Sayles High Yield Bond Portfolio had an unrealized net translation
gain on foreign currency receivables and payables as follows:
Net unrealized translation gain/(loss):
Interest receivables........................ $258
-------
Net unrealized translation gain/(loss).... $258
=======
The Janus Mid Cap Portfolio had an unrealized net translation (loss) on foreign
currency receivables as follows:
Net unrealized translation gain/(loss):
Dividend reclaim receivables ............... $(1)
-------
Net unrealized translation gain/(loss).... $(1)
=======
MSF-129
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS - (CONTINUED):
As of June 30, 1999, the Scudder Global Equity Portfolio experienced an
unrealized net gain of $25,107 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
VALUATION UNREALIZED
AS OF APPRECIATION/
SOLD EXPIRATION DATE CONTRACT AMOUNT JUNE 30, 1999 (DEPRECIATION)
- ------------------ ------------------ ------------------ -------------------- --------------------
<S> <C> <C> <C> <C>
Euro Currency 8/31/99 $3,370,000 $3,158,543 $211,457
Japanese Yen 9/01/99 1,020,000 994,300 25,700
Japanese Yen 9/10/99 1,020,000 1,012,796 7,204
Japanese Yen 9/29/99 380,000 381,708 (1,708)
Japanese Yen 9/29/99 3,525,684 3,541,533 (15,849)
------------------ -------------------- --------------------
$9,315,684 $9,088,880 $226,804
================== ==================== ====================
PURCHASED
- ---------------
Euro Currency 8/31/99 $3,360,240 $3,158,543 $(201,697)
------------------ -------------------- --------------------
$3,360,240 $3,158,543 $(201,697)
================== ==================== ====================
Net unrealized appreciation .................................................................. $25,107
====================
</TABLE>
The Scudder Global Equity Portfolio had an unrealized net translation (loss) on
foreign currency receivables and payables as follows:
Net unrealized translation gain/(loss):
Dividend receivables........................ $(1,311)
Dividend reclaim receivables ............... (2,808)
Pending spot foreign exchange purchases .... (169)
Pending spot foreign exchange sales ........ 392
Purchase payables........................... 105
Sales receivables........................... 1,287
Tax expense payables........................ 135
-----------
Net unrealized translation gain/(loss) ... $(2,369)
===========
The T. Rowe Price Large Cap Growth Portfolio had an unrealized net translation
gain on foreign currency receivables and payables as follows:
Net unrealized translation GAIN/(LOSS):
Dividend reclaim receivables ............... $(14)
Pending spot foreign exchange purchases .... (254)
Purchase payables .......................... 472
Sales receivables .......................... (97)
-----------
Net unrealized translation GAIN/(LOSS) ..... $107
===========
MSF-130
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS - (CONTINUED):
The Morgan Stanley EAFE Index Portfolio had an unrealized net translation (loss)
on foreign currency receivables and payables as follows:
Net unrealized translation gain/(loss):
Dividend payables........................... $8
Dividend receivables........................ (873)
Dividend reclaim receivables................ (859)
Pending spot foreign exchange purchases..... (2,451)
Pending spot foreign exchange sales......... (1)
Purchase payables........................... 1,521
Sales receivables........................... (75)
Tax expense payables........................ 86
-----------
Net unrealized translation gain/(loss).... $(2,644)
===========
MSF-131
<PAGE>
METROPOLITAN SERIES FUND, INC.
SUPPLEMENT DATED JULY 15, 1999
TO
PROSPECTUS DATED APRIL 30, 1999
The following information supplements the Metropolitan Series Fund Prospectus
dated April 30, 1999. You should keep this Supplement to the Prospectus for
future reference.
1. Foreign securities for the Loomis Sayles High Yield Bond Portfolio: The
following is added as the last sentence under "About the Loomis Sayles High
Yield Bond Portfolio -- Principal investment strategies" on page 6 of the
Prospectus:
"The Portfolio expects to invest a substantial amount of its
assets in securities of foreign (non-U.S. domiciled) companies."
2. Deletion of Neuberger Berman Prior Performance: The following changes are
made to the information included under "Appendix A to Prospectus --
Portfolio Manager Prior Performance":
A. Delete reference to Neuberger Berman Partners Mid Cap Value
Portfolio in the first sentence of the first paragraph on page
32 of the Prospectus.
B. Change the second to the last word to "three" rather then "four"
in the second sentence of the first paragraph on page 32 of the
Prospectus to reflect that portfolio manager prior performance
is available with respect to the portfolio managers of three of
the Portfolios.
C. Revise the last sentence of the third paragraph on page 32 of
the Prospectus to add Neuberger Berman Partners Mid Cap Value
Portfolio to the list of Portfolios for which no similar account
performance information is available.
D. Delete the section headed "Neuberger Berman" on page 33 of the
Prospectus.
3. Typographical errors: Item 20 in the table under "Appendix B to Prospectus"
on page 36 of the Prospectus is corrected by adding Portfolio number "17"
under "A" in the "Portfolios" column and by changing the reference under
"C" from Portfolio number "17" to Portfolio number "9."
L99078N3A(exp0500)MLIC-LD
<PAGE>
This report has been prepared for the owners and prospective owners of UL II
policies issued by Metropolitan Life Insurance Company and shareholders of
Metropolitan Series Fund, Inc. This report may be distributed to prospective
purchasers of UL II policies only when preceded or accompanied by the most
recent quarterly performance sheet and the current UL II prospectus. Please
consult the prospectus for information regarding applicable fees and charges.
If you want more information,
please contact your sales representative.
- --------------------------------------------------------------------------------
[LOGO APPEARS HERE] -----------------------
MetLife Customer Service Center - Warwick Presorted
P. O. Box 520 Standard
Warwick, RI 02887-0520 U.S. Postage Paid
Lancaster, PA
Permit 1620
-----------------------
Address Service Requested
MSFSemiannualULII-W(0899)
Date of First Use: 08/23/99 E99074IUO(exp0200)MLIC-LD
<PAGE>
This report has been prepared for the owners and prospective owners of UL II
policies issued by Metropolitan Life Insurance Company and shareholders of
Metropolitan Series Fund, Inc. This report may be distributed to prospective
purchasers of UL II policies only when preceded or accompanied by the most
recent quarterly performance sheet and the current UL II prospectus. Please
consult the prospectus for information regarding applicable fees and charges.
If you want more information,
please contact your sales representative.
[LOGO OF METLIFE APPEARS HERE] -----------------------
MetLife Customer Service Center - Tulsa Presorted
P. O. Box 21889 Standard
Tulsa, OK 74121-1889 U.S. Postage Paid
Address Service Requested Lancaster, PA
Permit 1620
-----------------------
MSFSemiannualULII-T(0899)
Date of First Use: 08/23/99 E99074IUO(exp0200)MLIC-LD
<PAGE>
This report has been prepared for the owners and prospective owners of UL II
policies issued by Metropolitan Life Insurance Company and shareholders of
Metropolitan Series Fund, Inc. This report may be distributed to prospective
purchasers of UL II policies only when preceded or accompanied by the most
recent quarterly performance sheet and the current UL II prospectus. Please
consult the prospectus for information regarding applicable fees and charges.
If you want more information,
please contact your sales representative.
[LOGO OF METLIFE APPEARS HERE]
Metropolitan Life Insurance Company
Johnstown Office, 500 Schoolhouse Road
Johnstown, PA 15904-2914
Address Service Requested
MSFSemiannualULII(0899)
Date of First Use: 08/23/99 E99074IUO(exp0200)MLIC-LD
