<PAGE>
Annual Report 1998
Metropolitan Series fund, Inc.
[ARTWORK APPEARS HERE]
FOR USE WITH
MetLife(R) Universal Life II Policies
<PAGE>
We are pleased to present the Metropolitan Series Fund. Inc. 1998 Annual Report
for MetLife Universal Life II polices. Universal Life II (a variable universal
life policy) provides you with:
. life insurance protection for your beneficiaries and
. the potential for tax-deferred growth of cash value.
UL II may be appropriate for individuals who need permanent life insurance and
who want more control over where their net premiums are invested. You can choose
from the Fixed Account and the eleven investment divisions of the Separate
Account, depending on your investment objective and risk tolerance.
The following chart illustrates the past performance of the UL II policy's
investment divisions at the Separate Account level. The rates include the
charges for mortality and expense risks (M&E), fund management fees, and direct
fund expenses. When reviewing performance, keep in mind that these rates are
based on historical experience only and are not intended to suggest what future
returns will be. ---
-----------------------------
MetLife Universal Life II
-----------------------------
Performance as of December 31, 1998
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Separate Account Average Annual Rates of Return
- ------------------------------------------------------------------------------------------------------------
Risk Since
Tolerance Investment Inception Year to One Five Ten Inception
Level Division Date Date** Year Years Years (of Portfolio)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Conservative State Street Research
Money Market* 6/24/83 4.28% 4.28% 4.03% 4.54% 5.41%
- ----------------------------------------------------------------------------------------------------------
Conservative State Street
to Moderate Research Income 6/24/83 8.42% 8.42% 6.61% 8.66% 9.56%
- ----------------------------------------------------------------------------------------------------------
Moderate State Street Research
Diversified 7/25/86 18.57% 18.57% 14.22% 13.36% 11.78%
- ----------------------------------------------------------------------------------------------------------
Moderate to MetLife
Aggressive Stock Index 5/01/90 27.09% 27.09% 22.44% N/A 17.82%
- ----------------------------------------------------------------------------------------------------------
Moderately State Street Research
Aggressive Growth 6/24/83 27.03% 27.03% 19.88% 17.62% 14.31%
- ----------------------------------------------------------------------------------------------------------
Moderately Janus
Aggressive Mid Cap 3/03/97 35.97% 35.97% N/A N/A 34.92%
- ----------------------------------------------------------------------------------------------------------
Aggressive Loomis Sayles
High Yield Bond 3/03/97 -8.34% -8.34% N/A N/A -1.88%
- ----------------------------------------------------------------------------------------------------------
Aggressive State Street Research
Aggressive Growth 4/29/88 12.67% 12.67% 9.67% 14.97% 14.37%
- ----------------------------------------------------------------------------------------------------------
Aggressive T. Rowe Price
Small Cap Growth 3/03/97 2.52% 2.52% N/A N/A 10.93%
- ----------------------------------------------------------------------------------------------------------
Aggressive Scudder
Global Equity 3/03/97 14.92% 14.92% N/A N/A 12.98%
- ----------------------------------------------------------------------------------------------------------
Aggressive Santander
International Stock 5/01/91 21.46% 21.46% 3.55% N/A 5.59%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
* An investment in the State Street Research Money Market Division is neither
insured nor guaranteed by the U.S. Government.
** Non-Annualized rates of return.
Please refer to the hypothetical illustrations in the current UL II prospectus
which show the effect of these charges on performance. In addition, you may
request a personalized illustration from your Registered Representative that
will show the effect of these charges at an assumed rate of return. Performance
above assumes the policy was in existence for the periods shown. UL II policies
were first offered on May 1, 1990.
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.
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
LETTER FROM THE FUND'S CHAIRMAN AND PRESIDENT
- --------------------------------------------------------------------------------
Dear Investor:
We are pleased to present the December 31, 1998 Annual Report of the
Metropolitan Series Fund, Inc. We have prefaced the Report with an overview of
the U.S. and international economies during 1998. Details for each Portfolio,
including a listing of assets, investments, and Portfolio characteristics,
follow.
- ----------------------------------------
ECONOMIC REVIEW
- ----------------------------------------
Since inflation continued to slow for both goods and services, the potential
remained for further interest rate cuts by the Federal Reserve in 1999.
Financial market volatility remained high, reflecting slow global growth and
concerns over credit, earnings and foreign markets. During the fourth quarter,
global markets calmed in response to U.S. Federal Reserve interest rate cuts and
other reductions around the world. Nevertheless, economic trends remained less
robust and a bias toward deflation in prices continued. The U.S. economy seems
likely to slow in the coming quarters, as both consumers and business begin to
retrench. Slower growth in jobs and income is expected. However, real spending
may hold up better with declining prices.
- ----------------------------------------
U.S. STOCK MARKET
- ----------------------------------------
The market, as measured by the S&P 500 Stock Price Index, rose more than 20
percent for an unprecedented fourth year in a row. However, that figure masked
tremendous volatility that sent stocks soaring in the first quarter, down in the
third quarter, and then back up. The market displayed divergent performance
between large and small company stocks and also between growth and value stocks;
large company stocks had strong performance, while small company stocks
continued to lose ground, and growth stocks soared, while value stocks delivered
only modest returns. Technology stocks were among the strongest performers, led
by Internet companies that surprised even the most optimistic investors.
- ----------------------------------------
U.S. BOND MARKET
- ----------------------------------------
Despite short-term interest rate cuts, the market continued to be extremely
volatile. Many segments of the U.S. bond market drifted lower as investors
sought bonds of the highest quality. Long-term U.S. Treasury bonds were the best
performers in this environment. At year-end, the yield of 30-year Treasury bonds
was above 5%, while 10-year bonds stood at 4.65%. High-yield and
investment-grade corporate bond prices improved late in the year, and interest
spreads narrowed from their peaks.
- ----------------------------------------
INTERNATIONAL MARKETS
- ----------------------------------------
The major concerns overseas were Latin America, Asia, with emphasis on Japan and
China, and finally Russia. In January 1999, Brazil allowed its currency to
float and the real dropped over 20% against the dollar. This devaluation,
together with Brazil's need for fiscal contraction, could cause a further
slowdown of economic growth in Latin America. Japan's economy needed, and still
needs, to stabilize its bad debt and excess capacity in order to support the
global economy. Russia remained in the midst of currency devaluation and debt
default. The European Monetary Union, with its new euro, may reduce foreign
countries' demand for U.S. dollars as a reserve currency.
Sincerely,
/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
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series, Fund, Inc.
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MANAGEMENT DISCUSSION AND ANALYSIS
- --------------------------------------------------------------------------------
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 Large 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 Index Portfolio................................... MDA-16
Russell 2000 Index Portfolio.......................................... MDA-17
- --------------------------------------------------------------------------------
ANNUAL REPORT OF THE METROPOLITAN SERIES FUND AS OF DECEMBER 31, 1998
- --------------------------------------------------------------------------------
Independent Auditors' Report.......................................... AUD-1
Schedule of Investments: State Street Research Growth Portfolio....... MSF-1
Schedule of Investments: State Street Research Income Portfolio....... MSF-3
Schedule of Investments: State Street Research Money Market MSF-7
Portfolio.............................................................
Schedule of Investments: State Street Research Diversified Portfolio.. MSF-8
Schedule of Investments: State Street Research Aggressive Growth MSF-14
Portfolio.............................................................
Schedule of Investments: MetLife Stock Index Portfolio................ MSF-16
Schedule of Investments: Santander International Stock Portfolio...... MSF-25
Industry Diversification: Santander International Stock Portfolio..... MSF-28
Schedule of Investments: Loomis Sayles High Yield Portfolio........... MSF-29
Schedule of Investments: Janus Mid Cap Portfolio...................... MSF-34
Schedule of Investments: T. Rowe Price Small Cap Growth Portfolio..... MSF-36
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 Large Cap Value.... MSF-47
Portfolio.............................................................
Schedule of Investments: T. Rowe Price Large Cap Growth Portfolio..... MSF-50
Schedule of Investments: Lehman Brothers Aggregate Bond Index MSF-53
Portfolio.............................................................
Schedule of Investments: Morgan Stanley EAFE Index Portfolio.......... MSF-56
Industry Diversification: Morgan Stanley EAFE Index Portfolio......... MSF-69
Schedule of Investments: Russell 2000 Index Portfolio................. MSF-70
Statement of Assets and Liabilities................................... MSF-99
Statement of Operations............................................... MSF-103
Statement of Changes in Net Assets.................................... MSF-109
Financial Highlights: State Street Research Growth Portfolio.......... MSF-112
Financial Highlights: State Street Research Income Portfolio.......... MSF-113
Financial Highlights: State Street Research Money Market Portfolio.... MSF-114
Financial Highlights: State Street Research Diversified Portfolio..... MSF-115
Financial Highlights: State Street Research Aggressive Growth MSF-116
Portfolio.............................................................
Financial Highlights: MetLife Stock Index Portfolio................... MSF-117
Financial Highlights: Santander International Stock Portfolio......... MSF-118
Financial Highlights: Loomis Sayles High Yield Portfolio.............. MSF-119
Financial Highlights: Janus Mid Cap Portfolio......................... MSF-119
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 Large Cap Value MSF-120
Portfolio.............................................................
Financial Highlights: T. Rowe Price Large Cap Growth Portfolio........ MSF-120
Financial Highlights: Lehman Brothers Aggregate Bond Index Portfolio.. MSF-120
Financial Highlights: Morgan Stanley EAFE Index Portfolio............. MSF-120
Financial Highlights: Russell 2000 Index Portfolio.................... MSF-120
Notes to Financial Statements December 31, 1998....................... MSF-121
<PAGE>
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Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
The Portfolio delivered very solid performance relative to its Lipper peer group
for the 12-month period. This performance continued a 10-year record of
outstanding returns. The focus on large company growth stocks paid off as
growth stocks outperformed value stocks by a wide margin during the year. The
Portfolio's strategy to invest in companies that dominate their industries
significantly helped performance.
Although market volatility was high, the Portfolio's performance remained solid.
The manager maintained investment in companies whose business fundamentals were
strong and where investors had confidence in earnings growth potential. Overall,
investments in technology, telecommunications, financial services and retailing
sectors drove performance. Defensive sectors such as utilities, foods and energy
under-performed in the fourth quarter.
At year-end, the Portfolio seemed well positioned for the economic environment.
The manager continued to look for companies with growth drivers and whose stocks
can be purchased at reasonable prices.
- ---------------------------
INVESTMENT OBJECTIVE
- ---------------------------
To achieve long-term growth of capital and income, and moderate current income.
- ---------------------------
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.
----------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
----------------------------------------------------------------
Net Assets $3.1 billion
----------------------------------------------------------------
COMPOSITION
----------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
MCI WorldCom, Inc. ....................... 3.45
General Electric Co. ..................... 3.25
Tyco International Ltd. .................. 3.07
International Business Machines Corp...... 2.48
Intel Corp. .............................. 2.44
BankAmerica Corp. ........................ 2.38
Xerox Corp. .............................. 2.24
Bristol-Myers Squibb Co. ................. 2.24
Federal National Mortgage Assoc .......... 2.21
Chase Manhattan Corp. .................... 2.08
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
----------------------------------------------------------------
PERFORMANCE SUMMARY
----------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the State Street
Research Growth Portfolio and the S&P 500 Index from 12/31/88 to 12/31/98.
Average Annual Total Returns
1yr. 5yr. 10yr.
28.18% 20.96% 18.59%
[LINE GRAPH APPEARS HERE]
State Street Research
Growth Portfolio S&P 500 Index
12/31/88 10,000 10,000
12/31/89 13,664 13,163
12/31/90 12,504 12,754
12/31/91 16,641 16,631
12/31/92 18,565 17,895
12/31/93 21,239 19,695
12/31/94 20,548 19,955
12/31/95 27,356 27,445
12/31/96 33,424 33,742
12/31/97 42,904 44,995
12/31/98 54,995 57,864
The above graph 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
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
The Portfolio continued to perform among the leaders of its Lipper peer group
for the 12-month period. This record has continued over a decade of consistent,
high performance, an example of the benefits to be found in bond investments.
Markets continued to be extremely volatile. U.S. Treasury bonds were the best
performers, as investors sought refuge from concerns over Asia, international
hedge funds, and the Russian debt crisis. Price spreads between high-yield and
investment-grade corporate bonds narrowed off their peaks, an evidence of more
confidence in the market. At year-end, yields of 30-year Treasuries backed up
over 5%, with 10-year bonds at 4.65%, reflecting a lower inflationary mood in
the economy.
In the fourth quarter, the manager added high quality holdings, primarily
asset-backed and mortgage-backed securities, and reduced Treasury and
investment-grade corporate holdings. The manager has maintained the Portfolio's
interest rate sensitivity longer than market average, anticipating a possible
further decline in interest rates. The overall credit quality of the
Portfolio's holdings remains very high.
- -----------------------------------
INVESTMENT OBJECTIVE
- -----------------------------------
To achieve the highest possible total return, by combining current income with
capital gains, consistent with prudent investment risk and preservation of
capital.
- -----------------------------------
UNDERLYING INVESTMENTS
- -----------------------------------
Invests primarily in highly rated corporate and government bonds.
--------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
--------------------------------------------------------------
Net Assets $526.9 million
Average Bond Quality AA+
--------------------------------------------------------------
PERFORMANCE SUMMARY
--------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the State
Street Research Income Portfolio and the Lehman Brothers Aggregate
Index from 12/31/88 to 12/31/98.
Average Annual Total Returns
1yr. 5yr. 10yr.
9.40% 7.58% 9.64%
[LINE GRAPH APPEARS HERE]
State Street Research
Date Income Portfolio Lehman Brothers Aggregate Index
---- ---------------- -------------------------------
12/31/88 10,000 10,000
12/31/89 11,335 11,453
12/31/90 12,471 12,479
12/31/91 14,629 14,476
12/31/92 15,641 15,548
12/31/93 17,418 17,064
12/31/94 16,870 18,566
12/31/95 20,168 19,626
12/31/96 20,894 20,339
12/31/97 22,948 22,302
12/31/98 25,104 24,240
The above graph 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
The Portfolio continued to perform above the average of its Lipper peer group
over the 12-month period. The Portfolio has maintained above average
performance for over 10-years.
Yields declined sharply in 1998, following the Federal Reserve's three
one-quarter point interest rate cuts during the third and fourth quarters.
Growth in money fund assets accelerated in 1998 to their fastest rate in 10
years. Money fund assets increased by 27.5% industry-wide, more than $290
billion during the year, to a total of $1.35 trillion. Asset growth in mutual
funds continued to be the dominant theme. At year-end, short-term interest rates
were stable, as Federal Reserve monetary policy remained on hold. The
Portfolio's weighted average maturity was 43 days. Maturity was shortened to
take advantage of possible interest rate changes that could result from year-end
Federal Reserve Fund pressure. The Portfolio's current target is in the average
maturity range of 45 - 60 days.
The Portfolio continues to invest in high-quality, first-tier money market
instruments such as corporate and domestic bank commericial paper, as well as
the commercial paper of Canadian banks and provinces.
- -----------------------------------
INVESTMENT OBJECTIVE
- -----------------------------------
To achieve the highest possible current income consistent with preservation of
capital and maintenance of liquidity.
- -----------------------------------
UNDERLYING INVESTMENTS
- -----------------------------------
Invests primarily in short-term money market instruments with minimal credit
risk. Instruments in this Portfolio are neither insured nor guaranteed by the
United States Government.
--------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
--------------------------------------------------------------
Net Assets $41.2 million
--------------------------------------------------------------
PERFORMANCE SUMMARY
--------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the State
Street Research Money Market Portfolio and the IBC's Money Fund
Averages(TM)/All Taxable 30 Day from 12/31/88 to 12/31/98.
Average Annual Total Returns
1 yr. 5 yr. 10 yr.
5.22% 4.97% 5.49%
[LINE GRAPH APPEARS HERE]
Money Market IBC's All Taxable
Portfolio 30 Day Index
12/31/88 10,000 10,000
12/31/89 10,928 10,887
12/31/90 11,827 11,738
12/31/91 12,549 12,409
12/31/92 13,016 12,826
12/31/93 13,393 13,172
12/31/94 13,908 13,639
12/31/95 14,686 14,387
12/31/96 15,422 15,100
12/31/97 16,225 15,871
12/31/98 17,067 16,670
The above graph 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
The Portfolio continued to perform in the top quarter of its Lipper peer group
for the 12-month period. The Portfolio has maintained its top quarter
performance for over 10-years.
The Portfolio's emphasis on large, growth-driven companies was rewarded; stocks
from such companies outperformed value stocks by a wide margin during the year.
Overall, investments in technology, telecommunications, financial services and
retailing sectors drove performance. Defensive sectors such as utilities, foods
and energy under-performed in the fourth quarter. In the volatile bond markets,
U.S. Treasury bonds were the best performers, with investors seeking refuge from
concerns over Asia, international hedge funds, and the Russian debt crisis.
In the fourth quarter, the manager added high quality holdings, primarily
asset-backed and mortgage-backed securities, and reduced Treasury and
investment-grade corporate holdings. The manager kept interest rate sensitivity
longer than market average, anticipating a further decline in interest rates.
- -----------------------------------
INVESTMENT OBJECTIVE
- -----------------------------------
To achieve a high total return while attempting to limit investment risk and
preserve capital.
- -----------------------------------
UNDERLYING INVESTMENTS
- -----------------------------------
Invests in equity securities, fixed-income debt securities, or short-term money
market instruments, or any combination thereof.
--------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
--------------------------------------------------------------
Net Assets $2.7 billion
-------------------------------------------------------------------
COMPOSITION
-------------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
MCI WorldCom, Inc. .................. 1.86
General Electric Co. ................ 1.76
Tyco International Ltd. ............. 1.67
International Business Machines Corp. 1.34
Intel Corp. ......................... 1.33
BankAmerica Corp. ................... 1.29
Xerox Corp. ......................... 1.22
Federal National Mortgage Assoc ..... 1.21
Bristol-Myers Squibb Co. ............ 1.20
Chase Manhattan Corp. ............... 1.14
Due to active management, there is no guarantee that the Portfolio
currently invests or will continue to invest in these countries,
securities, or industries.
-------------------------------------------------------------------
PERFORMANCE SUMMARY
-------------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the State Street
Research Diversified Portfolio, the S&P 500 Index, and the Lehman
Brothers Aggregate Index from 12/31/88 to 12/31/98.
Average Annual Total Returns
1yr. 5yr. 10yr.
19.64% 15.26% 14.33%
[LINE GRAPH APPEARS HERE]
Diversified S&P Lehman Brothers
Portfolio 500 Index Aggregate Index
----------- --------- ---------------
12/31/88 10,000 10,000 10,000
12/31/89 12,176 13,163 11,453
12/31/90 12,175 12,754 12,479
12/31/91 15,200 16,631 14,478
12/31/92 16,642 17,896 15,548
12/31/93 18,764 19,696 17,064
12/31/94 18,189 19,955 18,566
12/31/95 23,105 27,445 19,626
12/31/96 26,459 33,742 20,339
12/31/97 31,905 44,995 22,302
12/31/98 38,171 57,864 24,240
The above graph 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
Portfolio performance rose significantly in the final quarter, reversing the
earlier losses of 1998, although finishing below the average of its Lipper peer
group. The Portfolio made a strong recovery as the stock market rally finally
broadened to include mid cap company stocks. All investment sectors rose, but
technology and media stocks proved especially strong. Individual stock selection
in the healthcare industry, however, held back performance.
The manager continued to focus on stocks of companies in the $1 - $10 billion
asset range. Holdings emphasized earnings potential by focusing on companies
with a history of solid business achievement and prospects for above-average
earnings growth. Sectors or industries of interest included consumer products,
technology, healthcare and business services. At year-end, the Portfolio held a
lean selection of 73 stocks.
The manager believes that current market conditions, an environment of slow
economic growth and low inflation, will be beneficial to the Portfolio's
performance. Prospects are attractive for domestically oriented mid-size
companies with good unit growth records.
- -------------------------------
INVESTMENT OBJECTIVE
- -------------------------------
To achieve maximum capital appreciation.
- -------------------------------
UNDERLYING INVESTMENTS
- -------------------------------
Invests primarily in common stocks (and equity and debt securities convertible
into or carrying the right to acquire common stocks) of emerging growth
companies, undervalued securities or special situations.
----------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
----------------------------------------------------------------
Net Assets $1.4 billion
----------------------------------------------------------------
COMPOSITION
----------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
America Online, Inc. ....................... 2.50
Qwest Communications International, Inc. ... 2.47
Concord EFS, Inc. .......................... 2.30
Danaher Corp. .............................. 2.29
Sterling Commerce, Inc. .................... 2.26
Valassis Communications, Inc. .............. 2.26
Cendant Corp. .............................. 2.23
Outdoor Systems, Inc. ...................... 2.21
Harley Davidson, Inc. ...................... 2.16
Ascend Communications, Inc. ................ 2.06
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
----------------------------------------------------------------
PERFORMANCE SUMMARY
----------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the State Street
Research Aggressive Growth Portfolio and the S&P 500 Index from 12/31/88 to
12/31/98.
Average Annual Total Returns
1yr. 5yr. 10yr.
13.69% 10.67% 15.94%
[LINE GRAPH APPEARS HERE]
State Street Research
Aggressive Growth Portfolio S&P 500 Index
12/31/88 10,000 10,000
12/31/89 13,094 13,163
12/31/90 11,739 12,754
12/31/91 19,535 16,631
12/31/92 21,564 17,896
12/31/93 26,443 19,696
12/31/94 25,946 19,955
12/31/95 33,599 27,445
12/31/96 36,194 33,742
12/31/97 38,607 44,995
12/31/98 43,893 57,864
The above graph 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
The total return for the Portfolio during 1998 was 28.2%. This return reflects
gains in the Standard & Poor's 500 Index, which the Portfolio is designed to
track. The year's gains resulted in an unprecedented fourth consecutive year
with returns exceeding 20%. Operating earnings for companies in the index were
flat in 1998, compared with the prior year. Low inflation and interest rates,
along with optimism about future earnings, helped move stock valuations higher.
Much of 1998's price appreciation for the index was concentrated in larger,
faster growing companies - particularly technology stocks.
The year's results included a sharp market decline between mid July and the end
of August, but the fourth quarter turned in one of the best quarterly
performances of the decade. Several fundamental developments gave investors
confidence that the global financial problems of the third quarter would not
continue. Congress gave the International Monetary Fund additional funding,
Japan addressed its banking problems, and Brazil tried to adopt a plan to avoid
a feared devaluation. Most importantly, the U.S. Federal Reserve and various
foreign central banks reduced short-term interest rates. Also, merger activity
reached a new, high level in 1998. This helped support stock prices, but it
also mandated an unusually large number of changes in the composition of the S&P
500 Index.
- ----------------------------
Investment Objective
- ----------------------------
To equal the performance of the Standard & Poor's 500 Composite Stock Price
Index ("S&P 500 Index").
- ----------------------------
Underlying Investments
- ----------------------------
Invests in the common stock of companies which are included in the S&P 500
Index.
----------------------------------------------------------------
Portfolio Composition & Total Return As Of December 31, 1998
----------------------------------------------------------------
Net Assets $3.1 billion
----------------------------------------------------------------
Composition
----------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
Microsoft Corp. ............................ 3.45
General Electric Co. ....................... 3.34
Intel Corp. ................................ 1.97
Wal-Mart Stores, Inc. ...................... 1.83
Exxon Corp. ................................ 1.78
Merck & Co., Inc. .......................... 1.76
International Business Machines Corp........ 1.72
Coca-Cola Co. .............................. 1.65
Pfizer, Inc. ............................... 1.63
Cisco Systems, Inc. ........................ 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.
----------------------------------------------------------------
Performance Summary
----------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the MetLife Stock Index
Portfolio and the S&P 500 Index from 5/1/90 to 12/31/98.
Average Annual Total Returns
1yr. 5yr. Inception
28.23% 23.55% 18.88%
[LINE GRAPH APPEARS HERE]
MetLife
Stock Index Portfolio S&P 500 Index
--------------------- -------------
5/1/90 10,000 10,000
12/31/90 10,195 10,245
12/31/91 13,229 13,359
12/31/92 14,213 14,376
12/31/93 15,569 15,821
12/31/94 15,753 16,029
12/31/95 21,561 22,046
12/31/96 26,447 27,104
12/31/97 34,960 36,143
12/31/98 44,829 46,480
The above graph 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
Effective November 9, 1998, Santander Global Advisors, Inc. became the
sub-investment manager of the Santander International Stock Portfolio, formerly
known as the State Street Research International Stock Portfolio. During the
first six-month period, the Portfolio improved performance significantly versus
its Lipper peer group (International), benefiting from greater emphasis in
Europe where inflation remained subdued and growth accelerated. The fourth
quarter began with the Portfolio continuing to benefit from greater emphasis in
Europe and lower than average exposure to Japan. Investments in the financial
and high technology sectors did not perform well and more emphasis was placed on
manufacturing and service.
At year-end, the Portfolio continued to hold overweight positions in the smaller
markets of Europe and was underweight in Australia and the Far East. An
overweight position in Spain, where monetary conditions and corporate earnings
growth were positive, contributed well to the Portfolio's performance. Although
the Portfolio was significantly underweight in Japan, an overweight position in
Japanese exporters had negative impact on the Portfolio as the yen rallied
strongly during October and maintained its strength through year end.
- -----------------------------
INVESTMENT OBJECTIVE
- -----------------------------
To achieve long-term growth of capital.
- -----------------------------
UNDERLYING INVESTMENTS
- -----------------------------
Invests primarily in equity securities of established large capitalization
foreign (non-U.S. domiciled) companies.
----------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
----------------------------------------------------------------
Net Assets $297.4 million
----------------------------------------------------------------
COMPOSITION
----------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
British Telecommunications PLC (United Kingdom)...... 2.41
SmithKline Beecham PLC (United Kingdom).............. 2.14
Nokia AB Oy Cl. A (Finland).......................... 2.06
France Telecom SA (France)........................... 2.01
Glaxo Wellcome PLC (United Kingdom).................. 1.90
AXA SA (France)...................................... 1.86
ENI SPA ADR (Italy).................................. 1.74
Allied Zurich PLC (United Kingdom)................... 1.62
Matsushita Electric Industrial Co., Ltd. (Japan)..... 1.56
Fortis AG (Belgium).................................. 1.54
Diversification by Country and Region
For the Santander International Stock Portfolio
as of December 31, 1998
Based on Market Value of Investments
[PIE CHART APPEARS HERE]
United Kingdom 23.3%
Other Americas 0.4%
Other Europe 9.3%
Other Asia/Pacific Basin 1.4%
Australia 2.7%
Ireland 2.8%
Switzerland 4.2%
Netherlands 4.5%
Germany 7.1%
Italy 7.4%
Spain 8.9%
France 10.7%
Japan 17.3%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
----------------------------------------------------------------
PERFORMANCE SUMMARY
----------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the Santander
International Stock Portfolio and the MSCI EAFE Index from 5/1/91 to 12/31/98.
Average Annual Total Returns
1yr. 5yr. Inception
22.56% 4.49% 6.55%
[LINE GRAPH APPEARS HERE]
Santander
International Stock Portfolio MSCI EAFE Index
----------------------------- ---------------
5/1/91 10,000 10,000
12/31/91 9,845 10,335
12/31/92 8,840 9,077
12/31/93 13,061 12,033
12/31/94 13,724 12,969
12/31/95 13,839 14,422
12/31/96 13,593 15,294
12/31/97 13,275 15,566
12/31/98 16,271 18,679
The above graph 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
The Portfolio returned negative 7.51% in 1998, under-performing its benchmark,
the Merrill Lynch High Yield Index, which returned 3.66% for the year.
High-yield markets were extremely volatile in 1998. Russia's debt restructuring
and the subsequent de-leveraging of hedge funds brought trading to a halt and
caused investors to flee the asset class. The result was an indiscriminate
valuation of the entire sector without regard for an individual issue's
fundamental prospects.
Higher quality issues outperformed their lower quality brethren due to their
liquidity and the market's aversion to risk. The Portfolio's exposure to Yankee
bonds relative to the index proved detrimental, as a nearly two-month flight to
quality penalized both issuers and holders of foreign debt. On a positive note,
defaults remain remarkably low by historical measures and the Federal Reserve's
easing initiative and IMF-led fiscal austerity packages for several regions
around the globe sparked a compression of credit spreads in the latter part of
the year.
The Portfolio managers remain optimistic that 1999 will bring better performance
among high-yield bonds as credit spreads narrow, although the volatility may
remain until global economic conditions improve materially. With recent
Treasury yields at all time lows, the risk/reward scenario is more compelling
than ever for high-yield bonds, and the Portfolio managers believe that the
Portfolio is well positioned to capitalize on the improved market sentiment.
- -----------------------------------
INVESTMENT OBJECTIVE
- -----------------------------------
To achieve high total investment return through a combination of current income
and capital appreciation.
- -----------------------------------
UNDERLYING INVESTMENTS
- -----------------------------------
Normally invests at least 65% of its assets in below investment grade
fixed-income securities (commonly referred to as "junk bonds").
--------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
--------------------------------------------------------------
Net Assets $42.4 million
Average Bond Quality BB-
--------------------------------------------------------------
PERFORMANCE SUMMARY
--------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the Loomis
Sayles High Yield Bond Portfolio and the Merrill Lynch High Yield Index
from 3/3/97 to 12/31/98.
Average Annual Total Returns
1 yr. Inception
-7.51% -0.98%
[LINE GRAPH APPEARS HERE]
Loomis Merrill Lynch
Portfolio High Yield Index
--------- ----------------
3/3/97 10,000 10,000
12/31/97 10,618 11,021
12/31/98 9,859 11,424
The above graph 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
The Portfolio outperformed its benchmark, the S&P 400 MidCap Index, in 1998.
The Portfolio saw more broad-based earnings disappointments, even impacting
sectors that previously led the market. For example, a number of Dow Jones
Industrial Average stalwarts, including Coca-Cola and Gillette, reported weak
financial results, while average earnings growth for S&P 500 Index companies
declined by two percentage points during the third quarter. However, earnings
growth is alive and well across the Portfolio; the average estimated growth rate
across Portfolio holdings measures above 30%.
While the third quarter sell off was certainly disconcerting, it offered the
manager an opportunity to add additional technology stocks to the Portfolio,
including Vitesse Semiconductor, which produces high-speed chips. The
environment for semiconductor stocks has generally been inhospitable, and
Vitesse was certainly caught in the selling that pervaded the market during the
summer correction. The stock's decline, however, offered an attractive point to
add to the Portfolio's position, which the manager did near its lows.
Moving ahead, the global slowdown has removed a substantial tailwind from
domestic economic growth; however, the inflationary outlook appears benign,
especially in light of the collapse in commodity prices. Domestic labor markets
remain exceedingly tight and consumer optimism appears very high. The
combination of these factors creates a more moderate picture for economic growth
in the coming year.
- -----------------------------------
INVESTMENT OBJECTIVE
- -----------------------------------
To provide long-term growth of capital.
- -----------------------------------
UNDERLYING INVESTMENTS
- -----------------------------------
Normally invests at least 65% of its total assets in common stocks of medium
capitalization companies selected for their growth potential.
--------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
--------------------------------------------------------------
Net Assets $371.5 million
--------------------------------------------------------------
COMPOSITION
--------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
Apollo Group, Inc. Cl. A ........ 11.06
Vitesse Semiconductor Corp. ..... 7.00
Paychex, Inc. ................... 3.88
Jacor Communications, Inc. ...... 3.83
VERITAS Software Co. ............ 3.69
Heftel Broadcasting Corp. Cl. A.. 3.67
Pizza Express PLC ............... 3.67
MedImmune, Inc. ................. 3.04
Omnicare, Inc. .................. 3.04
Sepracor, Inc. .................. 2.99
Due to active management, there is no guarantee that the Portfolio
currently invests or will continue to invest in these countries,
securities, or industries.
--------------------------------------------------------------
PERFORMANCE SUMMARY
--------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the Janus Mid
Cap Portfolio and the S&P 400 MidCap Index from 3/3/97 to 12/31/98.
Average Annual Total Returns
1 yr. Inception
37.19% 36.09%
[LINE GRAPH APPEARS HERE]
Janus S&P 400
Portfolio MidCap Index
--------- ------------
3/3/97 10,000 10,000
12/31/97 12,822 12,852
12/31/98 17,591 15,308
The above graph 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
The Portfolio returned 3.5% for the year, modestly ahead of both the Russell
2000 Growth Index and the Lipper VA Small Cap Fund Average. As has been true
since this phase of the bull market began in 1994, the S&P 500 dramatically
outperformed small cap stocks for the full year, rising by 28.6%. Over the past
four years, the S&P 500 has risen by 190%, as compared to only 78% for the
Russell 2000.
The Russell 2000 Growth Index fell by over 40% from its peak in late April to
the trough in early October. This dramatic sell-off was triggered by events
overseas, and was symptomatic of a huge shift in risk tolerance by investors.
During the decline in the late summer and early fall, risky investments
under-performed more conservative choices in almost every asset class. Somewhat
inexplicably, investor sentiment reversed course abruptly in October and small
cap growth stocks surged. The Russell 2000 Growth Index advanced 23.6% during
the quarter, its best performance since 1991 and the fourth best over the
history of the index. Despite the good performance of small cap stocks in the
fourth quarter, relative valuations have not changed much and remain close to 40
year lows.
- -----------------------------------
INVESTMENT OBJECTIVE
- -----------------------------------
To achieve long-term capital growth.
- -----------------------------------
UNDERLYING INVESTMENTS
- -----------------------------------
Normally invests at least 65% of its total assets in a diversified group of
small capitalization companies.
--------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
--------------------------------------------------------------
Net Assets $189.1 million
--------------------------------------------------------------
COMPOSITION
--------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
Concord EFS, Inc. .................. 0.72
HBO & Co. .......................... 0.64
Symbol Technologies, Inc. .......... 0.63
E Trade Group, Inc. ................ 0.62
Meta Group ......................... 0.62
Security Dynamics Technologies, Inc. 0.62
NCO Group, Inc. .................... 0.59
TCA Cable TV, Inc. ................. 0.58
Orbital Sciences Corp. ............. 0.58
Outdoor Systems, Inc. .............. 0.57
Due to active management, there is no guarantee that the Portfolio
currently invests or will continue to invest in these countries,
securities, or industries.
---------------------------------------------------------------
PERFORMANCE SUMMARY
---------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the T. Rowe
Price Small Cap Growth Portfolio and the Russell 2000 Growth Index from
3/3/97 to 12/31/98.
Average Annual Total Returns
1 yr. Inception
3.45% 11.91%
[LINE GRAPH APPEARS HERE]
T. Rowe-Price
Small Cap Growth Russell 2000
Portfolio Growth Index
----------------------- -----------------
3/3/97 10,000 10,000
12/31/97 11,881 11,728
12/31/98 12,291 11,872
The above graph 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
Equity markets staged an astonishing recovery in the fourth quarter, in many
cases surpassing their previous highs for the year. This recovery can largely be
attributed to the Federal Reserve Bank's second and third interest rate cuts
during the latter half of the year. In spite of much turbulence in the global
economy and individual financial markets, the Portfolio completed the year with
a 15.96% return.
The risks that the Portfolio managers perceive in both the global economy and
individual financial markets have led the Portfolio managers to maintain a
flexible stance. Therefore, investment action has been slight and focused on
additions to the "Secure Streams of Income" theme and the development of a new
theme, "The Empowered Consumer." This new theme focuses on the roll-out of
technology benefits to households. Examples from this theme include Comcast
Corp, Motorola and Tele-Comm Liberty Media. The search for new themes seeks to
understand the wider implications of the structural imbalances that characterize
the global economy. Like Alan Greenspan, the Portfolio managers believe that
financial markets are still exuberant, still irrational.
- -----------------------------------
INVESTMENT OBJECTIVE
- -----------------------------------
To achieve long-term growth of capital.
- -----------------------------------
UNDERLYING INVESTMENTS
- -----------------------------------
Invests, on a worldwide basis, in equity securities of companies which are
incorporated in the U.S. or in foreign countries. The Portfolio may also invest
in the debt securities of U.S. and foreign issuers.
--------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
--------------------------------------------------------------
Net Assets $113.7 million
--------------------------------------------------------------
COMPOSITION
--------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
International Business Machines Corp... 2.27
VEBA AG (Germany) ..................... 1.67
Novartis AG (Switzerland) ............ 1.66
UNUM Corp. ............................ 1.64
Unilever PLC (United Kingdom) ......... 1.62
Electronic Data Systems Corp. ......... 1.51
PECO Energy Corp. ..................... 1.49
Swisscom AG (Switzerland) ............ 1.47
Allianz Holdings AG (Germany) ......... 1.42
Bayer AG (Germany) .................... 1.40
[PIE CHART APPEARS HERE]
(35.4%) United States
(16.4%) Germany
(14.3%) United Kingdom
(8.4%) Switzerland
(4.3%) Japan
(4.1%) France
(3.2%) Canada
(3.1%) Other Europe
(2.8%) Australia
(2.3%) Other Americas/Africa
(2.2%) Hong Kong
(1.8%) Singapore
(1.7%) Other Asia/Pacific Basin
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
--------------------------------------------------------------
PERFORMANCE SUMMARY
--------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the Scudder
Global Equity Portfolio and the MSCI World Index from 3/3/97 to
12/31/98.
Average Annual Total Returns
1 yr. Inception
15.96% 13.99%
[LINE GRAPH APPEARS HERE]
Scudder Global
Equity Portfolio MSCI World Index
------------------ -------------------
3/3/97 10,000 10,000
12/31/97 10,962 11,350
12/31/98 12,712 14,165
The above graph 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
Since the inception of the Portfolio in early November, performance lagged the
broad market averages during this two month truncated period. It took several
weeks to build the equity Portfolio from its original cash position, and this
was the primary reason why these short-term results trailed the broad market,
which rose during the period. At the end of the fourth quarter, the Portfolio
was fully invested.
On a broader note, the latter part of the year, like much of 1998, proved to be
a very tough period for value investors. Although the Portfolio managers believe
that portfolios at Harris Associates/Oakmark are now cheaper relative to the
market then at any time in recent memory, Harris Associates/Oakmark is
enthusiastic about the prospects for 1999.
The Portfolio managers seek to invest in above-average businesses at
below-average prices. Basically, the Portfolio managers try to buy shares in a
business at a significant discount to their underlying business value. They
seek out companies with management teams who work to build value for
shareholders. The Portfolio is focused; there are just 27 stocks in the
Portfolio, whereas many other funds may hold 80-100 names. The managers believe
this strategy is important to the Portfolio's long-term success because it
ensures that the best ideas have a meaningful impact on performance.
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
To seek long-term capital appreciation.
- --------------------------------------------------------------------------------
UNDERLYING INVESTMENTS
- --------------------------------------------------------------------------------
Normally invests at least 65% of its total assets in equities securities of
large capitalization U.S. companies.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
- --------------------------------------------------------------------------------
Net Assets $8.7 million
- --------------------------------------------------------------------------------
COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
Philip Morris Cos., Inc. ..................... 9.64
Nike, Inc. Cl. B ............................. 6.04
Bank One Corp. ............................... 5.84
Washington Mutual, Inc. ...................... 4.72
Knight-Ridder, Inc. .......................... 4.43
Block (H & R), Inc. .......................... 4.42
Black & Decker Corp. ......................... 4.34
Dun & Bradstreet Corp. ....................... 4.30
Columbia/HCA Healthcare Corp.................. 4.23
Lockheed Martin Corp. ........................ 4.21
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- --------------------------------------------------------------------------------
PERFORMANCE SUMMARY
- --------------------------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the Harris Oakmark
Large Cap Value Portfolio and the S&P 500 Index from 11/9/98 to 12/31/98.
Average Annual Total Returns
Inception -2.70%
[LINE GRAPH APPEARS HERE]
Harris Oakmark
Large Cap Value Portfolio S&P 500 Index
------------------------- -------------
11/9/98 10,000 10,000
12/31/98 9,730 10,909
The above graph 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
Since it began operations on November 9, 1998, the Portfolio has returned 7.44%
for the year. The Portfolio's benchmark, the S&P 400 Value Index, returned
3.29% for the same period. The Portfolio managers focus primarily on out of
favor mid sized companies less widely followed by Wall Street analysts. They
seek to find quality companies trading at a discount to their intrinsic economic
value.
1998 was not a particularly rewarding year for value investors relative to their
growth stock counterparts. The Portfolio managers' value style and focus on
mid/large cap stocks restrained performance in a year in which the market
strongly favored very large cap growth stocks.
Nevertheless, the Portfolio's financial stock holdings, such as banks,
broker/asset management, and insurance companies, recovered nicely in the fourth
quarter, as three Federal Reserve interest rate cuts provided liquidity and
helped revive the world's capital and credit markets. Another bright spot in
the Portfolio was communications services stocks, which rose on good earnings
and accelerating consolidation in the telecommunications industry. The
Portfolio managers believe that an ongoing commitment to value will enhance
returns going forward.
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
To seek captial growth.
- --------------------------------------------------------------------------------
UNDERLYING INVESTMENTS
- --------------------------------------------------------------------------------
Normally invests at least 65% of its total assets in common stocks of mid
capitalization companies.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
- --------------------------------------------------------------------------------
Net Assets $8.6 million
- --------------------------------------------------------------------------------
COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
SLM Holding Corp. ........................... 2.72
Countrywide Credit Industries, Inc........... 2.44
Bank One Corp. .............................. 2.36
CIGNA Corp. ................................. 2.24
American Home Products Corp. ................ 2.08
MediaOne Group, Inc. ........................ 2.07
Baxter International, Inc. .................. 2.01
MCI WorldCom, Inc. .......................... 1.99
Williams Cos., Inc. ......................... 1.98
Texas Utilities Co. ......................... 1.94
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- --------------------------------------------------------------------------------
PERFORMANCE SUMMARY
- --------------------------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the Neuberger&
Berman Partners Mid Cap Value Portfolio and the S&P 400 MidCap Value Index from
11/9/98 to 12/31/98.
Average Annual Total Returns
Inception 7.44%
[LINE GRAPH APPEARS HERE]
Neuberger&Berman
Partners Mid Cap
Value Portfolio S&P 400 MidCap Value Index
---------------------------- --------------------------
11/9/98 10,000 10,000
12/31/98 10,744 10,329
The above graph 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
The Portfolio began operations on November 9, 1998. It invests in stocks of
well-established companies with the potential to achieve above average earnings
and dividend growth. This growth stock strategy leads to a search for companies
with leadership in growth markets, strong management and cash flow, and solid
returns on cash flow.
For the month of December, the Portfolio returned 6.97% which compares favorably
to the 5.40% return on the Portfolio's custom benchmark, 80% S&P 500 and 20%
MSCI EAFE(R), but lagged the 8.72% return of the Lipper VA Growth Funds Average.
Stocks around the world rallied sharply in the fourth quarter after the Federal
Reserve initiated a series of short-term interest rates cuts to stave off the
economic weakness in the U.S. Technology, retail, and Internet related stocks
were among the best performing market segments. The Federal Reserve continues to
steer the economy deftly, and U.S. companies remain world leaders. However,
equity valuations are extreme, and consumers continue to favor spending over
saving. In addition, economies around the world remain troubled. While the stock
market rewarded many investors with strong returns in 1998, earnings and cash
flow at companies showed little growth. Without improvement, there could be
lower stock market returns in the period ahead.
- --------------------
INVESTMENT OBJECTIVE
- --------------------
To achieve long-term capital growth, and secondarily, dividend income.
- ----------------------
UNDERLYING INVESTMENTS
- ----------------------
Normally invests at least 65% of its total assets in large cap stocks that
demonstrate sustained growth characteristics.
------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
------------------------------------------------------------
Net Assets $6.7 million
- --------------------------------------------------------------------------------
COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
Federal Home Loan Mortgage Corp.............. 2.96
General Electric Co.......................... 2.42
MCI WorldCom, Inc............................ 2.34
Microsoft Corp............................... 2.06
Wells Fargo & Co............................. 1.96
Tyco International Ltd....................... 1.79
Citigroup, Inc............................... 1.47
Safeway, Inc................................. 1.45
Federal National Mortgage Assoc.............. 1.43
Bristol-Myers Squibb Co...................... 1.39
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
-------------------
PERFORMANCE SUMMARY
-------------------
Comparison of change in value of a $10,000 investment in the T. Rowe Price Large
Cap Growth Portfolio and the S&P 500 Index from 11/9/98 to 12/31/98.
Average Annual Total Returns
Inception
10.28%
[LINE GRAPH APPEARS HERE]
T. Rowe Price
Large Cap Value Portfolio S&P 500 Index
------------------------- -------------
11/9/98 10,000 10,000
12/31/98 11,028 10,909
The above graph 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
Between its inception on November 9, 1998, and year-end, the Portfolio returned
1.38%. This total return is comprised of both coupon return and positive price
performance resulting from falling interest rates. The Portfolio seeks to
replicate the total rate of return of the Lehman Brothers Aggregate Bond Index,
which is comprised of over 7,200 publicly traded, dollar denominated, fixed
income securities with a total market value of over $5.4 trillion dollars.
During 1998, the Lehman Brothers Aggregate Bond Index returned 8.69%. Declining
interest rate levels drove the level of return, which was well above the
weighted average coupon of the Index. For example, the benchmark 10-year
Treasury rate fell 1.2% during 1998 from 5.8% to 4.6%. This decline was driven
largely by lower inflation pressure, the 'flight to quality' to U.S. markets
during the recent Asian financial crisis and a strong dollar.
The year ahead is as uncertain as ever, with consensus predictions centering on
slower but positive U.S. growth and continued low inflation, an outlook that
should support fairly stable interest rates and normal fixed income returns.
However, while the economic and financial crisis, which began in Asia and
spread to Eastern Europe, Russia and Latin America, has shown some initial signs
of bottoming and recovery, further deterioration could occur.
- --------------------
INVESTMENT OBJECTIVE
- --------------------
To equal the performance of the Lehman Brothers Aggregate Bond Index.
- ----------------------
UNDERLYING INVESTMENTS
- ----------------------
Normally invests most of its assets in fixed income securities included in the
Lehman Brothers Aggregate Bond Index.
------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
------------------------------------------------------------
Net Assets $58.8 million
Average Bond Quality AA+
------------------------------------------------------------
PERFORMANCE SUMMARY
------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the Lehman Brothers
Aggregate Bond Index Portfolio and the Lehman Brothers Aggregate Index from
11/9/98 to 12/31/98.
Average Annual Total Returns
Inception
1.38%
[LINE GRAPH APPEARS HERE]
Lehman Brothers Lehman Brothers
Aggregate Bond Index Portfolio Aggregate Index
------------------------------ ---------------
11/9/98 10,000 10,000
12/31/98 10,138 10,174
The above graph 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
Between its inception on November 9, 1998, and year-end, the Morgan Stanley EAFE
Index Portfolio had a return of 8.11%. This return reflects gains in the Morgan
Stanley Capital International(R) (MSCI) EAFE(R) Index, which the Portfolio
is designed to track. The Portfolio owns shares in most of the companies in the
EAFE Index, which is composed of about 1000 companies in developed markets
outside the U.S.
As in the U.S., overseas equity markets experienced a sharp decline between
August and September of 1998. Then, from its low on October 5, until year-end,
the EAFE Index rose 28%. The Morgan Stanley EAFE Index Portfolio started during
this recovery period.
European stocks make up about three-quarters of the EAFE Index. Economies in
Europe generally flourished and experienced low inflation throughout 1998. The
fourth quarter upturn in the EAFE Index was triggered by interest rate cuts in
many countries and by bank reform in Japan. Increased merger activity in Europe
also bolstered stock prices.
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
To equal the performance of the MSCI EAFE Index.
- --------------------------------------------------------------------------------
UNDERLYING INVESTMENTS
- --------------------------------------------------------------------------------
Normally invests most of its assets in securities included in the MSCI EAFE
Index, which primarily includes equity securties in countries outside the U.S.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
- --------------------------------------------------------------------------------
Net Assets $25.5 million
- --------------------------------------------------------------------------------
COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
Glaxo Wellcome PLC (United Kingdom) .................. 1.62
Novartis AG (Switzerland) ........................... 1.61
Royal Dutch Petroleum Co. (Netherlands) .............. 1.41
Toyota Motor Corp. (Japan) ........................... 1.39
Nippon Telephone & Telegraph Corp. (Japan) ........... 1.30
British Telecommunications PLC (United Kingdom)....... 1.28
DaimlerChrysler AG (Germany) ......................... 1.28
British Petroleum Co. PLC (United Kingdom) ........... 1.16
Allianz Holdings AG (Germany) ........................ 1.15
Roche Holdings AG (Switzerland) ...................... 1.15
Diversification by Country and Region
For the Morgan Stanley EAFE Index Portfolio
as of December 31, 1998
Based on Market Value of Investments
[PIE CHART APPEARS HERE]
(21.5%) United Kingdom
(21.4%) Japan
(10.8%) Germany
(9.5%) France
(8.2%) Switzerland
(6.0%) Other Europe
(5.6%) Netherlands
(5.3%) Italy
(3.4%) Spain
(3.1%) Other Asia/Pacific Basin
(2.6%) Singapore
(2.6%) Sweden
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- --------------------------------------------------------------------------------
PERFORMANCE SUMMARY
- --------------------------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the Morgan Stanley EAFE
Index Portfolio and the MSCI EAFE Index from 11/9/98 to 12/31/98.
Average Annual Total Returns
Inception
8.11%
[LINE GRAPH APPEARS HERE]
Morgan Stanley
EAFE Index Portfolio MSCI EAFE Index
11/9/98 10,000 10,000
12/31/98 10,811 10,886
The above graph 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 INDEX PORTFOLIO
Between its inception on November 9, 1998, and year-end, the Russell 2000 Index
Portfolio had a gain of 5.48%. This return reflects gains in the Russell
2000/(R)/ Index, which the Portfolio is designed to track. The Portfolio owns
shares of most companies in the Russell 2000 Index, which is composed of
approximately 2000 U.S. small capitalization companies.
The Russell 2000 Index experienced considerable volatility during 1998. After
reaching a high in April, the Index declined 36% to its low on October 8.
Between October 8 and year-end, the Index moved back up by 36%. The Russell 2000
Index Portfolio commenced operations during this recovery period. The upturn in
late 1998 was triggered largely by the Federal Reserve's interest rate
reductions. Between November 9, 1998, and year-end, returns of small
capitalization stocks lagged those of larger stocks. This performance reflects a
recent investor preference for more stable and better known companies, which are
more prevalent among the larger capitalization stocks.
- --------------------
INVESTMENT OBJECTIVE
- --------------------
To equal the performance of the Russell 2000 Index.
- ----------------------
UNDERLYING INVESTMENTS
- ----------------------
Normally invests most of its assets in common stocks included in the Russell
2000 Index.
------------------------------------------------------------
PORTFOLIO COMPOSITION & TOTAL RETURN AS OF DECEMBER 31, 1998
------------------------------------------------------------
Net Assets $38.1 million
- --------------------------------------------------------------------------------
COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
Security % of Total Net Assets
-------- ---------------------
American Tower Systems, Inc. Cl. A.......... 0.31
Network Appliance, Inc...................... 0.31
Legato Systems, Inc......................... 0.28
Lycos, Inc.................................. 0.26
MedImmune, Inc.............................. 0.26
NOVA Corp................................... 0.25
Sepracor, Inc............................... 0.25
NTL, Inc.................................... 0.25
Express Scripts, Inc. Cl. A................. 0.24
Rational Software Corp...................... 0.24
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
- --------------------------------------------------------------------------------
PERFORMANCE SUMMARY
- --------------------------------------------------------------------------------
Comparison of change in value of a $10,000 investment in the Russell 2000 Index
Portfolio and the Russell 2000 Index from 11/9/98 to 12/31/98.
Average Annual Total Returns
Inception
5.48%
[LINE GRAPH APPEARS HERE]
Russell 2000 Russell
Index Portfolio 2000 Index
--------------- ----------
11/9/98 10,000 10,000
12/31/98 10,548 10,614
The above graph 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>
================================================================================
ANNUAL REPORT
of the
Metropolitan
Series Fund, Inc.
DECEMBER 31, 1998
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.
- --------------------------------------------------------------------------------
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
The Board of Directors and Shareholders,
Metropolitan Series Fund, Inc.
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of the 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 of the Metropolitan Series Fund, Inc. (the "Fund")
as of December 31, 1998, the related statements of operations for the year then
ended, the statements of changes in net assets for the years ended December 31,
1998 and 1997 (where applicable), and the financial highlights for the
applicable periods ended December 31, 1998, 1997, 1996, 1995, and 1994. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at
December 31, 1998 by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the 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 of the Metropolitan Series
Fund, Inc. at December 31, 1998 and the results of their operations, the changes
in their net assets, and the financial highlights for the respective stated
periods, in conformity with generally accepted accounting principles.
/s/ DELOITTE & TOUCHE LLP
Denver, Colorado
February 19, 1999
AUD-1
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 95.2%
- --------------------------------------------------------------------------------
AUTOMOTIVE: 1.6%
360,200 General Motors Corp. $ 25,776,813
551,100 *Renault SA 24,740,851
---------------
50,517,664
- --------------------------------------------------------------------------------
BANKING: 5.5%
1,234,284 BankAmerica Corp. 74,211,325
953,000 Chase Manhattan Corp. 64,863,563
942,100 U.S. Bancorp 33,444,550
---------------
172,519,438
- --------------------------------------------------------------------------------
BROADCASTING: 7.2%
1,332,500 CBS Corp. 43,639,375
886,700 *Fox Entertainment Group, Inc. Cl. A 22,333,756
1,184,100 *+MediaOne Group, Inc. 55,652,700
860,800 Time Warner, Inc. 53,423,400
677,900 *+Viacom, Inc. Cl. B 50,164,600
---------------
225,213,831
- --------------------------------------------------------------------------------
BUSINESS SERVICES: 0.6%
961,900 *Cendant Corp. 18,336,219
- --------------------------------------------------------------------------------
CHEMICALS: 2.0%
423,500 Du Pont (E.I.) de Nemours & Co. 22,471,969
1,338,600 +Rohm & Haas Co. 40,325,325
---------------
62,797,294
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 1.3%
443,825 *Cisco Systems, Inc. 41,206,377
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 4.2%
521,600 Bristol-Myers Squibb Co. 69,796,600
121,300 Pfizer, Inc. 15,215,569
356,500 SmithKline Beecham PLC ADR 24,776,750
289,600 Warner-Lambert Co. 21,774,300
---------------
131,563,219
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 4.5%
665,800 Black & Decker Corp. 37,326,413
992,100 General Electric Co. 101,256,206
---------------
138,582,619
- --------------------------------------------------------------------------------
ELECTRONICS: 4.5%
639,700 *Intel Corp. 75,824,441
209,000 Lucent Technologies, Inc. 22,990,000
467,700 Texas Instruments, Inc. 40,017,581
---------------
138,832,022
- --------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.9%
1,025,600 +News Corp. Ltd. ADR 27,114,300
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 6.1%
240,800 American Express Co. 24,621,800
914,549 Citigroup, Inc. 45,270,175
928,400 Federal National Mortgage Assoc. 68,701,600
806,200 Household International, Inc. 31,945,675
306,900 Merrill Lynch & Co., Inc. 20,485,575
---------------
191,024,825
- --------------------------------------------------------------------------------
FOOD & BEVERAGES: 4.3%
802,900 +Coca Cola Enterprises, Inc. 28,703,675
679,700 Heinz (H.J.) Co. 38,488,012
574,600 PepsiCo, Inc. 23,522,688
1,539,000 Sara Lee Corp. 43,380,562
---------------
134,094,937
- --------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 1.0%
812,900 Fort James Corp. 32,516,000
- --------------------------------------------------------------------------------
HOTEL & MOTEL: 0.6%
1,336,300 *Mirage Resorts, Inc. 19,960,981
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 1.5%
505,600 Procter & Gamble Co. 46,167,600
- --------------------------------------------------------------------------------
INSURANCE: 4.6%
1,513,200 ACE Ltd. 52,110,825
230,200 +American International Group, Inc. 22,243,075
452,200 Equitable Cos., Inc. 26,171,075
710,400 UNUM Corp. 41,469,600
---------------
141,994,575
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 3.8%
584,300 Baxter International, Inc. 37,577,794
273,400 Guidant Corp. 30,142,350
590,900 Johnson & Johnson 49,561,737
---------------
117,281,881
- --------------------------------------------------------------------------------
MISCELLANEOUS 3.1%
1,266,600 Tyco International Ltd. 95,549,138
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 6.2%
191,400 *+EMC Corp. 16,269,000
261,300 *+Gateway 2000, Inc. 13,375,294
418,300 International Business Machines Corp. 77,280,925
225,600 Pitney-Bowes, Inc. 14,903,700
MSF-1
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule Of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
December 31, 1998
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Office & Business Equipment: (Continued)
591,500 Xerox Corp. $ 69,797,000
---------------
191,625,919
- --------------------------------------------------------------------------------
Oil: 1.5%
922,440 TOTAL SA ADR 45,891,390
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.2%
1,111,700 *Seagull Energy Corp. 7,017,606
- --------------------------------------------------------------------------------
Oil-Domestic: 1.7%
481,300 Amoco Corp. 29,058,488
1,152,800 *Conoco, Inc. Cl. A 24,064,700
---------------
53,123,188
- --------------------------------------------------------------------------------
Oil-International: 1.7%
744,600 Exxon Corp. 54,448,875
- --------------------------------------------------------------------------------
Pollution Control: 0.5%
354,800 *Waste Management, Inc. 16,542,550
- --------------------------------------------------------------------------------
Restaurant: 1.8%
738,600 McDonald's Corp. 56,595,225
- --------------------------------------------------------------------------------
Retail Grocery: 3.1%
730,300 *Kroger Co. 44,183,150
853,600 Safeway, Inc. 52,016,250
---------------
96,199,400
- --------------------------------------------------------------------------------
Retail Trade: 6.6%
1,111,100 CVS Corp. 61,110,500
610,100 Dayton-Hudson Corp. 33,097,925
496,100 +Home Depot, Inc. 30,355,119
794,900 Rite Aid Corp. 39,397,231
491,600 Wal-Mart Stores, Inc. 40,034,675
---------------
203,995,450
- --------------------------------------------------------------------------------
Software: 2.7%
359,800 *Ascend Communications, Inc. 23,668,094
819,000 *Cadence Design Systems, Inc. 24,365,250
252,300 *Microsoft Corp. 34,951,434
---------------
82,984,778
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 0.7%
414,300 *Qwest Communications International, Inc. 20,702,053
- --------------------------------------------------------------------------------
Tobacco: 1.8%
1,032,400 Philip Morris Cos., Inc. 55,233,400
- --------------------------------------------------------------------------------
Utilities-Electric: 2.8%
328,600 FPL Group, Inc. 20,249,975
888,100 Texas Utilities Co. 41,463,169
619,500 Unicom Corp. 23,889,469
---------------
85,602,613
- --------------------------------------------------------------------------------
Utilities-Gas Distribution & Pipelines: 0.9%
500,100 Enron Corp. 28,536,956
- --------------------------------------------------------------------------------
Utilities-Telephone: 5.7%
578,000 AT&T Corp. 43,494,500
513,600 Bell Atlantic Corp. 27,220,800
1,497,700 *MCI Worldcom, Inc. 107,506,778
---------------
178,222,078
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $2,205,578,391) ................... 2,961,994,401
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 4.9%
- --------------------------------------------------------------------------------
$25,000,000 American Express Credit Corp. 5.500% 1/5/99 $ 25,000,000
17,153,000 CIT Group Holdings, Inc. 5.990% 1/6/99 17,153,000
30,229,000 Deere & Co. 5.460% 1/7/99 30,229,000
30,679,000 Ford Motor Credit Co. 5.960% 1/12/99 30,679,000
3,897,000 Ford Motor Credit Co. 4.880% 1/12/99 3,897,000
23,590,000 General Electric Capital
Corp. 5.650% 1/7/99 23,590,000
19,690,000 Household Finance Corp. 5.430% 1/4/99 19,690,000
3,147,000 Household Finance Corp. 5.700% 1/6/99 3,147,000
---------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $153,385,000)....................... 153,385,000
---------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.1%
(Cost $2,358,963,391) 3,115,379,401
OTHER ASSETS LESS LIABILITIES: (0.1%)...... (3,298,290)
---------------
TOTAL NET ASSETS: 100.0%................... $3,112,081,111
===============
- --------------------------------------------------------------------------------
LEGEND
- ------
*Non-income producing security.
+Securities on loan.
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of December 31, 1998, the market value of securities loaned was $95,622,600
with colateral backing valued at $98,207,601.
See notes to Financial Statements.
MSF-2
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
DECEMBER 31, 1998
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------------
CORPORATE BONDS: 43.2%
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSET BACKED: 1.1%
$ 1,900,000 Arcadia Auto Trust
Ser. 97-B A5 6.700% 5/2/15 $ 1,933,250
3,997,782 World Omni Automobile
Lease Trust Ser. 97-B A3 6.180% 11/25/03 4,019,011
--------------
5,952,261
- --------------------------------------------------------------------------------------
BANKING: 0.9%
3,000,000 Capital One Bank Sr. 6.280% 2/20/01 2,976,900
1,925,000 Capital One Bank Sr. 7.080% 10/30/01 1,935,722
--------------
4,912,622
- --------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS: 4.4%
1,919,768 Chase Commercial
Mortgage Sec. Ser.
97-1 A1 7.270% 7/19/04 1,995,806
2,486,656 Chase Commercial
Mortgage Sec. Ser.
98-2 A1 6.025% 8/18/07 2,510,546
1,775,000 Credit Suisse First
Boston Ser. 97-C2 A2 6.520% 7/17/07 1,832,133
2,050,000 GMAC Commercial
Mortgage Security,
Inc. Ser. 97-C2 A 6.550% 4/15/29 2,124,312
6,467,128 GMAC Commercial
Mortgage Security,
Inc. Ser. 98-C1 A1 6.411% 11/15/07 6,615,711
1,875,456 Morgan Stanley
Capital, Inc. Ser. 98
HF1-A1 6.340% 1/15/07 1,907,690
2,384,293 Morgan Stanley
Capital, Inc. Ser. 98
XL1-A1 6.200% 5/3/05 2,423,783
3,821,778 Structured Asset
Securities Corp. 6.790% 10/15/34 3,955,540
--------------
23,365,521
- --------------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 0.8%
2,200,000 HealthSouth Corp. Sr. 7.000% 6/15/08 2,062,918
1,900,000 HealthSouth Corp. Sr. 9.500% 4/1/01 1,960,515
--------------
4,023,433
- --------------------------------------------------------------------------------------
FINANCIAL SERVICES: 16.8%
2,800,000 Associates Corp. of
North America 6.375% 10/15/02 2,881,032
1,800,000 Associates Corp. of
North America 6.750% 7/15/01 1,855,584
4,400,000 AT&T Capital Corp. 6.250% 5/15/01 4,340,116
5,100,000 AT&T Capital Corp. 7.500% 11/15/00 5,175,378
2,250,000 British Gas Finance,
Inc. 6.625% 6/1/18 2,233,553
1,800,000 CIT Group Holdings,
Inc. Sr. 6.700% 4/1/99 1,851,246
7,800,000 Citibank Credit Card
Master Trust I Ser. 98 A 5.300% 1/9/06 7,755,306
4,125,000 Citibank Credit Card
Master Trust I Ser.
98-1 A 5.750% 1/15/03 4,153,339
3,075,000 Countrywide Funding
Corp. 6.580% 9/21/01 3,127,429
3,100,000 Discover Card Master
Trust I Ser. 98 A 5.600% 5/15/06 3,113,562
3,750,000 Donaldson, Lufkin &
Jenrette, Inc. 6.240% 11/12/31 3,817,969
2,125,000 ++ERAC USA Finance Co.
144A 6.625% 2/15/05 2,164,100
2,900,000 ++ERAC USA Finance Co.
144A 6.750% 5/15/07 2,927,347
1,900,000 Fleet Credit Card
Master Trust II Ser.
95-F A1 6.050% 8/1/03 1,923,142
3,800,000 Fleet Mortgage Group,
Inc. 7.060% 7/26/02 3,967,618
2,250,000 ++Florida Windstorm-MBIA
Sr. Ser. 97 144A 6.850% 8/25/07 2,354,130
1,025,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 1,133,045
4,425,000 Green Tree Financial
Corp. Sr. A5 6.180% 12/1/17 4,419,469
3,925,000 Green Tree Financial
Corp. Sr. Cl. A 4 5.980% 5/1/13 3,905,375
2,300,000 Household Finance
Corp. 6.125% 7/15/02 2,293,376
1,700,000 Household Finance
Corp. Sr. 6.750% 6/1/00 1,727,574
2,200,000 MBNA Corp. Sr. 7.125% 9/15/04 2,234,694
10,175,000 MBNA Master Credit
Card Tr. II Ser 98-J A 5.250% 2/15/06 10,089,148
1,900,000 Prime Credit Card
Master Trust Ser. 95-1 A 6.750% 11/15/05 1,965,303
2,933,482 ++Railcar Leasing LLC
Sr. A1 144A 6.750% 7/15/06 3,027,903
</TABLE>
MSF-3
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
December 31, 1998
<TABLE>
<CAPTION>
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FINANCIAL SERVICES: (CONTINUED)
1,925,000 Sears Credit Account
Master Trust II
Ser. 97-1 A 6.200% 7/16/07 $ 1,957,475
2,000,000 U.S. West Capital
Funding, Inc. 6.875% 7/15/28 2,135,860
---------------
88,530,073
- --------------------------------------------------------------------------------------
FOOD & BEVERAGES: 1.5%
5,100,000 Coca Cola Co. 5.750% 11/1/08 5,008,557
3,000,000 Seagram (Joseph E.) &
Sons, Inc. Sr. 6.625% 12/15/05 2,983,140
---------------
7,991,697
- --------------------------------------------------------------------------------------
HEALTHCARE SERVICES: 2.0%
2,600,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 2,502,838
3,800,000 Columbia/HCA
Healthcare Corp. 7.690% 6/15/25 3,443,864
4,500,000 Tenet Healthcare Corp.
Sr. 8.000% 1/15/05 4,567,500
---------------
10,514,202
- --------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 0.8%
3,950,000 Fort James Corp. Sr. 6.625% 9/15/04 4,022,759
- --------------------------------------------------------------------------------------
INDUSTRIALS: 4.8%
4,600,000 Aramark Services, Inc. 6.750% 8/1/04 4,656,304
3,400,000 Beckman Coulter, Inc.
Sr. 7.100% 3/4/03 3,419,754
920,000 Chevron Corp. Profit
Sharing Amort. 8.110% 12/1/04 996,305
1,500,000 Lear Seating Corp.
Sub. 8.250% 2/1/02 1,500,000
1,950,000 Oracle Corp. Sr. 6.910% 2/15/07 1,957,040
1,950,000 Oryx Energy Co. 8.125% 10/15/05 2,084,784
1,925,000 Owens-Illinois, Inc.
Sr. 7.850% 5/15/04 1,985,002
4,350,000 Service Corp.
International 6.300% 3/15/20 4,391,978
4,125,000 United Technologies
Corp. 6.700% 8/1/28 4,403,437
---------------
25,394,604
- --------------------------------------------------------------------------------------
INSURANCE: 0.6%
3,005,000 CNA Financial Corp. 6.500% 4/15/05 2,999,260
- --------------------------------------------------------------------------------------
MISCELLANEOUS: 0.5%
2,350,000 Tyco International
Group SA 7.000% 6/15/28 2,397,587
- --------------------------------------------------------------------------------------
MORTGAGE RELATED: 0.4%
2,030,912 LB Commercial Conduit
and Mortgage Ser.
98-C1 A1 6.330% 2/18/30 2,067,088
- --------------------------------------------------------------------------------------
MULTI-INDUSTRY: 0.8%
4,250,000 Raytheon Co. 5.700% 11/1/03 4,255,312
- --------------------------------------------------------------------------------------
NEWSPAPERS: 1.9%
5,300,000 News America, Inc. Sr. 6.625% 1/9/08 5,453,806
2,600,000 News America, Inc. Sr. 7.125% 4/8/28 2,594,176
1,975,000 News America, Inc. Sr. 7.750% 1/20/24 2,136,891
---------------
10,184,873
- --------------------------------------------------------------------------------------
POLLUTION CONTROL: 1.3%
2,300,000 USA Waste Services,
Inc. 6.125% 7/15/01 2,301,840
4,125,000 USA Waste Services,
Inc. Sr. 7.000% 10/1/04 4,306,624
---------------
6,608,464
- --------------------------------------------------------------------------------------
RESTAURANT: 0.6%
3,500,000 Darden Restaurants,
Inc. 7.125% 2/1/16 3,312,855
- --------------------------------------------------------------------------------------
RETAIL GROCERY: 0.9%
5,000,000 Safeway, Inc. 5.875% 11/15/01 5,018,800
- --------------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 2.2%
3,500,000 Arizona Public Service
Sr. 6.750% 11/15/06 3,692,640
2,000,000 CMS Energy Corp. Sub. 7.625% 11/15/04 2,046,800
1,750,000 ++Edison Mission Energy
Funding Ser. A 144A 7.330% 9/15/08 1,856,610
3,900,000 Southern California
Edison Co. 6.500% 6/1/01 4,001,205
---------------
11,597,255
- --------------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 0.9%
4,650,000 MCI WorldCom, Inc. 6.125% 8/15/01 4,725,144
----------------
TOTAL CORPORATE BONDS
(Cost: $225,494,393) ....................... 227,873,810
----------------
- --------------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 8.3%
- --------------------------------------------------------------------------------------
20,975,000 Federal Home Loan
Mortgage Corp. 5.125% 10/15/08 20,775,108
</TABLE>
MSF-4
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
December 31, 1998
<TABLE>
<CAPTION>
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: (CONTINUED)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 3,000,000 Federal Home Loan
Mortgage Corp. 7.100% 4/10/07 $ 3,340,320
480,941 Federal Home Loan
Mortgage Corp. 9.000% 12/1/09 508,066
5,300,000 Federal National
Mortgage Assoc. 6.000% 12/1/99 5,223,812
5,250,000 Federal National
Mortgage Assoc. 6.000% 12/1/99 5,174,531
313,181 Federal National
Mortgage Assoc. 7.750% 9/1/06 322,251
449,284 Federal National
Mortgage Assoc. 7.750% 3/1/08 466,119
43,322 Federal National
Mortgage Assoc. 7.750% 4/1/08 44,945
89,074 Federal National
Mortgage Assoc. 8.000% 6/1/08 92,916
701,490 Federal National
Mortgage Assoc. 8.250% 7/1/08 731,731
662,690 Federal National
Mortgage Assoc. 8.500% 2/1/09 698,025
217,542 Federal National
Mortgage Assoc. 8.500% 9/1/09 229,142
103,403 Federal National
Mortgage Assoc. 9.000% 4/1/16 111,308
2,925,000 ++Federal National
Mortgage Assoc. Cl. H 6.800% 9/25/22 3,000,845
3,032,535 Government National
Mortgage Assoc. 6.500% 11/15/28 3,062,861
180,766 Government National
Mortgage Assoc. 7.500% 5/15/07 187,453
--------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $43,656,090) ........................ 43,969,433
--------------
- --------------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 36.2%
- --------------------------------------------------------------------------------------
19,275,000 +U.S. Treasury Bond 6.625% 2/15/27 22,798,663
11,150,000 +U.S. Treasury Bond 6.875% 8/15/25 13,514,135
11,475,000 U.S. Treasury Bond 8.125% 8/15/21 15,505,594
9,750,000 +U.S. Treasury Bond 8.500% 2/15/20 13,518,960
23,450,000 +U.S. Treasury Bond 8.750% 5/15/17 32,621,060
3,350,000 +U.S. Treasury Bond 12.000% 8/15/13 5,114,512
3,953,859 U.S. Treasury
inflation Indexed Bond 3.625% 4/15/28 3,835,243
7,325,000 U.S. Treasury Note 6.375% 8/15/02 7,726,703
9,275,000 U.S. Treasury Note 6.875% 5/15/06 10,486,501
37,650,000 U.S. Treasury Note 7.000% 7/15/06 42,867,913
28,425,000 U.S. Treasury Strip 0.000% 5/15/07 18,954,927
4,025,000 U.S. Treasury Strip 0.000% 11/15/01 3,523,928
--------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $183,007,919) ....................... 190,468,139
--------------
- --------------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 2.8%
- --------------------------------------------------------------------------------------
10,725,000NZD New Zealand 8.000% 11/15/06 6,544,936
5,925,000NZD New Zealand 10.000% 3/15/02 3,540,970
2,300,000GBP UK Treasury 8.500% 12/7/05 4,741,386
--------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $15,133,436) ........................ 14,827,292
--------------
- --------------------------------------------------------------------------------------
STATE AGENCY OBLIGATION: 3.8%
- --------------------------------------------------------------------------------------
2,500,000 California
Infrastructure Ser.
97-1 A5 6.250% 6/25/04 2,556,250
4,950,000 California
Infrastructure Ser.
97-1 A6 6.310% 9/25/08 5,113,944
7,650,000 California
Infrastructure Ser.
97-1 A7 6.420% 9/25/08 7,943,989
3,950,000 New Jersey Economic
Development Authority
State Pension Funding
Ser. A 7.425% 2/15/29 4,528,241
--------------
TOTAL STATE AGENCY OBLIGATION
(Cost: $19,899,863) ........................ 20,142,424
--------------
- --------------------------------------------------------------------------------------
YANKEE BONDS: 4.1%
- --------------------------------------------------------------------------------------
1,600,000 City of Naples 7.520% 7/15/06 1,706,560
3,800,000 ++DR Investments Sr.
144A 7.100% 5/15/02 3,952,380
6,450,000 Hellenic Republic of
Greece Sr. 6.950% 3/4/08 6,982,157
2,250,000 +Province of Quebec 7.125% 2/9/24 2,456,820
1,925,000 Southern Investments
UK Sr. 6.375% 11/15/01 1,950,757
2,100,000 TransCanada Pipelines,
Ltd. 6.430% 3/15/04 2,141,118
</TABLE>
MSF-5
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
December 31, 1998
<TABLE>
<CAPTION>
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------------
YANKEE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
2,200,000 ++Woodside Finance, Ltd.
144A 6.600% 4/15/08 $ 2,192,234
----------------
TOTAL YANKEE BONDS
(Cost: $20,667,277) ........................ 21,382,026
----------------
- --------------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 4.7%
- --------------------------------------------------------------------------------------
6,594,000 American Express
Credit Corp. 5.250% 1/7/99 6,594,000
3,425,000 Anheuser-Busch Co.,
Inc. 5.150% 1/4/99 3,423,530
10,000,000 CIT Group Holdings,
Inc. 5.990% 1/4/99 10,000,000
641,000 Goldman Sachs Group LP
Year 1&2 5.200% 1/4/99 640,722
4,000,000 Household Finance
Corp. 5.430% 1/4/99 4,000,000
----------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $24,658,252) ........................ 24,658,252
----------------
- --------------------------------------------------------------------------------------
TOTAL INVESTMENTS : 103.1%
(Cost $532,517,230) 543,321,376
OTHER ASSETS LESS LIABILITIES (3.1)% ....... (16,467,003)
----------------
TOTAL NET ASSETS : 100.0% .................. $526,854,373
================
- --------------------------------------------------------------------------------------
</TABLE>
LEGEND:
- ------
+ Securities on loan.
++ Restricted security
SECURITIES LENDING: (Note 7)
- ----------------------------
As of December 31, 1998, the market value of securities loaned was $32,005,956
with collateral backing valued at $32,565,860.
RESTRICTED SECURITIES: (NOTE 2)
- -------------------------------
VALUATION AS
ACQUISITION ACQUISITION OF DECEMBER,
ISSUE DATE COST 31, 1998
- --------------------------------------------------------------------------------
DR Investments Sr. 144A 5/6/97 $ 32,333 $3,952,380
Edison Mission Energy Funding
Ser. A 144A 1/7/97 1,741,950 1,856,610
ERAC USA Finance Co. 144A 2/10/98 2,123,215 2,164,100
ERAC USA Finance Co. 144A 5/6/98 2,889,531 2,927,347
Florida Windstorm-MIBA Sr.
Ser. 97 144A 3/20/98 2,333,813 2,354,130
Railcar LeasingLLC Sr. A1 144A 4/1/97 2,818,186 3,027,903
Woodside Finance, Ltd. 144A 4/3/98 2,196,282 2,192,234
The aggregate value of restricted securities at December 31, 1998 was
$18,474,704 or 3.51% of the Income Portfolio's net assets.
See Notes to Financial Statements.
MSF-6
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH MONEY MARKET PORTFOLIO
December 31, 1998
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMERCIAL PAPER: 94.5%
- -------------------------------------------------------------------------------
$ 1,400,000 American General Finance
Corp. 5.000% 4/12/99 $ 1,380,361
1,000,000 Associates Corp. of
North America 5.060% 4/27/99 983,696
1,500,000 BellSouth
Telecommunications, Inc. 5.060% 1/29/99 1,494,097
400,000 BellSouth
Telecommunications, Inc. 5.080% 1/29/99 398,420
1,900,000 Canadian Imperial
Holdings, Inc. 5.200% 1/11/99 1,897,256
1,500,000 Canadian Wheat Board 5.100% 2/8/99 1,491,925
3,327,000 Cargill, Inc. 5.300% 1/4/99 3,325,530
1,000,000 Chrysler Financial Corp. 5.030% 3/15/99 989,800
1,250,000 CIT Group Holdings, Inc. 5.000% 3/8/99 1,238,542
500,000 Coca Cola Co. 4.950% 3/22/99 494,500
1,000,000 Coca-Cola Co. 5.400% 1/7/99 999,100
1,500,000 Deere & Co. 5.010% 1/26/99 1,494,781
1,500,000 Disney (Walt) Co. 5.110% 1/19/99 1,496,168
1,900,000 DuPont (E.I.) de Nemours
& Co. 4.900% 2/12/99 1,889,138
740,000 Ford Motor Credit Co. 5.110% 3/4/99 733,488
600,000 General Electric Capital
Corp. 5.070% 3/24/99 593,071
1,350,000 General Electric Capital
Corp. 5.090% 3/4/99 1,338,166
1,600,000 General Motors
Acceptance Corp. 5.120% 1/15/99 1,596,814
940,000 Goldman Sachs Group LP 5.150% 1/8/99 939,059
1,000,000 Goldman Sachs Group LP 5.280% 1/8/99 998,973
500,000 McGraw Hill, Inc. 5.000% 3/24/99 494,306
500,000 McGraw Hill, Inc. 5.030% 3/22/99 494,411
1,000,000 McGraw Hill, Inc. 5.170% 2/19/99 992,963
1,000,000 Merrill Lynch & Co.,
Inc. 5.450% 1/5/99 999,394
1,900,000 Morgan (J.P.) & Co.,
Inc. 5.330% 1/21/99 1,894,374
870,000 Norwest Financial, Inc. 5.040% 2/5/99 865,737
1,100,000 Norwest Financial, Inc. 5.180% 2/1/99 1,095,093
1,000,000 Ontario Hydro 5.000% 3/15/99 989,861
1,950,000 Penney (J.C.) Funding
Corp. 144A 5.220% 2/26/99 1,934,166
1,100,000 Sears Roebuck Acceptance
Corp. 5.070% 2/10/99 1,093,803
700,000 Sears Roebuck Acceptance
Corp. 5.270% 2/19/99 694,979
1,000,000 Southern California
Edison Co. 5.030% 3/15/99 989,800
600,000 Southern California
Edison Co. 5.080% 2/25/99 595,343
-------------
TOTAL COMMERCIAL PAPER
(Cost: 38,907,115) ........................... 38,907,115
-------------
- -------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 4.8%
- -------------------------------------------------------------------------------
1,000,000 Province de Quebec 5.100% 3/16/99 989,517
1,000,000 Province of Ontario 5.040% 3/22/99 988,800
-------------
1,978,317
-------------
TOTAL FOREIGN OBLIGATIONS
(Cost: 1,978,317) ............................ 1,978,317
-------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS : 99.3%
(Cost $40,885,432) ......................... 40,885,432
OTHER ASSETS LESS LIABILITIES 0.7% ........... 299,303
-------------
TOTAL NET ASSETS : 100.0% .................... $ 41,184,735
=============
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
MSF-7
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 51.5%
- -------------------------------------------------------------------------------
AUTOMOTIVE: 0.9%
156,900 +General Motors Corp. $ 11,228,156
259,000 *Renault SA 11,627,437
--------------
22,855,593
- -------------------------------------------------------------------------------
BANKING: 3.0%
570,146 BankAmerica Corp. 34,280,028
443,500 Chase Manhattan Corp. 30,185,719
438,400 U.S. Bancorp 15,563,200
--------------
80,028,947
- -------------------------------------------------------------------------------
BROADCASTING: 4.0%
613,500 CBS Corp. 20,092,125
415,400 *Fox Entertainment Group, Inc. Cl. A 10,462,887
559,400 *+MediaOne Group, Inc. 26,291,800
409,600 Time Warner, Inc. 25,420,800
316,400 *+Viacom, Inc. Cl. B 23,413,600
--------------
105,681,212
- -------------------------------------------------------------------------------
BUSINESS SERVICES: 0.3%
446,300 *Cendant Corp. 8,507,594
- --------------------------------------------------------------------------------
CHEMICALS: 1.1%
197,900 Du Pont (E.I.) de Nemours & Co. 10,501,069
622,400 +Rohm & Haas Co. 18,749,800
--------------
29,250,869
- -------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 0.7%
204,800 *Cisco Systems, Inc. 19,014,400
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 2.3%
238,600 Bristol-Myers Squibb Co. 31,927,662
55,400 Pfizer, Inc. 6,949,238
164,700 SmithKline Beecham PLC ADR 11,446,650
133,800 Warner-Lambert Co. 10,060,087
--------------
60,383,637
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 2.4%
305,800 Black & Decker Corp. 17,143,912
458,000 General Electric Co. 46,744,625
--------------
63,888,537
- -------------------------------------------------------------------------------
ELECTRONICS: 2.4%
297,700 *Intel Corp. 35,286,753
95,600 Lucent Technologies, Inc. 10,516,000
217,600 Texas Instruments, Inc. 18,618,400
--------------
64,421,153
- -------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.5%
484,300 +News Corp., Ltd. ADR 12,803,681
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 3.3%
111,300 American Express Co. 11,380,425
425,199 Citigroup, Inc. 21,047,350
433,700 +Federal National Mortgage Assoc. 32,093,800
369,100 Household International, Inc. 14,625,588
141,100 Merrill Lynch & Co., Inc. 9,418,425
--------------
88,565,588
- -------------------------------------------------------------------------------
FOOD & BEVERAGES: 2.3%
374,500 +Coca Cola Enterprises, Inc. 13,388,375
296,200 Heinz (H.J.) Co. 16,772,325
265,600 PepsiCo, Inc. 10,873,000
693,200 Sara Lee Corp. 19,539,575
--------------
60,573,275
- -------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 0.6%
373,700 Fort James Corp. 14,948,000
- --------------------------------------------------------------------------------
HOTEL & MOTEL: 0.3%
615,500 *+Mirage Resorts, Inc. 9,194,031
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 0.8%
233,000 Procter & Gamble Co. 21,275,813
- --------------------------------------------------------------------------------
INSURANCE: 2.4%
664,100 ACE Ltd. 22,869,944
105,500 +American International Group, Inc. 10,193,938
209,000 Equitable Cos., Inc. 12,095,875
328,300 UNUM Corp. 19,164,512
--------------
64,324,269
- -------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 2.0%
267,600 Baxter International, Inc. 17,210,025
129,100 +Guidant Corp. 14,233,275
271,900 Johnson & Johnson 22,805,612
--------------
54,248,912
- -------------------------------------------------------------------------------
MISCELLANEOUS: 1.7%
587,700 Tyco International, Ltd. 44,334,619
- --------------------------------------------------------------------------------
MSF-8
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 3.3%
87,500 *+EMC Corp. 7,437,500
121,200 *Gateway 2000, Inc. 6,203,925
192,100 International Business Machines Corp. 35,490,475
104,000 Pitney-Bowes, Inc. 6,870,500
274,900 Xerox Corp. 32,438,200
-------------
88,440,600
- --------------------------------------------------------------------------------
OIL: 0.8%
426,945 TOTAL SA ADR 21,240,514
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.1%
487,500 *Seagull Energy Corp. 3,077,344
- --------------------------------------------------------------------------------
OIL-DOMESTIC: 0.9%
222,900 Amoco Corp. 13,457,588
532,600 *Conoco, Inc. Cl. A 11,118,025
-------------
24,575,613
- --------------------------------------------------------------------------------
OIL-INTERNATIONAL: 1.0%
344,200 Exxon Corp. 25,169,625
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 0.3%
165,100 *Waste Management, Inc. 7,697,788
- --------------------------------------------------------------------------------
RESTAURANT: 1.0%
345,200 McDonald's Corp. 26,450,950
- --------------------------------------------------------------------------------
RETAIL GROCERY: 1.7%
337,600 *+Kroger Co. 20,424,800
394,400 Safeway, Inc. 24,033,750
-------------
44,458,550
- --------------------------------------------------------------------------------
RETAIL TRADE: 3.5%
515,500 CVS Corp. 28,352,500
281,300 Dayton-Hudson Corp. 15,260,525
226,700 +Home Depot, Inc. 13,871,206
367,800 +Rite Aid Corp. 18,229,088
227,000 Wal-Mart Stores, Inc. 18,486,312
-------------
94,199,631
- --------------------------------------------------------------------------------
SOFTWARE: 1.4%
5,887 *Anacomp, Inc. 108,910
1,495 *Anacomp, Inc. (Wts.) 15,744
167,300 *Ascend Communications, Inc. 11,005,203
378,600 *Cadence Design Systems, Inc. 11,263,350
115,300 *Microsoft Corp. 15,972,653
-------------
38,365,860
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 0.4%
194,900 *Qwest Communications International,
Inc. 9,738,909
- --------------------------------------------------------------------------------
TOBACCO: 1.0%
491,200 Philip Morris Cos., Inc. 26,279,200
- --------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.0%
500 *Crown Packaging Holdings Ltd. 144A
(Wts.) 288
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 1.5%
145,500 FPL Group, Inc. 8,966,438
402,700 Texas Utilities Co. 18,801,056
280,000 Unicom Corp. 10,797,500
-------------
38,564,994
- --------------------------------------------------------------------------------
UTILITIES-GAS DISTRIBUTION & PIPELINES: 0.5%
233,300 Enron Corp. 13,312,681
-------------
UTILITIES-TELEPHONE: 3.1%
269,400 AT&T Corp. 20,272,350
239,400 Bell Atlantic Corp. 12,688,200
687,900 *MCI WorldCom, Inc. 49,378,322
-------------
82,338,872
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $1,033,854,320) .............. 1,368,211,549
- --------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS:19.9%
- --------------------------------------------------------------------------------
Asset Backed:0.0%
$ 54,970 World Omni Automobile
Lease Trust Scr.97-B A3 6.180% 11/25/03 $ 55,261
- --------------------------------------------------------------------------------
Banking:0.7%
6,850,000 Capital One Bank 6.150% 6/1/01 6,748,346
9,000,000 Capital One Bank 6.280% 2/20/01 8,930,700
1,725,000 Capital One Bank 7.080% 10/30/01 1,734,608
-------------
17,413,654
- --------------------------------------------------------------------------------
Collateralized Mortgage Obligations:1.7%
5,719,309 Chase Commercial
Mortgage Sec. Corp.Ser.
98-2 A1 6.025% 8/18/07 5,774,257
MSF-9
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
December 31, 1998
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Collateralized Mortgage Obligations: (Continued)
$ 915,601 Countrywide MBS, Inc.
Ser. 93-5 A4 7.125% 12/25/23 $ 917,890
4,325,000 GMAC Commercial
Mortgage Security, Inc.
Ser, 97-C2 A 6.550% 4/15/29 4,481,781
16,843,262 GMAC Commercial
Mortgage Security, Inc.
Ser, 98-Cl Al 6.411% 11/15/07 16,207,261
3,845,871 Morgan Stanley Capital, 6.190% 1/15/07 3,911,972
Inc. Ser, 98 HF1-Al
5,839,085 Morgan Stanley Capital, 6.220% 5/3/05 5,935,795
Inc. Ser, 98 XL1-Al
7,497,501 Structured Asset
Securities Corp. 6.790% 10/12/34 7,759,913
----------------
44,988,869
- --------------------------------------------------------------------------------
Drugs & Health Care: 0.4%
5,900,000 HealthSouth Corp. Sr. 7.000% 6/15/08 5,532,371
4,100,000 HealthSouth Corp. Sr. 9.500% 4/1/01 4,230,585
----------------
9,762,956
- --------------------------------------------------------------------------------
Electrical Equipment: 0.2%
5,660,000 Ametek, Inc. Sr. 7.200% 7/15/08 5,669,210
- --------------------------------------------------------------------------------
Finance & Banking: 0.5%
6,600,000 FINOVA Capital Corp. 7,125% 5/1/02 6,839,976
5,400,000 FINOVA Capital Corp. Sr. 6.375% 5/15/05 5,446,008
----------------
12,285,984
- --------------------------------------------------------------------------------
Financial Services: 7.0%
11,225,000 American Express Master
Trust 5.900% 4/15/04 11,396,883
10,375,000 AT&T Capital Corp. 6.250% 5/15/01 10,233,796
11,550,000 AT&T Capital Corp. 7.600% 11/15/00 11,720,709
6,300,000 +British Gas Finance, Inc. 6.625% 6/1/18 6,253,947
3,900,000 Chase Manhattan Credit
Card Master Trust Ser,
96-3A 7.040% 2/15/05 4,036,500
5,200,000 CIT Group Holdings, Inc.
Sr. 6,700% 5/28/01 5,348,044
3,230,000 CIT Group Holdings, Inc.
Sr. 6.750% 5/14/01 3,324,251
17,850,000 Citibank Credit Card
Master Trust I Ser, 98 A 5.300% 1/9/06 17,747,719
14,600,000 Commercial Credit
Group, Inc. 6.450% 7/1/02 15,036,978
9,725,000 Countrywide Funding
Corp. 6.580% 9/21/01 9,890,811
6,900,000 Discover Card Master
Trust I Ser, 98-7 A 5.600% 5/15/06 6,930,187
4,500,000 ++ERAC USA Finance Co.
144A 6.625% 2/15/05 4,582,800
4,300,000 ++ERAC USA Finance Co.
144A 6.750% 5/15/07 4,340,549
4,400,000 Fleet Mortgage Group,
Inc. 7.060% 7/26/02 4,594,084
4,750,000 ++Florida Windstorm-MBIA
Sr. Ser, 97 144A 6.850% 8/25/07 4,969,830
1,800,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 1,989,738
10,725,000 Green Tree Financial
Corp, Sr. Ser, 98-4 A5 6.180% 12/1/17 10,711,594
8,500,000 Green Tree Financial
Corp. Sr. Ser, 98-6 A4 5.980% 5/1/13 8,457,500
50,000 Household Finance Corp.
Sr. 6.750% 6/1/00 50,811
5,150,000 MBNA Corp. Sr. 7.125% 9/15/04 5,231,216
23,525,000 MBNA Master Credit
Card Tr. II Ser 98-J A 5.250% 2/15/06 23,326,508
8,175,000 Prime Credit Card Master
Trust I Ser. 95-l A 6.750% 11/15/O5 8,455,975
4,609,757 ++Railcar Leasing LLC Sr.
Al 144A 6.750% 7/15/06 4,758,134
3,700,000 Sears Credit Account
Master Trust II Ser,
97-1 A 6.200% 7/16/07 3,762,419
----------------
187,150,983
- --------------------------------------------------------------------------------
Healthcare Services: 0.7%
3,700,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 3,561,731
4,650,000 Columbia/HCA
Healthcare Corp. 6.910% 6/15/05 4,505,431
8,600,000 Columbia/HCA
Healthcare Corp. 7.690% 6/15/25 7,794,008
3,985,000 Columbia/HCA
Healthcare Corp. 7.750% 7/15/36 3,417,536
----------------
19,278,706
- --------------------------------------------------------------------------------
MSF-10
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
December 31, 1998
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Household Products: 0.2%
$ 5,700,000 Fort James Corp. Sr. 6.625% 9/15/04 $ 5,804,994
- --------------------------------------------------------------------------------
Industrials: 3.6%
8,375,000 Allied Signal, Inc. 5.750% 3/15/01 8,382,035
11,300,000 Aramark Services, Inc. 6.750% 8/1/04 11,438,312
1,380,000 Chevron Corp. Profit
Sharing Amort. 8,110% 12/1/04 1,494,457
3,350,000 CMS Energy Corp. Sr. 8.125% 5/15/02 3,475,123
50,000++Electronic Data Systems
Corp. 144A 6.850% 5/15/00 51,106
5,800,000 Honeywell, Inc. 6.750% 3/15/02 6,025,040
10,000,000 Interace, Inc. Sr. 7.300% 4/1/08 10,031,800
1,550,000 Lear Seating Corp. Sub. 8.250% 2/1/02 1,550,000
4,125,000 Oryx Energy Co. 8.125% 10/15/05 4,410,120
3,400,000 Owens-Illinois, Inc. Sr. 7.150% 5/15/05 3,407,514
9,150,000 Service Corp.
International 6.300% 3/15/20 9,238,298
9,925,000 Tenet Healthcare Corp.
Sr. 7.875% 1/15/03 10,123,500
11,000,000 Tyco International Group
SA 6.250% 6/15/03 11,112,530
5,300,000 Tyco International Group
SA 7.000% 6/15/28 5,407,325
9,875,000 United Technologies 6.700% 8/1/28 10,541,562
Corp.
-------------------
96,688,722
- --------------------------------------------------------------------------------
Insurance: 0.3%
6,995,000 CNA Financial Corp. 6.500% 4/15/05 6,981,640
- --------------------------------------------------------------------------------
Miscellaneous: 0.3%
9,000,000 Beckman Instries, Inc. Sr. 7.100% 3/4/03 9,052,290
- --------------------------------------------------------------------------------
Mortgage Related: 0.7%
8,600,000 Dlj Commercial Mortgage
Corp. Ser, 98 6.240% 11/12/31 8,755,875
9,564,179 LB Commercial
Conduit and Mortgage
Ser, 98-C1
Al 6.330% 2/18/30 9,734,541
-------------------
18,490,416
- --------------------------------------------------------------------------------
Multi-Industry: 0.6%
5,000,000++Cargill, Inc. 144A 6.875% 5/1/28 $ 5,116,200
9,750,000 Raytheon Co. 5.700% 11/1/03 9,762,188
-------------------
14,878,383
- --------------------------------------------------------------------------------
Newspapers: 0.7%
7,776,000 +News America, Inc. Sr. 6.625% 1/9/08 8,000,631
7,900,000 News America, Inc. Sr. 7.125% 4/8/28 7,882,304
3,825,000 News America, Inc. Sr. 7.750% 1/20/24 4,138,535
-------------------
20,021,470
- --------------------------------------------------------------------------------
Pollution Control: 0.7%
8,475,000 USA Waste Services, Inc. 6.125% 7/15/01 8,481,780
8,600,000 USA Waste Services, Inc.
Sr. 7.000% 10/1/04 8,978,658
-------------------
17,460,138
- --------------------------------------------------------------------------------
Restaurant: 0.2%
4,400,000 Darden Restaurants, Inc. 7.125% 2/1/16 4,164,732
- --------------------------------------------------------------------------------
Retail Grocery: 0.4%
10,000,000 Safeway, Inc. 6.050% 11/15/03 10,149,300
- --------------------------------------------------------------------------------
Utilities-Electric: 0.4%
6,300,000 Arizona Public Service
Co. 6.250% 1/15/05 6,433,749
5,350,000 Southern California
Edison Co. 6.500% 6/1/01 5,488,833
-------------------
11,922,582
- --------------------------------------------------------------------------------
Utilities-Telephone: 0.6%
5,000,000 AirTouch
Communications, Inc. 7.000% 10/1/03 5,284,200
10,500,000 MCI WorldCom, Inc. 6.125% 8/15/01 10,669,680
-------------------
15,953,880
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $522,694,138) .......................... 528,174,475
-------------------
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 3.8%
- --------------------------------------------------------------------------------
47,775,000 Federal Home Loan
Mortgage Corp. 5.125% 10/15/08 47,319,704
6,700,000 Federal Home Loan
Mortgage Corp. 7.100% 4/10/07 7,460,048
12,075,000 Federal National
Mortgage Assoc. 6.000% 12/1/99 11,901,422
2,286,516 Federal National
Mortgage Assoc. 7.000% 12/1/07 2,352,459
MSF-11
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
December 31, 1998
Face Interest Maturity Value
Amount Issue Rate Date (Note lA)
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: (CONTINUED)
- --------------------------------------------------------------------------------
$12,025,000 Federal National
Mortgage Assoc. 6.000% 12/1/99 $ 11,852,140
468,539 Federal National
Mortgage Assoc. 7.250% 9/1/07 483,861
881,836 Federal National
Mortgage Assoc. 8.000% 6/1/08 919,869
1,043,737 Federal National
Mortgage Assoc. 8.500% 2/1/09 1,099,388
34,468 Federal National
Mortgage Assoc. 9.000% 4/1/16 37,103
5,875,000 Federal National
Mortgage Assoc. Ser. 93 H 6.800% 9/25/22 6,027,339
1,636,191 Government National
Mortgage Assoc. 6.000% 2/15/09 1,656,120
4,191,151 Government National
Mortgage Assoc. 6.500% 5/15/09 4,267,514
4,511,821 Government National
Mortgage Assoc. 6.500% 11/15/28 4,556,939
------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $99,292,980)................................... 99,933,906
------------
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 15.6%
- --------------------------------------------------------------------------------
8,186,516 +U.S. Treasury Inflation
Indexed Bond 3.625% 4/15/28 7,940,920
38,675,000 +U.S. Treasury Bond 6.625% 2/15/27 45,745,177
9,575,000 U.S. Treasury Bond 6.875% 8/15/25 11,605,187
58,675,000 U.S. Treasury Bond 8.125% 8/15/21 79,284,593
18,650,000 +U.S. Treasury Bond 8.500% 2/15/20 25,859,344
43,575,000 +U.S. Treasury Bond 8.750% 5/15/17 60,616,747
10,800,000 U.S Treasury Note 6.375% 8/15/02 11,392,272
28,675,000 +U.S. Treasury Note 6.625% 5/15/07 32,245,898
100,000 U.S. Treasury Note 6.875% 5/15/06 113,062
14,125,000 U.S. Treasury Note 7.875% 11/15/04 16,365,084
64,450,000 U.S. Treasury Note 7.000% 7/15/06 73,382,125
55,925,000 +U.S. Treasury Strip 0.000% 5/15/07 37,293,027
13,325,000 +U.S Treasury Strip 0.000% 11/15/01 11,666,171
------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $398,030,329) ................................. 413,509,607
------------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 1.2%
- --------------------------------------------------------------------------------
25,150,000 +NZD New Zealand 8.000% 11/15/06 15,347,799
13,150,000 +NZD New Zealand 10.000% 3/15/02 7,858,862
3,825,000 GBP UK Treasury 8.500% 12/7/05 $ 7,885,131
------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $31,825,858)................................... 31,091,792
------------
- --------------------------------------------------------------------------------
STATE AGENCY OBLIGATION: 1.9%
- --------------------------------------------------------------------------------
5,325,000 California Infrastructure
Ser. 97-1 A6 6.380% 9/25/08 5,508,047
5,600,000 California Infrastructure
Ser. 97-1 A5 6.250% 6/25/04 5,726,000
6,150,000 California Infrastructure
Ser. 97-1 A6 6.320% 9/25/05 6,328,014
11,225,000 California Infrastructure
Ser. 97-1 A6 6.310% 9/25/08 11,596,772
11,275,000 California Infrastructure
Ser.97-1 A7 6.420% 9/25/08 11,708,298
8,475,000 New Jersey Economic
Development Authority
State Pension Funding
Ser.A 7.425% 2/15/29 9,715,655
------------
TOTAL STATE AGENCY OBLIGATIONS
(Cost: $50,052,926)................................... 50,582,780
------------
- --------------------------------------------------------------------------------
YANKEE BONDS: 1.6%
- --------------------------------------------------------------------------------
2,200,000 City of Naples 7.520% 7/15/06 2,346,520
6,700,000++DR Investments Sr. 144A 7.100% 5/15/02 6,968,670
15,925,000 +Hellenic Republic of
Greece 6.950% 3/4/08 17,238,892
3,000,000 Norsk Hydro AS 7.150% 11/15/25 3,099,810
4,275,000 +Province of Quebec 7.125% 2/9/24 4,667,958
4,475,000 TransCanada Pipelines,
Ltd. 6.430% 3/15/04 4,562,621
5,100,000++Woodside Finance, Ltd.
144A 6.600% 4/15/08 5,081,997
------------
TOTAL YANKEE BONDS
(Cost: $42,437,240)................................... 43,966,468
------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 5.4%
- --------------------------------------------------------------------------------
7,302,000 American Express Credit
Corp. 4.900% 1/12/99 7,302,000
20,000,000 American Express Credit
Corp. 5.500% 1/5/99 20,000,000
41,936,000 American Express Credit
Corp. 5.850% 1/4/99 41,936,000
25,000,000 Ford Motor Credit Co. 5.960% 1/7/99 25,000,000
MSF-12
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
December 31, 1998
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS:(CONTINUED)
- --------------------------------------------------------------------------------
$11,075,000 General Electric Capital Corp. 5.600% 1/7/99 $ 11,075,000
17,804,000 General Electric Capital Corp. 5.950% 1/4/99 17,804,000
16,556,000 General Electric Capital Corp. 5.950% 1/7/99 16,556,000
4,675,000 Household Finance Corp. 5.700% 1/7/99 4,675,000
----------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $144,348,000) ............................ 144,348,000
----------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.9%
(Cost $2,322,535,791) 2,679,818,583
OTHER ASSETS LESS LIABILITIES (0.9)% ............ (22,831,517)
----------------
TOTAL NET ASSETS: 100.0% ........................ $2,656,987,066
================
- --------------------------------------------------------------------------------
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 December 31, 1998, the market value of securities loaned was
$167,676,307 with collateral backing valued at $171,193,726.
RESTRICTED SECURITIES: (NOTE 2)
- -------------------
Valuation as
Acquisition Acquisition of December,
Issue Date Cost 31, 1998
- ------------------------------------------------------------------------------
Cargill, Inc. 144A 4/28/98 $ 4,962,350 $ 5,116,200
Crown Packaging Holdings,
Ltd. (Wts.) 144A 6/1/94 20,000 288
DR Investments Sr. 144A 5/6/97 6,696,181 6,968,670
Electronic Data Systems Corp.
144A 5/19/97 49,961 51,106
ERAC USA Finance Co. 144A 2/10/98 4,496,220 4,582,800
ERAC USA Finance Co. 144A 5/6/98 4,284,477 4,343,301
Florida Windstorm-MIBA Sr.
Ser. 97 144A 3/20/98 4,926,938 4,969,738
Railcar Leasing LLC Sr. A1
144A 4/1/97 4,428,578 4,758,134
Woodside Finance, Ltd. 144A 4/3/98 5,091,381 5,081,997
The aggregate value of restricted securities at December 31, 1998 was
$35,872,234 or 1.35% of the Diversified Portfolio's net assets.
See Notes to Financial Statements.
MSF-13
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
December 31, 1998
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
Common Stock: 98.5%
- -------------------------------------------------------------------------------
Aerospace: 1.3%
357,900 *+Gulfstream Aerospace Corp. 19,058,175
- -------------------------------------------------------------------------------
Automotive: 3.6%
602,900 +Danaher Corp. 32,745,006
289,400 +Magna International, Inc. Cl. A 17,942,800
---------------
50,687,806
- -------------------------------------------------------------------------------
Banking: 1.0%
575,300 TCF Financial Corp. 13,915,069
- --------------------------------------------------------------------------------
Broadcasting: 9.0%
813,900 *Capstar Broadcasting Corp. Cl. A 18,617,963
429,100 +Chancellor Media Corp. 20,529,753
539,756 *Clear Channel Communications, Inc. 29,416,702
280,100 *Fox Entertainment Group, Inc. Cl. A 7,055,019
305,100 *Infinity Broadcasting Corp. Cl. A 8,352,113
618,600 *Univision Communications, Inc. Cl. A 22,385,587
690,008 *+USA Networks, Inc. 22,834,952
---------------
129,192,089
- -------------------------------------------------------------------------------
Business Services: 12.7%
87,700 *Bisys Group, Inc. 4,522,031
1,674,128 *Cendant Corp. 31,913,065
779,499 *+Concord EFS, Inc. 32,885,114
501,850 *+Fiserv, Inc. 25,798,227
762,600 HBO & Co. 21,900,919
1,056,605 *Outdoor Systems, Inc. 31,698,150
64,700 Paychex, Inc. 3,330,028
244,300 *+Republic Industries, Inc. pvt. 3,603,425
155,200 *+Robert Half International, Inc. 6,935,500
605,800 *Young & Rubicam, Inc. 19,612,775
---------------
182,199,234
- -------------------------------------------------------------------------------
Chemicals: 3.7%
716,300 *+NOVA Corp. 24,846,656
1,022,400 *Sybron International Corp. 27,796,500
---------------
52,643,156
- -------------------------------------------------------------------------------
Computer Equipment & Service: 2.7%
247,000 *+America Online, Inc. 35,753,250
58,700 *+Lycos, Inc. 3,259,684
---------------
39,012,934
- -------------------------------------------------------------------------------
Containers & Glass: 0.8%
399,800 AptarGroup, Inc. 11,219,387
- -------------------------------------------------------------------------------
Drugs & Health Care: 4.0%
1,341,000 *+Health Management Associates, Inc.
Cl. A 28,999,125
708,500 *+Lincare Holdings, Inc. 28,716,391
---------------
57,715,516
- -------------------------------------------------------------------------------
Education: 1.5%
639,500 *+Apollo Group, Inc. Cl. A 21,623,094
- -------------------------------------------------------------------------------
Electrical Equipment: 0.5%
251,400 +Millipore Corp. 7,149,188
- -------------------------------------------------------------------------------
Electronics: 5.0%
411,300 *+Altera Corp. 25,012,181
285,800 *+KLA-Tencor Corp. 12,405,506
109,400 +Linear Technology Corp. 9,794,719
239,000 *Maxim Integrated Products, Inc. 10,433,844
285,300 Micron Technology, Inc. 14,425,481
---------------
72,071,731
- -------------------------------------------------------------------------------
Entertainment & Leisure: 6.3%
652,000 Harley Davidson, Inc. 30,888,500
1,081,700 International Game Technology 26,298,831
472,900 +News Corp. Ltd. ADR 12,502,294
539,400 *Royal Caribbean Cruises Ltd. 19,957,800
---------------
89,647,425
- -------------------------------------------------------------------------------
Financial Services: 1.8%
894,600 Heller Financial, Inc. Cl. A 26,278,875
- -------------------------------------------------------------------------------
Healthcare Services: 1.4%
688,100 *+Total Renal Care Holdings, Inc. 20,341,956
- -------------------------------------------------------------------------------
Hospital Management: 1.2%
624,900 +Tenet Healthcare Corp. 16,403,625
- -------------------------------------------------------------------------------
Hotel & Motel: 1.4%
1,355,700 *+Mirage Resorts, Inc. 20,250,769
- -------------------------------------------------------------------------------
Insurance: 2.9%
638,900 ACE Ltd. 22,002,119
MSF-14
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
INSURANCE: (CONTINUED)
344,400 +UNUM Corp. $ 20,104,350
----------------
42,106,469
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 0.9%
488,000 *+Boston Scientific Corp. 13,084,500
- --------------------------------------------------------------------------------
MISCELLANEOUS: 0.9%
377,300 +Central Parking Corp. 12,238,669
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 2.7%
294,600 *CSG Systems International, Inc. 23,236,575
121,900 *+Gateway 2000, Inc. 6,239,756
734,400 *Silicon Graphics, Inc. 9,455,400
----------------
38,931,731
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 1.1%
502,700 +Anadarko Petroleum Corp. 15,520,862
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 1.7%
517,700 *Waste Management, Inc. 24,137,762
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 2.3%
626,300 +Valassis Communications, Inc. 32,332,737
- --------------------------------------------------------------------------------
RETAIL TRADE: 13.3%
516,000 CVS Corp. 28,380,000
1,047,400 Family Dollar Stores, Inc. 23,042,800
877,400 *+Jones Apparel Group, Inc. 19,357,638
595,900 *Linens 'n Things, Inc. 23,612,537
781,312 *+Men's Wearhouse, Inc. 24,611,328
394,100 *+Office Depot, Inc. 14,557,069
329,500 +Rite Aid Corp. 16,330,844
815,200 *Saks, Inc. 25,729,750
335,100 *Staples, Inc. 14,650,153
----------------
190,272,119
- --------------------------------------------------------------------------------
SOFTWARE: 7.0%
448,700 *Ascend Communications, Inc. 29,516,047
184,400 *+Cadence Design Systems, Inc. 5,485,900
592,500 *+Edwards (J.D.) & Co. 16,830,703
207,900 *Keane, Inc. 8,303,006
718,900 *+Sterling Commerce, Inc. 32,350,500
327,000 *Symantec Corp. 7,091,813
----------------
99,577,969
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 5.1%
582,400 *+American Tower Systems Inc. Cl. A 17,217,200
314,800 *+Networks Associates, Inc. 20,885,012
707,976 *Qwest Communications Int'l, Inc. 35,376,676
----------------
73,478,888
- --------------------------------------------------------------------------------
TEXTILES & APPAREL: 0.8%
151,800 Cintas Corp. 10,687,669
- --------------------------------------------------------------------------------
TOYS & AMUSEMENTS: 0.8%
505,100 +Mattel, Inc. 11,522,594
- --------------------------------------------------------------------------------
UTILITIES-GAS DISTRIBUTION & PIPELINES: 1.1%
448,500 +Burlington Resources, Inc. 16,061,906
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $1,105,562,817) ................... 1,409,363,904
----------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.1%
- --------------------------------------------------------------------------------
$1,575,000 Anheuser-Busch Co., Inc. 5.150% 1/4/99 $ 1,574,324
----------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $1,574,324) ........................ 1,574,324
----------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 98.6%
(Cost $1,107,137,141) 1,410,938,228
OTHER ASSETS LESS LIABILITIES 1.4% ........ 20,398,358
----------------
TOTAL NET ASSETS : 100.0% ................. $1,431,336,586
================
- --------------------------------------------------------------------------------
LEGEND:
- -------
*Non-income producing security.
+Securities on loan.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of December 31, 1998, the market value of securities loaned was $186,640,183
with collateral backing valued at $186,159,167.
See Notes to Financial Statements.
MSF-15
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 99.3%
- -------------------------------------------------------------------------------
AEROSPACE: 1.3%
310,524 Boeing Co. $ 10,130,845
39,600 General Dynamics Corp. 2,321,550
61,313 Lockheed Martin Corp. 5,196,277
21,400 Northrop Grumman Corp. 1,564,875
105,000 Raytheon Co. Cl. B 5,591,250
60,000 Rockwell International Corp. 2,913,750
49,600 Textron, Inc. 3,766,500
70,600 United Technologies Corp. 7,677,750
--------------
39,162,797
- -------------------------------------------------------------------------------
AUTOMOTIVE: 1.6%
47,500 *+AutoZone, Inc. 1,564,531
51,735 Dana Corp. 2,114,668
41,600 Danaher Corp. 2,259,400
22,100 Eaton Corp. 1,562,194
376,100 Ford Motor Co. 22,072,369
203,332 General Motors Corp. 14,550,946
56,000 Genuine Parts Co. 1,872,500
20,710 *Navistar International Corp. 590,235
24,430 PACCAR, Inc. 1,001,630
18,750 Snap-On, Inc. 652,734
19,400 Timken Co. 366,175
37,200 TRW, Inc. 2,090,175
--------------
50,697,557
- -------------------------------------------------------------------------------
BANKING: 7.3%
236,400 Bank of New York Co., Inc. 9,515,100
363,965 Bank One Corp. 18,584,963
537,898 BankAmerica Corp. 32,341,117
91,212 BankBoston Corp. 3,551,567
29,900 Bankers Trust New York Corp. 2,554,581
92,000 BB&T Corp. 3,708,750
262,868 Chase Manhattan Corp. 17,891,453
48,850 Comerica, Inc. 3,330,959
82,750 Fifth Third Bancorp 5,903,695
307,996 First Union Corp. 18,730,007
177,030 Fleet Financial Group, Inc. 7,911,028
17,600 Golden West Financial Corp. 1,613,700
65,800 Huntington Bancshares, Inc. 1,984,281
141,306 KeyCorp 4,521,792
233,593 MBNA Corp. 5,825,225
81,300 Mellon Bank Corp. 5,589,375
49,200 Mercantile Bancorporation, Inc. 2,269,350
54,699 Morgan (J.P.) & Co., Inc. 5,746,814
103,400 National City Corp. 7,496,500
34,600 Northern Trust Corp. 3,019,931
93,500 PNC Bank Corp. 5,060,688
69,100 Regions Financial Corp. 2,787,753
33,600 Republic New York Corp. 1,530,900
50,100 +State Street Corp. 3,485,081
53,700 Summit Bancorp 2,346,019
65,900 +SunTrust Banks, Inc. 5,041,350
82,500 +Synovus Financial Corp. 2,010,938
225,527 U.S. Bancorp 8,006,209
42,500 Union Planters Corp. 1,925,781
63,400 Wachovia Corp. 5,543,538
184,354 Washington Mutual, Inc. 7,040,018
502,630 Wells Fargo & Co. 20,073,786
--------------
226,942,249
- -------------------------------------------------------------------------------
BROADCASTING: 2.2%
219,500 CBS Corp. 7,188,625
82,400 *Clear Channel Communications, Inc. 4,490,800
115,000 Comcast Corp. Cl. A 6,752,656
22,200 King World Productions, Inc. 653,512
188,600 *MediaOne Group, Inc. 8,864,200
167,200 *+Tele-Communications, Inc. Cl. A 9,253,475
381,340 Time Warner, Inc. 23,666,914
108,826 *Viacom, Inc. Cl. B 8,053,124
--------------
68,923,306
- -------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: 0.4%
12,200 Armstrong World Industries, Inc. 735,813
MSF-16
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: (CONTINUED)
21,400 Crane Co. $ 646,013
69,300 +Dover Corp. 2,538,112
22,000 Mallinckrodt, Inc. 677,875
105,400 Masco Corp. 3,030,250
16,700 +Owens-Corning Fiberglas Corp. 591,806
53,400 Sherwin-Williams Co. 1,568,625
27,500 Stanley Works 763,125
34,500 +Willamette Industries, Inc. 1,155,750
--------------
11,707,369
- -------------------------------------------------------------------------------
BUSINESS SERVICES: 1.4%
94,500 Automatic Data Processing, Inc. 7,577,719
30,900 +Block (H & R), Inc. 1,390,500
265,079 *Cendant Corp. 5,053,068
25,400 Deluxe Corp. 928,688
40,400 Ecolab, Inc. 1,461,975
46,100 *+FDX Corp. 4,102,900
137,400 First Data Corp. 4,353,862
144,500 HBO & Co. 4,149,859
50,100 *IMS Health, Inc. 3,779,419
43,100 Interpublic Group of Cos., Inc. 3,437,225
52,200 +Omnicom Group, Inc. 3,027,600
50,700 Paychex, Inc. 2,609,466
80,100 Service Corp. International 3,048,806
--------------
44,921,087
- -------------------------------------------------------------------------------
CHEMICALS: 1.8%
71,600 Air Products & Chemicals, Inc. 2,864,000
69,200 Dow Chemical Co. 6,292,875
349,900 Du Pont (E.I.) de Nemours & Co. 18,566,569
24,575 Eastman Chemical Co. 1,099,731
10,100 *FMC Corp. 565,600
22,800 *Grace (W.R.) & Co. 357,675
18,500 Great Lakes Chemical Corp. 740,000
31,400 Hercules, Inc. 859,575
194,700 Monsanto Co. 9,248,250
37,900 *Morton International, Inc. 928,550
20,300 Nalco Chemical Co. 629,300
38,000 Pall Corp. 961,875
54,900 PPG Industries, Inc. 3,197,925
49,300 Praxair, Inc. 1,737,825
52,000 +Rohm & Haas Co. 1,566,500
31,600 Sigma Aldrich Corp. 926,275
41,000 Union Carbide Corp. 1,742,500
132,700 +Williams Cos., Inc. 4,138,581
--------------
56,423,606
- -------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 3.8%
137,900 *America Online, Inc. 19,961,025
490,850 *Cisco Systems, Inc. 45,572,355
395,800 *Dell Computer Corp. 28,979,981
322,400 Hewlett-Packard Co. 22,023,950
71,800 *PeopleSoft, Inc. 1,357,469
--------------
117,894,780
- -------------------------------------------------------------------------------
CONSTRUCTION & MINING EQUIPMENT: 0.0%
14,600 Harnischfeger Industries, Inc. 148,738
- --------------------------------------------------------------------------------
CONTAINERS & GLASS: 0.2%
9,300 Ball Corp. 425,475
16,600 Bemis Co., Inc. 629,763
38,200 Crown Cork & Seal Co., Inc. 1,177,037
48,400 *Owens-Illinois, Inc. 1,482,250
25,770 *+Sealed Air Corp. 1,315,881
--------------
5,030,406
- -------------------------------------------------------------------------------
COSMETICS: 0.2%
17,400 +Alberto-Culver Co. Cl. B Cvt. 464,363
81,400 Avon Products, Inc. 3,601,950
33,000 International Flavors & Fragrances, Inc. 1,458,187
--------------
5,524,500
- -------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 8.8%
20,900 Allergan, Inc. 1,353,275
27,500 *+ALZA Corp. 1,436,875
409,700 American Home Products Corp. 23,071,231
79,500 *Amgen, Inc. 8,307,750
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
DRUGS & HEALTH CARE: (CONTINUED)
16,700 Bard (C.R.), Inc. $ 826,650
17,200 Bausch & Lomb, Inc. 1,032,000
34,600 Biomet, Inc. 1,391,569
308,800 Bristol-Myers Squibb Co. 41,321,300
62,650 Cardinal Health, Inc. 4,753,569
131,100 *HEALTHSOUTH Corp. 2,023,856
341,800 Lilly (Eli) & Co. 30,377,475
370,200 Merck & Co., Inc. 54,673,912
403,400 Pfizer, Inc. 50,601,487
158,315 Pharmacia & Upjohn, Inc. 8,964,587
456,800 Schering-Plough Corp. 25,238,200
25,700 *+St. Jude Medical, Inc. 711,569
255,300 Warner-Lambert Co. 19,195,369
---------------
275,280,674
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 4.3%
173,700 Allied-Signal, Inc. 7,697,081
67,700 AMP, Inc. 3,524,631
27,500 +Black & Decker Corp. 1,541,719
6,900 Briggs & Stratton Corp. 344,138
137,600 Emerson Electric Co. 8,324,800
1,018,500 General Electric Co. 103,950,656
52,400 *General Instrument Corp. 1,778,325
29,400 Grainger (W.W.), Inc. 1,223,775
27,000 Johnson Controls, Inc. 1,593,000
14,000 Millipore Corp. 398,125
12,900 National Service Industries, Inc. 490,200
24,600 Raychem Corp. 794,888
30,400 Tandy Corp. 1,252,100
18,100 Thomas & Betts Corp. 783,956
---------------
133,697,394
- -------------------------------------------------------------------------------
ELECTRONICS: 5.2%
45,100 *Advanced Micro Devices, Inc. 1,305,081
26,750 *Andrew Corp. 443,047
114,500 *Applied Materials, Inc. 4,891,297
13,500 EG&G, Inc. 375,469
24,900 Harris Corp. 911,963
39,000 Honeywell, Inc. 2,937,187
518,100 *Intel Corp. 61,411,041
27,100 *KLA-Tencor Corp. 1,176,309
43,000 *LSI Logic Corp. 693,375
408,694 Lucent Technologies, Inc. 44,956,340
67,000 *Micron Technology, Inc. 3,387,687
186,600 Motorola, Inc. 11,394,262
51,100 *National Semiconductor Corp. 689,850
202,660 Northern Telecom, Ltd. 10,158,332
16,200 Perkin-Elmer Corp. 1,580,513
22,700 +Scientific-Atlanta, Inc. 517,844
14,900 Tektronix, Inc. 447,931
60,500 *+Tellabs, Inc. 4,148,031
121,100 Texas Instruments, Inc. 10,361,619
48,600 *Thermo Electron Corp. 823,163
---------------
162,610,341
- -------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.9%
29,400 Brunswick Corp. 727,650
185,100 Carnival Corp. 8,884,800
636,697 Disney (Walt) Co. 19,100,910
10,600 Fleetwood Enterprises, Inc. 368,350
---------------
29,081,710
- -------------------------------------------------------------------------------
FINANCIAL SERVICES: 5.0%
140,387 American Express Co. 14,354,571
224,570 Associates First Capital Corp. Cl. A 9,516,154
35,100 Bear Stearns Cos., Inc. 1,311,863
20,700 +Capital One Financial Corp. 2,380,500
124,850 Charles Schwab Corp. 7,015,009
706,169 Citigroup, Inc. 34,955,365
34,664 Countrywide Credit Industries, Inc. 1,739,699
210,900 Federal Home Loan Mortgage Corp. 13,589,869
322,300 *Federal National Mortgage Assoc. 23,850,200
78,500 Franklin Resources, Inc. 2,512,000
72,700 Hartford Financial Services Group,
Inc. 3,989,412
MSF-18
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
FINANCIAL SERVICES: (CONTINUED)
149,905 Household International, Inc. $ 5,939,986
35,700 Lehman Brothers Holdings, Inc. 1,573,031
35,800 Loews Corp. 3,517,350
110,900 Merrill Lynch & Co., Inc. 7,402,575
34,200 MGIC Investment Corp. 1,361,588
179,541 +Morgan Stanley, Dean Witter, Discovery & Co. 12,747,411
44,150 Providian Financial Corp. 3,311,250
52,000 SLM Holding Corp. 2,496,000
19,300 Transamerica Corp. 2,229,150
--------------
155,792,983
- -------------------------------------------------------------------------------
FOOD & BEVERAGES: 4.6%
148,500 Anheuser-Busch Co., Inc. 9,745,312
184,390 Archer-Daniels-Midland Co. 3,169,203
88,600 Bestfoods 4,717,950
22,000 Brown-Forman Corp. Cl. B 1,665,125
139,700 Campbell Soup Co. 7,683,500
121,500 +Coca Cola Enterprises, Inc. 4,343,625
766,200 Coca-Cola Co. 51,239,625
151,800 ConAgra, Inc. 4,781,700
11,200 Coors (Adolph) Co. Cl. B 632,450
47,400 General Mills, Inc. 3,685,350
112,700 Heinz (H.J.) Co. 6,381,637
45,200 Hershey Foods Corp. 2,810,875
125,700 Kellogg Co. 4,289,513
456,000 PepsiCo, Inc. 18,667,500
74,900 Pioneer Hi Bred International, Inc. 2,022,300
43,000 Quaker Oats Co. 2,558,500
287,700 Sara Lee Corp. 8,109,544
104,200 Sysco Corp. 2,858,988
36,900 Wrigley (Wm.), Jr. Co. 3,304,856
--------------
142,667,553
- -------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 0.9%
17,500 Boise Cascade Corp. 542,500
29,400 +Champion International Corp. 1,190,700
68,300 Fort James Corp. 2,732,000
27,500 Georgia-Pacific Corp. 1,610,469
95,600 International Paper Co. 4,284,075
168,420 Kimberly-Clark Corp. 9,178,890
33,100 Louisiana-Pacific Corp. 606,144
31,800 Mead Corp. 932,137
9,000 Potlatch Corp. 331,875
17,200 +Temple Inland, Inc. 1,020,175
22,200 Union Camp Corp. 1,498,500
31,100 Westvaco Corp. 833,869
61,800 Weyerhaeuser Co. 3,140,212
--------------
27,901,546
- -------------------------------------------------------------------------------
HEALTHCARE SERVICES: 0.0%
34,700 *HCR Manor Care, Inc. 1,019,313
- --------------------------------------------------------------------------------
HOMEBUILDERS: 0.1%
18,400 Centex Corp. 829,150
12,700 Kaufman & Broad Home Corp. 365,125
13,700 Pulte Corp. 381,031
--------------
1,575,306
- -------------------------------------------------------------------------------
HOSPITAL MANAGEMENT: 0.3%
200,585 Columbia/HCA Healthcare Corp. 4,964,479
51,200 *Humana, Inc. 912,000
95,900 *Tenet Healthcare Corp. 2,517,375
14,900 United Healthcare Corp. 641,631
--------------
9,035,485
- -------------------------------------------------------------------------------
HOTEL & MOTEL: 0.2%
30,700 *Harrah's Entertainment, Inc. 481,606
81,200 Hilton Hotels Corp. 1,552,950
77,200 *Marriott International, Inc. Cl. A 2,238,800
55,500 *+Mirage Resorts, Inc. 829,032
--------------
5,102,388
- -------------------------------------------------------------------------------
HOUSEHOLD APPLIANCES & HOME FURNISHINGS: 0.2%
28,100 +Maytag Corp. 1,749,225
50,200 +Newell Co. 2,070,750
23,600 Whirlpool Corp. 1,306,850
--------------
5,126,825
- -------------------------------------------------------------------------------
MSF-19
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 2.8%
32,400 Clorox Co. $ 3,784,725
91,600 Colgate-Palmolive Co. 8,507,350
72,400 Corning, Inc. 3,258,000
344,800 Gillette Co. 16,658,150
412,400 Procter & Gamble Co. 37,657,275
46,100 Rubbermaid, Inc. 1,449,269
17,800 Tupperware Corp. 292,588
199,000 Unilever NV 16,504,562
--------------
88,111,919
- -------------------------------------------------------------------------------
INDUSTRIAL COMPONENTS & MATERIAL: 0.0%
12,000 Milacron, Inc. 231,000
- -------------------------------------------------------------------------------
INSURANCE: 3.2%
44,700 Aetna, Inc. 3,514,537
254,998 Allstate Corp. 9,849,298
78,770 American General Corp. 6,144,060
326,337 American International Group, Inc. 31,532,313
53,050 Aon Corp. 2,937,644
50,600 Chubb Corp. 3,282,675
64,600 CIGNA Corp. 4,994,387
51,500 Cincinnati Financial Corp. 1,887,797
97,434 Conseco Co., Inc. 2,977,827
46,200 Equifax, Inc. 1,579,462
32,750 Jefferson-Pilot Corp. 2,456,250
32,100 Lincoln National Corp. 2,626,181
80,400 Marsh & McLennan Cos., Inc. 4,698,375
31,100 MBIA, Inc. 2,038,994
22,900 Progressive Corp. 3,878,687
41,700 Provident Cos., Inc. 1,730,550
42,600 SAFECO Corp. 1,830,469
72,996 St. Paul Cos., Inc. 2,536,611
67,950 SunAmerica, Inc. 5,512,444
43,400 Torchmark Corp. 1,532,563
43,100 UNUM Corp. 2,515,962
--------------
100,057,086
- -------------------------------------------------------------------------------
LIQUOR: 0.1%
122,300 Seagram, Ltd. 4,647,400
- -------------------------------------------------------------------------------
MACHINERY: 0.7%
53,600 Browning-Ferris Industries, Inc. 1,524,250
22,600 +Case Corp. 492,963
112,100 +Caterpillar, Inc. 5,156,600
32,400 +Cooper Industries, Inc. 1,545,075
13,500 +Cummins Engine Co., Inc. 479,250
74,500 Deere & Co. 2,467,812
23,700 Fluor Corp. 1,008,731
12,200 Foster Wheeler Corp. 160,888
77,500 Illinois Tool Works, Inc. 4,495,000
51,450 +Ingersoll-Rand Co. 2,414,934
3,300 NACCO Industries, Inc. Cl. A 303,600
33,700 +Parker Hannifin Corp. 1,103,675
--------------
21,152,778
- -------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 2.8%
471,700 Abbott Laboratories, Inc. 23,113,300
89,200 Baxter International, Inc. 5,736,675
76,900 Becton, Dickinson & Co. 3,282,669
121,800 *Boston Scientific Corp. 3,265,762
46,700 +Guidant Corp. 5,148,675
418,000 Johnson & Johnson 35,059,750
152,400 +Medtronic, Inc. 11,315,700
--------------
86,922,531
- -------------------------------------------------------------------------------
METALS-ALUMINUM: 0.2%
70,400 +Alcan Aluminium, Ltd. 1,905,200
57,200 Aluminum Co. of America 4,264,975
20,100 Reynolds Metals Co. 1,059,019
--------------
7,229,194
- -------------------------------------------------------------------------------
METALS-GOLD: 0.2%
115,600 Barrick Gold Corp. 2,254,200
71,400 Battle Mountain Gold Co. 294,525
73,700 +Homestake Mining Co. 677,119
51,494 Newmont Mining Corp. 930,110
MSF-20
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
METALS-GOLD: (CONTINUED)
77,200 Placer Dome, Inc. $ 887,800
--------------
5,043,754
- -------------------------------------------------------------------------------
METALS-NON-FERROUS: 0.1%
12,100 ASARCO, Inc. 182,256
44,650 Engelhard Corp. 870,675
50,906 Inco, Ltd. 537,695
--------------
1,590,626
- -------------------------------------------------------------------------------
METALS-STEEL & IRON: 0.1%
40,000 *+Bethlehem Steel Corp. 335,000
27,200 +Nucor Corp. 1,176,400
27,410 USX US Steel Group 630,430
28,600 Worthington Industries, Inc. 358,394
--------------
2,500,224
- -------------------------------------------------------------------------------
MINING: 0.1%
27,800 Cyprus Amax Minerals Co. 278,000
50,700 Freeport-McMoRan Copper & Gold, Inc. Cl. B 529,181
18,200 Phelps-Dodge Corp. 925,925
--------------
1,733,106
- -------------------------------------------------------------------------------
MISCELLANEOUS: 0.7%
60,900 Allegheny Teldyne, Inc. 1,244,644
53,100 Fortune Brands, Inc. 1,679,288
96,900 Ralston-Purina Co. 3,137,137
200,302 Tyco International, Ltd. 15,110,282
--------------
21,171,351
- -------------------------------------------------------------------------------
MULTI-INDUSTRY: 0.4%
8,800 +Aeroquip-Vickers, Inc. 263,450
22,500 Harcourt General, Inc. 1,196,719
32,400 ITT Industries, Inc. 1,287,900
125,500 Minnesota Mining & Manufacturing Co. 8,926,187
--------------
11,674,256
- -------------------------------------------------------------------------------
NEWSPAPERS: 0.5%
29,000 +Dow Jones & Co., Inc. 1,395,625
87,800 Gannett Co., Inc. 5,663,100
24,700 ++Knight-Ridder, Inc. 1,262,788
57,000 New York Times Co. Cl. A 1,977,187
24,900 Times Mirror Co. Cl. A 1,394,400
37,100 Tribune Co. 2,448,600
--------------
14,141,700
- -------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 4.5%
111,800 *3 Com Corp. 5,013,531
41,600 *+Apple Computer, Inc. 1,704,300
36,300 +Avery Dennison Corp. 1,635,769
50,700 *Cabletron Systems, Inc. 424,613
23,000 *Ceridian Corp. 1,605,688
528,362 Compaq Computer Corp. 22,158,181
49,600 *Computer Sciences Corp. 3,196,100
15,200 *Data General Corp. 249,850
156,000 *+EMC Corp. 13,260,000
49,000 *Gateway 2000, Inc. 2,508,187
41,400 IKON Office Solutions, Inc. 354,488
290,000 International Business Machines Corp. 53,577,500
26,500 Moore Corp., Ltd. 291,500
85,300 Pitney-Bowes, Inc. 5,635,131
75,700 *Seagate Technology 2,289,925
58,000 *Silicon Graphics, Inc. 746,750
118,900 *Sun Microsystems, Inc. 10,173,381
79,500 *Unisys Corp. 2,737,781
101,800 Xerox Corp. 12,012,400
--------------
139,575,075
- -------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.1%
37,000 Anadarko Petroleum Corp. 1,142,375
30,700 Apache Corp. 777,093
10,079 ONEOK, Inc. 364,104
77,150 Union Pacific Resources Group, Inc. 699,172
--------------
2,982,744
- -------------------------------------------------------------------------------
OIL-DOMESTIC: 0.7%
28,200 Amerada Hess Corp. 1,402,950
23,600 +Ashland, Inc. 1,141,650
100,000 Atlantic Richfield Co. 6,525,000
15,100 +Kerr-McGee Corp. 577,575
MSF-21
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
OIL-DOMESTIC: (CONTINUED)
107,100 Occidental Petroleum Corp. $ 1,807,312
33,000 *Oryx Energy Co. 443,438
79,600 Phillips Petroleum Co. 3,392,950
29,000 +Sunoco, Inc. 1,045,813
52,700 Tenneco, Inc. 1,795,094
74,556 Unocal Corp. 2,176,103
95,800 USX-Marathon Group 2,885,975
--------------
23,193,860
- -------------------------------------------------------------------------------
OIL-INTERNATIONAL: 4.3%
202,700 Chevron Corp. 16,811,431
755,700 Exxon Corp. 55,260,562
242,400 Mobil Corp. 21,119,100
666,500 Royal Dutch Petroleum Co. 31,908,688
166,200 Texaco, Inc. 8,787,825
--------------
133,887,606
- -------------------------------------------------------------------------------
OIL-SERVICES: 0.5%
101,200 Baker Hughes, Inc. 1,789,975
66,200 Coastal Corp. 2,312,862
137,000 Halliburton Co. 4,058,625
15,700 Helmerich & Payne, Inc. 304,188
18,600 McDermott International, Inc. 459,188
25,800 *+Rowan Cos., Inc. 258,000
169,500 Schlumberger, Ltd. 7,818,187
--------------
17,001,025
- -------------------------------------------------------------------------------
PHOTOGRAPHY: 0.2%
101,000 Eastman Kodak Co. 7,272,000
13,400 +Polaroid Corp. 250,413
--------------
7,522,413
- -------------------------------------------------------------------------------
POLLUTION CONTROL: 0.3%
102,100 *Laidlaw, Inc. 1,027,381
178,972 *Waste Management, Inc. 8,344,570
--------------
9,371,951
- -------------------------------------------------------------------------------
PRINTING & PUBLISHING: 0.3%
22,200 American Greetings Corp. Cl. A 911,588
42,400 Donnelley (R.R.) & Sons Co. 1,857,650
52,200 *Dun & Bradstreet Corp. 1,647,562
10,700 Jostens, Inc. 280,206
31,200 McGraw-Hill Cos., Inc. 3,178,500
16,600 +Meredith Corp. 628,725
--------------
8,504,231
- -------------------------------------------------------------------------------
RESTAURANT: 0.6%
42,900 Darden Restaurants, Inc. 772,200
210,300 McDonald's Corp. 16,114,237
47,700 *Tricon Global Restaurants, Inc. 2,390,963
38,200 +Wendy's International, Inc. 833,238
--------------
20,110,638
- -------------------------------------------------------------------------------
RETAIL GROCERY: 0.8%
76,400 +Albertson's, Inc. 4,865,725
85,000 American Stores Co. 3,139,687
79,900 Kroger Co. 4,833,950
151,100 *Safeway, Inc. 9,207,656
11,500 The Great Atlantic & Pacific Tea Co., Inc. 340,688
45,900 +Winn-Dixie Stores, Inc. 2,059,763
--------------
24,447,469
- -------------------------------------------------------------------------------
RETAIL TRADE: 5.7%
31,100 +Circuit City Stores, Inc. 1,553,056
33,700 *Consolidated Stores Corp. 680,319
67,367 *Costco Cos., Inc. 4,873,581
121,200 CVS Corp. 6,666,000
136,600 Dayton-Hudson Corp. 7,410,550
33,200 Dillards, Inc. Cl. A 942,050
57,000 Dollar General Corp. 1,346,625
64,000 *+Federated Department Stores, Inc. 2,788,000
48,400 *Fred Meyer, Inc. 2,916,100
485,798 +Home Depot, Inc. 29,724,765
152,900 *K Mart Corp. 2,341,281
49,600 *Kohls Corp. 3,047,300
70,400 Limited, Inc. 2,050,400
11,700 Longs Drug Stores Corp. 438,750
109,800 Lowes Cos., Inc. 5,620,387
MSF-22
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
RETAIL TRADE: (CONTINUED)
72,500 May Department Stores Co. $ 4,377,188
46,400 +Nordstrom, Inc. 1,612,400
79,600 Penney (J.C.) Co., Inc. 3,731,250
19,400 Pep Boys-Manny, Moe & Jack 304,338
80,400 +Rite Aid Corp. 3,984,825
118,800 Sears, Roebuck & Co. 5,049,000
97,500 *Staples, Inc. 4,262,578
37,300 SuperValu, Inc. 1,044,400
180,075 The Gap, Inc. 10,129,219
99,700 TJX Cos., Inc. 2,891,300
80,300 *Toys 'R Us, Inc. 1,355,063
42,100 *Venator Group, Inc. 271,019
700,200 Wal-Mart Stores, Inc. 57,022,537
154,900 Walgreen Co. 9,071,331
---------------
177,505,612
- -------------------------------------------------------------------------------
SOFTWARE: 4.8%
20,100 Adobe Systems, Inc. 940,931
68,100 *+Ascend Communications, Inc. 4,479,703
14,300 +Autodesk, Inc. 609,984
67,400 *+BMC Software, Inc. 3,005,619
167,250 Computer Associates International,
Inc. 7,129,031
153,200 Electronic Data Systems Corp. 7,698,300
775,000 *Microsoft Corp. 107,361,719
109,500 *Novell, Inc. 1,988,110
302,050 *Oracle Corp. 13,035,345
84,100 *Parametric Technology Corp. 1,366,625
8,900 +Shared Medical Systems 443,888
---------------
148,059,255
- -------------------------------------------------------------------------------
TEXTILES & APPAREL: 0.2%
22,100 *Fruit of the Loom, Inc. Cl. A 305,256
20,400 Liz Claiborne, Inc. 643,875
89,600 +Nike, Inc. Cl. B 3,634,400
17,500 *+Reebok International, Ltd. 260,313
11,100 Russell Corp. 225,469
5,600 Springs Industries, Inc. 232,050
37,600 VF Corp. 1,762,500
---------------
7,063,863
- -------------------------------------------------------------------------------
TIRES & RUBBER: 0.1%
23,600 Cooper Tire & Rubber Co. 482,325
22,800 +Goodrich (B.F.) Co. 817,950
48,900 Goodyear Tire & Rubber Co. 2,466,394
---------------
3,766,669
- -------------------------------------------------------------------------------
TOBACCO: 1.5%
756,700 Philip Morris Cos., Inc. 40,483,450
101,100 RJR Nabisco Holdings Corp. 3,001,406
57,600 UST, Inc. 2,008,800
---------------
45,493,656
- -------------------------------------------------------------------------------
TOYS & AMUSEMENTS: 0.1%
40,650 Hasbro, Inc. 1,468,481
88,813 Mattel, Inc. 2,026,047
---------------
3,494,528
- -------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: 0.3%
56,500 *AMR Corp. 3,354,687
44,700 Delta Air Lines, Inc. 2,324,400
104,025 Southwest Airlines Co. 2,334,061
27,400 *USAirways Group, Inc. 1,424,800
---------------
9,437,948
- -------------------------------------------------------------------------------
TRANSPORTATION-RAILROAD: 0.5%
145,603 Burlington Northern Santa Fe Corp. 4,914,101
67,900 CSX Corp. 2,817,850
117,400 Norfolk Southern Corp. 3,720,113
76,800 Union Pacific Corp. 3,460,800
---------------
14,912,864
- -------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.0%
22,000 Ryder Systems, Inc. 572,000
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 2.4%
56,500 *AES Corp. 2,676,688
42,700 Ameren Corp. 1,822,756
60,000 +American Electric Power Co., Inc. 2,823,750
46,500 Baltimore Gas & Electric Co. 1,435,688
MSF-23
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
UTILITIES-ELECTRIC: (CONTINUED)
47,300 Carolina Power & Light Co. $ 2,226,056
66,200 Central & South West Corp. 1,816,363
49,292 CINergy Corp. 1,694,413
72,500 Consolidated Edison, Inc. 3,833,437
60,700 Dominion Resources, Inc. 2,837,725
44,800 DTE Energy Co. 1,920,800
112,734 Duke Energy Corp. 7,222,022
109,200 Edison International 3,043,950
77,100 Entergy Corp. 2,399,738
73,200 *FirstEnergy Corp. 2,383,575
56,900 FPL Group, Inc. 3,506,462
40,000 GPU, Inc. 1,767,500
87,945 Houston Industries, Inc. 2,825,233
35,300 *New Century Energies, Inc. 1,720,875
58,200 *Niagara Mohawk Power Corp. 938,475
47,000 Northern States Power Co. 1,304,250
92,500 PacifiCorp 1,948,281
70,100 PECO Energy Corp. 2,917,912
119,000 PG&E Corp. 3,748,500
47,300 +PP&L Resources, Inc. 1,318,488
71,300 Public Service Enterprise Group,
Inc. 2,852,000
216,200 Southern Co. 6,283,312
87,845 +Texas Utilities Co. 4,101,263
67,400 Unicom Corp. 2,599,113
---------------
75,968,625
- -------------------------------------------------------------------------------
UTILITIES-GAS DISTRIBUTION & PIPELINES: 0.4%
55,440 Burlington Resources, Inc. 1,985,445
25,950 Columbia Energy Group 1,498,612
30,200 +Consolidated Natural Gas Co. 1,630,800
7,600 Eastern Enterprises 332,500
103,100 Enron Corp. 5,883,144
15,300 NICOR, Inc. 646,425
10,700 Peoples Energy Corp. 426,663
34,200 Sonat, Inc. 925,537
---------------
13,329,126
- -------------------------------------------------------------------------------
UTILITIES-MISCELLANEOUS: 0.1%
74,345 Sempra Energy Solutions 1,886,504
- -------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 8.3%
177,600 *AirTouch Communications, Inc. 12,809,400
85,300 +ALLTEL Corp. 5,102,006
342,900 Ameritech Corp. 21,731,287
561,435 AT&T Corp. 42,247,984
482,424 Bell Atlantic Corp. 25,568,472
609,700 BellSouth Corp. 30,408,787
53,500 +Frontier Corp. 1,819,000
300,000 GTE Corp. 19,500,000
569,821 *MCI WorldCom, Inc. 40,902,464
89,300 +Nextel Communications, Inc. Cl. A 2,112,503
607,994 SBC Communications, Inc. 32,603,678
133,900 Sprint Corp. 11,264,338
128,750 *Sprint Corp. 2,977,344
156,064 +U.S. West, Inc. 10,085,636
---------------
259,132,899
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $1,946,769,784) ............ 3,089,695,399
--------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS : 99.3%
(Cost $1,946,769,784) 3,089,695,399
OTHER ASSETS LESS LIABILITIES 0.7%.. 22,223,585
---------------
TOTAL NET ASSETS : 100.0% .......... $3,111,918,984
===============
- -------------------------------------------------------------------------------
LEGEND:
- -------
*Non-income producing security.
+Securities on loan.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of December 31, 1998, the market value of securities loaned was $55,650,745
with collateral backing valued at $57,174,530.
See Notes to Financial Statements.
MSF-24
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK PORTFOLIO
December 31, 1998
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK: 98.0%
- ---------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA: 2.7%
215,100 Commonwealth Bank of Australia $ 3,053,104
150,200 +National Australia Bank 2,264,183
294,100 Westpac Banking Ltd. 1,967,996
178,000 Woolworths Ltd. 606,022
--------------
Total Investments in Australia 7,891,305
- ---------------------------------------------------------------------------------------
AUSTRIA: 0.4%
13,100 OMV Handels AG 1,234,637
--------------
Total Investments in Austria 1,234,637
- ---------------------------------------------------------------------------------------
BELGIUM: 2.2%
24,900 Albemene Maatschappij Voor Niver NV 2,088,805
12,700 Fortis AG 4,573,764
--------------
Total Investments in Belgium 6,662,569
- ---------------------------------------------------------------------------------------
CANADA: 0.4%
595,000 *AMR Technologies , Inc. 1,070,494
282,330 *[_]Isleinvest Ltd. 0
--------------
Total Investments in Canada 1,070,494
- ---------------------------------------------------------------------------------------
DENMARK: 0.2%
6,900 Unidanmark A/S Cl. A 623,399
--------------
Total Investments in Denmark 623,399
- ---------------------------------------------------------------------------------------
FINLAND: 2.3%
50,500 *Nokia AB Oy Cl. A 6,140,420
21,300 *UPM-Kymmene Corp. 593,175
--------------
Total Investments in Finland 6,733,595
- ---------------------------------------------------------------------------------------
FRANCE: 10.5%
49,300 Assurance Generale de France 2,943,363
38,200 AXA SA 5,534,251
3,300 Bouygues SA 679,950
2,000 Danone 572,348
15,030 Elf Aquitaine SA 1,736,609
75,306 *France Telecom SA 5,980,301
1,500 Galeries Lafayette 1,609,730
29,312 Lafarge SA 2,783,880
4,700 Lyonnaise des Eaux SA 965,051
87,500 Pechiney International NV Cl. A 2,856,153
15,180 Saint-Gobain 2,142,196
45,200 Seita 2,829,548
7,300 Total SA Cl. B 739,009
--------------
Total Investments in France 31,372,389
- ---------------------------------------------------------------------------------------
GERMANY: 7.0%
18,900 Axa Colonia Konzern AG 2,143,346
51,500 Continental AG 1,421,457
67,100 Deutsche Telekom AG 2,206,336
148,581 +Lufthansa AG 3,280,800
32,100 Mannesmann AG 3,678,807
48,400 Merck KGaA 2,178,087
16,500 *+Metro AG 1,316,753
3,500 +Thyssen AG 649,136
48,100 Volkswagen AG 3,838,533
--------------
Total Investments in Germany 20,713,255
- ---------------------------------------------------------------------------------------
IRELAND: 2.8%
111,700 Allied Irish Banks PLC 1,989,407
540,600 Anglo Irish Bank Corp. PLC 1,544,828
71,500 Bank of Ireland PLC 1,564,471
327,600 Irish Life PLC 3,091,490
--------------
Total Investments in Ireland 8,190,196
- ---------------------------------------------------------------------------------------
ITALY: 7.3%
97,300 Assicuraziono Generali SPA 4,060,419
362,800 Banca Populare di Milano SPA 3,291,300
792,100 *ENI SPA ADR 5,173,837
970,000 Montedison SPA 1,287,701
130,300 Rolo Banca 1473 SPA 3,522,580
497,500 Telecom Italia SPA 4,242,493
--------------
Total Investments in Italy 21,578,330
- ---------------------------------------------------------------------------------------
JAPAN: 17.0%
54,000 Acom Co., Ltd. 3,467,846
84,000 Canon, Inc. 1,794,427
328,000 Chugai Pharmaceutical Co. Ltd. 3,278,549
517,000 Citizen Watch Co., Ltd. 3,109,774
179,000 Daiichi Pharmaceutical Co., Ltd. 3,022,654
48,000 Fuji Machine Manufacturing Co. 1,515,789
</TABLE>
MSF-25
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
JAPAN: (CONTINUED)
83,000 Fuji Photo Film, Ltd. $ 3,083,591
89,000 Honda Motor Co., Ltd. 2,920,743
41,000 Mabuchi Motor Co., Ltd. 3,137,108
263,000 +Matsushita Electric Industrial Co., Ltd. 4,650,482
715,000 *+Mazda Motor Corp. 2,782,839
54,000 Murata Manufacturing Co., Ltd. 2,240,248
100,000 Nichicon Corp. 1,247,236
16,500 Nintendo Co., Ltd. 1,598,187
360 Nippon Telephone & Telegraph 2,776,824
21,000 Rohm Co. 1,911,455
143,000 Sankyo Co., Ltd. 3,124,370
130,000 +Sekisui House, Ltd. 1,374,171
49,000 Sony Corp. 3,567,183
--------------
Total Investments in Japan 50,603,476
- -------------------------------------------------------------------------------
MALAYSIA: 0.9%
745,000 Malayan Bank Bhd. 1,509,606
466,300 Telekom Malaysia Bhd. 1,227,105
--------------
Total Investments in Malaysia 2,736,711
- -------------------------------------------------------------------------------
NETHERLANDS: 4.4%
197,000 ABN AMRO Holdings NV 4,141,960
34,700 ASR Verzekeringsgroep NV 3,139,937
18,000 *ING Groep NV 1,097,035
49,400 *Koninklijke KPN NV 2,471,709
46,200 Royal Dutch Petroleum Co. 2,299,303
--------------
Total Investments in Netherlands 13,149,944
- -------------------------------------------------------------------------------
PORTUGAL: 2.0%
152,500 Banco Pinto & Sotto Mayor SA 2,892,634
30,200 BPI-SGPA SA 1,025,337
43,600 *Portugal Telecom SA 1,999,946
--------------
Total Investments in Portugal 5,917,917
- -------------------------------------------------------------------------------
SINGAPORE: 0.3%
152,000 Rothmans Industries Ltd. 911,448
--------------
Total Investments in Singapore 911,448
- -------------------------------------------------------------------------------
SOUTH KOREA: 0.2%
54,010 *LG Electronics, Inc. 144A 655,483
--------------
Total Investments in South Korea 655,483
- -------------------------------------------------------------------------------
SPAIN: 8.7%
81,700 *ACS Actividades SA 3,219,251
77,800 Argentaria Corp. Bancaria de Espana 2,011,786
73,100 Banco de Bilbao Vizcaya SA 1,144,438
93,700 Dragados y Construcciones SA 3,448,150
147,700 Endesa SA 3,907,627
205,200 Iberdrola SA 3,833,423
66,400 Repsol SA 3,536,786
30,600 Telefonica de Espagna SA 1,358,612
30,600 *Telefonica SA 27,129
201,000 Union Electric Fenosa SA 3,472,101
--------------
Total Investments in Spain 25,959,303
- -------------------------------------------------------------------------------
SWEDEN: 1.9%
178,900 Ericsson (L.M.) Telephone Ser. B 4,249,667
34,900 Svenska Handelsbanken AB Cl. A 1,469,058
--------------
Total Investments in Sweden 5,718,725
- -------------------------------------------------------------------------------
SWITZERLAND: 4.1%
800 Compagnie Financiere Richemont AG 1,130,960
1,120 *Nestle SA 2,437,796
1,370 Novartis AG 2,692,728
210 *Roche Holdings AG 2,562,131
8,100 *Swisscom AG 3,390,478
--------------
Total Investments in Switzerland 12,214,093
- -------------------------------------------------------------------------------
UKRAINE: 0.0%
1,100,000 *(Peso)Ashurst Technology Ltd. 0
--------------
Total Investments in Ukraine 0
- -------------------------------------------------------------------------------
UNITED KINGDOM: 22.7%
28,500 Abbey National PLC 606,554
320,300 *Allied Zurich PLC 4,813,280
281,000 Bank of Scotland 3,361,356
162,700 Barratt Developments PLC 624,418
760,400 Beazer Group PLC 1,932,899
MSF-26
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
United Kingdom: (Continued)
469,600 *BG PLC $ 3,019,359
120,000 British Aerospace PLC 1,022,761
69,800 British Petroleum Co. PLC 1,039,056
473,500 British Telecommunications PLC 7,166,614
464,600 FirstGroup PLC 3,068,259
372,700 Gallaher Group PLC 2,495,399
164,300 Glaxo Wellcome PLC 5,655,916
102,400 HSBC Holdings PLC 2,820,721
413,000 Iceland Group PLC 1,639,924
247,500 Imperial Tobacco Group PLC 2,590,547
589,000 *[]Kemgas International Ltd. 539,483
354,400 *Kingfisher PLC 3,838,990
199,600 *Lloyds TSB Group PLC 2,841,954
274,100 Norwich Union PLC 1,994,614
47,500 Ocean Group PLC 596,611
25,000 *Ocean Group PLC Cl. B 28,244
124,700 PowerGen PLC 1,636,700
19,500 *Railtrack Group PLC 508,639
459,300 SmithKline Beecham PLC 6,365,567
375,100 *Somerfield Stores Ltd. PLC 2,505,237
51,700 Unilever PLC 581,507
164,000 Vodafone Group PLC 2,664,762
39,100 *Zeneca Group PLC 1,703,276
-------------
Total Investments in United Kingdom 67,662,647
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $264,750,852) ....................... 291,599,916
-------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 0.1%
- --------------------------------------------------------------------------------
UNITED KINGDOM: 0.1%
295,000 *[]Upton & Southern Holdings PLC Cum. Cvt. Pfd. 269,563
-------------
Total Investments in United Kingdom 269,563
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $456,233) ............................ 269,563
-------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 2.2%
- -------------------------------------------------------------------------------
$6,447,000 State Street Repurchase Agreement
(U.S. Treasury Bills collateral-
ized, dated 12/ 31/98 due 1/4/99
@ 5.570% with a market value of
$6,511,302) 4.500% 1/4/99 $ 6,447,000
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $6,447,000) ............................... 6,447,000
-------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.3%
(Cost $271,654,085) 298,316,479
OTHER ASSETS LESS LIABILITIES (0.3)%.............. (935,567)
-------------
TOTAL NET ASSETS: 100.0% ......................... $297,380,912
=============
- --------------------------------------------------------------------------------
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 December 31, 1998, the market value of securities loaned was $4,523,838
with collateral backing valued at $4,715,747.
See Notes to Financial Statements.
MSF-27
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Industry Diversification
- --------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK PORTFOLIO
As A Percentage Of Total Value Of Investments
Aerospace.............................. 0.4%
Automotive............................. 3.3
Banking................................ 15.0
Building & Construction................ 2.3
Chemical............................... 0.2
Construction Materials................. 2.9
Consumer Products...................... 0.2
Drugs & Health Care.................... 10.5
Electrical Equipment................... 1.8
Electronics............................ 3.1
Financial Services..................... 3.6
Food & Beverages....................... 1.0
Forest Products & Paper................ 0.2
Homebuilders........................... 1.3
Household Appliances &
Home Furnishings...................... 1.6
Insurance.............................. 9.8
Metals-Non-Ferrous..................... 1.0
Metals-Steel & Iron.................... 0.2
Miscellaneous.......................... 1.1
Multi-Industry......................... 1.0
Office & Business Equipment............ 0.6
Oil & Gas Exploration.................. 1.8
Oil-International...................... 3.6
Photography............................ 1.1
Retail Grocery......................... 1.4
Retail Trade........................... 2.6
Telecommunications
Equipment & Services.................. 4.2
Tires & Rubber......................... 0.5
Tobacco................................ 3.4
Toys & Amusements...................... 0.5
Transportation-Airlines................ 1.1
Transportation-Miscellaneous........... 1.3
Transportation-Railroad................ 0.2
Utililies-Electric..................... 3.8
Utililies-Gas
Distribution & Pipelines.............. 1.0
Utililies-Miscellaneous................ 0.9
Utililies-Telephones................... 11.5
------
100.0%
======
Excludes short-term securities.
See Notes to Financial Statements.
MSF-28
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 3.7%
- -------------------------------------------------------------------------------
BANKING: 0.0%
26,000 *Siam Commercial Bank PLC $ 15,557
- --------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 2.1%
1,867,500 *Indah Kiat Paper & Pulp Corp. 507,727
9,255 Sappi, Ltd. ADR 363,259
------------
870,986
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.1%
59,675 +Chesapeake Energy Corp. 52,216
- --------------------------------------------------------------------------------
REAL ESTATE: 1.3%
16,500 *Associated Estates Realty Corp. 194,906
21,950 Berkshire Realty Co., Inc. 208,525
9,000 +Meditrust 136,125
------------
539,556
- --------------------------------------------------------------------------------
RESTAURANT: 0.0%
2,024 *Advantica Restaurant Group, Inc. 12,460
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 0.2%
2,600 +Eastern Utilities Associates 73,450
2,000 Tenaga Nasional Berhad ADR 16,420
------------
89,870
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $2,099,866).......................... 1,580,645
-------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 5.8%
- --------------------------------------------------------------------------------
BANKING: 0.4%
48,000,000 Sakura Finance 0.750% 212,295
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS: 0.2%
1,250 Owens-Corning 6.500% 62,344
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 0.4%
24,000,000 Sanwa International Finance, Ltd. 1.250% 164,529
- --------------------------------------------------------------------------------
METALS-STEEL & IRON: 0.6%
6,500 Bethleham Steel Corp. $3.50 265,687
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 1.9%
1,032 Hyperion Telecommunications, Inc. 12.875% 820,589
- --------------------------------------------------------------------------------
OIL-SERVICES: 0.3%
2,500 Chesapeake Energy Corp. 7.000% 26,719
8,000 ++Chesapeake Energy Corp. 7.000% 144A 85,500
-------------
112,219
- --------------------------------------------------------------------------------
TRANSPORTATION-SHIPPING: 0.6%
16,000 Hvide Capital Trust 6.500% 232,000
- --------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.1%
1,600 Arkansas Best Corp. $2.875 51,000
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 0.8%
735 Central Maine Power Co. 3.500% 40,425
100 Consumers Energy Co. $4.50 7,000
150 Consumers Energy Co. $4.16 10,125
80 Entergy Gulf States, Inc. $4.52 5,360
200 Entergy Gulf States, Inc. $4.40 13,600
200 Niagara Mohawk Power Corp. 3.900% 12,400
900 Niagara Mohawk Power Corp. 3.600% 52,650
2,680 Niagara Mohawk Power Corp. 4.400% 147,065
50 Niagara Mohawk Power Corp. 4.850% 4,075
150 Ohio Edison Co. 4.400% 10,725
50 Ohio Edison Co. 4.440% 3,575
200 Toledo Edison Co. 4.250% 13,200
-------------
320,200
- --------------------------------------------------------------------------------
Utilities- Telephone: 0.5%
4,500 Philippine Long Distance Telephone Co. $3.50 213,750
--------------
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $3,145,214).......................... 2,454,613
--------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- ------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS: 35.7%
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AUTOMOTIVE: 0.8%
$ 600,000 ++Exide Corp. 144A 2.900% 12/15/05 $ 351,750
- ------------------------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: 0.2%
100,000 Schuler Homes, Inc. 6.500% 1/15/03 84,000
- ------------------------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 8.6%
150,000 Adaptec, Inc. Sub. 4.750% 2/1/04 115,875
300,000 Apple Computer, Inc. Sub. 6.000% 6/1/01 432,750
155,000 Cray Research, Inc. Sub. 6.125% 2/1/11 102,300
350,000 Cypress Semiconductor
Corp. Sub. 6.000% 10/1/02 301,875
150,000 ++Cypress Semiconductor
Corp. Sub. 144A 6.000% 10/1/02 135,375
430,000 Data General Corp. Sub. 6.000% 5/15/04 414,950
</TABLE>
MSF-29
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
December 31, 1998
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS: (CONTINUED)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMPUTER EQUIPMENT & SERVICE: (CONTINUED)
$ 300,000 Integrated Device
Technology Sub. 5.500% 6/1/02 $ 210,000
800,000 Read-Rite Corp. Sub. 6.500% 9/1/04 583,000
750,000 S3, Inc. Sub. 5.750% 10/1/03 527,812
400,000 Silicon Graphics, Inc. Sr. 5.250% 9/1/04 327,000
100,000 Telxon Corp. Sub. 5.750% 1/1/03 77,750
1,400,000 ++Western Digital Corp. Sub. 144A 0.000% 2/18/18 423,500
--------------
3,652,187
- -------------------------------------------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 2.6%
100,000 Centocor, Inc. Sub. 0.000% 2/15/05 105,375
900,000 Dura Pharmaceuticals,
Inc. Sub. 3.500% 7/15/02 643,500
50,000 Glycomed, Inc. 7.500% 1/1/03 40,000
200,000 Heartport, Inc. Sub. 7.250% 5/1/04 134,000
150,000 Tenet Healthcare Corp. Sub. 6.000% 12/1/05 127,125
100,000 Thermedics, Inc. 0.000% 6/1/03 67,000
--------------
1,117,000
- -------------------------------------------------------------------------------------------------------------------
ELECTRONICS: 4.3%
800,000 Cirrus Logic, Inc. Sub. 6.000% 12/15/03 585,000
675,000 Kent Electronics Corp. Sub. 4.500% 9/1/04 511,312
600,000 Lam Research Corp. 5.000% 9/1/02 471,000
100,000 National Semiconductor
Corp. Sub. 6.500% 10/1/02 88,000
40,000 Richardson Electronics, Ltd.
Sub. 7.250% 12/15/06 32,600
879,000 Zenith Electric 6.250% 4/1/11 131,850
--------------
1,819,762
- -------------------------------------------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.2%
83,000 Bell Sports Corp. Sub. 4.250% 11/15/00 63,080
50,000 ++CML Group, Inc. 144A 5.500% 1/15/03 2,500
200,000 CML Group, Inc. Sub. 5.500% 1/15/03 10,000
--------------
75,580
- -------------------------------------------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 10.3%
95,000 Advanced Agro Public Co. 3.500% 6/17/01 80,750
450,000 ++App Finance VII Mauritius,
Ltd. 144A 3.500% 4/30/03 253,125
775,000 Bangkok Bank Public, Ltd. 3.250% 3/3/04 306,125
325,000 Banpu Public 2.750% 4/10/03 235,625
300,000 Burns, Philp Treasury Sub. 5.500% 4/30/04 129,000
930,000 Empresas ICA Sociedad Sub. 5.000% 3/15/04 576,600
100,000 Loxley PLC 2.500% 4/4/01 18,000
425,000 Piltel International Holdings
Corp. 1.750% 7/17/06 219,585
1,700,000 Rogers Communications, Inc. 2.000% 11/26/05 1,096,500
100,000 Samsung Corp. 0.250% 6/26/06 92,250
100,000 ++Samsung Display
Devices 0.250% 3/12/06 92,250
425,000 Samsung Electronics
Co., Ltd. 0.000% 12/31/07 380,375
250,000 Sappi BVI Finance 7.500% 8/1/02 224,375
300,000 Siam Commercial Bank 3.250% 1/24/04 114,000
390,000 ++Ssangyong Oil Refining Co.,
Ltd. 3.000% 12/31/04 224,250
150,000 Telekom Malaysia 4.000% 10/3/04 111,000
300,000 Total Access Communication
Public, Ltd. 2.000% 5/31/06 225,000
--------------
4,378,810
- -------------------------------------------------------------------------------------------------------------------
HEALTHCARE SERVICES: 0.4%
100,000 Columbia Healthcare, Inc.
Sub. 675.000% 10/1/06 87,500
150,000 Phycor, Inc. Sub. 4.500% 2/15/03 83,813
-------------
171,313
- ------------------------------------------------------------------------------------------------------------------
INDUSTRIAL COMPONENTS & MATERIAL: 0.2%
100,000 Hexcel Corp. Sub. 7.000% 8/1/11 73,750
- ------------------------------------------------------------------------------------------------------------------
INDUSTRIALS: 0.3%
195,000 Intevac, Inc. Sub. 6.500% 3/1/04 117,975
- ------------------------------------------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 1.0%
400,000 NABI Sub. 6.500% 2/1/03 260,000
365,000 UroMed Corp. Sub. 6.000% 10/15/03 147,825
--------------
407,825
- -------------------------------------------------------------------------------------------------------------------
METALS-STEEL & IRON: 0.0%
200,000 Molten Metal Technology,
Inc. Sub. 5.500% 5/1/06 0
- -------------------------------------------------------------------------------------------------------------------
MINING: 0.8%
325,000 Battle Mountain Gold Co.
Sub. 6.000% 1/4/05 238,875
200,000 Coeur D'Alene Mines Corp. 6.000% 6/10/02 116,000
--------------
354,875
- -------------------------------------------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.3%
200,000 Pogo Producing Co. Sub. 5.500% 6/15/06 136,000
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
MSF-30
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
December 31, 1998
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS: (CONTINUED)
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OIL-SERVICES: 0.6%
585,000 Key Energy Group, Inc. 5.000% 9/15/04 $ 261,056
- ------------------------------------------------------------------------------------------------
POLLUTION CONTROL: 0.9%
327,000 Aqua Alliance, Inc. 8.000% 5/15/15 248,520
150,000 ++Thermo Terratech, Inc.
Sub. 144A 4.625% 5/1/03 126,938
------------
375,458
- ------------------------------------------------------------------------------------------------
REAL ESTATE: 0.2%
100,000 Sizeler Property Inv.,
Inc. Sub. 8.000% 7/15/03 94,000
- ------------------------------------------------------------------------------------------------
RESTAURANT: 1.4%
500,000 .Boston Chicken, Inc. 0.000% 6/1/15 3,750
938,000 +.Boston Chicken, Inc.
Sub. 4.500% 2/1/04 32,830
50,000 .Boston Chicken, Inc.
Sub. 7.750% 5/1/04 1,750
325,000 Einstein/Noah Bagel
Corp. Sub. 7.250% 6/1/04 178,750
475,000 Shoney's, Inc. 0.000% 4/11/04 118,750
440,000 TPI Enterprises, Inc.
Sub. 8.250% 7/15/02 272,800
------------
608,630
- ------------------------------------------------------------------------------------------------
RETAIL TRADE: 0.2%
100,000 Jacobson Stores, Inc.
Sub. 6.750% 12/15/11 81,000
- ------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 0.5%
500,000 Broadband Technologies,
Inc. Sub. 5.000% 5/15/01 190,000
- ------------------------------------------------------------------------------------------------
TEXTILES & APPAREL: 1.0%
95,000 Converse, Inc. Sub. 7.000% 6/1/04 34,912
250,000 Fieldcrest Cannon, Inc. 6.000% 3/15/12 210,000
200,000 Hexcel Corp. Sub. 7.000% 8/1/03 166,250
------------
411,162
- ------------------------------------------------------------------------------------------------
TRANSPORTATION-SHIPPING: 0.6%
300,000 HMT Technology Corp. Sub. 5.750% 1/15/04 241,125
- ------------------------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.3%
160,000 Worldway Corp. Sub. 6.250% 4/15/11 128,000
------------
- ------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE BONDS
(Cost: $18,034,543) ........................ 15,131,258
--------------
- ------------------------------------------------------------------------------------------------
CORPORATE BONDS: 21.8%
- ------------------------------------------------------------------------------------------------
BROADCASTING: 4.2%
100,000 CBS, Inc. 7.125% 11/1/23 101,329
700,000 Century Communications
Corp. Sr. 8.375% 11/15/17 747,250
1,450,000 #+Fox Family Worldwide,
Inc. Sr. -- 11/1/07 913,500
------------
1,762,079
- ------------------------------------------------------------------------------------------------
FOOD & BEVERAGES: 1.4%
100,000 Borden, Inc. 7.875% 2/15/23 88,609
300,000 RJR Nabisco, Inc. 8.500% 7/1/07 297,786
200,000 +RJR Nabisco, Inc. 8.750% 8/15/05 201,814
------------
588,209
- ------------------------------------------------------------------------------------------------
INDUSTRIALS: 1.1%
250,000 Seagate Technology,
Inc. Sr. 7.370% 3/1/07 242,113
250,000 Seagate Technology,
Inc. Sr. 7.450% 3/1/37 242,212
------------
484,325
- ------------------------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 2.0%
475,000 Chesapeake Energy
Corp. Sr. Ser. B 7.875% 3/15/04 342,000
200,000 Chesapeake Energy
Corp. Sr. Ser. B 8.500% 3/15/12 128,000
200,000 Chesapeake Energy
Corp. Sr. Ser. B 9.625% 5/1/05 154,000
250,000 Ocean Energy, Inc. Sr.
Ser. B 8.250% 7/1/18 232,500
------------
856,500
- ------------------------------------------------------------------------------------------------
RETAIL GROCERY: 0.5%
250,000 Penn Traffic Company
Sr. 9.625% 4/15/05 20,000
400,000 +Penn Traffic Company
Sr. 8.625% 12/15/03 196,000
------------
216,000
- ------------------------------------------------------------------------------------------------
RETAIL TRADE: 0.9%
100,000 Dillon Reed Structured
Finance Corp. 7.430% 8/15/18 91,375
100,000 Dillon Reed Structured
Finance Corp. 8.375% 8/15/15 97,375
200,000 +K Mart Corp. 7.950% 2/1/23 200,500
------------
389,250
- ------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 5.3%
1,105,000 #+Arch Communications
Group, Inc. Sr. -- 3/15/08 651,950
415,000 #RCN Corp. Sr. -- 7/1/08 226,175
</TABLE>
MSF-31
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- ------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
December 31, 1998
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services (Continued)
$ 500,000 #RCN Corp. Sr. Ser. B -- 10/15/07 $ 290,000
1,170,000 #RCN Corp. Sr. Ser. B -- 2/15/08 637,650
850,000 #Teligent, Inc. Sr. -- 3/1/08 420,750
----------
2,226,525
- --------------------------------------------------------------------------------
TRANSPORTATION: 1.0%
250,000 American President Cos., Ltd. Sr. 8.000% 1/15/24 137,500
500,000 TBS Shipping International, Ltd. 10.000% 5/1/05 275,000
----------
412,500
- --------------------------------------------------------------------------------
TRANSPORTATION-SHIPPING: 0.9%
450,000 Hvide Marine, Inc. Sr. 8.375% 2/15/08 360,000
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 1.8%
300,000 AES Corp. Sr. 8.375% 8/15/07 302,250
500,000 AES Corp. Sr. 8.875% 11/1/27 481,250
----------
783,500
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 2.7%
250,000 +Intermedia Communications,
Inc. Sr. 8.600% 6/1/08 238,750
775,000 #Nextel Communications, Inc. Sr. -- 10/31/07 472,750
250,000 #Nextel Communications, Inc. Sr. -- 2/15/08 150,000
250,000 #Nextel International, Inc. Sr. -- 4/15/08 111,875
250,000 #Nextlink Communications,
Inc. Sr. -- 4/15/08 143,750
100,000 #Triton PCS, Inc. Sr. -- 5/1/08 45,000
----------
1,162,125
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $10,058,496) ........................ 9,241,013
----------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 22.4%
- --------------------------------------------------------------------------------
200,000 ++Bangkok Bank Public,
Ltd. Sub 144A 8.375% 1/15/27 116,000
200,000 ++Bangkok Bank Public,
Ltd. Sub. 144A 8.250% 3/15/16 111,050
800,000 #Clearnet
Communications, Inc. Sr. -- 8/13/07 320,576
1,340,000 #Clearnet
Communications, Inc. Sr. -- 5/15/08 471,214
400,000#++Dolphin
Telecommunications PLC
Sr. 144A -- 6/1/08 116,000
550,000 +Espirito Santo
Centrais Eletriciadad
Sr. 10.000% 7/15/07 336,875
200,000 Export Import Bank
Korea 6.375% 2/15/06 170,407
912,652 +Federative Republic Of
Brazil 8.000% 4/15/14 543,028
550,000 +Federative Republic of
Brazil 10.125% 5/15/27 369,875
250,000 ++Hyundai Motor Co. 144A 7.600% 7/15/07 196,250
200,000 ++Industrial Finance
Corp. Thailand 144A 6.875% 4/1/03 169,786
1,287,000 #International Semi.
Tech. -- 8/15/03 106,177
150,000 Korea Electric Power
Corp. 6.750% 8/1/27 128,214
436,733 Korea Electric Power
Corp. 7.400% 4/1/16 359,811
200,000 Korea Electric Power
Corp. 7.750% 4/1/13 167,480
1,400,000 #Microcell
Telecommunications Sr.
Ser. B -- 10/15/07 503,762
325,000 Multicanal SA Ser. C 10.500% 4/15/18 259,188
250,000 Murrin Murrin Hldgs.
Pty., Ltd. Sr. 9.375% 8/31/07 220,000
300,000 National Power Corp.
PLC 9.625% 5/15/28 246,000
1,400,000 ++Pan Pacific Industrial
Investment PLC 144A 0.000% 4/28/07 486,906
500,000 Philippine Long
Distance Telephone Co. 8.350% 3/6/17 376,342
400,000 Pindo Deli Finance
Mauritius, Ltd. Sr. 10.750% 10/1/07 217,500
200,000 Pindo Deli Finance
Mauritius, Ltd. Sr. 10.875% 10/1/27 96,000
300,000 Pohang Iron & Steel,
Ltd. 6.625% 7/1/03 255,000
200,000 ++Pycsa Panama SA 144A 10.280% 12/15/12 156,000
400,000 Quezon Power
Philippines Co. Sr. 8.860% 6/15/17 272,000
400,000 #Republic of Ecuador -- 2/28/25 170,000
710,000 Rogers Communications,
Inc. Sr. 8.750% 7/15/07 447,200
150,000 Rogers Communications,
Inc. Sr. 10.500% 2/14/06 104,250
700,000 ++Siam Commercial Bank
Public, Ltd. Sub. 144A 7.500% 3/15/06 343,000
1,350,000 ++Tenaga Nasional Berhad
144A 7.500% 11/1/25 713,529
350,000 #TFM SA de CV Sr. -- 6/15/09 162,750
350,000 ++Thai Fmrs Bank Public,
Ltd. Sub. 144A 8.250% 8/21/16 196,777
MSF-32
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- ------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
December 31, 1998
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: (CONTINUED)
- --------------------------------------------------------------------------------
$ 600,000 Tjiwi Kimia Mauritius, Ltd. Sr. 10.000% 8/1/04 $ 315,000
200,000 ++Total Access Communication
Public 144A 8.375% 11/4/06 136,000
200,000 ++Total Access Communication Public,
Ltd. 144A 7.625% 11/4/01 144,000
-----------
TOTAL FOREIGN OBLIGATIONS
(Cost: $12,953,051) ............................... 9,503,947
-----------
- --------------------------------------------------------------------------------
YANKEE BONDS: 6.7%
- --------------------------------------------------------------------------------
300,000 Bangko Sentral Pilipinas 8.600% 6/15/27 252,375
700,000 ++Petroleos Mexicanos 144A 8.625% 12/1/23 504,000
500,000 +Petroleos Mexicanos 9.500% 9/15/27 375,750
1,120,000 Republic Of South Africa 8.500% 6/23/17 851,200
1,450,000 Republic Of Venezuela 9.250% 9/15/27 884,500
-----------
TOTAL YANKEE BONDS
(Cost: $3,599,403) .............................. 2,867,825
-----------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.9%
- --------------------------------------------------------------------------------
794,000 State Street
Repurchase Agreement
(U.S. Treasury Bills
collateralized dated
12/31/98 due 1/4/99 @
4.0% with a market
value of $805,575) 4.000% 1/4/99 794,000
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost: $794,000) ........................... 794,000
-----------
- ------------------------------------------------------------------------------
TOTAL INVESTMENTS : 98.0%
(Cost $50,684,573) 41,573,301
OTHER ASSETS LESS LIABILITIES 2.0% ........ 829,690
-----------
TOTAL NET ASSETS : 100.0% .................. $42,402,991
===========
- ------------------------------------------------------------------------------
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.
. Security In Default
SECURITIES LENDING: (Note 7)
- ------------------
As of December 31, 1998, the market value of securities loaned was $2,136,797
with collateral backing valued at $2,382,985.
RESTRICTED SECURITIES: (NOTE 2)
- -------------------------------
VALUATION AS
ACQUISITION ACQUISITION OF DECEMBER,
ISSUE DATE COST 31, 1998
- -------------------------------------------------------------------------------
App Finance VII Mauritius,
Ltd. 144A 6/3-6/4/98 $351,938 $253,125
Bangkok Bank Public, Ltd.
Sub. 144A 1/8/98 123,000 116,000
Bangkok Bank Public, Ltd.
Sub. 144A 8/28/97 188,290 111,050
Chesapeake Energy Corp. Cvt.
Pfd. 144A 9/17/98 45,150 85,500
CML Group, Inc. 144A 3/5/98 131,156 2,500
Cypress Semiconductor Corp.
Sub. 144A 3/5/98 131,156 135,375
Dolphin Telecommunications
PLC Sr. 144A 7/17/98 228,500 116,000
Exide Corp. 144A 3/3-11/5/98 381,188 351,750
Hyundai Motor Co. 144A 12/23/97 172,500 196,250
Industrial Finance Corp.
Thailand 144A 3/31/98 179,100 169,786
Pan Pacific Induatrial 2/23/97-
Investments PLC 144A 3/10/98 574,805 486,906
Petroleos Mexicanos 144A 5/15-7/31/97 444,228 504,000
Pycsa Panama SA 144A 10/1/97 200,000 156,000
Siam Commercial Bank Public,
Ltd. Sub. 144A 1/23-2/2/98 546,750 343,000
Tenega Nasional Berhad 144A 12/3/98 129,375 713,529
Thai Farmers. Bank Public,
Ltd. Sub. 144A 2/9-3/20/98 298,989 196,777
Thermo Terratech, Inc. Sub.
144A 3/25/98 138,000 126,938
Total Access Communication
Public 144A 1/8/98 84,000 136,000
Total Access Communication
Public, Ltd. 144A 12/2/98 156,000 144,000
Western Digital Corp. Sub.
144A 6/11-8/3/98 346,000 423,500
The aggregate value of restricted securities at December 31, 1998 was $4,767,986
or 11.24% of the Loomis Sayles High Yield Bond Portfolio's net assets.
See Notes to Financial Statements.
MSF-33
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
December 31, 1998
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 95.5%
- --------------------------------------------------------------------------------
Aerospace: 1.0%
84,235 *Orbital Sciences Corp. $ 3,727,399
- --------------------------------------------------------------------------------
Banking: 2.6%
103,195 Firstar Corp. 9,622,934
- --------------------------------------------------------------------------------
Biotechnology: 3.0%
113,407 *+MedImmune, Inc. 11,305,260
- --------------------------------------------------------------------------------
Broadcasting: 15.2%
160,645 *Capstar Broadcasting Corp. Cl. A 3,674,755
193,310 *+Chancellor Media Corp. 9,248,675
152,640 *+Clear Channel Communications, Inc. 8,318,880
276,650 *Heftel Broadcasting Corp. Cl. A 13,642,303
219,880 *+Jacor Communications, Inc. 14,223,488
109,890 TCA Cable TV, Inc. 3,918,265
99,703 *+Univision Communications, Inc. Cl. A 3,608,002
-----------
56,634,368
- --------------------------------------------------------------------------------
Business Services: 7.7%
168,830 *HA-LO Industries, Inc. 6,352,229
196,499 *Outdoor Systems, Inc. 5,894,970
280,295 Paychex, Inc. 14,426,433
44,750 *Robert Half International, Inc. 1,999,766
-----------
28,673,398
- --------------------------------------------------------------------------------
Computer Equipment & Service: 6.5%
43,775 *+America Online, Inc. 6,336,431
28,300 *+Broadcast.com 2,186,175
79,475 *Cisco Systems, Inc. 7,378,757
26,390 *+Equant NV 1,789,572
32,785 *+Exodus Communications, Inc. 2,116,682
26,085 *Global Crossing Ltd. 1,175,455
43,910 *+lnfoSpace.com, Inc. 1,674,069
24,290 *Lycos, Inc. 1,348,854
-----------
24,005,995
- --------------------------------------------------------------------------------
Drugs & Health Care: 8.0%
325,250 +Omnicare, Inc. 11,302,437
126,085 *+Sepracor, Inc. 11,107,300
36,150 *Sofamor Danek Group, Inc. 4,401,263
43,400 *Watson Pharmaceuticals, Inc. 2,728,775
-----------
29,539,775
- --------------------------------------------------------------------------------
Education: 13.4%
1,215,470 *+Apollo Group, Inc. Cl. A 41,098,079
259,295 *ITT Educational Services, Inc. 8,816,030
-----------
49,914,109
- --------------------------------------------------------------------------------
Electronics: 8.5%
28,395 *Gemstar Group Ltd. 1,624,726
53,620 *Uniphase Corp. 3,723,239
570,590 *Vitesse Semiconductor Corp. 25,997,507
-----------
31,345,472
- --------------------------------------------------------------------------------
Entertainment & Leisure: 0.9%
110,850 *+Premier Parks, Inc. 3,353,212
- --------------------------------------------------------------------------------
Financial Services: 5.0%
111,018 Charles Schwab Corp. 6,237,824
177,200 *+Healthcare Financial Partners, Inc. 7,032,625
72,005 U.S. Trust Corp. 5,476,880
-----------
18,747,329
- --------------------------------------------------------------------------------
General Business: 1.1%
85,740 *Adelphia Communications Corp. Cl. A 3,927,964
- --------------------------------------------------------------------------------
Multi-Industry: 0.9%
358,021 Capita Group PLC 3,295,292
- --------------------------------------------------------------------------------
Restaurant: 5.2%
1,886,111 J.D. Wetherspoon PLC 5,609,136
1,022,996 Pizza Express PLC 13,630,882
-----------
19,240,018
- --------------------------------------------------------------------------------
Retail Trade: 3.8%
21,585 *+Amazon.com, Inc. 6,933,507
127,735 CVS Corp. 7,025,425
-----------
13,958,932
- --------------------------------------------------------------------------------
Software: 3.7%
229,130 *+VERITAS Software Co. 13,719,159
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 7.3%
23,910 *American Tower Systems Inc. Cl. A 706,839
278,970 *+Crown Castle International Corp. 6,494,770
101,400 *+Level 3 Communications, Inc. 4,369,706
MSF-34
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
December 31, 1998
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
Telecommunications Equipment & Services: (Continued)
8,870 *MetroNet Communications Corp. Cl., B $ 297,145
180 *Nextlink Communications, Inc. Cl. A 5,153
150,510 *Qwest Communications International, Inc. 7,520,797
120,770 *RSL Communications Ltd. Cl. A 3,570,263
107,505 *+Winstar Communications, Inc. 4,189,336
----------------
27,154,008
- -------------------------------------------------------------------------------
Transportation-Airlines: 1.7%
168,850 *+Ryanair Holdings PLC ADR 6,419,241
----------------
TOTAL COMMON STOCK
(Cost: $271,955,423) ...................... 354,683,866
- -------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1A)
- -------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 3.9%
- -------------------------------------------------------------------------------
$14,600,000 CIT Group Holdings, Inc. 5.300% 1/4/99 $ 14,593,552
----------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $14,593,552)........................ 14,593,552
----------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.4%
(Cost $286,548,976) 369,177,417
OTHER ASSETS LESS LIABILITIES 0.6%......... 2,326,494
----------------
TOTAL NET ASSETS: 100.0%...................... $371,603,911
================
- -------------------------------------------------------------------------------
LEGEND:
- -------
*Non-income producing security.
+Securities on loan.
SECURITIES LENDING: (Note 7)
- ----------------------------
As of December 31, 1998, the market value of securities loaned was $56,959,421
with collateral backing valued at $56,840,221.
See Notes to Financial Statements.
MSF-35
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------------------------
COMMON STOCK: 99.8%
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE: 2.2%
31,550 AAR Corp. $ 753,256
8,400 *Aviation Sales Co. 341,250
47,100 *BE Aerospace 987,628
24,700 *Orbital Sciences Corp. 1,092,975
11,900 +Precision Castparts Corp. 526,575
16,500 *Triumph Group, Inc. 528,000
---------------
4,229,684
- -------------------------------------------------------------------------------------------------
AUTOMOTIVE: 1.4%
45,800 *+Gentex Corp. 917,431
19,200 *+O' Reilly Automotive, Inc. 903,600
29,800 *+Tower Automotive, Inc. 743,138
---------------
2,564,169
- -------------------------------------------------------------------------------------------------
BANKING: 2.4%
21,700 +City National Corp. 903,262
15,093 +Commerce Bancorp, Inc. 792,383
26,700 Community First Bankshares, Inc. 561,534
20,100 North Fork Bancorp, Inc. 481,144
37,900 *Silicon Valley Bancshares 645,484
15,600 Webster Financial Corp. 428,513
10,400 +Zions Bancorp 649,025
---------------
4,461,345
- -------------------------------------------------------------------------------------------------
BIOTECHNOLOGY: 0.7%
4,700 *Biogen, Inc. 389,806
29,400 *Serologicals Corp. 876,488
---------------
1,266,294
- -------------------------------------------------------------------------------------------------
BROADCASTING: 4.4%
25,800 *Century Communications Corp. Cl. A 819,956
17,000 *+Chancellor Media Corp. 813,344
3,000 *Clear Channel Communications, Inc. 163,500
14,500 *Cox Radio, Inc. Cl. A 612,625
22,000 *Emmis Communications Corp. Cl. A 954,250
13,700 *Heftel Broadcasting Corp. Cl. A 675,581
14,900 *+Jacor Communications, Inc. 963,844
3,875 *Saga Communications Cl. A 79,437
31,000 TCA Cable TV, Inc. 1,105,344
25,900 *United Video Satellite Group, Inc. Cl. A 608,650
8,800 *Univision Communications, Inc. Cl. A 318,450
20,400 *USA Networks, Inc. 675,113
11,000 *Young Broadcasting, Inc. Cl. A 459,594
---------------
8,249,688
- -------------------------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: 1.1%
34,700 *American Homestar Corp. 522,669
29,300 *Fairfield Communities, Inc. 324,131
30,800 *Insituform Technologies, Inc. Cl. A 445,638
29,800 *NCI Building Systems, Inc. 838,125
---------------
2,130,563
- -------------------------------------------------------------------------------------------------
BUSINESS SERVICES: 11.0%
500 *Billing Concepts Corp. 5,515
16,200 *+Bisys Group, Inc. 835,312
10,800 *+Catalina Marketing Corp. 738,450
22,600 *Cognos, Inc. 559,350
32,100 *+Concord EFS, Inc. 1,354,219
12,000 *Consolidated Graphics, Inc. 810,750
19,500 *Cort Business Services Corp. 472,875
18,600 *Data Processing Resources Corp. 544,050
6,800 *Fair Issac & Co., Inc. 314,075
30,030 *First Consulting Group, Inc. 621,246
15,400 G&K Services, Inc. Cl. A 818,125
23,100 *HA-LO Industries, Inc. 869,138
42,410 HBO & Co. 1,217,962
6,100 *+Lason, Inc. 355,134
27,900 Merrill Corp. 538,819
38,850 *Meta Group 1,170,356
29,200 *+Metamor Worldwide, Inc. 724,525
4,300 *Metzler Group, Inc. 209,222
57,100 *+Modis Professional Services, Inc. 827,950
24,000 *Nielson (A.C.) Corp. 678,000
35,887 *Outdoor Systems, Inc. 1,076,610
2,775 Paychex, Inc. 142,826
34,800 *Paymentech, Inc. 643,800
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- -------------------------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
BUSINESS SERVICES: (CONTINUED)
19,900 *+ Pre-Paid Legal Services, Inc. $ 656,700
46,900 *Professional Staff PLC ADR 354,681
26,900 *+Rent Way, Inc. 654,006
34,300 *Romac International, Inc. 761,031
19,000 *+Service Experts, Inc. 555,750
8,800 *StaffMark, Inc. 198,000
26,700 *Superior Services, Inc. 535,669
31,531 *+Tetra Tech, Inc. 850,352
21,330 *Zebra Technologies Corp. Cl. B 613,904
---------------
20,708,402
- -------------------------------------------------------------------------------------------------
CHEMICALS: 0.9%
22,946 *NOVA Corp. 795,939
34,600 *Sybron International Corp. 940,688
---------------
1,736,627
- -------------------------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 6.9%
17,400 *Affiliated Computer Services, Inc. Cl. A 783,000
18,200 +Analysts International Corp. 351,487
12,100 *+Cambridge Technology Partners, Inc. 267,334
27,000 *CIBER, Inc. 754,312
10,950 *Citrix Systems, Inc. 1,062,492
38,700 *Computer Management Sciences, Inc. 667,575
26,000 *Cotelligent Group, Inc. 554,125
13,800 *+DST Systems, Inc. 787,463
26,400 *InfoUSA, Inc. Cl. A 132,000
18,500 *InfoUSA, Inc. Cl. B 95,969
12,600 *+International Network Services 837,900
14,200 *Legato Systems, Inc. 935,869
4,800 *Lexmark International Group, Inc. Cl. A 482,400
19,900 *Mastech Corp. 565,906
16,000 *+MedQuist, Inc. 633,000
13,800 +National Computer Systems, Inc. 508,875
1,600 *+Solectron Corp. 148,700
64,800 *Summit Design, Inc. 597,375
21,000 *+SunGard Data Systems, Inc. 833,438
26,900 *+Sykes Enterprises, Inc. 818,769
18,300 *Technology Solutions Co. 196,153
39,600 *+USWeb Corp. 1,041,975
---------------
13,056,117
- -------------------------------------------------------------------------------------------------
CONSTRUCTION & MINING EQUIPMENT: 0.6%
51,900 +JLG Industries, Inc. $ 810,937
13,500 *Terex Corp. 385,594
---------------
1,196,531
- -------------------------------------------------------------------------------------------------
CONSTRUCTION MATERIALS: 0.6%
20,800 *+Barnett, Inc. 282,100
6,800 +Fastenal Co. 298,988
12,300 *Simpson Manufacturing, Inc. 460,481
---------------
1,041,569
- -------------------------------------------------------------------------------------------------
CONSUMER PRODUCTS: 0.4%
25,950 *+Blyth Industries, Inc. 810,937
- -------------------------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 8.0%
17,400 *+ABR Information Services, Inc. 336,037
11,600 *Amerisource Health Corp. Cl. A 754,000
14,800 *Barr Laboratories, Inc. 710,400
2,564 Cardinal Health, Inc. 194,543
16,700 *Covance, Inc. 486,387
16,500 DENTSPLY International, Inc. 422,812
12,000 *Express Scripts, Inc. Cl. A 799,500
4,275 *Health Management Associates, Inc. Cl. A 92,447
7,100 *IDEXX Laboratories, Inc. 191,034
20,000 +Jones Pharma, Inc. 729,375
400 *KV Pharmaceutical Co. Cl. A 8,275
23,600 *+Lincare Holdings, Inc. 956,537
16,300 *Medco Research, Inc. 423,800
36,300 Mentor Corp. 849,647
61,900 *NBTY, Inc. 439,103
15,700 +Omnicare, Inc. 545,575
22,000 *+PAREXEL International Corp. 547,938
17,350 *Patterson Dental Co. 754,725
14,900 *+Pediatrix Medical Group, Inc. 893,069
29,527 *Respironics, Inc. 594,231
16,200 *Roberts Pharmaceutical Corp. 352,350
7,000 *Sofamor Danek Group, Inc. 852,250
24,800 *Renal Care Group, Inc. 719,200
</TABLE>
MSF-37
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: (CONTINUED)
22,800 *Twinlab Corp. $ 298,538
12,200 *Universal Health Services, Inc. Cl. B 632,875
14,100 *Watson Pharmaceuticals, Inc. 886,538
22,000 *Wesley Jessen VisionCare, Inc. 609,813
-------------
15,080,999
- --------------------------------------------------------------------------------
EDUCATION: 1.6%
28,100 *Apollo Group, Inc. Cl. A 950,131
23,200 *ITT Educational Services, Inc. 788,800
12,300 Strayer Education, Inc. 432,422
25,400 *Sylvan Learning Systems, Inc. 775,494
------------
2,946,847
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 0.6%
3,300 *+American Power Conversion Corp. 159,741
900 *+C-Cube Microsystems, Inc. 24,440
15,900 *SLI, Inc. 441,225
34,700 Watsco, Inc. 581,225
------------
1,206,631
- --------------------------------------------------------------------------------
ELECTRONICS: 8.2%
30,250 *Burr-Brown Corp. 707,094
20,200 +Dallas Semiconductor Corp. 823,150
21,400 *+Dionex Corp. 789,125
17,400 *+Etec Systems, Inc. 696,000
18,500 *+Lattice Semiconductor Corp. 849,265
15,900 *Maxim Integrated Products, Inc. 694,134
14,200 *+Micrel, Inc. 784,550
17,300 *+Microchip Technology, Inc. 639,019
30,500 *Microtouch Systems, Inc. 405,078
14,000 *Novellus Systems, Inc. 691,687
17,700 *Plexus Corp. 596,269
8,000 *+PMC-Sierra, Inc. 504,250
8,000 *QLogic Corp. 1,043,500
16,400 *QRS Corp. 779,000
15,100 *+Sanmina Holdings, Inc. 941,862
35,500 *+Sawtek, Inc. 623,469
14,500 *+SCI Systems, Inc. 837,375
26,800 *Tekelec, Inc. 444,713
13,000 *+Teradyne, Inc. 550,875
28,800 *Tollgrade Communications, Inc. 565,200
11,800 *+Uniphase Corp. 819,363
14,400 *Vitesse Semiconductor Corp. 656,100
------------
15,441,078
- --------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 2.2%
24,400 *+Coach USA, Inc. 846,375
33,300 *+IMAX Corp. 1,055,194
5,700 International Game Technology 138,581
25,400 *Premier Parks, Inc. 768,350
15,100 *+SFX Entertainment, Inc. Cl. A 829,084
22,200 *Steinway Musical Instruments, Inc. 577,200
------------
4,214,784
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 2.9%
52,400 *+Americredit Corp. 723,775
25,200 *+E Trade Group, Inc. 1,178,888
14,700 *+Healthcare Financial Partners, Inc. 583,406
22,500 *Imperial Credit Industries, Inc. 187,031
25,466 +Legg Mason, Inc. 803,771
24,800 *NCO Group, Inc. 1,116,775
34,700 Waddell & Reed Financial, Inc. Cl. A 821,956
------------
5,415,602
- --------------------------------------------------------------------------------
FOOD & BEVERAGES: 1.1%
21,300 Earthgrains Co. 658,969
23,300 *J&J Snack Foods Corp. 527,890
28,000 *+Smithfield Foods, Inc. 948,500
-----------
2,135,359
- --------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 0.0%
1,375 Fort James Corp. 55,000
- --------------------------------------------------------------------------------
HEALTHCARE SERVICES: 2.4%
25,100 *+American Oncology Resources, Inc. 367,087
41,515 *+Concentra Managed Care, Inc. 439,800
23,300 *Inhale Therapeutic Systems 768,172
MSF-38
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
HEALTHCARE SERVICES: (CONTINUED)
25,100 *Novoste Corp. $ 699,662
38,600 *+Orthodontic Centers of America, Inc. 750,288
29,600 *PSS World Medical, Inc. 679,875
30,709 *Total Renal Care Holdings, Inc. 907,835
------------
4,612,719
- --------------------------------------------------------------------------------
HOSPITAL MANAGEMENT: 0.3%
25,200 *+First Health Group Corp. 416,587
17,200 *Quorum Health Group, Inc. 221,988
------------
638,575
- --------------------------------------------------------------------------------
HOTEL & MOTEL: 0.2%
10,525 *Promus Hotel Corp. 340,747
- --------------------------------------------------------------------------------
HOUSEHOLD APPLIANCES & HOME FURNISHINGS: 0.2%
15,100 Pillowtex Corp. 403,925
- --------------------------------------------------------------------------------
INSURANCE: 2.0%
21,100 *Amerin Corp. 515,631
15,100 Blanch (E.W.) Holdings, Inc. 716,306
14,000 +CMAC Investment Corp. 643,125
11,500 +Executive Risk, Inc. 631,781
20,200 Protective Life Corp. 804,213
19,600 *Triad Guaranty, Inc. 434,263
------------
3,745,319
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 2.2%
21,700 +ADAC Laboratories 433,322
35,300 *+CYTYC Corp. 911,181
6,200 *+Pacificare Health Systems, Inc. Cl. B 492,706
27,800 *STERIS Corp. 790,562
47,000 *+Theragenics Corp. 790,188
9,500 *VISX, Inc. 831,547
------------
4,249,506
- --------------------------------------------------------------------------------
METALS-NON-FERROUS: 0.1%
15,400 *+RTI International Metals, Inc. 215,600
- --------------------------------------------------------------------------------
MISCELLANEOUS: 1.0%
15,700 *Carriage Services, Inc. Cl. A 446,469
8,250 +Central Parking Corp. 267,609
22,600 *Equity Corp. International 600,312
30,600 *+Learning Tree International, Inc. 278,269
12,300 *Veterinary Centers of America, Inc. 245,616
------------
1,838,275
- --------------------------------------------------------------------------------
NEWSPAPERS: 0.5%
23,600 Harte-Hanks Communications, Inc. 672,600
6,800 Media General, Inc. Cl. A 360,400
------------
1,033,000
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 2.4%
15,300 *Black Box Corp. 576,140
28,950 *Cybex Computer Products Corp. 844,978
14,200 *+IDX Systems Corp. 625,688
22,700 *Knoll, Inc. 672,488
18,700 +Symbol Technologies, Inc. 1,195,631
15,100 *+Tech Data Corp. 606,831
------------
4,521,756
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 0.4%
6,000 +Cross Timbers Oil Co. 45,000
19,900 +Noble Affiliates, Inc. 490,037
21,300 *R&B Falcon Corp. 162,413
------------
697,450
- --------------------------------------------------------------------------------
OIL-SERVICES: 0.7%
4,050 Baker Hughes, Inc. 71,634
22,400 *+BJ Services Co. 350,000
18,800 *Global Industries, Ltd. 116,913
26,800 *Oceaneering International, Inc. 402,000
11,300 *+Smith International, Inc. 284,619
9,500 *+Weatherford International, Inc. 184,062
------------
1,409,228
- --------------------------------------------------------------------------------
PHOTOGRAPHY: 0.2%
12,700 *Pinnacle Systems, Inc. 450,056
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 0.5%
39,100 *Allied Waste Industries, Inc. 923,737
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 0.6%
22,600 *Day Runner, Inc. 324,875
1,000 Houghton Mifflin Co. 47,250
MSF-39
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- ------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- ------------------------------------------------------------------------------
PRINTING & PUBLISHING: (CONTINUED)
9,700 Valassis Communications , Inc. $ 500,763
11,100 *World Color Press, Inc. 337,856
---------------
1,210,744
- ------------------------------------------------------------------------------
REAL ESTATE: 0.7%
18,553 +Apartment Investment & Management Co.
Cl. A 689,940
37,500 *+Sunterra Corp. 562,500
---------------
1,252,440
- ------------------------------------------------------------------------------
RESTAURANT: 1.9%
18,000 Applebee's International, Inc. 375,188
23,200 *Brinker International, Inc. 669,900
24,123 +CKE Restaurants, Inc. 710,121
26,300 *Dave & Busters, Inc. 604,078
7,500 *Logan's Roadhouse, Inc. 175,547
18,900 *Outback Steakhouse 752,456
12,300 *Sonic Corp. 295,200
---------------
3,582,490
- ------------------------------------------------------------------------------
RETAIL GROCERY: 1.0%
25,600 Richfood Holdings, Inc. 531,200
15,900 *U.S. Foodservice 779,100
11,600 *+Whole Foods Market, Inc. 562,600
---------------
1,872,900
- ------------------------------------------------------------------------------
RETAIL TRADE: 8.8%
17,700 *Barnes & Noble, Inc. 752,250
22,200 *Bed Bath & Beyond, Inc. 756,881
22,400 *Borders Group, Inc. 558,600
15,900 *Buckle, Inc. 381,600
10,700 *+CDW Computer Centers, Inc. 1,035,894
27,100 *Central Garden & Pet Co. 392,950
19,800 *+Dollar Tree Stores, Inc. 864,394
22,700 Family Dollar Stores, Inc. 499,400
20,200 *Fossil, Inc. 578,225
12,620 *Fred Meyer, Inc. 760,355
29,700 *+General Nutrition Cos., Inc. 481,697
18,200 *+Guitar Center, Inc. 447,606
15,800 *+Henry Schein, Inc. 706,062
18,750 *+Insight Enterprises, Inc. 955,078
20,200 *Jones Apparel Group, Inc. 445,662
1,000 *+Kohls Corp. 61,437
16,300 +Lands' End, Inc. 439,081
15,900 *Linens 'n Things, Inc. 630,038
28,350 *Men's Wearhouse, Inc. 893,025
24,300 *+MSC Industrial Direct, Inc. Cl. A 549,788
22,700 +Neiman-Marcus Group, Inc. 566,081
21,700 *Office Depot, Inc. 801,544
24,150 *Pacific Sunwear of California, Inc. 397,720
27,600 *Renters Choice, Inc. 871,988
16,800 +Ross Stores, Inc. 660,975
31,600 *Stein Mart, Inc. 220,213
24,200 *Williams Sonoma, Inc. 975,563
---------------
16,684,107
- ------------------------------------------------------------------------------
SHIPBUILDING: 0.4%
24,700 *Avondale Industries, Inc. 717,072
- ------------------------------------------------------------------------------
SOFTWARE: 7.4%
3,440 *Ascend Communications, Inc. 226,287
28,700 *AXENT Technologies, Inc. 887,906
3,200 *+BMC Software, Inc. 142,700
16,800 *Cadence Design Systems, Inc. 499,800
3,400 *Compuware Corp. 265,519
28,500 *Datastream Systems, Inc. 324,187
14,200 *Documentum, Inc. 761,919
17,900 *Electronic Arts, Inc. 1,003,519
13,600 *+Engineering Animation, Inc. 733,125
28,575 *+Hyperion Solutions Corp. 516,136
10,000 *IMRglobal Corp. 294,687
10,600 *+Intuit, Inc. 768,500
20,700 *Keane, Inc. 826,706
20,200 *MAPICS, Inc. 337,088
4,200 *+Mercury Interactive Corp. 265,388
20,650 *+National Instruments Corp. 704,036
3,600 *+Parametric Technology Corp. 58,500
MSF-40
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
SOFTWARE: (CONTINUED)
15,600 *+Platinum Technology, Inc. $ 299,813
50,600 *Security Dynamics Technologies, Inc. 1,165,381
11,214 *Sterling Commerce, Inc. 504,630
18,400 *Symantec Corp. 399,050
14,400 *Synopsys, Inc. 780,300
17,200 *Transaction Systems Architects, Inc. Cl. A 865,375
13,474 *+VERITAS Software Co. 806,756
16,800 *Visio Corp. 609,525
--------------
14,046,833
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 5.6%
14,700 *+American Tower Systems Inc. Cl. A 434,569
13,800 *+Comverse Technology, Inc. 979,369
15,100 *+Dialogic Corp. 296,809
11,100 *Dycom Industries, Inc. 634,087
18,400 *+Gilat Satellite Networks Ltd. 1,017,750
27,400 Inter-Tel, Inc. 642,187
19,400 *+InterVoice, Inc. 669,906
24,250 *+Level One Communications, Inc. 861,633
18,900 +National Data Corp. 920,194
14,550 *+Networks Associates, Inc. 965,302
17,400 *Pacific Gateway Exchange, Inc. 836,831
46,200 *Paging Network, Inc. 215,119
23,900 *Premisys Communications, Inc. 217,341
36,600 *Proxim, Inc. 977,906
29,300 *Saville Systems PLC ADR 555,784
19,700 *Transaction Network Services, Inc. 394,616
--------------
10,619,403
- --------------------------------------------------------------------------------
TEXTILES & APPAREL: 1.0%
9,800 *Kenneth Cole Productions, Inc. Cl. A 183,750
32,700 *+Nautica Enterprises, Inc. 487,434
13,800 *North Face, Inc. 177,675
30,100 *+Polo Ralph Lauren Corp. Cl. A 577,544
13,700 *Quiksilver, Inc. 411,000
--------------
1,837,403
- --------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: 0.9%
11,100 +Alaska Air Group, Inc. 491,175
21,000 Comair Holdings, Inc. 706,781
27,400 Mesaba Holdings, Inc. 564,269
--------------
1,762,225
- --------------------------------------------------------------------------------
TRANSPORTATION-RAILROAD: 0.5%
31,750 *Swift Transportation Co., Inc. $ 883,047
- --------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.6%
18,000 Expeditors International of Washington, Inc. 758,250
15,400 U.S. Freightways Corp. 448,524
--------------
1,206,774
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 0.1%
11,000 *+Omnipoint Corp. 103,469
--------------
TOTAL COMMON STOCK
(Cost : $161,328,729) ...................... 188,807,026
--------------
- --------------------------------------------------------------------------------
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 4.8%
- --------------------------------------------------------------------------------
$ 1,171,000 Federal Home Loan Bank 4.500% 1/4/99 $ 1,170,561
645,000 General Electric
Capital Services, Inc. 5.250% 1/21/99 643,119
5,664,000 [_] Jefferson-Pilot Corp. 5.000% 1/4/99 5,661,640
1,595,000 Motiva Enterprises 5.130% 3/11/99 1,579,317
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $9,054,637) ......................... 9,054,637
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 104.6%
(Cost $170,383,366) ........................ 197,861,663
OTHER ASSETS LESS LIABILITIES (4.6)% ....... (8,729,697)
--------------
TOTAL NET ASSETS : 100.0% .................. $ 189,131,966
==============
- --------------------------------------------------------------------------------
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 December 31, 1998, the market value of securities loaned was $32,592,279
with collateral backing valued at $32,902,752.
See Notes to Financial Statements.
MSF-41
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
December 31, 1998
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------------
COMMON STOCK: 84.6%
- -------------------------------------------------------------------------------------
<S> <C> <C>
ARGENTINA: 0.7%
28,200 +YPF SA ADR Cl. D $ 787,837
--------------
Total Investments in Argentina 787,837
- -------------------------------------------------------------------------------------
AUSTRALIA: 2.4%
418,700 Fosters Brewing Group Ltd. 1,134,049
396,300 +Normandy Mining Ltd. 366,697
102,700 WMC Ltd. 309,629
202,300 Woodside Petroleum Ltd. 904,951
--------------
Total Investments in Australia 2,715,326
- -------------------------------------------------------------------------------------
AUSTRIA: 0.3%
6,400 Flughafen Wien AG 314,036
--------------
Total Investments in Austria 314,036
- -------------------------------------------------------------------------------------
BRAZIL: 0.2%
36,200 +Aracruz Celulose SA ADR 289,600
--------------
Total Investments in Brazil 289,600
- -------------------------------------------------------------------------------------
CANADA: 2.8%
26,200 BCE, Inc. 991,606
4,400 *Canadian Hunter Exploration Ltd. 27,851
18,700 Canadian National Railway Co. 975,679
34,900 Canadian Pacific Ltd. 656,444
7,674 *Nexfor, Inc. 30,373
17,600 *Noranda, Inc. 175,597
22,000 The Molson Cos., Ltd. ADR Cl. A 316,650
--------------
Total Investments in Canada 3,174,200
- -------------------------------------------------------------------------------------
CHINA: 0.3%
21,400 *+Huaneng Power International, Inc. ADR 310,300
--------------
Total Investments in China 310,300
- -------------------------------------------------------------------------------------
FRANCE: 3.5%
17,001 Assurance Generale de France 1,015,012
9,966 AXA SA 1,443,831
5,556 Canal Plus SA 1,515,454
--------------
Total Investments in France 3,974,297
- -------------------------------------------------------------------------------------
GERMANY: 13.0%
4,405 Allianz Holdings AG 1,614,938
7,033 *Allianz Holdings AG (Wts.) 60,757
30,734 BASF AG 1,172,856
38,179 Bayer AG 1,593,273
15,763 Bayerische Vereinsbank AG 1,234,292
35,803 Deutsche Telekom 1,177,250
2,394 Heidelberger Druckmaschinen AG 177,403
36,584 Hoechst AG 1,516,833
3,092 Muenchener Rueckversicherungs AG 1,497,206
123 *Muenchener Rueckversicherungs AG (Wts.) 5,720
27,600 RWE AG 1,511,161
31,746 VEBA AG 1,899,122
2,180 +Viag AG 1,277,967
--------------
Total Investments in Germany 14,738,778
- -------------------------------------------------------------------------------------
GHANA: 0.1%
9,956 Ashanti Goldfields Ltd. GDR 93,337
--------------
Total Investments in Ghana 93,337
- -------------------------------------------------------------------------------------
HONG KONG: 1.9%
58,000 Cheung Kong Infrastructure Holdings Ltd. 417,355
295,000 Citic Pacific Ltd. 635,874
117,000 Hutchison Whampoa Ltd. 826,805
124,162 New World Development Co., Ltd. 312,504
--------------
Total Investments in Hong Kong 2,192,538
- -------------------------------------------------------------------------------------
INDIA: 0.4%
5,836 +Exel Industries Ltd. Cl. A 437,700
--------------
Total Investments in India 437,700
- -------------------------------------------------------------------------------------
ITALY: 0.6%
201,500 *+Immobiliare Metanopoli SPA 105,049
201,500 +Instituto Nazionale Delle Assicurazioni SPA 531,947
--------------
Total Investments in Italy 636,996
- -------------------------------------------------------------------------------------
JAPAN: 3.7%
123,000 Daiwa Securities Co., Ltd. 419,974
43,000 +Minebea Co., Ltd. 492,189
2,600 Nichiei Co., Ltd. 206,988
12,000 Ono Pharmaceutical 374,701
99,000 Sharp Corp. 892,357
700 Shohkoh Fund & Co., Ltd. 225,387
103,000 Sumitomo Metal Mining Co., Ltd. 334,374
</TABLE>
MSF-42
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
December 31, 1998
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------------
<S> <C> <C>
Japan:(Continued)
7,000 TDK Corp. $ 639,629
21,000 Yamanouchi Pharmaceuticals Ltd. 676,161
-------------
Total Investments in Japan 4,261,760
- ------------------------------------------------------------------------------------
NETHERLANDS: 0.9%
7,940 Aegon Insurance Group NV 974,591
-------------
Total Investments in Netherlands 974,591
- ------------------------------------------------------------------------------------
PORTUGAL: 0.2%
13,050 Electricidade de Portugal 287,451
-------------
Total Investments in Portugal 287,451
- ------------------------------------------------------------------------------------
SINGAPORE: 1.6%
89,000 +Development Bank of Singapore Ltd. 803,210
224,000 Overseas Union Bank 976,863
-------------
Total Investments in Singapore 1,780,073
- ------------------------------------------------------------------------------------
SOUTH AFRICA: 0.4%
33,500 Anglo American Platinum Corp., Ltd. ADR 459,566
15,270 Sasol Ltd. 57,681
-------------
Total Investments in South Africa 517,247
- ------------------------------------------------------------------------------------
SWEDEN: 0.7%
57,000 AGA AB Cl. B 747,157
-------------
Total Investments in Sweden 747,157
- ------------------------------------------------------------------------------------
SWITZERLAND: 7.2%
7,859 Ciba Specialty Chemicals AG 657,920
998 Clariant AG 466,416
680 Holderbank Financiere Glarus AG 804,892
691 Nestle SA 1,504,033
958 Novartis AG 1,882,944
468 Swiss Reinsurance AG 1,219,996
3,996 Swisscom AG 1,672,636
-------------
Total Investments in Switzerland 8,208,837
- ------------------------------------------------------------------------------------
TAIWAN: 0.9%
144,000 Overseas Chinese Banking Corp., Ltd. 976,863
-------------
Total Investments in Taiwan 976,863
- ------------------------------------------------------------------------------------
UNITED KINGDOM: 12.3%
74,118 BOC Group PLC 1,062,699
110,893 Carlton Communications PLC 1,020,680
76,120 Enterprise Oil PLC 373,075
160,342 General Electric Co. PLC 1,451,842
258,812 Lasmo PLC 429,992
184,545 National Grid Group PLC 1,471,700
36,152 Railtrack Group PLC 942,991
141,695 Reuters Group PLC 1,494,872
90,077 Rio Tinto-Zinc PLC 1,047,581
190,899 Shell Transport & Trading PLC 1,173,494
88,297 SmithKline Beecham PLC 1,223,733
164,241 Unilever PLC 1,847,336
52,106 United Assurance Group PLC 471,802
-------------
Total Investments in United Kingdom 14,011,797
- ------------------------------------------------------------------------------------
UNITED STATES: 30.5%
24,700 +American Greetings Corp. Cl. A 1,014,244
13,900 Atlantic Richfield Co. 906,975
47,100 Barrick Gold Corp. 918,450
6,600 *Biogen, Inc. 547,800
25,100 CINergy Corp. 862,812
9,800 Comcast Corp. Cl. A 575,138
29,100 *Conoco, Inc. Cl. A 607,463
17,200 +Duke Energy Corp. 1,101,875
34,100 Electronic Data Systems Corp. 1,713,525
23,500 Enron Corp. 1,340,969
22,100 +Equity Residential Properties Trust 893,669
92,000 +Homestake Mining Co. 845,250
7,200 *+Immunex Corp. 905,850
14,000 International Business Machines Corp. 2,586,500
10,700 Lockheed Martin Corp. 906,825
17,600 +MBIA, Inc. 1,153,900
18,400 Motorola, Inc. 1,123,550
37,000 Newmont Mining Corp. 668,313
13,300 Northrop Grumman Corp. 972,562
</TABLE>
MSF-43
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
December 31, 1998
<TABLE>
<CAPTION>
Value
Shares Issue (Note 1A)
- ---------------------------------------------------------------------------------------
COMMON STOCK:(CONTINUED):
- ---------------------------------------------------------------------------------------
<S> <C> <C>
United States:(Continued)
30,600 *+Parametric Technology Corp. $ 501,075
40,800 +PECO Energy Corp. 1,698,300
14,500 Pennzenergy Co. 236,531
14,500 *Pennzoil Quaker State Co. 213,875
10,200 Phillips Petroleum Co. 434,775
17,500 Praxair, Inc. 616,875
9,900 +Prologis Trust 205,425
28,000 *Sabre Group Holdings, Inc. Cl. A 1,246,000
20,600 *+Sterling Commerce, Inc. 927,000
19,300 *+Stillwater Mining Co. 791,300
9,600 *Sun Microsystems, Inc. 822,000
26,438 *+Tele-Communications, Inc. - Liberty Media 1,217,800
22,100 *+Tele-Communications, Inc. Cl. A 1,222,406
32,000 UNUM Corp. 1,868,000
15,000 *+USAirways Group, Inc. 780,000
114,600 USEC, Inc. 1,590,075
22,800 +Williams Cos., Inc. 711,075
------------
Total Investments in United States 34,728,182
- -------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $85,099,732) ..................... 96,158,903
------------
- -------------------------------------------------------------------------------------
PREFERRED STOCK: 1.7%
- -------------------------------------------------------------------------------------
BRAZIL: 0.5%
520,000 *Companhia Cervejaria Brahma ADR 227,228
25,500 +Companhia Vale do Rio Doce ADR 327,140
------------
Total Investments in Brazil 554,368
- -------------------------------------------------------------------------------------
GERMANY: 1.2%
6,700 RWE AG non-vtg. 244,426
2,304 SAP AG 1,099,328
------------
Total Investments in Germany 1,343,754
- -------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $1,779,984) ....................... 1,898,122
------------
- -------------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 6.8%
- -------------------------------------------------------------------------------------
$6,765,000 U.S. Treasury Bond 6.375% 8/15/27 $ 7,775,488
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $8,003,841) ....................... 7,775,488
------------
- -------------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 1.9%
- -------------------------------------------------------------------------------------
994,000GBP U.K. Treasury 8.500% 7/16/07 2,113,840
TOTAL FOREIGN OBLIGATIONS
(Cost: $1,760,713) ....................... 2,113,840
------------
- -------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 5.6%
- -------------------------------------------------------------------------------------
6,398,000 State Street Repurchase
Agreement (U.S. Treasury
Bills collateralized dated 12/
31/98 due 1/4/99 @ 4.85%
with a market value of
$6,528,413) 4.850% 1/4/99 6,398,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $6,398,000) ....................... 6,398,000
------------
- -------------------------------------------------------------------------------------
TOTAL INVESTMENTS : 100.6%
(Cost $103,042,270) 114,344,353
OTHER ASSETS LESS LIABILITIES (0.6)% .... (629,356)
------------
TOTAL NET ASSETS : 100.0% ................ $113,714,997
============
- -------------------------------------------------------------------------------------
</TABLE>
LEGEND:
- -------
* Non-income producing security.
+ Securities on loan.
ADR(American depository receipt) represents ownership of foreign securities.
SECURITIES LENDING:(NOTE 7)
- ---------------------------
As of December 31, 1998, the market value of securities loaned was $8,698,734
with collateral backing valued at $8,933,854.
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.................. 1.7%
Banking.................... 3.9
Biotechnology.............. 1.3
Broadcasting............... 5.1
Business Services.......... 1.4
Chemical................... 6.9
Construction Materials..... 0.7
Consumer Products.......... 1.7
Consumer Service........... 0.3
Drugs & Health Care........ 3.9
Electrical Equipment....... 1.3
Electronics................ 2.5
Federal Treasury Obligations 7.2
Financial Services......... 0.6
Food & Beverages........... 2.9
Forest Products & Paper.... 0.3
Government................. 2.0
Insurance.................. 11.0
Machinery.................. 0.6
Medical Equipment & Supply. 1.4
Metals-Gold................ 2.7
Metals-Non-Ferrous......... 2.7
Metals-Steel & Iron........ 1.3
Mining..................... 0.8
Multi-Industry............. 3.2
Office & Business Equipment 3.2
Oil & Gas Exploration...... 1.0
Oil........................ 0.2
Oil-Domestic............... 1.8
Oil-International.......... 2.0
Oil-Services............... 0.8
Printing & Publishing...... 0.9
Real Estate................ 1.8
Software................... 3.9
Telecommunications Equipment & Services 1.1
Transportation-Airlines.... 1.9
Transportation-Railroad.... 1.8
Utilities-Electric......... 7.1
Utilities-Gas Distribution & Pipelines 2.6
Utilities-Telephones....... 2.5
------
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
December 31, 1998
Value
Shares Issue (Note 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 90.8%
- -------------------------------------------------------------------------------
Aerospace: 7.9%
9,700 Boeing Co. $ 316,462
4,300 Lockheed Martin Corp. 364,425
------------
680,887
- -------------------------------------------------------------------------------
Automotive: 3.6%
4,400 Eaton Corp. 311,025
- --------------------------------------------------------------------------------
Banking: 10.6%
9,900 Bank One Corp. 505,519
10,700 Washington Mutual, Inc. 408,606
------------
914,125
- -------------------------------------------------------------------------------
Building & Construction: 0.7%
2,100 Stanley Works 58,275
- --------------------------------------------------------------------------------
Business Services: 7.5%
8,500 Block (H & R), Inc. 382,500
8,300 First Data Corp. 263,006
------------
645,506
- -------------------------------------------------------------------------------
Chemicals: 1.7%
6,500 Geon Co. 149,500
- --------------------------------------------------------------------------------
Electrical Equipment: 4.3%
6,700 Black & Decker Corp. 375,619
- --------------------------------------------------------------------------------
Entertainment & Leisure: 2.6%
9,000 Brunswick Corp. 222,750
- --------------------------------------------------------------------------------
Food & Beverages: 2.5%
3,800 Heinz (H.J.) Co. 215,175
- --------------------------------------------------------------------------------
Forest Products & Paper: 2.5%
5,500 Fort James Corp. 220,000
- --------------------------------------------------------------------------------
Hospital Management: 4.2%
14,800 Columbia/HCA Healthcare Corp. 366,300
- --------------------------------------------------------------------------------
Insurance: 1.1%
4,400 Old Republic International Corp. 99,000
- --------------------------------------------------------------------------------
Machinery: 2.4%
3,600 Cooper Industries, Inc. 171,675
1,200 Parker Hannifin Corp. 39,300
------------
210,975
- -------------------------------------------------------------------------------
Mining: 1.0%
7,100 De Beers Consolidated Mines Ltd. ADR 90,303
- -------------------------------------------------------------------------------
Miscellaneous: 2.1%
5,600 Fortune Brands, Inc. 177,100
- --------------------------------------------------------------------------------
Newspapers: 4.4%
7,500 Knight-Ridder, Inc. 383,437
- --------------------------------------------------------------------------------
Photography: 1.5%
7,000 Polaroid Corp. 130,813
- --------------------------------------------------------------------------------
Printing & Publishing: 4.3%
11,800 *Dun & Bradstreet Corp. 372,438
- --------------------------------------------------------------------------------
Real Estate: 2.8%
17,000 *Catellus Development Corp. 243,313
- --------------------------------------------------------------------------------
Software: 3.4%
5,800 Electronic Data Systems Corp. 291,450
- --------------------------------------------------------------------------------
Textiles & Apparel: 6.1%
12,900 Nike, Inc. Cl. B 523,256
- --------------------------------------------------------------------------------
Tobacco: 9.6%
15,600 Philip Morris Cos., Inc. 834,600
- --------------------------------------------------------------------------------
Toys & Amusements: 4.0%
15,100 Mattel, Inc. 344,469
------------
TOTAL COMMON STOCK
(Cost : $7,987,916) ........................... 7,860,316
------------
- --------------------------------------------------------------------------------
Face Interest Maturity Value
Amount Issue Rate Date (Note 1a)
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 9.6%
- -------------------------------------------------------------------------------
831,000 State Street Bank
Repurchase Agreement (U.S.
Treasury Note
Collateralized 12/31/98 due
1/4/99 @ 5.750% with a
market value of $841,492) 4.500% 1/4/99 831,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost : $831,000) ............................. 831,000
------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 100.4%
(Cost $8,818,916) 8,691,316
OTHER ASSETS LESS LIABILITIES (0.4)% ......... (33,277)
------------
TOTAL NET ASSETS : 100.0% ..................... $8,658,039
============
- --------------------------------------------------------------------------------
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
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 92.7%
- -------------------------------------------------------------------------------
AEROSPACE: 1.9%
500 Northrop Grumman Corp. $ 36,563
2,400 *Raytheon Co. Cl. A 124,050
------------
160,613
- -------------------------------------------------------------------------------
AUTOMOTIVE: 3.3%
1,200 AutoZone, Inc. 39,525
3,300 General Motors Corp. Cl. H 130,969
1,400 Lear Corp. 53,900
1,900 LucasVarity PLC ADR 63,650
------------
288,044
- -------------------------------------------------------------------------------
BANKING: 5.7%
4,000 Bank One Corp. 204,250
4,300 BankBoston Corp. 167,431
1,800 Chase Manhattan Corp. 122,513
------------
494,194
- -------------------------------------------------------------------------------
BIOTECHNOLOGY: 0.7%
700 *Biogen, Inc. 58,056
- --------------------------------------------------------------------------------
BROADCASTING: 3.2%
3,800 *MediaOne Group, Inc. 178,600
1,900 Scripps (E.W.) Co. Cl. A 94,525
------------
273,125
- -------------------------------------------------------------------------------
CHEMICALS: 5.6%
2,000 Exel Industries Ltd. Cl. A 150,000
1,300 Morton International, Inc. 31,850
3,800 Praxair, Inc. 133,950
5,500 Williams Cos., Inc. 171,531
------------
487,331
- -------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 2.5%
1,500 *Hewlett-Packard Co. 102,469
5,200 Quantum Corp. 110,337
------------
212,806
- -------------------------------------------------------------------------------
CONSTRUCTION MATERIALS: 0.5%
900 USG Corp. 45,844
- --------------------------------------------------------------------------------
CONTAINERS & GLASS: 1.2%
3,300 Owens-Illinois, Inc. 101,063
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 4.2%
3,100 ALZA Corp. 161,975
3,200 American Home Products Corp. 180,200
500 Centocor Corp. 22,531
------------
364,706
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 1.6%
1,000 Raychem Corp. 32,313
2,600 Tandy Corp. 107,087
------------
139,400
- -------------------------------------------------------------------------------
ELECTRONICS: 2.6%
1,700 Northern Telecom Ltd. 85,212
1,000 *Teradyne, Inc. 42,375
1,100 Texas Instruments, Inc. 94,119
------------
221,706
- -------------------------------------------------------------------------------
FINANCIAL SERVICES: 6.6%
3,000 Associates First Capital Corp. Cl. A 127,125
4,200 Countrywide Credit Industries, Inc. 210,787
4,900 SLM Holding Corp. 235,200
------------
573,112
- -------------------------------------------------------------------------------
FOOD & BEVERAGES: 5.2%
2,200 Anheuser-Busch Co., Inc. 144,375
4,600 ConAgra, Inc. 144,900
3,800 Nabisco Holdings Corp. Cl. A 157,700
------------
446,975
- -------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 1.4%
2,200 Kimberly-Clark Corp. 119,900
- --------------------------------------------------------------------------------
HOSPITAL MANAGEMENT: 1.3%
4,400 Tenet Healthcare Corp. 115,500
- --------------------------------------------------------------------------------
HOTEL & MOTEL: 1.8%
540 Crestline Capital Corp. 7,898
5,400 Host Marriott Corp. 74,588
5,000 *Mirage Resorts, Inc. 74,687
------------
157,173
- -------------------------------------------------------------------------------
INSURANCE: 7.7%
3,500 ACE Ltd. 120,531
1,800 Aetna, Inc. 141,525
3,000 Aon Corp. 166,125
2,500 CIGNA Corp. 193,281
MSF-47
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NEUBERGER & BERMAN PARTNERS MID CAP VALUE PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
INSURANCE: (CONTINUED)
1,200 Orion Capital Corp. $ 47,775
------------
669,237
- -------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 4.1%
2,700 Baxter International, Inc. 173,644
4,500 *Boston Scientific Corp. 120,656
800 Pacificare Health Systems, Inc. Cl. B 63,575
------------
357,875
- -------------------------------------------------------------------------------
METALS-STEEL & IRON: 0.8%
3,000 AK Steel Holding Corp. 70,500
- --------------------------------------------------------------------------------
MULTI-INDUSTRY: 1.6%
2,600 Harcourt General, Inc. 138,288
- --------------------------------------------------------------------------------
NEWSPAPERS: 0.9%
2,300 New York Times Co. Cl. A 79,781
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 1.8%
1,300 Xerox Corp. 153,400
- --------------------------------------------------------------------------------
OIL-INTERNATIONAL: 2.6%
1,000 Chevron Corp. 82,937
2,600 Texaco, Inc. 137,475
------------
220,412
- -------------------------------------------------------------------------------
OIL-SERVICES: 2.6%
1,500 Coastal Corp. 52,406
3,000 McDermott International, Inc. 74,063
3,900 Tosco Corp. 100,912
------------
227,381
- -------------------------------------------------------------------------------
PRINTING & PUBLISHING: 0.3%
700 *Dun & Bradstreet Corp. 22,094
- --------------------------------------------------------------------------------
REAL ESTATE: 0.5%
4,000 Indymac Mortgage Holdings, Inc. 42,250
- --------------------------------------------------------------------------------
RESTAURANT: 1.9%
1,200 McDonald's Corp. 91,950
1,400 *Tricon Global Restaurants, Inc. 70,175
------------
162,125
- -------------------------------------------------------------------------------
RETAIL TRADE: 1.9%
2,900 Consolidated Stores Corp. 58,544
1,700 *Fred Meyer, Inc. 102,425
------------
160,969
- -------------------------------------------------------------------------------
SOFTWARE: 2.1%
2,600 Computer Associates International, Inc. 110,825
4,500 *Parametric Technology Corp. 73,125
------------
183,950
- -------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 0.7%
3,600 Loral Space & Communications Ltd. 64,125
- --------------------------------------------------------------------------------
TIRES & RUBBER: 1.0%
1,700 Goodyear Tire & Rubber Co. 85,744
- --------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: 1.2%
3,100 Continental Airlines, Inc. Cl. B 103,850
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 6.7%
700 GPU, Inc. 30,931
3,000 Illinova Corp. 75,000
7,700 Niagara Mohawk Power Corp. 124,162
2,800 PG&E Corp. 88,200
3,600 Texas Utilities Co. 168,075
2,300 Unicom Corp. 88,694
------------
575,062
- -------------------------------------------------------------------------------
UTILITIES-GAS DISTRIBUTION & PIPELINES: 0.3%
800 KN Energy, Inc. 29,100
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 4.7%
2,100 Bell Atlantic Corp. 111,300
1,900 GTE Corp. 123,500
2,400 *MCI WorldCom, Inc. 172,275
------------
407,075
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $7,744,415) ........................ 8,012,766
------------
MSF-48
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
NEUBERGER&BERMAN PARTNERS MID CAP VALUE PORTFOLIO
DECEMBER 31, 1998
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 14.5%
- -------------------------------------------------------------------------------
$1,259,000 State Street Repurchase
Agreement (U.S. Treasury
Bills collateralized,
dated 12/31/98 due
1/4/99 @ 5.750% with a
market value of
$1,272,500) 3.500% 1/4/99 $1,259,000
TOTAL REPURCHASE AGREEMENTS
(Cost : $1,259,000) ........................ 1,259,000
-------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 107.2%
(Cost $9,003,415) 9,271,766
OTHER ASSETS LESS LIABILITIES (7.2)% ...... (624,671)
-------------
TOTAL NET ASSETS : 100.0% .................. $8,647,095
=============
- --------------------------------------------------------------------------------
LEGEND:
- ------
* Non-income producing security.
See Notes to Financial Statements.
MSF-49
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 91.2%
- -------------------------------------------------------------------------------
AUTOMOTIVE: 1.4%
1,700 Danaher Corp. 92,331
- --------------------------------------------------------------------------------
BANKING: 6.2%
1,900 Bank of New York Co., Inc. 76,475
1,100 BankAmerica Corp. 66,137
1,100 First Union Corp. 66,894
1,000 HSBC Holdings PLC 24,911
300 Mellon Bank Corp. 20,625
600 Toronto-Dominion Bank 21,150
40 UBS AG 12,288
3,300 *Wells Fargo & Co. 131,794
-----------
420,274
- -------------------------------------------------------------------------------
BIOTECHNOLOGY: 1.4%
500 *Biogen, Inc. 41,469
700 *Genentech, Inc. 55,781
-----------
97,250
- -------------------------------------------------------------------------------
BROADCASTING: 3.0%
2,000 CBS Corp. 65,500
600 *Clear Channel Communications, Inc. 32,700
2,100 *Fox Entertainment Group, Inc. Cl. A 52,894
700 *Infinity Broadcasting Corp. Cl. A 19,162
500 Time Warner, Inc. 31,031
-----------
201,287
- -------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: 0.6%
1,400 Masco Corp. 40,250
- -------------------------------------------------------------------------------
BUSINESS SERVICES: 2.1%
500 Automatic Data Processing, Inc. 40,094
800 *Cendant Corp. 15,250
900 HBO & Co. 25,847
1,000 Omnicom Group, Inc. 58,000
-----------
139,191
- -------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 3.1%
300 *America Online, Inc. 43,425
700 *Cisco Systems, Inc. 64,991
500 *Dell Computer Corp. 36,609
1,300 *Gartner Group, Inc. Cl. A 27,625
500 *Hewlett-Packard Co. 34,156
-----------
206,806
- -------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 10.5%
700 American Home Products Corp. 39,419
700 Bristol-Myers Squibb Co. 93,669
300 GEHE AG 20,701
2,300 *HEALTHSOUTH Corp. 35,506
900 Lilly (Eli) & Co. 79,987
400 McKesson Corp. 31,625
600 Merck & Co., Inc. 88,612
30 Novartis AG 58,965
700 Pfizer, Inc. 87,806
2 Roche Holdings AG 24,401
700 Schering-Plough Corp. 38,675
1,000 Warner-Lambert Co. 75,188
800 *Zeneca Group PLC 34,850
-----------
709,404
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 3.5%
1,700 Allied-Signal, Inc. 75,331
1,600 General Electric Co. 163,300
-----------
238,631
- -------------------------------------------------------------------------------
ELECTRONICS: 3.2%
700 *Intel Corp. 82,972
1,500 *Maxim Integrated Products, Inc. 65,484
900 Teleflex, Inc. 41,062
300 Texas Instruments, Inc. 25,669
-----------
215,187
- -------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.9%
800 Carnival Corp. 38,400
700 Disney (Walt) Co. 21,000
-----------
59,400
- -------------------------------------------------------------------------------
FINANCIAL SERVICES: 6.9%
1,200 Associates First Capital Corp. Cl. A 50,850
2,000 Citigroup, Inc. 99,000
3,100 Federal Home Loan Mortgage Corp. 199,756
MSF-50
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
FINANCIAL SERVICES: (CONTINUED)
1,300 Federal National Mortgage Assoc. 96,200
300 Morgan Stanley, Dean Witter, Discovery & Co. 21,300
------------
467,106
- -------------------------------------------------------------------------------
FOOD & BEVERAGES: 1.9%
500 Coca-Cola Co. 33,438
1,400 PepsiCo, Inc. 57,312
1,400 Sara Lee Corp. 39,462
------------
130,212
- -------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 0.8%
1,000 Kimberly-Clark Corp. 54,500
- --------------------------------------------------------------------------------
HOSPITAL MANAGEMENT: 1.0%
1,500 United Healthcare Corp. 64,594
- --------------------------------------------------------------------------------
HOTEL & MOTEL: 0.9%
1,500 *Mirage Resorts, Inc. 22,406
1,800 Starwood Hotels & Resorts Worldwide, Inc. 40,838
------------
63,244
- -------------------------------------------------------------------------------
HOUSEHOLD APPLIANCES & HOME FURNISHINGS: 0.3%
500 Newell Co. 20,625
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS: 1.4%
100 Corning, Inc. 4,500
500 Gillette Co. 24,156
4,300 Kimberly-Clark Corp. (Mexico) 13,716
400 Procter & Gamble Co. 36,525
200 Unilever NV 16,587
------------
95,484
- -------------------------------------------------------------------------------
INSURANCE: 7.2%
2,100 ACE Ltd. 72,319
400 Aetna, Inc. 31,450
600 AMBAC Financial Group, Inc. 36,113
1 *Berkshire Hathaway, Inc. Cl. A 70,000
140 *Fairfax Financial Holdings Ltd. 49,460
1,600 Mutual Risk Management Ltd. 62,600
1,500 PartnerRe Ltd. 68,625
700 Travelers Property Casualty Corp. Cl. A 21,700
1,300 UNUM Corp. 75,887
------------
488,154
- -------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 1.0%
200 Guidant Corp. 22,050
500 Johnson & Johnson 41,937
------------
63,987
- -------------------------------------------------------------------------------
MISCELLANEOUS: 1.8%
1,600 Tyco International Ltd. 120,700
- -------------------------------------------------------------------------------
MULTI-INDUSTRY: 1.8%
7,000 Hutchison Whampoa Ltd. 49,467
14,900 Tomkins PLC 70,799
------------
120,266
- -------------------------------------------------------------------------------
NEWSPAPERS: 0.6%
600 Tribune Co. 39,600
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 0.8%
600 *EMC Corp. 51,000
- --------------------------------------------------------------------------------
OIL-INTERNATIONAL: 2.8%
600 Chevron Corp. 49,763
700 Mobil Corp. 60,987
1,600 Royal Dutch Petroleum Co. 76,600
------------
187,350
- -------------------------------------------------------------------------------
OIL-SERVICES: 0.4%
900 Halliburton Co. 26,663
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 1.2%
1,800 *Waste Management, Inc. 83,925
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 0.9%
900 Ver Ned Uitgevers NV 33,917
120 Wolters Kluwer NV 25,665
------------
59,582
- -------------------------------------------------------------------------------
REAL ESTATE: 0.7%
900 Crescent Real Estate Equities Co. 20,700
3,100 Security Capital U.S. Real Estate Shares, Inc.
Cl. A 27,342
------------
48,042
- -------------------------------------------------------------------------------
RESTAURANT: 0.3%
300 McDonald's Corp. 22,988
MSF-51
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -------------------------------------------------------------------------------
RETAIL GROCERY: 1.7%
400 Koninklijke Ahold NV $ 14,776
1,600 Safeway, Inc. 97,500
------------
112,276
- -------------------------------------------------------------------------------
RETAIL TRADE: 4.6%
700 CVS Corp. 38,500
900 *Fred Meyer, Inc. 54,225
1,000 Home Depot, Inc. 61,187
700 Rite Aid Corp. 34,694
1,300 *Saks, Inc. 41,031
2,900 TAG Heuer International SA ADR 20,663
700 Wal-Mart Stores, Inc. 57,006
------------
307,306
- -------------------------------------------------------------------------------
SOFTWARE: 6.3%
600 *Ascend Communications, Inc. 39,469
1,500 *BMC Software, Inc. 66,891
300 Computer Associates International, Inc. 12,787
500 *Compuware Corp. 39,047
1,000 *Microsoft Corp. 138,531
3,400 *Parametric Technology Corp. 55,250
800 Platinum Technology, Inc. 15,375
1,000 *Sterling Commerce, Inc. 45,000
200 *Xilinx, Inc. 13,019
------------
425,369
- -------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 2.5%
500 *Cox Communications, Inc. Cl. A 34,562
400 Getronics NV 19,801
1,400 *Networks Associates, Inc. 92,881
200 *Nokia Corp. ADR 24,088
------------
171,332
- -------------------------------------------------------------------------------
TOBACCO: 1.3%
1,600 Philip Morris Cos., Inc. 85,600
- --------------------------------------------------------------------------------
TOYS & AMUSEMENTS: 0.4%
700 Hasbro, Inc. 25,288
- --------------------------------------------------------------------------------
UTILITIES-MISCELLANEOUS: 0.6%
5,600 Rentokil Group PLC 42,333
- -------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 5.2%
700 *AirTouch Communications, Inc. 50,487
400 GTE Corp. 26,000
2,200 *MCI WorldCom, Inc. 157,919
700 SBC Communications, Inc. 37,538
4,000 Telecom Italia SPA 34,111
600 *Telecomunicacoes Brasileiras SA ADR 43,612
------------
349,667
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $5,740,794) ............................. 6,147,204
------------
- -------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 3.7%
- -------------------------------------------------------------------------------
$248,000 State Street Repurchase
Agreement (U.S. Treasury Bills
collateralized dated 12/31/98
due 1/4/99 @ 4.5% with a
market value of $251,421) 4.850% 1/4/99 $ 248,000
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $248,000) ................................ 248,000
-------------
- -------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 8.7%
- -------------------------------------------------------------------------------
100,000 DuPont (E.I.) de Nemours &
Co. 5.600% 1/12/99 99,929
200,000 Federal National Mortgage
Assoc. 5.140% 1/19/99 199,486
290,000 U.S. Treasury Bill 4.370% 1/21/99 289,296
-------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $588,611) ................................ 588,611
-------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS : 103.6%
(Cost: $6,577,405) .............................. 6,983,815
OTHER ASSETS LESS LIABILITIES (3.6)% ............ (244,114)
-------------
TOTAL NET ASSETS : 100.00% ...................... $6,739,701
=============
- -------------------------------------------------------------------------------
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
December 31, 1998
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: 18.0%
- --------------------------------------------------------------------------------
BANKING: 1.9%
$ 230,000 Abn Amro Bank 7.750% 5/15/23 $ 259,116
151,000 Chase Manhattan Corp. 7.125% 2/1/07 163,282
350,000 National Australia Bank, Ltd. 6.600% 12/10/07 364,340
330,000 Norwest Corp. 6.750% 5/12/00 336,250
-------------
1,122,988
- --------------------------------------------------------------------------------
BROADCASTING: 0.3%
200,000 TCI Communications, Inc. 7.375% 2/15/00 204,350
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 0.9%
425,000 International Business
Machines Corp. 8.375% 11/1/19 540,430
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 0.3%
145,000 Abbott Laboratories 5.600% 10/1/03 147,516
- --------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE: 0.8%
500,000 Carnival Corp. Sr. 6.150% 4/15/08 498,740
- --------------------------------------------------------------------------------
FINANCIAL SERVICES: 4.1%
100,000 A T & T Capital Corp. 6.650% 4/30/99 100,326
300,000 Associates Corp. of
North America 6.250% 11/1/08 310,656
22,000 Associates Corp. of
North America 8.250% 12/1/99 22,556
350,000 BankAmerica Corp. 8.125% 2/1/02 375,540
568,000 Ford Motor Credit Co. 8.200% 2/15/02 612,622
78,000 General Electric
Capital Corp. 8.375% 3/1/01 83,169
500,000 Mellon Financial Co. 5.750% 11/15/03 503,465
23,000 Merrill Lynch & Co.,
Inc. 8.250% 11/15/99 23,545
350,000 Sears Roebuck
Acceptance Corp. 7.000% 6/15/07 375,553
-------------
2,407,432
- --------------------------------------------------------------------------------
FOOD & BEVERAGES: 0.3%
200,000 Coca Cola Enterprises, Inc. 6.375% 8/1/01 204,568
- --------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER: 0.8%
377,000 Georgia Pacific Corp. 9.500% 12/1/11 467,178
- --------------------------------------------------------------------------------
INDUSTRIALS: 0.9%
160,000 Du Pont E I De Nemours & Co. 6.500% 1/15/28 169,078
312,000 Lockheed Martin Corp. 7.750% 5/1/26 355,668
-------------
524,746
- --------------------------------------------------------------------------------
MISCELLANEOUS: 0.7%
375,000 Salomon, Inc. 6.650% 7/15/01 383,910
- --------------------------------------------------------------------------------
MULTI-INDUSTRY: 0.8%
200,000 ++Monsanto Co. 144A 6.500% 12/1/18 199,800
233,000 Raytheon Co. 6.750% 8/15/07 246,679
-------------
446,479
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 0.9%
418,000 Time Warner, Inc. 9.125% 1/15/13 529,171
- --------------------------------------------------------------------------------
RESTAURANT: 0.9%
497,000 McDonald's Corp. 5.950% 1/15/08 518,331
- --------------------------------------------------------------------------------
RETAIL TRADE: 0.8%
447,000 Dayton Hudson Corp. 6.400% 2/15/03 460,209
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 0.7%
235,000 Commonwealth Edison Co. 6.400% 10/15/05 240,748
150,000 Consolidated Edison Co., Inc. 6.450% 12/1/07 159,449
-------------
400,197
- --------------------------------------------------------------------------------
UTILITIES-GAS DISTRIBUTION & PIPELINES: 1.1%
400,000 KN Energy, Inc. 6.650% 3/1/05 404,172
200,000 Transcanada Pipelines
Ltd. 9.125% 4/20/06 234,798
-------------
638,970
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 1.8%
124,000 Bellsouth Telecommunications 6.500% 6/15/05 131,950
683,000 Cable & Wireless Communication 6.375% 3/6/03 683,300
236,000 MCI WorldCom, Inc. 6.125% 8/15/01 239,771
-------------
1,055,021
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $10,489,765) ............................... 10,550,236
-------------
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 36.4%
- --------------------------------------------------------------------------------
485,000 Federal Home Loan Bank 5.500% 7/14/00 488,560
400,000 Federal Home Loan Bank 6.340% 6/13/05 422,936
600,000 Federal Home Loan Mortgage Corp. 7.250% 9/12/01 602,628
1,300,000 Federal Home Loan Mortgage Corp. 7.500% 12/1/99 1,334,931
1,000,000 Federal Home Loan Mortgage Corp. 8.000% 10/1/28 1,035,460
MSF-53
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
December 31, 1998
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: (CONTINUED)
- --------------------------------------------------------------------------------
$ 350,000 Federal National Mortgage Assoc. 5.360% 2/16/01 $ 352,625
300,000 Federal National Mortgage Assoc. 5.500% 12/1/99 296,154
500,000 Federal National Mortgage Assoc. 6.000% 5/15/08 527,810
500,000 Federal National Mortgage Assoc. 6.160% 8/7/28 523,125
600,000 Federal National Mortgage Assoc. 6.490% 3/19/02 625,404
2,000,000 Federal National Mortgage Assoc. 6.500% 12/1/99 2,013,120
2,500,000 Federal National Mortgage Assoc. 6.500% 12/1/99 2,535,150
1,000,000 Federal National Mortgage Assoc. 7.000% 12/1/99 1,020,000
911,060 Federal National Mortgage Assoc. 7.500% 9/1/25 935,823
902,996 Federal National Mortgage Assoc. 7.500% 6/1/26 927,819
72,621 Federal National Mortgage Assoc. 7.500% 9/1/27 74,595
53,076 Federal National Mortgage Assoc. 7.500% 11/1/27 54,519
25,870 Federal National Mortgage Assoc. 7.500% 8/1/28 26,573
1,000,000 Federal National Mortgage Assoc. 6.000% 12/1/99 1,002,500
990,000 Federal National Mortgage Assoc. 7.000% 4/1/12 1,011,038
500,000 Federal National Mortgage Assoc. 7.550% 6/10/04 505,080
14,337 Federal National Mortgage Assoc. 7.500% 12/1/27 14,727
932,700 Government National Mortgage
Assoc. 9.000% 11/15/24 1,007,595
191,685 Government National Mortgage
Assoc. 6.500% 5/15/23 193,602
565,035 Government National Mortgage
Assoc. 6.500% 12/1/28 570,685
233,280 Government National Mortgage
Assoc. 6.500% 12/15/28 235,613
25,678 Government National Mortgage
Assoc. 7.000% 4/15/27 26,271
533,443 Government National Mortgage
Assoc. 7.000% 1/15/28 545,776
431,702 Government National Mortgage
Assoc. 7.000% 10/15/28 441,683
470,575 Government National Mortgage
Assoc. 8.000% 8/15/26 489,101
460,901 Government National Mortgage
Assoc. 8.000% 9/15/26 479,047
529,099 Government National Mortgage
Assoc. 8.000% 4/15/27 549,930
519,425 Government National Mortgage
Assoc. 8.000% 5/15/27 539,875
-------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $21,356,002) ............................... 21,409,755
-------------
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 40.8%
- --------------------------------------------------------------------------------
1,500,000 U.S. Treasury Bond 6.125% 11/15/27 1,679,055
100,000 U.S. Treasury Bond 8.000% 11/15/21 133,703
500,000 U.S. Treasury Bond 6.250% 8/15/23 558,830
2,100,000 U.S. Treasury Bond 8.875% 2/15/19 2,990,862
1,200,000 U.S. Treasury Note 4.250% 11/15/03 1,184,628
400,000 U.S. Treasury Note 4.500% 9/30/00 399,124
2,000,000 U.S. Treasury Note 4.750% 11/15/08 2,015,620
4,400,000 U.S. Treasury Note 6.375% 5/15/00 4,497,636
510,000 U.S. Treasury Note 7.000% 7/15/06 580,681
1,500,000 U.S. Treasury Note 6.125% 8/15/07 1,638,285
5,200,000 U.S. Treasury Note 6.250% 2/28/02 5,434,832
2,500,000 U.S. Treasury Note 7.875% 11/15/04 2,896,475
-------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $23,838,441) ............................... 24,009,731
-------------
- --------------------------------------------------------------------------------
YANKEE BONDS: 2.7%
- --------------------------------------------------------------------------------
45,000 Asian Development Bank 5.750% 5/19/03 46,013
83,000 Province of Ontario 6.125% 6/28/00 84,161
300,000 Province of Quebec 7.500% 7/15/23 343,050
415,000 Province of Quebec 8.800% 4/15/03 464,775
50,000 Republic of Finland 7.875% 6/28/04 56,493
MSF-54
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- ------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
DECEMBER 31, 1998
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
YANKEE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
$ 610,000 Republic of Poland 7.750% 7/1/17 $ 588,443
TOTAL YANKEE BONDS
(Cost: $1,635,243) ................................ 1,582,935
--------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 16.1%
- --------------------------------------------------------------------------------
900,000 Federal Home Loan Bank 4.500% 1/4/99 899,663
8,000,000 Federal Home Loan Bank 5.050% 1/14/99 7,985,411
600,000 Federal National Mortgage Assoc. 5.100% 1/7/99 599,490
--------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $9,484,564) ................................ 9,484,564
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 114.0%
(Cost $66,804,014) 67,037,221
OTHER ASSETS LESS LIABILITIES (14.0)% ............ (8,227,696)
--------------
TOTAL NET ASSETS : 100.0% ......................... $58,809,525
==============
- --------------------------------------------------------------------------------
LEGEND:
- ------
++ Restricted security
RESTRICTED SECURITIES: (NOTE 2)
- -------------------------------
VALUATION AS
ACQUISITION ACQUISITION OF DECEMBER,
ISSUE DATE COST 31, 1998
- -------------------------------------------------------------------------------
Monsanto 144A 12/18/98 $ 201,940 $ 199,800
The aggregate value of restricted securities at December 31, 1998 was $199,800
or 0.34% of the Lehman Brothers Aggregate Bond Index Portfolio's net assets.
See Notes to Financial Statements.
MSF-55
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 96.0%
- --------------------------------------------------------------------------------
AUSTRALIA: 2.4%
1,900 Amcor Ltd. $ 8,119
3,500 *AMP Ltd. 44,342
900 Australia Gas & Light Co., Ltd. 6,482
6,600 Australia National Industries 4,651
3,300 Boral, Ltd. 4,691
700 Brambles Industries Ltd. 17,051
7,000 Broken Hill Proprietary Co. 51,555
2,900 Coca-Cola Amatil Ltd. 10,805
3,800 Coles Myer Ltd. 19,909
3,000 CSR Ltd. 7,335
3,600 David Jones Ltd. 3,971
2,600 Email Ltd. 3,714
900 Faulding(Fh) & Co. 4,247
5,100 Fosters Brewing Group Ltd. 13,813
4,000 Futuris Corp., Ltd. 4,535
4,000 General Property Trust 7,476
1,800 GIO Australia Holdings 5,912
3,600 Goodman Fielder Ltd. 3,640
2,000 James Hardie Industries Ltd. 4,086
1,000 Leighton Holdings Ltd. 4,289
1,700 Lend Lease Corp. 22,918
7,500 MIM Holdings Ltd. 3,309
4,700 National Australia Bank 70,850
2,600 Newcrest Mining Ltd. 3,604
6,600 News Corp., Ltd. 43,598
4,800 Normandy Mining Ltd. 4,441
2,100 North Ltd. 3,423
800 Orica Ltd. 4,162
3,000 Pacific Dunlop Ltd. 4,853
2,600 Pioneer International Ltd. 5,497
1,100 QBE Insurance Group Ltd. 4,550
5,700 QCT Resources Ltd. 3,423
900 Rio Tinto Ltd. 10,674
500 Rothmans Holdings Ltd. 3,585
1,700 Santos Ltd. 4,563
2,400 Schroders Property Fund 3,912
600 *Smith (Howard) Ltd. 3,969
1,500 Sons Of Gwalia Ltd. 4,265
1,800 Southcorp Ltd. 5,741
5,300 Star City Holdings Ltd. 4,687
1,700 *Stockland Trust Group 4,229
900 *Tab Corp. Holdings Ltd. 5,515
16,900 Telstra Corp., Ltd. 79,017
3,600 Westfield Trust 7,942
6,300 Westpac Banking Ltd. 42,157
3,300 WMC Ltd. 9,949
------------
Total Investments in Australia 595,456
- --------------------------------------------------------------------------------
AUSTRIA: 0.3%
100 *Austrian Airlines 3,582
400 Bank Austria AG 20,340
100 Bbag Oesterreichische Brau-Beteiligungs 5,714
100 *Bohler Uddeholm AG 4,654
100 Flughafen Wien AG 4,907
100 *Mayr-Melnhof Karton AG 4,674
100 Oesterreichische Elektrizitaetswirtsch Cl. A 15,284
100 OMV Handels AG 9,425
100 RHI AG 2,606
100 VA Technologie AG 8,666
------------
Total Investments in Austria 79,852
- --------------------------------------------------------------------------------
BELGIUM: 1.9%
1,000 Bankverzekerin KBC 78,681
100 CBR Cimenteries 9,835
200 Delhaize-Le Lion SA 17,587
200 Electrabel SA 87,359
300 Fortis AG 108,042
100 *GPE Bruxelles 20,249
100 Petrofina SA 45,560
300 Solvay SA 22,476
300 Tractebel 57,883
MSF-56
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BELGIUM: (CONTINUED)
5 UCB SA $ 30,662
------------
Total Investments in Belgium 478,334
- --------------------------------------------------------------------------------
DENMARK: 0.9%
100 Carlsberg A/S Cl. A 5,814
100 Carlsberg A/S Cl. B 5,782
4 Dampskibsselskabet af 1912 A/S Cl. B 27,968
3 Dampskibsselskabet Svendborg A/S Cl. B 30,404
200 Danisco A/S 10,842
200 Den Danske Bank 26,869
100 ISS International Service Systems SA Cl. B 6,505
300 Novo-Nordisk AS Cl. B 39,596
400 Tele Danmark A/S 53,989
200 Unidanmark A/S Cl. A 18,069
------------
Total Investments in Denmark 225,838
- --------------------------------------------------------------------------------
FINLAND: 1.3%
100 Instrumentarium Corp. Cl. A 4,079
600 Kemira Oyj 4,295
300 Kesko 4,471
2,800 Merita Oyj 17,682
200 Metra Oy AB Cl. B 3,452
1,600 Nokia AB Oy Cl. A 194,548
500 Nokia AB Oy Cl. K 60,796
400 Outokumpu Oyj Cl. A 3,671
100 Pohjola Insurance Group Cl. A 5,393
200 Sampo Cl. A 7,590
200 Stockmann Oyj ABP 4,907
900 *UPM-Kymmene Corp. Oy 25,064
------------
Total Investments in Finland 335,948
- --------------------------------------------------------------------------------
FRANCE: 9.2%
100 Accor 21,642
300 Air Liquide 54,999
700 Alcatel Alsthom 85,638
1,200 AXA-UAP 173,851
700 Banque Nationale de Paris 57,618
500 Banque Paribas SA 43,436
200 BIC 11,089
100 Bongrain SA 44,715
100 Bouygues SA 20,604
100 Canal Plus SA 27,276
200 Cap Gemini 32,087
100 Carrefour SA 75,461
200 Casino Guich Perrachon 20,819
100 *Club Mediterranee SA 8,979
100 Coflexip SA 6,779
200 Danone 57,235
400 Dassault Systems SA 18,794
900 Elf Aquitaine SA 103,989
100 Eridania Beghin-Say 17,296
2,700 France Telecom SA 214,416
100 Groupe GTM 10,374
100 Imetal 10,016
200 L' Oreal SA 144,518
300 Lafarge SA 28,492
400 Lagardere Sca 16,992
100 Legrand SA 26,489
300 LVMH Moet Hennessy Louis Vuitton 59,345
500 Michelin Cl. B 19,987
100 Natexis SA 6,439
200 Pechiney International NV Cl. A 6,528
200 Pernod Ricard 12,985
200 Peugeot SA 30,943
400 Pinault-Printemps-Redoute SA 76,408
100 Primagaz 9,479
100 Promodes 72,688
1,300 Rhone-Poulenc SA Cl. A 66,872
300 Saint-Gobain 42,336
400 Sanofi SA 65,820
500 Schneider SA 30,317
100 Seb SA 8,317
100 Sefimeg 7,065
MSF-57
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
FRANCE: (CONTINUED)
200 Seita $ 12,520
100 Sidel SA 8,478
100 Simco SA 9,068
300 Societe Generale de France SA 48,560
100 Sodexho Alliance 22,357
200 Sommer Allibert 5,405
500 Suez Lyonnaise Des Eaux SA 102,665
100 Technip SA 9,408
600 Thomson-C.S.F. 25,756
800 Total SA Cl. B 80,987
700 Usinor Sacilor 7,769
300 Valeo SA 23,631
500 Vivendi 129,673
------------
Total Investments in France 2,335,410
- --------------------------------------------------------------------------------
GERMANY: 10.0%
200 Adidas-Salomon AG 21,721
200 AGIV AG 5,160
800 Allianz Holdings AG 293,292
100 Amb Aach & Munic Bet 14,701
100 Axa Colonia Konzern AG 11,340
2,100 BASF AG 80,139
2,500 Bayer AG 104,329
1,400 Bayerische Vereinsbank AG 109,624
300 Beiersdorf AG 20,701
200 Bilfinger & Berger Bau-AG 5,100
500 Continental AG 13,801
3,300 DaimlerChrysler AG 325,723
300 Degussa AG 16,480
1,800 Deutsche Bank AG 105,898
7,400 Deutsche Telekom AG 243,322
100 Douglas Holdings AG 6,060
1,700 Dresdner Bank AG 71,403
800 FAG Kugelfischer Georg Schaefer AG 6,792
200 Heidelberger Zement AG 15,601
100 Herlitz AG 3,300
300 Hochtief AG 11,701
1,300 Lufthansa AG 28,705
1,300 Mannesmann AG 148,986
600 Merck KGaA 27,001
900 Metro AG 71,823
300 Muenchener Rueckversicherungs AG 145,266
100 Preussag AG 45,182
300 Rheinmetall AG 7,758
1,600 RWE AG 87,604
200 SAP AG 86,403
200 Schering AG 25,111
100 SGL Carbon AG 6,000
1,900 Siemens AG 122,555
100 *STRABAG AG 6,180
100 Thyssen AG 18,547
1,700 VEBA AG 101,698
100 Viag AG 58,622
1,000 Volkswagen AG 79,803
------------
Total Investments in Germany 2,553,432
- --------------------------------------------------------------------------------
HONG KONG: 2.0%
4,000 Bank of East Asia Ltd. 6,970
10,000 Cathay Pacific Airways 9,939
8,000 Cheung Kong Infrastructure Holdings Ltd. 57,566
8,000 CLP Holdings Ltd. 39,857
4,000 Hang Lung Development Co., Ltd. 4,285
6,000 Hang Seng Bank Ltd. 53,630
14,000 Hong Kong & China Gas Co., Ltd. 17,799
39,600 Hong Kong Telecommunications Ltd. 69,258
5,000 Hongkong and Shanghai Hotels Ltd. 3,549
6,200 Hopewell Holdings Ltd. 3,381
13,000 Hutchison Whampoa Ltd. 91,867
3,000 Hysan Development Co., Ltd. 4,472
3,000 Johnson Electric Holdings Ltd. 7,706
4,000 Miramar Hotel & Investment Ltd. 4,105
6,000 New World Development Co., Ltd. 15,101
MSF-58
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
HONG KONG: (CONTINUED)
36,000 Regal Hotels International Holdings Ltd. $ 3,903
5,000 *Shangri La Asia Ltd. 4,259
22,000 Shun Tak Holdings Ltd. 4,146
10,000 Sino Land Co., Ltd. 5,356
8,000 South China Morning Post Ltd. 4,105
8,000 Sun Hung Kai Properties Ltd. 58,341
5,000 Swire Pacific Ltd. Cl. A 22,394
1,000 Television Broadcasts Ltd. 2,581
2,000 Varitronix International Ltd. 3,743
7,000 Wharf Holdings Ltd. 10,210
1,000 Wing Lung Bank Ltd. 3,472
------------
Total Investments in Hong Kong 511,995
- --------------------------------------------------------------------------------
IRELAND: 0.5%
2,800 Allied Irish Banks PLC 50,095
1,200 CRH PLC 20,702
500 DCC PLC 4,313
2,100 Fyffes PLC 4,779
1,000 Greencore Group PLC 4,610
1,000 Independent Newspapers PLC 4,016
900 Irish Life PLC 8,459
300 Irish Permanent PLC 4,506
3,200 Jefferson Smurfit Group PLC 5,759
500 Kerry Group PLC 6,804
600 *Ryanair Holdings PLC Cl. A 4,283
4,300 Waterford Wedgewood PLC 3,645
------------
Total Investments in Ireland 121,971
- --------------------------------------------------------------------------------
ITALY: 5.1%
400 Arnoldo Mondadori Editore SPA 5,286
3,700 Assicuraziono Generali SPA 154,404
5,900 Banca Commerciale Italiana SPA 40,679
5,800 Banca Intesa SPA 34,780
2,100 Banca Intesa SPA (non-cvt.) 6,401
800 Banca Populare di Milano SPA 7,258
5,200 Benetton Group SPA 10,473
800 Bulgari SPA 4,766
800 Burgo (Cartiere) SPA 5,143
3,700 Cementir SPA 4,252
2,000 Edison SPA 23,545
26,900 ENI SPA 175,705
600 Falck SPA 4,881
12,100 Fiat SPA 42,005
2,300 Fiat SPA (non-cvt.) 4,590
3,000 Fiat SPA (Pvt.) 5,779
5,100 *Impregilo SPA 4,608
13,500 Instituto Nazionale Delle Assicurazioni SPA 35,639
500 Italcementi SPA 5,504
900 Italcementi SPA (non-cvt.) 4,572
2,000 Italgas 10,820
2,400 Magneti Marelli SPA 4,151
400 Marzotto & Figli SPA 4,403
3,700 Mediaset SPA 29,986
1,900 Mediobanca SPA 26,372
5,100 Montedison SPA 5,089
16,800 Montedison SPA (non-cvt.) 22,302
9,000 *Olivetti SPA 31,298
4,300 Parmalat Finanziaria SPA 8,218
6,400 Pirelli SPA 20,495
1,400 RAS 20,279
500 RAS (non-cvt.) 5,005
800 Rinascente LA SPA 4,287
600 Rinascente SPA 6,167
400 Sai(Soc Assic) 4,814
4,700 *San Paolo-Imi SPA 83,002
700 Sirti SPA 4,221
3,100 SNIA BPD 4,875
5,100 Telecom Italia Mobile SPA-RNC 23,997
22,400 Telecom Italia Mobile SPA 165,279
3,000 Telecom Italia SPA-RNC 18,870
12,400 Telecom Italia SPA 105,742
MSF-59
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
ITALY: (CONTINUED)
15,800 Unicredito Italiano SPA $ 93,599
14,400 *Unione Immobiliare SPA 7,507
-----------
Total Investments in Italy 1,291,048
- --------------------------------------------------------------------------------
JAPAN: 20.6%
1,000 77th Bank Ltd. 9,996
2,000 Ajinomoto General Foods, Inc. 21,230
1,000 Alps Electric Co., Ltd. 18,355
1,000 Amada Co., Ltd. 4,839
1,000 Amano Corp. 9,438
8,000 Asahi Bank Ltd. 29,297
2,000 Asahi Breweries Ltd. 29,456
5,000 Asahi Chemical Industry Co., Ltd. 23,839
4,000 Asahi Glass Co., Ltd. 24,803
2,000 Ashikaga Bank Ltd. 3,574
16,000 Bank of Tokyo-Mitsubishi 165,590
3,000 Bank of Yokohama Ltd. 7,192
3,000 Bridgestone Corp. 68,067
1,000 Brother Industries Ltd. 3,114
3,000 Canon Inc. 64,087
1,000 Casio Computer Co. 7,377
2,000 Chiba Bank Ltd. 7,943
3,000 Chichibu Onoda Cement Corp. 7,510
1,000 Chugai Pharmaceutical Co., Ltd. 9,996
1,000 Citizen Watch Co., Ltd. 6,015
3,000 Cosmo Oil Co., Ltd. 4,538
1,000 Credit Saison Co., Ltd. 24,635
1,000 CSK Corp. 22,999
3,000 Dai-Nippon Printing Co., Ltd. 47,820
2,000 Daicel Chemical Industries Ltd. 5,944
3,000 Daido Steel Co. 3,954
2,000 Daiei, Inc. 5,431
1,000 Daifuku Co. 5,343
1,000 Daiichi Pharmaceutical Co., Ltd. 16,886
1,000 Daikin Industries Ltd. 9,907
2,000 Daimaru, Inc. 6,015
2,000 Dainippon Ink & Chemicals, Inc. 5,467
2,000 Dainippon Screen Manufacturing Co., Ltd. 4,989
1,000 Daito Trust 8,660
2,000 Daiwa House Industry Co., Ltd. 21,283
1,000 Daiwa Kosho Lease Co., Ltd. 4,104
4,000 Daiwa Securities Co., Ltd. 13,658
3,000 Denki Kagaku Kogyo Kabushiki Kaisha 4,883
3,000 Denso Corp. 55,462
13 East Japan Railway Co. 72,561
1,000 Ebara Corp. 8,607
1,000 Eisai Co., Ltd. 19,460
1,000 Ezaki Glico Co. 5,723
1,000 Fanuc Ltd. 34,233
10,000 Fuji Bank Ltd. 36,798
2,000 Fuji Photo Film Ltd. 74,303
1,000 Fujikura 5,360
1,000 Fujita Kanko Inc. 8,872
6,000 Fujitsu Ltd. 79,876
2,000 Furukawa Electric Co., Ltd. 6,811
2,000 Gunma Bank Ltd. 15,869
2,000 Gunze Ltd. 4,812
3,000 Hankyu Corp. 13,162
1,000 Hankyu Department Stores, Inc. 6,555
1,000 Higo Bank Ltd. 4,573
11,000 Hitachi Ltd. 68,111
3,000 Hitachi Zosen Corp. 4,140
2,000 Hokuriku Bank 3,591
3,000 Honda Motor Co., Ltd. 98,452
1,000 Inax Corp. 6,457
9,000 Industrial Bank of Japan Ltd. 41,477
1,000 Isetan Co., Ltd. 10,721
2,000 *Ishihara Sangyo Kaisho Ltd. 3,273
1,000 Ito-Yokado Co., Ltd. 69,881
4,000 Itochu Corp. 7,713
1,000 Itoham Foods, Inc. 4,255
MSF-60
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
JAPAN: (CONTINUED)
2,000 Iwatani International Corp. $ 4,069
1,000 Jaccs Co., Ltd. 4,511
6,000 *Japan Airlines Co. 15,816
4,000 Japan Energy Corp. 3,786
4,000 *Japan Steel Works 4,954
2,000 JGC Corp. 4,688
3,000 Joyo Bank 11,729
1,000 Jusco Co., Ltd. 20,212
3,000 Kajima Corp. 7,828
1,000 Kamigumi Co., Ltd. 4,856
1,000 Kandenko Co. 6,758
4,000 *Kanebo Ltd. 3,963
1,000 Kaneka Corp. 7,492
3,000 Kansai Electric Power Co., Inc. 65,679
2,000 Kansai Paint Co., Ltd. 5,803
2,000 Kao Corp. 45,113
4,000 Kawasaki Heavy Industry 9,376
3,000 Kawasaki Kisen Kaisha Ltd. 4,034
11,000 Kawasaki Steel Corp. 16,444
1,000 Keihin Electric Express Railway 3,140
1,000 Kikkoman Corp. 6,351
1,000 Kinden Corp. 15,197
5,000 Kinki Nippon Railway Co., Ltd. 26,758
4,000 Kirin Brewery Co., Ltd. 50,951
1,000 Kissei Pharmaceutical Co., Ltd. 17,647
3,000 Komatsu Ltd. 15,736
1,000 Konami Co., Ltd. 28,925
1,000 Konica Corp. 4,556
1,000 Koyo Seiko Co., Ltd. 5,537
4,000 Kubota Ltd. 11,924
6,000 Kumagai-Gumi Co., Ltd. 4,617
1,000 Kuraray Co., Ltd. 11,031
2,000 Kureha Chemical Industry Co., Ltd. 5,219
1,000 Kyocera Corp. 52,809
1,000 Kyowa Hakko Kogyo Co., Ltd. 4,936
1,000 Kyudenko Corp. 6,758
1,000 Lion Corp. 4,166
1,000 Maeda Road Construction Co., Ltd. 6,714
1,000 Makino Milling Machine Co., Ltd. 5,723
1,000 Makita Corp. 11,137
4,000 Marubeni Corp. 6,864
1,000 Marui Co., Ltd. 19,239
7,000 Matsushita Electric Industrial Co., Ltd. 123,777
1,000 Meiji Milk Products Co., Ltd. 3,008
1,000 Meiji Seika Kaisha 3,981
1,000 Minebea Co., Ltd. 11,446
6,000 Mitsubishi Chemical Corp. 12,632
5,000 Mitsubishi Corp. 28,748
7,000 Mitsubishi Electric Corp. 21,981
4,000 Mitsubishi Estate Co., Ltd. 35,843
1,000 Mitsubishi Gas Chemical Co., Inc. 2,769
11,000 Mitsubishi Heavy Industries Ltd. 42,813
1,000 Mitsubishi Logistics Corp. 11,676
3,000 Mitsubishi Materials Corp. 5,042
2,000 Mitsubishi Oil Co., Ltd. 3,521
2,000 Mitsubishi Paper Mills Ltd. 4,087
2,000 Mitsubishi Rayon Co., Ltd. 5,467
4,000 Mitsubishi Trust & Banking Corp. 25,723
5,000 Mitsui & Co., Ltd. 27,908
5,000 *Mitsui Engineering & Shipbuilding 4,954
3,000 Mitsui Fudosan Co., Ltd. 22,689
3,000 Mitsui Marine & Fire Insurance Co., Ltd. 15,789
2,000 Mitsui Mining Co., Ltd. 9,854
3,000 Mitsui O.S.K. Lines, Ltd. 4,830
3,000 Mitsui Trust & Banking Corp. 3,423
1,000 Mitsui-Soko Co., Ltd. 3,388
1,000 Mitsukoshi Ltd. 2,654
1,000 Mori Seiki Co., Ltd. 11,322
1,000 Murata Manufacturing Co., Ltd. 41,486
1,000 Mycal Corp. 5,962
MSF-61
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
Schedule of Investments
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
JAPAN: (CONTINUED)
1,000 Nagase & Co., Ltd. $ 3,423
3,000 Nagoya Railroad Co., Ltd. 10,880
1,000 Namco Ltd. 20,080
2,000 Nankai Electric Railway Co., Ltd. 10,066
5,000 NEC Corp. 45,997
1,000 NGK Insulators Ltd. 12,888
1,000 NGK Spark Plug Co., Ltd. 10,181
2,000 Nichido Fire & Marine Insurance Co., Ltd. 9,819
2,000 Nichirei Corp. 4,759
1,000 Nikon Corp. 9,730
4,000 Nippon Express Co., Ltd. 22,503
2,000 Nippon Fire & Marine Insurance 7,360
4,000 Nippon Light Metal Co. 4,175
1,000 Nippon Meat Packers, Inc. 16,099
4,000 Nippon Oil Co., Ltd. 13,941
3,000 Nippon Paper Industries Co., Ltd. 13,640
1,000 Nippon Sharyo Ltd. 3,238
2,000 Nippon Sheet Glass Co., Ltd. 5,626
2,000 Nippon Shinpan Co. 3,927
1,000 Nippon Shokubai Co., Ltd. 5,378
22,000 Nippon Steel Corp. 39,894
43 Nippon Telephone & Telegraph Corp. 331,676
4,000 Nippon Yusen Kabushiki Kaisha 12,632
1,000 Nishimatsu Construction Co., Ltd. 5,838
8,000 Nissan Motor Co., Ltd. 24,485
1,000 Nisshinbo Industries, Inc. 3,485
1,000 Nitto Denko Corp. 16,630
10,000 NKK Corp. 6,811
7,000 Nomura Securities Co., Ltd. 60,991
1,000 Noritake Co., Ltd. 5,166
2,000 NSK Ltd. 7,466
1,000 NTN Corp. 3,220
2,000 Obayashi Corp. 9,589
2,000 Odakyu Electric Railway Co., Ltd. 6,988
3,000 Oji Paper Co., Ltd. 15,577
1,000 Okuma Corp. 5,201
1,000 Okumura Corp. 4,432
1,000 Olympus Optical Co., Ltd. 11,491
1,000 Omron Corp. 13,693
1,000 Onward Kashiyama Co., Ltd. 13,428
2,000 Orient Corp. 4,458
8,000 Osaka Gas Co., Ltd. 27,528
2,000 Penta-Ocean Construction 3,998
1,000 Pioneer Electronic Corp. 16,763
1,000 Q.P. Corp. 8,218
12,000 Sakura Bank Ltd. 27,492
1,000 Sanden Corp. 7,563
2,000 Sankyo Co., Ltd. 43,697
1,000 Sanrio Co., Ltd. 12,906
1,000 Sanwa Shutter Corp. 4,370
6,000 Sanyo Electric Co., Ltd. 18,576
1,000 Sapporo Breweries Ltd. 4,334
1,000 Seino Transportation Co., Ltd. 5,714
1,000 Seiyu Ltd. 2,937
2,000 Sekisui Chemical Co., Ltd. 13,445
2,000 Sekisui House Ltd. 21,141
4,000 Sharp Corp. 36,055
2,000 Shimizu Corp. 6,705
1,000 Shin-Etsu Chemical Co., Ltd. 24,060
1,000 Shionogi & Co., Ltd. 7,315
1,000 Shiseido Co., Ltd. 12,844
3,000 Shizuoka Bank 37,019
5,000 Showa Denko K.K. 4,379
1,000 Skylark Co., Ltd. 14,870
1,000 Snow Brand Milk Products Co., Ltd. 4,564
1,000 Sony Corp. 72,800
11,000 Sumitomo Bank Ltd. 112,870
5,000 Sumitomo Chemical Co., Ltd. 19,460
4,000 Sumitomo Corp. 19,460
2,000 Sumitomo Electric Industries 22,486
MSF-62
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
JAPAN: (CONTINUED)
1,000 Sumitomo Forestry Co., Ltd. $ 7,165
2,000 Sumitomo Heavy Industry, Ltd. 4,175
2,000 Sumitomo Marine & Fire Insurance Co. 12,667
10,000 Sumitomo Metal Industries Ltd. 11,411
2,000 Sumitomo Metal Mining Co., Ltd. 6,493
2,000 Sumitomo Osaka Cement Co., Ltd 3,733
3,000 Taisei Corp. 5,759
1,000 Taisho Pharmaceutical Co., Ltd. 27,510
1,000 Taiyo Yuden Co., Ltd. 11,835
1,000 Takara Shuzo Co., Ltd. 5,953
1,000 Takara Standard Co., Ltd. 8,403
1,000 Takashimaya Co. 8,412
3,000 Takeda Chemical Industries Ltd. 115,436
1,000 Takuma Co., Ltd. 6,395
3,000 Teijin Ltd. 11,039
1,000 Teikoku Oil Co., Ltd. 2,963
3,000 Tobu Railway Co., Ltd. 8,757
1,000 Toei Co., Ltd. 2,954
2,000 Tohoku Electric Power Co., Inc. 35,383
7,000 Tokai Bank Ltd. 33,065
5,000 Tokio Marine & Fire Insurance Co., Ltd. 59,708
1,000 Tokyo Broadcasting System 11,172
1,000 Tokyo Dome Corp. 5,325
5,000 Tokyo Electric Power 123,397
1,000 Tokyo Electron Ltd. 37,948
9,000 Tokyo Gas Co., Ltd. 23,644
1,000 Tokyo Steel Manufacturing 5,007
1,000 Tokyo Style Co. 10,119
3,000 Tokyu Corp. 7,881
2,000 Toppan Printing Co., Ltd. 24,414
5,000 Toray Industries, Inc. 26,095
3,000 *Tosoh Corp. 4,299
1,000 Tostem Corp. 19,814
1,000 Toto Ltd. 8,023
1,000 *Toyo Exterior Co., Ltd. 9,730
1,000 Toyo Seikan Kaisha 16,966
3,000 Toyobo Co., Ltd. 3,874
1,000 Toyoda Automatic Loom 17,682
13,000 Toyota Motor Corp. 353,030
3,000 Ube Industries Ltd. 4,538
1,000 Uny Co., Ltd. 18,266
1,000 Wacoal Corp. 12,853
1,000 Yamaguchi Bank Ltd. 9,429
1,000 Yamaha Corp. 10,349
1,000 Yamanouchi Pharmaceuticals Ltd. 32,198
1,000 Yamato Transport Co., Ltd. 13,976
1,000 Yamazaki Baking Co., Ltd 13,030
4,000 Yasuda Trust & Banking 3,078
1,000 Yokogawa Electric 4,954
-------------
Total Investments in Japan 5,249,898
- --------------------------------------------------------------------------------
NETHERLANDS: 5.4%
4,900 ABN-AMRO Holdings NV 103,023
1,000 Akzo Nobel NV 45,510
100 ASR Verzekeringsgroep NV 9,049
200 Buhrmann NV 3,577
2,200 Elsevier NV 30,798
300 Getronics NV 14,851
1,100 Heineken NV 66,163
300 Hollandsche Beton Groep NV 3,705
100 IHC Caland NV 4,152
3,200 ING Groep NV 195,028
200 KLM Royal Dutch 6,047
2,100 Koninklijke Ahold NV 77,575
100 Koninklijke Hoogovens CVA NV 2,768
1,600 *Koninklijke KPN NV 80,055
300 Koninklijke Nedlloyd Groep NV 4,072
300 Oce NV 10,779
1,200 Philips Electronics NV 80,481
7,200 Royal Dutch Petroleum Co. 358,333
200 Stork NV 4,567
MSF-63
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
NETHERLANDS: (CONTINUED)
1,600 TNT Post Groep NV $ 51,525
2,200 Unilever NV 187,949
200 Wolters Kluwer NV 42,774
------------
Total Investments in Netherlands 1,382,781
- --------------------------------------------------------------------------------
NEW ZEALAND: 0.2%
14,700 Brierley Investment Ltd. 3,326
5,000 Carter Holt Harvey Ltd. 4,473
2,700 Fletcher Challenge Ltd. (bldg. shares) 4,163
1,700 Fletcher Challenge Ltd. (energy shares) 3,220
6,700 Fletcher Challenge Ltd. (paper shares) 4,477
1,600 Lion Nathan Ltd. 4,067
5,800 Telecom Corp. of New Zealand 25,179
------------
Total Investments in New Zealand 48,905
- --------------------------------------------------------------------------------
NORWAY: 0.4%
300 Aker Rgi ASA Cl. A 3,158
300 Bergesen D.Y. ASA Cl. A 3,593
1,600 Christiania Bank og Kreditkasse 5,559
1,900 Den Norske Bank ASA 6,576
400 Elkem ASA 4,790
200 Kvaerner Industries Cl. A 3,948
400 Merkantildata ASA 3,948
1,800 *NCL Holdings ASA 4,264
700 Norsk Hydro ASA 23,676
100 Norske Skogsindustrier ASA Cl. A 2,922
500 Orkla ASA Cl. A 7,469
300 Orkla ASA Cl. B 3,928
300 *Petroleum Geo-Services 3,830
400 Schibsted ASA 5,054
800 *Storebrand ASA Cl. A 6,054
100 Tomra Systems ASA 3,290
------------
Total Investments in Norway 92,059
- --------------------------------------------------------------------------------
PORTUGAL: 0.6%
600 Banco Comercial Portugues SA 18,455
400 Banco Espirito Santo & Comercial SA 12,420
200 BPI-SGPA SA 6,790
200 *Brisa Auto-Estradas de Portugal SA 11,778
200 Cimpor-Cimento de Portugal SA 6,387
300 Corticeira Amorim SGPS SA 4,307
1,900 *Electricidade de Portugal SA 41,851
200 Jeronimo Martins SGPS SA 10,946
600 Portucel Industrial Celulose SA 3,938
600 Portugal Telecom SA 27,522
100 Seguros Tranquilid 3,193
100 Sonae Investimentos SA 4,864
200 Unicer - Uniao Cervejaria SA 4,775
------------
Total Investments in Portugal 157,226
- --------------------------------------------------------------------------------
SINGAPORE: 0.8%
3,000 City Development Ltd. 12,992
1,000 Cycle & Carriage Ltd. 3,422
3,000 DBS Land Ltd. 4,416
3,000 Development Bank of Singapore Ltd. (foreign
shares) 27,075
1,000 Fraser and Neave Ltd. 2,919
2,000 Keppel Corp. 5,354
3,000 Natsteel Ltd. 3,289
12,000 *Neptune Orient Lines Ltd. 3,852
4,000 Overseas Chinese Banking Corp., Ltd. (foreign
shares) 27,135
2,000 Parkway Holdings 3,561
5,000 *Sembcorp Industrie 5,694
4,000 Singapore Airlines Ltd. (foreign shares) 29,316
1,000 Singapore Press Holdings Ltd. 10,903
8,000 *Singapore Technologies Engineering 7,462
20,000 Singapore Telecommunications Ltd. 30,527
8,000 United Industrial Corp., Ltd. 3,198
3,000 United Overseas Bank Ltd. (foreign shares) 19,261
6,000 United Overseas Land Ltd. 4,070
1,000 Venture Manufacturing Ltd. 3,816
------------
Total Investments in Singapore 208,262
- --------------------------------------------------------------------------------
MSF-64
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
SPAIN: 3.3%
200 Acerinox SA $ 4,651
100 *ACS Actividades SA 3,940
200 Aguas De Barcelona SA 13,369
400 *Aguila SA 3,856
1,600 *Argentaria Corp. Bancaria de Espana 41,373
400 *Asturiana De Zinc 3,476
800 Autopistas Concesionares Espanola SA 13,285
200 Azucarera Ebro SA 4,405
3,600 Banco Central Hispanoamericano SA 42,682
6,900 Banco de Bilbao Vizcaya SA 108,025
3,900 Banco de Santander SA 77,385
200 Corporacion Mapfre, CIA Internacional de
Reaseguros SA 5,418
100 Cortefiel SA 2,632
200 Dragados y Construcciones SA 7,360
300 Empresa Nacional Celulosas SA 5,024
3,200 Endesa SA 84,661
200 *Fomento de Construcciones y Contratas SA 14,847
500 Gas Natural SDG SA 54,355
3,000 Iberdrola SA 56,044
300 *Inmobilaria Ubris SA 4,655
100 Metrovacesa SA 2,997
100 Portland Valderrivas SA 4,081
300 Prosegur, Compania De Seguridad SA 3,494
5,000 *Puleva SA 3,342
1,000 Repsol SA 53,265
100 Sol Melia SA 3,483
600 Tabacalera Contreras Cigar Co. Cl. A 15,114
600 *Tele Pizza SA 5,699
3,400 Telefonica de Espagna SA 150,957
3,400 Telefonica de Espagna SA (rts.) 3,014
900 Union Electric Fenosa SA 15,547
400 Uralita SA 4,447
400 Vallehermoso SA 5,713
100 Viscofan Envoltura SA 3,230
200 Zardoya-Otis SA 6,234
------------
Total Investments in Spain 832,060
- --------------------------------------------------------------------------------
SWEDEN: 2.5%
2,500 ABB AB Cl. A 26,616
800 ABB AB CL. B 8,468
400 AGA AB Cl. A 5,292
300 AGA AB Cl. B 3,932
4,400 Astra AB Cl. A 89,627
1,000 Astra AB Cl. B 20,308
400 Atlas Copco AB Cl. A 8,763
600 Diligentia AB 4,209
500 *Drott AB Cl. B 4,585
1,100 Electrolux AB Cl. B 18,887
6,000 Ericsson (L.M.) Telephone Cl. B 142,527
300 Esselte AB Cl. A 4,800
300 Esselte AB Cl. B 4,911
1,100 Foreningssparbanken AB Cl. A 28,432
300 Granges AB 4,320
700 Hennes & Mauritz Cl. B 57,035
300 *Netcom AB Cl. B 12,185
200 OM Gruppen AB 2,511
300 S.K.F AB Cl. A 3,397
300 S.K.F. AB Cl. B 3,489
500 Sandvik AB Cl. A 8,677
200 Sandvik AB Cl. B 3,446
1,100 Securitas AB Cl. B 17,059
1,900 Skand Enskilda BKN Cl. A 19,994
1,700 Skandia Foersaekrings AB 25,945
300 Skanska AB Cl. B 8,308
400 SSAB Svenskt Stal AB Cl. A 3,816
400 SSAB Svenskt Stal AB Cl. B 3,816
600 Svenska Cellulosa AB Cl. B 13,071
700 Svenska Handelsbanken AB Cl. A 29,465
100 Svenska Handelsbanken AB Cl. B 3,828
1,200 Swedish Match AB 4,357
MSF-65
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
SWEDEN: (CONTINUED)
400 Trelleborg AB Cl. B $ 3,249
400 Volvo AB Cl. A 8,936
1,000 Volvo AB Cl. B 22,893
200 *Wm-data AB Cl. B 8,517
------------
Total Investments in Sweden 639,671
- --------------------------------------------------------------------------------
SWITZERLAND: 7.9%
26 ABB AG 30,472
100 Adecco SA 45,643
19 Alusuisse Lonza Group Ltd. 22,130
900 Credit Suisse Group 140,861
17 Holderbank Financiere Glarus AG 20,122
3 Jelmoli Holdings Ltd. AG 3,363
1 Kuoni Reisen Holdings AG Cl. B 3,967
132 Nestle SA 287,312
209 Novartis AG (registered shares.) 410,788
22 Novartis AG (bearer shares.) 43,241
5 Roche Holdings AG (bearer shares.) 90,540
24 Roche Holdings AG (genusshein) 292,815
3 Schindler Holdings AG (registered shares.) 5,110
3 Schindler Holdings AG (part. certificate) 4,805
4 SGS Societe Generale de Surveillance Holdings SA 3,916
100 Swatch Group 14,978
48 Swiss Reinsurance AG 125,128
200 *Swisscom AG 83,716
700 UBS AG 215,040
100 Valora Holdings AG 27,044
200 *Zurich Allied AG 148,067
------------
Total Investments in Switzerland 2,019,058
- --------------------------------------------------------------------------------
UNITED KINGDOM: 20.7%
4,800 Abbey National PLC 102,156
5,200 *Allied Zurich PLC 78,143
1,500 AMEC PLC 4,423
900 Anglian Water, Inc. 12,497
2,400 Arjo Wiggins Appleton PLC 4,506
2,800 Associated British Foods PLC 26,376
5,000 *B.A.T. Industries PLC 44,027
3,600 BAA PLC 42,286
5,100 Barclays PLC 110,575
1,000 Barratt Developments PLC 3,838
2,600 Bass PLC 37,624
1,200 BBA Group PLC 7,436
500 Berkeley Group PLC 3,668
13,200 BG PLC 84,871
3,600 BICC PLC 4,187
2,200 Blue Circle Industries PLC 11,514
1,600 BOC Group PLC 22,941
3,100 Boots Co. PLC 52,997
600 Bowthorpe PLC 3,459
1,500 BPB PLC 5,483
5,800 British Aerospace PLC 49,433
3,500 British Airways PLC 24,074
1,500 British Land Co. 11,115
19,800 British Petroleum Co. PLC 294,747
5,500 British Sky Broadcasting Group PLC 41,668
5,700 British Steel PLC 8,641
21,600 British Telecommunications PLC 326,925
10,900 BTR PLC 22,365
1,300 Bunzl PLC 5,076
600 Burmah Castrol PLC 8,573
8,100 Cable & Wireless PLC 99,046
3,400 Cadbury Schweppes PLC 58,182
4,900 Caradon PLC 8,385
2,000 Carlton Communications PLC 18,408
13,900 *Centrica PLC 28,520
8,800 Coats Viyella PLC 3,947
300 Cobham PLC 3,474
4,400 Commercial Union PLC 69,374
2,200 Compass Group PLC 25,110
1,400 Courtaulds Textiles PLC 3,768
MSF-66
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE
(NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
UNITED KINGDOM: (CONTINUED)
1,400 De LA Rue PLC $ 4,722
1,700 Delta PLC 3,135
12,100 Diageo PLC 134,188
1,200 Electrocomponents PLC 7,915
2,300 Elementis PLC 3,133
2,300 EMI Group PLC 15,400
1,500 English China Clays PLC 4,062
1,900 FKI PLC 4,230
8,900 General Electric Co. PLC 80,586
2,300 GKN PLC 30,570
12,000 Glaxo Wellcome PLC 413,092
3,000 Granada Group PLC 52,583
1,200 Great Portland Estates PLC 3,928
3,300 Great University Stores PLC 34,815
3,000 Guardian Royal Exchange PLC 16,797
8,500 Halifax PLC 120,213
800 Hammerson PLC 4,546
1,900 Hanson PLC 15,120
1,400 Hepworth PLC 3,675
6,100 HSBC Holdings PLC 154,552
2,900 HSBC Holdings PLC 79,884
400 Hyder PLC 5,051
1,000 IMI PLC 3,921
2,400 Imperial Chemical Industries PLC 20,794
6,400 J. Sainsbury PLC 51,783
400 Jarvis PLC 4,439
700 Johnson Matthey Public Ltd. Co. 4,722
4,400 Kingfisher PLC 47,662
3,400 Ladbroke Group PLC 13,670
1,800 Laird Group PLC 4,875
1,800 Land Securities PLC 23,027
2,800 Lasmo PLC 4,652
4,300 Legal & General Group PLC 56,081
18,200 Lloyds TSB Group PLC 259,136
600 Lex Service PLC 3,838
700 Lonrho PLC 3,815
4,100 Lucas Varity PLC 13,692
9,400 Marks & Spencer PLC 64,655
2,200 Marley PLC 4,459
1,000 MEPC PLC 6,646
800 Meyer International PLC 4,559
1,700 Misys PLC 12,484
4,800 National Grid Co. PLC 38,279
3,900 National Power PLC 33,628
1,100 Next PLC 9,010
450 Ocean Group PLC 5,652
2,200 P & O PLC 26,024
2,000 Pearson PLC 39,769
3,200 Pilkington PLC 3,190
800 Provident Financial PLC 11,736
6,400 Prudential Corp. PLC 97,629
800 Racal Electronics 4,625
1,700 Railtrack Group PLC 44,343
2,200 Rank Group PLC 8,409
3,600 Reed International PLC 28,589
9,400 Rentokil Group PLC 71,058
4,900 Reuters Group PLC 51,695
1,200 Rexam PLC 3,329
3,500 Rio Tinto-Zinc PLC 40,704
800 RMC Group PLC 10,939
4,900 Rolls Royce PLC 20,352
5,100 Royal & Sun Alliance PLC 41,518
2,800 Royal Bank Scotland Group PLC 45,775
2,700 Rugby Group PLC 4,172
3,700 Safeway PLC 18,565
900 Schroders PLC 16,433
2,000 Scottish & Newcastle Breweries 23,260
3,900 Scottish Power PLC 40,173
1,000 Sears PLC 4,286
6,700 Siebe PLC 26,326
MSF-67
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
UNITED KINGDOM: (CONTINUED)
1,100 Slough Estates PLC $ 4,971
18,700 SmithKline Beecham PLC 259,168
900 Smiths Industries PLC 12,904
1,400 *Southern Electric PLC 15,863
1,200 St. James Place Capital 5,762
4,300 Stagecoach Holdings PLC 17,217
2,700 Tarmac PLC 5,046
1,300 Tate & Lyle PLC 6,998
1,400 Taylor Woodrow PLC 3,466
21,700 Tesco PLC 63,092
1,200 Thames Water PLC 23,127
1,500 TI Group PLC 8,068
1,000 Transport Development Group PLC 3,946
700 Unigate PLC 5,042
11,000 Unilever PLC 123,725
1,400 United Biscuits Holdings PLC 5,501
1,800 United Utilities PLC 24,971
1,300 Vickers Group PLC 3,866
10,400 Vodafone Group PLC 168,985
2,100 Williams PLC 12,002
1,900 Wilson (Connolly) Holdings PLC 3,441
2,000 Wimpey (George) PLC 3,630
1,700 Wolseley PLC 10,676
3,200 Zeneca Group PLC 139,398
-------------
Total Investments in United Kingdom 5,275,278
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $22,609,566) ......................... 24,434,483
-------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 0.5%
- --------------------------------------------------------------------------------
AUSTRALIA: 0.1%
6,000 *News Corp., Ltd. 36,510
-------------
Total Investments in Australia 36,510
- --------------------------------------------------------------------------------
FRANCE: 0.0%
100 Casino Guichard Perrachon 6,421
-------------
Total Investments in France 6,421
- --------------------------------------------------------------------------------
GERMANY: 0.4%
100 Herlitz AG 2,761
100 *Metro AG 4,818
400 Rheinmetall AG 7,512
300 RWE AG (non-vtg.) 10,944
100 SAP AG-Vorzug 47,714
300 Volkswagen AG 14,941
-------------
Total Investments in Germany 88,690
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $134,810) ............................. 131,621
-------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 5.5%
- --------------------------------------------------------------------------------
1,400,000 Federal Home Loan Bank 4.500% 1/4/99 1,399,475
-------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $1,399,475) ........................... 1,399,475
-------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 102.0%
(Cost $24,143,851) 25,965,578
-------------
OTHER ASSETS LESS LIABILITIES (2.0)% ........ (512,128)
-------------
TOTAL NET ASSETS : 100.0% .................... $25,453,451
=============
- --------------------------------------------------------------------------------
LEGEND:
- ------
* Non-income producing security.
See Notes to Financial Statements.
MSF-68
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
AS A PERCENTAGE OF TOTAL VALUE OF INVESTMENTS
Aerospace............................................................ 0.3%
Automotive........................................................... 4.7
Banking.............................................................. 13.5
Broadcasting......................................................... 1.0
Building & Construction.............................................. 0.9
Business Services.................................................... 1.3
Chemicals............................................................ 2.5
Computer Equipment & Service......................................... 0.5
Construction & Mining Equipment...................................... 0.1
Construction Materials............................................... 2.1
Consumer Products.................................................... 1.2
Containers & Glass................................................... 0.2
Cosmetics............................................................ 0.1
Drugs & Health Care.................................................. 8.9
Electrical Equipment................................................. 2.1
Electronics.......................................................... 1.9
Entertainment & Leisure.............................................. 0.7
Financial Services................................................... 2.3
Food & Beverages..................................................... 5.0
Forest Products & Paper.............................................. 0.5
General Business..................................................... 0.1
Homebuilders......................................................... 0.2
Hotel & Motel........................................................ 0.2
Household Appliances & Home Furnishings.............................. 0.7
Industrial Components & Material..................................... 0.4
Insurance............................................................ 7.6
Liquor............................................................... 0.9
Machinery............................................................ 1.3
Metals-Aluminum...................................................... 0.1
Metals-Non-Ferrous................................................... 0.2
Metals-Steel & Iron.................................................. 1.0
Mining............................................................... 0.1
Miscellaneous........................................................ 0.1
Multi-Industry....................................................... 3.5
Office & Business Equipment.......................................... 0.5
Oil & Gas Exploration................................................ 0.7
Oil-International.................................................... 4.1
Personal Care........................................................ 0.7
Photography.......................................................... 0.3
Plastics............................................................. 0.1
Printing & Publishing................................................ 0.9
Real Estate.......................................................... 1.5
Restaurant........................................................... 0.1
Retail Grocery....................................................... 0.4
Retail Trade......................................................... 3.4
Software............................................................. 0.7
Telecommunications Equipment & Services.............................. 5.3
Textiles & Apparel................................................... 0.4
Tires & Rubber....................................................... 0.5
Tobacco.............................................................. 0.3
Transportation-Airlines.............................................. 0.5
Transportation-Miscellaneous......................................... 0.3
Transportation-Railroad.............................................. 1.0
Transportation-Shipping.............................................. 0.5
Utilities-Electric................................................... 3.5
Utilities-Gas Distribution & Pipelines............................... 1.3
Utilities-Miscellaneous.............................................. 0.6
Utilities-Telephone.................................................. 6.2
-----
100.0%
=====
Excludes short-term securities.
See Notes to Financial Statements.
MSF-69
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 98.2%
- --------------------------------------------------------------------------------
AEROSPACE: 0.8%
1,000 AAR Corp. $ 23,875
1,200 Ametek Aerospace Products, Inc. 26,775
300 *Aviation Sales Co. 12,188
1,500 *Banner Aerospace, Inc. 14,156
1,000 *BE Aerospace 20,969
300 Curtiss-Wright Corp. 11,438
800 *Ducommun, Inc. 11,050
800 *Fairchild Corp. Cl. A 12,600
1,800 Gencorp, Inc. 44,887
500 Heico Corp. 15,781
800 Kaman Corp. Cl. A 12,850
500 *Kellstrom Industries, Inc. 14,375
1,800 *Ladish, Inc. 15,525
900 Precision Castparts Corp. 39,825
300 *Primex Technologies, Inc. 12,900
2,700 *TriStar Aerospace Co. 18,900
400 *Triumph Group, Inc. 12,800
------------
320,894
- --------------------------------------------------------------------------------
AUTOMOTIVE: 1.6%
800 Applied Industrial Technologies, Inc. 11,100
1,000 Arvin Industries, Inc. 41,687
900 *Borg-Warner Automotive, Inc. 50,231
1,000 *Budget Group, Inc. Cl. A 15,875
900 CLARCOR, Inc. 18,000
500 *Detroit Diesel Corp. 10,344
500 *Discount Auto Parts, Inc. 10,969
800 Excel Industries, Inc. 14,000
1,700 Federal Signal Corp. 46,537
3,000 *Gentex Corp. 60,094
700 *Group 1 Automotive, Inc. 18,200
700 *Hayes Lemmerz International, Inc. 21,131
700 *Keystone Automotive Industries, Inc. 14,744
2,000 Mark IV Industries, Inc. 26,000
1,300 MascoTech, Inc. 22,263
600 *Midas, Inc. 18,675
2,300 *Miller Industries, Inc. 10,350
800 Modine Manufacturing Co. 28,950
500 *O' Reilly Automotive, Inc. 23,531
800 OEA, Inc. 9,450
500 Standard Motor Products, Inc. Cl. A 12,125
600 Standard Products Co. 12,225
800 Superior Industries International, Inc. 22,250
2,000 *Tower Automotive, Inc. 49,875
900 *United Auto Group, Inc. 8,269
625 Varlen Corp. 14,395
800 Wabash National Corp. 16,250
------------
607,520
- --------------------------------------------------------------------------------
BANKING: 8.4%
400 1st Source Corp. 13,725
1,000 Advanta Corp. Cl. A 13,187
400 Alabama National Bancorporation 10,763
1,100 AMCORE Financial, Inc. 25,128
700 Anchor Bancorp Wisconsin, Inc. 16,537
400 Andover Bancorp, Inc. 13,800
3,600 *Arcadia Financial Ltd. 13,050
400 Area Bancshares Corp. 10,500
300 BancFirst Corp. 10,856
400 BancFirst Ohio Corp. 11,950
1,600 BancorpSouth, Inc. 28,900
1,100 BancWest Corp. 52,800
400 Bank of Granite Corp. 11,050
3,300 *Bank Plus Corp. 14,334
1,400 BankAtlantic Bancorp, Inc. 10,150
600 Banknorth Group, Inc. 22,575
1,700 *Bankunited Financial Corp. 13,547
700 Bay View Capital Corp. 15,094
206 *Bok Financial Corp. 9,669
700 Brenton Banks, Inc. 11,725
MSF-70
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BANKING: (CONTINUED)
900 *Brookline Bancorp, Inc. $ 10,322
400 BSB Bancorp, Inc. 13,050
500 BT Financial Corp. 13,594
400 Capital City Bank Group, Inc. 11,075
1,300 Carolina First Corp. 32,906
300 Cathay Bancorp, Inc. 12,281
400 Century South Banks, Inc. 11,075
500 Chemical Financial Corp. 16,969
500 Chittenden Corp. 16,000
900 Citizens Banking Corp. 30,262
400 City Holding Co. 12,800
1,500 CNB Bancshares, Inc. 69,937
700 *Columbia Banking System, Inc. 12,862
900 Commerce Bancorp, Inc. 47,250
2,500 Commercial Federal Corp. 57,969
800 Commonwealth Bancorp, Inc. 12,575
400 Community Bank System, Inc. 11,725
2,100 Community First Bankshares 44,166
500 Community Trust Bancorp, Inc. 11,844
300 Corus Bankshares, Inc. 9,638
1,200 Cullen Frost Bankers, Inc. 65,850
550 CVB Financial Corp. 12,375
500 D & N Financial Corp. 11,766
500 Dime Community Bancorp, Inc. 10,391
1,100 Doral Financial Corp. 24,612
700 Downey Financial Corp. 17,806
400 Evergreen Bancorp, Inc. 12,850
400 F & M Bancorp 12,900
400 F & M Bancorporation, Inc. 11,950
800 F & M National Corp. 23,950
600 F N B Corp. 16,875
300 Farmers Capital Bank Corp. 10,950
1,400 First Bancorp 42,262
400 First Citizens Bancshares, Inc. 36,200
800 First Commonwealth Financial Corp. 19,600
700 First Federal Capital Corp. 11,353
1,100 First Financial Bancorp 31,728
330 First Financial Bankshares, Inc. 11,633
300 First Financial Corp. 14,625
500 First Industry Corp. 9,781
600 First Liberty Financial Corp. 12,675
400 First Merchants Corp. 10,425
1,300 First Midwest Bancorp, Inc. 49,481
400 *First Republic Bank 10,025
1,400 First Sentinel Bancorp, Inc. 11,419
800 First United Bancshares, Inc. 14,275
500 First Washington Bancorp, Inc. 12,063
400 First Western Bancorp, Inc. 12,700
1,200 *FirstCity Financial Corp. 15,262
700 *FirstFed Financial Corp. 12,513
400 *Flagstar Bancorp, Inc. 10,675
200 *Frontier Financial Corp. 9,200
500 GBC Bancorp 12,828
800 *Gold Banc Corp., Inc. 12,250
990 Grand Premier Financial, Inc. 12,251
400 Greater Bay Bancorp 13,375
400 *Hamilton Bancorp, Inc. 10,525
400 Hancock Holding Co. 17,800
1,100 Harbor Florida Bancshares, Inc. 12,341
300 Harleysville National Corp. 11,794
700 Harris Financial, Inc. 9,363
900 Haven Bancorp, Inc. 13,781
300 Horizon Bancorp, Inc. 10,022
1,600 Hubco, Inc. 48,450
1,200 Imperial Bancorp 19,950
3,700 *Independence Community Bank Corp. 58,737
700 Independent Bank Corp. 12,075
400 International Bancshares Corp. 20,150
MSF-71
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BANKING: (CONTINUED)
800 Interwest Bancorp, Inc. $ 17,700
400 Irwin Financial Corp. 10,775
500 Jeffbanks, Inc. 9,844
900 Jefferson Savings Bancorp, Inc. 11,981
300 JSB Financial, Inc. 16,312
1,400 *Local Financial Corp. 12,600
1,200 MAF Bancorp, Inc. 31,725
400 Mahoning National Bancorp, Inc. 12,200
500 Main Street Bancorp, Inc. 23,469
300 Merchants N.Y. Bancorp, Inc. 10,838
400 Michigan Financial Corp. 13,100
412 Mid-America Bancorp 11,176
300 Mississippi Valley Bankshares, Inc. 10,013
600 National Bancorp of Alaska, Inc. 20,325
400 *National City Bancorporation 10,350
420 National City Bancshares, Inc. 15,592
500 National Penn Bancshares, Inc. 13,500
525 NBT Bancorp, Inc. 12,338
1,000 Northwest Bancorp, Inc. 9,719
800 Ocean Financial Corp. 13,250
1,100 Old National Bancorp 61,462
400 Omega Financial Corp. 12,200
1,400 One Valley Bancorp West Virginia, Inc. 46,025
400 Oriental Financial Group, Inc. 12,525
600 Pacific Capital Bancorp 15,300
1,100 *PBOC Holdings, Inc. 11,378
1,300 Peoples Bancorp, Inc. 14,056
400 Peoples Holding Co. 12,925
400 Pinnacle Banc Group, Inc. 11,338
1,000 Premier Bancshares, Inc. 26,187
700 Prime Bancorp, Inc. 11,463
900 Provident Bankshares Corp. 22,444
700 Queens County Bancorp, Inc. 20,781
400 Reliance Bancorp, Inc. 11,163
800 Republic Bancorp, Inc. 10,950
1,000 *Republic Bancshares, Inc. 13,187
1,100 Republic Banking Corp. of Florida 11,584
1,700 Republic Security Financial Corp. 20,241
1,000 *Richmond County Financial Corp. 16,156
700 Riggs National Corp. 14,241
1,500 *Roslyn Bancorp, Inc. 32,109
1,000 S & T Bancorp, Inc. 27,375
400 *Sandy Spring Bancorp, Inc. 12,225
400 Shoreline Financial Corp. 10,475
400 Signal Corp. 13,500
700 *Silicon Valley Bancshares 11,922
300 Simmons First National Corp. Cl. A 11,128
300 SIS Bancorp, Inc. 13,772
1,930 Sky Financial Group, Inc. 51,085
700 *Southwest Bancorporation of Texas, Inc. 12,469
1,800 St. Paul Bancorp, Inc. 48,994
1,700 Staten Island Bancorp, Inc. 33,894
500 Sterling Bancorp 11,406
800 Sterling Bancshares, Inc. 11,950
300 Sterling Financial Corp. 12,413
300 Sterling Financial Corp. 13,462
1,200 Susquehanna Bancshares, Inc. 24,562
600 T R Financial Corp. 23,569
500 Texas Regional Bancshares, Inc. Cl. A 12,453
800 Triangle Bancorp, Inc. 12,650
600 Trust Company of New Jersey 14,775
1,000 TrustCo Bank Corp. 30,000
600 U.S. Bancorp, Inc. 11,963
500 UMB Financial Corp. 22,906
1,700 United Bankshares, Inc. 45,209
500 United National Bancorp 11,625
770 USB Holdings Co., Inc. 12,994
1,600 UST Corp. 37,700
MSF-72
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BANKING: (CONTINUED)
500 Vermont Financial Services $ 16,687
600 Washington Trust Bancorp, Inc. 12,450
1,400 Webster Financial Corp. 38,456
800 Wesbanco, Inc. 23,625
600 West Coast Bancorp (Oregon) 12,637
1,900 Westamerica Bancorp. 69,884
1,400 Westcorp, Inc. 9,713
600 *Western Bancorp 17,531
1,500 Westernbank Puerto Rico 24,000
1,200 Whitney Holding Corp. 45,450
700 *WSFS Financial Corp. 11,813
-----------
3,206,746
- --------------------------------------------------------------------------------
BIOTECHNOLOGY: 1.0%
6,000 *Advanced Tissue Sciences, Inc. 15,844
2,400 *Cell Genesys, Inc. 14,475
1,700 *Dura Pharmaceuticals, Inc. 25,712
1,300 *Gilead Sciences, Inc. 53,341
800 *Human Genome Sciences, Inc. 28,375
1,200 *Imclone Systems, Inc. 10,725
1,000 *MedImmune, Inc. 99,687
800 *Miravant Medical Technologies 9,950
1,100 *Organogenesis, Inc. 12,375
700 *Protein Design Labs, Inc. 16,231
1,400 *Regeneron Pharmaceuticals, Inc. 10,588
900 *Serologicals Corp. 26,831
1,100 *Thermo BioAnalysis Corp. 14,575
600 *Transkaryotic Therapies, Inc. 15,075
600 *Zonagen, Inc. 11,363
-----------
365,147
- --------------------------------------------------------------------------------
BROADCASTING: 0.9%
1,500 *AT Entertainment, Inc. 9,937
600 *CD Radio, Inc. 20,587
1,600 *Century Communications Corp. Cl. A 50,850
300 *Cox Radio, Inc. Cl. A 12,675
500 *Echostar Communications Corp. Cl. A 24,266
400 *Emmis Communications Corp. Cl. A 17,350
700 Gray Communications Systems, Inc. 12,819
500 *Jones Intercable, Inc. Cl. A 17,875
300 *Metro Networks, Inc. 12,769
1,500 *Paxson Communications Corp. 13,781
600 *Pegasus Communications Corp. Cl. A 15,019
1,700 *Spelling Entertainment Group, Inc. 12,750
1,400 *United International Holdings, Inc. Cl. A 26,775
1,700 *United STS Satellite Broadcasting Cl. A 23,322
200 United Television, Inc. 22,700
800 *Westwood One, Inc. 24,400
400 *Young Broadcasting, Inc. Cl. A 16,712
-----------
334,587
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION: 0.6%
700 *American Homestar Corp. 10,544
1,000 Apogee Enterprises, Inc. 11,250
900 Blount International, Inc. Cl. A 22,444
700 Calmat Co. 21,612
1,300 D. R. Horton, Inc. 29,900
1,700 *Fairfield Communities, Inc. 18,806
700 Granite Construction, Inc. 23,494
900 *Group Maintenance America Corp. 10,913
800 Hughes Supply, Inc. 23,400
900 *Insituform Technologies, Inc. Cl. A 13,022
500 *MasTec, Inc. 10,500
1,200 *Morrison Knudsen Corp. 11,700
700 *NCI Building Systems, Inc. 19,687
600 *URS Corp. 14,025
-----------
241,297
- --------------------------------------------------------------------------------
BUSINESS SERVICES: 6.6%
300 *Abacus Direct Corp. 13,734
600 ABM Industries, Inc. 20,775
2,100 *Acxiom Corp. 64,969
400 *Administaff, Inc. 10,000
400 *Advance Paradigm, Inc. 13,850
MSF-73
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BUSINESS SERVICES: (CONTINUED)
800 *ADVO, Inc. $ 21,100
400 *AHL Services, Inc. 12,438
1,400 *Alternative Resources Corp. 15,094
1,800 *American Management Systems, Inc. 72,112
600 *AnswerThink Consulting Group, Inc. 16,125
700 *BA Merchant Services, Inc. Cl. A 14,088
1,100 Banta Corp. 30,112
400 *Berlitz International, Inc. 11,600
1,200 *Billing Concepts Corp. 13,238
1,100 *Bisys Group, Inc. 56,719
600 *Borg-Warner Security Corp. 11,250
400 *Boron Lepore & Associates, Inc. 13,713
1,300 *Bowne & Co., Inc. 23,237
800 *Brookdale Living Communities, Inc. 15,300
1,700 *Building One Services Corp. 35,275
1,500 *Caribiner International 13,688
700 *Catalina Marketing Corp. 47,862
1,000 *CCC Information Services Group, Inc. 17,062
500 *CDI Corp. 10,094
700 *CEC Entertainment, Inc. 19,425
1,900 *Cellnet Data Systems, Inc. 9,559
1,700 *Century Business Services, Inc. 24,491
600 *Choicepoint, Inc. 38,700
800 *CMG Information Services, Inc. 85,225
500 *Complete Business Solutions, Inc. 16,906
1,100 *Computer Horizons Corp. 29,219
600 Computer Task Group, Inc. 16,275
500 *Concentric Network Corp. 16,703
700 *Conning Corp. 14,438
600 *Consolidated Graphics, Inc. 40,537
500 *Copart, Inc. 16,344
600 *Cort Business Services Corp. 14,550
1,300 Crawford & Co. Cl. B 20,069
500 Dain Rauscher Corp. 14,750
1,000 Dames & Moore Group, Inc. 12,875
500 *Data Processing Resources Corp. 14,625
400 *Data Transmission Network Corp. 11,500
600 *DBT Online, Inc. 14,962
700 *Diamond Technology Partners, Inc. Cl. A 13,234
500 *Doubleclick, Inc. 22,219
600 *Education Management Corp. 14,119
900 *Envoy Corp. 52,650
800 *Equity Corp. International 21,250
400 *F.Y.I., Inc. 12,800
300 *Factset Research Systems, Inc. 18,525
400 Fair Issac & Co., Inc. 18,475
600 *First Consulting Group, Inc. 12,413
400 *Forrester Research, Inc. 17,512
800 *Franklin Covey Co. 13,400
1,200 *Fritz Companies, Inc. 12,975
700 G&K Services, Inc. Cl. A 37,187
1,000 *Getty Images, Inc. 17,281
100 Grey Advertising, Inc. 36,250
1,000 *HA-LO Industries, Inc. 37,625
700 *Hagler Bailly, Inc. 14,394
500 Hooper Holmes, Inc. 14,500
1,500 *Information Management Resources, Inc. 15,234
1,000 *Infoseek Corp. 49,375
1,200 *Inspire Insurance Solutions, Inc. 21,975
700 Integrated Electrical Services, Inc. 15,575
800 *Intelligroup, Inc. 14,250
2,100 *Interim Services, Inc. 49,087
1,800 *International Telecomm Data Systems, Inc. 26,044
600 *Iron Mountain, Inc. 21,525
800 *Jacobs Engineering Group, Inc. 32,600
800 LabOne, Inc. 10,400
800 *Labor Ready, Inc. 15,750
400 *Lason, Inc. 23,287
MSF-74
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
BUSINESS SERVICES: (CONTINUED)
2,800 *Leasing Solutions, Inc. $ 11,375
400 *Maximus, Inc. 14,800
500 McGrath RentCorp 10,875
3,500 *Medaphis Corp. 11,594
500 *Memberworks, Inc. 14,781
700 Merrill Corp. 13,519
500 *Meta Group 15,062
1,100 *Metamor Worldwide, Inc. 27,294
700 *Metzler Group, Inc. 34,059
1,800 *National Processing, Inc. 9,900
1,100 *NFO Worldwide, Inc. 12,650
600 *Nichols Research Corp. 12,563
700 Norrell Corp. 10,325
2,300 *Novacare Employee Services, Inc. 12,075
2,500 Olsten Corp. 18,437
400 *On Assignment, Inc. 13,663
1,900 *PageMart Wireless, Inc. Cl. A 10,688
700 *Paymentech, Inc. 12,950
1,200 *Personnel Group of America, Inc. 21,000
600 Petersen Companies, Inc. Cl. A 20,325
500 *Pierce Leahy Corp. 12,750
600 *Pinkerton's, Inc. 12,788
700 *Pre-Paid Legal Services, Inc. 23,100
500 *Preview Travel, Inc. 9,234
400 *ProBusiness Services, Inc. 18,225
400 *Profit Recovery Group International, Inc. 15,025
1,100 Protection One, Inc. 9,419
1,400 *Renaissance Worldwide, Inc. 8,663
970 *Rent Way, Inc. 23,583
1,300 *Romac International, Inc. 28,844
500 *RWD Technologies, Inc. 10,781
1,500 *SCB Computer Technology, Inc. 15,000
900 Schawk, Inc. Cl. A 12,488
500 SEI Investments Co. 49,687
500 *Service Experts, Inc. 14,625
900 *SM & A Corp. 17,325
500 *Sovran Self Storage, Inc. 12,563
700 *SportsLine USA, Inc. 10,959
700 *SPR, Inc. 11,900
800 *Staff Leasing, Inc. 9,325
600 *StaffMark, Inc. 13,500
400 Stone & Webster, Inc. 13,300
300 *Superior Consultant , Inc. 13,106
1,200 *Superior Services, Inc. 24,075
800 *Syntel, Inc. 8,950
1,300 *Teletech Holdings, Inc. 13,244
1,000 *Tetra Tech, Inc. 26,969
500 *TMP Worldwide, Inc. 21,281
500 *United Payors & United Providers, Inc. 14,500
800 *Vincam Group, Inc. 14,025
500 *Volt Information Sciences, Inc. 11,281
600 Xtra Corp. 24,825
------------
2,519,774
- --------------------------------------------------------------------------------
CHEMICALS: 1.6%
1,400 Calgon Carbon Corp. 10,500
800 Cambrex Corp. 19,200
1,700 *Catalytica, Inc. 30,706
700 *Chemfirst, Inc. 13,825
1,300 Dexter Corp. 40,869
2,300 Ethyl Corp. 13,369
1,400 Ferro Corp. 36,400
1,000 *Foamex International, Inc. 12,188
500 Fuller (H.B.) Co. 23,187
1,700 General Chemical Group, Inc. 23,587
900 Geon Co. 20,700
1,100 Georgia Gulf Corp. 17,669
1,600 Hanna (M.A.) Co. 19,700
2,800 *Hexcel Corp. 23,450
MSF-75
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
CHEMICALS: (CONTINUED)
1,300 Lawter International, Inc. $ 15,113
500 LeaRonal, Inc. 16,937
500 MacDermid, Inc. 19,562
500 *McWhorter Technologies, Inc. 11,438
700 Minerals Technologies, Inc. 28,656
1,000 Mississippi Chemical Corp. 14,000
800 *NL Industries, Inc. 11,350
2,800 *NOVA Corp. 97,125
800 *Octel Corp. 11,100
900 OM Group, Inc. 32,850
800 Penford Corp. 13,200
700 *Scotts Co. Cl. A 26,906
1,700 Terra Industries, Inc. 10,519
1,200 Wellman, Inc. 12,225
------------
626,331
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: 4.5%
900 *Actel Corp. 18,113
2,200 *Amkor Technology, Inc. 23,856
800 Amplicon, Inc. 12,200
400 Analogic Corp. 15,050
800 Analysts International Corp. 15,450
400 *Apex PC Solutions, Inc. 11,500
1,200 *Artesyn Technologies, Inc. 17,138
3,700 *Compucom Systems, Inc. 13,066
600 *Computer Management Sciences, Inc. 10,350
600 *Cotelligent Group, Inc. 12,788
1,800 *Diamond Multimedia Systems, Inc. 11,559
800 *Digi International, Inc. 8,825
1,100 *Excite, Inc. 46,337
500 *Exodus Communications, Inc. 32,281
700 Gerber Scientific, Inc. 16,669
1,300 *Harbinger Corp. 10,441
1,400 HMT Technology Corp. 17,938
1,200 *Hypercom Corp. 11,850
2,100 *InfoUSA, Inc. Cl. B 10,894
800 *International Network Services 53,200
900 *Jabil Circuit, Inc. 67,162
2,000 *Komag, Inc. 20,750
1,600 *Legato Systems, Inc. 105,450
1,800 *Lycos, Inc. 99,956
700 Manhattan Associates, Inc. 19,162
1,000 *MedQuist, Inc. 39,562
2,300 *Mentor Graphics Corp. 19,406
4,000 *Merisel, Inc. 9,563
500 Metro Information Service, Inc. 14,781
800 *MicroAge, Inc. 12,250
600 *MindSpring Enterprises, Inc. 36,656
1,200 *MMC Networks, Inc. 15,938
3,100 *MTI Technology Corp. 13,853
1,200 National Computer Systems, Inc. 44,250
300 National Presto Industries, Inc. 12,788
700 NeoMagic Corp. 15,466
2,600 *Network Appliance, Inc. 116,350
1,000 *Network Equipment Technologies 10,313
200 *Network Solutions, Inc. Cl. A 26,087
700 *Pomeroy Computer Resources, Inc. 15,772
1,600 *PSINet, Inc. 33,600
600 *Rambus, Inc. 57,975
1,600 *Read-Rite Corp. 23,650
2,200 *S3, Inc. 16,191
1,000 *Safeguard Scientifics, Inc. 27,437
1,000 *SanDisk Corp. 14,188
500 *SCM Microsystems, Inc. 35,437
1,600 *Sequent Computer Systems, Inc. 19,250
2,200 *Shiva Corp. 12,478
1,200 *Silicon Valley Group, Inc. 15,263
1,600 *Splash Technology Holdings, Inc. 11,950
600 *Sykes Enterprises, Inc. 18,262
MSF-76
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
COMPUTER EQUIPMENT & SERVICE: (CONTINUED)
1,200 *Systems & Computer Technology $ 16,575
2,300 *Tava Technologies, Inc. 17,609
1,500 *Technology Solutions Co. 16,078
2,350 *USWeb Corp. 61,834
1,600 *Vanstar Corp. 14,800
700 *Verio, Inc. 15,575
300 *VeriSign, Inc. 17,756
700 *Visual Networks, Inc. 26,228
1,600 *VLSI Technology, Inc. 17,500
2,000 *Wang Laboratories, Inc. 55,375
1,000 *Whittman-Hart, Inc. 27,719
800 *Xircom, Inc. 27,425
900 *Zebra Technologies Corp. Cl. A 25,903
------------
1,711,078
- --------------------------------------------------------------------------------
CONSTRUCTION & MINING EQUIPMENT: 0.2%
300 *Astec Industries, Inc. 16,688
1,500 JLG Industries, Inc. 23,437
1,000 *Omniquip International, Inc. 15,063
900 *Rental Service Corp. 14,119
600 *Terex Corp. 17,137
------------
86,444
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS: 0.9%
1,100 Amcol International Corp. 10,863
1,000 *Barnett, Inc. 13,562
600 Butler Manufacturing Co. 13,425
400 Centex Construction Products, Inc. 16,250
1,200 *Chase Industries, Inc. 12,525
1,300 *Dal Tile International, Inc. 13,487
500 Elcor Chemical Corp. 16,156
500 Florida Rock Industries, Inc. 15,500
1,400 Flowserve Corp. 23,187
500 *Giant Cement Holding, Inc. 12,438
800 *Lone Star Industries, Inc. 29,450
700 *Maxim Group, Inc. 16,800
200 NCH Corp. 11,900
400 *Nortek, Inc. 11,050
700 *Palm Harbor Homes, Inc. 17,719
400 Puerto Rican Cement Co., Inc. 13,975
700 Republic Group, Inc. 14,044
1,800 *Shaw Group, Inc. 14,400
300 *Simpson Manufacturing, Inc. 11,231
800 Texas Industries, Inc. 21,550
800 Valmont Industries, Inc. 11,100
1,500 *Walter Industries, Inc. 22,969
------------
343,581
- --------------------------------------------------------------------------------
CONSUMER PRODUCTS: 0.3%
800 Carter Wallace, Inc. 15,700
400 Chemed Corp. 13,400
700 Oneida, Ltd. 10,369
1,200 *Playtex Products, Inc. 19,275
1,000 *Rayovac Corp. 26,687
500 Russ Berrie and Co., Inc. 11,750
900 Sturm, Ruger & Co., Inc. 10,744
------------
107,925
- --------------------------------------------------------------------------------
CONSUMER SERVICES: 0.1%
700 Regis Corp. 27,978
- --------------------------------------------------------------------------------
CONTAINERS & GLASS: 0.5%
1,100 AptarGroup, Inc. 30,869
1,300 Ball Corp. 59,475
800 *BWAY Corp. 12,050
1,300 *Earthshell Corp. 15,641
3,000 *Gaylord Container Corp. Cl. A 18,375
500 Greif Brothers Corp. Cl. A 14,578
700 Myers Industries, Inc. 20,037
400 *Silgan Holdings, Inc. 10,975
------------
182,000
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: 5.4%
1,000 *ABR Information Services, Inc. 19,312
1,300 *Agouron Pharmaceuticals, Inc. 76,334
400 *Algos Pharmaceutical Corp. 10,500
MSF-77
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: (CONTINUED)
700 *Alkermes, Inc. $ 15,488
600 Alpharma, Inc. Cl. A 21,187
900 *Amerisource Health Corp. Cl. A 58,500
300 *Andrx Corp. 15,338
600 *Aviron 15,562
2,600 *AXYS Pharmaceutical, Inc. 14,950
300 *Barr Laboratories, Inc. 14,400
600 Bindley Western Industries, Inc. 29,550
1,800 *Bio-Technology General Corp. 12,431
300 *Biomatrix, Inc. 17,475
515 Block Drug Co., Inc. Cl. A 22,370
1,600 *Cephalon, Inc. 14,300
400 *Chattem, Inc. 19,075
700 *Chirex, Inc. 14,875
4,700 *Columbia Laboratories, Inc. 14,394
500 *Cooper Cos., Inc. 10,344
1,100 *Cor Therapeutics, Inc. 14,678
500 *Coulter Pharmaceutical, Inc. 14,891
2,300 *Covance, Inc. 66,987
2,100 *Coventry Health Care, Inc. 18,506
400 *Entremed, Inc. 8,425
1,000 *Enzo Biochem, Inc. 10,313
1,400 *Express Scripts, Inc. Cl. A 93,275
1,000 *Fuisz Technologies, Ltd. 12,906
500 *Geltex Pharmaceuticals, Inc. 11,313
1,300 *Genesis Health Ventures, Inc. 11,375
2,900 *Gensia, Inc. 13,277
700 *Guilford Pharmaceuticals, Inc. 10,041
700 *Hanger Orthopedic Group, Inc. 15,750
1,400 Healthplan Services Corp. 16,100
2,800 *Heska Corp. 12,600
1,300 *ICOS Corp. 38,512
800 *IDEC Pharmaceuticals Corp. 37,650
1,300 *IDEXX Laboratories, Inc. 34,978
900 *Immune Response Corp. 9,816
400 *Impath, Inc. 10,588
1,000 *Incyte Pharmaceuticals, Inc. 37,312
900 Invacare Corp. 21,628
1,000 *Isis Pharmaceuticals, Inc. 12,969
3,600 *Ivax Corp. 44,775
800 *Jones Pharma, Inc. 29,175
400 *Kendle International, Inc. 9,388
600 Kingdom V Pharmaceutical Co. 12,413
10,400 *Laboratory Corp. of America Holdings 14,300
1,400 *Ligand Pharmaceuticals, Inc. Cl. B 16,231
1,500 *Liposome Co., Inc. 23,109
1,600 *MacroChem Corp. 13,400
700 *Medicis Pharmaceutical Corp. Cl. A 41,737
900 *Mentor Corp. 21,066
1,300 *Millennium Pharmaceutical 33,556
1,900 *NBTY, Inc. 13,478
700 *Neurogen Corp. 12,206
1,200 *Nexstar Pharmaceuticals, Inc. 11,213
3,400 *Oxford Health Plans, Inc. 50,362
900 *PAREXEL International Corp. 22,416
600 *Pathogenesis Corp. 34,462
800 *Patterson Dental Co. 34,800
600 *Pediatrix Medical Group, Inc. 35,962
2,300 *Perrigo Co. 20,197
600 *Pharmaceutical Product Development, Inc. 18,169
600 *Pharmacyclics, Inc. 15,225
2,500 *PharMerica, Inc. 15,078
2,900 *Phycor, Inc. 19,756
500 *Priority Healthcare Corp. Cl. B 26,531
400 *Province Healthcare Co. 14,225
1,100 *Quest Diagnostics, Inc. 19,594
1,800 *Renal Care Group, Inc. 52,200
1,000 *Respironics, Inc. 20,125
MSF-78
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE: (CONTINUED)
900 *Roberts Pharmaceutical Corp. $ 19,575
900 *Schein Pharmaceutical, Inc. 13,106
1,700 *Scios, Inc. 17,691
1,100 *Sepracor, Inc. 96,903
1,200 *Sequus Pharmaceuticals, Inc. 24,225
900 *Sola International, Inc. 15,525
800 *Sugen, Inc. 11,875
500 *Sunrise Assisted Living, Inc. 25,844
1,900 *SuperGen, Inc. 17,694
1,100 *Thermedics, Inc. 11,894
2,700 *Trex Medical Corp. 22,950
1,000 *Triangle Pharmaceuticals, Inc. 13,813
800 *Twinlab Corp. 10,475
1,700 *U.S. Bioscience, Inc. 12,219
900 *Vertex Pharmaceuticals, Inc. 26,775
800 *Vical, Inc. 11,500
1,500 *ViroPharma, Inc. 13,781
5,800 *Vivus, Inc. 15,134
600 *Wesley Jessen VisionCare, Inc. 16,631
1,700 *Zila, Inc. 16,841
------------
2,059,875
- --------------------------------------------------------------------------------
EDUCATION: 0.5%
2,500 *DeVRY, Inc. 76,562
600 *ITT Educational Services, Inc. 20,400
1,600 *Learning Tree International, Inc. 14,550
300 Strayer Education, Inc. 10,547
1,700 *Sylvan Learning Systems, Inc. 51,903
------------
173,962
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT: 1.5%
800 *Advanced Energy Industries, Inc. 20,625
1,400 *Advanced Lighting Technologies, Inc. 13,694
400 *AFC Cable Systems, Inc. 13,425
700 *Alpine Group, Inc. 10,500
1,000 *Anixter International, Inc. 20,312
1,200 Baldor Electric Co. 24,300
900 Belden, Inc. 19,069
900 Briggs & Stratton Corp. 44,887
700 Brush Wellman, Inc. 12,206
1,200 *C-Cube Microsystems, Inc. 32,587
1,100 *Cable Design Technologies Corp. 20,350
900 *Carbide/Graphite Group, Inc. 13,388
900 *Coherent, Inc. 11,222
500 Cohu, Inc. 11,094
191 Essex International, Inc. 6,613
800 Exide Corp. 13,000
200 Franklin Electric Co., Inc. 13,638
700 Furon Co. 11,944
1,300 *General Cable Corp. 26,650
600 *Genlyte Group, Inc. 11,344
1,100 Helix Technology Corp. 14,266
500 Holophane Corp. 12,844
600 Juno Lighting, Inc. 13,950
1,000 *Kent Electronics Corp. 12,750
700 *Littelfuse, Inc. 13,300
1,000 *MagneTek, Inc. 11,563
1,700 *Mettler-Toledo International, Inc. 47,706
1,000 *Optical Cable Corp. 12,188
700 Park Electrochemical Corp. 20,037
700 *SLI, Inc. 19,425
500 Technitrol, Inc. 15,937
400 *Veeco Instruments, Inc. 21,150
700 Watsco, Inc. 11,725
1,300 X-Rite, Inc. 10,156
------------
587,845
- --------------------------------------------------------------------------------
ELECTRONICS: 4.7%
800 3DFX Interactive, Inc. 10,075
900 *Aavid Thermal Technologies, Inc. 15,244
700 *ADTRAN, Inc. 12,819
600 *Affymetrix, Inc. 14,494
MSF-79
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
ELECTRONICS: (CONTINUED)
1,900 *Allen Telecom, Inc. $ 12,706
300 *Alliant Techsystems, Inc. 24,731
600 *Amphenol Corp. Cl. A 18,112
800 *Applied Micro Circuits Corp. 27,200
900 *Aspen Technology, Inc. 12,994
700 *ATMI, Inc. 17,719
11,900 *Aura Systems, Inc. 11,714
900 *Avid Technology, Inc. 21,094
500 *Bell & Howell Co. 18,906
500 *Benchmark Electronics, Inc. 18,312
2,200 BMC Industries, Inc. 13,750
1,500 Breed Technologies, Inc. 12,281
1,900 *Brightpoint, Inc. 25,947
900 *Burr-Brown Corp. 21,037
900 *California Microwave, Inc. 8,438
1,700 *Cellstar Corp. 11,634
1,100 *Checkpoint Systems, Inc. 13,613
1,100 *CHS Electronics, Inc. 18,631
2,400 Cirrus Logic, Inc. 23,475
1,400 *Commscope, Inc. 23,537
800 *Credence Systems Corp. 14,750
400 CTS Corp. 17,400
700 Cubic Corp. 13,125
1,000 *Cymer, Inc. 14,563
3,300 *Cypress Semiconductor Corp. 27,431
1,200 Dallas Semiconductor Corp. 48,900
900 *DII Group, Inc. 20,644
800 *Dionex Corp. 29,500
400 *Dupont Photomasks, Inc. 16,937
500 *Electro Scientific Industries, Inc. 22,656
900 *Electroglas, Inc. 10,519
2,300 *Electronics for Imaging, Inc. 91,928
800 *Etec Systems, Inc. 32,000
2,200 Fingerhut Companies, Inc. 33,962
1,500 *General Semiconductor, Inc. 12,281
500 *Hadco Corp. 17,469
500 Harmon Industries, Inc. 11,578
1,100 *Hologic, Inc. 13,200
500 *IGEN International, Inc. 15,297
700 Innovex, Inc. 9,603
1,500 *Input Output, Inc. 10,969
3,000 *Integrated Device Technology 18,328
1,900 *International Rectifier Corp. 18,525
1,400 *Kemet Corp. 16,013
700 *Kopin Corp. 14,766
600 Kuhlman Corp. 22,725
900 *Kulicke & Soffa Industries, Inc. 15,919
1,400 *Lam Research Corp. 25,069
800 *Lattice Semiconductor Corp. 36,725
600 *Marshall Industries 14,700
1,500 *MEMC Electronic Materials, Inc. 12,750
1,300 Methode Electronics, Inc. Cl. A 20,434
500 *Micrel, Inc. 27,625
2,100 *Microchip Technology, Inc. 77,569
900 MTS Systems Corp. 12,038
1,400 *Novellus Systems, Inc. 69,169
4,800 *P-Com, Inc. 19,125
800 *Photronics, Inc. 19,175
1,600 *PictureTel Corp. 10,550
1,200 Pioneer-Standard Electronics, Inc. 11,250
500 *Plexus Corp. 16,844
1,300 *PMC-Sierra, Inc. 81,941
400 *QLogic Corp. 52,175
300 *QRS Corp. 14,250
700 *Recoton Corp. 12,578
600 *Sawtek, Inc. 10,538
500 *SDL, Inc. 19,766
500 *Semtech Corp. 17,844
MSF-80
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule Of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Electronics: (Continued)
600 *Siliconix, Inc. $ 12,900
700 *SIPEX Corp. 24,828
1,000 *Smart Modular Technologies, Inc. 27,687
1,600 Spectra-Physics Lasers, Inc. 14,350
800 *SpeedFam International, Inc. 13,800
1,200 *Tekelec, Inc. 19,912
1,100 *Thermo Optek Corp. 9,556
1,700 *Trimble Navigation, Ltd. 12,431
900 *Unitrode Corp. 15,750
1,100 *Vicor Corp. 9,900
1,900 Vishay Intertechnology, Inc. 27,550
500 Woodward Governor Co. 10,875
1,200 *Xylan Corp. 21,712
------------
1,802,817
- --------------------------------------------------------------------------------
Entertainment & Leisure: 2.1%
600 Ackerley Group, Inc. 10,950
500 *Action Performance Co., Inc. 17,656
1,000 *Ambassadors International, Inc. 15,125
700 *AMC Entertainment, Inc. 14,744
700 *American Classic Voyages Co. 12,119
300 *Anchor Gaming, Inc. 16,969
1,200 Arctic Cat, Inc. 12,188
2,100 *Ascent Entertainment Group, Inc. 15,356
2,600 *Aztar Corp. 13,162
900 *Bally Total Fitness Holding Corp. 22,387
3,500 *Boyd Gaming Corp. 11,594
600 *Carmike Cinemas, Inc. Cl. A 12,188
500 *Championship Auto Racing Team 14,812
400 Churchill Downs, Inc. 13,000
300 *CNET, Inc. 15,984
900 *Coach USA, Inc. 31,219
600 Coachmen Industries, Inc. 15,750
1,000 *Dover Downs Entertainment, Inc. 12,063
700 *Family Golf Centers, Inc. 13,847
1,000 *Florida Panthers Holdings, Inc. Cl. A 9,313
300 *GC Cos., Inc. 12,487
1,500 *Grand Casinos, Inc. 12,094
1,800 *GTECH Holdings Corp. 46,125
500 Harveys Casino Resorts 13,844
1,100 *Hollywood Entertainment Corp. 29,872
1,200 *Hollywood Park, Inc. 9,975
700 *International Speedway Corp. Cl. B 28,328
1,400 K2, Inc. 14,437
1,200 *Oakley, Inc. 11,325
1,500 *On Command Corp. 13,641
500 *Penske Motor Sports, Inc. 13,344
1,000 Polaris Industries, Inc. 39,187
2,700 *Premier Parks, Inc. 81,675
1,700 *Primadonna Resorts, Inc. 14,769
700 *Scientific Games Holdings Corp. 13,212
900 *SFX Entertainment, Inc. Cl. A 49,416
500 *Speedway Motorsports, Inc. 14,250
1,500 *Station Casinos, Inc. 12,281
600 *Steinway Musical Instruments, Inc. 15,600
600 *Travel Services International, Inc. 18,112
1,000 *Vail Resorts, Inc. 22,000
1,000 Winnebago Industries, Inc. 15,125
------------
801,525
- --------------------------------------------------------------------------------
Financial Services: 2.2%
6,100 Aames Financial Corp. 19,444
500 Advest Group, Inc. 9,250
600 *Affiliated Managers Group, Inc. 17,925
2,300 *AmeriCredit Corp. 31,769
700 *AmeriTrade Holding Corp. Cl. A 22,028
800 Capital Re Corp. 16,050
700 *CB Richard Ellis Services, Inc. 12,687
700 *Centennial Bancorp 13,081
600 CFSB Bancorp, Inc. 14,475
MSF-81
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule Of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Financial Services: (Continued)
900 *Charter Municipal Mortgage Acceptance Co. $ 10,913
1,600 *ContiFinancial Corp. 11,400
2,000 *Credit Acceptance Corp. 14,625
2,700 *Delta Financial Corp. 16,031
200 Duff & Phelps Credit Rating Co. 10,963
1,500 *E*Trade Group, Inc. 70,172
1,100 Eaton Vance Corp. 22,962
500 Everen Capital Corp. 11,375
500 *Financial Federal Corp. 12,375
600 First Charter Corp. 10,313
400 First Commerce Bancshares, Inc. Cl. B 11,000
600 First Financial Holdings, Inc. 11,381
1,300 *Franchise Mortgage Acceptance Co. 9,913
800 *Freedom Securities Corp. 12,100
200 Fund American Enterprises Holdings, Inc. 28,012
700 Hambrecht & Quist Group, Inc. 15,881
800 *Headlands Mortgage Co. 16,700
400 *Healthcare Financial Partners, Inc. 15,875
50,500 IMC Mortgage Co. 14,992
1,500 *Imperial Credit Industries, Inc. 12,469
900 *Insignia Financial Group, Inc. 10,913
300 Investment Technology Group, Inc. 18,619
200 Investors Financial Services Corp. 11,938
500 Jefferies Group, Inc. 24,812
300 John Nuveen & Co., Inc. Cl. A 11,138
2,200 *Laser Mortgage Management, Inc. 11,962
1,700 *Long Beach Financial Corp. 12,803
800 *Medallion Financial Corp. 11,450
700 Metris Cos., Inc. 35,131
1,000 Morgan Keegan, Inc. 18,812
400 *NCO Group, Inc. 18,012
300 Park National Corp. 30,900
500 PEC Israel Economic Corp. 14,375
700 PFF Bancorp, Inc. 11,069
1,600 Phoenix Investment Partners, Ltd. 13,500
800 Pioneer Group, Inc. 15,800
600 Southwest Securities Group, Inc. 12,075
1,600 *UniCapital Corp. 11,800
3,400 United Companies Financial Corp. 11,475
1,000 *United Rentals, Inc. 33,125
------------
835,870
- --------------------------------------------------------------------------------
Food & Beverages: 1.9%
1,400 *AgriBioTech, Inc. 18,069
400 *Agribrands International, Inc. 12,000
700 *American Italian Pasta Co. Cl. A 18,462
1,400 Boston Beer Co., Inc. Cl. A 11,900
400 Bush Boake Allen, Inc. 14,100
1,400 Chiquita Brands International, Inc. 13,388
200 Coca Cola Bottling Co. Consolidated 11,725
1,500 Coors (Adolph) Co. Cl. B 84,703
1,600 *Corn Products International, Inc. 48,600
800 Dreyer's Grand Ice Cream, Inc. 12,050
1,800 Earthgrains Co. 55,687
100 Farmer Brothers Co. 20,700
600 Hain Food Group, Inc. 14,794
1,100 Herbalife International, Inc. Cl. A 15,537
300 IHOP Corp. 11,981
1,600 Imperial Holly Corp. 13,000
600 International Multifoods Corp. 15,488
800 Lance, Inc. 15,950
500 Michael Foods, Inc. 15,000
400 Mondavi (Robert) Corp. Cl. A 16,375
700 Natures Sunshine Products, Inc. 10,588
1,400 *Omega Protein Corp. 14,175
500 Performance Food Group Co. 13,969
500 Pilgrim's Pride Corp. 9,969
1,200 Ralcorp Holdings, Inc. 21,900
600 Riviana Foods, Inc. 14,625
MSF-82
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule Of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
Value
Shares Issue (Note 1a)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Food & Beverages: (Continued)
1,400 *Smithfield Foods, Inc. $ 47,425
1,000 Smucker (J.M.) Co. Cl. A 24,750
800 Triarc Companies, Inc. Cl. A 12,800
400 *United Natural Foods, Inc. 9,575
2,200 Universal Foods Corp. 60,362
900 *Vlasic Foods International, Inc. 21,431
1,600 Zapata Corp. 19,600
------------
720,678
- --------------------------------------------------------------------------------
Forest Products & Paper: 1.0%
900 Buckeye Technologies, Inc. 13,444
900 Caraustar Industries, Inc. 25,650
700 Chesapeake Corp. 25,812
700 *Deltic Timber Corp. 14,262
700 *Ivex Packaging Corp. 16,275
1,900 Longview Fibre Co. 21,969
500 New England Business Service, Inc. 19,562
900 P.H. Glatfelter Co. 11,138
1,100 Potlatch Corp. 40,562
1,200 Rayonier, Inc. 55,125
800 Rock-Tenn Co. Cl. A 13,550
600 Schweitzer-Mauduit International, Inc. 9,263
800 Shorewood Packaging Corp. 16,400
500 TJ International, Inc. 12,844
2,600 *Unisource Worldwide, Inc. 18,850
600 Universal Forest Products, Inc. 12,019
2,100 Wausau-Mosinee Paper Corp. 37,144
------------
363,869
- --------------------------------------------------------------------------------
Healthcare Services: 1.2%
600 Alternative Living Services, Inc. 20,550
1,000 *American Oncology Resources, Inc. 14,625
700 *American Retirement Corp. 10,981
2,400 *AmeriPath, Inc. 21,637
2,700 Apria Healthcare Group 24,131
800 Assisted Living Concepts, Inc. 10,500
900 *Capital Senior Living Corp. 12,544
400 Carematrix Corp. 12,250
800 *Centennial HealthCare Corp. 12,350
1,700 *Concentra Managed Care, Inc. 18,009
500 Curative Health Services, Inc. 16,500
600 *Inhale Therapeutic Systems 19,781
1,200 Magellan Health Services, Inc. 10,050
2,600 *Mariner Post-Acute Network, Inc. 11,863
9,000 NovaCare, Inc. 22,500
700 *Novoste Corp. 19,512
1,200 *Omega Healthcare Investors, Inc. 36,225
1,300 *Orthodontic Centers of America, Inc. 25,269
1,000 Physician Reliance Network, Inc. 13,188
2,900 *PSS World Medical, Inc. 66,609
600 Res-Care, Inc. 14,813
1,400 Rural/Metro Corp. 15,313
600 Sangstat Medical Corp. 12,825
900 Sierra Health Services, Inc. 18,956
2,000 Sun Healthcare Group, Inc. 13,125
------------
474,106
- --------------------------------------------------------------------------------
Homebuilders: 0.6%
800 Avatar Holdings, Inc. 12,600
500 Crossmann Communities, Inc. 13,813
1,500 Kaufman & Broad Home Corp. 43,125
700 M.D.C. Holdings, Inc. 14,962
400 NVR, Inc. 19,075
1,700 Oakwood Homes Corp. 25,819
900 Pulte Corp. 25,031
500 Ryland Group, Inc. 14,438
1,000 Standard Pacific Corp. 14,125
900 Toll Brothers, Inc. 20,306
500 U.S. Home Corp. 16,625
------------
219,919
- --------------------------------------------------------------------------------
Hospital Management: 0.1%
700 *National Healthcare Corp. 10,850
MSF-83
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule Of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Hospital Management: (Continued)
2,200 *Vencor, Inc. $ 9,900
------------
20,750
- --------------------------------------------------------------------------------
Hotel & Motel: 0.6%
1,400 *Choice Hotels International, Inc. 19,162
1,300 *Equity Inns, Inc. 12,513
2,600 Extended Stay America, Inc. 27,300
1,300 Foodmaker, Inc. 28,681
5,600 Homestead Village Properties, Inc. 25,200
1,000 Host Marriott Services Corp. 10,375
800 Marcus Corp. 13,000
1,200 *Pegasus Systems, Inc. 5,175
1,900 Prime Hospitality Corp. 20,069
1,000 Red Roof Inns, Inc. 16,875
800 *RFS Hotel Investors, Inc. 9,800
700 Rio Hotel & Casino, Inc. 11,113
1,400 *Sunstone Hotel Investors, Inc. 13,212
900 *Trendwest Resorts, Inc. 11,363
900 *Vistana, Inc. 12,656
------------
236,494
- --------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 0.6%
500 Bassett Furniture Industries, Inc. 12,000
2,200 Collins & Aikman Corp. 11,275
400 Cost Plus, Inc. 12,525
2,000 Fedders USA, Inc. 11,625
700 Harman International Industries, Inc. 26,687
2,200 Heilig-Meyers Co. 14,713
1,300 Kimball International, Inc. Cl. B 24,659
1,900 La-Z-Boy, Inc. 33,844
600 Libbey, Inc. 17,362
1,300 *Meadowcraft, Inc. 14,544
1,400 O'Sullivan Industries Holdings, Inc. 14,700
400 Pillowtex Corp. 10,700
500 Toro Co. 14,250
------------
218,884
- --------------------------------------------------------------------------------
Household Products: 0.2%
700 Church & Dwight Co., Inc. 25,157
1,300 Mikasa, Inc. 16,575
400 Stepan Co. 10,650
500 WD-40 Co. 14,406
------------
66,788
- --------------------------------------------------------------------------------
Industrial Components & Material: 1.8%
1,000 Aviall, Inc. 11,750
500 Barnes Group, Inc. 14,687
500 C & D Technologies, Inc. 13,750
1,600 Chart Industries, Inc. 12,200
900 Citation Corp. 11,278
700 Columbus McKinnon Corp. 12,469
1,200 *Delco Remy International, Inc. Cl. A 11,775
700 DT Industries, Inc. 10,938
1,700 Encore Wire Corp. 15,725
500 *Excel Switching Corp. 19,078
1,200 Global Industrial Technologies, Inc. 12,825
1,900 *Hussmann International, Inc. 36,812
1,400 Kaydon Corp. 56,087
500 Lawson Products, Inc. 11,422
800 Lilly Industries, Inc. Cl. A 15,950
1,100 Lone Star Technologies, Inc. 11,138
3,700 LTV Corp. 21,506
1,100 Lydall, Inc. 13,063
600 Mathews International Corp. Cl. A 18,600
1,300 *Metals USA, Inc. 12,675
1,400 Milacron, Inc. 26,950
400 Moog, Inc. Cl. A 15,650
1,300 Mueller Industries, Inc. 26,406
500 Nordson Corp. 25,594
800 Regal-Beloit Corp. 18,400
500 Robbins & Myers, Inc. 11,063
1,100 Roper Industries, Inc. 22,412
1,500 *Sauer, Inc. 11,344
MSF-84
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule Of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
Value
Shares Issue (Note 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Industrial Components & Material: (Continued)
200 Sequa Corp. Cl. A $ 11,975
1,400 Simpson Industries, Inc. 13,563
500 Smith (A.O.) Corp. 12,281
400 SPS Technologies, Inc. 22,650
1,000 Stewart & Stevenson Services, Inc. 9,594
700 *Stoneridge, Inc. 15,925
600 Thomas Industries, Inc. 11,775
1,300 Titan International, Inc. 12,350
1,000 Titanium Metals Corp. 8,500
700 Tredegar Industries, Inc. 15,750
600 Watts Industries, Inc. Cl. A 9,975
600 Westinghouse Air Brake Co. 14,662
500 Wolverine Tube, Inc. 10,500
700 Wyman-Gordon Co. 7,175
600 Wynn's International, Inc. 13,275
1,400 Zoltek Companies, Inc. 12,819
-----------
704,316
- --------------------------------------------------------------------------------
Insurance: 3.7%
600 *Acceptance Insurance Co., Inc. 12,150
900 Alfa Corp. 21,712
500 American Annuity Group, Inc. 11,500
600 American Heritage Life Investment Corp. 14,662
900 *Amerin Corp. 21,994
600 *AmerUs Life Holdings, Inc. 13,425
600 Argonaut Group, Inc. 14,737
900 *ARM Financial Group, Inc. Cl. A 19,969
500 Baldwin & Lyons, Inc. Cl. B 12,344
800 Berkley (W.R.) Corp. 27,000
500 Blanch (E.W.) Holdings, Inc. 23,719
700 Capitol Transamerica Corp. 12,928
400 Chartwell Re Corp. 9,500
500 *Chicago Title Corp. 23,469
1,000 CMAC Investment Corp. 45,937
1,000 CNA Surety Corp. 15,750
1,000 Commerce Group, Inc. 35,437
810 Delphi Financial Group, Inc. 42,474
900 Enhance Financial Services Group, Inc. 27,000
400 Executive Risk, Inc. 21,975
1,100 FBL Financial Group, Inc. Cl. A 26,675
770 Fidelity National Financial, Inc. 23,485
2,400 First American Financial Corp. 77,100
600 Foremost Corp. of America 12,600
400 FPIC Insurance Group, Inc. 19,050
1,200 Frontier Insurance Group, Inc. 15,450
600 Gallagher (Arthur J.) & Co. 26,475
700 Guarantee Life Companies, Inc. 13,081
500 Harleysville Group, Inc. 12,828
1,400 HCC Insurance Holdings, Inc. 24,675
1,000 Highlands Insurance Group, Inc. 13,063
600 Hilb Rogal & Hamilton Co. 11,925
1,500 HSB Group, Inc. 61,594
100 Kansas City Life Insurance Co. 8,238
600 LandAmerica Financial Group, Inc. 33,487
400 Liberty Corp. 19,700
1,000 Life USA Holding, Inc. 12,844
200 Markel Corp. 36,200
800 Meadowbrook Insurance Group, Inc. 13,150
880 Medical Assurance, Inc. 29,095
1,800 Mid Atlantic Medical Services, Inc. 17,662
500 Midland Co. 12,063
800 MMI Companies, Inc. 13,400
800 NAC Re Corp. 37,550
100 National Western Life Insurance Co. Cl. A 11,725
600 Nymagic, Inc. 12,450
400 Penn Treaty American Corp. 10,775
20,700 PennCorp Financial Group, Inc. 20,700
500 Philadelphia Consolidated Holding Corp. 11,313
600 *PMA Capital Corp. Cl. A 11,663
400 Poe & Brown, Inc. 13,975
MSP-85
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
INSURANCE: (CONTINUED)
800 Presidential Life Corp. $ 15,825
500 PXRE Corp. 12,531
1,200 Reinsurance Group America, Inc. 84,000
500 Risk Capital Holdings, Inc. 11,344
300 RLI Corp. 9,975
500 *SCPIE Holdings, Inc. 15,156
1,100 Selective Insurance Group, Inc. 22,481
900 State Auto Financial Corp. 11,194
200 Stewart Information Services Corp. 11,600
1,600 TIG Holdings, Inc. 24,900
400 Trenwick Group, Inc. 13,075
500 *Triad Guaranty, Inc. 11,078
1,400 UICI, Inc. 34,169
300 United Fire & Casualty Co. 10,106
2,400 Vesta Insurance Group, Inc. 14,400
500 Zenith National Insurance Corp. 11,563
------------
1,405,070
- --------------------------------------------------------------------------------
INVESTMENT COMPANIES: 0.0%
3,000 *Capstead Mortgage Corp. 12,375
- --------------------------------------------------------------------------------
LEASE RENTAL OBLIGATIONS: 0.4%
800 Aaron Rents, Inc. Cl. B 12,100
400 AMERCO 11,237
1,000 *Avis Rent A Car, Inc. 24,187
4,300 *Crescent Operating, Inc. 20,291
900 *Dollar Thrifty Automotive Group 11,587
1,100 Electro Rental Corp. 17,669
1,500 *First Sierra Financial, Inc. 18,469
800 Interpool, Inc. 13,400
500 Renta-A-Center, Inc. 15,797
1,800 Rollins Truck Leasing Corp. 26,550
------------
171,287
- --------------------------------------------------------------------------------
LIQUOR: 0.2%
700 *Beringer Wine Estates Holdings, Inc. Cl. B 31,172
600 Canandaigua Brands, Inc. Cl. A 34,687
------------
65,859
- --------------------------------------------------------------------------------
MACHINERY: 1.9%
1,500 Applied Power, Inc. Cl. A 56,625
500 Bio-Rad Laboratories, Inc. Cl. A 10,500
800 Brady Corp. Cl. A 21,550
500 Carbo Ceramics, Inc. 8,563
1,500 *Comfort Systems USA, Inc. 26,812
600 Commercial Intertech Corp. 7,763
800 Cuno, Inc. 12,700
900 Daniel Industries, Inc. 10,913
1,400 Donaldson Co., Inc. 29,050
600 *Dril-Quip, Inc. 10,650
600 Esterline Technologies Corp. 13,050
1,500 Foster Wheeler Corp. 19,781
800 Gardner Denver, Inc. 11,800
500 Gleason Corp. 9,063
500 Graco, Inc. 14,750
600 Hardinge Brothers , Inc. 11,213
1,100 IDEX Corp. 26,950
1,200 Integrated Process Equipment Corp. 12,975
600 Ionics, Inc. 17,962
2,100 Itron, Inc. 14,897
400 L.S. Starrett Co. 13,725
1,800 Lincoln Electric Holdings, Inc. 40,387
1,000 Lindsay Manufacturing Co. 14,812
600 Manitowoc Co., Inc. 26,625
700 Motivepower Industries, Inc. 22,531
200 NACCO Industries, Inc. Cl. A 18,400
600 OmniAmerica, Inc. 19,125
1,300 Presstek, Inc. 8,856
700 PRI Automation, Inc. 18,069
600 Scotsman Industries, Inc. 12,338
500 Specialty Equipment Companies, Inc. 13,531
1,300 SPX Corp. 87,100
MSF-86
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- ----------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
MACHINERY: (CONTINUED)
400 Standex International Corp. $ 10,500
700 Tecumseh Products Co. Cl. A 32,506
300 Tennant Co. 12,356
2,100 Thermo Fibertek, Inc. 14,962
1,000 Thermoquest Corp. 12,938
------------
726,328
- --------------------------------------------------------------------------------
MEDICAL EQUIPMENT & SUPPLY: 1.7%
800 *Acuson Corp. 11,900
700 *ADAC Laboratories 13,978
2,300 *Airgas, Inc. 20,556
2,000 Alaris Medical, Inc. 11,906
500 Arrow International, Inc. 15,719
1,100 Ballard Medical Products 26,744
400 Closure Medical Corp. 11,925
1,300 Cognex Corp. 25,919
600 CONMED Corp. 19,725
600 CYTYC Corp. 15,487
500 Datascope Corp. 11,469
500 Diagnostic Products Corp. 15,562
700 DVI, Inc. 12,688
1,500 *Fisher Scientific International, Inc. 29,906
800 Haemonetics Corp. 18,200
1,400 LifeCore Biomedical, Inc. 14,262
500 Maxxim Medical, Inc. 14,875
200 Mine Safety Appliances Co. 13,600
300 MiniMed, Inc. 31,462
400 *Ocular Sciences, Inc. 10,850
500 OEC Medical Systems, Inc. 15,719
800 Owens & Minor, Inc. 12,600
500 Perclose, Inc. 16,531
600 ResMed, Inc. 27,225
1,300 Sabratek Corp. 21,206
800 Scott Technologies, Inc. 13,225
1,000 Sunrise Medical, Inc. 12,438
700 Synetic, Inc. 30,712
700 Techne Corp. 14,744
900 *Theragenics Corp. 15,131
1,000 Thermo Cardiosystems, Inc. 10,438
3,000 ThermoLase Corp. 13,687
1,500 ThermoTrex Corp. 12,844
600 Ventana Medical Systems, Inc. 12,938
500 *VISX, Inc. 43,766
700 Vital Signs, Inc. 12,316
500 VWR Scientific Products Corp. 8,656
450 Xomed Surgical Products, Inc. 14,400
------------
655,309
- --------------------------------------------------------------------------------
METALS-ALUMINUM: 0.1%
1,500 Century Aluminum Co. 13,828
1,500 Commonwealth Industries, Inc. 14,062
1,700 Kaiser Aluminum Corp. 8,288
------------
36,178
- --------------------------------------------------------------------------------
METALS-GOLD: 0.1%
11,900 Battle Mountain Gold Co. 49,088
- --------------------------------------------------------------------------------
METALS-NON-FERROUS: 0.1%
1,300 ASARCO, Inc. 19,581
800 Imco Recycling, Inc. 12,350
1,000 Southern Peru Copper Corp. 9,438
300 Tremont Corp. 9,975
------------
51,344
- --------------------------------------------------------------------------------
METALS-STEEL & IRON: 0.8%
600 A.M. Castle & Co. 9,000
1,700 AK Steel Holding Corp. 39,950
3,300 Armco, Inc. 14,437
5,600 *Bethlehem Steel Corp. 46,900
700 Carpenter Technology Corp. 23,756
400 Cleveland Cliffs, Inc. 16,125
600 Gibraltor Steel Corp. 13,650
900 Inland Steel Industries, Inc. 15,187
MSF-87
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
METALS-STEEL & IRON: (CONTINUED)
800 Intermet Corp. $ 10,450
1,400 National Steel Corp. Cl. B 9,975
800 Oregon Steel Mills, Inc. 9,500
700 Quanex Corp. 15,794
400 Reliance Steel & Aluminum Co. 11,050
900 Roanoke Electric Steel Corp. 12,966
1,400 Rouge Industries, Inc. Cl. A 12,250
900 Shiloh Industries, Inc. 11,812
1,300 *Steel Dynamics, Inc. 15,519
1,000 WHX Corp. 10,063
------------
298,384
- --------------------------------------------------------------------------------
MINING: 0.2%
700 Arch Coal, Inc. 11,987
1,100 Getchell Gold Corp. 29,975
2,600 Hecla Mining Co. 9,425
700 *Stillwater Mining Co. 28,700
------------
80,087
- --------------------------------------------------------------------------------
MISCELLANEOUS: 0.6%
500 *Carriage Services, Inc. Cl. A 14,219
400 Central Parking Corp. 12,975
700 Greenbrier Companies, Inc. 9,888
400 *Kroll-O'Gara Co. 15,750
1,200 LoJack Corp. 14,325
600 Movado Group, Inc. 15,787
700 Rollins, Inc. 12,250
2,400 Sensormatic Electronics Corp. 16,650
1,700 Sotheby's Holdings, Inc. Cl. A 54,400
500 Tejon Ranch Co. 9,938
1,100 *U.S.A. Floral Products, Inc. 12,684
800 *Veterinary Centers of America, Inc. 15,975
500 Wackenhut Corp. 12,719
500 Wackenhut Correction Corp. 14,312
700 Wilmar Industries, Inc. 14,197
------------
246,069
- --------------------------------------------------------------------------------
MOBILE HOMES: 0.2%
1,500 Champion Enterprises, Inc. 41,062
600 Monaco Coach Corp. 15,900
500 National RV Holdings, Inc. 12,875
400 Skyline Corp. 13,000
500 Thor Industries, Inc. 12,750
------------
95,587
- --------------------------------------------------------------------------------
MORTGAGE RELATED: 0.1%
900 *Redwood Trust, Inc. 12,600
800 Resource Bancshares Mortgage Group, Inc. 13,100
------------
25,700
- --------------------------------------------------------------------------------
MULTI-INDUSTRY: 0.6%
800 *ACX Technologies, Inc. 10,600
800 Albemarle Corp. 19,000
1,200 Cavalier Homes, Inc. 13,650
500 Commercial Metals Co. 13,875
600 Enesco Group, Inc. 13,950
500 Forest City Enterprises, Inc. 13,125
700 *Gaylord Entertainment Co. 21,087
1,100 Griffon Corp. 11,688
200 Maxxam, Inc. 11,475
1,600 Pittston Co. 17,800
1,000 Resource America, Inc. 9,125
500 Rogers Corp. 14,937
1,700 RPC, Inc. 12,537
1,000 Ruddick Corp. 23,000
1,500 Tyler Corp. 9,188
1,000 Valhi, Inc. 11,375
------------
226,412
- --------------------------------------------------------------------------------
NEWSPAPERS: 0.4%
2,100 Lee Enterprises, Inc. 66,150
800 McClatchy Co. Cl. A 28,300
900 Media General, Inc. Cl. A 47,700
------------
142,150
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: 1.3%
600 American Business Products, Inc. 14,100
MSF-88
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
OFFICE & BUSINESS EQUIPMENT: (CONTINUED)
900 BancTec, Inc. $ 11,306
600 *Black Box Corp. 22,594
1,300 Boise Cascade Office Products Corp. 17,550
1,100 *CSG Systems International, Inc. 86,762
800 Daisytek International Corp. 15,150
1,800 Data General Corp. 29,587
300 General Binding Corp. 11,269
700 Hutchinson Technology, Inc. 24,784
300 *IDX Systems Corp. 13,219
600 InaCom Corp. 8,925
1,900 Intergraph Corp. 10,866
500 ITI Technologies, Inc. 15,562
500 *Knoll, Inc. 14,813
1,200 Mail-Well, Inc. 13,725
1,300 Micron Electronics, Inc. 22,466
600 Micros Systems, Inc. 19,500
500 Standard Register Co. 15,469
1,000 Transition Systems, Inc. 14,969
1,600 United Stationers, Inc. 43,100
600 Virco Manufacturing Corp. 11,025
1,600 Wallace Computer Services, Inc. 42,200
------------
478,941
- --------------------------------------------------------------------------------
OIL: 0.2%
2,300 Frontier Oil Corp. 11,356
1,000 Holly Corp. 16,875
1,067 *Pennzoil Quaker State Co. 15,731
1,200 Tesoro Petroleum Corp. 14,550
1,600 *Titan Exploration, Inc. 10,700
------------
69,212
- --------------------------------------------------------------------------------
OIL & GAS EXPLORATION: 1.4%
1,200 Atwood Oceanics, Inc. 20,400
1,200 Barrett Resources Corp. 28,800
2,100 Belco Oil & Gas Corp. 11,681
900 Berry Petroleum Co. Cl. A 12,769
800 Cabot Oil & Gas Corp. Cl. A 12,000
600 *Cal Dive International, Inc. 12,300
5,300 Chesapeake Energy Corp. 4,638
3,400 Comstock Resources, Inc. 10,412
1,400 Cross Timbers Oil Co. 10,500
800 Devon Energy Corp. 24,550
1,533 EEX Corp. 10,731
900 Energen Corp. 17,550
1,200 Forest Oil Corp. 10,200
4,900 Harken Energy Corp. 9,494
600 Houston Exploration Co. 11,925
1,000 HS Resources, Inc. 7,563
700 Louis Dreyfus Natural Gas Corp. 9,975
6,800 Meridian Resource Corp. 21,675
800 Mitchell Energy & Development Corp. Cl. A 9,150
1,500 Newfield Exploration Co. 31,312
700 Nuevo Energy Co. 8,050
1,600 ONEOK, Inc. 57,800
1,900 Patterson Energy, Inc. 7,689
500 Penn Virginia Corp. 9,187
600 Plains Resources, Inc. 8,438
1,400 Pogo Producing Co. 18,200
3,800 Santa Fe Energy Resources, Inc. 28,025
2,300 *Seagull Energy Corp. 14,519
800 Seitel, Inc. 9,950
1,200 Snyder Oil Corp. 15,975
500 St. Mary Land & Exploration Co. 9,344
500 Stone Energy Corp. 14,375
1,000 Tom Brown, Inc. 10,031
3,400 TransTexas Gas Corp. 8,925
1,300 Vintage Petroleum, Inc. 11,212
------------
519,345
- --------------------------------------------------------------------------------
OIL-SERVICES: 0.7%
700 *Friede Goldman International, Inc. 7,963
8,300 Grey Wolf, Inc. 6,744
MSF-89
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
December 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
OIL-SERVICES: (CONTINUED)
1,000 *Hanover Compressor Co. $ 25,687
2,200 Helmerich & Payne, Inc. 42,625
2,100 *IRI International Corp. 8,400
1,900 Marine Drilling Cos., Inc. 14,606
2,500 Newpark Resources, Inc. 17,031
800 *Oceaneering International, Inc. 12,000
800 Offshore Logistics, Inc. 9,475
7,400 Parker Drilling Co. 23,587
800 Pool Energy Services Co. 8,650
1,800 Pride International, Inc. 12,713
500 SEACOR Smit, Inc. 24,719
1,700 Tuboscope, Inc. 13,813
1,300 *Unova, Inc. 23,562
800 Veritas DGC, Inc. 10,400
------------
261,975
- --------------------------------------------------------------------------------
PERSONAL CARE: 0.0%
1,300 Polymer Group, Inc. 12,919
- --------------------------------------------------------------------------------
PHOTOGRAPHY: 0.1%
500 CPI Corp. 13,250
2,100 Metromedia International Group, Inc. 11,419
500 ParkerVision, Inc. 11,688
300 *Pinnacle Systems, Inc. 10,631
------------
46,988
- --------------------------------------------------------------------------------
PLASTICS: 0.3%
1,600 First Brands Corp. 63,100
1,300 Schulman (A.), Inc. 29,372
700 Spartech Corp. 15,400
500 West Co., Inc. 17,844
------------
125,716
- --------------------------------------------------------------------------------
POLLUTION CONTROL: 0.4%
6,800 Aqua Alliance, Inc. Cl. A 14,025
400 *Casella Waste Systems, Inc. Cl. A 14,825
1,400 Eastern Environmental Services, Inc. 41,431
1,400 FSI International, Inc. 14,613
400 Landauer, Inc. 12,950
1,075 Safety-Kleen Corp. 15,184
900 Thermo Ecotek Corp. 9,506
700 *Waste Industries, Inc. 12,053
------------
134,587
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING: 1.2%
2,700 American Media, Inc. Cl. A 15,019
800 Applied Graphics Technologies, Inc. 13,050
600 Big Flower Holdings, Inc. 13,238
400 CSS Industries, Inc. 12,125
500 *Day Runner, Inc. 7,188
1,100 Harland (John H.) Co. 17,394
1,400 Hollinger International, Inc. Cl. A 19,512
1,200 Houghton Mifflin Co. 56,700
1,100 John Wiley & Sons, Inc. Cl. A 53,144
1,300 Jostens, Inc. 34,044
800 *Journal Register Co. 12,000
800 Playboy Enterprises, Inc. Cl. B 16,750
500 Scholastic Corp. 26,687
1,700 Valassis Communications, Inc. 87,762
300 Value Line, Inc. 11,775
1,900 *World Color Press, Inc. 57,831
------------
454,219
- --------------------------------------------------------------------------------
REAL ESTATE: 6.5%
200 *Alexander's, Inc. 15,638
400 *Alexandria Real Estate Equities, Inc. 12,375
800 *American Health Properties, Inc. 16,500
500 *AMLI Residential Properties Trust 11,125
1,700 *Anthracite Capital, Inc. 13,281
1,000 *Associated Estates Realty Corp. 11,813
800 *Bedford Property Investors, Inc. 13,500
1,300 *Berkshire Realty Co., Inc. 12,350
900 *Boykin Lodging Co. 11,138
900 *Bradley Real Estate, Inc. 18,450
1,200 *Brandywine Realty Trust 21,450
1,900 *BRE Properties, Inc. 47,025
MSF-90
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
REAL ESTATE: (CONTINUED)
1,200 Burnham Pacific Properties, Inc. $ 14,475
700 *Cabot Industrial Trust 14,306
1,400 Cadiz, Inc. 10,850
1,900 *Camden Property Trust 49,400
900 *Capital Automotive REIT 13,275
800 Castle & Cooke, Inc. 11,800
800 *CBL & Associates Properties, Inc. 20,650
1,100 *Center Trust Retail Properties, Inc. 13,475
700 *CenterPoint Properties Trust 23,669
800 Chateau Communities, Inc. 23,450
600 *Chelsea GCA Realty, Inc. 21,375
900 *Colonial Properties Trust 23,962
1,100 *Commercial Net Lease Realty, Inc. 14,575
1,600 *Cornerstone Realty Income Trust, Inc. 16,800
900 *Cousins Properties, Inc. 29,025
3,400 *CRIIMI MAE, Inc. 11,900
1,500 *Crown American Realty Trust 11,625
2,100 *Developers Diversified Realty 37,275
2,400 Dynex Capital, Inc. 11,100
600 *Eastgroup Properties, Inc. 11,063
700 *Entertainment Properties Trust 11,900
500 *Essex Property Trust, Inc. 14,875
1,500 *Federal Realty Investment Trust 35,437
3,000 *Felcor Lodging Trust, Inc. 69,187
1,400 *First Industrial Realty Trust, Inc. 37,537
2,200 *First Union Real Estate Equity 12,925
2,400 *Franchise Finance Corp. of America 57,600
900 *Gables Residential Trust 20,869
1,500 *General Growth Properties, Inc. 56,812
800 Getty Realty Corp. New 11,700
1,200 *Glenborough Realty Trust, Inc. 24,450
900 *Glimcher Realty Trust 14,119
500 *Golf Trust of America, Inc. 13,875
700 *Great Lakes REIT, Inc. 10,981
1,500 Grubb & Ellis Co. 12,094
1,400 *Health Care Property Investors, Inc. 43,050
1,000 *Health Care REIT, Inc. 25,875
1,500 *Healthcare Realty Trust 33,469
600 *Home Properties of New York, Inc. 15,450
1,300 *Hospitality Properties Trust 31,362
2,700 *Impac Mortgage Holdings, Inc. 12,319
1,300 *Imperial Credit Commercial Mortgage Investment
Corp. 12,269
1,200 *Innkeepers USA Trust 14,175
1,200 *IRT Property Co. 12,000
700 *Irvine Apartment Communities, Inc. 22,312
1,200 *JDN Realty Corp. 25,875
600 *JP Realty, Inc. 11,775
1,000 *Kilroy Realty Corp. 23,000
1,000 *Koger Equity, Inc. 17,187
900 *LaSalle Hotel Properties 9,338
600 *LaSalle Partners, Inc. 17,662
1,000 *Lexington Corporate Property Trust 12,563
900 *LNR Property Corp. 17,944
1,000 *LTC Properties, Inc. 16,625
1,100 *Macerich Co. 28,187
800 Manufactured Home Communities, Inc. 20,050
1,200 *Meridan Industrial Trust, Inc. 28,200
1,700 *Meristar Hospitality Corp. 31,556
500 *MGI Properties 13,969
700 *Mid-America Apartment Communities, Inc. 15,881
500 *Mills Corp. 9,938
500 *National Golf Properties, Inc. 14,469
900 *National Health Investors, Inc. 22,219
1,600 *Nationwide Health Properties, Inc. 34,500
3,800 *New Plan Excel Realty Trust, Inc. 84,312
2,300 *Ocwen Asset Investment Corp. 11,069
600 *Pacific Gulf Properties, Inc. 12,038
600 *Pan Pacific Retail Properties, Inc. 11,963
MSF-91
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
REAL ESTATE: (CONTINUED)
400 *Parkway Properties, Inc. $ 12,500
600 Pennsylvania Real Estate Investment Trust 11,663
1,400 *Prentiss Properties Trust 31,237
2,700 Price Enterprises, Inc. 14,259
700 *Prime Group Realty Trust 10,588
1,500 *Prime Retail, Inc. 14,719
800 Prison Realty Corp. 16,400
900 *PS Business Parks, Inc. 21,487
1,000 *Realty Income Corp. 24,875
1,500 *Reckson Associates Realty Corp. 33,281
500 *Regency Realty Corp. 11,125
1,500 *Security Capital Group, Inc. Cl. B 20,344
1,000 *Shurgard Storage Centers, Inc. Cl. A 25,812
900 SL Green Realty Corp. 19,462
600 Smith (Charles E.) Residential Realty, Inc. 19,275
500 *Storage Trust Realty 11,688
1,000 *Storage USA, Inc. 32,312
800 *Summit Properties, Inc. 13,800
600 *Sun Communities, Inc. 20,887
1,000 *Sunterra Corp. 15,000
600 *Tanger Factory Outlet Centers, Inc. 12,713
1,400 *Taubman Centers, Inc. 19,250
1,500 *Thornburg Mortgage Asset Corp. 11,438
700 *Tower Realty Trust, Inc. 14,088
800 *Town & Country Trust 12,850
1,500 *Trammell Crow Co. 42,000
800 *TriNet Corporate Realty Trust, Inc. 21,400
500 *U.S. Restaurant Properties, Inc. 12,156
3,800 *United Dominion Realty Trust, Inc. 39,187
400 *Urban Shopping Centers, Inc. 13,100
2,000 Ventas, Inc. 24,375
600 *Walden Residential Properties, Inc. 12,263
1,300 *Washington Real Estate Investment Trust 24,212
500 Webb Corp. 13,781
700 *Weeks Corp. 19,731
1,000 *Weingarten Realty Investors 44,625
1,400 *Wellsford Real Properties, Inc. 14,438
1,100 *Western Investment Real Estate Trust 12,994
1,100 *Westfield America, Inc. 18,975
-----------
2,469,947
- --------------------------------------------------------------------------------
RESTAURANT: 0.9%
1,800 *Advantica Restaurant Group, Inc. 11,081
900 Applebee's International, Inc. 18,759
1,500 Avado Brands, Inc. 12,563
1,800 Bob Evans Farms, Inc. 46,856
1,700 Buffets, Inc. 20,241
600 Cheesecake Factory, Inc. 17,794
750 Consolidated Prods, Inc. 15,469
600 *Dave & Buster's, Inc. 13,781
1,300 Landry's Seafood Restaurants, Inc. 9,608
1,500 Lone Star Steakhouse & Saloon, Inc. 13,734
900 Luby's Cafeterias, Inc. 13,894
1,000 NPC International, Inc. 12,000
900 Papa John's International, Inc. 39,656
9,100 Planet Hollywood International, Inc. Cl. A 21,044
1,100 Ruby Tuesday, Inc. 23,375
1,500 Ryan's Family Steak Houses, Inc. 18,656
500 Sbarro, Inc. 13,094
700 *Sonic Corp. 16,800
-----------
338,405
- --------------------------------------------------------------------------------
RETAIL GROCERY: 0.3%
1,900 Casey's General Stores, Inc. 24,759
1,400 Fleming Cos., Inc. 14,525
600 Great Atlantic & Pacific Tea Co., Inc. 17,775
1,000 Ingles Markets, Inc. 11,063
1,700 Richfood Holdings, Inc. 35,275
5,200 Southland Corp. 9,994
400 Wild Oats Markets, Inc. 12,675
-----------
126,066
- --------------------------------------------------------------------------------
MSF-92
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
RETAIL TRADE: 3.5%
250 *99 Cents Only Stores $ 12,281
500 American Eagle Outfitters 33,328
800 Ames Department Stores, Inc. 21,550
700 AnnTaylor Stores Corp. 27,606
600 Bacou USA, Inc. 12,900
600 Blair Corp. 13,313
700 Brown Group, Inc. 12,294
700 *Brylane, Inc. 16,275
500 Buckle, Inc. 12,000
700 Burlington Coat Factory Warehouse 11,419
1,000 Cash America International, Inc. 15,188
800 Cato Corp. Cl. A 7,875
500 *CDnow, Inc. 9,016
300 *CDW Computer Centers, Inc. 29,044
1,100 *Central Garden & Pet Co. 15,950
3,700 Charming Shoppes, Inc. 15,725
900 Children's Place Retail Stores, Inc. 22,725
1,500 Claire's Stores, Inc. 30,750
600 Cole National Corp. Cl. A 10,275
1,200 Coleman Co., Inc. 10,950
3,900 Corporate Express, Inc. 20,109
700 *CSK Auto Corp. 18,681
700 Department 56, Inc. 26,294
800 Dress Barn, Inc. 12,150
600 *Duane Reade, Inc. 23,100
900 Eagle Hardware & Garden, Inc. 29,250
800 *Elder-Beerman Stores Corp. 9,225
900 Footstar, Inc. 22,500
600 *Fossil, Inc. 17,175
900 Fred's, Inc. Cl. A 13,444
500 Genovese Drug Stores, Inc. Cl. A 14,250
700 Global Directmail Corp. 16,362
700 *Guitar Center, Inc. 17,216
2,100 Gymboree Corp. 13,322
1,200 Handleman Co. 16,875
5,000 Hanover Direct, Inc. 17,187
600 Haverty Furniture Companies, Inc. 12,600
1,000 *Henry Schein, Inc. 44,687
1,800 *HomeBase, Inc. 11,475
700 *Insight Enterprises, Inc. 35,656
600 Jo Ann Stores, Inc. Cl. A 9,675
900 Just For Feet, Inc. 15,609
600 Lands' End, Inc. 16,162
1,600 *Linens 'n Things, Inc. 63,400
1,300 Longs Drug Stores Corp. 48,750
1,100 Media Arts Group, Inc. 15,469
800 *Men's Wearhouse, Inc. 25,200
900 Michaels Stores, Inc. 16,284
1,500 Micro Warehouse, Inc. 50,578
1,300 Musicland Stores, Inc. 19,419
600 *N2K, Inc. 7,819
600 NCS Healthcare, Inc. Cl. A 14,344
400 *ONSALE, Inc. 16,013
800 *Pacific Sunwear of California, Inc. 13,175
600 Party City Corp. 8,719
1,300 Petco Animal Supplies, Inc. 13,122
5,000 PETsMART, Inc. 54,062
1,000 ShopKo Stores, Inc. 33,250
3,500 Spiegel, Inc. Cl. A 19,906
1,300 *Stein Mart, Inc. 9,059
2,400 Sunglass Hut International, Inc. 16,725
600 Transport World Entertainment Corp. 11,419
800 Urban Outfitters, Inc. 13,925
1,300 Value City Department Stores, Inc. 18,119
1,000 West Marine, Inc. 9,813
600 WetSeal, Inc. Cl. A 18,112
1,600 Zale Corp. 51,600
-----------
1,341,750
- --------------------------------------------------------------------------------
MSF-93
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
SHIPBUILDING: 0.2%
400 Avondale Industries, Inc. $ 11,613
1,400 Halter Marine Group, Inc. 6,825
1,800 Newport News Shipbuilding, Inc. 60,187
-----------
78,625
- --------------------------------------------------------------------------------
SOFTWARE: 4.7%
1,600 *Acclaim Entertainment Inc. 19,600
200 *Advantage Learning System 13,113
300 *Advent Software, Inc. 14,119
1,800 Alydaar Software Corp. 15,075
900 American Medical Security Group, Inc. 13,106
900 Anacomp, Inc. 16,650
600 Aspect Development, Inc. 26,812
900 *AXENT Technologies, Inc. 27,844
400 BARRA, Inc. 9,400
1,900 *BEA Systems, Inc. 23,334
1,000 Boole & Babbage, Inc. 29,375
600 BRC Holdings, Inc. 11,288
700 Broadvision, Inc. 22,641
900 Cerner Corp. 24,131
1,600 Checkfree Holdings Corp. 37,300
800 Clarify, Inc. 19,575
700 *Com21, Inc. 14,787
500 *Concord Communications, Inc. 28,625
1,000 *Datastream Systems, Inc. 11,375
600 *Deltek Systems, Inc. 10,013
700 Dendrite International, Inc. 17,369
400 *Documentum, Inc. 21,462
500 *Earthlink Network, Inc. 28,453
300 *Engineering Animation, Inc. 16,172
600 Evans & Sutherland Computer Co. 10,725
1,400 Filenet Corp. 16,056
2,600 General Magic, Inc. 13,203
1,100 Genrad, Inc. 17,325
700 *Geotel Communications Corp. 25,987
300 *Great Plains Software, Inc. 14,494
1,600 GT Interactive Software Corp. 8,050
500 Henry (Jack) & Associates, Inc. 24,937
1,100 HNC Software, Inc. 44,481
1,100 *Hyperion Solutions Corp. 19,869
900 *Icon CMT Corp. 14,231
1,500 Imation Corp. 26,250
500 *IMRglobal Corp. 14,734
2,300 *Indus International, Inc. 16,028
2,500 Industri Matematik International Corp. 12,578
6,400 Informix Corp. 63,100
2,300 Inprise Corp. 12,578
1,100 Integrated Systems, Inc. Cl. A 16,534
400 *ISS Group, Inc. 22,125
1,200 JDA Software Group, Inc. 11,588
300 Kronos, Inc. 13,341
1,400 Macromedia, Inc. 47,119
800 Manugistics Group, Inc. 9,975
600 *MAPICS, Inc. 10,013
700 *Mastech Corp. 19,906
500 *Medical Manager Corp. 15,625
600 *Mercury Interactive Corp. 37,912
600 *Micromuse, Inc. 11,663
1,200 Midway Games, Inc. 13,200
1,000 *Mobius Management Systems, Inc. 14,625
500 *National Instruments Corp. 17,047
600 *New Era of Networks, Inc. 26,325
3,100 Objective Systems Integrators, Inc. 14,338
900 Open Market, Inc. 10,519
400 Pegasystems, Inc. 14,350
300 *Pegrine Systems, Inc. 13,903
1,100 Platinum Software Corp. 14,025
2,100 Premiere Technologies, Inc. 15,750
800 Primark Corp. 21,700
MSF-94
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
SOFTWARE: (CONTINUED)
600 Progress Software Corp. $ 20,287
400 Project Software & Development, Inc. 13,175
600 QuadraMed Corp. 12,450
3,500 Rational Software Corp. 92,750
300 *RealNetworks, Inc. 10,716
1,000 Remedy Corp. 13,844
500 *Sanchez Computer Associates, Inc. 14,750
400 Sapient Corp. 22,375
1,400 *Security Dynamics Technologies, Inc. 32,244
1,100 *Software AG Systems, Inc. 19,937
1,300 SS&C Technologies, Inc. 16,169
1,300 *Structural Dynamics Research Corp. 25,756
3,000 Sybase, Inc. 22,172
2,000 *Symantec Corp. 43,375
1,600 System Software Associates, Inc. 11,250
1,800 Telxon Corp. 25,087
1,200 *Transaction Systems Architects, Inc. Cl. A 60,375
800 Ultratech Stepper, Inc. 12,775
1,200 Vantive Corp. 9,638
900 *Visio Corp. 32,653
2,900 Westell Technologies, Inc. Cl. A 14,047
800 Wind River Systems, Inc. 37,550
-----------
1,781,203
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: 4.1%
800 *Adelphia Communications Corp. Cl. A 36,650
2,700 *Aerial Communications, Inc. 15,609
2,900 American Mobile Satellite Corp. 14,591
4,000 *American Tower Systems Inc. Cl. A 118,250
1,100 Anicom, Inc. 10,141
800 ANTEC Corp. 16,150
4,900 APAC Teleservices, Inc. 18,758
1,900 Aspect Telecommunications Corp. 33,131
1,200 Associated Group, Inc. Cl. A 51,300
1,000 Avant Corp. 15,937
600 AVT Corp. 17,400
600 *Cellular Communications International 40,950
800 Cellular Communications of Puerto Rico 14,800
600 Centennial Cellular Corp. Cl. A 24,619
400 Commonwealth Telephone Enterprises 13,300
2,000 Davox Corp. 15,375
500 *Dialogic Corp. 9,828
2,100 Digital Microwave Corp. 14,372
1,500 DSP Communications, Inc. 22,969
400 *Dycom Industries, Inc. 22,850
1,700 e.spire Communications, Inc. 10,944
2,900 General Communication, Inc. 11,691
400 *Genesys Telecommunications Laboratories, Inc. 9,050
2,300 Glenayre Technologies, Inc. 10,134
1,700 ICG Communications, Inc. 36,656
800 Inter-Tel, Inc. 18,750
2,100 InterDigital Communications Corp. 9,581
1,000 IXC Communications, Inc. 33,469
200 *L-3 Communications Holding Corp. 9,313
1,500 *Level One Communications, Inc. 53,297
2,300 Metrocall, Inc. 10,494
1,000 *Metromedia Fiber Network, Inc. Cl. A 33,406
1,800 *MGC Communications, Inc. 12,544
2,200 MRV Communications, Inc. 13,681
1,400 National Data Corp. 68,162
700 Norstan, Inc. 12,337
800 North Pittsburgh Systems, Inc. 10,850
1,700 NTL, Inc. 95,891
700 Oak Industries, Inc. 24,500
300 *Pacific Gateway Exchange, Inc. 14,428
2,600 Pairgain Technologies, Inc. 20,069
700 Plantronics, Inc. 60,200
800 Polycom, Inc. 17,875
800 Powertel, Inc. 10,950
MSF-95
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES: (CONTINUED)
800 *Powerwave Technologies, Inc. $ 15,000
900 *Premisys Communications, Inc. 8,184
900 *Primus Telecommunications Group, Inc. 14,766
1,200 *RCN Corp. 21,337
1,000 REMEC, Inc. 18,062
4,400 ROHN Industries, Inc. 14,850
5,500 Sitel Corp. 13,406
2,500 SkyTel Communications, Inc. 54,922
800 *Star Telecommunications, Inc. 9,775
300 Superior Telecom, Inc. 14,175
500 *Transaction Network Services, Inc. 10,016
1,000 *US LEC Corp. 14,781
1,000 Vanguard Cellular Systems, Inc. Cl. A 25,781
2,500 Wavephore, Inc. 20,117
1,000 *West Teleservices Corp. 10,188
3,200 Western Wireless Corp. Cl. A 70,300
1,700 *Winstar Communications, Inc. 66,247
800 World Access, Inc. 17,125
-----------
1,554,284
- --------------------------------------------------------------------------------
TEXTILES & APPAREL: 1.1%
612 Albany International Corp. Cl. A 11,590
800 Authentic Fitness Corp. 14,600
2,200 Burlington Industries, Inc. 24,200
600 *Columbia Sportswear Co. 10,088
1,600 Culp, Inc. 12,600
1,000 Goody's Family Clothing, Inc. 10,031
2,800 Guess?, Inc. 13,475
800 Guilford Mills, Inc. 13,350
1,700 Hancock Fabrics, Inc. 14,237
2,300 Hartmarx Corp. 12,938
1,700 Interface, Inc. Cl. A 15,778
900 Justin Industries, Inc. 11,813
800 Kellwood Co. 20,000
700 *Kenneth Cole Productions, Inc. Cl. A 13,125
1,200 *Nautica Enterprises, Inc. 17,887
900 Nine West Group, Inc. 14,006
500 Oshkosh B'Gosh, Inc. Cl. A 10,094
400 Oxford Industries, Inc. 11,300
1,300 Paxar Corp. 11,619
1,100 Phillips-Van Heusen Corp. 7,906
600 Quiksilver, Inc. 18,000
1,100 Russell Corp. 22,344
400 Springs Industries, Inc. 16,575
600 St. John Knits, Inc. 15,600
1,000 Stage Stores, Inc. 9,375
1,700 Stride Rite Corp. 14,875
400 Talbots, Inc. 12,550
600 Timberland Co. 27,337
500 Unifirst Corp. 11,406
1,500 Wolverine World Wide, Inc. 19,875
-----------
438,574
- --------------------------------------------------------------------------------
TIRES & RUBBER: 0.1%
500 Bandag, Inc. 19,969
- --------------------------------------------------------------------------------
TOBACCO: 0.3%
900 *800-JR Cigar, Inc. 20,362
1,200 Consolidated Cigar Holdings, Inc. Cl. A 21,225
1,600 Dimon, Inc. 11,900
1,400 Universal Corp. 49,175
-----------
102,662
- --------------------------------------------------------------------------------
TRANSPORTATION: 0.2%
1,300 Air Express International Corp. 28,681
600 Circle International Group, Inc. 12,225
2,200 Greyhound Lines, Inc. 13,062
600 Heartland Express, Inc. 10,388
-----------
64,356
- --------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: 0.7%
1,000 *AirNet Systems, Inc. 14,375
2,800 *AirTran Holdings, Inc. 7,569
1,000 Alaska Air Group, Inc. 44,250
MSF-96
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
TRANSPORTATION-AIRLINES: (CONTINUED)
1,500 America West Holding Corp. Cl. B $ 25,500
500 Amtran, Inc. 13,406
800 ASA Holdings, Inc. 24,350
500 Atlantic Coast Airlines Holdings, Inc. 12,625
300 Atlas Air, Inc. 14,681
700 Eagle USA Airfreight, Inc. 17,150
1,100 Kitty Hawk, Inc. 12,031
1,600 Mesa Air Group, Inc. 12,500
700 Mesaba Holdings, Inc. 14,416
500 Midwest Express Holdings, Inc. 13,156
700 SkyWest, Inc. 22,882
2,500 Transport World Airlines, Inc. 12,031
-----------
260,922
- --------------------------------------------------------------------------------
TRANSPORTATION-RAILROAD: 0.2%
400 Florida East Coast Industries, Inc. 14,075
900 *Swift Transportation Co., Inc. 25,031
1,900 Wisconsin Central Transportation Corp. 32,478
-----------
71,584
- --------------------------------------------------------------------------------
TRANSPORTATION-SHIPPING: 0.3%
1,400 Alexander & Baldwin, Inc. 32,112
900 *Gulfmark Offshore, Inc. 14,147
2,300 Hvide Marine, Inc. Cl. A 11,572
800 Kirby Corp. 15,950
1,000 Overseas Shipholding Group, Inc. 16,063
1,100 Werner Enterprises, Inc. 19,456
-----------
109,300
- --------------------------------------------------------------------------------
TRANSPORTATION-TRUCKING: 0.7%
1,400 American Freightways Corp. 16,144
800 Arnold Industries, Inc. 12,850
1,800 *C.H.Robinson Worldwide, Inc. 46,631
1,000 *Consolidated Freightways Corp. 16,063
700 Covenant Transport, Inc. Cl. A 12,513
900 Expeditors International of Washington, Inc. 37,912
800 Hunt (J.B.) Transport Services, Inc. 18,375
700 Knight Transportation, Inc. 18,025
400 Landstar System, Inc. 16,700
500 M.S. Carriers, Inc. 16,312
800 Roadway Express, Inc. 11,625
1,100 Smart & Final, Inc. 10,588
1,000 U.S. Freightways Corp. 29,125
900 Yellow Corp. 17,184
-----------
280,047
- --------------------------------------------------------------------------------
UTILITIES: 0.8%
300 Aquarion Co. 12,300
2,700 Avista Corp. 51,975
400 California Water Service Group 12,525
700 CILCORP, Inc. 42,831
500 Orange & Rockland Utilities, Inc. 28,500
500 Pennsylvania Enterprises, Inc. 12,750
900 Philadelphia Suburban Corp. 26,606
1,800 Rochester Gas and Electric Corp. 56,250
900 SIGCORP, Inc. 32,119
1,000 United Water Resources, Inc. 23,938
-----------
299,794
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: 1.9%
800 Black Hills Corp. 21,100
700 Calpine Corp. 17,675
900 Central Hudson Gas & Electric Corp. 40,275
1,200 CLECO Corp. 41,175
1,200 CMP Group, Inc. 22,650
700 Commonwealth Energy System 28,350
700 Eastern Utilities Associates 19,775
2,000 El Paso Electric Co. 17,500
600 Empire District Electric Co. 14,850
1,500 Hawaiian Electric Industries, Inc. 60,375
1,800 IdaCorp, Inc. 65,137
600 Madison Gas & Electric Co. 13,763
1,500 Minnesota Power, Inc. 66,000
2,400 Nevada Power Co. 62,400
800 Northwestern Corp. 21,150
MSF-97
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
DECEMBER 31, 1998
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
UTILITIES-ELECTRIC: (CONTINUED)
400 Otter Tail Power Co. $ 16,025
2,200 Public Service Co. of New Mexico 44,962
1,400 Sierra Pacific Resources 53,200
400 TNP Enterprises, Inc. 15,175
1,200 Unisource Energy Corp. 16,200
800 United Illuminating Co. 41,200
1,300 WPS Resources Corp. 45,825
----------
744,762
- --------------------------------------------------------------------------------
UTILITIES-GAS DISTRIBUTION & PIPELINES: 2.2%
2,700 AGL Resources, Inc. 62,269
1,700 Aquila Gas Pipeline Corp. 14,556
1,500 Atmos Energy Corp. 48,375
500 Bay State Gas Co. 19,906
300 Colonial Gas Co. 10,463
400 Connecticut Energy Corp. 12,200
900 Eastern Enterprises 39,375
1,900 Equitable Resources, Inc. 55,337
1,100 Indiana Energy, Inc. 27,088
600 Laclede Gas Co. 16,050
2,400 MDU Resources Group, Inc. 63,150
700 New Jersey Resources Corp. 27,650
500 North Carolina Natural Gas Corp. 16,594
900 Northwest Natural Gas Co. 23,288
500 NUI Corp. 13,406
1,600 Peoples Energy Corp. 63,800
1,400 Piedmont Natural Gas Co., Inc. 50,575
700 Public Service Co. of North Carolina, Inc. 18,200
700 SEMCO Energy, Inc. 11,419
500 South Jersey Industries, Inc. 13,094
630 Southern Union Co. 15,356
1,600 Southwest Gas Corp. 43,000
1,900 Southwestern Energy Co. 14,250
800 TransMontaigne, Inc. 12,100
1,800 UGI Corp. 42,750
2,100 Washington Gas Light Co. 56,962
1,400 Western Gas Resources, Inc. 8,050
1,400 WICOR, Inc. 30,537
400 Yankee Energy Systems, Inc. 11,650
----------
841,450
- --------------------------------------------------------------------------------
UTILITIES-MISCELLANEOUS: 0.0%
300 E'town Corp. 14,213
- --------------------------------------------------------------------------------
UTILITIES-TELEPHONE: 0.4%
1,500 Aliant Communications, Inc. 61,172
500 CFW Communications Co. 11,563
1,100 Commnet Cellular, Inc. 13,544
600 IDT Corp. 9,206
1,900 *ITC Deltacom, Inc. 28,856
1,100 *Omnipoint Corp. 10,347
1,500 Tel-Save Holdings, Inc. 25,078
----------
159,766
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost : $35,578,099) ................................ 37,457,808
-----------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 2.2%
- --------------------------------------------------------------------------------
825,000 Federal Home Loan Bank 4.500% 1/4/99 824,691
-----------
TOTAL SHORT TERM OBLIGATIONS
(Cost : $824,691) ................................... 824,691
-----------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 100.4%
(Cost $36,402,790) 38,282,499
-----------
OTHER ASSETS LESS LIABILITIES (0.4)% ............... (135,734)
-----------
TOTAL NET ASSETS : 100.0% ........................... $38,146,765
===========
- --------------------------------------------------------------------------------
LEDGEND:
*Non-income producing security.
See Notes to Financial Statements.
MSF-98
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<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) (1) ....... $3,115,379,401 $543,321,376 $40,885,432 $2,679,818,583
Cash ................. 19,231 21,365 30,879 --
Foreign currencies
held at value (2) ... -- -- -- --
Receivable for
investment securities
sold................. 3,275,918 4,395,308 -- 7,388,736
Receivable for fund
shares sold ......... -- -- 293,382 80,557
Receivable for
dividends and
interest............. 3,131,146 7,525,243 -- 17,796,756
Unrealized
appreciation on
forward contracts
(Note 8) ............ -- 118,342 -- 209,813
Collateral for
securities loaned
(Note 7) ............ 98,207,601 32,565,860 -- 171,193,726
Other assets ......... 163,770 3,441 14 80,300
-------------- ------------ ----------- --------------
TOTAL ASSETS .... 3,220,177,067 587,950,935 41,209,707 2,876,568,471
-------------- ------------ ----------- --------------
LIABILITIES: Bank overdraft ....... -- -- -- 633,723
Payable for investment
securities purchased. 8,226,272 28,324,280 -- 46,694,660
Payable for capital
stock repurchased ... 352,547 32,521 3,099 14,627
Unrealized
depreciation on
forward contracts
(Note 8) ............ -- -- -- --
Return of collateral
for securities loaned
(Note 7) ............ 98,207,601 32,565,860 -- 171,193,727
Accrued investment
management fee (Note
3)................... 1,205,157 141,828 8,521 940,258
Accrued and other
liabilities.......... 104,379 32,073 13,352 104,411
-------------- ------------ ----------- --------------
TOTAL LIABILITIES 108,095,956 61,096,562 24,972 219,581,405
-------------- ------------ ----------- --------------
NET ASSETS: $3,112,081,111 $526,854,373 $41,184,735 $2,656,987,066
============== ============ =========== ==============
COMPOSITION OF
NET ASSETS: Paid-in-capital ...... 2,308,999,366 518,319,931 41,179,711 2,279,495,226
Undistributed/
(overdistributed)
net investment
income/(loss)........ (243,490) (805,846) 2,735 (1,752,166)
Net unrealized
appreciation/
(depreciation)....... 756,429,561 10,923,390 -- 357,500,084
Accumulated net
realized gain/(loss). 46,895,674 (1,583,102) 2,289 21,743,921
-------------- ------------ ----------- --------------
NET ASSETS ...... $3,112,081,111 $526,854,373 $41,184,735 $2,656,987,066
============== ============ =========== ==============
SHARES
OUTSTANDING..... 83,888,115 41,223,047 3,978,258 144,508,015
============== ============ =========== ==============
NET ASSET VALUE
PER SHARE ...... $ 37.10 $ 12.78 $ 10.35 $ 18.39
============== ============ =========== ==============
---------------------------------------------------------------------------------------
Notes:
(1) Investments, at
cost................. $2,358,963,391 $532,517,230 $40,885,432 $2,322,535,791
(2) Cost of foreign
currency............. -- -- -- --
</TABLE>
See Notes to Financial Statements.
MSF-99
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<CAPTION>
STATE STREET LOOMIS
RESEARCH METLIFE SANTANDER SAYLES
AGGRESSIVE STOCK INTERNATIONAL HIGH YIELD JANUS
GROWTH INDEX STOCK BOND MID CAP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS: Investments, at value
(Note 1A) (1) .......$1,410,938,228 $3,089,695,399 $298,316,479 $41,573,301 $369,177,417
Cash ................. 20,554 5,863,632 18,737 16,714 42,361
Foreign currencies
held at value (2) ... -- -- 1,481,148 -- --
Receivable for
investment securities
sold................. 39,220,310 22,286,039 844,669 25,635 10,759,461
Receivable for fund
shares sold ......... 1,492 11,742,684 -- 42,580 37
Receivable for
dividends and
interest............. 287,929 3,328,613 325,147 853,555 41,087
Unrealized
appreciation on
forward contracts
(Note 8) ............ -- -- -- -- 61,814
Collateral for
securities loaned
(Note 7) ............ 186,159,167 57,174,530 4,715,747 2,382,985 56,840,221
Other assets ......... 869 8,586 326,433 8,812 6,622
-------------- -------------- ------------ ----------- ------------
TOTAL ASSETS .... 1,636,628,549 3,190,099,483 306,028,360 44,903,582 436,929,020
-------------- -------------- ------------ ----------- ------------
LIABILITIES: Bank overdraft ....... -- -- -- -- --
Payable for investment
securities purchased. 15,641,620 20,225,976 1,473,648 76,225 7,026,414
Payable for capital
stock repurchased ... 2,660,568 -- 1,958,311 -- 1,325,095
Unrealized
depreciation on
forward contracts
(Note 8) ............ -- -- 214,861 -- --
Return of collateral
for securities loaned
(Note 7) ............ 186,159,167 57,174,530 4,715,747 2,382,985 56,840,221
Accrued investment
management fee
(Note 3)............. 786,669 636,325 184,550 24,821 200,315
Accrued and other
liabilities.......... 43,939 143,668 100,331 16,560 33,064
-------------- -------------- ------------ ------------ ------------
TOTAL LIABILITIES.. 205,291,963 78,180,499 8,647,448 2,500,591 65,425,109
-------------- -------------- ------------ ----------- ------------
NET ASSETS: $1,431,336,586 $3,111,918,984 $297,380,912 $42,402,991 $371,503,911
============== ============== ============ =========== ============
COMPOSITION OF
NET ASSETS: Paid-in-capital ...... 1,121,538,868 1,928,363,249 255,239,426 51,800,454 279,783,214
Undistributed/
(overdistributed)
net investment
income/(loss)........ (4,933,464) (77,573) 1,518,261 (41,560) (528,985)
Net unrealized
appreciation/
(depreciation)....... 303,801,881 1,142,925,615 26,443,264 (9,111,204) 82,690,135
Accumulated net
realized gain/(loss). 10,929,301 40,707,693 14,179,961 (244,699) 9,559,547
-------------- -------------- ------------ ----------- ------------
NET ASSETS ..... $1,431,336,586 $3,111,918,984 $297,380,912 $42,402,991 $371,503,911
============== ============== ============ =========== ============
SHARES
OUTSTANDING..... 48,463,463 87,960,338 21,027,451 5,054,215 21,304,301
============== ============== ============ =========== ============
NET ASSET VALUE
PER SHARE ......$ 29.53 $ 35.38 $ 14.14 $ 8.39 $ 17.44
============== ============== ============ =========== ============
- -----------------------------------------------------------------------------------------------------------
Notes:
(1) Investments, at
cost.................$1,107,137,141 $1,946,769,784 $271,654,085 $50,684,573 $286,548,975
(2) Cost of foreign
currency............. -- -- 1,501,577 -- --
</TABLE>
<TABLE>
<CAPTION>
T. ROWE PRICE SCUDDER
SMALL CAP GLOBAL
GROWTH EQUITY
PORTFOLIO PORTFOLIO
-------------- -----------
<S> <C> <C> <C>
ASSETS: Investments, at value
(Note 1A) (1) .......$197,861,663 $114,344,353
Cash ................. 17,018 16,288
Foreign currencies
held at value (2) ... -- --
Receivable for
investment securities
sold................. -- --
Receivable for fund
shares sold ......... 16,710 63,281
Receivable for
dividends and
interest............. -- 294,603
Unrealized
appreciation on
forward contracts
(Note 8) ............ -- --
Collateral for
securities loaned
(Note 7) ............ 32,902,752 8,933,854
Other assets ......... -- 90,643
------------ ------------
TOTAL ASSETS .... 230,798,143 123,743,022
------------ ------------
LIABILITIES: Bank overdraft ....... -- --
Payable for investment
securities purchased. 3,060,909 573,300
Payable for capital
stock repurchased ... 5,611,049 --
Unrealized
depreciation on
forward contracts
(Note 8) ............ -- 417,623
Return of collateral
for securities loaned
(Note 7) ............ 32,902,752 8,933,854
Accrued investment
management fee
(Note 3)............. 78,254 65,767
Accrued and other
liabilities.......... 13,213 37,481
----------- -----------
TOTAL LIABILITIES.. 41,666,177 10,028,025
------------ ------------
NET ASSETS: $189,131,966 $113,714,997
============ ============
COMPOSITION OF
NET ASSETS: Paid-in-capital ...... 178,493,580 101,853,797
Undistributed/
(overdistributed)
net investment
income/(loss)........ (39,366) (12,776)
Net unrealized
appreciation/
(depreciation)....... 27,478,297 10,888,557
Accumulated net
realized gain/(loss). (16,800,545) 985,419
------------ ------------
NET ASSETS ..... $189,131,966 $113,714,997
============ ============
SHARES
OUTSTANDING..... 15,387,997 9,187,904
============ ============
NET ASSET VALUE
PER SHARE ......$ 12.29 $ 12.38
============ ============
- -----------------------------------------------------------------------
Notes:
(1) Investments, at
cost.................$170,383,366 $103,042,270
(2) Cost of foreign
currency............. -- --
</TABLE>
MSF-100
<PAGE>
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<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)(1)(3) .... $8,691,316 $9,271,766 $6,983,815 $67,037,221
Cash ................. ................... 2,215 2,883 2,319 --
Foreign currencies held at value (2) ..... -- -- -- --
Receivable for investment securities sold. -- 33,941 -- 202,870
Receivable for fund shares sold .......... 223,296 39,329 280,629 280,314
Receivable for dividends and interest..... 10,735 13,385 2,492 689,568
Unrealized appreciation on forward
contracts (Note 8) .................... -- -- -- --
Collateral for securities loaned (Note 7). -- -- -- --
Other assets ............................. 5,163 5,870 6,436 9,761
---------- ---------- ---------- -----------
TOTAL ASSETS ........................ 8,932,725 9,367,174 7,275,691 68,219,734
---------- ---------- ---------- -----------
LIABILITIES: Bank overdraft .......................... -- -- -- 305,156
Payable for investment securities
purchased ............................. 264,147 708,813 525,979 9,076,667
Payable for capital stock repurchased ... -- -- -- --
Unrealized depreciation on forward
contracts (Note 8) .................... -- -- -- --
Return of collateral for securities
loaned (Note 7) ....................... -- -- -- --
Accrued investment management fee
(Note 3)............................... 4,243 4,197 2,668 11,692
Accrued and other liabilities............ 6,296 7,069 7,343 16,694
---------- ---------- ---------- -----------
TOTAL LIABILITIES................... 274,686 720,079 535,993 9,410,209
---------- ---------- ---------- -----------
NET ASSETS: $8,658,039 $8,647,095 $6,739,701 $58,809,525
========== ========== ========== ===========
COMPOSITION OF
NET ASSETS: Paid-in-capital ......................... 8,786,162 8,171,528 6,330,176 58,554,038
Undistributed/(overdistributed) net
investment income/(loss)............... (523) 13,924 1,476 (23,240)
Net unrealized appreciation/
(depreciation) ....................... (127,600) 268,351 406,261 233,207
Accumulated net realized gain/(loss) ... -- 193,292 1,788 45,520
---------- ---------- ---------- -----------
NET ASSETS ........................ $8,658,039 $8,647,095 $6,739,701 $58,809,525
========== ========== ========== ===========
SHARES OUTSTANDING................. 892,739 805,727 611,505 5,848,165
========== ========== ========== ===========
NET ASSET VALUE PER SHARE ......... $ 9.70 $ 10.73 $ 11.02 $ 10.06
========== ========== ========== ===========
--------------------------------------------------------------------------------------------
Notes:
(1) Investments, at cost................ $8,818,916 $9,003,415 $6,577,405 $66,804,014
(2) Cost of foreign currency............ -- -- -- --
See Notes to Financial Statements.
</TABLE>
MSF-101
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MORGAN
STANLEY RUSSELL
EAFE 2000
INDEX INDEX
PORTFOLIO PORTFOLIO
----------- -----------
<S> <C> <C>
ASSETS: Investments, at value (Note 1A)(1)(3) ... $25,965,578 $38,282,499
Cash .................................... 9,864 20,810
Foreign currencies held at value (2) .... 21,734 --
Receivable for investment securities sold 252,307 94,907
Receivable for fund shares sold ......... 188,699 292,989
Receivable for dividends and interest.... 16,613 44,024
Unrealized appreciation on forward
contracts (Note 8) ................... -- --
Collateral for securities loaned (Note 7) -- --
Other assets ............................ 17,398 17,154
----------- -----------
TOTAL ASSETS ....................... 26,472,193 38,752,383
----------- -----------
LIABILITIES: Bank overdraft .......................... -- --
Payable for investment securities
purchased ............................. 989,274 575,799
Payable for capital stock repurchased ... -- --
Unrealized depreciation on forward
contracts (Note 8) .................... -- --
Return of collateral for securities
loaned (Note 7) ....................... -- --
Accrued investment management fee
(Note 3)............................... 5,777 7,036
Accrued and other liabilities............ 23,691 22,783
----------- -----------
TOTAL LIABILITIES................... 1,018,742 605,618
----------- -----------
NET ASSETS: $25,453,451 $38,146,765
=========== ===========
COMPOSITION OF
NET ASSETS: Paid-in-capital ......................... 23,758,026 36,226,074
Undistributed/(overdistributed) net
investment income/(loss)............... (1,920) 10,315
Net unrealized appreciation/
(depreciation) ....................... 1,821,025 1,879,709
Accumulated net realized gain/(loss) ... (123,680) 30,667
----------- -----------
NET ASSETS ........................ $25,453,451 $38,146,765
=========== ===========
SHARES OUTSTANDING................. 2,357,015 3,621,808
=========== ===========
NET ASSET VALUE PER SHARE ......... $ 10.80 $ 10.53
=========== ===========
----------------------------------------- ----------------------------
Notes:
(1) Investments, at cost................ $24,143,851 $36,402,790
(2) Cost of foreign currency............ 21,706 --
See Notes to Financial Statements.
</TABLE>
MSF-102
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<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)........... $ 10,581,378 $30,269,946 $2,354,117 $ 75,031,119
INCOME: Dividends (Note 1B) ............ 31,436,543 -- -- 14,244,449
------------ ----------- ---------- ------------
Total investment income,
net of withholding
taxes(2) ................. 42,017,921 30,269,946 2,354,117 89,275,568
------------ ----------- ---------- ------------
EXPENSES: Investment management fee
(Note 3A) ..................... 13,095,405 1,514,111 105,727 10,067,374
Printing and distribution
fees .......................... 699,708 119,665 11,370 593,419
Custodian and transfer agent
fees .......................... 402,984 152,013 45,778 425,905
Audit and tax service fees...... 32,042 20,160 12,064 34,041
Directors fees ................. 10,695 10,695 10,695 10,695
Insurance fees ................. 7,072 7,072 7,072 7,072
Other operating expenses........ 8,024 8,022 7,917 8,023
------------ ----------- ---------- ------------
Total expenses before
reimbursement............. 14,255,930 1,831,738 200,623 11,146,529
------------ ----------- ---------- ------------
Less: expense
reimbursement............. -- -- -- --
------------ ----------- ---------- ------------
Net expenses............... 14,255,930 1,831,738 200,623 11,146,529
------------ ----------- ---------- ------------
NET INVESTMENT
INCOME/(LOSS)............. 27,761,991 28,438,208 2,153,494 78,129,039
------------ ----------- ---------- ------------
NET REALIZED Investments .................... 239,558,292 10,224,874 (76) 156,508,638
GAIN/(LOSS)ON: Foreign currency
transactions (Note 8).......... 218,135 (517,491) -- (1,183,573)
------------ ----------- ---------- ------------
NET REALIZED GAIN/(LOSS)... 239,776,427 9,707,383 (76) 155,325,065
------------ ----------- ---------- ------------
NET UNREALIZED
APPRECIATION/ Beginning of period investments
(DEPRECIATION): and foreign currency holdings
(Notes 8, 10).................. 355,872,622 7,694,955 -- 179,266,518
End of period investments and
foreign currency holdings
(Notes 8, 10) ................. 756,429,561 10,923,390 -- 357,500,084
------------ ----------- ---------- ------------
NET UNREALIZED
APPRECIATION/
(DEPRECIATION............. 400,556,939 3,228,435 -- 178,233,566
------------ ----------- ---------- ------------
NET INCREASE/(DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS........... $668,095,357 $41,374,026 $2,153,418 $411,687,670
============ =========== ========== ============
---------------------------------------------------------------------------------------------------
Notes:
(1) Income on securities
loaned...................... $ 241,613 $ 42,302 -- $ 236,840
(2) Withholding taxes .......... 301,848 (29,830) -- 47,208
</TABLE>
See Notes to Financial Statements.
MSF-103
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<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)........... $ 3,861,386 $ 558,808 $ 681,552 $ 4,079,504
INCOME: Dividends (Note 1B) ............ 3,643,316 37,814,969 4,749,079 185,335
------------ -------------- ----------- -----------
Total investment income,
net of withholding
taxes(2) ................. 7,504,702 38,373,777 5,430,631 4,264,839
------------ -------------- ----------- -----------
EXPENSES: Investment management fee
(Note 3A) ..................... 9,539,534 6,387,967 2,161,315 266,117
Printing and distribution
fees .......................... 366,280 631,456 135,520 9,353
Custodian and transfer agent
fees .......................... 205,438 494,674 567,860 82,655
Audit and tax service fees...... 23,505 25,347 16,104 13,986
Directors fees ................. 10,695 10,695 10,695 10,695
Insurance fees ................. 7,072 7,072 7,072 7,072
Other operating expenses........ 8,021 28,622 42,193 6,890
------------ -------------- ----------- -----------
Total expenses before
reimbursement............. 10,160,545 7,585,833 2,940,759 396,768
------------ -------------- ----------- -----------
Less: expense
reimbursement............. -- -- -- 69,673
------------ -------------- ----------- -----------
Net expenses............... 10,160,545 7,585,833 2,940,759 327,095
------------ -------------- ----------- -----------
NET INVESTMENT
INCOME/(LOSS)............. (2,655,843) 30,787,944 2,489,872 3,937,744
------------ -------------- ----------- -----------
NET REALIZED Investments .................... 74,328,959 139,102,111 26,270,587 167,524
GAIN/(LOSS)ON: Foreign currency
transactions (Note 8).......... (1,658) 5 (1,730,035) (25,419)
------------ -------------- ----------- -----------
NET REALIZED GAIN/(LOSS)... 74,327,301 139,102,116 24,540,552 142,105
------------ -------------- ----------- -----------
NET UNREALIZED
APPRECIATION/ Beginning of period investments
(DEPRECIATION): and foreign currency holdings
(Notes 8, 10).................. 196,900,177 680,466,140 (4,246,703) (1,078,040)
End of period investments and
foreign currency holdings
(Notes 8, 10) ................. 303,801,880 1,142,925,615 26,443,264 (9,111,204)
------------ -------------- ----------- -----------
NET UNREALIZED
APPRECIATION/
(DEPRECIATION............. 106,901,703 462,459,475 30,689,967 (8,033,164)
------------ -------------- ----------- -----------
NET INCREASE/(DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS........... $178,573,161 $ 632,349,535 $57,720,391 (3,953,315)
============ ============== =========== ===========
---------------------------------------------------------------------------------------------
Notes:
(1) Income on securities
loaned...................... $ 326,469 $ 108,052 $ 92,362 $ 4,468
(2) Withholding taxes .......... 41,509 222,418 669,812 3,156
<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)........... $ 765,721 $ 540,690 $ 876,076
INCOME: Dividends (Note 1B) ............ 542,009 383,958 1,451,008
----------- ------------ -----------
Total investment income,
net of withholding
taxes(2) ................. 1,307,730 924,648 2,327,084
----------- ------------ -----------
EXPENSES: Investment management fee
(Note 3A) ..................... 1,584,660 764,242 674,520
Printing and distribution
fees .......................... 47,466 33,389 21,631
Custodian and transfer agent
fees .......................... 133,840 120,004 193,570
Audit and tax service fees...... 14,648 14,375 14,143
Directors fees ................. 10,695 10,695 10,695
Insurance fees ................. 7,072 7,072 7,072
Other operating expenses........ 6,889 6,891 6,890
----------- ------------ -----------
Total expenses before
reimbursement............. 1,805,270 956,668 928,521
----------- ------------ -----------
Less: expense
reimbursement............. -- -- 56,893
----------- ------------ -----------
Net expenses............... 1,805,270 956,668 871,628
----------- ------------ -----------
NET INVESTMENT
INCOME/(LOSS)............. (497,540) (32,020) 1,455,456
----------- ------------ -----------
NET REALIZED Investments .................... 12,555,618 (16,406,132) 1,445,317
GAIN/(LOSS)ON: Foreign currency
transactions (Note 8).......... (300,370) (4) (53,456)
----------- ------------ -----------
NET REALIZED GAIN/(LOSS)... 12,255,248 (16,406,136) 1,391,861
----------- ------------ -----------
NET UNREALIZED
APPRECIATION/ Beginning of period investments
(DEPRECIATION): and foreign currency holdings
(Notes 8, 10).................. 10,847,186 5,049,772 1,942,819
End of period investments and
foreign currency holdings
(Notes 8, 10) ................. 82,690,135 27,478,297 10,888,557
----------- ------------ -----------
NET UNREALIZED
APPRECIATION/
(DEPRECIATION............. 71,842,949 22,428,525 8,945,738
----------- ------------ -----------
NET INCREASE/(DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS........... $83,600,657 $ 5,990,369 $11,793,055
=========== ============ ===========
-------------------------------------------------------------------------------------
Notes:
(1) Income on securities
loaned...................... $ 155,689 $ 76,992 $ 33,849
(2) Withholding taxes .......... 27,003 631 157,520
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<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(3) PORTFOLIO(3) PORTFOLIO(3) PORTFOLIO(3)
---------------- ---------------- --------------- -----------------
<S> <C> <C> <C> <C>
INVESTMENT Interest (Note 1B)(1) .................... $ 11,349 $ 6,258 $ 4,262 $443,393
INCOME: Dividends (Note 1B) ...................... 17,908 24,596 3,978 --
--------- -------- -------- --------
Total investment income, net of
withholding taxes(2)................ 29,257 30,854 8,240 443,393
--------- -------- -------- --------
EXPENSES: Investment management fee (Note 3A) ...... 6,470 6,314 3,585 18,962
Printing and distribution fees ........... 1,535 1,790 1,279 14,068
Custodian and transfer agent fees ........ 2,554 3,438 4,261 6,722
Audit and tax service fees ............... 2,930 2,935 2,925 3,175
Directors fees ........................... 1,059 1,059 1,059 1,059
Insurance fees ........................... 1,304 1,304 1,304 1,304
Other operating expenses ................. 651 652 650 652
--------- -------- -------- --------
Total expenses before reimbursement.. 16,503 17,492 15,063 45,942
--------- -------- -------- --------
Less: expense reimbursement.......... 10,059 11,109 12,188 13,248
--------- -------- -------- --------
Net expenses......................... 6,444 6,383 2,875 32,694
--------- -------- -------- --------
NET INVESTMENT INCOME/(LOSS) ........ 22,813 24,471 5,365 410,699
--------- -------- -------- --------
NET REALIZED Investments .............................. -- 193,292 3,279 45,520
GAIN/(LOSS)ON: Foreign currency transactions (Note 8) ... -- -- (1,491) --
--------- -------- -------- --------
NET REALIZED GAIN/(LOSS) ............ -- 193,292 1,788 45,520
--------- -------- -------- --------
NET UNREALIZED
APPRECIATION/ Beginning of period investments and
(DEPRECIATION): foreign currency holdings
(Notes 8, 10) ........................... -- -- -- --
End of period investments and foreign
currency holdings
(Notes 8, 10) ........................... (127,600) 268,351 406,261 233,207
--------- -------- -------- --------
NET UNREALIZED
APPRECIATION/(DEPRECIATION) ........ (127,600) 268,351 406,261 233,207
--------- -------- -------- --------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .......... $(104,787) $486,114 $413,414 $689,426
========= ======== ======== ========
------------------------------------------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned ......... -- -- -- --
(2) Withholding taxes .................... -- $ 14 $ 8 $ 360
(3) For the Period November 9, 1998
through December 31, 1998.
See Notes to Financial Statements.
</TABLE>
MSF-105
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
MORGAN
STANLEY RUSSELL
EAFE 2000
INDEX INDEX
PORTFOLIO(3) PORTFOLIO(3)
--------------- --------------
<S> <C> <C>
INVESTMENT Interest (Note 1B)(1) .................... $ 17,532 $ 11,823
INCOME: Dividends (Note 1B) ...................... 21,434 77,390
---------- ----------
Total investment income, net of
withholding taxes(2)................ 38,966 89,213
---------- ----------
EXPENSES: Investment management fee (Note 3A) ...... 9,366 11,355
Printing and distribution fees ........... 6,139 8,185
Custodian and transfer agent fees ........ 24,356 24,311
Audit and tax service fees ... 3,020 3,060
Directors fees ............... 1,059 1,059
Insurance fees ............... 1,304 1,304
Other operating expenses ................. 651 651
Total expenses before reimbursement.. ---------- ----------
Less: expense reimbursement.......... 45,895 49,925
---------- ----------
Net expenses......................... 29,980 30,690
NET INVESTMENT INCOME/(LOSS) ........ 15,915 19,235
---------- ----------
23,051 69,978
---------- ----------
NET REALIZED Investments .............................. (25,944) 30,667
GAIN/(LOSS)ON: Foreign currency transactions (Note 8) ... (97,736) --
---------- ----------
NET REALIZED GAIN/(LOSS) ............ (123,680) 30,667
---------- ----------
NET UNREALIZED
APPRECIATION/ Beginning of period investments and
(DEPRECIATION): foreign currency holdings
(Notes 8, 10) ........................... -- --
End of period investments and foreign
currency holdings
(Notes 8, 10) ........................... 1,821,025 1,879,709
---------- ----------
NET UNREALIZED
APPRECIATION/(DEPRECIATION)......... 1,821,025 1,879,709
---------- ----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .......... $1,720,396 $1,980,354
========== ==========
----------------------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned ......... -- --
(2) Withholding taxes .................... $ 2,487 $ 7
(3) For the Period November 9, 1998
through December 31, 1998.
See Notes to Financial Statements.
</TABLE>
MSF-106
<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 Year For the Year For the Year For the Year
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
1998 1997 1998 1997
--------------- ---------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Operations: Net investment
income/(loss)............ $ 27,761,991 $ 27,619,047 $ 28,438,208 $ 25,458,694
Net realized gain/(loss)
from investment and
foreign currency
transactions ............ 239,776,427 346,717,684 9,707,383 3,041,326
Unrealized
appreciation/(depreciation)
of investments and
foreign currency
holdings................. 400,556,939 112,123,732 3,228,435 8,112,454
-------------- -------------- ------------ ------------
Net
increase/(decrease) in
net assets resulting from
operations............... 668,095,357 486,460,463 41,374,026 36,612,474
-------------- -------------- ------------ ------------
Distributions Net investment income (27,738,839) (27,776,294) (30,426,440) (26,501,290)
to Net realized gain from
Shareholders: investment
transactions ............ (258,432,068) (386,087,667) (9,521,620) (1,217,790)
-------------- -------------- ------------ ------------
Total Distributions
(Note 4) ................ (286,170,907) (413,863,961) (39,948,060) (27,719,080)
-------------- -------------- ------------ ------------
Capital Share Net proceeds from sale
of shares ............... 183,944,051 281,613,597 99,254,831 25,921,259
Transactions: Net asset value of
shares issued to
shareholders in
reinvestment of
distributions ........... 286,170,907 413,863,961 39,948,060 27,719,080
Shares redeemed .......... (89,019,880) (16,740,952) (25,965,115) (33,737,940)
-------------- -------------- ------------ ------------
Net Capital Stock
Transactions
(Note 9) ................ 381,095,078 678,736,606 113,237,776 19,902,399
-------------- -------------- ------------ ------------
NET INCREASE/(DECREASE)
IN NET ASSETS ........... 763,019,528 751,333,108 114,663,742 28,795,793
NET ASSETS: Beginning
of period ............... 2,349,061,583 1,597,728,475 412,190,631 383,394,838
-------------- -------------- ------------ ------------
NET ASSETS: End of
period................... $3,112,081,111 $2,349,061,583 $526,854,373 $412,190,631
============== ============== ============ ============
- -----------------------------------------------------------------------------------------------------------
<CAPTION>
State Street
Research Money Market
Portfolio
--------------------------------------
Increase/(decrease) In Net Assets From: For The Year For The Years
Ended Ended
December 31, December 31,
1998 1997
-------------- ---------------
<S> <C> <C> <C>
Operations: Net investment income/(loss)......................... $ 2,153,494 $ 2,140,715
Net realized gain/(loss) from investment and
foreign currency transactions ..................... (76) 561
Unrealized appreciation/ (depreciation) of
investments and foreign currency holdings......... -- --
------------ ------------
Net increase/(decrease) in net assets resulting
from operations.................................... 2,153,418 2,141,276
------------ ------------
Distributions To Net investment income................................ (2,137,755) (2,143,228)
Shareholders: Net realized gain from investment transactions ...... -- (561)
------------ ------------
Total Distributions (Note 4) ........................ (2,137,755) (2,143,789)
------------ ------------
Capital Share Net proceeds from sale of shares .................... 40,779,247 25,785,388
Transactions: Net asset value of shares issued to shareholders
in reinvestment of distributions .................. 2,137,755 2,143,789
Shares redeemed ..................................... (41,227,769) (30,083,456)
------------ ------------
Net Capital Stock Transactions
(Note 9) .......................................... 1,689,233 (2,154,279)
------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS ............... 1,704,896 (2,156,792)
NET ASSETS: Beginning of period ..................... 39,479,839 41,636,631
------------ ------------
NET ASSETS: End of period............................ $ 41,184,735 $ 39,479,839
============ ============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
MSF-107
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
STATE STREET RESEARCH STATE STREET RESEARCH
DIVERSIFIED AGGRESSIVE GROWTH
PORTFOLIO PORTFOLIO
--------------------------------- -------------------------------
INCREASE/(DECREASE) IN NET ASSETS FROM: FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997
--------------- ----------------- --------------- ---------------
<S> <C> <S> <C> <C> <C>
OPERATIONS: Net investment
income/(loss)........ $ 78,129,039 $ 60,099,946 $ (2,655,843) $ (1,316,297)
Net realized
gain/(loss) from
investment and
foreign currency
transactions ........ 155,325,065 216,669,622 74,327,301 30,729,705
Unrealized
appreciation/
(depreciation) of
investments
and foreign currency
holdings............. 178,233,566 39,574,009 106,901,703 60,037,942
-------------- ---------------- -------------- --------------
Net
increase/(decrease)
in net
assets resulting from
operations........... 411,687,670 316,343,577 178,573,161 89,451,350
-------------- ---------------- -------------- --------------
DISTRIBUTIONS TO Net investment income (75,191,870) (61,064,178) -- --
SHAREHOLDERS: Net realized gain from
investment
transactions ........ (172,104,275) (237,658,263) (82,562,223) (55,883,502)
-------------- ---------------- -------------- --------------
Total Distributions
(Note 4) ............ (247,296,145) (298,722,441) (82,562,223) (55,883,502)
-------------- ---------------- -------------- --------------
CAPITAL SHARE Net proceeds from sale
of shares ........... 293,938,943 226,893,034 116,275,245 103,191,357
TRANSACTIONS: Net asset value of
shares issued to
shareholders in
reinvestment of
distributions ....... 247,296,145 298,722,441 82,562,223 55,883,502
Shares redeemed ...... (30,871,261) (9,846,064) (255,467,432) (122,536,459)
-------------- ---------------- -------------- --------------
Net Capital Stock
Transactions
(Note 9) ............ 510,363,827 515,769,411 (56,629,964) 36,538,400
-------------- ---------------- -------------- --------------
NET
INCREASE/(DECREASE)
IN
NET ASSETS .......... 674,755,352 533,390,547 39,380,974 70,106,248
NET ASSETS: Beginning
of period ........... 1,982,231,714 1,448,841,167 1,391,955,612 1,321,849,364
-------------- ---------------- -------------- --------------
NET ASSETS: End of
period................ $2,656,987,066 $1,982,231,714 $1,431,336,586 $1,391,955,612
============== ================ ============== ==============
<CAPTION>
METLIFE SANTANDER
STOCK INDEX INTERNATIONAL STOCK
PORTFOLIO PORTFOLIO
------------------------------- --------------------------------
INCREASE/(DECREASE) IN NET ASSETS FROM: FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997
--------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
OPERATIONS: Net investment
income/(loss)........ $ 30,787,944 $ 23,100,778 $ 2,489,872 $ 2,309,120
Net realized
gain/(loss) from
investment and
foreign currency
transactions ........ 139,102,116 17,206,056 24,540,552 7,855,657
Unrealized
appreciation/
(depreciation) of
investments
and foreign currency
holdings............. 462,459,475 376,814,539 30,689,967 (15,285,575)
-------------- -------------- ------------- ------------
Net
increase/(decrease)
in net
assets resulting from
operations........... 632,349,535 417,121,373 57,720,391 (5,120,798)
-------------- -------------- ------------- ------------
DISTRIBUTIONS TO Net investment income (30,643,302) (23,568,303) (3,280,730) --
SHAREHOLDERS: Net realized gain from
investment
transactions ........ (97,483,702) (16,507,210) (82,089) --
-------------- -------------- ------------- ------------
Total Distributions
(Note 4) ............ (128,127,004) (40,075,513) (3,362,819) --
-------------- -------------- ------------- ------------
CAPITAL SHARE Net proceeds from sale
of shares ........... 578,786,140 496,672,317 179,209,872 49,148,625
TRANSACTIONS: Net asset value of
shares issued to
shareholders in
reinvestment of
distributions ....... 128,127,004 40,075,513 3,362,819 --
Shares redeemed ...... (119,696,727) (15,610,988) (206,638,160) (80,764,501)
-------------- -------------- ------------- ------------
Net Capital Stock
Transactions
(Note 9) ............ 587,216,417 521,136,842 (24,065,469) (31,615,876)
-------------- -------------- ------------- ------------
NET
INCREASE/(DECREASE)
IN
NET ASSETS .......... 1,091,438,948 898,182,702 30,292,103 (36,736,674)
NET ASSETS: Beginning
of period ........... 2,020,480,036 1,122,297,334 267,088,809 303,825,483
-------------- -------------- ------------- ------------
NET ASSETS: End of
period................ $3,111,918,984 $2,020,480,036 $ 297,380,912 $267,088,809
============== ============== ============= ============
</TABLE>
MSF-108
<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 YEAR FOR THE PERIOD FOR THE YEAR FOR THE PERIOD
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997(1) 1998 1997(1)
------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
OPERATIONS: Net investment
income/(loss)............................... $ 3,937,744 918,473 $ (497,540) $ 40,370
Net realized gain/(loss) from
investment and foreign currency
transactions ............................... 142,105 325,936 12,255,248 (591,976)
Unrealized appreciation/
(depreciation) of investments
and foreign currency
holdings.................................... (8,033,164) (1,078,040) 71,842,949 10,847,186
----------- ----------- ------------ ------------
Net increase/(decrease) in net
assets resulting from operations............ (3,953,315) 166,369 83,600,657 10,295,580
----------- ----------- ------------ ------------
DISTRIBUTIONS TO Net investment income........................ (3,978,631) (919,145) -- (71,815)
SHAREHOLDERS: Net realized gain from investment
transactions ............................... (395,661) (317,080) (1,768,641) (335,084)
Total Distributions ----------- ----------- ------------ ------------
(Note 4) ................................... (4,374,292) (1,236,225) (1,768,641) (406,899)
----------- ----------- ------------ ------------
CAPITAL SHARE Net proceeds from sale of shares ........... 23,282,322 29,791,455 215,371,688 93,684,756
TRANSACTIONS: Net asset value of shares issued to
shareholders in reinvestment of
distributions .............................. 4,374,292 1,236,225 1,768,641 406,899
Shares redeemed ............................. (4,729,682) (2,154,158) (31,320,075) (128,695)
----------- ----------- ------------ ------------
Net Capital Stock
Transactions
(Note 9) ................................... 22,926,932 28,873,522 185,820,254 93,962,960
----------- ----------- ------------ ------------
NET INCREASE/(DECREASE) IN
NET ASSETS ................................. 14,599,325 27,803,666 267,652,270 103,851,641
NET ASSETS: Beginning of period ............. 27,803,666 -- 103,851,641 --
----------- ----------- ------------ ------------
NET ASSETS: End of period.................... $42,402,991 $27,803,666 $371,503,911 $103,851,641
=========== =========== ============ ============
<CAPTION>
T. ROWE PRICE
SMALL CAP GROWTH
PORTFOLIO
-----------------------------------
INCREASE/(DECREASE) IN NET ASSETS FROM: FOR THE YEAR FOR THE PERIOD
ENDED ENDED
DECEMBER 31, DECEMBER 31,
1998 1997(1)
-------------- ----------------
<S> <C> <C> <C>
OPERATIONS: Net investment
income/(loss)........ $ (32,020) $ 2,812
Net realized
gain/(loss) from
investment and
foreign currency
transactions ........ (16,406,136) (426,436)
Unrealized
appreciation/
(depreciation) of
investments
and foreign currency
holdings............. 22,428,525 5,049,772
------------ ------------
Net
increase/(decrease)
in net
assets resulting from
operations........... 5,990,369 4,626,148
------------ ------------
DISTRIBUTIONS TO Net investment income -- (10,155)
SHAREHOLDERS: Net realized gain from
investment
transactions ........ -- --
------------ ------------
Total Distributions
(Note 4) ............ -- (10,155)
------------ ------------
CAPITAL SHARE Net proceeds from sale
TRANSACTIONS: of shares ........... 168,963,708 107,739,742
Net asset value of
shares issued to
shareholders in
reinvestment of
distributions ....... -- 10,155
Shares redeemed ...... (79,842,117) (18,345,884)
------------ ------------
Net Capital Stock
Transactions
(Note 9) ............ 89,121,591 89,404,013
------------ ------------
NET
INCREASE/(DECREASE)
IN
NET ASSETS .......... 95,111,960 94,020,006
NET ASSETS: Beginning
of period ........... 94,020,006 --
------------ ------------
NET ASSETS: End of
period................ $189,131,966 $ 94,020,006
============ ============
</TABLE>
--------------------------------------------------------------------
(1) For the period March 3, 1997 to December 31, 1997
See Notes to Financial Statements.
MSF-109
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SCUDDER
GLOBAL EQUITY
PORTFOLIO
------------------------------
INCREASE/(DECREASE) IN NET ASSETS FROM: FOR THE YEAR FOR THE PERIOD
ENDED ENDED
DECEMBER 31, DECEMBER 31,
1998 1997/(1)/
-------------- --------------
<S> <C> <C> <C>
OPERATIONS: Net investment
income/(loss)........ $ 1,455,456 $ 559,500
Net realized
gain/(loss) from
investment and
foreign currency
transactions ........ 1,391,861 (37,763)
Unrealized
appreciation/
(depreciation) of
investments
and foreign currency
holdings............. 8,945,738 1,942,819
------------ ------------
Net
increase/(decrease)
in net
assets resulting from
operations........... 11,793,055 2,464,556
------------ ------------
DISTRIBUTIONS TO Net investment income (1,464,777) (562,955)
SHAREHOLDERS: Net realized gain from
investment
transactions ........ (287,752) (80,927)
------------ ------------
Total Distributions
(Note 4) ............ (1,752,529) (643,882)
------------ ------------
CAPITAL SHARE Net proceeds from sale
of shares ........... 84,867,042 63,644,896
TRANSACTIONS: Net asset value of
shares issued to
shareholders in
reinvestment of
distributions ....... 1,752,529 643,882
Shares redeemed ...... (43,657,242) (5,397,310)
------------ ------------
Net Capital Stock
Transactions
(Note 9) ............ 42,962,329 58,891,468
------------ ------------
NET
INCREASE/(DECREASE)
IN
NET ASSETS .......... 53,002,855 60,712,142
NET ASSETS: Beginning
of period ........... 60,712,142 --
------------ ------------
NET ASSETS: End of
period................ 113,714,997 60,712,142
============ ============
</TABLE>
(1) For the period March 3, 1997 to December 31, 1997
See Notes to Financial Statements.
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Financial Statements
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
NEUBERGER LEHMAN
HARRIS &BERMAN T. ROWE BROTHERS MORGAN
OAKMARK PARTNERS PRICE AGGREGATE STANLEY RUSSELL
LARGE CAP MID CAP LARGE CAP BOND EAFE 2000
VALUE VALUE GROWTH INDEX INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------ ------------- ------------ --------------
INCREASE/(DECREASE) IN NET ASSETS FROM: FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
PERIOD PERIOD PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998(1) 1998(1) 1998(1) 1998(1) 1998(1) 1998(1)
------------ ------------ ------------ ------------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS: Net investment
income/(loss)............ $ 22,813 $ 24,471 $ 5,365 $ 410,699 $ 23,051 $ 69,978
Net realized gain/(loss)
from
investment and foreign
currency
transactions ............ -- 193,292 1,788 45,520 (123,680) 30,667
Unrealized appreciation/
(depreciation) of
investments
and foreign currency
holdings................. (127,600) 268,351 406,261 233,207 1,821,025 1,879,709
---------- ---------- ---------- ----------- ----------- -----------
Net increase/(decrease) in
net
assets resulting from
operations............... (104,787) 486,114 413,414 689,426 1,720,396 1,980,354
---------- ---------- ---------- ----------- ----------- -----------
DISTRIBUTIONS TO Net investment income .... (23,336) (10,547) (3,889) (433,940) (24,971) (59,663)
SHAREHOLDERS: Net realized gain from
investment
transactions ............ -- -- -- -- -- --
---------- ---------- ---------- ----------- ----------- -----------
Total Distributions (Note
4)....................... (23,336) (10,547) (3,889) (433,940) (24,971) (59,663)
---------- ---------- ---------- ----------- ----------- -----------
CAPITAL SHARE Net proceeds from sale of
TRANSACTIONS: shares................... 8,765,238 8,308,317 6,333,551 59,875,311 23,921,856 36,167,171
Net asset value of shares
issued to
shareholders in
reinvestment of
distributions ........... 23,336 10,547 3,889 433,940 24,971 59,663
Shares redeemed .......... (2,412) (147,336) (7,264) (1,755,212) (188,801) (760)
---------- ---------- ---------- ----------- ----------- -----------
Net Capital Stock
Transactions
(Note 9) ................ 8,786,162 8,171,528 6,330,176 58,554,039 23,758,026 36,226,074
---------- ---------- ---------- ----------- ----------- -----------
NET INCREASE/(DECREASE) IN
NET ASSETS .............. 8,658,039 8,647,095 6,739,701 58,809,525 25,453,451 38,146,765
NET ASSETS: Beginning of
period................... -- -- -- -- -- --
---------- ---------- ---------- ----------- ----------- -----------
NET ASSETS: End of period $8,658,039 $8,647,095 $6,739,701 $58,809,525 $25,453,451 $38,146,765
========== ========== ========== =========== =========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) For the period November 9, 1998 to December 31, 1998.
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 GROWTH PORTFOLIO
----------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period . $31.92 $30.51 $27.56 $21.81 $23.27
-------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income..................................... 0.36 0.44 0.36 0.35 0.30
Net realized and unrealized gain (loss)................... 8.52 7.72 5.78 6.83 (1.06)
---------- ---------- ---------- ---------- ---------
Total From Investment Operations....................... 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 capital gains............. (3.34) (6.31) (2.83) (1.08) (0.40)
---------- ---------- ---------- ---------- ---------
Total Distributions.................................... (3.70) (6.75) (3.19) (1.43) (0.70)
---------- ---------- ---------- ---------- ---------
-------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period............................. $37.10 $31.92 $30.51 $27.56 $21.81
-------------------------------------------------------------------------------------------------------------------------------
Total Return.............................................. 28.18% 28.36% 22.18% 33.14% (3.25)%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's)..................... $3,112,081 $2,349,062 $1,597,728 $1,094,751 $746,433
Operating expenses to average net assets................ 0.53% 0.43% 0.29% 0.31% 0.32%
Net investment income to average net assets............. 1.04% 1.37% 1.29% 1.46% 1.40%
Portfolio Turnover (1).................................. 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) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1998
amounted to $2,101,526,633 and $1,891,659,069, 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 INCOME PORTFOLIO
------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period .................................. $12.66 $12.36 $12.73 $11.32 $12.59
---------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income................................................. 0.75 0.83 0.82 0.83 0.91
Net realized and unrealized gain (loss)............................... 0.42 0.38 (0.36) 1.38 (1.31)
-------- -------- -------- -------- ---------
Total From Investment Operations................................... 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......................... (0.25) (0.04) (0.02) -- --
-------- -------- -------- -------- ---------
Total Distributions................................................ (1.05) (0.91) (0.83) (0.80) (0.87)
-------- -------- -------- -------- ---------
---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period......................................... $12.78 $12.66 $12.36 $12.73 $11.32
---------------------------------------------------------------------------------------------------------------------------------
Total Return.......................................................... 9.40% 9.83% 3.60% 19.55% (3.15)%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's)................................... $526,854 $412,191 $383,395 $349,913 $275,659
Operating expenses to average net assets.............................. 0.39% 0.38% 0.32% 0.34% 0.35%
Net investment income to average net assets........................... 6.13% 6.57% 6.64% 7.01% 7.02%
Portfolio Turnover (1)................................................ 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) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1998
amounted to $694,429,093 and $556,361,346, respectively.
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 MONEY MARKET PORTFOLIO
--------------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ...................................... $10.38 $10.44 $10.45 $10.48 $10.49
- --------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income..................................................... 0.54 0.54 0.53 0.59 0.40
------- ------- ------- ------- --------
Total From Investment Operations....................................... 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............................................. $10.35 $10.38 $10.44 $10.45 $10.48
- --------------------------------------------------------------------------------------------------------------------------------
Total Return.............................................................. 5.19% 5.21% 5.01% 5.59% 3.85%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's)....................................... $41,185 $39,480 $41,637 $40,456 $39,961
Operating expenses to average net assets.................................. 0.48% 0.49% 0.43% 0.49% 0.44%
Net investment income to average net assets............................... 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.
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 DIVERSIFIED PORTFOLIO
------------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period............................ $16.98 $16.67 $15.95 $13.40 $14.41
- ---------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income.......................................... 0.60 0.60 0.55 0.59 0.51
Net realized and unrealized gain/(loss)........................ 2.70 2.71 1.77 3.02 (0.95)
---------- ---------- ---------- ---------- ---------
Total From Investment Operations............................ 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 capital gains.................. (1.32) (2.40) (1.07) (0.48) (0.07)
---------- ---------- ---------- ---------- ---------
Total Distributions......................................... (1.89) (3.00) (1.60) (1.06) (0.57)
---------- ---------- ---------- ---------- ---------
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period.................................. $18.39 $16.98 $16.67 $15.95 $13.40
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return................................................... 19.64% 20.58% 14.52% 27.03% (3.06)%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's)............................ $2,656,987 $1,982,232 $1,448,841 $1,114,834 $892,826
Operating expenses to average net assets....................... 0.48% 0.40% 0.29% 0.31% 0.32%
Net investment income to average net assets.................... 3.39% 3.50% 3.38% 3.92% 3.66%
Portfolio Turnover (1)......................................... 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) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1998
amounted to $2,719,642,384 and $2,256,406,848, 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>
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
---------------------------------------------------------------
YEAR ENDED DECEMBER 31,
---------------------------------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ....................... $27.61 $27.11 $25.87 $22.05 $22.54
- --------------------------------------------------------------------------------------------------------------------------------
Investment Operations
---------------------
Net investment income...................................... (0.06) (0.03) (0.02) (0.01) 0.05
Net realized and unrealized gain (loss).................... 3.75 1.67 2.01 6.50 (0.48)
---------- ---------- ---------- -------- ---------
Total From Investment Operations........................ 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.............. (1.77) (1.14) (0.75) (2.67) (0.01)
---------- ---------- ---------- -------- ---------
Total Distributions..................................... (1.77) (1.14) (0.75) (2.67) (0.06)
---------- ---------- ---------- -------- ---------
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period.............................. $29.53 $27.61 $27.11 $25.87 $22.05
- --------------------------------------------------------------------------------------------------------------------------------
Total Return............................................... 13.69% 6.67% 7.72% 29.50% (1.88)%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's)........................ $1,431,337 $1,391,956 $1,321,849 $958,915 $590,047
Operating expenses to average net assets................... 0.75% 0.81% 0.79% 0.81% 0.82%
Net investment income to average net assets................ (0.20)% (0.10)% (0.11)% (0.06)% 0.24%
Portfolio Turnover (1)..................................... 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) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1998
amounted to $1,258,439,383 and $1,329,838,649, 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>
METLIFE STOCK INDEX PORTFOLIO
----------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period.............................. $28.78 $22.23 $18.56 $13.87 $14.25
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income............................................ 0.37 0.34 0.33 0.32 0.33
Net realized and unrealized gain/(loss).......................... 7.75 6.79 3.88 4.79 (0.17)
---------- ---------- ---------- -------- ---------
Total From Investment Operations.............................. 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.................... (1.16) (0.24) (0.21) (0.10) (0.22)
---------- ---------- ---------- -------- ---------
Total Distributions........................................... (1.52) (0.58) (0.54) (0.42) (0.54)
---------- ---------- ---------- -------- ---------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period.................................... $35.38 $28.78 $22.23 $18.56 $13.87
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return..................................................... 28.23% 32.19% 22.66% 36.87% 1.18%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's).............................. $3,111,919 $2,020,480 $1,122,297 $635,823 $363,001
Operating expenses to average net assets......................... 0.30% 0.33% 0.30% 0.32% 0.33%
Net investment income to average net assets...................... 1.21% 1.47% 1.91% 2.22% 2.51%
Portfolio Turnover (1)........................................... 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) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1998
amounted to $863,635,727 and $382,070,345, 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>
SANTANDER INTERNATIONAL STOCK PORTFOLIO
------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............................. $11.67 $11.95 $12.29 $12.30 $12.33
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
---------------------
Net investment income............................................ 0.13 0.10 0.07 0.03 0.08
Net realized and unrealized gain/(loss).......................... 2.50 (0.38) (0.28) 0.07 0.54
-------- -------- -------- -------- ---------
Total From Investment Operations.............................. 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.................... -- -- (0.13) (0.07) (0.65)
-------- -------- -------- -------- ---------
Total Distributions........................................... (0.16) -- (0.13) (0.11) (0.65)
-------- -------- -------- -------- ---------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period.................................... $14.14 $11.67 $11.95 $12.29 $12.30
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return..................................................... 22.56% (2.34)% (1.77)% 0.84% 5.08%
Supplemental Data/Significant Ratios:
------------------------------------
Net assets at end of period (000's).............................. $297,381 $267,089 $303,826 $297,461 $272,952
Net expenses to average net assets............................... 1.02% 1.03% 0.97% 1.01% 1.04%
Net investment income to average net assets...................... 0.87% 0.77% 0.56% 0.21% 0.80%
Portfolio Turnover (1)........................................... 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) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1998
amounted to $429,587,310 and $445,761,741, 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>
LOOMIS SAYLES T. ROWE PRICE SCUDDER
HIGH YIELD JANUS SMALL CAP GLOBAL
BOND MID CAP GROWTH EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ ------------------- ------------------ -------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------------------------------
1998 1997 1998 1997 1998 1997 1998 1997
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ... $10.14 $10.00 $12.77 $10.00 $11.88 $10.00 $10.85 $10.00
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
----------------------
Net investment income................... 0.88 0.35 (0.02) 0.01 -- -- 0.16 0.10
Net realized and
unrealized gain (loss)................ (1.65) 0.26 4.77 2.81 0.41 1.88 1.57 0.86
------- -------- -------- -------- ------- -------- ------- -------
Total From Investments
Operations........................... (0.77) 0.61 4.75 2.82 0.41 1.88 1.73 0.96
------- ------- -------- -------- -------- ------- -------- -------
Less Distributions:
-------------------
Dividends from net
investment income...................... (0.89) (0.35) -- (0.01) -- --(3) (0.16) (0.10)
Distributions from net
realized capital gains................. (0.09) (0.12) (0.08) (0.04) -- -- (0.04) (0.01)
------- ------- -------- -------- -------- ------- -------- -------
Total Distributions.................. (0.98) (0.47) (0.08) (0.05) -- -- (0.20) (0.11)
------- ------- -------- -------- -------- ------- -------- -------
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period........... $8.39 $10.14 $17.44 $12.77 $12.29 $11.88 $12.38 $10.85
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return............................ (7.51)% 6.18% 37.19% 28.22% 3.45% 18.81% 15.96% 9.62%
Supplemental Data/Significant Ratios:
- ------------------------------------
Net assets at end of
period (000's)......................... $42,403 $27,804 $371,504 $103,852 $189,132 $94,020 $113,715 $60,712
Net expenses to average
net assets (Note 3) (1)................ 0.87% 0.83% 0.81% 0.85% 0.67% 0.67% 0.96% 0.78%
Operating expenses to average net
assets before voluntary expense
reimbursements (Note 3) (1)............ 1.05% 1.35% N/A 0.99% N/A 0.86% 1.01% 1.14%
Net investment income to
average net assets (1)................. 10.41% 7.04% (0.22)% 0.10% (0.02)% 0.01% 1.61% 1.66%
Net investment income to average net
assets before voluntary expense
reimbursements (Note 3) (1)............ 10.23% 6.52% N/A (0.04)% N/A (0.19)% 1.56% 1.30%
Portfolio Turnover (2)................. 46.02% 39.26% 106.66% 74.70% 37.93% 13.45% 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) Ratios for the ten months ended December 31, 1997 have been determined
on annualized operating results for the period. Twelve-month results
may be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1998
amounted to: $37,933,076 and $16,813,644 for the Loomis Sayles High
Yield Bond Portfolio, $399,290,044 and $228,305,175 for the Janus Mid
Cap Portfolio, $142,705,785 and $51,907,779 for the T. Rowe Price
Small Cap Growth Portfolio, and $84,591,572 and $43,681,204 for the
Scudder Global Equity Portfolio.
(3) 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>
NEUBERGER LEHMAN
HARRIS &BERMAN T. ROWE BROTHERS MORGAN
OAKMARK PARTNER PRICE AGGREGATE STANLEY RUSSELL
LARGE CAP MID CAP LARGE CAP BOND EAFE 2000
VALUE VALUE GROWTH INDEX INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ------------ ------------ -------------- --------------
FOR THE PERIOD NOVEMBER 9, 1998 TO DECEMBER 31, 1998
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period................. $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
- ---------------------
Net investment income.............................. 0.03 0.03 0.01 0.07 0.01 0.02
Net realized and unrealized gain (loss)............ (0.30) 0.71 1.02 0.07 0.80 0.53
------ ------ ------ ------ ------ ------
Total From Investment Operations............. (0.27) 0.74 1.03 0.14 0.81 0.55
------ ------ ------ ------ ------ ------
Less Distributions:
- ------------------
Dividends from net investment income............... (0.03) (0.01) (0.01) (0.08) (0.01) (0.02)
Distributions from net realized capital gains...... -- -- -- -- -- --
------ ------ ------ ------ ------ ------
Total Distributions.......................... (0.03) (0.01) (0.01) (0.08) (0.01) (0.02)
------ ------ ------ ------ ------ ------
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period....................... $9.70 $10.73 $11.02 $10.86 $10.80 $10.53
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return....................................... (2.70)% 7.44% 10.28% 1.38% 8.11% 5.48%
Supplemental Data/Significant Ratios:
- ------------------------------------
Net assets at end of period (000's)................ $8,658 $8,647 $6,740 $58,810 $25,453 $38,147
Net expenses to average net assets (Note 3) (1).... 0.70% 0.68% 0.50% 0.42% 0.49% 0.40%
Operating expenses to average net assets before
voluntary expense reimbursements (Note 3) (1)..... 1.79% 1.86% 2.62% 0.59% 1.41% 1.04%
Net investment income to average net assets (1).... 2.47% 2.61% 0.93% 5.28% 0.71% 1.46%
Net investment income to average net assets
before voluntary expense reimbursements
(Note 3) (1)...................................... 1.38% 1.42% (1.19)% 5.11% (0.21)% 0.82%
Portfolio Turnover (2)............................. 0.00% 20.81% 5.69% 11.08% 12.68% 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 two months ended December 31, 1998 have been determined
on annualized operating results for the period. Twelve-month results
may be different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of securities
(excluding short-term securities) for the year ended December 31, 1998
amounted to: $7,987,916 and $0 for the Harris Oakmark Large Cap Value
Portfolio, $8,821,882 and $1,270,759 for the Neuberger & Berman
Partners Mid Cap Value Portfolio, $5,944,837 and $207,322 for the T.
Rowe Price Large Cap Growth Portfolio, $63,057,826 and $5,783,973 for
the Lehman Brothers Aggregate Bond Index Portfolio, $25,546,074 and
$2,775,385 for the Morgan Stanley EAFE Index Portfolio, and
$36,465,170 and $917,738 for the Russell 2000 Index Portfolio.
See Notes to Financial Statements.
MSF-120
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998
- --------------------------------------------------------------------------------
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-121
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998
- --------------------------------------------------------------------------------
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 seven securities, the State
Street Research Diversified Portfolio holds nine securities, the Loomis Sayles
High Yield Bond Portfolio holds twenty securities, and the Lehman Brothers
Aggregate Bond Index Portfolio holds one security 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 December 31, 1998 are footnoted at the end of each applicable
Portfolio's schedule of investments.
-------------------------------------------------------------------------------
3. EXPENSES:
A. INVESTMENT MANAGEMENT AGREEMENTS:
The Fund has entered into investment management agreements with Metropolitan
Life. For providing investment management services to the Fund, Metropolitan
Life receives monthly compensation at the annual rate of:
<TABLE>
<CAPTION>
PORTFOLIO FIRST TIER SECOND TIER THIRD TIER
--------- ---------- ----------- ----------
<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>
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.
-------------------------------------------------------------------------------
MSF-122
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998
- --------------------------------------------------------------------------------
3. EXPENSES - (CONTINUED):
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 March 3, 1997, the Fund commenced operations of four Portfolios: Loomis
Sayles High Yield Bond, Janus Mid Cap, T. Rowe Price Small Cap Growth, and
Scudder Global Equity Portfolios. Metropolitan Life supplied initial start-up
capital of $22,000,000 to facilitate the operation of these Portfolios.
Subsequently, these Portfolios were made available for certain contracts. As of
December 31, 1998, all start-up capital for the four Portfolios introduced in
1997 (including applicable market appreciation) has been redeemed by
Metropolitan Life.
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 December 31, 1998, the value of Metropolitan Life's investment
in these Portfolios totaled $115,909,000.
-------------------------------------------------------------------------------
6. PORTFOLIO NAME CHANGES:
On March 3, 1997, the names of the Growth Portfolio, Income Portfolio, Money
Market Portfolio, Diversified Portfolio, Aggressive Growth Portfolio, Stock
Index Portfolio, and International Stock Portfolio changed. These Portfolios
were renamed as follows: State Street Research Growth Portfolio, State Street
Research Income Portfolio, MetLife Money Market Portfolio, State Street Research
Diversified Portfolio, State Street Research Aggressive Growth Portfolio,
MetLife Stock Index Portfolio, and GFM International Stock Portfolio. On August
1, 1997, the names of the MetLife Money Market Portfolio and GFM International
Stock Portfolio were changed to the State Street Research Money Market Portfolio
and the State Street Research International Stock Portfolio, respectively.
Subsequently, 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 December
31, 1998 are footnoted at the end of each applicable Portfolio's schedule of
investments.
- --------------------------------------------------------------------------------
MSF-123
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998
- --------------------------------------------------------------------------------
8. NET UNREALIZED APPRECIATION/(DEPRECIATION):
As of December 31, 1998, 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................... $792,367,896 ($35,951,886) $756,416,010
STATE STREET RESEARCH INCOME................... 13,071,974 (2,267,828) 10,804,146
STATE STREET RESEARCH DIVERSIFIED.............. 378,647,807 (21,365,015) 357,282,792
STATE STREET RESEARCH AGGRESSIVE GROWTH........ 343,612,708 (39,811,621) 303,801,087
METLIFE STOCK INDEX............................ 1,195,683,815 (52,758,200) 1,142,925,615
SANTANDER INTERNATIONAL STOCK.................. 33,628,139 (6,986,174) 26,641,965
LOOMIS SAYLES HIGH YIELD BOND.................. 1,130,287 (10,241,559) (9,111,272)
JANUS MID CAP.................................. 87,211,117 (4,582,675) 82,628,442
T. ROWE PRICE SMALL CAP GROWTH................. 40,736,587 (13,258,290) 27,478,297
SCUDDER GLOBAL EQUITY.......................... 17,585,149 (6,283,066) 11,302,083
HARRIS OAKMARK LARGE CAP VALUE................. 273,970 (401,570) (127,600)
NEUBERGER&BERMAN PARTNERS MID CAP VALUE........ 405,729 (137,378) 268,351
T. ROWE PRICE LARGE CAP GROWTH................. 446,731 (40,321) 406,410
LEHMAN BROTHERS AGGREGATE BOND INDEX........... 377,484 (144,277) 233,207
MORGAN STANLEY EAFE INDEX...................... 2,068,815 (247,060) 1,821,755
RUSSELL 2000 INDEX............................. 3,438,239 (1,558,530) 1,879,709
</TABLE>
*Does not include unrealized gains and (losses) related to foreign currency
contracts and translations of $13,551, $119,244, $217,292, $794, $(198,701),
$68, $61,693, $(413,526), $(149), and $(730) for the State Street Research
Growth, State Street Research Income, State Street Research Diversified, State
Street Research Aggressive Growth, 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 December 31, 1998, 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 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
========= ========= ========= ========= ========= =========
</TABLE>
MSF-124
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998
- --------------------------------------------------------------------------------
9. CAPITAL STOCK ACTIVITY - (CONTINUED):
<TABLE>
<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
========= ========= ========= ========= =========
<CAPTION>
For the Period November 9, 1998 (commencement of operations) to December 31, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
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
========= ========= ========= ========= ============ ==========
<CAPTION>
For the Year Ended December 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
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....................... 8,230,850 2,000,510 2,412,286 12,435,452 3,762,075 18,865,897
Shares issued in reinvestment
of dividends.................... 13,468,235 2,191,691 206,604 17,906,235 2,348,065 1,429,601
--------- --------- --------- --------- --------- ---------
Total............................. 21,699,085 4,192,201 2,618,890 30,341,687 6,110,140 20,295,498
Shares redeemed................... (470,847) (2,665,334) (2,804,937) (545,849) (4,450,372) (579,241)
--------- --------- --------- --------- --------- ---------
Net increase/ (decrease).......... 21,228,238 1,526,867 (186,047) 29,795,838 1,659,768 19,716,257
========= ========= ========= ========= ========= =========
<CAPTION>
For the Period March 3, 1997 (commencement of operations) to December 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
SANTANDER LOOMIS SAYLES T. ROWE PRICE
INTERNATIONAL HIGH YIELD JANUS SMALL CAP SCUDDER GLOBAL
STOCK BOND MID CAP GROWTH EQUITY
PORTFOLIO/1/ PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Shares sold....................... 3,959,141 2,822,530 8,109,326 9,488,942 6,023,632
Shares issued in reinvestment of
dividends........................ -- 122,359 33,002 885 59,518
--------- --------- --------- --------- ---------
Total............................. 3,959,141 2,944,889 8,142,328 9,489,827 6,083,150
Shares redeemed................... (6,488,877) (203,832) (10,081) (1,574,218) (488,028)
--------- --------- --------- --------- ---------
Net increase/ (decrease).......... (2,529,736) 2,741,057 8,132,247 7,915,609 5,595,122
========= ========= ========= ========= =========
</TABLE>
- ---------------------
/1/ For the Year Ended December 31, 1997
MSF-125
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998
- --------------------------------------------------------------------------------
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
gain on foreign currency receivables as follows:
Net unrealized translation gain:
Dividend reclaim receivables........... $13,551
----------
Net unrealized translation gain...... $13,551
==========
As of December 31, 1998, the State Street Research Income Portfolio experienced
an unrealized net gain of $118,342 based on the following foreign currency
exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION AS OF UNREALIZED
DECEMBER31, APPRECIATION/
SOLD EXPIRATION DATE CONTRACT AMOUNT 1998 (DEPRECIATION)
- ------------------------ ----------------- ----------------- ------------------ ----------------
<S> <C> <C> <C> <C>
British Pound Sterling 1/22/99 $4,440,271 $4,339,648 $100,623
British Pound Sterling 1/22/99 143,567 144,434 (867)
New Zealand Dollar 1/22/99 3,782,184 3,782,206 (22)
New Zealand Dollar 1/22/99 2,538,169 2,542,527 (4,358)
New Zealand Dollar 2/12/99 3,934,580 3,896,302 38,278
----------------- ------------------ ----------------
$14,838,771 $14,705,117 $133,654
================= ================== ================
PURCHASED
- ------------------------
New Zealand Dollar 2/12/99 $568,166 $552,854 $(15,312)
----------------- ------------------ ----------------
$566,166 $552,854 $(15,312)
================= ================== ================
Net unrealized appreciation..................................................................... $118,342
================
</TABLE>
The State Street Research Income Portfolio had an unrealized net translation
gain on foreign currency receivables as follows:
Net unrealized translation gain:
Interest receivables........................ $902
--------
Net unrealized translation gain...... $902
========
As of December 31, 1998, the State Street Research Diversified Portfolio
experienced an unrealized net gain of $209,813 based on the following foreign
currency exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION AS OF UNREALIZED
DECEMBER 31, APPRECIATION/
SOLD EXPIRATION DATE CONTRACT AMOUNT 1998 (DEPRECIATION)
- ------------------------ ----------------- ----------------- ------------------ ----------------
<S> <C> <C> <C> <C>
British Pound Sterling 1/22/99 $7,334,771 $7,168,554 $166,217
British Pound Sterling 1/22/99 288,785 290,527 (1,742)
New Zealand Dollar 1/22/99 7,715,445 7,715,490 (45)
New Zealand Dollar 1/22/99 5,512,495 5,521,968 (9,473)
New Zealand Dollar 2/12/99 10,949,298 10,842,775 106,523
----------------- ------------------ ----------------
$31,800,794 $31,539,314 $261,480
================= ================== ================
PURCHASED
- ------------------------
New Zealand Dollar 2/12/99 $1,917,153 $1,865,486 $(51,667)
----------------- ------------------ ----------------
$1,917,153 $1,865,486 $(51,667)
================= ================== ================
Net unrealized appreciation..................................................................... $209,813
================
</TABLE>
MSF-126
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998
- --------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS - (CONTINUED):
The State Street Research Diversified Portfolio had an unrealized net
translation gain on foreign currency receivables as follows:
Net unrealized translation gain:
Dividend reclaim receivables............ $5,935
Interest receivables.................... 1,545
--------
Net unrealized translation gain. $7,480
========
The State Street Research Aggressive Growth Portfolio had an unrealized net
translation gain on foreign currency receivables and payables as follows:
Net unrealized translation gain:
Dividend receivables.................... $934
Tax expense payables.................... (140)
--------
Net unrealized translation gain. $794
========
As of December 31, 1998, the Santander International Stock Portfolio experienced
an unrealized net loss of $214,861 based on the following foreign currency
exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION AS OF UNREALIZED
DECEMBER 31, APPRECIATION/
SOLD EXPIRATION DATE CONTRACT AMOUNT 1998 (DEPRECIATION)
- -------------- ----------------- ----------------- ------------------ ----------------
<S> <C> <C> <C> <C>
Japanese Yen 2/26/99 $14,398,595 $14,613,456 $(214,861)
----------------- ------------------ ----------------
$14,398,595 $14,613,456 $(214,861)
================= ================== ================
Net unrealized (depreciation)......................................................... $(214,861)
================
</TABLE>
The Santander International Stock Portfolio had an unrealized net translation
gain on foreign currency receivables and payables as follows:
Net unrealized translation gain/(loss):
Dividend receivables......................... ($788)
Dividend reclaim receivables................. 20,384
Pending spot foreign exchange sales.......... 3,765
Purchase payables............................ 970
Sales Receivables............................ (8,079)
Tax expense payables......................... (92)
----------
Net unrealized translation gain...... $16,160
==========
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:
Interest receivables......................... $68
----------
Net unrealized translation gain...... $68
==========
MSF-127
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998
- --------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS - (CONTINUED):
As of December 31, 1998, the Janus Mid Cap Portfolio experienced an unrealized
net gain of $61,814 based on the following foreign currency exchange contracts
outstanding:
<TABLE>
<CAPTION>
VALUATION AS OF UNREALIZED
DECEMBER 31, APPRECIATION/
SOLD EXPIRATION DATE CONTRACT AMOUNT 1998 (DEPRECIATION)
- ------------------------ ----------------- ----------------- ------------------ ----------------
<S> <C> <C> <C> <C>
British Pound Sterling 4/7/99 $1,429,613 $1,400,198 $29,415
British Pound Sterling 4/7/99 3,134,681 3,098,663 36,018
British Pound Sterling 4/8/99 3,148,300 3,148,343 (43)
British Pound Sterling 5/13/99 2,423,110 2,426,686 (3,576)
----------------- ------------------ ----------------
$10,135,704 $10,073,890 $61,814
================= ================== ================
Net unrealized appreciation..................................................................... $61,814
================
</TABLE>
The Janus Mid Cap Portfolio had an unrealized net translation (loss) on foreign
currency receivables as follows:
Net unrealized translation (loss):
Dividend reclaim receivables................ $(121)
---------
Net unrealized translation (loss)... $(121)
=========
As of December 31, 1998, the Scudder Global Equity Portfolio experienced an
unrealized net loss of $417,623 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
VALUATION AS OF UNREALIZED
DECEMBER 31, APPRECIATION/
SOLD EXPIRATION DATE CONTRACT AMOUNT 1998 (DEPRECIATION)
- -------------- ----------------- ----------------- ------------------ ----------------
<S> <C> <C> <C> <C>
Japanese Yen 3/4/99 $215,000 $255,448 $(40,448)
Japanese Yen 3/29/99 2,540,771 2,997,813 (457,042)
----------------- ------------------ ----------------
$2,755,771 $3,253,261 $(497,490)
================= ================== ================
PURCHASED
- --------------
Japanese Yen 3/29/99 $390,000 $461,952 $71,952
Japanese Yen 3/29/99 185,000 192,915 $7,915
----------------- ------------------ ----------------
$575,000 $654,867 $79,867
================= ================== ================
Net unrealized (depreciation) ........................................................ $(417,623)
================
</TABLE>
The Scudder Global Equity Portfolio had an unrealized net translation gain on
foreign currency receivables and payables as follows:
Net unrealized translation gain/(loss):
Dividend receivables...................... $253
Dividend reclaim receivables.............. 3,877
Interest receivables...................... (210)
Interest reclaim receivables.............. 219
Tax expense payables...................... (42)
----------
Net unrealized translation gain..... $4,097
==========
MSF-128
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998
- --------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS - (CONTINUED):
The T. Rowe Price Large Cap Growth Portfolio had an unrealized net translation
loss on foreign currency receivables and payables as follows:
Net unrealized translation gain/(loss):
Dividend receivables........................ $(2)
Pending spot foreign exchange sales......... (372)
Purchase payables........................... 225
--------
Net unrealized translation (loss)..... $(149)
========
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 receivables....................... $(48)
Dividend reclaim receivables............... 2
Pending spot foreign exchange purchases.... (302)
Pending spot foreign exchange sales........ (9)
Purchase payables.......................... (2,230)
Sales receivables.......................... 1,854
Tax expense payables....................... 3
--------
Net unrealized translation (loss).... $(730)
========
MSF-129
<PAGE>
- --------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
Directors and Officers
- --------------------------------------------------------------------------------
As of February 22, 1999
<TABLE>
<CAPTION>
DIRECTORS: OFFICERS:
- --------------------------------------------------- --------------------------------------------------------------
<S> <C>
David A. Levene--Chairman of the Board and Director David A. Levene--Chief Executive Officer
Steve A. Garban--Director Christopher P. Nicholas--President and Chief Operating Officer
Malcolm T. Hopkins--Director Elaine Stevenson--Vice President
Robert A. Lawrence--Director Lawrence A. Vranka--Vice-President
Dean O. Morton--Director Bradford W. White--Controller
Michael S. Scott Morton--Director Janet Morgan--Treasurer
Arthur G. Typermass--Director Robin Wagner--Secretary
</TABLE>
<PAGE>
This report has been prepared for the prospective owners of the Universal Life
II policies issued by Metropolitan Life Insurance Company and shareholders of
Metropolitan Series Fund, Inc. This report may be distributed only when preceded
or accompanied by the most recent quarterly performance sheet and the current
prospectus for the Universal Life II policy. Please consult the prospectus for
information regarding applicable fees and charges.
If you want more information, please contact your sales representative.
--------------------
[LOGO OF METLIFE(R) APPEARS HERE] Presorted
Standard
MetLife Customer Service Center--Tulsa U.S. Postage Paid
P.O. Box 21889 Lancaster, PA
Tulsa, OK 74121-1388 Permit 1620
--------------------
Address Service Requested
MSFAnnualReportULII(0299)
Date of First Use: 02/26/99
99022V3C(exp0899)MLIC-LD
<PAGE>
This report has been prepared for the prospective owners of Universal Life II
policies issued by Metropolitan Life Insurance Company and shareholders of
Metropolitan Series Fund, Inc. This report may be distributed only when preceded
or accompanied by the most recent quarterly performance sheet and the current
prospectus for the Universal Life II policy. Please consult the prospectus for
information regarding applicable fees and charges.
If you want more information, please contact your sales representative.
-----------------
Presorted
Standard
U.S. Postage Paid
Lancaster, PA
Permit 1620
-----------------
[LOGO OF METLIFE(R) APPEARS HERE]
MetLife Customer Service Center--Warwick
P.O. Box 520
Warwick, RI 02887-0520
Address Service Requested
MSFAnnualReportULII(0299)
Date of First Use: 02/26/99
99022V3R(exp0899)MLIC-LD
