<PAGE>
Metropolitan Series Fund, Inc.
Semiannual Report
June 2000
[GRAPHIC]
FOR USE WITH
MetLife Variable Annuities and MetLife and Metropolitan Tower Life
Variable Life Insurance Contracts
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN AND PRESIDENT
--------------------------------------------------------------------------------
JUNE 2000
To Our Valued Client:
We are pleased to present the June 30, 2000 semiannual report of the
Metropolitan Series Fund, Inc. The report begins with an overview of the
U.S. and international economies during the first half of 2000. Details for
each portfolio, including a list of assets, investments, and portfolio
characteristics, follow.
GLANCING BACK: A ROCKY PERIOD FOR U.S. STOCKS
Although technology stocks roared ahead strongly during the first two
months of the year, the rally came to a halt in March as the NASDAQ Index
-- a common measure of performance for technology-related and other new
economy stocks -- fell sharply. All three major stock market indexes -- Dow
Jones Industrial Average (DJIA), Standard and Poor's 500 Composite Stock
Index (S&P 500), and NASDAQ -- delivered negative returns for the six-month
period.
Most U.S. bond sectors held up reasonably well despite three increases to
the Federal Funds Rate, a key short-term interest rate, which brought the
total to six increases over the past twelve months. The Federal Funds rate
stood at 6.5% on June 30th, up from 5.5% six months ago. The yield of the
10-year U.S. Treasury Bond edged down near 6.0% in the final days of the
period.
CONVENTIONAL WISDOM FOR UNCONVENTIONAL TIMES
In the past decade, Americans have been treated to extraordinary investment
returns, delivered in some of the best economic times in our nation's
recorded history. Perhaps that's why so many investors have been unsettled
by the markets' recent volatility. However, those who spread their money
among a variety of markets and investment styles -- stocks and bonds,
growth and value stocks, and foreign and U.S. investments -- have
experienced less volatility and discovered that once again, there's
something to the conventional wisdom about asset allocation and
diversification.
LOOKING AHEAD
The following historical facts may help you place today's volatile market
activity into perspective as you plan your financial future:
. Over the past two years ended June 30, 2000, the DJIA, which includes
mostly "old economy" stocks, averaged an annual return of 9.79% while
the NASDAQ, which includes mostly technology stocks, averaged a 45.01%
annual return/1/.
. The annual average inflation rate for:
- The twenty year period of 1976-95 was 5.4%/2/
- The five year period of 1991-95 was 3.1%/2/
- 1998 was 1.6%/2/
- 1999 was 2.0%/7/
- Year-to-date 2000 was 3.7%/7/
. Over the past five years the average annual return per year of the S&P
500 was 23.76% versus 16.90% for the past 20 years/1/.
. There are more stocks of foreign companies (76.2%) than U.S. companies
(23.8%) in the global stock market as of December 31, 1999. As of
April 30, 1984, there were more U.S. companies (51%) than foreign
companies (49%)/8/.
. In 1980 the Franklin Money Fund Class A paid a dividend rate of 12.47%
for the calendar year. The same fund paid 5.15% for the 12-month
period from 7/1/99 to 6/30/00 /3/.
. The per barrel price of oil:
- Today is near $32.00/4/
- Late in 1998 it was around $10.00/4/
- During 1980 it was $40.00/5/
. Twenty years ago the national debt was increasing. Yet in the first
six months of this year the government reduced its debt by $15 billion
with another $15 billion reduction slated for the second half of this
year. Sustained debt reduction of this type could support lower U.S.
interest rates and impel other positive economic effects.
. The highest rate of Federal Income tax in 1980 was 70%/6/, versus
39.6%/2/ in 1999.
<PAGE>
--------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN AND PRESIDENT continued
--------------------------------------------------------------------------------
In addition to providing you with the financial market information above, we are
pleased to announce the addition of three new Metropolitan Series Fund
portfolios which are funding options available through certain MetLife variable
annuity and variable life products:
- Putnam Large Cap Growth
- MetLife Mid Cap Stock Index
- State Street Research Aurora Small Cap Value
Also, we have been informed by MetLife that it has made available the following
two additional funding options through the New England Zenith Fund:
- Davis Venture Value
- Loomis Sayles Small Cap
The new funding options became available on July 5, 2000 and we will report on
them in the 2000 Annual Report. For more information, see your May 1, 2000
prospectuses or call your Financial Services Representative.
We appreciate the confidence you have placed in us by choosing the Metropolitan
Series Fund, Inc. for your investments. We hope you will continue to think of
the Metropolitan Series Fund, Inc. for your future investments.
/s/ David A. Levene /s/ Christopher P. Nicholas
David A. Levene Christopher P. Nicholas
Chairman of the Board and Chief President and Chief Operating Officer
Executive Officer Metropolitan Series Fund, Inc.
Metropolitan Series Fund, Inc.
----------
1 Bloomberg as of 6/30/00
2 Dearborn 2000 Pocket Tables, Dearborn Publishing, Inc., 2000
3 "Price & Distribution Report," Franklin Money Fund A, Wiesenberger Financial,
July 27, 2000
4 "Oil Prices Benefit Global Marine," Paul Larson, News & Commentary, Fool.com,
June 8, 2000
5 "Edinburgh Transcript," Martin A. Armstrong, Zurich Conference, April 24, 1997
6 "Six Tax Laws Later," L.E. Burman, W.G. Gale and D. Weiner, National Journal,
Sept. 1998
7 State Street Research
8 The Templeton Growth Investor's Guide, May 2000
Please refer to page DIS-1 of this semiannual report for important information
regarding new subsidization schedules for certain index portfolios of the
Metropolitan Series Fund.
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PERFORMANCE REVIEW FOR 6 MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
HOT ECONOMY, COOL FINANCIAL MARKETS
A red-hot economy was better for American workers than it was for the financial
markets. As the U.S. economy set a record for the longest expansion in recorded
history, the Federal Reserve Board intensified its efforts to control inflation.
The Federal Reserve raised a key short-term interest rate from 5.5% to 6.5% in
three steps. However, it passed on an opportunity to raise rates in June, an
indication that the Federal Reserve may be satisfied with signs that the
economy's growth is moderating and that inflation, although edging higher, is
still under control. Inflation picked up from 2% in 1999 to 3.7% in the first
half of 2000, the result of higher energy prices and selective wage pressures.
TECHNOLOGY STUMBLES
Technology stocks soared in the early months of the year before investors were
spooked by excessive valuations. More critical analysis hit both the Internet
and biotechnology sectors, which fell off sharply. Old economy stocks, generally
referred to as the brick-and-mortar, blue-chip companies found in the Dow Jones
Industrial Average (DJIA) Index, picked up somewhat as technology stocks lost
favor, but most major indexes zig-zagged throughout the period. April was the
cruelest month as the Nasdaq (a commonly accepted index measure of technology
stocks) sunk after having been ahead some 20% year-to-date in early March. The
deep correction was followed by a series of rebounds. However, for the year to
date ended June 30th, all three major stock market indexes -- the DJIA, the S&P
500 (Standard & Poor's 500 Composite Stock Index), and the Nasdaq -- were in the
red by -8.4%, -0.4% and -2.5% respectively. Sectors such as energy, insurance,
biotechnology, and health bucked the trend and delivered attractive gains. Mid
cap growth stocks outperformed small cap and large cap stocks by a wide margin.
INTERNATIONAL STOCK MARKETS
DELIVER MIXED RESULTS
Although overseas economies continued to gain ground, foreign stock markets
delivered mixed returns. The Morgan Stanley Capital International (MSCI)
EAFE(R)* Index was -4.06% for the six months. However, that masked the diverse
performance of stocks in individual countries. Japanese stocks fell on
uncertainty about their economic
[GRAPH]
STOCK AND BOND MARKET RETURNS
AS MEASURED BY THE FOLLOWING INDEXES* ENDING JUNE 30, 2000
U.S. STOCKS
Standard & Poor's 500
Composite Stock Price
("S&P 500") Index
1 YEAR
Cumulative Total Return 7.24
3 YEARS
Annualized Total Return 19.67
5 YEARS
Annualized Total Return 23.80
10 YEARS
Annualized Total Return 17.79
U.S. SMALL CAP STOCKS
Russell 2000(R)
Index
1 YEAR
Cumulative Total Return -0.94
3 YEARS
Annualized Total Return 3.84
5 YEARS
Annualized Total Return 11.71
10 YEARS
Annualized Total Return 13.19
INTERNATIONAL
STOCKS
MSCI EAFE(R)
Index
1 YEAR
Cumulative Total Return 17.16
3 YEARS
Annualized Total Return 10.18
5 YEARS
Annualized Total Return 11.33
10 YEARS
Annualized Total Return 7.95
U.S. BONDS
Lehman Brothers
Aggregate Bond
Index
1 YEAR
Cumulative Total Return 4.58
3 YEARS
Annualized Total Return 6.04
5 YEARS
Annualized Total Return 6.25
10 YEARS
Annualized Total Return 7.82
Source: Lipper Analytical Services, Inc.
*Direct investment in the Indexes is not possible.
This chart is for illustrative purposes only and is not indicative of past,
present, or future performance of any specific investment. It compares the 1
Year, 3 Year, 5 Year and 10 Year returns of various categories of investments --
U.S. Stock Market as measured by Standard & Poor's 500 Composite Stock Price
Index, U.S. Small Cap Stocks as measured by the Russell 2000(R) Index,
International Stocks as measured by the Morgan Stanley Capital International
EAFE(R) (Europe, Australasia and Far East) Index, and U.S. Bonds as measured by
Lehman Brothers Aggregate Bond Index.
. . . the Federal Reserve Board intensified its efforts to control inflation.
*Europe, Australasia and the Far East
<PAGE>
--------------------------------------------------------------------------------
PERFORMANCE REVIEW FOR 6 MONTHS ENDED JUNE 30, 2000 continued
--------------------------------------------------------------------------------
recovery. However, during the second quarter consumer spending strengthened,
stabilizing the Japanese stock market. Many European markets were lackluster,
but the Nordic region, which has been a world leader in the development of
wireless communications, was strong throughout most of the period. Italy
generated a strong response with the introduction of its new technology
exchange. And Canada led the developed markets with double-digit gains as
natural resources stocks buoyed its stock market.
DESPITE HIGHER INTEREST RATES,
U.S. BONDS HOLD THEIR OWN
The bond market was not hurt as much as was expected by the Federal Reserve's
continued interest-rate hikes. In fact, high quality, long-term U.S. Treasuries
and high quality mortgage bonds outperformed stocks during the six-month period
as each eked out modest single-digit returns. The federal government's buyback
of long-term bonds created scarcity value, an increase in their value because of
lower supply. Mortgage bonds benefited as
U.S. stock valuations
are at more reasonable
levels than before the
spring correction
refinancing activity came to a standstill, which reduced supply and helped to
support prices. Corporate and high yield lower-quality bonds were the weakest
performing sectors as a slower economy and a rising default rate among high
yield issuers hurt performance. The yield on the 10-year U.S. Treasury bond
ended the period at 6.01% as high-quality bonds rallied somewhat in the last
days of the period.
INVESTMENT OUTLOOK
The corporate profit picture remains robust and the Federal Reserve's efforts to
slow the economy appear to be working. As a result, the outlook for the period
ahead is positive. In the second half of the year a further broadening of the
stock markets is expected, as well as continued high volatility and returns more
in line with historical averages. U.S. stock valuations are at more reasonable
levels than before the spring correction. U.S. companies dominate a host of
global markets, which allows them to participate in overseas growth. Outside the
U.S., parts of Europe, Northern Asia, China and Australia are strengthening,
although Japan continues to be a question mark. Although the fall elections are
not yet an issue, they may disturb the market if it appears likely that one
party would control the White House, the Senate, and the House of
Representatives.
INFLATION, INTEREST RATES
AND THE S&P 500 INDEX
Inflation, Interest Rates and the S&P 500 Index
-------------------------------------------------------------------------------
Federal Consumer S&P 500
Year Ending Funds Rate Price Index Index
-------------------------------------------------------------------------------
1995 4.73% 153.50 34.11%
1996 6.26% 158.50 20.26%
1997 5.84% 161.30 31.00%
1998 4.07% 163.90 26.66%
1999 3.99% 168.80 21.04%
6/30/2000 6.51% 171.25 -0.43%
Line graph right Line graph right Bar graph left
axis axis axis
-------------------------------------------------------------------------------
This chart shows the Consumer Price Index, which is commonly used as a barometer
of inflation. It also shows the Federal Funds Rate, which is the rate of
interest banks charge each other on overnight loans of reserves held at the
Federal Reserve. Generally the Federal Reserve will raise the Federal Funds Rate
in an effort to contain or slow the rate of inflation. Typically, when inflation
and interest rates increase, the stock market (as shown by the S&P 500 Index)
performs poorly.
Sources: Federal Funds Rate and Consumer Price Index-- Enth web site. Standard &
Poor's 500 Composite Stock Price Index annual return-- Calculated by MetLife
using data presented in S&P Statistical Service.
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
Table of contents
--------------------------------------------------------------------------------
MANAGEMENT'S 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
Putnam International Stock Portfolio ................................ MDA - 7
Loomis Sayles High Yield Bond Portfolio ............................. MDA - 8
Janus Mid Cap Portfolio ............................................. MDA - 9
T. Rowe Price Small Cap Growth Portfolio ............................ MDA - 10
Scudder Global Equity Portfolio ..................................... MDA - 11
Harris Oakmark Large Cap Value Portfolio ............................ MDA - 12
Neuberger Berman Partners Mid Cap Value Portfolio ................... MDA - 13
T. Rowe Price Large Cap Growth Portfolio ............................ MDA - 14
Lehman Brothers Aggregate Bond Index Portfolio ...................... MDA - 15
Morgan Stanley EAFE(R) Index Portfolio .............................. MDA - 16
Russell 2000(R) Index Portfolio ..................................... MDA - 17
Putnam Large Cap Growth Portfolio ................................... MDA - 18
NEW SUBSIDIZATION SCHEDULES
Russell 2000(R)Index Portfolio ...................................... DIS - 1
Morgan Stanley EAFE(R)Index Portfolio ............................... DIS - 1
ANNUAL REPORT OF THE METROPOLITAN
SERIES FUND AS OF JUNE 30, 2000
State Street Research Growth Portfolio
Schedule of Investments: ....................................... MSF - 1
Statement of Assets and Liabilities & Statement of Operations: . MSF - 3
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 4
State Street Research Income Portfolio
Schedule of Investments: ....................................... MSF - 5
Statement of Assets and Liabilities & Statement of Operations: . MSF - 9
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 10
State Street Research Money Market Portfolio
Schedule of Investments: ....................................... MSF - 11
Statement of Assets and Liabilities & Statement of Operations: . MSF - 12
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 13
State Street Research Diversified Portfolio
Schedule of Investments: ....................................... MSF - 15
Statement of Assets and Liabilities & Statement of Operations: . MSF - 19
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 20
State Street Research Aggressive Growth Portfolio
Schedule of Investments: ....................................... MSF - 21
Statement of Assets and Liabilities & Statement of Operations: . MSF - 23
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 24
MetLife Stock Index Portfolio
Schedule of Investments: ....................................... MSF - 25
Statement of Assets and Liabilities & Statement of Operations: . MSF - 32
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 33
Putnam International Stock Portfolio
Schedule of Investments: ....................................... MSF - 34
Industry Diversification: ...................................... MSF - 36
Statement of Assets and Liabilities & Statement of Operations: . MSF - 37
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 38
Loomis Sayles High Yield Bond Portfolio
Schedule of Investments: ....................................... MSF - 39
Statement of Assets and Liabilities & Statement of Operations: . MSF - 44
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 45
Janus Mid Cap Portfolio
Schedule of Investments: ....................................... MSF - 46
Statement of Assets and Liabilities & Statement of Operations: . MSF - 48
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 49
T. Rowe Price Small Cap Growth Portfolio
Schedule of Investments: ....................................... MSF - 50
Statement of Assets and Liabilities & Statement of Operations: . MSF - 56
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 57
Scudder Global Equity Portfolio
Schedule of Investments: ....................................... MSF - 58
Industry Diversification: ...................................... MSF - 60
Statement of Assets and Liabilities & Statement of Operations: . MSF - 61
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 62
Harris Oakmark Large Cap Value Portfolio
Schedule of Investments: ....................................... MSF - 63
Statement of Assets and Liabilities & Statement of Operations: . MSF - 65
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 66
Neuberger Berman Partners Mid Cap Value Portfolio
Schedule of Investments: ....................................... MSF - 67
Statement of Assets and Liabilities & Statement of Operations: . MSF - 69
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 70
T. Rowe Price Large Cap Growth Portfolio
Schedule of Investments: ....................................... MSF - 71
Statement of Assets and Liabilities & Statement of Operations: . MSF - 74
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 75
Lehman Brothers Aggregate Bond Index Portfolio
Schedule of Investments: ....................................... MSF - 76
Statement of Assets and Liabilities & Statement of Operations: . MSF - 81
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 82
Morgan Stanley EAFE(R)Index Portfolio
Schedule of Investments: ....................................... MSF - 83
Industry Diversification: ...................................... MSF - 92
Statement of Assets and Liabilities & Statement of Operations: . MSF - 93
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 94
Russell 2000(R)Index Portfolio
Schedule of Investments: ....................................... MSF - 95
Statement of Assets and Liabilities & Statement of Operations: . MSF - 115
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 116
Putnam Large Cap Growth Portfolio
Schedule of Investments: ....................................... MSF - 117
Statement of Assets and Liabilities & Statement of Operations: . MSF - 118
Statement of Changes in Net Assets & Financial Highlights: ..... MSF - 119
Notes to Financial Statements June 30, 2000 ......................... MSF - 120
A Portfolio may have a name and/or investment objective that is very similar to
that of a publicly available mutual fund that is managed by the same money
manager. These Portfolios are not publicly available and will not have the same
performance as those publicly available mutual funds. Different performance will
result from differences in implementation of investment policies, cash flows,
fees and size of the Portfolio.
Morgan Stanley sponsors the MSCI EAFE(R) Index, Lehman(R) Brothers sponsors the
Lehman Brothers Aggregate Bond Index, the McGraw-Hill Companies, Inc. sponsors
the S&P 500(R) Index, and Frank Russell Company sponsors the Russell 2000(R)
Index (together referred to as "index sponsors"). Direct investment in the
indexes is not possible. The index sponsors do not sponsor, endorse, sell or
promote any of the portfolios or make any representation regarding the
advisability of investing in the portfolios. The index sponsors have no
responsibility for and do not participate in the management of the portfolio
assets or sale of the portfolio shares. Each index and its associated service
marks are the exclusive property of the respective index sponsors, and
references thereto have been made with permission. The Metropolitan Series Fund,
Inc. Statement of Additional Information contains a more detailed description of
the limited relationship the index sponsors have with MetLife and the Fund.
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve long-term growth of capital and income, and moderate current income.
INCEPTION DATE
6/24/83
ASSET CLASS
Large Cap Stocks
UNDERLYING INVESTMENTS
Invests primarily in common stocks of well-established companies.
NET ASSETS
$3.7 billion
PORTFOLIO MANAGER
John T. Wilson, CFA
PERFORMANCE AT-A-GLANCE
The Portfolio returned 4.45% for the first half of 2000. The Portfolio's
benchmark, the Standard & Poor's 500 Composite Stock Price Index*, returned
-0.42% for the same period. The Portfolio's peer group, the Lipper Growth &
Income Underlying Funds Average, returned -1.13% for the same six-month period.
The Portfolio's outperformance was the result of strong stock selection among
companies with strong revenue and growth prospects.
PORTFOLIO ACTIVITY
During the period of high volatility and successive interest rate hikes, the
Portfolio manager chose to stay with companies that consistently demonstrated
their ability to increase earnings. Early in the period, the Portfolio's
exposure to wireless, software, healthcare and technology stocks generated solid
returns as both groups rallied on expectations of strong pricing and earnings.
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
<TABLE>
<CAPTION>
% of Total
Security Net Assets
----------------------------------------------------------
<S> <C>
Pfizer, Inc. ............................... 4.46%
General Electric Co. ....................... 3.75%
Microsoft Corp. ............................ 3.28%
Cisco Systems, Inc. ........................ 3.14%
Intel Corp. ................................ 3.08%
Viacom, Inc. ............................... 3.06%
Citigroup, Inc. ............................ 2.69%
Pharmacia Corp. ............................ 2.65%
Tyco International Ltd. .................... 2.49%
Nortel Networks Corp. ...................... 2.29%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
Technology stocks suffered a setback halfway through the six-month period, as
investors became more value conscious. While the technology stock correction
temporarily hurt the Portfolio, the manager's decision to cutback the weighting
in technology and increase emphasis on less cyclical companies helped the
Portfolio relative to the Index.
PORTFOLIO OUTLOOK
The manager continues to focus on high quality, large-cap market leaders and
expects the economy to slow to a more moderate pace as a result of the Federal
Reserve Board's interest rate increases. The manager believes that the Portfolio
is well positioned for this change in environment. As always, the manager seeks
to maintain a balance between risk and potential for return in the Portfolio.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
4.45% 11.84% 19.58% 22.82% 16.80%
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The Standard & Poor's 500 Composite Stock Price Index is an unmanaged,
commonly used measure of stock market performance. Direct investment in the
Index is not possible.
MDA-1
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve the highest possible total return, by combining current income with
capital gains, consistent with prudent investment risk and, secondarily,
preservation of capital.
INCEPTION DATE
6/24/83
ASSET CLASS
U.S. Bonds
UNDERLYING INVESTMENTS
Invests primarily in highly rated corporate and government bonds.
NET ASSETS
$457.1 million
AVERAGE BOND QUALITY
AA+
PORTFOLIO MANAGER
John H. Kallis
PERFORMANCE AT-A-GLANCE
The Portfolio returned 3.42% for the first half of 2000. The Portfolio's
benchmark, the Lehman Brothers(R) Government Corporate Bond Index*, returned
4.18% for the same period. The Portfolio's peer group, the Lipper Corporate Bond
A-Rated Underlying Funds Average, returned 3.23% for the same six-month period.
The Portfolio's performance was the result of weakness in the corporate sector
as well as one company-specific disappointment which accounted for a 60 basis
point loss (a basis point is one/one-hundredth of a percent) to the Portfolio
during the second half of the period.
PORTFOLIO ACTIVITY
Although the past six months have been somewhat difficult for the U.S. bond
markets as a result of continued short-term interest rate hikes, U.S. Treasury
and mortgage markets have done relatively well. In fact, mortgages were the
strongest performing sector for the Portfolio during the period. Furthermore,
higher quality mortgages outperformed lower quality. Shorter duration (duration
is a measure of a bond's sensitivity to changing interest rates) hurt
performance as interest rates declined for intermediate to long-term bonds --
the opposite of what typically happens when the Federal Reserve Board raises
short-term interest rates.
The manager reduced the Portfolio's exposure to corporate and high-yield bonds,
which have been hurt by a slowing economy. The Portfolio's investment in high
quality U.S. Treasuries, U.S. agencies and agency mortgage bonds was increased.
The Treasury market has been helped by a $30 billion U.S. Treasury buyback
program, causing an increase in bond prices as the supply of available bonds
decreases. In addition, agency mortgages were bought because they were cheap on
a valuation basis.
PORTFOLIO OUTLOOK
With a weaker economy and continued uncertainty about future interest rate
hikes, the manager has focused on quality in the Portfolio. However, the manager
has kept duration short in the belief that rates could rise further in the
second half of the year.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
3.42% 4.06% 5.68% 6.16% 8.08%
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
*The Lehman Brothers Government Corporate Bond Index is an unmanaged measure of
bond market performance. Direct investment in the Index is not possible.
MDA-2
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH MONEY MARKET PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve the highest possible current income consistent with preservation of
capital and maintenance of liquidity.
INCEPTION DATE
6/24/83
ASSET CLASS
Cash/Cash Equivalent
UNDERLYING INVESTMENTS
Invests primarily in short-term money market instruments with minimal credit
risk. Instruments in this Portfolio are neither insured nor guaranteed by the
United States government.
NET ASSETS
$64.2 million
PORTFOLIO MANAGER
Dyann H. Kiessling
PERFORMANCE AT-A-GLANCE
The Portfolio returned 2.90% for the first half of 2000. The Portfolio's peer
group, the Lipper Money Market Instrument Underlying Funds Average, returned
2.80% for the same period. Rising interest rates boosted money market yields and
helped account for the Portfolio's climbing returns during the first six months
of 2000.
PORTFOLIO ACTIVITY
Red-hot economic growth and continued fear of rising inflation prompted the
Federal Reserve Board to raise short-term interest rates three times during the
first half of the year. That brought a key short-term interest rate up to 6.5%
at the end of June, compared to 4.75% one year ago.
The Portfolio Manager lengthened the Portfolio's maturity from 36 days to 47
days. That compares with its average maturity range of 40 to 55 days.
PORTFOLIO OUTLOOK
In seeking a high level of current income consistent with preservation of
capital and maintenance of liquidity, the manager will continue to invest only
in high-quality, first-tier money market instruments. These instruments include
U.S. commercial paper and U.S. and Canadian bank paper as well.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
The Portfolio is not guaranteed or insured by the Federal Deposit Insurance
Corporation or any other agency. While the Portfolio seeks to preserve the value
of your investment, it is possible to lose money by investing in the Portfolio.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
2.90% 5.53% 5.24% 5.20% 4.94%
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
MDA-3
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve a high total return while attempting to limit investment risk and
preserve capital.
INCEPTION DATE
7/25/86
ASSET CLASS
U.S. Bonds/Large Cap Stocks
UNDERLYING INVESTMENTS
Invests in equity securities, fixed-income debt securities, or short-term money
market instruments, or any combination thereof.
NET ASSETS
$2.9 billion
PORTFOLIO MANAGERS
John H. Kallis
(Fixed Income)
John T. Wilson, CFA
(Equity)
PERFORMANCE AT-A-GLANCE
The Portfolio returned 3.78% for the first half of 2000. The Standard & Poor's
500 Composite Stock Price Index* and Lehman Brothers(R) Government Corporate
Bond Index**, returned -0.42% and 4.18% for the year-to-date period,
respectively. The Portfolio's peer group, the Lipper Income Underlying Funds
Average, returned 2.20% for the same period. The Portfolio's performance was
well above a composite of the two indices, which can be attributed to a reduced
position in technology stocks and an overweighted position in insurance and
energy/oil service stocks.
PORTFOLIO ACTIVITY
The stock market was volatile throughout the period as technology stocks
suffered a setback halfway through the six-month period. The technology stock
correction hurt the Portfolio, but the managers had cut back the Portfolio's
exposure in technology, which helped performance relative to the index. An
overweighting in insurance and energy/oil service stocks was also helpful.
Although the period was challenging for the U.S. bond markets, bonds generally
fared better than stocks. U.S. Treasury, agency and mortgage markets were
strong. The Treasury market was helped by the Federal government's
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
<TABLE>
<CAPTION>
% of Total
Security Net Assets
----------------------------------------------------------
<S> <C>
Pfizer, Inc. ............................... 2.48%
General Electric Co. ....................... 2.19%
Microsoft Corp. ............................ 1.82%
Cisco Systems, Inc. ........................ 1.75%
Intel Corp. ................................ 1.71%
Viacom, Inc. ............................... 1.70%
Citigroup, Inc. ............................ 1.50%
Pharmacia Corp. ............................ 1.48%
Tyco International Ltd. .................... 1.40%
Nortel Networks Corp. ...................... 1.28%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
buyback of long-term bonds. High-yield and corporate bonds suffered as investors
sought bonds of the highest quality. The managers reduced the Portfolio's
exposure to both corporate and high-yield bonds and increased exposure to U.S.
Treasuries, U.S. agencies and agency mortgage bonds.
PORTFOLIO OUTLOOK
The Portfolio managers continue to focus on high quality stocks and bonds and
believe that the Portfolio is well positioned for moderate U.S. economic growth
as a result of higher interest rate increases. As always, the managers seek to
maintain a balance between risk and potential for return in the Portfolio.
NOTE: The views expressed are those of the Portfolio managers as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
3.78% 8.10% 13.22% 15.45% 13.01%
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The Standard & Poor's 500 Composite Stock Price Index is an unmanaged,
commonly used measure of stock market performance. Direct investment in the
Index is not possible.
** The Lehman Brothers Government Corporate Index is an unmanaged measure of
bond market performance. Direct investment in the Index is not possible.
MDA-4
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve maximum capital appreciation.
INCEPTION DATE
4/29/88
ASSET CLASS
Mid Cap Stocks
UNDERLYING INVESTMENTS
Invests primarily in stocks of mid capitalization companies that have growth
potential.
NET ASSETS
$1.7 billion
PORTFOLIO MANAGER
Catherine Dudley, CFA
PERFORMANCE AT-A-GLANCE
For the first half of 2000 the Portfolio returned 8.63%. For the same period,
the Russell MidCap Growth Index* returned 12.15% and its peer group, the Lipper
Capital Appreciation Underlying Funds Average, returned 3.24%. The Portfolio's
performance can be attributed to a sharp correction in technology stocks in
March and disappointing performance in consumer discretionary and computer
software stocks.
PORTFOLIO ACTIVITY
The Portfolio's investment in healthcare, technology and producer durables
helped performance during the period. In the first quarter, companies such as
Sandisk, a consumer electronics company, Ciena, a telecommunications networking
manufacturer, and Network Appliances, a data storage company, all benefited from
new product cycles and reported strong earnings growth. In the second quarter,
the three best performers were ADC Telecom, a leader in telecommunications
equipment, ALZA, a drug manufacturer, and BEA Systems, a leader in Internet
infrastructure development. However, Portfolio management was disappointed by
the performance of consumer discretionary Royal Caribbean, and computer software
stocks, Phone.com and Qlogic.
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
<TABLE>
<CAPTION>
% of Total
Security Net Assets
----------------------------------------------------------
<S> <C>
ALZA Corp. .................................. 2.90%
ADC Telecommunications, Inc. ................ 2.44%
CIENA Corp. ................................. 2.24%
Lehman Brothers Holdings, Inc. .............. 2.24%
Novellus Systems, Inc. ...................... 2.16%
Macromedia, Inc. ............................ 2.15%
Andrx Corp. ................................. 2.10%
Genzyme Corp. ............................... 1.98%
Cypress Semiconductor Corp. ................. 1.90%
Waters Corp. ................................ 1.83%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
As the market grew increasingly volatile, investors sought liquidity and
high-quality names. That helped the Portfolio because the manager's focus has
consistently been on quality growth stocks in the mid-cap market and the manager
had lowered weightings in higher risk profile technology names. The Portfolio's
investments in consumer cyclical stocks were also reduced reflecting concerns
that further interest rate hikes would slow the economy and hurt profitability
for consumer-related companies. The Portfolio manager raised exposure to energy
stocks -- especially those involved in natural gas exploration and production,
due to an increasingly positive longer-term outlook for higher prices and a
strong demand environment.
PORTFOLIO OUTLOOK
The Portfolio manager will continue to focus on high-quality, high-growth
companies with solid, competitive advantages and catalysts that could help boost
their stock prices. The restructuring of the Portfolio has been completed and
investors can expect to see returns consistent with those of other mid-cap
growth funds in the future.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
8.63% 38.66% 20.40% 15.44% 16.34%
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The Russell MidCap Growth Index is an unmanaged measure of the performance
of mid cap companies with higher price-to-book ratios and higher forecasted
growth values. Direct investment in the Index is not possible.
MDA-5
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To equal the performance of the Standard & Poor's 500 Composite Stock Price
("S&P 500") Index.
INCEPTION DATE
5/1/90
ASSET CLASS
Large Cap Stocks
UNDERLYING INVESTMENTS
Invests in the common stock of companies which are included in the "S&P 500"
Index.
NET ASSETS
$4.3 billion
PORTFOLIO MANAGEMENT
MetLife Investment Department
PERFORMANCE AT-A-GLANCE
The total return for the Portfolio for the first 6 months of 2000 was -0.54%.
The Standard & Poor's 500 Composite Stock Price Index* ("S&P 500 Index"), which
the Portfolio is designed to track, returned -0.42% for the same period. The
Portfolio's performance can be attributed to the heavily weighted technology
sector experiencing weak performance which was offset by health care, the best
performing sector, during the first half of 2000.
The S&P 500 Index consists of 500 U.S. large capitalization stocks.
PORTFOLIO ACTIVITY
The volatility for the first half of the year was nearly double historical
averages for the S&P 500 Index. The index started the year on a weak note and
dipped down -9.00% to a low of 1333 on February 25. In March, the S&P 500 Index
rallied 9.70% and posted its highest monthly gain in nine years. The gain
reversed between March 31 and April 14 during which time the benchmark dipped
down -9.44%. During the remainder of the six-months, the Portfolio took a bumpy
ride upward to close nearly flat.
Health care was the best performing sector within the MetLife Stock Index
Portfolio with a return of 22.70%.
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
<TABLE>
<CAPTION>
% of Total
Security Net Assets
---------------------------------------------------------
<S> <C>
General Electric Co. ....................... 4.15%
Intel Corp. ................................ 3.54%
Cisco Systems Inc. ......................... 3.50%
Microsoft Corp. ............................ 3.33%
Pfizer, Inc. ............................... 2.39%
Exxon Mobil Corp. .......................... 2.16%
Wal-Mart Stores, Inc. ...................... 2.03%
Oracle Corp. ............................... 1.89%
Citigroup Inc. ............................. 1.61%
Nortel Networks Corp. ...................... 1.60%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
It also had the largest positive contribution to the semi-annual S&P 500 Index
return, which yielded 23.50%. Due to its strong performance, the weight of the
health care sector in the benchmark grew from 9.00% at the beginning of the
period to 11.5% at the close. Conversely, Microsoft, which was down -31.50% for
the first half of the year, slipped from a beginning of the year benchmark
weight of 4.90% to a mid-year weight of 3.40%. Out of the fourteen names added
to the S&P 500 Index this quarter, seven were added to the technology sector.
There are now 77 names in this sector, which comprises 33.10% of the total
index.
PORTFOLIO OUTLOOK
Portfolio management believes factors that could impact stock prices for the
balance of the year include the Federal Reserve Board's interest rate policy,
oil prices, continued market volatility and the overall performance of the
technology sector.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
-0.54% 6.98% 19.18% 23.28% 17.40%
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* Standard & Poor's 500 Composite Stock Price (S&P 500) Index is an
unmanaged, commonly used measure of stock market performance. Direct
investment in the Index is not possible.
MDA-6
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PUTNAM INTERNATIONAL STOCK PORTFOLIO*
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve long-term growth of capital.
INCEPTION DATE
7/1/91
ASSET CLASS
International Stocks
UNDERLYING INVESTMENTS
Common stocks of companies outside the United States.
NET ASSETS
$343.0 million
LEAD PORTFOLIO MANAGER*
Omid Kamshad
----------------
DIVERSIFICATION
BY COUNTRY
AND REGION
----------------
as of
June 30, 2000 Based
on Market Value of
Investments
United
Kingdom ................ 19.8%
Japan .................. 15.5%
France ................. 15.0%
Netherlands ............ 8.3%
Switzerland ............ 7.9%
Other Europe ........... 6.6%
Other Americas ......... 6.4%
Other Asia/
Pacific Basin .......... 6.3%
Sweden ................. 3.8%
Italy .................. 3.6%
Finland ................ 3.5%
South Korea ............ 3.3%
PERFORMANCE AT-A-GLANCE
The Portfolio returned -0.43% for the 6-month period ending 6/30/00, far
outpacing the performance of its benchmark, the Morgan Stanley Capital
International (MSCI) EAFE(R) Index**, which returned -4.06% for the same period.
The Portfolio's peer group, the Lipper International Underlying Funds Average,
returned -3.53%. The Portfolio's outperformance was mainly attributed to strong
stock selection and positive country allocation in the first half of 2000.
PORTFOLIO ACTIVITY
The Portfolio sharply outpaced its benchmark in the first quarter, followed by a
slight relative underperformance in the second quarter. The positive performance
from overweight positions in the strong telecommunications, media, and
technology sectors was trimmed by a decline in high tech holdings. The Portfolio
remained overweighted in technology, concentrating on select companies within
this sector. Benefits were gained from overweights in Sweden, France, and
Finland, as well as underweighting the United Kingdom and the non-EAFE(R)
positions in Canada, South Korea, Brazil, and Mexico. Underweighted positions in
the poorly performing Japanese and German equity markets helped offset some of
the Portfolio's declines during the period.
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
<TABLE>
<CAPTION>
% of Total
Security Net Assets
----------------------------------------------------------
<S> <C>
Total Fina ................................. 4.36%
Vodafone Airtouch .......................... 3.67%
Shell Transport & Trading .................. 2.95%
Koninklijke Philips Electric ............... 2.91%
Nippon Telegraph & Telephone Corp. ......... 2.82%
Nokia Oyj .................................. 2.78%
ING Groep .................................. 2.56%
NEC Corp. .................................. 2.15%
Samsung Electronics Ltd. ................... 2.04%
Nortel Networks Corp. ...................... 1.99%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to in these invest countries, securities, or
industries.
PORTFOLIO OUTLOOK
The Portfolio managers remain cautiously optimistic about the outlook for global
economic growth amid rising interest rates in the United States and Europe and
benign inflation worldwide. A more stable interest rate environment is expected
in Europe and the United States, while interest rates in Japan are expected to
rise above 1% over the next 12 months. In the near term, the Portfolio managers
expect international equity markets to remain volatile. While the Portfolio
reduced exposure to the telecom sector, enthusiasm about semiconductor stocks
remains, as home electronics and communications devices create demand. The
stance toward Continental Europe remains neutral. France remains a favorite
market and the managers are optimistic about the Dutch and Swiss markets. While
there are attractive investment opportunities in Japan, there is concern that
the recent cyclical recovery will reduce the pace of corporate restructurings
that are critical to Japan. Generally, the Portfolio managers believe
international equity markets will continue to broaden and have focused on market
leaders with reasonable valuations across all sectors.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
-0.43% 11.45% 7.07% 7.30% N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* Formerly Santander International Stock Portfolio.
** The Morgan Stanley Capital International (MSCI) EAFE(R) Index is an
unmanaged, commonly used measure for Europe, Australasia and the Far East.
Direct investment in the Index is not possible.
MDA-7
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve high total investment return through a combination of current income
and capital appreciation.
INCEPTION DATE
3/3/97
ASSET CLASS
High Yield Bonds
UNDERLYING INVESTMENTS
Normally invests at least 65% of its assets in below investment grade
fixed-income securities (commonly referred to as "junk bonds").
NET ASSETS:
$69.5 million
AVERAGE BOND QUALITY:
B1
PORTFOLIO MANAGERS
Daniel J. Fuss, CFA, CIC
Kathleen C. Gaffney,CFA
PERFORMANCE AT-A-GLANCE
For the first half of 2000, the Portfolio returned 3.19%, outperforming its
benchmark, the Merrill Lynch High Yield Bond Index*, which returned -1.19% for
the same period. The Portfolio's peer group, the Lipper High Yield Underlying
Funds Average, returned -1.15% over the same period. The Portfolio's
outperformance of its benchmark is attributed to its overweighting in Yankee
bonds and convertible securities.
PORTFOLIO ACTIVITY
The broader bond market experienced three rate increases by the Federal Reserve
Board followed by a gradual move away from an interest rate tightening bias. The
bond market realized an inversion of the yield curve (long-term rates are lower
than short-term rates) and the beginning of long-term Treasury Bond buybacks.
The Treasury market tightened with the ensuing yields of the 10- and 30-year
Treasury down to 6.03% and 5.90%, a drop of 41 and 58 basis points,
respectively. With the long-term Treasury yields plummeting, risk aversion was
prevalent throughout the market. Corporate bonds were not deemed attractive in
light of the safe haven of the Treasury market.
As the end of the period approached, investors began to regain confidence in the
bond market with signs of a slowing economy alleviating concerns about interest
rate movements, equity fluctuations and market liquidity. Equity volatility
influenced sentiment towards convertible and emerging market debt, which helped
buoy the Portfolio. Spreads began to tighten through June allowing corporate
credits to rally and gradually regain momentum. The new issue market was active
to close out the first half of the year, which enabled investors to trade bonds
in the absence of secondary market liquidity. With trading volume remaining low
in high yield corporates, mutual funds continued to experience outflows, which
weakened prices.
PORTFOLIO OUTLOOK
The Portfolio will maintain its long-term investment strategy of buying
longer-duration discounted bonds. The Portfolio managers believe that the
outlook for Latin America and Asia remains positive with these markets
maintaining their economic recoveries. The Portfolio managers are cognizant of
short-term technical market strains, current yield environment and economic
fundamentals. However, the managers' approach to the market remains taking
specific risk (i.e. individual bond selection); their emphasis is on long-term
capital and price appreciation.
NOTE: The views expressed are those of the Portfolio managers as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
3.19% 8.63 4.58% N/A N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The Merrill Lynch High Yield Bond Index is an unmanaged measure of
high-yield bond market performance. Direct investment in the Index is not
possible
MDA-8
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To provide long-term growth of capital.
INCEPTION DATE
3/3/97
ASSET CLASS
Mid Cap Stocks
UNDERLYING INVESTMENTS
Normally invests at least 65% of its total assets in common stocks of medium
capitalization companies selected for their growth potential.
NET ASSETS
$2.5 billion
PORTFOLIO MANAGER
James P. Goff, CFA
PERFORMANCE AT-A-GLANCE
The Portfolio returned -2.33% for the 6-month period ending 6/30/00, below the
performance of its benchmark, the Standard & Poor's Mid Cap 400 Index*, which
returned 9.06% for the same period. The Portfolio's peer group, the Lipper
MidCap Underlying Funds Average, returned 8.54% over the same period. The
Portfolio's performance can be attributed primarily to a difficult market
environment that worked against many of the holdings in fast-growing areas such
as technology and telecommunications.
PORTFOLIO ACTIVITY
Consumers roared into 2000 with the same enthusiasm displayed throughout 1999.
By the end of the period, however, three interest rate increases by the Federal
Reserve Board began to slow the economy's momentum, creating a difficult
environment for high-growth stocks. For example, the median stock in the
tech-heavy Nasdaq Composite declined by more than 50% from its intra-period
high, evidence of the market's extreme volatility. Still, first quarter earnings
were the best Portfolio management has ever seen and second quarter earnings
promise to be just as healthy. This gives the Portfolio's companies a strong,
fundamental base of support in coming months as market conditions improve.
Individual disappointments included DoubleClick, which was caught in the sharp
sell-off of technology shares and suffered from a perceived slowdown in
Internet-based advertising. Nevertheless, the Portfolio manager believes
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
<TABLE>
<CAPTION>
% of Total
Security Net Assets
---------------------------------------------------------
<S> <C>
Paychex, Inc. ................................. 4.30%
SDL, Inc. ..................................... 3.86%
Crown Castle International Corp. .............. 3.04%
VeriSign, Inc. ................................ 3.01%
Sepracor, Inc. ................................ 3.00%
Western Wireless Corp. ........................ 2.70%
Millennium Pharmaceutical, Inc. ............... 2.66%
Vitesse Semiconductor Corp. ................... 2.57%
American Tower Corp. .......................... 2.35%
Abgenix, Inc. ................................. 2.20%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
DoubleClick's dominance of the fast-growing Internet advertising industry will
allow the company to continue to post dramatic revenue growth as it leverages
its immense market power. Other companies that depend on a robust advertising
market, including Lamar Advertising, AMFM and Radio One, slipped lower because
of concerns that the Federal Reserve Board's efforts to cool the economy would
curtail consumer spending and reduce advertising. The Portfolio manager is
monitoring developments closely and has held onto positions because he is
optimistic about the ability of these companies to rebound. The Portfolio's
position in Paychex, an accounting and payroll provider, advanced substantially
when it surprised Wall Street by logging a better-than-expected 36% earnings
increase. The Portfolio manager was encouraged by Paychex's consistent 35%+
earnings growth over the last several years and looks for great things in coming
months.
PORTFOLIO OUTLOOK
The prospect of a more stable interest rate environment is encouraging.
Meanwhile, the Portfolio manager will continue to search for companies capable
of producing stable, long-term growth by leveraging the manager's detailed,
company-level research.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
-2.33% 68.05% 50.00% N/A N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The Standard & Poor's Mid Cap 400 Index is an unmanaged measure of mid cap
stock market performance. Direct investment in the Index is not possible.
MDA-9
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve long-term capital growth.
INCEPTION DATE
3/3/97
ASSET CLASS
Small Cap Stocks
UNDERLYING INVESTMENTS
Normally invests at least 65% of its total assets in a diversified group of
small capitalization companies.
NET ASSETS
$372.0 million
PORTFOLIO MANAGER
Richard T. Whitney, CFA
PERFORMANCE AT-A-GLANCE
The Portfolio returned 6.29% for the first six months of 2000, easily outpacing
its benchmark, the Russell 2000(R) Growth Index*, which returned 1.23% for the
same period. The Portfolio's peer group, the Lipper Small Cap Underlying Funds
Average, returned 6.89% for the same period. The Portfolio's strong performance,
despite the second quarter's small cap sell-off, can be attributed to investment
selections in technology and biotech companies, the Portfolio's broad
diversification and its overall conservative investment strategy relative to its
peer group.
PORTFOLIO ACTIVITY
Markets surged early in the year, fueled by investor enthusiasm for technology,
especially Internet stocks. Stocks fell sharply in mid-March due to a
reconsideration of high-tech valuations and Federal Reserve Board interest rate
hikes. New Economy stocks suffered most as investors sought out companies with
stronger fundamentals. The Portfolio's top holdings included semiconductor
developers Burr Brown and GlobeSpan, the biotech sector led by Techne (which
makes calibrators for biotech research instruments) and Inhale Therapeutic
Systems (which develops medication inhalant systems).
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
<TABLE>
<CAPTION>
% of Total
Security Net Assets
----------------------------------------------------------
<S> <C>
Techne Corp. ................................ 0.78%
Burr-Brown Corp. ............................ 0.77%
Diamond Technology Partners, Inc. ........... 0.76%
Polycom, Inc. ............................... 0.75%
Pericom Semiconductor Corp. ................. 0.73%
Mercury Interactive Corp. ................... 0.72%
NorthEast Optic Network, Inc. ............... 0.71%
Plexus Corp. ................................ 0.68%
Xircom, Inc. ................................ 0.67%
Remedy Corp. ................................ 0.67%
</TABLE>
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
Tech companies also were among the Portfolio's disappointments. Harmonic, a
maker of fiber optic transmission systems, and Liberate Technologies, which
designs and makes Internet-related software, suffered during the tech collapse.
However, the sell-off presented an opportunity to take new positions in solid
companies at bargain prices. These included data-storage maker Sandisk and
pharmaceutical company PolyMedica.
PORTFOLIO OUTLOOK
The Portfolio manager remains optimistic about small cap prospects. Despite the
high level of market volatility, small-capitalization companies have
outperformed large caps so far this year. In addition, the combination of
investors' focus on companies with stronger fundamentals and the addition of
solid holdings at good prices should benefit the Portfolio manager's more
conservative approach.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
6.29% 31.97% 15.02% N/A N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The Russell 2000 Growth Index is an unmanaged measure of small
capitalization companies with higher price-to-book ratios and higher
forecasted growth values. Direct investment in the Index is not possible.
MDA-10
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve long-term growth of capital.
INCEPTION DATE
3/3/97
ASSET CLASS
Large Cap Stocks/International Stocks
UNDERLYING INVESTMENTS
Invests, on a worldwide basis, in equity securities of companies that are
incorporated in the U.S. or in foreign countries. The Portfolio may also invest
in the debt securities of U.S. and foreign issuers.
NET ASSETS
$204.3 million
PORTFOLIO MANAGERS
William E. Holzer
Diego Espinoza**
Nicholas Bratt
PERFORMANCE AT-A-GLANCE
The Portfolio returned -1.54% for the first six months of 2000. The Portfolio's
benchmark, the Morgan Stanley Capital International (MSCI) All Country World
Index*, returned -2.56% over the same period. The Portfolio's peer group, the
Lipper Global Underlying Funds Average, returned -0.25%.
The Portfolio's investment style can be described as a research driven,
top-down/bottom-up approach. The top-down aspect is thematic rather than
geographic. The Portfolio's performance can be broadly characterized by the
Portfolio's themes
PORTFOLIO ACTIVITY
Portfolio positioning still resembles a barbell, exposed at one end to
technology through our "Empowered Consumer" and "Virtuality" themes (which
provide new electronic infrastructure and electronic markets to facilitate the
purchase of goods and services). At the other, the Portfolio is exposed to
consolidation and capital discipline in the traditional economy represented by
the "Ultimate Subcontractor" (the world's cheapest producers that are able to
retain their wealth) and "Secure Streams of Income"
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
% of Total
Security Net Assets
----------------------------------------------------------
NEC Corp..................................... 1.74%
Toshiba Corp................................. 1.71%
Aventis...................................... 1.63%
Carlton Communications....................... 1.63%
Siemens...................................... 1.60%
Yamanouchi Pharmaceuticals Ltd............... 1.58%
Enron Corp................................... 1.55%
AT&T Corp.................................... 1.53%
Rio Tinto.................................... 1.40%
Woodside Petroleum Ltd....................... 1.37%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
--------------------------------------------------------------------------------
(which provide stable income in deregulated environments) themes.
The main portfolio initiative has been tactical. The Portfolio managers have
sought to contain and improve the quality of the technology, media and
telecommunication exposure under the "Empowered Consumer" theme and to maintain
a sharp eye on absolute risk by balancing this exposure with the relatively
non-correlated investments in mining and raw materials producers under the
"Ultimate Subcontractor" theme.
The strongest contribution to performance was registered by some of the
Portfolio's maturing themes -- "First World Health," the "Ultimate
Subcontractor" and "Secure Streams of Income." The Portfolio's largest
detractors were "Empowered Consumer," "Virtuality" and "Darkside Restructuring
II" (the restructuring of Japanese companies).
PORTFOLIO OUTLOOK
Market leadership is narrowing, market volatility is increasing, and the balance
of opportunity and risk is changing, with stock prices leaving little room for
disappointment whether due to macro or micro economic factors. The Portfolio
managers' strategic view, embodied in the barbell shape of the Portfolio
described above, is standing the test of difficult market conditions and so
remains the same. Portfolio actions will concentrate on making tactical
adjustments to both the Portfolio's technology and traditional economy holdings,
while moderating Japanese exposure and keeping a careful eye on absolute risk
during an interesting period of transition.
--------------------------------------------------------------------------------
DIVERSIFICATION BY COUNTRY AND REGION
--------------------------------------------------------------------------------
as of June 30, 2000
Based on Market Value of Investments
United States ........... 31.3%
Japan ................... 22.3%
United Kingdom .......... 16.9%
Germany ................. 9.7%
France .................. 5.3%
Canada .................. 4.1%
Australia ............... 3.5%
Switzerland ............. 3.3%
Brazil .................. 1.4%
South Africa ............ 1.3%
Other Asia/
Pacific Basin ........... 0.9%
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
--------------------------------------------------------------------------------
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
-1.54% 13.56% 13.20% N/A N/A
The chart on the left does not include withdrawal or surrender charges or
Separate Account expenses (general administrative expenses and mortality and
expense risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
* The Morgan Stanley Capital International (MSCI) All Country World Index is
an unmanaged commonly used measure of U.S. and foreign stock market
performance. Direct investment in the Index is not possible.
** As of 8/4/00, Mr. Espinoza is no longer a manager of this portfolio.
MDA-11
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
HARRIS OAKMARK LARGE CAP VALUE PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To seek long-term capital appreciation.
INCEPTION DATE
11/9/98
ASSET CLASS
Large Cap Stocks
UNDERLYING INVESTMENTS
Normally invests at least 65% of its total assets in equities securities of
large capitalization U.S. companies.
NET ASSETS
$41.2 million
PORTFOLIO MANAGERS
William C. Nygren, CFA
Kevin G. Grant,CFA
PERFORMANCE AT-A-GLANCE
The Portfolio returned -5.38% for the 6-month period ending 6/30/00, below the
performance of its benchmark, the Russell 1000 Value Index*, which returned
-4.23% for the same period. The Portfolio's peer group, the Lip-per Growth
Underlying Funds Average, returned 3.29%. In spite of the implications of rising
interest rates and reports of a slowing economy, which weighed heavily on
investors' minds during the second quarter, the portfolio outperformed its
benchmark.
PORTFOLIO ACTIVITY
The Portfolio Managers increased the number of positions in the Portfolio from
27 to 43 stocks. The managers feel this change reduced stock selection risk and
highlighted the attractiveness of our investment universe. New names in the
Portfolio include Nabisco Holdings, Heinz, Kroger and Newell Rubbermaid. The
Portfolio will continue to own between 40-50 mid and large capitalization
stocks.
A few stocks significantly affected performance for the period. A mixture of
company-specific events caused price declines in Bank One, H & R Block and
Sybron International. These losses were offset by strong performances in Mattel,
Lockheed Martin and Philip Morris as well as in the new holdings of Nabisco
Holdings and Heinz.
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
% of Total
Security Net Assets
----------------------------------------------------------
Nabisco Holdings Corp........................ 4.46%
Fortune Brands, Inc. ........................ 4.33%
Washington Mutual, Inc. ..................... 4.21%
Black & Decker Corp. ........................ 3.39%
Brunswick Corp. ............................. 3.38%
Mattel, Inc. ................................ 3.31%
Dun & Bradstreet Corp. ...................... 3.20%
Cooper Industries, Inc. ..................... 2.77%
Heinz (H.J.) Co. ............................ 2.65%
First Data Corp. ............................ 2.53%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
--------------------------------------------------------------------------------
PORTFOLIO OUTLOOK
The market's increasing volatility is a fertile source of investment ideas for
the Portfolio managers. Momentum investors are quickly disappointed in
businesses that experience negative short-term operating results. As a result,
momentum investors will often sell such stocks regardless of price. These
actions create opportunity by allowing the managers to purchase stocks at
reduced prices. As investors, not traders, the managers believe there is more
stability in business value than in stock prices. The Portfolio managers believe
that seeking out companies with capable management at a discounted price will
produce attractive investment returns over time with less risk.
NOTE: The views expressed are those of the Portfolio managers as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
-5.38% -22.38% N/A N/A N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The Russell 1000 Value Index is an unmanaged measure of the largest
capitalized U.S. domiciled companies with a less than average growth
orientation. Companies in this Index generally have low price to book and
price-earnings ratios, higher dividend yields and lower forecasted growth
values. Direct investment in the Index is not possible.
MDA-12
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NEUBERGER BERMAN PARTNERS MID CAP VALUE PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To seek capital growth.
INCEPTION DATE 11/9/98
ASSET CLASS
Mid Cap Stocks
UNDERLYING INVESTMENTS
Normally invests at least 65% of its total assets in common stocks of mid
capitalization companies.
NET ASSETS
$48.0 million
PORTFOLIO MANAGERS
Robert Gendelman
S. Basu Mullick
PERFORMANCE AT-A-GLANCE
The Portfolio's return for the first half of 2000 was 7.18%, outpacing its
benchmark, the S&P/BARRA Mid Cap 400 Value Index*, which returned 3.45%. The
Funds peer group, the Lipper MidCap Underlying Funds Average, posted a gain of
4.30%. The Portfolio's performance can be attributed to investors moving to well
performing, more reasonably priced growth alternatives in which sectors the
portfolio was well represented such as energy, utilities and healthcare stocks.
PORTFOLIO ACTIVITY
Utility and Energy holdings performed well in the second quarter, spurred by
high natural gas and crude oil prices while a few Technology holdings were hit
hard by negative sentiment. Top contributors included Anadarko Petroleum, an oil
and gas exploration and production company, Coastal Corp., a natural gas
company, and AES Corp., a global independent power producer. The Financial
Services sector contributed positively to returns as a result of good stock
selection and a relatively heavy weighting. Property and casualty insurer ACE
Ltd. and student loan provider SLM Holdings had positive impacts on returns as
well. Comdisco was one drag on Portfolio returns and Parametric Technology,
despite
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
% of Total
Security Net Assets
----------------------------------------------------------
Genzyme Corp ............................... 2.05%
AES Corp ................................... 1.98%
AH Belo Corp ............................... 1.92%
SLM Holding Corp ........................... 1.92%
Starwood Hotels &
Resorts Worldwide, Inc. .................... 1.88%
General Dynamics Corp ...................... 1.87%
Tenet Healthcare Corp ...................... 1.85%
SPX Corp ................................... 1.79%
Kansas City Southern Industries, Inc. ...... 1.66%
ACE Ltd .................................... 1.66%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
--------------------------------------------------------------------------------
selling the stock early in the quarter, was another. EchoStar Communications and
Smurfit-Stone Container, both removed from the Portfolio, also held back
returns.
PORTFOLIO OUTLOOK
The Portfolio managers are cautiously optimistic about the stock market's
future. Over the near term, economic uncertainty is expected to create continued
heightened volatility. If the Federal Reserve Board's interest-rate hikes
ultimately slow the economy without triggering a recession, stocks should rally.
Over the longer term, if investors continue to emphasize valuations as well as
growth rates, mid cap value stocks should continue to create attractive
opportunities for long-term investors.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
7.18% 6.64% N/A N/A N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The S&P Mid Cap 400/BARRA Value Index is an unmanaged measure of stocks in the
Standard & Poor's Mid Cap 400 Index having the lowest book to price ratios.
Direct investment in the Index is not possible.
MDA-13
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve long-term capital growth, and secondarily, dividend income.
INCEPTION DATE
11/9/98
ASSET CLASS
Large Cap Stocks
UNDERLYING INVESTMENTS
Normally invests at least 65% of its total assets in large cap stocks that
demonstrate sustained growth characteristics.
NET ASSETS
$129.0 million
PORTFOLIO MANAGER
Robert W. Smith
PERFORMANCE AT-A-GLANCE
The Portfolio returned 7.53% for the 6-month period ending 6/30/00, well ahead
of the performance of its composite benchmark, 80% Standard & Poor's 500
Composite Stock Price Index* / 20% Morgan Stanley Capital International (MSCI)
EAFE(R) Index**, which returned for the same period of -1.15%. The return of the
Portfolio's peer group, the Lipper Growth & Income Underlying Funds Average, was
-1.13%. The Portfolio's superior performance can be attributed to its
investments in wireless communication, semiconductor and pharmaceutical
companies.
PORTFOLIO ACTIVITY
Although the first half of the year was volatile, the focus on several
macroeconomic trends and avoidance of problems specific to individual companies
provided good Portfolio performance. The Portfolio built positions in Analog
Devices, Applied Micro Circuits, Pharmacia, Macromedia, Viacom, Crown Castle
International, Gillette, Motorola, China Mobile Limited, Philips Electronics,
Providian Financial, and SDL. The portfolio manager attempted to take advantage
of the market's fickleness by purchasing newer growth companies like Ariba when
the market corrected in early spring.
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
% of Total
Security Net Assets
----------------------------------------------------------
Pfizer, Inc. ................................ 3.32%
Cisco Systems, Inc. ......................... 2.73%
Microsoft Corp. ............................. 2.45%
General Electric Co. ........................ 1.89%
Citigroup, Inc. ............................. 1.85%
Tyco International Ltd. ..................... 1.85%
Intel Corp. ................................. 1.72%
Federal Home Loan Mortgage Corp. ............ 1.66%
Dell Computer Corp. ......................... 1.66%
Corning, Inc. ............................... 1.65%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
--------------------------------------------------------------------------------
PORTFOLIO OUTLOOK
While the Portfolio manager struggles with valuations and future prospects of
many New Economy companies, they feel shifting market currents need to be
recognized. Accordingly, the Portfolio manager will consider owning more of
these companies when their future appears clearer and they have more solid
financial underpinnings. With interest rate uncertainty in the air, stocks may
experience some pressure. However, over the long term, a smooth transition to
slower growth will be beneficial. The Portfolio manager will continue to monitor
the health of the Portfolio's holdings and remains optimistic about the
Portfolio's growth prospects.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
7.53% 20.88% N/A N/A N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The Standard & Poor's 500 Composite Stock Price Index is an unmanaged,
commonly used measure of stock market performance. Direct investment in the
Index is not possible.
** The Morgan Stanley Capital International (MSCI) EAFE(R) Index is an
unmanaged, commonly used measure for Europe, Australasia and the Far East.
Direct investment in the Index is not possible.
MDA-14
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LEHMAN BROTHERS(R) AGGREGATE BOND INDEX PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To equal the performance of the Lehman Brothers Aggregate Bond Index.
INCEPTION DATE
11/9/98
ASSET CLASS
U.S. Bonds
UNDERLYING INVESTMENTS
Normally invests most of its assets in fixed income securities included in the
Lehman Brothers Aggregate Bond Index.
NET ASSETS
$135.4 million
AVERAGE BOND QUALITY:
AA+
PORTFOLIO MANAGEMENT
MetLife Investment Department
PERFORMANCE AT-A-GLANCE
During the first half of 2000, the Portfolio returned 3.92% while the
Portfolio's benchmark, the Lehman Brothers Aggregate Bond Index*, returned 3.99%
for the same period. An index portfolio cannot exactly duplicate its benchmark
index's return because of differences that result primarily from sampling,
pricing, and transaction costs. The Portfolio's return primarily reflects
reduced supply of long treasury securities as well as a flight to quality in the
face of increasingly volatile equity markets during the first half of 2000.
PORTFOLIO ACTIVITY
The first half of 2000 began with an upward sloping yield curve and ended with
an inverted yield curve, with two year Treasury rates 46 basis points higher
than thirty year Treasury rates. Interest rates were higher at the short end of
the curve as continued strong growth in the U.S. and global economies led to
continued tightening of the monetary supply by the Federal Reserve Board
("Fed"). The targeted Fed Funds rate increased by 1.00% during the first half of
2000, to 6.50%. Helping to drive interest rates lower at the long end of the
curve was the $30 billion U.S. Treasury buyback program. Through June 30, $15
billion of long maturity U.S. Treasuries had been repurchased with the remainder
scheduled for the second half of the year. The reduction in supply has led to
higher prices and lower yields for these securities.
On balance, the yield advantage of corporate bonds and mortgage-backed
securities over U.S. Treasury bonds was wider during the first half of the year
than year-end 1999 levels, which accounted for the underperformance of these
asset sectors relative to Treasury bonds.
PORTFOLIO OUTLOOK
The Portfolio's objective is to match the return of its benchmark index. Factors
that impact the return include Federal Reserve Board action and global economic
growth trends. With some data suggesting the U.S. economy may be showing signs
of slower growth, the markets' expectation for further Fed tightening has
diminished. As a result, the portfolio manager believes the current market
outlook is positive for most asset sectors, including corporates,
mortgage-backed securities, Treasuries and U.S. agencies.
NOTE: The views expressed are those of Portfolio management as of June 30, 2000,
and are subject to change based on market and other conditions. Information
about a Portfolio's holdings, asset allocation, or country diversification is
historical and is no indication of future Portfolio composition, which will
vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
3.92% 4.44% N/A N/A N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
--------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX ASSET SELECTORS
--------------------------------------------------------------------------------
[GRAPH]
Mortgage-Backed Securities (34%)
U.S. Treasuries (31%)
Asset-Backed Securities (1%)
Collateralized Mortgage-Backed Securities (1%)
U.S. Agencies (10%)
Corporates (23%)
* The Lehman Brothers Aggregate Bond Index is an unmanaged measure of bond
market performance. Direct investment in the Index is not possible.
MDA-15
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
MORGAN STANLEY EAFE(R) INDEX PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To equal the performance of the MSCI EAFE(R) Index.
INCEPTION DATE 11/9/98
ASSET CLASS
International Stocks
UNDERLYING INVESTMENTS
Normally invests most of its assets in securities included in the MSCI EAFE(R)
Index, which primarily includes equity securities in countries outside the U.S.
NET ASSETS
$91.0 million
PORTFOLIO MANAGEMENT
MetLife Investment Department
PERFORMANCE AT-A-GLANCE
The Portfolio returned -4.35% for the first half of the year. The Morgan Stanley
Capital International (MSCI) EAFE(R) Index*, which the Portfolio is designed to
track, returned -4.06% for the same period. The Portfolio cannot exactly
duplicate the MSCI EAFE(R) Index's return because of differences that primarily
result from sampling, pricing and transaction costs.
The Portfolio is managed on a sampling basis and normally owns most of the
companies in the MSCI EAFE(R) Index, which is comprised of approximately 1,000
companies in developed markets outside the U.S.
PORTFOLIO ACTIVITY
Similar to the U.S. broad market indexes, the MSCI EAFE(R)Index experienced
significant volatility for the first half of the year. The Index sold off in
January and then rallied to close nearly flat at 0.20% in the first quarter. The
Index once again declined in May then attempted to rally in June only to close
down -3.96% in the second quarter and -4.06% for the first half of the year.
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
% of Total
Security Net Assets
----------------------------------------------------------
Nokia Oyj.................................... 2.44%
Vodafone Airtouch............................ 2.43%
BP Amoco..................................... 2.14%
Deutsche Telekom............................. 1.70%
Nippon Telegraph & Telephone Corp. .......... 1.67%
Toyota Motor Corp. .......................... 1.66%
Ericsson (LM) Telephone...................... 1.51%
France Telecom............................... 1.40%
Royal Dutch Petroleum........................ 1.30%
Total Fina................................... 1.13%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
Telecommunication services was the worst performing industry for both this
quarter (down -21.25%) and year-to date (down -16.86%). Consumer staples was the
best performer in the second quarter, up 10.56%. As of mid-year, health care was
the best performing industry, up 10.02%. Japan, which holds the largest MSCI
EAFE(R) country weighting at 26.88%, returned a -6.19% for the quarter and is
down -5.37% year-to-date.
PORTFOLIO OUTLOOK
Factors that could impact the stock prices of companies in the MSCI EAFE(R)
Index during the second half of 2000 include global interest rates, oil prices
and continued market volatility.
NOTE: The views expressed are those of Portfolio management as of June 30, 2000,
and are subject to change based on market and other conditions. Information
about a Portfolio's holdings, asset allocation, or country diversification is
historical and is no indication of future Portfolio composition, which will
vary.
--------------------------------------------------------------------------------
DIVERSIFICATION BY COUNTRY AND REGION
--------------------------------------------------------------------------------
as of June 30, 2000
Based on Market Value of Investments
Japan ................ 26.8%
United Kingdom ....... 19.5%
France ............... 11.4%
Germany .............. 8.6%
Other Asia/
Pacific Basin ........ 5.9%
Switzerland .......... 5.7%
Netherlands .......... 5.4%
Italy ................ 4.4%
Sweden ............... 3.3%
Finland .............. 3.1%
Other Europe ......... 3.0%
Spain ................ 2.9%
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
--------------------------------------------------------------------------------
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
-4.35% 15.41% N/A N/A N/A
The chart on the left does not include withdrawal or surrender charges or
Separate Account expenses (general administrative expenses and mortality and
expense risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
* The Morgan Stanley Capital International (MSCI) EAFE(R) Index is an
unmanaged, commonly used measure for Europe, Australasia and the Far East.
Direct investment in the Index is not possible.
MDA-16
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000(R) INDEX PORTFOLIO
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To equal the return of the Russell 2000(R) Index.
INCEPTION DATE
11/9/98
ASSET CLASS
Small Cap Stocks
UNDERLYING INVESTMENTS
Normally invests most of its assets in common stocks included in the Russell
2000(R) Index.
NET ASSETS
$128.9 million
PORTFOLIO MANAGEMENT
MetLife Investment Department
PERFORMANCE AT-A-GLANCE
The Portfolio closed with a semi-annual return of 2.40%, below the 3.04% return
of the Russell 2000(R) Index*, which the Portfolio is designed to track. The
Portfolio cannot exactly duplicate the Russell 2000 Index's return because of
differences that primarily result from sampling, pricing and transaction costs.
However, the Portfolio's performance can be attributed to the strong performance
of the health care sector, which offset the impact of the weak performances of
the technology and utilities sectors.
The Portfolio is managed on a sampling basis and owns approximately 1,500 of the
stocks in the Index. The Russell 2000 Index is comprised of approximately 2,000
U.S. small capitalization stocks.
PORTFOLIO ACTIVITY
Dividend income accounted for 0.32% of the total return. Similar to the larger
capitalization S&P 500, volatility seemed to be the theme for the smaller
capitalization stocks in the Russell 2000. The Portfolio started the year on a
weak note, however February and March brought a rally sending the return of the
Portfolio to a 20.00% high on March 9. The Portfolio then sold off sharply,
hitting a low on April 14 of -9.82%, followed by a rally in May and June.
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
% of Total
Security Net Assets
----------------------------------------------------------
iShares Trust ............................... 1.60%
MRV Communications, Inc. .................... 0.34%
Digital Island, Inc. ........................ 0.31%
Selectica, Inc. ............................. 0.29%
Niku Corp. .................................. 0.28%
Coherent, Inc. .............................. 0.22%
Quantum Effect Devices, Inc. ................ 0.21%
Plexus Corp. ................................ 0.20%
Netro Corp. ................................. 0.19%
Informatica Corp. ........................... 0.19%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
Health care was the best performing sector this quarter returning 18.52%. Due to
its strong performance, the weight of the health care sector in the index grew
from 9.86% on December 31, 1999 to 12.36% at the close of June, 2000. The
heavily weighted technology sector experienced weak performance in the first
half of 2000, losing 13.97%. Utilities were also weak, losing 16.17%.
The Russell 2000 Index underwent its annual reconstitution on June 30, 2000. In
total, 513 companies were added to the index and 375 were deleted. The
difference of 138 names is due to attrition throughout the period between annual
reconstitutions. The annual Russell 2000 reconstitution generated an approximate
35.00% turnover.
PORTFOLIO OUTLOOK
Factors that could impact stock prices during the second half of 2000 include
the Federal Reserve's interest rate policy, oil prices, continued market
volatility and the overall performance of the technology sector.
NOTE: The views expressed are those of Portfolio management as of June 30, 2000,
and are subject to change based on market and other conditions. Information
about a Portfolio's holdings, asset allocation, or country diversification is
historical and is no indication of future Portfolio composition, which will
vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
2.40% 13.98% N/A N/A N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The Russell 2000(R) Index is an unmanaged, commonly used measure of small
stock market performance. Direct investment in the Index is not possible.
MDA-17
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PUTNAM LARGE CAP GROWTH PORTFOLIO*
--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
INVESTMENT OBJECTIVE
To achieve capital growth.
INCEPTION DATE
5/1/00
ASSET CLASS
Large Cap Stocks
UNDERLYING INVESTMENTS
Invests primarily in common stocks of large capitalization companies believed to
offer attractive growth prospects.
NET ASSETS
$8.5 million
PORTFOLIO MANAGER
Jeffrey Lindsey
PERFORMANCE AT-A-GLANCE
The Portfolio returned -0.1% for the 2-month period ending 6/30/00,
underperforming its benchmark, the Russell 1000 Growth Index, which had a return
of 1.2% for the same period. The Portfolio's peer group, Lipper Growth
Underlying Funds Average, returned 0.84% for the same period. The Portfolio's
performance can be attributed to good stock selection in the conglomerate and
healthcare sectors that aided results, but which was offset by disappointing
returns in technology and consumer staples.
PORTFOLIO ACTIVITY
During the period the technology-laden NASDAQ sank nearly 40%, which coincided
with the government's ruling against Microsoft. It bounced back to end the
second quarter with a loss of 13%, which coincided with a quarter-end rally in
technology stocks. The Portfolio was also impacted by high energy costs during
the first six months of the year, and by the Federal Reserve Board's decision to
raise interest rates three times. In June, when the Federal Reserve Board was
due to consider yet another interest rate increase, slowing retail sales and
other indications of a moderating economy prevented them from doing so. While
growth equities continued to lead value during the period, market preference
shifted to the relative stability of large cap stocks.
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
Top Ten Equity Holdings
as of June 30, 2000
% of Total
Security Net Assets
----------------------------------------------------------
General Electric Co. ........................ 5.95%
Cisco Systems ............................... 5.27%
Nokia Corp. ................................. 4.58%
Pfizer Inc. ................................. 4.46%
Intel Corp. ................................. 4.24%
Microsoft Corp. ............................. 3.76%
Sun Microsystems, Inc. ...................... 3.69%
Oracle Corporation .......................... 3.56%
Viacom Inc. ................................. 3.53%
Tyco International Ltd. ..................... 3.17%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
--------------------------------------------------------------------------------
PORTFOLIO OUTLOOK
The Portfolio manager's outlook is optimistic. While high energy prices are
acting as a tax on our economy, it is important to note that the U.S. continues
to exhibit a low inflation rate and a strong economy. In addition, it is
believed that the economic environment will reward high-quality growth companies
that are experiencing strong demand for their products and stable or improving
pricing power. Therefore, the Portfolio will remain overweight in communications
services, consumer staples, and financial services, with particular emphasis on
the telecommunications, cable TV, broadcasting, media/entertainment, investment
banking/brokerage and insurance industries.
NOTE: The views expressed are those of the Portfolio manager as of June 30,
2000, and are subject to change based on market and other conditions.
Information about a Portfolio's holdings, asset allocation, or country
diversification is historical and is no indication of future Portfolio
composition, which will vary.
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
as of June 30, 2000
Year-to-Date 1 Year 3 Years 5 Years 10 Years
------------ ------ ------- ------- --------
-0.1% N/A N/A N/A N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* NOTE: Available as of May 1, 2000 only through certain variable products of
New England Financial.
MDA-18
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NEW SUBSIDIZATION SCHEDULES
--------------------------------------------------------------------------------
FOR CERTAIN INDEX PORTFOLIOS OF THE METROPOLITAN SERIES FUND
RUSSELL 2000(R) INDEX PORTFOLIO:
On February 22, 2000, MetLife began paying all expenses (other than management
fees, brokerage commissions, taxes, interest and ordinary or non-recurring
expenses) in excess of .30% of the average net assets for the Russell 2000 Index
Portfolio and will continue to do so until the Portfolio's assets reach $200
million, or until April 30, 2001, whichever comes first.
MORGAN STANLEY EAFE(R) INDEX PORTFOLIO:
As previously agreed, MetLife will pay all expenses (other than management fees,
brokerage commissions, taxes, interest and ordinary or non-recurring expenses)
in excess of .25% of the average net assets for the Morgan Stanley EAFE(R) Index
Portfolio until the Portfolio's assets reach $100 million, or until November 8,
2000, whichever comes first. After such date, MetLife will continue to pay all
expenses (as described above) in excess of .40% of the Portfolio's average net
assets until the Portfolio's assets reach $200 million, or until April 30, 2001,
whichever comes first.
DIS-1
<PAGE>
--------------------------------------------------------------------------------
SEMIANNUAL REPORT
of the
Metropolitan
Series Fund, Inc.
June 30, 2000
--------------------------------------------------------------------------------
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 96.3%
--------------------------------------------------------------------------------
Automotive: 2.0%
825,200 *General Motors Corp. Cl. H $ 72,411,300
--------------------------------------------------------------------------------
Banking: 1.3%
1,058,350 Chase Manhattan Corp. 48,750,247
--------------------------------------------------------------------------------
Biotechnology: 1.0%
57,900 *Genentech, Inc. 9,958,800
407,900 PE Biosystems Group 26,870,412
-------------
36,829,212
--------------------------------------------------------------------------------
Broadcasting: 4.0%
1,579,300 *USA Networks, Inc. 34,201,716
1,668,662 *Viacom, Inc. Cl. B 113,781,890
-------------
147,983,606
--------------------------------------------------------------------------------
Business Services: 2.8%
902,800 First Data Corp. 44,801,450
1,380,000 Interpublic Group of Cos., Inc. 59,340,000
-------------
104,141,450
--------------------------------------------------------------------------------
Chemicals: 0.5%
659,040 Dow Chemical Co. 19,894,770
--------------------------------------------------------------------------------
Computer Equipment & Service: 7.3%
1,838,900 *Cisco Systems, Inc. 116,827,616
1,410,900 *Dell Computer Corp. 69,619,097
1,426,300 *Solectron Corp. 59,726,312
146,738 *VeriSign, Inc. 25,876,241
-------------
272,049,266
--------------------------------------------------------------------------------
Drugs & Health Care: 7.1%
3,452,525 Pfizer, Inc. 165,721,200
1,907,700 Pharmacia Corp. 98,604,244
-------------
264,325,444
--------------------------------------------------------------------------------
Electrical Equipment: 3.8%
2,629,500 General Electric Co. 139,363,500
--------------------------------------------------------------------------------
Electronics: 6.9%
136,100 *Agilent Technologies, Inc. 10,037,375
301,200 *Gemstar International Group Ltd. 18,514,388
855,400 Intel Corp. 114,329,556
478,700 Lucent Technologies, Inc. 28,362,975
950,700 Motorola, Inc. 27,629,719
845,900 Texas Instruments, Inc. 58,102,756
-------------
256,976,769
--------------------------------------------------------------------------------
Entertainment & Leisure: 2.3%
909,100 Harley-Davidson, Inc. 35,000,350
1,245,700 Walt Disney Co. 48,348,731
-------------
83,349,081
--------------------------------------------------------------------------------
Financial Services: 4.6%
489,600 American Express Co. 25,520,400
1,658,523 Citigroup, Inc. 99,926,011
560,300 Morgan Stanley Dean Witter & Co. 46,644,975
-------------
172,091,386
--------------------------------------------------------------------------------
Food & Beverages: 2.8%
646,000 Anheuser-Busch Co., Inc. 48,248,125
951,600 Coca-Cola Co. 54,657,525
-------------
102,905,650
--------------------------------------------------------------------------------
Household Products: 1.6%
511,300 Colgate-Palmolive Co. 30,614,087
108,900 Corning, Inc. 29,389,388
-------------
60,003,475
--------------------------------------------------------------------------------
Insurance: 5.9%
2,521,515 ACE Ltd. 70,602,420
673,725 American International Group, Inc. 79,162,687
398,200 Marsh & McLennan Cos., Inc. 41,587,012
803,500 St. Paul Cos., Inc. 27,419,438
-------------
218,771,557
--------------------------------------------------------------------------------
Medical Equipment & Supply: 4.6%
1,109,800 Baxter International, Inc. 78,032,812
884,200 *Guidant Corp. 43,767,900
463,300 Johnson & Johnson 47,198,688
-------------
168,999,400
--------------------------------------------------------------------------------
Multi-Industry: 2.6%
162,200 Honeywell, Inc. 5,464,112
1,956,600 Tyco International Ltd. 92,693,925
-------------
98,158,037
--------------------------------------------------------------------------------
Office & Business Equipment: 2.4%
807,000 *EMC Corp. 62,088,563
253,300 International Business Machines Corp. 27,752,181
-------------
89,840,744
--------------------------------------------------------------------------------
Oil: 1.5%
731,340 TOTAL SA ADR 56,176,054
--------------------------------------------------------------------------------
Oil & Gas Exploration: 0.9%
1,628,500 *Ocean Energy, Inc. 23,104,344
502,900 *R&B Falcon Corp. 11,849,581
-------------
34,953,925
--------------------------------------------------------------------------------
Oil-Equipment & Services: 2.1%
1,441,600 Transocean Sedco Forex, Inc. 77,035,500
--------------------------------------------------------------------------------
Oil-International: 3.2%
1,428,700 Conoco, Inc. Cl. B 35,092,444
569,400 Exxon Mobil Corp. 44,697,900
640,000 Royal Dutch Petroleum Co. 39,400,000
-------------
119,190,344
--------------------------------------------------------------------------------
Retail Trade: 5.1%
269,400 *Best Buy Co., Inc. 17,039,550
1,291,700 CVS Corp. 51,668,000
534,800 Home Depot, Inc. 26,706,575
2,007,400 *Staples, Inc. 30,926,506
MSF-1
<PAGE>
Metropolitan Series Fund, , Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Retail Trade: (Continued)
1,053,700 Wal-Mart Stores, Inc. $ 60,719,463
-------------
187,060,094
--------------------------------------------------------------------------------
Software: 5.8%
578,100 *BEA Systems, Inc. 28,561,753
287,600 *Intuit, Inc. 11,881,475
1,523,800 *Microsoft Corp. 121,856,381
502,900 *Oracle Corp. 42,259,316
100,199 *Veritas Software Corp. 11,319,356
-------------
215,878,281
--------------------------------------------------------------------------------
Technology: 0.2%
48,200 *Cree, Inc. 6,443,737
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 11.2%
344,400 *Amdocs Ltd. 26,432,700
1,299,000 *+American Tower Corp. Cl. A 54,152,062
503,700 *Comverse Technology, Inc. 46,859,841
732,800 *Nextel Communications, Inc.Cl. A 44,815,300
886,400 *Nokia Corp. ADR 44,264,600
1,247,100 Nortel Networks Corp. 85,114,575
1,114,900 *+Qwest Communications International, Inc. 55,396,594
1,251,300 *WorldCom, Inc. 57,442,490
-------------
414,478,162
--------------------------------------------------------------------------------
Utilities-Electric: 1.6%
1,326,000 *AES Corp. 60,498,750
--------------------------------------------------------------------------------
Utilities-Telephone: 1.2%
727,600 *+Sprint Corp. PCS Group Ser. 1 43,292,200
-------------
TOTAL COMMON STOCK
(Cost: $2,799,612,715)............................ 3,571,851,941
-------------
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 5.6%
--------------------------------------------------------------------------------
$25,755,000 American Express
Credit Corp. 6.880% 7/3/00 $25,755,000
5,391,000 Citicorp 6.550% 7/11/00 5,391,000
30,000,000 DaimlerChrysler
Holding Corp. 6.600% 7/11/00 30,000,000
26,987,000 DaimlerChrysler
Holding Corp. 6.700% 7/14/00 26,987,000
14,454,000 DaimlerChrysler
Holding Corp. 6.780% 7/7/00 14,454,000
22,000,000 Ford Motor Credit Co. 6.530% 7/11/00 22,000,000
15,000,000 Ford Motor Credit Co. 6.540% 7/6/00 15,000,000
3,170,000 Ford Motor Credit Co. 6.580% 7/6/00 3,170,000
35,040,000 Goldman Sachs Group
LP 6.750% 7/7/00 35,000,580
8,000,000 Household Finance
Corp. 6.530% 7/6/00 8,000,000
22,720,000 Household Finance
Corp. 6.880% 7/3/00 $ 22,720,000
--------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $208,477,580) 208,477,580
---------------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS : 101.9%
(Cost: $3,008,090,295) 3,780,329,521
OTHER ASSETS LESS LIABILITIES: (1.9)% (68,953,207)
---------------
TOTAL NET ASSETS: 100.0% 3,711,376,314
===============
LEGEND:
* Non-income producing security.
+ Securities on loan.
ADR (American Depository Receipt) represents ownership of foreign securities
SECURITIES ON LOAN: (Note 7)
As of June 30, 2000, the market value of securities loaned was $72,179,559 with
collateral backing valued at $73,060,960.
See Notes to Financial Statements.
MSF-2
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO
--------------------------------------------------------------------------------
JUNE 30, 2000 (Unaudited)
-----------------------------------
STATEMENT OF ASSETS AND LIABILITIES
-----------------------------------
ASSETS:
Investments, at value (Note 1A) (1) ............................ $ 3,780,329,521
Cash ........................................................... --
Foreign currencies held at value (2) ........................... --
Receivable for investment securities sold ...................... 35,587,148
Receivable for fund shares sold ................................ 6,242
Receivable for dividends and interest .......................... 2,045,741
Daily variation on futures contracts (Note 11) ................. --
Unrealized appreciation on forward contracts (Note 10) ......... --
Collateral for securities loaned (Note 7) ...................... 73,060,960
Other assets ................................................... 186,989
---------------
Total Assets ................................................. 3,891,216,601
---------------
LIABILITIES:
Payable for investment securities purchased .................... 75,481,801
Payable for capital stock repurchased .......................... 3,866,596
Unrealized depreciation on forward contracts (Note 10) ......... --
Return of collateral for securities loaned (Note 7) ............ 73,060,960
Bank overdraft ................................................. 25,739,921
Accrued investment management fee (Note 3) ..................... 1,431,750
Accrued expenses and other liabilities ......................... 259,259
---------------
Total Liabilities ............................................ 179,840,287
---------------
NET ASSETS: .................................................... $ 3,711,376,314
===============
COMPOSITION OF NET ASSETS:
Paid-in-capital ................................................ 2,563,303,989
Undistributed (overdistributed) net investment income (loss) ... 8,701,092
Net unrealized appreciation (depreciation) ..................... 772,239,226
Accumulated net realized gain (loss) ........................... 367,132,007
---------------
Net Assets ................................................... $ 3,711,376,314
===============
Shares Outstanding ........................................... 90,778,123
===============
Net Asset Value Per Share .................................... $ 40.88
===============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ....................................... $ 3,008,090,295
(2) Cost of foreign currency ................................... --
See Notes to Financial Statements
-----------------------
STATEMENT OF OPERATIONS
-----------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ......................................... $ 6,110,645
Dividends (Note 1B) ........................................... 11,839,470
--------------
Total Investment Income, Net of Withholding Taxes (2) .......... 17,950,115
--------------
EXPENSES:
Investment management fee (Note 3A) ............................ 8,506,757
Printing and distribution fees ................................. 311,588
Custodian and transfer agent fees .............................. 214,660
Audit and tax service fees ..................................... 11,942
Directors fees ................................................. 3,864
Insurance fees ................................................. 1,854
Other operating expenses ....................................... 2,364
--------------
Total expenses before reimbursement / reduction ................ 9,053,029
Less: expense reimbursement .................................... --
expense reduction (Note 1H) ............................. 77,991
--------------
Net expenses ................................................... 8,975,038
--------------
Net Investment Income (Loss) ................................... 8,975,077
--------------
NET REALIZED GAIN (LOSS) ON:
Investments .................................................... 330,409,396
Foreign currency transactions .................................. --
Futures contracts .............................................. --
--------------
Net Realized Gain (Loss) ..................................... 330,409,396
--------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) ........................ 953,566,782
End of period investments, foreign currency holdings and
futures contracts (Notes 8,10,11) ............................. 772,239,226
--------------
Net Unrealized Appreciation (Depreciation) ................... (181,327,556)
--------------
Net Increase (Decrease) in Net Assets Resulting From
Operations ................................................... $ 158,056,917
==============
--------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned ................................. $ 310,120
(2) Withholding taxes .......................................... 82,972
MSF-3
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH PORTFOLIO JUNE 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------
STATEMENT OF CHANGES IN NET ASSETS SIX MONTHS
---------------------------------- ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
--------------- ---------------
OPERATIONS:
<S> <C> <C>
Net investment income (loss) ....................................................... $ 8,975,077 $ 19,604,206
Net realized gain (loss) from investments, foreign
currency holdings and futures contracts .......................................... 330,409,396 353,670,179
Unrealized appreciation (depreciation) of investments, foreign
currency holdings and futures contracts .......................................... (181,327,556) 197,137,221
--------------- ---------------
Net increase (decrease) in net assets resulting from operations .................. 158,056,917 570,411,606
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ............................................................ -- (20,342,834)
Net realized gain from investment transactions ................................... -- (363,843,241)
--------------- ---------------
Total Distributions (Note 4) ..................................................... -- (384,186,075)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares ................................................. 48,837,255 110,915,954
Net asset value of shares issued to shareholders in reinvestment
of distributions ............................................................... -- 384,186,075
Shares redeemed .................................................................. (118,833,504) (170,093,025)
--------------- ---------------
Net Capital Stock Transactions (Note 9) .......................................... (69,996,249) 325,009,004
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS ............................................ 88,060,668 511,234,535
NET ASSETS: Beginning of period .................................................. 3,623,315,646 3,112,081,111
--------------- ---------------
NET ASSETS: End of period ........................................................ $3,711,376,314 $3,623,315,646
=============== ===============
</TABLE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PER SHARE OPERATING PERFORMANCE SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD) JUNE 30, 2000 ----------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period .................. $ 39.14 $ 37.10 $ 31.92 $ 30.51 $ 27.56 $ 21.81
----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ............................. 0.10 0.23 0.36 0.44 0.36 0.35
Net realized and unrealized gain (loss) ........... 1.64 6.38 8.52 7.72 5.78 6.83
----------- ----------- ----------- ----------- ----------- -----------
Total From Investment Operations .................. 1.74 6.61 8.88 8.16 6.14 7.18
----------- ----------- ----------- ----------- ----------- -----------
Less Distributions:
Dividends from net investment income .............. -- (0.24) (0.36) (0.44) (0.36) (0.35)
Distributions from net realized capital gains ..... -- (4.33) (3.34) (6.31) (2.83) (1.08)
----------- ----------- ----------- ----------- ----------- -----------
Total Distributions ............................... -- (4.57) (3.70) (6.75) (3.19) (1.43)
----------- ----------- ----------- ----------- ----------- -----------
----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ........................ $ 40.88 $ 39.14 $ 37.10 $ 31.92 $ 30.51 $ 27.56
----------------------------------------------------------------------------------------------------------------------------------
Total Return .......................................... 4.45% 18.47% 28.18% 28.36% 22.18% 33.14%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ............... $ 3,711,376 $3,623,316 $3,112,081 $2,349,062 $1,597,728 $1,094,751
Operating expenses to average net assets (1) ...... 0.49% 0.49% 0.53% 0.43% 0.29% 0.31%
Net investment income to average net assets (1) ... 0.49% 0.59% 1.04% 1.37% 1.29% 1.46%
Portfolio Turnover (2) ............................ 91.43% 83.16% 74.29% 82.81% 93.05% 45.52%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 period ended June 30, 2000 amounted to 1,583,234,148
and 1,697,037,544, respectively.
See Notes to Financial Statements.
MSF-4
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
-------------------------------------------------------------------------
CORPORATE BONDS: 54.3%
-------------------------------------------------------------------------
Aerospace & Defense: 1.5%
$3,175,000 Lockheed Martin Corp. 7.950% 12/1/05 3,193,097
3,500,000 ++Raytheon Co. 144A 8.300% 3/1/10 3,564,295
-----------
6,757,392
-------------------------------------------------------------------------
Asset Backed: 3.3%
1,900,000 Arcadia Auto Trust
Ser.97-B A5 6.700% 2/15/05 1,900,304
1,150,000 Citibank Credit Card
Master Trust I Ser. 98 A 5.300% 1/9/06 1,081,357
4,125,000 Citibank Credit Card
Master Trust I Ser. 98-1 A 5.750% 1/15/03 4,088,906
6,745,000 Citibank Credit Card
Master Trust I Ser. 99 A 5.875% 3/10/11 6,116,838
1,959,769 World Omni Automobile
Lease Trust Ser. 97-B A3 6.180% 11/25/03 1,957,319
-----------
15,144,724
-------------------------------------------------------------------------
Automotive: 0.5%
2,375,000 Lear Corp. Sr. Ser. B 7.960% 5/15/05 2,227,608
-------------------------------------------------------------------------
Broadcasting: 0.4%
1,950,000 +Echostar Communications
Corp. Sr. 9.375% 2/1/09 1,881,750
-------------------------------------------------------------------------
Business Services: 0.5%
2,275,000 Electronic Data Systems
Corp. 7.125% 10/15/09 2,207,296
-------------------------------------------------------------------------
Chemicals: 0.2%
1,150,000 CK Witco Corp. Sr. 8.500% 3/15/05 1,166,330
-------------------------------------------------------------------------
Collateralized Mortgage Obligations: 4.9%
1,371,547 Chase Commercial
Mortgage Sec. Ser. 97-1 A1 7.270% 7/19/04 1,368,761
1,425,000 Credit Suisse First
Boston Ser. 97-C2 A2 6.520% 7/17/07 1,369,781
2,050,000 GMAC Commercial
Mortgage Security, Inc.
Ser. 97-C2 A2 6.550% 4/15/29 1,953,906
6,149,922 GMAC Commercial
Mortgage Security, Inc.
Ser. 98-C1 A1 6.411% 11/15/07 5,928,679
3,375,000 GMAC Commercial
Mortgage Security, Inc.
Ser. 99-C1 A2 6.175% 5/15/33 3,094,453
2,296,735 GMAC Commercial
Mortgage Security, Inc.
Ser. 99-C1 5.830% 5/15/33 2,162,519
6l0,120 Morgan Stanley Capital,
Inc. Ser. 98 HF1-A1 6.190% 1/15/07 655,721
2,174,074 Morgan Stanley Capital,
Inc. Ser. 98XL1-A1 6.220% 5/3/05 2,087,948
3,674,356 Structured Asset
Securities Corp.
Ser. 97-LL I 6.790% 10/12/34 3,621,518
-----------
22,243,286
-------------------------------------------------------------------------
Consumer Products: 0.5%
2,100,000 Servicemaster Co. 8.450% 4/15/05 $ 2,086,644
-------------------------------------------------------------------------
Drugs & Health Care: 0.6%
1,900,000 +HealthSouth Corp. Sr. 9.500% 4/1/01 1,894,642
1,275,000 HealthSouth Corp. Sr.
Ser. 08 7.000% 6/15/08 974,942
-----------
2,869,584
-------------------------------------------------------------------------
Entertainment & Leisure: 1.5%
2,300,000 Harrah's Entertainment,
Inc. Sr. 7.875% 12/15/05 2,162,000
2,225,000 MGM Grand, Inc. Sr. 9.750% 6/1/07 2,258,375
2,300,000 Park Place Entertainment
Corp. Sr. 9.375% 2/15/07 2,300,000
-----------
6,720,375
-------------------------------------------------------------------------
Finance & Banking: 4.3%
4,925,000 Ford Motor Credit Co. 6.446% 7/16/02 4,950,708
4,525,000 +Ford Motor Credit Co. 7.875% 6/15/10 4,524,186
5,500,000 General Motors Acceptance
Corp. 5.950% 3/14/03 5,289,625
4,925,000 General Motors Acceptance
Corp. 6.571% 10/7/02 4,975,038
-----------
19,739,557
-------------------------------------------------------------------------
Financial Services: 11.2%
1,900,000 Advanta Master Trust II
Ser. 95-F A1 6.050% 8/1/03 1,892,267
1,800,000 Associates Corp. of North
America 6.750% 7/15/01 1,788,552
4,900,000 AT&T Capital Corp. 6.971% 12/1/00 4,907,546
3,000,000 @Capital One Bank Sr. 7.711% 6/23/03 2,999,730
975,000 Charter Communication
Holding LLC Sr. 8.625% 4/1/09 861,656
1,800,000 CIT Group Holdings, Inc.
Sr. 6.700% 5/28/01 1,785,060
4,425,000 +Conseco, Inc. 8.750% 2/9/04 3,031,125
3,400,000 +Conseco, Inc. 9.000% 10/15/06 2,312,000
3,075,000 Countrywide Funding Corp. 6.580% 9/21/01 3,030,474
2,125,000 ++ERAC USA Finance Co.
144A 6.625% 2/15/05 1,992,634
2,750,000 ++ERAC USA Finance Co.
144A 6.750% 5/15/07 2,554,365
3,800,000 Fleet Mortgage Group, Inc. 7.060% 7/26/02 3,773,932
2,600,000 ++Florida Windstormm-MBIA
Sr. Ser. 99-A 144A 7.125% 2/25/19 2,349,854
3,025,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 2,735,961
3,925,000 Green Tree Financial
Corp. Sr. Ser. 98-6 A4 5.980% 5/1/13 3,840,338
500,000 Heller Financial, Inc. 7.000% 5/15/02 492,970
5,225,000 Heller Financial, Inc. 7.125% 9/28/04 5,065,585
2,300,000 Household Finance Corp. 6.125% 7/15/02 2,229,781
MSF-5
<PAGE>
Metropolitan Series Fund, Inc.
-------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
-------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
-------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Financial Services: (Continued)
$1,950,000 MBNA Master Credit Card
Tr. II Ser 98-J A 5.250% 2/15/06 $ 1,845,188
1,900,000 Prime Credit Card Master
Trust Ser. 95-1 A 6.750% 11/15/05 1,884,553
-----------
51,373,571
-------------------------------------------------------------------------
Food & Beverages: 1.4%
1,650,000 Coca-Cola Enterprises,
Inc. 6.950% 11/15/26 1,458,633
5,325,000 ++Pepsi Bottling
Group, Inc. 144A 5.625% 2/17/09 4,754,426
-----------
6,213,059
-------------------------------------------------------------------------
Forest Products & Paper: 0.9%
4,000,000 ++International Paper Co.
144A 7.670% 7/8/02 4,016,800
-------------------------------------------------------------------------
Healthcare Services: 0.5%
1,200,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 1,110,000
1,395,000 Columbia/HCA
Healthcare Corp. 7.690% 6/15/25 1,126,463
-----------
2,236,463
-------------------------------------------------------------------------
Hospital Management: 0.5%
2,300,000 Tenet Healthcare
Corp. Sr. 8.000% 1/15/05 2,202,250
-------------------------------------------------------------------------
Industrials: 2.7%
6,100,000 Aramark Services, Inc. 6.750% 8/1/04 5,648,234
2,325,000 Beckman Coulter, Inc. Sr. 7.100% 3/4/03 2,221,747
775,000 ++Scotts Co. Sr.
Ser. 09 144A 8.625% 1/15/09 747,875
4,125,000 United Technologies Corp. 6.700% 8/1/28 3,652,357
-----------
12,270,213
-------------------------------------------------------------------------
Mortgage Related: 2.5%
2,750,000 Donaldson, Lufkin &
Jenrette Commercial
Mortgage Corp.
Ser. 98-CF2 A1B 6.240% 11/12/31 2,536,875
5,225,000 Donaldson, Lufkin &
Jenrette Commercial
Mortgage Corp.
Ser. 99-CG1 A1B 6.460% 1/10/09 4,880,477
1,748,873 LB Commercial Conduit
and Mortgage
Ser. 98-C1 A1 6.330% 2/18/30 1,700,219
2,425,000 West Penn Funding LLC
Ser. 99-A A3 6.810% 9/25/08 2,369,831
-----------
11,487,402
-------------------------------------------------------------------------
Newspapers: 1.0%
3,400,000 News America,
Inc. Sr. 7.125% 4/8/28 2,841,142
1,975,000 News America,
Inc. Sr. 7.750% 1/20/24 1,787,908
-----------
4,629,050
-------------------------------------------------------------------------
Oil & Gas Exploration: 0.3%
1,375,000 Pioneer Natural Resources
Co. Sr. 9.625% 4/1/10 1,416,250
-------------------------------------------------------------------------
Pollution Control: 0.4%
2,000,000 Allied Waste Industries,
Inc. Sr. 7.875% 1/1/09 1,720,000
-------------------------------------------------------------------------
Restaurant: 0.7%
3,500,000 Darden Restaurants, Inc. 7.125% 2/1/16 3,216,080
-------------------------------------------------------------------------
Retail Grocery: 2.5%
5,075,000 Albertsons, Inc. Sr. 7.450% 8/1/29 4,654,232
2,800,000 Kroger Co. 8.050% 2/1/10 2,767,744
1,800,000 Kroger Co. Sr. 7.250% 6/1/09 1,690,524
2,300,000 Safeway, Inc. 7.000% 9/15/02 2,274,263
-----------
11,386,763
-------------------------------------------------------------------------
Retail Trade: 0.8%
1,750,000 @Staples, Inc. 7.670% 11/26/01 1,749,930
2,150,000 Wal-Mart Stores, Inc. 6.875% 8/10/09 2,100,270
-----------
3,850,200
-------------------------------------------------------------------------
Telecommunications Equipment & Services: 5.4%
6,825,000 AT&T Corp. 6.000% 3/15/09 6,068,858
5,525,000 AT&T Corp. 6.500% 3/15/29 4,639,177
1,825,000 Clear Channel
Communications Sr. 7.311% 6/15/02 1,829,015
2,325,000 Global Crossing Ltd. Sr. 9.500% 11/15/09 2,243,625
1,200,000 ++Level 3 Communications,
Inc. Sr. Ser. 08 144A 11.000% 3/15/08 1,185,000
3,875,000 Lucent Technologies,
Inc. 6.450% 3/15/29 3,396,747
700,00 Orange PLC Sr. 8.750% 6/1/06 710,500
2,275,000 Sprint Capital Corp. 7.625% 6/10/02 2,273,385
2,450,000 Williams Communications
Group, Inc. Sr. 10.700% 10/1/07 2,437,750
-----------
24,784,057
-------------------------------------------------------------------------
Utilities-Electric: 4.3%
2,400,000 +Calpine Corp. Sr. Ser. 09 7.750% 4/15/09 2,265,840
1,750,000 ++Edison Mission Energy
Funding Ser. A 144A 7.330% 9/15/08 1,686,265
5,000,000 NRG Energy, Inc. Sr. 7.500% 6/1/09 4,710,800
2,275,000 PECO Energy Co. Ser.
00-A A3 7.625% 3/1/10 2,284,100
5,330,000 PECO Energy Co. Ser.
99-A A7 6.130% 3/1/09 4,874,125
3,900,000 Southern California
Edison Co. 6.500% 6/1/01 3,868,917
-----------
19,690,047
-------------------------------------------------------------------------
Utilities-Gas & Pipelines: 1.0%
2,550,000 Dynegy, Inc. Sr. 6.875% 7/15/02 2,508,333
2,300,000 Dynegy, Inc. Sr. 8.125% 3/15/05 2,309,959
-----------
4,818,292
-------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $260,087,775).......................... 248,355,043
-----------
-------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 9.0%
7,625,000 Federal Home Loan
Mortgage Corp. 6.750% 9/15/29 7,294,990
</TABLE>
MSF-6
<PAGE>
Metropolitan Series Fund, Inc.
-------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
-------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
-------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS:(Continued)
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 333,120 Federal Home Loan
Mortgage Corp. 9.000% 12/1/09 $ 340,029
1,775,000 Federal National
Mortgage Assoc. 6.375% 6/15/09 1,687,350
3,475,000 Federal National
Mortgage Assoc. 6.625% 9/15/09 3,357,163
2,223,132 Federal National
Mortgage Assoc. 7.000% 2/1/30 2,148,101
4,212,747 Federal National
Mortgage Assoc. 7.000% 5/1/30 4,066,607
825,000 +Federal National
Mortgage Assoc. 7.125% 1/15/30 831,056
1,825,000 +Federal National
Mortgage Assoc. 7.125% 2/15/05 1,832,409
1,100,000 +Federal National
Mortgage Assoc. 7.250% 1/15/10 1,111,077
195,763 Federal National
Mortgage Assoc. 7.750% 9/1/06 196,017
292,032 Federal National
Mortgage Assoc. 7.750% 3/1/08 293,320
27,487 Federal National
Mortgage Assoc. 7.750% 4/1/08 27,608
62,222 Federal National
Mortgage Assoc. 8.000% 6/1/08 62,791
11,750,000 Federal National
Mortgage Assoc. 8.000% 7/30/30 11,799,585
478,257 Federal National
Mortgage Assoc. 8.250% 7/1/08 484,742
461,356 Federal National
Mortgage Assoc. 8.500% 2/1/09 472,142
141,077 Federal National
Mortgage Assoc. 8.500% 9/1/09 144,472
73,278 Federal National
Mortgage Assoc. 9.000% 4/1/16 75,228
113,028 Government National
Mortgage Assoc. 7.500% 5/15/07 114,597
4,850,000 Government National
Mortgage Assoc. 8.500% 7/30/30 4,965,963
-------------------------------------------------------------------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $41,155,417)........................... 41,305,247
------------
-------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 20.5%
-------------------------------------------------------------------------
4,790,348 +U.S. Treasury Bond 3.875% 4/15/29 4,770,899
1,800,000 +U.S. Treasury Bond 6.125% 8/15/29 1,818,000
4,300,000 +U.S. Treasury Bond 6.250% 5/15/30 4,511,646
775,000 U.S. Treasury Bond 6.625% 2/15/27 822,833
1,925,000 +U.S. Treasury Bond 6.750% 8/15/26 2,071,473
2,200,000 +U.S. Treasury Bond 8.125% 5/15/21 2,684,352
13,200,000 +U.S. Treasury Bond 8.125% 8/15/21 16,126,704
4,375,000 +U.S. Treasury Bond 8.500% 2/15/20 5,486,512
3,705,000 +U.S. Treasury Bond 8.875% 2/15/19 4,768,446
11,800,000 U.S. Treasury Bond 10.625% 8/15/15 16,805,796
2,875,000 +U.S. Treasury Bond 11.250% 2/15/15 4,239,274
400,000 U.S. Treasury Note 5.875% 9/30/02 395,564
3,025,000 U.S. Treasury Note 5.875% 11/15/04 2,981,047
1,600,000 +U.S. Treasury Note 6.000% 8/15/09 1,587,248
12,175,000 +U.S. Treasury Note 6.375% 8/15/02 12,163,555
2,200,000 +U.S. Treasury Note 6.500% 2/15/10 2,275,284
3,850,000 U.S. Treasury Note 6.625% 7/31/01 3,854,813
4,025,000 +U.S. Treasury Note 6.625% 7/15/07 4,109,284
950,000 +U.S. Treasury Note 6.750% 5/15/05 972,116
1,100,000 U.S. Treasury Strip 0.010% 11/15/01 1,007,842
-------------------------------------------------------------------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $92,999,282) ........................ 93,452,688
------------
-------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 1.4%
-------------------------------------------------------------------------
5,450,000 New Zealand NZD 8.000% 11/15/06 2,704,532
1,144,500 "Republic of Greece GRD 8.800% 6/19/07 3,721,621
-------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $6,673,251) ......................... 6,426,153
-----------
-------------------------------------------------------------------------
STATE AGENCY OBLIGATIONS: 4.3%
-------------------------------------------------------------------------
2,500,000 California Infrastructure
Ser. 97-1 A5 6.250% 6/25/04 2,471,875
4,950,000 California
Infrastructure
Ser. 97-1 A6 6.310% 9/25/08 4,751,109
8,775,000 California
Infrastructure
Ser. 97-1 A7 6.420% 9/25/08 8,508,152
3,950,000 New Jersey Economic
Development Authority
State Pension Funding
Ser. A 7.425% 2/15/29 3,878,387
-------------------------------------------------------------------------
TOTAL STATE AGENCY OBLIGATIONS
(Cost: $21,068,017)) ....................... 19,609,523
------------
-------------------------------------------------------------------------
YANKEE BONDS: 4.5%
-------------------------------------------------------------------------
1,300,000 City Of Naples 7.520% 7/15/06 1,293,331
2,900,000 Deutsche Telekom
International Finance 7.750% 6/15/05 2,894,954
3,800,000 ++DR Investments Sr. 144A 7.100% 5/15/02 3,764,432
4,125,000 Hellenic Republic of
Greece Sr. 6.950% 3/4/08 4,010,655
4,500,000 Province of Quebec 7.125% 2/9/24 4,250,610
2,225,000 United Mexican States 10.375% 2/17/09 2,369,625
2,200,000 ++Woodside Finance Ltd.
Ser. 08 144A 6.600% 4/15/08 2,051,456
-------------------------------------------------------------------------
TOTAL YANKEE BONDS
(Cost: $21,678,249) ........................ 20,635,063
------------
-------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 8.9%
-------------------------------------------------------------------------
5,722,000 American Express Credit
Corp. 6.780% 7/6/00 5,722,000
3,041,000 American Express Credit
Corp. 6.780% 9/12/00 3,041,000
5,654,000 Ford Motor Credit Co. 6.600% 7/5/00 5,654,000
5,273,000 Ford Motor Credit Co. 6.570% 10/12/00 5,273,000
14,785,000 General Electric Capital
Corp. 6.550% 7/17/00 14,785,000
</TABLE>
MSF-7
<PAGE>
Metropolitan Series Fund, Inc.
-------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
-------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
-------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: (Continued)
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$2,000,000 Household Finance Corp. 6.150% 7/18/00 $ 2,000,000
4,000,000 Household Finance Corp. 6.510% 7/14/00 4,000,000
-------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $40,475,000) ......................... 40,475,000
--------------
-------------------------------------------------------------------------
TOTAL INVESTMENTS : 102.9%
(Cost: $484,136,991)......................... 470,258,717
OTHER ASSETS LESS LIABILITIES : (2.9)% ...... (13,119,548)
--------------
TOTAL NET ASSETS : 100.0% ................... $ 457,139,169
==============
-------------------------------------------------------------------------
</TABLE>
LEGEND:
++ Restricted security
+ Securities on loan.
@ Floating rate security. Rate disclosed is as of June 30, 2000.
NZD New Zealand Dollar.
GRD Greek Drachma.
"Face Amount in thousands
SECURITIES ON LOAN : (Note 7)
As of June 30, 2000, the market value of securities loaned was $39,905,878 with
collateral backing valued at $40,586,768.
RESTRICTED SECURITIES : (Note 2)
The aggregate value of restricted securities at June 30, 2000 was $28,667,402 or
6.27% of the State Street Research Income Portfolio's net assets.
See Notes to Financial Statements.
MSF-8
<PAGE>
Metropolitan Series Fund, Inc.
-------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO
-------------------------------------------------------------------------
JUNE 30, 2000 (Unaudited)
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at value (Note 1A) (1) ............................ 470,258,717
Cash ........................................................... 487
Foreign currencies held at value (2) ........................... --
Receivable for investment securities sold ...................... 2,284,466
Receivable for fund shares sold ................................ --
Receivable for dividends and interest .......................... 7,443,109
Daily variation on futures contracts (Note 11) ................. --
Unrealized appreciation on forward contracts (Note 10) ......... 98,837
Collateral for securities loaned (Note 7) ...................... 40,586,768
Other assets ................................................... 2,010
-----------
Total Assets .............................................. 520,674,394
-----------
LIABILITIES:
Payable for investment securities purchased .................... 22,207,609
Payable for capital stock repurchased .......................... 599,614
Unrealized depreciation on forward contracts (Note 10) ......... --
Return of collateral for securities loaned (Note 7) ............ 40,586,768
Bank overdraft ................................................. --
Accrued investment management fee (Note 3) ..................... 121,984
Accrued expenses and other liabilities ......................... 19,250
-----------
Total Liabilities ........................................ 63,535,225
-----------
NET ASSETS: .................................................. $457,139,169
===========
COMPOSITION OF NET ASSETS:
Paid-in-capital ............................................... 476,065,769
Undistributed (overdistributed) net investment income (loss) .. 15,772,078
Net unrealized appreciation (depreciation) ................... (13,781,918)
Accumulated net realized gain (loss) .......................... (20,916,760)
-----------
Net Assets ............................................... $457,139,169
===========
Shares Outstanding ....................................... 37,845,637
===========
Net Asset Value Per Share ................................ $ 12.08
===========
Notes:
(1) Investments, at cost ...................................... $484,136,991
(2) Cost of foreign currency .................................. --
STATEMENT OF OPERATIONS
INVESTMENT INCOME:
Interest (Note 1B) (1) ......................................... $ 16,278,990
Dividends (Note 1B) ........................................... --
-----------
Total Investment Income, Net of Withholding Taxes (2) .......... 16,278,990
-----------
EXPENSES:
Investment management fee (Note 3A) ............................ 746,649
Printing and distribution fees ................................. 45,043
Custodian and transfer agent fees .............................. 68,322
Audit and tax service fees ..................................... 7,078
Directors fees ................................................. 3,864
Insurance fees ................................................. 1,854
Other operating expenses ....................................... 2,363
-----------
Total expenses before reimbursement / reduction ................ 875,173
Less: expense reimbursement .................................... --
expense reduction (Note 1H) ................................... --
Net expenses ................................................... 875,173
-----------
Net Investment Income (Loss) ................................... 15,403,817
-----------
NET REALIZED GAIN (LOSS) ON:
Investments ................................................... (9,742,308)
Foreign currency transactions ................................. (515,972)
Futures contracts ............................................. --
-----------
Net Realized Gain (Loss) ...................................... (10,258,280)
-----------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency
holdings and futures contracts (Notes 8,10,11) ................... (23,846,753)
End of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) ............................ (13,781,918)
-----------
Net Unrealized Appreciation (Depreciation) ....................... 10,064,835
-----------
Net Increase (Decrease) in Net Assets Resulting From
Operations ....................................................... $15,210,372
===========
Notes:
(1) Income on securites loaned .................................... 36,966
(2) Withholding taxes ............................................. 539
See Notes to Financial Statements
MSF-9
<PAGE>
<TABLE>
<CAPTION>
Metropolitan Series Fund, Inc.
-----------------------------------------------------------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME PORTFOLIO June 30, 2000
-----------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
-------------- ------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)...................................................................... $ 15,403,817 $ 31,090,370
Net realized gain (loss) from investments, foreign currency holdings and futures contracts........ (10,258,280) (8,177,944)
Unrealized appreciation (depreciation) of investments, foreign currency holdings and
futures contracts................................................................................. 10,064,835 (34,770,143)
------------ ------------
Net increase (decrease) in net assets resulting from operations................................... 15,210,372 (11,857,717)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income.............................................................................. -- (29,916,260)
Net realized gain from investment transactions..................................................... -- (897,435)
------------ ------------
Total Distributions (Note 4)....................................................................... -- (30,813,695)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares................................................................... 7,366,270 29,695,275
Net asset value of shares issued to shareholders in reinvestment of distributions.................. -- 30,813,695
Shares redeemed. .................................................................................. (43,317,172) (66,812,232)
------------ ------------
Net Capital Stock Transactions (Note 9)............................................................ (35,950,902) (6,303,262)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS ............................................................. (20,740,530) (48,974,674)
NET ASSETS: Beginning of period ................................................................... 477,879,699 526,854,373
------------ ------------
NET ASSETS: End of period.......................................................................... $457,139,169 $477,879,699
============ ============
</TABLE>
FINANCIAL HIGHLIGHTS
PER SHARE OPERATING PERFORMANCE
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED ----------------------------------------------------
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD) JUNE 30, 2000
(UNAUDITED) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ........................... $ 11.68 $ 12.78 $ 12.66 $ 12.36 $ 12.73 $ 11.32
-----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ......................................... 0.41 0.81 0.75 0.83 0.82 0.83
Net realized and unrealized gain (loss) ....................... (0.01) (1.10) 0.42 0.38 (0.36) 1.38
------ ------ ----- ----- ------ ------
Total From Investment Operations .............................. 0.40 (0.29) 1.17 1.21 0.46 2.21
------ ------ ----- ----- ------ ------
Less Distributions:
Dividends from net investment income .......................... -- (0.79) (0.80) (0.87) (0.81) (0.80)
Distributions from net realized capital gains ................. -- (0.02) (0.25) (0.04) (0.02) --
------ ------ ------ ----- ------ ------
Total Distributions ........................................... -- (0.81) (1.05) (0.91) (0.83) (0.80)
------ ------ ------ ----- ------ ------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................................. $ 12.08 $ 11.68 $ 12.78 $ 12.66 $ 12.36 $ 12.73
------------------------------------------------------------------------------------------------------------------------------------
Total Return .................................................. 3.42% (2.28)% 9.40% 9.83% 3.60% 19.55%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ........................... $ 457,139 $477,880 $ 526,854 $412,191 $383,395 $349,913
Operating expenses to average net assets (1) .................. 0.38% 0.38% 0.39% 0.38% 0.32% 0.34%
Net investment income to average net assets (1)................ 6.70% 6.15% 6.13% 6.57% 6.64% 7.01%
Portfolio Turnover (2) ........................................ 158.63% 183.16% 123.60% 121.92% 92.90% 102.88%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 period ended June 30, 2000 amounted to $342,413,439
and $374,468,932, respectively.
See Notes to Financial Statements.
MSF-10
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
BANKERS' ACCEPTANCES: 5.1%%
--------------------------------------------------------------------------------
1,500,000 BankAmerica Corp. 6.150% 8/7/00 1,490,519
1,800,000 BankAmerica Corp. 6.640% 10/10/00 1,766,468
--------------------------------------------------------------------------------
TOTAL BANKERS' ACCEPTANCES
(Cost: 3,256,987) 3,256,987
-----------
--------------------------------------------------------------------------------
COMMERCIAL PAPER: 81.5%
--------------------------------------------------------------------------------
700,000 American Express Credit
Corp. 6.780% 9/12/00 690,603
1,470,000 American General Finance
Corp. 6.560% 9/14/00 1,449,910
1,830,000 American General Finance
Corp. 6.670% 9/8/00 1,806,605
1,780,000 Associates First Capital
Corp. 6.620% 8/22/00 1,762,979
1,560,000 Associates First Capital
Corp. 6.680% 9/12/00 1,538,869
4,964,000 Associates First Capital
Corp. 6.860% 7/3/00 4,964,000
1,300,000 AT&T Corp. 6.600% 10/5/00 1,277,120
2,000,000 AT&T Corp. 6.720% 10/2/00 1,965,280
1,000,000 Bell Atlantic Financial
Services 6.570% 7/26/00 995,437
1,355,000 Caterpillar Financial Services 6.120% 8/4/00 1,347,168
1,945,000 Caterpillar Financial Services 6.130% 8/9/00 1,932,083
1,500,000 CIT Group Holdings, Inc. 6.580% 9/26/00 1,476,147
520,000 DaimlerChrysler Holding
Corp. 6.070% 7/6/00 519,562
900,000 DaimlerChrysler Holding
Corp. 6.090% 7/11/00 898,477
550,000 DaimlerChrysler Holding
Corp. 6.100% 7/13/00 548,882
1,250,000 DaimlerChrysler Holding
Corp. 6.570% 9/28/00 1,229,697
2,250,000 DuPont (E.I.) de Nemours &
Co. 6.530% 8/2/00 2,236,940
1,000,000 Ford Motor Credit Co. 6.570% 10/12/00 981,202
340,000 General Electric Capital Corp. 6.130% 8/4/00 338,032
300,000 General Electric Capital Corp. 6.550% 7/17/00 299,127
1,370,000 General Electric Capital Corp. 6.590% 9/21/00 1,349,436
1,340,000 General Electric Capital Corp. 6.620% 9/1/00 1,324,723
1,200,000 General Motors Acceptance
Corp. 6.560% 7/25/00 1,194,752
1,140,000 General Motors Acceptance
Corp. 6.670% 9/5/00 1,126,060
1,500,000 Goldman Sachs Group LP 6.580% 8/18/00 1,486,840
390,000 Goldman Sachs Group LP 6.610% 9/22/00 384,057
1,500,000 Goldman Sachs Group LP 6.680% 9/20/00 1,477,455
2,000,000 Heinz (H.J.) Co. 6.550% 7/13/00 1,995,633
2,500,000 Household Finance Corp. 6.150% 7/18/00 2,492,740
900,000 Household Finance Corp. 6.180% 8/24/00 891,657
1,400,000 International Lease Finance
Corp. 6.140% 7/20/00 1,395,463
670,000 Merrill Lynch & Co., Inc. 6.500% 7/25/00 667,070
2,365,000 Merrill Lynch & Co., Inc. 6.620% 8/29/00 2,339,341
3,000,000 Morgan (J.P.) & Co., Inc. 6.120% 7/6/00 2,997,450
1,000,000 Northern States Power Co. 6.550% 8/16/00 991,631
2,000,000 Northern States Power Co. 6.570% 9/11/00 1,973,720
--------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER
(Cost: 52,346,148) 52,346,148
-----------
--------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 13.3%
--------------------------------------------------------------------------------
1,000,000 Canadian Imperial Holdings,
Inc. 6.440% 8/1/00 994,454
2,200,000 Canadian Imperial Holdings,
Inc. 6.530% 8/14/00 2,182,441
1,000,000 Provincevince de Quebec 6.580% 9/8/00 987,388
3,000,000 Province of British Columbia 6.170% 8/8/00 2,980,462
1,400,000 Toronto-Dominion Holdings 6.110% 7/3/00 1,399,525
-----------
--------------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: 8,544,270) ..................................... 8,544,270
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.9%
(Cost: 64,147,405) .................................... 64,147,405
OTHER ASSETS LESS LIABILITIES: 0.1% ................... 42,472
-----------
TOTAL NET ASSETS: 100.0% .............................. $64,189,877
===========
--------------------------------------------------------------------------------
LEGEND:
See Notes to Financial Statements.
MSF-11
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH MONEY MARKET PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) .............................. $ 64,147,405
Cash ............................................................. 38
Receivable for fund shares sold .................................. 62,788
Receivable for dividends and interest ............................ 946
Collateral for securities loaned (Note 7) ........................ --
Other assets ..................................................... --
-------------
Total Assets ................................................... 64,211,177
-------------
LIABILITIES:
Payable for capital stock repurchased ............................ 674
Return of collateral for securities loaned (Note 7) .............. --
Accrued investment management fee (Note 3) ...................... 13,541
Accrued expenses and other liabilities ........................... 7,085
-------------
Total Liabilities .............................................. 21,300
-------------
NET ASSETS: ..................................................... $ 64,189,877
=============
COMPOSITION OF NET ASSETS:
Paid-in-capital .................................................. 62,314,959
Undistributed (overdistributed) net investment income (loss) ..... 1,872,661
Net unrealized appreciation (depreciation) ...................... --
Accumulated net realized gain (loss) ............................. 2,257
-------------
Net Assets ..................................................... $ 64,189,877
=============
Shares Outstanding ............................................. 6,030,958
=============
Net Asset Value Per Share ...................................... $ 10.64
=============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ......................................... 64,147,405
See Notes to Financial Statements
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ........................................ $ 1,974,211
Dividends (Note 1B) ............................................ --
------------
Total Investment Income, Net of Withholding Taxes (2) ........... 1,974,211
------------
EXPENSES:
Investment management fee (Note 3A) ............................. 80,317
Printing and distribution fees .................................. 4,916
Custodian and transfer agent fees ............................... 23,123
Audit and tax service fees ...................................... 6,450
Directors fees .................................................. 3,864
Insurance fees .................................................. 1,854
Other operating expenses ........................................ 2,365
----------
Total expenses before reimbursement/reduction .................. 122,889
Less: expense reimbursement ..................................... --
expense reduction (Note 1H) .............................. --
----------
Net expenses .................................................... 122,889
----------
Net Investment Income (Loss) .................................. 1,851,322
----------
NET REALIZED GAIN (LOSS) ON:
Investments ..................................................... --
----------
Net Realized Gain (Loss) ...................................... --
----------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments ................................. --
End of period investments ....................................... --
----------
Net Unrealized Appreciation (Depreciation) .................... --
----------
Net Increase (Decrease) in Net Assets Resulting From
Operations ................................................... $ 1,851,322
============
--------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned .................................... $ --
(2) Withholding taxes ............................................. --
MSF-12
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH MONEY MARKET PORTFOLIO JUNE 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
OPERATIONS: -------------- ------------
<S> <C> <C>
Net investment income (loss) ................................................................. $ 1,851,322 $ 2,426,215
Net realized gain (loss) from investments .................................................... -- (32)
Unrealized appreciation (depreciation) of investments ........................................ -- --
------------ -----------
Net increase (decrease) in net assets resulting from operations .............................. 1,851,322 2,426,183
------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ........................................................................ -- (2,407,611)
Net realized gain from investment transactions ............................................... -- --
------------ -----------
Total Distributions (Note 4) ................................................................. -- (2,407,611)
------------ -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares ............................................................. 36,561,600 47,610,914
Net asset value of shares issued to shareholders in reinvestment of distributions ............ -- 2,407,611
Shares redeemed .............................................................................. (25,768,036) (39,676,841)
------------ -----------
Net Capital Stock Transactions (Note 9) ..................................................... 10,793,564 10,341,684
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS ........................................................ 12,644,886 10,360,256
NET ASSETS: Beginning of period .............................................................. 51,544,991 41,184,735
------------ -----------
NET ASSETS: End of period .................................................................... $ 64,189,877 $51,544,991
============ ===========
</TABLE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PER SHARE OPERATING PERFORMANCE SIX MONTHS YEAR ENDED DECEMBER 31,
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD) ENDED -------------------------------------------------------
JUNE 30, 2000
(UNAUDITED) 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period .................... $ 10.34 $ 10.35 $ 10.38 $ 10.44 $ 10.45 $ 10.48
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ................................. 0.30 0.51 0.54 0.54 0.53 0.59
------- ------- ------- ------- ------- -------
Total From Investment Operations ...................... 0.30 0.51 0.54 0.54 0.53 0.59
------- ------- ------- ------- ------- -------
Less Distributions:
Dividends from net investment income .................. -- (0.52) (0.57) (0.60) (0.54) (0.62)
------- ------- ------- ------- ------- -------
Total Distributions ................................... -- (0.52) (0.57) (0.60) (0.54) (0.62)
------- ------- ------- ------- ------- -------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .......................... $ 10.64 $ 10.34 $ 10.35 $ 10.38 $ 10.44 $ 10.45
------------------------------------------------------------------------------------------------------------------------------------
Total Return .......................................... 2.90% 4.89% 5.19% 5.21% 5.01% 5.59%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ................... $64,190 $51,545 $41,185 $39,480 $41,637 $40,456
Operating expenses to average net assets (1) .......... 0.39% 0.42% 0.48% 0.49% 0.43% 0.49%
Net investment income to average net assets (1) ....... 5.88% 4.81% 5.11% 5.08% 4.92% 5.39%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
See Notes to Financial Statements.
MSF-13
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 53.7%
--------------------------------------------------------------------------------
Automotive: 1.1%%
354,700 *General Motors Corp. Cl. H $ 31,124,925
--------------------------------------------------------------------------------
Banking: 0.7%
454,950 Chase Manhattan Corp. 20,956,134
--------------------------------------------------------------------------------
Biotechnology: 0.6%
25,100 *Genentech, Inc. 4,317,200
175,600 PE Biosystems Group 11,567,650
-------------
15,884,850
--------------------------------------------------------------------------------
Broadcasting: 2.2%
681,300 *USA Networks, Inc. 14,754,403
717,680 *Viacom, Inc. Cl. B 48,936,805
-------------
63,691,208
--------------------------------------------------------------------------------
Business Services: 1.6%
389,100 First Data Corp. 19,309,087
597,400 Interpublic Group of Cos., Inc. 25,688,200
-------------
44,997,287
--------------------------------------------------------------------------------
Chemicals: 0.3%
283,400 Dow Chemical Co. 8,555,138
--------------------------------------------------------------------------------
Computer Equipment & Service: 4.1%
791,200 *Cisco Systems, Inc. 50,265,925
607,200 *Dell Computer Corp. 29,961,525
614,700 *Solectron Corp. 25,740,563
63,103 *VeriSign, Inc. 11,127,731
-------------
117,095,744
--------------------------------------------------------------------------------
Drugs & Health Care: 4.0%
1,485,975 Pfizer, Inc. 71,326,800
822,900 Pharmacia Corp. 42,533,644
-------------
113,860,444
--------------------------------------------------------------------------------
Electrical Equipment: 2.2%
1,185,300 General Electric Co. 62,820,900
--------------------------------------------------------------------------------
Electronics: 3.9%
58,500 *Agilent Technologies, Inc. 4,314,375
129,600 *Gemstar International Group Ltd. 7,966,350
367,600 Intel Corp. 49,132,037
206,000 Lucent Technologies, Inc. 12,205,500
408,900 Motorola, Inc. 11,883,656
363,700 Texas Instruments, Inc. 24,981,644
-------------
110,483,562
--------------------------------------------------------------------------------
Entertainment & Leisure: 1.3%
391,200 Harley-Davidson, Inc. 15,061,200
536,000 Walt Disney Co. 20,803,500
-------------
35,864,700
--------------------------------------------------------------------------------
Financial Services: 2.6%
212,700 American Express Co. 11,086,987
713,648 Citigroup, Inc. 42,997,292
240,900 Morgan Stanley Dean Witter & Co. 20,054,925
-------------
74,139,204
--------------------------------------------------------------------------------
Food & Beverages: 1.5%
277,800 Anheuser-Busch Co., Inc. 20,748,188
409,400 Coca-Cola Co. 23,514,912
-------------
44,263,100
--------------------------------------------------------------------------------
Household Products: 0.9%
219,800 Colgate-Palmolive Co. 13,160,525
46,900 Corning, Inc. 12,657,138
-------------
25,817,663
--------------------------------------------------------------------------------
Insurance: 3.3%
1,092,400 ACE Ltd. 30,587,200
289,750 American International Group, Inc. 34,045,625
173,300 Marsh & McLennan Cos., Inc. 18,099,019
345,600 St. Paul Cos., Inc. 11,793,600
-------------
94,525,444
--------------------------------------------------------------------------------
Medical Equipment & Supply: 2.5%
477,300 Baxter International, Inc. 33,560,156
380,100 *Guidant Corp. 18,814,950
199,400 Johnson & Johnson 20,313,875
-------------
72,688,981
--------------------------------------------------------------------------------
Multi-Industry: 1.5%
73,100 Honeywell, Inc. 2,462,556
847,700 Tyco International Ltd. 40,159,788
-------------
42,622,344
--------------------------------------------------------------------------------
Office & Business Equipment: 1.3%
347,200 *EMC Corp. 26,712,700
108,900 International Business Machines Corp. 11,931,356
-------------
38,644,056
--------------------------------------------------------------------------------
Oil: 0.8%
314,545 TOTAL SA ADR 24,160,988
--------------------------------------------------------------------------------
Oil & Gas Exploration: 0.5%
707,900 *Ocean Energy, Inc. 10,043,331
216,300 *R&B Falcon Corp. 5,096,569
-------------
15,139,900
--------------------------------------------------------------------------------
Oil-Equipment & Services: 1.2%
625,500 Transocean Sedco Forex, Inc. 33,425,156
--------------------------------------------------------------------------------
Oil-International: 1.8%
614,300 Conoco, Inc. Cl. B 15,088,744
245,600 Exxon Mobil Corp. 19,279,600
276,100 Royal Dutch Petroleum Co. 16,997,406
-------------
51,365,750
--------------------------------------------------------------------------------
Retail Trade: 2.8%
116,500 *Best Buy Co., Inc. 7,368,625
562,600 CVS Corp. 22,504,000
230,000 Home Depot, Inc. 11,485,625
863,400 *Staples, Inc. 13,301,756
MSF-14
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Retail Trade: (Continued)
452,900 Wal-Mart Stores, Inc. $ 26,098,363
-------------
80,758,369
--------------------------------------------------------------------------------
Software: 3.2%
5,887 *Anacomp, Inc. 15,821
1,495 *Anacomp, Inc. (Wts.) 2,757
248,600 * +BEA Systems, Inc. 12,282,394
123,700 *Intuit, Inc. 5,110,356
655,200 *Microsoftft Corp. 52,395,525
217,000 *Oracle Corp. 18,234,781
43,650 *Veritas Software Corp. 4,931,086
-------------
92,972,720
--------------------------------------------------------------------------------
Technology: 0.1%
20,900 *Cree, Inc. 2,794,069
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 6.2%
148,200 *Amdocs Ltd. 11,374,350
558,700 *+American Tower Corp. Cl. A 23,290,806
216,600 *Comverse Technology, Inc. 20,150,569
316,400 *Nextel Communications, Inc. Cl. A 19,349,838
381,300 *Nokia Corp. ADR 19,041,169
536,500 Nortel Networks Corp. 36,616,125
479,800 * +Qwest Communications International, Inc. 23,840,062
538,300 *WorldCom, Inc. 24,711,334
-------------
178,374,253
--------------------------------------------------------------------------------
Transportation-Trucking: 0.0%
500 *++Crown Packaging Holdings Ltd. (Wts.) 144A 5
--------------------------------------------------------------------------------
Utilities-Electric: 0.9%
576,000 *AES Corp. 26,280,000
--------------------------------------------------------------------------------
Utilities-Telephone: 0.6%
313,100 * +Sprint Corp. PCS Group Ser. 1 18,629,450
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: 1,211,269,749) 1,541,936,344
-------------
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CORPORATE BONDS: 23.0%
--------------------------------------------------------------------------------
Aerospace & Defense: 0.6%
8,125,000 Lockheed Martin Corp. 7.950% 12/1/05 $ 8,171,313
9,650,000 ++Raytheon Co. 144A 8.300% 3/1/10 9,827,270
-------------
17,998,583
--------------------------------------------------------------------------------
Asset Backed: 0.5%
16,755,000 Citibank Credit Card
Master Trust I Ser. 99 A 5.875% 3/10/11 15,194,607
--------------------------------------------------------------------------------
Automotive: 0.2%
5,525,000 Lear Corp. Sr. Ser. B 7.960% 5/15/05 5,182,118
1,550,000 Lear Seating Corp. Sub. 8.250% 2/1/02 1,519,636
-------------
6,701,754
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
--------------------------------------------------------------------------------
Broadcasting: 0.2%
4,600,000 Echostar
Communications Corp.
Sr. 9.375% 2/1/09 $ 4,439,000
--------------------------------------------------------------------------------
Chemicals: 0.1%
3,175,000 CKK Witco Corp. Sr. 8.500% 3/15/05 3,220,085
--------------------------------------------------------------------------------
Collateralized Mortgage Obligations: 1.5%
4,604,121 Comm Ser. 99-A1 6.145% 2/15/08 4,406,973
147,709 Countrywide MBS, Inc.
Ser. 93-5 A4 7.125% 12/25/23 147,017
4,325,000 GMAC Commercial
Mortgage Security, Inc.
Ser. 97-C2 A2 6.550% 4/15/29 4,122,265
14,848,200 GMAC Commercial
Mortgage Security, Inc.
Ser. 98-C1 A1 6.411% 11/15/07 14,314,036
7,625,000 GMAC Commercial
Mortgage Security, Inc.
Ser. 99-C1 A2 6.175% 5/15/33 6,991,172
1,396,036 Morgan Stanley Capital,
Inc. Ser. 98 HF1-A1 6.190% 1/15/07 1,345,953
5,324,262 Morgan Stanley Capital,
Inc. Ser. 98 XL1-A1 6.220% 5/3/05 5,113,342
7,208,290 Structured Assets
Securities Corp. Ser. 97-
LL I 6.790% 10/12/34 7,104,634
26,947 World Omni Automobile
Lease Trust Ser. 97-B A3 6.180% 11/25/03 26,913
------------
43,572,305
--------------------------------------------------------------------------------
Consumer Products: 0.2%
6,100,000 Servicemaster Co. 8.450% 4/15/05 6,061,204
Drugs & Health Care: 0.2% ------------
4,100,000 +HealthSouth Corp. Sr. 9.500% 4/1/01 4,088,438
2,875,000 HealthSouth Corp. Sr.
Ser. 08 7.000% 6/15/08 2,198,398
------------
6,286,836
--------------------------------------------------------------------------------
Electrical Equipment: 0.2%
5,650,000 Ametek, Inc. Sr. 7.200% 7/15/08 5,140,201
--------------------------------------------------------------------------------
Entertainment & Leisure: 0.6%
6,975,000 Harrah's Entertainment,
Inc. Sr. 7.875% 12/15/05 6,556,500
6,175,000 MGM Grand, Inc. Sr. 9.750% 6/1/07 6,267,625
4,800,000 Park Place Entertainment
Corp. Sr. 9.375% 2/15/07 4,800,000
------------
17,624,125
--------------------------------------------------------------------------------
Finance & Banking: 2.8%
12,100,000 Capital One Bank 6.620% 8/4/03 11,524,887
11,900,000 FINOVA Capital Corp. Sr. 6.125% 3/15/04 10,276,721
5,400,000 FINOVA Capital Corp. Sr. 6.375% 5/15/05 4,530,546
MSF-15
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
--------------------------------------------------------------------------------
Finance & Banking: (Continued)
$15,125,000 Ford Motor Credit Co. 6.446% 7/16/02 $ 15,203,952
8,325,000 Ford Motor Credit Co. 7.375% 10/28/09 8,052,523
6,275,000 Ford Motor Credit Co. 7.875% 6/15/10 6,273,870
4,500,000 General Motors
Acceptance Corp. 5.950% 3/14/03 4,327,875
5,000,000 General Motors
Acceptance Corp. 6.540% 4/5/04 5,044,650
12,850,000 General Motors
Acceptance Corp. 6.571% 10/7/02 12,980,556
2,825,000 General Motors
Acceptance Corp. 7.750% 1/19/10 2,808,474
------------
81,024,054
--------------------------------------------------------------------------------
Financial Services: 5.1%
13,100,000 AT&T Capital Corp. 6.971% 12/1/00 13,120,174
2,525,000 Charter Communication
Holding LLC Sr. 8.625% 4/1/09 2,231,469
3,900,000 Chase Manhattan Credit
Card Master Trust Ser.
96-3 A 7.040% 2/15/05 3,892,668
5,200,000 CIT Group Holdings, Inc.
Sr. 6.700% 5/28/01 5,156,840
3,230,000 CIT Group Holdings, Inc.
Sr. 6.750% 5/14/01 3,206,033
14,600,000 Commercial Credit
Group, Inc. 6.450% 7/1/02 14,356,910
12,050,000 Conseco, Inc. 8.750% 2/9/04 8,254,250
6,150,000 +Conseco, Inc. 9.000% 10/15/06 4,182,000
9,725,000 Countrywide Funding
Corp. 6.580% 9/21/01 9,584,182
6,900,000 Discover Card Master
Trust I Ser. 98-7 A 5.600% 5/15/06 6,574,389
4,500,000 ++ERAC USA Finance Co.
144A 6.625% 2/15/05 4,219,695
4,400,000 Fleet Mortgage Group,
Inc. 7.060% 7/26/02 4,369,816
6,000,000 ++Florida Windstorm-
MBIA Sr. Ser. 99-A 144A 7.125% 2/25/19 5,422,740
12,800,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 11,576,960
8,500,000 Green Tree Financial
Corp. Sr. Ser. 98-6 A4 5.980% 5/1/13 8,316,655
725,000 Heller Financial, Inc. 7.000% 5/15/02 714,807
15,600,000 Heller Financial, Inc. 7.125% 9/28/04 15,124,044
13,000,000 MBNA American Bank
National Assoc. Sr. 6.875% 7/15/04 12,340,900
5,000,000 MBNA Master Credit
Card Trust II Ser. 7.000% 2/15/12 4,955,250
99-J A
8,175,000 Prime Credit Card
Master Trust I Ser. 95-1
A 6.750% 11/15/05 8,108,537
------------
145,708,319
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
--------------------------------------------------------------------------------
Food & Beverages: 0.3%
3,550,000 Coca-Cola Enterprises,
Inc. 6.950% 11/15/26 3,138,271
6,550,000 ++Pepsi Bottling Group,
Inc. 144A 5.625% 2/17/09 5,848,168
------------
8,986,439
--------------------------------------------------------------------------------
Forest Products & Paper: 0.4%
11,000,000 ++International Paper Co.
144A 7.670% 7/8/02 11,046,200
--------------------------------------------------------------------------------
Healthcare Services: 0.3%
3,700,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 3,422,500
6,600,000 Columbia/HCA
Healthcare Corp. 7.690% 6/15/25 5,329,500
------------
8,752,000
--------------------------------------------------------------------------------
Hospital Management: 0.2%
6,425,000 Tenet Healthcare Corp.
Sr. 8.625% 1/15/07 6,135,875
--------------------------------------------------------------------------------
Industrials: 2.1%
8,375,000 Allied Signal, Inc. 5.750% 3/15/01 8,303,980
11,300,000 Aramark Services, Inc. 6.750% 8/1/04 10,463,122
6,500,000 Beckman Instuments,
Inc. Sr. 7.100% 3/4/03 6,211,335
6,350,000 Dover Corp. 6.650% 6/1/28 4,910,582
5,800,000 Honeywell, Inc. 6.750% 3/15/02 5,748,902
4,700,000 Illinois Tool Works, Inc. 5.750% 3/1/09 4,189,627
11,000,000 Tyco International Group
SA 6.250% 6/15/03 10,502,580
9,875,000 United Technologies
Corp. 6.700% 8/1/28 8,743,522
------------
59,073,650
--------------------------------------------------------------------------------
Mortgage Related: 1.3%
6,475,000 Donaldson, Lufkin &
Jenrette Commercial
Mortgage Corp. Ser. 98-
CF2 A1B 6.240% 11/12/31 5,973,188
11,950,000 Donaldson, Lufkin &
Jenrette Commercial
Mortgage Corp. Ser. 99-
CG1 A1B 6.460% 1/10/09 11,162,047
5,750,000 Donaldson, Lufkin &
Jenrette Commercial
Mortgage Corp. Ser. 99-
CG2 A1B 7.300% 6/10/09 5,671,836
8,235,959 LB Commercial Conduit
and Mortgage Ser. 98-
C1 A1 6.330% 2/18/30 8,006,834
6,250,000 WestPenn Funding LLC
Ser. 99-A A3 6.810% 9/25/08 6,107,812
------------
36,921,717
--------------------------------------------------------------------------------
Newspapers: 0.4%
10,730,000 News America, Inc. Sr. 7.125% 4/8/28 8,966,310
MSF-16
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
--------------------------------------------------------------------------------
Newspapers: (Continued)
$ 3,825,000 News America, Inc. Sr. 7.750% 1/20/24 $ 3,462,658
------------
12,428,968
--------------------------------------------------------------------------------
Oil & Gas Exploration: 0.1%
3,800,000 Pioneer Natural
Resources Co. Sr. 9.625% 4/1/10 3,914,000
--------------------------------------------------------------------------------
Pollution Control: 0.3%
6,100,000 Safety-Kleen Corp. Sr. 9.250% 5/15/09 175,375
8,475,000 USA Waste Services,
Inc. Sr. 6.125% 7/15/01 8,184,477
------------
8,359,852
--------------------------------------------------------------------------------
Restaurant: 0.1%
4,400,000 Darden Restaurants, Inc. 7.125% 2/1/16 4,043,072
--------------------------------------------------------------------------------
Retail Grocery: 0.9%
13,025,000 Albertsons, Inc. Sr. 7.450% 8/1/29 11,945,097
7,875,000 Kroger Co. Sr. 7.625% 9/15/06 7,651,193
6,500,000 Safeway, Inc. 7.000% 9/15/02 6,427,265
------------
26,023,555
--------------------------------------------------------------------------------
Retail Trade: 0.2%
4,700,000 Staples, Inc. 7.670% 11/26/01 4,699,812
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 2.3%
5,950,000 AT&T Corp. 6.000% 3/15/09 5,290,800
13,620,000 AT&T Corp. 6.500% 3/15/29 11,436,305
5,100,000 Clear Channel
Communications Sr. 7.311% 6/15/02 5,111,220
6,500,000 Global Crossing Ltd. Sr. 9.500% 11/15/09 6,272,500
3,350,000 ++Level 3
Communications, Inc.
Sr. Ser. 08 144A 11.000% 3/15/08 3,308,125
10,800,000 Lucent Technologies,
Inc. 6.450% 3/15/29 9,467,064
6,300,000 Sprint Capital Corp. 7.625% 6/10/02 6,295,527
8,150,000 ++Vodaphone Airtouch
PLC 144A 7.750% 2/15/10 7,949,999
4,475,000 ++Vodaphone Airtouch
PLC 144A 7.875% 2/15/30 4,393,913
6,200,000 Williams
Communications Group,
Inc. Sr. 10.700% 10/1/07 6,169,000
------------
65,694,453
--------------------------------------------------------------------------------
Utilities-Electric: 1.4%
6,700,000 Calpine Corp. Sr. Ser. 09 7.750% 4/15/09 6,325,470
11,000,000 NRG Energy, Inc. Sr. 7.500% 6/1/09 10,363,760
6,325,000 PECO Energy Co. Ser.
00-A A4 7.650% 3/1/10 6,350,300
12,025,000 PECO Energy Co. Ser.
99-A A7 6.130% 3/1/09 10,996,502
5,350,000 Southern California
Edison Co. 6.500% 6/1/01 5,307,360
------------
39,343,392
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
--------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.5%
$ 6,450,000 Dynegy, Inc. Sr. 6.875% 7/15/02 $ 6,344,607
6,350,000 Dynegy, Inc. Sr. 8.125% 3/15/05 6,377,495
------------
12,722,102
--------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost:699,097,254) 661,116,160
------------
--------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 4.8%
--------------------------------------------------------------------------------
19,100,000 Federal Home Loan
Mortgage Corp. 6.750% 9/15/29 18,273,352
2,475,000 Federal National
Mortgage Assoc. 6.500% 8/15/04 2,427,431
15,050,000 Federal National
Mortgage Assoc. 6.625% 9/15/09 14,539,654
1,497,864 Federal National
Mortgage Assoc. 7.000% 12/1/07 1,487,738
11,115,781 Federal National
Mortgage Assoc. 7.000% 2/1/30 10,740,624
26,124,020 Federal National
Mortgage Assoc. 7.000% 5/1/30 25,217,777
5,275,000 +Federal National
Mortgage Assoc. 7.125% 1/15/30 5,313,719
19,850,000 +Federal National
Mortgage Assoc. 7.125% 2/15/05 19,930,591
325,861 Federal National
Mortgage Assoc. 7.250% 9/1/07 324,757
1,300,000 +Federal National
Mortgage Assoc. 7.250% 1/15/10 1,313,091
616,003 Federal National
Mortgage Assoc. 8.000% 6/1/08 621,627
16,000,000 Federal National
Mortgage Assoc. 8.000% 7/30/30 16,067,520
726,635 Federal National
Mortgage Assoc. 8.500% 2/1/09 743,624
24,426 Federal National
Mortgage Assoc. 9.000% 4/1/16 25,076
1,207,397 Government National
Mortgage Assoc. 6.000% 2/15/09 1,163,616
2,955,035 Government National
Mortgage Assoc. 6.500% 5/15/09 2,895,491
15,075,000 Government National
Mortgage Assoc. 8.500% 7/30/30 15,435,443
--------------------------------------------------------------------------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost:135,524,328) 136,521,131
------------
--------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 9.9%
--------------------------------------------------------------------------------
13,303,629 +U.S. Treasury Bond 3.875% 4/15/29 13,249,617
2,400,000 +U.S. Treasury Bond 6.125% 8/15/29 2,424,000
11,075,000 +U.S. Treasury Bond 6.250% 5/15/30 11,620,112
1,650,000 +U.S. Treasury Bond 8.125% 5/15/21 2,013,264
65,675,000 +U.S. Treasury Bond 8.125% 8/15/21 80,236,461
10,200,000 +U.S. Treasury Bond 8.500% 2/15/20 12,791,412
10,950,000 +U.S. Treasury Bond 8.875% 2/15/19 14,092,978
30,775,000 U.S. Treasury Bond 10.625% 8/15/15 43,830,370
MSF-17
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: (Continued)
$ 9,575,000 +U.S. Treasury Bond 11.250% 2/15/15 $ 14,118,625
17,775,000 +U.S. Treasury Note 5.875% 9/30/02 17,577,875
75,000 U.S. Treasury Note 5.875% 11/15/04 73,910
3,325,000 +U.S. Treasury Note 6.000% 8/15/09 3,298,500
56,125,000 +U.S. Treasury Note 6.625% 7/31/01 56,195,156
11,450,000 +U.S. Treasury Note 6.625% 7/15/07 11,689,763
2,050,000 U.S. Treasury Strip 0.000% 11/15/01 1,878,251
--------------------------------------------------------------------------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost:285,390,046) 285,090,294
------------
--------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 0.3%
--------------------------------------------------------------------------------
475,000 New Zealand NZD 8.000% 4/15/04 231,047
14,850,000 New Zealand NZD 8.000% 11/15/06 7,369,229
--------------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost:8,287,393) 7,600,276
------------
--------------------------------------------------------------------------------
STATE AGENCY OBLIGATIONS: 1.6%
--------------------------------------------------------------------------------
5,600,000 California Infrastructure
Ser. 97-1 A5 6.250% 6/25/04 5,537,000
11,225,000 California Infrastructure
Ser. 97-1 A6 6.310% 9/25/08 10,773,980
6,150,000 California Infrastructure
Ser. 97-1 A6 6.320% 9/25/05 6,019,251
5,325,000 California Infrastructure
Ser. 97-1 A6 6.380% 9/25/08 5,153,588
11,275,000 California Infrastructure
Ser. 97-1 A7 6.420% 9/25/08 10,932,127
8,475,000 New Jersey Economic
Development Authority
State Pension Funding
Ser. A 7.425% 2/15/29 8,321,348
--------------------------------------------------------------------------------
TOTAL STATE AGENCY OBLIGATIONS
(Cost:50,052,925) 46,737,294
------------
--------------------------------------------------------------------------------
YANKEE BONDS: 2.1%
--------------------------------------------------------------------------------
1,787,500 City of Naples 7.520% 7/15/06 1,778,330
8,025,000 Deutsche Telekom
International Finance 7.750% 6/15/05 8,011,037
6,700,000 ++DR Investments Sr. 144A 7.100% 5/15/02 6,637,288
9,375,000 Hellenic Republic of
Greece 6.950% 3/4/08 9,115,125
3,000,000 Norsk Hydro AS 7.150% 11/15/25 2,695,230
10,575,000 Province of Quebec 7.125% 2/9/24 9,988,934
3,065,500 "Republic Of Greece 6.950% 3/4/08 9,968,222
6,100,000 United Mexican States 10.375% 2/17/09 6,496,500
5,100,000 ++Woodside Finance Ltd.
Ser. 08 144A 6.600% 4/15/08 4,755,648
--------------------------------------------------------------------------------
TOTAL YANKEE BONDS
(Cost:62,560,483) 59,446,314
------------
--------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 6.2%
25,459,000 American Express Credit
Corp. 6.780% 7/5/00 25,459,000
19,016,000 AT&T Corp. 5.540% 7/10/00 18,985,051
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: (Continued)
--------------------------------------------------------------------------------
$26,561,000 Ford Motor Credit Co. 6.540% 7/6/00 $ 26,561,000
7,311,000 Ford Motor Credit Co. 6.580% 7/6/00 7,311,000
12,463,000 General Electric Capital
Corp. 6.510% 7/17/00 12,463,000
25,380,000 General Electric Capital
Corp. 6.770% 7/7/00 25,380,000
8,000,000 Goldman Sachs Group
LP 6.580% 7/17/00 7,976,747
15,000,000 Household Finance
Corp. 6.530% 7/6/00 15,000,000
25,000,000 Household Finance
Corp. 6.880% 7/3/00 25,000,000
14,757,000 Norwest Financial, Inc. 6.650% 7/10/00 14,757,000
--------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost:178,892,798) 178,892,798
------------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 101.6%
(Cost:2,631,074,976) 2,917,340,611
OTHER ASSETS LESS LIABILITIES: (1.6)% (46,362,338)
TOTAL NET ASSETS: 100.0% 2,870,978,273
=============
--------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
+ Securities on loan.
++ Restricted security
ADR (American Depository Receipt) represents ownership off foreign securities.
NZD New Zealand Dollar.
" Face Amount in thousands
SECURITIES ON LOAN: (Note 7)
As of June 30, 2000, the market value of securities loaned was 145,900,269 with
collateral backing valued at 148,189,020.
RESTRICTED SECURITIES: (Note 2)
The aggregate value of restricted securities at June 30, 2000 was 63,409,051 or
2.21% of the State Street Research Diversified Portfolio's net assets.
See Notes to Financial Statements.
MSF-18
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) ............................$ 2,917,340,611
Cash ........................................................... 7,217
Foreign currencies held at value (2) ........................... --
Receivable for investment securities sold ...................... 4,358,469
Receivable for fund shares sold ................................ --
Receivable for dividends and interest .......................... 22,753,435
Daily variation on futures contracts (Note 11) ................. --
Unrealized appreciation on forward contracts (Note 10) ......... 251,563
Collateral for securities loaned (Note 7) ...................... 148,189,020
Other assets ................................................... 77,662
---------------
Total Assets ................................................. 3,092,977,977
---------------
LIABILITIES:
Payable for investment securities purchased .................... 72,103,000
Payable for capital stock repurchased .......................... 559,453
Unrealized depreciation on forward contracts (Note 10) ......... --
Return of collateral for securities loaned (Note 7) ............ 148,189,020
Bank overdraft ................................................. --
Accrued investment management fee (Note 3) .................... 999,877
Accrued expenses and other liabilities ......................... 148,354
---------------
Total Liabilities ............................................ 221,999,704
---------------
NET ASSETS:..................................................... 2,870,978,273
===============
COMPOSITION OF NET ASSETS:
Paid-in-capital ................................................ 2,400,191,024
Undistributed (overdistributed) net investment income (loss) ... 45,054,835
Net unrealized appreciation (depreciation) .................... 286,514,438
Accumulated net realized gain (loss) ........................... 139,217,976
---------------
Net Assets ...................................................$ 2,870,978,273
===============
Shares Outstanding ........................................... 151,421,008
===============
Net Asset Value Per Share ....................................$ 18.96
===============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost .......................................$ 2,631,074,976
(2) Cost of foreign currency.................................... --
See Notes to Financial Statements
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) .........................................$ 46,329,389
Dividends (Note 1B) ........................................... 5,225,587
Total Investment Income, Net of Withholding Taxes (2) .......... 51,554,976
EXPENSES:
Investment management fee (Note 3A) ............................ 6,018,636
Printing and distribution fees ................................. 255,551
Custodian and transfer agent fees .............................. 206,923
Audit and tax service fees ..................................... 10,949
Directors fees ................................................. 3,864
Insurance fees ................................................. 1,854
Other operating expenses ....................................... 2,364
---------------
Total expenses before reimbursement / reduction ................ 6,500,141
Less: expense reimbursement .................................... --
expense reduction (Note 1H) .............................. --
---------------
Net expenses ................................................... 6,500,141
---------------
Net Investment Income (Loss) ................................. 45,054,835
---------------
NET REALIZED GAIN (LOSS) ON:
Investments .................................................... 130,129,791
Foreign currency transactions .................................. (854,302)
Futures contracts .............................................. --
---------------
Net Realized Gain (Loss) ..................................... 129,275,489
---------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11).......................... 356,517,522
End of period investments, foreign currency holdings and
futures contracts (Notes 8,10,11).............................. 286,514,438
---------------
Net Unrealized Appreciation (Depreciation) ................... (70,003,084)
---------------
Net Increase (Decrease) in Net Assets Resulting From
Operations...................................................$ 104,327,240
===============
--------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned..................................$ 241,894
(2) Withholding taxes........................................... 165,680
MSF-19
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED PORTFOLIO JUNE 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
----------------- ----------------
OPERATIONS:
<S> <C> <C>
Net investment income (loss) ...................................................................$ 45,054,835 $ 85,622,921
Net realized gain (loss) from investments, foreign currency holdings and futures contracts ..... 129,275,489 147,866,387
Unrealized appreciation (depreciation) of investments, foreign currency holdings and
futures contracts ............................................................................ (70,003,084) (982,562)
----------------- ----------------
Net increase (decrease) in net assets resulting from operations ................................ 104,327,240 232,506,746
----------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income .......................................................................... -- (87,136,361)
Net realized gain from investment transactions ................................................. -- (156,402,215)
----------------- ----------------
Total Distributions (Note 4) ................................................................... -- (243,538,576)
----------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares ............................................................... 12,943,358 123,394,803
Net asset value of shares issued to shareholders in reinvestment of distributions .............. -- 243,538,576
Shares redeemed ................................................................................ (120,703,970) (138,476,970)
----------------- ----------------
Net Capital Stock Transactions (Note 9) ....................................................... (107,760,612) 228,456,409
----------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS .......................................................... (3,433,372) 217,424,579
NET ASSETS: Beginning of period ................................................................ 2,874,411,645 2,656,987,066
----------------- ----------------
NET ASSETS: End of period ...................................................................... 2,870,978,273 2,874,411,645
================= ================
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE SIX MONTHS YEAR ENDED DECEMBER 31,
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD) ENDED ------------------------------------------------------------
JUNE 30, 2000
(UNAUDITED) 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ................. $ 18.27 $ 18.39 $ 16.98 $ 16.67 $ 15.95 $ 13.40
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ............................... 0.30 0.59 0.60 0.60 0.55 0.59
Net realized and unrealized gain (loss) ............. 0.39 0.96 2.70 2.71 1.77 3.02
---------- ---------- --------- ---------- ---------- ----------
Total From Investment Operations .................... 0.69 1.55 3.30 3.31 2.32 3.61
---------- ---------- --------- ---------- ---------- ----------
Less Distributions:
Dividends from net investment income ................ -- (0.60) (0.57) (0.60) (0.53) (0.58)
Distributions from net realized capital gains ....... -- (1.07) (1.32) (2.40) (1.07) (0.48)
---------- ---------- --------- ---------- ---------- ----------
Total Distributions ................................. -- (1.67) (1.89) (3.00) (1.60) (1.06)
---------- ---------- --------- ---------- ---------- ----------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ....................... $ 18.96 $ 18.27 $ 18.39 $ 16.98 $ 16.67 $ 15.95
------------------------------------------------------------------------------------------------------------------------------------
Total Return ........................................ 3.78 8.71% 19.64% 20.58% 14.52% 27.03%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ................. 2,870,978 2,874,412 2,656,987 1,982,232 1,448,841 1,114,834
Operating expenses to average net assets (1) ........ 0.46 0.45% 0.48% 0.40% 0.29% 0.31%
Net investment income to average net assets (1) ..... 3.16 3.08% 3.39% 3.50% 3.38% 3.92%
Portfolio Turnover (2) .............................. 113.03 123.77% 105.89% 114.79% 91.07% 79.29%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 period ended June 30, 2000 amounted to 1,528,370,643
and 1,658,346,130 ,respectively.
See Notes to Financial Statements.
MSF-20
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 94.0%
Automotive: 0.9%
307,300 Danaher Corp. $ 15,192,144
--------------------------------------------------------------------------------
Biotechnology: 2.2%
226,900 PE Biosystems Group 14,947,037
308,100 QLT Phototherapeutics, Inc. 23,925,891
-------------
38,872,928
--------------------------------------------------------------------------------
Broadcasting: 2.5%
334,800 +Cox Radio, Inc. Cl. A 9,374,400
151,200 *+Univision Communications, Inc. 15,649,200
Cl. A
851,316 *USA Networks, Inc. 18,436,312
-------------
43,459,912
--------------------------------------------------------------------------------
Business Services: 3.7%
236,600 +Acxiom Corp. 6,610,012
248,800 *+Bisys Group, Inc. 15,378,950
1,080,548 *Concord EFS, Inc. 28,094,248
335,200 *InterNAP Network Services 13,827,000
-------------
63,910,210
--------------------------------------------------------------------------------
Computer Equipment & Service: 9.6%
235,500 *CIENA Corp. 39,247,547
145,200 *Digex , Inc. Cl. A 9,869,063
144,700 *Extreme Networks, Inc. 15,216,109
90,300 *+Foundry Networks, Inc. 9,961,219
375,600 *Jabil Circuit, Inc. 18,639,150
395,700 *+Proxicom, Inc. 18,931,772
377,400 *SanDisk Corp. 23,103,956
322,200 *Solectron Corp. 13,492,125
17,000 *StorageNetworks, Inc. 1,534,250
96,920 *VeriSign, Inc. 17,091,236
-------------
167,086,427
--------------------------------------------------------------------------------
Consumer Services: 1.0%
456,700 Biomet, Inc. 17,568,678
--------------------------------------------------------------------------------
Drugs & Health Care: 8.1%
858,200 +ALZA Corp. 50,741,075
574,200 +Andrx Corp. 36,694,969
159,500 Express Scripts, Inc. Cl. A 9,844,140
581,400 *+Genzyme Corp. 34,611,469
232,400 Ivax Corp. 9,644,600
-------------
141,536,253
--------------------------------------------------------------------------------
Electrical Equipment: 1.8%
421,900 Millipore Corp. 31,800,713
--------------------------------------------------------------------------------
Electronics: 11.7%
103,000 *E-Tek Dynamics, Inc. 27,166,250
365,600 *Flextronics International Ltd. 25,123,575
380,600 Integrated Device Technology 22,836,000
652,900 *Lam Research Corp. 24,504,153
667,200 *Novellus Systems, Inc. 37,759,350
272,900 *QLogic Corp. 18,054,041
83,600 SDL, Inc. 23,844,287
336,300 *Vitesse Semiconductor Corp. 24,749,578
-------------
204,037,234
--------------------------------------------------------------------------------
Financial Services: 2.2%
414,300 Lehman Brothers Holdings, Inc. 39,177,244
--------------------------------------------------------------------------------
Industrials: 1.8%
256,600 *Waters Corp. 32,026,888
--------------------------------------------------------------------------------
Insurance: 1.6%
538,700 ACE Ltd. 15,083,600
387,900 St. Paul Cos., Inc. 13,237,088
-------------
28,320,688
--------------------------------------------------------------------------------
Medical Equipment & Supply: 1.8%
729,100 *+Stryker Corp. 31,898,125
--------------------------------------------------------------------------------
Office & Business Equipment: 2.5%
443,000 Diebold, Inc. 12,348,625
568,600 Symbol Technologies, Inc. 30,704,400
-------------
43,053,025
--------------------------------------------------------------------------------
Oil & Gas Exploration: 3.0%
424,300 +Anadarko Petroleum Corp. 20,923,294
571,700 EOG Resources, Inc. 19,151,950
511,500 *R&B Falcon Corp. 12,052,219
-------------
52,127,463
--------------------------------------------------------------------------------
Oil-Domestic: 0.7%
193,900 Kerr-McGee Corp. 11,427,981
--------------------------------------------------------------------------------
Oil-Equipment & Services: 2.9%
294,000 Dynegy , Inc. Cl. A 20,083,875
327,700 *Noble Drilling Corp. 13,497,144
305,900 Transocean Sedco Forex, Inc. 16,346,531
-------------
49,927,550
--------------------------------------------------------------------------------
Retail Trade: 6.1%
751,000 *Bed Bath & Beyond, Inc. 27,200,281
301,200 *Best Buy Co., Inc. 19,050,900
562,400 Circuit City Stores, Inc. 18,664,650
1,215,900 Family Dollar Stores, Inc. 23,786,044
1,111,900 *Staples, Inc. 17,130,209
-------------
105,832,084
--------------------------------------------------------------------------------
Software: 12.5%
565,200 *BEA Systems, Inc. 27,924,412
197,700 *Electronic Arts, Inc. 14,425,922
334,300 Entrust Technologies, Inc. 27,726,006
100,655 *+i2 Technologies, Inc. 10,496,429
114,300 *Inktomi Corp. 13,519,547
397,300 Keane, Inc. 8,591,613
388,600 Macromedia, Inc. 37,560,619
99,700 Mercury Interactive Corp. 9,649,091
130,200 Micromuse, Inc. 21,544,031
562,400 Peregrine Systems, Inc. 19,578,550
201,300 Phone.com, Inc. 13,128,534
MSF-21
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Software: (Continued)
284,100 Symantec Corp. $ 15,332,522
-------------
219,477,276
--------------------------------------------------------------------------------
Technology: 4.1%
114,200 +Broadcom Corp. Cl. A 25,002,662
785,400 *Cypress Semiconductor Corp. 33,183,150
260,400 +Intersil Holding Corp. Cl. A 14,061,600
-------------
72,247,412
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 12.1%
509,400 *ADC Telecommunications, Inc. 42,710,006
708,800 *+American Tower Corp. Cl. A 29,548,100
50,400 *Dobson Communications Corp. Cl. A 973,350
464,700 *+Finisar Corp. 12,183,853
420,500 *+Intermedia Communications, 12,483,594
Inc.
137,900 *JDS Uniphase Corp. 16,526,453
819,900 *MarchFirst, Inc. 14,988,797
651,900 *+Metromedia Fiber Network, Inc. 25,872,281
Cl. A
317,400 +Nextlink Communications, Inc. Cl. A 12,031,444
427,500 Powerwave Technologies, Inc. 18,810,000
480,900 Western Wireless Corp. Cl. A 26,194,022
-------------
212,321,900
--------------------------------------------------------------------------------
Tires & Rubber: 0.3%
301,900 Goodyear Tire & Rubber Co. 6,038,000
--------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.9%
432,900 Burlington Resources, Inc. 16,558,425
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: 1,360,561,102) 1,643,898,560
-------------
--------------------------------------------------------------------------------
REGULATED INVESTMENT COMPANIES: 1.0%
--------------------------------------------------------------------------------
191,900 MidCap SPDR Trust 17,031,125
-------------
TOTAL REGULATED INVESTMENT
COMPANIES
(Cost: 15,824,111) 17,031,125
-------------
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 4.3%
--------------------------------------------------------------------------------
45,000,000 American Express
Credit Corp. 6.780% 7/7/00 $ 45,000,000
7,421,000 DaimlerChrysler
Holding Corp. 6.780% 7/5/00 7,421,000
20,000,000 Ford Motor Credit
Corp. 6.720% 7/5/00 20,000,000
3,625,000 Household Finance
Corp. 6.880% 7/3/00 3,625,000
--------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: 76,046,000) ................................ 76,046,000
-------------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS : 99.3%
(Cost: 1,452,431,213) 1,736,975,685
OTHER ASSETS LESS LIABILITIES: 0.7% 11,582,285
-------------
TOTAL NET ASSETS: 100.0% .......................... 1,748,557,970
=============
--------------------------------------------------------------------------------
LEGEND:
+ Securities on loan.
* Non-income producing security.
SECURITIES ON LOAN : (Note 7)
As of June 30, 2000, the market value of securities loaned was $96,113,559 with
collateral backing valued at $98,156,286.
See Notes to Financial Statements.
MSF-22
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) .......................... $ 1,736,975,685
Cash ......................................................... 893
Foreign currencies held at value (2) ......................... --
Receivable for investment securities sold .................... 32,362,469
Receivable for fund shares sold .............................. 21,692
Receivable for dividends and interest ........................ 553,716
Daily variation on futures contracts (Note 11) ............... --
Unrealized appreciation on forward contracts (Note 10) ....... --
Collateral for securities loaned (Note 7) .................... 98,156,286
Other assets ................................................. --
---------------
Total Assets ................................................. 1,868,070,741
---------------
LIABILITIES:
Payable for investment securities purchased .................. 18,690,430
Payable for capital stock repurchased ........................ 1,648,334
Unrealized depreciation on forward contracts (Note 10) ....... --
Return of collateral for securities loaned (Note 7) .......... 98,156,286
Bank overdraft ............................................... --
Accrued investment management fee (Note 3) .................. 972,480
Accrued expenses and other liabilities ....................... 45,241
---------------
Total Liabilities ............................................ 119,512,771
---------------
NET ASSETS: ................................................... $ 1,748,557,970
===============
COMPOSITION OF NET ASSETS:
Paid-in-capital .............................................. 928,499,811
Undistributed (overdistributed) net investment ............... (1,559,234)
income (loss) ..............................................
Net unrealized appreciation (depreciation) .................. 284,544,471
Accumulated net realized gain (loss) ......................... 537,072,922
---------------
Net Assets ................................................... $ 1,748,557,970
===============
Shares Outstanding ........................................... 41,860,972
===============
Net Asset Value Per Share .................................... $ 41.77
===============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ....................................... 1,452,431,213
(2) Cost of foreign currency ................................... --
See Notes to Financial Statements
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ....................................... $ 3,397,937
Dividends (Note 1B) ......................................... 1,646,355
---------------
Total Investment Income, Net of Withholding Taxes (2) ........ 5,044,292
---------------
EXPENSES:
Investment management fee (Note 3A) .......................... 5,824,040
Printing and distribution fees ............................... 130,090
Custodian and transfer agent fees ............................ 119,274
Audit and tax service fees ................................... 8,625
Directors fees ............................................... 3,864
Insurance fees ............................................... 1,854
Other operating expenses ..................................... 2,363
---------------
Total expenses before reimbursement / reduction .............. 6,090,110
Less: expense reimbursement .................................... --
expense reduction (Note 1H) ................................... 40,627
Net expenses ................................................. 6,049,483
Net Investment Income (Loss) ................................. (1,005,191)
---------------
NET REALIZED GAIN (LOSS) ON:
Investments .................................................. 334,577,694
Foreign currency transactions ................................ --
Futures contracts ............................................ --
---------------
Net Realized Gain (Loss) ..................................... 334,577,694
---------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency
holdings and futures contracts (Notes 8,10,11).............. 480,524,266
End of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) ...................... 284,544,470
---------------
Net Unrealized Appreciation (Depreciation) ................... (195,979,796)
---------------
Net Increase (Decrease) in Net Assets Resulting From
Operations.................................................. $ 137,592,707
===============
--------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned ................................. $ 188,306
(2) Withholding taxes .......................................... --
MSF-23
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE GROWTH PORTFOLIO June 30, 2000
--------------------------------------------------------------------------------
----------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
----------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
OPERATIONS: ------------- ------------
<S> <C> <C>
Net investment income (loss) ................................................................. $ (1,005,191) (4,270,809)
Net realized gain (loss) from investments, foreign currency holdings and futures contracts ... 334,577,694 234,439,425
Unrealized appreciation (depreciation) of investments, foreign currency holdings and futures
contracts ................................................................................. (195,979,796) 176,722,386
--------------- --------------
Net increase (decrease) in net assets resulting from operations .............................. 137,592,707 406,891,002
--------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ........................................................................ -- --
Net realized gain from investment transactions ............................................... -- (34,223,267)
--------------- --------------
Total Distributions (Note 4) ................................................................. -- (34,223,267)
CAPITAL SHARE TRANSACTIONS: --------------- --------------
Net proceeds from sale of shares ............................................................. 104,719,050 160,278,116
Net asset value of shares issued to shareholders in reinvestment of distributions ............ -- 34,223,267
Shares redeemed .............................................................................. (94,594,487) (397,665,004)
--------------- --------------
Net Capital Stock Transactions (Note 9) ...................................................... 10,124,563 (203,163,621)
--------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS ........................................................ 147,717,270 169,504,114
NET ASSETS: Beginning of period .............................................................. 1,600,840,700 1,431,336,586
--------------- --------------
NET ASSETS: End of period .................................................................... $1,748,557,970 $1,600,840,700
=============== ==============
</TABLE>
----------------------------------------
FINANCIAL HIGHLIGHTS
----------------------------------------
<TABLE>
<CAPTION>
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD) SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ................. $ 38.45 $ 29.53 $ 27.61 $ 27.11 $ 25.87 $ 22.05
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income .............................. (0.02) (0.11) (0.06) (0.03) (0.02) (0.01)
Net realized and unrealized gain (loss) ............ 3.34 9.85 3.75 1.67 2.01 6.50
--------- --------- -------- --------- --------- ---------
Total From Investment Operations ................... 3.32 9.74 3.69 1.64 1.99 6.49
Less Distributions: --------- --------- -------- --------- --------- ---------
Dividends from net investment income ............... -- -- -- -- -- --
Distributions from net realized capital gains ...... -- (0.82) (1.77) (1.14) (0.75) (2.67)
--------- --------- --------- --------- --------- ---------
Total Distributions ................................ -- (0.82) (1.77) (1.14) (0.75) (2.67)
--------- --------- --------- --------- --------- ---------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ....................... $ 41.77 $ 38.45 $ 29.53 $ 27.61 $ 27.11 $ 25.87
------------------------------------------------------------------------------------------------------------------------------------
Total Return ....................................... 8.63% 33.24% 13.69% 6.67% 7.72% 29.50%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ................ 1,748,558 1,600,841 1,431,337 1,391,956 1,321,849 958,915
Operating expenses to average net assets (1) ....... 0.72% 0.72% 0.75% 0.81% 0.79% 0.81%
Net investment income to average net assets (1) .... (0.12) (0.31) (0.20) (0.10) (0.11) (0.06)%
Portfolio Turnover (2) ............................. 170.92% 86.17% 97.39% 219.08% 221.23% 255.83%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 period ended June 30, 2000 amounted to $1,387,515,546
and $1,332,124,512, respectively.
See Notes to Financial Statements.
MSF-24
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 99.4%
--------------------------------------------------------------------------------
Aerospace & Defense: 0.9%
312,248 Boeing Co. $ 13,055,869
69,791 General Dynamics Corp. 3,646,580
134,768 Lockheed Martin Corp. 3,343,931
24,053 Northrop Grumman Corp. 1,593,511
16,540 PerkinElmer, Inc. 1,093,708
116,295 Raytheon Co. Cl. B 2,238,679
65,614 Rockwell International Corp. 2,066,841
49,634 Textron, Inc. 2,695,747
161,957 United Technologies Corp. 9,535,218
--------------
39,270,084
--------------------------------------------------------------------------------
Automotive: 1.0%
45,951 *AutoZone, Inc. 1,010,922
51,515 Dana Corp. 1,091,474
49,318 Danaher Corp. 2,438,159
193,399 Delphi Automotive Systems Corp. 2,816,373
414,870 Ford Motor Co. 17,839,410
184,152 General Motors Corp. 10,692,325
61,487 Genuine Parts Co. 1,229,740
21,859 *Navistar International Corp. 678,995
27,760 Paccar, Inc. 1,101,725
20,270 Snap-On, Inc. 539,689
21,082 Timken Co. 392,652
42,018 TRW, Inc. 1,822,531
54,320 *Visteon Corp. 658,632
--------------
42,312,627
--------------------------------------------------------------------------------
Banking: 4.6%
131,842 AmSouth Bancorporation 2,076,511
254,630 Bank of New York Co., Inc. 11,840,295
392,860 Bank One Corp. 10,435,344
570,435 BankAmerica Corp. 24,528,705
120,482 BB&T Corp. 2,876,508
74,913 Charter One Financial, Inc. 1,722,999
425,682 Chase Manhattan Corp. 19,607,977
54,510 Comerica, Inc. 2,446,136
106,581 Fifth Third Bancorp 6,744,579
337,313 First Union Corp. 8,369,579
331,686 Firstar Corp. 6,986,136
310,197 Fleet Boston Financial Corp. 10,546,698
55,872 Golden West Financial Corp. 2,280,276
72,571 Huntington Bancshares, Inc. 1,149,797
147,022 KeyCorp 2,591,263
277,409 MBNA Corp. 7,524,719
169,079 Mellon Financial Corp. 6,160,816
55,879 Morgan (J.P.) & Co., Inc. 6,153,675
206,750 National City Corp. 3,527,672
76,929 Northern Trust Corp. 5,002,789
99,400 PNC Bank Corp. 4,659,375
74,243 Regions Financial Corp. 1,473,260
57,476 SouthTrust Corp. 1,302,191
55,345 State Street Corp. 5,870,029
60,169 Summit Bancorp 1,481,662
104,105 SunTrust Banks, Inc. 4,756,297
94,227 Synovus Financial Corp. 1,660,751
256,978 U.S. Bancorp 4,946,826
44,775 Union Planters Corp. 1,250,902
70,086 Wachovia Corp. 3,802,165
188,544 Washington Mutual, Inc. 5,444,208
554,591 Wells Fargo & Co. 21,490,401
--------------
200,710,541
--------------------------------------------------------------------------------
Biotechnology: 0.3%
50,636 *Biogen, Inc. 3,264,440
71,825 *MedImmune, Inc. 5,312,805
71,260 PE Biosystems Group 4,694,253
--------------
13,271,498
--------------------------------------------------------------------------------
Broadcasting: 2.4%
117,082 *Clear Channel Communications, Inc. 8,781,150
308,993 *Comcast Corp. Cl. A 12,523,873
211,819 *MediaOne Group, Inc. 14,006,531
452,890 Time Warner, Inc. 34,419,640
524,918 *Viacom, Inc. Cl. B 35,792,846
--------------
105,524,040
--------------------------------------------------------------------------------
Building & Construction: 0.2%
20,401 +Crane Co. 495,999
70,387 Dover Corp. 2,855,073
24,302 Mallinckrodt, Inc. 1,055,618
154,569 Masco Corp. 2,791,903
16,372 +Owens-Corning Fiberglas Corp. 151,441
54,994 Sherwin-Williams Co. 1,165,185
30,963 Stanley Works 735,371
38,928 Willamette Industries, Inc. 1,060,788
--------------
10,311,378
--------------------------------------------------------------------------------
Business Services: 1.1%
215,689 Automatic Data Processing, Inc. 11,552,842
34,289 Block (H & R), Inc. 1,110,106
239,439 *Cendant Corp. 3,352,146
53,032 *Convergys Corp. 2,751,035
25,016 Deluxe Corp. 589,440
44,881 Ecolab, Inc. 1,753,164
141,907 First Data Corp. 7,042,135
100,531 IMS Health, Inc. 1,809,558
103,849 Interpublic Group of Cos., Inc. 4,465,507
32,884 *NCR Corp. 1,280,421
61,327 Omnicom Group, Inc. 5,461,936
128,888 Paychex, Inc. 5,413,296
36,313 *Quintiles Transnational Corp. 511,786
26,262 *Young & Rubicam, Inc. 1,501,858
--------------
48,595,230
--------------------------------------------------------------------------------
Chemicals: 1.0%
78,422 Air Products & Chemicals, Inc. 2,416,378
232,701 Dow Chemical Co. 7,024,661
MSF-25
<PAGE>
Metropolitan Series Fund Inc.
--------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Chemicals: (Continued)
361,132 Du Pont (E.I.) de Nemours & Co. $ 15,799,525
26,905 Eastman Chemical Co. 1,284,714
11,254 *FMC Corp. 652,732
21,304 *Grace (W.R.) & Co. 258,311
19,969 +Great Lakes Chemical Corp. 629,024
36,512 Hercules, Inc. 513,450
40,578 Pall Corp. 750,693
59,895 PPG Industries, Inc. 2,654,097
54,945 Praxair, Inc. 2,057,003
76,094 Rohm & Haas Co. 2,625,243
29,340 Sigma Aldrich Corp. 859,112
46,241 Union Carbide Corp. 2,288,929
151,751 Williams Cos., Inc. 6,326,120
------------
46,139,992
--------------------------------------------------------------------------------
Computer Equipment & Service: 8.1%
121,122 *3Com Corp. 6,975,870
791,133 *America Online, Inc. 41,732,266
62,440 *Cabletron Systems, Inc. 1,576,610
47,734 *Ceridian Corp. 1,148,599
2,394,358 *Cisco Systems, Inc. 152,116,557
62,815 *Citrix Systems, Inc. 1,191,522
886,913 *Dell Computer Corp. 43,763,613
111,610 *Gateway, Inc. 6,333,867
344,248 Hewlett-Packard Co. 42,987,969
44,467 *Lexmark International Group, Inc. Cl. A 2,990,406
105,823 *Network Appliance, Inc. 8,515,445
92,626 *Peoplesoft, Inc. 1,548,591
204,552 *Solectron Corp. 8,565,615
111,191 *Xilinx, Inc. 9,183,682
186,997 * +Yahoo!, Inc. 23,170,097
------------
351,800,709
--------------------------------------------------------------------------------
Construction Materials: 0.0%
13,618 Armstrong Holdings, Inc. 208,526
34,130 Vulcan Materials Co. 1,456,924
------------
1,665,450
--------------------------------------------------------------------------------
Consumer Products: 0.0%
29,853 Black & Decker Corp. 1,173,596
--------------------------------------------------------------------------------
Consumer Services: 0.0%
42,296 Biomet, Inc. 1,627,074
--------------------------------------------------------------------------------
Containers & Glass: 0.1%
10,389 Ball Corp. 334,396
17,854 Bemis Co., Inc. 600,341
39,889 Crown Cork & Seal Co., Inc. 598,335
41,945 *Owens-Illinois, Inc. 490,232
29,515 * +Sealed Air Corp. 1,545,848
------------
3,569,152
--------------------------------------------------------------------------------
Cosmetics: 0.1%
19,164 Alberto-Culver Co. Cl. B Cvt. 585,700
81,015 Avon Products, Inc. 3,605,167
36,059 International Flavors & Fragrances, Inc. 1,088,531
------------
5,279,398
--------------------------------------------------------------------------------
Drugs & Health Care: 8.3%
44,189 Allergan, Inc. 3,292,081
35,400 *ALZA Corp. 2,093,025
448,916 American Home Products Corp. 26,373,815
353,665 *Amgen, Inc. 24,856,018
17,950 Bard (C.R.), Inc. 863,844
18,270 Bausch & Lomb, Inc. 1,413,641
678,983 Bristol-Myers Squibb Co. 39,550,760
94,767 Cardinal Health, Inc. 7,012,758
125,335 *HEALTHSOUTH Corp. 900,845
388,733 Lilly (Eli) & Co. 38,824,708
791,481 Merck & Co., Inc. 60,647,232
2,166,631 Pfizer, Inc. 103,998,276
436,913 Pharmacia Corp. 22,582,941
503,957 Schering-Plough Corp. 25,449,828
28,447 *St. Jude Medical, Inc. 1,305,006
33,382 *Watson Pharmaceuticals, Inc. 1,794,283
------------
360,959,061
--------------------------------------------------------------------------------
Electrical Equipment: 4.7%
66,560 *American Power Conversion Corp. 2,714,400
7,968 Briggs & Stratton Corp. 272,904
74,598 * +Conexant Systems, Inc. 3,634,321
146,880 Emerson Electric Co. 8,867,880
3,405,402 General Electric Co. 180,486,306
32,774 Grainger (W.W.), Inc. 1,009,849
30,299 Johnson Controls, Inc. 1,554,717
15,603 Millipore Corp. 1,176,076
68,597 Molex, Inc. 3,305,518
14,025 National Service Industries, Inc. 273,488
20,370 Thomas & Betts Corp. 389,576
------------
203,685,035
--------------------------------------------------------------------------------
Electronics: 9.5%
29,710 *Adaptec, Inc. 676,831
52,730 *Advanced Micro Devices, Inc. 4,073,393
155,583 *Agilent Technologies, Inc. 11,474,246
68,960 *Altera Corp. 7,027,455
122,340 *Analog Devices, Inc. 9,297,840
27,987 *Andrew Corp. 940,188
277,968 *Applied Materials, Inc. 25,199,536
25,470 Eaton Corp. 1,706,490
1,152,755 Intel Corp. 154,072,910
63,400 *KLA-Tencor Corp. 3,714,844
107,639 Linear Technology Corp. 6,878,805
105,663 *LSI Logic Corp. 5,719,010
1,120,879 Lucent Technologies, Inc. 66,412,081
97,291 *Maxim Integrated Products, Inc. 6,606,667
190,975 *Micron Technology, Inc. 16,817,736
740,820 Motorola, Inc. 21,530,081
MSF-26
<PAGE>
Metropolitanan Series Fund, Inc.
--------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Electronics: (Continued)
61,964 *National Semiconductor Corp. $ 3,516,457
44,962 *Novellus Systems, Inc. 2,544,568
64,008 RadioShack Corp. 3,032,379
44,096 * +Sanmina Holdings, Inc. 3,768,830
55,549 Scientific-Atlanta, Inc. 4,138,401
16,039 Tektronix, Inc. 1,186,886
140,951 *Tellabs, Inc. 9,650,739
59,703 *Teradyne, Inc. 4,388,171
564,389 Texas Instruments, Inc. 38,766,469
52,965 *Thermo Electron Corp. 1,115,575
------------
414,256,588
--------------------------------------------------------------------------------
Entertainment & Leisure: 0.8%
29,503 Brunswick Corp. 488,643
205,982 Carnival Corp. 4,016,649
104,621 Harley-Davidson, Inc. 4,027,909
716,615 Walt Disney Co. 27,813,620
------------
36,346,821
--------------------------------------------------------------------------------
Financial Services: 5.2%
459,834 American Express Co. 23,968,847
247,780 Associates First Capital Corp. Cl. A 5,528,591
38,881 Bear Stearns Cos., Inc. 1,618,422
67,946 Capital One Financial Corp. 3,032,090
469,434 Charles Schwab Corp. 15,784,718
1,161,598 Citigroup, Inc. 69,986,279
39,260 Countrywide Credit Industries, Inc. 1,190,069
240,329 Federal Home Loan Mortgage Corp. 9,733,324
346,751 Federal National Mortgage Assoc. 18,096,068
82,471 Franklin Resources, Inc. 2,505,057
73,967 Hartford Financial Services Group, Inc. 4,137,529
162,545 Household International, Inc. 6,755,777
41,469 Lehman Brothers Holdings, Inc. 3,921,412
33,945 Loews Corp. 2,036,700
133,511 Merrill Lynch & Co., Inc. 15,353,765
35,696 MGIC Investment Corp. 1,624,168
389,583 Morgan Stanley Dean Witter & Co. 32,432,785
47,734 Old Kent Financial Corp. 1,276,886
51,525 Paine Webber Group, Inc. 2,344,388
55,031 SLM Holding Corp. 2,060,223
40,998 T.Rowe Price & Associates, Inc. 1,743,696
------------
225,130,794
--------------------------------------------------------------------------------
Food & Beverages: 3.4%
155,500 Anheuser-Busch Co., Inc. 11,613,906
205,874 Archer-Daniels-Midland Co. 2,020,139
94,501 Bestfoods 6,544,194
24,437 Brown-Forman Corp. Cl. B 1,313,489
143,982 Campbell Soup Co. 4,193,476
851,857 Coca-Cola Co. 48,928,536
137,980 +Coca-Cola Enterprises, Inc. 2,250,799
168,670 ConAgra, Inc. 3,215,272
12,706 Coors (Adolph) Co. Cl. B 768,713
100,329 General Mills, Inc. 3,837,584
120,796 Heinz (H.J.) Co. 5,284,825
48,407 Hershey Foods Corp. 2,347,739
139,815 Kellogg Co. 4,159,496
112,359 Nabisco Group Holding Corp. 2,914,312
496,011 PepsiCo, Inc. 22,041,489
46,218 Quaker Oats Co. 3,472,127
299,312 Sara Lee Corp. 5,780,463
64,000 *Starbucks Corp. 2,446,000
113,831 Sysco Corp. 4,795,131
197,323 Unilever NV 8,484,889
39,860 Wrigley (Wm.), Jr. Co. 3,196,274
------------
149,608,853
--------------------------------------------------------------------------------
Forest Products & Paper: 0.6%
20,168 Boise Cascade Corp. 521,847
70,260 Fort James Corp. 1,624,762
59,136 Georgia-Pacific Corp. 1,552,320
166,307 International Paper Co. 4,958,027
192,115 Kimberly-Clark Corp. 11,022,598
33,234 Louisiana-Pacific Corp. 361,420
35,602 Mead Corp. 898,951
10,085 Potlatch Corp. 334,066
19,353 Temple Inland, Inc. 812,826
34,895 Westvaco Corp. 865,832
80,916 Weyerhaeuser Co. 3,479,388
------------
26,432,037
--------------------------------------------------------------------------------
Healthcare Services: 0.3%
190,874 HCA-The Healthcare Co. 5,797,798
34,203 *Manor Care, Inc. 239,421
55,903 UnitedHealth Group, Inc. 4,793,682
------------
10,830,901
--------------------------------------------------------------------------------
Homebuilders: 0.0%
20,275 Centex Corp. 476,463
16,340 Kaufman & Broad Home Corp. 323,736
14,627 Pulte Corp. 316,309
------------
1,116,508
--------------------------------------------------------------------------------
Hospital Management: 0.1%
53,692 *Humana, Inc. 261,748
107,217 *Tenet Healthcare Corp. 2,894,859
------------
3,156,607
--------------------------------------------------------------------------------
Hotel & Motel: 0.1%
38,944 *Harrah's Entertainment, Inc. 815,390
122,293 Hilton Hotels Corp. 1,146,497
81,950 Marriott International, Inc. Cl. A 2,955,322
------------
4,917,209
--------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 0.1%
65,523 Leggett & Platt, Inc. 1,081,130
25,918 Maytag Corp. 955,726
MSF-27
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Household Appliances & Home Furnishings: (Continued)
25,756 Whirlpool Corp. $ 1,200,873
------------
3,237,729
--------------------------------------------------------------------------------
Household Products: 1.9%
80,306 Clorox Co. 3,598,713
198,487 Colgate-Palmolive Co. 11,884,409
94,938 Corning, Inc. 25,621,393
359,316 Gillette Co. 12,553,603
91,742 Newell Rubbermaid, Inc. 2,362,356
450,188 Procter & Gamble Co. 25,773,263
19,669 Tupperware Corp. 432,718
------------
82,226,455
--------------------------------------------------------------------------------
Insurance: 2.9%
49,645 Aetna, Inc. 3,186,588
92,682 AFLAC, Inc. 4,257,579
256,307 Allstate Corp. 5,702,831
85,175 American General Corp. 5,195,675
530,558 American International Group, Inc. 62,340,565
88,429 Aon Corp. 2,746,826
60,846 Chubb Corp. 3,742,029
56,056 CIGNA Corp. 5,241,236
56,282 Cincinnati Financial Corp. 1,771,124
109,277 +Conseco Co., Inc. 1,065,451
48,851 Equifax, Inc. 1,282,339
36,200 Jefferson-Pilot Corp. 2,043,038
67,228 Lincoln National Corp. 2,428,611
93,492 Marsh & McLennan Cos., Inc. 9,764,071
34,423 MBIA, Inc. 1,658,758
25,302 +Progressive Corp. 1,872,348
48,968 Providian Financial Corp. 4,407,120
44,911 SAFECO Corp. 894,010
72,993 St. Paul Cos., Inc. 2,490,886
44,599 Torchmark Corp. 1,101,038
82,036 UNUMProvident Corp. 1,645,847
------------
124,837,970
--------------------------------------------------------------------------------
Liquor: 0.2%
150,043 Seagram, Ltd. 8,702,494
--------------------------------------------------------------------------------
Machinery: 0.4%
119,143 Caterpillar, Inc. 4,035,969
32,145 Cooper Industries, Inc. 1,046,722
14,622 Cummins Engine Co., Inc. 398,449
80,565 Deere & Co. 2,980,905
25,875 Fluor Corp. 818,297
103,609 Illinois ToolWorks, Inc. 5,905,713
56,568 Ingersoll-Rand Co. 2,276,862
39,124 Parker Hannifin Corp. 1,339,997
------------
18,802,914
--------------------------------------------------------------------------------
Medical Equipment & Supply: 2.6%
534,312 Abbott Laboratories, Inc. 23,810,279
100,585 Baxter International, Inc. 7,072,383
86,579 Becton, Dickinson & Co. 2,483,735
137,977 *Boston Scientific Corp. 3,026,870
106,248 *Guidant Corp. 5,259,276
478,758 Johnson & Johnson 48,773,471
93,862 McKesson HBOC, Inc. 1,965,236
412,906 Medtronic, Inc. 20,567,880
22,037 *Wellpoint Health Networks, Inc. Cl. A 1,596,305
------------
114,555,435
--------------------------------------------------------------------------------
Metals-Aluminum: 0.3%
75,735 +Alcan Aluminium, Ltd. 2,347,785
296,887 Alcoa, Inc. 8,609,732
------------
10,957,517
--------------------------------------------------------------------------------
Metals-Gold: 0.1%
133,870 Barrick Gold Corp. 2,434,761
83,604 Homestake Mining Co. 574,777
57,987 Newmont Mining Corp. 1,253,969
111,957 Placer Dome, Inc. 1,070,589
------------
5,334,096
--------------------------------------------------------------------------------
Metals-Non-Ferrous: 0.0%
40,823 Engelhard Corp. 696,542
57,159 *Inco, Ltd. 878,820
------------
1,575,362
--------------------------------------------------------------------------------
Metals-Steel & Iron: 0.1%
24,334 Allegheny Technologies, Inc. 438,012
39,332 *Bethlehem Steel Corp. 140,120
30,556 Nucor Corp. 1,014,077
31,181 USX US Steel Group 578,797
20,313 Worthington Industries, Inc. 213,287
------------
2,384,293
--------------------------------------------------------------------------------
Mining: 0.0%
54,180 *Freeport-McMoRan Copper & Gold, Inc. Cl. B 501,165
28,010 Phelps Dodge Corp. 1,041,622
------------
1,542,787
--------------------------------------------------------------------------------
Miscellaneous: 0.1%
51,345 Fortune Brands, Inc. 1,184,144
105,726 Ralston-Purina Co. 2,107,912
------------
3,292,056
--------------------------------------------------------------------------------
Multi-Industry: 1.2%
25,209 Harcourt General, Inc. 1,370,739
276,029 Honeywell, Inc. 9,298,727
30,758 ITT Industries, Inc. 934,274
136,241 Minnesota Mining & Manufacturing Co. 11,239,883
581,028 Tyco International Ltd. 27,526,202
------------
50,369,825
--------------------------------------------------------------------------------
MSF-28
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Newspapers: 0.4%
31,739 Dow Jones & Co., Inc. $ 2,324,882
91,732 Gannett Co., Inc. 5,486,720
26,735 +Knight-Ridder, Inc. 1,421,968
57,619 New York Times Co. Cl. A 2,275,950
106,944 Tribune Co. 3,743,040
------------
15,252,560
--------------------------------------------------------------------------------
Office & Business Equipment: 5.0%
112,174 *Apple Computer, Inc. 5,871,608
39,669 Avery Dennison Corp. 2,662,782
584,188 Compaq Computer Corp. 14,933,306
57,881 *Computer Sciences Corp. 4,322,987
746,906 *EMC Corp. 57,465,080
610,226 International Business Machines Corp. 66,857,886
88,716 Pitney-Bowes, Inc. 3,548,640
78,212 *Seagate Technology 4,301,660
547,013 *Sun Microsystems, Inc. 49,761,089
107,613 *Unisys Corp. 1,567,114
227,999 Xerox Corp. 4,730,979
------------
216,023,131
--------------------------------------------------------------------------------
Oil & Gas Exploration: 0.2%
44,053 +Anadarko Petroleum Corp. 2,172,364
39,935 Apache Corp. 2,348,677
10,921 ONEOK, Inc. 283,263
83,253 Union Pacific Resources Group, Inc. 1,831,566
------------
6,635,870
--------------------------------------------------------------------------------
Oil-Domestic: 0.4%
31,767 Amerada Hess Corp. 1,961,612
24,909 Ashland Oil, Inc. 873,372
32,775 Kerr-McGee Corp. 1,931,677
123,848 Occidental Petroleum Corp. 2,608,549
87,599 Phillips Petroleum Co. 4,440,174
31,200 Sunoco, Inc. 918,450
84,465 Unocal Corp. 2,797,903
107,397 USX-Marathon Group 2,691,637
------------
18,223,374
--------------------------------------------------------------------------------
Oil-Equipment & Services: 0.8%
112,188 Baker Hughes, Inc. 3,590,016
73,437 Coastal Corp. 4,470,478
152,705 Halliburton Co. 7,205,767
20,175 McDermott International, Inc. 177,792
32,091 *Rowan Cos., Inc. 974,764
195,875 Schlumberger, Ltd. 14,617,172
49,546 Tosco Corp. 1,402,771
72,912 Transocean Sedco Forex, Inc. 3,896,235
------------
36,334,995
--------------------------------------------------------------------------------
Oil-International: 4.0%
224,414 Chevron Corp. 19,033,112
212,116 Conoco, Inc. Cl. B 5,210,099
1,198,234 Exxon Mobil Corp. 94,061,369
738,085 Royal Dutch Petroleum Co. 45,438,358
191,403 Texaco, Inc. 10,192,210
------------
173,935,148
--------------------------------------------------------------------------------
Packaging: 0.0%
45,286 *Pactiv Corp. 356,627
--------------------------------------------------------------------------------
Photography: 0.2%
106,631 Eastman Kodak Co. 6,344,545
14,931 Polaroid Corp. 269,691
------------
6,614,236
--------------------------------------------------------------------------------
Pollution Control: 0.1%
61,055 *Allied Waste Industries, Inc. 610,550
211,724 Waste Management, Inc. 4,022,756
------------
4,633,306
--------------------------------------------------------------------------------
Printing & Publishing: 0.2%
21,010 American Greetings Corp. Cl. A 399,190
38,951 Donnelley (R.R.) & Sons Co. 878,832
55,651 Dun & Bradstreet Corp. 1,593,010
66,506 McGraw-Hill Cos., Inc. 3,591,324
17,851 +Meredith Corp. 602,471
------------
7,064,827
--------------------------------------------------------------------------------
Restaurant: 0.4%
35,480 Darden Restaurants, Inc. 576,550
459,944 McDonald's Corp. 15,149,406
48,633 *Tricon Global Restaurants, Inc. 1,373,882
39,637 Wendy's International, Inc. 706,034
------------
17,805,872
--------------------------------------------------------------------------------
Retail Grocery: 0.5%
146,387 Albertson's, Inc. 4,867,368
13,013 Great Atlantic & Pacific Tea Co., Inc. 216,341
286,262 *Kroger Co. 6,315,655
170,865 *Safeway, Inc. 7,710,283
42,495 Winn-Dixie Stores, Inc. 608,210
------------
19,717,857
--------------------------------------------------------------------------------
Retail Trade: 5.0%
48,476 *Bed Bath & Beyond, Inc. 1,755,740
70,661 *Best Buy Co., Inc. 4,469,308
70,098 Circuit City Stores, Inc. 2,326,377
38,126 *Consolidated Stores Corp. 457,512
153,653 *Costco Wholesale Corp. 5,075,351
135,075 CVS Corp. 5,403,000
30,358 Dillards, Inc. Cl. A 371,886
108,801 Dollar General Corp. 2,121,620
73,017 *Federated Department Stores, Inc. 2,464,324
796,027 Home Depot, Inc. 39,751,598
165,262 *K Mart Corp. 1,125,847
112,690 *Kohl's Corp. 6,268,381
147,862 +Limited, Inc. 3,197,516
13,316 Longs Drug Stores Corp. 289,623
MSF-29
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Retail Trade: (Continued)
132,238 Lowe's Cos., Inc. $ 5,430,023
111,723 May Department Stores Co. 2,681,352
47,847 Nordstrom, Inc. 1,154,309
91,677 *Office Depot, Inc. 572,981
88,421 Penney (J.C.) Co., Inc. 1,630,262
87,661 +Rite Aid Corp. 575,275
121,352 Sears, Roebuck & Co. 3,959,109
160,333 *Staples, Inc. 2,470,130
45,716 SuperValu, Inc. 871,461
156,959 Target Corp. 9,103,622
291,942 The Gap, Inc. 9,123,188
24,791 Tiffany & Co. 1,673,393
99,548 TJX Cos., Inc. 1,866,525
74,428 *Toys R Us, Inc. 1,083,858
1,534,138 Wal-Mart Stores, Inc. 88,404,702
346,348 Walgreen Co. 11,148,076
------------
216,826,349
--------------------------------------------------------------------------------
Software: 6.6%
41,935 Adobe Systems, Inc. 5,447,619
21,584 Autodesk, Inc. 749,370
85,414 *BMC Software, Inc. 3,114,942
203,544 Computer Associates International, Inc. 10,418,908
123,311 *Compuware Corp. 1,275,498
159,827 Electronic Data Systems Corp. 6,592,864
27,619 *Mercury Interactive Corp. 2,673,001
1,811,365 *Microsoft Corp. 144,852,595
111,656 *Novell, Inc. 1,034,563
977,005 *Oracle Corp. 82,098,951
93,669 *Parametric Technology Corp. 1,027,432
20,302 *Sapient Corp. 2,170,411
68,706 *Siebel Systems, Inc. 11,239,872
135,250 * +Veritas Software Corp. 15,279,023
------------
287,975,049
--------------------------------------------------------------------------------
Technology: 0.4%
73,498 *Broadcom Corp.Cl. A 16,082,281
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 3.9%
116,994 *ADC Telecommunications, Inc. 9,809,216
48,411 CenturyTel, Inc. 1,391,816
53,241 *Comverse Technology, Inc. 4,953,077
303,553 *Global Crossing Ltd. 7,996,724
261,027 *Nextel Communications, Inc. Cl. A 15,963,433
1,019,641 Nortel Networks Corp. 69,590,498
255,500 *QUALCOMM, Inc. 15,322,016
985,489 *WorldCom, Inc. 45,240,104
------------
170,266,884
--------------------------------------------------------------------------------
Textiles & Apparel: 0.1%
20,294 Liz Claiborne, Inc. 715,364
94,522 Nike, Inc. Cl. B 3,763,157
19,065 *Reebok International, Ltd. 303,848
8,006 Russell Corp. 160,120
6,053 Springs Industries, Inc. 194,831
36,306 VF Corp. 864,537
------------
6,001,857
--------------------------------------------------------------------------------
Tires & Rubber: 0.1%
15,388 Cooper Tire & Rubber Co. 171,191
37,424 Goodrich (B.F.) Co. 1,274,755
54,559 Goodyear Tire & Rubber Co. 1,091,180
------------
2,537,126
--------------------------------------------------------------------------------
Tobacco: 0.5%
787,098 Philip Morris Cos., Inc. 20,907,290
51,924 UST, Inc. 762,634
------------
21,669,924
--------------------------------------------------------------------------------
Toys & Amusements: 0.1%
58,158 Hasbro, Inc. 876,005
141,622 Mattel, Inc. 1,867,640
------------
2,743,645
--------------------------------------------------------------------------------
Transportation: 0.1%
100,300 *FedEx Corp. 3,811,400
--------------------------------------------------------------------------------
Transportation-Airlines: 0.2%
52,126 *AMR Corp. 1,378,081
42,157 Delta Air Lines, Inc. 2,131,563
44,961 *Sabre Group Holdings, Inc. Cl. A 1,281,389
170,848 Southwest Airlines Co. 3,235,434
21,762 *USAirways Group, Inc. 848,718
------------
8,875,185
--------------------------------------------------------------------------------
Transportation-Railroad: 0.3%
147,415 Burlington Northern Santa Fe Corp. 3,381,332
75,442 CSX Corp. 1,598,427
38,725 Kansas City Southern Industries, Inc. 3,434,423
129,184 Norfolk Southern Corp. 1,921,612
86,431 Union Pacific Corp. 3,214,153
------------
13,549,947
--------------------------------------------------------------------------------
Transportation-Trucking: 0.0%
15,640 Ryder Systems, Inc. 296,183
--------------------------------------------------------------------------------
Utilities-Electric: 1.6%
146,716 *AES Corp. 6,693,917
47,703 Ameren Corp. 1,609,976
110,368 American Electric Power Co., Inc. 3,269,652
54,659 Cinergy Corp. 1,390,388
34,592 CMS Energy Corp. 765,348
72,215 Consolidated Edison, Inc. 2,139,369
51,750 Constellation Energy Group, Inc. 1,685,109
55,206 CP & L Energy, Inc. 1,763,142
82,660 Dominion Resources , Inc. 3,544,048
50,426 +DTE Energy Co. 1,541,145
126,345 Duke Energy Corp. 7,122,699
114,379 Edison International 2,344,770
MSF-30
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Utilities-Electric: (Continued)
79,159 Entergy Corp. $ 2,152,135
77,645 FirstEnergy Corp. 1,814,952
33,190 Florida Progress Corp. 1,555,781
62,627 FPL Group, Inc. 3,100,037
42,052 GPU, Inc. 1,138,032
40,140 New Century Energies, Inc. 1,204,200
53,999 *Niagara Mohawk Holdings, Inc. 752,611
50,890 Northern States Power Co. 1,027,342
58,368 PECO Energy Corp. 2,352,960
130,454 PG&E Corp. 3,212,430
29,249 Pinnacle West Capital Corp. 990,810
49,626 PPL Corp. 1,088,670
74,976 Public Service Enterprise Group, Inc. 2,596,044
100,246 Reliant Energy, Inc. 2,963,522
223,262 Southern Co. 5,204,795
90,777 TXU Corp. 2,677,922
61,195 Unicom Corp. 2,367,482
--------------
70,069,288
--------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.6%
74,739 Burlington Resources, Inc. 2,858,767
28,112 Columbia Energy Group 1,844,850
9,314 Eastern Enterprises 586,782
79,454 El Paso Energy Corp. 4,047,188
251,976 Enron Corp. 16,252,452
16,438 Nicor, Inc. 536,290
12,004 Peoples Energy Corp. 388,629
65,239 Sempra Energy 1,109,063
--------------
27,624,021
--------------------------------------------------------------------------------
Utilities-Telephone: 5.0%
108,512 Alltel Corp. 6,720,962
1,090,407 AT&T Corp. 34,484,122
532,028 *Bell Atlantic Corp. 27,033,673
647,640 BellSouth Corp. 27,605,655
331,389 GTE Corp. 20,628,965
1,170,901 SBC Communications, Inc. 50,641,468
301,287 Sprint Corp. 15,365,637
315,026 *+Sprint Corp. PCS Group Ser. 1 18,744,047
174,651 U.S.West, Inc. 14,976,323
--------------
216,200,852
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $2,753,443,649)........................... 4,322,637,910
--------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.8%
--------------------------------------------------------------------------------
35,275,000 Federal Home Loan
Mortgage Corp. 6.400% 7/3/00 35,262,458
--------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $35,262,458).............................. 35,262,458
--------------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.2%
(Cost: $2,788,706,107)........................... 4,357,900,368
OTHER ASSETS LESS LIABILITIES (0.2)% (9,381,892)
--------------
TOTAL NET ASSETS: 100.0%......................... $4,348,518,476
==============
--------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
+ Securities on loan.
SECURITIES ON LOAN: (Note 7)
As of June 30, 2000, the market value of $37,349,201 with securities loaned was
collateral backing valued at $37,460,546.
See Notes to Financial Statements.
MSF-31
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) ......................... $ 4,357,900,368
Cash ........................................................ 43,092
Foreign currencies held at value (2) ........................ --
Receivable for investment securities sold ................... 277,782
Receivable for fund shares sold ............................. 7,455,361
Receivable for dividends and interest ....................... 3,308,350
Daily variation on futures contracts (Note 11) .............. 188,445
Unrealized appreciation on forward contracts (Note 10) ...... --
Collateral for securities loaned (Note 7) ................... 37,460,546
Other assets ................................................ 7,642
---------------
Total Assets ................................................ 4,406,641,586
---------------
LIABILITIES:
Payable for investment securities purchased ................. 19,672,167
Payable for capital stock repurchased ....................... --
Unrealized depreciation on forward contracts (Note 10) ...... --
Return of collateral for securities loaned (Note 7) ......... 37,460,546
Bank overdraft .............................................. --
Accrued investment management fee (Note 3) ................. 889,171
Accrued expenses and other liabilities ...................... 101,226
---------------
Total Liabilities ........................................... 58,123,110
---------------
NET ASSETS: .................................................. $ 4,348,518,476
===============
COMPOSITION OF NET ASSETS:
Paid-in-capital ............................................. 2,690,301,990
Undistributed (overdistributed) net investment
income (loss) ............................................. 18,706,204
Net unrealized appreciation (depreciation) ................. 1,569,194,261
Accumulated net realized gain (loss) ........................ 70,316,021
---------------
Net Assets .................................................. $ 4,348,518,476
===============
Shares Outstanding .......................................... 107,722,811
===============
Net Asset Value Per Share ................................... $ 40.37
===============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ...................................... $ 2,788,706,107
(2) Cost of foreign currency .................................. --
See Notes to Financial Statements
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ................................... $ 572,929
Dividends (Note 1B) ..................................... 23,773,034
--------------
Total Investment Income, Net of Withholding Taxes (2) .... 24,345,963
--------------
EXPENSES:
Investment management fee (Note 3A) ...................... 5,209,239
Printing and distribution fees ........................... 344,924
Custodian and transfer agent fees ........................ 285,246
Audit and tax service fees ............................... 12,448
Directors fees ........................................... 3,864
Insurance fees ........................................... 1,854
Other operating expenses ................................. 2,366
--------------
Total expenses before reimbursement / reduction .......... 5,859,941
Less: expense reimbursement .............................. --
expense reduction (Note 1H) ....................... --
--------------
Net expenses ............................................. 5,859,941
--------------
Net Investment Income (Loss) ............................. 18,486,022
--------------
NET REALIZED GAIN (LOSS) ON:
Investments .............................................. 46,282,379
Foreign currency transactions ............................ --
Futures contracts ........................................ 838,663
--------------
Net Realized Gain (Loss) ................................. 47,121,042
--------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency
holdings and futures contracts (Notes 8,10,11) ......... 1,655,075,243
End of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) .................. 1,569,018,173
--------------
Net Unrealized Appreciation (Depreciation) ............... (86,057,070)
--------------
Net Increase (Decrease) in Net Assets Resulting From
Operations ............................................. $ (20,450,006)
==============
--------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned ............................ $ 94,742
(2) Withholding taxes ...................................... 128,148
MSF-32
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO JUNE 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS SIX MONTHS
-------------------------------------------------------------------------------- ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
------------- ------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) .................................................................. $ 18,486,022 $ 36,742,763
Net realized gain (loss) from investments, foreign currency holdings and futures contracts .... 47,121,042 147,959,282
Unrealized appreciation (depreciation) of investments, foreign currency holdings and futures
contracts..................................................................................... (86,057,070) 512,149,628
-------------- --------------
Net increase (decrease) in net assets resulting from operations ............................... (20,450,006) 696,851,673
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ......................................................................... -- (36,445,007)
Net realized gain from investment transactions ................................................ -- (165,295,909)
-------------- --------------
Total Distributions (Note 4) .................................................................. -- (201,740,916)
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares............................................................... 250,943,473 599,349,717
Net asset value of shares issued to shareholders in reinvestment of distributions.............. -- 201,740,916
Shares redeemed................................................................................ (87,176,678) (202,918,687)
-------------- --------------
Net Capital Stock Transactions (Note 9)........................................................ 163,766,795 598,171,946
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS ......................................................... 143,316,789 1,093,282,703
NET ASSETS: Beginning of period ............................................................... 4,205,201,687 3,111,918,984
-------------- --------------
NET ASSETS: End of period ..................................................................... $4,348,518,476 $4,205,201,687
============== ==============
</TABLE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PER SHARE OPERATING PERFORMANCE SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED -----------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) JUNE 30, 2000
(UNAUDITED) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period .................... $ 40.59 $ 35.38 $ 28.78 $ 22.23 $ 18.56 $ 13.87
-----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income .................................. 0.17 0.37 0.37 0.34 0.33 0.32
Net realized and unrealized gain (loss) ................ (0.39) 6.89 7.75 6.79 3.88 4.79
---------- ---------- ---------- ---------- ---------- --------
Total From Investment Operations ....................... (0.22) 7.26 8.12 7.13 4.21 5.11
---------- ---------- ---------- ---------- ---------- --------
Less Distributions:
Dividends from net investment income ................... -- (0.36) (0.36) (0.34) (0.33) (0.32)
Distributions from net realized capital gains .......... -- (1.69) (1.16) (0.24) (0.21) (0.10)
---------- ---------- ---------- ---------- ---------- --------
Total Distributions .................................... -- (2.05) (1.52) (0.58) (0.54) (0.42)
---------- ---------- ---------- ---------- ---------- --------
-----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .......................... $ 40.37 $ 40.59 $ 35.38 $ 28.78 $ 22.23 $ 18.56
-----------------------------------------------------------------------------------------------------------------------------------
Total Return ........................................... (0.54)% 20.79% 28.23% 32.19% 22.66% 36.87%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) .................... $4,348,518 $4,205,202 $3,111,919 $2,020,480 $1,122,297 $635,823
Operating expenses to average net assets (1) ........... 0.28% 0.29% 0.30% 0.33% 0.30% 0.32%
Net investment income to average net assets (1) ........ 0.88% 1.01% 1.21% 1.47% 1.91% 2.22%
Portfolio Turnover (2) ................................. 6.13% 8.77% 15.07% 10.69% 11.48% 6.35%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 period ended June 30, 2000 amounted to $281,833,177
and $128,410,654, respectively.
See Notes to Financial Statements.
MSF-33
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PUTNAM INTERNATIONAL STOCK PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 93.5%
--------------------------------------------------------------------------------
Australia: 1.3%
61,600 CSR Ltd. $ 170,937
78,239 News Corp., Ltd. ADR 4,264,026
------------
Total Investments in Australia 4,434,963
--------------------------------------------------------------------------------
Canada: 4.3%
1,100,000 *(S)Ashurst Technology Ltd. --
69,105 Bank of Nova Scotia 1,694,940
20,361 BCE, Inc. 482,886
79,000 BCE, Inc. (USD) 1,881,187
282,330 *(S)Isleinvest Ltd. --
98,215 Nortel Networks Corp. 6,815,325
25,500 +Seagram Ltd. 1,479,000
96,400 *Sun Life Financial Services, Inc. 1,625,122
28,424 Suncor Energy, Inc. 656,825
------------
Total Investments in Canada 14,635,285
--------------------------------------------------------------------------------
Finland: 3.3%
187,078 Nokia Oyj 9,546,354
18,615 Sonera Oyj 848,601
87,054 +Stora Enso Oyj 793,705
------------
Total Investments in Finland 11,188,660
--------------------------------------------------------------------------------
France: 14.1%
92,448 Adventis SA 6,747,488
33,444 +AXA SA 5,268,285
6,105 *Bouygues SA 4,079,912
21,398 France Telecom SA 2,990,759
13,990 Groupe Danone 1,856,520
101,960 +Havas Advertising SA 2,331,323
26,302 +Lafarge SA (bearer shares) 2,043,997
3,268 +Publicis SA 1,282,304
86,204 Sanofi-Synthelabo 4,106,720
41,070 Television Francaise 1 SA - TF1 2,862,297
97,586 Total Fina SA 14,962,362
------------
Total Investments in France 48,531,967
--------------------------------------------------------------------------------
Germany: 2.0%
5,538 +Allianz Holdings AG (registered 1,989,547
shares)
117,271 +Bayerische Motoren Werke AG 3,543,492
52,535 +Lufthansa AG (registered shares) 1,214,257
------------
Total Investments in Germany 6,747,296
--------------------------------------------------------------------------------
Hong Kong: 3.0%
357,000 +Cheung Kong Infrastructure Holdings Ltd. 3,926,977
708,000 *China Telecom (Hong Kong) Ltd. 6,243,987
54,000 Hong Kong & China Gas Co., Ltd. 60,958
34,000 Hong Kong Electric Holdings Ltd. 109,474
------------
Total Investments in Hong Kong 10,341,396
--------------------------------------------------------------------------------
Ireland: 2.0%
173,784 CRH PLC 3,135,730
51,246 *Elan Corp., PLC 2,389,966
26,716 *+Elan Corp., PLC ADR 1,294,056
------------
Total Investments in Ireland 6,819,752
--------------------------------------------------------------------------------
Italy: 3.4%
2,500 Alleanza Assicurazioni SPA 33,295
194,900 Banca Intesa SPA 872,674
79,266 +Bulgari SPA 1,059,454
667,100 *+ENI SPA (registered shares) 3,853,128
36,403 Gucci Group NV 3,449,184
153,917 +Mediaset SPA 2,351,114
------------
Total Investments in Italy 11,618,849
--------------------------------------------------------------------------------
Japan: 14.6%
9,700 Asatsu, Inc. 397,672
52,000 +Eisai Co., Ltd. 1,666,274
12,800 +Fujisawa Pharmaceutical Co., Ltd. 517,525
196,700 Fujitsu Ltd. 6,803,535
21,500 Kyocera Corp. 3,645,304
234,775 +NEC Corp. 7,368,180
595,000 Nikko Securities Co., Ltd. 5,888,036
9,700 Nintendo Co., Ltd. 1,693,078
728 Nippon Telephone & Telegraph 9,674,191
1,880 Nippon Television Network Corp. 1,222,563
3,590 Nippon Television Network Corp. (new shares) 2,341,341
40,000 Nomura Securities Co., Ltd. 978,276
1,100 Rohm Co. 321,380
700 Sharp Corp. 12,370
121,000 +Shiseido Co., Ltd. 1,870,223
25,000 Sony Corp. 2,332,595
133,000 Sumitomo Corp. 1,495,396
170,000 Toshiba Corp. 1,917,817
------------
Total Investments in Japan 50,145,756
--------------------------------------------------------------------------------
Mexico: 1.6%
397,317 Carso Global Telecom SA de CV 1,133,923
14,662 *+Grupo Televisa SA de CV ADR 1,010,762
59,716 +Telefonos de Mexico SA de CV ADR 3,411,276
------------
Total Investments in Mexico 5,555,961
--------------------------------------------------------------------------------
Netherlands: 7.8%
92,542 Akzo Nobel NV 3,931,570
130,082 ING Groep NV 8,792,605
64,321 Koninklijke Ahold NV 1,893,187
211,977 Koninklijke Philips Electronics NV 9,997,302
87,094 Wolters Kluwer NV 2,319,848
------------
Total Investments in Netherlands 26,934,512
--------------------------------------------------------------------------------
Singapore: 1.3%
282,000 *Chartered Semiconductor Manufacturing Ltd. 2,465,663
94,000 DBS Group Holdings Ltd. 1,208,338
83,000 Overseas-Chinese Banking Corp., Ltd. 571,917
6,000 Singapore Press Holdings Ltd. 93,804
9,000 Venture Manufacturing Ltd. 91,720
------------
Total Investments in Singapore 4,431,442
--------------------------------------------------------------------------------
South Korea: 3.2%
54,900 +Korea Electric Power Corp. ADR 1,012,219
42,150 +Korea Telecom ADR 2,039,006
33,000 +Pohang Iron & Steel Co., Ltd. ADR 792,000
35,660 ++Samsung Electronics Ltd. 144A 6,989,360
------------
Total Investments in South Korea 10,832,585
--------------------------------------------------------------------------------
Spain: 2.0%
66,200 Banco de Bilbaobao Vizcaya Argentaria SA 989,098
80,370 Iberdrola SA 1,035,845
MSF-34
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PUTNAM INTERNATIONAL STOCK PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Spain: (Continued)
219,733 *+Telefonica SA $ 4,720,032
------------
Total Investments in Spain 6,744,975
--------------------------------------------------------------------------------
Sweden: 3.5%
2,690 ABB Ltd. 311,698
226,717 Ericsson (LM) Telephone Ser. B 4,485,501
283,043 Investor AB 3,866,971
13,115 *Netcom AB Ser. B 968,012
27,063 S.K.F AB Cl. A 429,571
47,897 +Sandvik AB 1,004,642
74,690 Svenska Handelsbanken AB Ser. A 1,083,937
------------
Total Investments in Sweden 12,150,332
--------------------------------------------------------------------------------
Switzerland: 7.5%
8,560 ABB AGG 1,024,545
4,049 +Clariant AG (registered shares) 1,504,134
2,020 Compagnie Financiere Richemont AG
(bearer shares) 5,442,224
759 Julius Bear Holding AG (bearer shares) 3,001,011
1,780 Nestle SA (registered shares) 3,562,619
1,800 +Schweizerische Rueckversicherungs-
Gesellschaft (registered shares) 3,668,853
5,112 Serono SA (bearer shares) 4,261,828
2,277 Swatch Group (registered shares) 593,921
2,033 Swatch Group (bearer shares) 2,584,713
------------
Total Investments in Switzerland 25,643,848
--------------------------------------------------------------------------------
United Kingdom: 18.6%
390,986 Aegis Group PLC 1,150,664
42,200 *Arm Holdings PLC 452,078
62,692 AstraZeneca Group PLC 2,926,408
165,385 BOC Group PLC 2,377,318
632,841 BP Amoco PLC 6,070,876
111,028 Cable & Wireless PLC 1,879,880
275,731 Carlton Communications PLC 3,546,272
168,650 Diageo PLC 1,513,243
74,252 Emap PLC 1,194,288
227,807 EMI Group PLC 2,068,168
532,236 Granada Group PLC 5,315,152
270,770 Invensys PLC 1,016,061
109,700 Misys PLC 926,208
0 !NTL, Inc. 28
137,000 Royal Bank Scotland Group PLC 2,292,679
302,496 Scottish Power PLC 2,563,157
1,210,656 Shell Transport & Trading PLC
(registered shares) 10,102,615
54,378 Smiths Industries PLC 707,602
619,026 Tesco PLC 1,924,812
3,114,104 Vodafone Airtouch PLC 12,580,906
113,800 Williams PLC 662,934
179,013 WPP Group PLC 2,613,842
------------
Total Investments in United Kingdom 63,885,191
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $291,279,124) 320,642,770
------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PREFERRED STOCK: 0.5%
--------------------------------------------------------------------------------
Brazil: 0.2%
33,815 Telecomunicacoes de Sao Paulo SA ADR $ 625,577
------------
Total Investments in Brazil 625,577
--------------------------------------------------------------------------------
Germany: 0.3%
8,658 ProSieben Media AG (non-vtg.) 1,076,620
------------
Total Investments in Germany 1,076,620
--------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost : $1,920,383) 1,702,197
------------
--------------------------------------------------------------------------------
EQUITY LINKED SECURITIES: 0.3%
--------------------------------------------------------------------------------
Taiwan: 0.3%
95,000 ++Hon Hai Precision Industry Co., Ltd. 144A 890,654
------------
Total Investments in Taiwan 890,654
--------------------------------------------------------------------------------
TOTAL EQUITY LINKED SECURITIES
(Cost: $955,716) 890,654
------------
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 5.1%
--------------------------------------------------------------------------------
$17,630,000 Associates First
Capital Corp. 6.820% 7/03/00 $ 17,623,320
--------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost : $17,623,320) 17,623,320
------------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS : 99.4%
(Cost : $311,778,543) 340,858,941
OTHER ASSETS LESS LIABILITIES : 0.6% 2,120,695
------------
TOTAL NET ASSETS : 100.0% $342,979,636
============
--------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
(S) Illiquid Security
+ Securities on loan.
++ Restricted security
! Fractional Shares
ADR (American Depository Receipt) represents ownership of foreign securities.
USD (United States Dollar)
SECURITIES ON LOAN : (Note 7)
As of June 30, 2000, the market value of securities loaned was 22,028,836 with
collateral backing valued at 22,392,266.
RESTRICTED SECURITIES : (Note 2)
The aggregate value of restricted securities at 7,880,014 or June 30, 2000 was
2.30% of the Putnam International Stock Portfolio's net assets.
ILLIQUID SECURITIES: (Note 2)
--------------------------------------------------------------------------------
ACQUISITION ACQUISITION VALUATION AS
ISSUE DATE COST OF 06/30/2000
--------------------------------------------------------------------------------
Ashurst Technology Ltd. 12/15/94-5/25/95 942,588 $0
Isleinvest Ltd. 12/16/94-7/3/95 1,399,554 $0
The aggregate value of illiquid securities at June 30, 2000 was 0.00 or 0.00% of
the Putnam International Stock Portfolio's net assets.
See Notes to Financial Statements.
MSF-35
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PUTNAM INTERNATIONAL STOCK PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Automotive: .................................................... 1.1%
Banking: ....................................................... 2.7%
Broadcasting: .................................................. 4.9%
Business Services: ............................................. 2.2%
Chemicals: ..................................................... 4.5%
Computer Equipment & Service: .................................. 4.1%
Construction & Mining Equipment: ............................... 0.1%
Construction Materials: ........................................ 1.6%
Consumer Products: ............................................. 1.3%
Cosmetics: ..................................................... 0.6%
Drugs & Health Care: ........................................... 4.8%
Electrical Equipment: .......................................... 2.6%
Electronics: ................................................... 8.6%
Entertainment & Leisure: ....................................... 2.0%
Financial Services: ............................................ 4.2%
Food & Beverages: .............................................. 1.7%
Forest Products & Paper: ....................................... 0.2%
Homebuilders: .................................................. 0.1%
Insurance: ..................................................... 6.6%
Liquor: ........................................................ 0.9%
Machinery: ..................................................... 0.9%
Metals-Steel & Iron: ........................................... 0.2%
Multi-Industry: ................................................ 6.5%
Oil & Gas Exploration: ......................................... 0.2%
Oil: ........................................................... 1.9%
Oil-Equipment & Services: ...................................... 4.6%
Oil-International: ............................................. 4.3%
Personal Care: ................................................. 0.5%
Printing & Publishing: ......................................... 1.1%
Real Estate: ................................................... 1.2%
Retail Grocery: ................................................ 0.6%
Retail Trade: .................................................. 1.7%
Telecommunications Equipment & Services: ....................... 10.8%
Tobacco: ....................................................... 1.7%
Toys & Amusements: ............................................. 0.5%
Transportation-Airlines: ....................................... 0.4%
Utilities-Electric: ............................................ 1.5%
Utilities-Telephone: ........................................... 6.6%
------
100.0%
======
--------------------------------------------------------------------------------
Excludes short-term securities.
See Notes to Financial Statements.
MSF-36
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PUTNAM INTERNATIONAL STOCK PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
----------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
----------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) ............................. $340,858,941
Cash ............................................................ 135
Foreign currencies held at value (2) ............................ 348,640
Receivable for investment securities sold ....................... 1,036,254
Receivable for fund shares sold ................................. 6,014,524
Receivable for dividends and interest ........................... 241,242
Daily variation on futures contracts (Note 11) .................. --
Unrealized appreciation on forward contracts (Note 10) .......... 14,382
Collateral for securities loaned (Note 7) ....................... 22,392,266
Other assets .................................................... 335,874
------------
Total Assets .................................................. 371,242,258
------------
LIABILITIES:
Payable for investment securities purchased ..................... 5,502,531
Payable for capital stock repurchased ........................... --
Unrealized depreciation on forward contracts (Note 10) .......... --
Return of collateral for securities loaned (Note 7) ............. 22,392,266
Bank overdraft .................................................. --
Accrued investment management fee (Note 3) ..................... 246,649
Accrued expenses and other liabilities .......................... 121,176
------------
Total Liabilities ............................................... 28,262,622
------------
NET ASSETS: .................................................... $342,979,636
============
COMPOSITION OF NET ASSETS:
Paid-in-capital ................................................. 301,975,687
Undistributed (overdistributed) net investment income (loss) .... 2,641,807
Net unrealized appreciation (depreciation) ..................... 29,068,589
Accumulated net realized gain (loss) ............................ 9,293,553
------------
Net Assets .................................................... $342,979,636
============
Shares Outstanding ............................................ 24,833,945
============
Net Asset Value Per Share ..................................... $ 13.81
============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ........................................ 311,778,543
(2) Cost of foreign currency .................................... 350,225
See Notes to Financial Statements
----------------------------------------
STATEMENT OF OPERATIONS
----------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) .......................................... $ 491,699
Dividends (Note 1B) ............................................ 2,070,064
------------
Total Investment Income, Net of Withholding Taxes (2) ........... 2,561,763
------------
EXPENSES:
Investment management fee (Note 3A) ............................. 1,289,063
Printing and distribution fees .................................. 27,868
Custodian and transfer agent fees ............................... 339,042
Audit and tax service fees ...................................... 6,752
Directors fees .................................................. 3,864
Insurance fees .................................................. 1,854
Other operating expenses ........................................ 2,364
------------
Total expenses before reimbursement/reduction ................... 1,670,807
Less: expense reimbursement ..................................... --
expense reduction (Note 1H) .................................... --
------------
Net expenses .................................................... 1,670,807
------------
Net Investment Income (Loss) .................................. 890,956
------------
NET REALIZED GAIN (LOSS) ON:
Investments ..................................................... 18,480,573
Foreign currency transactions ................................... (4,537,955)
Futures contracts ............................................... --
------------
Net Realized Gain (Loss) ...................................... 13,942,618
------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency
holdings and futures contracts (Notes 8,10,11) .................. 42,637,273
End of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) ........................... 29,068,589
------------
Net Unrealized Appreciation (Depreciation) .................... (13,568,684)
------------
Net Increase (Decrease) in Net Assets Resulting From
Operations .................................................. 1,264,890
============
--------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned .................................. 56,492
(2) Withholding taxes ........................................... 390,134
MSF-37
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PUTNAM INTERNATIONAL STOCK PORTFOLIO JUNE 30, 2000
--------------------------------------------------------------------------------
----------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
----------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999
------------- ------------
<S> <C> <C>
Increase (Decrease) in Net Assets From:
OPERATIONS:
Net investment income (loss)................................. $ 890,956 $ 2,842,016
Net realized gain (loss) from investments,
foreign currency holdings and futures contracts............ 13,942,618 28,498,609
Unrealized appreciation (depreciation) of investments,
foreign currency holdings and futures contracts............ (13,568,684) 1,694,009
------------ ------------
Net increase (decrease) in net assets resulting
from operations............................................ 1,264,890 47,534,634
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income........................................ -- (2,609,425)
Net realized gain from investment transactions............... -- (47,327,635)
------------ ------------
Total Distributions (Note 4)................................. -- (49,937,060)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares............................. 325,065,597 238,693,156
Net asset value of shares issued to shareholders
in reinvestment of distributions........................... -- 49,937,060
Shares redeemed.............................................. (301,181,722) (265,777,831)
------------ ------------
Net Capital Stock Transactions (Note 9)...................... 23,883,875 22,852,385
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS........................ 25,148,765 20,449,959
NET ASSETS: Beginning of period.............................. 317,830,871 297,380,912
------------ ------------
NET ASSETS: End of period.................................... $342,979,636 $317,830,871
============ ============
</TABLE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ......................... $ 13.87 $ 14.14 $ 11.67 $ 11.95 $ 12.29 $ 12.30
-----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ...................................... 0.03 0.13 0.13 0.10 0.07 0.03
Net realized and unrealized gain (loss) .................... (0.09) 2.05 2.50 (0.38) (0.28) 0.07
-------- -------- -------- -------- -------- --------
Total From Investment Operations ........................... (0.06) 2.18 2.63 (0.28) (0.21) 0.10
-------- -------- -------- -------- -------- --------
Less Distributions:
Dividends from net investment income ....................... -- (0.13) (0.16) -- -- (0.04)
Distributions from net realized capital gains .............. -- (2.32) -- -- (0.13) (0.07)
-------- -------- -------- -------- -------- --------
Total Distributions ........................................ -- (2.45) (0.16) -- (0.13) (0.11)
-------- -------- -------- -------- -------- --------
-----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ............................... $ 13.81 $ 13.87 $ 14.14 $ 11.67 $ 11.95 $ 12.29
-----------------------------------------------------------------------------------------------------------------------------------
Total Return ............................................... (0.43)% 16.44% 22.56% (2.34)% (1.77)% 0.84%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ........................ $342,980 $317,831 $297,381 $267,089 $303,826 $297,461
Operating expenses to average net assets (1) ............... 1.03% 0.97% 1.02% 1.03% 0.97% 1.01%
Net investment income to average net assets (1) ............ 0.55% 0.95% 0.87% 0.77% 0.56% 0.21%
Portfolio Turnover (2) ..................................... 273.96% 86.77% 156.32% 182.11% 116.67% 86.24%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 have been determined on
annualizedzed 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 period ended June 30, 2000 amounted to 438,287,604
and 428,120,101, respectively.
See Notes to Financial Statements.
MSF-38
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 3.7%
--------------------------------------------------------------------------------
Banking: 0.0%
7,000 *Siam Commercial Bank Public Co., Ltd.
(Wts.) expiring 5/10/02 $ 822
--------------------------------------------------------------------------------
Forest Products & Paper: 1.5%
1,867,500 *IndahKiat Paper & Pulp Corp. 378,728
92,550 Sappi Ltd. ADR 682,556
----------
1,061,284
--------------------------------------------------------------------------------
Oil & Gas Exploration: 0.9%
59,675 *Chesapeake Energy Corp. 462,481
19,357 (s)Hvide Marine, Inc. 114,932
1,423 *(s)Hvide Marine, Inc. (Wts.) expiring 6/30/07 3,557
869 *(s)Hvide Marine, Inc. Cl. A (Wts.) 1,304
expiring 12/15/03
----------
582,274
--------------------------------------------------------------------------------
Oil-Equipment & Services: 0.2%
250 *++R & B Falcon Corp. (Wts.) expiring 129,000
5/1/09 144A
--------------------------------------------------------------------------------
Real Estate: 0.2%
16,500 Associated Estates Realty Corp. 115,500
2,000 Developers Diversified Realty Corp. 29,875
----------
145,375
--------------------------------------------------------------------------------
Restaurant: 0.0%
2,024 *(s)Advantica Restaurant Group, Inc. 1,644
--------------------------------------------------------------------------------
Transportation-Shipping: 0.9%
47,412 Trico Marine Services, Inc. 605,985
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $3,231,141)................................ 2,526,384
----------
--------------------------------------------------------------------------------
PREFERRED STOCK: 8.1%
--------------------------------------------------------------------------------
Automotive: 0.2%
7,000 Federal-Mogul Corp. 7.000% 155,750
--------------------------------------------------------------------------------
Banking: 0.0%
7,000 *++Siam Commercial Bank Public Co., Ltd. 5.250% 144A 3,574
--------------------------------------------------------------------------------
Chemicals: 0.6%
800 Hercules Trust II 6.500% 432,000
--------------------------------------------------------------------------------
Construction Materials: 0.5%
13,250 Owens-Corning 6.500% 319,656
--------------------------------------------------------------------------------
Containers & Glass: 0.4%
13,250 Owens Illinois, Inc. 4.750% 294,812
--------------------------------------------------------------------------------
Financial Services: 0.6%
5,200 iStar Financial, Inc. Ser. D 78,000
8,500 K-Mart Financing 7.750% 309,719
----------
387,719
--------------------------------------------------------------------------------
Food & Beverages: 0.0%
1,500 Chiquita Brands International, Inc. Ser. A 21,000
2.875%
--------------------------------------------------------------------------------
Metals-Steel & Iron: 0.2%
6,500 Bethleham Steel Corp. $3.50 94,250
--------------------------------------------------------------------------------
Oil & Gas Exploration: 1.1%
10,500 *Chesapeakeke Energy Corp. 7.000% 672,000
3,050 Western Gas Resources, Inc. 103,890
----------
775,890
--------------------------------------------------------------------------------
Oil-Equipment & Services: 0.5%
287 *R & B Falcon Corp. Sr. 13.875% 325,745
--------------------------------------------------------------------------------
Real Estate: 1.2%
400 Archstone Communities Trust Ser. C 8.625% 8,625
1,000 +CarrAmerica Realty Corp. 8.450% 20,813
6,200 CarrAmerica Realty Corp. Ser. C 8.550% 127,875
1,900 Developers Diversified Realty Corp. 8.680% 38,712
14,646 Developers Diversified Realty Corp. Cl. C 8.375% 290,174
5,000 First Industrial Realty Trust, Inc. Ser. D 7.950% 95,625
6,000 First Industrial Realty Trust, Inc. Ser. E 7.900% 115,500
6,000 Highwoods Properties, Inc. Ser. B 8.000% 113,250
1,600 JDN Realty Corp. Ser. A 31,200
----------
841,774
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 1.9%
1,531 Adelphia Business Solutions Sr. Ser. B
12.875% PIK 1,331,738
--------------------------------------------------------------------------------
Utilities-Electric: 0.4%
1,035 Central Maine Power Co. 3.500% 42,435
150 Consumers Energy Co. $4.16 6,975
680 Consumers Energy Co. $4.50 34,680
140 Entergy Gulf States, Inc. $4.52 7,621
300 Entergy Gulf States, Inc. 4.400% 15,900
2,680 Niagara Mohawk Power Corp. 3.400% 105,860
1,100 Niagara Mohawk Power Corp. 3.600% 45,100
200 Niagara Mohawk Power Corp. 3.900% 9,100
50 Niagara Mohawk Power Corp. 4.850% 3,016
150 Ohio Edison Co. 4.400% 8,241
50 Ohio Edison Co. 4.440% 2,759
300 Toledo Edison Co. 4.250% 15,000
----------
296,687
--------------------------------------------------------------------------------
Utilities-Telephone: 0.5%
9,500 Philippine Long Distance Telephone Co. Ser.
III $3.50 342,000
--------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $5,501,321)................................ 5,622,595
----------
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CONVERTIBLE BONDS: 27.9%
--------------------------------------------------------------------------------
Automotive: 0.9%
$1,275,000 ++Exide Corp. 144A 2.900% 12/15/05 $ 618,375
--------------------------------------------------------------------------------
Biotechnology: 0.9%
250,000 ++Affymetrix, Inc. Sub. 144A 4.750% 2/15/07 190,937
550,000 ++Human Genome Sciences,
Inc. 144A 3.750% 3/15/07 452,375
----------
643,312
--------------------------------------------------------------------------------
MSF-39
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CONVERTIBLE BONDS: (Continued)
--------------------------------------------------------------------------------
Building & Construction: 0.1%
$ 100,000 Schuler Homes, Inc. 6.500% 1/15/03 $ 80,000
--------------------------------------------------------------------------------
Computer Equipment & Service: 3.8%
155,000 (S)Cray Research, Inc. Sub. 6.125% 2/1/11 93,775
650,000 Hutchinson Technology, Inc.
Sub. 6.000% 3/15/05 459,875
400,000 Maxtor Corp. 5.750% 3/1/12 280,000
1,075,000 Quantum Corp. Sub. 7.000% 8/1/04 860,000
400,000 S3, Inc. Sub. 5.750% 10/1/03 379,000
200,000 Telxon Corp. Sub. 5.750% 1/1/03 175,250
500,000 Western Digital Corp. Sub. 0.010% 2/18/18 97,500
1,400,000 ++Western Digital Corp. Sub.
144A 0.010% 2/18/18 273,000
------------
2,618,400
--------------------------------------------------------------------------------
Drugs & Health Care: 4.1%
1,380,000 Dura Pharmaceuticals, Inc.
Sub. 3.500% 7/15/02 1,152,300
450,000 Glycomed, Inc. 7.500% 1/1/03 360,000
533,000 HealthSouth Corp. Sub. 3.250% 4/1/03 418,405
650,000 NABI, Inc. Sub. 6.500% 2/1/03 552,500
200,000 Omnicare, Inc. Sub. 5.000% 12/1/07 134,500
150,000 Tenet Healthcare Corp. Sub. 6.000% 12/1/05 124,500
100,000 Thermedics, Inc. 0.000% 6/1/03 71,000
------------
2,813,205
--------------------------------------------------------------------------------
Electrical Equipment: 0.9%
610,000 Park Electrochemical Corp.
Sub. 5.500% 3/1/06 591,700
--------------------------------------------------------------------------------
Electronics: 3.4%
1,260,000 Cirrus Logic, Inc. Sub. 6.000% 12/15/03 1,110,375
200,000 Conexant Systems, Inc. Sub. 4.000% 2/1/07 156,250
1,075,000 Kent Electronics Corp. Sub. 4.500% 9/1/04 943,474
40,000 Richardson Electronics Ltd.
Sub. 7.250% 12/15/06 33,600
424,000 Zenith Electronics Corp. Sr. 8.190% 11/1/09 135,680
------------
2,379,379
--------------------------------------------------------------------------------
Entertainment & Leisure: 0.4%
83,000 Bell Sports Corp. Sub. 4.250% 11/15/00 74,700
200,000 Ogden Corp. 5.750% 10/20/02 169,761
------------
244,461
--------------------------------------------------------------------------------
Foreign Obligations: 6.8%
500,000 APP Finance VI Mauritius
Ltd. 0.000% 11/18/12 75,625
100,000 App Finance VII Mauritius
Ltd. 3.500% 4/30/03 73,375
450,000 ++App Finance VII Mauritius
Ltd. 144A 3.500% 4/30/03 330,750
875,000 Bangkok Bank Public Ltd. 4.589% 3/3/04 461,562
100,000 Banpu Public 2.750% 4/10/03 106,500
300,000 Burns, Philp Sub. 5.500% 4/30/04 174,000
465,000 Danka Business Systems
PLC Sub. 6.750% 4/1/02 316,200
1,280,000 Empresas ICA Sociedad Sub. 5.000% 3/15/04 640,000
100,000 (S)Loxley PLC 2.500% 4/4/01 33,000
1,600,000 Rogers Communications, Inc. 2.000% 11/26/05 1,562,768
100,000 Samsung Display Devices 0.250% 3/12/06 115,750
300,000 Siam Commercial Bank
Public Co., Ltd. 3.250% 1/24/04 149,625
390,000 Ssangyong Oil Refining Co.,
Ltd. 3.000% 12/31/04 261,300
150,000 Telekom Malaysia 4.000% 10/3/04 130,320
225,000 Total Access Communication
Public Ltd. 2.000% 5/31/06 274,500
------------
4,705,275
--------------------------------------------------------------------------------
Healthcare Services: 0.8%
650,000 Medical Care International,
Inc. Sub. 6.750% 10/1/06 568,750
--------------------------------------------------------------------------------
Hotel & Motel: 0.3%
300,000 Hilton Hotels Corp. Sub. 5.000% 5/15/06 237,750
--------------------------------------------------------------------------------
Industrial Components & Material: 0.8%
550,000 Hexcel Corp. Sub. 7.000% 8/1/03 472,312
100,000 Hexcel Corp. Sub. 7.000% 8/1/11 70,750
------------
543,062
--------------------------------------------------------------------------------
Industrials: 0.8%
195,000 Intevac, Inc. Sub. 6.500% 3/1/04 87,263
650,000 MascoTech, Inc. Sub. 4.500% 12/15/03 485,062
------------
572,325
--------------------------------------------------------------------------------
Medical Equipment & Supply: 0.2%
200,000 UroMed Corp. Sub. 6.000% 10/15/03 117,000
--------------------------------------------------------------------------------
Metals-Non-Ferrous: 0.2%
140,000 Inco Ltd. 7.750% 3/15/16 119,700
--------------------------------------------------------------------------------
Oil & Gas Exploration: 0.2%
200,000 Pogo Producing Co. Sub. 5.500% 6/15/06 162,614
--------------------------------------------------------------------------------
Oil-Equipment & Services: 1.3%
1,172,000 Key Energy Group, Inc. 5.000% 9/15/04 920,020
--------------------------------------------------------------------------------
Pollution Control: 0.2%
150,000 (S)++Thermo Terratech, Inc. Sub.
144A 4.625% 5/1/03 133,500
--------------------------------------------------------------------------------
Real Estate: 0.1%
100,000 Sizeler Property Investments,
Inc. Sub. 8.000% 7/15/03 88,750
--------------------------------------------------------------------------------
Restaurant: 0.2%
325,000 (S)Einstein/Noah Bagel Corp.
Sub. 7.250% 6/1/04 149,500
--------------------------------------------------------------------------------
Retail Trade: 0.1%
50,000 (S)++CML Group, Inc. 144A 5.500% 1/15/03 32
200,000 (S)CML Group, Inc. Sub. 5.500% 1/15/03 126
100,000 Jacobson Stores, Inc. Sub. 6.750% 12/15/11 68,250
------------
68,408
--------------------------------------------------------------------------------
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CONVERTIBLE BONDS: (Continued)
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 1.1%
$ 500,000 (S)Broadband Technologies, Inc.
Sub. 5.000% 5/15/01 $ 240,000
760,000 ++Efficient Networks, Inc. Sub.
144A 5.000% 3/15/05 548,150
------------
788,150
--------------------------------------------------------------------------------
Transportation-Trucking: 0.3%
265,000 Worldway Corp. Sub. 6.250% 4/15/11 214,650
--------------------------------------------------------------------------------
TOTAL CONVERTIBLE BONDS
(Cost: $20,632,352) ............................... 19,378,286
------------
--------------------------------------------------------------------------------
CORPORATE BONDS: 30.8%
--------------------------------------------------------------------------------
Broadcasting: 3.6%
250,000 ++Cablevision Systems Corp.
144A 13.750% 4/30/07 231,250
700,000 Century Communications
Corp. Sr. 8.375% 11/15/17 547,750
900,000 #Charter Communications, 0%/
Inc. Sr. 9.920% 4/1/11 517,500
1,650,000 #Fox Family Worldwide, Inc. 0%/
Sr. 10.250% 11/1/07 1,039,500
350,000 #TeleWest Communications Sr. 0%/
9.250% 4/15/09 196,000
------------
2,532,000
--------------------------------------------------------------------------------
Chemicals: 0.6%
487,000 Arco Chemical Co. 9.800% 2/1/20 433,430
--------------------------------------------------------------------------------
Computer Equipment & Service: 1.0%
250,000 Seagate Technology, Inc. Sr. 7.370% 3/1/07 223,847
250,000 Seagate Technology, Inc. Sr. 7.450% 3/1/37 233,712
250,000 Seagate Technology, Inc. Sr. 7.875% 3/1/17 211,093
------------
668,652
--------------------------------------------------------------------------------
Construction Materials: 0.2%
250,000 Owens-Corning, Inc. 7.700% 5/1/08 157,500
--------------------------------------------------------------------------------
Electrical Equipment: 0.3%
250,000 ITT Corp. 7.375% 11/15/15 207,140
--------------------------------------------------------------------------------
Financial Services: 0.2%
130,000 +FINOVA Capital Corp. 7.250% 11/8/04 114,513
--------------------------------------------------------------------------------
Food & Beverages: 0.1%
100,000 Borden, Inc. 7.875% 2/15/23 73,871
--------------------------------------------------------------------------------
Healthcare Services: 1.2%
300,000 Columbia/HCA Healthcare
Corp. 7.050% 12/1/27 222,000
500,000 Columbia/HCA Healthcare
Corp. 7.690% 6/15/25 403,750
250,000 Columbia/HCA Healthcare
Corp. 7.750% 7/15/36 200,029
------------
825,779
--------------------------------------------------------------------------------
Homebuilders: 0.4%
700,000 Lennar Corp. Sr. 0.000% 7/29/18 288,533
--------------------------------------------------------------------------------
Industrials: 1.0%
150,000 Burlington Industries, Inc. 7.250% 9/15/05 102,000
750,000 Glencore Nickel Pty., Ltd. Sr. 9.000% 12/1/14 622,500
------------
724,500
--------------------------------------------------------------------------------
Oil: 0.6%
250,000 Clark Refining & Marketing,
Inc. Sr. 8.375% 11/15/07 196,250
250,000 Clark Refining & Marketing,
Inc. Sr. 8.625% 8/15/08 196,250
------------
392,500
--------------------------------------------------------------------------------
Oil & Gas Exploration: 2.1%
475,000 Chesapeake Energy Corp. Sr.
Ser. B 7.875% 3/15/04 439,375
200,000 Chesapeake Energy Corp. Sr.
Ser. B 8.500% 3/15/12 163,000
200,000 +Chesapeake Energy Corp. Sr.
Ser. B 9.625% 5/1/05 195,500
252,000 (S)++Hvide Marine, Inc. Sr.
144AA 12.500% 6/30/07 221,760
250,000 Ocean Energy, Inc. Sr. Ser. B 8.250% 7/1/18 230,000
250,000 Seagull Energy Corp. Sr. 7.500% 9/15/27 208,125
------------
1,457,760
--------------------------------------------------------------------------------
Oil-Equipment & Services: 4.1%
1,510,000 Pioneer Natural Resources
Co. Ser. A 7.200% 1/15/28 1,147,600
500,000 Pioneer Natural Resources
Co. Sr. 6.500% 1/15/08 432,195
300,000 R & B Falcon Corp. Ser. B 7.375% 4/15/18 243,000
200,000 R & B Falcon Corp. Sr. Ser. B 6.500% 4/15/03 184,000
925,000 R & B Falcon Corp. Sr. Ser. B 6.750% 4/15/05 820,937
------------
2,827,732
--------------------------------------------------------------------------------
Real Estate: 1.5%
200,000 HMH Properties, Inc. Sr.
Ser. C 8.450% 12/1/08 185,000
660,000 Meditrust Corp. 7.000% 8/15/07 442,200
150,000 Trinet Corporate Realty Trust,
Inc. 7.700% 7/15/17 106,401
350,000 Trinet Corporate Realty Trust,
Inc. 7.950% 5/15/06 297,394
------------
1,030,995
--------------------------------------------------------------------------------
Retail Trade: 1.0%
100,000 Dillon Reed Structured
Finance Corp. Ser. 93-K1 A2 7.430% 8/15/18 76,475
100,000 Dillon Reed Structured
Finance Corp. Ser. 94-K1 A2 8.375% 8/15/15 86,526
200,000 Musicland Group, Inc. Sr. 9.875% 3/15/08 160,000
600,000 Woolworth Corp. 8.500% 1/15/22 402,000
------------
725,001
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 10.5%
150,000 Focal Communications Corp.
Sr. 11.875% 1/15/10 150,750
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: (Continued)
$ 650,000 Intermedia Communications,
Inc. Sr. 8.500% 1/15/08 $ 594,750
250,000 Intermedia Communications,
Inc. Sr. 8.600% 6/1/08 230,000
350,000 #Intermedia Communications, 0%/
Inc. Sr. 12.250% 3/1/09 210,875
250,000 Intermedia Communications,
Inc. Sr. Ser. B 8.875% 11/1/07 233,750
650,000 Level 3 Communications, Inc.
Sr. 1.000% 12/1/08 394,875
800,000 ++Level 3 Communications, Inc.
Sr. 144A 1.000% 3/15/10 438,000
250,000 ++Level 3 Communications, Inc.
Sr. 144A 11.250% 3/15/10 224,355
500,000 #Mccaw International Ltd. Sr. 0%/
13.000% 4/15/07 367,500
250,000 #Nextel International, Inc. Sr. 0%/
12.250% 4/15/08 163,750
500,000 Nextlink Communications, 0%/
Inc. Sr. 9.450% 4/15/08 312,500
400,000 #Nextlink Communications, 0%/
Inc. Sr. 12.250% 12/1/09 232,000
1,000,000 #NTL Communications Corp. 0%/
Sr. Ser. B 11.500% 11/15/09 505,991
600,000 NTL, Inc. Sr. 1.000% 4/1/08 375,000
415,000 #RCN Corp. Sr. 0%/
11.000% 7/1/08 231,363
1,170,000 #RCN Corp. Sr. Ser. B 0%/
9.800% 2/15/08 646,425
500,000 #RCN Corp. Sr. Ser. B 0%/
11.125% 10/15/07 312,500
1,200,000 #Rhythms NetConnections, 0%/
Inc. Sr. 13.500% 5/15/08 474,000
875,000 #TeleCorp PCS, Inc. Sr. 0%/
11.625% 4/15/09 570,937
1,000,000 #Teligent, Inc. Sr. 0%/
11.500% 3/1/08 467,500
200,000 #Triton PCS, Inc. Sr. 0%/
11.000% 5/1/08 144,000
------------
7,280,821
--------------------------------------------------------------------------------
Textiles & Apparel: 0.9%
300,000 Phillips-Van Heusen Corp. 7.750% 11/15/23 220,500
1,150,000 Pillowtex Corp. Sr. Ser. B 9.000% 12/15/07 408,250
------------
628,750
--------------------------------------------------------------------------------
Transportation: 0.3%
450,000 American President Cos., Ltd.
Sr. 8.000% 1/15/24 180,000
--------------------------------------------------------------------------------
Transportation-Shipping: 0.2%
500,000 (S)TBS Shipping International,
Ltd. 10.000% 5/1/05 165,000
--------------------------------------------------------------------------------
Utilities-Electric: 1.0%
300,000 AES Corp. Sr. 8.375% 8/15/07 273,000
500,000 AES Corp. Sr. 8.875% 11/1/27 410,000
------------
683,000
--------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $23,445,130) ............................... 21,397,477
------------
--------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 17.3%
--------------------------------------------------------------------------------
250,000 ++APP China Group Ltd. Sr.
144A 14.000% 3/15/10 157,500
650,000 Bangko Sentral Philipinas 8.600% 6/15/27 461,500
750,000 ++Bangkok Bank Public Ltd.
144A 9.025% 3/15/29 562,500
400,000 #Call-Net Enterprises, Inc. Sr. 0%/
9.270% 8/15/07 188,000
1,000,000 Call-Net Enterprises, Inc. Sr. 1.000% 8/15/08 405,000
150,000 #Clearnet Communications, 0%/
Inc. 10.750% 2/15/09 56,503
1,840,000 #Clearnet Communications, 0%/
Inc. Sr. 10.400% 5/15/08 752,162
675,000 #Clearnet Communications, 0%/
Inc. Sr. 11.750% 8/13/07 315,836
700,000 +Compania De Alimentos
Fargo SA Sr. 13.250% 8/1/08 598,500
500,000 #Dolphin Telecommunications 0%/
PLC 11.625% 6/1/08 158,242
200,000 Dolphin Telecommunications
PLC Sr. 11.500% 6/1/08 75,000
1,350,000 Espirito Santo Centrais
Eletriciadad Sr. 10.000% 7/15/07 1,053,000
300,000 Grupo Iusacell SA de CV Sr. 14.250% 12/1/06 313,500
250,000 ++Hyundai Motor Co. 144A 7.600% 7/15/07 228,280
500,000 Jazztel PLC 13.250% 12/15/09 441,310
417,138 Korea Electric Power Corp. 7.400% 4/1/16 380,217
1,700,000 #Microcell
Telecommunications Sr. 0%/
Ser. B 11.125% 10/15/07 758,108
325,000 Multicanal SA Ser. C 10.500% 4/15/18 243,750
250,000 Murrin Murrin Hldgs. Pty.,
Ltd. Sr. 9.375% 8/31/07 216,250
700,000 Philippine Long Distance
Telephone Co. 8.350% 3/6/17 468,376
200,000 (S)Pindo Deli Finance Mauritius
Ltd. Sr. 10.875% 10/1/27 98,000
400,000 Quezon Power Philippines
Co. Sr. 8.860% 6/15/17 316,000
610,000 Rogers Communications, Inc.
Sr. 8.750% 7/15/07 414,223
150,000 Rogers Communications, Inc.
Sr. 10.500% 2/14/06 110,224
700,000 ++Siam Commercial Bank
Public Co., Ltd. Sub. 144A 7.500% 3/15/06 581,000
150,000 Southern Peru Copper Corp.
Ser. A1 7.900% 5/30/07 138,210
1,350,000 ++Tenaga Nasional
Berhad 144A 7.500% 11/1/25 1,082,970
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: (Continued)
--------------------------------------------------------------------------------
$ 600,000 #TFM SA de CV Sr. 0%/
11.750% 6/15/09 $ 411,000
650,000 ++Thai Fmrs Bank Public, Ltd.
Sub. 144A 8.250% 8/21/16 494,000
600,000 Tjiwi Kimia Mauritius Ltd. Sr. 10.000% 8/1/04 393,000
200,000 ++Total Access Communication
Public Ltd. 144A 8.375% 11/4/06 169,000
--------------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $12,770,004) ............................... 12,041,161
------------
--------------------------------------------------------------------------------
YANKEE BONDS: 9.5%
--------------------------------------------------------------------------------
500,000 #Barak I.T.C. Sr. 0%/
12.500% 11/15/07 258,750
150,000 ++Cerro Negro Finance Ltd.
144A 7.900% 12/1/20 121,755
550,000 +Federative Republic of Brazil 10.125% 5/15/27 433,125
1,077,481 Federative Republic of Brazil
PIK 8.000% 4/15/14 790,656
1,187,500 (S)Ivory Coast, Inc. 1.000% 3/31/18 201,875
150,000 +Petroleos Mexicanos 9.250% 3/30/18 141,750
350,000 Petroleos Mexicanos 9.500% 9/15/27 340,375
700,000 +++Petroleos Mexicanos 144A 8.625% 12/1/23 609,000
100,000 +Republic of Argentina 9.750% 9/19/27 78,000
500,000 ++Republic of Argentina 144A 8.875% 3/1/29 332,950
360,000 +Republic of Argentina Ser. L 6.812% 3/31/05 328,500
400,000 #Republic of Ecuador 4.000% 2/28/25 135,000
265,000 +Republic of Panama 8.875% 9/30/27 223,594
800,000 #Republic of Peru 3.750% 3/7/17 483,040
650,000 Republic of South Africa 8.500% 6/23/17 576,875
4,325,000 Republic of South Africa 13.500% 9/15/15 611,938
1,450,000 Republic of Venezuela 9.250% 9/15/27 953,375
--------------------------------------------------------------------------------
TOTAL YANKEE BONDS
(Cost: $7,142,794) ................................ 6,620,558
------------
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.6%
--------------------------------------------------------------------------------
1,140,000 State Street Repurchase
Agreement (U.S. Treasury
Notes collateralized dated
6/30/00 due 02/15/05 @
7.500% with a market value
of $1,177,125) 5.250% 7/3/00 1,140,000
--------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $1,140,000) ................................ 1,140,000
------------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 98.9%
(Cost: $73,862,742) ............................... 68,726,461
OTHER ASSETS LESS LIABILITIES 1.1% ................ 794,671
------------
TOTAL NET ASSETS: 100.0% .......................... $ 69,521,132
============
--------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
(S) Illiquid Security.
++ Restricted security.
+ Securities on loan.
# 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.
PIK Payment In Kind
SECURITIES ON LOAN: (Note 7)
As of June 30, 2000, the market value of securities loaned was $1,303,064 with
collateral backing valued at $1,284,935.
RESTRICTED SECURITIES: (Note 2)
The aggregate value of restricted securities at June 30, 2000 was $8,134,013 or
11.70% of the Loomis Sayles High Yield Bond Portfolio's net assets.
ILLIQUID SECURITIES: (Note 2)
--------------------------------------------------------------------------------
ACQUISITION ACQUISITION VALUATION AS
ISSUE DATE COST OF 6/30/2000
--------------------------------------------------------------------------------
Advantica Restaurant Group, Inc. 3/4/97 $20,258 1,644
Broadband Technologies, Inc.
Sub. 6/13/97-7/30/97 366,400 240,000
Cray Research, Inc. Sub. 7/22/97-7/24/97 121,363 93,775
CML Group, Inc. 144A 4/14/98 30,875 32
CML Group, Inc. Sub. 12/1/97 150,500 126
Einstein/Noah Bagel Corp. Sub. 10/7/97-11/24/97 264,750 149,500
Hvide Marine, Inc. 1/26/00-1/28/00 1,156,922 114,932
Hvide Marine, Inc. Sr. 144A 12/14/99 226,800 221,760
Hvide Marine, Inc. (Wts.) 12/14/99 0 3,557
Hvide Marine, Inc. (Wts.) 1/26/00 0 1,304
Loxley PLC 3/24/97-2/12/98 67,750 33,000
Pindo Deli Finance Mauritius Ltd. 3/30/98 185,529 98,000
TBS Shipping International Ltd. 4/29/98 466,690 165,000
Thermo Terratech, Inc. Sub. 144A 3/25/98 138,000 133,500
The aggregate value of illiquid securities at June 30, 2000 was $1,256,130 or
1.81% of the Loomis Sayles High Yield Bond Portfolio's net assets.
See Notes to Financial Statements.
MSF-43
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) ..........................$ 68,726,461
Cash ......................................................... 803
Foreign currencies held at value (2) ......................... --
Receivable for investment securities sold .................... 101,640
Receivable for fund shares sold .............................. --
Receivable for dividends and interest ........................ 1,273,838
Daily variation on futures contracts (Note 11) ............... --
Unrealized appreciation on forward contracts (Note 10) ....... --
Collateral for securities loaned (Note 7) .................... 1,284,935
Other assets ................................................. --
-------------
Total Assets ............................................ 71,387,677
-------------
LIABILITIES:
Payable for investment securities purchased .................. 471,218
Payable for capital stock repurchased ........................ 57,819
Unrealized depreciation on forward contracts (Note 10) ....... --
Return of collateral for securities loaned (Note 7) .......... 1,284,935
Bank overdraft ............................................... --
Accrued investment management fee (Note 3) ................... 39,219
Accrued expenses and other liabilities ....................... 13,354
-------------
Total Liabilities ....................................... 1,866,545
-------------
NET ASSETS: ....................................................... $69,521,132
=============
COMPOSITION OF NET ASSETS:
Paid-in-capital $73,476,197
Undistributed (overdistributed net investment income
(loss) 3,144,381
Net unrealized appreciation (depreciation) (5,136,410)
Accumulated net realized gain (loss) (1,963,036)
-------------
Net Assets $69,521,132
=============
Shares Outstanding 7,410,382
=============
Net Asset Value Per Share $ 9.38
=============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ..........................................$ 73,862,742
(2) Cost of foreign currency ...................................... 389,852
See Notes to Financial Statements
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ....................................... $ 3,303,464
Dividends (Note 1B) .......................................... 136,355
-------------
Total Investment Income, Net of Withholding Taxes (2) ........ 3,439,819
-------------
EXPENSES:
Investment management fee (Note 3A) .......................... 229,431
Printing and distribution fees ............................... 5,025
Custodian and transfer agent fees ............................ 45,940
Audit and tax service fees ................................... 6,326
Directors fees ............................................... 3,864
Insurance fees ............................................... 1,854
Other operating expenses ..................................... 2,366
-------------
Total expenses before reimbursement / reduction .............. 294,806
Less: expense reimbursement .................................. --
expense reduction (Note 1H) ............................ --
-------------
Net expenses ................................................. 294,806
-------------
Net Investment Income (Loss) ............................ 3,145,013
-------------
NET REALIZED GAIN (LOSS) ON:
Investments .................................................. 805,849
Foreign currency transactions ................................ (13,433)
Futures contracts ............................................ --
-------------
Net Realized Gain (Loss) ................................ 792,416
-------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency
holdings and futures contracts (Notes 8,10,11) ............. (3,230,042)
End of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) ...................... (5,136,410)
-------------
Net Unrealized Appreciation (Depreciation) .............. (1,906,368)
-------------
Net Increase (Decrease) in Net Assets Resulting From
Operations ............................................ $ 2,031,061
=============
--------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned ................................... $ 2,936
(2) Withholding taxes ............................................. 2,162
MSF-44
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND PORTFOLIO JUNE 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS SIX MONTHS
-------------------------------------------------------------------------------- ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
------------- ------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) ....................................................................... $ 3,145,013 $ 4,881,740
Net realized gain (loss) from investments, foreign currency holdings and futures contracts ......... 792,416 (2,502,716)
Unrealized appreciation (depreciation) of investments, foreign currency holdings and
futures contracts .................................................................................. (1,906,368) 5,881,162
------------- ------------
Net increase (decrease) in net assets resulting from operations .................................... 2,031,061 8,260,186
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income .............................................................................. -- (4,840,813)
Net realized gain from investment transactions ..................................................... -- (8,037)
------------- ------------
Total Distributions (Note 4) ....................................................................... -- (4,848,850)
------------- ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares ................................................................... 7,538,368 15,918,866
Net asset value of shares issued to shareholders in reinvestment of distributions .................. -- 4,848,850
Shares redeemed .................................................................................... (1,749,666) (4,880,674)
------------- ------------
Net Capital Stock Transactions (Note 9) ............................................................ 5,788,702 15,887,042
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS .............................................................. 7,819,763 19,298,378
NET ASSETS: Beginning of period .................................................................... 61,701,369 42,402,991
------------- ------------
NET ASSETS: End of period .......................................................................... $69,521,132 $61,701,369
============= ============
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE SIX MONTHS YEAR ENDED DECEMBER 31,
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) ENDED ------------------------------
JUNE 30, 2000
(UNAUDITED) 1999 1998 1997(4)
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ................................................. $ 9.09 $ 8.39 $ 10.14 $ 10.00
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ........................................................... 0.42 0.80 0.88 0.35
Net realized and unrealized gain (loss) ......................................... (0.13) 0.69 (1.65) 0.26
------ ------ ------- -------
Total From Investment Operations ................................................ 0.29 1.49 (0.77) 0.61
------ ------ ------- -------
Less Distributions:
Dividends from net investment income ............................................ -- (0.79) (0.89) (0.35)
Distributions from net realized capital gains ................................... -- --(3) (0.09) (0.12)
------ ------ ------- -------
Total Distributions ............................................................. -- (0.79) (0.98) (0.47)
------ ------ ------- -------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ....................................................... $ 9.38 $ 9.09 $ 8.39 $ 10.14
------------------------------------------------------------------------------------------------------------------------------------
Total Return .................................................................... 3.19% 17.82% (7.51)% 6.18%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ............................................. $69,521 $61,701 $42,403 $27,804
Net expenses to average net assets (note 3)(1) .................................. 0.90% 0.93% 0.87% 0.83%
Operating expenses to average net assets before voluntary expense reimbursements
(note 3)(1) ..................................................................... 0.90% 0.94% 1.05% 1.35%
Net investment income to average net assets (1) ................................. 9.57% 9.49% 10.41% 7.04%
Net investment income to average net assets before voluntary expense reimbursements
(note 3)(1) ..................................................................... 9.57% 9.48% 10.23% 6.52%
Portfolio Turnover (2) .......................................................... 40.94% 27.75% 46.02% 39.26%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 June 30, 2000 amounted to 21,722,358
and 13,072,056, respectively.
(3) Less than .005 per share.
(4) Ratios for the period March 3, 1997 to December 31, 1997 have been
determined on annualized operating results.
See Notes to Financial Statements.
MSF-45
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 93.2%
--------------------------------------------------------------------------------
Biotechnology: 7.1%
588,075 *+CuraGen Corp. $ 22,401,982
391,215 *+Human Genome Sciences, Inc. 52,166,075
274,480 *+Maxygen, Inc. 15,525,275
604,665 *Medarex, Inc. 51,113,088
474,732 *MedImmune, Inc. 35,115,333
--------------
176,321,753
--------------------------------------------------------------------------------
Broadcasting: 8.3%
357,960 *AMFM, Inc. 24,699,240
526,860 *Citadel Communications Corp. 18,390,707
1,159,775 *Cox Radio, Inc. Cl. A 32,473,700
611,005 *+Entercom Communications Corp. 29,786,494
1,258,050 *Hispanic Broadcasting Corp. 41,672,906
792,590 *Radio One, Inc. Cl. A 23,480,479
1,585,180 *+Radio One, Inc. Cl. D 35,072,107
--------------
205,575,633
--------------------------------------------------------------------------------
Business Services: 8.5%
1,176,560 *+Lamar Advertising Co. Cl. A 50,996,523
2,540,208 Paychex, Inc. 106,688,736
729,370 *TMP Worldwide, Inc. 53,813,830
--------------
211,499,089
--------------------------------------------------------------------------------
Computer Equipment & Service: 13.0%
162,860 *Brocade Communications Systems, Inc 29,839,006
836,005 *CNET Networks, Inc. 20,508,248
615,830 *+DoubleClick, Inc. 23,478,519
760,400 *Exodus Communications, Inc. 35,049,687
1,835,275 *+PSINet, Inc. 46,053,932
38,040 *StorageNetworks, Inc. 3,434,299
320,275 *TriQuint Semiconductor, Inc. 30,636,305
422,647 *VeriSign, Inc. 74,531,113
1,558,260 *Viasystems Group, Inc. 25,224,334
400,075 *Xilinx, Inc. 33,043,694
--------------
321,799,137
--------------------------------------------------------------------------------
Drugs & Health Care: 11.6%
454,590 *Abgenix, Inc. 54,479,770
612,975 *+Andrx Corp. 39,172,934
1,225,988 *+King Pharmaceuticals, Inc. 53,790,202
590,675 *Millennium Pharmaceutical, Inc. 66,063,307
617,650 *+Sepracor, Inc. 74,504,031
--------------
288,010,244
--------------------------------------------------------------------------------
Education: 1.9%
1,718,430 *Apollo Group, Inc. Cl. A 48,062,339
--------------------------------------------------------------------------------
Electronics: 2.6%
866,955 *Vitesse Semiconductor Corp. 63,802,470
--------------------------------------------------------------------------------
Entertainment & Leisure: 3.2%
1,364,420 Premier Parks, Inc. 31,040,555
1,042,640 *SFX Entertainment, Inc. Cl. A 47,244,625
--------------
78,285,180
--------------------------------------------------------------------------------
Financial Services: 0.4%
640,760 *+E*TRADE Group, Inc. 10,552,516
--------------------------------------------------------------------------------
Medical Equipment & Supply: 1.3%
264,635 *MiniMed, Inc. 31,226,930
--------------------------------------------------------------------------------
Oil-Equipment & Services: 1.8%
783,930 *+Hanover Compressor Co. 29,789,340
466,405 *Universal Compression Holdings, Inc. 15,624,567
--------------
45,413,907
--------------------------------------------------------------------------------
Software: 3.9%
269,910 *Inktomi Corp. 31,925,292
558,250 *Liberate Technologies 16,381,148
712,645 *Portal Software, Inc. 45,542,470
142,760 *+TenFold Corp. 2,342,156
--------------
96,191,066
--------------------------------------------------------------------------------
Technology: 5.8%
243,650 *Applied Micro Circuits Corp. 24,060,438
168,085 *Cree, Inc. 22,470,863
478,445 *Integrated Device Technology, Inc. 28,706,700
579,760 *Intersil Holding Corp. Cl. A 31,307,040
294,660 *+MRV Communications, Inc. 19,825,093
490,580 *+priceline.com, Inc. 18,611,379
--------------
144,981,513
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 20.1%
1,399,640 *+American Tower Corp. Cl. A 58,347,492
788,715 *Clearnet Communications, Inc. Cl. A 22,034,725
2,066,665 *+Crown Castle International Corp. 75,368,689
977,475 *+Metromedia Fiber Network, Inc. Cl. A 38,793,539
518,623 *Microcell Telecommunications, Inc. Cl. B 18,816,291
44,655 *Millicom International Cellular SA 1,561,530
484,830 *Net2Phone, Inc. 17,287,220
330,885 *Pinnacle Holdings, Inc. 17,743,708
538,160 *Powertel, Inc. 38,192,543
292,175 *RF Micro Devices, Inc. 25,583,573
335,540 *SDL, Inc. 95,702,299
191,357 *+VoiceStream Wireless Corp. 22,257,211
1,227,170 *Western Wireless Corp. Cl. A 66,842,416
--------------
498,531,236
--------------------------------------------------------------------------------
Utilities-Telephone: 3.7%
1,342,370 *AT&T Canada, Inc. Cl. B 44,466,006
2,256,525 *+McLeodUSA, Inc. 46,752,378
--------------
91,218,384
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $1,955,587,385) .......................... 2,311,471,397
--------------
--------------------------------------------------------------------------------
MSF-46
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 0.0%
--------------------------------------------------------------------------------
$ 257,000 State Street
Repurchase Agreement
(U.S. Treasury Notes
collateralized dated
06/30/00 due
02/15/2005 @ 7.500%
with a market value
of $268,750) 3.500% 7/3/00 $ 257,000
--------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $257,000) ................................. 257,000
---------------
--------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 6.5%
--------------------------------------------------------------------------------
107,000,000 Associates First
Capital Corp. 6.850% 7/3/00 106,959,281
15,000,000 Federal Home Loan
Bank 5.840% 8/14/00 14,882,117
20,000,000 Federal Home Loan
Bank 5.880% 8/30/00 19,804,000
20,000,000 Federal National
Mortgage Association 6.030% 7/24/00 19,918,222
--------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $161,563,620) ............................ 161,563,620
---------------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.7%
(Cost: $2,117,408,005) .......................... 2,473,292,017
OTHER ASSETS LESS LIABILITIES: 0.3% 6,118,197
---------------
TOTAL NET ASSETS: 100.0% ........................ $2,479,410,214
===============
--------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
+ Securities on loan.
SECURITIES ON LOAN: (Note 7)
As of June 30, 2000, the market value of securities loaned was $231,437,850 with
collateral backing valued at $235,652,846.
See Notes to Financial Statements.
MSF-47
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) .......................... $ 2,473,292,017
Cash ......................................................... 420
Foreign currencies held at value (2) ......................... --
Receivable for investment securities sold .................... 5,734,400
Receivable for fund shares sold .............................. 3,756,785
Receivable for dividends and interest ........................ 25
Daily variation on futures contracts (Note 11) ............... --
Unrealized appreciation on forward contracts (Note 10) ....... --
Collateral for securities loaned (Note 7) .................... 235,652,846
Other assets ................................................. --
---------------
Total Assets ................................................ 2,718,436,493
---------------
LIABILITIES:
Payable for investment securities purchased .................. 1,989,331
Payable for capital stock repurchased ........................ --
Unrealized depreciation on forward contracts (Note 10) ....... --
Return of collateral for securities loaned (Note 7) .......... 235,652,846
Bank overdraft ............................................... --
Accrued investment management fee (Note 3) .................. 1,319,451
Accrued expenses and other liabilities ....................... 64,651
---------------
Total Liabilities ........................................... 239,026,279
---------------
NET ASSETS: .................................................. $ 2,479,410,214
===============
COMPOSITION OF NET ASSETS:
Paid-in-capital .............................................. 1,695,405,854
Undistributed (overdistributed) net investment
income (loss) ............................................... (3,708,850)
Net unrealized appreciation (depreciation) .................. 355,884,011
Accumulated net realized gain (loss) ......................... 431,829,199
---------------
Net Assets .................................................. $ 2,479,410,214
===============
Shares Outstanding .......................................... 69,478,712
===============
Net Asset Value Per Share ................................... $ 35.69
===============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ...................................... 2,117,408,005
(2) Cost of foreign currency .................................. --
----------------------------------------
STATEMENT OF OPERATIONS
----------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ....................................... 4,017,322
Dividends (Note 1B) ......................................... 333,661
---------------
Total Investment Income, Net of Withholding Taxes (2) ........ 4,350,983
---------------
EXPENSES:
Investment management fee (Note 3A) .......................... 7,776,070
Printing and distribution fees ............................... 114,073
Custodian and transfer agent fees ............................ 153,477
Audit and tax service fees ................................... 8,131
Directors fees ............................................... 3,864
Insurance fees ............................................... 1,854
Other operating expenses ..................................... 2,364
---------------
Total expenses before reimbursement/reduction ................ 8,059,833
Less: expense reimbursement .................................. --
expense reduction (Note 1H) ................................ --
---------------
Net expenses ................................................. 8,059,833
---------------
Net Investment Income (Loss) ................................ (3,708,850)
---------------
NET REALIZED GAIN (LOSS) ON:
Investments .................................................. 273,618,959
Foreign currency transactions ................................ (240,029)
Futures contracts ............................................ --
---------------
Net Realized Gain (Loss) .................................... 273,378,930
---------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency
holdings and futures contracts (Notes 8,10,11) .............. 731,662,907
End of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) ....................... 355,884,011
---------------
Net Unrealized Appreciation (Depreciation) .................. (375,778,896)
---------------
Net Increase (Decrease) in Net Assets Resulting From
Operations ................................................. (106,108,816)
===============
--------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned ................................ 601,519
(2) Withholding taxes ......................................... --
MSF-48
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO JUNE 30, 2000
--------------------------------------------------------------------------------
----------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
----------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999
------------- ------------
<S> <C> <C>
Increase (Decrease) in Net Assets From:
OPERATIONS:
Net investment income (loss)................................................................... $ (3,708,850) $ (3,593,803)
Net realized gain (loss) from investments, foreign currency holdings and futures contracts..... 273,378,930 247,177,713
Unrealized appreciation (depreciation) of investments, foreign currency holdings and futures
contracts..................................................................................... (375,778,896) 648,972,772
-------------- --------------
Net increase (decrease) in net assets resulting from operations................................ (106,108,816) 892,556,682
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income.......................................................................... -- --
Net realized gain from investment transactions................................................. -- (94,164,203)
-------------- --------------
Total Distributions (Note 4)................................................................... -- (94,164,203)
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares............................................................... 727,583,793 843,906,889
Net asset value of shares issued to shareholders in reinvestment of distributions.............. -- 94,164,203
Shares redeemed................................................................................ (73,861,817) (176,170,428)
-------------- --------------
Net Capital Stock Transactions (Note 9)........................................................ 653,721,976 761,900,664
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS.......................................................... 547,613,160 1,560,293,143
NET ASSETS: Beginning of period................................................................ 1,931,797,054 371,503,911
-------------- --------------
NET ASSETS: End of period...................................................................... $2,479,410,214 $1,931,797,054
============== ==============
</TABLE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED --------------------------------
JUNE 30, 2000
(UNAUDITED) 1999 1998 1997(3)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period.......................................... $ 36.54 $ 17.44 $ 12.77 $ 10.00
----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income........................................................ (0.05) (0.05) (0.02) 0.01
Net realized and unrealized gain (loss)...................................... (0.80) 21.14 4.77 2.81
---------- ---------- -------- --------
Total From Investment Operations............................................. (0.85) 21.09 4.75 2.82
---------- ---------- -------- --------
Less Distributions:
Dividends from net investment income......................................... -- -- -- (0.01)
Distributions from net realized capital gains................................ -- (1.99) (0.08) (0.04)
---------- ---------- -------- --------
Total Distributions.......................................................... -- (1.99) (0.08) (0.05)
---------- ---------- -------- --------
----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period................................................ $ 35.69 $ 36.54 $ 17.44 $ 12.77
----------------------------------------------------------------------------------------------------------------------------------
Total Return................................................................. (2.33)% 122.92% 37.19% 28.22%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's).......................................... $2,479,410 $1,931,797 $371,504 $103,852
Net expenses to average net assets (note 3) (1).............................. 0.69% 0.71% 0.81% 0.85%
Operating expenses to average net assets before voluntary expense
reimbursements (note 3) (1)................................................. NA NA NA 0.99%
Net investment income to average net assets (1).............................. (0.32)% (0.41)% (0.22)% 0.10%
Net investment income to average net assets before voluntary
expense reimbursements (note 3) (1)......................................... NA NA NA (0.40)%
Portfolio Turnover (2)....................................................... 153.78% 103.28% 106.66% 74.70%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 June 30, 2000 amounted to $2,218,642,441 and
$1,725,411,934, respectively.
(3) Ratios for the period March 3, 1997 to December 31, 1997 have been
determined on annualized operating results.
See Notes to Financial Statements.
MSF-49
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 96.3%
--------------------------------------------------------------------------------
Aerospace & Defense: 0.2%
20,400 *Triumph Group, Inc. $ 568,650
--------------------------------------------------------------------------------
Automotive: 0.7%
40,100 *Gentex Corp. 1,005,006
58,500 *Group 1 Automotive, Inc. 702,000
52,200 *+O' Reilly Automotive, Inc. 719,381
-----------
2,426,387
--------------------------------------------------------------------------------
Banking: 1.9%
36,200 Bank United Corp. Cl. A 1,279,444
32,300 City National Corp. 1,122,425
31,934 Commerce Bancorp, Inc. 1,468,964
62,800 +Community First Bankshares 1,026,387
42,700 +National Commerce Bancorp 687,203
42,000 *Southwest Bancorporation of Texas, Inc. 874,125
49,500 Sterling Bancshares, Inc. 536,766
-----------
6,995,314
--------------------------------------------------------------------------------
Biotechnology: 2.5%
19,100 *Aurora Biosciences Corp. 1,298,203
7,200 *+Cell Genesys, Inc. 201,825
21,600 *+Collateral Therapeutics, Inc. 548,100
26,500 *Enzon, Inc. 1,125,422
2,200 *Imclone Systems, Inc. 168,231
15,300 *+Invitrogen Corp. 1,150,847
10,900 *Lynx Therapeutics, Inc. 519,453
5,200 *Protein Design Labs, Inc. 857,188
65,900 *Serologicals Corp. 331,559
22,200 *Techne Corp. 2,908,200
3,500 *+Transkaryotic Therapies, Inc. 128,516
-----------
9,237,544
--------------------------------------------------------------------------------
Broadcasting: 2.7%
53,100 *Cox Radio, Inc. Cl. A 1,486,800
53,000 *Emmis Communications Corp. Cl. A 2,194,531
18,300 *+Entercom Communications Corp. 892,125
14,700 *Hispanic Broadcasting Corp. 486,938
34,700 *Insight Communications, Inc. Cl. A 543,272
22,800 *+Pegasus Communications Corp. Cl. A 1,116,487
9,800 *Radio One, Inc. Cl. A 290,325
6,800 *+Radio One, Inc. Cl. D(non-vtg.) 150,450
48,700 *Regent Communications, Inc. 417,755
24,900 *Time Warner Telecom, Inc. Cl. A 1,606,050
11,544 *USA Networks, Inc. 250,000
14,700 *Westwood One, Inc. 501,637
-----------
9,936,370
--------------------------------------------------------------------------------
Building & Construction: 0.4%
49,600 *Insituform Technologies, Inc. Cl. A 1,356,250
--------------------------------------------------------------------------------
Business Services: 7.3%
11,700 *+24/7Media, Inc. 182,447
31,400 *+Advance Paradigm, Inc. 636,831
12,800 *Affiliated Computer Services, Inc. Cl. A 423,200
27,600 *+American Management Systems, Inc. 905,625
10,400 *Bisys Group, Inc. 642,850
31,100 *Bright Horizons Family Solutions 663,791
34,000 *+Brio Technology, Inc. 723,562
10,800 *+Catalina Marketing Corp. 1,101,600
21,300 *ChoicePoint, Inc. 947,850
11,000 *Cobalt Group, Inc. 75,797
12,100 *Cognizant Technology Solutions Cl. A 401,191
9,100 *Consolidated Graphics, Inc. 85,313
32,000 *Diamond Technology Partners, Inc. Cl. A 2,815,000
14,400 *Digital River, Inc. 110,475
900 *Echelon Corp. 52,341
45,800 *eLoyalty Corp. 581,087
17,000 *Exchange Applications, Inc. 451,563
33,200 *F.Y.I., Inc. 1,116,350
47,600 FactSet Research Systems, Inc. 1,344,700
16,600 Fair Issac& Co., Inc. 730,400
11,300 G&K Services, Inc. Cl. A 282,853
28,600 *+Getty Images, Inc. 1,060,881
10,900 *+GoTo.com, Inc. 167,247
25,700 *+Heidrick & Struggles International, Inc. 1,621,509
58,000 Hooper Holmes, Inc. 464,000
40,800 *infoUSA, Inc. 264,563
6,900 *Interim Services, Inc. 122,475
20,500 *kforce.com, Inc. 141,578
16,300 *L90, Inc. 169,622
6,500 *+Lamar Advertising Co. Cl. A 281,734
7,400 *Loislaw.com, Inc. 61,975
16,500 *+Media Metrix, Inc. 419,203
30,250 *Meta Group 591,766
63,100 *Modis Professional Services, Inc. 560,012
5,500 *MyPoints.com 104,500
36,200 *Nielson (A.C.) Corp. 796,400
41,900 *Professional Staff PLC ADR 192,478
25,000 *+Profit Recovery Group International, Inc. 414,844
21,250 *Quanta Services, Inc. 1,168,750
23,100 *+RentWay, Inc. 674,231
3,500 *S1 Corp. 81,703
49,113 *Tetra Tech, Inc. 1,124,995
15,400 *+Trimeris, Inc. 1,077,519
46,200 *+U.S. Interactive, Inc. 599,156
58,000 *+Zomax Optical Media, Inc. 759,437
-----------
27,195,404
--------------------------------------------------------------------------------
Chemicals: 1.2%
34,900 Cabot Corp. 951,025
25,000 Cambrex Corp. 1,125,000
51,100 *Catalytica, Inc. 560,503
28,746 *NOVA Corp. 803,091
21,500 OM Group, Inc. 946,000
12,400 *Sybron International Corp. 245,675
-----------
4,631,294
--------------------------------------------------------------------------------
MSF-50
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Computer Equipment & Service: 7.8%
41,800 *Actuate Corp. $ 2,229,769
55,700 *Advanced Digital Information Corp. 885,978
4,288 * +Akamai Technologies, Inc. 509,066
32,100 * +Ancor Communications, Inc. 1,148,578
12,100 * +Ciber, Inc. 160,325
22,100 * +Concord Communications, Inc. 905,409
10,900 *Concurrent Computer Corp. 142,722
45,700 *CyberSource Corp. 632,659
23,200 *Dendrite International, Inc. 773,575
13,700 *Emulex Corporation 899,491
3,600 *Extended Systems, Inc. 345,825
9,900 * +F5 Networks, Inc. 540,478
6,600 *Global Imaging Systems, Inc. 69,094
14,600 * +GlobeSpan. Inc. 1,778,919
15,400 *Go2Net, Inc. 774,331
28,100 *LTX Corp. 982,622
8,140 *MedQuist, Inc. 277,778
31,400 *Mercury Computer Systems, Inc. 1,016,575
12,400 * +MIPS Technologies, Inc. Cl. A 526,613
24,400 * +MMC Networks, Inc. 1,305,400
32,600 * +MTI Technology Corp. 261,819
23,700 National Computer Systems, Inc. 1,166,484
19,700 *Netopia, Inc. 792,309
13,700 *Network Peripherals, Inc. 229,047
16,770 *PSINet, Inc. 420,822
27,250 *Radiant Systems, Inc. 651,445
16,700 * +Rhythms NetConnections, Inc. 209,794
24,000 *RSA Security, Inc. 1,666,500
71,700 *S3, Inc. 1,050,853
23,800 *SanDisk Corp. 1,457,006
10,100 *Titan Corp. 451,975
44,950 * +USinternetworking, Inc. 917,261
25,400 * +Xceed, Inc. 230,981
52,400 * +Xircom, Inc. 2,490,638
27,130 *Zebra Technologies Corp. Cl. A 1,197,111
-------------
29,099,252
--------------------------------------------------------------------------------
Construction & Mining Equipment: 0.1%
26,200 *Terex Corp. 370,075
--------------------------------------------------------------------------------
Construction Materials: 0.4%
12,500 Carlisle Companies, Inc. 562,500
9,400 +Elcor Chemical Corp. 216,200
15,500 *Simpson Manufacturing, Inc. 741,094
-------------
1,519,794
--------------------------------------------------------------------------------
Consumer Products: 0.2%
41,100 * +Rayovac Corp. 919,613
--------------------------------------------------------------------------------
Drugs & Health Care: 5.9%
13,600 * +Andrx Corp. 869,125
12,700 * +Cephalon, Inc. 772,319
25,300 Dentsply International, Inc. 778,766
16,600 *Enzo Biochem, Inc. 1,145,400
8,700 *Express Scripts, Inc. Cl. A 536,953
6,500 *Forest Laboratories, Inc. 656,500
8,500 *Incyte Genomics, Inc. 698,328
18,750 Jones Pharma, Inc. 748,242
36,519 * +King Pharmaceuticals, Inc. 1,602,271
18,900 *KV Pharmaceutical Co. Cl. A 500,850
32,200 *Lincare Holdings, Inc. 791,919
72,200 Mentor Corp. 1,960,681
87,900 Omnicare, Inc. 796,594
24,350 *Patterson Dental Co. 1,239,567
14,700 *Priority Healthcare Corp. Cl. B 1,090,097
21,500 *Province Healthcare Co. 776,016
53,100 *Renal Care Group, Inc. 1,299,291
30,062 *Shire Pharmaceuticals Group PLC ADR 1,561,345
51,900 *Triangle Pharmaceuticals, Inc. 476,831
24,800 *Universal Health Services, Inc. Cl. B 1,624,400
24,000 * +Vical, Inc. 460,500
14,700 * +ViroPharma, Inc. 230,606
12,700 *Watson Pharmaceuticals, Inc. 682,625
22,000 *Wesley Jessen VisionCare, Inc. 827,062
-------------
22,126,288
--------------------------------------------------------------------------------
Education: 0.8%
31,300 *DeVry, Inc. 827,494
37,400 *Learning Tree International, Inc. 2,301,268
-------------
3,128,762
--------------------------------------------------------------------------------
Electrical Equipment: 3.5%
18,800 * +Advanced Energy Industries, Inc. 1,108,025
10,200 *American Power Conversion Corp. 415,969
10,800 *Anadigics, Inc. 368,212
51,000 *Artesyn Technologies, Inc. 1,421,625
36,300 Cohu, Inc. 978,965
18,800 *Mettler-Toledo International, Inc. 752,000
20,900 * +Optical Cable Corp. 625,694
39,700 *Pericom Semiconductor Corp. 2,720,691
11,200 *Power-One, Inc. 1,275,750
3,400 *Supertex, Inc. 170,956
24,200 Technitrol, Inc. 2,344,375
62,100 Watsco, Inc. 776,250
-------------
12,958,512
--------------------------------------------------------------------------------
Electronics: 12.6%
44,200 *Alpha Industries, Inc. 1,948,944
11,900 * +American Xtal Technology, Inc. 514,303
24,600 *Amphenol Corp. Cl. A 1,628,212
24,000 *Andrew Corp. 806,250
6,311 *Applied Materials, Inc. 572,132
26,600 *Applied Science & Technology, Inc. 684,119
17,400 *Aspen Technology, Inc. 672,075
34,400 *Asyst Technologies, Inc. 1,171,750
47,700 *ATMI, Inc. 2,216,559
18,500 * +Benchmark Electronics, Inc. 676,406
MSF-51
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Electronics: (Continued)
33,225 *Burr-Brown Corp. $ 2,880,192
7,400 *Checkpoint Systems, Inc. 55,500
33,000 *Commscope, Inc. 1,353,000
26,500 CTS Corp. 1,192,500
32,600 *Cymer, Inc. 1,552,575
28,700 Dallas Semiconductor Corp. 1,169,525
42,600 *Dionex Corp. 1,155,525
10,700 *Electronics for Imaging, Inc. 270,175
17,300 *Exar Corp. 1,509,966
18,400 *International Rectifier Corp. 1,030,400
3,500 *Jabil Circuit, Inc. 173,688
45,600 *KEMET Corp. 1,142,850
25,900 *Kopin Corp. 1,792,766
32,000 *+Lattice Semiconductor Corp. 2,213,000
5,400 *Maxim Integrated Products, Inc. 366,694
49,800 *Micrel, Inc. 2,164,744
16,200 *Microchip Technology, Inc. 945,675
26,000 *Novellus Systems, Inc. 1,471,437
22,300 *Plexus Corp. 2,520,597
11,400 *PMC-Sierra, Inc. 2,025,281
7,400 *QLogic Corp. 489,556
5,400 *+Sanmina Holdings, Inc. 461,531
31,100 *+Semtech Corp. 2,355,825
3,600 *Spectra-Physics Lasers, Inc. 250,313
5,300 *Teradyne, Inc. 389,550
29,400 *TranSwitch Corp. 2,270,231
17,600 *TriQuint Semiconductor, Inc. 1,683,550
10,600 *Varian Semiconductor Equipment 666,144
Associates, Inc.
4,400 *Vitesse Semiconductor Corp. 323,812
-------------
46,767,352
--------------------------------------------------------------------------------
Entertainment & Leisure: 2.0%
62,300 *+IMAX Corp. 1,413,431
21,900 International Speedway Corp. Cl. A 910,903
33,000 *LodgeNet Entertainment Corp. 804,375
20,700 *Macrovision Corp. 1,322,860
24,700 *Premier Parks, Inc. 561,925
39,000 *SCP Pool Corp. 911,625
46,100 *THQ, Inc. 557,522
71,800 *Topps Company, Inc. 818,969
30,500 *YouthStream Media Networks 178,234
-------------
7,479,844
--------------------------------------------------------------------------------
Financial Services: 2.9%
32,700 *Affiliated Managers Group, Inc. 1,487,850
43,700 *AmeriCredit Corp. 742,900
3,237 Heller Financial, Inc. Cl. A 66,358
40,700 *Investment Technology Group, Inc. 1,732,294
33,000 Investors Financial Services Corp. 1,310,719
23,366 Legg Mason, Inc. 1,168,300
24,150 Metris Cos., Inc. 606,769
13,200 Nationwide Financial Services, Inc. Cl.A 433,950
45,800 *+NCO Group, Inc. 1,060,556
64,100 Waddell & Reed Financial, Inc. Cl. A 2,103,281
-------------
10,712,977
--------------------------------------------------------------------------------
Food & Beverages: 0.5%
37,800 *+Hain Celestial Group, Inc. 1,387,969
10,900 *+Smithfield Foods, Inc. 305,881
-------------
1,693,850
--------------------------------------------------------------------------------
Homebuilders: 0.1%
21,900 Kaufman & Broad Home Corp. 433,894
--------------------------------------------------------------------------------
Hospital Management: 0.4%
18,500 *First Health Group Corp. 610,500
43,500 *+Lifepoint Hospitals, Inc. 973,312
-------------
1,583,812
--------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 0.2%
15,000 Ethan Allen Interiors, Inc. 360,000
14,700 *Furniture Brands International, Inc. 222,338
-------------
582,338
--------------------------------------------------------------------------------
Industrial Components & Material: 0.7%
35,000 *+Maverick Tube Corp. 1,017,187
41,300 Pentair, Inc. 1,466,150
-------------
2,483,337
--------------------------------------------------------------------------------
Insurance: 1.2%
24,400 Annuity & Life Re (Holdings) Ltd. 590,937
3,600 Brown & Brown, Inc. 187,200
7,300 *Medical Assurance, Inc. 82,125
21,400 PMI Group, Inc. 1,016,500
17,700 Protective Life Corp. 471,263
30,785 Radian Group, Inc. 1,593,124
13,600 Stancorp Financial Group, Inc. 436,900
-------------
4,378,049
--------------------------------------------------------------------------------
Lease Rental Obligations: 0.1%
29,400 *Avis Rent A Car, Inc. 551,250
--------------------------------------------------------------------------------
Medical Equipment & Supply: 3.2%
25,400 *+APA Optics, Inc. 363,537
25,000 *Cognex Corp. 1,292,969
58,400 *CONMED Corp. 1,503,800
19,700 *CYTYC Corp. 1,050,872
40,500 Datascope Corp. 1,458,000
24,900 *ICU Medical, Inc. 664,519
18,400 *+Inhale Therapeutic Systems 1,867,025
7,400 *+Molecular Devices Corp. 511,756
19,800 *+PolyMedica Corp. 856,969
51,700 *+ResMed, Inc. 1,382,975
59,100 *Theragenics Corp. 506,044
9,300 *ZOLL Medical Corp. 456,281
-------------
11,914,747
--------------------------------------------------------------------------------
Mining: 0.1%
9,900 *Stillwater Mining Co. 275,963
--------------------------------------------------------------------------------
MSF-52
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Newspapers: 0.1%
21,300 Harte-Hanks Communications $ 532,500
--------------------------------------------------------------------------------
Office & Business Equipment: 0.8%
2,200 *Black Box Corp. 174,144
28,625 *+Cybex Computer Products Corp. 1,206,723
20,575 Symbol Technologies, Inc. 1,111,050
9,100 *Tech Data Corp. 396,134
-------------
2,888,051
--------------------------------------------------------------------------------
Oil & Gas Exploration: 1.8%
54,300 *Barrett Resources Corp. 1,652,756
55,100 Cabot Oil & Gas Corp. Cl. A 1,167,431
24,000 Noble Affiliates, Inc. 894,000
45,900 *Patterson Energy, Inc. 1,306,716
66,900 *Tom Brown, Inc. 1,544,972
-------------
6,565,875
--------------------------------------------------------------------------------
Oil-Equipment & Services: 1.8%
9,000 *BJ Services Co. 562,500
21,800 *Cal Dive International, Inc. 1,181,969
65,000 *Marine Drilling Cos., Inc. 1,820,000
31,600 *Oceaneering International, Inc. 600,400
9,000 *Smith International, Inc. 655,312
42,200 *UTI Energy Corp. 1,693,275
-------------
6,513,456
--------------------------------------------------------------------------------
Photography: 0.2%
33,700 *Pinnacle Systems, Inc. 763,516
--------------------------------------------------------------------------------
Plastics: 0.3%
40,800 Spartech Corp. 1,101,600
--------------------------------------------------------------------------------
Pollution Control: 0.1%
28,700 * +Casella Waste Systems, Inc. Cl. A 307,628
--------------------------------------------------------------------------------
Printing & Publishing: 0.3%
10,000 *Scholastic Corp. 610,625
14,100 *Valassis Communications , Inc. 537,563
-------------
1,148,188
--------------------------------------------------------------------------------
Real Estate: 0.3%
12,953 Apartment Investment & Management Co. Cl. A 560,217
32,900 *Catellus Development Corp. 493,500
-------------
1,053,717
--------------------------------------------------------------------------------
Restaurant: 0.7%
3,700 Applebee's International, Inc. 112,272
10,800 *BUCA, Inc. 168,750
29,000 *CEC Entertainment, Inc. 743,125
11,400 *+P.F. Chang's China Bistro, Inc. 364,444
18,300 *+Papa John's International, Inc. 448,922
10,500 *Rare Hospitality International, Inc. 298,265
19,800 *Sonic Corp. 582,244
-------------
2,718,022
--------------------------------------------------------------------------------
Retail Grocery: 0.0%
11,350 *+Wild Oats Markets, Inc. 141,875
--------------------------------------------------------------------------------
Retail Trade: 3.8%
18,800 *+AnnTaylor Stores Corp. 622,750
3,600 *+CDW Computer Centers, Inc. 225,113
24,150 *Cost Plus, Inc. 695,067
21,150 *Dollar Tree Stores, Inc. 836,086
30,700 *+Duane Reade, Inc. 790,525
22,700 Family Dollar Stores, Inc. 444,069
55,500 *Fossil, Inc. 1,051,031
8,224 *Insight Enterprises, Inc. 488,043
28,900 *Linens 'n Things, Inc. 783,912
69,350 *Men's Wearhouse, Inc. 1,545,205
24,300 *MSC Industrial Direct, Inc. Cl. A 508,781
30,200 *Neiman-Marcus Group, Inc. Cl. A 911,662
36,225 *+Pacific Sunwear of California, Inc. 680,351
42,000 Ross Stores, Inc. 715,312
26,000 *+Tweeter Home Entertainment Group, Inc 781,625
28,200 *Vans, Inc. 410,663
65,600 *Whitehall Jewellers, Inc. 1,221,800
28,100 *+Williams Sonoma, Inc. 911,494
17,600 *Zale Corp. 642,400
-------------
14,265,889
--------------------------------------------------------------------------------
Software: 9.2%
21,000 *Advent Software, Inc. 1,360,406
41,900 *Allaire Corp. 1,538,516
36,600 *BackWeb Technologies Ltd. 838,369
39,400 *Com21, Inc. 983,769
5,500 *Electronic Arts, Inc. 401,328
18,200 *FirePond, Inc. 655,769
24,900 Henry (Jack) & Associates, Inc. 1,249,669
37,975 *Hyperion Solutions Corp. 1,233,001
10,550 *Informix Corp. 78,795
20,500 *ISS Group, Inc. 2,023,734
47,400 *Keane, Inc. 1,025,025
20,000 *Liberate Technologies 586,875
21,000 *Macromedia, Inc. 2,029,781
20,900 *Manugistics Group, Inc. 977,728
16,600 *Mercator Software, Inc. 1,140,731
27,600 *Mercury Interactive Corp. 2,671,162
14,400 *Micromuse, Inc. 2,382,750
23,874 *National Instruments Corp. 1,042,995
7,400 *Netegrity, Inc. 557,544
14,082 *+NetIQ Corp. 839,639
17,400 *Pegasus Systems, Inc. 188,681
37,925 *Peregrine Systems, Inc. 1,320,264
12,100 *+Pixar Animation Studios 426,903
7,300 *Primus Knowledge Solutions, Inc. 330,553
7,200 *+Red Hat, Inc. 195,075
44,500 *Remedy Corp. 2,482,266
7,200 *SeaChange International, Inc. 208,350
14,700 *SERENA Software, Inc. 667,013
5,100 *Software.com, Inc. 662,363
48,400 *Sybase, Inc. 1,114,713
MSF-53
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Software: (Continued)
10,900 *Symantec Corp. $ 588,259
27,900 *Verity, Inc. 1,060,200
33,600 *WebTrends Corp. 1,294,650
3,700 *Wind River Systems, Inc. 140,253
-------------
34,297,129
--------------------------------------------------------------------------------
Technology: 1.7%
3,700 *Applied Micro Circuits Corp. 365,375
14,100 *Cree, Inc. 1,884,994
14,900 *Mechanical Technology, Inc. 223,034
17,800 *Optimal Robotics Corp. Cl A 681,963
4,100 *SBS Technologies, Inc. 151,059
16,050 *Three-Five Systems, Inc. 946,950
48,100 *Varian, Inc. 2,217,109
-------------
6,470,484
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 11.5%
19,500 *Adaptive Broadband Corp. 714,187
20,500 *Advanced Fibre Communications, Inc. 928,266
10,500 *+American Tower Corp. Cl. A 437,719
18,150 *Anaren Microwave, Inc. 2,379,919
9,500 *+AudioCodes Ltd. 1,147,719
32,800 *AVT Corp. 240,875
29,400 *C-COR.Net Corp. 792,881
32,100 *Caprock Communications Corp. 633,975
14,400 *+Carrier Access Corp. 761,850
9,200 *Comverse Technology, Inc. 855,887
20,300 *+Crown Castle International Corp. 740,316
33,125 *Dycom Industries, Inc. 1,523,750
10,900 *+Gilat Satellite Networks Ltd. 756,528
61,331 *+Harmonic Inc. 1,523,692
34,000 *+ICG Communications, Inc. 753,312
5,300 *iGate Capital Corp. 73,041
44,800 Inter-Tel, Inc. 718,200
33,600 *+Intermedia Communications, Inc. 997,500
83,200 *InterVoice, Inc. 548,600
10,200 *JDS Uniphase Corp. 1,222,406
32,500 *L-3 Communications Holdings Corp. 1,854,531
20,600 *+MGC Communications, Inc. 1,235,356
15,200 *Millicom International Cellular SA 531,525
16,500 National Data Corp. 379,500
17,100 *Natural Microsystems Corp. 1,923,216
16,350 *Networks Associates, Inc. 333,642
11,000 Nortel Networks Corp. 750,750
42,500 *NorthEast Optic Network, Inc. 2,632,344
9,900 *Osicom Technologies, Inc. 837,478
26,200 *Pinnacle Holdings, Inc. 1,404,975
20,400 *Plantronics, Inc. 2,356,200
29,700 *Polycom, Inc. 2,793,656
48,900 *Powerwave Technologies, Inc. 2,151,600
44,000 *Price Communications Corp. 1,036,750
20,600 *Primus Telecommunications Group, Inc. 513,713
24,300 *Proxim, Inc. 2,410,256
44,700 *Spectrian Corp. 750,122
7,300 *Vari-L Company, Inc. 85,091
10,900 *ViaSat, Inc. 588,600
11,000 *Western Wireless Corp. Cl. A 599,156
-------------
42,919,084
--------------------------------------------------------------------------------
Textiles & Apparel: 1.3%
38,100 *+Kenneth Cole Productions, Inc. Cl. A 1,524,000
30,700 *Mohawk Industries, Inc. 667,725
77,850 *Quiksilver, Inc. 1,211,541
14,700 Talbots, Inc. 807,581
7,200 *Timberland Co. Cl. A 509,850
-------------
4,720,697
--------------------------------------------------------------------------------
Toys & Amusements: 0.2%
61,600 *+Jakks Pacific, Inc. 906,675
--------------------------------------------------------------------------------
Transportation: 0.4%
48,100 *+EGL, Inc. 1,476,069
--------------------------------------------------------------------------------
Transportation-Airlines: 0.2%
2,400 *Alaska Air Group, Inc. 65,100
67,900 *Mesaba Holdings, Inc. 640,806
5,500 SkyWest, Inc. 203,844
-------------
909,750
--------------------------------------------------------------------------------
Transportation-Railroad: 0.2%
46,725 *Swift Transportation Co., Inc. 655,610
--------------------------------------------------------------------------------
Transportation-Trucking: 1.1%
34,400 C.H.Robinson Worldwide, Inc. 1,701,725
43,500 *Forward Air Corp. 1,731,844
23,300 U.S. Freightways Corp. 571,578
-------------
4,005,147
--------------------------------------------------------------------------------
Utilities-Electric: 0.3%
14,800 *Calpine Corp. 973,100
--------------------------------------------------------------------------------
Utilities-Telephone: 0.4%
11,500 *AT&T Canada, Inc. Cl. B 380,938
57,800 *+ITC Deltacom, Inc. 1,287,856
-------------
1,668,794
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $301,714,788) 358,329,778
-------------
--------------------------------------------------------------------------------
MSF-54
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
REGULATED INVESTMENT COMPANIES: 3.9%
--------------------------------------------------------------------------------
14,490,175 T. Rowe Price Reserve Investment Fund $ 14,490,175
-------------
TOTAL REGULATED INVESTMENT
COMPANIES
(Cost : $14,490,175) 14,490,175
-------------
TOTAL INVESTMENTS : 100.2%
(Cost: $316,204,963) 372,819,953
OTHER ASSETS LESS LIABILITIES : (0.2)% (809,600)
-------------
TOTAL NET ASSETS : 100.0% $372,010,353
=============
--------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
+ Securities on loan.
ADR (American Depository Receipt) represents ownership of foreign securities
SECURITIES ON LOAN : (Note 7)
As of June 30, 2000, the market value of securities loaned was $30,566,788 with
collateral backing valued at $31,301,872.
See Notes to Financial Statements.
MSF-55
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
----------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
----------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) .......................... $ 372,819,953
Cash ......................................................... 278
Foreign currencies held at value (2) ......................... --
Receivable for investment securities sold .................... 3,171,187
Receivable for fund shares sold .............................. 1,086,038
Receivable for dividends and interest ........................ 90,293
Daily variation on futures contracts (Note 11) ............... --
Unrealized appreciation on forward contracts (Note 10) ....... --
Collateral for securities loaned (Note 7) .................... 31,301,872
Other assets ................................................. --
-------------
Total Assets .............................................. 408,469,621
-------------
LIABILITIES:
Payable for investment securities purchased .................. 4,987,798
Payable for capital stock repurchased ........................ --
Unrealized depreciation on forward contracts (Note 10) ....... --
Return of collateral for securities loaned (Note 7) .......... 31,301,872
Bank overdraft ............................................... --
Accrued investment management fee (Note 3) .................. 148,450
Accrued expenses and other liabilities ....................... 21,148
-------------
Total Liabilities ......................................... 36,459,268
-------------
NET ASSETS: ..................................................... $ 372,010,353
=============
COMPOSITION OF NET ASSETS:
Paid-in-capital .............................................. 284,748,433
Undistributed (overdistributed) net investment income (loss) . (268,953)
Net unrealized appreciation (depreciation) .................. 56,614,990
Accumulated net realized gain (loss) ........................ 30,915,883
-------------
Net Assets ................................................ $ 372,010,353
=============
Shares Outstanding ........................................ 22,247,105
=============
Net Asset Value Per Share ................................. $ 16.72
=============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ........................................ $ 316,204,963
(2) Cost of foreign currency .................................... --
----------------------------------------
STATEMENT OF OPERATIONS
----------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ....................................... $ 473,685
Dividends (Note 1B) ......................................... 194,206
-------------
Total Investment Income, Net of Withholding Taxes (2) ........ 667,891
-------------
EXPENSES:
Investment management fee (Note 3A) ......................... 827,534
Printing and distribution fees ............................... 20,847
Custodian and transfer agent fees ............................ 73,555
Audit and tax service fees ................................... 6,610
Directors fees ............................................... 3,864
Insurance fees ............................................... 1,854
Other operating expenses ..................................... 2,579
-------------
Total expenses before reimbursement/reduction ................ 936,843
Less: expense reimbursement .................................. --
expense reduction (Note 1H) .............................. --
-------------
Net expenses ................................................. 936,843
-------------
Net Investment Income (Loss) ................................. (268,952)
-------------
NET REALIZED GAIN (LOSS) ON:
Investments .................................................. 32,269,126
Foreign currency transactions ................................ --
Futures contracts ............................................ 586,485
-------------
Net Realized Gain (Loss) .................................. 32,855,611
-------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) ..................... 71,426,443
End of period investments, foreign currency holdings and
futures contracts (Notes 8,10,11) ........................ 56,614,990
-------------
Net Unrealized Appreciation (Depreciation) ................... (14,811,453)
-------------
Net Increase (Decrease) in Net Assets Resulting From
Operations ................................................... $ 17,775,206
=============
Notes:
(1) Income on securities loaned .................................. $ 62,387
(2) Withholding taxes ........................................... 40
See Notes to Financial Statements
MSF-56
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO JUNE 30, 2000
--------------------------------------------------------------------------------
----------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
----------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999
------------- ------------
<S> <C> <C>
Increase (Decrease) in Net Assets From:
OPERATIONS:
Net investment income (loss) .................................................................. $ (268,952) $ (535,499)
Net realized gain (loss) from investments, foreign currency holdings and
futures contracts .......................................................................... 32,855,611 15,154,764
Unrealized appreciation (depreciation) of investments, foreign currency holdings and
futures contracts .......................................................................... (14,811,453) 43,948,146
------------- -------------
Net increase (decrease) in net assets resulting from operations ............................... 17,775,206 58,567,411
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ......................................................................... -- --
Net realized gain from investment transactions ................................................ -- --
------------- -------------
Total Distributions (Note 4) .................................................................. -- --
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares .............................................................. 135,929,102 106,449,937
Net asset value of shares issued to shareholders in reinvestment of distributions ............. -- --
Shares redeemed ............................................................................... (51,211,597) (84,631,672)
------------- -------------
Net Capital Stock Transactions (Note 9) ....................................................... 84,717,505 21,818,265
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ......................................................... 102,492,711 80,385,676
NET ASSETS: Beginning of period ............................................................... 269,517,642 189,131,966
------------- -------------
NET ASSETS: End of period ..................................................................... $ 372,010,353 $ 269,517,642
============= =============
</TABLE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 -----------------------------------
(UNAUDITED) 1999 1998 1997(3)
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period .................................... $ 15.73 $ 12.29 $ 11.88 $ 10.00
-------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ................................................ (0.01) (0.03) -- --
Net realized and unrealized gain (loss) .............................. 1.00 3.47 0.41 1.88
-------- -------- -------- --------
Total From Investment Operations ..................................... 0.99 3.44 0.41 1.88
-------- -------- -------- --------
Less Distributions:
Dividends from net investment income ................................. -- -- -- --(4)
Distributions from net realized capital gains ........................ -- -- -- --
-------- -------- -------- --------
Total Distributions .................................................. -- -- -- --
-------- -------- -------- --------
-------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .......................................... $ 16.72 $ 15.73 $ 12.29 $ 11.88
-------------------------------------------------------------------------------------------------------------------------------
Total Return ......................................................... 6.29% 27.99% 3.45% 18.81%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) .................................. $372,010 $269,518 $189,132 $ 94,020
Net expenses to average net assets (note 3) (1) ...................... 0.58% 0.61% 0.67% 0.67%
Operating expenses to average net assets before voluntary
expense reimbursements (note 3) (1) ............................... NA NA NA 0.86%
Net investment income to average net assets (1) ...................... (0.17)% (0.27)% (0.02)% 0.01%
Net investment income to average net assets before voluntary
expense reimbursements (note 3) (1) ............................... NA NA NA (0.19)%
Portfolio Turnover (2) ............................................... 74.27% 67.99% 37.93% 13.45%
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 June 30, 2000 amounted to $197,685,377 and
$115,609,083 , respectively.
(3) Ratios for the period March 3, 1997 to December 31, 1997 have been
determined on annualized operating results.
(4) Less than $.005 per share.
See Notes to Financial Statements.
MSF-57
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 90.5%
--------------------------------------------------------------------------------
Australia: 3.3%
158,400 Broken Hill Proprietary Co. $ 1,870,939
488,600 WMC Ltd. 2,183,665
360,000 Woodside Petroleum Ltd. 2,798,874
-----------
Total Investments in Australia 6,853,478
--------------------------------------------------------------------------------
Brazil: 1.3%
36,700 +Aracruz Celulose SA ADR 708,769
67,700 Companhia Vale do Rio Doce ADR 1,906,459
-----------
Total Investments in Brazil 2,615,228
--------------------------------------------------------------------------------
Canada: 3.9%
128,800 +Barrick Gold Corp. 2,342,550
20,144 BCE, Inc. 477,739
37,400 Canadian National Railway Co. 1,089,148
65,000 Manulife Financial Corp. 1,146,284
31,564 Nortel Networks Corp. 2,190,286
32,800 Teleglobe, Inc. 693,676
-----------
Total Investments in Canada 7,939,683
--------------------------------------------------------------------------------
France: 4.9%
46,555 +Aventis SA 3,337,900
11,885 Canal+ 1,997,004
870,438 *Eurotunnel SA 789,457
24,801 STMicroelectronics NV 1,562,717
12,743 Suez Lyonnaise Des Eaux SA 2,232,415
-----------
Total Investments in France 9,919,493
--------------------------------------------------------------------------------
Germany: 5.0%
2,443 +Allianz Holdings AG (registered shares) 877,657
58,046 +BASF AG 2,333,036
50,618 Bayer AG 1,975,527
5,834 Muenchener Rueckversicherungs AG (registered
shares) 1,832,439
21,673 Siemens AG (registered shares) 3,269,213
-----------
Total Investments in Germany 10,287,872
--------------------------------------------------------------------------------
Hong Kong: 0.0%
625 *New World China Land Ltd. 184
-----------
Total Investments in Hong Kong 184
--------------------------------------------------------------------------------
Japan: 21.2%
183,000 Asahi Chemical Industry Co., Ltd. 1,293,530
98,000 +Chugai Pharmaceutical Co., Ltd. 1,851,845
171,000 *+Daiei, Inc. 641,421
208,000 Daiwa Securities Co., Ltd. 2,744,451
155 +DDI Corp. 1,490,033
239 East Japan Railway Co. 1,387,531
56,000 Fujitsu Ltd. 1,936,949
45,000 Matsushita Electric Industrial Co., Ltd. 1,166,298
172,000 Mitsubishi Estate Co., Ltd. 2,023,053
63,000 Mitsui & Co., Ltd. 480,939
183,000 Mitsui Fudosan Co., Ltd. 1,983,413
113,000 NEC Corp. 3,546,393
7,000 Nichii Gakkan Co. 306,772
46,000 Nikko Securities Co., Ltd. 455,209
116 Nippon Telegraph & Telephone Corp. 1,541,492
61,000 Nomura Securities Co., Ltd. 1,491,871
59 NTT Mobile Communications Network, Inc. 1,595,872
325,000 Sakura Bank Ltd. 2,245,182
147,000 Sharp Corp. 2,597,663
19,600 +Sony Corp. 1,828,755
13,000 TDK Corp. 1,867,207
426,000 Teijin Ltd. 2,075,699
309,000 Toshiba Corp. 3,485,915
59,000 Yamanouchi Pharmaceuticals Ltd. 3,219,547
-----------
Total Investments in Japan 43,257,040
--------------------------------------------------------------------------------
South Africa: 1.2%
54,800 +Anglo American Platinum Corp., Ltd. ADR 1,579,391
22,300 Impala Platinum Holdings Ltd. ADR 829,535
-----------
Total Investments in South Africa 2,408,926
--------------------------------------------------------------------------------
South Korea: 0.8%
55,820 Korea Electric Power Corp. 1,732,133
-----------
Total Investments in South Korea 1,732,133
--------------------------------------------------------------------------------
Switzerland: 3.2%
118 *Givaudan AG 35,914
1,313 Nestle SA (registered shares) 2,627,932
769 Novartis AG (registered shares) 1,218,106
118 Roche Holdings AG 1,148,679
4,096 +Swisscom AG (registered shares) 1,418,648
-----------
Total Investments in Switzerland 6,449,279
--------------------------------------------------------------------------------
United Kingdom: 16.1%
160,908 BOC Group PLC 2,312,964
109,721 Cable & Wireless PLC 1,857,751
258,704 Carlton Communications PLC 3,327,282
119,433 Enterprise Oil PLC 995,734
283,767 Great University Stores PLC 1,824,813
254,722 National Grid Group PLC 2,008,037
366,970 National Power PLC 2,337,654
86,399 Prudential Corp. PLC 1,265,469
103,772 Railtrack Group PLC 1,611,783
151,833 Reuters Group PLC 2,589,152
175,544 Rio Tinto-Zinc PLC (registered shares) 2,868,648
304,190 Royal & Sun Alliance Insurance Group PLC 1,974,557
274,770 Scottish Power PLC 2,328,225
295,745 Shell Transport & Trading PLC (registered shares) 2,467,917
165,535 SmithKline Beecham PLC 2,166,574
218,915 Vodafone Airtouch PLC 884,411
-----------
Total Investments in United Kingdom 32,820,971
--------------------------------------------------------------------------------
United States: 29.6%
62,200 Air Products & Chemicals, Inc. 1,916,537
29,400 Amerada Hess Corp. 1,815,450
23,400 *America Online, Inc. 1,234,350
40,000 American Home Products Corp. 2,350,000
MSF-58
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
United States: (Continued)
45,500 +Anadarko Petroleum Corp. $ 2,243,719
39,763 AT&T Corp. 1,257,505
129,152 *AT&T Corp. Cl. A 3,131,936
54,300 Burlington Resources, Inc. 2,076,975
23,500 Chubb Corp. 1,445,250
28,700 Cinergy Corp. 730,056
10,200 *Cisco Systems, Inc. 648,338
96,300 Conoco, Inc. Cl. A 2,118,600
5,200 *Electronic Arts, Inc. 379,275
43,200 Electronic Data Systems Corp. 1,782,000
16,400 *EMC Corp. 1,261,775
49,000 Enron Corp. 3,160,500
41,900 Equity Residential Properties Trust 1,927,400
25,900 Exxon Mobil Corp. 2,033,150
21,500 International Business Machines Corp. 2,355,594
15,700 *Intuit, Inc. 649,588
40,600 +Lockheed Martin Corp. 1,007,387
28,500 *Microsoft Corp. 2,280,000
79,100 Newmont Mining Corp. 1,710,537
28,600 *Nextel Communications, Inc. Cl. A 1,749,962
33,300 Northrop Grumman Corp. 2,206,125
15,200 *Oracle Corp. 1,277,750
77,700 *Parametric Technology Corp. 854,700
55,400 PECO Energy Corp. 2,233,312
32,500 Phillips Petroleum Co. 1,647,344
25,700 *Sabre Group Holdings, Inc. Cl. A 732,450
36,100 SAFECO Corp. 718,616
22,700 St. Paul Cos., Inc. 774,638
84,050 *Stillwater Mining Co. 2,342,894
7,500 *Sun Microsystems, Inc. 682,031
33,400 Unocal Corp. 1,106,375
73,800 UNUMProvident Corp. 1,480,612
114,600 USEC, Inc. 530,025
65,500 USX US Steel Group 1,215,844
36,400 Williams Cos., Inc. 1,517,425
-----------
Total Investments in United States 60,586,025
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $164,168,598) 184,870,312
-----------
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 4.2%
--------------------------------------------------------------------------------
$8,800,000 German Government 9.000% 10/20/00 $ 8,505,121
--------------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $8,436,295) 8,505,121
-----------
--------------------------------------------------------------------------------
PARTICIPATING LOAN NOTES: 0.2%
--------------------------------------------------------------------------------
300 Eurotunnel Finance 1.000% 4/30/40 363,741
--------------------------------------------------------------------------------
TOTAL PARTICIPATING LOAN NOTES
(Cost: $404,436) 363,741
-----------
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 4.4%
--------------------------------------------------------------------------------
$9,112,000 State Street Repurchase
Agreement (U.S. Treasury
Notes collateralized dated
06/30/00 due 2/15/05 @
7.500% with a market
value of $9,298,750) 6.480% 7/03/00 $ 9,112,000
--------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $9,112,000) 9,112,000
------------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.3%
(Cost: $182,121,329) 202,851,174
OTHER ASSETS LESS LIABILITIES: 0.7% 1,495,463
------------
TOTAL NET ASSETS: 100.0% $204,346,637
============
--------------------------------------------------------------------------------
LEGEND:
+ Securities on loan.
* Non-income producing security.
ADR (American depository receipt) represents ownership of foreign securities.
SECURITIES ON LOAN: (Note 7)
As of June 30, 2000, the market value of securities loaned was $8,440,398 with
collateral backing valued at $8,859,800.
See Notes to Financial Statements.
MSF-59
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Aerospace & Defense: ..................................... 1.7%
Banking: ................................................. 1.2%
Broadcasting: ............................................ 2.7%
Building & Construction: ................................. 1.0%
Business Services: ....................................... 1.3%
Chemicals: ............................................... 7.6%
Computer Equipment & Service: ............................ 2.0%
Corporate: ............................................... 0.2%
Cosmetics: ............................................... 0.0%
Drugs & Health Care: ..................................... 6.2%
Electrical Equipment: .................................... 3.5%
Electronics: ............................................. 5.9%
Financial Services: ...................................... 3.0%
Food & Beverages: ........................................ 1.4%
Foreign Obligations: ..................................... 4.4%
Forest Products & Paper: ................................. 0.4%
Healthcare Services: ..................................... 0.2%
Household Appliances & Home Furnishings: ................. 0.6%
Insurance: ............................................... 5.3%
Metals-Gold: ............................................. 2.5%
Metals-Non-Ferrous: ...................................... 2.2%
Metals-Steel & Iron: ..................................... 4.1%
Mining: .................................................. 1.2%
Multi-Industry: .......................................... 1.4%
Office & Business Equipment: ............................. 2.2%
Oil & Gas Exploration: ................................... 1.7%
Oil-Domestic: ............................................ 3.4%
Oil-Equipment & Services: ................................ 1.4%
Oil-International: ....................................... 2.3%
Real Estate: ............................................. 2.0%
Retail Trade: ............................................ 1.3%
Software: ................................................ 3.7%
Telecommunications Equipment & Services: ................. 7.0%
Textiles & Apparel: ...................................... 1.1%
Transportation-Airlines: ................................. 0.4%
Transportation-Railroad: ................................. 2.5%
Utilities-Electric: ...................................... 5.9%
Utilities-Gas & Pipelines: ............................... 2.7%
Utilities-Telephone: ..................................... 2.4%
-----
100.0%
=====
Excludes short-term securities.
See Notes to Financial Statements.
MSF-60
<PAGE>
Metropolitan Series Fund, Inc.
SCUDDER GLOBAL EQUITY PORTFOLIO JUNE 30, 2000 (Unaudited)
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
<S> <C>
Investments, at value (Note 1A) (1) ..................................... $ 202,851,174
Cash .................................................................... 39
Foreign currencies held at value (2) .................................... 368,984
Receivable for investment securities sold ............................... 287,055
Receivable for fund shares sold ......................................... 518,651
Receivable for dividends and interest ................................... 717,440
Daily variation on futures contracts (Note 11) .......................... --
Unrealized appreciation on forward contracts (Note 10) .................. --
Collateral for securities loaned (Note 7) ............................... 8,859,800
Other assets ............................................................ 79,371
-------------
Total Assets ......................................................... 213,682,514
=============
LIABILITIES:
Payable for investment securities purchased ............................. --
Payable for capital stock repurchased ................................... 23
Unrealized depreciation on forward contracts (Note 10) .................. 340,659
Return of collateral for securities loaned (Note 7) ..................... 8,859,800
Bank overdraft .......................................................... --
Accrued investment management fee (Note 3) ............................. 101,144
Accrued expenses and other liabilities .................................. 34,251
-------------
Total Liabilities .................................................... 9,335,877
-------------
NET ASSETS: ............................................................... $ 204,346,637
=============
COMPOSITION OF NET ASSETS:
Paid-in-capital ......................................................... 168,242,953
Undistributed (overdistributed) net investment income (loss) ........... 2,389,404
Net unrealized appreciation (depreciation) ............................. 20,395,232
Accumulated net realized gain (loss) ................................... 13,319,048
-------------
Net Assets ........................................................... $ 204,346,637
=============
Shares Outstanding ................................................... 13,923,742
-------------
Net Asset Value Per Share ............................................ $ 14.68
=============
Notes:
(1) Investments, at cost ................................................... $ 182,121,329
(2) Cost of foreign currency ............................................... 370,489
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
<S> <C>
INVESTMENT INCOME:
Interest (Note 1B) (1) .................................................. $ 797,650
Dividends (Note 1B) .................................................... 1,495,808
-------------
Total Investment Income, Net of Withholding Taxes (2) ................... 2,293,458
-------------
EXPENSES:
Investment management fee (Note 3A) .................................... 582,032
Printing and distribution fees .......................................... 13,343
Custodian and transfer agent fees ....................................... 122,949
Audit and tax service fees .............................................. 6,598
Directors fees .......................................................... 3,864
Insurance fees .......................................................... 1,854
Other operating expenses ................................................ 2,363
-------------
Total expenses before reimbursement / reduction ......................... 733,003
Less: expense reimbursement ............................................. --
expense reduction (Note 1H) ...................................... --
-------------
Net expenses ............................................................ 733,003
-------------
Net Investment Income (Loss) ......................................... 1,560,455
-------------
NET REALIZED GAIN (LOSS) ON:
Investments ............................................................. 14,811,099
Foreign currency transactions ........................................... (1,266,446)
Futures contracts ....................................................... --
-------------
Net Realized Gain (Loss) ............................................. 13,544,653
-------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency holdings and
futures contracts (Notes 8,10,11) ...................................... 38,073,991
End of period investments, foreign currency holdings and futures
contracts (Notes 8,10,11) ............................................. 20,395,232
-------------
Net Unrealized Appreciation (Depreciation) ........................... (17,678,759)
-------------
Net Increase (Decrease) in Net Assets Resulting From
Operations .......................................................... $ (2,573,651)
=============
Notes:
(1) Income on securites loaned ............................................. $ 24,130
(2) Withholding taxes ...................................................... 126,577
</TABLE>
See Notes to Financial Statements
MSF-61
<PAGE>
Metropolitan Series Fund, Inc.
SCUDDER GLOBAL EQUITY PORTFOLIO JUNE 30, 2000
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) ................................................................ $ 1,560,455 $ 1,632,668
Net realized gain (loss) from investments, foreign currency holdings and futures contracts .. 13,544,653 3,813,779
Unrealized appreciation (depreciation) of investments, foreign currency holdings
and futures contracts .................................................................... (17,678,759) 27,185,434
-------------- --------------
Net increase (decrease) in net assets resulting from operations ............................. (2,573,651) 32,631,881
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ....................................................................... -- (790,942)
Net realized gain from investment transactions .............................................. -- (5,024,803)
-------------- --------------
Total Distributions (Note 4) ................................................................ -- (5,815,745)
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares ............................................................ 46,344,319 53,572,766
Net asset value of shares issued to shareholders in reinvestment of distributions ........... -- 5,815,745
Shares redeemed ............................................................................. (11,138,452) (28,205,223)
-------------- --------------
Net Capital Stock Transactions (Note 9) ..................................................... 35,205,867 31,183,288
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS ....................................................... 32,632,216 57,999,424
NET ASSETS: Beginning of period ............................................................. 171,714,421 113,714,997
-------------- --------------
NET ASSETS: End of period ................................................................... $ 204,346,637 $ 171,714,421
============== ==============
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
PER SHARE OPERATING PERFORMANCE SIX MONTHS YEAR ENDED DECEMBER 31,
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD) ENDED ------------------------------------
JUNE 30, 2000
(UNAUDITED) 1999 1998 1997(3)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ........................................ $ 14.91 $ 12.38 $ 10.85 $ 10.00
----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income .................................................... 0.10 0.14 0.16 0.10
Net realized and unrealized gain (loss) .................................. (0.33) 2.93 1.57 0.86
--------- --------- --------- ---------
Total From Investment Operations ......................................... (0.23) 3.07 1.73 0.96
--------- --------- --------- ---------
Less Distributions:
Dividends from net investment income ..................................... -- (0.07) (0.16) (0.10)
Distributions from net realized capital gains ............................ -- (0.47) (0.04) (0.01)
--------- --------- --------- ---------
Total Distributions ...................................................... -- (0.54) (0.20) (0.11)
--------- --------- --------- ---------
----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .............................................. $ 14.68 $ 14.91 $ 12.38 $ 10.85
----------------------------------------------------------------------------------------------------------------------------------
Total Return ............................................................. (1.54)% 25.17% 15.96% 9.62%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ...................................... $204,347 $171,714 $113,715 $60,712
Net expenses to average net assets (note 3) (1) .......................... 0.78% 0.87% 0.96% 0.78%
Operating expenses to average net assets before voluntary expense
reimbursements (note 3) (1) ........................................... NA NA 1.01% 1.14%
Net investment income to average net assets (1) .......................... 1.65% 1.23% 1.61% 1.66%
Net investment income to average net assets before voluntary expense
reimbursements (note 3) (1) ........................................... NA NA 1.56% 1.30%
Portfolio Turnover (2) ................................................... 73.98% 54.49% 50.98% 36.04%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
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.
<S> <C>
(1) Ratios for the six months ended June 30, 2000 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 June 30, 2000 amounted to $97,848,932 and
$63,896,846 , respectively.
(3) Ratios for the period March 3, 1997 to December 31, 1997 have been
determined on annualized operating results.
</TABLE>
See Notes to Financial Statements.
MSF-62
<PAGE>
Metropolitan Series Fund, Inc.
HARRIS OAKMARK LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 93.2%
--------------------------------------------------------------------------------
Aerospace & Defense: 3.1%
<S> <C> <C>
17,000 +Goodrich (B.F.) Co. $ 579,063
28,500 +Lockheed Martin Corp. 707,156
-------------
1,286,219
--------------------------------------------------------------------------------
Automotive: 2.2%
17,000 +DaimlerChrysler AG 885,063
--------------------------------------------------------------------------------
Banking: 6.3%
33,000 Bank One Corp. 876,562
60,000 +Washington Mutual, Inc. 1,732,500
-------------
2,609,062
--------------------------------------------------------------------------------
Building & Construction: 3.3%
42,000 Masco Corp. 758,625
25,000 +Stanley Works 593,750
-------------
1,352,375
--------------------------------------------------------------------------------
Business Services: 4.8%
46,000 +Dun & Bradstreet Corp. 1,316,750
25,000 +Equifax, Inc. 656,250
-------------
1,973,000
--------------------------------------------------------------------------------
Computer Equipment & Service: 4.1%
22,000 Electronic Data Systems Corp. 907,500
25,000 *+SunGard Data Systems, Inc. 775,000
-------------
1,682,500
--------------------------------------------------------------------------------
Consumer Products: 18.4%
35,500 +Black & Decker Corp. 1,395,594
31,200 +Block (H & R), Inc. 1,010,100
84,000 Brunswick Corp. 1,391,250
77,300 Fortune Brands, Inc. 1,782,731
103,500 Mattel, Inc. 1,364,906
32,000 +Ralston-Purina 638,000
-------------
7,582,581
--------------------------------------------------------------------------------
Consumer Services: 5.8%
45,000 *Cendant Corp. 630,000
21,000 First Data Corp. 1,042,125
34,200 Galileo International, Inc. 713,925
-------------
2,386,050
--------------------------------------------------------------------------------
Drugs & Health Care: 1.4%
12,000 *+Chiron Corp. 570,000
--------------------------------------------------------------------------------
Entertainment & Leisure: 1.5%
31,000 +Carnival Corp. 604,500
--------------------------------------------------------------------------------
Financial Services: 2.0%
22,000 +SLM Holding Corp. 823,625
--------------------------------------------------------------------------------
Food & Beverages: 8.7%
25,000 Heinz (H.J.) Co. 1,093,750
35,000 +Nabisco Holdings Corp. Cl. A 1,837,500
25,300 Philip Morris Cos., Inc. 672,031
-------------
3,603,281
--------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 2.4%
27,000 Maytag Corp. 995,625
--------------------------------------------------------------------------------
Household Products: 4.9%
43,500 Dial Corp. 451,313
27,000 +Fort James Corp. 624,375
37,000 +Newell Rubbermaid, Inc. 952,750
-------------
2,028,438
--------------------------------------------------------------------------------
Insurance: 1.1%
10,000 MGIC Investment Corp. 455,000
--------------------------------------------------------------------------------
Machinery: 4.6%
35,000 Cooper Industries, Inc. 1,139,688
11,500 Eaton Corp. 770,500
-------------
1,910,188
--------------------------------------------------------------------------------
Medical Equipment & Supply: 1.7%
36,000 *Sybron International Corp. 713,250
--------------------------------------------------------------------------------
Office & Business Equipment: 1.9%
37,000 +Xerox Corp. 767,750
--------------------------------------------------------------------------------
Printing & Publishing: 2.0%
15,500 +Knight-Ridder, Inc. 824,406
--------------------------------------------------------------------------------
Restaurant: 1.7%
25,500 *TRICON Global Restaurants, Inc. 720,375
--------------------------------------------------------------------------------
Retail Grocery: 2.5%
46,000 *Kroger Co. 1,014,875
--------------------------------------------------------------------------------
Retail Trade: 3.6%
23,000 *+Jones Apparel Group, Inc. 540,500
64,000 *+Toys R Us, Inc. 932,000
-------------
1,472,500
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 2.1%
49,000 *+Citizens Communications Co. 845,250
--------------------------------------------------------------------------------
Textiles & Apparel: 1.9%
20,000 Nike, Inc. Cl. B 796,250
--------------------------------------------------------------------------------
Utilities-Electric: 1.2%
17,000 TXU Corp. 501,500
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $41,672,399) 38,403,663
-------------
--------------------------------------------------------------------------------
</TABLE>
MSF-63
<PAGE>
Metropolitan Series Fund, Inc.
HARRIS OAKMARK LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 6.8%
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$2,787,000 State Street Repurchase
Agreement (U.S. Treasury
Notes collateralized dated
06/30/2000 due 02/15/2005
@ 7.500% with a market value
of $2,875,625) 6.250% 07/03/00 $ 2,787,000
--------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $2,787,000) 2,787,000
-----------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS : 100.0%
(Cost: $44,459,399) 41,190,663
OTHER ASSETS LESS LIABILITIES : 0.0% 5,358
-----------
TOTAL NET ASSETS : 100.0% $41,196,021
===========
--------------------------------------------------------------------------------
</TABLE>
LEGEND:
+Securities on loan.
*Non-income producing security.
SECURITIES ON LOAN : (Note 7)
As of June 30, 2000, the market value of securities loaned was $8,111,258 with
collateral backing valued at $8,500,256.
See Notes to Financial Statements.
MSF-64
<PAGE>
Metropolitan Series Fund, Inc.
HARRIS OAKMARK LARGE CAP VALUE PORTFOLIO
JUNE 30, 2000 (Unaudited)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
ASSETS:
<S> <C>
Investments, at value (Note 1A) (1) ........................... $ 41,190,663
Cash .......................................................... 397
Foreign currencies held at value (2) .......................... --
Receivable for investment securities sold ..................... --
Receivable for fund shares sold ............................... --
Receivable for dividends and interest ......................... 100,958
Daily variation on futures contracts (Note 11) ................ --
Unrealized appreciation on forward contracts (Note 10) ........ --
Collateral for securities loaned (Note 7) ..................... 8,500,256
Other assets .................................................. 124
------------
Total Assets .................................................. 49,792,398
------------
LIABILITIES:
Payable for investment securities purchased ................... --
Payable for capital stock repurchased ......................... 63,145
Unrealized depreciation on forward contracts (Note 10) ........ --
Return of collateral for securities loaned (Note 7) ........... 8,500,256
Bank overdraft ................................................ --
Accrued investment management fee (Note 3) .................... 26,750
Accrued expenses and other liabilities ........................ 6,226
------------
Total Liabilities .......................................... 8,596,377
------------
NET ASSETS: ...................................................... $ 41,196,021
============
COMPOSITION OF NET ASSETS:
Paid-in-capital ............................................... 48,338,658
Undistributed (overdistributed) net investment income (loss) .. 463,683
Net unrealized appreciation (depreciation) .................... (3,268,736)
Accumulated net realized gain (loss) .......................... (4,337,584)
------------
Net Assets .................................................... $ 41,196,021
============
Shares Outstanding ............................................ 4,877,442
============
Net Asset Value Per Share ..................................... $ 8.45
============
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
Notes:
<S> <C> <C>
(1) Investments, at cost ......................................... $ 44,459,399
(2) Cost of foreign currency ..................................... 389,852
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
INVESTMENT INCOME:
<S> <C>
Interest (Note 1B) (1) ........................................ $ 82,652
Dividends (Note 1B) ........................................... 492,673
------------
Total Investment Income, Net of Withholding Taxes (2) ......... 575,325
------------
EXPENSES:
Investment management fee (Note 3A) 142,774
Printing and distribution fees ................................ 2,581
Custodian and transfer agent fees ............................. 27,618
Audit and tax service fees .................................... 6,406
Directors fees ................................................ 3,864
Insurance fees ................................................ 1,854
Other operating expenses ...................................... 4,854
------------
Total expenses before reimbursement / reduction ............... 189,951
Less: expense reimbursement ................................... 6,251
expense reduction (Note 1H) ............................. 878
Net expenses .................................................. 182,822
------------
Net Investment Income (Loss) ............................... 392,503
------------
NET REALIZED GAIN (LOSS) ON:
Investments ................................................... (4,819,514)
Foreign currency transactions ................................. --
Futures contracts ............................................. --
------------
Net Realized Gain (Loss) ...................................... (4,819,514)
------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency holdings and
futures contracts (Notes 8,10,11) ............................... (5,647,965)
End of period investments, foreign currency holdings and futures
contracts (Notes 8,10,11) ....................................... (3,268,736)
------------
Net Unrealized Appreciation (Depreciation) .................... 2,379,229
------------
Net Increase (Decrease) in Net Assets Resulting From
Operations ................................................... $ (2,047,782)
============
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
Notes:
<S> <C> <C>
(1) Income on securites loaned ................................... $ 1,490
(2) Withholding taxes ............................................ 2,855
See Notes to Financial Statements
</TABLE>
MSF-65
<PAGE>
Metropolitan Series Fund, Inc.
HARRIS OAKMARK LARGE CAP VALUE PORTFOLIO JUNE 30, 2000
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
------------- ------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) ................................................................ $ 392,503 $ 419,140
Net realized gain (loss) from investments, foreign currency holdings and futures contracts .. (4,819,514) 537,741
Unrealized appreciation (depreciation) of investments, foreign currency holdings and
futures contracts .......................................................................... 2,379,229 (5,520,365)
------------ -------------
Net increase (decrease) in net assets resulting from operations ............................. (2,047,782) (4,563,484)
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ....................................................................... -- (347,438)
Net realized gain from investment transactions .............................................. -- (55,811)
------------ -------------
Total Distributions (Note 4) ................................................................ -- (403,249)
------------ -------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares ............................................................ 7,604,072 35,662,800
Net asset value of shares issued to shareholders in reinvestment of distributions ........... -- 403,249
Shares redeemed ............................................................................. (2,737,798) (1,379,826)
------------ -------------
Net Capital Stock Transactions (Note 9) ..................................................... 4,866,274 34,686,223
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS ....................................................... 2,818,492 29,719,490
NET ASSETS: Beginning of period ............................................................. 38,377,529 8,658,039
------------ -------------
NET ASSETS: End of period ................................................................... $ 41,196,021 $ 38,377,529
============ =============
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
PER SHARE OPERATING PERFORMANCE SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED -----------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) JUNE 30, 2000
(UNAUDITED) 1999 1998(3)
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE: Beginning of period .......................................... $ 8.93 $ 9.70 $ 10.00
---------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ...................................................... 0.08 0.10 0.03
Net realized and unrealized gain (loss) .................................... (0.56) (0.78) (0.30)
-------- -------- --------
Total From Investment Operations ........................................... (0.48) (0.68) (0.27)
-------- -------- --------
Less Distributions:
Dividends from net investment income ....................................... -- (0.08) (0.03)
Distributions from net realized capital gains .............................. -- (0.01) --
-------- -------- --------
Total Distributions ........................................................ -- (0.09) (0.03)
-------- -------- --------
--------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................................................ $ 8.45 $ 8.93 $ 9.70
--------------------------------------------------------------------------------------------------------------------------
Total Return ............................................................... (5.38)% (6.89)% (2.70)%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ........................................ $41,196 $38,378 $ 8,658
Net expenses to average net assets (note 3) (1) ............................ 0.95% 0.91% 0.70%
Operating expenses to average net assets before voluntary expense
reimbursements (note 3) (1) ............................................... 0.98% 1.15% 1.79%
Net investment income to average net assets (1) ............................ 2.03% 1.63% 2.47%
Net investment income to average net assets before voluntary expense
reimbursements (note 3) (1) ............................................... 2.00% 1.39% 1.38%
Portfolio Turnover (2) ..................................................... 118.49% 16.59% 0.00%
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 June 30, 2000 amounted to $27,234,542 and
$21,120,587, respectively.
(3) Ratios for the period November 9, 1998 to December 31, 1998 have been
determined on annualized operating results.
See Notes to Financial Statements.
MSF-66
<PAGE>
Metropolitan Series Fund, Inc.
NEUBERGER BERMAN PARTNERS MID CAP VALUE PORTFOLIO SCHEDULE OF INVESTMENTS
JUNE 30, 2000 (Unaudited)
VALUE
SHARES ISSUE (NOTE 1A)
-------------------------------------------------------------------------
COMMON STOCK: 94.5%
-------------------------------------------------------------------------
Aerospace & Defense: 1.9%
17,200 General Dynamics Corp. $ 898,700
-------------------------------------------------------------------------
Automotive: 3.1%
9,700 Danaher Corp. 479,544
4,400 *General Motors Corp. Cl. H 386,100
30,200 *Lear Corp. 604,000
-------------
1,469,644
-------------------------------------------------------------------------
Banking: 1.7%
1,000 +M&T Bank Corp. 450,000
15,120 Valley National Bancorp 367,605
-------------
817,605
-------------------------------------------------------------------------
Broadcasting: 3.6%
53,300 AH Belo Corp. Cl. A 922,756
5,300 *Emmis Communications Corp. Cl. A 219,453
11,900 Scripps (E.W.) Co. Cl. A 586,075
-------------
1,728,284
-------------------------------------------------------------------------
Building & Construction: 1.0%
19,900 +Crane Co. 483,819
-------------------------------------------------------------------------
Business Services: 2.5%
13,700 *ChoicePoint, Inc. 609,650
16,800 Comdisco, Inc. 374,850
5,100 *Fiserv, Inc. 220,575
-------------
1,205,075
-------------------------------------------------------------------------
Chemicals: 4.3%
10,400 *+FMC Corp. 603,200
20,900 Pall Corp. 386,650
12,900 Praxair, Inc. 482,944
14,500 +Williams Cos., Inc. 604,468
-------------
2,077,262
-------------------------------------------------------------------------
Computer Equipment & Service: 2.8%
21,200 *Ceridian Corp. 510,125
8,400 *Gateway, Inc. 476,700
10,900 *+SunGard Data Systems, Inc. 337,900
-------------
1,324,725
-------------------------------------------------------------------------
Containers & Glass: 1.0%
8,800 * + Sealed Air Corp. 460,900
-------------------------------------------------------------------------
Drugs & Health Care: 5.9%
13,700 Bard (C.R.), Inc. 659,312
13,600 *+Charles River Laboratories, Inc. 301,750
16,500 *+Genzyme Transgenics Corp. 982,266
62,300 *HEALTHSOUTH Corp. 447,781
9,800 *St. Jude Medical, Inc. 449,575
-------------
2,840,684
-------------------------------------------------------------------------
Electrical Equipment: 0.5%
13,900 *Energizer Holdings, Inc. 253,675
-------------------------------------------------------------------------
Electronics: 2.4%
6,600 Eaton Corp. 442,200
4,900 *+Flextronics International Ltd. 336,722
5,700 *Gemstar International Group Ltd. 350,372
-------------
1,129,294
-------------------------------------------------------------------------
Financial Services: 9.1%
9,700 *Bear Stearns Cos., Inc. 403,763
19,300 Countrywide Credit Industries, Inc. 585,031
15,200 +Franklin Resources, Inc. 461,700
15,500 Household International, Inc. 644,219
22,700 Nationwide Financial Services, Inc. Cl. A 746,262
6,900 Providian Financial Corp. 621,000
24,600 SLM Holding Corp. 920,962
-------------
4,382,937
-------------------------------------------------------------------------
Food & Beverages: 2.2%
9,700 +Hershey Foods Corp. 470,450
10,800 +Nabisco Holdings Corp. Cl. A 567,000
-------------
1,037,450
-------------------------------------------------------------------------
Forest Products & Paper: 0.7%
7,700 Bowater, Inc. 339,763
-------------------------------------------------------------------------
Hospital Management: 1.8%
32,900 *Tenet Healthcare Corp. 888,300
-------------------------------------------------------------------------
Hotel & Motel: 1.9%
27,700 Starwood Hotels & Resorts Worldwide, Inc. Cl.B 901,981
-------------------------------------------------------------------------
Industrials: 0.6%
2,500 *Waters Corp. 312,031
-------------------------------------------------------------------------
Insurance: 7.7%
28,400 ACE Ltd. 795,200
10,100 AMBAC Financial Group, Inc. 553,606
19,100 Aon Corp. 593,294
15,600 *John Hancock Financial Services, Inc. 369,525
30,300 +UNUMProvident Corp. 607,894
14,000 +XL Capital Ltd. 757,750
-------------
3,677,269
-------------------------------------------------------------------------
Machinery: 2.9%
12,800 *American Standard Cos., Inc. 524,800
7,100 *SPX Corp. 858,656
-------------
1,383,456
-------------------------------------------------------------------------
Medical Equipment & Supply: 2.0%
13,700 Becton, Dickinson & Co. 393,019
8,100 *Wellpoint Health Networks, Inc. 586,744
-------------
979,763
-------------------------------------------------------------------------
Metals-Gold: 1.0%
71,600 Homestake Mining Co. 492,250
-------------------------------------------------------------------------
Metals-Non-Ferrous: 0.7%
20,700 Engelhard Corp. 353,194
-------------------------------------------------------------------------
Office & Business Equipment: 0.8%
7,300 *Apple Computer, Inc. 382,109
-------------------------------------------------------------------------
MSF-67
<PAGE>
Metropolitan Series Fund, Inc.
NEUBERGER BERMAN PARTNERS MID CAP VALUE PORTFOLIO SCHEDULE OF INVESTMENTS
JUNE 30, 2000 (Unaudited)
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Oil & Gas Exploration: 2.3%
12,000 +Anadarko Petroleum Corp. $ 591,750
8,500 Apache Corp. 499,906
-------------
1,091,656
------------------------------------------------------------------------------
Oil-Domestic: 1.0%
19,000 USX-Marathon Group 476,188
------------------------------------------------------------------------------
Oil-Equipment & Services: 5.0%
9,800 Coastal Corp. 596,575
8,054 Dynegy, Inc. Cl. A 550,189
6,900 *Noble Drilling Corp. 284,194
10,400 Sante Fe International 363,350
11,700 Transocean Sedco Forex, Inc. 625,218
-------------
2,419,526
------------------------------------------------------------------------------
Printing & Publishing: 1.4%
23,600 +Dun & Bradstreet Corp. 675,550
------------------------------------------------------------------------------
Real Estate: 5.3%
17,200 Boston Properties, Inc. 664,350
47,700 *+Indymac Mortgage Holdings, Inc. 646,931
13,700 Spieker Properties , Inc. 630,200
17,200 Vornado Realty Trust 597,700
-------------
2,539,181
------------------------------------------------------------------------------
Retail Grocery: 1.5%
33,400 *Kroger Co. 736,888
------------------------------------------------------------------------------
Retail Trade: 3.0%
6,200 *+AnnTaylor Stores Corp. 205,375
26,200 *+Consolidated Stores Corp. 314,400
10,900 *+Insight Enterprises, Inc. 646,847
3,800 Tiffany & Co. 256,500
-------------
1,423,122
------------------------------------------------------------------------------
Software: 1.0%
22,000 *Compuware Corp. 227,563
6,200 *Intuit, Inc. 256,137
-------------
483,700
------------------------------------------------------------------------------
Telecommunications Equipment & Services: 2.5%
15,200 *+American Tower Corp. Cl. A 633,650
82,200 *+Loral Space & Communications Ltd. 570,263
-------------
1,203,913
------------------------------------------------------------------------------
Transportation-Airlines: 2.2%
12,500 *+Continental Airlines, Inc. Cl. B 587,500
25,500 Southwest Airlines Co. 482,906
-------------
1,070,406
------------------------------------------------------------------------------
Transportation-Miscellaneous: 1.3%
18,000 *+Iron Mountain , Inc. 612,000
------------------------------------------------------------------------------
Transportation-Railroad: 1.7%
9,000 Kansas City Southern Industries, Inc. 798,188
------------------------------------------------------------------------------
Utilities-Electric: 3.4%
20,800 *+AES Corp. 949,000
17,100 Unicom Corp. 661,556
-------------
1,610,556
------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.8%
10,700 +Kinder Morgan, Inc. 369,819
------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $42,638,832)............................. 45,330,863
-------------
------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 9.4%
------------------------------------------------------------------------------
$4,512,000 State Street Repurchase
Agreement (U.S. Treasury
Bills collateralized, dated
06/30/2000 due 02/15/
2000 @ 7.500% with a
market value of 3.500% 7/3/00 $ 4,512,000
$4,649,375)
------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $4,512,000)............................. 4,512,000
-------------
------------------------------------------------------------------------------
TOTAL INVESTMENTS : 103.9%
(Cost: $47,150,832) 49,842,863
OTHER ASSETS LESS LIABILITIES :(3.9)% (1,865,574)
-------------
TOTAL NET ASSETS : 100.0% $ 47,977,289
=============
------------------------------------------------------------------------------
LEGEND:
*Non-income producing security.
+Securities on loan.
SECURITIES ON LOAN : (Note 7)
As of June 30, 2000, the market value of securities loaned was $4,828,411 with
collateral backing valued at $5,027,800.
See Notes to Financial Statements.
MSF-68
<PAGE>
Metropolitan Series Fund, Inc.
NEUBERGER BERMAN PARTNERS MID CAP VALUE PORTFOLIO JUNE 30, 2000 (Unaudited)
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at value (Note 1A) (1) ............................ $49,842,863
Cash ........................................................... 543
Foreign currencies held at value (2) ........................... --
Receivable for investment securities sold ...................... 135,128
Receivable for fund shares sold ................................ 218,708
Receivable for dividends and interest .......................... 48,578
Daily variation on futures contracts (Note 11) ................. --
Unrealized appreciation on forward contracts (Note 10) ......... --
Collateral for securities loaned (Note 7) ...................... 5,027,800
Other assets ................................................... 715
-----------
Total Assets ................................................ 55,274,335
-----------
LIABILITIES:
Payable for investment securities purchased .................... 2,234,118
Payable for capital stock repurchased .......................... --
Unrealized depreciation on forward contracts (Note 10) ......... --
Return of collateral for securities loaned (Note 7) ............ 5,027,800
Bank overdraft ................................................. --
Accrued investment management fee (Note 3) ..................... 26,750
Accrued expenses and other liabilities ......................... 8,378
Total Liabilities ........................................... 7,297,046
-----------
NET ASSETS: ....................................................... $47,977,289
===========
COMPOSITION OF NET ASSETS:
Paid-in-capital ................................................ 43,039,148
Undistributed (overdistributed) net investment income (loss) ... 110,293
Net unrealized appreciation (depreciation) ..................... 2,692,030
Accumulated net realized gain (loss) ........................... 2,135,818
-----------
Net Assets ..................................................... $47,977,289
===========
Shares Outstanding ............................................. 3,740,190
===========
Net Asset Value Per Share ...................................... $ 12.83
===========
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost .......................................... $47,150,832
(2) Cost of foreign currency ...................................... --
STATEMENT OF OPERATIONS
INVESTMENT INCOME:
Interest (Note 1B) (1) ......................................... $ 53,809
Dividends (Note 1B) ............................................ 222,734
-----------
Total Investment Income, Net of Withholding Taxes (2) .......... 276,543
-----------
EXPENSES:
Investment management fee (Note 3A) ............................ 146,419
Printing and distribution fees ................................. 2,668
Custodian and transfer agent fees .............................. 34,319
Audit and tax service fees ..................................... 6,406
Directors fees ................................................. 3,864
Insurance fees ................................................. 1,854
Other operating expenses ....................................... 2,363
-----------
Total expenses before reimbursement / reduction ................ 197,893
Less: expense reimbursement .................................... 8,921
expense reduction (Note 1H) .............................. 13,017
-----------
Net expenses ................................................... 175,955
-----------
Net Investment Income (Loss) ................................. 100,588
-----------
NET REALIZED GAIN (LOSS) ON:
Investments .................................................... --
Foreign currency transactions .................................. 1,768,738
Futures contracts .............................................. --
-----------
Net Realized Gain (Loss) .................................... 1,768,738
-----------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency holdings and
futures contracts (Notes 8,10,11) ............................. 1,594,900
End of period investments, foreign currency holdings and
futures contracts (Notes 8,10,11) ............................. 2,692,030
-----------
Net Unrealized Appreciation (Depreciation) ..................... 1,097,130
-----------
Net Increase (Decrease) in Net Assets Resulting From
Operations ..................................................... $ 2,966,456
===========
--------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned .................................... $ 2,600
(2) Withholding taxes ............................................. 185
See Notes to Financial Statements
MSF-69
<PAGE>
Metropolitan Series Fund, Inc.
NEUBERGER BERMAN PARTNERS MID CAP VALUE PORTFOLIO JUNE 30, 2000
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
---------- ----
<S> <C> <C>
OPERATIONS:
Net investment income (loss) ............................................................. $ 100,588 $ 207,729
Net realized gain (loss) from investments, foreign currency holdings and futures contracts 1,768,738 1,677,956
Unrealized appreciation (depreciation) of investments, foreign currency holdings
and futures contracts ................................................................... 1,097,130 1,326,549
------------ ------------
Net increase (decrease) in net assets resulting from operations .......................... 2,966,456 3,212,234
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income .................................................................... -- (211,948)
Net realized gain from investment transactions ........................................... -- (1,504,168)
------------ ------------
Total Distributions (Note 4) ............................................................. -- (1,716,116)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares ......................................................... 9,508,649 34,370,959
Net asset value of shares issued to shareholders in reinvestment of distributions ........ -- 1,716,116
Shares redeemed .......................................................................... (3,219,805) (7,508,299)
------------ ------------
Net Capital Stock Transactions (Note 9) .................................................. 6,288,844 28,578,776
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... 9,255,300 30,074,894
NET ASSETS: Beginning of period .......................................................... 38,721,989 8,647,095
------------ ------------
NET ASSETS: End of period ................................................................ $ 47,977,289 $ 38,721,989
============ ============
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
PER SHARE OPERATING PERFORMANCE SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED -----------------------
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD) JUNE 30, 2000
(UNAUDITED) 1999 1998(3)
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE: Beginning of period .................................. $ 11.97 $ 10.73 $ 10.00
----------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income .............................................. 0.03 0.06 0.03
Net realized and unrealized gain (loss) ............................ 0.83 1.80 0.71
------- ------- -------
Total From Investment Operations ................................... 0.86 1.86 0.74
------- ------- -------
Less Distributions:
Dividends from net investment income ............................... -- (0.07) (0.01)
Distributions from net realized capital gains ...................... -- (0.55) --
------- ------- -------
Total Distributions ................................................ -- (0.62) (0.01)
------- ------- -------
-------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ........................................ $ 12.83 $ 11.97 $ 10.73
-------------------------------------------------------------------------------------------------------------
Total Return ....................................................... 7.18% 17.63% 7.44%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ................................ $47,977 $ 38,722 $ 8,647
Net expenses to average net assets (note 3) (1) .................... 0.83% 0.72% 0.68%
Operating expenses to average net assets before voluntary
expense reimbursements (note 3) (1) ............................... 0.93% 1.18% 1.86%
Net investment income to average net assets (1) .................... 0.48% 0.86% 2.61%
Net investment income to average net assets before voluntary
expense reimbursements (note 3) (1) ............................... 0.37% 0.40% 1.42%
Portfolio Turnover (2) ............................................. 176.41% 134.37% 20.81%
-------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 June 30, 2000 amounted to $40,757,716 and
$35,173,140 , respectively.
(3) Ratios for the period November 9, 1998 to December 31, 1998 have been
determined on annualized operating results.
See Notes to Financial Statements.
MSF-70
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 97.1%
--------------------------------------------------------------------------------
Automotive: 0.4%
10,400 Danaher Corp. $ 514,150
--------------------------------------------------------------------------------
Banking: 3.5%
23,900 Bank of New York Co., Inc. 1,111,350
6,150 Chase Manhattan Corp. 283,284
50,400 +Firstar Corp. 1,061,550
22,000 Mellon Financial Corp. 801,625
6,300 State Street Corp. 668,194
14,300 Wells Fargo & Co. 554,125
-------------
4,480,128
--------------------------------------------------------------------------------
Biotechnology: 1.9%
6,600 *Genentech, Inc. 1,135,200
11,800 *MedImmune, Inc. 872,831
6,600 PE Biosystems Group 434,775
-------------
2,442,806
--------------------------------------------------------------------------------
Broadcasting: 3.8%
10,100 *+Clear Channel Communications, Inc. 757,500
34,700 *Comcast Corp. Cl. A 1,406,434
20,400 *Infinity Broadcasting Corp. Cl. A 743,325
6,700 Time Warner, Inc. 509,200
21,962 *Viacom, Inc. Cl. B 1,497,534
-------------
4,913,993
--------------------------------------------------------------------------------
Building & Construction: 0.2%
14,400 Masco Corp. 260,100
--------------------------------------------------------------------------------
Business Services: 3.6%
20,000 Automatic Data Processing, Inc. 1,071,250
23,300 *Concord EFS, Inc. 605,800
25,800 First Data Corp. 1,280,325
10,000 Omnicom Group, Inc. 890,625
20,100 Randstad Holding NV 743,592
-------------
4,591,592
--------------------------------------------------------------------------------
Computer Equipment & Service: 9.0%
25,800 *America Online, Inc. 1,360,950
20,100 *Ceridian Corp. 483,656
55,400 *Cisco Systems, Inc. 3,519,631
43,300 *Dell Computer Corp. 2,136,584
35,500 Ericsson (LM) Telephone Co. Ser. B 702,353
6,000 Hewlett-Packard Co. 749,250
2,500 *Lexmark International Group, Inc. Cl. A 168,125
10,700 *+SanDisk Corp. 655,041
30,900 *+Solectron Corp. 1,293,938
4,900 *+Yahoo!, Inc. 607,141
-------------
11,676,669
--------------------------------------------------------------------------------
Drugs & Health Care: 7.9%
17,000 American Home Products Corp. 998,750
5,900 *Amgen, Inc. 414,659
10,800 Bristol-Myers Squibb Co. 629,100
15,900 Lilly (Eli) & Co. 1,588,013
6,100 Merck & Co., Inc. 467,413
89,350 Pfizer, Inc. 4,288,800
21,781 Pharmacia Corp. 1,125,805
14,200 Schering-Plough Corp. 717,100
-------------
10,229,640
--------------------------------------------------------------------------------
Electrical Equipment: 1.9%
46,000 General Electric Co. 2,438,000
--------------------------------------------------------------------------------
Electronics: 10.0%
12,000 *Altera Corp. 1,222,875
4,800 **Analog Devices, Inc. 364,800
16,400 *Applied Materials, Inc. 1,486,763
8,600 *+Atmel Corp. 317,125
24,700 *+Flextronics International Ltd. (ordinary shares) 1,697,353
16,600 Intel Corp. 2,218,694
3,700 Kyocera Corp. 627,331
18,000 *Maxim Integrated Products, Inc. 1,222,313
9,600 Motorola, Inc. 279,000
3,700 *PMC-Sierra, Inc. 657,328
1,700 Samsung Electronics Co., Ltd. 562,588
9,000 Sony Corp. 839,734
6,300 +Teleflex, Inc. 233,494
17,600 Texas Instruments, Inc. 1,208,900
-------------
12,938,298
--------------------------------------------------------------------------------
Financial Services: 7.1%
25,900 Associates First Capital Corp. Cl. A 577,894
19,900 Capital One Financial Corp. 888,037
39,700 Citigroup, Inc. 2,391,925
53,000 Federal Home Loan Mortgage Corp. 2,146,500
18,900 Federal National Mortgage Assoc. 986,344
13,800 Hartford Financial Services Group, Inc. 771,938
11,100 Morgan Stanley Dean Witter & Co. 924,075
5,700 Providian Financial Corp. 513,000
-------------
9,199,713
--------------------------------------------------------------------------------
Food & Beverages: 1.8%
10,000 Coca-Cola Co. 574,375
35,500 Compass Group PLC 467,589
28,700 PepsiCo, Inc. 1,275,356
-------------
2,317,320
--------------------------------------------------------------------------------
Forest Products & Paper: 0.3%
6,500 Kimberly-Clark Corp. 372,938
--------------------------------------------------------------------------------
Healthcare Services: 1.0%
14,500 UnitedHealth Group, Inc. 1,243,375
--------------------------------------------------------------------------------
Hotel & Motel: 0.4%
14,100 Starwood Hotels & Resorts Worldwide, Inc. Cl. B 459,131
--------------------------------------------------------------------------------
Household Products: 1.9%
7,900 Corning, Inc. 2,132,012
9,400 Gillette Co. 328,413
-------------
2,460,425
--------------------------------------------------------------------------------
MSF-71
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Industrials: 0.7%
7,300 *Waters Corp. $ 911,131
--------------------------------------------------------------------------------
Insurance: 2.0%
49,900 ACE Ltd. (ordinary shares) 1,397,200
4,200 AMBAC Financial Group, Inc. 230,212
1,623 *Fairfax Financial Holdings Ltd. 177,653
3,100 Marsh & McLennan Cos., Inc. 323,756
10,400 +Mutual Risk Management Ltd. 180,050
7,700 +PartnerRe Ltd. 272,869
-------------
2,581,740
--------------------------------------------------------------------------------
Medical Equipment & Supply: 2.1%
21,300 Baxter International, Inc. 1,497,656
16,700 *Wellpoint Health Networks, Inc. 1,209,706
-------------
2,707,362
--------------------------------------------------------------------------------
Multi-Industry: 4.6%
91,100 Hutchison Whampoa Ltd. 1,145,250
32,200 *Koninklijke Philips Electronics NV 1,518,623
102,140 Tomkins PLC (ordinary shares) 331,892
50,400 Tyco International Ltd. 2,387,700
8,500 United Technologies Corp. 500,438
-------------
5,883,903
--------------------------------------------------------------------------------
Office & Business Equipment: 0.5%
7,800 *Sun Microsystems, Inc. 709,556
--------------------------------------------------------------------------------
Oil-Equipment & Services: 0.8%
32,400 Baker Hughes, Inc. 1,036,800
--------------------------------------------------------------------------------
Oil-International: 2.9%
12,800 Chevron Corp. 1,085,600
16,108 Exxon Mobil Corp. 1,264,478
23,600 Royal Dutch Petroleum Co. 1,452,875
-------------
3,802,953
--------------------------------------------------------------------------------
Printing & Publishing: 0.3%
7,300 Ver Ned Uitgevers NV 377,040
--------------------------------------------------------------------------------
Restaurant: 0.1%
4,600 +McDonald's Corp. 151,513
--------------------------------------------------------------------------------
Retail Grocery: 1.9%
37,000 *Kroger Co. 816,312
37,500 *Safeway, Inc. 1,692,188
-------------
2,508,500
--------------------------------------------------------------------------------
Retail Trade: 4.5%
12,600 Circuit City Stores, Inc. 418,163
28,800 CVS Corp. 1,152,000
22,750 Home Depot, Inc. 1,136,078
14,400 Lowe's Cos., Inc. 591,300
9,300 Target Corp. 539,400
18,900 +Wal-Mart de Mexico SA de CV ADR 443,545
25,700 Wal-Mart Stores, Inc. 1,480,962
-------------
5,761,448
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Software: 8.9%
10,500 *Ariba, Inc. $ 1,029,656
25,600 *BMC Software, Inc. 933,600
7,300 Computer Associates International, Inc. 373,669
8,000 *+Electronic Arts, Inc. 583,750
2,000 *Macromedia, Inc. 193,312
39,600 *Microsoft Corp. 3,166,763
24,700 *Oracle Corp. 2,075,572
7,100 *Peregrine Systems, Inc. 247,169
7,300 *+Siebel Systems, Inc. 1,194,234
1,200 SOFTBANK CORP. 162,857
9,350 *+Veritas Software Corp. 1,056,258
8,000 *+Vitria Technology, Inc. 489,250
-------------
11,506,090
--------------------------------------------------------------------------------
Technology: 0.7%
5,700 *Applied Micro Circuits Corp. 562,875
7,800 *+priceline.com, Inc. 295,913
-------------
858,788
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 10.6%
39,600 *AT&T Corp. Cl. A 960,300
29,000 *China Mobile (Hong Kong) Ltd. 255,757
22,700 *+China Unicom, Ltd. ADR 482,375
6,600 *Crown Castle International Corp. 240,694
12,800 *JDS Uniphase Corp. 1,534,000
25,100 *Nextel Communications, Inc. Cl. A 1,535,022
19,600 *+Nextlink Communications, Inc. Cl. A 742,963
24,900 Nokia Corp. ADR 1,243,444
20,800 +Nortel Networks Corp. 1,419,600
2,100 *SDL, Inc. 598,959
12,500 +Telesp Celular Participaciones SA ADR 560,937
378,383 Vodafone Airtouch PLC (ordinary shares) 1,528,658
10,950 +Vodafone AirTouch PLC ADR 453,741
45,300 *WorldCom, Inc. 2,079,553
-------------
13,636,003
--------------------------------------------------------------------------------
Tobacco: 0.5%
23,700 Philip Morris Cos., Inc. 629,531
--------------------------------------------------------------------------------
Transportation-Railroad: 0.6%
8,800 Kansas City Southern Industries, Inc. 780,450
--------------------------------------------------------------------------------
Utilities-Telephone: 0.7%
14,800 *+Sprint Corp. PCS Group Ser. 1 880,600
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $112,197,620) ............................. 125,261,686
-------------
--------------------------------------------------------------------------------
REGULATED INVESTMENT COMPANIES: 3.3%
--------------------------------------------------------------------------------
4,268,376 T. Rowe Price Reserve Investment Fund 4,268,376
-------------
TOTAL REGULATED INVESTMENT
COMPANIES
(Cost : $4,268,376) .............................. 4,268,376
-------------
--------------------------------------------------------------------------------
MSF-72
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.1%
--------------------------------------------------------------------------------
$1,449,000 State Street Repurchase
Agreement (U.S. Treasury
Bills collateralized dated
06/30/2000 due
02/15/2005 @ 7.500%
with a market value of
$1,494,250) 3.500% 7/3/00 $ 1,449,000
--------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $1,449,000) ............................... 1,449,000
-------------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 101.5%
(Cost: $117,914,996) ............................. 130,979,062
OTHER ASSETS LESS LIABILITIES (1.5)% ............. (1,942,090)
-------------
TOTAL NET ASSETS: 100.0% .........................$ 129,036,972
=============
--------------------------------------------------------------------------------
LEGEND:
+ Securities on loan.
* Non-income producing security.
ADR (American Depository Receipt) represents ownership of foreign securities.
SECURITIES ON LOAN: (Note 7)
As of June 30, 2000, the market value of securities loaned was $5,717,114 with
collateral backing valued at $5,782,260.
See Notes to Financial Statements.
MSF-73
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) ...........................$ 130,979,062
Cash .......................................................... 595
Foreign currencies held at value (2) .......................... 1,558
Receivable for investment securities sold ..................... 848,401
Receivable for fund shares sold ............................... --
Receivable for dividends and interest ......................... 76,931
Daily variation on futures contracts (Note 11) ................ --
Unrealized appreciation on forward contracts (Note 10) ........ 75
Collateral for securities loaned (Note 7) ..................... 5,782,260
Other assets .................................................. 829
-------------
Total Assets ............................................... 137,689,711
-------------
LIABILITIES:
Payable for investment securities purchased ................... 2,614,983
Payable for capital stock repurchased ......................... 173,238
Unrealized depreciation on forward contracts (Note 10) ........ --
Return of collateral for securities loaned (Note 7) ........... 5,782,260
Bank overdraft ................................................ --
Accrued investment management fee (Note 3) .................... 63,353
Accrued expenses and other liabilities ........................ 18,905
-------------
Total Liabilities .......................................... 8,652,739
-------------
NET ASSETS: ......................................................$ 129,036,972
=============
COMPOSITION OF NET ASSETS:
Paid-in-capital ............................................... 114,221,980
Undistributed (overdistributed) net investment income (loss) .. 22,403
Net unrealized appreciation (depreciation) .................... 13,062,735
Accumulated net realized gain (loss) .......................... 1,729,854
-------------
Net Assets .................................................$ 129,036,972
=============
Shares Outstanding ......................................... 8,947,299
=============
Net Asset Value Per Share ..................................$ 14.42
=============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost .........................................$ 117,914,996
(2) Cost of foreign currency ..................................... 1,558
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ........................................$ 121,730
Dividends (Note 1B) ........................................... 322,433
-------------
Total Investment Income, Net of Withholding Taxes (2) ......... 444,163
-------------
EXPENSES:
Investment management fee (Note 3A) ........................... 290,321
Printing and distribution fees ................................ 3,560
Custodian and transfer agent fees ............................. 65,161
Audit and tax service fees .................................... 6,424
Directors fees ................................................ 3,864
Insurance fees ................................................ 1,854
Other operating expenses ...................................... 2,707
-------------
Total expenses before reimbursement / reduction ............... 373,891
Less: expense reimbursement ................................... 4,670
expense reduction (Note 1H) ............................. --
-------------
Net expenses .................................................. 369,221
-------------
Net Investment Income (Loss) ............................... 74,942
-------------
NET REALIZED GAIN (LOSS) ON:
Investments ................................................... 1,136,586
Foreign currency transactions ................................. (32,177)
Futures contracts ............................................. --
-------------
Net Realized Gain (Loss) ................................... 1,104,409
-------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency holdings and
futures contracts (Notes 8,10,11) ............................ 6,606,964
End of period investments, foreign currency holdings and
futures contracts (Notes 8,10,11) ............................ 13,062,735
-------------
Net Unrealized Appreciation (Depreciation) ................. 6,455,771
-------------
Net Increase (Decrease) in Net Assets Resulting From
Operations ................................................$ 7,635,122
=============
--------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned ...................................$ 3,541
(2) Withholding taxes ............................................ 10,055
See Notes to Financial Statements
MSF-74
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO
JUNE 30, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
------------- -------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) .................................................................. $ 74,942 $ 60,070
Net realized gain (loss) from investments, foreign currency holdings and futures contracts .... 1,104,409 711,764
Unrealized appreciation (depreciation) of investments, foreign currency
holdings and futures contracts ............................................................... 6,455,771 6,200,705
------------- -------------
Net increase (decrease) in net assets resulting from operations ............................... 7,635,122 6,972,539
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ......................................................................... -- (114,084)
Net realized gain from investment transactions ................................................ -- (88,107)
------------- -------------
Total Distributions (Note 4) .................................................................. -- (202,191)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares .............................................................. 70,611,663 38,762,034
Net asset value of shares issued to shareholders in reinvestment of distributions ............. -- 202,191
Shares redeemed ............................................................................... (611,329) (1,072,755)
------------- -------------
Net Capital Stock Transactions (Note 9) ....................................................... 70,000,334 37,891,470
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ......................................................... 77,635,456 44,661,818
NET ASSETS: Beginning of period ............................................................... 51,401,516 6,739,698
------------- -------------
NET ASSETS: End of period ..................................................................... $ 129,036,972 $ 51,401,516
============= =============
</TABLE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PER SHARE OPERATING PERFORMANCE SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED -----------------------
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD) JUNE 30, 2000
(UNAUDITED) 1999 1998(3)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE: Beginning of period ...................................................... $ 13.41 $ 11.02 $ 10.00
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income .................................................................. 0.02 0.02 0.01
Net realized and unrealized gain (loss) ................................................ 0.99 2.43 1.02
-------- -------- --------
Total From Investment Operations ....................................................... 1.01 2.45 1.03
-------- -------- --------
Less Distributions:
Dividends from net investment income ................................................... -- (0.03) (0.01)
Distributions from net realized capital gains .......................................... -- (0.03) --
-------- -------- --------
Total Distributions .................................................................... -- (0.06) (0.01)
-------- -------- --------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ............................................................ $ 14.42 $ 13.41 $ 11.02
------------------------------------------------------------------------------------------------------------------------------------
Total Return ........................................................................... 7.53% 22.23% 10.28%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) .................................................... $129,037 $ 51,402 $ 6,740
Net expenses to average net assets (note 3) (1) ........................................ 0.82% 0.87% 0.50%
Operating expenses to average net assets before voluntary expense
reimbursements (note 3) (1) ........................................................... 0.83% 1.31% 2.62%
Net investment income to average net assets (1) ........................................ 0.17% 0.23% 0.93%
Net investment income to average net assets before voluntary
expense reimbursements (note 3) (1) ................................................... 0.16% (0.21)% (1.19)%
Portfolio Turnover (2) ................................................................. 64.16% 46.48% 5.69%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 June 30, 2000 amounted to $95,509,624 and
$27,959,148, respectively.
(3) Ratios for the period November 9, 1998 to December 31, 1998 have been
determined on annualized operating results.
See Notes to Financial Statements.
MSF-75
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CORPORATE BONDS: 20.9%
--------------------------------------------------------------------------------
Aerospace & Defense: 0.2%
$233,000 Raytheon Co. 6.750% 8/15/07 $ 218,910
--------------------------------------------------------------------------------
Asset Backed: 0.9%
170,000 Bank One Credit Card
Master Trust Ser. 95-B A 6.300% 10/15/02 169,733
115,000 Chase Credit Card Owner
Trust Ser. 99-3 A 6.660% 1/15/07 112,813
200,000 Citibank Credit Card
Master
Trust I Ser. 97-2 A 6.550% 2/15/04 198,186
228,000 Citibank Credit Card
Master
Trust I Ser. 98 A 5.300% 1/9/06 214,390
175,000 First USA Credit Card
Master Trust Ser. 98-9 A 5.280% 9/18/06 165,538
200,000 Premier Auto Trust Ser.
99-1 A4 5.820% 10/8/03 195,312
175,000 Sears Credit Account
Master Trust Ser. 98-1 A 5.800% 8/15/05 173,796
---------
1,229,768
--------------------------------------------------------------------------------
Automotive: 0.8%
300,000 Delphi Automotive
Systems Corp. 7.125% 5/1/29 255,771
500,000 Ford Motor Co. 6.375% 2/1/29 410,055
400,000 Ford Motor Co. 7.250% 10/1/08 385,132
---------
1,050,958
--------------------------------------------------------------------------------
Banking: 2.1%
230,000 Abn Amro Bank 7.750% 5/15/23 224,469
260,000 Bank One Corp. Sr. 6.250% 9/1/00 259,662
200,000 +Capital One Bank 6.700% 5/15/08 179,398
151,000 Chase Manhattan Corp.
Sub. 7.125% 2/1/07 147,464
500,000 Chase Manhattan Corp.
Sub. 7.875% 6/15/10 500,735
500,000 Fleet National Bank 5.750% 1/15/09 432,110
500,000 +Korea Development Bank 7.125% 4/22/04 483,695
350,000 National Australia Bank 6.600% 12/10/07 334,673
Ltd.
250,000 Swiss Bank Corp. 7.750% 9/1/26 241,772
---------
2,803,978
--------------------------------------------------------------------------------
Broadcasting: 0.2%
250,000 Comcast Corporation 8.375% 5/1/07 257,573
--------------------------------------------------------------------------------
Collateralized Mortgage Obligations: 1.3%
200,000 Bear Stearns Commercial
Mortgage Securities, Inc.
Ser. 00-WF1 A2 7.780% 2/15/10 204,058
250,000 Chase Commercial
Mortgage Securities Corp.
Ser. 98-2 A2 6.390% 11/18/08 233,656
250,000 First Union Lehman
Brothers Bank Ser. 98-C2
A2 6.560% 11/18/08 237,280
250,000 LB Commercial Conduit
Mortgage Trust Ser. 98-C4
A1 6.210% 10/15/08 231,105
250,000 Morgan Stanley Capital,
Inc. Ser. 98 A2 6.550% 12/15/07 238,255
250,000 Morgan Stanley Capital,
Inc. Ser. 98-WF A2 6.540% 5/15/08 237,420
400,000 Structured Asset
Securities Corp. 6.950% 3/12/07 387,625
---------
1,769,399
--------------------------------------------------------------------------------
Drugs & Health Care: 0.1%
145,000 Abbott Laboratories 5.600% 10/1/03 138,819
--------------------------------------------------------------------------------
Entertainment & Leisure: 0.3%
500,000 Carnival Corp. Sr. 6.150% 4/15/08 436,420
--------------------------------------------------------------------------------
Finance & Banking: 1.2%
350,000 Bank of America Corp. 8.125% 2/1/02 353,608
250,000 FINOVA Capital Corp. 6.440% 11/6/01 232,848
500,000 Ford Motor Credit Co. 7.500% 6/15/03 498,830
568,000 Ford Motor Credit Co. Sr. 8.200% 2/15/02 573,674
---------
1,658,960
--------------------------------------------------------------------------------
Financial Services: 4.0%
$300,000 Associates Corp. of North
America Sr. 6.250% 11/1/08 $269,025
250,000 CIT Group Holdings, Inc. 6.375% 10/1/02 243,272
750,000 +Citigroup, Inc. 6.200% 3/15/09 688,222
250,000 Equitable
Companies, Inc.
Sr. 6.500% 4/1/08 230,325
78,000 General Electric Capital
Corp. 8.375% 3/1/01 78,675
500,000 Heller Financial, Inc. 5.875% 11/1/00 497,485
800,000 Lehman Brothers Holdings,
Inc. 6.625% 2/5/06 747,512
300,000 Liberty Financial Cos., 7.625% 11/15/28 253,851
Inc.
500,000 Mellon Financial Co. Sr. 5.750% 11/15/03 471,665
300,000 Merrill Lynch & Co., Inc. 6.000% 2/17/09 267,501
200,000 Merrill Lynch & Co., Inc. 6.500% 7/15/18 169,730
640,000 PaineWebber Group, Inc.
Sr. 6.550% 4/15/08 571,514
300,000 PNC Funding Corp. 6.950% 9/1/02 296,343
200,000 Standard Credit Card
Master Trust I Ser. 94-2 7.250% 4/7/08 199,000
A
375,000 Western National Corp. Sr. 7.125% 2/15/04 367,369
---------
5,351,489
--------------------------------------------------------------------------------
Food & Beverages: 0.7%
200,000 +Coca Cola Enterprises, 6.375% 8/1/01 197,902
Inc.
800,000 Diageo PLC 6.625% 6/24/04 777,448
---------
975,350
--------------------------------------------------------------------------------
Forest Products & Paper: 0.7%
500,000 Abitibi Consolidated, 7.875% 8/1/09 476,685
Inc.
377,000 Georgia Pacific Corp. 9.500% 12/1/11 408,355
---------
885,040
--------------------------------------------------------------------------------
MSF-76
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
--------------------------------------------------------------------------------
Industrials: 0.1%
$160,000 Du Pont E I De Nemours &
Co. Sr. 6.500% 1/15/28 $ 140,667
--------------------------------------------------------------------------------
Liquor: 0.3%
500,000 Seagram Ltd. Sr. 6.800% 12/15/08 470,200
--------------------------------------------------------------------------------
Multi-Industry: 0.5%
375,000 Salomon, Inc. 6.650% 7/15/01 372,060
400,000 Tyco International
Group SA 6.875% 1/15/29 337,908
---------
709,968
--------------------------------------------------------------------------------
Office & Business Equipment: 0.4%
425,000 International Business
Machines Corp. 8.375% 11/1/19 472,770
--------------------------------------------------------------------------------
Oil & Gas Exploration: 0.4%
200,000 Coastal Corp. Sr. 7.750% 10/15/35 190,414
400,000 Conoco, Inc. 5.900% 4/15/04 381,972
---------
572,386
--------------------------------------------------------------------------------
Printing & Publishing: 0.3%
418,000 Time Warner, Inc. Sr. 9.125% 1/15/13 458,086
--------------------------------------------------------------------------------
Real Estate: 0.4%
200,000 Equity Office Properties
Trust 6.375% 2/15/03 192,228
350,000 Spieker Properties, Inc. 7.350% 12/1/17 305,116
---------
497,344
--------------------------------------------------------------------------------
Restaurant: 0.3%
497,000 McDonald's Corp. 5.950% 1/15/08 457,016
--------------------------------------------------------------------------------
Retail Grocery: 0.4%
500,000 Safeway, Inc. 7.000% 9/15/02 494,405
--------------------------------------------------------------------------------
Retail Trade: 1.5%
447,000 Dayton Hudson Corp. 6.400% 2/15/03 437,019
850,000 Federated Department
Stores, Inc. Sr. 6.300% 4/1/09 746,895
400,000 +Wal-Mart Stores, Inc. 6.150% 8/10/01 396,536
500,000 Wal-Mart Stores, Inc. 6.875% 8/10/09 488,435
---------
2,068,885
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 1.1%
500,000 AT&T Corp. 6.000% 3/15/09 444,605
500,000 AT&T Corp. 6.500% 3/15/29 419,835
650,000 Lucent Technologies, Inc. 6.450% 3/15/29 569,777
---------
1,434,217
--------------------------------------------------------------------------------
Transportation-Airlines: 0.6%
500,000 Delta Air Lines, Inc. 7.700% 12/15/05 482,035
300,000 Delta Air Lines, Inc. 9.750% 5/15/21 299,001
---------
781,036
--------------------------------------------------------------------------------
Transportation-Railroad: 0.2%
300,000 Union Pacific Corp. 7.600% 5/1/05 298,398
--------------------------------------------------------------------------------
Utilities-Electric: 0.9%
235,000 Commonwealth Edison Co. 6.400% 10/15/05 220,362
150,000 Consolidated Edison Co.,
Inc. 6.450% 12/1/07 139,365
600,000 Puget Sound Energy, Inc.
Sr. 7.960% 2/22/10 605,340
350,000 Southern California
Edison Co. 6.650% 4/1/29 298,732
---------
1,263,799
--------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.5%
400,000 KN Energy, Inc. Sr. 6.650% 3/1/05 380,968
350,000 Occidental Petroleum Corp.
Sr. 7.375% 11/15/08 338,345
---------
719,313
--------------------------------------------------------------------------------
Utilities-Telephone: 0.5%
536,000 MCI WorldCom, Inc. 6.125% 8/15/01 528,475
125,000 MCI WorldCom, Inc. 6.400% 8/15/05 118,990
100,000 New York Telephone Co. 5.875% 9/1/03 95,614
---------
743,079
--------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $29,924,427) .......................... 28,358,233
----------
--------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 47.1%
--------------------------------------------------------------------------------
1,650,000 Federal Farm Credit
Banks, Consolidated 6.380% 11/27/06 1,585,551
360,000 Federal Home Loan Bank 5.250% 4/25/02 349,819
485,000 Federal Home Loan Bank 5.500% 7/14/00 484,922
300,000 Federal Home Loan Bank 5.875% 9/17/01 296,484
936,787 Federal Home Loan Bank 6.000% 2/1/29 858,331
498,832 Federal Home Loan Bank 6.000% 5/1/29 457,055
400,000 Federal Home Loan Bank 6.340% 6/13/05 388,064
964,540 Federal Home Loan Bank 6.500% 6/1/29 911,490
891,709 Federal Home Loan Bank 6.500% 2/1/30 841,551
644,832 Federal Home Loan Bank 6.500% 10/1/29 608,561
495,020 Federal Home Loan Bank 6.500% 9/1/29 467,175
292,186 Federal Home Loan Bank 6.500% 9/1/29 276,115
848,399 Federal Home Loan Bank 7.000% 7/1/29 820,292
577,958 Federal Home Loan Bank 7.000% 7/1/29 558,452
547,696 Federal Home Loan Bank 7.000% 7/1/29 529,212
536,187 Federal Home Loan Bank 7.000% 6/1/11 528,476
491,584 Federal Home Loan Bank 7.000% 11/1/28 475,298
446,004 Federal Home Loan Bank 7.000% 4/1/29 431,228
277,965 Federal Home Loan Bank 7.000% 5/1/29 268,756
80,853 Federal Home Loan Bank 7.000% 5/1/29 78,174
36,556 Federal Home Loan Bank 7.000% 6/1/29 35,345
14,210 Federal Home Loan Bank 7.000% 3/1/26 13,788
2,451,891 Federal Home Loan Bank 7.500% 10/1/29 2,418,937
1,238,221 Federal Home Loan Bank 7.500% 10/1/27 1,222,743
553,002 Federal Home Loan Bank 7.500% 8/1/24 547,991
374,541 Federal Home Loan Bank 7.500% 10/1/26 371,848
357,581 Federal Home Loan Bank 7.500% 11/1/24 354,788
584,721 Federal Home Loan Bank 8.000% 10/1/28 588,919
289,621 Federal Home Loan Bank 8.000% 2/1/27 291,342
3,709,000 Federal Home Loan
Mortgage Corp. 5.500% 5/15/02 3,617,425
MSF-77
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: (Continued)
--------------------------------------------------------------------------------
$400,000 Federal Home Loan
Mortgage Corp. 5.000% 1/15/04 $ 374,688
1,050,000 Federal Home Loan
Mortgage Corp. 6.250% 10/15/02 1,034,418
500,000 Federal Home Loan
Mortgage Corp. 6.890% 10/3/05 485,705
370,000 Federal National Mortgage
Assoc. 5.250% 1/15/09 326,122
350,000 Federal National Mortgage
Assoc. 5.360% 2/16/01 346,500
245,000 Federal National Mortgage
Assoc. 5.375% 3/15/02 238,990
550,000 Federal National Mortgage
Assoc. 5.875% 2/2/06 518,974
938,711 Federal National Mortgage
Assoc. 6.000% 3/1/14 889,128
551,604 Federal National Mortgage
Assoc. 6.000% 7/1/14 521,608
519,381 Federal National Mortgage
Assoc. 6.000% 7/1/14 491,137
356,075 Federal National Mortgage
Assoc. 6.000% 9/1/14 336,712
283,481 Federal National Mortgage
Assoc. 6.000% 7/1/14 268,065
221,035 Federal National Mortgage
Assoc. 6.000% 6/1/14 209,015
1,150,000 +Federal National Mortgage
Assoc. 6.160% 8/7/28 1,006,790
300,000 Federal National Mortgage
Assoc. 6.210% 8/6/38 261,936
900,000 +Federal National Mortgage
Assoc. 6.250% 5/15/29 809,298
600,000 Federal National Mortgage
Assoc. 6.490% 3/19/02 595,032
2,841,757 Federal National Mortgage
Assoc. 6.500% 4/1/29 2,681,908
829,791 Federal National Mortgage
Assoc. 6.500% 3/1/29 783,115
802,382 Federal National Mortgage
Assoc. 6.500% 6/1/13 774,796
807,488 Federal National Mortgage
Assoc. 6.500% 3/1/29 762,066
773,420 Federal National Mortgage
Assoc. 6.500% 1/1/13 746,830
596,669 Federal National Mortgage
Assoc. 6.500% 4/1/29 563,107
452,582 Federal National Mortgage
Assoc. 6.500% 6/1/13 437,022
444,757 Federal National Mortgage
Assoc. 6.500% 6/1/14 428,634
388,717 Federal National Mortgage
Assoc. 6.500% 4/1/29 366,852
319,704 Federal National Mortgage
Assoc. 6.500% 5/1/29 301,720
245,840 Federal National Mortgage
Assoc. 6.500% 8/1/29 231,781
50,117 Federal National Mortgage
Assoc. 6.500% 7/1/13 48,394
28,872 Federal National Mortgage
Assoc. 6.500% 4/1/13 27,879
988,183 Federal National Mortgage
Assoc. 7.000% 1/1/29 956,680
882,591 Federal National Mortgage
Assoc. 7.000% 12/1/29 851,974
868,247 Federal National Mortgage
Assoc. 7.000% 9/1/29 838,127
680,792 Federal National Mortgage
Assoc. 7.000% 4/1/12 669,940
670,317 Federal National Mortgage
Assoc. 7.000% 2/1/14 650,208
670,251 Federal National Mortgage
Assoc. 7.000% 8/1/29 647,000
554,613 Federal National Mortgage
Assoc. 7.000% 10/1/28 536,932
440,050 Federal National Mortgage
Assoc. 7.000% 11/1/29 424,785
257,524 Federal National Mortgage
Assoc. 7.000% 10/1/28 248,832
236,340 Federal National Mortgage
Assoc. 7.000% 8/1/29 228,141
231,002 Federal National Mortgage
Assoc. 7.000% 11/1/28 223,206
195,367 Federal National Mortgage
Assoc. 7.000% 9/1/28 188,773
73,826 Federal National Mortgage
Assoc. 7.000% 10/1/29 71,265
70,006 Federal National Mortgage
Assoc. 7.000% 12/1/29 67,578
49,370 Federal National Mortgage
Assoc. 7.000% 6/1/26 47,843
28,681 Federal National Mortgage
Assoc. 7.000% 9/1/29 27,686
26,728 Federal National Mortgage
Assoc. 7.000% 9/1/29 25,801
4,300,000 Federal National Mortgage
Assoc. 7.100% 10/18/04 4,268,438
1,000,000 Federal National Mortgage
Assoc. 7.500% 7/30/30 985,780
783,464 Federal National Mortgage
Assoc. 7.500% 10/1/29 772,198
689,942 Federal National Mortgage
Assoc. 7.500% 3/1/28 680,676
603,140 Federal National Mortgage
Assoc. 7.500% 9/1/25 596,354
601,817 Federal National Mortgage
Assoc. 7.500% 6/1/26 595,046
375,992 Federal National Mortgage
Assoc. 7.500% 10/1/29 370,586
44,819 Federal National Mortgage
Assoc. 7.500% 9/1/27 44,217
MSF-78
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: (Continued)
--------------------------------------------------------------------------------
$38,511 Federal National Mortgage
Assoc. 7.500% 11/1/27 $ 37,993
24,256 Federal National Mortgage
Assoc. 7.500% 8/1/28 23,931
10,772 Federal National Mortgage
Assoc. 7.500% 12/1/27 10,627
1,000,000 Federal National Mortgage
Assoc. 8.000% 7/30/30 1,004,220
32,771 Federal National Mortgage
Assoc. 8.000% 11/1/29 32,904
21,955 Federal National Mortgage
Assoc. 8.000% 10/1/26 22,051
382,112 Government National
Mortgage Assoc. 6.000% 1/15/29 351,899
838,357 Government National
Mortgage Assoc. 6.500% 11/15/28 795,911
727,705 Government National
Mortgage Assoc. 6.500% 7/15/28 690,861
521,992 Government National
Mortgage Assoc. 6.500% 12/1/28 495,564
345,924 Government National
Mortgage Assoc. 6.500% 7/15/29 328,303
210,508 Government National
Mortgage Assoc. 6.500% 12/15/28 199,850
129,548 Government National
Mortgage Assoc. 6.500% 5/15/23 123,718
595,507 Government National
Mortgage Assoc. 7.000% 4/15/28 578,940
553,622 Government National
Mortgage Assoc. 7.000% 5/15/28 538,220
473,943 Government National
Mortgage Assoc. 7.000% 1/15/28 460,758
472,346 Government National
Mortgage Assoc. 7.000% 6/15/28 459,205
395,960 Government National
Mortgage Assoc. 7.000% 6/15/29 384,821
373,165 Government National
Mortgage Assoc. 7.000% 1/15/28 362,784
353,079 Government National
Mortgage Assoc. 7.000% 10/15/28 343,256
329,631 Government National
Mortgage Assoc. 7.000% 6/15/28 320,461
178,623 Government National
Mortgage Assoc. 7.000% 5/15/28 173,653
158,939 Government National
Mortgage Assoc. 7.000% 10/15/28 154,517
19,357 Government National
Mortgage Assoc. 7.000% 4/15/27 18,824
504,484 Government National
Mortgage Assoc. 7.500% 8/15/29 500,857
239,013 Government National
Mortgage Assoc. 7.500% 8/15/29 237,295
467,619 Government National
Mortgage Assoc. 8.000% 6/15/29 472,585
463,677 Government National
Mortgage Assoc. 8.000% 6/15/29 468,602
288,019 Government National
Mortgage Assoc. 8.000% 8/15/26 291,260
259,302 Government National
Mortgage Assoc. 8.000% 9/15/26 262,219
235,747 Government National
Mortgage Assoc. 8.000% 5/15/27 238,399
233,182 Government National
Mortgage Assoc. 8.000% 4/15/27 235,805
43,850 Government National
Mortgage Assoc. 8.000% 9/15/16 44,658
572,737 Government National
Mortgage Assoc. 9.000% 11/15/24 597,788
--------------------------------------------------------------------------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $65,356,280) ........................... 63,827,159
----------
--------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 28.1%
--------------------------------------------------------------------------------
250,000 +U.S. Treasury Bond 5.250% 2/15/29 221,875
800,000 U.S. Treasury Bond 5.500% 8/15/28 733,752
1,050,000 +U.S. Treasury Bond 6.125% 11/15/27 1,047,701
200,000 U.S. Treasury Bond 6.375% 8/15/27 205,968
165,000 U.S. Treasury Bond 6.625% 2/15/27 175,184
500,000 +U.S. Treasury Bond 6.750% 8/15/26 538,045
595,000 +U.S. Treasury Bond 8.125% 8/15/19 719,301
315,000 U.S. Treasury Bond 8.750% 8/15/20 404,970
2,625,000 +U.S. Treasury Bond 8.875% 2/15/19 3,378,454
570,000 +U.S. Treasury Bond 8.875% 8/15/17 726,573
5,350,000 +U.S. Treasury Bond 9.250% 2/15/16 6,942,481
385,000 U.S. Treasury Bond 10.375% 11/15/12 473,369
270,000 U.S. Treasury Bond 13.875% 5/15/11 366,231
250,000 +U.S. Treasury Note 5.625% 9/30/01 247,343
900,000 +U.S. Treasury Note 5.750% 8/15/03 884,673
550,000 +U.S. Treasury Note 5.875% 9/30/02 543,901
3,750,000 U.S. Treasury Note 6.250% 2/28/02 3,737,100
600,000 +U.S. Treasury Note 6.250% 8/31/02 597,936
1,200,000 +U.S. Treasury Note 6.500% 8/15/05 1,212,372
400,000 +U.S. Treasury Note 6.500% 10/15/06 404,812
3,310,000 +U.S. Treasury Note 7.000% 7/15/06 3,429,987
1,450,000 +U.S. Treasury Note 7.250% 8/15/04 1,499,169
5,000,000 +U.S. Treasury Note 7.875% 8/15/01 5,073,450
4,230,000 U.S. Treasury Note 7.875% 11/15/04 4,479,189
--------------------------------------------------------------------------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $39,060,853) ............................. 38,043,836
----------
--------------------------------------------------------------------------------
STATE AGENCY OBLIGATIONS: 0.1%
--------------------------------------------------------------------------------
190,000 California Infrastructure
Ser. 97-1 A8 6.480% 12/26/09 182,106
--------------------------------------------------------------------------------
TOTAL STATE AGENCY OBLIGATIONS
(Cost: $188,412) ................................ 182,106
----------
--------------------------------------------------------------------------------
MSF-79
<PAGE>
--------------------------------------------------------------------------------
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
YANKEE BONDS: 2.7%
--------------------------------------------------------------------------------
$45,000 Asian Development Bank 5.750% 5/19/03 $ 43,455
1,000,000 Norsk Hydro A S 6.700% 1/15/18 876,430
1,000,000 PDVSA Finance Ltd. 6.450% 2/15/04 912,500
350,000 Province of Quebec 7.500% 7/15/23 342,641
415,000 Province of Quebec 8.800% 4/15/03 432,697
50,000 Republic of Finland 7.875% 7/28/04 51,602
200,000 Republic of Korea 8.875% 4/15/08 206,750
200,000 Transcanada Pipelines 9.125% 4/20/06 210,118
Ltd.
500,000 +United Mexican States 9.875% 2/1/10 522,500
--------------------------------------------------------------------------------
TOTAL YANKEE BONDS
(Cost: $3,743,608) ............................ 3,598,693
----------
--------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 1.7%
--------------------------------------------------------------------------------
400,000 Federal Home Loan Bank 6.440% 7/19/00 398,712
1,900,000 Goldman Sachs Group LP 6.580% 7/19/00 1,893,749
--------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $2,292,461) ............................ 2,292,461
----------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.6%
(Cost: $140,566,041) .......................... 136,302,488
OTHER ASSETS LESS LIABILITIES (0.6)% .......... (879,571)
------------
TOTAL NET ASSETS: 100.0% ...................... $135,422,917
============
--------------------------------------------------------------------------------
LEGEND:
+ Securities on loan.
SECURITIES ON LOAN: (Note 7)
As of June 30, 2000, the market value of securities loaned was 15,173,779 with
collateral backing valued at $15,451,086.
See Notes to Financial Statements.
MSF-80
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) ........................ $ 136,302,488
Cash ....................................................... 162,045
Foreign currencies held at value (2) ....................... --
Receivable for investment securities sold .................. --
Receivable for fund shares sold ............................ --
Receivable for dividends and interest ...................... 1,975,778
Daily variation on futures contracts (Note 11) ............. --
Unrealized appreciation on forward contracts (Note 10) ..... --
Collateral for securities loaned (Note 7) .................. 15,451,086
Other assets ............................................... 206
-------------
Total Assets ............................................. 153,891,603
-------------
LIABILITIES:
Payable for investment securities purchased ................ 1,981,094
Payable for capital stock repurchased ...................... 994,482
Unrealized depreciation on forward contracts (Note 10) ..... --
Return of collateral for securities loaned (Note 7) ........ 15,451,086
Bank overdraft ............................................. --
Accrued investment management fee (Note 3) ................. 27,777
Accrued expenses and other liabilities ..................... 14,247
-------------
Total Liabilities ........................................ 18,468,686
-------------
NET ASSETS: ................................................ $ 135,422,917
=============
COMPOSITION OF NET ASSETS:
Paid-in-capital ............................................ 136,859,909
Undistributed (overdistributed) net investment income (loss) 4,413,822
Net unrealized appreciation (depreciation) ................. (4,263,553)
Accumulated net realized gain (loss) ....................... (1,587,261)
-------------
Net Assets ............................................... $ 135,422,917
=============
Shares Outstanding ....................................... 13,794,843
=============
Net Asset Value Per Share ................................ $ 9.82
=============
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ................................... $ 140,566,041
(2) Cost of foreign currency ............................... --
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ..................................... $ 4,630,308
Dividends (Note 1B) ........................................ --
-------------
Total Investment Income, Net of Withholding Taxes (2) ...... 4,630,308
-------------
EXPENSES:
Investment management fee (Note 3A) ........................ 165,427
Printing and distribution fees ............................. 9,694
Custodian and transfer agent fees .......................... 53,176
Audit and tax service fees ................................. 6,534
Directors fees ............................................. 3,864
Insurance fees ............................................. 1,854
Other operating expenses ................................... 2,364
-------------
Total expenses before reimbursement / reduction ............ 242,913
Less: expense reimbursement ................................ --
expense reduction (Note 1H) .......................... --
-------------
Net expenses ............................................... 242,913
-------------
Net Investment Income (Loss) ............................. 4,387,395
-------------
NET REALIZED GAIN (LOSS) ON:
Investments ................................................ (131,132)
Foreign currency transactions .............................. --
Futures contracts .......................................... --
--------------
Net Realized Gain (Loss) ................................. (131,132)
--------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency
holdings and futures contracts (Notes 8,10,11) ............ (5,066,061)
End of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) ..................... (4,263,553)
--------------
Net Unrealized Appreciation (Depreciation) ............... 802,508
--------------
Net Increase (Decrease) in Net Assets Resulting From
Operations .............................................. $ 5,058,771
==============
--------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned ............................ $ 17,395
(2) Withholding taxes ...................................... --
See Notes to Financial Statements
MSF-81
<PAGE>
<TABLE>
<CAPTION>
Metropolitan Series Fund, Inc.
-----------------------------------------------------------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO JUNE 30, 2000
-----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS SIX MONTHS
--------------------------------------------------------- ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
------------- -------------
OPERATIONS:
<S> <C> <C>
Net investment income (loss) .................................................................. $ 4,387,395 $ 5,824,194
Net realized gain (loss) from investments, foreign currency holdings and futures contracts .... (131,132) (1,477,839)
Unrealized appreciation (depreciation) of investments, foreign currency holdings and futures
contract ..................................................................................... 802,508 (5,299,268)
------------- -------------
Net increase (decrease) in net assets resulting from operations ............................... 5,058,771 (952,913)
DISTRIBUTIONS TO SHAREHOLDERS: ------------- -------------
Net investment income ......................................................................... -- (5,774,526)
Net realized gain from investment transactions ................................................ -- (23,810)
------------- -------------
Total Distributions (Note 4) .................................................................. -- (5,798,336)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares .............................................................. 4,601,684 73,753,353
Net asset value of shares issued to shareholders in reinvestment of distributions ............. -- 5,798,336
Shares redeemed ............................................................................... (3,576,198) (2,271,305)
------------- -------------
Net Capital Stock Transactions (Note 9) ...................................................... 1,025,486 77,280,384
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ......................................................... 6,084,257 70,529,135
NET ASSETS: Beginning of period ............................................................... 129,338,660 58,809,525
------------ ------------
NET ASSETS: End of period ..................................................................... $135,422,917 $129,338,660
============ ============
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE SIX MONTHS YEAR ENDED
(FOR A SHARE OUTSTANDING throughout EACH PERIOD) ENDED DECEMBER 31,
JUNE 30, 2000 ------------------
(UNAUDITED) 1999 1998(4)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period ............................................................. $ 9.45 $ 10.06 $ 10.00
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income .......................................................................... 0.32 0.48 0.07
Net realized and unrealized gain (loss) ........................................................ 0.05 (0.62) 0.07
------ ------- -------
Total From Investment Operations ............................................................... 0.37 (0.14) 0.14
------ ------- -------
Less Distributions:
Dividends from net investment income ........................................................... -- (0.47) (0.08)
Distributions from net realized capital gains .................................................. -- --(3) --
------ ------- -------
Total Distributions ............................................................................ -- (0.47) (0.08)
------ ------- -------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ................................................................... $ 9.82 $ 9.45 10.06
------------------------------------------------------------------------------------------------------------------------------------
Total Return ................................................................................... 3.92% (1.37)% 1.38%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ............................................................ $135,423 $129,339 $58,810
Net expenses to average net assets (note 3) (1) ................................................ 0.36% 0.40% 0.42%
Operating expenses to average net assets before voluntary expense reimbursements (note 3) (1) .. NA NA 0.59%
Net investment income to average net assets (1) ................................................ 6.59% 0.40% 5.28%
Net investment income to average net assets before voluntary expense reimbursements
(note 3) (1) .................................................................................. NA NA 5.11%
Portfolio Turnover (2) ......................................................................... 18.21% 96.19% 11.08%
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 June 30, 2000 amounted to$24,287,811
and $11,826,178, respectively.
(3) Less than $.005 per share.
(4) Ratios for the period November 9, 1998 to December 31, 1998 have been
determined on annualized operating results.
See Notes to Financial Statements.
MSF-82
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 96.1%
--------------------------------------------------------------------------------
Australia: 2.4%
4,300 +Amcor Ltd. $ 15,080
9,700 AMP Ltd. 99,009
2,100 Australia Gas & Light Co., Ltd. 12,546
9,368 * +Boral Ltd. 11,812
1,834 Brambles Industries Ltd. 56,530
1,000 +British American Tobacco PLC 6,304
16,230 Broken Hill Proprietary Co. 192,460
15,108 Coca-Cola Amatil Ltd. 29,481
9,329 Coles Myer Ltd. 35,927
10,641 +Commonwealth Bank of Australia 176,914
4,700 Computershare Ltd. 24,241
1,500 CSL Ltd. 29,752
5,900 +CSR Ltd. 16,437
12,600 David Jones Ltd. 9,396
4,100 Delta Gold NL 3,055
4,100 F.H. Faulding & Co. Limited 20,147
15,417 Fosters Brewing Group Ltd. 43,506
6,300 Futuris Corp., Ltd. 6,922
18,700 General Property Trust 30,203
4,500 Iluka Resources 12,918
6,300 James Hardie Industries Ltd. 16,602
2,300 Leighton Holdings Ltd. 7,430
4,086 Lend Lease Corp. 52,275
15,300 MIM Holdings Ltd. 8,268
13,211 National Australia Bank 221,291
2,600 *Newcrest Mining Ltd. 7,025
18,800 News Corp., Ltd. 259,622
16,500 Normandy Mining Ltd. 8,916
14,349 North Ltd. 34,031
1,500 Orica Ltd. 6,825
6,600 Pacific Dunlop Ltd. 5,905
1,434 *Paperlinx Ltd. 2,729
2,100 QBE Insurance Group Ltd. 10,304
2,332 Rio Tinto Ltd. 38,672
9,953 Santos Ltd. 30,418
5,400 Schroders Property Fund 7,555
1,700 Smith (Howard) Ltd. 8,329
4,900 Sons Of Gwalia Ltd. 15,446
3,800 Southcorp Ltd. 10,997
3,600 Stockland Trust Group 7,619
6,096 Suncorp-Metway Ltd. 31,558
2,487 Tab Corp. Holdings Ltd. 14,335
70,782 Telstra Corp., Ltd. 288,143
1,700 Wesfarmers Ltd. 13,576
18,800 Westfield Trust 36,584
16,400 +Westpac Banking Ltd. 118,655
9,234 WMC Ltd. 41,432
9,459 Woolworths Ltd. 35,013
----------
Total Investments in Australia 2,172,195
--------------------------------------------------------------------------------
Austria: 0.2%
300 Austria Tabakwerke AG 11,158
913 Bank Austria AG 44,652
100 Bbag Oesterreichische Brau-Beteiligungs 4,552
100 Bohler Uddeholm AG 3,513
200 Flughafen Wien AG 7,149
120 Generali Holding Vienna AG 19,383
100 Lenzing AG 5,943
300 Mayr-Melnhof Karton AG 14,250
280 Oesterreichische Elektrizitaetswirtsch
Cl. A. 28,854
200 OMV Handels AG 17,446
100 VA Technologie AG (bearer shares) 5,290
400 Wienerberger Baustoffindustrie AG 9,122
----------
Total Investments in Austria 171,312
--------------------------------------------------------------------------------
Belgium: 0.8%
2,912 Bankverzekerin KBC 128,684
90 Barco NV 10,137
310 +Bekaert NV 16,077
300 Colruyt Etn.Fr. NV 12,763
400 +Delhaize-Le Lion SA 24,022
487 +Electrabel SA 120,863
6,652 Fortis (B) 194,357
100 +Glaverbel SA 7,477
200 GPE Bruxelles 50,134
51 SA D'leteren NV 12,955
810 +Solvay SA 54,740
1,535 +UCB SA 56,621
----------
Total Investments in Belgium 688,830
--------------------------------------------------------------------------------
Denmark: 0.7%
400 Bang & Olufsen A/S 13,672
400 Carlsberg A/S Cl. B 12,182
10 Dampskibsselskabet af 1912 A/S Cl. B 106,654
6 Dampskibsselskabet Svendborg A/S Cl. B 89,050
300 Danisco A/S 10,062
400 Den Danske Bank 48,316
700 FLS Industries A/S Ser. B 10,794
200 Group 4 Falck A/S 32,228
500 *ISS A/S 38,229
200 *Navision Software A/S 8,352
600 Novo-Nordisk A/S Ser. B 102,542
800 SAS Danmark A/S 6,733
2,000 Tele Danmark A/S 135,181
1,000 Vestas Wind Systems AS 36,879
500 William Demant Holding A/S 14,842
----------
Total Investments in Denmark 665,716
--------------------------------------------------------------------------------
Finland: 3.0%
600 Amer-Yhtyma Oyj 16,564
500 +Asko Oyj 9,466
300 Finnlines Oyj 6,528
200 +Instrumentarium Oyj Cl. B 4,793
1,300 Kemira Oyj 6,356
1,000 Kesko 10,209
400 Metra Oyj AB Cl. B 6,921
700 Metso Oyj 8,455
43,400 Nokia Oyj 2,223,668
700 Outokumpu Oyj Cl. A 6,710
MSF-83
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Finland: (Continued)
700 Oyj Hartwall Abp $ 14,091
200 Pohjola Insurance Group Ser. B 7,097
900 Raisio Yhtyma Oyj 1,786
1,600 Rautaruukki Oyj 7,592
500 Sampo Ser. A 20,370
6,600 Sonera Oyj 302,099
600 Tieto Corporation Oyj 20,102
2,500 +UPM-Kymmene Corp. Oyj 62,308
----------
Total Investments in Finland 2,735,115
--------------------------------------------------------------------------------
France: 11.1%
1,500 Accor SA 61,728
7,150 Adventis SA 523,982
841 Air Liquide 110,123
10,445 Alcatel 687,856
3,465 AXA-UAP 548,049
3,968 Banque Nationale de Paris 383,411
500 BIC 24,588
278 *Bouygues SA 186,541
1,133 Canal+ 191,150
1,071 Cap Gemini 189,417
6,384 Carrefour SA 438,166
778 +Casino Guich Perrachon 72,341
140 Club Mediterranee SA 19,043
183 Coflexip SA 22,279
200 *CPR 7,381
1,122 Dassault Systems SA 105,080
200 Eridania Beghin-Say 19,670
100 Essilor International SA 28,777
31 Eurafrance SA 14,903
9,090 France Telecom SA 1,275,667
100 Gecina 10,746
1,456 Groupe Danone 194,003
162 Groupe GTM 15,219
100 Imetal 11,656
596 L' Oreal SA 518,186
900 Lafarge SA (bearer shares) 70,226
1,122 Lagardere Sca (registered shares) 86,043
899 *LVMH Moet Hennessy Louis Vuitton 372,199
1,319 Michelin Cl. B (registered shares) 42,496
745 Pechiney International NV Cl. A 31,208
500 Pernod Ricard 27,320
400 Peugeot SA 80,598
1,074 Pinault-Printemps-Redoute SA 239,570
100 Publicis SA 39,398
100 Sagem SA 117,715
764 Saint-Gobain 103,703
6,597 Sanofi-Synthelabo SA 315,558
1,475 +Schneider SA 103,216
291 Sidel SA 23,697
3,776 Society General de France SA 228,037
300 Sodexho Alliance 54,640
7,914 STMicroelectronics NV 500,694
1,790 Suez Lyonnaise Des Eaux SA 314,863
154 Technip SA 18,704
1,468 Thomson-C.S.F. 58,061
6,650 Total Fina SA 1,023,763
1,800 +Usinor Sacilor 22,051
813 Valeo SA 43,643
5,348 Vivendi SA 473,948
-----------
Total Investments in France 10,051,313
--------------------------------------------------------------------------------
Germany: 8.0%
300 +Adidas-Salomon AG 16,662
500 AGIV AG 5,325
2,200 +Allianz Holdings AG (registered shares) 793,578
5,550 BASF AG 223,979
6,800 Bayer AG 266,472
3,700 Bayerische Hypo- und Vereinsbank AG 239,975
800 Beiersdorf AG Ser. ABC 69,018
1,050 +Bilfinger & Berger Bau-AG 13,860
200 *Brau Und Brunnen AG 8,589
660 Buderus AG 10,534
700 Continental AG 11,810
9,050 DaimlerChrysler AG (registered shares) 473,928
5,400 Deutsche Bank AG (registered shares) 446,204
26,950 Deutsche Telekom AG (registered shares) 1,544,872
4,550 Dresdner Bank AG (registered shares) 187,984
1,100 +EM.TV & Merchandising AG 65,059
1,000 +FAG Kugelfischer Georg Schaefer AG 7,573
800 Fresenius Medical Care AG 64,049
600 GEHE AG 19,843
432 Heidelberger Zement AG 26,752
400 Hochtief AG 12,232
600 Holsten-Brauerei AG 10,456
600 Holsten-Brauerei AG rts. 719
900 IWKA AG 14,235
800 +Kamps AG 25,690
1,300 Karstadt Quelle AG 34,020
870 Linde AG 35,110
3,100 Lufthansa AG (registered shares) 71,943
900 MAN AG 27,314
1,750 Merck KGaA 56,197
2,800 +Metro AG 99,283
1,550 Muenchener Rueckversicherungs AG
(registered shares) 488,833
1,350 Preussag AG 43,805
4,350 +RWE AG 148,030
1,200 SAP AG 222,584
2,100 Schering AG 115,548
5,250 Siemens AG (registered shares) 795,150
5,100 Thyssen Krupp AG 83,354
6,930 +VEBA AG 335,473
2,950 Volkswagen AG (Pvt.) 112,237
1,650 WCM Beteiligungs-und Grundbesitz AG 38,893
-----------
Total Investments in Germany 7,267,172
--------------------------------------------------------------------------------
Hong Kong: 1.9%
12,000 Bank of East Asia Ltd. 28,018
MSF-84
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Hong Kong: (Continued)
27,000 Cathay Pacific Airways $ 49,878
20,000 CLP Holdings Ltd. 93,136
18,000 Hang Seng Bank Ltd. 170,301
15,000 Henderson Land Development Co., Ltd. 66,004
43,890 Hong Kong & China Gas Co., Ltd. 49,548
4,000 Hong Kong Aircraft Engineering Co. 7,697
110,800 Hong Kong Telecommunications Ltd. 244,484
10,000 Hongkong and Shanghai Hotels Ltd. 5,805
16,000 Hopewell Holdings Ltd. 6,671
37,400 Hutchison Whampoa Ltd. 470,197
6,000 Hysan Development Co., Ltd. 6,273
8,000 Johnson Electric Holdings Ltd. 75,946
12,000 Li & Fung Ltd. 60,038
9,000 *Miramar Hotel & Investment Ltd. 5,196
18,000 +New World Development Co., Ltd. 19,974
76,000 *Regal Hotels International Holdings Ltd. 2,535
17,000 Shangri La Asia Ltd. 19,955
52,000 +Shun Tak Holdings Ltd. 6,137
16,000 Sino Land Co., Ltd. 5,696
24,000 South China Morning Post Ltd. 18,627
23,000 Sun Hung Kai Properties Ltd. 165,233
14,000 Swire Pacific Ltd. Ser. A 82,078
4,000 Television Broadcasts Ltd. 26,684
4,000 Varitronix International Ltd. 6,953
24,000 Wharf Holdings Ltd. 42,950
2,000 Wing Lung Bank Ltd. 6,620
----------
Total Investments in Hong Kong 1,742,634
--------------------------------------------------------------------------------
Ireland: 0.3%
7,500 Allied Irish Banks PLC 67,365
3,100 CRH PLC 56,164
1,600 DCC PLC 14,218
19,300 Eircom PLC 51,802
2,100 Fyffes PLC 2,174
6,000 Independent Newspapers PLC 21,856
500 Irish Continental Group PLC 4,074
1,600 Irish Permanent PLC 13,543
11,700 Jefferson Smurfit Group PLC 20,188
700 Jurys Hotel Group PLC 4,194
800 Kerry Group PLC 10,498
3,800 *Ryanair Holdings PLC 27,684
18,700 Waterford Wedgewood PLC 20,435
----------
Total Investments in Ireland 314,195
--------------------------------------------------------------------------------
Italy: 4.3%
13,500 +Alitalia Linee Aeree Italiane SPA 27,952
600 +Arnoldo Mondadori Editore SPA 13,746
11,300 Assicuraziono Generali SPA 388,871
2,400 Autogrill SPA 25,698
57,400 +Banca di Roma SPA 70,760
42,400 +Banca Intesa SPA 190,621
1,500 Banca Populare di Milano SPA 10,856
15,600 +Benetton Group SPA 32,749
2,600 +Bulgari SPA 34,893
1,100 Burgo (Cartiere) SPA 10,597
1,800 Danieli & C. Officine Meccanichehe SPA 8,369
4,000 Danieli & C. Officine Meccaniche SPA (non-cvt.) 8,915
65,700 +ENEL SPA 292,224
72,000 * +ENI SPA (registered shares) 417,561
3,320 +FIAT SPA 86,501
10,500 +Impregilo SPA 5,999
1,352 +Italcementi SPA 12,766
2,080 +Italcementi SPA - RNC 7,018
6,600 +Italgas 29,293
1,400 Manifattura Lane G. Marzotto & Figli SPA 12,642
1,000 +Manifattura Lane G. Marzotto & Figli SPA 8,196
10,600 Mediaset SPA 162,577
4,600 Mediobanca SPA 47,623
43,800 * +Olivetti SPA 159,967
16,600 +Pirelli SPA 43,839
5,880 +RAS 64,820
3,300 +Reno De Medici SPA 6,706
2,100 Rinascente LA SPA 7,368
1,470 Rinascente SPA 8,370
13,000 +San Paolo-Imi SPA 231,662
1,500 +Sirti SPA 2,509
6,700 SNIA BPD 6,705
500 +Societa Assicuratrice Industrale SPA 8,891
950 +Societa Assicuratrice Industrale SPA - RNC 7,376
60,100 +Telecom Italia Mobile SPA 616,440
13,000 +Telecom Italia Mobile SPA - RNC 65,673
33,800 +Telecom Italia SPA (ordinary shares) 466,564
7,200 +Telecom Italia SPA - RNC 47,968
45,600 +Unicredito Italiano SPA 218,995
----------
Total Investments in Italy 3,870,280
--------------------------------------------------------------------------------
Japan: 25.9%
3,000 77th Bank Ltd. 24,045
1,300 Acom Co., Ltd. 109,601
900 Advantest Corp. 201,179
6,000 Ajinomoto General Foods, Inc. 77,126
2,000 Alps Electric Co., Ltd. 37,240
2,000 Amada Co., Ltd. 17,013
1,000 Aoyama Trading Co., Ltd. 14,461
1,000 *Arabian Oil Co., Ltd. 3,403
27,000 Asahi Bank Ltd. 113,817
4,000 +Asahi Breweries Ltd. 47,977
12,000 Asahi Chemical Industry Co., Ltd. 85,065
10,000 Asahi Glass Co., Ltd. 112,002
300 Asatsu, Inc. 12,334
5,000 Ashikaga Bank Ltd. 10,397
700 Autobacs Seven Co., Ltd. 23,355
6,000 +Bank of Fukuoka Ltd. 40,945
41,000 Bank of Tokyo 496,411
10,000 Bank of Yokohama Ltd. 44,895
1,000 Benesse Corp. 69,470
8,000 Bridgestone Corp. 169,752
2,000 Brother Industries Ltd. 5,728
8,000 Canon Inc. 399,238
MSF-85
<PAGE>
Metropolitan Series Fund Inc.
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS JUNE 30, 2000
MORGAN STANLEY EAFE INDEX PORTFOLIO (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Japan: (Continued)
2,000 +Casio Computer Co. $ 22,495
21 Central Japan Railway Co. 119,091
4,000 *Chiyoda Corp. 4,159
2,000 +Chugai Pharmaceutical Co., Ltd. 37,901
7,000 Chuo Mitsui Trust & Banking Co., Ltd. 30,567
2,000 Citizen Watch Co., Ltd. 19,357
6,000 Cosmo Oil Co., Ltd. 11,058
2,000 +Credit Saison Co., Ltd. 46,502
600 CSK Corp. 18,601
7,000 Dai-Nippon Printing Co., Ltd. 123,656
8,000 *+Daiei, Inc. 30,094
2,000 Daiichi Pharmaceutical Co., Ltd. 50,850
2,000 Daikin Industries Ltd. 46,597
3,000 *+Daikyo, Inc. 7,854
4,000 Daimaru, Inc. 14,064
9,000 Dainippon Ink & Chemicals, Inc. 42,447
2,000 *Dainippon Screen Manufacturing Co., Ltd. 19,073
1,000 Daito Trust 16,540
20,000 Daiwa Bank 51,984
4,000 Daiwa House Industry Co., Ltd. 29,262
2,000 Daiwa Kosho Lease Co., Ltd. 6,578
11,000 Daiwa Securities Co., Ltd. 145,556
3,000 Denki Kagaku Kogyo Kabushiki Kaisha 13,327
8,000 Denso Corp. 195,082
37 East Japan Railway Co. 215,422
2,000 +Ebara Corp. 27,164
3,000 Eisai Co., Ltd. 96,407
2,200 Fanuc Ltd. 224,364
32,000 +Fuji Bank Ltd. 243,777
5,000 Fuji Photo Film Ltd. 205,101
3,000 Fujikura 19,990
12,000 *+Fujita Corp. 5,898
17,000 Fujitsu Ltd. 589,689
6,000 Furukawa Electric Co., Ltd. 125,613
5,000 Gunma Bank Ltd. 25,850
2,000 Gunze Ltd. 7,788
11,000 *+Haseko Corp. 4,263
400 Hirose Electric Co., Ltd. 62,419
29,000 Hitachi Ltd. 419,370
8,000 *+Hokuriku Bank 18,601
9,000 Honda Motor Co., Ltd. 307,084
2,000 House Food Corp. 31,001
1,000 Hoya Corp. 89,791
24,000 Industrial Bank of Japan Ltd. 182,379
2,000 Isetan Co., Ltd. 24,574
5,000 *Ishihara Sangyo Kaisho Ltd. 8,412
9,000 *Ishikawajima-Harima Heavy Industries Co., Ltd. 16,332
4,000 Ito-Yokado Co., Ltd. 241,206
11,000 *+Itochu Corp. 55,623
4,000 Iwatani International Corp. 7,334
2,000 Jaccs Co., Ltd. 6,408
15,000 Japan Airlines Co. 57,135
8,000 *Japan Energy Corp. 8,620
18 Japan Tobacco, Inc. 158,391
2,000 +JGC Corp. 8,091
7,000 Joyo Bank 26,994
3,000 Jusco Co., Ltd. 56,994
100 Kadokawa Shoten Publishing 10,113
6,000 +Kajima Corp. 19,168
2,000 Kamigumi Co., Ltd. 10,567
6,000 *Kanebo Ltd. 18,601
4,000 Kaneka Corp. 44,196
9,000 Kansai Electric Power Co., Inc. 161,453
6,000 Kao Corp. 183,740
9,000 *Kawasaki Heavy Industry 13,781
5,000 Kawasaki Kisen Kaisha Ltd. 10,066
28,000 Kawasaki Steel Corp. 40,226
4,000 +Keihin Electric Express Railway 15,085
2,000 Kinden Corp. 12,590
14,000 +Kinki Nippon Railway Co., Ltd. 56,899
10,000 Kirin Brewery Co., Ltd. 125,235
2,000 Kokuyo Co., Ltd. 32,873
9,000 Komatsu Ltd. 63,458
1,000 Konami Co., Ltd. 63,326
3,000 Konica Corp. 25,519
2,000 Koyo Seiko Co., Ltd. 17,410
14,000 Kubota Ltd. 50,944
14,000 *+Kumagai Gumi Co., Ltd. 8,469
22,000 *Kumagai Gumi Co., Ltd. 3,613
3,000 Kuraray Co., Ltd. 34,480
4,000 Kureha Chemical Industry Co., Ltd. 12,023
1,000 Kurita Water Industries Ltd. 22,070
1,700 Kyocera Corp. 289,060
1,000 Kyowa Exeo Corp. 10,066
3,000 +Kyowa Hakko Kogyo Co., Ltd. 29,404
1,000 Maeda Road Construction Co., Ltd. 4,707
1,000 Makino Milling Machine Co., Ltd. 9,830
1,000 Makita Corp. 9,556
13,000 *+Marubeni Corp. 44,848
3,000 Marui Co., Ltd. 57,561
18,000 Matsushita Electric Industrial Co., Ltd. 467,857
3,000 Meiji Milk Products Co., Ltd. 16,162
5,000 Meiji Seika Kaisha 33,175
400 Meitec Corp. 15,879
3,000 Minebea Co., Ltd. 37,712
17,000 Mitsubishi Chemical Corp. 69,895
15,000 Mitsubishi Corp. 135,962
20,000 Mitsubishi Electric Corp. 217,010
12,000 Mitsubishi Estate Co., Ltd. 141,548
29,000 Mitsubishi Heavy Industries Ltd. 128,826
12,000 +Mitsubishi Materials Corp. 49,224
11,000 Mitsubishi Paper Mills Ltd. 25,576
4,000 Mitsubishi Rayon Co., Ltd. 12,212
11,000 Mitsubishi Trust & Banking Corp. 85,566
14,000 Mitsui & Co., Ltd. 107,182
10,000 *+Mitsui Engineering & Shipbuilding 9,546
MSF-86
<PAGE>
Metropolitan Series Fund, Inc.
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Japan: (Continued)
7,000 Mitsui Fudosan Co., Ltd. $ 76,086
7,000 Mitsui Marine & Fire Insurance Co., 33,742
Ltd.
6,000 Mitsui Mining Co., Ltd. 45,652
3,000 Mitsui-Soko Co., Ltd. 6,550
3,000 *+Mitsukoshi Ltd. 13,327
2,000 Murata Manufacturing Co., Ltd. 287,709
6,000 +Mycal Corp. 20,586
500 Namco Ltd. 18,053
15,000 NEC Corp. 472,110
4,000 +NGK Insulators Ltd. 49,678
2,000 +NGK Spark Plug Co., Ltd. 31,020
1,200 *Nichiei Co., Ltd. 19,735
3,000 +Nichirei Corp. 12,816
600 NIDEC Corp. 52,173
3,000 Nikon Corp. 111,435
1,200 Nintendo Co., Ltd. 210,054
1,000 Nippon COMSYS Corp. 21,314
9,000 Nippon Express Co., Ltd. 55,377
5,000 Nippon Light Metal Co. 4,962
3,000 Nippon Meat Packers, Inc. 43,950
13,000 Nippon Mitsubishi Oil Co., Ltd. 59,716
8,000 Nippon Paper Industries Co., Ltd. 54,744
3,000 Nippon Sharyo Ltd. 6,295
5,000 +Nippon Sheet Glass Co., Ltd. 69,659
2,000 Nippon Shokubai Co., Ltd. 12,779
64,000 Nippon Steel Corp. 134,894
6,000 Nippon Suisan Kaisha Ltd. 11,002
114 Nippon Telegraph & Telephone Corp. 1,519,260
10,000 Nippon Yusen Kabushiki Kaisha 48,203
2,000 +Nishimatsu Construction Co., Ltd. 7,902
37,000 *Nissan Motor Co., Ltd. 218,570
2,000 Nisshin Flour Milling Co., Ltd. 20,038
2,000 Nisshinbo Industries, Inc. 10,586
1,000 Nissin Food Produdcts Co Ltd. 25,519
10,000 Nitto Boseki Co., Ltd. 17,486
1,000 Nitto Denko Corp. 38,657
3,000 NOF Corp. 8,790
17,000 Nomura Securities Co., Ltd. 416,960
2,000 Noritake Co., Ltd. 11,172
4,000 NSK Ltd. 35,160
5,000 NTN Corp. 21,408
5,000 +Obayashi Corp. 22,164
9,000 Oji Paper Co., Ltd. 62,097
2,000 Okuma Corp. 8,771
3,000 Okumura Corp. 10,888
2,000 Olympus Optical Co., Ltd. 35,935
2,000 Omron Corp. 54,442
1,000 Onward Kashiyama Co., Ltd. 13,610
4,000 *Orient Corp. 22,571
900 Oriental Land Co., Ltd. 92,125
600 Orix Corp. 88,751
21,000 Osaka Gas Co., Ltd. 60,538
12,000 Penta-Ocean Construction 18,261
2,000 Pioneer Electronic Corp. 78,071
1,000 Promise Co., Ltd. 79,205
6,000 *+Renown, Inc. 8,790
1,000 Rohm Co. 293,002
38,000 Sakura Bank Ltd. 263,267
1,000 Sanden Corp. 7,788
4,000 Sankyo Co., Ltd. 90,547
1,000 Sanrio Co., Ltd. 26,701
4,000 Sanwa Shutter Corp. 13,005
17,000 Sanyo Electric Co., Ltd. 153,287
3,000 +Sapporo Breweries Ltd. 12,278
2,000 Secom Co. 146,501
1,000 *Sega Enterprises Ltd. 15,406
2,000 Seino Transportation Co., Ltd. 10,094
2,000 *+Seiyu Ltd. 8,507
3,000 +Sekisui Chemical Co., Ltd. 11,569
7,000 Sekisui House Ltd. 64,905
10,000 Sharp Corp. 177,219
1,000 Shimachu Co., Ltd. 21,266
200 Shimamura Co., Ltd. 23,421
1,000 Shimano, Inc. 24,102
5,000 Shimizu Corp. 14,319
4,000 Shin-Etsu Chemical Co., Ltd. 203,400
3,000 Shionogi & Co., Ltd. 57,135
3,000 Shiseido Co., Ltd. 46,502
8,000 Shizuoka Bank 68,052
1,000 Sho-Bond Corp. 14,915
3,000 Showa Shell Sekiyu K.K. 14,858
1,000 Skylark Co., Ltd. 39,602
600 SMC Corp. 113,136
2,000 Snow Brand Milk Products Co., Ltd. 10,775
2,900 Softbank Corp. 394,701
8,000 Sony Corp. 748,572
28,000 Sumitomo Bank Ltd. 344,040
14,000 Sumitomo Chemical Co., Ltd. 84,422
9,000 Sumitomo Corp. 101,483
7,000 Sumitomo Electric Industries 120,282
2,000 Sumitomo Forestry Co., Ltd. 13,478
4,000 +Sumitomo Heavy Industry Ltd. 13,421
6,000 Sumitomo Marine & Fire Insurance Co. 34,990
24,000 *Sumitomo Metal Industries Ltd. 16,559
4,000 Sumitomo Metal Mining Co., Ltd. 18,903
4,000 Sumitomo Osaka Cement Co., Ltd 23,743
9,000 Taiheiyo Cement Corp. 18,884
3,000 Taisho Pharmaceutical Co., Ltd. 107,749
1,000 Taiyo Yuden Co., Ltd. 62,759
2,000 Takara Shuzo Co., Ltd. 49,999
1,000 Takara Standard Co., Ltd. 4,367
2,000 +Takashimaya Co. 18,676
8,000 Takeda Chemical Industries Ltd. 526,269
1,300 Takefuji Corp. 157,399
1,000 Takuma Co., Ltd. 8,903
10,000 Teijin Ltd. 48,865
MSF-87
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Japan: (Continued)
5,000 Teikoku Oil Co., Ltd. $ 16,257
2,000 Terumo Corp. 67,863
2,000 Toa Corp. 2,514
6,000 Tobu Railway Co., Ltd. 17,183
3,000 Toda Corp. 14,319
2,000 Toei Co., Ltd. 14,650
100 Toho Co. 17,070
4,000 Tohoku Electric Power Co., Inc. 54,064
20,000 +Tokai Bank Ltd. 98,864
15,000 Tokio Marine & Fire Insurance Co., Ltd. 173,533
2,000 Tokyo Broadcasting System 86,577
2,000 *Tokyo Dome Corp. 9,093
12,200 Tokyo Electric Power 298,077
2,000 Tokyo Electron Ltd. 274,476
24,000 Tokyo Gas Co., Ltd. 67,598
1,000 Tokyo Style Co. 9,452
4,000 +Tokyo Tatemono Co., Ltd. 8,544
4,000 Tokyotokeiba Co., Ltd. 5,142
11,000 +Tokyu Corp. 54,479
6,000 Toppan Printing Co., Ltd. 63,629
12,000 Toray Industries, Inc. 48,771
29,000 Toshiba Corp. 328,096
7,000 Tosoh Corp. 35,396
2,000 Tostem Corp. 32,703
2,000 Toto Ltd. 15,387
2,000 Toyo Seikan Kaisha 37,429
6,000 Toyobo Co., Ltd. 11,852
33,000 Toyota Motor Corp. 1,506,500
200 Trans Cosmos, Inc. 30,094
2,000 Tsubakimoto Chain Co. 10,208
5,000 Ube Industries Ltd. 15,690
700 Uni-Charm Corp. 42,476
11,000 *Unitika Ltd. 8,629
2,000 Uny Co., Ltd. 27,693
400 World Co., Ltd. 17,391
1,000 Yakult Honsha Co., Ltd. 13,317
2,000 Yamaha Corp. 21,909
3,000 Yamanouchi Pharmaceuticals Ltd. 164,175
4,000 +Yamato Transport Co., Ltd. 99,621
2,000 Yamazaki Baking Co., Ltd 19,659
2,000 Yokogawa Electric 20,038
-----------
Total Investments in Japan 23,576,292
--------------------------------------------------------------------------------
Netherlands: 5.2%
13,596 ABN-AMRO Holdings NV 334,426
11,782 AEGON NV 420,931
2,500 Akzo Nobel NV 106,643
3,984 *ASM Lithography Holding NV 171,932
2,000 *+Baan Co. NV 5,464
900 Buhrmann NV 25,839
6,614 Elsevier NV 80,456
2,724 Getronics NV 42,171
600 Hagemeyer NV 16,610
2,783 Heineken NV 170,069
8,797 ING Groep NV 597,036
6,338 Koninklijke Ahold NV 187,309
8,710 Koninklijke KPN NV 391,165
400 *Koninklijke Nedlloyd Groep NV 7,780
400 Koninklijke Vopak NV 8,819
11,954 NV Koninklijke Philips Elec. 566,073
19,024 Royal Dutch Petroleum Co. (bearer shares) 1,187,176
500 Stork NV 6,806
4,397 TNT Post Groep NV 119,071
5,310 +Unilever NV 244,580
2,308 Wolters Kluwer NV 61,727
-----------
Total Investments in 4,752,083
Netherlands
--------------------------------------------------------------------------------
New Zealand: 0.1%
110,800 Brierley Investment Ltd. (registered shares) 17,213
9,000 +Carter Holt Harvey Ltd. 7,838
8,500 Fletcher Challenge Ltd. 9,043
(bldg. shares)
18,000 *Fletcher Challenge Ltd. 6,525
(forest shares)
11,600 Fletcher Challenge Ltd. 13,324
(paper shares)
4,800 Lion Nathan Ltd. 10,733
14,100 +Telecom Corp. of New Zealand 49,450
-----------
Total Investments in New Zealand 114,126
--------------------------------------------------------------------------------
Norway: 0.3%
900 Bergesen D.Y. ASA Cl. A 18,532
2,600 Christiania Bank og Kreditkasse 14,023
6,900 Den Norske Bank ASA 28,738
700 Elkem ASA 13,185
800 Hafslund ASA Ser. A 3,697
359 +Kvaerner ASA rts. 201
700 *Kvaerner Industries Ser. A 7,371
1,300 *Merkantildata ASA 6,707
2,500 Norsk Hydro ASA 105,294
300 Norske Skogsindustrier ASA Ser. A 8,599
2,000 Orkla ASA Cl. A 38,140
600 *Petroleum Geo-Services 10,284
300 Schibsted ASA 5,581
700 Smedvig ASA 12,694
1,600 Tomra Systems ASA 42,586
-----------
Total Investments in 315,632
Norway
--------------------------------------------------------------------------------
Portugal: 0.4%
8,064 Banco Comercial Portugues (registered shares) 42,129
1,050 Banco Espirito Santo & Comercial SA (registered
shares) 25,868
3,000 BPI-SGPS SA (registered 10,640
shares)
3,577 Brisa-Auto Estradas de Portugal SA 30,928
(Pvt.)
1,200 Cimpor-Cimento de Portugal SA 23,006
5,728 Electricidade de Portugal SA 104,435
500 Jeronimo Martins SGPS SA 8,273
1,700 Portucel Industrial Celulose SA 10,348
9,640 Portugal Telecom SA (registered shares) 108,672
4,500 Sonae Industria SGPS SA 7,937
13,500 Sonae Industria SGPS SA (Bonus Shares) --
4,500 Sonae Industria SGPS SA (Rts.) --
-----------
Total Investments in 372,236
Portugal
--------------------------------------------------------------------------------
MSF-88
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Singapore: 1.1%
10,000 *Chartered Semiconductor Manufacturing Ltd. $ 87,335
7,000 City Development Ltd. 27,126
1,000 Creative Technology Ltd. 24,118
3,000 Cycle & Carriage Ltd. 7,045
11,978 DBS Group Holdings Ltd. 153,797
8,000 DBS Land Ltd. 10,364
8,000 Fraser and Neave Ltd. 28,456
5,000 Keppel Corp. 10,816
6,000 Natsteel Ltd. 8,259
15,000 *Neptune Orient Lines Ltd. 13,881
3,000 Overseas Union Enterprise Ltd. 7,287
12,400 Overseas-Chinese Banking Corp., Ltd. 85,345
48,000 *+Pacific Centuryy Regional Development 94,830
Ltd.
4,000 Parkway Holdings 10,226
24,000 Sembcorp Logistics Ltd. 26,096
11,000 Singapore Airlines Ltd. 108,793
3,000 Singapore Press Holdings Ltd. 46,848
24,000 Singapore Technologies Engineering 35,258
53,000 Singapore Telecommunications Ltd. 77,554
13,000 United Industrial Corp., Ltd. 6,128
9,392 United Overseas Bank 61,383
11,000 United Overseas Land Ltd. 9,798
2,000 Venture Manufacturing Ltd. 20,359
-----------
Total Investments in Singapore 961,102
--------------------------------------------------------------------------------
Spain: 2.7%
400 Acerinox SA (registered shares) 11,618
600 ACS Actividades SA 16,967
2,815 +Altadis SA Cl. A (registered shares) 43,418
900 *+AsturianaDe Zinc 8,627
3,094 Autopistas Concesionares Espanola SA 27,019
3,094 +Autopistas Concesionaria Espanola SA rts. 1,335
700 Azucarera Ebro SA 8,388
37,510 Banco Central Hispanoamericano (registered SA shares) 397,321
27,784 +Banco de Bilbao Vizcaya Argentaria SA 416,813
600 Corporacion Financiera Alba SA 15,874
400 +Corporacion Mapfre, CIA Internacional de
Reaseguros SA 5,088
400 Cortefiel SA 8,712
9,337 +Endesa SA 181,602
6,100 +Ercros SA 3,216
800 Fomento De Construcciones Y Contratas 15,184
4,000 Gas Natural SDG SA 72,086
7,900 +Iberdrola SA 102,234
315 Metrovacesa SA 5,314
1 Prosegur, Compania De Seguridad SA (registered shares) 12
5,233 *Puleva SA 8,578
10,997 Repsol SA (registered shares) 219,792
600 Sociedad General de Aguas Barcelona SA 8,052
1,200 +Sol Melia SA 13,459
3,300 *+Tele Pizza SA 18,664
38,159 *+Telefonica SA 823,023
2,526 +Union Electric Fenosa SA 45,885
900 Uralita SA 5,435
800 +Vallehermoso SA 4,793
700 +Viscofan SA 4,603
800 Zardoya Otis SA 7,117
-----------
Total Investments in Spain 2,500,229
--------------------------------------------------------------------------------
Sweden: 3.2%
1,500 AssiDoman AB 21,463
1,100 Atlas Copco AB Ser. A 21,321
400 Atlas Copco AB Ser. B 7,525
1,900 Drott AB Ser. B 20,580
3,300 Electrolux AB Cl. B 51,358
69,200 Ericsson (LM)) Telephone Ser. B 1,376,785
1,500 Esselte AB Ser. A 8,808
4,900 Foreningssparbanken AB Ser. A 72,069
2,400 Gambro AB Ser. A 19,702
500 Granges AB 8,836
7,500 Hennes & Mauritz AB Ser. B 157,342
1,000 *Netcom AB Ser. B 74,224
27,363 Nordic Baltic Holding AB 207,469
800 OM Gruppen AB 35,938
500 S.K.F. AB Cl. A 7,981
500 S.K.F. AB Cl. B 8,409
1,900 +Sandvik AB 40,077
3,000 Securitas AB Ser. B 63,963
6,300 Skand Enskilda BKN Ser. A 75,062
9,000 Skandia Foersaekrings AB 239,091
900 Skanska AB Cl. B 32,067
800 SSAB Svenskt Stal AB Cl. A 7,981
1,900 Svenska Cellulosa AB Cl. B 36,285
5,200 Svenska Handelsbanken AB Ser. A 75,889
1,000 Svenska Handelsbanken AB Ser. B 14,480
13,400 *Telia AB 126,808
1,100 Trelleborg AB Cl. B 7,713
1,500 Volvo AB rts. 1,317
1,100 Volvo AB Ser. A 23,202
3,000 Volvo AB Ser. B 65,502
3,000 WM-data AB Ser. B 16,589
-----------
Total Investments in Sweden 2,925,836
--------------------------------------------------------------------------------
Switzerland: 5.6%
2,660 ABB AG 319,400
160 Adecco SA (registered shares) 136,378
64 *Alusuisse Lonza Group Ltd. (registered shares) 41,838
2,490 +Credit Suisse (registered shares) Group 496,908
20 Forbo Holding AG (registered shares) 8,364
40 Georg Fischer AG (registered shares) 12,472
76 *Givaudan AG 23,206
70 Holderbank Financiere Glarus AG (registered shares) 22,945
51 Holderbank Financiere Glarus AG (bearer shares) 62,728
50 Lonza Group AG 26,137
20 Moevenpick Holding (bearer shares) 8,966
350 Nestle SA (registered shares) 702,770
MSF-89
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Switzerland: (Continued)
643 Novartis AG (registered shares) $ 1,021,799
62 Roche Holdings AG 605,486
14 Roche Holdings AG (bearer shares) 148,561
7 Schindler Holdings AG 10,504
8 Schindler Holdings AG (registered shares) 12,300
128 +Schweizerische Rueckversicherungs-Gesellschaft
(registered shares) 261,736
10 SGS Societe Generale de Surveillance
Holdings SA (bearer shares) 17,343
40 Sika Finanz AG (bearer shares) 13,431
20 *Sulzer AG (registered shares) 13,345
100 Swatch Group (registered shares) 26,168
30 Swatch Group (bearer shares) 38,264
660 +Swisscom AG (registered shares) 229,327
3,810 UBS AG 559,996
40 Valora Holdings AG(registered shares) 11,143
440 Zurich Allied AG (registered shares) 218,097
-----------
Total Investments in Switzerland 5,049,612
--------------------------------------------------------------------------------
United Kingdom: 18.9%
5,600 3i Group 115,214
12,200 Abbey National PLC 145,910
3,600 Airtours PLC 18,912
15,300 Allied Zurich PLC 181,016
4,400 AMEC PLC 12,490
6,100 Amvescap PLC 97,889
1,900 AnglianWater, Inc. 17,546
5,600 Arjo Wiggins Appleton PLC 21,788
8,870 *Arm Holdings PLC 95,072
15,832 AstraZeneca Group PLC 739,414
9,400 BAA PLC 75,422
13,100 Barclays PLC 325,841
2,800 Barratt Developments PLC 11,106
7,900 Bass PLC 88,861
2,700 BBA Group PLC 17,699
1,800 Berkeley Group PLC 17,113
32,500 BG Group PLC 210,091
1 BICC PLC 1
8,100 Blue Circle Industries PLC 52,300
4,400 BOC Group PLC 63,281
8,500 Boots Co. PLC 64,727
202,500 BP Amoco PLC 1,943,619
26,400 British Aerospace PLC 164,664
9,100 British Airways PLC 52,351
21,100 British AmericanTobacco PLC 140,870
3,500 British Land Co. 21,459
16,950 *British Sky Broadcasting Group PLC 331,535
58,000 British Telecommunications PLC 749,864
2,900 Bunzl PLC 15,542
1,783 Burmah Castrol PLC 44,970
18,700 Cadbury Schweppes PLC 122,865
5,200 *Canary Wharf Group PLC 29,167
1,600 Capita Group PLC 39,168
5,900 Carlton Communications PLC 75,922
2,100 *Celltech Chiroscience PLC 40,694
34,980 Centrica PLC 116,768
20,100 CGU PLC 334,723
5,400 Compass Group PLC 71,164
27,000 Corus Group PLC 39,445
30,100 Diageo PLC 270,220
16,790 Dixons Group PLC 68,375
1,500 *Eidos PLC 11,014
3,500 Electrocomponents PLC 35,766
7,600 EMI Group PLC 69,034
4,700 FKI PLC 16,721
6,300 GKN PLC 80,402
32,280 Glaxo Wellcome PLC 941,699
17,700 Granada Group PLC 176,854
9,800 Great University Stores PLC 63,054
21,165 Halifax PLC 203,144
1,800 Hammerson PLC 12,045
5,460 Hanson PLC 38,602
16,200 Hays PLC 90,375
3,500 Hepworthh PLC 9,988
14,900 Hilton Group PLC 52,332
75,540 HSBC Holdings PLC 863,989
3,100 IMI PLC 13,281
5,800 Imperial Chemical Industries PLC 46,054
32,514 Invensys PLC 122,073
15,900 J. Sainsbury PLC 72,213
3,900 Jarvis PLC 10,628
1,600 Johnson Matthey Public Ltd. Co. 22,527
11,400 Kingfisher PLC 103,810
6,000 Land Securities PLC 71,759
8,300 Lasmo PLC 17,654
45,400 Legal and General Goup PLC 106,189
49,300 Lloyds TSB Group PLC 465,724
4,100 Logica PLC 97,077
24,200 Marconi PLC 315,073
26,800 Marks & Spencer PLC 94,230
4,500 MEPC PLC 37,060
5,400 Misys PLC 45,617
12,200 National Grid Group PLC 96,226
10,700 National Power PLC 68,197
4,800 Nycomed Amersham PLC 47,670
2,570 Ocean Group PLC 42,409
5,600 P & O PLC 47,985
5,500 Pearson PLC 174,855
1,700 Provident Financial PLC 17,887
17,300 Prudential Corp. PLC 253,524
3,500 Psion PLC 33,858
1,700 Racal Electronics 11,530
4,700 Railtrack Group PLC 73,039
5,200 Rank Group PLC 12,045
9,500 Reed International PLC 82,697
26,900 Rentokil Group PLC 61,086
13,100 Reuters Group PLC 223,507
MSF-90
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS JUNE 30, 2000
MORGAN STANLEY EAFE INDEX PORTFOLIO (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
United Kingdom: (Continued)
1 Rexam PLC $ 4
9,100 Rio Tinto-Zinc PLC(registered shares) 148,786
2,840 RMC Group PLC 36,975
23,500 Royal Bank Scotland Group PLC 393,477
12,000 Sage Group Ltd. 97,192
3,100 Schroders 55,754
17,000 Scottish Power PLC 144,123
4,500 Sema Group PLC 64,038
2,200 Slough Estates PLC 12,165
8,600 Smith & Nephew 31,768
50,300 SmithKline Beecham PLC 658,690
2,500 Smiths Industries PLC 32,549
2,400 SSL International PLC 25,978
13,300 Stagecoach Holdings PLC 14,698
3,000 Tate & Lyle PLC 14,988
4,100 TaylorWoodrow PLC 9,497
59,400 Tesco PLC 184,797
2,700 Thames Water PLC 34,948
3,100 TI Group PLC 16,895
25,671 Unilever NC 155,453
4,500 United PLC 44,554
546,727 Vodafone Airtouch PLC 2,209,931
8,300 Williams PLC 48,377
7,000 Wimpey (George) PLC 12,266
4,200 Wolseley PLC 22,572
6,900 WPP Group PLC 100,803
-------------
Total Investments in United Kingdom 17,168,859
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $76,944,245) ................................ 87,414,769
-------------
--------------------------------------------------------------------------------
PREFERRED STOCK: 0.6%
--------------------------------------------------------------------------------
Australia: 0.3%
19,375 News Corp., Ltd. 234,582
-------------
Total Investments in Australia 234,582
--------------------------------------------------------------------------------
Germany: 0.3%
300 +Dyckerhoff AG (non-vtg.) 7,621
400 Manitobaba Telecom Services 8,282
500 +RWE AG (non-vtg.) 13,636
1,650 SAP AG (non-vtg.) 247,532
700 +Volkswagen AG 16,473
-------------
Total Investments in Germany 293,544
--------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $428,777) .................................... 528,126
-------------
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 2.6%
--------------------------------------------------------------------------------
2,375,000 Federal Home Loan
Mortgage Corp. 6.400% 07/03/00 2,374,156
--------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $2,374,155) .................................... 2,374,156
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.3%
(Cost: $79,747,177) .................................. 90,317,051
OTHER ASSETS LESS LIABILITIES ....................... 654,422
-------------
TOTAL NET ASSETS: 100.0% ............................ 90,971,473
=============
--------------------------------------------------------------------------------
LEGEND:
+ Securities on loan.
* Non-income producing security.
SECURITIES ON LOAN : (Note 7)
As of June 30, 2000, the market value of $4,454,451 with collateral backing
valued at $4,627,022.
See Notes to Financial Statements.
MSF-91
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Aerospace & Defense:.................................. 0.3%
Automotive:ve:........................................ 3.7%
Banking:.............................................. 10.9%
Biotechnology:........................................ 0.1%
Broadcasting:......................................... 1.7%
Building & Construction:.............................. 0.5%
Business Services:.................................... 1.5%
Chemicals:............................................ 2.5%
Computer Equipment & Service:......................... 2.9%
Construction Materials:............................... 1.0%
Consumer Products:.................................... 0.8%
Consumer Services:.................................... 0.1%
Containers & Glass:................................... 0.2%
Cosmetics:............................................ 0.1%
Drugs & Health Care:.................................. 6.7%
Electrical Equipment:................................. 3.0%
Electronics:.......................................... 8.5%
Entertainment & Leisure:.............................. 0.4%
Financial Services:................................... 4.4%
Food & Beverages:..................................... 2.9%
Forest Products & Paper:.............................. 0.5%
Homebuilders:......................................... 0.2%
Hotel & Motel:........................................ 0.2%
Household Appliances & Home Furnishings:.............. 0.6%
Industrial Components& Material:...................... 0.4%
Industrial Devel/Pollution Bonds:..................... 0.1%
Insurance:............................................ 5.4%
Liquor:............................................... 0.8%
Machinery:............................................ 1.2%
Medical Equipment & Supply:........................... 0.2%
Metals-Aluminum:...................................... 0.1%
Metals-Non-Ferrous:................................... 0.2%
Metals-Steel & Iron:.................................. 0.7%
Mining:............................................... 0.1%
Miscellaneous:........................................ 0.1%
Multi-Industry:....................................... 4.1%
Office & Business Equipment:.......................... 0.7%
Oil & Gas Exploration:................................ 0.1%
Oil:.................................................. 2.5%
Oil-Equipment & Services:............................. 1.3%
Oil-International:.................................... 1.9%
Personal Care:........................................ 0.8%
Photography:.......................................... 0.2%
Plastics:............................................. 0.1%
Printing & Publishing:................................ 0.7%
Real Estate:.......................................... 1.0%
Restaurant:........................................... 0.1%
Retail Grocery:....................................... 0.7%
Retail Trade:......................................... 2.1%
Software:ware:........................................ 0.3%
Telecommunications Equipment & Services:.............. 8.4%
Textiles & Apparel:................................... 0.3%
Tires & Rubber:....................................... 0.3%
Tobacco:.............................................. 0.4%
Toys & Amusements:.................................... 0.2%
Transportation:....................................... 0.1%
Transportation-Airlines:.............................. 0.5%
Transportation-Miscellaneous:......................... 0.1%
Transportation-Railroad:.............................. 0.8%
Transportation-Shipping:.............................. 0.4%
Utilities-Electric:................................... 2.6%
Utilities-Gas & Pipelines:............................ 0.6%
Utilities-Miscellaneous:.............................. 0.1%
Utilities-Telephone:.................................. 5.6%
------
100.0%
======
--------------------------------------------------------------------------------
Excludes short-term securities.
See Notes to Financial Statements.
MSF-92
<PAGE>
Metropolitanan Series Fund, Inc.
--------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF ASSETS & LIABILITIES
--------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) ........................... $ 90,317,051
Cash .......................................................... 11,077
Foreign currencies held at value (2) .......................... 206,608
Receivable for investment securities sold ..................... --
Receivable for fund shares sold ............................... 1,471,128
Receivable for dividends and interest ......................... 55,549
Daily variation on futures contracts (Note 11) ................ --
Unrealized appreciation on forward contracts (Note 10) ........ --
Collateral for securities loaned (Note 7) ..................... 4,627,022
Other assets .................................................. 70,199
------------
Total Assets................................................. 96,758,634
------------
LIABILITIES:
Payable for investment securities purchased ................... 1,100,482
Payable for capital stock repurchased ......................... --
Unrealized depreciation on forward contracts (Note 10) ........ 248
Return of collateral for securities loaned (Note 7) ........... 4,627,022
Bank overdraft ................................................ --
Accrued investment management fee (Note 3) ................... 21,618
Accrued expenses and other liabilities ........................ 37,791
------------
Total Liabilities ........................................... 5,787,161
------------
NET ASSETS: .................................................... 90,971,473
============
COMPOSITION OF NET ASSETS:
Paid-in-capital ............................................... 79,333,815
Undistributed (overdistributed) net investment income (loss) .. 868,650
Net unrealized appreciation (depreciation) ................... 10,565,062
Accumulated net realized gain (loss) .......................... 203,946
------------
Net Assets .................................................. $ 90,971,473
============
Shares Outstanding .......................................... 7,131,657
============
Net Asset Value Per Share ................................... $ 12.76
============
Notes:
(1) Investments, at cost ........................................ $ 79,747,177
(2) Cost of foreign currency .................................... 205,667
See Notes to Financial Statements
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ........................................ 35,981
Dividends (Note 1B) .......................................... 814,727
------------
Total Investment Income, Net of Withholding Taxes (2) ......... 850,708
------------
EXPENSES:
Investment management fee (Note 3A) ........................... 131,287
Printing and distribution fees ................................ 5,445
Custodian and transfer agent fees ............................. 274,675
Audit and tax service fees .................................... 6,457
Directors fees ................................................ 3,864
Insurance fees ................................................ 1,854
Other operating expenses ...................................... 3,054
------------
Total expenses before reimbursement / reduction ............... 426,636
Less: expense reimbursement ................................... 184,347
expense reduction (Note 1H) ................................ --
Net expenses .................................................. 242,289
------------
Net Investment Income (Loss) ................................ 608,419
------------
NET REALIZED GAIN (LOSS) ON:
Investments ................................................... 615,820
Foreign currencyy transactions ................................ (11,087)
Futures contracts ............................................. --
------------
Net Realized Gain (Loss) .................................... 604,733
------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency
holdings and futures contracts (Notes 8,10,11) ................ 15,322,390
End of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) ......................... 10,565,062
------------
Net Unrealized Appreciation (Depreciation) ................... (4,757,328)
------------
Net Increase (Decrease) in Net Assets Resulting From
Operations .................................................. (3,544,176)
============
Notes:
(1) Income on securites loaned ................................... $ 11,050
(2) Withholding taxes ............................................ 126,717
MSF-93
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
----------------------------------
STATEMENT OF CHANGES IN NET ASSETS
----------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
Increase (Decrease) in Net Assets From: (UNAUDITED) 1999
OPERATIONS: ------------ ------------
<S> <C> <C>
Net investment income (loss) ........................................................................... $ 608,419 $ 625,263
Net realized gain (loss) from investments, foreign currency holdings and futures contracts ............. 604,733 214,771
Unrealized appreciation (depreciation) of investments, foreign currency holdings and futures contracts.. (4,757,328) 13,501,366
----------- -----------
Net increase (decrease) in net assets resulting from operations ........................................ (3,544,176) 14,341,400
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income .................................................................................. -- (363,112)
Net realized gain from investment transactions ......................................................... -- (491,878)
----------- -----------
Total Distributions (Note 4) ........................................................................... -- (854,990)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares........................................................................ 29,428,971 57,813,098
Net asset value of shares issued to shareholders in reinvestment of distributions....................... -- 854,990
Shares redeemed ........................................................................................ (17,268,237) (15,253,034)
----------- -----------
Net Capital Stock Transactions (Note 9)................................................................. 12,160,734 43,415,054
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS .................................................................. 8,616,558 56,901,464
NET ASSETS: Beginning of period ........................................................................ 82,354,915 25,453,451
----------- -----------
NET ASSETS: End of period .............................................................................. 90,971,473 82,354,915
=========== ===========
</TABLE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PER SHARE OPERATING PERFORMANCE SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
(FOR A SHARE OUTSTANDING TROUGHOUT EACH PERIOD) JUNE 30, 2000 ------------------
(UNAUDITED) 1999 1998(3)
<S> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginningginning of period ....................................................... 13.34 10.80 10.00
-----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ........................................................................... 0.08 0.10 0.01
Net realized and unrealized gain (loss) ......................................................... (0.66) 2.58 0.80
------- ------- --------
Total From Investment Operations ................................................................ (0.58) 2.68 0.81
------- ------- --------
Less Distributions:
Dividends from net investment income ............................................................ -- (0.06) (0.01)
Distributions from net realized capital gains ................................................... -- (0.08) --
Total Distributions ............................................................................. -- (0.14) (0.01)
-----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................................................................... 12.76 13.34 10.80
-----------------------------------------------------------------------------------------------------------------------------------
Total Return .................................................................................... (4.35)% 24.90% 8.11%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) .............................................................. 90,971 82,355 25,453
Net expenses to average net assets (note 3) (1) .................................................. 0.55% 0.50% 0.49%
Operating expenses to average net assets before voluntary expense reimbursements (note 3) (1) .... 0.97% 1.77% 1.41%
Net investment income to average net assets (1) .................................................. 1.39% 1.25% 0.71%
Net investment income to average net assets before voluntary expense reimbursements (note 3) (1) . 0.97% (0.02)% (0.21)%
Portfolio Turnover (2) ........................................................................... 14.23% 43.67% 12.68%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 marketket 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 June 30, 2000 amounted
to16,045,321 and6,174,085 , respectively.
(3) Ratios for the period November 9, 1998 to December 31, 1998 have been
determined on annualized operating results.
See Notes to Financial Statements.
MSF-94
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS JUNE 30, 2000
RUSSELL 2000 INDEX PORTFOLIO (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 97.2%
--------------------------------------------------------------------------------
Aerospace & Defense: 0.4%
2,676 AAR Corp. $ 32,112
4,044 Ametek Aerospace Products, Inc. 70,770
901 Curtiss-Wrightht Corp. 33,506
1,459 *Esco Electronics Corp. 24,803
3,900 Gencorp, Inc. 31,200
2,726 Kaman Corp. Cl. A 28,878
4,703 *+Orbital Sciences Corp. 57,318
3,144 Precision Castparts Corp. 142,266
1,112 Primex Technologies, Inc. 24,325
1,600 *Triumph Group, Inc. 44,600
-----------
489,778
--------------------------------------------------------------------------------
Agriculture & Related: 0.1%
4,837 +Delta & Pine Land Co. 121,227
--------------------------------------------------------------------------------
Automotive: 1.3%
1,194 *American Axle &Manufacturing Holdings, Inc. 16,940
2,700 Applied Industrial Technologies, Inc. 44,213
3,058 Arvin Industries, Inc. 53,133
3,133 Borg-Warner Automotive, Inc. 110,047
3,111 CLARCOR, Inc. 61,831
625 *Dura Automotive Systems, Inc. 6,777
5,531 Federal Signal Corp. 91,261
9,043 Federal-Mogul Corp. 86,478
2,000 *Group 1 Automotive, Inc. 24,000
2,238 *Hayes Lemmerz International, Inc. 26,996
501 *IMPCO Technologies, Inc. 21,230
8,482 **Lear Corp. 169,640
5,720 Mark IV Industries, Inc. 119,405
4,715 MascoTech, Inc. 50,981
7,991 Meritor Automotive, Inc. 87,901
2,045 Midas, Inc. 40,900
3,100 Modine Manufacturing Co. 83,797
4,327 *+O'Reilly Automotive, Inc. 59,631
1,907 Oshkosh Truck Corp. 68,414
7,512 Snap-On, Inc. 200,007
2,661 Superior Industries International, Inc. 68,521
4,358 Tenneco Automotive, Inc. 22,880
6,344 Timken Co. 118,157
5,189 *+Tower Automotive, Inc. 64,862
2,717 +Wabash National Corp. 32,434
-----------
1,730,436
--------------------------------------------------------------------------------
Banking: 5.7%
1,340 1st Source Corp. 21,189
2,706 +Advanta Corp. Cl. A 32,895
1,016 Alabama National Bancorporation 20,098
3,500 AMCOREFinancial, Inc. 64,094
3,703 American Financial Holdings 58,785
3,176 Anchor Bancorp Wisconsin, Inc. 48,930
820 Andover Bancorp, Inc. 23,601
1,511 Area Bancshares Corp. 33,856
5,915 Astoria Financial Corp. 152,311
496 BancFirst Corp. 15,562
7,335 +BancorpSouth, Inc. 103,148
1,443 +Bank of Granite Corp. 33,099
4,123 Bank United Corp. Cl. A 145,722
3,308 BankAtlantic Bancorp, Inc. 19,228
2,949 Bay View Capital Corp. 28,937
1,508 *Bok Financial Corp. 26,720
2,064 Brenton Banks, Inc. 28,509
1,078 Brookline Bancorp, Inc. 12,262
1,017 BSB Bancorp, Inc. 20,086
1,785 BT Financial Corp. 31,070
4,520 Capitol Federal Financial 50,144
1,245 +Cathay Bancorp, Inc. 57,114
1,300 Century South Banks, Inc. 24,538
1,777 Chemical Financial Corp. 45,758
3,635 Chittenden Corp. 88,830
6,112 Citizens Banking Corp. 99,320
1,197 City Bank 31,272
12,342 Colonial BancGroup, Inc. 111,078
4,166 Commerce Bancorp, Inc. 191,636
7,240 Commercial Federal Corp. 112,676
6,151 Community First Bankshares 100,530
1,183 Corus Bankshares, Inc. 31,239
6,713 Cullen Frost Bankers, Inc. 176,639
2,062 CVB Financial Corp. 32,605
1,600 Dime Community Bancorp, Inc. 25,800
4,004 Doral Financial Corp. 45,671
2,848 Downey Financial Corp. 82,592
2,395 East West Bancorp, Inc. 34,129
3,547 F&M National Corp. 74,487
2,734 F N B Corp. 55,876
1,726 F&M Bancorp 33,981
787 Farmers Capital Bank Corp. 24,053
3,055 First Bancorp 56,708
1,300 +First Busey Corp. Cl. A 21,409
919 First Citizens Bancshares, Inc. 54,508
6,189 First Commonwealth Financial Corp. 56,088
2,100 First Federal Capital Corp. 23,034
4,471 First Financial Bancorp 87,883
1,558 First Financial Bankshares, Inc. 42,455
782 First Financial Corp. 23,704
1,161 First Industry Corp. 22,567
1,725 First Merchants Corp. 36,495
5,277 First Midwest Bancorp, Inc. 122,360
4,519 First Sentinel Bancorp, Inc. 36,929
3,491 First United Bancshares, Inc. 52,365
2,200 *FirstFed Financial Corp. 31,075
1,840 Frontier Financial Corp. 33,580
9,152 Fulton Financial Corp. 161,881
1,500 GBC Bancorp 44,062
3,785 Gold Banc Corp., Inc. 18,925
2,287 +Greater Bay Bancorp 106,989
MSF-95
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Banking: (Continued)
1,200 Hancock Holding Co. $ 39,825
3,068 Harbor Florida Bancshares, Inc. 32,118
970 Harleysville National Corp. 31,343
6,514 Hudson United Bancorp 146,158
5,094 *Imperial Bancorp 79,594
8,305 Independence Community Bank Corp. 110,301
2,230 Integra Bank Corp. 37,631
2,181 International Bancshares Corp. 70,951
1,304 Interwest Bancorp, Inc. 17,971
1,375 Irwin Financial Corp. 19,895
3,036 MAF Bancorp, Inc. 55,122
2,037 +Merchants N.Y. Bancorp, Inc. 34,820
1,061 Mid-America Bancorp 26,525
1,536 Mid-State Bancshares 42,096
998 Mississippi Valley Bankshares, Inc. 24,326
2,224 National Penn Bancshares, Inc. 45,453
1,705 +NBT Bancorp, Inc. 18,062
3,437 *Net.B@nk, Inc. 42,533
1,744 OceanFirst Financial Corp. 32,101
2,059 *Ocwen Financial Corp. 11,453
1,300 Omega Financial Corp. 33,312
4,245 One Valley Bancorp West Virginia, Inc. 132,656
1,426 Oriental Financial Group, Inc. 20,588
3,076 Pacific Capital Bancorp 76,900
3,537 People's Bank 64,992
1,870 Premier National Bancorp, Inc. 24,310
3,452 Provident Bankshares Corp. 46,278
2,811 Provident Financial Group, Inc. 66,938
1,900 +Queens County Bancorp, Inc. 35,091
5,800 Republic Bancorp, Inc. 50,931
3,114 Republic Security Financial Corp. 15,521
4,040 Richmond County Financial Corp. 77,139
2,100 Riggs National Corp. 26,447
8,551 Roslyn Bancorp, Inc. 142,024
3,408 S & T Bancorp, Inc. 62,409
1,207 Sandy Spring Bancorp, Inc. 24,932
47 Shoreline Financial Corp. 561
5,152 *Silicon Valley Bancshares 219,765
10,235 +Sky Financial Group, Inc. 163,440
5,273 +South Financial Group, Inc. 76,623
3,511 *Southwest Bancorporation of Texas, Inc. 73,073
28,960 Sovereign Bancorp, Inc. 203,618
4,627 Staten Island Bancorp, Inc. 81,551
3,500 Sterling Bancshares, Inc. 37,953
4,647 Susquehanna Bancshares, Inc. 65,784
2,098 Texas Regional Bancshares, Inc. Cl. A 53,761
1,800 Trust Company of New Jersey 33,019
6,732 TrustCo Bank Corp. 82,888
7,883 Trustmark Corp. 137,464
1,199 UCBH Holdings, Inc. 31,999
2,060 UMB Financial Corp. 67,722
4,431 United Bankshares, Inc. 81,004
1,978 United Community Financial Corp. 13,382
1,938 United National Bancorp 35,308
1,256 +USB Holding Co., Inc. 17,741
3,544 W Holding Co., Inc. 29,127
6,898 Washington Federal, Inc. 125,673
5,470 +Webster Financial Corp. 121,195
2,472 Wesbanco, Inc. 60,255
4,653 Westamerica Bancorp. 121,560
3,143 Whitney Holding Corp. 107,353
----------
7,343,652
--------------------------------------------------------------------------------
Biotechnology: 2.6%
1,160 *Aclara Biosciences, Inc. 59,088
7,675 *Advanced Tissue Sciences, Inc. 61,638
1,074 *Albany Molecular Research, Inc. 58,432
6,039 *Alliance Pharmaceutical Corp. 67,939
1,504 *Anesta Corp. 37,365
5,742 *Avant Immunotherapeutics, Inc. 60,653
1,853 *Avigen, Inc. 81,300
880 *Bone Care International 20,735
4,298 *Cell Genesys, Inc. 120,344
3,107 *Cell Therapeutics, Inc. 95,152
937 *Collateral Therapeutics 23,761
3,119 *Creative BioMolecules, Inc. 43,666
3,167 *CuraGen Corp. 120,546
1,342 *Digene Corp. 54,183
977 *Diversa Corp. 32,363
5,547 *+Dura Pharmaceuticals, Inc. 79,391
7,474 *Edwards Lifesciences Corp. 138,269
1,830 *Emisphere Technologies, Inc. 77,975
5,446 *Enzon, Inc. 231,285
3,264 *Gene Logic, Inc. 116,486
2,642 *Genome Therapeutics Corp. 80,417
2,386 *Genzyme Transgenics Corp. 64,720
2,748 *Geron Corp. 87,936
1,257 *Hyseq, Inc. 57,116
3,858 *Immumonedics, Inc. 94,521
1,081 *Invitrogen Corp. 81,312
1,280 *Lexicon Genetics, Inc. 44,000
592 *Luminex Corp. 24,642
1,267 *Lynx Therapeutics, Inc. 60,262
2,244 *Martek Biosciences Corp. 42,075
952 *Maxygen, Inc. 54,041
1,784 *Miravant Medical Technologies 39,806
2,521 *NeoRx Corp. 47,584
1,389 *Neose Technologies, Inc. 58,426
2,585 *Neurocrine Biosciences, Inc. 91,930
1,154 *Nexell Therapeutics, Inc. 17,166
771 *Orchid Biosciences, Inc. 29,274
4,343 *Organogenesis, Inc. 49,673
1,547 *Packard BioSciences Co. 26,299
2,333 *Pharmacopeia, Inc. 108,193
MSF-96
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Biotechnology: (Continued)
2,538 *Regeneron Pharmaceuticals, Inc. $ 75,743
675 *Sequenom, Inc. 30,628
1,233 *Syncor International Corp. 88,699
3,414 *Targeted Genetics Corp. 50,783
10,121 *Techniclone Corp. 39,219
5,233 *Texas BioTechnology Corp. 99,427
2,946 *Titan Pharmaceuticals, Inc. 126,678
2,697 *+Transkaryotic Therapies, Inc. 99,031
3,724 *Valentis, Inc. 43,757
----------
3,393,929
--------------------------------------------------------------------------------
Broadcasting: 0.9%
1,283 *ACME Communications, Inc. 23,415
4,722 *Citadel Communications Corp. 164,827
1,308 *Crown Media Holdings, Inc. Cl. A 20,029
4,510 *Cumulus Media, Inc. Cl. A 40,872
5,034 *Insight Communications, Inc. Cl. A 78,656
2,563 *Mediacom Communications Co. Cl. A 39,406
1,134 *Nucentrix Broadband Networks 28,917
3,309 *Paxson Communications Corp. 26,472
1,066 *Radio One, Inc. Cl. A 31,580
2,132 *+Radio One, Inc. Cl. D (non-vtg.) 47,171
2,042 *Regent Communications, Inc. 17,549
981 *Saga Communications Cl. A 21,582
3,008 *Salem Communications Corp. Cl. A 27,917
5,834 *+Sinclair Broadcast Group, Inc. Cl. A 63,992
4,050 *+Sirius Satellite Radio, Inc. 179,339
3,939 *Spanish Broacasting System, Inc. Cl. A 80,998
1,928 *TiVo, Inc. 67,480
508 +United Television, Inc. 65,357
1,300 *+Worldgate Communications, Inc. 23,034
1,557 *XM Satellite Radio Holdings, Inc. Cl. A 58,291
1,200 *Young Broadcasting, Inc. Cl. A 30,713
----------
1,137,597
--------------------------------------------------------------------------------
Building & Construction: 0.5%
5,781 D. R. Horton, Inc. 78,405
1,065 *EMCOR Group, Inc. 24,661
4,067 *Fairfield Communities, Inc. 32,028
2,260 Granite Construction, Inc. 55,370
996 *Gulf Islands Fabrication, Inc. 16,932
3,026 Hughes Supply, Inc. 59,763
2,801 *Insituform Technologies, Inc. Cl. A 76,590
0 *!MasTec, Inc. 19
3,600 *Morrison Knudsen Corp. 26,100
2,310 *NCI Building Systems, Inc. 46,778
6,525 Owens-Corning Fiberglass Corp. 60,356
1,900 *URS Corp. 28,975
4,768 Valspar Corp. 160,920
----------
666,897
--------------------------------------------------------------------------------
Business Services: 4.7%
1,833 *+24/7 Media, Inc. 28,583
2,042 +ABM Industries, Inc. 46,966
1,132 *+Administaff, Inc. 71,882
2,415 *Advance Paradigm, Inc. 48,979
2,287 *ADVO, Inc. 96,054
4,574 *+AnswerThink Consulting Group, Inc. 75,471
4,354 *AppNet, Inc. 156,744
2,182 *Armor Holdings, Inc. 28,366
2,636 *Ask Jeeves, Inc. 47,614
4,490 *Avenue A, Inc. 39,570
3,200 Banta Corp. 60,600
4,844 *Billing Concepts Corp. 21,193
3,976 Bowne & Co., Inc. 40,009
1,540 *Bright Horizons Family Solutions 32,869
1,609 *+Brio Technology, Inc. 34,242
1,389 *+Burns International Services Corp. 17,363
1,675 *CACI International, Inc. Cl. A 32,401
2,805 *CCC Information Services Group, Inc. 29,628
1,200 *CDIDI Corp. 24,450
8,905 *Century Business Services, Inc. 16,836
1,165 *Cheap Tickets, Inc. 13,980
774 *Cognizant Technology Solutions Cl. A 25,663
3,510 *Complete Business Solutions, Inc. 61,535
3,858 *Computer Horizons Corp. 51,721
4,632 *Copart, Inc. 73,678
1,239 *Corporate Executive Board Co. 75,424
1,542 *CoStar Group, Inc. 38,695
4,530 Crawford & Co. Cl. B 49,830
1,628 Dain Rauscher Corp. 107,448
8,854 *Data Broadcasting 55,337
2,569 *Diamond TechnologyPartners, Inc. Cl. A 225,992
1,898 *Digital River, Inc. 14,561
1,168 *Digitas, Inc. 19,054
2,600 *Education Management Corp. 47,694
7,649 *Encompass Services Corp. 43,982
3,092 *+Exchange Applications, Inc. 82,131
1,734 *F.Y.I., Inc. 58,306
2,506 FactSet Research Systems, Inc. 70,794
1,721 Fair Issac & Co., Inc. 75,724
1,403 *Forrester Research, Inc. 102,112
2,477 *Fritz Companies, Inc. 25,467
4,533 *FutureLink Corp. 32,583
2,998 G&K Services, Inc. Cl. A 75,044
3,158 *GoTo.com, Inc. 48,358
85 Grey Advertising, Inc. 44,200
5,199 *HA-LO Industries, Inc. 29,244
1,147 *Hall, Kinion & Associates, Inc. 38,210
2,455 *+Heidrick & Struggles International, Inc. 154,895
8,048 Hooper Holmes, Inc. 64,384
694 *Hotel Reservations Network Inc. Cl. A 20,647
2,047 *HotJobs.com Ltd. 28,275
2,819 *infoUSA, Inc. 18,279
1,086 *Insurance Auto Auctions, Inc. 22,942
MSF-97
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Business Services: (Continued)
3,874 *Integrated Electrical Services, Inc. $ 19,854
7,635 *+Interim Services, Inc. 135,521
6,084 *Interliant, Inc. 141,836
1,060 *Interlogix, Inc. 14,376
1,435 *internet.com Corp. 28,252
1,985 *IntraNet Solutions, Inc. 76,174
2,873 *Jacobs Engineering Group, Inc. 93,911
2,247 *+Juno Online Services, Inc. 24,085
795 *Jupiter Communications, Inc. 18,285
2,183 Kelly Services, Inc. 50,414
4,900 *kforce.com, Inc. 33,841
4,726 *Korn/Ferry International 149,755
4,326 *+Labor Ready, Inc. 28,660
5,052 *Lante Corp. 103,253
1,464 *LifeMinders, Inc. 43,280
5,143 *Mail.com, Inc. Cl. A 29,253
690 *Management Network Group, Inc. 24,150
1,300 *Maximus, Inc. 28,763
1,175 McGrath RentCorp 19,608
1,725 *+Media Metrix, Inc. 43,826
1,557 *Memberworks, Inc. 52,208
1,051 *Meta Group 20,232
1,180 *Mobile Mini, Inc. 26,034
772 *Modem Media. Poppe Tyson, Inc. Cl. A 9,578
11,664 *Modis Professional Services, Inc. 88,938
4,682 *MSI Holdings, Inc. 42,433
2,235 *MyPoints.com 42,360
1,589 *Navigant Consulting, Inc. 6,753
4,452 *+NBC Internet, Inc. Cl. A 56,067
2,102 *Network Access Solutions Corp. 20,101
1,264 *Network Plus Corp. 17,934
6,875 *Nielson (A.C.) Corp. 151,250
2,695 *NYFIX, Inc. 113,023
3,000 *On Assignment, Inc. 92,625
2,383 *On2.com, Inc. 12,213
2,454 *+Pre-Paid Legal Services, Inc. 73,313
519 *Predictive Systems, Inc. 18,652
1,700 *ProBusiness Services, Inc. 44,784
453 *Professional Detailing, Inc. 15,416
5,673 *+Profit Recovery Group International, Inc. 94,136
1,322 *Rainbow Technologies, Inc. 64,282
3,580 *Rare Medium Group, Inc. 56,721
3,035 *Rent Way, Inc. 88,584
2,291 *SciQuest.com, Inc. 26,204
34,899 ServiceCorp. International 111,258
1,216 *+Source Information Management Co. 18,506
1,800 Sovran Self Storage, Inc. 38,588
2,352 *SportsLine USA, Inc. 40,204
3,794 *Stamps.com, Inc. 27,746
1,082 *Startek, Inc. 54,506
3,437 *Teledyne Technologies, Inc. 57,570
4,757 *Tetra Tech, Inc. 108,965
2,008 *Trimeris, Inc. 140,435
2,214 *U.S. Interactive, Inc. 28,645
1,431 *Universal Access, Inc. 35,060
1,994 *Ventiv Health, Inc. 22,183
2,802 *Ventro Corp. 52,888
1,275 *Volt Information Sciences, Inc. 41,995
1,549 *Xtra Corp. 61,089
3,650 *+Zomaxx Optical Media, Inc. 47,792
----------
6,074,377
--------------------------------------------------------------------------------
Capital Goods: 0.1%
5,201 Lennox International, Inc. 68,913
4,880 York International Corp. 123,220
---------
192,133
--------------------------------------------------------------------------------
Chemicals: 2.0%
2,721 Arch Chemicals, Inc. 59,522
3,731 Calgon Carbon Corp. 28,915
3,263 Cambrex Corp. 146,835
3,877 *Catalytica, Inc. 42,526
2,277 Chemfirst, Inc. 54,933
14,622 Crompton Corp. 179,119
5,299 *Cytec Industries, Inc. 130,819
3,209 Dexter Corp. 154,032
7,837 Ethyl Corp. 19,593
4,592 Ferro Corp. 96,432
1,902 Fuller (H.B.) Co. 86,482
2,355 Geon Co. 43,567
3,919 Georgia Gulf Corp. 81,564
8,319 *Grace (W.R.) & Co. 100,868
6,110 Great Lakes Chemical Corp. 192,465
6,146 Hanna (M.A.) Co. 55,314
2,383 *Hexcel Corp. 22,639
6,885 Lubrizol Corp. 144,585
1,849 +MacDermid, Inc. 43,451
1,289 *McWhorter Technologies, Inc. 25,056
8,508 Millennium Chemicals, Inc. 144,636
2,711 Minerals Technologies, Inc. 124,706
2,900 +NL Industries, Inc. 44,225
3,333 OM Group, Inc. 146,652
4,198 OMNOVA Solutions, Inc. 26,237
1,978 *Scotts Co. Cl. A 72,197
13,980 Solutia, Inc. 192,225
762 *SurModics, Inc. 19,812
4,045 Wellman, Inc. 65,478
----------
2,544,885
--------------------------------------------------------------------------------
Coal: 0.0%
3,000 Consol Energy, Inc. 45,375
--------------------------------------------------------------------------------
Computer Equipment & Service: 6.9%
1,748 *+Aboutbout.Com, Inc. 55,007
2,763 *Actel Corp. 125,976
3,741 *Actuate Corp. 199,559
MSF-98
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Computer Equipment & Service: (Continued)
1,083 *Adept Technology, Inc. $ 50,630
6,593 *Advanced Digital Information Corp. 104,870
776 Analogic Corp. 30,773
2,400 Analysts International Corp. 22,200
3,842 *+Ancor Communications, Inc. 137,472
2,978 *APEX, Inc. 130,101
2,272 *Aware, Inc. 116,014
2,988 *Be Free, Inc. 26,892
1,109 *Braun Consulting, Inc. 23,428
1,290 *Breakaway Solutions, Inc. 34,830
5,349 *Cambridge Technology Partners, Inc. 46,720
1,144 *CareInsite, Inc. 20,449
955 *Cherry Corp. 25,129
5,976 *+Ciber, Inc. 79,182
3,574 *CobaltNetworks, Inc. 206,845
2,515 *+Coinstar, Inc. 25,386
3,448 *Computer Network Technology 59,586
2,156 *+Concord Communications, Inc. 88,329
6,747 *Concurrent Computer Corp. 88,344
1,150 *Crossroads Systems, Inc. 29,037
2,425 *CyberSource Corp. 33,497
2,799 *Cylink Corp. 46,883
1,603 *Data Return Corp. 46,487
3,775 *Dendrite International, Inc. 125,873
2,142 *Digital Insight Corp. 72,828
553 *DigitalThink, Inc. 19,839
1,423 *Dot Hill Systems Corp. 15,653
4,875 *e-Medsoft.com 39,000
7,436 *eGlobe, Inc. 22,308
1,185 *EpicEdge, Inc. 27,255
1,257 *ePresence, Inc. 9,153
1,158 *eSpeed, Inc. Cl. A 50,301
7,733 *Expedia, Inc. Cl. A 114,549
938 *Extended Systems, Inc. 90,048
2,151 *F5 Networks, Inc. 117,365
9,459 *Gartner Group, Inc. Cl. A 113,508
2,240 Gerber Scientific, Inc. 25,760
2,366 *Globix Corp. 69,132
3,500 *Go2Net, Inc. 175,984
849 *+Hi/Fn, Inc. 37,701
4,062 *High Speed Access Corp. 26,659
1,531 *Hypercom Corp. 22,008
1,362 *iBEAM Broadcasting Corp. 24,516
5,930 *Internet Pictures Corp. 89,691
789 *ITXC Corp. 27,935
2,617 *+iVillage, Inc. 21,999
5,305 *iXL Enterprises, Inc. 76,922
2,045 *Keynote Systems, Inc. 144,301
1,642 *Latitude Communications, Inc. 18,371
11,126 *Legato Systems, Inc. 168,281
5,175 *LookSmart Ltd. 95,737
6,210 *LTX Corp. 217,156
8,125 *+Maxtor Corp. 85,566
785 *McAfee.com Corp. Cl. A 20,459
1,337 *Media 100, Inc. 34,428
5,094 *MedQuist, Inc. 173,833
8,411 *Mentor Graphics Corp. 166,643
2,912 *Mercury Computer Systems, Inc. 94,276
2,697 *Metricom, Inc. 75,095
4,977 *+MIPS Technologies, Inc. Cl. A 211,367
3,717 *MMC Networks, Inc. 198,859
2,266 *+MTI Technology Corp. 18,199
2,080 *Multex.com, Inc. 52,715
4,306 +National Computer Systems, Inc. 211,936
2,064 *National Information Consortium, Inc. 23,478
769 National Presto Industries, Inc. 23,647
436 *NetCreations, Inc. 19,974
1,700 *Netopia, Inc. 68,372
4,388 *Netrix Corp. 54,029
4,370 *Netro Corp. 250,729
1,648 *NetScout Systems, Inc. 21,218
763 *NetSolve, Inc. 19,838
3,584 *Network Commerce, Inc. 19,712
2,692 *Network Equipment Technologies 27,088
1,786 *Network Peripherals, Inc. 29,860
4,020 *NetZero, Inc. 20,980
2,307 *+OneMain.com, Inc. 25,954
2,104 *Packeteer, Inc. 61,279
2,098 *Paradyne Networks, Inc. 68,317
7,389 *Perot Systems Corp. Cl. A 81,279
1,482 *Photon Dynamics, Inc. 110,688
621 *Procom Technology, Inc. 32,098
2,677 *Prodigy Communicatons Corp. Cl. A 28,108
1,333 *PurchasePro.com, Inc. 54,653
10,823 *Quantum Corp. 119,735
2,786 *Quokka Sports, Inc. 22,374
1,900 *Radiant Systems, Inc. 45,422
1,817 *Radisys Corp. 102,717
631 *Register.com, Inc. 19,285
7,871 *Rhythms NetConnections, Inc. 98,883
11,674 *S3, Inc. 171,097
1,635 *+Sagent Technology, Inc. 23,197
2,145 *Savvis Communications Corp. 28,020
1,781 *+SCM Microsystems, Inc. 107,806
4,154 *Silicon Valley Group, Inc. 107,225
876 *SmartDisk Corp. 24,090
510 *Smartserv Online, Inc. 35,987
2,443 *SoftNet Systems, Inc. 23,438
1,458 *SonicWALL, Inc. 128,396
1,003 *SPSS, Inc. 29,150
2,032 *Spyglass, Inc. 63,881
4,635 *StarMedia Network, Inc. 87,486
12,039 **Storage Technology Corp. 131,683
3,104 *+Sykes Enterprises, Inc. 40,061
MSF-99
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Computer Equipment & Service: (Continued)
4,482 *Systems & Computer Technology $ 89,360
3,018 *Technology Solutions Co. 18,815
521 *Telaxis Communications Corp. 16,281
2,172 *Tricord Systems, Inc. 39,233
1,603 *Universal Display Corp. 47,590
1,493 *Vertex Interactive, Inc. 15,211
1,899 *VIA Net.Works, Inc. 29,317
2,172 *ViaLink Co. 22,400
5,597 *Viasystems Group, Inc. 90,604
899 *Vicinity Corp. 17,643
3,356 *Visual Networks, Inc. 95,541
5,759 *+Wave Systems Corp. 91,244
17,871 *Western Digital Corp. 89,355
4,604 *WorldPages.com, Inc. 27,624
1,592 *+Xceed, Inc. 14,477
3,598 *Xircom, Inc. 171,017
1,090 *Xpedior, Inc. 15,056
3,971 *Xybernaut Corp. 44,428
3,382 *Zebra Technologies Corp. Cl. A 149,231
2,115 *+ZixIt Corp. 97,356
----------
8,889,852
--------------------------------------------------------------------------------
Construction & Mining Equipment: 0.1%
1,845 *+Astec Industries, Inc. 46,932
5,100 JLG Industries, Inc. 60,562
1,707 *NationsRent, Inc. 6,508
3,156 *Terex Corp. 44,579
----------
158,581
--------------------------------------------------------------------------------
Construction Materials: 0.8%
3,572 Amcol International Corp. 58,938
4,844 Armstrong Holdings, Inc. 74,176
3,881 Carlisle COS, Inc. 174,645
868 Centex Construction Products, Inc. 19,693
6,836 *Dal Tile International, Inc. 56,397
2,701 +Elcor Chemical Corp. 62,123
2,377 +Florida Rock Industries, Inc. 84,681
4,400 *Flowserve Corp. 66,275
1,206 *Nortek, Inc. 23,818
1,879 *+Palm Harbor Homes, Inc. 26,834
13,494 R.P.M., Inc. 136,627
1,708 *Shaw Group, Inc. 80,489
1,184 *Simpson Manufacturing, Inc. 56,610
2,878 +Texas Industries, Inc. 83,102
1,838 Valmont Industries, Inc. 36,473
4,246 Walter Industries, Inc. 48,564
----------
1,089,445
--------------------------------------------------------------------------------
Consumer Products: 0.4%
4,402 *Blyth Industries, Inc. 129,859
2,580 Carter Wallace, Inc. 51,922
1,378 Chemed Corp. 38,842
2,099 Oneida, Ltd. 37,257
3,615 *+Playtex Products, Inc. 40,895
2,800 +Polymer Group, Inc. 25,900
3,455 +Rayovac Corp. 77,306
1,514 Russ Berrie and Co., Inc. 29,145
1,233 Sturm, Ruger & Co., Inc. 10,943
1,867 *Yankee Candle Co., Inc. 40,374
----------
482,443
--------------------------------------------------------------------------------
Consumer Services: 0.1%
4,679 Regis Corp. 58,341
2,538 *Ticketmaster Online-CitySearch, Inc. Cl. B 40,451
2,190 *+Travelocity.com, Inc. 35,519
----------
134,311
--------------------------------------------------------------------------------
Containers & Glass: 0.2%
4,611 AptarGroup, Inc. 124,497
3,812 Ball Corp. 122,701
2,513 *Gaylord Container Corp. Cl. A 6,754
1,595 Greif Brothers Corp. Cl. A 48,996
2,000 Myers Industries, Inc. 21,500
----------
324,448
--------------------------------------------------------------------------------
Cosmetics: 0.1%
4,612 Alberto-Culver Co. Cl. B Cvt. 140,957
--------------------------------------------------------------------------------
Drugs & Health Care: 4.9%
1,621 *Alexion Pharmaceuticals 115,901
1,501 *Algos Pharmaceutical Corp. 22,656
2,755 +Alpharma, Inc. Cl. A 171,499
6,600 *Amerisource Health Corp. Cl. A 204,600
7,167 *Amylin Pharmaceuticals, Inc. 108,852
1,742 *Aphton Corp. 44,856
2,967 *Ariad Pharmaceuticals, Inc. 39,500
2,524 *Aurora Biosciences Corp. 172,106
2,202 *+Aviron 67,918
2,840 *Barr Laboratories, Inc. 127,267
3,600 Bindley Western Industries, Inc. 95,175
6,888 *Bio-Technology General Corp. 90,835
1,637 *BioCryst Pharmaceutical, Inc. 46,962
2,147 *BioMarin Pharmaceutical, Inc. 36,499
2,000 *+Biomatrix, Inc. 45,250
1,726 *Biopure Corp. Cl. A 32,471
1,228 Block Drug Co., Inc. Cl. A 52,036
2,933 *+Cell Pathways, Inc. 68,742
1,148 *Cerus Corp. 58,764
2,158 *Chirex, Inc. 43,093
2,890 *Columbia Laboratories, Inc. 16,617
3,494 *Connetics Corp. 51,320
1,962 Cooper Cos., Inc. 71,368
2,116 *+Coulter Pharmaceutical, Inc. 43,312
6,734 *+Covance, Inc. 59,343
7,511 *Coventry Helath Care, Inc. 100,225
3,419 *Cubist Pharmaceuticals, Inc. 168,386
1,963 *CV Therapeutics, Inc. 136,061
MSF-100
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Drugs & Health Care: (Continued)
2,100 *Cyberonics, Inc. $ 25,200
9,197 *Cytogen Corp. 93,120
2,308 *Drugstore.com, Inc. 17,382
1,739 *DUSA Pharmaceuticals, Inc. 51,300
1,713 *+Entremed, Inc. 51,336
2,913 *+Enzo Biochem, Inc. 200,997
1,152 *Exelixis, Inc. 38,448
2,402 *Geltex Pharmaceuticals, Inc. 49,016
2,885 *+Guilford Pharmaceuticals, Inc. 43,365
4,548 *IDEX Laboratories, Inc. 104,178
2,796 *ILEX Oncology, Inc. 98,559
3,025 *Immune Response Corp. 32,897
4,237 *ImmunoGen, Inc. 51,111
1,292 *+Impath, Inc. 70,051
874 *InterMune Pharmaceuticals, Inc. 36,108
967 *IntraBiotics Pharmaceuticals, Inc. 25,807
3,306 Invacare Corp. 86,782
4,500 *Isis Pharmaceuticals, Inc. 66,234
1 Jones Pharma, Inc. 40
0 *+!King Pharmaceuticals, Inc. 22
1,486 *Kingdom V Pharmaceutical Co. 40,401
1,182 *KOS Pharmaceuticals, Inc. 18,986
5,942 *Ligand Pharmaceuticals, Inc. Cl. B 77,989
5,242 *Lincare Holdings, Inc. 129,084
2,955 *Matrix Pharmaceuticals, Inc. 38,601
2,573 *Maxim Pharmaceuticals, Inc. 132,188
3,724 *Medicis Pharmaceutical Corp. Cl. A 212,268
3,136 Mentor Corp. 85,162
2,105 *MGI Pharma, Inc. 60,552
1,176 *Myriad Genetics, Inc. 174,140
4,315 *NABI, Inc. 31,556
4,991 *NBTY, Inc. 31,662
1,920 *Neurogen Corp. 54,660
2,426 *Noven Pharmaceuticals, Inc. 72,933
2,477 *NPS Pharmaceuticals, Inc. 66,260
11,819 Omnicare, Inc. 107,116
2,999 *OSI Pharmaceuticals, Inc. 86,410
3,147 *PAREXEL International Corp. 29,995
2,062 *Pathogenesis Corp. 53,548
5,941 *Perrigo Co. 37,967
2,309 *Pharmaceutical Product Development, Inc. 48,417
2,203 *+Pharmacyclics, Inc. 134,176
1,025 *Praecis Pharmaceuticals, Inc. 28,572
1,438 *Priority Healthcare Corp. Cl. B 106,637
2,584 *Province Healthcare Co. 93,266
5,691 *+Renal Care Group, Inc. 139,252
3,988 *Respironics, Inc. 71,535
1,146 *Ribozyme Pharmaceuticals, Inc. 29,582
3,895 *SciClone Pharmacueticals, Inc. 50,394
5,280 *SICOR, Inc. 42,240
2,330 *+Sunrise Assisted Living, Inc. 43,251
3,269 *SuperGen, Inc. 118,399
4,094 *Triangle Pharmaceuticals, Inc. 37,614
1,408 *Tularik, Inc. 41,536
635 *Twinlab Corp. 4,018
1,715 *United Therapeutics Corp. 185,863
1,021 *VaxGen, Inc. 22,334
2,442 *+Vical, Inc. 46,856
4,132 *Vivus, Inc. 28,668
1,166 *Wesley Jessen VisionCare, Inc. 43,834
----------
6,291,489
--------------------------------------------------------------------------------
Education: 0.3%
1,246 *Career Education Corp. 60,509
1,178 *Click2learn.com, Inc. 20,762
1,819 *Edison Schools, Inc. Cl. A 42,179
1,833 *ITT Educational Services, Inc. 32,192
1,352 *Learning Tree International, Inc. 83,190
2,114 *ProsoftTraining.com, Inc. 35,543
918 +Strayer Education, Inc. 21,946
3,988 *Sylvan Learning Systems, Inc. 54,835
----------
351,156
--------------------------------------------------------------------------------
Electrical Equipment: 2.2%
1,536 *+Advanced Energy Industries, Inc. 90,528
1,784 *Advanced Lighting Technologies, Inc. 33,004
4,025 *Anadigics, Inc. 137,227
2,735 *Anixter International, Inc. 72,477
4,400 *Artesyn Technologies, Inc. 122,650
3,066 +Baldor Electric Co. 57,104
3,062 +Belden, Inc. 78,464
2,861 Briggs & Stratton Corp. 97,989
2,052 Brush Wellman, Inc. 32,063
5,471 *C-CubeMicrosystems, Inc. 107,368
3,595 *Cable Design Technologies Corp. 120,432
3,317 *Coherent, Inc. 277,902
2,848 Cohu, Inc. 76,807
1,583 *Energy Conversion Devices, Inc. 40,169
910 +Exide Corp. 7,280
600 Franklin Electric Co., Inc. 40,500
3,860 General Cable Corp. 31,363
1,402 *Genlyte Group, Inc. 29,442
3,108 Helix Technology Corp. 121,115
3,600 *Kent Electronics Corp. 107,325
2,672 *+Littelfuse, Inc. 132,097
1,839 *MagneTek, Inc. 14,712
4,957 *Mettler-Toledo International, Inc. 198,280
5,224 National Service Industries, Inc. 101,868
1,178 Park Electrochemical Corp. 42,482
1,337 *Pericom Semiconductor Corp. 90,916
3,731 *Power Integrations, Inc. 88,261
2,300 SLI, Inc. 27,888
986 *Supertex, Inc. 49,546
1,579 Technitrol, Inc. 152,966
3,020 *+Veeco Instruments, Inc. 221,687
MSF-101
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Electrical Equipment: (Continued)
2,152 Watsco, Inc. $ 26,900
2,285 *Wesco International, Inc. 21,850
2,164 X-Rite, Inc. 19,747
----------
2,870,409
--------------------------------------------------------------------------------
Electronics: 5.5%
1,921 *+3DFX Interactive, Inc. 14,918
1,370 *ACT Manufacturing, Inc. 63,620
2,895 *+Aeroflex, Inc. 143,755
3,581 *Allen Telecom, Inc. 63,339
3,300 *Alliance Semiconductor Corp. 80,953
1,254 *Alliant Techsystems, Inc. 84,567
2,462 *American Superconductor Corp. 118,715
2,048 *+American Xtal Technology, Inc. 88,512
1,456 *Applied Science & Technology, Inc. 37,674
1,362 *Argus Holdings, Inc. 25,793
3,513 *Aspen Technology, Inc. 135,690
3,758 *Asyst Technologies, Inc. 128,007
2,948 *ATMI, Inc. 136,990
2,018 *Audiovox Corp. Cl. A 44,523
2,782 *+Avid Technology, Inc. 33,297
1,090 Bel Fuse, Inc. Cl. B 29,158
1,892 *Bell & Howell Co. 45,881
2,350 *+Benchmark Electronics, Inc. 85,922
4,947 *+Brightpoint, Inc. 42,745
502 *Cabot Microelectronics Corp. 22,967
3,456 *+Checkpoint Systems, Inc. 25,920
7,115 *Cirrus Logic, Inc. 114,062
3,547 CTS Corp. 159,615
3,741 *Cymer, Inc. 178,165
1,452 *DDi Corp. 41,382
2,806 *Dionex Corp. 76,113
602 *Dupont Photomasks, Inc. 41,087
2,507 *Elantec Semiconductor, Inc. 174,550
3,686 *+Electro Scientific Industries, Inc. 162,299
2,990 *Electroglas, Inc. 64,378
2,585 *eMagin Corp. 33,122
1,543 *+EMCORE Corp. 185,112
3,425 *ESS Technology, Inc. 49,555
2,383 *Exar Corp. 207,991
1,145 *Excel Technology, Inc. 57,608
1,793 *FEI Co. 54,687
1,675 *Gasonics International Corp. 66,059
4,513 *+General Semiconductor, Inc. 66,567
1,064 *Ibis Technology Corp. 64,239
1,498 *+IGEN International, Inc. 24,764
3,854 *+Input Output, Inc. 32,518
1,629 *Integrated Circuit System, Inc. 27,897
3,052 *Integrated Silicon Solution 115,976
1,019 Keithley Instuments, Inc. 88,780
3,263 *+Kulicke & Soffa Industries, Inc. 193,231
1,982 *Mattson Technology, Inc. 64,415
4,338 *MEMC Electronic Materials, Inc. 78,084
4,518 Methode Electronics, Inc. Cl. A 174,649
1,350 *Microsemi Corp. 45,816
1,840 *Nanogen, Inc. 78,086
571 *Nanometrics, Inc. 23,518
783 *NETsilicon, Inc. 25,643
5,268 *Oak Technology, Inc. 113,594
8,878 *+P-Com, Inc. 50,216
2,944 *+Photronics, Inc. 83,628
3,587 +Pioneer-Standard Electronics, Inc. 52,684
2,303 *Plexus Corp. 260,311
2,017 *PLX Technology, Inc. 83,642
1,449 *QRS Corp. 35,184
4,790 *Quantum Effect Devices, Inc. 273,030
2,476 *QuickLogic Corp. 55,091
972 *Satcon Technology Corp. 24,847
1,944 *Semitool, Inc. 33,656
8,784 *+Sensormatic Electronics Corp. 138,897
2,025 *Silicon Image, Inc. 100,997
2,953 *SIPEX Corp. 81,853
455 *Spectra-Physics Lasers, Inc. 31,822
1,781 *Standard Microsystems Corp. 27,383
526 *Stanford Microdevices, Inc. 22,848
2,238 *Superconductor Technologies, Inc. 87,982
1,944 *Symmetricom, Inc. 49,086
2,697 *Symyx Technologies, Inc. 114,916
2,083 *TelCom Semiconductor, Inc. 83,451
4,889 Teleflex, Inc. 174,782
1,485 *Tollgrade Communications, Inc. 196,762
2,996 *Trimbleble Navigation, Ltd. 146,336
1,764 *Uniroyal Technologies Corp. 19,515
1,762 *Universal Electronics, Inc. 43,280
3,969 *Varian Semiconductor Equipment Associates, Inc. 249,427
2,692 *Vicor Corp. 93,799
1,871 *White Electronic Designs Corp. 23,739
1,456 Woodhead Industries, Inc. 26,572
1,028 Woodward Governor Co. 28,688
1,805 *Zoran Corp. 119,018
----------
7,149,950
--------------------------------------------------------------------------------
Energy: 0.0%
553 *FuelCell Energy, Inc. 38,192
--------------------------------------------------------------------------------
Entertainment & Leisure: 1.2%
1,307 Ackerley Group, Inc. 15,357
1,115 *+American Classic Voyages Co. 22,614
987 *Anchor Gaming, Inc. 47,345
2,100 Arctic Cat, Inc. 24,806
3,001 *+Argosy Gaming Corp. 43,139
5,016 *Aztar Corp. 77,748
2,994 *+Bally Total Fitness Holding Corp. 75,973
3,122 *Boca Resorts, Inc. 30,830
3,500 *Boyd Gaming Corp. 19,469
MSF-102
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Entertainment & Leisure: (Continued)
9,858 Callaway Golf Co. $ 160,809
1,602 *Championship Auto Racing Team 40,851
1,078 Churchill Downs, Inc. 24,996
1,800 Coachmen Industries, Inc. 20,700
1,114 *Direct Focus, Inc. 54,447
1,706 Dover Downs Entertainment, Inc. 23,884
4,190 Fleetwood Enterprises, Inc. 59,707
658 *GC Cos., Inc. 14,723
4,465 *GTECH Holdings Corp. 101,300
2,411 *Hollywood Entertainment Corp. 18,685
3,265 *Isle of Capri Casinos, Inc. 44,283
1,074 *Meade Instruments Corp. 26,984
2,615 *MP3.com, Inc. 35,467
2,269 *Oakley, Inc. 26,093
1,024 *Penn National Gaming, Inc. 13,952
2,436 *Pinnacle Entertainment, Inc. 47,350
3,067 Polaris Industries, Inc. 98,144
1,229 *Scientific Games Holdings Corp. 30,187
1,748 *SCP Pool Corp. 40,848
1,801 *Speedway Motorsports, Inc. 41,423
3,222 *Station Casinos, Inc. 80,550
2,285 *THQ, Inc. 27,634
4,643 *Topps Company, Inc. 52,959
3,221 *Uproar, Inc. 23,958
1,871 *Vail Resorts, Inc. 30,521
1,790 +Winnebago Industries, Inc. 23,382
2,867 *WMS Industries, Inc. 44,259
1,478 *World Wrestling Federation
Entertainment, Inc. Cl. A 30,762
----------
1,596,139
--------------------------------------------------------------------------------
Financial Services: 4.1%
1,844 *Acacia Research Corp. 44,256
2,876 *Affiliated Managers Group, Inc. 130,858
8,741 Allied Capital Corp. 148,870
2,662 American Capital Strategies Ltd. 63,555
9,538 *AmeriCredit Corp. 162,146
2,310 *Blackrock, Inc. Cl. A 66,990
2,158 *CB Richard Ellis Services, Inc. 19,692
2,587 Charter Municipal Mortgage Acceptance Co. 31,852
1,573 *+Compucredit Corp. 47,092
1,095 CPB, Inc. 27,922
2,052 *Donaldson Lufkin & Jenrett, Inc. 14,621
3,810 Eaton Vance Corp. (non-vtg.) 176,212
1,600 *+Financial Federal Corp. 27,800
7,862 FINOVA Group, Inc. 102,206
4,023 First Charter Corp. 62,985
1,632 First Financial Holdings, Inc. 22,338
2,900 *Friedman Billings Ramsey Group 23,563
3,108 *Frontline Capital Group, Inc. 66,241
703 *Gabelli Asset Management, Inc. Cl. A 17,575
2,787 *GlobalNetFinancial.com, Inc. 58,527
2,766 Great American Financial Resources, Inc. 48,924
2,249 *+Insignia Financial Group, Inc. 22,490
1,040 *InterCept Group, Inc. 17,680
3,531 *Investment Technology Group, Inc. 139,474
3,940 Investors Financial Services Corp. 156,492
19,900 *iShares Trust 2,057,162
3,352 Jefferies Group, Inc. 67,668
900 John Nuveen & Co., Inc. Cl. A 37,744
6,262 Keystone Financial, Inc. 133,067
4,738 *LaBranche & Co., Inc. 68,109
1,166 Medallion Financial Corp. 17,964
7,456 Metris Cos., Inc. 187,332
2,828 Morgan Keegan, Inc. 41,713
1,322 *National Discount Brokers Group, Inc. 42,139
2,499 *NCO Group, Inc. 57,867
3,594 *Nextcard, Inc. 30,437
1,089 Park National Corp. 98,827
1,615 PFF Bancorp, Inc. 29,221
4,800 +Phoenix Investment Partners, Ltd. 50,400
3,004 *Pioneer Group, Inc. 127,201
5,255 Raymond James Financial, Inc. 118,237
3,182 Seacoast Financial Services Corp. 30,130
1,953 +Southwest Securities Group, Inc. 72,749
503 Student Loan Corp. 21,126
2,400 Tucker Anthony Sutro 43,200
6,613 United Asset Management Corp. 154,579
4,307 *United Rentals, Inc. 73,757
1,159 *WFS Financial, Inc. 19,993
2,821 *Wit Soundview Group, Inc. 30,281
----------
5,311,264
--------------------------------------------------------------------------------
Food & Beverages: 1.6%
1,400 *Agribrands International, Inc. 58,712
2,647 *American Italian Pasta Co. Cl. A 54,760
669 *Ben & Jerry's Homemade, Inc. 29,102
771 *Bush Boake Allen, Inc. 33,731
4,700 +Chiquita Brands International, Inc. 18,506
4,682 Corn Products International, Inc. 124,073
4,606 Dean Foods Co. 145,955
5,719 *Del Monte Foods Company 38,961
5,859 Dole Food, Inc. 82,026
2,378 Dreyer's Grand Ice Cream, Inc. 49,789
5,344 Earthgrains Co. 103,874
112 Farmer Brothers Co. 19,208
3,727 *+Hain Celestial Group, Inc. 136,851
2,861 *IHOP Corp. 47,922
5,218 *International Home Foods, Inc. 109,252
1,900 International Multifoods Corp. 32,894
4,807 Interstate Bakeries Corp. 67,298
2,700 Lance, Inc. 24,384
1,800 Michael Foods, Inc. 44,437
1,200 *Mondavi (Robert) Corp. Cl. A 36,675
MSF-103
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Food & Beverages: (Continued)
1,925 *Performance Food Group Co. $ 61,480
3,846 *Ralcorp Holdings, Inc. 47,113
916 *Rica Foods, Inc. 21,068
922 Riviana Foods, Inc. 15,991
7,035 *+Smithfield Foods, Inc. 197,420
3,235 Smucker (J.M.) Co. Cl. A 62,274
3,725 *+Suiza Foods Corp. 182,059
1,717 *Triarc Companies, Inc. Cl. A 35,199
1,113 *+United Natural Foods, Inc. 15,269
6,220 Universal Foods Corp. 115,070
----------
2,011,353
--------------------------------------------------------------------------------
Forest Products & Paper: 0.7%
3,886 *Buckeye Technologies, Inc. 85,249
3,282 Caraustar Industries, Inc. 49,333
2,060 Chesapeake Corp. 61,028
1,558 Deltic Timber Corp. 33,302
2,200 *Ivex Packaging Corp. 24,475
5,813 Longview Fibre Co. 64,306
13,359 Louisiana-Pacific Corp. 145,279
1,600 New England Business Service, Inc. 26,000
2,900 P.H. Glatfelter Co. 29,544
1,870 Pope & Talbot, Inc. 29,920
3,788 Potlatch Corp. 125,477
3,509 Rayonier, Inc. 125,885
1,867 Schweitzer-Mauduit International, Inc. 23,338
767 Universal Forest Products, Inc. 10,331
6,463 Wausau-Mosinee Paper Corp. 55,339
----------
888,806
--------------------------------------------------------------------------------
Healthcare Services: 1.0%
1,238 *Accredo Health, Inc. 42,750
2,692 *AmeriPath, Inc. 23,555
5,060 *Apria Healthcare Group 61,985
11,814 *Beverly Enterprises, Inc. 33,227
2,429 *Corixa Corp. 104,447
776 *Corvel Corp. 19,158
5,781 *Cyber-Care, Inc. 57,538
2,781 *Eclipsys Corporation 20,770
13,266 *Foundation Health Systems, Inc. 172,458
846 *Laboratory Corporation of America Holdings 65,248
10,310 *Manor Care, Inc. 72,170
1,650 Morrison Management Specialists, Inc. 46,509
1,818 *+Novoste Corp. 110,898
5,219 *+Orthodontic Centers of America, Inc. 118,080
3,632 *Per-Se Technologies, Inc. 33,596
8,906 *PSS World Medical, Inc. 59,559
1,615 *RehabCare Group, Inc. 44,009
2,434 *+Res-Care, Inc. 13,121
1,877 *Sangstat Medical Corp. 54,022
6,830 *+Total Renal Care Holdings, Inc. 40,980
1,664 *TriZetto Group, Inc. 26,937
7,133 *U.S. Oncology, Inc. 35,219
----------
1,256,236
--------------------------------------------------------------------------------
Homebuilders: 0.7%
7,617 Centex Corp. 178,999
12,688 Clayton Homes, Inc. 101,504
922 *Crossmann Communities, Inc. 15,242
6,004 Kaufman & Broad Home Corp. 118,954
6,159 Lennar Corp. 124,720
2,805 M.D.C. Holdings, Inc. 52,243
1,273 *NVR, Inc. 72,561
3,840 Pulte Corp. 83,040
1,926 Ryland Group, Inc. 42,613
2,709 Standard Pacific Corp. 27,090
2,605 *Toll Brothers, Inc. 53,403
----------
870,369
--------------------------------------------------------------------------------
Hospital Management: 0.3%
20,330 *Humana, Inc. 99,109
4,386 *+Lifepoint Hospitals, Inc. 98,137
8,045 *Quorum Health Group, Inc. 83,215
4,257 *+Triad Hospitals, Inc. 103,365
----------
383,826
--------------------------------------------------------------------------------
Hotel & Motel: 0.3%
6,899 *Choice Hotels International, Inc. 68,559
1,911 *Crestline Capital Corp. 32,606
4,200 Equity Inns, Inc. 25,725
9,090 *Extended Stay America, Inc. 84,082
2,400 Marcus Corp. 29,100
5,300 *Prime Hospitality Corp. 50,019
2,542 RFS Hotel Investors, Inc. 29,869
15,500 *Wyndham International, Inc. Cl. A 38,750
----------
358,710
--------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 0.6%
3,105 *+Applica, Inc. 35,125
1,141 Bush Industries, Inc. Cl. A 18,256
5,176 *+Collins & Aikman Corp. 26,850
5,267 +Ethan Allen Interiors, Inc. 126,408
987 Fedders Corp. 5,737
5,792 *Furniture Brands International, Inc. 87,604
2,154 Harman International Industries, Inc. 131,394
4,037 Kimball International, Inc. Cl. B 59,672
6,640 La-Z-Boy, Inc. 92,960
2,013 Libbey, Inc. 64,668
1,134 *+Salton, Inc. 41,816
7,128 *+Sunbeam Corp. 24,503
1,447 Toro Co. 47,661
----------
762,654
--------------------------------------------------------------------------------
Household Products: 0.5%
17,251 Bergen Brunswig Corp. Cl. A 94,880
4,980 Church & Dwight Co., Inc. 89,640
MSF-104
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Household Products: (Continued)
10,956 Dial Corp. $ 113,668
5,802 *Nu Skin Enterprises, Inc. Cl. A 33,362
727 Stepan Co. 16,903
7,757 Tupperware Corp. 170,654
1,500 WD-40 Co. 31,219
4,273 WestPoint Stevens, Inc. 47,537
----------
597,863
--------------------------------------------------------------------------------
Industrial Components & Material: 1.5%
2,149 Barnes Group, Inc. 35,056
4,509 *Blount International, Inc. 34,663
2,135 *Brooks Automation, Inc. 136,440
3,462 C & D Technologies, Inc. 195,603
1,569 Columbus Corp. McKinnon 22,064
2,689 *Delco Remy International, Inc. Cl. A 22,352
4,251 Kaydon Corp. 89,271
739 Lawson Products, Inc. 18,036
3,092 Lilly Industries, Inc. Cl. A 92,953
3,052 *+Lone Star Technologies, Inc. 141,155
12,564 LTV Corp. 36,121
1,856 Mathews International Corp. Cl. A 54,056
2,633 *+Maverick Tube Corp. 76,522
4,433 Milacron, Inc. 64,278
841 *MKS Instruments, Inc. 32,799
1,072 *Moog, Inc. Cl. A 28,274
4,713 *Mueller Industries, Inc. 131,964
1,998 Nordson Corp. 101,024
2,636 Regal-Beloit Corp. 42,341
987 +Robbins & Myers, Inc. 22,516
3,846 Roper Industries, Inc. 98,554
1,499 Sauer, Inc. 14,803
773 *Sequa Corp. Cl. A 29,519
2,684 Smith (A.O.) Corp. 56,196
1,700 *SPS Technologies, Inc. 69,806
3,600 Stewart & Stevenson Services, Inc. 54,450
1,800 *Stoneridge, Inc. 15,750
2,000 Thomas Industries, Inc. 35,375
3,276 Tredegar Industries, Inc. 62,244
3,831 *+Valence Technology, Inc. 70,754
2,110 Watts Industries, Inc. Cl. A 26,639
700 *Wolverine Tube, Inc. 11,900
2,000 Wynn's International, Inc. 45,375
----------
1,968,853
--------------------------------------------------------------------------------
Insurance: 2.2%
5,412 Alfa Corp. 93,695
689 *Alleghany Corp. 115,752
1,315 American National Insurance 67,065
1,600 AmerUs Life Holdings, Inc. 33,000
1,110 *Arch Capital Group Ltd. 16,615
2,105 +Argonaut Group, Inc. 36,245
1,700 Baldwin & Lyons, Inc. Cl. B 28,847
1,965 Blanch (E.W.) Holdings, Inc. 39,914
1,496 Brown & Brown, Inc. 77,792
1,736 CNA Surety Corp. 20,724
3,159 Commerce Group, Inc. 93,190
2,034 *Delphi Financial Group, Inc. 69,029
3,401 Enhance Financial Services Group, Inc. 48,889
1,700 FBL Financial Group, Inc. Cl. A 26,775
6,824 Fidelity National Financial, Inc. 124,964
7,038 First American Financial Corp. 100,731
7,454 Fremont General Corp. 29,354
4,926 Gallagher (Arthur J.) & Co. 206,892
1,694 Harleysville Group, Inc. 28,163
5,035 HCC Insurance Holdings, Inc. 95,036
1,600 Hilb Rogal & Hamilton Co. 55,500
5,157 Horace Mann Educators Corp. 77,355
3,900 HSB Group, Inc. 121,387
900 Kansas City Life Insurance Co. 24,103
1,265 LandAmerica Financial Group, Inc. 29,016
5,080 Leucadia National Corp. 115,887
2,093 Liberty Corp. 87,906
1,676 Liberty Financial Companies, Inc. 36,767
736 *Markel Corp. 104,236
1,655 *Medical Assurance, Inc. 18,619
3,430 Mercury General Corp. 81,034
5,400 *Mid Atlantic Medical Services, Inc. 72,900
253 *National Western Life Insurance Co. Cl. A 17,995
7,565 Ohio Casualty Corp. 80,142
1,263 *PICO Holdings, Inc. 17,485
2,199 PMA Capital Corp. Cl. A 41,231
2,235 Presidential Life Corp. 30,941
1,000 RLI Corp. 34,750
995 Scpie Holdings, Inc. 20,398
3,299 Selective Insurance Group, Inc. 62,166
4,069 Stancorp Financial Group, Inc. 130,717
1,121 State Auto Financial Corp. 13,242
1,455 *Stewart Information Services Corp. 21,279
1,573 +Trenwick Group, Inc. 22,907
1,900 *Triad Guaranty, Inc. 43,522
4,500 *UICI, Inc. 29,531
2,138 W.R. Berkley (W.R.) Corp. 40,021
1,500 Zenith National Insurance Corp. 31,875
----------
2,815,584
--------------------------------------------------------------------------------
Lease Rental Obligations: 0.2%
2,500 Aaron Rents, Inc. Cl. B 31,406
1,100 *AMERCO 21,794
2,762 *Avis Rent A Car, Inc. 51,788
3,332 *Dollar Thrifty Automotive Group 61,434
1,808 *Electro Rental Corp. 21,470
2,110 *Renta-A-Center, Inc. 47,277
4,894 Rollins Truck Leasing Corp. 33,952
----------
269,121
--------------------------------------------------------------------------------
MSF-105
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Liquor: 0.1%
1,015 *+Beringer Wine Estates Holdings, Inc. Cl. B $ 35,937
2,023 *Canandaigua Brands, Inc. Cl. A 102,035
-----------
137,972
--------------------------------------------------------------------------------
Machinery: 1.5%
6,851 AGCO Corp. 83,925
5,137 Applied Power, Inc. Cl. A 172,089
1,418 *Bio-Rad Laboratories, Inc. Cl. A 35,450
2,621 Brady Corp. Cl. A 85,183
617 Carbo Ceramics, Inc. 21,672
5,323 Cummins Engine Co., Inc. 145,052
2,460 *Cuno, Inc. 56,964
4,954 Donaldson Co., Inc. 97,841
1,155 *Dril-Quip, Inc. 53,996
2,180 *Esterline Technologies Corp. 32,428
3,848 Foster Wheeler Corp. 33,189
1,611 *Gardner Denver, Inc. 28,797
2,603 Graco, Inc. 84,598
3,887 IDEX Corp. 122,683
2,295 *Ionics, Inc. 70,284
4,273 Kennametal, Inc. 91,602
4,726 Lincoln Electric Holdings, Inc. 67,789
1,576 Lindsay Manufacturing Co. 30,929
3,266 Manitowoc Co., Inc. 87,366
817 NACCOIndustries, Inc. Cl. A 28,697
3,432 *Presstek, Inc. 55,877
2,741 *+PRI Automation, Inc. 179,707
1,494 *Specialty Equipment Companies, Inc. 40,525
3,119 *SpeedFam-IPEC, Inc. 56,824
1,454 Standex International Corp. 23,082
2,056 Tecumseh Products Co. Cl. A 78,515
1,362 Tennant Co. 51,330
5,729 *UCAR International, Inc. 74,835
-----------
1,991,229
--------------------------------------------------------------------------------
Medical Equipment & Supply: 2.2%
940 *Abiomed, Inc. 28,905
2,523 *Acuson Corp. 34,061
2,635 *ADAC Laboratories 63,240
5,140 *Airgas,gas, Inc. 29,234
2,231 *Aradigm Corp. 39,042
1,600 Arrow International, Inc. 53,500
1,255 *ArthroCare Corp. 66,829
2,441 *ATS Medical, Inc. 35,700
1,756 *Biosite Diagnostics, Inc. 84,618
3,598 *CardioDynamics International Corp. 22,599
25,300 *Caremark Rx, Inc. 172,356
6,237 *Celision Corp. 17,931
903 *+Closure Medical Corp. 20,656
1,844 *CONMED Corp. 47,483
1,360 *CryoLife, Inc. 31,280
2,992 *Cygnus, Inc. 42,542
1,500 Datascope Corp. 54,000
1,500 Diagnostic Products Corp. 48,000
3,123 *Diametrics Medical, Inc. 17,664
1,631 *DVI, Inc. 26,096
1,281 *ENDoCare, Inc. 25,940
5,278 *+Fisher Scientific International, Inc. 130,630
3,083 *Haemonetics Corp. 64,743
2,070 *i-Stat Corp. 36,097
11,643 *Imatron, Inc. 27,291
1,651 *INAMED Corp. 60,468
2,067 *+Inhale Therapeutic Systems 209,736
1,188 Mine Safety Appliances Co. 28,512
1,461 *Molecular Devices Corp. 101,037
1,975 *Ocular Sciences, Inc. 23,145
565 *ORATEC Interventions, Inc. 18,857
4,111 +Owens & Minor, Inc. 70,658
1,317 *PolyMedica Corp. 56,960
4,054 *ResMed, Inc. 108,444
1,450 *Scott Technologies, Inc. 24,877
1,196 *SonoSite, Inc. 34,460
1,515 *STAAR Surgical Co. 16,950
8,612 *STERIS Corp. 76,431
5,825 *Summit Technology, Inc. 110,129
5,271 *+Sunrise Technologies International, Inc. 52,628
2,026 *Theragenics Corp. 17,348
1,176 *Thermo Cardiosystems, Inc. 11,760
1,913 *Thoratec Laboratories Corp. 30,968
847 *Trex, Inc. 42,350
3,947 *Varian Medical Systems, Inc. 154,426
6,369 *Vasomedical, Inc. 30,055
1,178 *+Ventana Medical Systems, Inc. 27,830
6,929 *VISX, Inc. 194,449
1,071 *ZOLL Medical Corp. 52,479
-----------
2,775,394
--------------------------------------------------------------------------------
Metals-Aluminum: 0.0%
1,576 Century Aluminum Co. 17,139
3,673 *Kaiser Aluminum Corp. 14,692
-----------
31,831
--------------------------------------------------------------------------------
Metals-Gold: 0.0%
14,312 *Battle Mountain Gold Co. 31,308
--------------------------------------------------------------------------------
Metals-Non-Ferrous: 0.1%
1,913 *RTI International Metals, Inc. 21,761
3,457 Southern Peru Copper Corp. 42,132
8,914 USEC, Inc. 41,227
-----------
105,120
--------------------------------------------------------------------------------
Metals-Steel & Iron: 0.4%
10,902 AK Steel Holding Corp. 87,216
14,422 *Bethlehem Steel Corp. 51,378
2,200 Carpenter Technology Corp. 46,475
1,724 Cleveland Cliffs, Inc. 44,501
2,143 *NS Group, Inc. 44,870
MSF-106
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Metals-Steel & Iron: (Continued)
1,642 Quanex Corp. $ 24,425
2,378 Reliance Steel & Aluminum Co. 45,479
2,431 Ryerson Tull, Inc. 25,222
4,235 *Steel Dynamics, Inc. 38,247
4,053 *Weirton Steel Corp. 13,172
8,733 Worthington Industries, Inc. 91,697
-----------
512,682
--------------------------------------------------------------------------------
Mining: 0.2%
2,102 Arch Coal, Inc. 16,159
17,102 *Freeport-McMoRan Copper & Gold, Inc. Cl. B 158,193
5,140 *Stillwater Mining Co. 143,278
----------
317,630
--------------------------------------------------------------------------------
Miscellaneous: 0.3%
1,546 Central Parking Corp. 36,621
7,061 Pittston Brinks Group 96,647
2,100 Rollins, Inc. 31,238
5,309 Sotheby's Holdings, Inc. Cl. A 92,908
12,205 Stewart Enterprises, Inc. Cl. A 43,096
3,381 *Syntroleum Corp. 58,005
826 *Tejon Ranch Co. 18,637
2,712 *Veterinary Centers of America, Inc. 37,205
490 *+Wackenhut Corp. 6,339
-----------
420,696
--------------------------------------------------------------------------------
Mobile Homes: 0.1%
5,099 *Champion Enterprises, Inc. 24,858
2,217 *Monaco Coach Corp. 30,206
976 Skyline Corp. 20,984
873 Thor Industries, Inc. 18,333
-----------
94,381
--------------------------------------------------------------------------------
Multi-Industry: 0.7%
3,067 Albemarle Corp. 60,573
2,202 Commercial Metals Co. 60,555
2,072 Forest City Enterprises, Inc. 69,153
2,394 Gaylord Entertainment Co. 51,471
1,155 *Griffon Corp. 6,425
5,123 Harsco Corp. 130,636
4,064 Lancaster Colony Corp.(Rts.) 79,248
6,218 *Ogden Corp. 55,962
4,609 Olin Corp. 76,049
789 Penn Engineering & Manufacturing Corp. (non-vtg.) 27,812
2,200 *Rogers Corp. 77,000
1,920 RPC, Inc. 20,280
3,800 Ruddick Corp. 44,888
10,479 U.S. Industries, Inc. 127,058
-----------
887,110
--------------------------------------------------------------------------------
Newspapers: 0.3%
5,649 Lee Enterprises, Inc. 131,692
2,391 McClatchy Co. Cl. A 79,202
2,652 Media General, Inc. Cl. A 128,789
-----------
339,683
--------------------------------------------------------------------------------
Office & Business Equipment: 1.1%
2,453 *Black Box Corp. 194,170
1,950 *+Cybex Computer Products Corp. 82,205
6,866 HON Industries, Inc. 161,351
1,700 *+IDX Systems Corp. 23,747
19,149 IKON Office Solutions, Inc. 74,202
3,305 *+InFocus Corp. 106,173
4,362 *Intergraph Corp. 32,988
1,422 *Interlink Electronics, Inc. 59,546
1,931 *Intrusion.com, Inc. 21,845
34,060 *+Iomega Corp. 136,240
778 *JNI Corp. 24,604
5,017 *+Mail-Well, Inc. 43,272
1,300 *Miami Computer Supply Corp. 33,638
4,689 *Micron Electronics, Inc. 58,759
2,225 *Micros Systems, Inc. 41,371
23,702 *Silicon Graphics, Inc. 88,883
1,572 Standard Register Co. 22,401
4,057 *United Stationers, Inc. 131,472
5,038 Wallace Computer Services, Inc. 49,750
-----------
1,386,617
--------------------------------------------------------------------------------
Oil: 0.4%
1,492 *Evergreen Resources, Inc. 44,061
3,525 *Frontier Oil Corp. 28,200
1,413 Midcoast Energy Resources, Inc. 22,255
1,434 Patina Oil & Gas Corp. 29,756
1,977 *Pennaco Energy, Inc. 32,373
9,956 Pennzoil Quaker State Co. 120,094
755 *Prima Energy Corp. 40,392
6,413 *PURE Resources, Inc. 114,632
3,783 *+Tesoro Petroleum Corp. 38,303
-----------
470,066
--------------------------------------------------------------------------------
Oil & Gas Exploration: 1.7%
1,134 *Atwood Oceanics, Inc. 50,321
3,595 *Barrett Resources Corp. 109,423
1,733 *Basin Exploration, Inc. 30,923
1,961 *Belco Oil & Gas Corp. 16,669
2,285 Berry Petroleum Co. Cl. A 38,845
3,319 Cabot Oil & Gas Corp. Cl. A 70,321
11,100 *Chesapeake Energy Corp. 86,025
2,486 *Comstock Resources, Inc. 19,888
5,907 Cross Timbers Oil Co. 130,692
2,729 *+EEX Corp. 15,862
3,564 Energen Corp. 77,740
1,684 *Forcenergy, Inc. 33,891
4,100 *Forest Oil Corp. 65,344
1,034 *Houston Exploration Co. 25,979
MSF-107
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Oil & Gas Exploration: (Continued)
2,103 *HS Resources, Inc. $ 63,090
2,600 *Louis Dreyfus Natural Gas Corp. 81,412
2,020 *McMoRan Exploration Co. 33,330
2,800 Mitchell Energy & Development Corp. Cl. A 89,950
2,300 *Nuevo Energy Co. 43,412
4,100 ONEOK, Inc. 106,344
4,127 *Patterson Energy, Inc. 117,491
890 Penn Virginia Corp. 21,916
12,608 *Pioneer Natural Resources Co. 160,752
1,998 *Plains Resources, Inc. 31,968
5,061 +Pogo Producing Co. 111,975
1,206 *+Seitel, Inc. 9,799
957 *Spinnaker Exploration Co. 24,523
1,791 St. Mary Land & Exploration Co. 75,278
2,339 *Stone Energy Corp. 139,755
2,455 *Swift Energy Co. 69,661
3,910 *Tom Brown, Inc. 90,297
6,290 Vintage Petroleum, Inc. 141,918
564 *Williams Clayton Energy, Inc. 18,013
-----------
2,202,807
--------------------------------------------------------------------------------
Oil-Equipment & Services: 0.9%
1,535 *Cal Dive International, Inc. 83,226
1,850 *Friede Goldman International, Inc. 16,534
20,750 *Grey Wolf, Inc. 103,750
1,141 *Horizon Offshore, Inc. 17,686
10,400 *Key Energy Group, Inc. 100,100
1,229 *Key Production, Inc. 21,508
6,836 *+National Oilwell, Inc. 224,733
8,869 *Newpark Resources, Inc. 83,701
2,858 *Oceaneering International, Inc. 54,302
2,652 *Offshore Logistics, Inc. 38,205
7,400 *Parker Drilling Co. 45,788
2,239 *SEACOR Smit, Inc. 86,621
5,684 *Superior Energy Services, Inc. 58,972
4,092 *Unit Corp. 55,242
4,993 *Unova, Inc. 36,511
2,085 *UTI Energy Corp. 83,661
3,313 *Veritas DGC, Inc. 86,138
-----------
1,196,678
--------------------------------------------------------------------------------
Packaging: 0.3%
3,845 American National Can Group, Inc. 64,884
390 Liqui-Box Corp. 18,744
5,973 *Packaging Corp. of America 60,477
21,669 *Pactiv Corp. 170,643
804 *U.S. Can Corp. 13,970
-----------
328,718
--------------------------------------------------------------------------------
Photography: 0.3%
2,529 *Concord Camera Corp. 52,793
899 CPI Corp. 18,991
6,495 *+Metromedia International Group, Inc. 30,851
1,155 *+ParkerVision, Inc. 58,292
5,801 *Pinnacle Systems, Inc. 131,429
5,501 Polaroid Corp. 99,362
-----------
391,718
--------------------------------------------------------------------------------
Plastics: 0.1%
3,913 Schulman (A.), Inc. 47,079
2,100 Spartech Corp. 56,700
1,586 West Pharmaceutical Services, Inc. 34,297
-----------
138,076
--------------------------------------------------------------------------------
Pollution Control: 0.1%
2,571 *Casella Waste Systems, Inc. Cl. A 27,558
3,630 *FSI International, Inc. 78,612
1,698 *Stericycle, Inc. 39,903
2,528 *Waste Connections, Inc. 49,849
-----------
195,922
--------------------------------------------------------------------------------
Printing & Publishing: 1.1%
1,012 Advanced Marketing Services, Inc. 18,659
8,275 American Greetings Corp. Cl. A 157,225
3,136 Harland (John H.) Co. 46,844
4,903 Hollinger International, Inc. Cl. A 66,803
1,973 *Hollywood.com, Inc. 15,291
3,560 Houghton Mifflin Co. 166,209
1,202 *Information Holdings, Inc. 44,474
5,949 John Wiley & Sons, Inc. Cl. A 133,852
5,848 *+Journal Register Co. 106,726
1,207 *Martha Stewart Living Omnimedia, Inc. Cl. A 26,554
4,794 Meredith Corp. 161,797
2,677 Penton Media, Inc. 93,695
2,131 *+Playboy Enterprises, Inc. Cl. B 27,437
1,679 *Private Media Group, Inc. 15,427
1,274 Pulitzer, Inc. 53,747
4,119 *R.H. Donnelley Corp. 79,806
1,823 *Scholastic Corp. 111,317
3,640 *Ziff-Davis, Inc. 32,760
-----------
1,358,623
--------------------------------------------------------------------------------
Real Estate: 5.5%
430 *Alexander's, Inc. 31,498
1,696 Alexandria Real Estate Equities, Inc. 58,194
2,600 American Industrial Property REIT 35,263
2,239 AMLI Residential Properties Trust 52,756
7,626 Arden Realty, Inc. 179,211
2,500 Bedford Property Investors, Inc. 46,406
2,150 Boykin Lodging Co. 29,025
2,844 Bradley Real Estate, Inc. 60,613
4,431 Brandywine Realty Trust 84,743
5,744 BRE Properties, Inc. 165,858
3,700 Burnham Pacific Properties, Inc. 25,438
5,106 Cabot Industrial Trust 100,524
4,500 *Cadiz, Inc. 35,438
MSF-108
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Real Estate: (Continued)
4,899 Camden Property Trust $ 143,908
2,650 Capital Automotive REIT 37,100
1,144 Capstead Mortgage Corp. 9,581
1,989 *Castle & Cooke, Inc. 38,413
13,706 *Catellus Development Corp. 205,590
3,437 CBL & Associates Properties, Inc. 85,710
2,710 CenterPoint Properties Trust 110,432
2,665 Chateau Communities, Inc. 75,286
2,044 Chelsea GCA Realty, Inc. 70,646
2,738 Colonial Properties Trust 74,953
3,400 Commercial Net Lease Realty, Inc. 35,700
4,916 Cornerstone Realty Income Trust, Inc. 49,160
3,433 Cousins Properties, Inc. 132,170
7,500 Developers Diversified Realty Corp. 112,031
2,200 Eastgroup Properties, Inc. 46,337
1,884 Entertainment Properties Trust 26,023
2,321 Essex Property Trust, Inc. 97,482
5,071 Federal Realty Investment Trust 101,420
6,052 Felcor Lodging Trust, Inc. 111,962
4,968 First Industrial Realty Trust, Inc. 146,556
1,049 First Washington Realty Trust, Inc. 23,144
7,226 Franchise Finance Corp. of America 166,198
3,198 Gablesbles Residential Trust 82,548
3,398 Glenborough Realty Trust, Inc. 59,253
2,700 Glimcher Realty Trust 38,812
2,069 Great Lakes REIT, Inc. 35,173
6,208 Health Care Property Investments, Inc. 169,168
3,665 Health Care REIT, Inc. 59,556
5,027 Healthcare Realty Trust 85,773
7,638 Highwoods Properties, Inc. 183,312
2,928 Home Properties of New York, Inc. 87,840
6,489 Hospitality Properties Trust 146,408
16,921 HRPT Properties REIT 103,641
8,692 Indymac Mortgage Holdings, Inc. 117,885
3,800 Innkeepers USA Trust 34,675
3,048 IRT Property Co. 25,908
4,255 JDN Realty Corp. 43,348
3,795 *+Jones Lang LaSalle, Inc. 50,758
1,900 JP Realty, Inc. 33,844
3,506 Kilroy Realty Corp. 90,937
3,069 Koger Equity, Inc. 51,789
1,517 LaSalle Hotel Properties 21,807
2,164 Lexington Corporate Property Trust 24,210
2,858 LNR Property Corp. 55,731
3,790 Macerich Co. 83,617
2,686 Manufactured Home Communities, Inc. 64,296
18,279 Meditrust Corp. 68,546
4,534 Meristar Hospitality Corp. 95,214
2,265 Mid-America Apartment Communities, Inc. 54,360
1,700 Mills Corp. 31,981
2,090 National Golf Properties, Inc. 44,151
3,063 National Health Investors, Inc. 33,693
6,082 Nationwide Health Properties, Inc. 84,768
11,242 New Plan Excel Realty Trust, Inc. 146,146
2,517 Pacific Gulf Properties, Inc. 63,082
1,073 Pan Pacific Retail Properties, Inc. 21,594
1,400 Parkway Properties, Inc. 42,700
1,489 Pennsylvania Real Estate Investment Trust 25,499
4,600 Prentiss Properties Trust 110,400
1,122 Prime Group Realty Trust 17,040
15,187 Prison Realty Trust, Inc. 46,518
3,065 PS Business Parks, Inc. 73,560
3,371 Realty Income Corp. 79,429
5,072 +Reckson Associates Realty Corp. 120,460
3,758 Regency Realty Corp. 89,252
1,332 Saul Centers, Inc. 21,479
3,912 *Security Capital Group, Inc. Cl. B 66,504
3,648 Shurgard Storage Centers, Inc. Cl. A 82,080
2,780 +SL Green Realty Corp. 74,365
2,717 Smith (Charles E.) Residential Realty, Inc. 103,246
3,545 Storage USA, Inc. 104,577
3,182 Summit Properties, Inc. 66,822
2,191 Sun Communities, Inc. 73,262
667 Tanger Factory Outlet Centers, Inc. 15,675
4,339 Taubman Centers, Inc. 47,729
1,984 Town & Country Trust 34,100
3,040 *Trammell Crow Co. 32,680
13,105 United Dominion Realty Trust, Inc. 144,155
899 *Universal Compression Holdings, Inc. 30,117
1,543 Urban Shopping Centers, Inc. 51,980
5,207 *Ventas, Inc. 16,597
4,490 Washington Real Estate Investment Trust 80,259
1,740 *Webb Corp. 26,644
3,400 Weingarten Realty Investors 137,275
2,162 Western Properties REIT 25,674
3,632 Westfield America, Inc. 49,259
-----------
7,087,930
--------------------------------------------------------------------------------
Restaurant: 1.0%
3,236 Applebee's International, Inc. 98,192
4,999 Bob Evans Farms, Inc. 74,673
920 *BUCA, Inc. 14,375
5,655 *+Buffets, Inc. 71,924
6,990 CBRL Group, Inc. 102,884
3,416 *CEC Entertainment, Inc. 87,535
3,606 *Cheesecake Factory, Inc. 99,052
2,999 *Consolidated Prods, Inc. 26,991
5,158 *Jack In The Box, Inc. 127,016
385 *Krispy Kreme Doughnuts, Inc. 28,297
3,226 *Landry's Seafood Restaurants, Inc. 27,421
3,380 *Lone Star Steakhouse & Saloon, Inc. 34,011
2,800 Luby's Cafeterias, Inc. 22,400
1,739 *O' Charley's, Inc. 23,640
766 *+P.F. Chang's China Bistro, Inc. 24,488
MSF-109
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Restaurant: (Continued)
2,889 *+Papa John's International, Inc. $ 70,871
1,471 *Rare Hospitality International, Inc. 41,786
7,895 Ruby Tuesday, Inc. 99,181
2,843 *Ryan's Family Steak Houses, Inc. 23,899
4,173 Sodexho Marriott Services, Inc. 66,768
2,350 *Sonic Corp. 69,105
-----------
1,234,509
--------------------------------------------------------------------------------
Retail Grocery: 0.3%
5,263 Casey's General Stores, Inc. 54,768
5,035 Fleming Cos., Inc. 65,769
1,992 Great Atlantic & Pacific Tea Co., Inc. 33,117
2,960 *HomeGrocer.com, Inc. 17,852
3,339 *+Whole Foods Market, Inc. 138,047
2,400 *+Wild Oats Markets, Inc. 30,000
-----------
339,553
--------------------------------------------------------------------------------
Retail Trade: 3.3%
1,551 *+99 Cents Only Stores 61,846
12,078 *Abercrombie & Fitch Co. Cl. A 147,207
2,468 *+Ames Department Stores, Inc. 19,667
3,369 *AnnTaylor Stores Corp. 111,598
6,427 *Barnes & Noble, Inc. 143,001
10,029 *Borders Group, Inc. 156,076
7,587 *Boyds Collection Ltd. 64,489
2,200 Burlington Coat Factory Warehouse 23,788
3,100 Cash America International, Inc. 22,863
1,081 Cato Corp. Cl. A 12,567
894 *+Central Garden & Pet Co. 8,032
10,296 *+Charming Shoppes, Inc. 52,445
1,652 *Chico's FAS, Inc. 32,833
2,268 *+Children's Place Retail Stores, Inc. 46,140
5,201 Claire's Stores, Inc. 100,119
2,576 *Cost Plus, Inc. 74,140
735 *CSK Auto Corp. 5,558
1,840 *David's Bridal, Inc. 21,276
12,004 Dillards, Inc. Cl. A 147,049
2,035 *Dress Barn, Inc. 44,961
2,177 *+Duane Reade, Inc. 56,058
1,897 *+Factory 2 U Stores, Inc. 71,908
2,356 *Footstar, Inc. 78,337
1,748 *Fossil, Inc. 33,103
1,128 Fred's, Inc. Cl. A 20,304
1,193 *Gadzoox, Inc. 16,330
2,774 *Guitar Center, Inc. 28,780
3,600 *Handleman Co. 45,000
14,944 *Hanover Direct, Inc. 23,350
654 Haverty Furniture Companies, Inc. 5,559
3,044 *Henry Schein, Inc. 52,414
1,098 *Hot Topic, Inc. 35,136
2,894 *Insight Enterprises, Inc. 171,741
3,700 *InterTAN, Inc. 43,475
1,728 *+Lands' End, Inc. 57,672
5,095 *Linens 'n Things, Inc. 138,202
3,978 Longs Drug Stores Corp. 86,521
4,083 *Men's Wearhouse, Inc. 90,974
3,598 *Michaels Stores, Inc. 164,946
2,232 *Musicland Stores, Inc. 16,601
4,814 *Neiman-Marcus Group, Inc. Cl. A 145,325
12,165 *Office Max, Inc. 60,825
4,349 *+Pacific Sunwear of California, Inc. 81,680
2,856 *Payless ShoeSource, Inc. 146,370
690 *PC Connection, Inc. 39,308
3,872 +Pep Boys-Manny, Moe & Jack 23,232
2,400 *Petco Animal Supplies, Inc. 47,175
13,900 *+PETsMART, Inc. 46,478
11,717 Pier 1 Imports, Inc. 114,241
2,191 *School Specialty, Inc. 40,602
3,821 *ShopKo Stores, Inc. 58,748
2,629 *Sonic Automotive,ve, Inc. Cl. A 28,099
1,332 *Sonic Foundry, Inc. 27,972
103 Spiegel, Inc. Cl. A (non-vtg.) 867
2,325 *Stein Mart, Inc. 23,468
3,308 *Sunglass Hut International, Inc. 27,136
3,942 *Too, Inc. 100,277
4,041 *Transport World Entertainment Corp. 48,871
1,941 *+Tweeter Home Entertainment Group, Inc. 58,351
1,076 *Ultimate Electronics, Inc. 28,834
1,804 *Value City Department Stores, Inc. 17,138
5,148 *ValueVision International, Inc. Cl. A 124,356
1,590 *Vans, Inc. 23,254
17,657 *Venator Group, Inc. 180,984
1,652 *Whitehall Jewellers, Inc. 30,768
1,270 *Wilsons the Leather Experts, Inc. 18,654
4,522 *Zale Corp. 165,053
-----------
4,240,132
--------------------------------------------------------------------------------
Shipbuilding: 0.1%
3,728 Newport News Shipbuilding, Inc. 137,004
--------------------------------------------------------------------------------
Software: 6.9%
3,265 *3DO Co. 25,611
2,756 *Accrue Software, Inc. 97,838
2,205 *Active Software, Inc. 171,302
1,080 *+Advantage Learning System 16,571
3,512 *Advent Software, Inc. 227,512
2,903 *Allaire Corp. 106,595
2,319 *Allscripts, Inc. 53,337
1,262 *Aremissoft Corp. 39,280
3,511 *AXENT Technologies, Inc. 87,446
1,408 *BARRA, Inc. 69,828
4,770 *Bindview Development Corp. 57,091
4,102 *Blaze Software, Inc. 55,890
1,678 *Bluestone Software, Inc. 43,104
809 *Bottomline Technologies, Inc. 27,455
3,991 *Broadbase Software, Inc. 122,224
MSF-110
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Software: (Continued)
1,452 *BSQUAREQUARE Corp. $ 32,580
2,084 *Calico Commerce, Inc. 33,865
3,309 *Cerner Corp. 90,067
1,806 *Clarus Corp. 70,208
3,039 *Com21, Inc. 75,880
1,253 *Daleen Technologies, Inc. 19,344
1,976 *Datastream Systems, Inc. 24,391
1,055 *Digimarc Corp. 40,618
4,036 *Digital Courier Technologies 25,730
2,205 *Documentum, Inc. 196,934
1,215 *DSET Corp. 36,906
6,831 *Edwards (J.D.) & Co. 102,895
2,529 *eGain Communications Corp. 30,664
5,777 *eLoyalty Corp. 73,296
524 *Embarcadero Technologies, Inc. 15,393
646 *ePlus, Inc. 17,079
1,418 *Excalibur Technologies Corp. 56,498
3,261 *eXcelon Corp. 25,886
527 *Extensity, Inc. 18,050
4,554 *+Filenet Corp. 83,537
625 *FirePond, Inc. 22,500
3,051 *Genrad, Inc. 27,459
1,546 *Geoworks 24,350
1,250 *+Great Plains Software, Inc. 24,492
3,401 *HNC Software, Inc. 210,437
4,233 *Hyperion Solutions Corp. 137,440
4,804 *Imation Corp. 141,117
1,622 *Immersion Corp. 48,660
2,473 *IMRglobal Corp. 32,226
1,747 *Indus International, Inc. 14,960
2,766 *Infogrames, Inc. 22,474
3,059 *+Informatica Corp. 250,456
2,638 *Information Architects Corp. 18,302
7,032 *Inprise Corp. 43,071
4,912 *Intelidata Technologies Corp. 50,657
1,812 *Interact Commerce Corp. 21,348
553 *Interactive Intelligence, Inc. 20,738
7,822 *InterTrust Technologies Corp. 160,844
2,347 *InterWorld Corp. 48,113
2,169 *Interwoven, Inc. 238,555
2,562 *JDA Software Group, Inc. 49,078
1,584 *Kronos, Inc. 41,332
731 *Level 8 Systems, Inc. 15,397
5,768 *Loudeye Technologies, Inc. 100,582
3,187 *Manugistics Group, Inc. 149,092
1,173 *MapInfo Corp. 47,653
1,827 *Marimba, Inc. 25,465
698 *MatrixOne, Inc. 28,356
1,519 *MediaPlex, Inc. 29,336
4,872 *Medical Manager Corp. 165,955
3,156 *Mercator Software, Inc. 216,876
2,802 *MetaCreations Corp. 33,624
1,226 *MetaSolv Software, Inc. 53,944
3,367 *+MicroStrategy, Inc. Cl. A 100,484
3,235 *Midway Games, Inc. 26,082
1,332 *Net Perceptions, Inc. 21,104
2,956 *Netcentives, Inc. 55,055
2,218 *Netegrity, Inc. 167,044
3,048 *NetIQ Corp. 181,737
6,784 *NetManage, Inc. 30,318
452 *Netsol International, Inc. 16,046
3,239 *New Era of Networks, Inc. 137,657
10,680 *Niku Corp. 360,450
1,543 *Novadigm, Inc. 30,474
564 *Nuance Communications 46,989
723 *Numerical Technologies, Inc. 35,156
2,534 *Objective Systems Integrators, Inc. 27,083
440 *Ondisplay, Inc. 35,833
2,604 *Onyx Software Corp. 77,225
4,668 *+Open Market, Inc. 64,331
654 *OTGG Software, Inc. 18,680
1,592 *PCTEL, Inc. 60,496
2,338 *Pegasus Systems, Inc. 25,353
1,373 *Persistence Software, Inc. 24,886
3,180 *Phoenix Technology, Ltd. (Rts.) 51,774
4,471 *Policy Management Systems Corp. 68,742
2,904 *+Primark Corp. 108,174
1,520 *Primus Knowledge Solutions, Inc. 68,400
4,000 *Progress Software Corp. 73,250
1,813 *Project Software & Development, Inc. 33,087
3,994 *Puma Technology, Inc. 107,091
2,241 *Quintus Corp. 44,504
1,852 *Ramp Networks, Inc. 21,993
3,332 *Remedy Corp. 185,863
835 *Retek, Inc. 26,720
4,097 *Saga Systems, Inc. 50,956
1,575 *Sanchez Computer Associates, Inc. 36,914
2,160 *SeaChange International, Inc. 62,370
3,168 *Secure Computing Corp. 59,600
5,319 *Selectica, Inc. 372,665
2,035 *SERENA Software, Inc. 92,338
1,507 *SilverStream Software, Inc. 87,029
524 *Software Technologies Corp. 16,081
5,561 *StarBase Corp. 59,086
4,511 *Structural Dynamics Research Corp. 68,511
2,666 *Take-Two Interactive Software 32,325
1,571 *Tanning Technology Corp. 30,242
1,889 *Telxon Corp. 33,766
1,703 *+Tenfold Corp. 27,940
4,557 *+Transaction Systems Architects, Inc. Cl. A 77,896
1,105 *Tumbleweed Communications Corp. 56,217
2,628 *+Ultratech Stepper, Inc. 39,009
2,080 *Unify Corp. 17,811
1,492 *VASCO Data Security International, Inc. 20,423
MSF-111
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Software: (Continued)
3,505 *Verity, Inc. $ 133,190
511 *Versata, Inc. 20,600
1,390 *Viador, Inc. 22,066
4,835 *Viant Corp. 143,237
1,416 *WatchGuard Technologies, Inc. 77,792
1,654 *WebTrends Corp. 63,731
2,135 *+Westell Technologies, Inc. Cl. A 31,958
----------
8,851,628
--------------------------------------------------------------------------------
Technology: 0.8%
1,226 *ADE Corp. 23,447
567 *Caliper Technologies Corp. 26,082
1,818 *ChromaVision Medical Systems, Inc. 23,976
864 *CyberOptics Corp. 39,960
1,544 *Genomic Solutions, Inc. 22,581
3,235 *+Hutchinson Technology, Inc. 45,998
2,857 *+Identix, Inc. 44,819
589 *II-VI, Inc. 28,493
2,673 *Mechanical Technology, Inc. 40,011
1,366 *Microvsion, Inc. 66,934
1,900 *ss.Procurenet, Inc. 285
1,288 *Research Frontiers, Inc. 38,640
4,405 *Robotic Vision Systems, Inc. 79,290
644 *Rudolph Technologies, Inc. 24,955
739 *SBS Technologies, Inc. 27,297
1,398 *Therma-Wave, Inc. 31,194
2,712 *Three-Five Systems, Inc. 160,008
4,328 *Varian, Inc. 199,494
1,646 *ZYGOYGO Corp. 149,478
----------
1,072,942
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 6.1%
4,129 *ACTV, Inc. 61,806
4,802 *Adaptive Broadband Corp. 175,873
0 *!ADC Telecommunications, Inc. 49
3,425 *Adelphia Business Solutions, Inc. Cl. A 79,310
3,602 *Advanced Radio Telecom Corp. 52,116
1,175 *AirGate PCS, Inc. 61,761
712 *AirNet Communications Corp. 18,601
1,338 *Alamosa PCS Holdings, Inc. 27,931
1,302 *Alaskaka Communication Systems Group, Inc. 13,508
6,701 *Allied Riser Communications Corp. 94,652
7,147 *American Telesource International, Inc. 45,119
1,401 *Anaren Microwave, Inc. 183,859
3,001 *APAC Teleservices, Inc. 33,200
6,345 *Arch Communications Group, Inc. 41,242
5,017 *Avant Corp. 93,755
1,295 *AVT Corp. 9,510
1,377 *Brooktrout, Inc. 30,122
3,847 *C-COR.Net Corp. 103,749
1,533 *California Amplifier, Inc. 70,135
4,388 *+Caprock Communications Corp. 86,663
1,191 *+Carrier Access Corp. 63,011
1,201 *Celeritek, Inc. 49,016
980 *Centennial Cellular Corp. Cl. A 13,475
495 *Centillium Communications, Inc. 34,155
922 *Choice One Communications, Inc. 37,630
2,470 *Clarent Corp. 176,605
1,476 *Commonwealth Telephone Enterprises 69,280
6,444 Comsat Corp. Ser. 1 151,434
2,265 *Corsair Communications, Inc. 65,119
2,352 CT Communications, Inc. 66,811
2,007 *CTC Communications Group, Inc. 71,938
1,320 *Davox Corp. 17,078
8,278 *Digital Island, Inc. 402,518
3,513 *DSL.net, Inc. 36,230
3,404 *DSP Group, Inc. 192,539
6,304 *+e.spire Communications, Inc. 42,355
1,092 *Electric Lightwave, Inc. Cl. A 20,373
995 *FiberNetNet Telecom Group, Inc. 16,915
3,309 *FirstCom Corp. 49,843
3,900 *General Communication, Inc. 19,744
8,454 *Glenayre Technologies, Inc. 89,031
1,271 *GoAmerica, Inc. 19,622
1,155 *Golden Telecom, Inc. 34,361
1,771 Hickory Tech Corp. 21,585
1,393 *iBASIS, Inc. 59,987
6,551 *+ICG Communications, Inc. 145,146
4,115 *iGate Capital Corp. 56,710
2,681 *Illuminet Holdings, Inc. 136,396
1,524 *IMPSAT Fiber Networks, Inc. 25,527
9,715 *Intelect Communications, Inc. 22,471
2,613 Inter-Tel, Inc. 41,890
6,733 *InterDigital Communications Corp. 111,515
6,546 *+Intermedia Communications, Inc. 194,334
3,139 *+International Fibercom, Inc. 79,946
1,934 *InterVoice, Inc. 12,752
1,980 *+Intraware, Inc. 31,742
1,326 *LCC International, Inc. 36,217
3,267 *Leap Wireless International, Inc. 153,447
2,178 *Lightbridge, Inc. 52,000
1,520 *LightPath Technologies, Inc. Cl. A 60,516
1,560 *LodgeNet Entertainment Corp. 37,830
1,232 *MCKK Communications, Inc. 28,490
803 *Metawave Communications Corp. 21,430
9,544 *Metrocall, Inc. 85,896
4,067 *MGC Communications, Inc. 243,893
4,285 *+Motient Corp. 67,355
6,440 *+MRV Communications, Inc. 433,291
4,204 National Data Corp. 96,692
2,120 *Natural Microsystems Corp. 238,369
1,297 *Net2000 Communications, Inc. 21,238
935 *Net2Phone, Inc. 33,368
1,251 North Pittsburgh Systems, Inc. 18,413
866 *NorthEastOptic Network, Inc. 53,638
1,315 *Osicom Technologies, Inc. 111,282
MSF-112
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: (Continued)
2,252 *Pac-West Telecomm, Inc. $ 45,040
2,100 *Plantronics, Inc. 242,550
5,799 *Price Communications Corp. 136,639
3,218 *Primus Telecommunications Group, Inc. 80,249
1,630 *Proxim, Inc. 161,676
1,233 *+Razorfish, Inc. Cl. A 19,766
3,176 *REMEC, Inc. 132,896
1,232 *Rural Cellular Corp. Cl. A 94,326
3,051 *SBA Communications Corp. 158,463
5,476 *Sitel Corp. 27,038
3,736 *Somera Communications, Inc. 50,903
1,518 *SpectraLink Corp. 22,201
1 *Star Telecommunications, Inc. 2
5,278 *+Talk.Com, Inc. 30,513
2,216 *Teligent, Inc. Cl. A 52,353
15,919 *Terremark Worldwide, Inc. 78,608
1,940 *+Tut Systems, Inc. 111,126
1,155 *U.S. Wireless Corp. 24,688
833 *US LEC Corp. Cl. A 14,135
3,533 *Vertel Corp. 61,827
993 *ViaSat, Inc. 53,870
6,418 *Viatel, Inc. 183,114
914 *Vyyo, Inc. 24,678
6,062 *Weblinkblink Wireless, Inc. 80,132
2,772 *Wink Communications, Inc. 84,546
7,776 *+World Access, Inc. 85,779
----------
7,812,528
--------------------------------------------------------------------------------
Textiles & Apparel: 1.0%
2,550 *Albany International Corp. Cl. A 36,975
2,858 *American Eagle Outfitters, Inc. 40,012
1,900 Brown Shoe Company, Inc. 24,700
1,113 *Columbia Sportswear Co. 29,842
2,400 *+Genesco, Inc. 38,550
4,263 +Interface, Inc. Cl. A 16,119
1,534 *Jason, Inc. 14,765
1,940 Justin Industries, Inc. 42,377
3,485 Kellwood Co. 73,621
492 *Kenneth Cole Productions, Inc. Cl. A 19,680
5,361 *Mohawk Industries, Inc. 116,602
3,914 *Nautica Enterprises, Inc. 41,953
1,420 Oshkosh B'Gosh, Inc. Cl. A 23,430
4,126 *Paxar Corp. 49,254
1,633 Phillips-Van Heusen Corp. 15,514
6,998 *Polo Ralph Lauren Corp. Cl. A 99,721
2,705 *Quiksilver,ver, Inc. 42,097
5,792 *Reebok International Ltd. 92,310
3,439 +Russell Corp. 68,780
1,800 *Skechers U.S.A., Inc. Cl. A 28,463
1,741 Springs Industries, Inc. 56,038
3,357 Stride Rite Corp. 20,562
1,200 *Timberland Co. Cl. A 84,975
6,922 *Unifi, Inc. 85,660
6,828 Warnaco Group, Inc. Cl. A 52,917
5,604 Wolverine World Wide, Inc. 55,339
----------
1,270,256
--------------------------------------------------------------------------------
Tires & Rubber: 0.1%
1,324 Bandag, Inc. 32,107
8,254 Cooper Tire & Rubber Co. 91,826
----------
123,933
--------------------------------------------------------------------------------
Tobacco: 0.1%
3,894 Universal Corp. 82,261
1,526 +Vector Group Ltd. 22,508
----------
104,769
--------------------------------------------------------------------------------
Toys & Amusements: 0.1%
1,147 *4 Kids Entertainment, Inc. 29,894
7,361 *Etoys, Inc. 46,698
1,950 *Jakks Pacific, Inc. 28,702
----------
105,294
--------------------------------------------------------------------------------
Transportation: 0.1%
2,008 Circle International Group, Inc. 50,388
1,850 *+EGL, Inc. 56,772
1,900 *Heartland Express, Inc. 31,350
----------
138,510
--------------------------------------------------------------------------------
Transportation-Airlines: 0.5%
6,395 Airborne Freight Corp. 121,105
6,793 *+AirTran Holdings, Inc. 27,915
3,116 *Alaska Air Group, Inc. 84,522
4,767 *America West Holding Corp. Cl. B 81,635
1,797 *Atlantic Coast Airlines Holdings, Inc. 56,999
2,302 *Atlas Air, Inc. 82,584
2,255 *Frontier Airlines, Inc. 32,204
3,797 *Mesa Air Group, Inc. 20,943
1,577 *Mesaba Holdings, Inc. 14,883
1,629 *Midwest Express Holdings, Inc. 35,024
2,760 SkyWest, Inc. 102,292
----------
660,106
--------------------------------------------------------------------------------
Transportation-Railroad: 0.2%
5,249 *Swift Transportation Co., Inc. 73,650
4,960 Trinity Industries, Inc. 91,760
3,550 +Wabtec Corp. 36,831
6,502 *Wisconsin Central Transportation Corp. 84,323
---------
286,564
--------------------------------------------------------------------------------
Transportation-Shipping: 0.2%
5,334 Alexander & Baldwin, Inc. 117,848
3,280 *Kirby Corp. 69,700
2,873 *Trico Marine Services, Inc. 36,631
3,906 Werner Enterprises, Inc. 45,041
----------
269,220
--------------------------------------------------------------------------------
MSF-113
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: (Continued)
--------------------------------------------------------------------------------
Transportation-Trucking: 0.6%
2,719 *American Freightways Corp. $ 39,850
1,999 *Arkansas Best Corp. 19,866
2,500 Arnold Industries, Inc. 30,078
6,224 CNF, Inc. 141,596
1,800 *Forward Air Corp. 71,663
1,629 Hunt (J.B.) Transport Services, Inc. 25,097
1,255 *Landstar System, Inc. 74,751
1,122 *M.S. Carriers, Inc. 19,810
1,800 Roadway Express, Inc. 41,850
7,628 Ryder Systems, Inc. 144,459
3,461 U.S. Freightways Corp. 84,903
3,125 *Yellow Corp. 45,996
-----------
739,919
--------------------------------------------------------------------------------
Utilities: 0.2%
6,042 Avista Corp. 105,357
1,756 +California Water Service Group 42,583
4,404 Philadelphia Suburban Corp. 90,282
-----------
238,222
--------------------------------------------------------------------------------
Utilities-Electric: 1.8%
1,200 American States Water Co. 35,700
2,525 Black Hills Corp. 56,970
2,170 CH Energy Group, Inc. 73,644
2,850 Cleco Corp. 95,475
4,152 CMP Group, Inc. 121,706
11,602 Conectiv, Inc. 180,562
6,632 *El Paso Electric Co. 74,196
2,594 EmpireDistrict Electric Co. 57,230
4,121 Hawaiian Electric Industries, Inc. 135,220
4,788 IdaCorp, Inc. 154,413
7,939 Kansas City Power & Light Co. 178,627
2,021 Madison Gas & Electric Co. 39,157
9,483 Minnesota Power, Inc. 164,179
2,900 Northwestern Corp. 67,063
9,987 OGE Energy Corp. 184,759
3,400 Otter Tail Power Co. 71,081
4,525 PublicService Co. of New Mexico 69,855
4,600 RGS Energy Group, Inc. 102,350
9,918 +Sierra Pacific Resources 124,595
4,313 Unisource Energy Corp. 64,695
1,898 United Illuminating Co. 83,038
8,805 Western Resources, Inc. 136,477
3,294 +WPS Resources Corp. 99,026
-----------
2,370,018
--------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 1.3%
6,871 AGL Resources, Inc. 109,507
4,215 Atmos Energy Corp. 73,762
1,388 Cascade Natural Gas Corp. 23,162
1,100 CTGTG Resources, Inc. 40,356
427 EnergyNorth, Inc. (Rts.) 25,300
2,644 Laclede Gas Co. 50,897
8,039 MDU Resources Group, Inc. 173,843
2,265 New Jersey Resources Corp. 86,212
3,141 Northwest Natural Gas Co. 70,182
1,500 NUI Corp. 40,500
4,527 Peoples Energy Corp. 146,562
3,882 Piedmont Natural Gas Co., Inc. 103,116
789 Providence Energy Corp. (Rts.) 31,954
2,232 +SEMCO Energy, Inc. 29,016
1,457 South Jersey Industries, Inc. 37,882
4,794 *+Southern Union Co. 75,810
3,861 Southwest Gas Corp. 67,567
3,135 Southwestern Energy Co. 19,594
3,283 *TransMontaigne, Inc. 20,108
3,487 UGI Corp. 71,483
7,703 Vectren Corp. 132,877
5,804 Washington Gas Light Co. 139,659
2,594 Western Gas Resources, Inc. 54,474
-----------
1,623,823
--------------------------------------------------------------------------------
Utilities-Telephone: 0.2%
1,641 CFW Communications Co. 61,127
2,929 *IDT Corp. 99,495
6,614 *+ITC Deltacom, Inc. 147,368
-----------
307,990
--------------------------------------------------------------------------------
Utilities-Water: 0.2%
4,960 *Azurix Corp. 34,720
1,140 E'town Corp. 75,739
256 SJW Corp. 30,432
3,835 United Water Resources, Inc. 133,745
-----------
274,636
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: 121,685,352) ............................... 125,356,044
-----------
--------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
--------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 2.6%
3,275,000 Federal HomeLoan
Mortgage Corp. 6.400 7/03/00 3,273,836
--------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: 3,273,836) ................................. 3,273,836
-----------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.8%
(Cost: 124,959,187) ............................... 128,629,880
OTHER ASSETS LESS LIABILITIES : 0.2% .............. 294,016
-----------
TOTAL NET ASSETS : 100.0% ......................... 128,923,896
===========
--------------------------------------------------------------------------------
LEGEND:
* Non-incomeme producing security.
+ Securities on loan.
! Fractional Shares
ss. Illiquid Security
SECURITIES ON LOAN : (Note 7)
As of June 30, 2000, the market value of securities loaned was12,279,044 with
collateral backing valued at12,996,817.
ILLIQUID SECURITIES: (Note 2)
--------------------------------------------------------------------------------
ACQUISITION ACQUISITION VALUATION AS
ISSUE DATE COST OF 12/31/1999
--------------------------------------------------------------------------------
Procurenet, Inc. 4/15/99 285 285
See Notes to Financial Statements.
MSF-114
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (1) ...........................$ 128,629,880
Cash .......................................................... --
Foreign currencies held at value (2) .......................... --
Receivable for investment securities sold ..................... 45,310,043
Receivable for fund shares sold ............................... 866,063
Receivable for dividends and interest ......................... 109,752
Daily variation on futures contracts (Note 11) ................ 23,975
Unrealized appreciation on forward contracts (Note 10) ........ --
Collateral for securities loaned (Note 7) ..................... 12,996,817
Other assets .................................................. 3,181
----------------
Total Assets .................................................. 187,939,711
----------------
LIABILITIES:
Payable for investment securities purchased ................... 45,914,036
Payable for capital stock repurchased ......................... --
Unrealized depreciation on forward contracts (Note 10) ........ --
Return of collateral for securities loaned (Note 7) ........... 12,996,817
Bank overdraft ................................................ 45,311
Accrued investment management fee (Note 3) ................... 25,654
Accrued expenses and other liabilities ........................ 33,997
----------------
Total Liabilities ............................................. 59,015,815
----------------
NET ASSETS: ..................................................$ 128,923,896
================
COMPOSITION OF NET ASSETS:
Paid-in-capital ............................................... 108,431,426
Undistributed (overdistributed) net investment income (loss) .. 460,795
Net unrealized appreciation (depreciation) ................... 3,670,693
Accumulated net realized gain (loss) .......................... 16,360,982
----------------
Net Assets .................................................... 128,923,896
================
Shares Outstanding ............................................ 10,058,576
================
Net Asset Value Per Share .....................................$ 12.82
================
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ...................................... 124,959,187
(2) Cost of foreign currency .................................. --
See Notes to Financial Statements
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest (Note 1B) (1) ........................................$ 60,021
Dividends (Note 1B) .......................................... 711,913
----------------
Total Investment Income, Net of Withholding Taxes (2) ......... 771,934
----------------
EXPENSES:
Investment management fee (Note 3A) ........................... 157,073
Printing and distribution fees ................................ 7,750
Custodian and transfer agent fees ............................. 192,503
Audit and tax service fees .................................... 6,497
Directors fees ................................................ 3,864
Insurance fees ................................................ 1,854
Other operating expenses ...................................... 2,367
----------------
Total expenses before reimbursement / reduction ............... 371,908
Less: expense reimbursement ................................... 14,563
expense reduction (Note 1H) .................................. --
----------------
Net expenses .................................................. 357,345
Net Investment Income (Loss) .................................. 414,589
----------------
NET REALIZED GAIN (LOSS) ON:
Investments ................................................... 16,240,919
Foreign currency transactions ................................. 18,548
Futures contracts ............................................. --
----------------
Net Realized Gain (Loss) ...................................... 16,259,467
----------------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency
holdings and futures contracts (Notes 8,10,11) ................ 17,701,435
End of period investments, foreign currency holdings
and futures contracts (Notes 8,10,11) ......................... 3,670,693
----------------
Net Unrealized Appreciation (Depreciation) .................... (14,030,742)
----------------
Net Increase (Decrease) in Net Assets Resulting From
Operations ....................................................$ 2,643,314
================
--------------------------------------------------------------------------------
Notes:
(1) Income on securites loaned ................................$ 37,696
(2) Withholding taxes ......................................... 231
MSF-115
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX PORTFOLIO JUNE 30, 2000
--------------------------------------------------------------------------------
----------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
----------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999
------------- ------------
<S> <C> <C>
Increase (Decrease) in Net Assets From:
OPERATIONS:
Net investment income (loss)................................................................. 414,589 723,409
Net realized gain (loss) from investments, foreign currency
holdings and futures contracts............................................................. 16,259,467 2,646,293
appreciation (depreciation) of investments, foreign
currency holdings and futures contracts.................................................... (14,030,742) 15,821,726
------------ ------------
Net increase (decrease) in net assets resulting from operations.............................. 2,643,314 19,191,428
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income........................................................................ -- (687,519)
Net realized gain from investment transactions............................................... -- (2,575,445)
------------ ------------
Total Distributions (Note 4)................................................................. -- (3,262,964)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares............................................................. 18,958,135 56,514,161
Net asset value of shares issued to shareholders in reinvestment of distributions............ -- 3,262,964
Shares redeemed.............................................................................. (4,406,185) (2,123,722)
------------ ------------
Net Capital Stock Transactions (Note 9)...................................................... 14,551,950 57,653,403
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS.......................................................... 17,195,264 73,581,867
NET ASSETS: Beginning of period................................................................ 111,728,632 38,146,765
------------ ------------
NET ASSETS: End of period...................................................................... $128,923,896 $111,728,632
============ ============
</TABLE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 ----------------
(UNAUDITED) 1999 1998(3)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE: Beginning of period........................................................ $ 12.52 $ 10.53 $ 10.00
----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income....................................................................... 0.04 0.08 0.02
Net realized and unrealized gain (loss)..................................................... 0.26 2.29 0.53
-------- -------- -------
Total From Investment Operations............................................................ 0.30 2.37 0.55
-------- -------- -------
Less Distributions:
Dividends from net investment income........................................................ -- (0.08) (0.02)
Distributions from net realized capital gains............................................... -- (0.30) --
-------- -------- -------
Total Distributions......................................................................... -- (0.38) (0.02)
-------- -------- -------
----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period................................................................ $ 12.82 $ 12.52 $ 10.53
----------------------------------------------------------------------------------------------------------------------------------
Total Return................................................................................ 2.40% 22.73% 5.48%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's)......................................................... $128,924 $111,729 $38,147
Net expenses to average net assets (note 3) (1)............................................. 0.57% 0.45% 0.40%
Operating expenses to average net assets before voluntary expense reimbursements
(note 3) (1)............................................................................... 0.59% 0.89% 1.04%
Net investment income to average net assets (1)............................................. 0.66% 1.04% 1.46%
Net investment income to average net assets before voluntary expense reimbursements
(note 3) (1)............................................................................... 0.64% 0.59% 0.82%
Portfolio Turnover (2)...................................................................... 110.65% 67.01% 2.80%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the six months ended June 30, 2000 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 June 30, 2000 amounted to $79,918,360
and $68,750,966, respectively.
(3) Ratios for the period November 9, 1998 to December 31, 1998 have been
determined on annualized operating results.
See Notes to Financial Statements.
MSF-116
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PUTNAM LARGE CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
--------------------------------------------------------------------------------
COMMON STOCK: 99.7%
Automotive: 1.0%
950 *General Motors Corp. Cl. H $ 83,363
--------------------------------------------------------------------------------
Biotechnology: 3.1%
1,050 *Genentech, Inc. 180,600
1,250 PE Biosystems Group 82,344
----------
262,944
--------------------------------------------------------------------------------
Broadcasting: 7.4%
1,470 *Clear Channel Communications, Inc. 110,250
1,050 *EchoStar Communications Corp. Cl. A 34,748
2,400 Time Warner, Inc. 182,400
4,400 *Viacom, Inc. Cl. B 300,025
----------
627,423
--------------------------------------------------------------------------------
Computer Equipment & Service: 7.1%
1,900 *America Online, Inc. 100,225
300 *Brocade Communications Systems, Inc 54,966
7,050 *Cisco Systems, Inc. 447,895
----------
603,086
--------------------------------------------------------------------------------
Cosmetics: 1.1%
1,900 Estee Lauder, Inc. Cl. A 93,931
--------------------------------------------------------------------------------
Drugs & Health Care: 10.1%
2,830 *Amgen, Inc. 198,896
1,250 Lilly (Eli) & Co. 124,844
7,900 Pfizer, Inc. 379,200
850 Pharmacia Corp. 43,934
2,200 Schering-Plough Corp. 111,100
----------
857,974
--------------------------------------------------------------------------------
Electrical Equipment: 5.9%
9,550 General Electric Co. 506,150
--------------------------------------------------------------------------------
Electronics: 10.6%
1,780 *Applied Materials, Inc. 161,368
2,700 Intel Corp. 360,872
800 *Maxim Integrated Products, Inc. 54,325
1,350 *Tellabs, Inc. 92,433
3,350 Texas Instruments, Inc. 230,103
----------
899,101
--------------------------------------------------------------------------------
Financial Services: 2.3%
500 Merrill Lynch & Co., Inc. 57,500
1,700 Morgan Stanley Dean Witter & Co. 141,525
----------
199,025
--------------------------------------------------------------------------------
Household Products: 0.7%
1,050 Colgate-Palmolive Co. 62,869
--------------------------------------------------------------------------------
Insurance: 1.4%
1,050 American International Group, Inc. 123,375
--------------------------------------------------------------------------------
Multi-Industry: 3.2%
5,700 Tyco International Ltd. 270,037
--------------------------------------------------------------------------------
Office & Business Equipment: 6.7%
3,350 *EMC Corp. 257,741
3,450 *Sun Microsystems, Inc. 313,842
----------
571,583
--------------------------------------------------------------------------------
Retail Trade: 5.0%
3,800 Home Depot, Inc. 189,763
650 Target Corp. 37,700
3,450 Wal-Mart Stores, Inc. 198,806
----------
426,269
--------------------------------------------------------------------------------
Software: 11.1%
300 *i2 Technologies, Inc. 31,284
4,000 *Microsoft Corp. 319,875
3,600 *Oracle Corp. 302,513
650 *Siebel Systems, Inc. 106,336
1,600 *Veritas Software Corp. 180,750
----------
940,758
--------------------------------------------------------------------------------
Technology: 0.8%
300 *Broadcom Corp. Cl. A 65,681
--------------------------------------------------------------------------------
Telecommunications Equipment & Services: 19.0%
8,700 *AT&T Corp. Cl. A 210,975
2,000 *JDS Uniphase Corp. 239,688
300 *JuniperNetworks, Inc. 43,659
1,150 *Level 3 Communications, Inc. 101,164
1,470 *Metromedia Fiber Network, Inc. Cl. A 58,341
2,300 *Nextel Communications, Inc. Cl. A 140,659
2,500 *Nextlink Communications, Inc. Cl. A 94,766
7,800 Nokia Corp. ADR 389,512
2,700 Nortel Networks Corp. 184,275
3,600 Vodafone AirTouch PLC ADR 149,175
----------
1,612,214
--------------------------------------------------------------------------------
Transportation-Trucking: 0.5%
750 United Parcel Service, Inc. Cl. B 44,250
--------------------------------------------------------------------------------
Utilities-Telephone: 2.7%
3,900 *Sprint Corp. PCS Group Ser. 1 232,050
----------
TOTAL COMMON STOCK
(Cost:$ 8,252,893).................... 8,482,083
----------
--------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.7%%
(Cost:$ 8,252,893).................... 8,482,083
OTHER ASSETS LESS LIABILITIES 0.3%... 22,065
----------
TOTAL NET ASSETS: 100.0%............. $8,504,148
==========
--------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
ADR (American Depository Receipt) represents ownership of foreign securities.
See Notes to Financial Statements.
MSF-117
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PUTNAM LARGE CAP GROWTH PORTFOLIO JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
----------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
----------------------------------------
ASSETS:
Investments, at value (Note 1A) (1)........................ $8,482,083
Cash....................................................... 86,449
Foreign currencies held at value (2)....................... --
Receivable for investment securities sold.................. --
Receivable for fund shares sold............................ --
Receivable for dividends and interest...................... 795
Daily variation on futures contracts (Note 11)............. --
Unrealized appreciation on forward contracts (Note 10)..... --
Collateral for securities loaned (Note 7).................. --
Other assets............................................... 11,209
----------
Total Assets............................................. 8,580,536
----------
LIABILITIES:
Payable for investment securities purchased................ 59,005
Payable for capital stock repurchased...................... --
Unrealized depreciation on forward contracts (Note 10)..... --
Return of collateral for securities loaned (Note 7)........ --
Bank overdraft............................................. --
Accrued investment management fee (Note 3)................. 4,913
Accrued expenses and other liabilities..................... 12,470
----------
Total Liabilities........................................ 76,388
----------
NET ASSETS:................................................ $8,504,148
==========
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................ 8,362,727
Undistributed (overdistributed) net investment income(loss) (2,338)
Net unrealized appreciation (depreciation)................. 229,190
Accumulated net realized gain (loss)....................... (85,431)
----------
Net Assets............................................... $8,504,148
==========
Shares Outstanding.................................. 851,248
==========
Net Asset Value Per Share................................ $ 9.99
==========
--------------------------------------------------------------------------------
Notes:
(1) Investments, at cost................................... $8,252,893
(2) Cost of foreign currency............................... --
See Notes to Financial Statements
INVESTMENT INCOME:
Interest (Note 1B) (1)..................................... $ 7,075
Dividends (Note 1B)........................................ 1,503
----------
Total Investment Income, Net of Withholding Taxes (2)...... 8,578
----------
EXPENSES:
Investment management fee (Note 3A)........................ 8,407
Printing and distribution fees............................. 233
Custodian and transfer agent fees.......................... 20,064
Audit and tax service fees................................. 2,252
Directors fees............................................. 1,340
Insurance fees............................................. 510
Other operating expenses................................... 649
----------
Total expenses before reimbursement/reduction.............. 33,455
Less: expense reimbursement................................ 22,539
expense reduction (Note 1H)................................ --
----------
Net expenses............................................... 10,916
----------
Net Investment Income (Loss)............................. (2,338)
----------
NET REALIZED GAIN (LOSS) ON:
Investments................................................ (85,431)
Foreign currency transactions.............................. --
Futures contracts.......................................... --
----------
Net Realized Gain (Loss)................................. (85,431)
----------
NET UNREALIZED APPRECIATION (DEPRECIATION):
Beginning of period investments, foreign currency
holdings and futures contracts (Notes 8,10,11)........... --
End of period investments, foreign currency holdings and
futures contracts (Notes 8,10,11)........................ 229,190
----------
Net Unrealized Appreciation (Depreciation)............... 229,190
----------
Net Increase (Decrease) in Net Assets Resulting From
Operations............................................. $ 141,421
==========
--------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned............................. $ --
(2) Withholding taxes...................................... 36
MSF-118
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
PUTNAM LARGE CAP GROWTH PORTFOLIO JUNE 30, 2000
--------------------------------------------------------------------------------
----------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
----------------------------------------
<TABLE>
<CAPTION>
FOR THE
PERIOD MAY 1,
2000 TO
JUNE 30, 2000
(UNAUDITED)
-------------
<S> <C>
Increase (Decrease) in Net Assets From:
OPERATIONS:
Net investment income (loss)................................ $ (2,338)
Net realized gain (loss) from investments, foreign
currency holdings and futures contracts................... (85,431)
Unrealized appreciation (depreciation) of investments,
foreign currency holdings and futures contracts........... 229,190
----------
Net increase (decrease) in net assets resulting
from operations........................................... 141,421
----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income....................................... --
Net realized gain from investment transactions.............. --
----------
Total Distributions (Note 4)................................ --
----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares............................ 9,034,573
Net asset value of shares issued to shareholders
in reinvestment of distributions.......................... --
Shares redeemed............................................. (671,846)
----------
Net Capital Stock Transactions (Note 9)..................... 8,362,727
----------
NET INCREASE (DECREASE) IN NET ASSETS....................... 8,504,148
NET ASSETS: Beginning of period............................. --
----------
NET ASSETS: End of period................................... $8,504,148
==========
</TABLE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
FOR THE
PERIOD MAY 1,
2000 TO
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period.......................... $10.00
--------------------------------------------------------------------------------
Investment Operations:
Net investment income....................................... --
Net realized and unrealized gain (loss)..................... (0.01)
----------
Total From Investment Operations............................ (0.01)
----------
Less Distributions:
Dividends from net investment income........................ --
Distributions from net realized capital gains............... --
----------
Total Distributions......................................... --
----------
--------------------------------------------------------------------------------
NET ASSET VALUE: End of period................................ $ 9.99
--------------------------------------------------------------------------------
Total Return................................................ (0.10)%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's)......................... $ 8,504
Net expenses to average net assets (note 3) (1)............. 0.90%
Operating expenses to average net assets before
voluntary expense reimbursements (note 3) (1)............. 2.77%
Net investment income to average net assets (1)............. (0.19)%
Net investment income to average net assets before
voluntary expense reimbursements (note 3) (1)............. (2.06)%
Portfolio Turnover (2)...................................... 28.49%
----------
--------------------------------------------------------------------------------
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 period May 1, 2000 to June 30, 2000 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 June 30, 2000 amounted to $8,679,777
and $341,453 , respectively.
See Notes to Financial Statements.
MSF-119
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (unaudited)
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES:
The Metropolitan Series Fund, Inc. ("Fund") is registered under the
Investment Company Act of 1940 as a diversified open end investment company.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles.
A. Investment Security Valuation:
Portfolio securities that are traded on domestic stock exchanges are valued
at the last price as of the close of business on the day the securities are
being valued, or, lacking any sales, at the mean between closing bid and
asked prices (except for the Loomis Sayles High Yield Bond Portfolio, which
in the latter case would value such securities at the last bid price).
Securities trading primarily on non-domestic exchanges are valued at the
preceding closing price on the exchange where it primarily trades (or, in
the case of the Loomis Sayles High Yield Bond and Scudder Global Equity
Portfolios, the last sale). A security that is listed or traded on more than
one exchange is valued at the quotation on the exchange determined to be the
primary market for that security by the Board of Directors or its delegates.
If no closing price is available, then such securities are valued by using
the mean between the last current bid and asked prices or, second, by using
the last available closing price (except for the Scudder Global Equity
Portfolio which second values such securities at the last current bid, and
third by using the last available price). Domestic securities traded in the
over-the-counter market are valued at the mean between the bid and asked
prices or yield equivalent as obtained from two or more dealers that make
markets in the securities (except for the Loomis Sayles High Yield Bond
Portfolio, which, in the latter case, would value such security at the last
bid price; or the Scudder Global Equity and the Neuberger Berman Partners
Mid Cap Value Portfolios which would value such security first at the last
sale, and second at the bid price). All non-U.S. securities traded in the
over-the-counter securities market are valued at the last sale quote, if
market quotations are available, or the last closing bid price, if there is
no active trading in a particular security for a given day (except for the
Neuberger Berman Partners Mid Cap Value Portfolio, which would be valued at
the mean between closing bid and asked price). Where market quotations are
not readily available for such non-domestic over-the-counter securities,
then such securities will be valued in good faith by a method that the Board
of Directors, or its delegates, believe accurately reflects fair value.
Portfolio securities which are traded both in the over-the-counter market
and on a stock exchange are valued according to the broadest and most
representative market, and it is expected that for debt securities this
ordinarily will be the over-the-counter market. Securities and assets for
which market quotations are not readily available (e.g. certain long-term
bonds and notes) are valued at fair value as determined in good faith by or
under the direction of the Board of Directors of the Fund, including
valuations furnished by a pricing service retained for this purpose and
typically utilized by other institutional-sized trading organizations.
Forward foreign currency exchange contracts are valued based on the closing
prices of the forward currency contract rates in the London foreign exchange
markets on a daily basis as provided by a reliable bank or dealer. Short-
term instruments with a remaining maturity of sixty days or less are valued
utilizing the amortized cost method of valuation. If for any reason the fair
value of any security is not fairly reflected by such method, such security
will be valued by the same methods as securities having a maturity of more
than sixty days.
Options, whether on securities, indices, or futures contracts, are valued at
the last sales price available as of the close of business on the day of
valuation or, if no sale, at the mean between the bid and asked prices.
Options on currencies are valued at the spot price each day. As a general
matter, futures contracts are marked-to-market daily. The value of futures
contracts will be the sum of the margin deposit plus or minus the difference
between the value of the futures contract on each day the net asset value is
calculated and the value on the date the futures contract originated, value
being that established on a recognized commodity exchange, or by reference
to other customary sources, with gain or loss being realized when the
futures contract closes or expires.
B. Investment Security Transactions:
Portfolio security transactions are recorded on the trade date. Securities
denominated in foreign currencies are translated at exchange rates
prevailing on the respective dates traded. Dividend income is recorded on
the ex-dividend date or, for certain foreign securities, when notified;
interest income is accrued as earned. Transactions denominated in foreign
currencies are recorded at the rate prevailing when earned or incurred.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on the identified cost basis, which is the same
basis used for federal income tax purposes. Asset and liability accounts
that are denominated in foreign currencies are adjusted to reflect current
exchange rates prevailing on the respective dates traded.
C. Federal Income Taxes:
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code and regulations thereunder applicable to regulated investment
companies and to distribute all of its taxable income to shareholders.
Therefore, no Federal income tax provision is required. At December 31,
1999, the T. Rowe Price Small Cap Growth Portfolio had fully utilized its
capital loss carryover of approximately $13,167,975. The Loomis Sayles High
Yield Bond, State Street Research Income, and Lehman Brothers Aggregate Bond
Index Portfolios generated capital loss carry overs of $1,594,370,
$7,823,721, and $440,820 respectively in 1999 (all will expire in 2007).
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 Growth Portfolio incurred net investment losses of $708,132
during 1999, which was reclassified to paid-in-capital. The State Street
Research Aggressive Growth Portfolio incurred net investment losses
of $2,656,277 during 1998 and $8,650,231 during 1999, which has been
reclassified to paid-in-capital at December 31, 1998 and December 31, 1999,
respectively. The T. Rowe Price Small Cap Portfolio incurred net investment
losses of $32,023 during 1998 and $280,918 during 1999, which has been
reclassified to paid-in-capital at December 31, 1998 and December 31, 1999,
respectively.
MSF-120
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (unaudited)
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. Return of Capital Distributions (Continued)
The State Street Diversified Portfolio incurred net investment losses
of $3,295,606 during 1999, which has been reclassified to accumulated net
realized gain (loss). The Janus Mid Cap Portfolio incurred net
investment losses of $4,122,787 during 1999, which has been reclassified to
accumulated net realized gain (loss). The T. Rowe Price Small Cap Growth
Portfolio incurred net investment losses of $293,947 during 1999, which has
been reclassified to accumulated net realized gain (loss).
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.
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.
H. Expense Reductions:
Certain portfolio trades are directed to brokers who paid a portion of the
Portfolio's expenses. In addition, the Fund has entered into arrangements
with its custodian whereby credits realized as a result of this practice
were used to reduce a portion of each participating Portfolio's custodian
fees.
I. "When - issued" Securities:
Purchasing securities "when-issued" is a commitment by a Portfolio to buy a
security before the security is actually issued. The amount of the
Portfolio's payment obligation and the security's interest rate are
determined when the commitment is made, even though no interest accrues
until the security is issued, which is generally 15 to 120 days later. The
Portfolio will segregate liquid assets with its custodian sufficient at all
times to satisfy these commitments. If the value of the security is less
when delivered than when the commitment was made, the Portfolio will suffer
a loss.
J. Other:
Dividends-in-kind are recognized as income on the ex-dividend date, at the
current market value of the underlying security. Interest on
payment-in-kind debt instruments is accrued as income at the coupon rate
and a market adjustment is made periodically.
--------------------------------------------------------------------------------
2. RESTRICTED AND ILLIQUID SECURITIES:
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) and illiquid securities held at
June 30, 2000 are footnoted at the end of each applicable Portfolio's
schedule of investments.
--------------------------------------------------------------------------------
MSF-121
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (unaudited)
--------------------------------------------------------------------------------
3. EXPENSES:
A. Investment Management Agreements:
The Fund has entered into investment management agreements with
Metropolitan Life. For providing investment management services to the
Fund, Metropolitan Life receives monthly compensation at the annual rate
of:
<TABLE>
<CAPTION>
PORTFOLIO FIRST TIER SECOND TIER THIRD TIER FOURTH TIER FIFTH TIER
--------- ---------- ----------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
State Street
Research Growth..... .55% up to $500 mil. .50% next $500 mil. .45% above $1 bil.
State Street
Research Income..... .35% up to $250 mil. .30% next $250 mil. .25% above $500 mil.
State Street
Research Money
Market.............. .25% all asset levels
State Street
Research
Diversified......... .50% up to $500 mil. .45% next $500 mil. .40% above $1 bil.
State Street
Research Aggressive
Growth.............. .75% up to $500 mil. .70% next $500 mil. .65% above $1 bil.
MetLife Stock Index.. .25% all asset levels
Putnam International
Stock............... .90% up to $500 mil. .85% next $500 mil. .80% above $1 bil.
Loomis Sayles High
Yield Bond.......... .70% all asset levels
Janus Mid Cap........ .75% up to $100 mil. .70% next $400 mil. .65% above $500 mil.
T. Rowe Price Small
Cap Growth.......... .55% up to $100 mil. .50% next $300 mil. .45% above $400 mil.
Scudder Global
Equity.............. .90% up to $50 mil. .55% next $50 mil. .50% next $400 mil. .475% above $500 mil.
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. .625% next $750 mil. .60% above $1.6 bil.
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
Putnam Large Cap
Growth.............. .80% up to $500 mil. .75% next $500 mil. .70% above $1 bil.
</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.,
an affiliated company of Metropolitan Life Insurance Co. for part of the year,
was compensated to provide sub-investment management services for the Santander
International Stock Portfolio. The advisor was changed from Santander Global
Advisors, Inc. to Putnam Investment Management, Inc., effective January 24,
2000. Consequently, the Santander International Stock Portfolio name was changed
to Putnam 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. Putnam Investment Management, Inc. is
compensated to provide sub-investment management services for the Putnam Large
Cap Growth Portfolio.
MetLife, Inc. announced on June 16, 2000 that its Boston-based affiliates,
Nvest, L.P. and Nvest Companies, L.P., have entered into a definitive agreement
to be acquired by CDC Asset Management. Loomis Sayles & Co., L.P. and Harris
Associates, L.P. are affiliated with Nvest, L.P.
B. 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, Russell 2000 Index, and
Putnam Large Cap Growth 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, July 2,
1998 for the Scudder Global Equity, March 2, 1999 for the Loomis Sayles High
Yield Bond, July 13, 1999 for the Lehman Brothers Aggregate Bond Index, December
3, 1999 for Russell 2000 Index, and April 25, 2000 for the T. Rowe Price Large
Cap Growth Portfolios when those Portfolios exceeded the $100 million threshold.
Metropolitan Life agreed to resume the subsidization of Russell 2000, effective
February 22, 2000. All expenses, excluding those listed below, in excess of
.30% of the net assets will be subsidized until the Portfolio's total net
assets are at least $200 million, or April 30, 2001, whichever is earlier.
Metropolitan Life agreed to extend a new expense cap for Morgan Stanley EAFE
Index which will become effective whenever the current cap expires. All
expenses, excluding those listed below, in excess of .40% will be subsidized
until the Portfolio's total net assets are at least$200 million or April 30,
2001, whichever is earlier.
MSF-122
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (unaudited)
--------------------------------------------------------------------------------
3. EXPENSES (Continued)
B. Subsidization of Portfolios (Continued)
Expenses excluded from subsidization are: investment management fees
payable to Metropolitan Life, brokerage commissions on portfolio
transactions (including any other direct costs related to the
acquisition, disposition, lending or borrowing of portfolio
investments), taxes payable by the Fund, interest and other costs related
to borrowings by the Fund, and any extraordinary or non-recurring expenses
(such as legal claims and liabilities and litigation costs and any
indemnification related thereto).
--------------------------------------------------------------------------------
4. DIVIDEND DISTRIBUTIONS:
The Fund distributes, at least annually, substantially all net investment
income, if any, of each Portfolio, which will then be reinvested in
additional full and fractional shares of the Portfolio. All net realized
long-term or short-term capital gains of the Fund, if any, are declared and
distributed at least annually to the shareholders of the Portfolio(s) to
which such gains are attributable.
--------------------------------------------------------------------------------
5. NEW PORTFOLIOS:
On November 9, 1998, the Fund commenced operations of six Portfolios:
Harris Oakmark Large Cap Value, Neuberger Berman Partners Mid Cap Value,
T. Rowe Price Large Cap Growth, Lehman Brothers Aggregate Bond Index,
Morgan Stanley EAFE Index, and Russell 2000 Index Portfolios. Metropolitan
Life supplied initial start-up capital of $112,000,000 to facilitate the
operation of these Portfolios. Metropolitan Life, therefore, purchased
500,000 shares of the Harris Oakmark Large Cap Value Portfolio, 500,000
shares of the Neuberger Berman Partners Mid Cap Value Portfolio, 200,000
shares of the T. Rowe Price Large Cap Growth Portfolio, 5,000,000 shares of
the Lehman Brothers Aggregate Bond Index Portfolio, 2,000,000 shares of the
Morgan Stanley EAFE Index Portfolio, and 3,000,000 shares of the Russell
2000 Index Portfolio, with each Portfolio valued at $10 per share.
Subsequently, these Portfolios were made available for certain contracts.
As of June 30, 2000, start-up capital (including applicable market
appreciation) for all of the portfolios, except Lehman Brothers Aggregate
Bond Index, had been redeemed by Metropolitan Life. The value of
Metropolitan Life's investment for the 2,892,970 remaining shares of Lehman
Brothers Aggregate Bond Index totaled $28,408,961.
On May 1, 2000, the Fund commenced operations for the Putnam Large Cap
Growth Portfolio. Metropolitan Life provided initial start-up capital
of $5,000,000 to facilitate the operation of this Portfolio. Metropolitan
Life purchased 500,000 shares of the Putnam Large Cap Growth Portfolio,
valued at $10 per share. Start-up capital (including market appreciation)
is being redeemed as cash flow permits. As of June 30, 2000, the value of
Metropolitan Life's investment for the 431,894 remaining shares in this
Portfolio totaled $4,341,622.
--------------------------------------------------------------------------------
6. PORTFOLIO NAME CHANGES:
On January 24, 2000 the name of the Santander International Stock Portfolio
was changed to the Putnam 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. In any event if the market
value of the collateral at the close of trading on a business day is less
than 100% of the market value of the loaned securities at the close of
trading on that day, the borrower shall be required to deliver, by the
close of business on the following business day, an additional amount of
collateral, equal to at least 102% of the market value of all the loaned
securities as of such preceding day. The Fund receives 70% of the annual
net income from lending transactions, which is included in interest income
of the respective Portfolios. The remaining 30% is used to defray the costs
of securities lending. The Fund bears the risk of any deficiency in the
amount of collateral available for return to a borrower due to a loss in an
approved investment. Portfolios with outstanding loans at June 30, 2000 are
footnoted at the end of each applicable Portfolio's schedule of
investments.
MSF-123
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (unaudited)
--------------------------------------------------------------------------------
8. NET UNREALIZED APPRECIATION (DEPRECIATION):
As of June 30, 2000, 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 .......... 859,186,825 (86,947,599) 772,239,226
State Street Research Income .......... 1,931,274 (15,809,548) (13,878,274)
State Street Research Diversified ..... 372,393,465 (86,127,830) 286,265,635
State Street Research Aggressive Growth 356,967,806 (72,423,334) 284,544,472
MetLife Stock Index ................... 1,788,005,674 (218,811,413) 1,569,194,261
Putnam International Stock ............ 44,889,228 (15,810,415) 29,078,813
Loomis Sayles High Yield Bond ......... 3,647,427 (8,783,708) (5,136,281)
Janus Mid Cap ......................... 571,535,838 (215,651,826) 355,884,012
T. Rowe Price Small Cap Growth ........ 90,536,049 (33,921,059) 56,614,990
Scudder Global Equity ................. 31,529,410 (10,801,070) 20,728,340
Harris Oakmark Large Cap Value ........ 1,576,938 (4,845,674) (3,268,736)
Neuberger Berman Partners Mid Cap Value 4,409,358 (1,717,327) 2,692,031
T. Rowe Price Large Cap Growth ........ 16,617,765 (3,553,699) 13,064,066
Lehman Brothers Aggregate Bond Index .. 292,397 (4,555,950) (4,263,553)
Morgan Stanley EAFE Index ............. 15,838,635 (5,267,820) 10,570,815
Russell 2000 Index .................... 13,811,698 (10,141,005) 3,670,693
Putnam Large Cap Growth ............... 462,035 (232,845) 229,190
</TABLE>
*Does not include unrealized gains and (losses) related to foreign currency
contracts, foreign currency translations, and futures contracts of $96,356,
$248,803, $(176,088), $(10,224), $(130), $(333,108), $(1,330), $(5,754), and
$18,548 for the State Street Research Income, State Street Research
Diversified, MetLife Stock Index, Putnam International Stock, Loomis Sayles
High Yield Bond, Scudder Global Equity, T. Rowe Price Large Cap Growth,
Morgan Stanley EAFE Index, and Russell 2000 Index Portfolios, respectively (see
Note 10).
9. CAPITAL STOCK ACTIVITY:
At June 30, 2000, 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
eighteen 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,
Putnam 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,
Russell 2000 Index, and Putnam Large Cap Growth Portfolios. Transactions in
shares were as follows:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 2000
------------------------------------------------------------------------------------------------------------------------------------
STATE STATE
STATE STATE STREET STATE STREET
STREET STREET RESEARCH STREET RESEARCH METLIFE
RESEARCH RESEARCH MONEY RESEARCH AGGRESSIVE STOCK
GROWTH INCOME MARKET DIVERSIFIED GROWTH INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares sold......................... 1,209,939 620,577 3,497,886 694,236 2,576,722 6,311,857
Shares issued in reinvestment of
dividends.......................... -- -- -- -- -- --
--------- --------- --------- ---------- ---------- ----------
Total............................... 1,209,939 620,577 3,497,886 694,236 2,576,722 6,311,857
Shares redeemed..................... (3,006,967) (3,674,647) (2,450,490) (6,564,884) (2,355,479) (2,197,398)
--------- --------- --------- ---------- ---------- ----------
Net increase (decrease)............. (1,797,028) (3,054,070) 1,047,396 (5,870,648) 221,243 4,114,459
========= ========= ========= ========== ========== ==========
</TABLE>
MSF-124
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (unaudited)
--------------------------------------------------------------------------------
9. CAPITAL STOCK ACTIVITY (Continued)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 2000
------------------------------------------------------------------------------------------------------------------------------------
LOOMIS HARRIS
PUTNAM SAYLES T. ROWE PRICE SCUDDER OAKMARK
INTERNATIONAL HIGH YIELD JANUS SMALL CAP GLOBAL LARGE CAP
STOCK BOND MID CAP GROWTH EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ---------- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold....................... 23,909,541 811,876 18,760,407 8,217,797 3,166,051 905,121
Shares issued in reinvestment of
dividends........................ -- -- -- -- -- --
----------- ---------- ---------- ---------- ---------- ---------
Total............................. 23,909,541 811,876 18,760,407 8,217,797 3,166,051 905,121
Shares redeemed................... (21,987,412) (188,992) (2,155,840) (3,101,636) (761,116) (324,756)
----------- ---------- ---------- ---------- ---------- ---------
Net increase (decrease)........... 1,922,129 622,884 16,604,567 5,116,161 2,404,935 580,365
=========== ========== ========== ========== ========== =========
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
For the Period
May 1, 2000 to
FOR THE SIX MONTHS ENDED JUNE 30, 2000 June 30, 2000
------------------------------------------------------------------------------------------------------------------------------------
NEUBERGER LEHMAN
BERMAN BROTHERS
PARTNERS T. ROWE PRICE AGGREGATE MORGAN PUTNAM
MID CAP LARGE CAP BOND STANLEY EAFE RUSSELL 2000 LARGE CAP
VALUE GROWTH INDEX INDEX INDEX GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------ ---------- ------------ ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
Shares sold......... 769,989 5,156,445 487,054 2,314,865 1,487,564 919,354
Shares issued in
reinvestment of
dividends.......... -- -- -- -- -- --
--------- ----------- -------- --------- --------- --------
Total............... 769,989 5,156,445 487,054 2,314,865 1,487,564 919,354
Shares redeemed..... (264,400) (42,567) (372,464) (1,358,810) (350,339) (68,106)
--------- ----------- -------- --------- --------- --------
Net increase
(decrease)......... 505,589 5,113,878 114,590 956,055 1,137,225 851,248
========= =========== ======== ========== ========= ========
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1999
------------------------------------------------------------------------------------------------------------------------------------
STATE STATE
STATE STATE STREET STATE STREET
STREET STREET RESEARCH STREET RESEARCH METLIFE
RESEARCH RESEARCH MONEY RESEARCH AGGRESSIVE STOCK
GROWTH INCOME MARKET DIVERSIFIED GROWTH INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ----------- ----------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
Shares sold......... 2,846,203 2,398,193 4,509,633 6,592,839 5,369,623 15,838,997
Shares issued in
reinvestment of
dividends.......... 10,192,040 2,632,719 233,103 13,593,632 974,060 5,138,477
---------- ---------- ---------- ----------- ----------- ----------
Total............... 13,038,243 5,030,912 4,742,736 20,186,471 6,343,683 20,977,474
Shares redeemed..... (4,351,207) (5,354,252) (3,737,432) (7,402,830) (13,167,417) (5,329,460)
---------- ---------- ---------- ----------- ----------- ----------
Net increase
(decrease)......... 8,687,036 (323,340) 1,005,304 12,783,641 (6,823,734) 15,648,014
========== ========== ========== =========== =========== ==========
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1999
------------------------------------------------------------------------------------------------------------------------------------
PUTNAM LOOMIS T. ROWE PRICE SCUDDER
INTERNATIONAL SAYLES HIGH JANUS SMALL CAP GLOBAL
STOCK YIELD BOND MID CAP GROWTH EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------ ------------- -------------- -----------
<S> <C> <C> <C> <C> <C>
Shares sold..................................... 16,814,485 1,729,831 35,636,305 8,499,905 4,071,297
Shares issued in reinvestment of dividends...... 3,670,493 534,603 2,871,760 -- 417,602
------------ ----------- ----------- ---------- ----------
Total........................................... 20,484,978 2,264,434 38,508,065 8,499,905 4,488,899
Shares redeemed................................. (18,600,613) (531,151) (6,938,221) (6,756,958) (2,157,996)
------------ ----------- ----------- ---------- ----------
Net increase (decrease) ....................... 1,884,365 1,733,283 31,569,844 1,742,947 2,330,903
============ =========== =========== ========== ==========
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1999
------------------------------------------------------------------------------------------------------------------------------------
NEUBERGER
HARRIS BERMAN LEHMAN
OAKMARK PARTNERS T. ROWE PRICE BROTHERS MORGAN
LARGE CAP MID CAP LARGE CAP AGGREGATE STANLEY EAFE RUSSELL 2000
VALUE VALUE GROWTH BOND INDEX INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- -------------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold........... 3,507,594 2,925,876 3,299,088 7,446,455 5,040,737 5,200,149
Shares issued in
reinvestment of
dividends............ 46,565 149,485 15,723 614,094 67,535 276,389
---------- ---------- ---------- ---------- ---------- ----------
Total................. 3,554,159 3,075,361 3,314,811 8,060,549 5,108,272 5,476,538
Shares redeemed ...... (149,821) (646,487) (92,895) (228,461) (1,289,685) (176,995)
---------- ---------- ---------- ---------- ---------- ----------
Net increase
(decrease)........... 3,404,338 2,428,874 3,221,916 7,832,088 3,818,587 5,299,543
========== ========== ========== ========== ========== ==========
</TABLE>
MSF-125
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (unaudited)
--------------------------------------------------------------------------------
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.
As of June 30, 2000, the State Street Research Income Portfolio experienced an
unrealized net gain of $98,837 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT JUNE 30, APPRECIATION
SOLD DATE AMOUNT 2000 (DEPRECIATION)
--------------------- -------------- ------------ -------------- ------------------
<S> <C> <C> <C> <C>
Euro Currency 8/18/00 $ 586,950 $ 617,678 $ (30,728)
Greek Drachma 8/18/00 733,829 731,674 2,155
Greek Drachma 8/22/00 117,852 118,790 (938)
Greek Drachma 9/11/00 797,992 795,329 2,663
New Zealand Dollar 7/26/00 2,547,293 2,412,313 134,980
New Zealand Dollar 8/18/00 1,944,193 1,930,544 13,649
---------- ---------- --------------
$6,728,109 $6,606,328 $ 121,781
========== ==========
PURCHASED
---------------------
Greek Drachma 7/03/00 $ 275,479 $ 275,924 $ 445
New Zealand Dollar 7/26/00 1,721,672 1,698,283 (23,389)
---------- ---------- --------------
$1,997,151 $1,974,207 $ (22,944)
========== ========== --------------
Net unrealized
appreciation ............................................................................... $ 98,837
==============
</TABLE>
The State Street Research Income Portfolio had an unrealized net translation
loss on foreign currency receivables and payables as follows:
Net unrealized translation gain (loss):
Interest receivables.......................... $ 214
Purchase payables............................. (2,695)
-------
Net unrealized translation gain (loss).. (2,481)
=======
As of June 30, 2000 the State Street Research Diversified Portfolio experienced
an unrealized net gain of $251,563 based on the following foreign currency
exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT JUNE 30, APPRECIATION
SOLD DATE AMOUNT 2000 (DEPRECIATION)
--------------------- -------------- ------------ ------------ ----------------
<S> <C> <C> <C> <C>
Euro Currency 8/18/00 $ 1,638,000 $ 1,723,752 $ (85,752)
Greek Drachma 8/18/00 2,040,016 2,034,026 5,990
Greek Drachma 8/22/00 308,659 311,116 (2,457)
Greek Drachma 9/11/00 2,215,041 2,207,648 7,393
New Zealand Dollar 7/26/00 6,199,630 5,870,335 329,295
New Zealand Dollar 8/18/00 4,116,503 4,087,686 28,817
----------- ----------- --------------
$16,517,849 $16,234,563 $ 283,286
=========== ===========
PURCHASED
---------------------
Greek Drachma 7/03/00 $ 343,941 $ 344,497 $ 556
New Zealand Dollar 8/18/00 2,572,246 2,539,967 (32,279)
----------- ----------- --------------
$ 2,916,187 $ 2,884,464 $ (31,723)
=========== =========== --------------
Net unrealized
appreciation................................................................................. $ 251,563
==============
</TABLE>
The State Street Research Diversified Portfolio had an unrealized net
translation loss on foreign currency receivables and payables as follows:
Net unrealized translation gain (loss):
Interest reclaim receivables.................. $ 605
Purchase payables............................. (3,365)
-------
Net unrealized translation gain (loss).. $(2,760)
=======
MSF-126
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (unaudited)
--------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS (Continued)
As of June 30, 2000, the Putnam International Stock Portfolio experienced an
unrealized net gain of $14,382 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT JUNE 30, APPRECIATION
SOLD DATE AMOUNT 2000 (DEPRECIATION)
--------------------- -------------- ------------ ------------ ------------------
<S> <C> <C> <C> <C>
Japanese Yen 7/05/00 $ 77,092 $ 76,351 $ 741
Pound Sterling 7/05/00 178,554 179,468 (914)
Swedish Krona 7/03/00 196,087 197,107 (1,020)
Swiss Franc 7/05/00 90,106 90,338 (232)
---------- ---------- -------------
$ 541,839 $ 543,264 $ (1,425)
========== ==========
PURCHASED
---------------------
Canadian Dollar 7/05/00 $ 84,029 $ 84,136 $ 107
Canadian Dollar 7/06/00 96,131 96,089 (42)
Euro Currency 7/03/00 1,560,298 1,576,489 16,191
Euro Currency 7/04/00 183,833 183,545 (288)
Pound Sterling 7/03/00 263,487 265,489 2,002
Pound Sterling 7/05/00 55,049 55,137 88
Pound Sterling 7/06/00 461,389 459,582 (1,807)
Pound Sterling 7/07/00 26,330 26,269 (61)
Hong Kong Dollar 7/03/00 273,739 273,723 (16)
Japanese Yen 7/03/00 168,365 167,039 (1,326)
Japanese Yen 7/05/00 85,940 86,081 141
Swedish Krona 7/05/00 60,035 59,879 (156)
Singapore Dollar 7/03/00 281,346 282,320 974
---------- ---------- -------------
$3,599,971 $3,615,778 $ 15,807
========== ========== -------------
Net unrealized
appreciation................................................................................. $ 14,382
=============
</TABLE>
The Putnam International Stock Portfolio had an unrealized net translation
(loss) on foreign currency receivables and payables as follows:
Net unrealized translation gain (loss):
Dividend receivables............................ $ 798
Dividend reclaim receivables.................... (10,923)
Purchase payables............................... (16,298)
Sales receivables............................... 1,999
Tax expense payables............................ (182)
---------
Net unrealized translation gain (loss).......... $ (24,606)
=========
The Loomis Sayles High Yield Bond Portfolio had an unrealized net translation
loss on foreign currency receivables as follows:
Net unrealized translation gain (loss):
Interest receivables................................ $(130)
-----
Net unrealized translation gain (loss)........ $(130)
=====
MSF-127
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (unaudited)
--------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS (Continued)
As of June 30, 2000, the Scudder Global Equity Portfolio experienced an
unrealized net loss of $340,659 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT JUNE 30, APPRECIATION
SOLD DATE AMOUNT 2000 (DEPRECIATION)
--------------------- -------------- ------------ ------------ ------------------
<S> <C> <C> <C> <C>
Japanese Yen 8/22/00 $14,374,464 $14,715,123 $(340,659)
---------
Net unrealized
(depreciation)................................................................................... $(340,659)
=========
</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.............................. $ 1,691
Dividend reclaim receivables...................... (1,054)
Interest receivables.............................. 4,831
Sales receivables................................. 2,288
Tax expense payables.............................. (205)
-------
Net unrealized translation gain (loss)............ $ 7,551
=======
As of June 30, 2000, the T.Rowe Price Large Cap Growth Portfolio experienced an
unrealized net gain of $75 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT JUNE 30, APPRECIATION
SOLD DATE AMOUNT 2000 (DEPRECIATION)
--------------------- -------------- ------------ ------------ ------------------
<S> <C> <C> <C> <C>
Japanese Yen 7/03/00 $ 150,775 $ 150,981 $ (206)
--------- --------- -------------
PURCHASED
---------------------
Swedish Krona 7/03/00 $ 124,019 $ 124,300 $ 281
--------- --------- -------------
Net unrealized
appreciation................................................................................. $ 75
=============
</TABLE>
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............................. $ 14
Dividend reclaim receivables..................... (53)
Purchase payables................................ (505)
Sales receivables................................ (859)
Tax expense payables............................. (2)
--------
Net unrealized translation gain (loss)...... $ (1,405)
========
As of June 30, 2000, the Morgan Stanley EAFE Index Portfolio experienced an
unrealized net loss of $248 based on the following foreign currency exchange
contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT JUNE 30, APPRECIATION
PURCHASED DATE AMOUNT 2000 (DEPRECIATION)
--------------------- -------------- ------------ ------------ ------------------
<S> <C> <C> <C> <C>
Australian Dollar 7/03/00 $ 71,235 $ 70,987 $ (248)
Euro Currency 7/03/00 49,538 50,266 728
Euro Currency 7/05/00 184,994 185,301 307
Euro Currency 7/31/00 16,284 16,494 210
Japanese Yen 7/03/00 486,459 484,640 (1,819)
Pound Sterling 7/05/00 176,822 177,396 574
-------- -------- -------------
$985,332 $985,084 $ (248)
======== ======== -------------
Net unrealized
(depreciation)............................................................................... $ (248)
=============
</TABLE>
MSF-128
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (unaudited)
--------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS (Continued)
The Morgan Stanley EAFE Index Portfolio had an unrealized net translation
(loss) on foreign currency receivables and payables as follows:
Net unrealized translation gain (loss):
Dividend receivables.............................. $ 341
Dividend reclaim receivables...................... 473
Dividend payables................................. (4)
Purchase payables................................. (6,281)
Tax expense payables.............................. (35)
-------
Net unrealized translation gain (loss)....... $(5,506)
=======
--------------------------------------------------------------------------------
11. FUTURES CONTRACTS:
The Fund may buy and sell futures contracts (on recognized exchanges) on
equity securities or stock indices as a hedge or to enhance return.
Futures contracts are agreements to buy or sell a security, or deliver a
final cash settlement price in connection with an index, interest rate,
currency, or other contracts not calling for physical delivery, for a set
price in the future. A Portfolio must post an amount equal to a portion of
the total market value of the futures contract as initial margin, which is
returned when a Portfolio's obligations under the contract have been
satisfied. From time to time thereafter, the Portfolio may have to post
variation margin to maintain this amount as the market value of the
contract fluctuates. Risks of entering into futures contracts (and related
options) include the possibility that there may be an illiquid market and
that a change in the value of the contract or option may not correlate with
changes in the value of the underlying securities.
As of June 30, 2000, the MetLife Stock Index Portfolio experienced an
unrealized net loss of $176,088 based on the following futures contracts
outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
NUMBER OF EXPIRATION CONTRACT JUNE 30, APPRECIATION
PURCHASED CONTRACTS DATE AMOUNT 2000 (DEPRECIATION)
--------------------- -------------- ------------ ---------- ------------ ------------------
<S> <C> <C> <C> <C> <C>
S&P 500 Index 45 9/14/00 $16,692,213 $16,516,125 $ (176,088)
----------- ----------- ------------
Net unrealized
appreciation
(depreciation)................................................................................................. $ (176,088)
============
</TABLE>
As of June 30, 2000, the Russell 2000 Index Portfolio experienced an unrealized
net gain of $18,548 based on the following futures contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
NUMBER OF EXPIRATION CONTRACT JUNE 30, APPRECIATION
PURCHASED CONTRACTS DATE AMOUNT 2000 (DEPRECIATION)
--------------------- -------------- ------------ ---------- ------------ ------------------
<S> <C> <C> <C> <C> <C>
Russell 2000 Index 7 9/14/00 $ 1,810,552 $ 1,829,100 $ 18,548
----------- ------------ -------------
Net unrealized
appreciation
(depreciation)................................................................................................. $ 18,548
=============
</TABLE>
MSF-129
<PAGE>
Metropolitan Series Fund, Inc.
--------------------------------------------------------------------------------
DIRECTORS AND OFFICERS
--------------------------------------------------------------------------------
As of February 18, 2000
<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
Dean O. Morton--Director Barbara A. Hume--Vice-President
Michael S. Scott Morton--Director Daphne Thomas-Jones--Vice-President
Linda Strumpf--Director Hugh McHaffie--Vice-President
Arthur G. Typermass--Director Lawrencence A. Vranka--Vice-President
Dianne K. Johnson--Controller
Janet M. Morgan--Treasurer
Danne Bullock-Johnson--Secretary
Patricia S. Worthington--Assistant Secretary
Jeanne L. Manning--Assistant Controller
John A. Malatchi--Assistant Controller
</TABLE>
<PAGE>
In an effort to minimize duplicate mailings to our customers, we are sending one
copy of our Metropolitan Series Fund Annual Report to a customer with more than
one individual life insurance policy or variable annuity contract with the same
address of record. Please note that the portfolio performance information
provided in this report does not include withdrawal or surrender charges or
Separate Account, policy or contract charges (general administrative expenses
and mortality and expense risk charges or cost of insurance charges). For
information regarding performance for your variable annuity contract or variable
life insurance policy, please contact your sales representative. Additional
information regarding MetLife products and services is available by calling
1-800-METLIFE or by visiting our Web site at www.metlife.com.
This report has been prepared for the owners and prospective owners of various
insurance policies and annuity contracts issued by Metropolitan Life Insurance
Company and Metropolitan Tower Life Insurance Company, a wholly-owned subsidiary
of Metropolitan Life, and shareholders of Metropolitan Series Fund, Inc. This
report is not authorized for distribution to prospective purchasers of any of
those policies or contracts unless preceded or accompanied by the current
prospectuses for the appropriate contract or policy and for Metropolitan Series
Fund, Inc., which contain other important information including applicable fees
and charges.
If you want more information,
please contact your sales representative.
--------------------------------------------------------------------------------
MetLife(R) PRSRT STD
U.S. Postage Paid
METLIFE
Metropolitan Life Insurance Company
Johnstown Office, 500 Schoolhouse Road
Johnstown, PA 15904-2914
Address Service Requested
MSFAnnual(0800)
Date of First Use: 8/29/2000 E00084L9T(exp031501)MLIC-LD
<PAGE>
In an effort to minimize duplicate mailings to our customers, we are sending one
copy of our Metropolitan Series Fund Annual Report to a customer with more than
one individual life insurance policy or variable annuity contract with the same
address of record. Please not that the portfolio performance information
provided in this report does not include withdrawal or surrender charges or
Separate Account, policy or contract charges (general administrative expenses
and mortality and expense risk charges or cost of insurance charges). For
information regarding performance for your variable annuity contract or variable
life insurance policy, please contact your sales representative. Additional
information regarding MetLife products and services is available by calling
1-800-METLIFE or by visiting our Web site at www.metlife.com.
This report has been prepared for the owners and prospective owners of
various insurance policies and annuity contracts issued by Metropolitan Life
Insurance Company and Metropolitan Tower Life Insurance Company, a wholly-owned
subsidiary of Metropolitan Life, and shareholders of Metropolitan Series Fund,
Inc. This report is not authorized for distribution to prospective purchasers
of any of those policies or contracts unless preceded or accompanied by the
current prospectuses for the appropriate contract or policy and for
Metropolitan Series Fund, Inc., which contain other important information
including applicable fees and charges.
If you want more information,
please contact your sales representative.
--------------------------------------------------------------------------------
MetLife(R) ______________________
MetLife Customer Service Center
177 South Commons Drive PRSRT STD
Aurora, Illinois 60507 U.S. Postage Paid
METLIFE
Address Services Requested
______________________
MSFAnnualMet(0800) E00084L9T(exp031501)MLIC-LD
Date of First Use 8/29/2000
