<PAGE>
Metropolitan Series Fund, Inc.
Annual Report
December 1999
[GRAPHIC]
FOR USE WITH
MetLife Variable Annuities and MetLife and Metropolitan Tower Life Variable Life
Insurance Contracts
<PAGE>
Metropolitan Series Fund, Inc.
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LETTER FROM THE CHAIRMAN AND PRESIDENT
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FEBRUARY 2000
TO OUR VALUED CLIENT:
We are pleased to present the 1999 Annual Report of the Metropolitan Series
Fund, Inc. (Series Fund). The report begins with an overview of the U.S.
and international economies for the year. Details for each Portfolio,
including a listing of assets, investments, and Portfolio characteristics,
follow.
GLANCING BACK, LOOKING AHEAD
As we step into a new millennium, we find ourselves in a period of intense
growth and possibility. The U.S. economy is still thriving, unemployment
remains low, and people are continuing to invest with their future in mind.
When you purchased your variable product, in addition to looking for
protection, two words that were probably at the front of your mind were
growth and possibility -- growth of your retirement savings and the
possibilities that this growth affords. As you review the performance of
your investments, you may want to think about what these two words mean to
you as we cross the barrier into another century and how the Portfolios in
the Series Fund can continue to meet your needs.
SURPRISES IN THE MARKETS FOR 1999
. Early worries about Y2K problems proved to be unfounded and had little
effect on the markets in general.
. The stocks of small and medium sized companies rebounded from a
lackluster 1998 to slightly outpace stocks of large-sized companies in
1999. This is evident in the 21.26% return of the Russell 2000(R)
Index, a measure of small and medium sized company stocks, compared to
the 21.04% return of the Standard & Poor's 500 Composite Stock Price
(S&P 500) Index.
. The Federal Reserve raised short term interest rates three times in
the latter half of 1999. Even though these moves sent high quality
bond yields higher and their prices lower, they didn't slow the stock
markets. The Lehman Brothers Aggregate Bond Index returned -0.82% in
1999.
. International stocks came back this year with a better than expected
return of 26.96%, as measured by the Morgan Stanley Capital
International (MSCI) EAFE(R) Index. The quick recovery of Pan Asian
markets, the surge of Japanese stock prices, and the stabilization of
Latin American economies helped fuel the performance of this sector.
European stocks also gained momentum in the latter half of the year.
KEEP YOUR EYE ON THE HORIZON
Over the last several years, the financial markets have been fairly
generous -- albeit volatile -- at times. One discipline that can help see
you through the markets' ups and downs is adherence to your long-term
investment strategy. By keeping your financial goals in mind and staying
within your level of acceptable investment risk, you have a good vantage
point from which you can assess your investments and make the appropriate
adjustments when necessary.
Periodically you should review your investments to make sure that your
assets are diversified in line with your investment objectives and risk
tolerance levels. Occasionally you may want to rebalance these assets to
align them with your original asset allocation plan. Many of MetLife's
variable annuity and variable life products have asset allocation services
and automatic rebalancing features, such as the Allocator(SM) and
Rebalancer(SM), that can help you do this. We appreciate your continued
participation in the Series Fund and look forward to serving your future
investment needs.
/s/ David A. Levene /s/ Christopher P. Nicholas
David A. Levene Christopher P. Nicholas
Chairman of the Board and President and Chief
Chief Executive Officer Operating Officer
Metropolitan Series Fund, Inc. Metropolitan Series Fund, Inc.
Please refer to page DIS-1 of this annual report for important information
regarding new subsidization schedules for certain index portfolios of the
Metropolitan Series Fund.
<PAGE>
Metropolitan Series Fund, Inc.
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PERFORMANCE REVIEW FOR 12 MONTHS ENDED DECEMBER 31, 1999
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DOMESTIC, INTERNATIONAL MARKETS SURGE INTO THE NEW MILLENNIUM
Another positive year for the U.S. economy extended America's cycle of
prosperity to nine consecutive years. Moreover, for the fifth straight year the
U.S. stock market delivered 20%+ gains. Economic growth also helped boost
personal income.
However, the thriving economy raised concerns about inflation. Higher energy
costs pushed the Consumer Price Index (CPI) up one full percentage point for the
year, from 1.6% to 2.6%. The Federal Reserve Board responded by raising short-
term interest rates in three 0.25% steps, from 4.75% to 5.5%. However, Americans
continued to spend, which resulted in one of the strongest holiday sales seasons
of the decade. Consumer debt also rose during the year, which reflected an
overall sense of confidence about the future.
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STOCK AND BOND MARKET RETURNS
AS MEASURED BY THE FOLLOWING INDEXES* ENDING DECEMBER 31, 1999
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[CHART]
<TABLE>
<CAPTION>
U.S. STOCKS U.S. SMALL INTERNATIONAL U.S. BONDS
Standard & Poor's 500 CAP STOCKS STOCKS Lehman Brothers
Composite Stock Price Russell 2000(R) MSCI EAFE(R) Aggregate Bond
("S&P 500") Index Index Index Index
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<S> <C> <C> <C> <C>
1 Year
Cumulative Total Return 21.0 27.6 28.5 18.2
3 Years
Annualized Total Return 21.3 13.1 16.7 13.4
5 Years
Annualized Total Return 27.0 15.7 12.8 7.0
10 Years
Annualized Total Return -0.8 5.7 7.7 7.7
</TABLE>
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.
TECHNOLOGY SECTOR DRIVES U.S. STOCK MARKET
Once again, the U.S. stock market gave investors something to cheer about as the
Standard and Poor's 500 Composite Stock Price (S&P 500) Index, a broad measure
of the U.S. stock market, rose 21.04% for the 12-month period. Much of this
growth can be attributed to the technology sector; technology stocks in the S&P
500 gained 74.6% while non-technology stocks eked out a modest 4.5% return. The
technology-heavy Nasdaq gained 85.59% for the year.
Large company growth stocks opened the year with a burst of strength. In April,
investors expressed their caution about an overheating economy by rotating some
of their assets to cyclical industrial sectors. However, that shift was short
lived. Once again, large company growth stocks took over. Large technology
companies staged a stunning fourth quarter rally, and technology stocks,
especially those associated with the Internet and wireless communications,
accounted for a disproportionate share of the market's gains.
Generally, small company growth stocks performed better than large company
growth stocks, as evidenced by the 43.09% return of the Russell 2000 Growth
Index compared to the 21.04% return of the S&P 500. In addition, the disparity
between growth and value stocks continued to widen, with growth stocks holding
the upper hand.
The technology revolution continues to offer new ways for companies to improve
their productivity.
<PAGE>
INTERNATIONAL MARKETS REBOUNDED
Economic growth around the globe was better than expected. This helped foreign
stock markets, especially in the second half of the year. The Morgan Stanley
Capital International (MSCI) EAFE(R) Index rose 26.96% for the 12-month period.
During the last six months of 1999, it gained more than 22%.
In Asia and certain emerging markets, economies have rebounded from last year's
currency woes faster than anticipated. Japan has shown the first signs of real
progress in revitalizing its economy in nearly a decade, thanks to a serious
commitment by the Japanese government to stimulate the economy and efforts by
many companies to restructure in an attempt to strengthen profitability. This
was reflected in strong stock market performance for the year, especially among
small Japanese companies.
European markets delivered generally favorable results, as did the emerging
markets of Latin America.
U.S. BOND MARKET WAS FLAT
The -0.82% return of the Lehman Brothers Aggregate Bond Index reflects the flat
year experienced by the bond market. Fears that issuers would go to the market
with their debt issues drove yields up in the middle of the year and bond prices
down. However, those fears were not realized, and yields came back down in the
second half of the year. Yields decreased partly due to the Federal Reserve
Board raising interest rates three times in the second half of 1999. In this
environment of fluctuating yields and sinking prices, mortgage bonds had better
returns than government and corporate bonds. High-yield bonds finished the year
ahead of other bond sectors, but with modest single-digit returns of 6.47% as
shown by the First Boston High Yield Index. The yield on the 30-year U.S.
Treasury bond stood at 6.47% at year-end compared to 5.10% at the beginning of
the year.
INVESTMENT OUTLOOK
As we enter the year 2000, many markets appear to be poised for growth. However,
there are also areas, such as the technology sector in the U.S., in which
extraordinarily high valuations suggest caution in the months ahead. That being
said, the technology revolution continues to offer new ways for companies to
improve their productivity and for individuals to streamline their lives.
As the U.S. economy closes in on a new record for the longest period of
expansion in the last 100 years, it may become more challenging to keep growth,
inflation, employment, wages, and spending in balance. Continued strong growth
could lead to higher interest rates, which would have a negative impact on both
stocks and bonds. We believe continued moderate growth would offer a more
favorable environment.
Economic growth around the globe was better than expected.
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INTEREST RATES
CAN INFLUENCE STOCK PERFORMANCE
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[CHART]
Treasury Yields S&P 500
1985 9.56 31.73
1986 7.89 18.66
1987 9.20 5.25
1988 9.18 16.61
1989 8.16 31.69
1990 8.44 -3.10
1991 7.30 30.47
1992 7.26 7.62
1993 6.54 10.08
1994 7.99 1.32
1995 6.03 37.58
1996 6.73 22.96
1997 6.02 33.36
1998 5.42 28.58
1999 6.82 21.04
The Federal Reserve periodically adjusts short-term interest rates. Generally,
the Fed raises interest rates to slow a rapidly growing economy and lowers rates
when the economy needs a jump start. Adjustments in short-term interest rates
can often be seen in the yields of long-term government bonds. However, bond
yields and stock prices usually move in opposition to each other: when bond
yields go up, stock prices tend to go down, and vice versa. For example, in
1994, long-term government bond yields increased while the stock markets
performed poorly (as shown by the poor performance of the S&P 500 Index).
However, in 1995 bond yields declined substantially and stock prices soared.
Sources: Long-term government bond yields -- Calculated by MetLife using data
presented in Stocks, Bonds, Bills and Inflation(R) 2000 Yearbook, (C)2000
Ibbotson Associates, Inc. Based on copyrighted works by Ibbotson and
Sinquefield. All rights reserved. Used with permission. Standard & Poor's 500
Composite Stock Price (S&P 500) Index annual return -- Lipper Analytical
Services, Inc.
Commentary for Performance Review provided by State Street Research & Management
Company.
<PAGE>
Metropolitan Series Fund, Inc.
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TABLE OF CONTENTS
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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
Santander International Stock Portfolio .............................. MDA-7
Loomis Sayles High Yield Bond Portfolio .............................. MDA-8
Janus Mid Cap Portfolio .............................................. MDA-9
T. Rowe Price Small Cap Growth Portfolio ............................. MDA-10
Scudder Global Equity Portfolio ...................................... MDA-11
Harris Oakmark Large Cap Value Portfolio ............................. MDA-12
Neuberger Berman Partners Mid Cap Value Portfolio .................... MDA-13
T. Rowe Price Large Cap Growth Portfolio ............................. MDA-14
Lehman Brothers Aggregate Bond Index Portfolio ....................... MDA-15
Morgan Stanley EAFE(R) Index Portfolio ............................... MDA-16
Russell 2000(R) Index Portfolio ...................................... MDA-17
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 DECEMBER 31, 1999
Schedule of Investments:
State Street Research Growth Portfolio ............................... MSF-1
Schedule of Investments:
State Street Research Income Portfolio ............................... MSF-3
Schedule of Investments:
State Street Research Money Market Portfolio ......................... MSF-6
Schedule of Investments:
State Street Research Diversified Portfolio .......................... MSF-7
Schedule of Investments:
State Street Research Aggressive Growth Portfolio .................... MSF-12
Schedule of Investments:
MetLife Stock Index Portfolio ........................................ MSF-14
Schedule of Investments:
Santander International Stock Portfolio .............................. MSF-21
Industry Diversification:
Santander International Stock Portfolio .............................. MSF-23
Schedule of Investments:
Loomis Sayles High Yield Bond Portfolio .............................. MSF-24
Schedule of Investments:
Janus Mid Cap Portfolio .............................................. MSF-29
Schedule of Investments:
T. Rowe Price Small Cap Growth Portfolio ............................. MSF-31
Schedule of Investments:
Scudder Global Equity Portfolio ...................................... MSF-36
Industry Diversification:
Scudder Global Equity Portfolio ...................................... MSF-38
Schedule of Investments:
Harris Oakmark Large Cap Value Portfolio ............................. MSF-39
Schedule of Investments:
Neuberger Berman Partners Mid Cap Value Portfolio .................... MSF-40
Schedule of Investments:
T. Rowe Price Large Cap Growth Portfolio ............................. MSF-42
Schedule of Investments:
Lehman Brothers Aggregate Bond Index Portfolio ....................... MSF-45
Schedule of Investments:
Morgan Stanley EAFE(R) Index Portfolio ............................... MSF-49
Industry Diversification:
Morgan Stanley EAFE(R) Index Portfolio ............................... MSF-59
Schedule of Investments:
Russell 2000(R) Index Portfolio ...................................... MSF-60
Statement of Assets and Liabilities .................................. MSF-78
Statement of Operations .............................................. MSF-82
Statement of Changes in Net Assets ................................... MSF-86
Financial Highlights:
State Street Research Growth Portfolio ............................... MSF-91
State Street Research Income Portfolio ............................... MSF-92
State Street Research Money Market Portfolio ......................... MSF-93
State Street Research Diversified Portfolio .......................... MSF-94
State Street Research Aggressive Growth Portfolio .................... MSF-95
MetLife Stock Index Portfolio ........................................ MSF-96
Santander International Stock Portfolio .............................. MSF-97
Loomis Sayles High Yield Bond Portfolio .............................. MSF-98
Janus Mid Cap Portfolio .............................................. MSF-98
T. Rowe Price Small Cap Growth Portfolio ............................. MSF-99
Scudder Global Equity Portfolio ...................................... MSF-99
Harris Oakmark Large Cap Value Portfolio ............................. MSF-100
Neuberger Berman Partners Mid Cap Value Portfolio .................... MSF-100
T. Rowe Price Large Cap Growth Portfolio ............................. MSF-101
Lehman Brothers Aggregate Bond Index Portfolio ....................... MSF-101
Morgan Stanley EAFE(R) Index Portfolio ............................... MSF-102
Russell 2000(R) Index Portfolio ...................................... MSF-102
Notes to Financial Statements December 31, 1999 ...................... MSF-103
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 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.
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STATE STREET RESEARCH GROWTH PORTFOLIO
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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 equity securities of good quality where the stock price
represents a good value based on considerations such as price to book value and
price to earnings ratios.
NET ASSETS
$3.6 billion
PORTFOLIO MANAGER
John T. Wilson, CFA
PERFORMANCE AT-A-GLANCE
The Portfolio returned 18.47% in 1999. The Portfolio's benchmark, the Standard &
Poor's 500 Composite Stock Price (S&P 500) Index*, returned 21.04% for the year.
The Portfolio's peer group, the Lipper Growth and Income Underlying Funds
Average, gained 14.64% over the same period. The Portfolio's performance was due
to weaker performance of stocks outside of the technology sector.
PORTFOLIO ACTIVITY
Technology stocks drove the performance of the U.S. stock market during the year
and accounted for a majority of the gains for the Portfolio. As new wireless
technologies were adopted at a rapid pace and spending on Internet-related
technology rose, technology stocks led the market with their gains. The
Portfolio benefited from this development, as its technology investments, such
as Cisco Systems, performed strongly.
Investments in media and advertising companies also generated attractive gains,
reflecting the continued robust growth of the U.S. economy. However, the
Portfolio's investments in other sectors, such as insurance, were less
attractive during the year. Rising interest rates were not helpful to the stocks
of financial services companies, which did not perform as well as technology
stocks.
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PORTFOLIO COMPOSITION
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Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
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General Electric Co. ........................................... 3.74%
CBS Corp. ...................................................... 3.36%
Citigroup Inc. ................................................. 3.24%
Microsoft Corp. ................................................ 3.21%
Cisco Systems, Inc. ............................................ 2.80%
MCI Worldcom, Inc. ............................................. 2.62%
Colgate Palmolive Co. .......................................... 2.40%
Teradyne, Inc. ................................................. 2.29%
Chase Manhattan Corp. .......................................... 2.28%
Intel Corp. .................................................... 2.22%
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
As the U.S. economy undergoes rapid, dynamic change, the Portfolio Manager's
goal will be to capitalize on new, exciting areas of the market such as wireless
communications, information and Internet-related technology, and biotechnology.
However, the quality of Portfolio holdings also remains important, and the
Portfolio Manager will continue to focus on companies with strong franchises
that are leaders in their respective markets.
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AVERAGE ANNUAL TOTAL RETURNS
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as of December 31, 1999
[CHART]
1 Year 18.47%
3 Years 24.92%
5 Years 25.96%
10 Years 16.90%
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 (S&P 500) 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.
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STATE STREET RESEARCH INCOME PORTFOLIO
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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
$477.9 million
AVERAGE BOND QUALITY
AA+
PORTFOLIO MANAGER
John H. Kallis
PERFORMANCE AT-A-GLANCE
The Portfolio returned -2.28% for 1999. Over the same period, the Portfolio's
benchmark, the Merrill Lynch Government Master Index*, returned -2.11%, and the
Portfolio's peer group, the Lipper Corporate Bond A-Rated Underlying Funds
Average, returned -1.96%.
PORTFOLIO ACTIVITY
The Portfolio's negative performance resulted from the overall rise in interest
rates during the period. Generally, bond prices rise when interest rates fall
and vice-versa.
The year 1999 was a difficult one for the U.S. bond markets as the Federal
Reserve raised short-term interest rates three times during the second half of
the year. During the first half of the year, the Portfolio Manager's decision
had been to lengthen duration, which hurt performance as interest rates rose.
Duration is a measure of the Portfolio's sensitivity to changing interest rates;
generally, a longer duration increases the Portfolio's price sensitivity to
changing interest rates.
In the second half of the year, the Portfolio Manager concentrated investments
in corporate bonds and asset-backed and mortgage-backed securities, which helped
lift performance. Investments in high-yield and non-dollar bonds also added
value as both segments delivered positive returns for the year.
PORTFOLIO OUTLOOK
In light of continued interest rate uncertainty and a strong economy, the
Portfolio Manager will continue to add to the Portfolio's investment in
high-yield bonds to target higher returns. If interest rates continue to move
higher, most segments of the bond market would suffer. But if higher rates also
slow the advance of the stock market, higher yields would make bonds more
competitive with other financial assets.
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AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31,1999
[CHART]
1 Year -2.28%
3 Years 5.49%
5 Years 7.78%
10 Years 9.69%
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 Government Master Index is an unmanaged measure of bond
market performance. Direct investment in the index is not possible.
MDA-2
<PAGE>
Metropolitan Series Fund, Inc.
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STATE STREET RESEARCH MONEY MARKET PORTFOLIO
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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
5/1/90
ASSET CLASS
Cash/Cash Equivalent
UNDERLYING INVESTMENTS
Invests primarily in short-term money market instruments with minimal credit
risk. Instruments in this Portfolio are neither insured nor guaranteed by the
United States government.
NET ASSETS
$51.5 million
PORTFOLIO MANAGER
Dyann H. Kiessling
PERFORMANCE AT-A-GLANCE
The Portfolio returned 4.89% for 1999. The Portfolio's peer group, the Lipper
Money Market Instrument Underlying Funds Average, returned 4.75% over the same
period. Rising interest rates boosted money market yields and helped account for
the Portfolio's higher returns in 1999.
PORTFOLIO ACTIVITY
Rising inflation and a robust U.S. economy prompted the Federal Reserve to raise
short-term interest rates three times (in 0.25% increments) in the second half
of the year. These shifts left the Fed funds rate at 5.5% at year-end. Higher
rates and increasing market volatility also helped boost the industry-wide
growth of money market fund assets in 1999. Total money market fund assets
invested in the United States rose 17.2% to $1.581 trillion.
The Portfolio Manager shortened the Portfolio's maturity to take advantage of
Y2K-induced monetary pressure and the Federal Reserve's announced bias toward
raising interest rates to help fend off inflation. At the end of December, the
Portfolio's average maturity was 36 days compared to its 1999 average maturity
range of 40-55 days.
PORTFOLIO OUTLOOK
In seeking a high level of current income consistent with preservation of
capital and maintenance of liquidity, the Portfolio Manager will continue to
invest only in high-quality, first-tier money market instruments. These include
U.S. commercial paper and U.S. and Canadian bank paper as well.
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.
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AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31,1999
[CHART]
1 Year 4.89%
3 Years 5.11%
5 Years 5.18%
10 Years 5.06%
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.
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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 8.71% for 1999. The Standard & Poor's 500 Composite Stock
Price (S&P 500) Index* and Lehman Brothers Government Corporate Bond Index**
returned 21.04% and -2.15% for the year, respectively. The Portfolio's peer
group, the Lipper Income Underlying Funds Average, returned 4.67% for the same
period.
PORTFOLIO ACTIVITY
The Portfolio's performance was the result of a strong U.S. stock market and a
weak U.S. bond market. Technology stocks drove the performance of the U.S. stock
market during the year, and the Portfolio was well represented in some of the
sector's strongest performers. Investments in media and advertising companies
also generated attractive gains. However, the Portfolio's investments in
financial companies, which suffered from rising interest rates, were a drag on
performance.
The duration of the Portfolio's bond holdings in the first half of the year were
relatively long, while interest rates on long Treasuries were rising. Although
we began shortening the duration of the bonds, performance was hurt. (A longer
duration makes the Portfolio more sensitive to rising interest rates.) However,
a shift of emphasis to mortgage, asset-backed and high-yield bonds in the second
half of 1999 helped offset some of the Portfolio's earlier losses and brought
the Portfolio's bond performance back in line with its peers for the year.
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PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
General Electric Co. ................................................ 2.13%
CBS Corp. ........................................................... 1.91%
Citigroup Inc. ...................................................... 1.83%
Microsoft Corp. ..................................................... 1.82%
Cisco Systems, Inc. ................................................. 1.58%
MCI Worldcom, Inc. .................................................. 1.48%
Colgate Palmolive Co. ............................................... 1.39%
Chase Manhattan Corp. ............................................... 1.30%
Teradyne, Inc. ...................................................... 1.29%
Intel Corp. ......................................................... 1.26%
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 seeks to capitalize on new, exciting areas of the stock
market such as wireless communications, information and Internet-related
technology, and biotechnology by boosting holdings in these sectors. The
Portfolio Manager will also continue to add to the Portfolio's investments in
high-yield bonds to target higher returns.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31, 1999
1 Year 8.71%
3 Years 16.18%
5 Years 17.94%
10 Years 13.05%
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 (S&P 500) 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 common stocks (and equity and debt securities convertible
into or carrying the right to acquire common stocks) of emerging growth
companies, undervalued securities or special situations.
NET ASSETS
$1.6 billion
PORTFOLIO MANAGER
Catherine Dudley, CFA
PERFORMANCE AT-A-GLANCE
For 1999 the Portfolio returned 33.24%. Over the same period its benchmark, the
Russell Mid Cap Growth Index*, returned 51.29% and its peer group, the Lipper
Capital Appreciation Underlying Funds Average, returned 40.06%. The Portfolio's
underperformance can be attributed to disappointing performance in sectors such
as retail and capital goods in addition to restructuring of the Portfolio by the
new Portfolio Manager.
PORTFOLIO ACTIVITY
An increasing emphasis on technology helped boost Portfolio performance in the
second half of the year as investors flocked to companies associated with the
Internet and wireless communications. Technology stock performance was
especially strong in the fourth quarter.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
Young & Rubicam Inc. ................................................ 2.28%
Harley Davidson, Inc. ............................................... 2.12%
Circuit City Stores, Inc. ........................................... 2.07%
Fiserv, Inc. ........................................................ 1.95%
USA Networks, Inc. .................................................. 1.91%
Maxim Integrated Products, Inc. ..................................... 1.88%
KLA Tencor Corp. .................................................... 1.87%
Infinity Broadcasting Corp. ......................................... 1.84%
Celestica Inc. ...................................................... 1.72%
Concord EFS, Inc. ................................................... 1.59%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these securities or industries.
We increased our exposure to technology to about 35% of total assets.
Investments in contract manufacturers and semiconductor and communications
equipment manufacturers were among the Portfolio's best performers.
Capital goods and retail stocks were disappointing as the market's preference
for technology left most other sectors behind. Investments in energy and
media/entertainment generated positive results but lagged the market. A shift of
industry positions and a higher cash position -- both a result of the new
Portfolio Manager's restructuring effort-- also subdued performance.
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. Moving forward, as part of restructuring the Portfolio, the
Portfolio Manager plans to cut back on total number of holdings and reduce the
average market capitalization to the $1 to $10 billion range from its past
average market capitalization, which was in the greater than $10 billion range.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31, 1999
[CHART]
1 Year 33.24%
3 Years 17.34%
5 Years 17.65%
10 Years 16.14%
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 Mid Cap 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
$4.2 billion
PORTFOLIO MANAGEMENT
MetLife Investment Department
PERFORMANCE AT-A-GLANCE
The total return for the Portfolio for 1999 was 20.79%. The Standard & Poor's
500 Composite Stock Price (S&P 500) Index*, which the Portfolio is designed to
track, returned 21.04%.
PORTFOLIO ACTIVITY
The Portfolio is managed by using a full replication strategy of the S&P 500 and
normally owns all of the stocks in the Index. Transaction costs have a small
negative impact on the Portfolio's return.
The technology sector accounted for the majority of gains in the fourth quarter
and for the year. Technology stocks now represent about 30% of the total market
capitalization of the Index, compared with less than 20% at the beginning of the
year and less than 10% ten years ago. The worst performing industries for the
full year were consumer nondurables, health care, utilities, consumer cyclicals,
aerospace and transportation. All of those industries had negative performance
for the year.
For the year, growth stocks performed better than value stocks, with the
technology sector contributing to the superior performance of growth stocks.
Based upon the S&P/BARRA division of the Index between growth and value
categories, growth stocks now comprise 53.4% of the total market capitalization
of the Index, or 106 companies. The remaining 394 companies are considered value
stocks. S&P/BARRA defines value stocks as those companies with the lowest
price-to-book ratios. For the fourth quarter, three stocks (Microsoft, Cisco and
GE) accounted for nearly 25% of the Index's gain. For the full year, those three
stocks, along with Wal-Mart Stores, Oracle and Nortel Networks combined,
accounted for nearly 50% of the Index's gain.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
Microsoft Corp. ...................................................... 4.89%
General Electric Co. ................................................. 4.13%
Cisco Systems Inc. ................................................... 2.85%
Wal-Mart Stores, Inc. ................................................ 2.50%
Exxon Mobil Corp. .................................................... 2.26%
Intel Corp. .......................................................... 2.23%
Lucent Technologies Inc. ............................................. 1.90%
International Business Machines ...................................... 1.58%
Citigroup Inc. ....................................................... 1.52%
America Online Inc. .................................................. 1.37%
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
Portfolio Management believes factors that could influence stock prices in the
coming year include interest rate changes and further developments in
technology. Given the representation of the technology sector in the Index, the
outlook for that sector will play an important role in the overall performance
of the Index.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31, 1999
[CHART]
1 Year 20.79%
3 Years 26.98%
5 Years 28.01%
10 Years N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* 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.
- --------------------------------------------------------------------------------
SANTANDER 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
$317.8 million
PORTFOLIO MANAGER*
Christopher Goudie
- --------------------------------------------------------------------------------
DIVERSIFICATION
BY COUNTRY AND
REGION
- --------------------------------------------------------------------------------
as of December 31, 1999 Based on Market Value of Investments****
Japan ............................................................... 28.5%
United Kingdom ...................................................... 12.6%
France .............................................................. 10.7%
Germany ............................................................. 9.2%
Other Europe ........................................................ 8.2%
Netherlands ......................................................... 8.0%
Singapore ........................................................... 5.2%
Switzerland ......................................................... 5.2%
Australia ........................................................... 5.0%
Other Asia/Pacific Basin ............................................ 4.3%
Sweden .............................................................. 1.7%
Italy ............................................................... 1.4%
PERFORMANCE AT-A-GLANCE
For 1999, the Portfolio returned 16.44% while its benchmark, the Morgan Stanley
Capital International (MSCI) EAFE(R) Index**, returned 26.96%. The Portfolio's
performance can be partially attributed to its underweighted position in the
technology sector.
PORTFOLIO ACTIVITY
The Portfolio outperformed its benchmark in the first and second quarters of
1999, mostly due to the resurgence of Japanese markets. However, during the
second half of the year, the Portfolio's Japanese stocks cooled and the
performance of international markets narrowed --meaning that only a few stocks
rallied, but those that did did so extraordinarily.
On a country-by-country basis, early in 1999 the Portfolio increased its
exposure to the core markets in Europe, primarily France. In Asia, exposure to
Australia and Singapore markets was increased; these decisions added value to
the Portfolio. In Japan the Portfolio retained its exposure to the export
sector, which benefited from a rebound in regional growth.
The Portfolio Manager decided in mid-year to add exposure to the emerging Asian
markets. These economies and markets were undergoing a strong recovery from the
extreme declines of the previous year. Although the Philippine economy continued
to improve, the country's equity market did not keep pace with other emerging
markets, and this detracted from the Portfolio's performance.
During the third and fourth quarters, a considerable amount of mergers and
acquisitions occurred in the telecommunications sector. This activity pushed
valuations beyond what the Portfolio Manager believed was justifiable. The
Portfolio's underweighted position in the telecommunications sector contributed
to the Portfolio underperforming the MSCI EAFE(R) Index during the last six
months of 1999.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999****
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
Nokia (AB) OY ....................................................... 3.75%
Telefonica SA ....................................................... 2.51%
Philips Electronics (Koninklijke) ................................... 2.04%
Murata Mfg .......................................................... 2.00%
Richemont AG (Compagnie Financiere) ................................. 1.81%
British Telecom ..................................................... 1.72%
Electrolux .......................................................... 1.67%
Broken Hill Property ................................................ 1.65%
Matsushita Electronic Industrial .................................... 1.62%
UTD O/S BANK ........................................................ 1.62%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
PORTFOLIO OUTLOOK***
On January 24, 2000, Putnam assumed management of the Portfolio. Since that
date, significant changes have occurred in Portfolio composition. Putnam
believes telecommunications and technology stocks, with their strong
fundamentals, will continue to dominate the market. As the Japanese economy
continues to undergo fundamental change, new opportunities in growing industries
such as telecommunications and information technology may present themselves.
Putnam foresees many investment opportunities in Europe as the pace of mergers
and acquisitions continues to build. Despite rapid growth in 1999, the relative
valuations of emerging-markets equities remain very attractive despite concerns
about U.S. interest rates and local political concerns.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31, 1999
[CHART]
1 Year 16.44%
3 Years 11.70%
5 Years 6.66%
10 Years N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* As of January 24, 2000, this Portfolio's name was changed to the Putnam
International Stock Portfolio to reflect the name of its new investment
sub-manager. The new Portfolio Manager is Omid Kamshad.
** 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.
*** Outlook reflects the view of Putnam.
**** Since Putnam took over the management of the Portfolio, significant changes
have occurred.
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:
$61.7 million
AVERAGE BOND QUALITY:
B1
PORTFOLIO MANAGERS
Daniel J. Fuss, CFA, CIC
Kathleen C. Gaffney, CFA
PERFORMANCE AT-A-GLANCE
For 1999, the Portfolio returned 17.82%, measurably outperforming the 1.57%
return of its benchmark, the Merrill Lynch High Yield Bond Index*. The
Portfolio's peer group, the Lipper High Yield Underlying Funds Average, returned
3.81% over the same period. The Portfolio's outstanding performance compared to
its benchmark can be attributed to the surge of emerging markets and convertible
securities.
PORTFOLIO ACTIVITY
The broader bond market did not fare too well through 1999, as it turned in the
worst returns since 1994. In the trailing 12-month period, the broader bond
market faced fluctuations in interest rates, concerns over Y2K, and the threat
of inflation. In addition to these bond woes, the equity markets could make few
mistakes, as investors buoyed up the Dow Jones and NASDAQ Indices to
record-setting levels.
In an effort to contain the burgeoning economy and inflation concerns, the
Federal Reserve shifted to a tightening agenda by imposing three 0.25% interest
rate increases during 1999. With corporate yield spreads narrowing compared to
U.S. Treasury yields, investors moved away from 1998's year ending flight to
quality and turned towards more market related issues.
A lack of secondary markets deterred some rewards for the year, but allowed for
some fundamentally good buying opportunities, and permitted high yield, emerging
market and convertible bonds to offer generous returns. In contrast,
investment-grade corporate bonds and Treasuries posted negative returns for much
of the second half of the year and, ultimately, for the entire year.
Buying "Yankee" bonds, or foreign-issued bonds denominated in U.S. dollars,
proved to be beneficial to the Portfolio as emerging markets rallied throughout
the period, and rebounded in the wake of the Asian financial crisis and Latin
American political instability. With the stock market continuing to outdistance
the broader bond market, the crossover into convertible issues proved to be
beneficial for the Portfolio, as convertible securities remained strong
throughout the year.
PORTFOLIO OUTLOOK
The Portfolio is constructed for the current market environment with good yield
advantage, call protection and diversification of credit risk. At the moment,
there is ample liquidity to allow the economies and markets to expand and do
well. The Portfolio Manager is optimistic in respect to investor confidence and
global economic growth throughout the coming year.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31, 1999
[CHART]
1 Year 17.82%
3 Years N/A
5 Years N/A
10 Years N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* 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
$1.9 billion
PORTFOLIO MANAGER
James P. Goff, CFA
PERFORMANCE AT-A-GLANCE
For 1999, the Portfolio returned 122.92%, outperforming its benchmark, the
Standard & Poor's MidCap 400 Index*, which returned 14.72%. The Portfolio's peer
group, the Lipper MidCap Underlying Funds Average, returned 43.99% over the same
period. The Portfolio's performance can be attributed to a strong showing in
many sectors, particularly in technology and telecommunications.
PORTFOLIO ACTIVITY
The Portfolio enjoyed broad-based gains across many of its holdings,
particularly those in the technology, wireless service and telecommunications
infrastructure sectors. Positions in technological "enablers," or companies
whose products or services support the Internet's new business models, were
among the Portfolio's clear standouts. For example, VeriSign, a company that
enables secure browser-to-server transactions over the Internet, posted
exceptional results after announcing two strategic acquisitions.
During the third quarter, we added several wireless service providers, including
OmniPoint, Western Wireless, and VoiceStream Wireless. These stocks appreciated
quickly from their purchase prices and provided the Portfolio with an additional
tailwind during the fourth quarter. Their rise followed a wave in which
investors began to recognize that wireless data services will deliver robust
growth in the coming years.
Positions in SDL, Inc. and E-Tek Dynamics also contributed positively to the
Portfolio results. Both companies are at the forefront of photonics technology,
which increases the capacity of existing fiber optic systems. Telecommunications
companies are scrambling to broaden the capacity of their networks as Internet
traffic continues to increase, and this generates significant demand for these
companies' products.
Although the Portfolio's position in Apollo Group, which operates the University
of Phoenix, came under pressure, the Portfolio Manager remains confident in
Apollo's strong long-term growth potential.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
SDL Inc. ............................................................. 4.02%
VeriSign, Inc. ....................................................... 3.87%
Paychex, Inc. ........................................................ 3.51%
Exodus Communications, Inc. .......................................... 3.29%
McLeodUSA, Inc. ...................................................... 3.27%
Metromedia Fiber Network, Inc. ....................................... 3.17%
Western Wireless Corp. ............................................... 2.95%
Vitesse Semiconductor Corp. .......................................... 2.92%
Doubleclick Inc. ..................................................... 2.89%
Crown Castle International Corp. ..................................... 2.78%
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
Looking ahead, continued strength in the U.S. economy raises the possibility for
additional short-term interest rate hikes by the Federal Reserve, which could
possibly hurt stock prices. However, the Portfolio Manager remains steadfastly
focused on uncovering dynamic companies with extraordinary growth potential. The
Portfolio Manager is confident that the Portfolio's "all-weather" companies can
grow the bottom line in any financial climate. However, the Portfolio Manager
cautions that this year's outstanding performance may not be achieved in the
future.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31,1999
[CHART]
1 Year 122.92%
3 Years N/A
5 Years N/A
10 Years N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* 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
$269.5 million
PORTFOLIO MANAGER
Richard T. Whitney, CFA
PERFORMANCE AT-A-GLANCE
The Portfolio returned 27.99% during 1999. The Portfolio lagged behind the
performance of its benchmark, the Russell 2000 Growth Index*, which returned
43.09% for 1999. The Lipper Small Cap Underlying Funds Average was 38.29% during
the same period. The Portfolio's performance is attributed to poor returns on
holdings in the health care and business services sectors.
PORTFOLIO ACTIVITY
While the Portfolio's overall investment strategy remained more conservative
than many small cap growth funds, the Portfolio Manager did raise the target
growth rate for stock selection purposes. As a result, almost 50% of the
Portfolio was invested in technology, computer software and services, and
telecommunications by year end. Top performers within these areas included
Qlogic (computer connectivity), Proxim (wireless networking), and Emmis
Communications (radio and TV broadcaster).
As exposure to technology and telecommunications sectors was increased,
allocations in miscellaneous business services, media and communications, and
health care services were trimmed. Generally, stocks in the retail, health care,
and business services industries had below average returns. Among the holdings
that hurt results were Consolidated Graphics, a consolidator in the commercial
printing business that missed earnings estimates; Omnicare and Medquist in the
hospital sector; and Network Associates, which fell victim to aggressive
accounting and poor inventory management.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
Emmis Broadcasting .................................................. 1.07%
RSA Security Inc. ................................................... 1.06%
Proxim, Inc. ........................................................ 1.06%
QRS Corp. ........................................................... 0.98%
Liberate Technologies ............................................... 0.95%
QLogic Corp. ........................................................ 0.90%
Uninternetworking ................................................... 0.85%
Peregrine Systems, Inc. ............................................. 0.81%
Cox Radio, Inc. ..................................................... 0.79%
Novellus Systems, Inc. .............................................. 0.78%
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 past year produced the largest spread between growth and value stocks on
record; the Portfolio Manager does not expect this to continue. There were many
signs of speculative excess in 1999, particularly the emergence of
risk-insensitive investors and a large number of initial public offerings. The
Portfolio Manager expects that stock returns and company fundamentals, such as
earnings, will again become closely linked and that valuations will matter.
Valuations in the small cap growth market vary widely, but overall the sector is
still at the low end of its historical valuation range.
The Portfolio Manager believes that market leadership will broaden this year to
include areas left behind in 1999. The Portfolio's diversified approach should
enable investors to take advantage of this shift in addition to providing some
downside protection.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31,1999
[CHART]
1 Year 27.99%
3 Years N/A
5 Years N/A
10 Years N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* 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
$171.7 million
PORTFOLIO MANAGERS
William E. Holzer
Diego Espinoza
Nicholas Bratt
PERFORMANCE AT-A-GLANCE
For 1999, the Portfolio returned 25.17%. The Portfolio's benchmark, the Morgan
Stanley Capital International (MSCI) All Country World Index*, returned 27.31%
over the same period. The Portfolio's peer group, the Lipper Global Underlying
Funds Average, returned 43.84%.
PORTFOLIO ACTIVITY
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 1999 performance can be broadly characterized by the
Portfolio's company themes.
Empowered Consumer companies (which provide new electronic infrastructure and
electronic markets to facilitate the purchase of goods and services) performed
extremely well on a sharp rise in technology shares. Ultimate Subcontractor
companies (the world's cheapest producers that are able to retain their wealth)
modestly underperformed as these Portfolio holdings produced mixed results.
Secure Streams of Income companies (which provide stable income in deregulated
environments) endured a tough year as the Portfolio Manager made an incorrect
read on the Portfolio's defensive investments. The Portfolio's exposure to
Darkside Restructuring companies (previously regulated economies or industries
that are restructuring with a focus on shareholder value) remained constant
throughout the fourth quarter.
Technology stocks were mostly responsible for driving both U.S. and
international markets higher towards the end of the year, with the rally
broadening to include mid-cap companies, especially in Europe. Many emerging
markets holdings had an outstanding year. Latin America stocks were the stars of
the fourth quarter as attention focused on the Mexican economy benefiting from
U.S. prosperity and on the progressing economic recovery of Brazil.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
Sony Corp. .......................................................... 2.59%
Oracle Corp. ........................................................ 1.85%
NTT Mobile Communications ........................................... 1.77%
Sharp Corp. Osaka ................................................... 1.74%
Sun Micro Systems Inc. .............................................. 1.68%
Immunex ............................................................. 1.60%
Rio Tinto-Zinc Corp. ................................................ 1.56%
AT&T Corp - Liberty Media Group ..................................... 1.51%
Canal Plus .......................................................... 1.47%
BCE Inc. ............................................................ 1.41%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
PORTFOLIO OUTLOOK
The Portfolio's strategy concept -- that the world is one global economy and the
best ideas know no national boundaries -- hindered the Portfolio Manager's
ability to generate significant benchmark-beating returns this year; however, it
also enabled the Portfolio Manager to reduce portfolio risk. The Portfolio
Manager remains confident in the strategy as market risk intensifies.
In anticipation of greater market volatility, the Portfolio Manager will
concentrate on trimming Portfolio exposure to expensive technology stocks
(Empowered Consumer companies) and consolidating holdings in Secure Streams of
Income companies. Investments in Ultimate Subcontractor companies will be
maintained, as they should prove to be durable in turbulent markets.
- --------------------------------------------------------------------------------
DIVERSIFICATION BY COUNTRY AND REGION
- --------------------------------------------------------------------------------
as of December 31, 1999
Based on Market Value of Investments
United States .................................................... 30.1%
Japan ............................................................ 20.7%
United Kingdom ................................................... 15.5%
Germany .......................................................... 10.0%
France ........................................................... 5.4%
Switzerland ...................................................... 4.3%
Canada ........................................................... 4.2%
Australia ........................................................ 3.0%
Other Asia/Pacific Basin ......................................... 2.1%
Other Europe ..................................................... 2.1%
South Africa ..................................................... 1.6%
Brazil ........................................................... 1.0%
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 1999
- --------------------------------------------------------------------------------
[CHART]
1 Year 25.17%
3 Years N/A
5 Years N/A
10 Years N/A
The chart on the left does not include withdrawal or surrender charges or
Separate Account expenses (general administrative expenses and mortality and
expense risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
* 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.
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
$38.3 million
PORTFOLIO MANAGERS
Robert J. Sanborn, CFA
Edward Loeb, CFA
PERFORMANCE AT-A-GLANCE
The Portfolio returned -6.89% for 1999. The Portfolio's benchmark, the Russell
1000 Value Index*, returned +7.35% for the same period. The Portfolio's peer
group, the Lipper Growth Underlying Funds Average, returned 31.47%. Portfolio
underperformance can be attributed to a lack of holdings in technology stocks.
PORTFOLIO ACTIVITY
Despite some indications in mid-1999 that value oriented portfolios would begin
to regain some of the ground lost over the past few years, by year end the
market reconfirmed its emphasis on larger growth stocks, particularly those in
the technology sector. In fact, the lack of technology stocks in the Portfolio
explains a great deal of the underperformance: technology stocks constitute 10%
of the Russell 1000 Value Index while the Harris Oakmark Large Cap Value
Portfolio has minimal exposure to these stocks. The Portfolio Manager is not
averse to owning technology stocks per se; however, few technology stocks have
been found that meet the Portfolio's strict valuation requirements.
The Portfolio also experienced some fundamental disappointments in three stocks:
Philip Morris, Lock-heed Martin and Mattel. The Portfolio Manager believes in
each case that the subsequent stock price decline for these companies was
greater than warranted. Analysis shows each stock to be extremely attractive at
current levels, and the Portfolio Manager has high expectations for these
companies in the coming months.
There was some good news. The Portfolio exited its winning position in
Columbia/HCA when that stock achieved its sell target, and four other holdings
(Geon, Stanley Works, Black & Decker and First Data) each rose by more than 12%
during the fourth quarter. The Portfolio Manager is encouraged by the
fundamental progress of these and other companies in the Portfolio.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
Dun & Bradstreet .................................................... 6.00%
Black & Decker ...................................................... 5.65%
Nike Inc. ........................................................... 5.42%
H&R Block ........................................................... 5.04%
Philip Morris ....................................................... 4.86%
Washington Mutual ................................................... 4.84%
Knight Ridder ....................................................... 4.81%
Eaton Corp. ......................................................... 4.73%
Fortune Brands ...................................................... 4.65%
Mattel Inc. ......................................................... 4.60%
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
Looking forward, the Portfolio Manager cannot help but see higher risks in
certain sectors of the market but also more opportunities in stocks where the
underlying business is understandable, profitable, and growing. Although the
performance gap between growth and value has persisted for an unusually long
time, with growth stocks outperforming value stocks, history shows that patient
value investors are often well rewarded.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31, 1999
[CHART]
1 Year -6.89%
3 Years N/A
5 Years N/A
10 Years N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* 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
$38.7 million
PORTFOLIO MANAGERS
Robert Gendelman
S. Basu Mullick
PERFORMANCE AT-A-GLANCE
The Portfolio posted a 17.63% return for 1999, significantly higher than its
benchmark, the S&P/BARRA MidCap 400 Value Index*, which returned 2.32%. The
Portfolio's peer group, the Lipper MidCap Underlying Funds Average, returned
43.99% over the same period. The Portfolio's performance was largely the result
of successful security selection and sector allocation strategies.
PORTFOLIO ACTIVITY
Stronger than expected economic growth and higher interest rates held back the
performance of mid-cap stocks for much of 1999, particularly mid-cap value
stocks. Until the fourth quarter, only a handful of growth-oriented technology
and telecommunications stocks were responsible for raising market averages such
as the Dow Industrial and NASDAQ Indices. In the fourth quarter, a more
broad-based stock rally began to emerge; however, value-oriented stocks tended
not to join in this rise.
In this environment, the Portfolio's performance was driven primarily by
investments in communications services (4.1% of equity market value as of
December 31) and technology (20.1% of equity market value). Individual holdings
such as satellite television provider GM Hughes and Computer Aided Design (CAD)
software manufacturer. Parametric Technology rallied strongly after encountering
temporary setbacks in 1998. Portfolio holdings Global Crossing and Comdisco also
recovered from previous problems and posted favorable returns.
On the other hand, performance was hurt by declines in financial stocks (13.3%
of equity market value). Higher interest rates punished the stocks of
fundamentally sound companies such as Countrywide Credit and the Williams
Companies.
Toward the end of the year, the Portfolio Co-Managers began to reposition the
Portfolio for the year 2000 and beyond. They reduced exposure to highly valued
technology stocks and re-deployed those assets to more economically sensitive
stocks in areas such as energy and the basic materials sector.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
Comdisco, Inc. ...................................................... 3.04%
Cadences Design Systems, Inc. ....................................... 2.62%
Parametric Technology Corp .......................................... 2.51%
General Dynamics Corp. .............................................. 2.13%
Lear Corp ........................................................... 2.03%
Ceridian Corp. ...................................................... 2.01%
Global Crossing Ltd. ................................................ 1.95%
Maytag Corp. ........................................................ 1.91%
General Motors Corp. ................................................ 1.88%
Praxair, Inc. ....................................................... 1.88%
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
Looking forward, the Portfolio Co-Managers believe that the global economy's
persistent strength may translate into higher earnings for economically
sensitive companies, especially in industries such as paper and chemical
manufacturing. Yet, the Portfolio Co-Managers remain cautious regarding the
broader U.S. stock market, with concerns that potentially higher interest rates
and deteriorating credit quality could offset the positive effects of a strong
economy.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31,1999
[CHART]
1 Year 17.63%
3 Years N/A
5 Years N/A
10 Years N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The S&P/BARRA MidCap 400 Value Index is an unmanaged measure of stocks in the
Standard & Poor's MidCap 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
$51.4 million
PORTFOLIO MANAGER
Robert W. Smith
PERFORMANCE AT-A-GLANCE
The Portfolio returned 22.23% for the year. The Portfolio's performance was in
line with its benchmark, the 80% Standard & Poor's 500 Composite Stock Price
(S&P 500) Index* / 20% Morgan Stanley Capital International (MSCI) EAFE(R)
Index**, which returned 22.22% in 1999. The Lipper Underlying Growth & Income
Underlying Funds Average was 14.64% during the same period.
PORTFOLIO ACTIVITY
Virtually all of the Portfolio's performance in 1999 can be attributed to its
technology holdings. The Portfolio entered the year underweighted in this
sector, and this restrained performance early in the year. Subsequently, a more
aggressive approach toward technology stocks was taken, and lost ground was
regained. However, the Portfolio Manager did not consider it prudent to focus
too heavily on technology shares with skyrocketing valuations in order to keep
up with other funds in the Lipper Growth Funds peer group that were taking on
additional market risk by holding these shares.
The Portfolio was initially positioned for a projected slowdown in 1999 that
never materialized. As it became apparent that strong economic growth would
continue, the Portfolio Manager aggressively added technology holdings during
the second quarter. This turned out to be a fortunate decision, as almost every
one of the Portfolio's 20 best-performing stocks were in this sector. America
Online, Cisco Systems, Microsoft, Maxim Integrated Products, and Nextel all made
positive contributions. In other areas, the Portfolio benefited from large
positions in Citigroup, General Electric, and Wal-Mart.
Most sales were made with the intention of reducing exposure to the consumer
nondurable, bank, and insurance sectors.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
Microsoft Corp. .................................................... 3.45%
Citigroup, Inc. .................................................... 2.45%
Freddie Mac ........................................................ 2.41%
General Electric Co. ............................................... 2.26%
Tyco International Ltd. ............................................ 2.21%
Cisco Systems, Inc. ................................................ 1.96%
Wal-Mart Stores, Inc. .............................................. 1.71%
MCI WorldCom, Inc. ................................................. 1.52%
Home Depot, Inc. ................................................... 1.42%
Dell Computer Corp. ................................................ 1.38%
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
Looking ahead to 2000 and beyond, the Portfolio Manager is comfortable with the
current stock and sector weightings. Technology spending is expected to remain
strong, but as the year progresses, the U.S. economy may cool off a bit. Then
traditional businesses would be permitted to compete more effectively with new
Internet firms.
The Portfolio Manager does not believe the speculative exuberance over the
Internet can continue indefinitely. Any slackening in this area should help the
Portfolio relative to more aggressive funds as the risks associated with
high-flying stocks having scant earnings become more apparent.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31, 1999
[CHART]
1 Year 22.23%
3 Years N/A
5 Years N/A
10 Years N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* The 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.
** 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 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
$129.3 million
AVERAGE BOND QUALITY:
AA+
PORTFOLIO MANAGEMENT
MetLife Investment Department
PERFORMANCE AT-A-GLANCE
During 1999, the Portfolio returned -1.37% while the Portfolio's benchmark, the
Lehman Brothers Aggregate Bond Index*, returned -0.82% over 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 negative total return reflects the overall rise in interest rates during the
year, mainly in the second and fourth quarters.
PORTFOLIO ACTIVITY
Generally, bond prices rise as interest rates fall, and vice versa. The
correlation of returns between the Portfolio and Index since the Portfolio's
inception in November 1998 has been 99%, which indicates that the Portfolio has
closely matched the Index's return.
As global growth continued to recover from the worldwide financial crisis of
1998, interest rates moved higher. Strong economic growth persuaded the Federal
Reserve to "take back" all of its crisis-related interest rate easing in 1998,
which pushed the targeted Federal Funds rate up by 75 basis points (0.75%) to
5.50% by year end. The U.S. bond market expected this change in policy and
pushed long-term interest rates even higher, which caused bond prices to
decline.
On balance, the yield advantage of corporate bonds and mortgage-backed
securities over U.S. Treasury bonds was narrower than year-end 1998 levels,
which partially offset the negative impact of rising interest rates.
PORTFOLIO OUTLOOK
Despite the potential for further interest rate hikes by the Federal Reserve,
Portfolio Management believes the current outlook is positive for most asset
sectors, including corporates, mortgage-backed securities and asset-backed
securities. This optimism is driven by expectations of strong global and U.S.
economic growth during the year 2000.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31, 1999
[CHART]
1 Year -1.37%
3 Years N/A
5 Years N/A
10 Years N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
- --------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE BOND INDEX ASSET SECTORS
- --------------------------------------------------------------------------------
[CHART]
Mortgage-Backed Securities (35%)
Corporates (21%)
U.S. Treasuries (30%)
Asset-Backed Securities (1%)
Collateralized Mortgage-Backed Securities (1%)
U.S. Agencies (12%)
* The Lehman Brothers Aggregate Bond Index in 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
$82.3 million
PORTFOLIO MANAGEMENT
MetLife Investment Department
PERFORMANCE AT-A-GLANCE
For 1999, the Morgan Stanley EAFE(R) Index Portfolio returned 24.90%. The Morgan
Stanley Capital International (MSCI) EAFE(R) Index*, which the Portfolio is
designed to track, returned 26.96% during 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 of the U.S.
PORTFOLIO ACTIVITY
For the year, Japan, which holds the largest country weighting in the Index,
performed well due to lower interest rates and a recovery in earnings of the
Japanese companies included in the Index. Other Pacific region countries were
mixed, with Hong Kong and Singapore having large gains, while Australia and New
Zealand lagged. The European component of the MSCI EAFE(R) Index yielded
marginal returns due to the weakness in the Euro currency relative to the
dollar.
Three stocks accounted for about 4.8% of the year's total return for the MSCI
EAFE(R) Index. Those stocks were Nokia, Nippon Tel & Tel, and Deutsche Telekom.
During the year, Nokia nearly tripled in value and rose to become the largest
stock in the Index. The two largest companies in the MSCI EAFE(R) Index at the
beginning of 1999, Glaxo and Novartis, declined during the year and had the
biggest negative impact on returns.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
Nokia (AB) OY ....................................................... 2.16%
Nippon Telegraph & Telephone Corp. .................................. 2.14%
Deutsche Telekom .................................................... 2.12%
BP Amoco ............................................................ 1.92%
Toyota Motor Corp. .................................................. 1.76%
British Telecom ..................................................... 1.52%
Vodafone Airtouch ................................................... 1.47%
France Telecom ...................................................... 1.32%
Royal Dutch Petroleum ............................................... 1.28%
Sony Corp. .......................................................... 1.26%
Due to active management, there is no guarantee that the Portfolio currently
invests or will continue to invest in these countries, securities, or
industries.
PORTFOLIO OUTLOOK
Factors that could influence stock prices of companies in the MSCI EAFE(R) Index
in the coming year include interest rate trends abroad, the pace of corporate
restructurings and mergers, and a more integrated European economy as a result
of the European Monetary Union.
- --------------------------------------------------------------------------------
DIVERSIFICATION BY COUNTRY AND REGION
- --------------------------------------------------------------------------------
as of December 31, 1999 Based on Market
Value of Investments
Japan ............................................................. 27.4%
United Kingdom .................................................... 19.1%
Germany ........................................................... 10.4%
France ............................................................ 10.3%
Other Asia/Pacific Basin .......................................... 6.1%
Switzerland ....................................................... 5.7%
Netherlands ....................................................... 5.2%
Italy ............................................................. 4.2%
Other Europe ...................................................... 3.2%
Finland ........................................................... 3.0%
Spain ............................................................. 2.7%
Sweden ............................................................ 2.7%
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 1999
- --------------------------------------------------------------------------------
[CHART]
1 Year 24.90%
3 Years N/A
5 Years N/A
10 Years N/A
The chart on the left does not include withdrawal or surrender charges or
Separate Account expenses (general administrative expenses and mortality and
expense risk charges or cost of insurance charges). If performance information
included the effect of these additional charges, performance would have been
lower. Past performance is no guarantee of future results. Principal value and
investment return will vary and you may have a gain or loss when you withdraw
your money.
* 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
$111.7 million
PORTFOLIO MANAGEMENT
MetLife Investment Department
PERFORMANCE AT-A-GLANCE
For 1999, the Portfolio returned 22.73%, ahead of the 21.26% return of the
Russell 2000(R) Index*, which the Portfolio is designed to track. The Portfolio
cannot exactly duplicate the Russell 2000(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 owns approximately 1,500 of the
stocks in the Index. The Russell 2000(R) Index is comprised of approximately
2,000 U.S. small capitalization stocks.
PORTFOLIO ACTIVITY
Towards the latter half of 1999, returns of smaller capitalization stocks
exceeded the returns of larger capitalization stocks. This led to the Russell
2000(R) Index reaching an all-time high on December 31, 1999. In addition, for
the first time in six years, the return of the Russell 2000(R) Index exceeded
the return of the S&P 500 Index, which is comprised of large capitalization
stocks.
The technology sector accounted for the majority of gains for the year.
Technology stocks now represent about 25% of the total market capitalization of
the Index. Within the technology sector, Internet-related companies were
particularly strong. Other strong-performing sectors included utilities,
producer durables, and energy. The worst performing sectors were consumer
staples, financial services, automotive/transportation, materials and
processing, and integrated oils. All of those sectors had negative returns for
the year.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
Top Ten Equity Holdings
as of December 31, 1999
% of Total
Security Net Assets
- --------------------------------------------------------------------------------
Broadvision Inc. .................................................... 1.02%
Microstrategy Inc. .................................................. 0.86%
Verticalnet Inc. .................................................... 0.60%
Millennium Pharmaceuticals .......................................... 0.49%
Lam Resh Corp. ...................................................... 0.48%
Interdigital Comm Corp. ............................................. 0.47%
Mercury Interactive Corp. ........................................... 0.45%
IDEC Pharmaceuticals Corp. .......................................... 0.45%
PE Corp. ............................................................ 0.40%
Omnipoint Corp. ..................................................... 0.39%
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
Factors that could influence stock prices in the coming year include interest
rate changes and further developments in technology. Investor enthusiasm for
technology-related stocks had a very significant impact on the performance of
those companies and the Index as a whole in 1999 and proved to be volatile
throughout the course of the year.
The outlook for 2000 will be influenced by the performance of the technology
sector given its significant market capitalization weight within the Index.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
as of December 31, 1999
[CHART]
1 Year 22.73%
3 Years N/A
5 Years N/A
10 Years N/A
The chart above does not include withdrawal or surrender charges or Separate
Account expenses (general administrative expenses and mortality and expense risk
charges or cost of insurance charges). If performance information included the
effect of these additional charges, performance would have been lower. Past
performance is no guarantee of future results. Principal value and investment
return will vary and you may have a gain or loss when you withdraw your money.
* 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.
- --------------------------------------------------------------------------------
NEW SUBSIDIZATION SCHEDULES
- --------------------------------------------------------------------------------
FOR CERTAIN INDEX PORTFOLIOS OF THE METROPOLITAN SERIES FUND
RUSSELL 2000(R) INDEX PORTFOLIO:
Beginning on February 22, 2000, MetLife will pay 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 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>
================================================================================
ANNUAL REPORT
of the
Metropolitan
Series Fund, Inc.
DECEMBER 31, 1999
================================================================================
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
INDEPENDENT AUDITORS' REPORT DECEMBER 31, 1999
- --------------------------------------------------------------------------------
To The Shareholders and Board of Directors of the Metropolitan Series Fund,
Inc.:
We have audited the accompanying statement of assets and liabilities of the
Metropolitan Series Fund, Inc. (including the State Street Research Growth,
State Street Research Income, State Street Research Money Market, State Street
Research Diversified, State Street Research Aggressive Growth, MetLife Stock
Index, Santander International Stock, Loomis Sayles High Yield Bond, Janus Mid
Cap, T. Rowe Price Small Cap Growth, Scudder Global Equity, Harris Oakmark Large
Cap Value, Neuberger Berman Partners Mid Cap Value, T. Rowe Price Large Cap
Growth, Lehman Brothers Aggregate Bond Index, Morgan Stanley EAFE Index, and
Russell 2000 Index Portfolios, collectively, the "Fund"), including the schedule
of investments as of December 31, 1999, and the related statements of operations
and cash flows for the year then ended, the statements of changes in net assets
for years ended December 31, 1999 and 1998, and the financial highlights for the
period January 1, 1995 (or inception date) to December 31, 1999. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1999, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of the
State Street Research Growth, State Street Research Income, State Street
Research Money Market, State Street Research Diversified, State Street Research
Aggressive Growth, MetLife Stock Index, Santander International Stock, Loomis
Sayles High Yield Bond, Janus Mid Cap, T. Rowe Price Small Cap Growth, Scudder
Global Equity, Harris Oakmark Large Cap Value, Neuberger Berman Partners Mid Cap
Value, T. Rowe Price Large Cap Growth, Lehman Brothers Aggregate Bond Index,
Morgan Stanley EAFE Index, and Russell 2000 Index Portfolios of the Metropolitan
Series Fund, Inc. as of December 31, 1999, the results of its operations for the
year then ended, the changes in its net assets for the years ended December 31,
1999 and 1998, and the financial highlights for each of the respective stated
periods, in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
February 18, 2000
AUD-1
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 97.6%
- --------------------------------------------------------------------------------
Banking: 2.3%
1,062,300 Chase Manhattan Corp. $ 82,527,431
- --------------------------------------------------------------------------------
Biotechnology: 1.5%
524,900 *Biogen, Inc. 44,337,647
79,000 *Genentech, Inc. 10,625,500
--------------
54,963,147
- --------------------------------------------------------------------------------
Broadcasting: 8.2%
1,903,400 CBS Corp. 121,698,637
370,000 Comcast Corp. Cl. A 18,696,563
304,100 *+EchoStar Communications Corp. Cl. A 29,611,738
906,200 Time Warner, Inc. 65,642,862
1,004,800 *Viacom, Inc. Cl. B 60,727,600
--------------
296,377,400
- --------------------------------------------------------------------------------
Business Services: 3.1%
974,100 First Data Corp. 48,035,306
1,118,100 Interpublic Group of Cos., Inc. 64,500,394
--------------
112,535,700
- --------------------------------------------------------------------------------
Chemicals: 2.1%
575,200 Dow Chemical Co. 76,861,100
- --------------------------------------------------------------------------------
Computer Equipment & Service: 7.1%
481,400 *America Online, Inc. 36,315,613
946,450 *Cisco Systems, Inc. 101,358,880
834,100 *Dell Computer Corp. 42,513,034
53,100 *DoubleClick, Inc. 13,449,234
177,400 *+Exodus Communications, Inc. 15,760,881
492,200 *Solectron Corp. 46,820,525
--------------
256,218,167
- --------------------------------------------------------------------------------
Consumer Products: 1.1%
795,200 Black & Decker Corp. 41,549,200
- --------------------------------------------------------------------------------
Drugs & Health Care: 5.5%
553,500 American Home Products Corp. 21,828,656
798,600 *Amgen, Inc. 47,940,957
909,200 Bristol-Myers Squibb Co. 58,359,275
1,151,900 Pfizer, Inc. 37,364,756
418,300 Warner-Lambert Co. 34,274,456
--------------
199,768,100
- --------------------------------------------------------------------------------
Electrical Equipment: 3.7%
876,500 General Electric Co. 135,638,375
- --------------------------------------------------------------------------------
Electronics: 8.6%
978,200 Intel Corp. 80,487,519
505,200 Lucent Technologies, Inc. 37,795,275
208,200 Motorola, Inc. 30,657,450
1,255,400 *Teradyne, Inc. 82,856,400
825,700 Texas Instruments, Inc. 79,989,687
--------------
311,786,331
- --------------------------------------------------------------------------------
Entertainment & Leisure: 1.9%
531,600 Harley-Davidson, Inc. 34,055,625
1,203,600 Walt Disney Co. 35,205,300
--------------
69,260,925
- --------------------------------------------------------------------------------
Financial Services: 5.7%
222,300 American Express Co. 36,957,375
2,113,223 Citigroup, Inc. 117,415,953
232,900 Federal National Mortgage Assoc. 14,541,694
271,800 Morgan Stanley Dean Witter & Co. 38,799,450
--------------
207,714,472
- --------------------------------------------------------------------------------
Food & Beverages: 1.9%
606,600 Anheuser-Busch Co., Inc. 42,992,775
299,600 Coca-Cola Co. 17,451,700
378,400 Coca-Cola Enterprises, Inc. 7,615,300
--------------
68,059,775
- --------------------------------------------------------------------------------
Household Products: 3.2%
1,339,200 Colgate-Palmolive Co. 87,048,000
257,600 Procter & Gamble Co. 28,223,300
--------------
115,271,300
- --------------------------------------------------------------------------------
Insurance: 3.4%
1,644,500 +ACE Ltd. 27,442,594
732,925 American International Group, Inc. 79,247,515
161,600 Marsh & McLennan Cos., Inc. 15,463,100
--------------
122,153,209
- --------------------------------------------------------------------------------
Liquor: 1.0%
798,400 Seagram Ltd. 35,878,100
- --------------------------------------------------------------------------------
Medical Equipment & Supply: 1.8%
546,800 Baxter International, Inc. 34,345,875
650,500 *Guidant Corp. 30,573,500
-------------
64,919,375
- --------------------------------------------------------------------------------
Multi-Industry: 4.3%
1,388,000 Honeywell, Inc. 80,070,250
1,994,100 Tyco International Ltd. 77,520,638
--------------
157,590,888
- --------------------------------------------------------------------------------
Office & Business Equipment: 2.8%
474,800 *EMC Corp. 51,871,900
290,700 International Business Machines Corp. 31,395,600
223,800 *Sun Microsystems, Inc. 17,323,519
--------------
100,591,019
- --------------------------------------------------------------------------------
Oil: 2.1%
1,126,640 TOTAL SA ADR 78,019,820
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.3%
1,314,400 *Ocean Energy, Inc. 10,186,600
- --------------------------------------------------------------------------------
Oil-International: 4.1%
212,820 +BP Amoco PLC 12,622,886
2,235,400 Conoco, Inc. Cl. B 55,605,575
458,400 Exxon Mobil Corp. 36,929,850
MSF-1
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH GROWTH SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Oil-International: (Continued)
721,600 Royal Dutch Petroleum Co. $ 43,611,700
----------------
148,770,011
- --------------------------------------------------------------------------------
Retail Trade: 6.4%
834,600 *Best Buy Co., Inc. 41,886,487
1,185,500 CVS Corp. 47,345,906
468,800 Dayton-Hudson Corp. 34,427,500
167,100 Home Depot, Inc. 11,456,794
1,980,200 *Staples, Inc. 40,965,388
787,100 Wal-Mart Stores, Inc. 54,408,287
----------------
230,490,362
- --------------------------------------------------------------------------------
Software: 6.1%
1,021,100 Electronic Data Systems Corp. 68,349,881
997,200 *Microsoft Corp. 116,391,938
76,600 *Oracle Corp. 8,581,594
191,800 *Veritas Software Corp. 27,445,381
----------------
220,768,794
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 4.6%
307,300 *Nextel Communications, Inc. Cl. A 31,680,709
379,100 *Nokia Corp. ADR 72,029,000
299,700 Nortel Networks Corp. 30,269,700
759,200 *+Qwest Communications International, Inc. 32,621,875
----------------
166,601,284
- --------------------------------------------------------------------------------
Utilities-Electric: 0.8%
401,300 *AES Corp. 29,997,175
- --------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 1.1%
869,500 Enron Corp. 38,584,063
- --------------------------------------------------------------------------------
Utilities-Telephone: 2.9%
1,788,000 *MCI WorldCom, Inc. 94,819,875
84,600 *+Sprint Corp. 8,671,500
----------------
103,491,375
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost $2,583,006,716) ......................... 3,536,573,498
-----------------
- --------------------------------------------------------------------------------
FACE ISSUE INTEREST MATURITY VALUE
AMOUNT RATE DATE (NOTE1A)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 0.0%
- --------------------------------------------------------------------------------
$906,000 State Street Repurchase
Agreement (U.S. Treasury
Notes collateralized dated
12/31/99 due 02/15/03 @
6.250% with a market value
of $933,300) 2.000% 01/3/00 $ 906,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $906,000) ................................ 906,000
----------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 2.9%
- --------------------------------------------------------------------------------
$7,688,000 AIG Funding 4.950% 1/4/00 $ 7,682,715
15,863,000 American Express
Credit Corp. 6.420% 1/4/00 15,863,000
19,033,000 American Express
Credit Corp. 6.450% 1/6/00 19,033,000
2,118,000 American Express
Credit Corp. 6.500% 1/4/00 2,118,000
29,870,000 CIT Group Holdings,
Inc. 6.420% 2/11/00 29,870,000
4,598,000 Ford Motor Credit Co. 5.420% 1/20/00 4,584,847
25,255,000 General Electric
Capital Corp. 5.730% 1/19/00 25,255,000
- --------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $104,406,562) ............................ 104,406,562
-----------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS 100.5%
(Cost $2,688,319,278) ........................... 3,641,886,060
OTHER ASSETS LESS LIABILITIES (0.5)% ............ (18,570,414)
-----------------
TOTAL NET ASSETS 100.0% .........................$ 3,623,315,646
=================
- --------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
+ Securities on loan.
ADR (American Depository Receipt) represents ownership of foreign securities.
SECURITIES ON LOAN: (Note 7)
As of December 31, 1999, the market value of securities loaned was $42,507,963
with collateral backing valued at $42,952,830.
See Notes to Financial Statements.
MSF-2
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: 63.8%
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aerospace & Defense: 0.7%
$3,175,000 Lockheed Martin Corp. 7.950% 12/1/05 $ 3,129,248
- --------------------------------------------------------------------------------
Asset Backed: 2.7%
1,900,000 Arcadia Auto Trust
Ser. 97-B A5 6.700% 2/15/05 1,901,862
7,800,000 +Citibank Credit Card
Master Trust I Ser. 98 A 5.300% 1/9/06 7,319,754
3,937,064 World Omni Automobile
Lease Trust Ser. 97-B A3 6.180% 11/25/03 3,923,521
-------------
13,145,137
- --------------------------------------------------------------------------------
Automotive: 1.5%
2,375,000 ++Lear Corp. Sr. 144A 7.960% 5/15/05 2,280,000
3,550,000 ++Lear Corp. 144A 8.110% 5/15/09 3,365,862
1,500,000 Lear Seating Corp.
Sub. 8.250% 2/1/02 1,470,000
-------------
7,115,862
- --------------------------------------------------------------------------------
Banking: 1.1%
5,350,000 Capital One Bank 6.650% 3/15/04 5,120,913
- --------------------------------------------------------------------------------
Collateralized Mortgage Obligations: 4.9%
1,725,060 Chase Commercial
Mortgage Sec. Ser.
97-1 A1 7.270% 7/19/04 1,722,566
1,425,000 Credit Suisse First
Boston Ser. 97-C2 A2 6.520% 7/17/07 1,365,777
2,050,000 GMAC Commercial
Mortgage Security,
Inc. Ser. 97-C2 A2 6.550% 4/15/29 1,923,797
6,544,228 GMAC Commercial
Mortgage Security,
Inc. Ser. 98-C1 A1 6.411% 11/15/07 6,331,541
3,375,000 GMAC Commercial
Mortgage Security,
Inc. Ser. 99-C1 A1 6.175% 5/15/33 3,089,180
2,383,033 GMAC Commercial
Mortgage Security,
Inc.Ser. 99-C1 5.830% 5/15/33 2,248,243
816,780 Morgan Stanley
Capital, Inc. Ser. 98
HF1-A1 6.190% 1/15/07 788,315
2,246,108 Morgan Stanley
Capital, Inc. Ser. 98
XL1-A1 6.220% 5/3/05 2,168,527
3,725,413 Structured Asset
Securities Corp. Ser.
97-LL 6.790% 6/12/04 3,682,347
-------------
23,320,293
- --------------------------------------------------------------------------------
Drugs & Health Care: 0.6%
1,275,000 HealthSouth Corp. Sr. 7.000% 6/15/08 1,048,254
1,900,000 HealthSouth Corp. Sr. 9.500% 4/1/01 1,855,711
-------------
2,903,965
- --------------------------------------------------------------------------------
Finance & Banking: 4.1%
4,925,000 Ford Motor Credit Co. 6.446% 7/16/02 4,945,783
4,350,000 Ford Motor Credit Co. 7.375% 10/28/09 4,294,538
5,500,000 General Motors
Acceptance Corp. 5.950% 3/14/03 5,295,950
4,925,000 General Motors
Acceptance Corp. 6.385% 10/7/02 4,930,910
-------------
19,467,181
- --------------------------------------------------------------------------------
Financial Services: 25.1%
1,900,000 Advanta Master Trust
II Ser. 95-F A1 6.050% 8/1/03 1,891,089
1,800,000 Associates Corp. of
North America 6.750% 7/15/01 1,797,048
6,500,000 AT&T Capital Corp. 6.600% 5/15/05 6,250,920
4,900,000 AT&T Capital Corp. 6.830% 12/1/00 4,920,090
2,075,000 Charter Communication
Holding LLC Sr. 8.625% 4/1/09 1,932,344
8,225,000 +Chase Credit Card
Owner Trust Ser. 99-3 A 6.660% 1/15/07 8,072,097
1,800,000 CIT Group Holdings, Inc. Sr. 6.700% 5/28/01 1,793,088
4,125,000 Citibank Credit Card
Master Trust I Ser. 98-1 A 5.750% 1/15/03 4,085,029
6,745,000 Citibank Credit Card
Master Trust I Ser. 99 A 5.875% 3/10/11 6,062,069
3,075,000 Countrywide Funding Corp. 6.580% 9/21/01 3,045,511
3,100,000 Discover Card Master
Trust I Ser. 98-7 A 5.600% 5/15/06 2,941,125
4,425,000 Discover Card Master
Trust Ser. 99-6 A 6.850% 7/17/07 4,355,837
2,125,000 ++ERAC USA Finance Co. 144A 6.625% 2/15/05 2,017,284
2,850,000 ++ERAC USA Finance Co. 144A 6.625% 5/15/06 2,659,705
2,750,000 ++ERAC USA Finance Co. 144A 6.750% 5/15/07 2,547,930
3,800,000 Fleet Mortgage Group, Inc. 7.060% 7/26/02 3,781,532
2,600,000 ++Florida Windstorm-MBIA
Sr. Ser. 99-A 144A 7.125% 2/25/19 2,380,612
3,025,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 2,758,346
4,900,000 ++Global Crossing
Holdings Ltd. Sr. 144A 9.500% 11/15/09 4,869,375
4,425,000 Green Tree Financial
Corp. Sr. Ser. 98-4 A5 6.180% 12/1/17 4,312,959
3,925,000 Green Tree Financial
Corp. Sr. Ser. 98-6 A4 5.980% 5/1/13 3,857,529
5,800,000 Heller Financial, Inc. 6.500% 7/22/02 5,694,904
500,000 Heller Financial, Inc. 7.000% 5/15/02 497,265
7,500,000 Heller Financial, Inc. 7.125% 9/28/04 7,380,300
2,300,000 Household Finance Corp. 6.125% 7/15/02 2,238,544
8,500,000 Household Finance Corp. 7.250% 5/15/06 8,373,010
1,700,000 Household Finance Corp. Sr. 6.750% 6/1/00 1,701,258
</TABLE>
MSF-3
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
INTEREST MATURITY VALUE
FACE AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
- --------------------------------------------------------------------------------
Financial Services: (Continued)
$1,950,000 MBNA Master Credit
Card Tr. II Ser 98-J A 5.250% 2/15/06 $ 1,840,917
2,475,000 MBNA Master Credit
Card Trust II Ser.
99-B A 5.900% 8/15/11 2,236,657
2,400,000 +MBNA Master Credit
Card Trust II Ser.
99-J A 7.000% 2/15/12 2,355,000
5,000,000 MBNA Master Credit
Card Trust Ser. 99-B A 6.875% 7/15/04 4,832,850
4,775,000 Morgan Stanley Group,
Inc. 7.125% 1/15/03 4,771,228
1,900,000 Prime Credit Card
Master Trust Ser. 95-1 A 6.750% 11/15/05 1,883,964
-------------
120,137,416
- --------------------------------------------------------------------------------
Food & Beverages: 2.1%
4,975,000 +Coca Cola Enterprises,
Inc. 5.750% 11/1/08 4,431,531
850,000 Coca-Cola Enterprises,
Inc. 6.950% 11/15/26 771,758
5,325,000 ++Pepsi Bottling Group,
Inc. 144A 5.625% 2/17/09 4,692,230
-------------
9,895,519
- --------------------------------------------------------------------------------
Healthcare Services: 2.8%
2,600,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 2,411,500
3,800,000 Columbia/HCA
Healthcare Corp. 7.690% 6/15/25 3,116,000
3,000,000 Columbia/HCA
Healthcare Corp. 7.750% 7/15/36 2,370,000
5,625,000 Tenet Healthcare Corp. Sr. 8.000% 1/15/05 5,428,125
-------------
13,325,625
- --------------------------------------------------------------------------------
Industrials: 2.8%
6,100,000 Aramark Services, Inc. 6.750% 8/1/04 5,703,439
3,400,000 Beckman Coulter, Inc. Sr. 7.100% 3/4/03 3,253,902
775,000 ++Scotts Co. Sr. Ser. 09
144A 8.625% 1/15/09 759,500
4,125,000 United Technologies
Corp. 6.700% 8/1/28 3,640,519
-------------
13,357,360
- --------------------------------------------------------------------------------
Mortgage Related: 2.4%
2,750,000 Donaldson, Lufkin &
Jenrette, Inc. Ser.
98-CF2 A1B 6.240% 11/12/31 2,539,453
5,225,000 Donaldson, Lufkin &
Jenrette, Inc. Ser.
99-CG1 A1B 6.460% 1/10/09 4,823,328
1,827,211 LB Commercial Conduit
and Mortgage Ser.
98-C1 A1 6.330% 11/18/04 1,778,662
2,425,000 West Penn Funding LLC
Ser. 99-A A3 6.810% 9/25/08 2,392,408
-------------
11,533,851
- --------------------------------------------------------------------------------
Newspapers: 2.0%
5,300,000 +News America, Inc. Sr. 6.625% 1/9/08 4,928,364
3,400,000 News America, Inc. Sr. 7.125% 4/8/28 2,951,982
1,975,000 News America, Inc. Sr. 7.750% 1/20/24 1,863,709
-------------
9,744,055
- --------------------------------------------------------------------------------
Pollution Control: 0.4%
2,000,000 +Allied Waste
Industries, Inc. Sr. 7.875% 1/1/09 1,760,000
- --------------------------------------------------------------------------------
Restaurant: 0.6%
3,500,000 Darden Restaurants, Inc. 7.125% 2/1/16 3,089,555
- --------------------------------------------------------------------------------
Retail Grocery: 1.5%
5,075,000 Albertsons, Inc. Sr. 7.450% 8/1/29 4,823,534
2,450,000 Kroger Co. Sr. 7.250% 6/1/09 2,339,333
-------------
7,162,867
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 3.1%
5,100,000 ++Cable & Wireless PLC
144A 8.125% 6/15/09 5,061,699
4,850,000 Lucent Technologies,
Inc. 6.450% 3/15/29 4,221,876
2,150,000 Orange PLC Sr. 8.750% 6/1/06 2,246,750
825,000 Voicestream Wireless
Corp. 10.375% 11/15/09 849,750
2,450,000 Williams
Communications Group,
Inc. Sr. 10.700% 10/1/07 2,572,500
-------------
14,952,575
- --------------------------------------------------------------------------------
Utilities-Electric: 4.9%
5,200,000 Calpine Corp. Sr. Ser. 09 7.750% 4/15/09 4,844,320
1,750,000 ++Edison Mission Energy
Funding Ser. A 144A 7.330% 9/15/08 1,663,777
5,000,000 NRG Energy, Inc. Sr. 7.500% 6/1/09 4,603,500
3,500,000 PECO Energy Co.Ser. 99-A A6 6.050% 3/1/09 3,283,420
5,330,000 PECO Energy Co. Ser.
99-A A7 6.130% 3/1/09 4,908,557
3,900,000 Southern California
Edison Co. 6.500% 6/1/01 3,884,829
-------------
23,188,403
- --------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.5%
2,550,000 Dynegy, Inc. Sr. 6.875% 7/15/02 2,508,129
TOTAL CORPORATE BONDS
(Cost: $318,189,482) .............................. 304,857,954
--------------
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 6.9%
- --------------------------------------------------------------------------------
1,250,000 Federal Home Loan
Mortgage Corp. 7.100% 4/10/07 1,250,588
358,644 Federal Home Loan
Mortgage Corp. 9.000% 12/1/09 369,490
MSF-4
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH INCOME SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: (Continued)
- --------------------------------------------------------------------------------
$6,700,000 Federal National
Mortgage Assoc. 6.375% 6/15/09 $ 6,397,428
7,925,000 +Federal National
Mortgage Assoc. 6.500% 8/15/04 7,825,938
3,800,000 Federal National
Mortgage Assoc. 7.500% 12/1/99 3,757,250
8,915,027 Federal National
Mortgage Assoc. 7.500% 7/1/29 8,814,733
242,390 Federal National
Mortgage Assoc. 7.750% 9/1/06 243,968
330,451 Federal National
Mortgage Assoc. 7.750% 3/1/08 333,570
31,326 Federal National
Mortgage Assoc. 7.750% 4/1/08 31,622
69,083 Federal National
Mortgage Assoc. 8.000% 6/1/08 70,224
552,373 Federal National
Mortgage Assoc. 8.250% 7/1/08 564,227
514,228 Federal National
Mortgage Assoc. 8.500% 2/1/09 531,594
162,996 Federal National
Mortgage Assoc. 8.500% 9/1/09 168,575
81,114 Federal National
Mortgage Assoc. 9.000% 4/1/16 85,912
2,840,293 Government National
Mortgage Assoc. 6.500% 11/15/28 2,672,545
126,220 Government National
Mortgage Assoc. 7.500% 5/15/07 126,980
- --------------------------------------------------------------------------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $34,026,264) ................................ 33,244,644
--------------
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 14.5%
- --------------------------------------------------------------------------------
3,938,704 +U.S. Treasury Bond 3.875% 4/15/29 3,676,544
2,100,000 +U.S. Treasury Bond 6.125% 8/15/29 2,001,888
8,575,000 +U.S. Treasury Bond 6.625% 2/15/27 8,498,597
4,650,000 U.S. Treasury Bond 6.750% 8/15/26 4,671,808
3,950,000 U.S. Treasury Bond 8.125% 5/15/21 4,527,687
15,275,000 +U.S. Treasury Bond 8.125% 8/15/21 17,518,439
4,375,000 +U.S. Treasury Bond 8.500% 2/15/20 5,170,681
25,000 +U.S. Treasury Bond 12.000% 8/15/13 33,383
3,850,000 +U.S. Treasury Note 5.875% 9/30/02 3,810,884
12,175,000 U.S. Treasury Note 6.375% 8/15/02 12,201,663
3,850,000 U.S. Treasury Note 6.625% 7/31/01 3,873,447
7,775,000 U.S. Treasury Strip 0.000% 5/15/18 2,246,820
1,100,000 U.S. Treasury Strip 0.000% 11/15/01 980,694
- --------------------------------------------------------------------------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $74,344,687) ................................ 69,212,535
--------------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 1.9%
- --------------------------------------------------------------------------------
4,250,000 New Zealand NZD 8.000% 4/15/04 2,292,795
12,700,000 New Zealand NZD 8.000% 11/15/06 6,907,549
- --------------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $10,174,193) ................................ 9,200,344
--------------
- --------------------------------------------------------------------------------
STATE AGENCY OBLIGATIONS: 4.1%
- --------------------------------------------------------------------------------
2,500,000 California
Infrastructure Ser.
97-1 A5 6.250% 6/25/04 2,473,825
4,950,000 California
Infrastructure Ser.
97-1 A6 6.310% 9/25/08 4,776,602
8,775,000 California
Infrastructure Ser.
97-1 A7 6.420% 9/25/08 8,522,280
3,950,000 New Jersey Economic
Development Authority
State Pension Funding
Ser. A 7.425% 2/15/29 3,780,071
- --------------------------------------------------------------------------------
TOTAL STATE AGENCY OBLIGATIONS
(Cost: $21,068,017) ................................ 19,552,778
--------------
- --------------------------------------------------------------------------------
YANKEE BONDS: 5.6%
- --------------------------------------------------------------------------------
1,400,000 City Of Naples 7.520% 7/15/06 1,397,746
3,800,000 ++DR Investments Sr.
144A 7.100% 5/15/02 3,774,426
6,450,000 Hellenic Republic of
Greece Sr. 6.950% 3/4/08 6,222,373
5,200,000 Province of Quebec 7.000% 1/30/07 5,086,120
4,500,000 Province of Quebec 7.125% 2/9/24 4,179,060
4,175,000 Province Of Quebec 7.500% 9/15/29 4,047,120
2,200,000 ++Woodside Finance Ltd.
Ser. 08 144A 6.600% 4/15/08 1,992,056
- --------------------------------------------------------------------------------
TOTAL YANKEE BONDS
(Cost: $28,659,489) ................................ 26,698,901
--------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.9%
- --------------------------------------------------------------------------------
409,000 Exxon Corp. 4.500% 1/3/00 409,000
1,750,000 General Electric
Capital Corp. 6.600% 1/20/00 1,750,000
2,000,000 Merrill Lynch & Co., Inc. 5.880% 1/19/00 1,994,120
- --------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $4,153,120) ................................. 4,153,120
--------------
-------------------------------------------------------------------------------
TOTAL INVESTMENTS: 97.7%
(Cost $490,615,252) ................................ 466,920,276
OTHER ASSETS LESS LIABILITIES 2.3% ................. 10,959,423
--------------
TOTAL NET ASSETS: 100.0% ........................... $477,879,699
--------------
- --------------------------------------------------------------------------------
LEGEND:
++ Restricted security
+ Securities on loan
NZD New Zealand Dollar
SECURITIES ON LOAN: (Note 7)
As of December 31, 1999, the market value of securities loaned was $29,302,974
with collateral backing valued at $30,073,618.
RESTRICTED SECURITIES: (Note 2)
The aggregate value of restricted securities at December 31, 1999 was
$38,064,458 or 7.97% of the Income Portfolio's net assets.
See Notes to Financial Statements.
MSF-5
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH MONEY MARKET SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ---------------------------------------------------------------------------
BANKERS' ACCEPTANCES: 4.5%
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$1,000,000 BankAmerica Corp. 5.830% 2/23/00 $ 991,417
1,320,000 BankAmerica Corp. 5.880% 3/10/00 1,305,124
- ---------------------------------------------------------------------------
TOTAL BANKERS' ACCEPTANCES
(Cost: $2,296,541) ............................. 2,296,541
-------------
- ---------------------------------------------------------------------------
COMMERCIAL PAPER: 89.6%
- ---------------------------------------------------------------------------
500,000 American Express Credit
Corp. 5.950% 2/10/00 496,694
1,000,000 American Express Credit
Corp. 6.500% 1/6/00 999,097
950,000 American Express Credit
Corp. 6.500% 1/11/00 948,285
1,000,000 American General
Finance Corp. 5.670% 1/20/00 997,007
900,000 American General
Finance Corp. 6.020% 1/28/00 895,936
1,000,000 Cargill, Inc. 5.700% 1/13/00 998,100
1,000,000 Cargill, Inc. 5.730% 1/14/00 997,931
1,000,000 Caterpillar Financial
Services 5.900% 3/9/00 988,856
1,500,000 Caterpillar Financial
Services 5.900% 4/6/00 1,476,400
1,300,000 CIT Group Holdings,
Inc. 5.850% 2/11/00 1,291,339
1,000,000 Citicorp 5.680% 1/20/00 997,002
340,000 DaimlerChrysler Holding
Corp. 5.850% 3/17/00 335,801
1,000,000 DaimlerChrysler Holding
Corp. 5.880% 3/3/00 989,873
900,000 DaimlerChrysler Holding
Corp. 5.900% 4/4/00 886,135
1,000,000 Disney (Walt) Co. 5.640% 1/10/00 998,590
725,000 Disney (Walt) Co. 5.740% 2/28/00 718,295
5,138,000 Exxon Corp. 4.500% 1/3/00 5,138,000
860,000 Ford Motor Credit Co. 5.810% 1/4/00 859,584
975,000 Ford Motor Credit Co. 5.860% 1/4/00 974,524
485,000 Ford Motor Credit Co. 5.910% 1/6/00 484,602
350,000 General Electric
Capital Corp. 5.730% 1/19/00 348,997
840,000 General Electric
Capital Corp. 5.780% 1/25/00 836,763
560,000 General Electric
Capital Corp. 5.900% 3/3/00 554,310
580,000 General Electric
Capital Corp. 6.000% 1/25/00 577,680
290,000 General Electric
Capital Corp. 6.070% 2/22/00 287,457
1,300,000 General Motors
Acceptance Corp. 5.680% 1/19/00 1,296,308
1,000,000 General Motors
Acceptance Corp. 5.850% 2/1/00 994,962
1,800,000 Goldman Sachs Group LP 5.810% 2/3/00 1,790,413
800,000 Goldman Sachs Group LP 5.980% 2/11/00 794,552
1,000,000 IBM Credit Corp. 6.330% 1/11/00 998,242
1,000,000 International Lease
Finance Corp. 5.770% 2/25/00 991,185
1,000,000 International Lease
Finance Corp. 5.780% 2/15/00 992,775
535,000 Lucent Technology, Inc. 5.820% 3/15/00 528,600
1,000,000 Lucent Technology, Inc. 5.860% 3/24/00 986,489
500,000 Merrill Lynch & Co.,
Inc. 5.850% 1/21/00 498,375
300,000 Merrill Lynch & Co.,
Inc. 5.850% 1/31/00 298,538
500,000 Merrill Lynch & Co.,
Inc. 5.850% 2/7/00 496,994
900,000 Merrill Lynch & Co.,
Inc. 5.950% 1/31/00 895,537
415,000 Merrill Lynch & Co.,
Inc. 6.120% 1/28/00 413,095
1,200,000 Morgan (J.P.) & Co.,
Inc. 5.970% 1/14/00 1,197,413
1,100,000 Morgan (J.P.) & Co.,
Inc. 6.000% 2/11/00 1,092,483
1,500,000 Northern States Power
Co. 5.750% 1/27/00 1,493,771
1,300,000 Norwest Financial, Inc. 5.800% 3/14/00 1,284,711
1,000,000 Norwest Financial, Inc. 6.020% 2/17/00 992,141
320,000 Norwest Financial, Inc. 6.160% 2/10/00 317,810
800,000 Procter & Gamble Co. 5.830% 2/29/00 792,356
1,000,000 ++United Technologies
Corp. 144A 5.880% 2/18/00 992,160
1,000,000 ++United Technologies
Corp. 144A 6.150% 2/29/00 989,921
- ---------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER
(Cost: $46,206,089) ............................ 46,206,089
-------------
- ---------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 4.9%
- ---------------------------------------------------------------------------
1,543,000 Toronto-Dominion
Holdings 5.610% 2/29/00 1,528,814
1,000,000 Toronto-Dominion
Holdings 6.215% 1/10/00 998,446
-------------
2,527,260
- ---------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $2,527,260) ............................. 2,527,260
-------------
- ---------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.0%
(Cost $51,029,890) ............................. 51,029,890
OTHER ASSETS LESS LIABILITIES: 1.0% ........... 515,101
-------------
TOTAL NET ASSETS: 100.0% ....................... $ 51,544,991
-------------
- ---------------------------------------------------------------------------
</TABLE>
LEGEND:
++ Restricted security
RESTRICTED SECURITIES: (Note 2)
The aggregate value of restricted securities at December 31, 1999 was $1,982,081
or 3.85% of the Money Market Portfolio's net assets.
See Notes to Financial Statements.
MSF-6
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------------
<S> <C>
COMMON STOCK: 55.3%
- --------------------------------------------------------------------------------------
Banking: 1.3%
480,000 Chase Manhattan Corp. $ 37,290,000
- --------------------------------------------------------------------------------------
Biotechnology: 0.9%
235,300 *Biogen, Inc. 19,875,497
35,800 *+Genentech, Inc. 4,815,100
---------------------
24,690,597
- --------------------------------------------------------------------------------------
Broadcasting: 4.6%
859,100 CBS Corp. 54,928,706
165,600 Comcast Corp. Cl. A 8,367,975
135,900 *+EchoStar Communications Corp. Cl. A 13,233,262
406,900 Time Warner, Inc. 29,474,819
453,600 *Viacom, Inc. Cl. B 27,414,450
---------------------
133,419,212
- --------------------------------------------------------------------------------------
Business Services: 1.8%
439,800 First Data Corp. 21,687,638
499,400 Interpublic Group of Cos., Inc. 28,809,137
---------------------
50,496,775
- --------------------------------------------------------------------------------------
Chemicals: 1.2%
258,300 +Dow Chemical Co. 34,515,338
- --------------------------------------------------------------------------------------
Computer Equipment & Service: 4.0%
216,800 *America Online, Inc. 16,354,850
425,000 *Cisco Systems, Inc. 45,514,844
376,800 *Dell Computer Corp. 19,216,800
23,900 *+DoubleClick, Inc. 6,053,422
80,000 *+Exodus Communications, Inc. 7,107,500
222,500 *Solectron Corp. 21,165,312
---------------------
115,412,728
- --------------------------------------------------------------------------------------
Consumer Products: 0.6%
355,700 Black & Decker Corp. 18,585,325
- --------------------------------------------------------------------------------------
Drugs & Health Care: 3.1%
249,000 American Home Products Corp. 9,819,938
358,800 *Amgen, Inc. 21,539,212
406,600 Bristol-Myers Squibb Co. 26,098,637
517,800 Pfizer, Inc. 16,796,138
188,000 Warner-Lambert Co. 15,404,250
---------------------
89,658,175
- --------------------------------------------------------------------------------------
Electrical Equipment: 2.1%
395,100 General Electric Co. 61,141,725
- --------------------------------------------------------------------------------------
Electronics: 4.8%
439,200 Intel Corp. 36,137,925
226,800 Lucent Technologies, Inc. 16,967,475
93,700 Motorola, Inc. 13,797,325
562,300 *Teradyne, Inc. 37,111,800
362,300 Texas Instruments, Inc. 35,097,812
---------------------
139,112,337
- --------------------------------------------------------------------------------------
Entertainment & Leisure: 1.1%
237,600 Harley-Davidson, Inc. 15,221,250
543,800 Walt Disney Co. 15,906,150
---------------------
31,127,400
- --------------------------------------------------------------------------------------
Financial Services: 3.2%
99,800 American Express Co. 16,591,750
947,148 Citigroup, Inc. 52,625,911
104,000 Federal National Mortgage Assoc. 6,493,500
121,700 Morgan Stanley Dean Witter & Co. 17,372,675
---------------------
93,083,836
- --------------------------------------------------------------------------------------
Food & Beverages: 1.1%
270,800 Anheuser-Busch Co., Inc. 19,192,950
133,800 Coca-Cola Co. 7,793,850
171,500 Coca-Cola Enterprises, Inc. 3,451,438
---------------------
30,438,238
- --------------------------------------------------------------------------------------
Household Products: 1.8%
616,500 Colgate-Palmolive Co. 40,072,500
115,600 Procter & Gamble Co. 12,665,425
---------------------
52,737,925
- --------------------------------------------------------------------------------------
Insurance: 1.9%
738,300 ACE Ltd. 12,320,381
331,550 American International Group, Inc. 35,848,844
72,300 Marsh & McLennan Cos., Inc. 6,918,206
---------------------
55,087,431
- --------------------------------------------------------------------------------------
Liquor: 0.6%
358,500 Seagram Ltd. 16,110,094
- --------------------------------------------------------------------------------------
Medical Equipment & Supply: 1.0%
244,700 Baxter International, Inc. 15,370,219
293,900 *Guidant Corp. 13,813,300
---------------------
29,183,519
- --------------------------------------------------------------------------------------
Multi-Industry: 2.5%
622,000 Honeywell, Inc. 35,881,625
892,300 Tyco International Ltd. 34,688,162
---------------------
70,569,787
- --------------------------------------------------------------------------------------
Office & Business Equipment: 1.6%
213,200 *EMC Corp. 23,292,100
130,100 International Business Machines Corp. 14,050,800
100,800 *Sun Microsystems, Inc. 7,802,550
--------------------
45,145,450
- --------------------------------------------------------------------------------------
Oil: 1.2%
503,645 TOTAL SA ADR 34,877,416
- --------------------------------------------------------------------------------------
Oil & Gas Exploration: 0.2%
579,700 *Ocean Energy, Inc. 4,492,675
- --------------------------------------------------------------------------------------
Oil-International: 2.3%
95,570 BP Amoco PLC ADR 5,668,495
1,000,000 Conoco, Inc. Cl. B 24,875,000
205,500 Exxon Mobil Corp. 16,555,594
</TABLE>
MSF-7
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------------
Oil-International: (Continued)
322,100 Royal Dutch Petroleum Co. $ 19,466,919
---------------
66,566,008
- --------------------------------------------------------------------------------------
Retail Trade: 3.6%
375,800 *Best Buy Co., Inc. 18,860,462
532,400 CVS Corp. 21,262,725
209,500 Dayton-Hudson Corp. 15,385,156
74,700 Home Depot, Inc. 5,121,619
889,300 *Staples, Inc. 18,397,394
355,800 Wal-Mart Stores, Inc. 24,594,675
---------------
103,622,031
- --------------------------------------------------------------------------------------
Software: 3.5%
5,887 *Anacomp, Inc. 108,174
1,495 *Anacomp, Inc. (Wts.) 11,727
461,600 Electronic Data Systems Corp. 30,898,350
447,000 *Microsoft Corp. 52,173,281
34,300 *Oracle Corp. 3,842,672
85,700 *Veritas Software Corp. 12,263,134
---------------
99,297,338
- --------------------------------------------------------------------------------------
Telecommunications Equipment & Services: 2.6%
137,200 *Nextel Communications, Inc. Cl. A 14,144,462
171,500 *+Nokia Corp. ADR 32,585,000
134,000 Nortel Networks Corp. 13,534,000
339,500 *+Qwest Communications International, Inc. 14,587,891
---------------
74,851,353
- --------------------------------------------------------------------------------------
Transportation-Trucking: 0.0%
500 *Crown Packaging Holdings Ltd. (Wts.) 5
- --------------------------------------------------------------------------------------
Utilities-Electric: 0.5%
179,200 *AES Corp. 13,395,200
- --------------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.6%
392,700 Enron Corp. 17,426,063
- --------------------------------------------------------------------------------------
Utilities-Telephone: 1.6%
802,800 *MCI WorldCom, Inc. 42,573,487
38,100 *+Sprint Corp. 3,905,250
---------------
46,478,737
- --------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $1,172,533,283) ................................ 1,588,812,718
---------------
<CAPTION>
- --------------------------------------------------------------------------------------
FACE ISSUE INTEREST MATURITY VALUE
AMOUNT RATE DATE (NOTE1A)
- --------------------------------------------------------------------------------------
CORPORATE BONDS: 26.8%
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aerospace & Defense: 0.3%
$8,125,000 Lockheed Martin Corp. 7.950% 12/1/05 $ 8,007,919
- --------------------------------------------------------------------------------------
Asset Backed: 0.6%
17,850,000 Citibank Credit Card
Master Trust I Ser. 98 A 5.300% 1/9/06 16,750,976
- --------------------------------------------------------------------------------------
Automotive: 0.5%
5,525,000 ++Lear Corp. Sr. 144A 7.960% 5/15/05 5,304,000
8,225,000 ++Lear Corp. Sr. 144A 8.110% 5/15/09 7,798,369
1,550,000 Lear Seating Corp.
Sub. 8.250% 2/1/02 1,519,000
---------------
14,621,369
- --------------------------------------------------------------------------------------
Collateralized Mortgage Obligations: 1.6%
4,811,232 Comm Ser. 99-1 6.145% 2/15/08 4,617,243
245,083 Countrywide MBS, Inc.
Ser. 93-5 A4 7.125% 12/25/23 244,086
4,325,000 GMAC Commercial
Mortgage Security, Inc.
Ser. 97-C2 A2 6.550% 4/15/29 4,058,742
15,800,202 GMAC Commercial
Mortgage Security, Inc.
Ser. 98-C1 A1 6.411% 11/15/07 15,286,695
7,625,000 GMAC Commercial
Mortgage Security, Inc.
Ser. 99-C1 A2 6.175% 5/15/33 6,979,258
1,676,548 Morgan Stanley
Capital, Inc. Ser. 98
HF1-A1 6.190% 1/15/07 1,618,120
5,500,672 Morgan Stanley
Capital, Inc. Ser. 98
XL1-A1 6.220% 5/3/05 5,310,679
7,308,453 Structured Asset
Securities Corp. Ser.
97-LL 6.790% 10/12/34 7,223,967
54,135 World Omni
Automobile Lease Trust
Ser. 97-B A3 6.180% 11/25/03 53,948
---------------
45,392,738
- --------------------------------------------------------------------------------------
Drugs & Health Care: 0.2%
2,875,000 HealthSouth Corp. Sr. 7.000% 6/15/08 2,363,710
4,100,000 HealthSouth Corp. Sr. 9.500% 4/1/01 4,004,429
---------------
6,368,139
- --------------------------------------------------------------------------------------
Electrical Equipment: 0.2%
5,650,000 Ametek, Inc. Sr. 7.200% 7/15/08 5,032,173
- --------------------------------------------------------------------------------------
Entertainment & Leisure: 0.2%
4,475,000 Harrah's
Entertainment, Inc. 7.875% 12/15/05 4,307,188
- --------------------------------------------------------------------------------------
Finance & Banking: 3.1%
2,550,000 Bank of America Corp.
Sr. 5.875% 2/15/09 2,270,622
12,100,000 Capital One Bank
Group 6.620% 8/4/03 11,614,185
11,900,000 FINOVA Capital Corp.
Sr. 6.125% 3/15/04 11,264,897
5,400,000 FINOVA Capital Corp.
Sr. 6.375% 5/15/05 5,082,858
12,000,000 Ford Motor Credit Co. 5.750% 2/23/04 11,392,440
15,125,000 Ford Motor Credit Co. 6.446% 7/16/02 15,188,827
11,400,000 Ford Motor Credit Co. 7.375% 10/28/09 11,254,650
</TABLE>
MSF-8
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE1A)
- -------------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Finance & Banking: (Continued)
$ 4,500,000 General Motors
Acceptance Corp. 5.950% 3/14/03 $ 4,333,050
5,000,000 General Motors
Acceptance Corp. 6.335% 4/5/04 5,013,600
12,850,000 General Motors
Acceptance Corp. 6.385% 10/7/02 12,865,420
---------------
90,280,549
- -------------------------------------------------------------------------------------
Financial Services: 10.6%
19,150,000 AT&T Capital Corp. 6.600% 5/15/05 18,416,172
13,100,000 AT&T Capital Corp. 6.830% 12/1/00 13,153,710
4,850,000 Charter Communication
Holding LLC Sr. 8.625% 4/1/09 4,516,563
21,125,000 Chase Credit Card
Owner Trust
Ser. 99-3 A 6.660% 1/15/07 20,732,286
3,900,000 Chase Manhattan Credit
Card Master Trust Ser.
96-3 A 7.040% 2/15/05 3,908,502
5,200,000 CIT Group Holdings,
Inc. Sr. 6.700% 5/28/01 5,180,032
3,230,000 CIT Group Holdings,
Inc. Sr. 6.750% 5/14/01 3,220,278
16,755,000 Citibank Credit Card
Master Trust I Ser. 99 A 5.875% 3/10/11 15,058,556
14,600,000 Commercial Credit
Group, Inc. 6.450% 7/1/02 14,393,848
9,725,000 Countrywide Funding
Corp. 6.580% 9/21/01 9,631,737
6,900,000 Discover Card Master
Trust I Ser. 98-7 A 5.600% 5/15/06 6,546,375
11,925,000 Discover Card Master
Trust Ser. 99-6 A 6.850% 7/17/07 11,738,612
4,500,000 ++ERAC USA Finance Co. 144A 6.625% 2/15/05 4,271,895
9,550,000 ++ERAC USA Finance Co. 144A 6.625% 5/15/06 8,912,347
4,400,000 Fleet Mortgage Group, Inc. 7.060% 7/26/02 4,378,616
6,000,000 ++Florida Windstorm-MBIA
Sr. Ser. 99 144A 7.125% 2/25/19 5,493,720
12,800,000 GE Global Insurance
Holding Corp. 7.000% 2/15/26 11,671,680
12,700,000 ++Global Crossing
Holdings Ltd. Sr. 144A 9.500% 11/15/09 12,620,625
10,725,000 Green Tree Financial
Corp. Sr. Ser. 98-4 A5 6.180% 12/1/17 10,453,443
8,500,000 Green Tree Financial
Corp. Sr. Ser. 98-6 A4 5.980% 5/1/13 8,353,885
18,000,000 Heller Financial, Inc. 6.500% 7/22/02 17,673,840
725,000 Heller Financial, Inc. 7.000% 5/15/02 721,034
19,500,000 Heller Financial, Inc. 7.125% 9/28/04 19,188,780
12,000,000 Household Finance Corp. 7.200% 7/15/06 11,786,880
50,000 Household Finance Corp. Sr. 6.750% 6/1/00 50,037
13,000,000 MBNA American Bank
National Assoc. 6.875% 7/15/04 12,565,410
17,025,000 MBNA Master Credit
Card Tr. II Ser 98-J A 5.250% 2/15/06 16,072,621
5,825,000 MBNA Master Credit
Card Trust II Ser. 99-B A 5.900% 8/15/11 5,264,053
10,250,000 MBNA Master Credit
Card Trust II Ser. 99-J A 7.000% 2/15/12 10,057,812
11,300,000 Morgan Stanley Group, Inc. 7.125% 1/15/03 11,291,073
8,175,000 Prime Credit Card
Master Trust I Ser. 95-1 A 6.750% 11/15/05 8,106,003
---------------
305,430,425
- -------------------------------------------------------------------------------------
Food & Beverages: 0.4%
5,375,000 Coca-Cola Enterprises, Inc. 5.750% 11/1/08 4,787,835
2,150,000 Coca-Cola Enterprises, Inc. 6.950% 11/15/26 1,952,093
6,550,000 ++Pepsi Bottling Group, Inc. 144A 5.625% 2/17/09 5,771,663
---------------
12,511,591
- -------------------------------------------------------------------------------------
Healthcare Services: 1.0%
3,700,000 Columbia/HCA
Healthcare Corp. 6.870% 9/15/03 3,431,750
4,650,000 Columbia/HCA
Healthcare Corp. 6.910% 6/15/05 4,254,750
8,600,000 Columbia/HCA
Healthcare Corp. 7.690% 6/15/25 7,052,000
3,985,000 Columbia/HCA
Healthcare Corp. 7.750% 7/15/36 3,148,150
6,425,000 Tenet Healthcare Corp. Sr. 7.875% 1/15/03 6,232,250
4,600,000 Tenet Healthcare Corp. Sr. 8.000% 1/15/05 4,439,000
---------------
28,557,900
- -------------------------------------------------------------------------------------
Industrials: 2.0%
8,375,000 Allied Signal, Inc. 5.750% 3/15/01 8,284,801
11,300,000 Aramark Services, Inc. 6.750% 8/1/04 10,565,387
9,000,000 Beckman Instuments, Inc. Sr. 7.100% 3/4/03 8,613,270
6,400,000 Eaton Corp. 6.950% 11/15/04 6,259,520
5,800,000 Honeywell, Inc. 6.750% 3/15/02 5,750,990
11,000,000 Tyco International Group SA 6.250% 6/15/03 10,561,210
</TABLE>
MSF-9
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE1A)
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORPORATE BONDS: (CONTINUED)
- -------------------------------------------------------------------------------------
Industrials: (Continued)
$ 9,875,000 United Technologies
Corp. 6.700% 8/1/28 $ 8,715,181
---------------
58,750,359
- -------------------------------------------------------------------------------------
Mortgage Related: 1.1%
6,475,000 Donaldson, Lufkin &
Jenrette, Inc. Ser.
98-CF2 A1B 6.240% 11/12/31 5,979,258
11,950,000 Donaldson, Lufkin &
Jenrette, Inc. Ser.
99-CG1 A1B 6.460% 1/10/09 11,031,344
8,604,879 LB Commercial Conduit
and Mortgage Ser.
98-C1 A1 6.330% 2/18/30 8,376,247
6,250,000 West Penn Funding LLC
Ser. 99-A A3 6.810% 9/25/08 6,166,000
---------------
31,552,849
- -------------------------------------------------------------------------------------
Newspapers: 0.7%
7,775,000 News America, Inc. 7.375% 10/17/08 7,542,450
10,730,000 News America, Inc. Sr. 7.125% 4/8/28 9,316,108
3,825,000 News America, Inc. Sr. 7.750% 1/20/24 3,609,461
---------------
20,468,019
- -------------------------------------------------------------------------------------
Pollution Control: 0.7%
6,100,000 Safety-Kleen Corp. Sr. 9.250% 5/15/09 5,901,750
8,475,000 USA Waste Services,
Inc. Sr. 6.125% 7/15/01 8,066,081
7,000,000 ++Waste Management, Inc.
144A 6.875% 5/15/09 5,898,200
---------------
19,866,031
- -------------------------------------------------------------------------------------
Restaurant: 0.1%
4,400,000 Darden Restaurants, Inc. 7.125% 2/1/16 3,884,012
- -------------------------------------------------------------------------------------
Retail Grocery: 0.7%
13,025,000 Albertsons, Inc. Sr. 7.450% 8/1/29 12,379,611
7,875,000 Kroger Co. Sr. 7.625% 9/15/06 7,804,204
---------------
20,183,815
- -------------------------------------------------------------------------------------
Telecommunications Equipment & Services: 1.3%
12,575,000 ++Cable & Wireless PLC
144A 8.125% 6/15/09 12,480,562
17,100,000 Lucent Technologies,
Inc. 6.450% 3/15/29 14,885,379
2,100,000 Voicestream Wireless
Corp. 10.375% 11/15/09 2,163,000
6,450,000 Williams
Communications Group,
Inc. Sr. 10.700% 10/1/07 6,772,500
---------------
36,301,441
- -------------------------------------------------------------------------------------
Utilities-Electric: 1.3%
10,000,000 Calpine Corp. Sr.
Ser. 09 7.750% 4/15/09 9,316,000
11,000,000 NRG Energy, Inc. Sr. 7.500% 6/1/09 10,127,700
12,025,000 PECO Energy Co. Ser.
99-A A7 6.130% 3/1/09 11,074,183
5,350,000 Southern California
Edison Co. 6.500% 6/1/01 5,329,189
---------------
35,847,072
- -------------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.2%
6,450,000 Dynegy, Inc. Sr. 6.875% 7/15/02 6,344,091
---------------
TOTAL CORPORATE BONDS
(Cost: $802,592,214) ................................... 770,458,656
---------------
- -------------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 2.3%
- -------------------------------------------------------------------------------------
11,950,000 +Federal National
Mortgage Assoc. 6.500% 8/15/04 11,800,625
19,876,194 Federal National
Mortgage Assoc. 7.000% 11/1/29 19,217,695
1,328,083 Government National
Mortgage Assoc. 6.000% 2/15/09 1,275,836
1,715,221 Federal National
Mortgage Assoc. 7.000% 12/1/07 1,701,842
357,716 Federal National
Mortgage Assoc. 7.250% 9/1/07 357,434
683,917 Federal National
Mortgage Assoc. 8.000% 6/1/08 695,216
809,910 Federal National
Mortgage Assoc. 8.500% 2/1/09 837,260
27,038 Federal National
Mortgage Assoc. 9.000% 4/1/16 28,637
3,280,489 Government National
Mortgage Assoc. 6.500% 5/15/09 3,206,219
4,225,802 Government National
Mortgage Assoc. 6.500% 11/15/28 3,976,226
21,965,204 Federal National
Mortgage Assoc. 7.500% 6/1/29 21,718,095
- -------------------------------------------------------------------------------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $66,358,258) .................................... 64,815,085
---------------
- -------------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 8.8%
- -------------------------------------------------------------------------------------
9,693,304 +U.S. Treasury Bond 3.875% 4/15/29 9,048,118
9,825,000 +U.S. Treasury Bond 6.625% 2/15/27 9,737,459
12,200,000 +U.S. Treasury Bond 6.750% 8/15/26 12,257,218
6,600,000 U.S. Treasury Bond 8.125% 5/15/21 7,565,250
89,550,000 +U.S. Treasury Bond 8.125% 8/15/21 102,702,209
10,200,000 +U.S. Treasury Bond 8.500% 2/15/20 12,055,074
17,775,000 +U.S. Treasury Note 5.875% 9/30/02 17,594,406
20,925,000 +U.S. Treasury Note 6.000% 8/15/04 20,597,942
56,125,000 +U.S. Treasury Note 6.625% 7/31/01 56,466,801
14,525,000 U.S. Treasury Strip 0.000% 5/15/18 4,197,435
2,050,000 U.S. Treasury Strip 0.000% 11/15/01 1,827,657
- -------------------------------------------------------------------------------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $269,207,674) ................................... 254,049,569
---------------
- -------------------------------------------------------------------------------------
</TABLE>
MSF-10
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH DIVERSIFIED SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FOREIGN OBLIGATIONS: 0.8%
- ------------------------------------------------------------------------------------------
$ 9,725,000 New Zealand NZD 8.000% 4/15/04 $ 5,246,454
32,725,000 New Zealand NZD 8.000% 11/15/06 17,799,176
- ------------------------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $25,261,319) ........................................ 23,045,630
---------------
- ------------------------------------------------------------------------------------------
STATE AGENCY OBLIGATIONS: 1.6%
- ------------------------------------------------------------------------------------------
5,600,000 California
Infrastructure Ser. 97-1
A5 6.250% 6/25/04 5,541,368
11,225,000 California
Infrastructure Ser. 97-1
A6 6.310% 9/25/08 10,831,788
6,150,000 California
Infrastructure Ser. 97-1
A6 6.320% 9/22/05 6,050,370
5,325,000 California
Infrastructure Ser. 97-1
A6 6.380% 9/25/08 5,133,620
11,275,000 California
Infrastructure Ser. 97-1
A7 6.420% 9/25/08 10,950,280
8,475,000 New Jersey Economic
Development Authority
State Pension Funding
Ser. A 7.425% 2/15/29 8,110,405
- ------------------------------------------------------------------------------------------
TOTAL STATE AGENCY OBLIGATIONS
(Cost: $50,052,926) ........................................ 46,617,831
---------------
- ------------------------------------------------------------------------------------------
YANKEE BONDS: 2.2%
- ------------------------------------------------------------------------------------------
1,925,000 City of Naples 7.520% 7/15/06 1,921,901
6,700,000 ++DR Investments Sr.
144A 7.100% 5/15/02 6,654,909
3,000,000 Norsk Hydro AS 7.150% 11/15/25 2,729,700
11,800,000 Province of Quebec 7.000% 1/30/07 11,541,580
10,875,000 Province of Quebec 7.500% 9/15/29 10,541,899
5,100,000 ++Woodside Finance Ltd.
Ser. 08 144A 6.600% 4/15/08 4,617,948
15,925,000 Hellenic Republic of
Greece 6.950% 3/4/08 15,362,992
10,575,000 Province of Quebec 7.125% 2/9/24 9,820,791
- ------------------------------------------------------------------------------------------
TOTAL YANKEE BONDS
(Cost: $68,062,056) ........................................ 63,191,720
---------------
- ------------------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 1.4%
- ------------------------------------------------------------------------------------------
5,472,000 AIG Funding 4.950% 1/4/00 5,469,743
3,757,000 American Express
Credit Corp. 4.000% 1/6/00 3,757,000
11,093,000 American Express
Credit Corp. 6.450% 1/6/00 11,093,000
9,672,000 CIT Group Holdings,
Inc. 6.420% 2/11/00 9,672,000
10,200,000 Ford Motor Credit Co. 5.420% 1/20/00 10,170,822
- ------------------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $40,162,565) ........................................ 40,162,565
---------------
- ------------------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.2%
(Cost $2,494,230,295) ...................................... 2,851,153,774
OTHER ASSETS LESS LIABILITIES: 0.8% ........................ 23,257,871
---------------
TOTAL NET ASSETS: 100.0% ................................... $2,874,411,645
===============
- ------------------------------------------------------------------------------------------
</TABLE>
LEGEND:
* Non-income producing security.
+ Securities on loan.
++ Restricted security
ADR (American depository receipt) represents ownership of foreign securities.
NZD New Zealand Dollar
SECURITIES ON LOAN: (NOTE 7)
As of December 31, 1999, the market value of securities loaned was $84,230,909
with collateral backing valued at $85,210,724.
RESTRICTED SECURITIES: (NOTE 2)
The aggregate value of restricted securities at December 31, 1999 was
$67,343,677 or 2.35% of the State Street Research Diversified Portfolio's net
assets.
See Notes to Financial Statements.
MSF-11
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE SCHEDULE OF INVESTMENTS
GROWTH PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 91.6%
- --------------------------------------------------------------------------------
Automotive: 1.5%
503,500 Danaher Corp. $ 24,293,875
- --------------------------------------------------------------------------------
Banking: 0.7%
466,300 TCF Financial Corp. 11,599,213
- --------------------------------------------------------------------------------
Biotechnology: 1.5%
291,000 *Biogen, Inc. 24,580,406
- --------------------------------------------------------------------------------
Broadcasting: 7.1%
99,000 *+Adelphia Communications Corp. Cl. A 6,493,781
248,241 *AMFM , Inc. 19,424,858
89,056 *Clear Channel Communications, Inc. 7,948,248
815,281 *Infinity Broadcasting Corp. Cl. A 29,502,981
191,900 *+Univision Communications, Inc. Cl. A 19,609,782
553,408 *USA Networks, Inc. 30,558,498
---------------
113,538,148
- --------------------------------------------------------------------------------
Business Services: 8.0%
185,600 *Bisys Group, Inc. 12,098,800
991,348 *Concord EFS, Inc. 25,496,231
815,575 *Fiserv, Inc. 31,195,744
40,900 *+InterNAP Network Services 7,070,588
404,000 *Paychex, Inc. 16,147,375
516,500 *Young & Rubicam, Inc. 36,542,375
---------------
128,551,113
- --------------------------------------------------------------------------------
Chemicals: 0.4%
179,600 *+NOVA Corp. 5,668,625
- --------------------------------------------------------------------------------
Computer Equipment & Service: 11.1%
235,000 *CIENA Corp. 13,519,844
182,500 *Citrix Systems, Inc. 22,441,797
91,900 *Covad Communications Group, Inc. 5,126,297
68,900 *+Extreme Networks, Inc. 5,761,763
215,800 *Jabil Circuit, Inc. 15,753,400
206,400 *Legato Systems, Inc. 14,196,450
79,600 *Lexmark International Group, Inc. 7,203,800
205,600 *Network Appliance, Inc. 17,071,225
79,300 *Network Solutions, Inc. Cl. A 17,255,184
105,400 *Proxicom, Inc. 13,092,656
57,600 *SanDisk Corp. 5,522,400
186,900 *Solectron Corp. 17,778,862
117,100 *Whittman-Hart, Inc. 6,283,147
351,000 *Xilinx, Inc. 15,959,531
---------------
176,966,356
- --------------------------------------------------------------------------------
Consumer Products: 0.9%
289,100 Black & Decker Corp. 15,105,475
- --------------------------------------------------------------------------------
Consumer Services: 1.4%
573,600 +Biomet, Inc. 22,926,075
- --------------------------------------------------------------------------------
Drugs & Health Care: 2.1%
354,200 *+Genzyme Corp. 15,916,862
503,100 *Watson Pharmaceuticals, Inc. 18,017,269
---------------
33,934,131
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Electrical Equipment: 0.7%
138,600 *+General Instrument Corp. $ 11,781,000
- --------------------------------------------------------------------------------
Electronics: 12.8%
370,800 *Altera Corp. 18,377,775
496,200 *Celestica, Inc. 27,539,100
82,100 *E-Tek Dynamics, Inc. 11,032,188
270,100 *+Flextronics International Ltd. 12,433,041
268,600 *KLA-Tencor Corp. 29,906,931
70,800 *Lam Research Corp. 7,903,050
296,900 Linear Technology Corp. 21,246,906
638,000 *Maxim Integrated Products, Inc. 30,085,687
100,400 *Novellus Systems, Inc. 12,302,137
57,400 *QLogic Corp. 9,178,619
143,400 *Teradyne, Inc. 9,464,400
308,600 *Vitesse Semiconductor Corp. 16,172,569
---------------
205,642,403
- --------------------------------------------------------------------------------
Entertainment & Leisure: 3.5%
529,300 Harley-Davidson, Inc. 33,908,281
434,200 *+Royal Caribbean Cruises Ltd. 21,411,488
---------------
55,319,769
- --------------------------------------------------------------------------------
Financial Services: 1.0%
183,800 Lehman Brothers Holdings, Inc. 15,565,562
- --------------------------------------------------------------------------------
Hotel & Motel: 0.7%
439,300 *Harrah's Entertainment, Inc. 11,613,994
- --------------------------------------------------------------------------------
Medical Equipment & Supply: 1.0%
228,800 +Stryker Corp. 15,930,200
- --------------------------------------------------------------------------------
Office & Business Equipment: 2.7%
547,800 *CSG Systems International, Inc. 21,672,338
347,800 Symbol Technologies, Inc. 22,107,037
---------------
43,779,375
- --------------------------------------------------------------------------------
Oil-Equipment & Services: 0.7%
332,000 *Noble Drilling Corp. 10,873,000
- --------------------------------------------------------------------------------
Printing & Publishing: 1.4%
515,650 *Valassis Communications, Inc. 21,786,212
- --------------------------------------------------------------------------------
Retail Trade: 11.1%
108,600 *+AnnTaylor Stores Corp. 3,739,913
323,600 *Bed Bath & Beyond, Inc. 11,214,762
276,400 *Best Buy Co., Inc. 13,871,825
736,100 Circuit City Stores, Inc. 33,170,506
566,400 CVS Corp. 22,620,600
1,115,400 Family Dollar Stores, Inc. 18,194,962
844,541 *Jones Apparel Group, Inc. 22,908,175
320,700 *Kohl's Corp. 23,150,531
276,700 Lowe's Cos., Inc. 16,532,825
556,100 *Staples, Inc. 11,504,319
---------------
176,908,418
- --------------------------------------------------------------------------------
Software: 7.4%
241,800 *BMC Software,Inc. 19,321,331
518,000 *Compuware Corp. 19,279,312
MSF-12
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
STATE STREET RESEARCH AGGRESSIVE SCHEDULE OF INVESTMENTS
GROWTH PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
Software (Continued)
164,000 *Electronic Arts, Inc. 13,786,250
121,500 *+i2 Technologies , Inc. 23,669,719
174,600 *+Inktomi Corp. 15,484,838
305,200 *Intuit, Inc. 18,283,388
137,100 *Synopsys, Inc. 9,130,003
---------------
118,954,841
- --------------------------------------------------------------------------------
Technology: 1.2%
591,800 *Cypress Semiconductor Corp. 19,159,525
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 9.7%
218,400 *ADC Telecommunications, Inc. 15,840,825
676,500 *+American Tower Corp. Cl. A 20,675,531
135,250 *Comverse Technology, Inc. 19,573,211
401,300 *+Intermedia Communications, Inc. 15,550,375
121,000 *JDS Uniphase Corp. 19,518,812
22,500 *+Juniper Networks, Inc. 7,642,266
386,900 *Metromedia Fiber Network, Inc. Cl. A 18,534,928
385,452 *+Qwest Communications International, Inc. 16,562,391
19,300 *+Sycamore Networks, Inc. 5,882,881
104,000 *+VoiceStream Wireless Corp. 14,777,750
---------------
154,558,970
- --------------------------------------------------------------------------------
Textiles & Apparel: 0.6%
169,200 +Cintas Corp. 8,983,463
- --------------------------------------------------------------------------------
Utilities-Electric: 0.6%
278,100 Illinova Corp. 9,663,975
- --------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.8%
397,100 Burlington Resources, Inc. 13,129,119
- --------------------------------------------------------------------------------
Utilities-Telephone: 1.0%
79,100 *+Colt Telecom Group PLC ADR 16,136,400
---------------
TOTAL COMMON STOCK
(Cost: 986,425,376) ............................... 1,466,949,643
---------------
- --------------------------------------------------------------------------------
FACE ISSUE INTEREST MATURITY VALUE
AMOUNT RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 9.7%
- --------------------------------------------------------------------------------
$30,000,000 American Express Credit Corp. 6.420% 1/14/00 30,000,000
2,868,000 Exxon Corp. 4.500% 1/3/00 2,868,000
9,800,000 Ford Motor Credit Co. 5.420% 1/20/00 9,771,966
39,880,000 Ford Motor Credit Co. 5.500% 1/10/00 39,880,000
9,917,000 Ford Motor Credit Co. 6.380% 1/7/00 9,917,000
20,273,000 Ford Motor Credit Co. 6.350% 1/7/00 20,273,000
10,793,000 General Electric Capital Corp. 6.550% 1/12/00 10,793,000
20,000,000 General Electric Capital Corp. 6.600% 1/12/00 20,000,000
11,487,000 Merrill Lynch & Co., Inc. 5.550% 1/5/99 11,446,269
- --------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: 154,949,235) ............................... 154,949,235
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 101.3%
(Cost: $1,141,374,611) ............................ 1,621,898,878
OTHER ASSETS LESS LIABILITIES (1.3)% .............. (21,058,178)
---------------
TOTAL NET ASSETS: 100.0% ..........................$1,600,840,700
===============
- --------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
+ Securities on loan.
ADR (American Depository Receipt) represents ownership of foreign securities.
SECURITIES ON LOAN:(Note 7)
As of December 31, 1999, the market value of securities loaned was $103,748,303
with collateral backing valued at $110,786,326.
See Notes to Financial Statements.
MSF-13
13
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 100.1%
- --------------------------------------------------------------------------------
Aerospace & Defense: 1.0%
319,365 Boeing Co. $ 13,273,608
69,000 General Dynamics Corp. 3,639,750
135,490 +Lockheed Martin Corp. 2,963,844
23,461 Northrop Grumman Corp. 1,268,360
16,300 PerkinElmer, Inc. 679,506
114,900 Raytheon Co. Cl. B 3,052,031
64,992 Rockwell International Corp. 3,111,492
50,830 Textron, Inc. 3,898,026
163,602 United Technologies Corp. 10,634,130
---------------
42,520,747
- --------------------------------------------------------------------------------
Automotive: 1.3%
49,329 *AutoZone, Inc. 1,593,943
56,035 Dana Corp. 1,677,548
48,800 Danaher Corp. 2,354,600
193,080 Delphi Automotive Systems Corp. 3,041,010
412,778 Ford Motor Co. 22,057,824
218,782 General Motors Corp. 15,902,716
60,764 Genuine Parts Co. 1,507,707
21,573 *Navistar International Corp. 1,022,021
27,430 Paccar, Inc. 1,214,635
19,998 Snap-On, Inc. 531,197
20,800 Timken Co. 425,100
41,300 TRW, Inc. 2,145,019
---------------
53,473,320
- --------------------------------------------------------------------------------
Banking: 5.3%
133,649 AmSouth Bancorporation 2,581,096
251,654 Bank of New York Co., Inc. 10,066,160
391,928 Bank One Corp. 12,566,191
583,403 BankAmerica Corp. 29,279,538
113,104 BB&T Corp. 3,096,222
281,856 Chase Manhattan Corp. 21,896,688
53,850 Comerica, Inc. 2,514,122
105,494 Fifth Third Bancorp 7,737,326
337,545 First Union Corp. 11,075,695
335,423 Firstar Corp. 7,085,811
312,879 FleetBoston Financial Corp. 10,892,100
55,197 Golden West Financial Corp. 1,849,100
78,580 Huntington Bancshares, Inc. 1,873,642
152,861 KeyCorp 3,382,050
274,252 MBNA Corp. 7,473,367
173,823 Mellon Financial Corp. 5,920,846
59,172 Morgan (J.P.) & Co., Inc. 7,492,655
211,005 National City Corp. 4,998,181
76,067 Northern Trust Corp. 4,062,453
100,470 PNC Bank Corp. 4,470,915
73,400 Regions Financial Corp. 1,841,881
35,794 Republic New York Corp. 2,577,168
56,783 SouthTrust Corp. 2,145,333
54,671 State Street Corp. 3,994,400
59,455 Summit Bancorp 1,820,809
109,345 SunTrust Banks, Inc. 7,524,303
95,621 Synovus Financial Corp. 1,900,467
248,527 U.S. Bancorp 5,918,049
48,195 Union Planters Corp. 1,900,690
69,600 Wachovia Corp. 4,732,800
197,665 Washington Mutual, Inc. 5,139,290
561,231 Wells Fargo & Co. 22,694,779
---------------
222,504,127
- --------------------------------------------------------------------------------
Biotechnology: 0.1%
35,400 PE Biosystems Group 4,259,062
- --------------------------------------------------------------------------------
Broadcasting: 2.4%
259,773 *CBS Corp. 16,609,236
115,678 *Clear Channel Communications, Inc. 10,324,262
257,500 Comcast Corp. Cl. A 13,011,797
209,535 *MediaOne Group, Inc. 16,094,907
439,649 Time Warner, Inc. 31,847,074
238,552 *Viacom, Inc. Cl. B 14,417,487
---------------
102,304,763
- --------------------------------------------------------------------------------
Building & Construction: 0.3%
13,500 Armstrong World Industries, Inc. 450,562
20,107 +Crane Co. 399,627
69,588 Dover Corp. 3,157,555
24,000 Mallinckrodt, Inc. 763,500
152,755 Masco Corp. 3,876,158
18,700 +Owens-Corning Fiberglas Corp. 361,144
56,687 Sherwin-Williams Co. 1,190,427
30,600 Stanley Works 921,825
38,500 Willamette Industries, Inc. 1,787,844
---------------
12,908,642
- --------------------------------------------------------------------------------
Business Services: 1.2%
213,700 Automatic Data Processing, Inc. 11,513,088
33,900 Block (H & R), Inc. 1,483,125
242,279 *Cendant Corp. 6,435,536
24,700 Deluxe Corp. 677,706
44,400 Ecolab, Inc. 1,737,150
101,980 *FDX Corp. 4,174,806
143,211 First Data Corp. 7,062,092
105,433 IMS Health, Inc. 2,866,460
95,908 Interpublic Group of Cos., Inc. 5,532,693
60,631 Omnicom Group, Inc. 6,063,100
84,850 Paychex, Inc. 3,391,348
39,282 *+Quintiles Transnational Corp. 732,855
88,500 Service Corp. International 613,969
---------------
52,283,928
- --------------------------------------------------------------------------------
Chemicals: 1.6%
77,548 Air Products & Chemicals, Inc. 2,602,705
74,943 Dow Chemical Co. 10,014,258
357,267 Du Pont (E.I.) de Nemours & Co. 23,534,964
26,575 Eastman Chemical Co. 1,267,295
MSF-14
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Chemicals: (Continued)
10,176 *FMC Corp. $ 583,212
24,533 *Grace (W.R.) & Co. 340,395
19,700 Great Lakes Chemical Corp. 752,294
36,100 +Hercules, Inc. 1,006,287
216,811 Monsanto Co. 7,723,892
42,433 +Pall Corp. 914,962
59,900 PPG Industries, Inc. 3,747,494
54,278 Praxair, Inc. 2,730,862
75,251 Rohm & Haas Co. 3,061,775
34,478 Sigma Aldrich Corp. 1,035,417
46,000 Union Carbide Corp. 3,070,500
148,544 Williams Cos., Inc. 4,539,876
---------------
66,926,188
- --------------------------------------------------------------------------------
Computer Equipment & Service: 8.2%
117,909 *3Com Corp. 5,538,038
763,945 *America Online, Inc. 57,630,101
61,704 *Cabletron Systems, Inc. 1,604,304
49,428 *Ceridian Corp. 1,065,791
1,117,815 *Cisco Systems, Inc. 119,711,000
30,758 *Citrix Systems, Inc. 3,782,273
868,304 *Dell Computer Corp. 44,256,370
108,567 *Gateway, Inc. 7,823,610
348,228 Hewlett-Packard Co. 39,676,228
43,650 *Lexmark International Group, Inc. Cl. A 3,950,325
51,428 *Network Appliance, Inc. 4,270,131
83,937 *PeopleSoft, Inc. 1,786,284
100,112 *Solectron Corp. 9,523,154
109,058 *Xilinx, Inc. 4,958,731
89,959 *+Yahoo!, Inc. 38,926,946
---------------
344,503,286
- --------------------------------------------------------------------------------
Construction Materials: 0.0%
0 *!Huttig Building Products, Inc. 4
33,736 Vulcan Materials Co. 1,347,332
---------------
1,347,336
- --------------------------------------------------------------------------------
Consumer Products: 0.0%
29,498 Black & Decker Corp. 1,541,270
- --------------------------------------------------------------------------------
Consumer Services: 0.0%
38,700 Biomet, Inc. 1,546,791
- --------------------------------------------------------------------------------
Containers & Glass: 0.1%
10,300 Ball Corp. 405,563
17,600 Bemis Co., Inc. 613,800
41,644 Crown Cork & Seal Co., Inc. 931,784
51,304 *+Owens-Illinois, Inc. 1,285,806
29,170 *+Sealed Air Corp. 1,511,371
---------------
4,748,324
- --------------------------------------------------------------------------------
Cosmetics: 0.1%
18,900 Alberto-Culver Co. Cl. B Cvt. 487,856
82,802 Avon Products, Inc. 2,732,466
35,650 International Flavors & Fragrances, Inc. 1,345,788
---------------
4,566,110
- --------------------------------------------------------------------------------
Drugs & Health Care: 6.4%
44,638 Allergan, Inc. 2,220,740
35,000 *+ALZA Corp. 1,211,875
446,210 American Home Products Corp. 17,597,407
349,089 *Amgen, Inc. 20,956,249
17,700 Bard (C.R.), Inc. 938,100
20,200 Bausch & Lomb, Inc. 1,382,438
677,896 Bristol-Myers Squibb Co. 43,512,449
95,771 +Cardinal Health, Inc. 4,585,037
123,800 *HEALTHSOUTH Corp. 665,425
372,669 Lilly (Eli) & Co. 24,782,488
798,778 Merck & Co., Inc. 53,568,050
1,322,944 Pfizer, Inc. 42,912,996
177,190 Pharmacia & Upjohn, Inc. 7,973,550
501,704 Schering-Plough Corp. 21,165,637
28,100 *St. Jude Medical, Inc. 862,319
293,434 Warner-Lambert Co. 24,043,248
33,000 *Watson Pharmaceuticals, Inc. 1,181,813
---------------
269,559,821
- --------------------------------------------------------------------------------
Electrical Equipment: 4.7%
7,900 Briggs & Stratton Corp. 423,637
148,487 Emerson Electric Co. 8,519,442
1,121,229 General Electric Co. 173,510,188
59,348 *+General Instrument Corp. 5,044,580
32,400 Grainger (W.W.), Inc. 1,549,125
29,090 Johnson Controls, Inc. 1,654,494
15,000 Millipore Corp. 579,375
53,339 Molex, Inc. 3,021,988
13,905 National Service Industries, Inc. 410,197
66,064 Tandy Corp. 3,249,523
20,100 Thomas & Betts Corp. 640,687
---------------
198,603,236
- --------------------------------------------------------------------------------
Electronics: 6.9%
34,895 *Adaptec, Inc. 1,739,298
50,200 *Advanced Micro Devices, Inc. 1,452,663
60,100 *Analog Devices, Inc. 5,589,300
27,650 *Andrew Corp. 522,758
129,300 *Applied Materials, Inc. 16,376,653
25,100 Eaton Corp. 1,822,887
1,141,736 Intel Corp. 93,943,465
30,917 *KLA-Tencor Corp. 3,442,415
50,900 *LSI Logic Corp. 3,435,750
1,070,686 Lucent Technologies, Inc. 80,100,696
92,217 *Micron Technology, Inc. 7,169,872
208,370 Motorola, Inc. 30,682,482
59,191 *National Semiconductor Corp. 2,534,115
26,973 Scientific-Atlanta, Inc. 1,500,373
MSF-15
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Electronics: (Continued)
15,900 Tektronix, Inc. $ 618,113
137,473 *Tellabs, Inc. 8,819,752
59,000 *Teradyne, Inc. 3,894,000
274,072 Texas Instruments, Inc. 26,550,725
52,300 *Thermo Electron Corp. 784,500
---------------
290,979,817
- --------------------------------------------------------------------------------
Entertainment & Leisure: 0.8%
31,381 Brunswick Corp. 698,227
210,800 Carnival Corp. 10,078,875
10,700 +Fleetwood Enterprises, Inc. 220,688
703,982 Walt Disney Co. 20,591,473
---------------
31,589,263
- --------------------------------------------------------------------------------
Financial Services: 5.0%
152,985 American Express Co. 25,433,756
249,570 Associates First Capital Corp. Cl. A 6,847,577
40,728 Bear Stearns Cos., Inc. 1,741,122
67,166 Capital One Financial Corp. 3,236,562
280,212 Charles Schwab Corp. 10,753,135
1,152,217 Citigroup, Inc. 64,020,057
38,674 Countrywide Credit Industries, Inc. 976,518
237,567 Federal Home Loan Mortgage Corp. 11,180,497
350,209 Federal National Mortgage Assoc. 21,866,174
85,500 Franklin Resources, Inc. 2,741,344
75,735 Hartford Financial Services Group, Inc. 3,587,946
160,663 Household International, Inc. 5,984,697
41,100 Lehman Brothers Holdings, Inc. 3,480,656
36,241 Loews Corp. 2,199,376
126,671 Merrill Lynch & Co., Inc. 10,577,028
36,125 +MGIC Investment Corp. 2,174,273
190,333 Morgan Stanley Dean Witter & Co. 27,170,036
40,920 Old Kent Financial Corp. 1,447,545
48,673 +Paine Webber Group, Inc. 1,889,121
54,363 SLM Holding Corp. 2,296,837
40,546 T. Rowe Price & Associates, Inc. 1,495,134
---------------
211,099,391
- --------------------------------------------------------------------------------
Food & Beverages: 3.4%
159,006 Anheuser-Busch Co., Inc. 11,269,550
207,897 Archer-Daniels-Midland Co. 2,533,745
95,600 Bestfoods 5,024,975
23,190 Brown-Forman Corp. Cl. B 1,327,628
146,208 +Campbell Soup Co. 5,656,422
844,078 Coca-Cola Co. 49,167,543
145,401 Coca-Cola Enterprises, Inc. 2,926,195
168,222 ConAgra, Inc. 3,795,509
12,400 Coors (Adolph) Co. Cl. B 651,000
103,833 General Mills, Inc. 3,712,030
122,322 Heinz (H.J.) Co. 4,869,945
47,900 Hershey Foods Corp. 2,275,250
138,223 Kellogg Co. 4,258,996
111,100 Nabisco Group Holding Corp. 1,180,438
497,463 PepsiCo, Inc. 17,535,571
45,629 Quaker Oats Co. 2,994,403
310,534 Sara Lee Corp. 6,851,156
112,561 Sysco Corp. 4,453,195
195,329 Unilever NV 10,633,222
39,498 Wrigley (Wm.), Jr. Co. 3,275,865
---------------
144,392,638
- --------------------------------------------------------------------------------
Forest Products & Paper: 0.9%
19,900 Boise Cascade Corp. 805,950
33,400 Champion International Corp. 2,068,712
74,399 Fort James Corp. 2,036,673
58,433 +Georgia-Pacific Corp. 2,965,475
141,506 International Paper Co. 7,986,245
186,024 Kimberly-Clark Corp. 12,138,066
36,377 Louisiana-Pacific Corp. 518,372
35,200 Mead Corp. 1,529,000
10,000 Potlatch Corp. 446,250
19,200 Temple Inland, Inc. 1,266,000
34,500 Westvaco Corp. 1,125,562
80,257 Weyerhaeuser Co. 5,763,456
---------------
38,649,761
- --------------------------------------------------------------------------------
Healthcare Services: 0.0%
33,800 *Manor Care, Inc. 540,800
- --------------------------------------------------------------------------------
Homebuilders: 0.0%
20,000 Centex Corp. 493,750
16,100 +Kaufman & Broad Home Corp. 389,419
14,500 Pulte Corp. 326,250
---------------
1,209,419
- --------------------------------------------------------------------------------
Hospital Management: 0.3%
192,792 Columbia/HCA Healthcare Corp. 5,651,215
53,000 *Humana, Inc. 433,938
106,000 *Tenet Healthcare Corp. 2,491,000
58,010 United Healthcare Corp. 3,081,781
---------------
11,657,934
- --------------------------------------------------------------------------------
Hotel & Motel: 0.1%
43,800 *Harrah's Entertainment, Inc. 1,157,962
126,038 Hilton Hotels Corp. 1,213,116
84,282 Marriott International, Inc. Cl. A 2,660,151
65,100 *Mirage Resorts, Inc. 996,844
---------------
6,028,073
- --------------------------------------------------------------------------------
Household Appliances & Home Furnishings: : 0.1%
67,079 Leggett & Platt, Inc. 1,438,006
28,853 Maytag Corp. 1,384,944
25,436 Whirlpool Corp. 1,654,930
---------------
4,477,880
- --------------------------------------------------------------------------------
Household Products: 2.3%
80,644 Clorox Co. 4,062,441
199,088 Colgate-Palmolive Co. 12,940,720
MSF-16
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Household Products: (Continued)
83,654 Corning, Inc. $ 10,786,138
366,565 Gillette Co. 15,097,896
96,096 Newell Rubbermaid, Inc. 2,786,784
449,098 Procter & Gamble Co. 49,204,300
19,400 Tupperware Corp. 328,587
---------------
95,206,866
- --------------------------------------------------------------------------------
Industrial Components & Material: 0.0%
12,400 Milacron, Inc. 190,650
- --------------------------------------------------------------------------------
Insurance: 3.0%
50,883 Aetna, Inc. 2,839,907
91,600 AFLAC, Inc. 4,322,375
275,233 Allstate Corp. 6,605,592
84,450 American General Corp. 6,407,644
529,088 American International Group, Inc. 57,207,640
87,375 Aon Corp. 3,495,000
60,093 Chubb Corp. 3,383,987
63,998 CIGNA Corp. 5,155,839
55,600 Cincinnati Financial Corp. 1,728,813
111,788 Conseco Co., Inc. 1,998,211
48,335 Equifax, Inc. 1,138,893
35,790 Jefferson-Pilot Corp. 2,442,668
66,453 Lincoln National Corp. 2,658,120
91,400 Marsh & McLennan Cos., Inc. 8,745,837
34,030 MBIA, Inc. 1,797,209
25,100 Progressive Corp. 1,835,438
48,516 Providian Financial Corp. 4,417,988
44,429 SAFECO Corp. 1,103,783
77,996 St. Paul Cos., Inc. 2,627,490
44,112 Torchmark Corp. 1,282,005
81,031 UNUMProvident Corp. 2,598,056
---------------
123,792,495
- --------------------------------------------------------------------------------
Liquor: 0.2%
148,027 Seagram, Ltd. 6,651,963
- --------------------------------------------------------------------------------
Machinery: 0.6%
121,504 Caterpillar, Inc. 5,718,282
31,768 Cooper Industries, Inc. 1,284,619
14,500 +Cummins Engine Co., Inc. 700,531
79,677 Deere & Co. 3,455,990
25,552 Fluor Corp. 1,172,198
13,700 +Foster Wheeler Corp. 121,588
102,685 Illinois Tool Works, Inc. 6,937,655
55,887 Ingersoll-Rand Co. 3,077,278
3,300 +NACCO Industries, Inc. Cl. A 183,356
38,695 Parker Hannifin Corp. 1,985,537
---------------
24,637,034
- --------------------------------------------------------------------------------
Medical Equipment & Supply: 2.3%
525,352 Abbott Laboratories, Inc. 19,076,845
100,000 Baxter International, Inc. 6,281,250
85,540 Becton, Dickinson & Co. 2,288,195
141,717 *Boston Scientific Corp. 3,100,059
105,547 *Guidant Corp. 4,960,709
475,203 Johnson & Johnson 44,253,279
96,229 McKesson HBOC, Inc. 2,171,167
408,465 Medtronic, Inc. 14,883,443
21,748 *Wellpoint Health Networks, Inc. 1,434,009
---------------
98,448,956
- --------------------------------------------------------------------------------
Metals-Aluminum: 0.4%
74,891 +Alcan Aluminium, Ltd. 3,084,573
125,215 Alcoa, Inc. 10,392,845
22,100 Reynolds Metals Co. 1,693,413
---------------
15,170,831
- --------------------------------------------------------------------------------
Metals-Gold: 0.1%
134,739 Barrick Gold Corp. 2,383,196
88,939 Homestake Mining Co. 694,836
57,294 Newmont Mining Corp. 1,403,703
110,700 Placer Dome, Inc. 1,190,025
---------------
5,671,760
- --------------------------------------------------------------------------------
Metals-Non-Ferrous: 0.1%
43,003 Engelhard Corp. 811,682
64,106 *Inco, Ltd. 1,506,491
---------------
2,318,173
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 0.1%
31,972 Allegheny Technologies, Inc. 717,372
44,818 *Bethlehem Steel Corp. 375,351
30,200 Nucor Corp. 1,655,337
30,821 USX US Steel Group 1,017,093
29,600 Worthington Industries, Inc. 489,325
---------------
4,254,478
- --------------------------------------------------------------------------------
Mining: 0.1%
55,866 *Freeport-McMoRan Copper & Gold, Inc. Cl. B 1,180,169
27,799 +Phelps-Dodge Corp. 1,866,008
---------------
3,046,177
- --------------------------------------------------------------------------------
Miscellaneous: 0.1%
55,488 Fortune Brands, Inc. 1,834,572
110,524 Ralston-Purina Group 3,080,856
---------------
4,915,428
- --------------------------------------------------------------------------------
Multi-Industry: 1.3%
24,900 Harcourt General, Inc. 1,002,225
271,078 Honeywell, Inc. 15,637,812
30,400 ITT Industries, Inc. 1,016,500
137,149 Minnesota Mining & Manufacturing Co. 13,423,458
577,091 Tyco International Ltd. 22,434,413
---------------
53,514,408
MSF-17
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Newspapers: 0.5%
30,575 Dow Jones & Co., Inc. $ 2,079,100
95,266 Gannett Co., Inc. 7,770,133
28,685 +Knight-Ridder, Inc. 1,706,758
58,526 New York Times Co. Cl. A 2,875,090
20,800 Times Mirror Co. Cl. A 1,393,600
81,207 Tribune Co. 4,471,460
---------------
20,296,141
- --------------------------------------------------------------------------------
Office & Business Equipment: : 4.6%
54,979 *+Apple Computer, Inc. 5,650,810
38,460 Avery Dennison Corp. 2,802,772
581,627 Compaq Computer Corp. 15,740,281
56,896 *Computer Sciences Corp. 5,383,784
347,719 *EMC Corp. 37,988,301
43,396 IKON Office Solutions, Inc. 295,635
616,012 International Business Machines Corp. 66,529,296
90,649 Pitney-Bowes, Inc. 4,379,480
70,927 *Seagate Technology 3,302,538
60,600 *Silicon Graphics, Inc. 594,638
533,831 *Sun Microsystems, Inc. 41,321,856
106,400 *Unisys Corp. 3,398,150
227,107 Xerox Corp. 5,152,490
---------------
192,540,031
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.1%
43,578 Anadarko Petroleum Corp. 1,487,099
39,500 Apache Corp. 1,459,031
10,698 ONEOK, Inc. 268,787
86,134 Union Pacific Resources Group, Inc. 1,098,209
---------------
4,313,126
- --------------------------------------------------------------------------------
Oil-Domestic: 0.6%
31,400 Amerada Hess Corp. 1,781,950
24,600 Ashland Oil, Inc. 810,263
110,288 Atlantic Richfield Co. 9,539,912
29,457 Kerr-McGee Corp. 1,826,334
125,615 Occidental Petroleum Corp. 2,716,424
86,555 Phillips Petroleum Co. 4,068,085
30,835 Sunoco, Inc. 724,623
82,843 Unocal Corp. 2,780,418
106,184 USX-Marathon Group 2,621,417
---------------
26,869,426
- --------------------------------------------------------------------------------
Oil-Equipment & Services: 0.6%
112,502 Baker Hughes, Inc. 2,369,573
72,353 Coastal Corp. 2,564,009
150,907 Halliburton Co. 6,074,007
19,900 McDermott International, Inc. 180,344
28,456 *+Rowan Cos., Inc. 617,140
187,660 Schlumberger, Ltd. 10,555,875
48,923 Tosco Corp. 1,330,094
70,531 Transocean Sedco Forex, Inc. 2,376,012
---------------
26,067,054
- --------------------------------------------------------------------------------
Oil-International: 4.2%
224,700 Chevron Corp. 19,464,637
214,083 Conoco, Inc. Cl. B 5,325,315
1,180,188 Exxon Mobil Corp. 95,078,896
732,782 Royal Dutch Petroleum Co. 44,287,512
189,300 Texaco, Inc. 10,281,356
---------------
174,437,716
- --------------------------------------------------------------------------------
Packaging: 0.0%
58,200 *Pactiv Corp. 618,375
- --------------------------------------------------------------------------------
Photography: 0.2%
107,852 Eastman Kodak Co. 7,145,195
14,800 +Polaroid Corp. 278,425
---------------
7,423,620
- --------------------------------------------------------------------------------
Pollution Control: 0.1%
60,300 *Allied Waste Industries, Inc. 531,394
211,749 Waste Management, Inc. 3,639,436
---------------
4,170,830
- --------------------------------------------------------------------------------
Printing & Publishing: 0.2%
20,720 American Greetings Corp. Cl. A 489,510
43,209 +Donnelley (R.R.) & Sons Co. 1,072,123
54,978 Dun & Bradstreet Corp. 1,621,851
11,500 Jostens, Inc. 279,594
67,014 McGraw-Hill Cos., Inc. 4,129,738
17,600 Meredith Corp. 733,700
---------------
8,326,516
- --------------------------------------------------------------------------------
Restaurant: 0.5%
44,900 Darden Restaurants, Inc. 813,812
462,716 McDonald's Corp. 18,653,239
52,200 *Tricon Global Restaurants, Inc. 2,016,225
39,186 Wendy's International, Inc. 808,211
---------------
22,291,487
- --------------------------------------------------------------------------------
Retail Grocery: 0.4%
144,742 Albertson's, Inc. 4,667,929
12,900 Great Atlantic & Pacific Tea Co., Inc. 359,588
284,316 *Kroger Co. 5,366,464
173,875 *Safeway, Inc. 6,183,430
50,600 Winn-Dixie Stores, Inc. 1,211,238
---------------
17,788,649
- --------------------------------------------------------------------------------
Retail Trade: 6.2%
47,000 *Bed Bath & Beyond, Inc. 1,628,844
69,900 *Best Buy Co., Inc. 3,508,106
69,300 Circuit City Stores, Inc. 3,122,831
37,700 *+Consolidated Stores Corp. 612,625
75,811 *Costco Cos., Inc. 6,915,385
133,485 CVS Corp. 5,331,057
MSF-18
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Retail Trade: (Continued)
150,586 Dayton-Hudson Corp. $ 11,058,659
36,200 +Dillards, Inc. Cl. A 730,788
90,894 Dollar General Corp. 2,067,838
72,200 *+Federated Department Stores, Inc. 3,650,612
786,798 Home Depot, Inc. 53,944,838
168,300 *K Mart Corp. 1,693,519
55,686 *Kohl's Corp. 4,019,833
73,100 Limited, Inc. 3,166,144
13,200 Longs Drug Stores Corp. 340,725
130,591 Lowe's Cos., Inc. 7,802,812
114,850 May Department Stores Co. 3,703,912
47,351 +Nordstrom, Inc. 1,240,004
112,492 *Office Depot, Inc. 1,230,381
87,356 Penney (J.C.) Co., Inc. 1,741,660
17,700 Pep Boys-Manny, Moe & Jack 161,513
86,600 +Rite Aid Corp. 968,838
129,159 Sears, Roebuck & Co. 3,931,277
158,718 *Staples, Inc. 3,283,479
47,706 SuperValu, Inc. 954,120
292,597 The Gap, Inc. 13,459,462
104,300 TJX Cos., Inc. 2,131,631
81,900 *Toys 'R Us, Inc. 1,172,194
1,520,765 Wal-Mart Stores, Inc. 105,122,881
342,924 Walgreen Co. 10,030,527
---------------
258,726,495
- --------------------------------------------------------------------------------
Software: 7.3%
41,077 Adobe Systems, Inc. 2,762,428
21,303 Autodesk, Inc. 718,311
83,000 *BMC Software, Inc. 6,632,219
184,150 Computer Associates International, Inc. 12,878,991
121,852 *Compuware Corp. 4,535,179
160,882 Electronic Data Systems Corp. 10,769,039
1,763,362 *Microsoft Corp. 205,817,408
112,620 *Novell, Inc. 4,494,242
486,518 *Oracle Corp. 54,505,220
92,561 *Parametric Technology Corp. 2,502,039
9,000 Shared Medical Systems 458,437
---------------
306,073,513
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 2.9%
51,124 *ADC Telecommunications, Inc. 3,708,088
47,900 CenturyTel, Inc. 2,269,262
24,478 *Comverse Technology, Inc. 3,542,425
259,336 *Global Crossing Ltd. 12,958,696
124,349 *Nextel Communications, Inc. Cl. A 12,819,605
456,425 Nortel Networks Corp. 46,098,925
225,492 *QUALCOMM, Inc. 39,707,732
---------------
121,104,733
- --------------------------------------------------------------------------------
Textiles & Apparel: 0.2%
20,020 Liz Claiborne, Inc. 753,252
96,300 Nike, Inc. Cl. B 4,772,869
18,800 *+Reebok International, Ltd. 153,925
7,909 Russell Corp. 132,476
6,000 Springs Industries, Inc. 239,625
40,600 +VF Corp. 1,218,000
---------------
7,270,147
- --------------------------------------------------------------------------------
Tires & Rubber: 0.1%
25,500 Cooper Tire & Rubber Co. 396,844
37,000 Goodrich (B.F.) Co. 1,017,500
53,900 Goodyear Tire & Rubber Co. 1,519,306
---------------
2,933,650
- --------------------------------------------------------------------------------
Tobacco: 0.5%
808,592 Philip Morris Cos., Inc. 18,749,227
58,467 UST, Inc. 1,472,638
---------------
20,221,865
- --------------------------------------------------------------------------------
Toys & Amusements: 0.1%
66,075 Hasbro, Inc. 1,259,555
143,795 Mattel, Inc. 1,887,309
---------------
3,146,864
- --------------------------------------------------------------------------------
Transportation-Airlines: 0.2%
50,604 *AMR Corp. 3,390,468
45,406 Delta Air Lines, Inc. 2,261,787
172,384 Southwest Airlines Co. 2,790,466
24,420 *+USAirways Group, Inc. 782,966
---------------
9,225,687
- --------------------------------------------------------------------------------
Transportation-Railroad: 0.4%
156,703 Burlington Northern Santa Fe Corp. 3,800,048
74,600 CSX Corp. 2,340,575
38,300 Kansas City Southern Industries, Inc. 2,858,137
130,074 Norfolk Southern Corp. 2,666,517
85,400 Union Pacific Corp. 3,725,575
---------------
15,390,852
- --------------------------------------------------------------------------------
Transportation-Trucking: 0.0%
21,500 Ryder Systems, Inc. 525,406
- --------------------------------------------------------------------------------
Utilities-Electric: 1.6%
70,600 *AES Corp. 5,277,350
47,200 +Ameren Corp. 1,545,800
67,000 American Electric Power Co., Inc. 2,152,375
54,537 Carolina Power & Light Co. 1,659,970
72,670 Central & South West Corp. 1,453,400
53,992 +Cinergy Corp. 1,302,557
39,300 CMS Energy Corp. 1,225,669
74,988 Consolidated Edison, Inc. 2,587,086
51,110 Constellation Energy Group, Inc. 1,482,190
65,207 Dominion Resources, Inc. 2,559,375
49,800 +DTE Energy Co. 1,562,475
124,966 Duke Energy Corp. 6,263,921
118,654 Edison International 3,107,252
MSF-19
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
METLIFE STOCK INDEX PORTFOLIO SCHEDULE OF INVESTMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Utilities-Electric: (Continued)
84,350 Entergy Corp. $ 2,172,012
79,631 FirstEnergy Corp. 1,806,628
33,600 Florida Progress Corp. 1,421,700
61,900 FPL Group, Inc. 2,650,094
41,589 GPU, Inc. 1,245,071
39,700 New Century Energies, Inc. 1,205,887
61,700 *Niagara Mohawk Holdings, Inc. 859,944
52,800 Northern States Power Co. 1,029,600
63,056 PECO Energy Corp. 2,191,196
131,200 PG&E Corp. 2,689,600
28,900 Pinnacle West Capital Corp. 883,256
49,104 PP&L Resources, Inc. 1,123,254
74,134 Public Service Enterprise Group, Inc. 2,580,790
101,041 Reliant Energy, Inc. 2,311,313
229,024 Southern Co. 5,382,064
94,033 Texas Utilities Co. 3,344,048
73,582 Unicom Corp. 2,464,997
---------------
67,540,874
- --------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.5%
73,900 +Burlington Resources, Inc. 2,443,319
27,950 Columbia Energy Group 1,767,837
33,200 Consolidated Natural Gas Co. 2,155,925
9,200 Eastern Enterprises 528,425
78,583 El Paso Energy Corp. 3,050,003
244,002 Enron Corp. 10,827,589
16,300 Nicor, Inc. 529,750
11,900 Peoples Energy Corp. 398,650
---------------
21,701,498
- --------------------------------------------------------------------------------
Utilities-Miscellaneous: 0.0%
81,745 +Sempra Energy Solutions 1,420,319
- --------------------------------------------------------------------------------
Utilities-Telephone: 7.3%
107,281 Alltel Corp. 8,870,798
1,091,963 AT&T Corp. 55,417,122
530,643 Bell Atlantic Corp. 32,667,710
643,254 BellSouth Corp. 30,112,328
332,098 GTE Corp. 23,433,665
969,962 *MCI WorldCom, Inc. 51,438,271
1,165,788 SBC Communications, Inc. 56,832,165
297,826 Sprint Corp. 20,047,412
147,268 *+Sprint Corp. PCS Group 15,094,970
172,682 U.S. West, Inc. 12,433,104
---------------
306,347,545
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $2,553,738,322) .......................... 4,208,813,565
----------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.0%
- --------------------------------------------------------------------------------
$1,215,000 Federal National
Mortgage Assoc. 5.360% 2/17/00 $ 1,206,498
- --------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $1,206,498) .............................. 1,206,498
----------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.1%
(Cost: $2,554,944,820) .......................... 4,210,020,063
OTHER ASSETS LESS LIABILITIES (0.1%) ............ (4,818,376)
----------------
TOTAL NET ASSETS: 100.0% ........................$ 4,205,201,687
----------------
- --------------------------------------------------------------------------------
LEGEND:
+ Securities on loan.
* Non-income producing security.
! Fractional Shares.
SECURITIES ON LOAN: (Note 7)
As of December 31, 1999, the market value of securities loaned was $40,167,845
with collateral backing valued at $40,696,171.
See Notes to Financial Statements.
MSF-20
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
SHARES ISSUE (NOTE 1A)
- -----------------------------------------------------------------------------------
COMMON STOCK: 97.7%
- -----------------------------------------------------------------------------------
<S> <C> <C>
Australia: 5.0%
400,000 Broken Hill Proprietary Co. $ 5,252,264
187,400 Commonwealth Bank of Australia 3,227,028
150,200 +National Australia Bank 2,297,527
828,300 Qantas Airways Ltd. 2,066,360
1,065,600 +Santos Ltd. 2,903,201
-------------
Total Investments in Australia 15,746,380
- -----------------------------------------------------------------------------------
Belgium: 0.8%
70,589 Fortis (B) 2,547,082
-------------
Total Investments in Belgium 2,547,082
- -----------------------------------------------------------------------------------
Canada: 0.0%
1,100,000 *(S)Ashurst Technology Ltd.
282,330 *(S)Isleinvest Ltd.
582,400 *(S)Kemgas International Ltd. 117,005
-------------
Total Investments in Canada 117,005
- -----------------------------------------------------------------------------------
Finland: 3.7%
65,711 Nokia AB Oy Cl. A 11,914,911
-------------
Total Investments in Finland 11,914,911
- -----------------------------------------------------------------------------------
France: 10.5%
53,900 Assurance Generale de France 2,921,132
33,876 AXA SA 4,722,897
46,800 Banque Nationale de Paris 4,318,387
22,456 Galeries Lafayette SA 3,727,948
2,232 L'Oreal SA 1,790,854
43,956 Pechiney International NV Cl. A 3,141,599
68,529 Rhone-Poulenc SA Cl. A 3,983,185
15,180 Saint-Gobain 2,854,936
16,857 Suez Lyonnaise Des Eaux SA 2,701,660
24,681 Total SA Cl. B 3,294,267
-------------
Total Investments in France 33,456,865
- -----------------------------------------------------------------------------------
Germany: 9.0%
91,300 BASF AG 4,690,522
51,500 Continental AG 1,029,788
33,963 DaimlerChrysler AG 2,641,214
19,924 Deutsche Bank AG 1,682,906
20,000 Fresenius Medical Care AG 1,710,480
89,149 +Karstadt Quelle AG 3,574,208
17,920 *+Kloeckner-Werke AG 1,642,705
65,981 Lufthansa AG 1,535,363
140,000 Metallgesellschaft AG 2,806,476
34,841 Siemens AG 4,432,760
51,200 Volkswagen AG (Pvt.) 2,885,694
-------------
Total Investments in Germany 28,632,116
- -----------------------------------------------------------------------------------
Hong Kong: 1.0%
286,600 Hang Seng Bank Ltd. 3,272,110
-------------
Total Investments in Hong Kong 3,272,110
- -----------------------------------------------------------------------------------
Italy: 1.4%
792,100 ENI SPA 4,356,652
-------------
Total Investments in Italy 4,356,652
- -----------------------------------------------------------------------------------
Japan: 28.1%
41,800 +Acom Co., Ltd. 4,095,312
373,000 Amano Corp. 2,226,975
15,800 Autobacs Seven Co., Ltd. 518,058
173,000 +Bank of Tokyo 2,411,197
214,000 Canon Sales Co., Inc. 3,309,386
275,000 +Chugai Pharmaceutical Co., Ltd. 2,974,210
369,000 Citizen Watch Co., Ltd. 2,347,558
89,000 Dai-Nippon Printing Co., Ltd. 1,419,888
150,600 +Daicel Chemical Industries Ltd. 420,094
89,000 Daiichi Pharmaceutical Co., Ltd. 1,157,688
108,000 Fuji Bank Ltd. 1,049,662
83,000 Fuji Photo Film Ltd. 3,030,146
220,000 Futaba Industrial Co., Ltd. 2,583,929
41,000 Glory Ltd. 790,545
206,000 +Hitachi Construction Machinery Co., Ltd. 1,110,952
89,000 +Honda Motor Co., Ltd. 3,310,169
527,000 Kamigumi Co., Ltd. 2,217,970
1,603,000 *Kawasaki Steel Corp. 2,871,185
19,700 +Mabuchi Motor Co., Ltd. 3,437,907
186,000 Matsushita Electric Industrial Co., Ltd. 5,152,002
302,000 +Mazda Motor Corp. 1,344,915
35,700 Meiwa Estate Co., Ltd. 873,544
27,000 Murata Manufacturing Co., Ltd. 6,342,371
4,900 Nintendo Co., Ltd. 814,349
252 Nippon Telephone & Telegraph 4,316,336
138,000 Omron Corp. 3,180,875
4,300 Rohm Co. 1,767,642
128,000 Sakura Bank Ltd. 741,666
143,000 Sankyo Co., Ltd. 2,939,219
318,000 Sanyo Chemical Industries Ltd. 3,003,524
323,000 +Sekisui House Ltd. 2,861,065
14,000 +Sony Corp. 4,151,904
119,000 +Sumitomo Bank Ltd. 1,629,451
315,000 Sumitomo Trust and Banking Co., Ltd. 2,127,337
23,300 Takefuji Corp. 2,916,776
526,000 Yokogawa Electric 3,711,912
-------------
Total Investments in Japan 89,157,719
- -----------------------------------------------------------------------------------
Netherlands: 7.9%
63,708 ABN AMRO Holdings NV 1,591,570
158,178 Buhrmann NV 2,382,141
64,731 DSM NV 2,595,229
38,497 ING Groep NV 2,324,469
49,400 Koninklijke KPN NV 4,822,042
47,590 Philips Electronics NV 6,471,869
29,809 Royal Dutch Petroleum Co. 1,827,209
117,512 Vendex KBB NV 3,125,118
-------------
Total Investments in Netherlands 25,139,647
- -----------------------------------------------------------------------------------
</TABLE>
MSF-21
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- -----------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- -----------------------------------------------------------------------------------
<S> <C> <C>
Philippines: 1.3%
1,477,700 Bank of the Philippine Islands $ 4,253,429
-------------
Total Investments in Philippines 4,253,429
- -----------------------------------------------------------------------------------
Singapore: 5.2%
1,997,500 DBS Land Ltd. 3,933,834
326,000 Singapore Airlines Ltd. 3,699,429
582,912 United Overseas Bank 5,144,885
316,000 Venture Manufacturing Ltd. 3,623,897
-------------
Total Investments in Singapore 16,402,045
- -----------------------------------------------------------------------------------
Spain: 3.5%
143,127 Altadis SA 2,123,460
127,900 Grupo Dragados SA 1,129,927
319,494 Telefonica SA 7,981,685
-------------
Total Investments in Spain 11,235,072
- -----------------------------------------------------------------------------------
Sweden: 1.7%
211,449 Electrolux AB Cl. B 5,317,909
-------------
Total Investments in Sweden 5,317,909
- -----------------------------------------------------------------------------------
Switzerland: 5.2%
5,600 Adecco SA 4,360,987
3,610 Baloise Holding 2,840,752
2,413 Compagnie Financiere Richemont AG 5,758,588
210 Roche Holdings AG 2,492,621
2,300 Swisscom AG 930,227
-------------
Total Investments in Switzerland 16,383,175
- -----------------------------------------------------------------------------------
Thailand: 1.1%
202,900 *Advanced Info Service Public Co., Ltd. 3,404,561
-------------
Total Investments in Thailand 3,404,561
- -----------------------------------------------------------------------------------
United Kingdom: 12.3%
70,800 Abbey National PLC 1,135,055
157,700 Allied Zurich PLC 1,859,550
281,000 Bank of Scotland 3,263,536
50,554 Barclays PLC 1,452,729
236,448 BG Group PLC 1,526,783
322,344 BP Amoco PLC 3,253,848
226,200 British Telecommunications PLC 5,480,713
88,300 GKN PLC 1,446,278
101,254 Glaxo Wellcome PLC 2,868,765
153,900 Hanson PLC 1,290,207
307,200 HSBC Holdings PLC 4,257,569
413,000 Iceland Group PLC 1,661,126
149,107 Kingfisher PLC 1,654,657
190,704 Ocean Group PLC 3,557,911
937,700 Pilkington PLC 1,276,864
239,950 SmithKline Beecham PLC 3,042,592
-------------
Total Investments in United Kingdom 39,028,183
- -----------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $265,866,786) ................................. 310,364,861
-------------
- -----------------------------------------------------------------------------------
PREFERRED STOCK: 0.8%
- -----------------------------------------------------------------------------------
Thailand: 0.7%
1,875,800 *Siam Commercial Bank Public Ltd. 5.500% 2,290,901
-------------
Total Investments in Thailand 2,290,901
- -----------------------------------------------------------------------------------
United Kingdom: 0.1%
295,000 *(S)Upton & Southern Holdings PLC Cum. Cvt. Pfd. 309,734
-------------
Total Investments in United Kingdom 309,734
- -----------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $3,660,041) ................................... 2,600,635
-------------
<CAPTION>
- -----------------------------------------------------------------------------------
FACE ISSUE INTEREST MATURITY VALUE
AMOUNT RATE DATE (NOTE 1A)
- -----------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 0.0%
- -----------------------------------------------------------------------------------
$ 33,000 BG Transco Holdings PLC 4.19% 12/14/22 $ 53,172
33,000 BG Transco Holdings PLC 7.00% 12/16/24 51,791
33,000 BG Transco Holdings PLC 7.06% 12/14/09 53,633
- -----------------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $200,638) ..................................... 158,596
-------------
- -----------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.3%
- -----------------------------------------------------------------------------------
$4,097,000 State Street
Repurchase Agreement (U.S. Treasury
Bills collateralized, dated
12/31/99 due 2/15/03 @ 6.250% with
a market value of $4,222,800) 2.50% 01/03/00 4,097,000
- -----------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $4,097,000) ................................... 4,097,000
-------------
- -----------------------------------------------------------------------------------
TOTAL INVESTMENTS: 99.8%
(Cost: $273,824,465) ................................. 317,221,092
OTHER ASSETS LESS LIABILITIES: 0.2% .................. 609,779
-------------
TOTAL NET ASSETS: 100.0% .............................$317,830,871
------------
- -----------------------------------------------------------------------------------
</TABLE>
LEGEND:
+ Securities on loan.
* Non-income producing security.
(S) Illiquid Security
SECURITIES ON LOAN: (Note 7)
As of December 31, 1999, the market value of securities loaned was $16,162,290
with collateral backing valued at $16,707,986.
ILLIQUID SECURITIES:(Note 2)
- --------------------------------------------------------------------------------
ACQUISITION ACQUISITION VALUATION AS
ISSUE DATE COST OF 12/31/1999
- --------------------------------------------------------------------------------
Ashurst Technology Ltd. 12/15/94-5/25/95 $ 942,588 $ 0
Isleinvest Ltd. 12/16/94-7/3/95 $1,399,554 $ 0
Karngas International Ltd. 10/18/94-10/02/95 $1,333,006 $117,005
Upton & Southern Holdings
PLC Cum. Cvt. Pfd. 09/18/95 $ 456,233 $309,734
The aggregate value of illiquid securities at December 31, 1999 was $428,739 or
0.13% of the Sanlander International Stock Portfolio's net assets.
See Notes of Financial Statements.
MSF-22
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SANTANDER INTERNATIONAL STOCK PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Automotive: .............................................................. 4.1%
Banking: ................................................................. 12.0%
Building & Construction: ................................................. 0.4%
Business Services: ....................................................... 2.1%
Chemicals: ............................................................... 4.7%
Construction Materials: .................................................. 1.3%
Consumer Products: ....................................................... 0.8%
Containers & Glass: ...................................................... 0.4%
Drugs & Health Care: ..................................................... 4.9%
Electrical Equipment: .................................................... 3.5%
Electronics: ............................................................. 8.9%
Financial Services: ...................................................... 7.3%
Homebuilders: ............................................................ 0.9%
Household Appliances & Home Furnishings: ................................. 3.4%
Industrial Components & Material: ........................................ 1.3%
Insurance: ............................................................... 3.2%
Machinery: ............................................................... 1.5%
Medical Equipment & Supply: .............................................. 0.6%
Metals-Non-Ferrous: ...................................................... 1.0%
Metals-Steel & Iron: ..................................................... 3.5%
Miscellaneous: ........................................................... 1.3%
Multi-Industry: .......................................................... 2.9%
Office & Business Equipment: ............................................. 0.8%
Oil & Gas Exploration: ................................................... 0.9%
Oil: ..................................................................... 1.0%
Oil-Equipment & Services: ................................................ 1.1%
Oil-International: ....................................................... 2.0%
Personal Care: ........................................................... 0.6%
Photography: ............................................................. 1.0%
Plastics: ................................................................ 0.5%
Printing & Publishing: ................................................... 0.5%
Real Estate: ............................................................. 1.5%
Retail Grocery: .......................................................... 0.5%
Retail Trade: ............................................................ 4.0%
Telecommunications Equipment & Services: ................................. 3.6%
Tires & Rubber: .......................................................... 0.3%
Tobacco: ................................................................. 2.5%
Toys & Amusements: ....................................................... 0.3%
Transportation-Airlines: ................................................. 2.3%
Transportation-Miscellaneous: ............................................ 1.1%
Utilities-Gas & Pipelines: ............................................... 0.5%
Utilities-Telephone: ..................................................... 5.0%
------
100.0%
======
- --------------------------------------------------------------------------------
Excludes short-term securities.
See Notes to Financial Statements.
MSF-23
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 3.4%
- --------------------------------------------------------------------------------
Banking: 0.0%
7,000 *Siam Commercial Bank, (Wts.) expiring 5/10/02 $ 3,252
- --------------------------------------------------------------------------------
Forest Products & Paper: 2.7%
1,867,500 *Indah Kiat Paper & Pulp Corp. 734,973
92,550 +Sappi Ltd. ADR 890,794
---------------
1,625,767
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.2%
59,675 *Chesapeake Energy Corp. 141,728
- --------------------------------------------------------------------------------
Oil-Equipment & Services: 0.1%
250 *++R & B Falcon Corp. (Wts.) 144A 56,250
- --------------------------------------------------------------------------------
Real Estate: 0.4%
16,500 Associated Estates Realty Corp. 128,906
2,000 Developers Diversified Realty 25,750
15,500 Meditrust Corp. 85,250
---------------
239,906
- --------------------------------------------------------------------------------
Restaurant: 0.0%
2,024 *Advantica Restaurant Group, Inc. 3,479
- --------------------------------------------------------------------------------
Transportation-Shipping: 0.0%
1,423 *(S)++Hvide Marine, Inc. (Wts.) expiring 6/30/07 144A 0
- --------------------------------------------------------------------------------
Utilities-Electric: 0.0%
8,000 Tenaga Nasional Berhad 20,632
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $1,859,692) ............................. 2,091,014
---------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 4.9%
- --------------------------------------------------------------------------------
Banking: 0.0%
7,000 *++Siam Commercial Bank Public Ltd. 5.250% 144A 8,549
- --------------------------------------------------------------------------------
Construction Materials: 0.2%
3,750 Owens-Corning 6.500% 129,844
- --------------------------------------------------------------------------------
Food & Beverages: 0.0%
1,500 Chiquita Brands International, Inc. Ser. A 2.875% 29,250
- --------------------------------------------------------------------------------
Metals-Steel & Iron: 0.3%
6,500 Bethleham Steel Corp. $3.50 182,000
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.4%
10,500 Chesapeake Energy Corp. 7.000% 267,750
- --------------------------------------------------------------------------------
Oil-Equipment & Services: 0.5%
267 *R & B Falcon Corp. Sr. 13.875% 281,685
- --------------------------------------------------------------------------------
Real Estate: 0.3%
1,000 CarrAmerica Realty Corp. 8.450% 16,000
4,200 CarrAmerica Realty Corp. Ser. C 8.550% 67,200
2,946 Developers Diversified Realty Corp. Cl. C 8.375% 50,450
3,500 Meditrust Ser. A 9.000% 42,000
---------------
175,650
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 2.3%
1,437 Adelphia Business Solutions Sr. Ser. B 12.875%
Payment in Kind 1,400,884
- --------------------------------------------------------------------------------
Transportation-Shipping: 0.0%
16,000 *Hvide Capital Trust 6.500% 12,000
- --------------------------------------------------------------------------------
Utilities-Electric: 0.5%
1,035 Central Maine Power Co. 3.500% 42,694
150 Consumers Energy Co. $4.16 8,850
580 Consumers Energy Co. $4.50 34,510
140 Entergy Gulf States, Inc. $4.52 7,700
300 Entergy Gulf States, Inc. 4.400% 15,300
2,680 Niagara Mohawk Power Corp. 3.400% 109,880
1,100 Niagara Mohawk Power Corp. 3.600% 47,850
200 Niagara Mohawk Power Corp. 3.900% 8,800
50 Niagara Mohawk Power Corp. 4.850% 3,300
150 Ohio Edison Co. 4.400% 8,550
50 Ohio Edison Co. 4.440% 3,025
200 Toledo Edison Co. 4.250% 10,000
---------------
300,459
- --------------------------------------------------------------------------------
Utilities-Telephone: 0.4%
4,500 Philippine Long Distance Telephone Co. Ser.
III $3.50 214,312
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $3,532,033) ............................. 3,002,383
---------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS: 28.6%
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Automotive: 0.6%
$725,000 ++Exide Corp. 144A 2.900% 12/15/05 $ 380,625
- -------------------------------------------------------------------------------------------------
Building & Construction: 0.1%
100,000 Schuler Homes, Inc. 6.500% 1/15/03 81,500
- -------------------------------------------------------------------------------------------------
Computer Equipment & Service: 5.6%
155,000 Cray Research, Inc. Sub. 6.125% 2/1/11 93,775
365,000 EMC Corp. Sub. 6.000% 5/15/04 478,150
300,000 HMT Technology Corp.
Sub. 5.750% 1/15/04 118,500
200,000 Hutchinson Technology,
Inc. Sub. 6.000% 3/15/05 189,500
902,000 Ingram Micro, Inc. Sr. 0.010% 6/9/18 292,022
400,000 (S)Maxtor Corp. 5.750% 3/1/12 280,000
725,000 Quantum Corp. Sub. 7.000% 8/1/04 543,750
800,000 Read-Rite Corp. Sub. 6.500% 9/1/04 292,000
600,000 S3, Inc. Sub. 5.750% 10/1/03 557,250
200,000 Telxon Corp. Sub. 5.750% 1/1/03 166,500
1,400,000 #++Western Digital Corp. Sub.
144A 0.000% 2/18/18 194,250
200,000 Wind River Systems, Inc. 5.000% 8/1/02 252,500
------------
3,458,197
- -------------------------------------------------------------------------------------------------
Drugs & Health Care: 3.2%
1,080,000 Dura Pharmaceuticals, Inc.
Sub. 3.500% 7/15/02 874,800
250,000 Glycomed, Inc. 7.500% 1/1/03 206,250
300,000 HealthSouth Corp. Sub. 3.250% 4/1/03 237,000
450,000 NABI, Inc. Sub. 6.500% 2/1/03 334,687
</TABLE>
MSF-24
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -----------------------------------------------------------------------------------------
CONVERTIBLE BONDS: (Continued)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Drugs & Health Care: (Continued)
$200,000 Omnicare, Inc. Sub. 5.000% 12/1/07 $ 134,000
150,000 Tenet Healthcare Corp. Sub. 6.000% 12/1/05 121,125
100,000 #Thermedics, Inc. 0.000% 6/1/03 60,000
------------
1,967,862
- -----------------------------------------------------------------------------------------
Electronics: 3.1%
800,000 Cirrus Logic, Inc. Sub. 6.000% 12/15/03 669,000
675,000 Kent Electronics Corp. Sub. 4.500% 9/1/04 561,937
300,000 Lam Research Corp. 5.000% 9/1/02 410,625
40,000 Richardson Electronics Ltd. Sub. 7.250% 12/15/06 28,950
424,000 Zenith Electronics Corp. Sr. 8.190% 11/1/09 212,000
------------
1,882,512
- -----------------------------------------------------------------------------------------
Entertainment & Leisure: 0.4%
83,000 Bell Sports Corp. Sub. 4.250% 11/15/00 67,230
200,000 Ogden Corp. 5.750% 10/20/02 170,250
------------
237,480
- -----------------------------------------------------------------------------------------
Foreign Obligations: 9.1%
95,000 Advanced Agro Public Co. 3.500% 6/17/01 76,950
100,000 App Finance VII Mauritius
Ltd. 3.500% 4/30/03 73,625
450,000 (S)++App Finance VII Mauritius
Ltd. 144A 3.500% 4/30/03 331,312
775,000 Bangkok Bank Public Ltd. 4.589% 3/3/04 406,875
325,000 Banpu Public 2.750% 4/10/03 321,750
300,000 Burns, Philp Sub. 5.500% 4/30/04 165,000
1,280,000 Empresas ICA Sociedad
Sub. 5.000% 3/15/04 742,400
100,000 (S)Loxley PLC 2.500% 4/4/01 26,000
1,700,000 Rogers Communications,
Inc. 2.000% 11/26/05 1,466,250
100,000 Samsung Display Devices 0.250% 3/12/06 112,500
425,000 #Samsung Electronics Co.,
Ltd. 0.000% 12/31/07 805,375
250,000 Sappi BVI Finance 7.500% 8/1/02 235,625
300,000 Siam Commercial Bank 3.250% 1/24/04 149,250
390,000 Ssangyong Oil Refining
Co., Ltd. 3.000% 12/31/04 280,800
150,000 Telekom Malaysia 4.000% 10/3/04 130,133
300,000 Total Access
Communication Public Ltd. 2.000% 5/31/06 294,000
------------
5,617,845
- -----------------------------------------------------------------------------------------
Healthcare Services: 0.5%
650,000 Phycor, Inc. Sub. 4.500% 2/15/03 297,375
- -----------------------------------------------------------------------------------------
Industrial Components & Material: 0.6%
400,000 Hexcel Corp. Sub. 7.000% 8/1/03 288,500
100,000 Hexcel Corp. Sub. 7.000% 8/1/11 76,125
------------
364,625
- -----------------------------------------------------------------------------------------
Industrials: 1.1%
195,000 Intevac, Inc. Sub. 6.500% 3/1/04 106,275
300,000 ++Kulicke And Soffa
Industries, Inc. Sub. 144A 4.750% 12/15/06 331,875
350,000 MascoTech, Inc. Sub. 4.500% 12/15/03 254,625
------------
692,775
- -----------------------------------------------------------------------------------------
Medical Equipment & Supply: 0.3%
365,000 (S)UroMed Corp. Sub. 6.000% 10/15/03 208,050
- -----------------------------------------------------------------------------------------
Oil & Gas Exploration: 0.2%
200,000 Pogo Producing Co. Sub. 5.500% 6/15/06 150,000
- -----------------------------------------------------------------------------------------
Oil-Equipment & Services: 1.8%
1,072,000 Key Energy Group, Inc. 5.000% 9/15/04 732,980
1,090,000 #Pride International, Inc. Sub. 0.000% 4/24/18 361,063
------------
1,094,043
- -----------------------------------------------------------------------------------------
Pollution Control: 0.2%
150,000 ++Thermo Terratech, Inc. Sub.
144A 4.625% 5/1/03 123,188
- -----------------------------------------------------------------------------------------
Real Estate: 0.2%
100,000 Sizeler Property
Investments, Inc. Sub. 8.000% 7/15/03 91,000
- -----------------------------------------------------------------------------------------
Restaurant: 0.6%
325,000 Einstein/Noah Bagel Corp.
Sub. 7.250% 6/1/04 156,000
351,000 #(S)Shoney's, Inc. Sub. 0.000% 4/11/04 56,160
440,000 (S)TPI Enterprises, Inc. Sub. 8.250% 7/15/02 145,200
------------
357,360
- -----------------------------------------------------------------------------------------
Retail Trade: 0.1%
50,000 (S)++CML Group, Inc. 144A 5.500% 1/15/03 63
200,000 CML Group, Inc. Sub. 5.500% 1/15/03 250
100,000 Jacobson Stores, Inc. Sub. 6.750% 12/15/11 68,250
------------
68,563
- -----------------------------------------------------------------------------------------
Telecommunications Equipment & Services: 0.7%
500,000 #Aspect Telecommunications
Corp. Sub. 0.000% 8/10/18 197,500
500,000 (S)Broadband Technologies,
Inc. Sub. 5.000% 5/15/01 245,000
------------
442,500
- -----------------------------------------------------------------------------------------
Transportation-Trucking: 0.2%
160,000 Worldway Corp. Sub. 6.250% 4/15/11 129,600
- -----------------------------------------------------------------------------------------
TOTAL CONVERTIBLE BONDS
(Cost: $19,049,097) ...................................... 17,645,100
-------------
- -----------------------------------------------------------------------------------------
CORPORATE BONDS: 28.8%
- -----------------------------------------------------------------------------------------
Broadcasting: 2.7%
700,000 Century Communications
Corp. Sr. 8.375% 11/15/17 619,500
1,650,000 #Fox Family Worldwide, 0%/
Inc. Sr. 10.250% 11/1/07 1,068,375
------------
1,687,875
- -----------------------------------------------------------------------------------------
</TABLE>
MSF-25
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -----------------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Chemicals: 0.5%
$287,000 Arco Chemical Co. 9.800% 2/1/20 $ 292,740
- -----------------------------------------------------------------------------------------
Computer Equipment & Service: 1.0%
250,000 Seagate Technology, Inc. Sr. 7.370% 3/1/07 220,522
250,000 Seagate Technology, Inc. Sr. 7.450% 3/1/37 217,843
250,000 Seagate Technology, Inc. Sr. 7.875% 3/1/17 188,755
------------
627,120
- -----------------------------------------------------------------------------------------
Food & Beverages: 0.1%
100,000 Borden, Inc. 7.875% 2/15/23 76,402
- -----------------------------------------------------------------------------------------
Healthcare Services: 1.6%
300,000 Columbia/HCA Healthcare Corp. 7.050% 12/1/27 228,000
250,000 Columbia/HCA Healthcare Corp. 7.690% 6/15/25 205,000
250,000 Columbia/HCA Healthcare Corp. 7.750% 7/15/36 204,095
400,000 Medical Care International, Inc. Sub. 6.750% 10/1/06 339,000
------------
976,095
- -----------------------------------------------------------------------------------------
Industrials: 1.5%
150,000 Burlington Industries, Inc. 7.250% 9/15/05 111,139
600,000 Glencore Nickel Pty., Ltd. Sr. 9.000% 12/1/14 501,000
300,000 ++Reliance Industries Ltd. 144A 10.375% 6/24/16 300,732
------------
912,871
- -----------------------------------------------------------------------------------------
Oil & Gas Exploration: 1.6%
475,000 Chesapeake Energy Corp. Sr. Ser. B 7.875% 3/15/04 426,312
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% 5/1/05 190,000
250,000 Seagull Energy Corp. Sr. 7.500% 9/15/27 209,375
------------
988,687
- -----------------------------------------------------------------------------------------
Oil-Equipment & Services: 5.2%
850,000 Pioneer Natural Resources Co. Ser. A 7.200% 1/15/28 619,641
1,100,000 Pioneer Natural Resources Co. Sr. 6.500% 1/15/08 920,634
300,000 R & B Falcon Corp. Ser. B 7.375% 4/15/18 232,500
200,000 R & B Falcon Corp. Sr. Ser. B 6.500% 4/15/03 184,500
925,000 R & B Falcon Corp. Sr. Ser. B 6.750% 4/15/05 814,000
490,000 Trico Marine Services, Inc.
Sr. Ser. G 8.500% 8/1/05 460,600
------------
3,231,875
- -----------------------------------------------------------------------------------------
Real Estate: 0.7%
410,000 +Meditrust Corp. 7.000% 8/15/07 307,500
150,000 Trinet Corporate Realty
Trust, Inc. 7.700% 7/15/17 102,437
------------
409,937
- -----------------------------------------------------------------------------------------
Retail Trade: 0.7%
100,000 Dillon Reed Structured
Finance Corp. Ser. 93-K1 A2 7.430% 8/15/18 83,288
100,000 Dillon Reed Structured
Finance Corp. Ser. 94-K1 A2 8.375% 8/15/15 89,875
450,000 Woolworth Corp. 8.500% 1/15/22 279,000
------------
452,163
- -----------------------------------------------------------------------------------------
Telecommunications Equipment & Services: 9.2%
350,000 Intermedia Communications, Inc. Sr. 8.500% 1/15/08 318,500
250,000 Intermedia Communications, Inc. Sr. 8.600% 6/1/08 230,625
250,000 Intermedia Communications, Inc. Sr.
Ser. B 8.875% 11/1/07 232,500
350,000 #Intermedia Communications, Inc. Sr. 0%/
Sub. 12.250% 3/1/09 208,688
500,000 #Mccaw International Ltd. Sr. 0%/
13.000% 4/15/07 345,000
250,000 #Nextel International, Inc. Sr. 0%/
12.125% 4/15/08 147,500
500,000 #Nextlink Communications, 0%/
Inc. Sr. 9.450% 4/15/08 317,500
400,000 #+++Nextlink Communications, Inc. Sr. 144A 0%/
12.250% 12/1/09 233,000
415,000 #RCN Corp. Sr. 0%/
11.000% 7/1/08 272,862
500,000 #RCN Corp. Sr. Ser. B 0%/
11.125% 10/15/07 353,750
1,170,000 #RCN Corp. Sr. Ser. B 0%/
9.800% 2/15/08 772,200
1,200,000 #Rhythms NetConnections, 0%/
Inc. Sr. 13.500% 5/15/08 645,000
875,000 #TeleCorp PCS, Inc. Sr. 0%/
11.625% 4/15/09 551,250
1,000,000 #Teligent, Inc. Sr. 0%/
11.500% 3/1/08 587,500
200,000 #Triton PCS, Inc. Sr. 0%/
11.000% 5/1/08 141,500
500,000 #++Voicestream Wireless Corp. 0%/
Sr. 144A 11.875% 11/15/09 302,500
------------
5,659,875
- -----------------------------------------------------------------------------------------
Textiles & Apparel: 0.6%
300,000 Phillips-Van Heusen Corp. 7.750% 11/15/23 226,006
250,000 Pillowtex Corp. Sr. Ser. B 9.000% 12/15/07 107,500
------------
333,506
- -----------------------------------------------------------------------------------------
</TABLE>
MSF-26
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (Continued)
- --------------------------------------------------------------------------------
Transportation 0.4%
$450,000 (S)American President Cos.,
Ltd. Sr. 8.000% 1/15/24 $ 261,563
- --------------------------------------------------------------------------------
Transportation-Shipping: 1.0%
550,000 (S)Hvide Marine, Inc. Sr. 8.375% 2/15/08 220,000
252,000 (S)++Hvide Marine, Inc. Sr. 144A 12.500% 6/30/07 226,800
500,000 (S)TBS Shipping International,
Ltd. 10.000% 5/1/05 180,000
-------------
626,800
- --------------------------------------------------------------------------------
Utilities-Electric: 1.2%
300,000 AES Corp. Sr. 8.375% 8/15/07 278,250
500,000 AES Corp. Sr. 8.875% 11/1/27 427,500
-------------
705,750
- --------------------------------------------------------------------------------
Utilities-Telephone: 0.8%
850,000 ++NTL Communications Corp.
Sr. 144A 11.500% 11/15/09 493,000
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $18,822,085) .............................. 17,736,259
-------------
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 19.4%
- --------------------------------------------------------------------------------
300,000 Bangko Sentral Philipinas 8.600% 6/15/27 252,893
500,000 ++Bangkok Bank Public Ltd.
144A 9.025% 3/15/29 386,123
150,000 #Clearnet Communications, 0%/
Inc. 10.750% 2/15/09 60,530
675,000 #Clearnet Communications,
Inc. Sr. 0%/
11.750% 8/13/07 333,175
1,840,000 #Clearnet Communications,
Inc. Sr. 0%/
10.400% 5/15/08 806,235
700,000 Compania De Alimentos
Fargo SA Sr. 13.250% 8/1/08 603,750
500,000 #Dolphin 0%/
Telecommunications PLC 11.625% 6/1/08 246,801
400,000 Dolphin
Telecommunications PLC
Sr. 11.500% 6/1/08 200,000
1,350,000 Espirito Santo Centrais
Eletriciadad Sr. 10.000% 7/15/07 1,134,000
250,000 ++Hyundai Motor Co. 144A 7.600% 7/15/07 205,435
200,000 ++Industrial Finance Corp.
Thailand 144A 6.875% 4/1/03 189,388
423,908 Korea Electric Power Corp. 7.400% 4/1/16 374,968
1,400,000 #Microcell
Telecommunications Sr. Ser. 0%/
B 11.125% 10/15/07 649,809
325,000 Multicanal SA Ser. C 10.500% 4/15/18 253,500
250,000 Multicanal SA Ser. E 13.125% 4/15/09 245,625
250,000 Murrin Murrin Hldgs. Pty.,
Ltd. Sr. 9.375% 8/31/07 220,000
300,000 ++Nuevo Grupo Isuacell SA
deCV Sr. 144A 14.250% 12/1/06 310,500
700,000 +Philippine Long Distance
Telephone Co. 8.350% 3/6/17 558,460
400,000 Pindo Deli Finance
Mauritius Ltd. Sr. 10.750% 10/1/07 295,000
200,000 Pindo Deli Finance
Mauritius Ltd. Sr. 10.875% 10/1/27 127,500
195,800 (S)++Pycsa Panama SA 144A 10.280% 12/15/12 115,522
400,000 Quezon Power Philippines
Co. Sr. 8.860% 6/15/17 297,696
710,000 Rogers Communications,
Inc. Sr. 8.750% 7/15/07 495,549
150,000 Rogers Communications,
Inc. Sr. 10.500% 2/14/06 113,182
700,000 ++Siam Commercial Bank
Public Ltd. Sub. 144A 7.500% 3/15/06 581,000
150,000 Southern Peru Copper
Corp. Ser. A1 7.900% 5/30/07 136,260
1,350,000 ++Tenaga Nasional Berhad
144A 7.500% 11/1/25 1,138,548
600,000 #TFM SA de CV Sr. 0%/
11.750% 6/15/09 384,000
650,000 ++Thai Fmrs Bank Public,Ltd.
Sub. 144A 8.250% 8/21/16 498,875
600,000 Tjiwi Kimia Mauritius Ltd.
Sr. 10.000% 8/1/04 450,000
200,000 ++Total Access
Communication Public Ltd.
144A 7.625% 11/4/01 170,000
200,000 ++Total Access
Communication Public Ltd.
144A 8.375% 11/4/06 153,291
- --------------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $12,144,690) .............................. 11,987,615
-------------
- --------------------------------------------------------------------------------
YANKEE BONDS: 10.4%
- --------------------------------------------------------------------------------
500,000 #Barak I.T.C. Sr. 0%/
12.500% 11/15/07 270,000
300,000 ++Bayan Telecommunications
Sr. 144A 13.500% 7/15/06 261,000
150,000 ++Cerro Negro Finance Ltd.
144A 7.900% 12/1/20 99,302
1,061,558 Federative Republic of
Brazil PIK 8.000% 4/15/14 797,548
550,000 Federative Republic Of
Brazil 10.125% 5/15/27 470,250
500,000 +Petroleos Mexicanos 9.500% 9/15/27 490,000
700,000 +++Petroleos Mexicanos 144A 8.625% 12/1/23 607,250
500,000 Republic Of Argentina 8.875% 3/1/29 359,450
100,000 +Republic Of Argentina 9.750% 9/19/27 89,750
396,000 Republic Of Argentina Ser. L 6.812% 3/31/05 360,360
400,000 Republic Of Ecuador 4.000% 2/28/25 137,000
800,000 #Republic of Peru 3.750% 3/7/17 495,040
1,120,000 Republic of South Africa 8.500% 6/23/17 1,019,200
1,450,000 Republic Of Venezuela 9.250% 9/15/27 962,510
- --------------------------------------------------------------------------------
TOTAL YANKEE BONDS
(Cost: $6,704,056) ............................... 6,418,660
-------------
- --------------------------------------------------------------------------------
MSF-27
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
LOOMIS SAYLES HIGH YIELD BOND SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.4%
- --------------------------------------------------------------------------------
$884,000 State Street Repurchase
Agreement (U.S. Treasury
Notes collateralized dated
12/31/99 due 02/15/03 @
6.250% with a market value
of $912,900) 2.500% 1/3/00 $ 884,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $884,000) ................................. 884,000
------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 96.9%
(Cost $62,995,653) ............................... 59,765,031
OTHER ASSETS LESS LIABILITIES 3.1% ............... 1,936,338
------------
TOTAL NET ASSETS: 100.0% ......................... $61,701,369
============
- --------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
+ Securities on loan.
++ Restricted security
(S) Illiquid Security
# Step bond: A zero coupon bond that converts to a fixed or variable interest
rate at a designated future date.
SECURITIES LENDING: (Note 7)
As of December 31, 1999, the market value of securities loaned was $1,591,821
with collateral backing valued at $1,616,200.
RESTRICTED SECURITIES: (NOTE 2)
The aggregate value of restricted securities at December 31, 1999 was $7,698,378
or 12.48% of the Loomis Sayles High Yield Bond Portfolio's net assets.
ILLIQUID SECURITIES: (Note2)
- --------------------------------------------------------------------------------
ACQUISITION VALUATION AS OF
ISSUE ACQUISITION DATE COST 12/31/1999
- --------------------------------------------------------------------------------
American President Cos.,
Ltd. Sr. 8/17/98-1/12/99 $ 265,000 $ 261,563
App Finance VII Mauritius
Ltd 144A. 6/3/98-6/4/98 351,938 331,312
Broadband Technologies, Inc.
Sub. 6/13/97-7/30/97 366,400 245,000
CML Group, Inc. 144A 4/14/98 30,875 63
Hvide Marine, Inc. Sr. 7/13/98-4/7/99 449,656 220,000
Hvide Marine, Inc. Sr. 144A 12/14/99 226,800 226,800
Hvide Marine, Inc. (Wts.)
144A 12/14/99 0 0
Loxley PLC 3/24/97-2/12/98 67,750 26,000
Maxtor Corp. 2/3/99-7/2/99 297,500 280,000
Pycsa Panama SA 144A 10/1/97 195,800 115,522
Shoney's Inc. Sub. 3/14/97-1/13/98 142,314 56,160
TBS Shipping International
Ltd. 4/29/98 466,690 180,000
TPI Enterprises, Inc. Sub. 3/27/97-11/12/97 369,625 145,200
UroMed Corp. Sub. 5/21/97-8/20/97 217,150 208,050
The aggregate value of illiquid securities at December 31,1999 was $2,295,670 or
3.72% of the Loomis Sayles High Yield Bond Portfolio's net assets.
See Notes to Financial Statements.
MSF-28
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 99.4%
- --------------------------------------------------------------------------------
Biotechnology: 2.2%
257,624 *+MedImmune, Inc. $ 42,717,279
- --------------------------------------------------------------------------------
Broadcasting: 9.4%
346,630 *AMFM , Inc. 27,123,798
326,445 *Citadel Communications Corp. 21,178,119
192,175 *Clear Channel Communications, Inc. 17,151,619
56,620 *Cox Radio, Inc. Cl. A 5,647,845
440,320 *Entercom Communications Corp. 29,061,120
550,470 *Hispanic Broadcasting Corp. 50,763,655
145,910 *Radio One, Inc. Cl. A 13,455,638
176,818 *+Univision Communications, Inc. Cl. A 18,068,589
---------------
182,450,383
- --------------------------------------------------------------------------------
Business Services: 7.9%
38,030 *+Internet Capital Group, Inc. 6,461,535
442,255 *+Lamar Advertising Co. Cl. A 26,742,607
1,695,297 Paychex, Inc. 67,758,902
364,685 *TMP Worldwide, Inc. 51,671,306
---------------
152,634,350
- --------------------------------------------------------------------------------
Computer Equipment & Service: 21.7%
64,520 Brocade Communications Systems, Inc. 11,379,715
220,130 *DoubleClick, Inc. 55,754,802
186,545 *Earthlink Network, Inc. 7,945,651
246,435 *+eBay, Inc. 30,858,283
714,320 *+Exodus Communications, Inc. 63,462,868
5,805 *FreeMarkets, Inc. 1,981,863
26,220 *InfoSpace.com, Inc. 5,610,261
135,130 *Network Solutions, Inc. Cl. A 29,403,443
605,240 *PSINet, Inc. 37,430,311
108,685 *Safeguard Scientifics, Inc. 17,613,763
40,785 *Silicon Storage Technology, Inc. 1,686,205
346,700 *TriQuint Semiconductor, Inc. 38,537,872
27,305 *VA Linux Systems, Inc. 5,650,428
391,525 *+VeriSign, Inc. 74,805,745
830,900 *Xilinx, Inc. 37,779,984
---------------
419,901,193
- --------------------------------------------------------------------------------
Drugs & Health Care: 2.6%
326,500 *+King Pharmaceuticals, Inc. 18,284,000
331,010 *+Sepracor, Inc. 32,894,119
---------------
51,178,119
- --------------------------------------------------------------------------------
Educations: 1.8%
1,670,145 *Apollo Group, Inc. Cl. A 33,455,092
41,420 *+Edison Schools, Inc. Cl. A 647,188
---------------
34,102,280
- --------------------------------------------------------------------------------
Electronics: 13.2%
146,900 *Atmel Corp. 4,347,322
379,795 *+E-Tek Dynamics, Inc. 51,034,953
7,000 *Furukawa Electric Co., Ltd. 106,196
662,170 *Gemstar International Group Ltd. 47,138,227
271,435 *RF Micro Devices, Inc. 18,533,921
355,655 *SDL, Inc. 77,599,475
1,076,380 *Vitesse Semiconductor Corp. 56,409,039
---------------
255,169,133
- --------------------------------------------------------------------------------
Entertainment & Leisure: 2.6%
659,715 +Premier Parks, Inc. 19,049,270
853,540 *SFX Entertainment, Inc. Cl. A 30,887,479
---------------
49,936,749
- --------------------------------------------------------------------------------
Healthcare Services: 0.8%
386,970 *Healtheon/WebMD Corp. 14,559,746
- --------------------------------------------------------------------------------
Medical Equipment & Supply: : 0.8%
202,375 *MiniMed, Inc. 14,836,617
- --------------------------------------------------------------------------------
Restaurant: 0.1%
92,246 Pizza Express PLC 1,091,461
- --------------------------------------------------------------------------------
Retail Trade: 0.7%
173,910 *+Amazon.com, Inc. 13,244,333
- --------------------------------------------------------------------------------
Software: 6.4%
125,825 *Liberate Technologies 32,289,841
80,925 *+Phone.com, Inc. 9,402,474
40,785 *Portal Software, Inc. 4,188,110
173,790 *Software.com, Inc. 16,607,807
299,627 *Veritas Software Corp. 42,874,751
97,395 *Vignette Corp. 15,872,341
13,940 *Vitria Technology, Inc. 3,266,316
---------------
124,501,640
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 24.5%
399,200 *American Tower Corp. Cl. A 12,200,550
72,915 *Clarent Corp. 5,664,584
656,985 *Clearnet Communications, Inc. Cl. A 22,624,921
1,673,305 *Crown Castle International Corp. 53,650,342
387,950 *+Level 3 Communications, Inc. 31,739,159
1,278,930 *+Metromedia Fiber Network, Inc. Cl. A 61,268,740
324,908 *Microcell Telecommunications, Inc. Cl. B 10,681,351
292,645 *+Net2Phone, Inc. 13,425,089
397,290 *+Nextlink Communications, Inc. Cl. A 32,987,485
363,113 *+NTL, Inc. 45,252,958
276,520 *Omnipoint Corp. 33,303,378
213,440 *Powertel, Inc. 21,384,020
408,685 *Rogers Cantel Mobile Communications,
Inc.Cl.B 14,865,917
235,830 *+United States Cellular Corp. 23,804,091
234,980 *+VoiceStream Wireless Corp. 33,389,189
854,220 Western Wireless Corp. Cl. A 56,965,796
---------------
473,207,570
- --------------------------------------------------------------------------------
Utilities-Telephone: 4.7%
694,095 *AT&T Canada, Inc. Cl. B 27,893,943
MSF-29
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
JANUS MID CAP PORTFOLIO SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Utilities-Telephone: (Continued)
1,074,735 *+McLeodUSA, Inc. $ 63,207,852
--------------
91,101,795
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $1,188,969,782) .......................... 1,920,632,649
---------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 0.1%
$1,914,000 State Street Repurchase
Agreement (U.S. Treasury
Notes collateralized dated
12/31/99 due 1/03/2000
@ 6.250% with a market
value of $1,973,700) 2.500% 1/3/00 $ 1,914,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $1,914,000) .............................. 1,914,000
---------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 2.3%
- --------------------------------------------------------------------------------
44,700,000 Household Finance
Corp. 4.500% 1/3/00 44,688,825
- --------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $44,688,825) ............................. 44,688,825
---------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 101.8%
(Cost $1,235,572,607) ........................... 1,967,235,474
OTHER ASSETS LESS LIABILITIES (1.8%) ............ (35,438,420)
---------------
TOTAL NET ASSETS: 100.0% ........................ $1,931,797,054
===============
- --------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
+ Securities on loan.
SECURITIES ON LOAN: (Note 7)
As of December 31, 1999, the market value of securities loaned was $200,655,706
with collateral backing valued at $201,946,836.
See Notes to Financial Statements.
MSF-30
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 96.0%
- --------------------------------------------------------------------------------
Aerospace & Defense: 0.4%
24,100 *+Orbital Sciences Corp. $ 447,356
23,900 *Triumph Group, Inc. 578,081
--------------
1,025,437
- --------------------------------------------------------------------------------
Automotive: 1.0%
40,100 *Gentex Corp. 1,117,787
29,700 *Group 1 Automotive, Inc. 413,944
52,200 *O' Reilly Automotive, Inc. 1,136,981
--------------
2,668,712
- --------------------------------------------------------------------------------
Banking: 1.0%
24,700 City National Corp. 813,556
23,747 Commerce Bancorp, Inc. 960,269
41,000 Community First Bankshares 643,188
14,000 *TeleBanc Financial Corp. 362,688
--------------
2,779,701
- --------------------------------------------------------------------------------
Biotechnology: 0.6%
3,700 *Biogen, Inc. 312,534
65,900 *Serologicals Corp. 401,578
16,500 *+Techne Corp. 908,016
--------------
1,622,128
- --------------------------------------------------------------------------------
Broadcasting: 3.4%
21,400 *Cox Radio, Inc. Cl. A 2,134,650
23,100 *+Emmis Communications Corp. Cl. A 2,879,559
6,900 *Hispanic Broadcasting Corp. 636,309
7,700 *Pegasus Communications Corp. Cl. A 745,938
24,900 *Time Warner, Inc. Cl. A 1,239,553
2,500 *+Univision Communications, Inc. Cl. A 255,469
7,400 *USA Networks, Inc. 408,619
17,700 *Young Broadcasting, Inc. Cl. A 902,147
--------------
9,202,244
- --------------------------------------------------------------------------------
Building & Construction: 0.4%
30,800 *Insituform Technologies, Inc. Cl. A 864,325
15,300 *NCI Building Systems, Inc. 283,050
--------------
1,147,375
- --------------------------------------------------------------------------------
Business Services: 8.9%
6,500 *+Acxiom Corp. 156,203
28,100 *Advance Paradigm, Inc. 605,028
20,600 *Affiliated Computer Services, Inc. Cl. A 947,600
20,000 *American Management Systems, Inc. 625,625
21,700 *Bisys Group, Inc. 1,414,569
31,100 *Bright Horizons Family Solutions 579,237
10,800 *Catalina Marketing Corp. 1,250,100
3,300 *Cognizant Technology Solutions Cl. A 361,247
22,600 *Cognos, Inc. 1,035,362
27,600 *Consolidated Graphics, Inc. 412,275
11,100 *CoStar Group, Inc. 397,519
18,900 *+Digital River, Inc. 630,197
20,400 *F.Y.I., Inc. 694,237
16,300 FactSet Research Systems, Inc. 1,297,887
16,600 Fair Issac & Co., Inc. 879,800
22,530 *+First Consulting Group, Inc. 346,399
11,300 G&K Services, Inc. Cl. A 362,659
12,100 *+Getty Images, Inc. 592,900
44,900 *infoUSA, Inc. 627,197
54,700 *INSpire Insurance Solutions, Inc. 258,116
6,500 *+Lamar Advertising Co. Cl. A 393,047
13,300 *+Lason, Inc. 145,884
38,850 *Meta Group 743,006
21,700 *+Metamor Worldwide, Inc. 633,369
73,000 *Modis Professional Services, Inc. 1,040,250
10,700 *Navigant Consulting, Inc. 116,363
6,000 *Network Event Theater, Inc. 177,938
24,000 *Nielson (A.C.) Corp. 591,000
20,600 *+Pre-Paid Legal Services, Inc. 494,400
3,700 *Preview Travel, Inc. 194,481
46,900 *Professional Staff PLC ADR 265,278
7,700 *Profit Recovery Group International, Inc. 204,291
29,300 *Quanta Services, Inc. 827,725
23,100 *+Rent Way, Inc. 431,681
15,400 *Romac International, Inc. 207,419
56,413 *Tetra Tech, Inc. 870,876
5,500 *+TMP Worldwide, Inc. 779,281
21,330 *Zebra Technologies Corp. Cl. B 1,237,807
23,000 *Zomax Optical Media, Inc. 1,040,031
--------------
23,868,284
- --------------------------------------------------------------------------------
Chemicals: 1.2%
48,800 *Catalytica, Inc. 664,900
21,700 MacDermid, Inc. 891,056
37,546 *+NOVA Corp. 1,185,046
22,300 *Sybron International Corp. 550,531
--------------
3,291,533
- --------------------------------------------------------------------------------
Computer Equipment & Service: 9.2%
27,200 *Actuate Corp. 1,166,200
5,000 *APEX, Inc. 161,875
44,000 *+Beyond.Com Corp. 342,375
19,400 *Ciber, Inc. 533,500
8,800 *Citrix Systems, Inc. 1,082,125
22,100 *Concord Communications, Inc. 986,903
18,600 *+Dendrite International, Inc. 626,588
24,500 *+Global Imaging Systems, Inc. 299,359
10,000 *+Globespan Semiconductor, Inc. 649,375
2,000 *InterVU, Inc. 209,125
17,200 *Legato Systems, Inc. 1,183,037
30,000 *MedQuist, Inc. 771,563
31,400 *Mercury Computer Systems, Inc. 1,089,187
16,300 *MIPS Technologies, Inc. Cl. A 849,128
23,700 National Computer Systems, Inc. 890,231
13,000 *Netopia, Inc. 709,719
8,400 *+PSINet, Inc. 519,488
3,300 *Radiant Systems, Inc. 132,722
MSF-31
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Computer Equipment & Service: (Continued)
37,000 *RSA Security, Inc. 2,866,344
55,100 *S3, Inc. 635,372
18,400 *SunGard Data Systems, Inc. 437,000
34,200 *Sykes Enterprises, Inc. 1,500,525
32,700 *+USinternetworking, Inc. 2,282,869
37,300 *USWeb Corp. 1,658,684
12,300 *Visual Networks, Inc. 973,238
9,800 *Whittman-Hart, Inc. 525,831
6,700 *Xceed, Inc. 278,050
13,500 *Xircom, Inc. 1,012,500
5,800 *Zebra Technologies Corp. Cl. A 336,581
--------------
24,709,494
- --------------------------------------------------------------------------------
Construction & Mining Equipment: 0.3%
26,200 *Terex Corp. 727,050
- --------------------------------------------------------------------------------
Construction Materials: 0.3%
15,500 *Simpson Manufacturing, Inc. 678,125
- --------------------------------------------------------------------------------
Consumer Products: 0.1%
21,100 *Rayovac Corp. 398,263
- --------------------------------------------------------------------------------
Drugs & Health Care: 6.0%
16,600 *+Andrx Corp. 698,756
23,100 Chattem, Inc. 434,569
27,400 Dentsply International, Inc. 649,037
8,700 *Express Scripts, Inc. Cl. A 558,703
12,100 *Forest Laboratories, Inc. 743,394
36,400 Jones Pharma, Inc. 1,581,125
17,900 *KV Pharmaceutical Co. Cl. A 392,681
32,200 *Lincare Holdings, Inc. 1,117,944
26,900 *Liposome Co., Inc. 327,003
36,700 *Medco Research, Inc. 1,103,294
52,900 Mentor Corp. 1,372,094
87,900 +Omnicare, Inc. 1,054,800
17,350 *Patterson Dental Co. 738,459
24,700 *Priority Healthcare Corp. Cl. B 715,528
31,100 *Renal Care Group, Inc. 729,878
46,962 +Shire Pharmaceuticals Group PLC ADR 1,358,976
24,800 *Universal Health Services, Inc. Cl. B 892,800
23,100 *Watson Pharmaceuticals, Inc. 827,269
22,000 *Wesley Jessen VisionCare, Inc. 830,500
--------------
16,126,810
- --------------------------------------------------------------------------------
Education: 1.2%
34,800 *+Apollo Group, Inc. Cl. A 697,087
21,300 *DeVry, Inc. 396,712
42,900 *ITT Educational Services, Inc. 662,269
48,200 *Learning Tree International, Inc. 1,348,094
--------------
3,104,162
- --------------------------------------------------------------------------------
Electrical Equipment: 2.0%
18,800 *+Advanced Energy Industries, Inc. 925,312
18,300 *American Power Conversion Corp. 482,091
20,200 *Artesyn Technologies, Inc. 423,569
14,800 *C-Cube Microsystems, Inc. 925,925
36,300 Cohu, Inc. 1,118,494
17,500 *+Power Integrations, Inc. 830,703
62,100 Watsco, Inc. 718,031
--------------
5,424,125
- --------------------------------------------------------------------------------
Electronics: 14.5%
13,300 *Alpha Industries, Inc. 761,425
31,100 *+American Xtal Technology, Inc. 541,334
5,600 *Amphenol Corp. Cl. A 372,750
24,000 *Andrew Corp. 453,750
34,500 *Applied Science & Technology, Inc. 1,152,516
18,500 *+Asyst Technologies, Inc. 1,212,328
26,400 *ATMI, Inc. 870,375
12,700 *+Benchmark Electronics, Inc. 291,306
52,725 *Burr-Brown Corp. 1,901,395
15,100 *Commscope, Inc. 608,719
10,000 CTS Corp. 753,750
19,000 *Cymer, Inc. 875,188
24,800 Dallas Semiconductor Corp. 1,598,050
7,000 *DII Group, Inc. 496,781
16,700 *Dionex Corp. 687,309
10,700 *Electronics for Imaging, Inc. 627,288
23,500 *Etec Systems, Inc. 1,057,500
22,800 *KEMET Corp. 1,027,425
42,200 *Kopin Corp. 1,793,500
39,400 *Lattice Semiconductor Corp. 1,865,344
19,200 *Maxim Integrated Products, Inc. 905,400
34,500 *Micrel, Inc. 1,966,500
22,800 *Microchip Technology, Inc. 1,563,938
17,200 *Novellus Systems, Inc. 2,107,538
25,500 *+Plexus Corp. 1,128,375
6,500 *+PMC-Sierra, Inc. 1,041,828
15,100 *QLogic Corp. 2,414,584
25,150 *QRS Corp. 2,647,823
9,000 *Sanmina Holdings, Inc. 896,625
8,800 *+SCI Systems, Inc. 723,250
31,600 *Semtech Corp. 1,645,175
12,500 *Teradyne, Inc. 825,000
19,600 *TranSwitch Corp. 1,422,225
17,600 *Vitesse Semiconductor Corp. 922,350
--------------
39,158,644
- --------------------------------------------------------------------------------
Entertainment & Leisure: 2.1%
62,300 *+IMAX Corp. 1,707,409
12,600 *Macrovision Corp. 929,250
29,900 *+Premier Parks, Inc. 863,362
9,000 *SCP Pool Corp. 233,719
20,350 *SFX Entertainment, Inc. Cl. A 736,416
29,300 *Steinway Musical Instruments, Inc. 593,325
50,800 Topps Company, Inc. 525,463
--------------
5,588,944
- --------------------------------------------------------------------------------
MSF-32
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Financial Services: 2.5%
38,200 *Affiliated Managers Group, Inc. $ 1,544,712
43,700 *AmeriCredit Corp. 808,450
3,000 *+Donaldson Lufkin & Jenrett, Inc. 40,688
3,237 Heller Financial, Inc. Cl. A 64,942
10,300 *Investment Technology Group, Inc. 296,125
15,866 Legg Mason, Inc. 575,143
16,100 Metris Cos., Inc. 574,569
13,200 Nationwide Financial Services, Inc. Cl.A 368,775
34,300 *+NCO Group, Inc. 1,023,641
55,300 +Waddell & Reed Financial, Inc. Cl. A 1,500,012
--------------
6,797,057
- --------------------------------------------------------------------------------
Food & Beverages: 0.6%
16,100 *Ben & Jerrys Homemade, Inc. 398,475
29,100 *Hain Food Group, Inc. 650,203
20,400 *Smithfield Foods, Inc. 489,600
--------------
1,538,278
- --------------------------------------------------------------------------------
Healthcare Services: 0.3%
46,000 *PSS World Medical, Inc. 437,000
20,000 *+TLC Laser Eye Centers, Inc. 265,625
--------------
702,625
- --------------------------------------------------------------------------------
Hospital Management: 0.2%
18,500 *First Health Group Corp. 500,656
- --------------------------------------------------------------------------------
Industrial Components & Material: 0.3%
16,700 *Maverick Tube Corp. 410,194
11,600 Pentair, Inc. 446,600
--------------
856,794
- --------------------------------------------------------------------------------
Insurance: 0.8%
10,500 Blanch (E.W.) Holdings, Inc. 643,125
18,000 Protective Life Corp. 572,625
21,885 Radian Group, Inc. 1,045,009
--------------
2,260,759
- --------------------------------------------------------------------------------
Lease Rental Obligations: 0.4%
29,400 *Avis Rent A Car, Inc. 751,537
25,900 *First Sierra Financial, Inc. 441,919
--------------
1,193,456
- --------------------------------------------------------------------------------
Medical Equipment & Supply: 2.2%
25,000 *Cognex Corp. 974,219
19,400 *+CYTYC Corp. 1,186,431
21,400 *Hanger Orthopedic Group, Inc. 214,000
32,500 *+Inhale Therapeutic Systems 1,384,297
7,400 *Molecular Devices Corp. 385,725
12,700 *ResMed, Inc. 530,225
59,100 *Theragenics Corp. 535,594
11,100 *+Ventana Medical Systems, Inc. 276,806
10,300 *VISX, Inc. 533,347
--------------
6,020,644
- --------------------------------------------------------------------------------
Miscellaneous: 0.1%
21,200 *Veterinary Centers of America, Inc. $ 275,600
- --------------------------------------------------------------------------------
Newspapers: 0.3%
39,300 Harte-Hanks Communications 854,775
- --------------------------------------------------------------------------------
Office & Business Equipment: 1.8%
22,100 *Black Box Corp. 1,483,463
39,550 *Cybex Computer Products Corp. 1,616,606
20,050 Symbol Technologies, Inc. 1,274,428
20,800 *Tech Data Corp. 564,850
--------------
4,939,347
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.3%
14,200 *Barrett Resources Corp. 418,012
24,000 Noble Affiliates, Inc. 514,500
--------------
932,512
- --------------------------------------------------------------------------------
Oil-Equipment & Services: 1.1%
22,400 *+BJ Services Co. 936,600
15,400 *+Cal Dive International, Inc. 508,681
31,600 *Oceaneering International, Inc. 472,025
6,500 *+Smith International, Inc. 322,969
30,500 *UTI Energy Corp. 703,406
--------------
2,943,681
- --------------------------------------------------------------------------------
Photography: 0.5%
30,700 *Pinnacle Systems, Inc. 1,244,309
- --------------------------------------------------------------------------------
Pollution Control: 0.4%
51,300 *Casella Waste Systems, Inc. Cl. A 969,891
- --------------------------------------------------------------------------------
Real Estate: 1.0%
31,253 Apartment Investment & Management Co. Cl. A 1,244,260
53,100 *Catellus Development Corp. 680,344
66,800 *+Sunterra Corp. 768,200
--------------
2,692,804
- --------------------------------------------------------------------------------
Restaurant: 1.5%
26,900 Applebee's International, Inc. 792,709
24,400 *Brinker International 585,600
3,900 *CEC Entertainment, Inc. 110,663
23,250 *Outback Steakhouse 604,500
15,900 *+P.F. Chang's China Bistro, Inc. 399,487
18,300 *+Papa John's International, Inc. 477,516
24,100 *Rare Hospitality International, Inc. 522,669
19,800 *Sonic Corp. 558,112
--------------
4,051,256
- --------------------------------------------------------------------------------
Retail Grocery: 0.7%
50,100 *U.S. Foodservice 839,175
12,900 *+Whole Foods Market, Inc. 595,819
17,850 *+Wild Oats Markets, Inc. 395,489
--------------
1,830,483
- --------------------------------------------------------------------------------
Retail Trade: 5.2%
30,200 *1-800 Flowers.com Cl. A 322,763
17,700 *Barnes & Noble, Inc. 365,063
MSF-33
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Retail Trade: (Continued)
18,200 *Bed Bath & Beyond, Inc. $ 630,744
5,500 *+Buckle, Inc. 81,469
26,800 *CDW Computer Centers, Inc. 2,106,312
24,150 *Cost Plus, Inc. 858,080
32,700 *+Dollar Tree Stores, Inc. 1,582,884
37,500 *+Duane Reade, Inc. 1,033,594
22,700 Family Dollar Stores, Inc. 370,294
28,800 *Fossil, Inc. 666,900
8,224 *Insight Enterprises, Inc. 332,815
19,900 *Linens 'n Things, Inc. 589,537
33,450 *Men's Wearhouse, Inc. 984,684
24,300 *MSC Industrial Direct, Inc. Cl. A 321,975
30,200 Neiman-Marcus Group, Inc. Cl. A 843,712
36,225 *Pacific Sunwear of California, Inc. 1,153,540
23,800 Ross Stores, Inc. 429,887
25,000 *+Tweeter Home Entertainment Group, Inc. 884,375
8,400 *Williams Sonoma, Inc. 386,400
--------------
13,945,028
- --------------------------------------------------------------------------------
Software: 11.5%
48,000 *+Activision, Inc. 738,000
26,000 *Ardent Software, Inc. 1,007,500
9,300 *Clarify, Inc. 1,179,066
5,500 *Electronic Arts, Inc. 462,344
14,200 *Great Plains Software, Inc. 1,061,894
20,700 +Henry (Jack) & Associates, Inc. 1,091,278
44,975 *Hyperion Solutions Corp. 1,957,818
25,900 *+InfoCure Corp. 808,566
25,400 *Intuit, Inc. 1,521,619
20,900 *ISS Group, Inc. 1,485,206
13,900 *+Keane, Inc. 441,325
10,000 *Liberate Technologies 2,566,250
21,000 *Macromedia, Inc. 1,535,625
26,300 *Mastech Corp. 651,747
13,800 *Mercury Interactive Corp. 1,489,969
5,000 *Micromuse, Inc. 850,625
600 *MicroStrategy, Inc. Cl. A 126,019
45,774 *National Instruments Corp. 1,760,868
20,800 *Pegasus Systems, Inc. 1,253,850
25,900 *Peregrine Systems, Inc. 2,178,028
19,700 *Remedy Corp. 936,981
8,814 *Sterling Commerce, Inc. 300,227
29,400 *Symantec Corp. 1,726,331
11,500 *Synopsys, Inc. 765,828
2,300 *TSI International Software, Ltd. 130,094
10,000 *Verity, Inc. 425,312
19,700 *WebTrends Corp. 1,590,775
29,600 *+Wind River Systems, Inc. 1,085,025
--------------
31,128,170
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 8.6%
38,600 *+American Tower Corp. Cl. A 1,179,712
29,800 *AVT Corp. 1,402,462
7,400 *Caprock Communications Corp. 240,038
14,400 *+Carrier Access Corp. 977,850
4,600 *Comverse Technology, Inc. 665,706
45,700 *+Crown Castle International Corp. 1,465,256
25,950 *Dycom Industries, Inc. 1,143,422
13,500 *+Gilat Satellite Networks Ltd. 1,601,437
32,100 *+ICG Communications, Inc. 600,872
44,800 Inter-Tel, Inc. 1,118,600
83,200 *InterVoice, Inc. 1,939,600
6,600 *JDS Uniphase Corp. 1,064,663
16,500 +National Data Corp. 559,969
28,950 *Networks Associates, Inc. 771,698
3,000 *NorthEast Optic Network, Inc. 187,594
15,300 *Pinnacle Holdings, Inc. 654,075
25,300 *Polycom, Inc. 1,615,247
13,700 *Powerwave Technologies, Inc. 799,309
4,800 *Price Communications Corp. 133,500
25,700 *Proxim, Inc. 2,863,944
32,200 *Spectrian Corp. 907,638
13,300 *+United States Cellular Corp. 1,342,469
--------------
23,235,061
- --------------------------------------------------------------------------------
Textiles & Apparel: 1.1%
21,000 *Kenneth Cole Productions, Inc. Cl. A 960,750
52,300 *Mohawk Industries, Inc. 1,379,412
40,550 *Quiksilver, Inc. 628,525
--------------
2,968,687
- --------------------------------------------------------------------------------
Toys & Amusements: 0.2%
25,600 *Jakks Pacific, Inc. 478,400
- --------------------------------------------------------------------------------
Transportation-Airlines: 0.5%
14,600 Alaska Air Group, Inc. 512,825
4,000 *Eagle USA Airfreight, Inc. 172,875
46,900 Mesaba Holdings, Inc. 546,678
--------------
1,232,378
- --------------------------------------------------------------------------------
Transportation-Railroad: 0.3%
46,725 *Swift Transportation Co., Inc. 824,988
- --------------------------------------------------------------------------------
Transportation-Trucking: 0.3%
4,000 C.H.Robinson Worldwide, Inc. 159,125
16,400 U.S. Freightways Corp. 781,050
--------------
940,175
- --------------------------------------------------------------------------------
Utilities-Telephone: 0.7%
23,600 *AT&T Canada, Inc. Cl. B 948,425
35,100 *ITC Deltacom, Inc. 968,541
--------------
1,916,966
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $187,369,368) ..................... 258,795,811
--------------
MSF-34
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
T. ROWE PRICE SMALL CAP GROWTH SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 0.1%
- --------------------------------------------------------------------------------
$ 200,000 +U.S. Treasury Bill 5.270% 06/15/00 $ 195,140
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $195,140) .................................. 195,140
--------------
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
REGULATED INVESTMENT COMPANIES: 4.7%
- --------------------------------------------------------------------------------
12,572,104 T. Rowe Price Resources Investor Fund $ 12,572,104
TOTAL REGULATED INVESTMENT COMPANIES
(Cost : $12,572,104) .............................. 12,572,104
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS : 100.8%
(Cost $200,136,612) ............................... 271,563,055
OTHER ASSETS LESS LIABILITIES (0.8%) .............. (2,045,413)
--------------
TOTAL NET ASSETS : 100.0% ......................... $ 269,517,642
--------------
- --------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
+ Securities on loan.
+ Collateralized for futures transactions.
ADR(American depository receipt) represents ownership of foreign securities.
SECURITIES ON LOAN : (Note 7)
As of December 31, 1999, the market value of securities loaned was $24,065,567
with collateral backing valued at $24,009,061. In the normal course of business,
additional collateral was provided the next business day.
See Notes to Financial Statements.
MSF-35
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 91.9%
- -------------------------------------------------------------------------------
Australia: 2.9%
128,300 Broken Hill Proprietary Co. $ 1,684,663
314,400 WMC Ltd. 1,733,791
207,300 Woodside Petroleum Ltd. 1,531,040
-----------------
Total Investments in Australia 4,949,494
- -------------------------------------------------------------------------------
Brazil: 1.0%
36,700 Aracruz Celulose SA ADR 963,375
26,000 +Companhia Vale do Rio Doce ADR 724,836
-----------------
Total Investments in Brazil 1,688,211
- -------------------------------------------------------------------------------
Canada: 4.0%
85,000 Barrick Gold Corp. 1,503,438
26,700 BCE, Inc. 2,425,843
37,400 Canadian National Railway Co. 989,733
130,100 *Manulife Financial Corp. 1,662,865
17,600 Noranda, Inc. 236,536
-----------------
Total Investments in Canada 6,818,415
- -------------------------------------------------------------------------------
China: 0.1%
21,400 Huaneng Power International, Inc. ADR 226,038
-----------------
Total Investments in China 226,038
- -------------------------------------------------------------------------------
Finland: 1.2%
31,400 Sonera-Yhtyma Oyj 2,152,474
-----------------
Total Investments in Finland 2,152,474
- -------------------------------------------------------------------------------
France: 4.9%
35,441 +Aventis SA 2,056,405
17,372 Canal+ 2,528,704
870,438 *Eurotunnel SA 1,025,897
8,262 Saint-Gobain 1,553,852
8,267 STMicroelectronics NV 1,272,482
-----------------
Total Investments in France 8,437,340
- -------------------------------------------------------------------------------
Germany: 6.4%
1,692 Allianz Holdings AG 568,429
31,334 BASF AG 1,609,779
42,523 Bayer AG 2,013,270
16,163 Bayerische Hypo- und Vereinsbank AG 1,103,905
2,872 Heidelberger Druckmaschinen AG 151,599
5,834 Muenchener Rueckversicherungs AG 1,479,798
15,973 Siemens AG 2,032,217
15,460 Thyssen Krupp AG 471,102
20,521 VEBA AG 997,415
35,389 VIAG AG 648,814
-----------------
Total Investments in Germany 11,076,328
- -------------------------------------------------------------------------------
Hong Kong: 0.5%
213,000 Citic Pacific Ltd. 800,103
625 *+New World China Land Ltd. 231
-----------------
Total Investments in Hong Kong 800,334
- -------------------------------------------------------------------------------
Japan: 19.7%
125,000 Asahi Chemical Industry Co., Ltd. 642,312
30,000 +Chugai Pharmaceutical Co., Ltd. 324,459
22,000 Daiei, Inc. 87,208
143,000 Daiwa Securities Co., Ltd. 2,238,005
113 DDI Corp. 1,548,400
239 East Japan Railway Co. 1,288,920
92,000 Fuji Bank Ltd. 894,157
42,000 Fujitsu Ltd. 1,915,631
45,000 Matsushita Electric Industrial Co., Ltd. 1,246,452
100,000 Mitsubishi Estate Co., Ltd. 975,825
76,000 Mitsui Fudosan Co., Ltd. 514,750
83,000 NEC Corp. 1,978,125
2,000 Nichii Gakkan Co. 391,309
1,000 Nichii Gakkan Co. 176,960
34,000 Nikko Securities Co., Ltd. 430,283
89 Nippon Telegraph & Telephone Corp. 1,524,420
99,000 Nissan Motor Co., Ltd. 389,527
21,000 Nomura Securities Co., Ltd. 379,221
79 NTT Mobile Communications Network, Inc. 3,038,759
219,000 Sakura Bank Ltd. 1,268,944
117,000 Sharp Corp. 2,994,568
15,000 +Sony Corp. 4,448,468
108,000 Sumitomo Metal Mining Co., Ltd. 241,010
7,000 TDK Corp. 966,722
156,000 Teijin Ltd. 575,629
145,000 Toray Industries, Inc. 562,004
179,000 *Toshiba Corp. 1,366,546
39,000 Yamanouchi Pharmaceuticals Ltd. 1,362,729
-----------------
Total Investments in Japan 33,771,343
- -------------------------------------------------------------------------------
Netherlands: 0.7%
10,120 *United Pan-Europe Communications NV 1,294,686
-----------------
Total Investments in Netherlands 1,294,686
- -------------------------------------------------------------------------------
Singapore: 1.4%
51,753 *DBS Group Holdings Ltd. 848,308
140,694 Overseas Union Bank Ltd. 823,637
75,600 Overseas-Chinese Banking Corp., Ltd. 694,494
-----------------
Total Investments in Singapore 2,366,439
- -------------------------------------------------------------------------------
South Africa: 1.5%
54,800 +Anglo American Platinum Corp., Ltd. ADR 1,664,237
22,300 Impala Platinum Holdings Ltd. ADR 901,772
-----------------
Total Investments in South Africa 2,566,009
- -------------------------------------------------------------------------------
Switzerland: 4.1%
2,407 Clariant AG 1,147,342
680 Holderbank Financiere Glarus AG 930,980
769 Novartis AG 1,129,135
118 Roche Holdings AG 1,400,616
4,096 Swisscom AG 1,656,613
2,745 UBS AG 741,286
-----------------
Total Investments in Switzerland 7,005,972
- -------------------------------------------------------------------------------
MSF-36
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
United Kingdom: 14.8%
107,808 BOC Group PLC $ 2,324,799
56,524 British Aerospace PLC 371,604
56,761 British Telecommunications PLC 1,375,291
219,850 Carlton Communications PLC 2,141,396
78,120 Enterprise Oil PLC 529,987
50,644 Gallaher Group PLC 212,694
225,070 Great University Stores PLC 1,308,800
79,327 Lasmo PLC 153,764
105,681 *Marconi PLC 1,864,115
184,163 National Grid Group PLC 1,401,124
195,106 National Power PLC 1,125,103
88,871 Prudential Corp. PLC 1,734,124
62,449 Railtrack Group PLC 1,049,088
169,809 Reuters Group PLC 2,358,916
111,823 Rio Tinto-Zinc PLC 2,684,128
160,544 Scottish Power PLC 1,218,836
224,104 Shell Transport & Trading PLC 1,862,465
100,717 SmithKline Beecham PLC 1,277,102
23,182 Standard Chartered PLC 368,842
-------------
Total Investments in United Kingdom 25,362,178
- --------------------------------------------------------------------------------
United States: 28.7%
15,400 Amerada Hess Corp. 873,950
12,600 *America Online, Inc. 950,512
22,763 AT&T Corp. 1,155,222
45,776 *+AT&T Corp. Cl. A 2,597,788
9,500 *Biogen, Inc. 802,750
28,700 Cinergy Corp. 692,388
3,900 *Cisco Systems, Inc. 417,788
52,400 +Conoco, Inc. Cl. A 1,296,900
23,500 CSX Corp. 737,313
14,400 Duke Energy Corp. 721,800
31,600 Electronic Data Systems Corp. 2,115,225
4,000 *EMC Corp. 437,000
36,200 Enron Corp. 1,606,375
28,200 Equity Residential Properties Trust 1,203,787
18,700 Exxon Mobil Corp. 1,506,519
5,400 *+Freeport-McMoRan Copper & Gold, Inc. Cl. B 114,075
49,100 Homestake Mining Co. 383,594
25,100 *+Immunex Corp. 2,748,450
21,500 International Business Machines Corp. 2,322,000
40,600 Lockheed Martin Corp. 888,125
1,300 *MedImmune, Inc. 215,638
14,700 Motorola, Inc. 2,164,575
52,400 Newmont Mining Corp. 1,283,800
16,500 *Nextel Communications, Inc. Cl. A 1,701,562
25,800 Northrop Grumman Corp. 1,394,812
28,300 *Oracle Corp. 3,171,369
31,600 *+Parametric Technology Corp. 855,175
38,900 PECO Energy Corp. 1,351,775
17,500 Phillips Petroleum Co. 822,500
28,400 *+Sabre Group Holdings, Inc. Cl. A 1,455,500
29,400 *Sterling Commerce, Inc. 1,001,437
51,150 *Stillwater Mining Co. 1,630,406
37,200 *Sun Microsystems, Inc. 2,880,675
23,000 Unocal Corp. 771,938
27,700 UNUMProvident Corp. 888,131
20,500 *+USAirways Group, Inc. 657,281
114,600 USEC, Inc. 802,200
45,800 USX US Steel Group 1,511,400
36,400 Williams Cos., Inc. 1,112,475
-------------
Total Investments in United States 49,244,210
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $119,460,650) .......................... 157,759,471
-------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FOREIGN OBLIGATIONS: 3.0%
- --------------------------------------------------------------------------------
$5,170,000 Bundesschatzanweisungen 4.000% 03/17/00 $ 5,218,413
- --------------------------------------------------------------------------------
TOTAL FOREIGN OBLIGATIONS
(Cost: $5,451,971)............................. 5,218,413
-------------
- --------------------------------------------------------------------------------
INTEREST MATURITY VALUE
SHARES ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
PARTICIPATING LOAN NOTES: 0.2%
- --------------------------------------------------------------------------------
300 Eurotunnel Finance 1.000% 04/30/40 $ 420,065
- --------------------------------------------------------------------------------
TOTAL PARTICIPATING LOAN NOTES
(Cost: $404,436)................................... 420,065
-------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 3.8%
- --------------------------------------------------------------------------------
$6,468,000 State Street Repurchase
Agreement (U.S. Treasury
Notes collateralized dated
12/31/99 due 2/15/03 @
6.250% with a market value
of $6,599,400) 2.800% 01/03/00 $ 6,468,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $6,468,000) ................................ 6,468,000
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 98.9%
(Cost: $131,785,057)............................... 169,865,949
OTHER ASSETS LESS LIABILITIES: 1.1% ............... 1,848,472
------------
TOTAL NET ASSETS: 100.0% .......................... $171,714,421
============
- -------------------------------------------------------------------------------
LEGEND:
+Securities on loan.
*Non-income producing security.
ADR (American depository receipt) represent ownership of foreign securities.
SECURITIES ON LOAN: (Note 7)
As of December 31, 1999, the market value of securities loaned was $10,304,059
with collateral backing vallued at $10,783,931.
See Notes to Financial Statements.
MSF-37
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
SCUDDER GLOBAL EQUITY PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Aerospace & Defense: ........................................... 1.6%
Automotive: .................................................... 0.2%
Banking: ....................................................... 3.9%
Biotechnology: ................................................. 2.3%
Broadcasting: .................................................. 2.9%
Building & Construction: ....................................... 0.3%
Business Services: ............................................. 1.4%
Chemicals: ..................................................... 6.7%
Computer Equipment & Service: .................................. 2.0%
Construction Materials: ........................................ 1.5%
Corporate: ..................................................... 0.3%
Drugs & Health Care: ........................................... 3.4%
Electrical Equipment: .......................................... 3.6%
Electronics: ................................................... 8.1%
Financial Services: ............................................ 3.1%
Forest Products & Paper: ....................................... 0.6%
Government: .................................................... 3.2%
Healthcare Services: ........................................... 0.3%
Household Appliances & Home Furnishings: ....................... 0.8%
Insurance: ..................................................... 2.9%
Machinery: ..................................................... 0.1%
Metals-Gold: ................................................... 2.5%
Metals-Non-Ferrous: ............................................ 2.9%
Metals-Steel & Iron: ........................................... 4.0%
Mining: ........................................................ 1.1%
Multi-Industry: ................................................ 1.5%
Office & Business Equipment: ................................... 3.4%
Oil & Gas Exploration: ......................................... 0.4%
Oil-Domestic: .................................................. 2.3%
Oil-Equipment & Services: ...................................... 0.9%
Oil-International: ............................................. 2.1%
Real Estate: ................................................... 1.3%
Retail Trade: .................................................. 0.9%
Software: ...................................................... 4.4%
Telecommunications Equipment & Services: ....................... 7.5%
Textiles & Apparel: ............................................ 0.4%
Tobacco: ....................................................... 0.1%
Transportation-Airlines: ....................................... 1.3%
Transportation-Railroad: ....................................... 3.1%
Utilities-Electric: ............................................ 4.7%
Utilities-Gas & Pipelines: ..................................... 1.0%
Utilities-Telephone: ........................................... 5.0%
------
100.0%
======
- --------------------------------------------------------------------------------
Excludes short-term securities.
See Notes to Financial Statements.
MSF-38
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
HARRIS OAKMARK LARGE CAP SCHEDULE OF INVESTMENTS
VALUE PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- -----------------------------------------------------------------------------
COMMON STOCK: 90.5%
- -----------------------------------------------------------------------------
Aerospace & Defense: 8.4%
35,600 Boeing Co. $ 1,479,625
79,500 Lockheed Martin Corp. 1,739,062
------------
3,218,687
- -----------------------------------------------------------------------------
Banking: 9.0%
49,500 Bank One Corp. 1,587,094
71,500 Washington Mutual, Inc. 1,859,000
------------
3,446,094
- -----------------------------------------------------------------------------
Building & Construction: 2.1%
27,000 Stanley Works 813,375
- ------------------------------------------------------------------------------
Business Services: 8.3%
44,200 Block (H & R), Inc. 1,933,750
25,000 First Data Corp. 1,232,812
------------
3,166,562
- -----------------------------------------------------------------------------
Chemicals: 3.1%
12,000 Geon Co. 390,000
32,500 *Sybron International Corp. 802,344
------------
1,192,344
- -----------------------------------------------------------------------------
Computer Equipment & Service: 2.5%
32,500 Galileo International, Inc. 972,969
- -----------------------------------------------------------------------------
Consumer Products: 5.7%
41,500 Black & Decker Corp. 2,168,375
- -----------------------------------------------------------------------------
Electronics: 4.7%
25,000 Eaton Corp. 1,815,625
- -----------------------------------------------------------------------------
Entertainment & Leisure: 4.5%
78,000 Brunswick Corp. 1,735,500
- -----------------------------------------------------------------------------
Forest Products & Paper: 2.1%
30,000 Fort James Corp. 821,250
- -----------------------------------------------------------------------------
Insurance: 2.3%
64,500 Old Republic International Corp. 878,813
- -----------------------------------------------------------------------------
Machinery: 4.1%
39,000 Cooper Industries, Inc. 1,577,063
- -----------------------------------------------------------------------------
Miscellaneous: 4.7%
54,000 Fortune Brands, Inc. 1,785,375
- -----------------------------------------------------------------------------
Newspapers: 4.8%
31,000 Knight-Ridder, Inc. 1,844,500
- -----------------------------------------------------------------------------
Printing & Publishing: 6.0%
78,000 Dun & Bradstreet Corp. 2,301,000
- -----------------------------------------------------------------------------
Real Estate: 3.3%
100,000 *Catellus Development Corp. 1,281,250
- -----------------------------------------------------------------------------
Textiles & Apparel: 5.4%
42,000 Nike, Inc. Cl. B 2,081,625
- -----------------------------------------------------------------------------
Tobacco: 4.9%
80,400 Philip Morris Cos., Inc. 1,864,275
- -----------------------------------------------------------------------------
Toys & Amusements: 4.6%
134,500 Mattel, Inc. $ 1,765,312
- -----------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $40,377,958) ........................ 34,729,994
------------
- -----------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -----------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 3.9%
- -----------------------------------------------------------------------------
$1,482,000 State Street Repurchase
Agreement (U.S. Treasury
Notes collateralized dated
12/31/99 due 2/15/2003 @
6.250% with a market
value of $1,530,000) 3.250% 1/3/00 $ 1,482,000
- -----------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $1,482,000) ......................... 1,482,000
------------
- -----------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 3.9%
- -----------------------------------------------------------------------------
1,500,000 American Express Credit
Corp. 2.500% 1/3/00 1,500,000
- -----------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $1,500,000) ......................... 1,500,000
------------
- -----------------------------------------------------------------------------
TOTAL INVESTMENTS: 98.3%
(Cost: $43,359,958) ........................ 37,711,994
OTHER ASSETS LESS LIABILITIES: 1.7% ........ 665,535
------------
TOTAL NET ASSETS: 100.0% ................... $38,377,529
============
- -----------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
See Notes to Financial Statements.
MSF-39
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NEUBERGER BERMAN PARTNERS SCHEDULE OF INVESTMENTS
MID CAP VALUE PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARE ISSUE (NOTE 1A)
- -------------------------------------------------------------------------------
COMMON STOCK: 95.2%
- -------------------------------------------------------------------------------
Aerospace & Defense: 2.1%
15,600 General Dynamics Corp. $ 822,900
- -------------------------------------------------------------------------------
Automotive: 5.0%
7,600 *General Motors Corp. Cl. H 729,600
24,600 *Lear Corp. 787,200
9,100 *Navistar International Corp. 431,112
------------
1,947,912
- -------------------------------------------------------------------------------
Banking: 2.2%
13,200 Fleet Boston Financial Corp. 459,525
14,000 Valley National Bancorp 392,000
------------
851,525
- -------------------------------------------------------------------------------
Broadcasting: 4.0%
37,700 AH Belo Corp. Cl. A 718,656
5,000 *EchoStar Communications Corp. Cl. A 486,875
7,400 Scripps (E.W.) Co. Cl. A 331,613
------------
1,537,144
- -------------------------------------------------------------------------------
Business Services: 3.0%
31,600 Comdisco, Inc. 1,177,100
- -------------------------------------------------------------------------------
Chemicals: 5.0%
43,800 *Grace (W.R.) & Co. 607,725
11,200 Lyondell Chemical Co. 142,800
14,500 Praxair, Inc. 729,531
15,000 Williams Cos., Inc. 458,438
------------
1,938,494
- -------------------------------------------------------------------------------
Computer Equipment & Service: 3.7%
16,500 *Cabletron Systems, Inc. 429,000
36,100 *Ceridian Corp. 778,406
3,700 *PSINet, Inc. 228,822
------------
1,436,228
- -------------------------------------------------------------------------------
Containers & Glass: 0.5%
3,700 *Sealed Air Corp. 191,706
- -------------------------------------------------------------------------------
Drugs & Health Care: 1.9%
16,200 *Genzyme Corp. 727,988
- -------------------------------------------------------------------------------
Electrical Equipment: 1.1%
9,200 Grainger (W.W.), Inc. 439,875
- -------------------------------------------------------------------------------
Electronics: 2.1%
3,900 Eaton Corp. 283,237
11,900 *National Semiconductor Corp. 509,469
------------
792,706
- -------------------------------------------------------------------------------
Entertainment & Leisure: 1.2%
14,400 News Corporation Ltd. ADR 481,500
- -------------------------------------------------------------------------------
Financial Services: 4.2%
21,000 Countrywide Credit Industries, Inc. 530,250
19,600 FINOVA Group, Inc. 695,800
9,300 SLM Holding Corp. 392,925
------------
1,618,975
- -------------------------------------------------------------------------------
Forest Products & Paper: 2.9%
12,000 Bowater, Inc. 651,750
16,500 Fort James Corp. 451,687
------------
1,103,437
- -------------------------------------------------------------------------------
Hotel & Motel: 1.0%
15,700 Starwood Hotels & Resorts Worldwide, Inc. Cl. B 368,950
- -------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 1.9%
15,400 Maytag Corp. 739,200
- -------------------------------------------------------------------------------
Industrials: 0.5%
3,800 *Waters Corp. 201,400
- -------------------------------------------------------------------------------
Insurance: 4.9%
29,000 ACE Ltd. 483,937
8,900 AMBAC Financial Group, Inc. 464,469
12,400 Aon Corp. 496,000
8,600 XL Capital Ltd. Cl. A 446,125
------------
1,890,531
- -------------------------------------------------------------------------------
Machinery: 3.1%
8,200 *SPX Corp. 662,662
30,700 *UCAR International, Inc. 546,844
------------
1,209,506
- -------------------------------------------------------------------------------
Medical Equipment & Supply: 3.2%
21,500 Becton, Dickinson & Co. 575,125
10,100 *Wellpoint Health Networks, Inc. 665,969
------------
1,241,094
- -------------------------------------------------------------------------------
Metals-Aluminum: 1.3%
6,500 Reynolds Metals Co. 498,063
- -------------------------------------------------------------------------------
Metals-Non-Ferrous: 1.1%
23,000 Engelhard Corp. 434,125
- -------------------------------------------------------------------------------
Metals-Steel & Iron: 1.5%
30,200 AK Steel Holding Corp. 570,025
- -------------------------------------------------------------------------------
Mining: 0.3%
1,600 Phelps Dodge Corp. 107,400
- -------------------------------------------------------------------------------
Multi-Industry: 1.2%
11,400 Harcourt General, Inc. 458,850
- -------------------------------------------------------------------------------
Oil: 1.4%
22,500 Dynegy, Inc. 547,031
- -------------------------------------------------------------------------------
Oil & Gas Exploration: 2.6%
15,100 Anadarko Petroleum Corp. 515,287
13,400 Apache Corp. 494,963
------------
1,010,250
- -------------------------------------------------------------------------------
MSF-40
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NEUBERGER BERMAN PARTNERS SCHEDULE OF INVESTMENTS
MID CAP VALUE PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARE ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Oil-Domestic: 1.5%
24,000 USX-Marathon Group $ 592,500
- --------------------------------------------------------------------------------
Oil-Equipment & Services: 5.2%
17,600 Coastal Corp. 623,700
13,100 *Noble Drilling Corp. 429,025
13,600 Tosco Corp. 369,750
17,600 *Transocean Sedco Forex, Inc. 592,900
------------
2,015,375
- --------------------------------------------------------------------------------
Packaging: 1.8%
11,200 American National Can Group, Inc. 145,600
22,100 *Smurfit-Stone Container Corp. 540,759
------------
686,359
- --------------------------------------------------------------------------------
Printing & Publishing: 1.3%
17,000 Dun & Bradstreet Corp. 501,500
- --------------------------------------------------------------------------------
Real Estate: 1.4%
42,000 Indymac Mortgage Holdings, Inc. 535,500
- --------------------------------------------------------------------------------
Retail Trade: 1.6%
37,600 *Consolidated Stores Corp. 611,000
- --------------------------------------------------------------------------------
Software: 5.1%
42,300 *Cadence Design Systems, Inc. 1,015,200
36,000 *Parametric Technology Corp. 973,125
------------
1,988,325
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 8.0%
20,700 *American Tower Corp. Cl. A 632,644
1,000 *ANTEC Corp. 36,531
11,700 *AT&T Corp. Cl. A 663,975
15,100 *Global Crossing Ltd. 754,528
5,300 *Metromedia Fiber Network, Inc. Cl. A 253,903
2,500 *Sonera Group PLC ADR 173,281
7,900 *Winstar Communications, Inc. 593,982
------------
3,108,844
- --------------------------------------------------------------------------------
Transportation-Airlines: 1.3%
11,500 *Continental Airlines, Inc. Cl. B 510,313
- --------------------------------------------------------------------------------
Transportation-Railroad: 1.5%
7,800 Kansas City Southern Industries, Inc. 582,075
- --------------------------------------------------------------------------------
Utilities-Electric: 2.9%
8,900 Cinergy Corp. 214,713
29,000 *Niagara Mohawk Holdings, Inc. 404,187
14,900 Unicom Corp. 499,150
------------
1,118,050
- --------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.7%
14,200 Kinder Morgan, Inc. 286,663
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $35,285,519) ................................. 36,880,419
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 4.8%
- -------------------------------------------------------------------------------
$1,854,000 *State Street Repurchase
Agreement (U.S. Treasury
Bills collateralized,
dated 12/31/99 due
2/15/2003 @ 6.250% with a
market value of
$1,912,500) 2.500% 1/3/00 $ 1,854,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $1,854,000) .................................. 1,854,000
------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 100.0%
(Cost $37,139,519) .................................. 38,734,419
OTHER ASSETS LESS LIABILITIES 0.0% .................. (12,430)
------------
TOTAL NET ASSETS: 100.0% ............................ $38,721,989
============
- --------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
ADR(American depository receipt) represents ownership of foreign securities.
See Notes to Financial Statements.
MSF-41
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 97.5%
- --------------------------------------------------------------------------------
Automotive: 0.5%
5,400 Danaher Corp. $ 260,550
- --------------------------------------------------------------------------------
Banking: 3.7%
11,600 Bank of New York Co., Inc. 464,000
4,900 BankAmerica Corp. 245,919
21,300 Firstar Corp. 449,962
7,000 Mellon Financial Corp. 238,437
12,100 Wells Fargo & Co. 489,294
--------------
1,887,612
- --------------------------------------------------------------------------------
Biotechnology: 0.8%
2,400 *Genentech, Inc. 322,800
900 PE Biosystems Group 108,281
--------------
431,081
- --------------------------------------------------------------------------------
Broadcasting: 5.4%
800 *AMFM , Inc. 62,600
9,200 CBS Corp. 588,225
5,500 *Charter Communications, Inc. Cl. A 120,312
4,000 *Clear Channel Communications, Inc. 357,000
6,900 Comcast Corp. Cl. A 348,666
5,400 *Fox Entertainment Group, Inc. Cl. A 134,662
8,800 *Infinity Broadcasting Corp. Cl. A 318,450
7,200 *MediaOne Group, Inc. 553,050
4,100 Time Warner, Inc. 296,994
--------------
2,779,959
- --------------------------------------------------------------------------------
Building & Construction: 0.5%
9,700 Masco Corp. 246,138
- --------------------------------------------------------------------------------
Business Services: 4.3%
7,700 Automatic Data Processing, Inc. 414,838
400 *CMGI, Inc. 110,738
18,800 *Compass Group PLC 258,125
7,700 First Data Corp. 379,706
8,000 IMS Health, Inc. 217,500
6,000 Omnicom Group, Inc. 600,000
4,900 *Randstad Holdings NV 235,941
--------------
2,216,848
- --------------------------------------------------------------------------------
Computer Equipment & Service: 9.6%
7,700 *3Com Corp. 361,659
9,200 *America Online, Inc. 694,025
11,900 *Ceridian Corp. 256,594
9,400 *Cisco Systems, Inc. 1,006,681
1,900 *Citrix Systems, Inc. 233,641
13,900 *Dell Computer Corp. 708,466
6,000 Fujitsu Ltd. 273,661
4,100 Hewlett-Packard Co. 467,144
2,200 *Lexmark International Group, Inc. Cl. A 199,100
4,800 *Solectron Corp. 456,600
600 *Yahoo!, Inc. 259,631
--------------
4,917,202
- --------------------------------------------------------------------------------
Drugs & Health Care: 6.6%
8,300 American Home Products Corp. 327,331
4,400 *Amgen, Inc. 264,138
9,200 Bristol-Myers Squibb Co. 590,525
5,300 Lilly (Eli) & Co. 352,450
6,000 Merck & Co., Inc. 402,375
12,900 Pfizer, Inc. 418,444
9,600 Schering-Plough Corp. 405,000
7,500 Warner-Lambert Co. 614,531
--------------
3,374,794
- --------------------------------------------------------------------------------
Electrical Equipment: 2.5%
7,500 General Electric Co. 1,160,625
1,500 *General Instrument Corp. 127,500
--------------
1,288,125
- --------------------------------------------------------------------------------
Electronics: 8.2%
7,200 *Altera Corp. 356,850
3,800 *Applied Materials, Inc. 481,294
1,700 *Epcos AG 127,581
8,400 *Flextronics International Ltd. 386,662
8,100 Intel Corp. 666,478
1,000 Kyocera Corp. 259,372
7,690 Lucent Technologies, Inc. 575,308
10,000 *Maxim Integrated Products, Inc. 471,562
1,000 Sony Corp. 296,565
6,000 Teleflex, Inc. 187,875
4,400 Texas Instruments, Inc. 426,250
--------------
4,235,797
- --------------------------------------------------------------------------------
Entertainment & Leisure: 0.2%
3,000 Walt Disney Co. 87,750
- --------------------------------------------------------------------------------
Financial Services: 8.6%
400 American Express Co. 66,500
8,900 Associates First Capital Corp. Cl. A 244,194
8,500 Capital One Financial Corp. 409,594
22,700 Citigroup, Inc. 1,261,269
26,300 Federal Home Loan Mortgage Corp. 1,237,744
8,200 Federal National Mortgage Assoc. 511,987
4,900 Hartford Financial Services Group, Inc. 232,137
7,200 *HSBC Holdings PLC 100,958
2,600 Morgan Stanley Dean Witter & Co. 371,150
--------------
4,435,533
- --------------------------------------------------------------------------------
Food & Beverages: 0.7%
9,700 PepsiCo, Inc. 341,925
- --------------------------------------------------------------------------------
Forest Products & Paper: 0.5%
3,600 Kimberly-Clark Corp. 234,900
- --------------------------------------------------------------------------------
Hospital Management: 0.8%
7,500 United Healthcare Corp. 398,438
- --------------------------------------------------------------------------------
Hotel & Motel: 0.7%
13,000 *Mirage Resorts, Inc. 199,063
MSF-42
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Hotel & Motel: (Continued)
6,900 Starwood Hotels & Resorts Worldwide, Inc. Cl. B $ 162,150
--------------
361,213
- --------------------------------------------------------------------------------
Household Products: 1.8%
2,600 Colgate-Palmolive Co. 169,000
5,300 Corning, Inc. 683,368
1,700 Gillette Co. 70,019
--------------
922,387
- --------------------------------------------------------------------------------
Industrials: 0.3%
3,300 *Waters Corp. 174,900
- --------------------------------------------------------------------------------
Insurance: 2.3%
17,500 ACE Ltd. 292,031
1,800 AMBAC Financial Group, Inc. 93,938
5 *Berkshire Hathaway, Inc. Cl. A 280,500
523 *Fairfax Financial Holdings Ltd. 88,948
8,700 Mutual Risk Management Ltd. 146,269
4,200 PartnerRe Ltd. 136,237
4,700 UNUMProvident Corp. 150,694
--------------
1,188,617
- --------------------------------------------------------------------------------
Medical Equipment & Supply: 2.3%
5,600 Baxter International, Inc. 351,750
3,500 Johnson & Johnson 325,937
8,000 *Wellpoint Health Networks, Inc. Cl. A 527,500
--------------
1,205,187
- --------------------------------------------------------------------------------
Multi-Industry: 6.4%
4,300 Honeywell, Inc. 248,056
39,000 Hutchison Whampoa Ltd. 566,926
2,700 *Mannesmann AG 651,403
3,500 *Philips Electronics NV 475,973
33,200 Rentokil Group PLC 120,663
32,340 Tomkins PLC 105,522
29,200 Tyco International Ltd. 1,135,150
--------------
3,303,693
- --------------------------------------------------------------------------------
Newspapers: 0.4%
3,500 Tribune Co. 192,719
- --------------------------------------------------------------------------------
Office & Business Equipment: 0.7%
4,400 *Sun Microsystems, Inc. 340,588
- --------------------------------------------------------------------------------
Oil-Equipment & Services: 0.5%
11,300 Baker Hughes, Inc. 238,006
- --------------------------------------------------------------------------------
Oil-International: 2.9%
3,300 Chevron Corp. 285,862
7,508 Exxon Mobil Corp. 604,863
9,700 Royal Dutch Petroleum Co. 586,244
--------------
1,476,969
- -------------------------------------------------------------------------------
Printing & Publishing: 0.7%
5,300 Ver Ned Uitgevers NV 278,587
2,260 *Walters Kluwer NV 76,494
--------------
355,081
- -------------------------------------------------------------------------------
Real Estate: 0.4%
7,000 Crescent Real Estate Equities Co. 128,625
5,500 *Security Capital U.S. Realty ADR 77,344
--------------
205,969
- -------------------------------------------------------------------------------
Restaurant: 0.3%
4,200 McDonald's Corp. 169,313
- --------------------------------------------------------------------------------
Retail Grocery: 1.9%
4,500 Koninklijke Ahold NV 133,227
16,100 *Kroger Co. 303,888
15,300 *Safeway, Inc. 544,106
--------------
981,221
- --------------------------------------------------------------------------------
Retail Trade: 5.0%
4,700 *Cifra SA De CV ADR 94,198
8,600 CVS Corp. 343,462
4,600 Dayton-Hudson Corp. 337,813
10,650 Home Depot, Inc. 730,191
10,000 *Staples, Inc. 206,875
12,700 Wal-Mart Stores, Inc. 877,887
--------------
2,590,426
- --------------------------------------------------------------------------------
Software: 8.1%
7,300 *BMC Software, Inc. 583,315
8,900 Computer Associates International, Inc. 622,444
15,200 *Microsoft Corp. 1,774,125
5,500 *Oracle Corp. 616,172
10,200 *Parametric Technology Corp. 275,719
2,000 *Veritas Software Corp. 286,187
--------------
4,157,962
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 4.4%
8,000 *AT&T Corp. Cl. A 454,000
1,100 Getronics NV 87,760
1,600 *JDS Uniphase Corp. 258,100
4,100 *Nextel Communications, Inc. Cl. A 422,684
1,600 Nokia Corp. ADR 304,000
102,400 Telecom Italia Mobile SPA 487,912
5,150 Vodafone AirTouch PLC ADR 254,925
--------------
2,269,381
- --------------------------------------------------------------------------------
Textiles & Apparel: 0.3%
3,300 Nike, Inc. Cl. B 163,556
- --------------------------------------------------------------------------------
Tobacco: 0.5%
11,400 Philip Morris Cos., Inc. 264,338
- --------------------------------------------------------------------------------
Transportation-Railroad: 0.5%
3,500 Kansas City Southern Industries, Inc. 261,188
- --------------------------------------------------------------------------------
Utilities-Telephone: 4.2%
14,700 *MCI WorldCom, Inc. 779,559
10 Nippon Telegraph & Telephone Corp. 171,283
MSF-43
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
T. ROWE PRICE LARGE CAP GROWTH SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Utilities-Telephone: (Continued)
2,900 SBC Communications, Inc. $ 141,375
5,800 Sprint Corp. 390,413
15,100 Telecom Italia SPA 212,954
3,600 Telecomunicacoes Brasileiras SA ADR 462,600
--------------
2,158,184
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $43,510,558) ........................... 50,117,550
--------------
- --------------------------------------------------------------------------------
REGULATED INVESTMENT COMPANIES: 3.6%
- --------------------------------------------------------------------------------
1,867,429 T. Rowe Price Resources Investor Fund 1,867,428
- --------------------------------------------------------------------------------
TOTAL REGULATED INVESTMENT COMPANIES
(Cost: $1,867,428) ................................ 1,867,428
--------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE1A)
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.4%
- --------------------------------------------------------------------------------
$703,000 State Street Repurchase
Agreement (U.S. Treasury
Bills collateralized dated
12/31/99 due 02/15/2003 @
6.25% with a market value of
$724,200) 2.000% 1/3/00 $ 703,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost: $703,000)................................... 703,000
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 102.5%
(Cost $46,080,986) ................................ 52,687,978
OTHER ASSETS LESS LIABILITIES (2.5)% .............. (1,286,462)
--------------
TOTAL NET ASSETS: 100.0% .......................... $ 51,401,516
--------------
- --------------------------------------------------------------------------------
LEGEND:
* Non-income producing security.
ADR (American depository receipt) represents ownership of foreign securities.
See Notes to Financial Statements.
MSF-44
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE SCHEDULE OF INVESTMENTS
BOND INDEX PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: 20.1%
- --------------------------------------------------------------------------------
Aerospace & Defense: 0.2%
$ 233,000 Raytheon Co. 6.750% 8/15/07 $ 217,373
- --------------------------------------------------------------------------------
Asset Backed: 0.9%
170,000 Bank One Credit Card
Master Trust Ser. 95-B A 6.300% 10/15/02 169,628
200,000 Citibank Credit Card
Master Trust I Ser. 97-2 A 6.550% 2/15/04 198,250
228,000 Citibank Credit Card
Master Trust I Ser. 98 A 5.300% 1/9/06 213,962
175,000 First USA Credit Card
Masster Trust Ser. 98-9 A 5.280% 9/18/06 164,500
200,000 Premier Auto Trust Ser. 99-1 A4 5.820% 10/8/03 195,000
175,000 Sears Credit Account
Master Trust Ser. 98-1 A 5.800% 8/15/05 173,194
------------
1,114,534
- --------------------------------------------------------------------------------
Automotive: 0.5%
300,000 +Delphi Automotive
Systems Corp. 7.125% 5/1/29 263,634
400,000 Ford Motor Co. 7.250% 10/1/08 392,600
------------
656,234
- --------------------------------------------------------------------------------
Banking: 2.0%
230,000 Abn Amro Bank 7.750% 5/15/23 225,308
260,000 Bank One Corp. Sr. 6.250% 9/1/00 259,407
200,000 Capital One Bank 6.700% 5/15/08 182,926
151,000 Chase Manhattan Corp.
Sub. 7.125% 2/1/07 147,991
500,000 Fleet National Bank 5.750% 1/15/09 439,185
500,000 Korea Development Bank 7.125% 4/22/04 487,330
350,000 National Australia Bank Ltd. 6.600% 12/10/07 328,639
330,000 Norwest Corp. 6.750% 5/12/00 330,667
250,000 Swiss Bank Corp. 7.750% 9/1/26 244,620
------------
2,646,073
- --------------------------------------------------------------------------------
Broadcasting: 0.4%
250,000 Comcast Corporation 8.375% 5/1/07 259,393
200,000 TCI Communications,
Inc. 7.375% 2/15/00 200,336
------------
459,729
- -------------------------------------------------------------------------------
Collateralized Mortgage Obligations: 1.2%
250,000 Chase Commercial
Mortgage Securities Corp.
Ser. 98-2 A2 6.390% 11/18/08 232,678
250,000 First Union Lehman
Brothers Bank Ser.
98-C2 A2 6.560% 11/18/08 236,461
250,000 LB Commercial Conduit
Mortgage Trust Ser.
98-C4 A1 6.210% 10/15/08 230,280
250,000 Morgan Stanley Capital,
Inc. Ser. 98 A2 6.550% 12/15/07 237,283
250,000 Morgan Stanley Capital,
Inc. Ser. 98-WF A2 6.540% 5/15/08 236,082
400,000 Structured Asset
Securities Corp. 6.950% 3/12/07 385,136
------------
1,557,920
- --------------------------------------------------------------------------------
Drugs & Health Care: 0.1%
145,000 Abbott Laboratories 5.600% 10/1/03 137,862
- --------------------------------------------------------------------------------
Entertainment & Leisure: 0.3%
500,000 Carnival Corp. Sr. 6.150% 4/15/08 447,900
- --------------------------------------------------------------------------------
Finance & Banking: 0.9%
350,000 Bank of America Corp. 8.125% 2/1/02 356,899
250,000 FINOVA Capital Corp. 6.440% 11/6/01 246,640
568,000 Ford Motor Credit Co. Sr. 8.200% 2/15/02 580,950
------------
1,184,489
- --------------------------------------------------------------------------------
Financial Services: 4.2%
300,000 Associates Corp. of
North America Sr. 6.250% 11/1/08 276,714
250,000 CIT Group Holdings, Inc. 6.375% 10/1/02 244,795
750,000 +Citigroup, Inc. 6.200% 3/15/09 687,870
250,000 Equitable Companies, Inc. Sr. 6.500% 4/1/08 232,785
78,000 General Electric Capital
Corp. 8.375% 3/1/01 79,435
500,000 Heller Financial, Inc. 5.875% 11/1/00 495,885
800,000 Lehman Brothers
Holdings, Inc. 6.625% 2/5/06 755,808
300,000 Liberty Financial Cos., Inc. 7.625% 11/15/28 273,528
500,000 Mellon Financial Co. Sr. 5.750% 11/15/03 473,970
300,000 Merrill Lynch & Co., Inc. 6.000% 2/17/09 268,953
200,000 +Merrill Lynch & Co., Inc. 6.500% 7/15/18 174,904
640,000 Paine Webber Group, Inc. Sr. 6.550% 4/15/08 587,898
300,000 PNC Funding Corp. 6.950% 9/1/02 298,104
200,000 Standard Credit Card
Master Trust I Ser. 94-2 A 7.250% 4/7/08 197,812
375,000 Western National Corp. Sr. 7.125% 2/15/04 368,857
-----------
5,417,318
- --------------------------------------------------------------------------------
Food & Beverages: 0.2%
200,000 Coca Cola Enterprises, Inc. 6.375% 8/1/01 198,824
- --------------------------------------------------------------------------------
Forest Products & Paper: 0.7%
500,000 Abitibi Consolidated, Inc. 7.875% 8/1/09 481,675
377,000 Georgia Pacific Corp. 9.500% 12/1/11 420,374
------------
902,049
- --------------------------------------------------------------------------------
Industrials: 0.1%
160,000 Du Pont EI De Nemours & Co. Sr. 6.500% 1/15/28 138,134
- --------------------------------------------------------------------------------
Liquor: 0.4%
500,000 Seagram Ltd. Sr. 6.800% 12/15/08 468,535
- --------------------------------------------------------------------------------
MSF-45
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE SCHEDULE OF INVESTMENTS
BOND INDEX PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
CORPORATE BONDS: (CONTINUED)
- --------------------------------------------------------------------------------
Multi-Industry: 0.5%
375,000 Salomon, Inc. 6.650% 7/15/01 372,930
400,000 Tyco International Group S A 6.875% 1/15/29 339,948
------------
712,878
- --------------------------------------------------------------------------------
Office & Business Equipment: 0.4%
425,000 International Business
Machines Corp. 8.375% 11/1/19 465,375
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 0.4%
200,000 Coastal Corp. Sr. 7.750% 10/15/35 190,484
400,000 Conoco, Inc. 5.900% 4/15/04 381,868
------------
572,352
- --------------------------------------------------------------------------------
Printing & Publishing: 0.3%
418,000 Time Warner, Inc. Sr. 9.125% 1/15/13 457,777
- --------------------------------------------------------------------------------
Real Estate: 0.4%
200,000 Equity Office Properties Trust 6.375% 2/15/03 192,828
350,000 Spieker Properties, Inc. 7.350% 12/1/17 309,365
------------
502,193
- --------------------------------------------------------------------------------
Restaurant: 0.4%
497,000 McDonald's Corp. 5.950% 1/15/08 457,986
- --------------------------------------------------------------------------------
Retail Trade: 0.9%
447,000 Dayton Hudson Corp. 6.400% 2/15/03 437,398
350,000 Federated Department Stores,
Inc. Sr. 6.300% 4/1/09 318,210
400,000 Wal-Mart Stores, Inc. 6.150% 8/10/01 396,564
------------
1,152,172
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 1.1%
500,000 AT&T Corp. 6.000% 3/15/09 453,560
500,000 AT&T Corp. 6.500% 3/15/29 428,345
650,000 Lucent Technologies, Inc. 6.450% 3/15/29 565,818
------------
1,447,723
- --------------------------------------------------------------------------------
Transportation-Airlines: 0.6%
300,000 Delta Air Lines, Inc. 9.750% 5/15/21 335,427
500,000 Delta Air Lines, Inc. 144A 7.700% 12/15/05 490,455
------------
825,882
- --------------------------------------------------------------------------------
Transportation-Railroad: 0.2%
300,000 Union Pacific Corp. 7.600% 5/1/05 300,801
- --------------------------------------------------------------------------------
Utilities-Electric: 1.1%
235,000 Commonwealth Edison Co. 6.400% 10/15/05 224,178
150,000 Consolidated Edison Co., Inc. 6.450% 12/1/07 140,634
600,000 Niagra Mohawk Power
Corp. Sr. Ser. G 7.750% 10/1/08 599,178
400,000 Southern California Edison Co. 8.250% 2/1/00 400,736
------------
1,364,726
- --------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 0.6%
400,000 KN Energy, Inc. Sr. 6.650% 3/1/05 382,820
350,000 Occidental Petroleum Corp. Sr. 7.375% 11/15/08 340,798
------------
723,618
- --------------------------------------------------------------------------------
Utilities-Telephone: 1.1%
683,000 Cable & Wireless
Communication 6.375% 3/6/03 674,729
536,000 MCI WorldCom, Inc. 6.125% 8/15/01 530,206
125,000 MCI WorldCom, Inc. 6.400% 8/15/05 119,728
100,000 New York Telephone Co. 5.875% 9/1/03 96,128
------------
1,420,791
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost: $27,349,582) .............................. 25,951,248
------------
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: 44.1%
- --------------------------------------------------------------------------------
1,650,000 Federal Farm Credit
Banks, Consolidated 6.380% 11/27/06 1,591,475
360,000 Federal Home Loan Bank 5.250% 4/25/02 349,142
485,000 Federal Home Loan Bank 5.500% 7/14/00 482,953
3,709,000 +Federal Home Loan Bank 5.500% 5/15/02 3,619,761
300,000 +Federal Home Loan Bank 5.875% 9/17/01 297,048
1,050,000 Federal Home Loan Bank 6.250% 10/15/02 1,040,487
400,000 Federal Home Loan Bank 6.340% 6/13/05 389,064
990,766 Federal Home Loan Bank 6.500% 6/1/29 934,105
498,392 Federal Home Loan Bank 6.500% 9/1/29 469,889
299,172 Federal Home Loan Bank 6.500% 9/1/29 282,063
648,891 Federal Home Loan Bank 6.500% 10/1/29 611,781
600,000 Federal Home Loan Bank 7.000% 6/1/11 595,122
14,339 Federal Home Loan Bank 7.000% 3/1/26 13,913
286,764 Federal Home Loan Bank 7.000% 5/1/29 277,533
82,256 Federal Home Loan Bank 7.000% 5/1/29 79,609
42,060 Federal Home Loan Bank 7.000% 6/1/29 40,706
592,201 Federal Home Loan Bank 7.000% 7/1/29 573,138
873,521 Federal Home Loan Bank 7.000% 7/1/29 845,402
661,858 Federal Home Loan Bank 7.000% 7/1/29 640,552
400,314 Federal Home Loan Bank 7.500% 10/1/26 398,061
967,336 Federal Home Loan Mortgage Corp. 6.000% 2/1/29 885,413
468,420 Federal Home Loan Mortgage Corp. 7.000% 4/1/29 453,341
558,433 Federal Home Loan Mortgage Corp. 7.500% 8/1/24 554,770
389,446 Federal Home Loan Mortgage Corp. 7.500% 11/1/24 386,891
1,313,503 Federal Home Loan Mortgage Corp. 7.500% 10/1/27 1,301,195
637,750 Federal Home Loan Mortgage Corp. 8.000% 10/1/08 644,325
311,462 Federal Home Loan Mortgage Corp. 8.000% 2/1/27 314,673
350,000 Federal National Mortgage Assoc. 5.360% 2/16/01 345,517
MSF-46
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE SCHEDULE OF INVESTMENTS
BOND INDEX PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: (Continued)
- --------------------------------------------------------------------------------
$ 245,000 Federal National Mortgage Assoc. 5.375% 3/15/02 $ 239,066
550,000 Federal National Mortgage Assoc. 5.875% 2/2/06 519,492
975,748 Federal National Mortgage Assoc. 6.000% 3/1/14 926,346
2,000,000 Federal National Mortgage Assoc. 6.000% 12/1/99 1,897,500
1,150,000 Federal National Mortgage Assoc. 6.160% 8/7/28 1,007,147
300,000 Federal National Mortgage Assoc. 6.210% 8/6/38 258,984
450,000 Federal National Mortgage Assoc. 6.250% 5/15/29 400,500
600,000 Federal National Mortgage Assoc. 6.490% 3/19/02 597,750
804,645 Federal National Mortgage Assoc. 6.500% 1/1/13 781,005
31,250 Federal National Mortgage Assoc. 6.500% 4/1/13 30,332
845,759 Federal National Mortgage Assoc. 6.500% 6/1/13 820,386
473,804 Federal National Mortgage Assoc. 6.500% 6/1/13 459,590
52,480 Federal National Mortgage Assoc. 6.500% 7/1/13 50,905
469,683 Federal National Mortgage Assoc. 6.500% 6/1/14 455,592
835,977 Federal National Mortgage Assoc. 6.500% 3/1/29 787,641
850,664 Federal National Mortgage Assoc. 6.500% 3/1/29 801,478
2,935,843 Federal National Mortgage Assoc. 6.500% 4/1/29 2,766,093
625,041 Federal National Mortgage Assoc. 6.500% 4/1/29 588,901
328,245 Federal National Mortgage Assoc. 6.500% 5/1/29 309,266
250,000 Federal National Mortgage Assoc. 6.500% 8/1/29 235,545
741,981 Federal National Mortgage Assoc. 7.000% 4/1/12 733,396
731,335 Federal National Mortgage Assoc. 7.000% 2/1/14 710,916
52,618 Federal National Mortgage Assoc. 7.000% 6/1/26 51,007
199,281 Federal National Mortgage Assoc. 7.000% 9/1/28 192,678
586,852 Federal National Mortgage Assoc. 7.000% 10/1/28 568,877
272,795 Federal National Mortgage Assoc. 7.000% 10/1/28 263,757
242,384 Federal National Mortgage Assoc. 7.000% 11/1/28 234,354
237,699 Federal National Mortgage Assoc. 7.000% 8/1/29 229,824
697,494 Federal National Mortgage Assoc. 7.000% 8/1/29 674,386
449,546 Federal National Mortgage Assoc. 7.000% 11/1/29 434,652
2,000,000 Federal National Mortgage Assoc. 7.000% 12/1/99 1,933,760
4,300,000 Federal National Mortgage Assoc. 7.100% 10/18/04 4,260,354
642,371 Federal National Mortgage Assoc. 7.500% 9/1/25 636,750
644,765 Federal National Mortgage Assoc. 7.500% 6/1/26 638,517
49,189 Federal National Mortgage Assoc. 7.500% 9/1/27 48,636
41,238 Federal National Mortgage Assoc. 7.500% 11/1/27 40,774
11,919 Federal National Mortgage Assoc. 7.500% 12/1/27 11,785
720,077 Federal National Mortgage Assoc. 7.500% 3/1/28 711,976
25,610 Federal National Mortgage Assoc. 7.500% 8/1/28 25,322
795,583 Federal National Mortgage Assoc. 7.500% 10/1/29 786,633
392,817 Federal National Mortgage Assoc. 7.500% 10/1/29 388,397
25,197 Federal National Mortgage Assoc. 8.000% 10/1/26 25,417
526,057 Federal National Mortgage Assoc. 8.000% 8/1/29 530,329
578,371 Federal National Mortgage Assoc. 8.000% 11/1/29 583,067
391,714 Government National Mortgage
Assoc. 6.000% 1/15/29 356,213
138,578 Government National Mortgage
Assoc. 6.500% 5/15/23 131,519
743,533 Government National Mortgage
Assoc. 6.500% 7/15/28 697,754
550,221 Government National Mortgage
Assoc. 6.500% 12/1/28 516,344
223,452 Government National Mortgage
Assoc. 6.500% 12/15/28 209,694
348,172 Government National Mortgage
Assoc. 6.500% 7/15/29 326,735
20,979 Government National Mortgage
Assoc. 7.000% 4/15/27 20,277
460,088 Government National Mortgage
Assoc. 7.000% 1/15/28 444,271
497,935 Government National Mortgage
Assoc. 7.000% 1/15/28 480,816
616,128 Government National Mortgage
Assoc. 7.000% 4/15/28 594,946
MSF-47
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
LEHMAN BROTHERS AGGREGATE SCHEDULE OF INVESTMENTS
BOND INDEX PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS: (Continued)
- --------------------------------------------------------------------------------
590,561 Government National
Mortgage Assoc. 7.000% 5/15/28 $ 570,258
182,463 Government National
Mortgage Assoc. 7.000% 5/15/28 176,190
500,000 Government National
Mortgage Assoc. 7.000% 6/15/28 482,810
346,820 Government National
Mortgage Assoc. 7.000% 6/15/28 334,896
367,677 Government National
Mortgage Assoc. 7.000% 10/15/28 355,037
165,388 Government National
Mortgage Assoc. 7.000% 10/15/28 159,702
398,129 Government National
Mortgage Assoc. 7.000% 6/15/29 384,441
244,170 Government National
Mortgage Assoc. 7.500% 8/15/29 241,423
553,280 Government National
Mortgage Assoc. 7.500% 8/15/29 547,056
44,872 Government National
Mortgage Assoc. 8.000% 9/15/16 45,705
324,579 Government National
Mortgage Assoc. 8.000% 8/15/26 327,825
300,964 Government National
Mortgage Assoc. 8.000% 9/15/26 303,974
355,908 Government National
Mortgage Assoc. 8.000% 4/15/27 359,467
253,127 Government National
Mortgage Assoc. 8.000% 5/15/27 255,659
481,097 Government National
Mortgage Assoc. 8.000% 6/15/29 485,908
469,607 Government National
Mortgage Assoc. 8.000% 6/15/29 474,303
639,750 Government National
Mortgage Assoc. 9.000% 11/15/24 676,932
- --------------------------------------------------------------------------------
TOTAL FEDERAL AGENCY OBLIGATIONS
(Cost: $58,687,777) ............................... 57,027,167
-------------
- --------------------------------------------------------------------------------
FEDERAL TREASURY OBLIGATIONS: 27.4%
- --------------------------------------------------------------------------------
250,000 +U.S. Treasury Bond 5.250% 2/15/29 206,718
1,050,000 U.S. Treasury Bond 6.125% 11/15/27 977,151
200,000 U.S. Treasury Bond 6.375% 8/15/27 192,094
165,000 +U.S. Treasury Bond 6.625% 2/15/27 163,530
500,000 U.S. Treasury Bond 6.750% 8/15/26 502,345
595,000 U.S. Treasury Bond 8.125% 8/15/19 678,020
315,000 +U.S. Treasury Bond 8.750% 8/15/20 381,641
570,000 +U.S. Treasury Bond 8.875% 8/15/17 688,896
2,625,000 U.S. Treasury Bond 8.875% 2/15/19 3,195,124
4,700,000 +U.S. Treasury Bond 9.250% 2/15/16 5,802,291
385,000 U.S. Treasury Bond 10.375% 11/15/12 468,014
270,000 U.S. Treasury Bond 13.875% 5/15/11 368,931
2,000,000 U.S. Treasury Note 4.500% 9/30/00 1,977,180
250,000 +U.S. Treasury Note 5.625% 9/30/01 247,500
900,000 U.S. Treasury Note 5.750% 8/15/03 881,577
550,000 +U.S. Treasury Note 5.875% 9/30/02 544,412
600,000 U.S. Treasury Note 6.250% 8/31/02 599,064
3,000,000 +U.S. Treasury Note 6.250% 2/28/02 2,999,070
1,200,000 +U.S. Treasury Note 6.500% 8/15/05 1,200,000
400,000 +U.S. Treasury Note 6.500% 10/15/06 398,936
3,310,000 +U.S. Treasury Note 7.000% 7/15/06 3,390,168
5,000,000 +U.S. Treasury Note 7.875% 8/15/01 5,125,000
4,230,000 +U.S. Treasury Note 7.875% 11/15/04 4,472,548
- --------------------------------------------------------------------------------
TOTAL FEDERAL TREASURY OBLIGATIONS
(Cost: $37,338,455) ............................ 35,460,210
-------------
- --------------------------------------------------------------------------------
STATE AGENCY OBLIGATIONS: 0.1%
- --------------------------------------------------------------------------------
190,000 California
Infastructure Ser. 97-1 A8 6.480% 12/26/09 182,909
- --------------------------------------------------------------------------------
TOTAL STATE AGENCY OBLIGATIONS
(Cost: $188,412) .................................. 182,909
-------------
- --------------------------------------------------------------------------------
YANKEE BONDS: 1.7%
- --------------------------------------------------------------------------------
45,000 Asian Development Bank 5.750% 5/19/03 43,631
1,000,000 Norsk Hydro A S 6.700% 1/15/18 883,100
83,000 Province of Ontario 6.125% 6/28/00 82,910
350,000 Province of Quebec 7.500% 7/15/23 339,262
415,000 Province of Quebec 8.800% 4/15/03 434,742
50,000 Republic of Finland 7.875% 7/28/04 51,832
200,000 Republic of Korea 8.875% 4/15/08 209,764
200,000 Transcanada Pipelines Ltd. 9.125% 4/20/06 212,726
- --------------------------------------------------------------------------------
TOTAL YANKEE BONDS
(Cost: $2,381,335) .................................. 2,257,967
-------------
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 4.0%
- --------------------------------------------------------------------------------
1,550,000 Anadarko Petroleum Corp. 6.170% 1/19/00 1,545,218
500,000 Federal National Mortgage
Assoc. 5.360% 2/18/00 496,427
100,000 Federal National Mortgage
Assoc. 5.470% 2/16/00 99,301
3,000,000 Orix Credit Alliance 6.500% 1/19/00 2,990,250
- --------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $5,131,196) .................................. 5,131,196
-------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 97.4%
(Cost: $131,076,757) ................................ 126,010,697
OTHER ASSETS LESS LIABILITIES 2.6% ................. 3,327,963
-------------
TOTAL NET ASSETS: 100.0% ............................ $129,338,660
=============
- --------------------------------------------------------------------------------
Legend:
+Securities on loan.
SECURITIES LENDING: [Note 7]
As of December 31, 1999, the market value of securities loaned was $14,339,676
with collateral backing valued at $14,654,234.
See Notes to Financial Statements.
MSF-48
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 99.3%
- --------------------------------------------------------------------------------
Australia: 2.3%
4,300 Amcor Ltd. $ 20,139
9,700 AMP Ltd. 107,174
2,100 Australia Gas & Light Co., Ltd. 12,325
6,100 Boral Ltd. 9,451
1,834 Brambles Industries Ltd. 50,717
1,000 +British American Tobacco PLC 8,731
14,192 Broken Hill Proprietary Co. 186,350
6,700 Coca-Cola Amatil Ltd. 18,298
9,329 Coles Myer Ltd. 48,187
7,525 Colonial Ltd. 33,642
700 CSL Ltd. 10,064
5,900 +CSR Ltd. 14,331
12,600 David Jones Ltd. 11,415
4,100 Delta Gold NL 6,258
5,100 +Email Ltd. 8,103
4,100 F.H. Faulding & Co. Limited 26,916
11,800 Fosters Brewing Group Ltd. 33,853
6,300 Futuris Corp., Ltd. 8,851
8,400 General Property Trust 13,676
4,500 Iluka Resources 11,935
6,300 James Hardie Industries Ltd. 16,502
2,300 Leighton Holdings Ltd. 8,909
4,086 Lend Lease Corp. 57,244
10,600 Metal Manufactures Ltd. 15,658
15,300 MIM Holdings Ltd. 15,770
11,900 National Australia Bank 182,028
2,600 *Newcrest Mining Ltd. 8,876
17,100 News Corp., Ltd. 166,035
16,500 Normandy Mining Ltd. 11,699
4,200 North Ltd. 9,899
1,500 Orica Ltd. 8,085
6,600 Pacific Dunlop Ltd. 9,342
4,600 Pioneer International Ltd. 13,861
2,100 QBE Insurance Group Ltd. 9,788
25,800 Resolute Samantha 6,606
2,332 Rio Tinto Ltd. 50,094
2,900 Santos Ltd. 7,901
5,400 Schroders Property Fund 8,331
1,700 Smith (Howard) Ltd. 11,607
4,900 Sons Of Gwalia Ltd. 16,406
3,800 Southcorp Ltd. 13,397
3,600 Stockland Trust Group 7,563
1,400 Suncorp-Metway Ltd. 7,546
2,487 Tab Corp. Holdings Ltd. 16,840
61,064 Telstra Corp., Ltd. 331,933
1,700 Wesfarmers Ltd. 14,029
10,200 Westfield Trust 20,022
16,400 Westpac Banking Ltd. 113,125
9,234 WMC Ltd. 50,922
9,459 Woolworths Ltd. 32,540
------------
Total Investments in Australia 1,882,974
- --------------------------------------------------------------------------------
Austria: 0.2%
300 Austria Tabakwerke AG 14,506
913 Bank Austria AG 51,504
100 Bbag Oesterreichische Brau-Beteiligungs 4,029
100 Bohler Uddeholm AG 4,614
200 Flughafen Wien AG 6,953
120 Generali Holding Vienna AG 20,121
100 Lenzing AG 5,440
300 Mayr-Melnhof Karton AG 13,901
200 *Oesterreichische Elektrizitaetswirtsch Cl. A 28,105
200 OMV Handels AG 19,442
100 VA Technologie AG (bearer shares) 6,598
400 Wienerberger Baustoffindustrie AG 8,699
------------
Total Investments in Austria 183,912
- --------------------------------------------------------------------------------
Belgium: 0.9%
2,500 Bankverzekerin KBC 134,733
90 Barco NV 12,602
500 CMB SA-Compagnie Maritime Belge 23,874
300 Colruyt Etn. Fr. NV 17,226
400 Delhaize-Le Lion SA 30,140
432 Electrabel SA 141,432
5,790 Fortis (B) 208,922
100 Glaverbel SA 8,633
200 GPE Bruxelles 40,294
51 SA D'Ieteren NV 20,899
600 Solvay SA 49,562
1,035 UCB SA 44,884
200 Union Miniere SA 7,777
------------
Total Investments in Belgium 740,978
- --------------------------------------------------------------------------------
Denmark: 0.8%
400 Bang & Olufsen A/S 14,617
200 Carlsberg A/S Cl. A 7,362
400 Carlsberg A/S Cl. B 15,158
9 Dampskibsselskabet af 1912 A/S Cl. B 105,970
6 Dampskibsselskabet Svendborg A/S Cl. B 99,880
300 Danisco A/S 11,693
400 Den Danske Bank 43,850
700 FLS Industries A/S Cl. B 17,621
200 *ISS International Service Systems A/S Cl. B 13,453
200 *Navision Software A/S 14,481
100 NKT Holding A/S 5,589
600 Novo-Nordisk A/S Cl. B 79,579
800 SAS Danmark A/S 8,337
1,800 Tele Danmark A/S 133,741
500 Unidanmark A/S Cl. A (registered shares) 35,188
100 *Vesta Wind Systems A/S 17,729
200 William Demant Holdings A/S 18,947
------------
Total Investments in Denmark 643,195
- --------------------------------------------------------------------------------
Finland: 3.0%
600 Amer-Yhtyma Oyj 12,179
500 Asko Oyj 8,865
MSF-49
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Finland: (Continued)
300 Finnlines Oyj $ 9,368
200 Instrumentarium Oyj Cl. B 6,528
1,300 Kemira Oyj 7,923
1,000 Kesko 12,693
400 Metra Oyj AB Cl. B 7,454
700 *Metso Oyj 9,096
9,800 Nokia Oyj 1,776,965
700 Outokumpu Oyj Cl. A 9,907
700 Oyj Hartwall Abp 10,154
200 Pohjola Insurance Group Cl. B 12,088
900 Raisio Yhtyma Oyj 3,563
1,600 Rautaruukki Oyj 11,202
500 Sampo Cl. A 17,477
5,800 Sonera-Yhtyma Oyj 397,591
600 Tieto Corporation Oyj 37,473
2,500 UPM-Kymmene Corp. Oyj 100,735
------------
Total Investments in Finland 2,451,261
- --------------------------------------------------------------------------------
France: 10.3%
1,500 Accor SA 72,484
667 Air Liquide 111,670
1,600 Alcatel Alsthom 367,481
2,800 AXA-UAP 390,368
3,600 +Banque Nationale de Paris 332,184
500 BIC 22,756
234 Bouygues SA 148,739
1,000 Canal+ 145,562
624 Cap Gemini 158,404
2,800 Carrefour SA 516,448
604 Casino Guich Perrachon 69,179
140 *Club Mediterranee SA 16,190
100 Coflexip SA 7,268
200 CPR 7,954
600 Danone 141,432
911 Dassault Systems SA 59,375
200 Eridania Beghin-Say 21,517
100 Essilor International SA 31,026
30 Eurafrance SA 18,072
8,200 France Telecom SA 1,084,573
100 Gecina 11,282
162 Groupe GTM 15,748
100 Imetal 14,909
545 L' Oreal SA 437,283
900 Lafarge SA (bearer shares) 104,805
1,000 Lagardere Sca (registered shares) 54,397
800 LVMH Moet Hennessy Louis Vuitton 358,375
900 Michelin Cl. B (registered shares) 35,358
600 Pechiney International NV Cl. A 42,883
500 Pernod Ricard 28,609
400 Peugeot SA 90,823
1,000 Pinault-Printemps-Redoute SA 263,926
100 Publicis SA 37,776
6,271 Rhone-Poulenc SA Cl. A 364,496
100 Sagem SA 69,507
703 Saint-Gobain 132,215
5,800 *Sanofi SA 241,534
1,265 Schneider SA 99,331
291 Sidel SA 30,047
100 Simco SA (registered shares) 8,094
846 Societe Generale de France SA 196,862
300 Sodexho Alliance 53,097
2,328 ST Microelectronics NV 358,333
1,598 Suez Lyonnaise Des Eaux SA 256,110
154 Technip SA 15,792
1,200 Thomson-C.S.F. 39,637
450 Total Fina SA 60,516
450 Total Fina SA (Strip vvpr) 4
5,988 Total Fina SA Cl. B 799,241
180 Unibail SA (registered shares) 22,720
1,800 Usinor Sacilor 33,817
600 Valeo SA 46,298
4,752 Vivendi SA 429,148
40 Zodiac SA 8,458
------------
Total Investments in France 8,484,113
- --------------------------------------------------------------------------------
Germany: 10.1%
300 Adidas-Salomon AG 22,514
500 AGIV AG 9,041
1,950 Allianz Holdings AG 655,105
4,900 BASF AG 251,737
5,800 Bayer AG 274,603
3,400 Bayerische Hypo- und Vereinsbank AG 232,214
600 Beiersdorf AG 40,290
400 Bilfinger & Berger Bau-AG 8,703
200 *Brau Und Brunnen AG 9,469
660 Buderus AG 11,169
700 Continental AG 13,997
8,000 DaimlerChrysler AG (registered shares) 622,139
4,900 Deutsche Bank AG (registered shares) 413,885
24,550 Deutsche Telekom AG 1,748,442
200 Douglas Holdings AG 8,613
4,250 Dresdner Bank AG (registered shares) 231,187
900 EM.TV & Merchandising AG 58,023
1,000 FAG Kugelfischer Georg Schaefer AG 8,965
600 Fresenius Medical Care AG 51,314
600 GEHE AG 23,270
300 Heidelberger Zement AG 23,572
132 Heidelberger Zement AG 9,840
132 Heidelberger Zement AG (vvpr) 12
400 Hochtief AG 14,909
600 Holsten-Brauerei AG 10,275
400 Kamps AG 27,601
1,300 Karstadt Quelle AG 52,120
870 Linde AG 47,588
MSF-50
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Germany: (continued)
3,100 Lufthansa AG (registered shares) $ 72,136
900 MAN AG 33,817
4,050 Mannesmann AG 977,104
1,200 Merck KGaA 37,232
2,300 Metro AG 123,723
300 Metro AG 9,066
1,400 Muenchener Rueckversicherungs AG (registered shares) 355,111
1,350 Preussag AG 75,204
2,000 Rheinmetall AG 21,154
3,900 RWE AG 152,825
500 SAP AG 246,297
500 Schering AG 60,441
250 *SGL Carbon AG 16,621
4,800 Siemens AG (registered shares) 610,696
4,400 *Thyssen Krupp AG 134,078
4,050 VEBA AG 196,849
5,200 VIAG AG 95,336
2,600 Volkswagen AG (Pvt.) 146,539
1,200 +WCM Beteiligungs-und Grundbesitz AG 46,540
------------
Total Investments in Germany 8,291,368
- --------------------------------------------------------------------------------
Hong Kong: 2.3%
12,000 +Bank of East Asia Ltd. 33,421
27,000 Cathay Pacific Airways 48,106
19,000 Chaung Kong Infrastructure Holdings Ltd. 240,754
16,000 CLP Holdings Ltd. 73,686
7,000 Hang Lung Development Co., Ltd. 7,924
16,000 Hang Seng Bank Ltd. 182,672
39,900 Hong Kong & China Gas Co., Ltd. 54,665
4,000 Hong Kong Aircraft Engineering Co. 6,638
97,600 Hong Kong Telecommunications Ltd. 281,870
10,000 *Hongkong and Shanghai Hotels Ltd. 6,625
16,000 Hopewell Holdings Ltd. 9,520
31,000 Hutchison Whampoa Ltd. 450,634
6,000 Hysan Development Co., Ltd. 7,603
8,000 Johnson Electric Holdings Ltd. 51,354
9,000 Miramar Hotel & Investment Ltd. 9,667
18,000 +New World Development Co., Ltd. 40,522
76,000 *Regal Hotels International Holdings Ltd. 5,671
17,000 Shangri La Asia Ltd. 19,245
52,000 +Shun Tak Holdings Ltd. 9,900
16,000 +Sino Land Co., Ltd. 9,262
19,000 Sun Hung Kai Properties Ltd. 197,980
14,000 Swire Pacific Ltd. Cl. A 82,666
4,000 Television Broadcasts Ltd. 27,272
4,000 Varitronix International Ltd. 9,159
16,000 Wharf Holdings Ltd. 37,152
2,000 Wing Lung Bank Ltd. 8,104
------------
Total Investments in Hong Kong 1,912,072
- --------------------------------------------------------------------------------
Ireland: 0.4%
7,500 Allied Irish Banks PLC 85,524
3,100 CRH PLC 66,828
1,600 DCC PLC 11,927
16,900 Eircom PLC 72,353
2,100 Fyffes PLC 4,125
3,000 Independent Newspapers PLC 19,673
500 Irish Continental Group PLC 5,112
1,600 Irish Permanent PLC 15,151
6,500 Jefferson Smurfit Group PLC 19,643
700 Jurys Hotel Group PLC 5,148
800 Kerry Group PLC 9,590
1,900 *Ryanair Holdings PLC Cl. A 20,479
18,700 Waterford Wedgewood PLC 19,026
------------
354,579
- --------------------------------------------------------------------------------
Italy: 4.2%
13,500 Alitalia Lines Aeres Itaiane SPA 32,162
1,100 Arnoldo Mondadori Editore SPA 34,905
10,500 Assicuraziono Generali SPA 346,931
2,400 Autogrill SPA 30,221
41,100 Banca di Roma SPA 52,829
35,600 Banca Intesa SPA 144,522
1,500 Banca Populare di Milano SPA 11,680
11,200 Benetton Group SPA 25,724
2,600 Bulgari SPA 23,362
1,100 Burgo (Cartiere) SPA 7,247
1,800 Danieli & C. Officine Meccaniche SPA 10,154
4,000 Danieli & C. Officine Meccaniche SPA (non-cvt.) 9,832
58,200 *ENEL SPA 243,891
64,700 ENI SPA (registered shares) 355,858
3,320 FIAT SPA 94,814
470 FIAT SPA 6,912
550 FIAT SPA (Pvt.) 7,951
25,500 Immobiliare Metanopoli SPA 11,816
10,500 Impregilo SPA 6,473
1,300 Italcementi SPA 15,715
2,000 Italcementi SPA (non-cvt.) 8,724
4,400 Italgas 16,666
1,400 Manifattura Lane G. Marzotto & Figli SPA 10,084
1,000 Manifattura Lane G. Marzotto & Figli SPA 7,152
10,000 Mediaset SPA 155,535
4,600 Mediobanca SPA 46,940
18,016 Montedison SPA 29,491
37,100 *+Olivetti SPA 107,446
14,100 Parmalat Finanziaria SPA 18,039
12,600 Pirelli SPA 34,587
4,900 RAS 49,163
3,300 +Reno De Medici SPA 8,976
2,100 +Rinascente LA SPA 7,362
1,600 Rinascente SPA 10,267
1,000 Sai(Soc Assic) 11,192
1,900 Sai(Soc Assic) (non-cvt.) 9,455
11,600 San Paolo-Imi SPA 157,634
MSF-51
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Italy: (Continued)
1,500 Sirti SPA $ 5,364
6,700 SNIA BPD 7,208
13,000 Telecom Italia Mobile SPA - RNC 61,942
53,200 Telecom Italia Mobile SPA 594,324
7,200 Telecom Italia SPA - RNC 43,880
29,500 Telecom Italia SPA (ordinary shares) 416,035
39,200 Unicredito Italiano SPA 192,702
------------
Total Investments in Italy 3,483,167
- --------------------------------------------------------------------------------
Japan: 27.3%
3,000 77th Bank Ltd. 31,448
1,200 Acom Co., Ltd. 117,569
800 Advantest Corp. 211,412
5,000 Ajinomoto General Foods, Inc. 52,119
1,000 Alps Electric Co., Ltd. 15,259
2,000 Amada Co., Ltd. 10,943
1,000 Aoyama Trading Co., Ltd. 21,435
1,000 Arabian Oil Co., Ltd. 17,226
22,000 Asahi Bank Ltd. 135,656
4,000 Asahi Breweries Ltd. 43,770
12,000 Asahi Chemical Industry Co., Ltd. 61,662
10,000 Asahi Glass Co., Ltd. 77,420
300 Asatsu, Inc. 20,260
5,000 *Ashikaga Bank Ltd. 9,983
200 Autobacs Seven Co., Ltd. 6,558
6,000 +Bank of Fukuoka Ltd. 41,636
38,000 Bank of Tokyo 529,627
10,000 Bank of Yokohama Ltd. 46,100
400 Benesse Corp. 96,310
7,000 Bridgestone Corp. 154,155
2,000 Brother Industries Ltd. 4,600
7,000 Canon Inc. 278,164
2,000 Casio Computer Co. 16,639
17 Central Japan Railway Co. 106,656
4,000 *Chiyoda Corp. 5,833
2,000 Chugai Pharmaceutical Co., Ltd. 21,631
2,000 Citizen Watch Co., Ltd. 12,724
6,000 Cosmo Oil Co., Ltd. 8,985
1,000 Credit Saison Co., Ltd. 17,422
500 CSK Corp. 81,237
6,000 Dai-Nippon Printing Co., Ltd. 95,723
2,000 Daicel Chemical Industries Ltd. 5,579
4,000 *+Daiei, Inc. 15,856
3,000 Daifuku Co., Ltd. 17,324
2,000 Daiichi Pharmaceutical Co., Ltd. 26,015
2,000 Daikin Industries Ltd. 27,210
3,000 *Daikyo, Inc. 6,665
4,000 Daimaru, Inc. 13,546
5,000 Dainippon Ink & Chemicals, Inc. 14,828
2,000 *Dainippon Screen Manufacturing Co., Ltd. 11,941
1,000 Daito Trust 11,158
13,000 Daiwa Bank 38,172
4,000 Daiwa House Industry Co., Ltd. 29,754
2,000 Daiwa Kosho Lease Co., Ltd. 6,440
11,000 Daiwa Securities Co., Ltd. 172,154
3,000 Denki Kagaku Kogyo Kabushiki Kaisha 8,956
7,000 Denso Corp. 167,172
31 East Japan Railway Co. 167,182
2,000 +Ebara Corp. 22,316
2,000 Eisai Co., Ltd. 38,465
2,000 Fanuc Ltd. 254,674
28,000 Fuji Bank Ltd. 272,135
4,000 Fuji Photo Film Ltd. 146,031
2,000 Fujikura 7,948
12,000 *+Fujita Corp. 6,460
16,000 Fujitsu Ltd. 729,764
6,000 Furukawa Electric Co., Ltd. 91,025
3,000 +Gunma Bank Ltd. 19,526
6,000 Gunze Ltd. 15,973
11,000 *+Haseko Corp. 5,276
300 Hirose Electric Co., Ltd. 67,270
27,000 Hitachi Ltd. 433,395
4,000 *+Hokuriku Bank 9,474
8,000 Honda Motor Co., Ltd. 297,543
1,000 House Food Corp. 15,171
1,000 Hoya Corp. 78,790
21,000 Industrial Bank of Japan Ltd. 202,457
1,000 Isetan Co., Ltd. 7,341
5,000 *Ishihara Sangyo Kaisho Ltd. 6,607
9,000 Ishikawajima-Harima Heavy Industries Co., Ltd. 10,394
3,000 Ito-Yokado Co., Ltd. 325,927
11,000 *Itochu Corp. 54,801
4,000 Iwatani International Corp. 7,204
2,000 Jaccs Co., Ltd. 7,830
15,000 Japan Airlines Co. 44,485
8,000 Japan Energy Corp. 7,282
17 Japan Tobacco, Inc. 130,116
9,000 *+JGC Corp. 21,846
7,000 Joyo Bank 32,201
3,000 Jusco Co., Ltd. 52,295
100 Kadokawa Shoten Publishing 33,669
6,000 +Kajima Corp. 17,911
2,000 Kamigumi Co., Ltd. 8,417
3,000 Kaneka Corp. 38,377
8,000 Kansai Electric Power Co., Inc. 139,454
5,000 Kao Corp. 142,654
1,000 Katokichi Co., Ltd. 21,680
9,000 Kawasaki Heavy Industry 11,980
5,000 Kawasaki Kisen Kaisha Ltd. 7,439
28,000 *Kawasaki Steel Corp. 50,152
2,000 +Keihin Electric Express Railway 6,851
1,000 Kikkoman Corp. 6,646
2,000 Kinden Corp. 15,367
14,000 +Kinki Nippon Railway Co., Ltd. 56,181
MSF-52
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Japan: (Continued)
8,000 Kirin Brewery Co., Ltd. $ 84,173
1,000 Kokuyo Co., Ltd. 13,311
9,000 Komatsu Ltd. 41,402
1,000 Komori Corp. 19,076
400 Konami Co., Ltd. 71,450
3,000 Konica Corp. 11,158
1,000 Koyo Seiko Co., Ltd. 8,623
10,000 Kubota Ltd. 38,270
14,000 *+Kumagai Gumi Co., Ltd. 9,592
22,000 Kumagai Gumi Co., Ltd. 7,995
3,000 Kuraray Co., Ltd. 30,391
4,000 Kureha Chemical Industry Co., Ltd. 9,827
1,000 Kurita Water Industries Ltd. 15,895
1,500 Kyocera Corp. 389,057
1,000 Kyowa Exeo Corp. 8,711
3,000 Kyowa Hakko Kogyo Co., Ltd. 17,999
1,000 Maeda Road Construction Co., Ltd. 4,845
1,000 Makino Milling Machine Co., Ltd. 6,519
1,000 Makita Corp. 9,005
13,000 Marubeni Corp. 54,585
3,000 Marui Co., Ltd. 44,808
17,000 Matsushita Electric Industrial Co., Ltd. 470,882
3,000 Meiji Milk Products Co., Ltd. 9,132
2,000 Meiji Seika Kaisha 11,373
400 Meitec Corp. 12,724
3,000 Minebea Co., Ltd. 51,473
17,000 Mitsubishi Chemical Corp. 59,900
13,000 Mitsubishi Corp. 100,391
18,000 Mitsubishi Electric Corp. 116,277
11,000 Mitsubishi Estate Co., Ltd. 107,341
14,000 Mitsubishi Gas Chemical Co., Inc. 27,268
29,000 Mitsubishi Heavy Industries Ltd. 96,790
1,000 Mitsubishi Logistics Corp. 6,381
7,000 *Mitsubishi Materials Corp. 17,128
11,000 Mitsubishi Paper Mills Ltd. 14,750
4,000 Mitsubishi Rayon Co., Ltd. 9,709
10,000 Mitsubishi Trust & Banking Corp. 88,088
13,000 Mitsui & Co., Ltd. 90,976
10,000 *Mitsui Engineering & Shipbuilding 6,851
7,000 Mitsui Fudosan Co., Ltd. 47,411
5,000 Mitsui Marine & Fire Insurance Co., Ltd. 29,656
3,000 +Mitsui Mining Co., Ltd. 14,182
7,000 Mitsui Trust & Banking Corp. 15,827
3,000 Mitsui-Soko Co., Ltd. 6,196
3,000 *Mitsukoshi Ltd. 10,571
1,000 Mori Seiki Co., Ltd. 13,409
2,000 Murata Manufacturing Co., Ltd. 469,805
2,000 Mycal Corp. 8,711
500 Namco Ltd. 32,397
13,000 NEC Corp. 309,827
2,000 NGK Insulators Ltd. 14,858
2,000 NGK Spark Plug Co., Ltd. 18,303
400 *Nichiei Co., Ltd. 8,691
3,000 +Nichirei Corp. 7,781
300 NIDEC Corp. 86,620
3,000 Nikon Corp. 88,088
1,100 Nintendo Co., Ltd. 182,813
1,000 Nippon COMSYS Corp. 20,750
9,000 Nippon Express Co., Ltd. 49,770
28,000 Nippon Light Metal Co. 26,035
2,000 Nippon Meat Packers, Inc. 25,937
13,000 Nippon Mitsubishi Oil Co., Ltd. 57,257
8,000 Nippon Paper Industries Co., Ltd. 44,083
3,000 +Nippon Sharyo Ltd. 6,460
3,000 Nippon Sheet Glass Co., Ltd. 15,562
10,000 Nippon Shinpan Co. 23,294
2,000 Nippon Shokubai Co., Ltd. 9,259
57,000 Nippon Steel Corp. 133,337
6,000 Nippon Suisan Kaisha Ltd. 9,220
103 Nippon Telegraph & Telephone Corp. 1,764,217
10,000 Nippon Yusen Kabushiki Kaisha 40,912
2,000 Nishimatsu Construction Co., Ltd. 8,026
33,000 *Nissan Motor Co., Ltd. 129,842
2,000 Nisshin Flour Milling Co., Ltd. 13,801
2,000 Nisshinbo Industries, Inc. 9,044
1,000 Nissin Food Produdcts Co Ltd. 23,539
10,000 Nitto Boseki Co., Ltd. 13,017
1,000 Nitto Denko Corp. 50,015
3,000 NOF Corp. 7,106
16,000 Nomura Securities Co., Ltd. 288,930
2,000 Noritake Co., Ltd. 7,067
4,000 NSK Ltd. 27,366
3,000 NTN Corp. 8,868
5,000 Obayashi Corp. 23,637
9,000 Oji Paper Co., Ltd. 54,174
2,000 Okuma Corp. 6,264
3,000 Okumura Corp. 10,130
2,000 Olympus Optical Co., Ltd. 28,286
2,000 Omron Corp. 46,100
1,000 Onward Kashiyama Co., Ltd. 13,703
4,000 Orient Corp. 11,589
800 Oriental Land Co., Ltd. 68,748
500 Orix Corp. 112,655
21,000 Osaka Gas Co., Ltd. 50,563
12,000 *Penta-Ocean Construction 17,148
1,000 Pioneer Electronic Corp. 26,427
1,000 Promise Co., Ltd. 50,896
6,000 +Renown, Inc. 14,681
900 Rohm Co. 369,972
33,000 Sakura Bank Ltd. 191,211
1,000 Sanden Corp. 5,970
4,000 Sankyo Co., Ltd. 82,216
1,000 Sanrio Co., Ltd. 36,997
4,000 Sanwa Shutter Corp. 14,877
MSF-53
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Japan: (Continued)
15,000 Sanyo Electric Co., Ltd. $ 60,928
3,000 +Sapporo Breweries Ltd. 9,690
2,000 Secom Co. 220,221
1,000 Sega Enterprises Ltd. 31,810
2,000 Seino Transportation Co., Ltd. 10,610
2,000 *+Seiyu Ltd. 6,851
3,000 Sekisui Chemical Co., Ltd. 13,301
5,000 Sekisui House Ltd. 44,289
9,000 Sharp Corp. 230,351
1,000 Shimachu Co., Ltd. 13,801
300 Shimamura Co., Ltd. 47,568
1,000 Shimano, Inc. 17,618
5,000 Shimizu Corp. 16,541
3,000 Shin-Etsu Chemical Co., Ltd. 129,196
3,000 Shionogi & Co., Ltd. 36,439
3,000 Shiseido Co., Ltd. 43,751
6,000 Shizuoka Bank 61,544
1,000 Sho-Bond Corp. 17,764
5,000 Showa Denko K.K. 5,726
2,000 Showa Shell Sekiyu K.K. 8,828
1,000 Skylark Co., Ltd. 23,539
500 SMC Corp. 110,649
2,000 Snow Brand Milk Products Co., Ltd. 8,065
900 Softbank Corp. 861,505
3,500 Sony Corp. 1,037,976
25,000 Sumitomo Bank Ltd. 342,322
14,000 Sumitomo Chemical Co., Ltd. 65,773
9,000 Sumitomo Corp. 87,296
6,000 Sumitomo Electric Industries 69,355
2,000 Sumitomo Forestry Co., Ltd. 15,464
4,000 *+Sumitomo Heavy Industry Ltd. 10,962
6,000 Sumitomo Marine & Fire Insurance Co. 36,997
24,000 *Sumitomo Metal Industries Ltd. 18,087
4,000 *Sumitomo Metal Mining Co., Ltd. 8,926
5,000 Taiheiyo Cement Corp. 9,543
5,000 +Taisei Corp. 9,494
3,000 Taisho Pharmaceutical Co., Ltd. 88,088
1,000 Taiyo Yuden Co., Ltd. 59,313
2,000 Takara Shuzo Co., Ltd. 31,536
5,000 Takara Standard Co., Ltd. 24,812
2,000 Takashimaya Co. 13,781
7,000 Takeda Chemical Industries Ltd. 345,992
1,200 Takefuji Corp. 150,220
1,000 Takuma Co., Ltd. 7,145
6,000 Teijin Ltd. 22,140
5,000 Teikoku Oil Co., Ltd. 15,171
2,000 Terumo Corp. 53,440
14,000 Toa Corp. 19,047
6,000 Tobu Railway Co., Ltd. 17,618
2,000 Toda Corp. 7,693
2,000 Toei Co., Ltd. 11,080
100 Toho Co. 14,623
4,000 Tohoku Electric Power Co., Inc. 59,509
18,000 +Tokai Bank Ltd. 113,458
13,000 Tokio Marine & Fire Insurance Co., Ltd. 152,050
1,000 Tokyo Broadcasting System 33,865
2,000 *Tokyo Dome Corp. 9,592
11,000 Tokyo Electric Power 294,999
1,000 Tokyo Electron Ltd. 137,027
24,000 Tokyo Gas Co., Ltd. 58,491
1,000 Tokyo Style Co. 8,222
4,000 +Tokyo Tatemono Co., Ltd. 7,125
4,000 Tokyotokeiba Co., Ltd. 5,481
7,000 +Tokyu Corp. 17,060
5,000 Toppan Printing Co., Ltd. 49,917
12,000 Toray Industries, Inc. 46,511
27,000 Toshiba Corp. 206,127
3,000 Tosoh Corp. 11,451
2,000 Tostem Corp. 35,921
2,000 Toto Ltd. 12,097
2,000 Toyo Seikan Kaisha 28,971
6,000 Toyobo Co., Ltd. 7,810
30,000 Toyota Motor Corp. 1,453,460
200 Trans Cosmos, Inc. 85,348
2,000 Tsubakimoto Chain Co. 7,341
5,000 Ube Industries Ltd. 10,424
500 Uni-Charm Corp. 28,824
11,000 *Unitika Ltd. 7,644
1,000 Uny Co., Ltd. 9,778
1,000 Wacoal Corp. 8,799
300 World Co., Ltd. 37,291
1,000 Yakult Honsha Co., Ltd. 8,711
2,000 Yamaha Corp. 12,998
3,000 Yamanouchi Pharmaceuticals Ltd. 104,825
3,000 +Yamato Transport Co., Ltd. 116,277
2,000 Yamazaki Baking Co., Ltd 21,709
2,000 Yokogawa Electric 14,114
Total Investments in Japan 22,524,850
- --------------------------------------------------------------------------------
Netherlands: 5.2%
11,757 ABN-AMRO Holdings NV 293,717
5,342 Aegon Insurance Group NV 516,063
2,500 Akzo Nobel NV 125,415
1,100 *ASM Lithography Holding NV 122,222
2,000 *+Baan Co. NV 28,266
900 Buhrmann NV 13,554
4,900 Elsevier NV 58,541
908 Getronics NV 72,442
600 Hagemeyer NV 13,895
2,400 Heineken NV 117,062
900 Hollandsche Beton Groep NV 8,613
200 IHC Caland NV 7,303
7,674 ING Groep NV 463,360
1,300 KLM Royal Dutch Airlines 33,394
MSF-54
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Netherlands: (Continued)
5,164 Koninklijke Ahold NV $ 152,885
3,824 Koninklijke KPN NV 373,269
400 Koninklijke Nedlloyd Groep NV 11,202
400 *Koninklijke Vopak NV 9,509
2,732 Philips Electronics NV 371,531
17,202 Royal Dutch Petroleum Co. (bearer shares) 1,054,435
500 Stork NV 7,303
3,868 TNT Post Groep NV 110,853
4,725 Unilever NV 261,024
600 Vedior 6,165
2,308 Wolters Kluwer NV 78,119
------------
Total Investments in Netherlands 4,310,142
- --------------------------------------------------------------------------------
New Zealand: 0.2%
110,800 *Brierley Investment Ltd. (registered shares) 23,157
9,000 Carter Holt Harvey Ltd. 11,756
18,000 *Fletcher Challenge Ltd. 7,242
8,500 Fletcher Challenge Ltd. (bldg. shares) 12,524
11,600 Fletcher Challenge Ltd. (paper shares) 8,122
4,800 Lion Nathan Ltd. 11,161
14,100 +Telecom Corp. of New Zealand 66,305
------------
Total Investments in New Zealand 140,267
- --------------------------------------------------------------------------------
Norway: 0.4%
900 Bergesen D.Y. ASA Cl. A 16,410
2,600 Christiania Bank og Kreditkasse 12,826
4,300 DNB Holding ASA 17,667
700 Elkem ASA 16,172
800 Hafslund ASA 4,836
700 *Kvaerner Industries Cl. A 14,774
1,300 Merkantildata ASA 15,748
2,200 Norsk Hydro ASA 92,313
300 Norske Skogsindustrier ASA Cl. A 15,660
3,500 Orkla ASA Cl. A 60,318
600 *Petroleum Geo-Services 10,715
300 Schibsted ASA 5,582
700 Smedvig ASA 8,742
1,200 *Storebrand ASA Cl. A 9,141
400 Tomra Systems ASA 6,794
------------
Total Investments in Norway 307,698
- --------------------------------------------------------------------------------
Portugal: 0.5%
8,064 Banco Comercial Portugues (registered shares) 44,759
700 Banco Espirito Santo & Comercial SA (registered shares) 19,674
3,000 BPI-SGPS SA 12,783
1,500 Brisa-Auto Estradas de Portugal SA (Pvt.) 11,514
1,200 Cimpor-Cimento de Portugal SA 19,946
600 Companhia De Seguros Tranquilid SA (registered shares) 18,374
4,839 Electricidade de Portugal SA 84,476
500 Jeronimo Martins SGPS SA 12,793
1,700 Portucel Industrial Celulose SA 11,696
8,427 Portugal Telecom SA (registered shares) 92,444
900 Sonae Investimentos SA 47,507
600 Unicer - Uniao Cervejaria SA (registered shares) 11,895
------------
Total Investments in Portugal 387,861
- --------------------------------------------------------------------------------
Singapore: 1.0%
7,000 City Development Ltd. 40,979
1,000 Creative Technology Ltd. 18,133
3,000 Cycle & Carriage Ltd. 9,277
10,978 DBS Group Holdings Ltd. 179,946
8,000 DBS Land Ltd. 15,755
2,000 Fraser and Neave Ltd. 7,385
5,000 Keppel Corp. 13,089
6,000 Natsteel Ltd. 11,960
3,000 Overseas Union Enterprise Ltd. 10,087
10,400 Overseas-Chinese Banking Corp., Ltd. 95,539
4,000 Parkway Holdings 9,078
8,000 Sembcorp Logistics Ltd. 10,904
10,000 Singapore Airlines Ltd. 113,479
3,000 Singapore Press Holdings Ltd. 65,026
24,000 +Singapore Technologies Engineering 37,178
53,000 +Singapore Telecommunications Ltd. 109,469
13,000 United Industrial Corp., Ltd. 7,337
9,392 United Overseas Bank 82,895
11,000 United Overseas Land Ltd. 10,303
2,000 Venture Manufacturing Ltd. 22,936
------------
Total Investments in Singapore 870,755
- --------------------------------------------------------------------------------
Spain: 2.7%
400 Acerinox SA (registered shares) 15,993
600 ACS Actividades SA 14,234
2,815 +Altadis SA Cl. A (registered shares) 40,267
3,954 Argentaria Corp. Bancaria de Espana (registered shares) 92,925
900 *Asturiana De Zinc 11,605
1,365 +Autopistas Concesionares Espanola SA 13,269
700 Azucarera Ebro SA 10,210
29,840 Banco Central Hispanoamericano SA (registered shares) 337,867
16,300 +Banco de Bilbao Vizcaya SA 232,176
600 Corporacion Financiera Alba SA 20,526
400 Corporacion Mapfre, CIA Internacional de Reaseguros SA 6,624
400 Cortefiel SA 10,476
8,538 Endesa SA 169,521
6,100 Ercros SA 2,888
800 Fomento De Construcciones Y Contratas 16,279
4,000 Gas Natural SDG SA 92,152
900 Grupo Dragados SA 7,951
7,900 +Iberdrola SA 109,503
4,000 *Inmobiliaria Urbis SA 18,132
315 Metrovacesa SA 5,458
MSF-55
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Spain: (Continued)
1,900 Prosegur, Compania De Seguridad SA (registered
shares) $ 17,015
5,233 *+Puleva SA 7,854
9,300 Repsol SA (registered shares) 215,659
600 Sociedad General de Aguas Barcelona SA 8,788
1,200 +Sol Melia SA 13,611
3,300 *Tele Pizza SA 13,962
26,312 *Telefonica SA 657,334
2,000 Union Electric Fenosa SA 34,935
900 +Uralita SA 6,419
800 Vallehermoso SA 5,641
700 +Viscofan SA 5,571
800 Zardoya Otis SA 7,873
------------
Total Investments in Spain 2,222,718
- --------------------------------------------------------------------------------
Sweden: 2.7%
1,500 AssiDoman AB 24,415
1,100 Atlas Copco AB Cl. A 32,513
400 Atlas Copco AB Cl. B 11,376
1,600 Diligentia AB 13,162
2,800 Electrolux AB Cl. B 70,420
15,700 Ericsson (L.M.) Telephone Cl. B 1,009,272
1,500 Esselte AB Cl. A 11,282
4,900 Foreningssparbanken AB Cl. A 71,983
2,400 Gambro AB Cl. A 21,577
500 Granges AB 10,430
6,500 Hennes & Mauritz AB 217,711
800 *Netcom AB Cl. B 56,223
500 S.K.F AB Cl. A 11,517
500 S.K.F. AB Cl. B 12,164
1,500 Sandvik AB Cl. A 46,980
400 +Sandvik AB Cl. B 12,739
3,000 Securitas AB Cl. B 54,295
6,300 Skand Enskilda BKN Cl. A 63,674
4,400 Skandia Foersaekrings AB 132,895
900 Skanska AB Cl. B 33,529
800 SSAB Svenskt Stal AB Cl. A 12,410
1,900 Svenska Cellulosa AB Cl. B 56,270
5,200 Svenska Handelsbanken AB Cl. A 65,390
1,000 Svenska Handelsbanken AB Cl. B 11,811
2,400 Swedish Match AB 8,377
1,100 Trelleborg AB Cl. B 9,890
1,100 Volvo AB Cl. A 27,794
2,400 Volvo AB Cl. B 62,052
600 +Wm-data AB Cl. B 37,090
------------
Total Investments in Sweden 2,209,241
- --------------------------------------------------------------------------------
Switzerland: 5.7%
2,400 *ABB AG 293,538
140 Adecco SA (registered shares) 109,025
44 Alusuisse Lonza Group Ltd. (registered
shares) 32,441
2,200 Credit Suisse Group (registered shares) 437,292
20 Forbo Holding AG (registered shares) 9,420
40 Georg Fischer AG (registered shares) 13,816
70 Holderbank Financiere Glarus AG (registered
shares) 24,838
41 Holderbank Financiere Glarus AG (bearer
shares) 56,133
10 Jelmoli Holdings Ltd. AG (bearer shares) 11,932
50 *Lonza Group AG 30,396
20 Moevenpick Holding (bearer shares) 9,923
316 Nestle SA (registered shares) 578,893
579 Novartis AG (registered shares) 850,155
56 Roche Holdings AG 664,699
13 Roche Holdings AG (bearer shares) 212,272
100 Sairgroup (registered shares) 20,128
7 Schindler Holdings AG 11,210
8 Schindler Holdings AG (registered shares) 12,812
40 *SGS Societe Generale de Surveillance Holdings
SA (registered shares) 12,334
10 *SGS Societe Generale de Surveillance Holdings
SA (bearer shares) 12,749
40 Sika Finanz AG (bearer shares) 13,063
20 *Sulzer AG (registered shares) 13,000
100 Swatch Group (registered shares) 23,300
30 Swatch Group (bearer shares) 34,554
113 Swiss Reinsurance AG (registered shares) 232,132
600 Swisscom AG (registered shares) 242,668
1,740 UBS AG (registered shares) 469,886
40 Valora Holdings AG (registered shares) 10,701
400 Zurich Allied AG (registered shares) 228,098
------------
Total Investments in Switzerland 4,671,408
- --------------------------------------------------------------------------------
United Kingdom: 19.1%
4,600 3i Group 82,106
11,200 Abbey National PLC 179,557
3,600 Airtours PLC 21,923
13,300 Allied Zurich PLC 156,829
4,400 AMEC PLC 17,413
5,100 Amvescap PLC 59,314
1,900 Anglian Water, Inc. 17,003
5,600 Arjo Wiggins Appleton PLC 18,905
1,500 *ARM Holdings PLC 101,400
11,200 AstraZeneca Group PLC 465,310
3,632 AstraZeneca Group PLC 153,663
9,400 BAA PLC 65,594
12,100 Barclays PLC 347,708
2,800 Barratt Developments PLC 13,026
6,900 Bass PLC 86,824
2,700 BBA Group PLC 22,374
1,800 Berkeley Group PLC 20,702
28,500 BG Group PLC 184,029
5,300 BICC PLC 7,791
5,100 Blue Circle Industries PLC 29,822
4,400 BOC Group PLC 94,883
6,500 Boots Co. PLC 63,627
156,500 BP Amoco PLC 1,579,763
MSF-56
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
United Kingdom: (Continued)
22,400 British Aerospace PLC $ 147,264
9,100 British Airways PLC 59,385
17,100 British American Tobacco PLC 96,676
3,500 British Land Co. 23,293
14,500 British Sky Broadcasting Group PLC 234,218
51,800 British Telecommunications PLC 1,255,088
2,900 Bunzl PLC 15,927
1,133 Burmah Castrol PLC 20,022
16,700 Cadbury Schweppes PLC 100,619
5,200 *Canary Wharf Group PLC 32,338
1,600 Capita Group PLC 29,075
3,700 Caradon PLC 9,264
5,900 Carlton Communications PLC 57,468
3,100 *Celltech Chiroscience PLC 26,489
34,980 Centrica PLC 101,564
11,100 CGU PLC 179,119
11,700 Coats Viyella PLC 7,749
5,400 Compass Group PLC 74,142
27,000 Corus Group PLC 70,217
1,800 De LA Rue PLC 10,089
27,100 Diageo PLC 216,247
3,300 Dixons Group PLC 79,424
300 *Eidos PLC 26,337
3,500 Electrocomponents PLC 38,727
7,600 EMI Group PLC 74,885
4,700 FKI PLC 18,410
6,300 GKN PLC 103,189
28,700 Glaxo Wellcome PLC 813,139
15,700 Granada Group PLC 158,501
2,900 Great Portland Estates PLC 8,994
6,800 Great University Stores PLC 39,543
19,165 Halifax PLC 209,271
1,800 Hammerson PLC 12,357
5,000 Hanson PLC 41,917
6,600 Hays PLC 105,330
3,500 Hepworth PLC 10,685
14,900 Hilton Group PLC 48,377
68,100 HSBC Holdings PLC 943,817
3,100 IMI PLC 13,270
5,800 Imperial Chemical Industries PLC 61,272
15,900 J. Sainsbury PLC 89,827
1,900 Jarvis PLC 6,997
1,600 Johnson Matthey Public Ltd. Co. 15,739
11,400 Kingfisher PLC 126,507
4,000 Land Securities PLC 44,825
8,300 Lasmo PLC 16,088
45,400 Legal and General Goup PLC 123,936
1,500 Lex Service PLC 9,013
43,300 Lloyds TSB Group PLC 537,858
3,100 Logica PLC 80,119
400 London Bridge Software Holdings PLC 28,203
21,200 Marconi PLC 373,948
23,800 Marks & Spencer PLC 113,795
4,500 MEPC PLC 33,800
1,700 Meyer International PLC 10,545
4,400 Misys PLC 68,301
12,200 National Grid Group PLC 92,818
10,700 National Power PLC 61,703
1,280 New Tarmac PLC 11,372
4,800 Nycomed Amersham PLC 30,238
1,200 Ocean Group PLC 22,388
5,600 P & O PLC 92,899
4,500 Pearson PLC 146,467
7,000 Pilkington PLC 9,532
1,700 Provident Financial PLC 18,893
15,300 Prudential Corp. PLC 298,546
700 Psion PLC 29,398
1,700 Racal Electronics 15,309
3,700 Railtrack Group PLC 62,157
5,200 Rank Group PLC 16,799
9,500 Reed International PLC 71,356
22,900 Rentokil Group PLC 83,228
12,100 Reuters Group PLC 168,088
2,200 Rexam PLC 8,955
8,100 Rio Tinto-Zinc PLC (registered shares) 194,427
1,600 RMC Group PLC 21,968
7,100 Royal Bank Scotland Group PLC 125,696
6,000 Rugby Group PLC 13,181
10,000 Sage Group Ltd. 122,440
2,100 Schroders PLC 42,266
14,000 Scottish Power PLC 106,287
3,500 Sema Group PLC 62,754
30,514 Siebe PLC 161,329
2,200 Slough Estates PLC 12,527
8,600 Smith & Nephew 28,894
45,300 SmithKline Beecham PLC 574,409
2,500 Smiths Industries PLC 37,354
2,400 SSL International PLC 30,403
13,300 Stagecoach Holdings PLC 34,159
3,000 Tate & Lyle PLC 19,214
4,100 Taylor Woodrow PLC 8,941
55,400 Tesco PLC 168,237
2,700 Thames Water PLC 33,386
3,100 TI Group PLC 22,483
1,800 Unigate PLC 8,781
22,671 Unilever NC 166,623
2,600 United Biscuits Holdings PLC 11,129
4,500 United Utilities PLC 46,375
243,400 Vodafone Airtouch PLC 1,213,265
4,300 Williams PLC 19,587
4,000 Wimpey (George) PLC 7,172
4,200 Wolseley PLC 32,225
MSF-57
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
United Kingdom: (Continued)
5,900 WPP Group PLC $ 92,444
------------
Total Investments in United Kingdom 15,700,867
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $66,517,914)................................... 81,773,424
------------
- --------------------------------------------------------------------------------
PREFERRED STOCK: 0.5%
- --------------------------------------------------------------------------------
Australia: 0.2%
17,800 News Corp., Ltd. 152,499
------------
Total Investments in Australia 152,499
- --------------------------------------------------------------------------------
France: 0.0%
100 Casino Guichard Perrachon 7,711
------------
Total Investments in France 7,711
- --------------------------------------------------------------------------------
Germany: 0.3%
300 Dyckerhoff AG (non-vtg.) 9,187
400 Manitoba Telecom Services 8,865
500 RWE AG (non-vtg.) 15,412
350 SAP AG (non-vtg.) 210,838
700 Volkswagen AG 22,424
------------
Total Investments in Germany 266,726
- --------------------------------------------------------------------------------
Italy: 0.0%
2,100 Rinascente LA SPA 9,096
------------
Total Investments in Italy 9,096
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost: $367,688) ..................................... 436,032
------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 1.3%
- --------------------------------------------------------------------------------
Finance: 1.3%
$1,050,000 Federal National Mortgage
Assoc. 5.360% 02/17/00 $ 1,042,652
------------
1,042,652
- --------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $1,042,652) ................................... 1,042,652
------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 101.1%
(Cost: $67,928,255) ................................. 83,252,108
OTHER ASSETS LESS LIABILITIES (1.1)% ................ (897,193)
------------
TOTAL NET ASSETS: 100.0% ............................ $82,354,915
============
- --------------------------------------------------------------------------------
LEGEND:
+ Securities on loan.
* Non-income producing security.
SECURITIES LENDING: (Note 7)
As of December 31, 1999, the market value of securities loaned was $708,806
with collateral backing valued at $748,255.
See Notes to Financial Statements.
MSF-58
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
MORGAN STANLEY EAFE INDEX PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
As A Percentage of Total Value of Investments
Aerospace & Defense: .................................... 0.2%
Automotive: ............................................. 4.0%
Banking: ................................................ 10.6%
Biotechnology: .......................................... 0.2%
Broadcasting: ........................................... 1.3%
Building & Construction: ................................ 0.6%
Business Services: ...................................... 1.5%
Chemicals: .............................................. 2.4%
Computer Equipment & Service: ........................... 2.3%
Construction Materials: ................................. 1.1%
Consumer Products: ...................................... 0.5%
Consumer Services: ...................................... 0.1%
Containers & Glass: ..................................... 0.2%
Cosmetics: .............................................. 0.1%
Drugs & Health Care: .................................... 5.9%
Electrical Equipment: ................................... 2.9%
Electronics: ............................................ 7.8%
Entertainment & Leisure: ................................ 0.5%
Financial Services: ..................................... 4.3%
Food & Beverages: ....................................... 2.6%
Forest Products & Paper: ................................ 0.5%
Homebuilders: ........................................... 0.2%
Hotel & Motel: .......................................... 0.3%
Household Appliances & Home Furnishings: ................ 0.7%
Industrial Components & Material: ....................... 0.5%
Industrial Devel/Pollution Bonds: ....................... 0.1%
Insurance: .............................................. 4.9%
Liquor: ................................................. 0.8%
Machinery: .............................................. 1.1%
Medical Equipment & Supply: ............................. 0.2%
Metals-Non-Ferrous: ..................................... 0.3%
Metals-Steel & Iron: .................................... 0.9%
Mining: ................................................. 0.1%
Miscellaneous: .......................................... 0.1%
Multi-Industry: ......................................... 5.2%
Office & Business Equipment: ............................ 0.5%
Oil & Gas Exploration: .................................. 0.1%
Oil: .................................................... 2.2%
Oil-Equipment & Services: ............................... 1.2%
Oil-International: ...................................... 1.8%
Personal Care: .......................................... 0.6%
Photography: ............................................ 0.2%
Plastics: ............................................... 0.1%
Printing & Publishing: .................................. 0.7%
Real Estate: ............................................ 1.4%
Restaurant: ............................................. 0.1%
Retail Grocery: ......................................... 0.8%
Retail Trade: ........................................... 2.8%
Software: ............................................... 0.9%
Telecommunications Equipment & Services: ................ 7.0%
Textiles & Apparel: ..................................... 0.3%
Tires & Rubber: ......................................... 0.3%
Tobacco: ................................................ 0.4%
Toys & Amusements: ...................................... 0.2%
Transportation: ......................................... 0.3%
Transportation-Airlines: ................................ 0.5%
Transportation-Railroad: ................................ 0.7%
Transportation-Shipping: ................................ 0.5%
Utilities-Electric: ..................................... 2.4%
Utilities-Gas & Pipelines: .............................. 0.6%
Utilities-Miscellaneous: ................................ 0.1%
Utilities-Telephone: .................................... 8.3%
--------
100.0%
========
- -------------------------------------------------------------------
Excludes short-term securities.
See Notes to Financial Statements.
MSF-59
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: 100.2%
- --------------------------------------------------------------------------------
Aerospace & Defense: 0.6%
3,900 +AAR Corp. $ 69,956
2,700 Ametek Aerospace Products, Inc. 51,469
1,000 *+Aviation Sales Co. 16,500
900 Curtiss-Wright Corp. 33,188
3,900 Gencorp, Inc. 38,513
2,600 Kaman Corp. Cl. A 33,475
3,000 *+Orbital Sciences Corp. 55,687
5,400 PerkinElmer, Inc. 225,112
2,900 Precision Castparts Corp. 76,125
1,900 Primex Technologies, Inc. 39,544
1,600 *Triumph Group, Inc. 38,700
-------------
678,269
- --------------------------------------------------------------------------------
Agriculture & Related: 0.1%
4,000 +Delta & Pine Land Co. 69,500
- --------------------------------------------------------------------------------
Automotive: 1.0%
6,000 *American Axle & Manufacturing Holdings, Inc. 72,750
2,700 Applied Industrial Technologies, Inc. 44,888
2,300 Arvin Industries, Inc. 65,263
3,000 *+Budget Group, Inc. Cl. A 27,188
1,800 CLARCOR, Inc. 32,400
1,500 Detroit Diesel Corp. 28,781
1,200 *Discount Auto Parts, Inc. 21,675
1,200 *Dura Automotive Systems, Inc. 20,850
5,400 Federal Signal Corp. 86,737
2,000 *Group 1 Automotive, Inc. 27,875
1,200 *Hayes Lemmerz International, Inc. 20,925
5,700 +Mark IV Industries, Inc. 100,819
3,100 MascoTech, Inc. 39,331
3,100 Midas, Inc. 67,812
2,500 Modine Manufacturing Co. 62,578
3,200 *O'Reilly Automotive, Inc. 69,700
1,200 Oshkosh Truck Corp. 35,175
1,800 +Standard Motor Products, Inc. Cl. A 29,025
2,100 Superior Industries International, Inc. 56,306
5,300 Timken Co. 108,319
4,300 *+Tower Automotive, Inc. 66,381
1,700 +Wabash National Corp. 25,500
-------------
1,110,278
- --------------------------------------------------------------------------------
Banking: 6.5%
1,340 1st Source Corp. 33,751
1,900 +Advanta Corp. Cl. A 34,616
1,800 Alabama National Bancorporation 33,863
3,500 +AMCORE Financial, Inc. 83,891
2,100 Anchor Bancorp Wisconsin, Inc. 31,697
1,200 Anchor Financial Corp. 32,850
1,200 Area Bancshares Corp. 29,625
1,000 BancFirst Corp. 34,094
1,900 Banco Santander Central Hispano SA 29,331
6,300 BancorpSouth, Inc. 102,769
6,000 BancWest Corp. 117,000
3,800 +Bank of Granite Corp. 79,325
3,100 Bank United Corp. Cl. A 83,603
6,600 BankAtlantic Bancorp, Inc. 33,619
2,060 Banknorth Group, Inc. 55,491
4,223 +Bay View Capital Corp. 59,914
1,454 *Bok Financial Corp. 29,716
6,060 Brenton Banks, Inc. 61,357
2,700 Brookline Bancorp, Inc. 26,409
2,000 BSB Bancorp, Inc. 38,625
1,785 BT Financial Corp. 38,043
1,900 Capital City Bank Group, Inc. 42,275
9,400 Capitol Federal Financial 91,797
2,700 Carolina First Corp. 49,191
900 +Cathay Bancorp, Inc. 37,069
1,300 Century South Banks, Inc. 28,763
1,000 Chemical Financial Corp. 31,438
3,104 +Chittenden Corp. 91,956
4,533 Citizens Banking Corp. 100,576
4,033 City Holding Co. 56,210
2,945 +Commerce Bancorp, Inc. 119,088
800 +Commonwealth Bancorp, Inc. 13,375
4,300 Community First Bankshares 67,456
2,650 Community Trust Bancorp, Inc. 53,911
2,900 Corus Bankshares, Inc. 69,509
1,650 +CVB Financial Corp. 38,156
1,600 Dime Community Bancorp, Inc. 29,650
5,900 Doral Financial Corp. 72,644
2,100 Downey Financial Corp. 42,394
3,500 East West Bancorp, Inc. 39,047
2,060 F & M National Corp. 56,779
1,955 F N B Corp. 43,315
1,620 F&M Bancorp 33,311
1,300 Farmers Capital Bank Corp. 39,975
2,300 First Bancorp 47,725
1,300 +First Busey Corp. 29,006
400 First Citizens Bancshares, Inc. 28,063
6,400 First Commonwealth Financial Corp. 76,800
2,100 First Federal Capital Corp. 29,663
3,410 First Financial Bancorp 71,184
1,030 First Financial Bankshares, Inc. 31,351
1,400 First Financial Corp. 57,837
2,000 First Industry Corp. 44,750
1,100 First Merchants Corp. 28,703
4,050 +First Midwest Bancorp, Inc. 107,072
1,500 *First Republic Bank 35,250
4,400 First Sentinel Bancorp, Inc. 35,062
2,400 First United Bancshares, Inc. 33,150
2,200 *FirstFed Financial Corp. 30,938
1,200 Flagstar Bancorp, Inc. 20,663
1,200 Frontier Financial Corp. 24,300
1,500 +GBC Bancorp 28,781
3,690 Grand Premier Financial, Inc. 53,620
MSF-60
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Banking: (Continued)
1,500 +Greater Bay Bancorp $ 64,125
1,200 +Hancock Holding Co. 46,050
3,500 Harbor Florida Bancshares, Inc. 45,172
1,470 Harleysville National Corp. 47,683
5,800 Harris Financial, Inc. 43,862
5,885 Hudson United Bancorp 150,435
3,696 *Imperial Bancorp 89,166
8,000 Independence Community Bank Corp. 99,750
1,375 International Bancshares Corp. 60,500
1,600 Interwest Bancorp, Inc. 30,500
3,100 Irwin Financial Corp. 55,122
900 JSB Financial, Inc. 46,687
1,900 MAF Bancorp, Inc. 39,841
2,000 Merchants N.Y. Bancorp, Inc. 34,187
2,072 Mid-America Bancorp 59,052
1,000 Mid-State Bancshares 31,625
1,000 Mississippi Valley Bankshares, Inc. 27,063
1,800 National Bancorp of Alaska, Inc. 50,850
1,386 National City Bancshares, Inc. 35,516
2,835 National Penn Bancshares, Inc. 70,432
1,705 +NBT Bancorp, Inc. 25,788
2,600 *Net.B@nk, Inc. 48,669
3,100 Niagara Bancorp, Inc. 31,969
3,300 Northwest Bancorp, Inc. 23,203
2,900 OceanFirst Financial Corp. 50,478
11,500 *Ocwen Financial Corp. 71,875
1,300 Omega Financial Corp. 37,700
3,600 One Valley Bancorp West Virginia, Inc. 110,250
3,700 Oriental Financial Group, Inc. 81,631
2,500 Pacific Capital Bancorp 77,031
5,561 Premier Bancshares, Inc. 75,769
1,700 Premier National Bancorp, Inc. 31,344
2,375 Provident Bankshares Corp. 41,340
1,900 +Queens County Bancorp, Inc. 51,359
1,500 Reliance Bancorp, Inc. 51,703
3,861 Republic Bancorp, Inc. 47,177
9,300 Republic Security Financial Corp. 66,408
2,900 Richmond County Financial Corp. 52,291
2,100 Riggs National Corp. 27,694
2,400 S & T Bancorp, Inc. 55,800
2,000 +Sandy Spring Bancorp, Inc. 54,000
1,200 Second Bancorp, Inc. 26,813
1,800 +Shoreline Financial Corp. 32,963
2,200 *Silicon Valley Bancshares 109,037
9,453 +Sky Financial Group, Inc. 190,537
2,400 *Southwest Bancorporation of Texas, Inc. 47,775
4,600 Staten Island Bancorp, Inc. 82,800
3,500 Sterling Bancshares, Inc. 39,266
1,500 Sterling Financial Corp. 44,250
3,400 Susquehanna Bancshares, Inc. 53,337
3,400 *TeleBanc Financial Corp. 88,081
1,500 Texas Regional Bancshares, Inc. Cl. A 43,453
2,700 Triangle Bancorp, Inc. 52,312
1,800 Trust Company of New Jersey 41,119
5,200 +TrustCo Bank Corp. 69,062
1,760 UMB Financial Corp. 65,450
4,200 United Bankshares, Inc. 100,275
2,700 +United Community Financial Corp. 26,831
1,908 United National Bancorp 42,393
3,570 +USB Holding Co., Inc. 56,897
5,000 UST Corp. 158,594
4,300 +W Holding Co., Inc. 44,881
5,400 Washington Federal, Inc. 106,312
3,500 Webster Financial Corp. 82,578
1,800 Wesbanco, Inc. 45,731
3,960 West Coast Bancorp (Oregon) 52,965
4,400 Westcorp, Inc. 63,800
2,800 Whitney Holding Corp. 103,687
-------------
7,243,688
- --------------------------------------------------------------------------------
Biotechnology: 1.9%
1,100 *Albany Molecular Research, Inc. 34,169
4,100 *+Dura Pharmaceuticals, Inc. 57,272
4,200 *Enzon, Inc. 181,650
5,094 *+Gilead Sciences, Inc. 275,394
2,700 *+Human Genome Sciences, Inc. 411,919
2,600 *+Imclone Systems, Inc. 102,862
1,300 *Invitrogen Corp. 77,837
3,700 *+Organogenesis, Inc. 32,144
3,000 *PE Corp. - Celera Genomics 447,000
2,400 *Protein Design Labs, Inc. 168,150
5,400 *Regeneron Pharmaceuticals, Inc. 69,525
1,000 *Syncor International Corp. 28,750
2,500 *+Techne Corp. 137,578
3,400 *+Thermo BioAnalysis Corp. 62,475
1,500 *+Transkaryotic Therapies, Inc. 57,797
-------------
2,144,522
- --------------------------------------------------------------------------------
Broadcasting: 1.4%
2,000 *Citadel Communications Corp. 129,750
1,600 *Cumulus Media, Inc. 81,100
1,900 *Emmis Communications Corp. Cl. A 236,847
2,100 *+Entercom Communications Corp. 138,600
4,600 *Paxson Communications Corp. 54,913
1,100 *Pegasus Communications Corp. Cl. A 106,562
800 *+Radio One, Inc. Cl. A 73,775
2,125 *Saga Communications Cl. A 43,031
6,400 *+Sinclair Broadcast Group, Inc. 78,200
1,900 *+Sirius Satellite Radio, Inc. 84,431
400 +United Television, Inc. 55,075
4,050 *Westwood One, Inc. 307,800
1,300 *+Worldgate Communications, Inc. 61,791
1,200 *Young Broadcasting, Inc. Cl. A 61,162
-------------
1,513,037
- --------------------------------------------------------------------------------
MSF-61
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Building & Construction: 0.5%
5,600 D. R. Horton, Inc. $ 77,350
4,400 *Fairfield Communities, Inc. 47,300
2,800 +Granite Construction, Inc. 51,625
9,600 *+Group Maintenance America Corp. 102,600
2,000 Hughes Supply, Inc. 43,125
2,800 *Insituform Technologies, Inc. Cl. A 78,575
2,400 *MasTec, Inc. 106,800
3,600 *Morrison Knudsen Corp. 28,125
1,400 *NCI Building Systems, Inc. 25,900
1,900 *URS Corp. 41,206
-------------
602,606
- --------------------------------------------------------------------------------
Business Services: 6.4%
1,600 *+24/7 Media, Inc. 89,800
3,000 ABM Industries, Inc. 61,125
1,600 *Advance Paradigm, Inc. 34,450
1,500 *ADVO, Inc. 35,625
3,700 *AHL Services, Inc. 77,700
4,900 *American Management Systems, Inc. 153,278
3,200 *+AnswerThink Consulting Group, Inc. 110,600
2,100 *AppliedTheory Corp. 58,144
1,700 *+Autobytel.com, Inc. 25,819
2,200 *Autoweb.com, Inc. 23,925
3,200 Banta Corp. 72,200
4,100 Bowne & Co., Inc. 55,350
1,900 *Brio Technology, Inc. 79,562
3,689 *Building One Services Corp. 34,700
1,600 *CACI International, Inc. Cl. A 36,300
1,700 *CAIS Internet, Inc. 60,031
4,400 *CCC Information Services Group, Inc. 75,625
1,200 *CDI Corp. 28,950
7,000 *+Century Business Services, Inc. 58,844
3,700 *Cheap Tickets, Inc. 50,759
3,700 *Choicepoint, Inc. 153,087
2,900 *+Complete Business Solutions, Inc. 72,772
5,600 *+Computer Horizons Corp. 90,475
1,600 Computer Task Group, Inc. 23,700
4,800 *+Concentric Network Corp. 147,600
3,200 *Consolidated Graphics, Inc. 47,800
1,900 *Copart, Inc. 82,294
1,000 *Corporate Executive Board Co. 55,812
1,500 *Cort Business Services Corp. 26,156
900 *CoStar Group, Inc. 32,231
2,600 Crawford & Co. Cl. B 35,425
1,200 Dain Rauscher Corp. 55,800
3,500 *Data Broadcasting 28,820
1,800 *+Data Transmission Network Corp. 30,938
3,700 *DBT Online, Inc. 90,187
1,350 *Diamond Technology Partners, Inc. Cl. A 116,859
1,400 *+Digital River, Inc. 46,681
900 *Earthweb, Inc. 45,253
3,500 *Echelon Corp. 68,359
2,600 *Education Management Corp. 36,319
1,000 *Exchange Applications, Inc. 55,438
1,300 *F.Y.I., Inc. 44,241
1,050 FactSet Research Systems, Inc. 83,606
900 Fair Issac & Co., Inc. 47,700
6,900 *+First Consulting Group, Inc. 106,087
500 *+Flycast Communications Corp. 64,859
1,200 *Forrester Research, Inc. 82,425
4,100 *Fritz Companies, Inc. 43,306
1,700 G&K Services, Inc. Cl. A 54,559
3,067 *+Getty Images, Inc. 150,283
100 Grey Advertising, Inc. 39,850
9,300 *+HA-LO Industries, Inc. 69,750
2,200 *Heidrick & Struggles International, Inc. 91,919
2,800 Hooper Holmes, Inc. 72,100
5,000 *Information Management Resources, Inc. 46,250
4,700 *infoUSA, Inc. 65,653
7,300 *Integrated Electrical Services, Inc. 73,456
6,935 *Interim Services, Inc. 171,641
2,400 *+Iron Mountain, Inc. 94,350
2,400 *Jacobs Engineering Group, Inc. 78,000
800 *+Juno Online Services, Inc. 28,525
1,400 Kelly Services, Inc. 35,263
2,200 *Korn/Ferry International 80,025
4,350 *+Labor Ready, Inc. 52,744
2,100 *+Lason, Inc. 23,034
2,800 *+Marketing Services Group, Inc. 46,988
1,300 *Maximus, Inc. 44,119
2,700 McGrath RentCorp 48,263
800 *+Media Metrix, Inc. 28,700
2,600 *+Memberworks, Inc. 86,206
4,300 *+Metamor Worldwide, Inc. 125,506
700 *Modem Media. Poppe Tyson, Inc. 49,438
3,400 *National Processing, Inc. 30,175
3,800 *Navigant Consulting, Inc. 41,325
700 *+NBC Internet, Inc. 54,075
1,400 *+Network Event Theater, Inc. 41,519
2,500 *NFO Worldwide, Inc. 55,937
6,600 Olsten Corp. 74,662
1,500 *On Assignment, Inc. 44,578
1,800 *Pierce Leahy Corp. 77,850
1,600 *+Pre-Paid Legal Services, Inc. 38,400
2,100 *Preview Travel, Inc. 110,381
1,700 *ProBusiness Services, Inc. 61,094
1,200 *Professional Detailing, Inc. 35,963
3,700 *Profit Recovery Group International, Inc. 98,166
10,800 *+Protection One, Inc. 20,925
2,800 *+Quanta Services, Inc. 79,100
4,700 *Rare Medium Group, Inc. 159,506
4,300 *Renaissance Worldwide, Inc. 31,444
3,170 *+Rent Way, Inc. 59,239
4,900 *+Romac International, Inc. 65,997
MSF-62
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Business Services: (Continued)
3,100 *S1 Corp. 241,800
2,800 *+Source Information Management Co. 46,550
1,800 Sovran Self Storage, Inc. 34,088
1,500 *+SportsLine USA, Inc. 75,094
1,900 *StaffMark, Inc. 14,369
1,300 *Startek, Inc. 47,125
1,500 Stone & Webster, Inc. 25,219
2,600 *Syntel, Inc. 42,006
4,100 *Systemax, Inc. 34,850
4,200 *Teletech Holdings, Inc. 142,275
3,675 *Tetra Tech, Inc. 56,733
2,000 *+theglobe.com, Inc. 16,719
5,300 +True North Communications, Inc. 236,844
1,500 *United Payors & United Providers, Inc. 24,375
1,500 *Volt Information Sciences, Inc. 35,813
1,600 *+Xtra Corp. 68,200
1,600 *+Zomax Optical Media, Inc. 72,350
-------------
7,088,385
- --------------------------------------------------------------------------------
Chemicals: 1.6%
4,800 Arch Chemicals, Inc. 100,500
5,800 Calgon Carbon Corp. 34,438
2,200 +Cambrex Corp. 75,763
4,900 *Catalytica, Inc. 66,762
1,400 Chemfirst, Inc. 30,625
12,074 CK Witco Corp. 161,490
4,300 *Cytec Industries, Inc. 99,437
2,200 Dexter Corp. 87,450
21,636 Ethyl Corp. 85,192
3,900 Ferro Corp. 85,800
1,900 Fuller (H.B.) Co. 106,578
2,100 Geon Co. 68,250
3,400 Georgia Gulf Corp. 103,487
6,300 *Grace (W.R.) & Co. 87,412
4,000 Hanna (M.A.) Co. 43,750
2,800 *+Hexcel Corp. 15,575
3,300 *International Specialty Products, Inc. 30,319
1,300 +MacDermid, Inc. 53,381
2,000 Minerals Technologies, Inc. 80,125
2,900 +NL Industries, Inc. 43,681
2,200 OM Group, Inc. 75,763
11,700 OMNOVA Solutions, Inc. 90,675
2,000 *Scotts Co. Cl. A 80,500
5,200 Wellman, Inc. 96,850
-------------
1,803,803
- --------------------------------------------------------------------------------
Coal: 0.0%
3,000 Consol Energy, Inc. 30,375
- --------------------------------------------------------------------------------
Computer Equipment & Service: 8.0%
1,100 *+About.Com, Inc. 98,519
2,600 *Actel Corp. 62,481
2,400 *Actuate Corp. 102,900
1,400 *+AdForce, Inc. 99,837
2,400 *Advanced Digital Information Corp. 117,375
10,600 *Amkor Technology, Inc. 298,125
1,200 Analogic Corp. 39,375
2,400 Analysts International Corp. 30,000
3,100 *Ancor Communications, Inc. 210,994
1,800 *+APEX, Inc. 58,275
4,200 Auspex Systems, Inc. 43,444
1,800 *Aware, Inc. 66,037
3,400 *Banyan Systems, Inc. 68,000
3,000 *+Barnesandnoble.Com, Inc. 42,375
5,100 *+Beyond.Com Corp. 39,684
5,500 *Cambridge Technology Partners, Inc. 144,547
5,400 *Ciber, Inc. 148,500
2,700 *+Computer Network Technology 61,847
1,500 *Concord Communications, Inc. 66,984
4,700 *Concurrent Computer Corp. 88,272
3,250 *+Dendrite International, Inc. 109,484
3,800 *Emulex Corporation 429,281
1,500 Gerber Scientific, Inc. 32,906
1,800 *+Global Imaging Systems, Inc. 21,994
1,800 *Globix Corp. 107,550
2,300 *Go2Net, Inc. 200,387
4,100 *Harbinger Corp. 130,303
1,800 *Hi/Fn, Inc. 69,694
4,000 *Hypercom Corp. 40,000
2,100 *In Focus Systems, Inc. 49,022
900 *InterVU, Inc. 94,106
1,000 *+iVillage, Inc. 20,219
2,100 *Latitude Communications, Inc. 54,797
4,403 *LTX Corp. 99,343
2,100 *+Mapquest.com, Inc. 47,906
900 *MarketWatch.Com, Inc. 33,019
6,100 *+Maxtor Corp. 44,130
4,400 *MedQuist, Inc. 113,162
6,800 *+Mentor Graphics Corp. 89,037
2,600 *Mercury Computer Systems, Inc. 90,187
1,400 *+Metricom, Inc. 109,987
2,500 *Metro Information Service, Inc. 59,844
1,400 *+MIPS Technologies, Inc. Cl. A 72,931
4,000 *+MMC Networks, Inc. 137,625
1,700 *Mpath Interactive, Inc. 45,369
3,000 *+MTI Technology Corp. 110,719
1,500 *Multex.com, Inc. 56,438
3,900 National Computer Systems, Inc. 146,494
1,200 National Presto Industries, Inc. 42,600
3,600 *NetObjects, Inc. 59,288
1,400 *Netopia, Inc. 76,431
1,500 *Network Peripherals, Inc. 71,344
1,800 *OneMain.com, Inc. 26,888
4,125 *Peoplesoft, Inc. 87,785
2,500 *PROVANT, Inc. 62,656
MSF-63
<PAGE>
METROPOLITAN SERIES FUND, INC.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
1,500 *Proxicom, Inc. $ 186,328
0 *!PSINet, Inc. 58
2,100 *Radiant Systems, Inc. 84,459
1,350 *Radisys Corp. 68,555
13,900 *+Read-Rite Corp. 65,591
4,100 *RSA Security, Inc. 317,622
7,000 *S3, Inc. 80,719
2,500 *+Sagent Technology, Inc. 74,766
2,300 *SanDisk Corp. 220,512
4,300 *+Santa Cruz Operation, Inc. 130,478
1,300 *+SCM Microsystems, Inc. 82,997
4,041 *Silicon Valley Group, Inc. 71,854
1,900 *SoftNet Systems, Inc. 47,322
1,700 *+Spyglass, Inc. 64,334
7,900 *SVI Holdings, Inc. 94,800
2,400 *Sykes Enterprises, Inc. 105,300
3,700 *+Systems & Computer Technology 59,663
4,600 *Technology Solutions Co. 149,931
1,800 *+Telescan, Inc. 44,381
1,600 *+TheStreet.com, Inc. 30,650
4,500 *Titan Corp. 212,062
1,900 Trigen Energy Corp. 33,013
1,700 *TriQuint Semiconductor, Inc. 188,966
2,550 *+USinternetworking, Inc. 178,022
4,100 *+VerticalNet, Inc. 670,478
2,200 *Visual Networks, Inc. 174,075
2,800 *+Wave Systems Corp. 33,513
7,200 *+Western Digital Corp. 30,150
1,600 *Xceed, Inc. 66,400
2,500 *Xircom, Inc. 187,500
2,600 *Zebra Technologies Corp. Cl. A 150,881
1,800 *+ZixIt Corp. 71,044
-------------
8,906,921
- --------------------------------------------------------------------------------
Construction & Mining Equipment: 0.2%
3,100 *Astec Industries, Inc. 58,416
5,100 +JLG Industries, Inc. 81,281
3,600 *National Equipment Services, Inc. 22,500
5,400 *NationsRent, Inc. 30,375
2,600 *Terex Corp. 72,150
-------------
264,722
- --------------------------------------------------------------------------------
Construction Materials: 0.6%
2,600 Amcol International Corp. 41,925
1,100 Centex Construction Products, Inc. 42,900
4,300 *Dal Tile International, Inc. 43,537
2,150 Elcor Chemical Corp. 64,769
2,500 +Florida Rock Industries, Inc. 86,094
4,400 Flowserve Corp. 74,800
700 NCH Corp. 31,194
1,900 *Nortek, Inc. 53,200
2,000 *+Palm Harbor Homes, Inc. 36,625
900 *Simpson Manufacturing, Inc. 39,375
2,500 +Texas Industries, Inc. 106,406
1,800 Valmont Industries, Inc. 29,138
4,200 Walter Industries, Inc. 45,412
-------------
695,375
- --------------------------------------------------------------------------------
Consumer Products: 0.3%
2,400 Carter Wallace, Inc. 43,050
1,400 +Chemed Corp. 40,075
2,100 Oneida, Ltd. 45,675
5,600 *+Playtex Products, Inc. 86,100
2,600 *Rayovac Corp. 49,075
1,500 Russ Berrie and Co., Inc. 39,375
2,900 Sturm, Ruger & Co., Inc. 25,738
329,088
- --------------------------------------------------------------------------------
Consumer Services: 0.0%
2,200 Regis Corp. 41,388
- --------------------------------------------------------------------------------
Containers & Glass: 0.3%
3,400 AptarGroup, Inc. 85,425
18,600 *+Earthshell Corp. 76,144
7,800 *Gaylord Container Corp. Cl. A 53,137
1,600 *Greif Brothers Corp. Cl. A 47,550
2,000 Myers Industries, Inc. 31,500
1,400 *Silgan Holdings, Inc. 20,213
-------------
313,969
- --------------------------------------------------------------------------------
Drugs & Health Care: 4.5%
900 *+Abgenix, Inc. 117,450
2,600 *+Alkermes, Inc. 127,562
1,900 +Alpharma, Inc. Cl. A 58,425
5,000 *+Amerisource Health Corp. Cl. A 75,937
1,500 *+Aviron 23,719
900 *+Barr Laboratories, Inc. 28,238
3,600 Bindley Western Industries, Inc. 54,225
5,900 *+Bio-Technology General Corp. 90,159
2,000 *+Biomatrix, Inc. 38,500
1,354 +Block Drug Co., Inc. Cl. A 41,819
1,700 *+Celgene Corp. 119,425
2,900 *+Cell Pathways, Inc. 27,188
3,500 *+Cephalon, Inc. 121,406
1,300 *Chirex, Inc. 18,891
1,500 Cooper Cos., Inc. 45,188
2,300 *Cor Therapeutics, Inc. 61,956
1,500 *+Coulter Pharmaceutical, Inc. 34,125
5,000 *Covance, Inc. 54,062
4,400 *Coventry Helath Care, Inc. 29,838
2,100 *+Cyberonics, Inc. 33,469
1,200 *+Entremed, Inc. 30,975
3,300 *+Enzo Biochem, Inc. 148,706
2,800 *Guilford Pharmaceuticals, Inc. 46,900
5,098 *+IDEC Pharmaceuticals Corp. 500,401
3,900 *IDEXX Laboratories, Inc. 63,131
2,953 *Incyte Pharmaceuticals, Inc. 174,688
MSF-64
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Drugs & Health Care: (Continued)
2,500 Invacare Corp. $ 50,156
4,500 *+Isis Pharmaceuticals, Inc. 28,055
4,550 Jones Pharma, Inc. 197,641
2,950 *+King Pharmaceuticals, Inc. 165,200
10,400 *+Laboratory Corp. of America Holdings 38,350
5,000 *Ligand Pharmaceuticals, Inc. Cl. B 64,062
3,400 *Liposome Co., Inc. 41,331
1,700 *Medco Research, Inc. 51,106
3,400 *+Medicis Pharmaceutical Corp. Cl. A 144,712
1,800 Mentor Corp. 46,687
4,500 *Millennium Pharmaceutical 548,578
6,100 *NBTY, Inc. 67,481
2,200 *Neurogen Corp. 36,506
4,200 *PAREXEL International Corp. 49,744
3,000 *Pathogenesis Corp. 64,031
2,400 *Patterson Dental Co. 102,150
6,600 *+Perrigo Co. 53,006
4,800 *Pharmaceutical Product Development, Inc. 57,450
1,300 *Pharmacyclics, Inc. 53,787
1,152 *Priority Healthcare Corp. Cl. B 33,372
2,700 *Province Healthcare Co. 51,891
3,100 *Quest Diagnostics, Inc. 94,744
5,100 *+Renal Care Group, Inc. 119,691
6,600 *Respironics, Inc. 52,903
2,900 *Schein Pharmaceutical, Inc. 35,163
10,600 *SICOR, Inc. 81,819
2,900 *Sola International, Inc. 40,238
5,000 *+Sunrise Assisted Living, Inc. 68,906
1,900 *+SuperGen, Inc. 55,516
5,400 *+Thermedics, Inc. 29,363
5,500 *Triangle Pharmaceuticals, Inc. 70,297
7,000 *Twinlab Corp. 55,781
3,127 *Vertex Pharmaceuticals, Inc. 108,272
2,900 *Vical, Inc. 86,728
1,400 *Wesley Jessen VisionCare, Inc. 52,850
-------------
5,063,950
- --------------------------------------------------------------------------------
Education: 0.1%
3,300 *ITT Educational Services, Inc. 50,944
1,600 *Learning Tree International, Inc. 44,750
3,200 +Strayer Education, Inc. 64,000
-------------
159,694
- --------------------------------------------------------------------------------
Electrical Equipment: 1.9%
800 *+Advanced Energy Industries, Inc. 39,375
2,000 *Anadigics, Inc. 94,562
1,900 *Anixter International, Inc. 39,188
4,400 *Artesyn Technologies, Inc. 92,262
3,600 Baldor Electric Co. 65,250
1,700 +Belden, Inc. 35,700
4,917 *C-Cube Microsystems, Inc. 307,620
3,400 *Cable Design Technologies Corp. 78,200
2,700 *Coherent, Inc. 71,719
3,000 Cohu, Inc. 92,437
2,800 +Exide Corp. 23,275
600 Franklin Electric Co., Inc. 42,581
3,100 General Cable Corp. 23,444
2,100 *Genlyte Group, Inc. 45,019
2,500 Helix Technology Corp. 112,109
3,600 *Kent Electronics Corp. 81,900
2,100 *+Littelfuse, Inc. 50,991
3,700 *MagneTek, Inc. 28,444
4,100 *+Mettler-Toledo International, Inc. 156,569
2,100 *+Optical Cable Corp. 42,263
2,200 Park Electrochemical Corp. 58,437
2,400 *+Power Integrations, Inc. 113,925
1,500 *Power-One, Inc. 69,656
7,100 *SLI, Inc. 96,294
1,600 Technitrol, Inc. 71,200
1,400 *+Veeco Instruments, Inc. 65,494
6,400 Watsco, Inc. 74,000
7,600 *Wesco International, Inc. 67,450
-------------
2,139,364
- --------------------------------------------------------------------------------
Electronics: 7.7%
3,600 *3DFX Interactive , Inc. 35,663
1,800 *Aavid Thermal Technologies, Inc. 44,325
2,000 *ADTRAN, Inc. 103,062
8,700 *Advanced Fibre Communications, Inc. 389,869
2,000 *Affymetrix, Inc. 339,312
6,300 *Allen Telecom, Inc. 72,844
3,300 *Alliance Semiconductor Corp. 54,966
1,000 *Alliant Techsystems, Inc. 62,312
1,900 *Alpha Industries, Inc. 108,775
4,900 *+American Xtal Technology, Inc. 85,291
1,800 *Amphenol Corp. Cl. A 119,812
9,300 *Andrew Corp. 175,828
4,100 *Aspen Technology, Inc. 108,778
1,300 *+Asyst Technologies, Inc. 85,191
2,100 *ATMI, Inc. 69,234
4,400 *+Avid Technology, Inc. 57,338
1,500 *Bell & Howell Co. 47,719
1,600 *+Benchmark Electronics, Inc. 36,700
5,600 *+Brightpoint, Inc. 73,850
4,500 *Burr-Brown Corp. 162,281
4,300 *+Cellstar Corp. 42,328
3,500 *+Checkpoint Systems, Inc. 35,656
7,100 *Cirrus Logic, Inc. 94,297
5,600 *Commscope, Inc. 225,750
2,300 *Credence Systems Corp. 198,447
3,400 CTS Corp. 256,275
3,300 *Cymer, Inc. 152,006
3,543 +Dallas Semiconductor Corp. 228,302
3,500 *DII Group, Inc. 248,391
2,200 *Dionex Corp. 90,544
MSF-65
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Electronics: (Continued)
1,200 *Dupont Photomasks, Inc. $ 57,825
1,400 *+Electro Scientific Industries, Inc. 101,937
2,000 *Electroglas, Inc. 50,688
1,900 *EMCORE Corp. 64,125
2,800 *ESS Technology, Inc. 62,038
2,400 *+Etec Systems, Inc. 108,000
1,200 *Exar Corp. 70,725
4,500 *+General Semiconductor, Inc. 63,844
1,500 *Hadco Corp. 76,500
1,500 *+IGEN International, Inc. 44,531
11,600 *+Input Output, Inc. 58,725
9,600 *Integrated Device Technology 278,100
5,800 *International Rectifier Corp. 150,800
4,800 *+KEMET Corp. 216,300
2,800 *Kopin Corp. 119,000
2,600 *+Kulicke & Soffa Industries, Inc. 110,581
4,788 *+Lam Research Corp. 534,460
5,600 *+Lattice Semiconductor Corp. 265,125
3,100 *MEMC Electronic Materials, Inc. 37,975
4,000 Methode Electronics, Inc. Cl. A 128,250
3,200 *Micrel, Inc. 182,400
4,300 +MTS Systems Corp. 33,191
1,900 *+NVIDIA Corp. 89,122
5,600 *+P-Com, Inc. 49,438
2,500 *+Photronics, Inc. 71,484
3,600 +Pioneer-Standard Electronics, Inc. 52,088
2,000 *Plexus Corp. 88,500
3,700 *PLX Technology, Inc. 70,184
1,150 *QRS Corp. 121,073
3,100 *Sawtek, Inc. 206,441
3,600 *Semtech Corp. 187,425
600 *Siliconix, Inc. 78,187
2,400 *+SIPEX Corp. 58,875
3,100 *+Tekelec, Inc. 69,459
4,800 Tektronix, Inc. 186,600
3,000 *Thermo Optek Corp. 34,125
2,900 *TranSwitch Corp. 210,431
2,700 *Trimble Navigation, Ltd. 58,556
3,400 *Varian Semiconductor Equipment Associates, Inc. 115,494
1,800 *Vicor Corp. 73,294
1,300 Watkins-Johnson Co. 52,000
1,800 Woodward Governor Co. 49,500
-------------
8,542,542
- --------------------------------------------------------------------------------
Entertainment & Leisure: 1.6%
2,100 Ackerley Group, Inc. 38,062
1,200 *+Action Performance Co., Inc. 13,763
2,100 *AMC Entertainment, Inc. 18,113
1,800 *American Classic Voyages Co. 62,775
5,700 *+AMF Bowling, Inc. 17,813
1,000 *Anchor Gaming, Inc. 43,344
3,600 Arctic Cat, Inc. 35,887
3,100 *+Argosy Gaming Corp. 48,244
2,100 *Ascent Entertainment Group, Inc. 26,513
2,600 *+Aztar Corp. 28,275
2,100 *+Bally Total Fitness Holding Corp. 56,044
3,100 *Boca Resorts, Inc. 30,225
3,500 *Boyd Gaming Corp. 20,344
7,800 Callaway Golf Co. 137,962
1,600 *Championship Auto Racing Team 36,800
1,800 +Coachmen Industries, Inc. 27,225
3,000 Dover Downs Entertainment, Inc. 56,250
2,800 Fleetwood Enterprises, Inc. 57,750
1,200 *GC Cos., Inc. 31,050
3,700 *GTECH Holdings Corp. 81,400
3,100 *Hollywood Entertainment Corp. 44,756
2,500 *Hollywood Park, Inc. 56,094
10,300 *Loews Cineplex Entertainment Corp. 60,512
1,400 *Macrovision Corp. 103,250
12,300 *Oakley, Inc. 68,419
2,500 *On Command Corp. 46,719
5,100 *Players International, Inc. 41,995
2,600 Polaris Industries, Inc. 94,250
1,800 *SCP Pool Corp. 46,744
2,400 *Station Casinos, Inc. 53,850
1,650 *+THQ, Inc. 38,362
4,300 *Topps Company, Inc. 44,478
1,800 *Vail Resorts, Inc. 32,287
3,500 Winnebago Industries, Inc. 70,219
4,300 *WMS Industries, Inc. 56,437
-------------
1,726,211
- --------------------------------------------------------------------------------
Financial Services: 1.9%
2,400 *Affiliated Managers Group, Inc. 97,050
2,200 Alliance Bancorp 41,250
6,500 Allied Capital Corp. 118,828
7,000 *AmeriCredit Corp. 129,500
2,400 *CB Richard Ellis Services, Inc. 29,700
4,000 Charter Municipal Mortgage Acceptance Co. 47,000
1,700 *Compucredit Corp. 65,769
1,800 CPB, Inc. 51,862
500 Duff & Phelps Credit Rating Co. 44,469
3,100 Eaton Vance Corp. 117,800
1,600 *+Financial Federal Corp. 36,500
1,900 +First Charter Corp. 28,203
1,200 First Commerce Bancshares, Inc. Cl. B 23,550
2,600 First Financial Holdings, Inc. 41,275
2,400 Freedom Securities Corp. 27,000
1,600 +Investors Financial Services Corp. 73,450
1,700 Jefferies Group, Inc. 37,400
900 John Nuveen & Co., Inc. Cl. A 32,456
2,000 Medallion Financial Corp. 36,000
4,200 +Metris Cos., Inc. 149,887
3,100 +Morgan Keegan, Inc. 52,119
MSF-66
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Financial Services: (Continued)
2,400 *National Discount Brokers Group, Inc. $ 63,300
1,200 *NCO Group, Inc. 35,813
2,000 *+New Century Financial Corp. 31,125
1,100 *+Nextcard, Inc. 31,694
944 +Park National Corp. 90,624
2,400 PFF Bancorp, Inc. 46,800
4,800 +Phoenix Investment Partners, Ltd. 39,000
4,900 *Pioneer Group, Inc. 76,562
4,400 Raymond James Financial, Inc. 82,225
3,100 Seacoast Financial Services Corp. 31,484
4,300 +Siebert Financial Corp. 63,291
2,780 +Southwest Securities Group, Inc. 76,102
900 Student Loan Corp. 44,888
5,500 +United Asset Management Corp. 102,094
2,400 *WFS Financial, Inc. 50,925
-------------
2,146,995
- --------------------------------------------------------------------------------
Food & Beverages: 1.4%
1,400 *Agribrands International, Inc. 64,400
2,100 *+American Italian Pasta Co. Cl. A 64,575
5,200 *+Aurora Foods, Inc. 48,425
1,500 *Bush Boake Allen, Inc. 36,844
4,700 +Chiquita Brands International, Inc. 22,325
700 Coca Cola Bottling Co. Consolidated 33,075
3,900 Corn Products International, Inc. 127,725
5,900 *Del Monte Foods Company 72,644
2,800 Dreyer's Grand Ice Cream, Inc. 47,337
4,000 Earthgrains Co. 64,500
300 Farmer Brothers Co. 48,600
2,000 *Hain Food Group, Inc. 44,687
2,000 *+IHOP Corp. 33,375
2,000 *International Home Foods, Inc. 34,750
1,900 International Multifoods Corp. 25,175
2,700 Lance, Inc. 27,000
1,800 Michael Foods, Inc. 44,438
1,200 *+Mondavi (Robert) Corp. Cl. A 41,663
1,900 *Performance Food Group Co. 46,194
4,800 Pilgrim's Pride Corp. 39,900
3,000 *Ralcorp Holdings, Inc. 59,812
2,500 Riviana Foods, Inc. 44,687
4,800 *Smithfield Foods, Inc. 115,200
2,300 Smucker (J.M.) Co. Cl. A 44,850
4,000 *+Suiza Foods Corp. 158,500
1,600 *+Triarc Companies, Inc. Cl. A 29,400
5,400 Universal Foods Corp. 110,025
7,900 *Vlasic Foods International, Inc. 44,931
-------------
1,575,037
- --------------------------------------------------------------------------------
Forest Products & Paper: 0.8%
3,200 *Buckeye Technologies, Inc. 47,600
2,600 Caraustar Industries, Inc. 62,237
2,000 Chesapeake Corp. 61,000
2,500 Deltic Timber Corp. 54,687
2,200 *Ivex Packaging Corp. 22,000
6,100 Longview Fibre Co. 86,925
1,600 New England Business Service, Inc. 39,100
2,900 P.H. Glatfelter Co. 42,231
3,000 Potlatch Corp. 133,875
3,200 Rayonier, Inc. 154,600
3,600 Rock-Tenn Co. Cl. A 53,100
1,600 *Shorewood Packaging Corp. 30,300
1,200 TJ International, Inc. 50,363
1,900 Universal Forest Products, Inc. 28,144
4,600 Wausau-Mosinee Paper Corp. 53,763
-------------
919,925
- --------------------------------------------------------------------------------
Healthcare Services: 0.8%
1,100 *Accredo Health, Inc. 33,894
5,600 *Apria Healthcare Group 100,450
7,500 *Beverly Enterprises, Inc. 32,813
2,900 *Corixa Corp. 49,119
3,700 *+Eclipsys Corporation 94,928
3,800 *Magellan Health Services, Inc. 23,988
1,500 Morrison Management Specialists, Inc. 32,344
2,300 *Novoste Corp. 38,381
3,800 Omega Healthcare Investors, Inc. 48,212
3,500 *+Orthodontic Centers of America, Inc. 41,781
3,632 *Per-Se Technologies, Inc. 30,532
6,400 *PSS World Medical, Inc. 60,800
5,800 *+Res-Care, Inc. 73,769
1,600 *+SafeScience, Inc. 18,700
2,400 *+Sangstat Medical Corp. 71,325
2,800 *Sierra Health Services, Inc. 18,725
2,600 *Sunquest Information Systems, Inc. 33,312
6,000 *Total Renal Care Holdings, Inc. 40,125
14,596 *U.S. Oncology, Inc. 71,155
-------------
914,353
- --------------------------------------------------------------------------------
Homebuilders: 0.5%
4,900 +Kaufman & Broad Home Corp. 118,519
5,100 Lennar Corp. 82,875
4,600 M.D.C. Holdings, Inc. 72,162
900 *NVR, Inc. 42,975
3,700 Pulte Corp. 83,250
1,200 Ryland Group, Inc. 27,675
4,200 Standard Pacific Corp. 46,200
1,600 *Toll Brothers, Inc. 29,800
900 *U.S. Home Corp. 23,006
-------------
526,462
- --------------------------------------------------------------------------------
Hospital Management: 0.3%
6,300 *+First Health Group Corp. 170,494
4,700 *Lifepoint Hospitals, Inc. 55,519
8,200 *Quorum Health Group, Inc. 76,619
2,800 *+Triad Hospitals, Inc. 41,737
-------------
344,369
- --------------------------------------------------------------------------------
MSF-67
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Hotel & Motel: 0.4%
5,600 *Choice Hotels International, Inc. $ 95,900
2,000 *Crestline Capital Corp. 41,250
4,200 Equity Inns, Inc. 28,350
6,600 *Extended Stay America, Inc. 50,325
2,400 Marcus Corp. 32,250
6,900 *Prime Hospitality Corp. 60,806
2,500 RFS Hotel Investors, Inc. 26,094
3,300 *+Trendwest Resorts, Inc. 73,941
15,500 *Wyndham International, Inc. 45,531
-------------
454,447
- --------------------------------------------------------------------------------
Household Appliances & Home Furnishings: 0.7%
1,900 Bassett Furniture Industries, Inc. 29,984
8,000 Collins & Aikman Corp. 46,000
4,700 Ethan Allen Interiors, Inc. 150,694
5,100 *Furniture Brands International, Inc. 112,200
1,900 Harman International Industries, Inc. 106,637
5,100 Heilig-Meyers Co. 14,025
2,900 Kimball International, Inc. Cl. B 48,212
5,600 +La-Z-Boy, Inc. 94,150
1,100 Libbey, Inc. 31,625
7,000 *+Sunbeam Corp. 29,313
1,000 Toro Co. 37,313
2,100 *+Windmere-Durable Holdings, Inc. 35,700
-------------
735,853
- --------------------------------------------------------------------------------
Household Products: 0.3%
4,400 Church & Dwight Co., Inc. 117,425
1,800 Stepan Co. 42,075
6,800 Tupperware Corp. 115,175
1,500 WD-40 Co. 33,234
-------------
307,909
- --------------------------------------------------------------------------------
Industrial Components & Material: 1.8%
1,600 Barnes Group, Inc. 26,100
3,500 *+Blount International, Inc. 55,781
1,600 *Brooks Automation, Inc. 52,400
1,600 C & D Technologies, Inc. 68,000
5,100 Hussmann International, Inc. 76,819
3,700 Kaydon Corp. 99,206
1,800 Lawson Products, Inc. 41,962
2,100 Lilly Industries, Inc. Cl. A 28,219
2,100 *Lone Star Technologies, Inc. 58,537
1,700 LSI Industries, Inc. 36,444
8,000 LTV Corp. 33,000
1,100 +Mathews International Corp. Cl. A 29,769
2,100 *+Maverick Tube Corp. 51,581
8,700 *Metals USA, Inc. 73,950
4,500 Milacron, Inc. 69,187
1,700 *MKS Instruments, Inc. 61,519
1,100 *Moog, Inc. Cl. A 29,700
4,700 *Mueller Industries, Inc. 170,375
1,700 Nordson Corp. 82,078
1,500 Regal-Beloit Corp. 30,938
3,200 Roper Industries, Inc. 121,000
2,300 Sauer, Inc. 20,844
900 *Sequa Corp. Cl. A 48,544
2,000 Smith (A.O.) Corp. 43,750
1,700 *SPS Technologies, Inc. 54,294
3,600 +Stewart & Stevenson Services, Inc. 42,637
1,800 *Stoneridge, Inc. 27,788
2,000 Thomas Industries, Inc. 40,875
3,300 +Tredegar Industries, Inc. 68,269
3,000 *Valence Technology, Inc. 56,719
5,763 Watts Industries, Inc. Cl. A 85,004
6,640 Westinghouse Air Brake Co. 117,860
3,200 *Wolverine Tube, Inc. 45,200
2,000 Wynn's International, Inc. 28,250
-------------
1,976,599
- --------------------------------------------------------------------------------
Insurance: 3.0%
1,560 ACE Ltd. 26,033
4,800 Alfa Corp. 78,450
600 *Alleghany Corp. 111,300
4,500 American Annuity Group, Inc. 81,000
1,600 AmerUs Life Holdings, Inc. 36,800
3,700 Argonaut Group, Inc. 74,231
1,700 Baldwin & Lyons, Inc. Cl. B 37,931
1,300 +Blanch (E.W.) Holdings, Inc. 79,625
1,200 Brown & Brown, Inc. 45,975
1,300 Chicago Title Corp. 60,125
3,100 CNA Surety Corp. 40,300
3,100 Commerce Group, Inc. 80,987
1,556 *Delphi Financial Group, Inc. 46,680
2,300 +Enhance Financial Services Group, Inc. 37,375
1,800 *Farm Family Holdings, Inc. 76,050
1,700 FBL Financial Group, Inc. Cl. A 34,000
2,170 +Fidelity National Financial, Inc. 31,194
6,700 First American Financial Corp. 83,331
1,800 Foremost Corp. of America 51,075
2,200 Gallagher (Arthur J.) & Co. 142,450
2,900 Harleysville Group, Inc. 40,963
3,300 HCC Insurance Holdings, Inc. 43,519
1,600 Hilb Rogal & Hamilton Co. 45,200
4,100 Horace Mann Educators Corp. 80,462
3,400 HSB Group, Inc. 114,962
900 Kansas City Life Insurance Co. 31,191
1,200 +LandAmerica Financial Group, Inc. 22,050
4,400 Leucadia National Corp. 101,750
1,700 Liberty Corp. 71,719
3,400 Liberty Financial Companies, Inc. 77,987
500 *+Markel Corp. 77,500
2,780 *Medical Assurance, Inc. 58,901
5,400 *Mid Atlantic Medical Services, Inc. 44,887
2,200 Midland Co. 45,650
MSF-68
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Insurance: (Continued)
5,000 +MONY Group, Inc. $ 145,937
900 *National Western Life Insurance Co. Cl. A 62,269
6,200 +Ohio Casualty Corp. 99,781
2,700 *PICO Holdings, Inc. 32,991
2,400 Presidential Life Corp. 44,025
1,100 *Professionals Group, Inc. 25,953
1,600 *+Provident American Corp. 56,550
4,353 Radian Group, Inc. 207,856
7,700 Reliance Group Hldgs, Inc. 51,494
2,500 *Risk Capital Holdings, Inc. 32,500
1,000 RLI Corp. 34,000
1,200 Scpie Holdings, Inc. 38,550
3,100 Selective Insurance Group, Inc. 53,281
1,400 Stancorp Financial Group, Inc. 35,263
2,800 State Auto Financial Corp. 25,375
2,100 Trenwick Group, Inc. 35,569
1,900 *+Triad Guaranty, Inc. 43,166
4,500 *UICI, Inc. 47,531
3,100 United Fire & Casualty Co. 69,750
3,600 W.R. Berkley (W.R.) Corp. 75,600
1,500 Zenith National Insurance Corp. 30,938
-------------
3,360,032
- --------------------------------------------------------------------------------
Investment Companies: 0.0%
9,100 Capstead Mortgage Corp. 38,106
- --------------------------------------------------------------------------------
Lease Rental Obligations: 0.4%
2,500 Aaron Rents, Inc. Cl. B 44,375
1,100 *AMERCO 27,569
1,800 *Avis Rent A Car, Inc. 46,012
2,700 *Dollar Thrifty Automotive Group 64,631
3,300 *Electro Rental Corp. 38,363
1,500 *First Sierra Financial, Inc. 25,594
8,200 Interpool, Inc. 60,987
3,300 *+Rent-A-Center, Inc. 66,103
5,300 Rollins Truck Leasing Corp. 63,269
-------------
436,903
- --------------------------------------------------------------------------------
Liquor: 0.2%
3,000 *+Beringer Wine Estates Holdings, Inc. Cl. B 119,156
1,700 *Canandaigua Brands, Inc. Cl. A 86,700
-------------
205,856
- --------------------------------------------------------------------------------
Machinery: 1.7%
7,000 +AGCO Corp. 94,062
4,700 Applied Power, Inc. Cl. A 172,725
1,400 *Bio-Rad Laboratories, Inc. Cl. A 32,725
2,100 Brady Corp. Cl. A 71,269
1,300 Carbo Ceramics, Inc. 28,397
8,400 *Comfort Systems USA, Inc. 61,950
1,900 *Cuno, Inc. 39,366
4,300 Donaldson Co., Inc. 103,469
2,000 *Dril-Quip, Inc. 60,750
1,900 *Esterline Technologies Corp. 21,969
5,600 +Foster Wheeler Corp. 49,700
1,600 Graco, Inc. 57,400
3,400 IDEX Corp. 103,275
2,300 *Ionics, Inc. 64,687
3,000 Kennametal, Inc. 100,875
3,900 Lincoln Electric Holdings, Inc. 80,437
2,700 Manitowoc Co., Inc. 91,800
1,500 +NACCO Industries, Inc. Cl. A 83,344
5,700 *Presstek, Inc. 79,087
2,500 *+PRI Automation, Inc. 167,187
1,500 *Specialty Equipment Companies, Inc. 35,906
5,452 *SpeedFam-IPEC, Inc. 70,706
1,300 Standex International Corp. 27,219
900 Tennant Co. 29,700
700 *+Thermo Fibertek, Inc. 4,988
3,000 *Thermoquest Corp. 30,937
5,100 *UCAR International, Inc. 90,844
-------------
1,854,774
- --------------------------------------------------------------------------------
Medical Equipment & Supply: 1.8%
2,400 *Acuson Corp. 30,150
5,100 *Airgas, Inc. 48,450
1,600 Arrow International, Inc. 45,650
22,100 *+Caremark Rx, Inc. 111,881
4,200 *Cognex Corp. 163,669
1,100 *+CONMED Corp. 28,531
3,400 *+Cygnus, Inc. 61,837
2,200 *+CYTYC Corp. 134,544
1,500 *Datascope Corp. 59,437
1,500 Diagnostic Products Corp. 36,750
700 *DVI, Inc. 10,631
2,800 *Eclipse Surgical Technoligies, Inc. 20,738
4,900 *Fisher Scientific International, Inc. 177,012
2,600 *Haemonetics Corp. 61,912
1,100 *+Inhale Therapeutic Systems 46,853
10,000 *LCA Vision, Inc. 46,250
2,300 *+Laser Vision Centers, Inc. 24,294
2,500 *+Lasersight, Inc. 24,844
700 Mine Safety Appliances Co. 44,013
900 *Molecular Devices Corp. 46,913
4,000 *Ocular Sciences, Inc. 75,500
7,700 +Owens & Minor, Inc. 68,819
1,700 *+ResMed, Inc. 70,975
3,700 *Safeskin Corp. 45,441
2,200 *Scott Technologies, Inc. 41,319
7,200 *STERIS Corp. 74,250
4,600 *Summit Technology, Inc. 53,044
6,800 *+Sunrise Technologies International, Inc. 79,900
3,900 *Theragenics Corp. 35,344
3,500 *Thermo Cardiosystems, Inc. 22,969
1,400 *Trex, Inc. 37,450
3,400 *+Varian Medical Systems, Inc. 101,362
MSF-69
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Medical Equipment & Supply: (Continued)
2,600 *+Ventana Medical Systems, Inc. $ 64,837
2,500 Vital Signs, Inc. 56,875
-------------
2,052,444
- --------------------------------------------------------------------------------
Metals-Aluminum: 0.1%
7,400 *+Kaiser Aluminum Corp. 56,888
- --------------------------------------------------------------------------------
Metals-Gold: 0.0%
13,400 *Battle Mountain Gold Co. 27,638
- --------------------------------------------------------------------------------
Metals-Non-Ferrous: 0.1%
3,100 Imco Recycling, Inc. 39,137
2,500 +Southern Peru Copper Corp. 38,594
10,100 USEC, Inc. 70,700
-------------
148,431
- --------------------------------------------------------------------------------
Materials & Iron: 0.7%
16,600 *Bethlehem Steel Corp. 139,025
2,200 Carpenter Technology Corp. 60,362
1,700 Cleveland Cliffs, Inc. 52,913
2,000 *Gibraltor Steel Corp. 46,500
2,500 Intermet Corp. 29,219
4,300 National Steel Corp. Cl. B 31,981
2,800 Oregon Steel Mills, Inc. 22,225
2,300 Quanex Corp. 58,650
3,300 Reliance Steel & Aluminum Co. 77,344
2,400 Ryerson Tull, Inc. 46,650
5,000 *Steel Dynamics, Inc. 79,375
9,100 Worthington Industries, Inc. 150,434
-------------
794,678
- --------------------------------------------------------------------------------
Mining: 0.1%
2,600 Arch Coal, Inc. 29,413
3,750 *Stillwater Mining Co. 119,531
-------------
148,944
- --------------------------------------------------------------------------------
Miscellaneous: 0.5%
1,300 +Central Parking Corp. 24,862
4,200 *Kroll-O'Gara Co. 69,037
2,000 Movado Group, Inc. 43,625
4,000 Pittston Brinks Group 88,000
2,100 Rollins, Inc. 31,500
6,900 *+Sensormatic Electronics Corp. 120,319
5,000 *Syntroleum Corp. 40,469
1,800 Tejon Ranch Co. 42,750
800 *Veterinary Centers of America, Inc. 10,400
1,600 +Wackenhut Corp. 23,900
1,600 *Wackenhut Correction Corp. 18,700
-------------
513,562
- --------------------------------------------------------------------------------
Mobile Homes: 0.2%
3,300 *Champion Enterprises, Inc. 28,256
1,600 *Monaco Coach Corp. 40,900
1,900 *National RV Holdings, Inc. 36,575
1,600 Skyline Corp. 37,600
1,800 Thor Industries, Inc. 54,788
-------------
198,118
- --------------------------------------------------------------------------------
Multi-Industry: 0.8%
2,700 *ACX Technologies, Inc. 28,856
2,000 Albemaris Corp. 38,375
1,200 Commercial Metals Co. 40,725
1,500 Forest City Enterprises, Inc. 42,000
1,900 Gaylord Entertainment Co. 56,881
6,600 *Griffon Corp. 51,563
4,700 +Harsco Corp. 149,225
700 *Maxxam, Inc. 30,013
4,800 Ogden Corp. 57,300
4,700 Olin Corp. 93,119
3,200 Pittway Corp. 143,400
1,100 *Rogers Corp. 42,075
2,700 Ruddick Corp. 41,850
310 Seabord Corp. 60,217
3,500 *+U.S. Plastic Lumber Corp. 26,797
-------------
902,396
- --------------------------------------------------------------------------------
Newspapers - 0.1%
4,600 Lee Enterprises, Inc. 146,913
- --------------------------------------------------------------------------------
Office & Business Equipment: 0.9%
2,200 *Black Box Corp. 147,675
3,900 *Boise Cascade Office Products Corp. 58,500
1,300 *Cybex Computer Products Corp. 53,138
2,100 *Daisytek International Corp. 49,022
2,400 *+Hutchinson Technology, Inc. 51,225
1,700 *+IDX Systems Corp. 53,284
4,924 *+InaCom Corp. 36,007
7,000 *Intergraph Corp. 33,250
28,100 *+Iomega Corp. 94,837
2,900 *+Mail-Well, Inc. 39,150
1,300 *Miami Computer Supply Corp. 48,181
3,500 *+Micron Electronics, Inc. 39,047
2,000 *+Micros Systems, Inc. 148,187
1,500 +Standard Register Co. 29,063
3,500 *United Stationers, Inc. 100,297
4,100 Wallace Computer Services, Inc. 68,162
-------------
1,049,025
- --------------------------------------------------------------------------------
Oil: 0.2%
1,300 *Evergreen Resources, Inc. 25,513
7,600 Pennzoil Quaker State Co. 77,425
3,900 *+Tesoro Petroleum Corp. 45,094
4,900 Valero Energy Corp. 97,387
-------------
245,419
- --------------------------------------------------------------------------------
Oil & Gas Exploration: 1.2%
1,200 *+Atwood Oceanics, Inc. 46,350
2,800 *Barrett Resources Corp. 82,425
1,600 *Basin Exploration, Inc. 28,150
MSF-70
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Oil & Gas Exploration: (Continued)
5,600 *Belco Oil & Gas Corp. $ 30,800
3,800 Berry Petroleum Co. Cl. A 57,475
2,600 Cabot Oil & Gas Corp. Cl. A 41,762
11,100 *Chesapeake Energy Corp. 26,363
4,300 +Cross Timbers Oil Co. 38,969
2,700 Energen Corp. 48,769
4,100 *Forest Oil Corp. 54,069
2,000 *Houston Exploration Co. 39,625
3,300 *HS Resources, Inc. 56,925
2,600 *+Louis Dreyfus Natural Gas Corp. 47,125
2,000 *McMoRan Exploration Co. 42,250
2,800 Mitchell Energy & Development Corp. Cl. A 61,775
4,100 *Newfield Exploration Co. 109,675
2,300 *Nuevo Energy Co. 43,125
4,100 ONEOK, Inc. 103,012
3,200 *Patterson Energy, Inc. 41,500
9,900 *Pioneer Natural Resources Co. 88,481
5,700 +Pogo Producing Co. 116,850
1,300 St. Mary Land & Exploration Co. 31,281
1,400 *Stone Energy Corp. 49,875
3,000 *Tom Brown, Inc. 40,313
4,200 Vintage Petroleum, Inc. 50,662
-------------
1,377,606
- --------------------------------------------------------------------------------
Oil-Equipment & Services: 1.1%
1,400 *+Cal Dive International, Inc. 46,244
6,900 *Friede Goldman International, Inc. 47,869
4,900 *Global Industries, Ltd. 42,339
15,100 *Grey Wolf, Inc. 43,412
2,900 *+Hanover Compressor Co. 109,475
5,100 Helmerich & Payne, Inc. 111,244
8,100 *Key Energy Group, Inc. 42,019
6,200 *Marine Drilling Cos., Inc. 139,112
4,800 *National Oilwell, Inc. 75,300
6,200 *Newpark Resources, Inc. 37,975
2,000 *Oceaneering International, Inc. 29,875
800 *Offshore Logistics, Inc. 7,475
7,400 *Parker Drilling Co. 23,588
6,200 *Pride International, Inc. 90,675
1,200 *+SEACOR Smit, Inc. 62,100
2,900 *+Tuboscope, Inc. 46,037
3,400 *Unova, Inc. 44,200
2,200 *UTI Energy Corp. 50,737
6,900 *Varco International, Inc. 70,294
5,700 *Veritas DGC, Inc. 79,800
-------------
1,199,770
- --------------------------------------------------------------------------------
Packaging: 0.1%
1,000 *+AEP Industries, Inc. 25,563
700 Liqui-Box Corp. 35,787
1,700 *U.S. Can Corp. 33,788
-------------
95,138
- --------------------------------------------------------------------------------
Personal Care: 0.1%
2,800 +Polymer Group, Inc. $ 51,100
- --------------------------------------------------------------------------------
Photography: 0.3%
1,600 +CPI Corp. 36,100
15,100 *+Metromedia International Group, Inc. 71,725
1,600 *+ParkerVision, Inc. 49,150
1,800 *Pinnacle Systems, Inc. 72,956
4,200 +Polaroid Corp. 79,013
-------------
308,944
- --------------------------------------------------------------------------------
Plastics: 0.1%
2,300 Schulman (A.), Inc. 37,447
2,100 Spartech Corp. 67,725
1,000 West Pharmaceutical Services, Inc. 30,937
-------------
136,109
- --------------------------------------------------------------------------------
Pollution Control: 0.2%
1,300 *Casella Waste Systems, Inc. Cl. A 24,578
4,490 *FSI International, Inc. 51,354
2,100 *It Group, Inc. 19,294
400 Landauer, Inc. 8,750
3,000 *Thermo Ecotek Corp. 15,938
3,500 *Waste Connections, Inc. 50,203
-------------
170,117
- --------------------------------------------------------------------------------
Printing & Publishing: 0.6%
3,200 Harland (John H.) Co. 58,600
1,800 *IDG Books Worldwide, Inc. 20,644
1,900 *Information Holdings, Inc. 55,219
3,200 +Jostens, Inc. 77,800
3,800 *Journal Register Co. 58,662
1,600 Penton Media, Inc. 38,400
1,400 *Playboy Enterprises, Inc. Cl. B 34,038
900 Pulitzer, Inc. 36,281
4,100 *+R.H. Donnelley Corp. 77,387
1,800 *Scholastic Corp. 111,994
900 Value Line, Inc. 32,175
2,800 *Ziff-Davis, Inc. 44,275
1,700 *+Ziff-Davis, Inc. (ZDNet) 35,700
-------------
681,175
- --------------------------------------------------------------------------------
Real Estate: 4.4%
600 *Alexander's, Inc. 47,400
1,200 Alexandria Real Estate Equities, Inc. 38,175
2,600 American Industrial Property REIT 32,175
1,600 +AMLI Residential Properties Trust 32,300
2,500 Bedford Property Investors, Inc. 42,656
3,800 Boykin Lodging Co. 41,563
1,700 Bradley Real Estate, Inc. 29,644
2,900 Brandywine Realty Trust 47,487
4,700 BRE Properties, Inc. 106,631
3,700 Burnham Pacific Properties, Inc. 34,688
3,700 Cabot Industrial Trust 67,987
4,500 *Cadiz, Inc. 42,609
MSF-71
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (CONTINUED)
- --------------------------------------------------------------------------------
Real Estate: (Continued)
4,400 Camden Property Trust $ 120,450
3,900 Capital Automotive REIT 48,141
800 *Castle & Cooke, Inc. 10,150
2,000 CBL & Associates Properties, Inc. 41,250
4,100 Center Trust, Inc. 39,719
2,300 +CenterPoint Properties Trust 82,512
1,800 +Chateau Communities, Inc. 46,687
1,100 Chelsea GCA Realty, Inc. 32,725
2,400 Colonial Properties Trust 55,650
3,400 Commercial Net Lease Realty, Inc. 33,788
3,200 Cornerstone Realty Income Trust, Inc. 31,200
2,500 Cousins Properties, Inc. 84,844
7,500 Developers Diversified Realty 96,562
2,200 Eastgroup Properties, Inc. 40,700
700 Entertainment Properties Trust 9,231
1,600 Essex Property Trust, Inc. 54,400
3,900 Federal Realty Investment Trust 73,369
4,400 First Industrial Realty Trust, Inc. 120,725
2,400 +Gables Residential Trust 57,600
3,200 Glenborough Realty Trust, Inc. 42,800
2,700 Glimcher Realty Trust 34,763
3,000 Great Lakes REIT, Inc. 43,125
5,670 Health Care Property Investments, Inc. 135,371
2,600 Health Care Reit, Inc. 39,325
4,100 +Healthcare Realty Trust 64,062
1,900 Home Properties of New York, Inc. 52,131
5,800 Hospitality Properties Trust 110,562
4,300 Imperial Credit Commercial and Mortgage
Investment Corp. 48,375
7,400 *Indymac Mortgage Holdings, Inc. 94,350
3,800 Innkeepers USA Trust 31,113
4,800 IRT Property Co. 37,500
2,900 JDN Realty Corp. 46,762
2,300 *+Jones Lang LaSalle, Inc. 27,313
1,900 JP Realty, Inc. 29,688
2,600 Kilroy Realty Corp. 57,200
3,000 Koger Equity, Inc. 50,625
2,800 LNR Property Corp. 55,650
3,000 LTC Properties, Inc. 25,313
2,400 Macerich Co. 49,950
2,100 Manufactured Home Communities, Inc. 51,056
4,700 Meristar Hospitality Corp. 75,200
1,300 Mid-America Apartment Communities, Inc. 29,413
1,700 Mills Corp. 30,388
2,100 National Golf Properties, Inc. 41,475
4,500 National Health Investors, Inc. 66,937
5,000 Nationwide Health Properties, Inc. 68,750
1,800 Pacific Gulf Properties, Inc. 36,450
1,800 Pan Pacific Retail Properties, Inc. 29,363
1,400 Parkway Properties, Inc. 40,338
2,500 Pennsylvania Real Estate Investment Trust 36,406
4,600 Prentiss Properties Trust 96,600
3,200 Prime Group Realty Trust 48,600
4,500 Prime Retail, Inc. 25,313
2,400 PS Business Parks, Inc. 54,600
2,300 Realty Income Corp. 47,437
4,100 +Reckson Associates Realty Corp. 84,050
3,100 Regency Realty Corp. 62,000
3,300 Saul Centers, Inc. 46,406
3,400 *Security Capital Group, Inc. Cl. B 42,500
2,500 Shurgard Storage Centers, Inc. Cl. A 57,969
1,700 +SL Green Realty Corp. 36,975
2,400 Smith (Charles E.) Residential Realty, Inc. 84,900
2,900 Storage USA, Inc. 87,725
2,400 Summit Properties, Inc. 42,900
1,400 Sun Communities, Inc. 45,062
3,000 *+Sunterra Corp. 34,500
7,605 Taubman Centers, Inc. 81,754
2,900 +Town & Country Trust 52,019
4,700 *Trammell Crow Co. 54,637
500 +U.S. Restaurant Properties, Inc. 7,156
10,800 United Dominion Realty Trust, Inc. 106,650
1,100 Urban Shopping Centers, Inc. 29,838
8,900 *Ventas, Inc. 37,269
3,100 Walden Residential Properties, Inc. 67,037
3,400 Washington Real Estate Investment Trust 51,000
2,100 *Webb Corp. 52,369
3,000 Weingarten Realty Investors 116,812
6,023 Westfield America, Inc. 74,158
-------------
4,853,008
- --------------------------------------------------------------------------------
Restaurants - 0.8%
2,700 Applebee's International, Inc. 79,566
4,100 Bob Evans Farms, Inc. 63,422
4,200 *+Buffets, Inc. 42,066
6,400 +CBRL Group, Inc. 62,100
2,850 *CEC Entertainment, Inc. 80,869
1,900 *Cheesecake Factory, Inc. 66,441
4,200 +CKE Restaurants, Inc. 24,675
4,730 *Consolidated Prods, Inc. 47,891
3,400 *Grand Union Co. 34,637
4,200 *Jack In The Box, Inc. 86,887
4,800 *Lone Star Steakhouse & Saloon, Inc. 42,825
2,800 +Luby's Cafeterias, Inc. 31,850
3,300 *NPC International, Inc. 26,297
2,300 *+Papa John's International, Inc. 60,016
1,800 *Rare Hospitality International, Inc. 39,037
2,600 Ruby Tuesday, Inc. 47,287
2,600 *Ryan's Family Steak Houses, Inc. 22,059
1,700 *Sonic Corp. 47,919
-------------
905,844
- --------------------------------------------------------------------------------
Retail Grocery: 0.3%
21,500 *7 Eleven, Inc. 39,305
5,200 Casey's General Stores, Inc. 54,437
MSF-72
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Retail Grocery: (Continued)
3,100 Fleming Cos., Inc. $ 31,775
1,400 Great Atlantic & Pacific Tea Co., Inc. 39,025
1,000 Ingles Markets, Inc. 11,156
2,800 *+Whole Foods Market, Inc. 129,325
2,400 *+Wild Oats Markets, Inc. 53,175
-------------
358,198
- --------------------------------------------------------------------------------
Retail Trade: 3.2%
1,500 *+99 Cents Only Stores 57,375
3,000 *+Ames Department Stores, Inc. 86,344
2,300 *AnnTaylor Stores Corp. 79,206
2,600 *Bacou USA, Inc. 39,163
1,300 *+Bebe Stores, Inc. 34,775
7,800 *Borders Group, Inc. 125,287
4,400 *Boyds Collection Ltd. 30,525
1,400 *+Buckle, Inc. 20,738
2,200 Burlington Coat Factory Warehouse 30,525
4,600 Cash America International, Inc. 44,850
2,400 Cato Corp. Cl. A 30,075
2,198 *CDnow, Inc. 21,808
11,300 *+Charming Shoppes, Inc. 74,509
1,300 *+Children's Place Retail Stores, Inc. 20,963
3,600 *Coleman Co., Inc. 33,525
7,300 *CompUSA, Inc. 37,413
2,250 *Cost Plus, Inc. 79,945
1,800 *CSK Auto Corp. 31,500
1,000 *Cyberian Outpost, Inc. 9,906
2,300 Deb Shops, Inc. 42,550
3,400 *Department 56, Inc. 76,925
3,100 *Dress Barn, Inc. 51,828
1,500 *+Duane Reade, Inc. 41,344
4,450 *+Egghead.com, Inc. 71,895
2,100 *Electronics Boutique Holdings Corp. 38,194
1,500 *Factory 2 U Stores, Inc. 43,031
1,600 *+Fatbrain.com, Inc. 40,050
1,500 *+Fidelity Holdings, Inc. 28,219
1,800 *Footstar, Inc. 54,900
3,000 *Fossil, Inc. 69,469
1,800 *Global Sports, Inc. 22,500
3,600 *Handleman Co. 48,150
28,600 *Hanover Direct, Inc. 103,675
4,000 Haverty Furniture Companies, Inc. 50,500
2,000 *+Henry Schein, Inc. 26,438
2,650 *+Insight Enterprises, Inc. 107,242
1,800 *InterTAN, Inc. 47,025
1,900 *Jo Ann Stores, Inc. Cl. A 21,375
1,300 *+Lands' End, Inc. 45,175
2,600 *+Men's Wearhouse, Inc. 76,537
2,700 *+Michaels Stores, Inc. 76,528
4,407 *Micro Warehouse, Inc. 81,392
4,500 *MSC Industrial Direct, Inc. Cl. A 59,625
4,200 *+Musicland Stores, Inc. 35,438
12,900 *Office Max, Inc. 70,950
3,500 *+Pacific Sunwear of California, Inc. 111,453
2,000 *PC Connection, Inc. 68,750
4,500 Pep Boys-Manny, Moe & Jack 41,063
3,400 *Petco Animal Supplies, Inc. 50,150
13,900 *+PETsMART, Inc. 78,622
11,300 +Pier 1 Imports, Inc. 72,037
2,700 *+Rexall Sundown, Inc. 27,928
3,300 *School Specialty, Inc. 49,603
3,900 *Shop At Home, Inc. 38,634
2,900 *ShopKo Stores, Inc. 66,700
3,500 *Spiegel, Inc. Cl. A 24,555
5,200 *Stein Mart, Inc. 29,900
5,100 *Sunglass Hut International, Inc. 57,694
6,800 *Transport World Entertainment Corp. 70,975
1,500 *Tuesday Morning Corp. 27,328
2,400 *Tweeter Home Entertainment Group, Inc. 84,900
1,200 *+uBID, Inc. 31,725
2,400 *Urban Outfitters, Inc. 70,050
3,200 *+Value America, Inc. 16,100
2,900 *Value City Department Stores, Inc. 43,862
2,900 *ValueVision International, Inc. 166,297
1,500 *Whitehall Jewellers, Inc. 55,078
-------------
3,602,791
- --------------------------------------------------------------------------------
Shipbuilding: 0.1%
3,900 +Newport News Shipbuilding, Inc. 107,250
- --------------------------------------------------------------------------------
Software: 8.2%
5,800 *+Acclaim Entertainment, Inc. 29,906
2,400 *+Activision, Inc. 36,900
1,200 *+Advantage Learning System 13,538
1,300 *Advent Software, Inc. 83,241
700 *Allaire Corp. 102,637
3,000 *Anacomp, Inc. 55,125
1,500 *Ardent Software, Inc. 58,125
2,800 *+Aspect Development, Inc. 192,150
2,800 *+AXENT Technologies, Inc. 59,325
3,100 *BARRA, Inc. 99,587
1,600 *Bindview Development Corp. 79,450
1,200 *Bottomline Technologies, Inc. 43,275
6,700 *Broadvision, Inc. 1,139,419
2,100 *+Cerner Corp. 41,278
2,615 *Clarify, Inc. 331,533
2,500 *Com21, Inc. 56,016
1,200 *+Concur Technologies, Inc. 34,688
2,800 *Datastream Systems, Inc. 68,163
1,900 *Documentum, Inc. 113,822
1,900 *+Entrust Technologies, Inc. 113,822
4,700 *Filenet Corp. 121,025
1,900 *Genrad, Inc. 30,638
900 *Great Plains Software, Inc. 67,303
1,500 +Henry (Jack) & Associates, Inc. 79,078
MSF-73
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Software: (Continued)
2,700 *+HNC Software, Inc. $ 286,116
3,200 *Hyperion Solutions Corp. 139,300
4,300 *+Imation Corp. 144,319
5,600 *IMRglobal Corp. 69,825
3,300 *+InfoCure Corp. 103,022
1,100 *Informatica Corp. 115,775
21,100 *+Informix Corp. 241,991
3,500 *Integrated Systems, Inc. Cl. A 117,359
2,500 *ISS Group, Inc. 177,656
3,500 *JDA Software Group, Inc. 56,875
1,350 *Kronos, Inc. 82,434
2,500 *+Manugistics Group, Inc. 81,172
3,400 *Mastech Corp. 84,256
4,671 *Mercury Interactive Corp. 504,322
2,800 *MessageMedia, Inc. 39,463
1,200 *Micromuse, Inc. 204,150
4,600 *MicroStrategy, Inc. Cl. A 966,144
3,700 *Midway Games, Inc. 88,569
2,900 *National Instruments Corp. 111,559
1,600 *Net Perceptions, Inc. 67,200
2,300 *Onyx Software Corp. 85,387
3,000 *+Open Market, Inc. 135,469
1,200 *Pegasus Systems, Inc. 72,337
2,900 *Peregrine Systems, Inc. 243,872
2,200 *Phoenix Technology, Ltd. 34,650
3,600 *+Policy Management Systems Corp. 92,025
11,500 *Premiere Technologies, Inc. 80,141
2,500 *+Primark Corp. 69,531
1,700 *Progress Software Corp. 96,262
1,800 *Project Software & Development, Inc. 99,675
2,500 *Remedy Corp. 118,906
4,200 *Saga Systems, Inc. 83,737
1,200 *+SalesLogix Corp. 49,275
1,000 *+Sanchez Computer Associates, Inc. 41,500
2,900 *SERENA Software, Inc. 89,809
500 *Silknet Software, Inc. 82,437
2,600 *Structural Dynamics Research Corp. 33,231
9,100 *Sybase, Inc. 154,416
1,200 *Tenfold Corp. 47,438
3,400 *+Transaction Systems Architects, Inc. Cl. A 95,306
1,400 *+TSI International Software, Ltd. 79,187
2,600 *+Ultratech Stepper, Inc. 42,088
3,400 *Verity, Inc. 144,606
3,200 *Visio Corp. 152,000
1,000 *WebTrends Corp. 80,750
3,500 *+Wind River Systems, Inc. 128,297
-------------
9,163,883
- --------------------------------------------------------------------------------
Technology: 1.0%
2,900 *+Cree Research, Inc. 246,862
12,400 *Cypress Semiconductor Corp. 401,450
1,400 Optical Coating Laboratory, Inc. 412,650
1,900 *(S)Prociurenet, Inc. 285
2,800 *Varian, Inc. 63,088
-------------
1,124,335
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: 6.5%
3,500 *ACTV, Inc. 159,141
1,800 *+Adaptive Broadband Corp. 131,287
2,000 *Adelphia Business Solutions, Inc. 95,375
2,200 *Advanced Radio Telecom Corp. 52,525
1,300 *+Aerial Communications, Inc. 79,178
2,000 *+American Mobile Satellite Corp. 42,188
2,400 *+ANTEC Corp. 87,675
5,800 *+Aspect Communications Corp. 226,925
3,100 *+Avant Corp. 46,597
1,900 *AVT Corp. 89,419
1,200 *C-COR.Net Corp. 91,875
3,200 *Caprock Communications Corp. 103,800
900 *+Carrier Access Corp. 61,116
1,200 *Commonwealth Telephone Enterprises 63,225
800 CT Communications, Inc. 44,650
1,700 *CTC Communications Group, Inc. 66,406
7,200 *Digital Microwave Corp. 168,975
1,400 *DSP Group, Inc. 130,113
2,650 *+Dycom Industries, Inc. 116,766
9,100 *e.spire Communications, Inc. 52,609
6,400 *General Communication, Inc. 27,800
1,500 *Genesys Telecommunications Laboratories, Inc. 81,234
7,800 *Glenayre Technologies, Inc. 87,506
3,300 *+Harmonic Lightwaves, Inc. 312,984
4,700 *+ICG Communications, Inc. 87,978
1,200 *Inet Technologies, Inc. 84,225
2,000 Inter-Tel, Inc. 49,938
7,000 *+InterDigital Communications Corp. 525,000
5,300 *+Intermedia Communications, Inc. 205,375
2,500 *InterVoice, Inc. 58,281
1,500 *Intraware, Inc. 119,719
600 *IPC Communications, Inc. 42,600
2,200 *Leap Wireless International, Inc. 172,150
1,200 *Maker Communications, Inc. 51,450
1,900 *MGC Communications, Inc. 96,069
2,800 *+MRV Communications, Inc. 176,050
2,400 North Pittsburgh Systems, Inc. 36,450
1,200 *NorthEast Optic Network, Inc. 75,038
1,900 *+Oak Industries, Inc. 201,637
3,600 *+Omnipoint Corp. 433,575
2,200 *Pacific Gateway Exchange, Inc. 37,469
7,800 *+Pairgain Technologies, Inc. 110,419
3,400 *Pinnicle Holdings, Inc. 145,350
1,900 *+Plantronics, Inc. 135,969
2,200 *Polycom, Inc. 140,456
2,700 *+Powertel, Inc. 270,506
1,400 *Powerwave Technologies, Inc. 81,681
MSF-74
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Telecommunications Equipment & Services: (Continued)
5,220 *Price Communications Corp. $ 145,181
2,600 *Primus Telecommunications Group, Inc. 99,450
1,300 *+Proxim, Inc. 144,869
1,400 *+Razorfish, Inc. 133,087
3,500 *+REMEC, Inc. 89,141
8,600 *Sitel Corp. 60,200
7,400 *Star Telecommunications, Inc. 57,928
3,975 +Superior Telecom, Inc. 61,364
4,475 *+Talk.Com, Inc. 79,291
1,600 *+Terayon Communication Systems 100,850
1,411 *Tut Systems, Inc. 75,929
1,300 *US LEC Corp. Cl. A 41,803
2,100 *Viatel, Inc. 112,481
8,000 *+Weblink Wireless, Inc. 124,750
3,200 *West Teleservices Corp. 78,500
4,900 *+World Access, Inc. 95,397
-------------
7,256,975
- --------------------------------------------------------------------------------
Textiles & Apparel: 0.9%
2,550 *Albany International Corp. Cl. A 39,525
1,900 Brown Shoe Company, Inc. 26,838
4,100 *Burlington Industries, Inc. 16,400
2,100 *Columbia Sportswear Co. 45,281
2,400 *+Genesco, Inc. 31,200
5,100 *Goody's Family Clothing, Inc. 27,333
2,800 *Guess?, Inc. 60,900
7,900 +Interface, Inc. Cl. A 44,684
2,600 Justin Industries, Inc. 38,675
2,500 Kellwood Co. 48,594
700 *Kenneth Cole Productions, Inc. Cl. A 32,025
2,300 *Nautica Enterprises, Inc. 26,091
2,200 Oshkosh B'Gosh, Inc. Cl. A 44,619
3,900 *Paxar Corp. 32,906
3,300 Phillips-Van Heusen Corp. 27,431
1,400 *Quiksilver, Inc. 21,700
3,700 *+Reebok International Ltd. 30,294
3,439 Russell Corp. 57,603
1,300 Springs Industries, Inc. 51,919
9,300 Stride Rite Corp. 60,450
1,200 +Talbots, Inc. 53,550
1,200 *The Timberland Co. 63,450
6,800 *Unifi, Inc. 83,725
2,700 +Wolverine World Wide, Inc. 29,531
-------------
994,724
- --------------------------------------------------------------------------------
Tires & Rubber: 0.0%
1,900 Bandag, Inc. 47,500
- --------------------------------------------------------------------------------
Tobacco: 0.1%
4,780 +Brooke Group Ltd. 71,401
3,100 Universal Corp. 70,719
-------------
142,120
- --------------------------------------------------------------------------------
Toys & Amusements: 0.0%
1,950 *Jakks Pacific, Inc. $ 36,441
- --------------------------------------------------------------------------------
Transportation: 0.2%
3,800 Air Express International Corp. 122,907
1,900 Circle International Group, Inc. 42,156
1,900 *Heartland Express, Inc. 30,400
-------------
195,463
- --------------------------------------------------------------------------------
Transportation-Airlines: 0.7%
5,800 Airborne Freight Corp. 127,600
2,700 *Alaska Air Group, Inc. 94,837
3,900 *America West Holding Corp. Cl. B 80,925
4,100 *Amtran, Inc. 78,669
3,600 *+Atlantic Coast Airlines Holdings, Inc. 84,825
2,800 *Atlas Air, Inc. 76,825
1,850 *Eagle USA Airfreight, Inc. 79,955
4,000 *Mesaba Holdings, Inc. 46,625
2,700 *Midwest Express Holdings, Inc. 86,062
2,300 SkyWest, Inc. 64,688
-------------
821,011
- --------------------------------------------------------------------------------
Transportation-Railroad: 0.4%
1,800 *ABC-NACO, Inc. 14,962
3,400 Florida East Coast Industries, Inc. 141,950
4,100 *Swift Transportation Co., Inc. 72,391
4,200 Trinity Industries, Inc. 119,437
8,500 *+Wisconsin Central Transportation Corp. 114,219
-------------
462,959
- --------------------------------------------------------------------------------
Transportation-Shipping: 0.2%
4,900 Alexander & Baldwin, Inc. 111,475
2,500 *Kirby Corp. 51,250
2,800 Werner Enterprises, Inc. 39,113
-------------
201,838
- --------------------------------------------------------------------------------
Transportation-Trucking: 0.6%
1,400 *American Freightways Corp. 22,706
2,500 Arnold Industries, Inc. 35,234
4,700 C.H.Robinson Worldwide, Inc. 186,972
1,200 *Forward Air Corp. 52,012
4,600 Hunt (J.B.) Transport Services, Inc. 63,681
700 *Knight Transportation, Inc. 11,769
800 *Landstar System, Inc. 33,575
1,800 *M.S. Carriers, Inc. 42,638
1,800 Roadway Express, Inc. 38,925
4,100 Smart & Final, Inc. 29,725
3,100 U.S. Freightways Corp. 147,637
2,000 *Yellow Corp. 33,813
-------------
698,687
- --------------------------------------------------------------------------------
Utilities: 0.3%
1,000 Aquarion Co. 37,000
3,500 +Avista Corp. 54,031
1,200 California Water Service Group 36,375
MSF-75
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
RUSSELL 2000 INDEX SCHEDULE OF INVESTMENTS
PORTFOLIO DECEMBER 31, 1999
- --------------------------------------------------------------------------------
VALUE
SHARES ISSUE (NOTE 1A)
- --------------------------------------------------------------------------------
COMMON STOCK: (Continued)
- --------------------------------------------------------------------------------
Utilities: (Continued)
3,700 Philadelphia Suburban Corp. $ 76,544
2,100 SIGCORP, Inc. 47,775
3,400 United Water Resources, Inc. 116,238
367,963
- --------------------------------------------------------------------------------
Utilities-Electric: 1.4%
1,200 American States Water Co. 43,200
3,200 Black Hills Corp. 71,000
1,700 CH Energy Group, Inc. 56,100
2,200 Cleco Corp. 70,537
3,600 CMP Group, Inc. 99,225
3,400 Eastern Utilities Associates 103,062
8,000 *El Paso Electric Co. 78,500
1,900 Empire District Electric Co. 42,988
3,400 +Hawaiian Electric Industries, Inc. 98,175
3,900 +IdaCorp, Inc. 104,569
3,100 Madison Gas & Electric Co. 63,163
2,900 Northwestern Corp. 63,800
1,700 Otter Tail Power Co. 63,963
6,100 Public Service Co. of New Mexico 99,125
4,600 RGS Energy Group, Inc. 94,587
8,668 Sierra Pacific Resources 150,065
1,200 TNP Enterprises, Inc. 49,500
3,100 *Unisource Energy Corp. 34,681
1,600 United Illuminating Co. 82,200
3,200 +WPS Resources Corp. 80,400
-------------
1,548,840
- --------------------------------------------------------------------------------
Utilities-Gas & Pipelines: 1.9%
7,800 AGL Resources, Inc. 132,600
3,700 +Atmos Energy Corp. 75,619
2,400 Cascade Natural Gas Corp. 38,700
2,185 Connecticut Energy Corp. 84,942
1,100 CTG Resources, Inc. 38,225
3,029 Eastern Enterprises 173,978
4,200 Equitable Resources, Inc. 140,175
2,600 +Indiana Energy, Inc. 46,150
1,900 Laclede Gas Co. 41,087
6,500 MDU Resources Group, Inc. 130,000
1,900 New Jersey Resources Corp. 74,219
2,200 Northwest Natural Gas Co. 48,056
1,500 NUI Corp. 39,563
3,900 Piedmont Natural Gas Co., Inc. 117,975
2,700 Public Service Co. of North Carolina, Inc. 87,244
5,600 SEMCO Energy, Inc. 66,150
1,300 South Jersey Industries, Inc. 36,969
3,537 *+Southern Union Co. 67,645
2,800 Southwest Gas Corp. 64,400
11,822 *TransMontaigne, Inc. 82,754
4,500 UGI Corp. 91,969
6,400 Washington Gas Light Co. 176,000
4,700 +Western Gas Resources, Inc. 61,981
4,200 WICOR, Inc. 122,587
1,200 Yankee Energy Systems, Inc. 52,725
-------------
2,091,713
- --------------------------------------------------------------------------------
Utilities-Telephone: 0.3%
1,000 CFW Communications Co. 34,500
2,700 *Commnet Cellular, Inc. 86,653
2,300 *+IDT Corp. 43,484
5,300 *ITC Deltacom, Inc. 146,247
-------------
310,884
- --------------------------------------------------------------------------------
Utilities-Water: 0.1%
900 E'town Corp. 56,025
500 SJW Corp. 60,125
-------------
116,150
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost: $94,276,865) .............................. 111,978,300
--------------
- --------------------------------------------------------------------------------
FACE INTEREST MATURITY VALUE
AMOUNT ISSUE RATE DATE (NOTE 1A)
- --------------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 0.9%
- --------------------------------------------------------------------------------
$354,000 *Federal Home Loan Bank 5.470% 2/16/00 $ 351,526
650,000 *Federal National
Mortgage Assoc. 5.360% 2/17/00 645,451
- --------------------------------------------------------------------------------
TOTAL SHORT TERM OBLIGATIONS
(Cost: $996,977) ................................. 996,977
--------------
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS: 101.1%
(Cost: $95,273,842) .............................. 112,975,277
OTHER ASSETS LESS LIABILITIES: (1.1)% ............ (1,246,645)
--------------
TOTAL NET ASSETS: 100.0% ......................... $111,728,632
--------------
- --------------------------------------------------------------------------------
LEGEND:
+ Securities on loan.
* Non-income producing security.
(S) Illiquid Security
! Fractional Shares
SECURITIES ON LOAN: (Note 7)
As of December 31, 1999, the market value of securities loaned was $13,914,561
with collateral backing valued at $14,231,802.
ILLIQUID SECURITIES:(Note 2)
- --------------------------------------------------------------------------------
ACQUISITION ACQUISITION VALUATION AS
ISSUE DATE COST OF 12/31/1999
- --------------------------------------------------------------------------------
Procurent, Inc. 4/15/99 $ 285 $ 285
See Notes of Financial Statements.
MSF-76
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
STATE STREET
STATE STREET STATE STREET RESEARCH STATE STREET
RESEARCH RESEARCH MONEY RESEARCH
GROWTH INCOME MARKET DIVERSIFIED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ------------- ------------ --------------
<S> <C> <C> <C> <C> <C>
ASSETS: Investments, at value (Note 1A) ................... $3,641,886,060 $466,920,276 $51,029,890 $2,851,153,774
Cash .............................................. 6,820 -- 155 389,297
Foreign currencies held at value .................. -- -- -- --
Receivable for investment securities sold ......... 10,118,579 2,712,173 -- 8,872,206
Receivable for fund shares sold ................... 5,307,569 4,749,782 531,361 8,149,885
Receivable for dividends and interest ............. 1,496,761 7,653,445 642 21,748,340
Daily variation on futures contracts (Note 11) .... -- -- -- --
Collateral for securities loaned (Note 7) ......... 42,952,830 30,078,618 -- 85,210,724
Other assets ...................................... 21,358 10,194 -- --
-------------- ------------ ----------- --------------
TOTAL ASSETS ................................. 3,701,789,977 512,124,488 51,562,048 2,975,524,226
-------------- ------------ ----------- --------------
LIABILITIES: Payable for investment securities purchased ....... 34,127,271 3,769,719 -- 14,402,706
Payable for capital stock repurchased ............. 6,363 -- -- 35,841
Unrealized depreciation on forward
contracts (Note 10) ........................... -- 154,373 -- 412,396
Return of collateral for securities loaned (Note 7) 42,952,830 30,078,618 -- 85,210,724
Bank overdraft .................................... -- 97,561 -- --
Accrued investment management fee (Note 3) ........ 1,387,867 132,327 10,579 1,017,302
Accrued and other liabilities ..................... -- 12,191 6,478 33,612
-------------- ------------ ----------- --------------
TOTAL LIABILITIES ............................ 78,474,331 34,244,789 17,057 101,112,581
-------------- ------------ ----------- --------------
NET ASSETS: $3,623,315,646 $477,879,699 $51,544,991 $2,874,411,645
============== ============ =========== ==============
COMPOSITION OF
NET ASSETS: Paid-in-capital ................................... 2,633,300,237 512,016,670 51,521,395 2,507,951,636
Undistributed (overdistributed) net investment
income (loss) .................................... (273,984) 368,262 21,339 --
Net unrealized appreciation (depreciation) ........ 953,566,782 (23,846,753) -- 356,517,522
Accumulated net realized gain (loss) .............. 36,722,611 (10,658,480) 2,257 9,942,487
-------------- ------------ ----------- --------------
NET ASSETS ................................... $3,623,315,646 $477,879,699 $51,544,991 $2,874,411,645
============== ============ =========== ==============
SHARES OUTSTANDING ........................... 92,575,151 40,899,707 4,983,562 157,291,656
============== ============ =========== ==============
NET ASSET VALUE PER SHARE .................... $ 39.14 $ 11.68 $ 10.34 $ 18.27
============== ============ =========== ==============
-------------------------------------------------------------------------------------------------------------------
Notes:
(1) Investments, at cost .......................... $2,688,319,278 $490,615,252 $51,029,890 $2,494,230,295
(2) Cost of foreign currency ...................... -- -- -- --
See Notes to Financial Statements
</TABLE>
MSF-78
<PAGE>
<TABLE>
<CAPTION>
STATE STREET
RESEARCH METLIFE SANTANDER
AGGRESSIVE STOCK INTERNATIONAL
GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO
----------------- -------------- -------------
<S> <C> <C> <C> <C>
ASSETS: Investments, at value (Note 1A) ................... $1,621,898,878 $4,210,020,063 $317,221,092
Cash .............................................. 593 208,617 30
Foreign currencies held at value .................. -- -- 3,271
Receivable for investment securities sold ......... 9,143,826 352,406 --
Receivable for fund shares sold ................... -- -- 1,136,000
Receivable for dividends and interest ............. 363,617 3,767,986 134,227
Daily variation on futures contracts (Note 11) .... -- -- --
Collateral for securities loaned (Note 7) ......... 110,786,326 40,696,171 16,707,986
Other assets ...................................... 21,136 -- 358,538
-------------- -------------- ------------
TOTAL ASSETS ................................. 1,742,214,376 4,255,045,243 335,561,144
-------------- -------------- ------------
LIABILITIES: Payable for investment securities purchased ....... 17,947,803 1,127,147 --
Payable for capital stock repurchased ............. 11,741,474 7,046,896 25
Unrealized depreciation on forward
contracts (Note 10) ........................... -- -- 746,539
Return of collateral for securities loaned (Note 7) 110,786,326 40,696,171 16,707,986
Bank overdraft .................................... -- -- --
Accrued investment management fee (Note 3) ........ 898,073 867,934 196,549
Accrued and other liabilities ..................... -- 105,408 79,174
-------------- -------------- ------------
TOTAL LIABILITIES ............................ 141,373,676 49,843,556 17,730,273
-------------- -------------- ------------
NET ASSETS: $1,600,840,700 $4,205,201,687 $317,830,871
============== ============== ============
COMPOSITION OF
NET ASSETS: Paid-in-capital ................................... 918,375,247 2,526,535,196 278,091,811
Undistributed (overdistributed) net investment
income (loss) .................................... (554,042) 220,182 1,750,852
Net unrealized appreciation (depreciation) ........ 480,524,267 1,655,075,243 42,637,273
Accumulated net realized gain (loss) .............. 202,495,228 23,371,066 (4,649,065)
-------------- -------------- ------------
NET ASSETS ................................... $1,600,840,700 $4,205,201,687 $317,830,871
============== ============== ============
SHARES OUTSTANDING ........................... 41,639,729 103,608,352 22,911,816
============== ============== ============
NET ASSET VALUE PER SHARE .................... $ 38.45 $ 40.59 $ 13.87
============== ============== ============
---------------------------------------------------------------------------------------------------------
Notes:
(1) Investments, at cost .......................... $1,141,374,611 $2,554,944,820 $273,824,465
(2) Cost of foreign currency ...................... -- -- 3,500
<CAPTION>
LOOMIS T. ROWE PRICE
SAYLES JANUS SMALL CAP
HIGH YIELD MID CAP GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------------- ---------------
<S> <C> <C> <C> <C>
ASSETS: Investments, at value (Note 1A) ................... $59,765,031 $1,967,235,474 $271,563,055
Cash .............................................. 650 436 --
Foreign currencies held at value .................. -- -- --
Receivable for investment securities sold ......... -- 80,630 --
Receivable for fund shares sold ................... 944,929 2,570 --
Receivable for dividends and interest ............. 1,096,622 3,410 76,733
Daily variation on futures contracts (Note 11) .... -- -- 62,400
Collateral for securities loaned (Note 7) ......... 1,616,200 201,946,836 24,009,061
Other assets ...................................... 580 80,708 --
----------- -------------- ------------
TOTAL ASSETS ................................. 63,424,012 2,169,350,064 295,711,249
----------- -------------- ------------
LIABILITIES: Payable for investment securities purchased ....... 59,513 1,836,803 --
Payable for capital stock repurchased ............. -- 32,632,415 2,056,610
Unrealized depreciation on forward
contracts (Note 10) ........................... -- -- --
Return of collateral for securities loaned (Note 7) 1,616,200 201,946,836 24,009,061
Bank overdraft .................................... -- -- --
Accrued investment management fee (Note 3) ........ 35,479 988,156 109,954
Accrued and other liabilities ..................... 11,451 148,800 17,982
----------- -------------- ------------
TOTAL LIABILITIES ............................ 1,722,643 237,553,010 26,193,607
----------- -------------- ------------
NET ASSETS: $61,701,369 $1,931,797,054 $269,517,642
=========== ============== ============
COMPOSITION OF
NET ASSETS: Paid-in-capital ................................... 67,687,496 1,041,683,878 200,030,927
Undistributed (overdistributed) net investment
income (loss) .................................... (633) -- --
Net unrealized appreciation (depreciation) ........ (3,230,042) 731,662,907 71,492,818
Accumulated net realized gain (loss) .............. (2,755,452) 158,450,269 (2,006,103)
----------- -------------- ------------
NET ASSETS ................................... $61,701,369 $1,931,797,054 $269,517,642
=========== ============== ============
SHARES OUTSTANDING ........................... 6,787,498 52,874,145 17,130,944
=========== ============== ============
NET ASSET VALUE PER SHARE .................... $ 9.09 $ 36.54 $ 15.73
=========== ============== ============
--------------------------------------------------- --------------------------------------------------
Notes:
(1) Investments, at cost .......................... $62,995,653 $1,235,572,607 $200,136,612
(2) Cost of foreign currency ...................... -- -- --
<CAPTION>
SCUDDER
GLOBAL
Equity
Portfolio
----------------
<S> <C> <C>
ASSETS: Investments, at value (Note 1A) ................... $169,865,949
Cash .............................................. 335
Foreign currencies held at value .................. 604,411
Receivable for investment securities sold ......... 6,878
Receivable for fund shares sold ................... 983,589
Receivable for dividends and interest ............. 333,691
Daily variation on futures contracts (Note 11) .... --
Collateral for securities loaned (Note 7) ......... 10,783,931
Other assets ...................................... 56,800
------------
TOTAL ASSETS ................................. 182,635,584
------------
LIABILITIES: Payable for investment securities purchased ....... --
Payable for capital stock repurchased ............. --
Unrealized depreciation on forward
contracts (Note 10) ........................... --
Return of collateral for securities loaned (Note 7) 10,783,931
Bank overdraft .................................... --
Accrued investment management fee (Note 3) ........ 86,793
Accrued and other liabilities ..................... 50,439
------------
TOTAL LIABILITIES ............................ 10,921,163
------------
NET ASSETS: $171,714,421
============
Undistributed (overdistributed) net investment
income (loss) .................................... 133,037,085
Net unrealized appreciation (depreciation) ........ 828,950
Accumulated net realized gain (loss) .............. 38,073,991
NET ASSETS ................................... (225,605)
------------
SHARES OUTSTANDING ........................... $171,714,421
============
NET ASSET VALUE PER SHARE .................... 11,518,807
============
$ 14.91
============
--------------------------------------------------------------------
Notes:
(1) Investments, at cost .......................... $131,785,057
(2) Cost of foreign currency ...................... 603,378
</TABLE>
MSF-79
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
NEUBERGER LEHMAN
HARRIS BERMAN BROTHERS
OAKMARK PARTNERS T. ROWE AGGREGATE
LARGE CAP MID CAP PRICE LARGE BOND
VALUE VALUE CAP GROWTH INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ -------------- -------------
<S> <C> <C> <C> <C> <C>
ASSETS: Investments, at value (Note 1A) ........................ $ 37,711,994 $ 38,734,419 $ 52,687,978 $ 126,010,697
Cash ................................................... 147 335 145 58,694
Foreign currencies held at value ....................... -- -- -- --
Receivable for investment securities sold .............. -- 25,261 111,905 --
Receivable for fund shares sold ........................ 944,083 466,197 53,815 6,411,026
Receivable for dividends and interest .................. 94,252 32,534 35,636 1,803,995
Unrealized appreciation on forward contracts (Note 10) . -- -- -- --
Collateral for securities loaned (Note 7) .............. -- -- -- 14,654,234
Other assets ........................................... 3,160 6,820 25,897 --
------------ ------------ ------------- -------------
TOTAL ASSETS ........................................ 38,753,636 39,265,566 52,915,376 148,938,646
------------ ------------ ------------- -------------
LIABILITIES: Payable for investment securities purchased ............ 344,799 521,891 1,453,391 4,902,476
Payable for capital stock repurchased .................. -- -- -- --
Unrealized depreciation on forward contracts (Note 10) . -- -- -- --
Return of collateral for securities loaned (Note 7) .... -- -- -- 14,654,234
Bank overdraft ......................................... -- -- -- --
Accrued investment management fee (Note 3) ............. 22,915 21,686 27,034 25,816
Accrued and other liabilities .......................... 8,393 -- 33,435 17,460
------------ ------------ ------------- -------------
TOTAL LIABILITIES ................................... 376,107 543,577 1,513,860 19,599,986
------------ ------------ ------------- -------------
NET ASSETS: $ 38,377,529 $ 38,721,989 $ 51,401,516 $ 129,338,660
============ ============ ============= =============
COMPOSITION OF
NET ASSETS: Paid-in-capital ........................................ 43,472,386 36,750,304 44,221,645 135,834,423
Undistributed (overdistributed) net investment
income (loss) ........................................ 71,178 9,705 (52,538) 26,427
Net unrealized appreciation (depreciation) ............. (5,647,965) 1,594,900 6,606,964 (5,066,061)
Accumulated net realized gain (loss) ................... 481,930 367,080 625,445 (1,456,129)
------------ ------------ ------------- -------------
NET ASSETS .......................................... $ 38,377,529 $ 38,721,989 $ 51,401,516 $ 129,338,660
============ ============ ============= =============
SHARES OUTSTANDING .................................. 4,297,077 3,234,601 3,833,421 13,680,253
============ ============ ============= =============
NET ASSET VALUE PER SHARE ........................... $ 8.93 $ 11.97 $ 13.41 $ 9.45
============ ============ ============= =============
------------------------------------------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ............................... $43,359,958 $ 37,139,519 $ 46,080,986 $131,076,757
(2) Cost of foreign currency ........................... -- -- -- --
</TABLE>
See Notes to Financial Statements
MSF-80
<PAGE>
<TABLE>
<CAPTION>
MORGAN
STANLEY RUSSELL
EAFE 2000
INDEX INDEX
PORTFOLIO PORTFOLIO
----------- ------------
<S> <C>
ASSETS: Investments, at value (Note 1A) ........................ $83,252,108 $112,975,277
Cash ................................................... 52,674 27,720
Foreign currencies held at value ....................... 26,810 --
Receivable for investment securities sold .............. 121,306 85,148
Receivable for fund shares sold ........................ -- --
Receivable for dividends and interest .................. 48,205 113,790
Unrealized appreciation on forward contracts (Note 10) . -- --
Collateral for securities loaned (Note 7) .............. 748,255 14,231,802
Other assets ........................................... 33,900 170
----------- ------------
TOTAL ASSETS ........................................ 84,283,258 127,433,907
----------- ------------
LIABILITIES: Payable for investment securities purchased ............ 289,986 27,479
Payable for capital stock repurchased .................. 870,549 1,405,515
Unrealized depreciation on forward contracts (Note 10) . -- --
Return of collateral for securities loaned (Note 7) .... 748,255 14,231,802
Bank overdraft ......................................... -- --
Accrued investment management fee (Note 3) ............. 19,553 21,952
Accrued and other liabilities .......................... -- 18,527
----------- ------------
TOTAL LIABILITIES ................................... 1,928,343 15,705,275
----------- ------------
NET ASSETS: $82,354,915 $111,728,632
=========== ============
COMPOSITION OF
NET ASSETS: Paid-in-capital ........................................ 67,173,081 93,879,477
Undistributed (overdistributed) net investment
income (loss) ........................................ 260,231 46,205
Net unrealized appreciation (depreciation) ............. 15,322,390 17,701,435
Accumulated net realized gain (loss) ................... (400,787) 101,515
----------- ------------
NET ASSETS .......................................... $82,354,915 $111,728,632
=========== ============
SHARES OUTSTANDING .................................. 6,175,602 8,921,351
=========== ============
NET ASSET VALUE PER SHARE ........................... $ 13.34 $ 12.52
=========== ============
------------------------------------------------------------------------------------------------------------------
Notes:
(1) Investments, at cost ............................... $67,928,255 $ 95,273,842
(2) Cost of foreign currency ........................... 26,916 --
</TABLE>
MSF-81
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
STATE STREET
STATE STREET STATE STREET RESEARCH STATE STREET
RESEARCH RESEARCH MONEY RESEARCH
GROWTH INCOME MARKET DIVERSIFIED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT Interest (Note 1B) (1) ............................ $ 6,500,838 $ 33,004,186 $ 2,637,495 $ 84,635,415
INCOME: Dividends (Note 1B) ............................... 29,633,884 -- -- 13,585,885
------------- ------------- ------------- -------------
Total investment income, net of withholding
taxes (2) ........................................ 36,134,722 33,004,186 2,637,495 98,221,300
------------- ------------- ------------- -------------
EXPENSES: Investment management fee (Note 3A) ............... 15,804,021 1,635,946 127,180 11,893,804
Printing and distribution fees .................... 651,925 102,031 9,694 550,025
Custodian and transfer agent fees ................. 420,320 147,764 46,463 437,882
Audit and tax service fees ........................ 20,540 14,957 14,765 19,498
Directors fees .................................... 7,295 7,295 7,295 7,295
Insurance fees .................................... 5,035 5,035 5,035 5,035
Other operating expenses .......................... 856 788 848 859
------------- ------------- ------------- -------------
Total expenses before reimbursement ............... 16,909,992 1,913,816 211,280 12,914,398
Less: expense reimbursement ....................... -- -- -- --
expense reduction (Note 1H) ................. 379,476 -- -- 316,019
------------- ------------- ------------- -------------
Net expenses ...................................... 16,530,516 1,913,816 211,280 12,598,379
------------- ------------- ------------- -------------
NET INVESTMENT INCOME (LOSS) ................ 19,604,206 31,090,370 2,426,215 85,622,921
------------- ------------- ------------- -------------
NET REALIZED Investments ........................................ 353,541,999 (7,709,051) (32) 148,525,615
GAIN (LOSS) ON: Foreign currency transactions ...................... 128,180 (468,893) -- (659,228)
------------- ------------- ------------- -------------
NET REALIZED GAIN (LOSS) .................... 353,670,179 (8,177,944) (32) 147,866,387
------------- ------------- ------------- -------------
NET UNREALIZED Beginning of period investments and foreign currency
APPRECIATION holdings (Notes 8,10) ........................... 756,429,561 10,923,390 -- 357,500,084
(DEPRECIATION): End of period investments and foreign currency
holdings (Notes 8,10) ............................ 953,566,782 (23,846,753) -- 356,517,522
------------- ------------- ------------- -------------
NET UNREALIZED APPRECIATION
(DEPRECIATION) ............................. 197,137,221 (34,770,143) -- (982,562)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS ............ $ 570,411,606 $ (11,857,717) $ 2,426,183 $ 232,506,746
============= ============= ============= =============
---------------------------------------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned .................... $ 152,978 $ 75,164 $ -- $ 272,971
(2) Withholding taxes .............................. 768,055 -- -- 349,068
</TABLE>
See Notes to Financial Statements
MSF-82
<PAGE>
<TABLE>
<CAPTION>
STATE STREET
RESEARCH METLIFE SANTANDER
AGGRESSIVE STOCK INTERNATIONAL
GROWTH INDEX STOCK
PORTFOLIO PORTFOLIO PORTFOLIO
------------ --------------- -----------
<S> <C> <C> <C>
INVESTMENT Interest (Note 1B) (1) ............................ $ 2,817,310 $ 471,388 $ 290,195
INCOME: Dividends (Note 1B) ............................... 2,718,581 46,734,743 5,471,608
------------ -------------- -----------
Total investment income, net of withholding
taxes (2) ........................................ 5,535,891 47,206,131 5,761,803
------------ -------------- -----------
Investment management fee (Note 3A) ............... 9,495,639 9,091,545 2,250,241
EXPENSES: Printing and distribution fees .................... 259,299 701,589 60,808
Custodian and transfer agent fees ................. 214,849 627,181 580,271
Audit and tax service fees ........................ 16,060 21,316 15,312
Directors fees .................................... 7,295 7,295 7,295
Insurance fees .................................... 5,035 5,035 5,035
Other operating expenses .......................... 808 9,407 825
------------ -------------- -----------
Total expenses before reimbursement ............... 9,998,985 10,463,368 2,919,787
Less: expense reimbursement ....................... -- -- --
expense reduction (Note 1H) ................. 192,285 -- --
------------ -------------- -----------
Net expenses ...................................... 9,806,700 10,463,368 2,919,787
------------ -------------- -----------
NET INVESTMENT INCOME (LOSS) ................ (4,270,809) 36,742,763 2,842,016
------------ -------------- -----------
NET REALIZED Investments ....................................... 234,458,162 147,958,332 37,778,002
GAIN (LOSS) ON: Foreign currency transactions ..................... (18,737) 950 (9,279,393)
------------ -------------- -----------
NET REALIZED GAIN (LOSS) ................... 234,439,425 147,959,282 28,498,609
------------ -------------- -----------
NET UNREALIZED Beginning of period investments and foreign currency
APPRECIATION holdings (Notes 8,10) .......................... 303,801,880 1,142,925,615 26,443,264
(DEPRECIATION): End of period investments and foreign currency
holdings (Notes 8,10) ........................... 480,524,266 1,655,075,243 42,637,273
------------ -------------- -----------
NET UNREALIZED APPRECIATION
(DEPRECIATION) ............................ 176,722,386 512,149,628 16,194,009
------------ -------------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS ........... $406,891,002 $ 696,851,673 $47,534,634
============ ============== ===========
----------------------------------------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned ................... $ 381,142 $ 123,063 $ 113,184
(2) Withholding taxes ............................. -- 458,087 730,032
<CAPTION>
LOOMIS
SAYLES T. ROWE PRICE
HIGH YIELD JANUS SMALL CAP
BOND MID CAP GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ -------------
<S> <C> <C> <C>
INVESTMENT Interest (Note 1B) (1) ............................ $ 5,181,616 $ 2,066,919 $ 395,418
INCOME: Dividends (Note 1B) ............................... 176,803 543,951 293,720
----------- ------------ -------------
Total investment income, net of withholding
taxes (2) ........................................ 5,358,419 2,610,870 689,138
----------- ------------ -------------
EXPENSES: Investment management fee (Note 3A) ............... 359,652 5,844,052 1,040,413
Printing and distribution fees .................... 9,964 149,558 38,468
Custodian and transfer agent fees ................. 86,781 182,524 120,277
Audit and tax service fees ........................ 13,940 15,473 14,105
Directors fees .................................... 7,295 7,295 7,295
Insurance fees .................................... 5,035 5,035 5,035
Other operating expenses .......................... 734 736 733
----------- ------------ -------------
Total expenses before reimbursement ............... 483,401 6,204,673 1,226,326
Less: expense reimbursement ....................... 6,722 -- --
expense reduction (Note 1H) ................. -- -- 1,689
----------- ------------ -------------
Net expenses ...................................... 476,679 6,204,673 1,224,637
----------- ------------ -------------
NET INVESTMENT INCOME (LOSS) ................ 4,881,740 (3,593,803) (535,499)
----------- ------------ -------------
NET REALIZED Investments ....................................... (2,521,681) 247,357,755 15,088,389
GAIN (LOSS) ON: Foreign currency transactions ..................... 18,965 (180,042) 66,375
----------- ------------ -------------
NET REALIZED GAIN (LOSS) .................... (2,502,716) 247,177,713 15,154,764
----------- ------------ -------------
NET UNREALIZED Beginning of period investments and foreign currency
APPRECIATION holdings (Notes 8,10) .......................... (9,111,204) 82,690,135 27,478,297
(DEPRECIATION): End of period investments and foreign currency
holdings (Notes 8,10) ........................... (3,230,042) 731,662,907 71,426,443
----------- ------------ -------------
NET UNREALIZED APPRECIATION
(DEPRECIATION) ............................ 5,881,162 648,972,772 43,948,146
----------- ------------ -------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS ........... $ 8,260,186 $892,556,682 $58,567,411
=========== ============ =============
-------------------------------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned ................... $ 7,061 $ 501,639 $ 65,389
(2) Withholding taxes ............................. 3,029 3,879 --
<CAPTION>
SCUDDER
GLOBAL
EQUITY
PORTFOLIO
------------
<S> <C>
INVESTMENT Interest (Note 1B) (1) ............................ $ 608,882
INCOME: Dividends (Note 1B) ............................... 2,173,026
------------
Total investment income, net of withholding
taxes (2) ........................................ 2,781,908
------------
Investment management fee (Note 3A) ............... 884,558
EXPENSES: Printing and distribution fees .................... 25,612
Custodian and transfer agent fees ................. 211,397
Audit and tax service fees ........................ 14,609
Directors fees .................................... 7,295
Insurance fees .................................... 5,035
Other operating expenses .......................... 734
------------
Total expenses before reimbursement ............... 1,149,240
Less: expense reimbursement ....................... --
expense reduction (Note 1H) ................. --
------------
Net expenses ...................................... 1,149,240
------------
NET INVESTMENT INCOME (LOSS) ................ 1,632,668
------------
NET REALIZED Investments ........................................ 5,209,026
GAIN (LOSS) ON: Foreign currency transactions ...................... (1,395,247)
------------
NET REALIZED GAIN (LOSS) .................... 3,813,779
------------
NET UNREALIZED Beginning of period investments and foreign currency
APPRECIATION holdings (Notes 8,10) ........................... 10,888,557
(DEPRECIATION): End of period investments and foreign currency
holdings (Notes 8,10) ............................ 38,073,991
------------
NET UNREALIZED APPRECIATION
(DEPRECIATION) .............................. 27,185,434
------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS ............ $32,631,881
============
---------------------------------------------------------------------
Notes:
(1) Income on securities loaned .................... $ 39,522
(2) Withholding taxes .............................. 148,683
</TABLE>
See Notes to Financial Statements
MSF-83
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
NEUBERGER LEHMAN
HARRIS BERMAN BROTHER
OAKMARK PARTNERS T. ROWE AGGREGATE
LARGE CAP MID CAP PRICE LARGE BOND
VALUE VALUE CAP GROWTH INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT Interest (Note 1B) (1) ............................ $ 129,706 $ 61,977 $ 72,603 $ 6,208,557
INCOME: Dividends (Note 1B) ............................... 522,879 319,044 214,864 --
----------- ----------- ----------- -----------
Total investment income, net of
withholding taxes (2) ............................ 652,585 381,021 287,467 6,208,557
----------- ----------- ----------- -----------
EXPENSES: Investment management fee (Note 3A) ............... 192,890 169,231 181,312 239,612
Printing and distribution fees .................... 4,660 4,359 4,680 18,300
Custodian and transfer agent fees ................. 63,278 75,682 122,822 92,076
Audit and tax service fees ........................ 21,305 21,301 21,306 21,447
Directors fees .................................... 7,295 7,295 7,295 7,295
Insurance fees .................................... 5,035 5,035 5,035 5,035
Other operating expenses .......................... 599 1,135 654 598
----------- ----------- ----------- -----------
Total expenses before reimbursement ............... 295,062 284,038 343,104 384,363
Less: expense reimbursement ....................... 50,729 65,913 109,927 --
expense reduction (Note 1H) .............. 10,888 44,833 5,780 --
----------- ----------- ----------- -----------
Net expenses ...................................... 233,445 173,292 227,397 384,363
----------- ----------- ----------- -----------
NET INVESTMENT INCOME (LOSS) ............. 419,140 207,729 60,070 5,824,194
----------- ----------- ----------- -----------
NET REALIZED Investments ....................................... 537,741 1,677,956 728,394 (1,477,839)
GAIN (LOSS) ON: Foreign currency transactions ..................... -- -- (16,630) --
----------- ----------- ----------- -----------
NET REALIZED GAIN (LOSS) ................. 537,741 1,677,956 711,764 (1,477,839)
----------- ----------- ----------- -----------
NET UNREALIZED Beginning of period investments and
APPRECIATION foreign currency holdings (Notes 8, 10) ......... (127,600) 268,351 406,259 233,207
(DEPRECIATION): End of period investments and foreign
currency holdings (Notes 8, 10) ................. (5,647,965) 1,594,900 6,606,964 (5,066,061)
----------- ----------- ----------- -----------
NET UNREALIZED APPRECIATION
(DEPRECIATION) .......................... (5,520,365) 1,326,549 6,200,705 (5,299,268)
----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............. $(4,563,484) $ 3,212,234 $ 6,972,539 $ (952,913)
=========== =========== =========== ===========
------------------------------------------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned ................... $ -- $ -- $ -- $ 12,625
(2) Withholding taxes ............................. -- 495 4,432 --
</TABLE>
See Notes to Financial Statements
MSF-84
<PAGE>
<TABLE>
<CAPTION>
MORGAN
STANLEY RUSSELL
EAFE 2000
INDEX INDEX
PORTFOLIO PORTFOLIO
----------- -----------
<S> <C> <C> <C>
INVESTMENT Interest (Note 1B) (1) ............................ $ 61,844 $ 67,656
INCOME: Dividends (Note 1B) ............................... 812,428 967,535
----------- -----------
Total investment income, net of
withholding taxes (2) ............................ 874,272 1,035,191
----------- -----------
EXPENSES: Investment management fee (Note 3A) ............... 148,862 172,630
Printing and distribution fees .................... 9,361 12,855
Custodian and transfer agent fees ................. 689,498 402,409
Audit and tax service fees ........................ 21,353 21,393
Directors fees .................................... 7,295 7,295
Insurance fees .................................... 5,035 5,035
Other operating expenses .......................... 1,304 956
----------- -----------
Total expenses before reimbursement ............... 882,708 622,573
Less: expense reimbursement ....................... 633,699 310,791
expense reduction (Note 1H) .............. -- --
----------- -----------
Net expenses ...................................... 249,009 311,782
----------- -----------
NET INVESTMENT INCOME (LOSS) ............. 625,263 723,409
----------- -----------
NET REALIZED Investments ....................................... 383,212 --
GAIN (LOSS) ON: Foreign currency transactions ..................... (168,441) 2,646,293
----------- -----------
NET REALIZED GAIN (LOSS) ................. 214,771 2,646,293
----------- -----------
NET UNREALIZED Beginning of period investments and
APPRECIATION foreign currency holdings (Notes 8, 10) ......... 1,821,024 1,879,709
(DEPRECIATION): End of period investments and foreign
currency holdings (Notes 8, 10) ................. 15,322,390 17,701,435
----------- -----------
NET UNREALIZED APPRECIATION
(DEPRECIATION) .......................... 13,501,366 15,821,726
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............... $14,341,400 $19,191,428
=========== ===========
-----------------------------------------------------------------------------------------------------
Notes:
(1) Income on securities loaned ................... $ 3,312 $ 21,199
(2) Withholding taxes ............................. 102,461 306
</TABLE>
See Notes to Financial Statements
MSF-85
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
STATE STREET STATE STREET
RESEARCH GROWTH RESEARCH INCOME
PORTFOLIO PORTFOLIO
------------------------------------ --------------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31
INCREASE (DECREASE) IN NET ASSETS FROM: 1999 1998 1999 1998
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss).................. $ 19,604,206 $ 27,761,991 $ 31,090,370 $ 28,438,208
Net realized gain (loss) from investment
and foreign currency transactions............ 353,670,179 239,776,427 (8,177,944) 9,707,383
Unrealized appreciation (depreciation) of
investments and foreign currency holdings.... 197,137,221 400,556,939 (34,770,143) 3,228,435
-------------- -------------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................... 570,411,606 668,095,357 (11,857,717) 41,374,026
-------------- -------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income......................... (20,342,834) (27,738,839) (29,916,260) (30,426,440)
Net realized gain from investment
transactions................................ (363,843,241) (258,432,068) (897,435) (9,521,620)
-------------- -------------- ------------ ------------
TOTAL DISTRIBUTIONS (NOTE 4) ................. (384,186,075) (286,170,907) (30,813,695) (39,948,060)
-------------- -------------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares.............. 110,915,954 183,944,051 29,695,275 99,254,831
Net asset value of shares issued to
shareholders in reinvestment of
distributions................................ 384,186,075 286,170,907 30,813,695 39,948,060
Shares redeemed............................... (170,093,025) (89,019,880) (66,812,232) (25,965,115)
-------------- -------------- ------------ ------------
NET CAPITAL STOCK TRANSACTIONS (NOTE 9) ...... 325,009,004 381,095,078 (6,303,262) 113,237,776
-------------- -------------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS......... 511,234,535 763,019,528 (48,974,674) 114,663,742
NET ASSETS: BEGINNING OF PERIOD............... 3,112,081,111 2,349,061,583 526,854,373 412,190,631
-------------- -------------- ------------ ------------
NET ASSETS: END OF PERIOD .................... $3,623,315,646 $3,112,081,111 $477,879,699 $526,854,373
============== ============== ============ ============
<CAPTION>
STATE STREET
RESEARCH MONEY MARKET
PORTFOLIO
---------------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS FROM: 1999 1998
------------- -------------
<S> <C> <C>
OPERATIONS
Net investment income (loss)................. $ 2,426,215 $ 2,153,494
Net realized gain (loss) from investment
and foreign currency transactions........... (32) (76)
Unrealized appreciation (depreciation) of
investments and foreign currency holdings... -- --
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .................. 2,426,183 2,153,418
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income........................ (2,407,611) (2,137,755)
Net realized gain from investment
transactions............................... -- --
------------- -------------
TOTAL DISTRIBUTIONS (NOTE 4) ................ (2,407,611) (2,137,755)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares............. 47,610,914 40,779,247
Net asset value of shares issued to
shareholders in reinvestment of
distributions............................... 2,407,611 2,137,755
Shares redeemed.............................. (39,676,841) (41,227,769)
------------- -------------
NET CAPITAL STOCK TRANSACTIONS (NOTE 9) ..... 10,341,684 1,689,233
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS........ 10,360,256 1,704,896
NET ASSETS: BEGINNING OF PERIOD.............. 41,184,735 39,479,839
------------- -------------
NET ASSETS: END OF PERIOD ................... $ 51,544,991 $ 41,184,735
============= =============
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements.
MSF-86
<PAGE>
<TABLE>
<CAPTION>
STATE STREET RESEARCH STATE STREET RESEARCH
DIVERSIFIED AGGRESSIVE GROWTH
PORTFOLIO PORTFOLIO
------------------------------- ---------------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS FROM: 1999 1998 1999 1998
--------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss).................. $ 85,622,921 $ 78,129,039 $ (4,270,809) $ (2,655,843)
Net realized gain (loss) from investment
and foreign currency transactions............ 147,866,387 155,325,065 234,439,425 74,327,301
Unrealized appreciation (depreciation) of
investments and foreign currency holdings.... (982,562) 178,233,566 176,722,386 106,901,703
-------------- -------------- -------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................... 232,506,746 411,687,670 406,891,002 178,573,161
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income......................... (87,136,361) (75,191,870) -- --
Net realized gain from investment
transactions................................ (156,402,215) (172,104,275) (34,223,267) (82,562,223)
-------------- -------------- -------------- --------------
TOTAL DISTRIBUTIONS (NOTE 4) ................. (243,538,576) (247,296,145) (34,223,267) (82,562,223)
-------------- -------------- -------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares.............. 123,394,803 293,938,943 160,278,116 116,275,245
Net asset value of shares issued to
shareholders in reinvestment of
distributions................................ 243,538,576 247,296,145 34,223,267 82,562,223
Shares redeemed............................... (138,476,970) (30,871,261) (397,665,004) (255,467,432)
-------------- -------------- -------------- --------------
NET CAPITAL STOCK TRANSACTIONS (NOTE 9) ...... 228,456,409 510,363,827 (203,163,621) (56,629,964)
-------------- -------------- -------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS......... 217,424,579 674,755,352 169,504,114 39,380,974
NET ASSETS: BEGINNING OF PERIOD............... 2,656,987,066 1,982,231,714 1,431,336,586 1,391,955,612
-------------- -------------- -------------- --------------
NET ASSETS: END OF PERIOD .................... $2,874,411,645 $2,656,987,066 $1,600,840,700 $1,431,336,586
============== ============== ============== ==============
<CAPTION>
METLIFE SANTANDER
STOCK INDEX INTERNATIONAL STOCK
PORTFOLIO PORTFOLIO
----------------------------- ----------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS FROM: 1999 1998 1999 1998
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss).................. $ 36,742,763 $ 30,787,944 $ 2,842,016 $ 2,489,872
Net realized gain (loss) from investment
and foreign currency transactions............ 147,959,282 139,102,116 28,498,609 24,540,552
Unrealized appreciation (depreciation) of
investments and foreign currency holdings.... 512,149,628 462,459,475 16,194,009 30,689,967
-------------- -------------- ------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................... 696,851,673 632,349,535 47,534,634 57,720,391
-------------- -------------- ------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income......................... (36,445,007) (30,643,302) (2,609,425) (3,280,730)
Net realized gain from investment
transactions................................ (165,295,909) (97,483,702) (47,327,635) (82,089)
-------------- -------------- ------------ -------------
TOTAL DISTRIBUTIONS (NOTE 4) ................. (201,740,916) (128,127,004) (49,937,060) (3,362,819)
-------------- -------------- ------------ -------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares.............. 599,349,717 578,786,140 238,693,156 179,209,872
Net asset value of shares issued to
shareholders in reinvestment of
distributions................................ 201,740,916 128,127,004 49,937,060 3,362,819
Shares redeemed............................... (202,918,687) (119,696,727) 265,777,831) (206,638,160)
-------------- -------------- ------------ -------------
NET CAPITAL STOCK TRANSACTIONS (NOTE 9) ...... 598,171,946 587,216,417 22,852,385 (24,065,469)
-------------- -------------- ------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS......... 1,093,282,703 1,091,438,948 20,449,959 30,292,103
NET ASSETS: BEGINNING OF PERIOD............... 3,111,918,984 2,020,480,036 297,380,912 267,088,809
-------------- -------------- ------------ -------------
NET ASSETS: END OF PERIOD .................... $4,205,201,687 $3,111,918,984 $317,830,871 $ 297,380,912
============== ============== ============ =============
</TABLE>
- ------------------------------------------------------------------------------
MSF-87
<PAGE>
METROPOLITAN SERIES FUND, INC.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LOOMIS SAYLES JANUS T. ROWE PRICE
HIGH YIELD BOND MID CAP SMALL CAP GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------- --------------------------- ---------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
Increase (Decrease) in Net Assets From: 1999 1998 1999 1998 1999 1998
------------ ------------ -------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).................. $ 4,881,740 $ 3,937,744 $ (3,593,803) $ (497,540) $ (535,499) $ (32,020)
Net realized gain (loss) from investment and
foreign currency transactions................ (2,502,716) 142,105 247,177,713 12,255,248 15,154,764 (16,406,136)
Unrealized appreciation (depreciation) of
investments and foreign currency holdings.... 5,881,162 (8,033,164) 648,972,772 71,842,949 43,948,146 22,428,525
----------- ----------- -------------- ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations ................... 8,260,186 (3,953,315) 892,556,682 83,600,657 58,567,411 5,990,369
----------- ----------- -------------- ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income......................... (4,840,813) (3,978,631) -- -- -- --
Net realized gain from investment
transactions................................. (8,037) (395,661) (94,164,203) (1,768,641) -- --
----------- ----------- -------------- ------------ ------------ ------------
TOTAL DISTRIBUTIONS (NOTE 4) ................. (4,848,850) (4,374,292) (94,164,203) (1,768,641) -- --
----------- ----------- -------------- ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares.............. 15,918,866 23,282,322 843,906,889 215,371,688 106,449,937 168,963,708
Net asset value of shares issued to
shareholders in reinvestment of
distributions................................ 4,848,850 4,374,292 94,164,203 1,768,641 -- --
Shares redeemed............................... (4,880,674) (4,729,682) (176,170,428) (31,320,075) (84,631,672) (79,842,117)
----------- ----------- -------------- ------------ ------------ ------------
NET CAPITAL STOCK TRANSACTIONS (NOTE 9) ...... 15,887,042 22,926,932 761,900,664 185,820,254 21,818,265 89,121,591
----------- ----------- -------------- ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS......... 19,298,378 14,599,325 1,560,293,143 267,652,270 80,385,676 95,111,960
NET ASSETS: Beginning of period............... 42,402,991 27,803,666 371,503,911 103,851,641 189,131,966 94,020,006
----------- ----------- -------------- ------------ ------------ ------------
NET ASSETS: END OF PERIOD .................... $61,701,369 $42,402,991 $1,931,797,054 $371,503,911 $269,517,642 $189,131,966
=========== =========== ============== ============ ============ ============
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Note to Financial Statements.
MSF-88
<PAGE>
Increase (Decrease) in Net Assets From:
<TABLE>
<CAPTION>
HARRIS
OAKMARK
SCUDDER LARGE CAP
GLOBAL EQUITY VALUE
PORTFOLIO PORTFOLIO
--------------------------------- ----------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
---------------- ----------------- -------------- -----------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).................. $ 1,632,668 $ 1,455,456 $ 419,140 $ 22,813
Net realized gain (loss) from investment and
foreign currency transactions................ 3,813,779 1,391,861 537,741 --
Unrealized appreciation (depreciation) of
investments and foreign currency holdings.... 27,185,434 8,945,738 (5,520,365) (127,600)
------------ ------------ ----------- ----------
Net increase (decrease) in net assets
resulting from operations ................... 32,631,881 11,793,055 (4,563,484) (104,787)
------------ ------------ ----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income......................... (790,942) (1,464,777) (347,438) (23,336)
Net realized gain from investment
transactions................................. (5,024,803) (287,752) (55,811) --
------------ ------------ ----------- ----------
TOTAL DISTRIBUTIONS (NOTE 4) ................. (5,815,745) (1,752,529) (403,249) (23,336)
------------ ------------ ----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares.............. 53,572,766 84,867,042 35,662,800 8,765,238
Net asset value of shares issued to
shareholders in reinvestment
of distributions .......................... 5,815,745 1,752,529 403,249 23,336
Shares redeemed............................... (28,205,223) (43,657,242) (1,379,826) (2,412)
------------ ------------ ----------- ----------
NET CAPITAL STOCK TRANSACTIONS (NOTE 9) ...... 31,183,288 42,962,329 34,686,223 8,786,162
------------ ------------ ----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS......... 57,999,424 53,002,855 29,719,490 8,658,039
NET ASSETS: Beginning of period............... 113,714,997 60,712,142 8,658,039 --
------------ ------------ ----------- ----------
NET ASSETS: END OF PERIOD .................... $171,714,421 $113,714,997 $38,377,529 $8,658,039
============ ============ =========== ==========
<CAPTION>
NEUBERGER BERMAN
PARTNERS
MID CAP T. ROWE PRICE
VALUE LARGE CAP GROWTH
PORTFOLIO PORTFOLIO
---------------------------------------------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
------------ ------------- -------------- --------------
<C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).................. $ 207,729 $ 24,471 $ 60,070 $ 5,365
Net realized gain (loss) from investment and
foreign currency transactions................ 1,677,956 193,292 711,764 1,788
Unrealized appreciation (depreciation) of
investments and foreign currency holdings.... 1,326,549 268,351 6,200,705 406,261
----------- ---------- ----------- ----------
Net increase (decrease) in net assets
resulting from operations ................... 3,212,234 486,114 6,972,539 413,414
----------- ---------- ----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income......................... (211,948) (10,547) (114,084) (3,889)
Net realized gain from investment
transactions................................. (1,504,168) -- (88,107) --
----------- ---------- ----------- ----------
TOTAL DISTRIBUTIONS (NOTE 4) ................. (1,716,116) (10,547) (202,191) (3,889)
----------- ---------- ----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares.............. 34,370,959 8,308,317 38,762,034 6,333,551
Net asset value of shares issued to
shareholders in reinvestment of
distributions................................ 1,716,116 10,547 202,191 3,889
Shares redeemed............................... (7,508,299) (147,336) (1,072,755) (7,264)
----------- ---------- ----------- ----------
NET CAPITAL STOCK TRANSACTIONS (NOTE 9) ...... 28,578,776 8,171,528 37,891,470 6,330,176
----------- ---------- ----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS......... 30,074,894 8,647,095 44,661,818 6,739,701
NET ASSETS: Beginning of period............... 8,647,095 -- 6,739,698 --
----------- ---------- ----------- ----------
NET ASSETS: END OF PERIOD .................... $38,721,989 $8,647,095 $51,401,516 $6,739,701
=========== ========== =========== ==========
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
MSF-89
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LEHMAN
BROTHERS MORGAN
AGGREGATE STANLEY
BOND EAFE
INDEX INDEX
PORTFOLIO PORTFOLIO
------------------------- -------------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS FROM: 1999 1998 1999 1998
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)......................... $ 5,824,194 $ 410,699 $ 625,263 $ 23,052
Net realized gain (loss) from investment and foreign
currency transactions............................... (1,477,839) 45,520 214,771 (123,680)
Unrealized appreciation (depreciation) of investments
and foreign currency holdings....................... (5,299,268) 233,207 13,501,366 1,821,024
------------ ----------- ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.......................................... (952,913) 689,426 14,341,400 1,720,396
------------ ----------- ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income................................ (5,774,526) (433,940) (363,112) (24,971)
Net realized gain from investment transactions....... (23,810) -- (491,878) --
------------ ----------- ------------ -----------
TOTAL DISTRIBUTIONS (NOTE 4) ........................ (5,798,336) (433,940) (854,990) (24,971)
------------ ----------- ------------ -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares..................... 73,753,353 59,875,311 57,813,098 23,921,856
Net asset value of shares issued to shareholders in
reinvestment of distributions....................... 5,798,336 433,940 854,990 24,971
Shares redeemed...................................... (2,271,305) (1,755,212) (15,253,034) (188,801)
------------ ----------- ------------ -----------
NET CAPITAL STOCK TRANSACTIONS (NOTE 9) ............. 77,280,384 58,554,039 43,415,054 23,758,026
------------ ----------- ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS................ 70,529,135 58,809,525 56,901,464 25,453,451
NET ASSETS: BEGINNING OF PERIOD...................... 58,809,525 -- 25,453,451 --
------------ ----------- ------------ -----------
NET ASSETS: END OF PERIOD ........................... $129,338,660 $58,809,525 $ 82,354,915 $25,453,451
============ =========== ============ ===========
<CAPTION>
RUSSELL
2000
INDEX
PORTFOLIO
-----------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
1999 1998
------------- --------------
<S> <C>
OPERATIONS:
Net investment income (loss)......................... $ 723,409 $ 69,978
Net realized gain (loss) from investment and foreign
currency transactions............................... 2,646,293 30,667
Unrealized appreciation (depreciation) of investments
and foreign currency holdings....................... 15,821,726 1,879,709
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.......................................... 19,191,428 1,980,354
------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income................................ (687,519) (59,663)
Net realized gain from investment transactions....... (2,575,445) --
------------ -----------
TOTAL DISTRIBUTIONS (NOTE 4) ........................ (3,262,964) (59,663)
------------ -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares..................... 56,514,161 36,167,171
Net asset value of shares issued to shareholders in 3,262,964 59,663
reinvestment of distributions.......................
Shares redeemed...................................... (2,123,722) (760)
------------ -----------
NET CAPITAL STOCK TRANSACTIONS (NOTE 9) ............. 57,653,403 36,226,074
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS................ 73,581,867 38,146,765
NET ASSETS: BEGINNING OF PERIOD...................... 38,146,765 --
------------ -----------
NET ASSETS: END OF PERIOD ........................... $111,728,632 $38,146,765
============ ===========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
MSF-90
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
State Street Research Growth Portfolio
----------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------------
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period .............. $ 37.10 $ 31.92 $ 30.51 $ 27.56 $ 21.81
- ---------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ........................... 0.23 0.36 0.44 0.36 0.35
Net realized and unrealized gain (loss) ......... 6.38 8.52 7.72 5.78 6.83
------------ ------------ ------------ ------------ ------------
Total From Investment Operations .............. 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 .................... $ 39.14 $ 37.10 $ 31.92 $ 30.51 $ 27.56
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return .................................... 18.47% 28.18% 28.36% 22.18% 33.14%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ............. $ 3,623,316 $ 3,112,081 $ 2,349,062 $ 1,597,728 $ 1,094,751
Operating expenses to average net assets ........ 0.49% 0.53% 0.43% 0.29% 0.31%
Net investment income to average net assets ..... 0.59% 1.04% 1.37% 1.29% 1.46%
Portfolio Turnover (1) ......................... 83.16% 74.29% 82.81% 93.05% 45.52%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to $2,700,443,738
and $2,676,686,614, respectively.
See Notes to Financial Statements.
MSF-91
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
State Street Research Income Portfolio
-----------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------------
1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ................... $ 12.78 $ 12.66 $ 12.36 $ 12.73 $ 11.32
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ................................ 0.81 0.75 0.83 0.82 0.83
Net realized and unrealized gain (loss) .............. (1.10) 0.42 0.38 (0.36) 1.38
----------- ----------- ----------- ----------- -----------
Total From Investment Operations ................... (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 ......................... $ 11.68 $ 12.78 $ 12.66 $ 12.36 $ 12.73
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return ......................................... (2.28)% 9.40% 9.83% 3.60% 19.55%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) .................. $ 477,880 $ 526,854 $ 412,191 $ 383,395 $ 349,913
Operating expenses to average net assets ............. 0.38% 0.39% 0.38% 0.32% 0.34%
Net investment income to average net assets .......... 6.15% 6.13% 6.57% 6.64% 7.01%
Portfolio Turnover (1) .............................. 183.16% 123.60% 121.92% 92.90% 102.88%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to $886,515,836
and $899,620,990, respectively.
See Notes to Financial Statements.
MSF-92
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
State Street Research Money Market Portfolio
------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------------------------------------------
1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ........................ $ 10.35 $ 10.38 $ 10.44 $ 10.45 $ 10.48
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ..................................... 0.51 0.54 0.54 0.53 0.59
---------- ---------- ---------- ---------- ----------
Total From Investment Operations ........................ 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 .............................. $ 10.34 $ 10.35 $ 10.38 $ 10.44 $ 10.45
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return .............................................. 4.89% 5.19% 5.21% 5.01% 5.59%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ....................... $ 51,545 $ 41,185 $ 39,480 $ 41,637 $ 40,456
Operating expenses to average net assets .................. 0.42% 0.48% 0.49% 0.43% 0.49%
Net investment income to average net assets ............... 4.81% 5.11% 5.08% 4.92% 5.39%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
See Notes to Financial Statements.
MSF-93
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
State Street Research Diversified Portfolio
-------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------------
1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period .................. $ 18.39 $ 16.98 $ 16.67 $ 15.95 $ 13.40
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ............................... 0.59 0.60 0.60 0.55 0.59
Net realized and unrealized gain (loss) ............. 0.96 2.70 2.71 1.77 3.02
----------- ------------ ----------- ------------ -----------
Total From Investment Operations .................. 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 ........................ $ 18.27 $ 18.39 $ 16.98 $ 16.67 $ 15.95
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return ........................................ 8.71% 19.64% 20.58% 14.52% 27.03%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ................. $ 2,874,412 $ 2,656,987 $ 1,982,232 $ 1,448,841 $ 1,114,834
Operating expenses to average net assets ............ 0.45% 0.48% 0.40% 0.29% 0.31%
Net investment income to average net assets ......... 3.08% 3.39% 3.50% 3.38% 3.92%
Portfolio Turnover (1) ............................. 123.77% 105.89% 114.79% 91.07% 79.29%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to $3,417,074,990
and $3,289,086,228, respectively.
See Notes to Financial Statements.
MSF-94
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
State Street Research Aggressive Growth Portfolio
----------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ............. $ 29.53 $ 27.61 $ 27.11 $ 25.87 $ 22.05
- --------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income (loss) ................... (0.12) (0.06) (0.03) (0.02) (0.01)
Net realized and unrealized gain (loss) ........ 9.86 3.75 1.67 2.01 6.50
------------ ------------ ------------ ------------ ------------
Total From Investment Operations ............. 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 ................... $ 38.45 $ 29.53 $ 27.61 $ 27.11 $ 25.87
- --------------------------------------------------------------------------------------------------------------------------------
Total Return ................................... 33.24% 13.69% 6.67% 7.72% 29.50%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ............ $ 1,600,841 $ 1,431,337 $ 1,391,956 $ 1,321,849 $ 958,915
Operating expenses to average net assets ....... 0.72% 0.75% 0.81% 0.79% 0.81%
Net investment income (loss) to average
net assets .................................... (0.31)% (0.20)% (0.10)% (0.11)% (0.06)%
Portfolio Turnover (1) ......................... 86.17% 97.39% 219.08% 221.23% 255.83%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to $1,131,998,384
and $1,485,574,884, respectively.
See Notes to Financial Statements.
MSF-95
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Metlife Stock Index Portfolio
-------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------------------
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ........... $ 35.38 $ 28.78 $ 22.23 $ 18.56 $ 13.87
- ---------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ........................ 0.37 0.37 0.34 0.33 0.32
Net realized and unrealized gain (loss) ...... 6.89 7.75 6.79 3.88 4.79
------------ ------------- ------------ ------------- -------------
Total From Investment Operations ........... 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 ................. $ 40.59 $ 35.38 $ 28.78 $ 22.23 $ 18.56
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return ................................. 20.79% 28.23% 32.19% 22.66% 36.87%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) .......... $ 4,205,202 $ 3,111,919 $ 2,020,480 $ 1,122,297 $ 635,823
Operating expenses to average net assets ..... 0.29% 0.30% 0.33% 0.30% 0.32%
Net investment income to average net assets .. 1.01% 1.21% 1.47% 1.91% 2.22%
Portfolio Turnover (1) ...................... 8.77% 15.07% 10.69% 11.48% 6.35%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to $776,401,767
and $317,391,821, respectively.
See Notes to Financial Statements.
MSF-96
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Santander International Stock Portfolio
-----------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------------
1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ................... $ 14.14 $ 11.67 $ 11.95 $ 12.29 $ 12.30
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ................................ 0.13 0.13 0.10 0.07 0.03
Net realized and unrealized gain (loss) .............. 2.05 2.50 (0.38) (0.28) 0.07
----------- ----------- ----------- ----------- -----------
Total From Investment Operations ................... 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 ......................... $ 13.87 $ 14.14 $ 11.67 $ 11.95 $ 12.29
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return ......................................... 16.44% 22.56% (2.34)% (1.77)% 0.84%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) .................. $ 317,831 $ 297,381 $ 267,089 $ 303,826 $ 297,461
Operating expenses to average net assets ............. 0.97% 1.02% 1.03% 0.97% 1.01%
Net investment income to average net assets .......... 0.95% 0.87% 0.77% 0.56% 0.21%
Portfolio Turnover (1) .............................. 86.77% 156.32% 182.11% 116.67% 86.24%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to $255,774,543
and $281,516,698, respectively.
See Notes to Financial Statements.
MSF-97
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Loomis Sayles Janus
High Yield Bond Portfolio Mid Cap Portfolio
-------------------------------- -------------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
-------------------------------- -------------------------------------
1999 1998 1997(2) 1999 1998 1997(2)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ........ $ 8.39 $ 10.14 $ 10.00 $ 17.44 $ 12.77 $ 10.00
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income (loss) .............. 0.80 0.88 0.35 (0.05) (0.02) 0.01
Net realized and unrealized gain (loss) ... 0.69 (1.65) 0.26 21.14 4.77 2.81
------- ------- ------- ---------- -------- --------
Total From Investment Operations ........ 1.49 (0.77) 0.61 21.09 4.75 2.82
------- ------- ------- ---------- -------- --------
Less Distributions:
Dividends from net investment income ...... (0.79) (0.89) (0.35) -- -- (0.01)
Distributions from net realized
capital gains ............................ --(3) (0.09) (0.12) (1.99) (0.08) (0.04)
------- ------- ------- ---------- -------- --------
Total Distributions ..................... (0.79) (0.98) (0.47) (1.99) (0.08) (0.05)
------- ------- ------- ---------- -------- --------
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ............. $ 9.09 $ 8.39 $ 10.14 $ 36.54 $ 17.44 $ 12.77
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return ............................. 17.82% (7.51)% 6.18% 122.92% 37.19% 28.22%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ....... $61,701 $42,403 $27,804 $1,931,797 $371,504 $103,852
Net expenses to average net assets
(note 3) ................................. 0.93% 0.87% 0.83% 0.71% 0.81% 0.85%
Operating expenses to average net assets
before voluntary expense reimbursements
(note 3) ................................. 0.94% 1.05% 1.35% NA NA 0.99%
Net investment income (loss) to average
net assets ............................... 9.49% 10.41% 7.04% (0.41)% (0.22)% 0.10%
Net investment income (loss) to average
net assets before voluntary expense
reimbursements (note 3) .................. 9.48% 10.23% 6.52% NA NA (0.40)%
Portfolio Turnover (1) .................. 27.75% 46.02% 39.26% 103.28% 106.66% 74.70%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to: $26,645,433
and $13,830,252 for the Loomis Sayles High Yield Bond Portfolio,
$1,548,568,019 and $878,660,374 for the Janus Mid Cap Portfolio,
respectively.
(2) Ratios for the period March 3, 1997 to December 31, 1997 have been
determined on annualized operating results.
(3) Less than $0.005 per share.
See Notes to Financial Statements.
MSF-98
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
T. Rowe Price Scudder
Small Cap Growth Portfolio Global Equity Portfolio
------------------------------------ ------------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
------------------------------------ ------------------------------------
1999 1998 1997(2) 1999 1998 1997(2)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ................ $ 12.29 $ 11.88 $ 10.00 $ 12.38 $ 10.85 $ 10.00
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income (loss) ...................... (0.03) -- -- 0.14 0.16 0.10
Net realized and unrealized gain (loss) ........... 3.47 0.41 1.88 2.93 1.57 0.86
--------- ---------- --------- ---------- --------- ---------
Total From Investment Operations ................ 3.44 0.41 1.88 3.07 1.73 0.96
--------- ---------- --------- ---------- --------- ---------
Less Distributions:
Dividends from net investment income .............. -- -- --(3) (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 ...................... $ 15.73 $ 12.29 $ 11.88 $ 14.91 $ 12.38 $ 10.85
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return ...................................... 27.99% 3.45% 18.81% 25.17% 15.96% 9.62%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ............... $ 269,518 $ 189,132 $ 94,020 $ 171,714 $ 113,715 $ 60,712
Net expenses to average net assets (note 3) ....... 0.61% 0.67% 0.67% 0.87% 0.96% 0.78%
Operating expenses to average net assets before
voluntary expense reimbursements (note 3) ........ NA NA 0.86% NA 1.01% 1.14%
Net investment income (loss) to average net
assets ........................................... (0.27)% (0.02)% 0.01% 1.23% 1.61% 1.66%
Net investment income (loss) to average net
assets before voluntary expense reimbursements
(note 3) ......................................... NA NA (0.19)% NA 1.56% 1.30%
Portfolio Turnover(1) ............................. 67.99% 37.93% 13.45% 54.49% 50.98% 36.04%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to: $142,965,196
and $131,996,934 for the T. Rowe Price Small Cap Portfolio, $92,395,485 and
$68,284,251 for the Scudder Global Equity Portfolio, respectively.
(2) Ratios for the period March 3, 1997 to December 31, 1997 have been
determined on annualized operating results.
(3) Less than $0.005 per share.
See Notes to Financial Statements.
MSF-99
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Harris Oakmark Neuberger Berman
Large Cap Value Partners Mid Cap
Portfolio Value Portfolio
--------------------------- ---------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
--------------------------- ---------------------------
1999 1998(3) 1999 1998(3)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ............................ $ 9.70 $ 10.00 $ 10.73 $ 10.00
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ......................................... 0.10 0.03 0.06 0.03
Net realized and unrealized gain (loss) ....................... (0.78) (0.30) 1.80 0.71
---------- ---------- ---------- ----------
Total From Investment Operations ............................ (0.68) (0.27) 1.86 0.74
---------- ---------- ---------- ----------
Less Distributions:
Dividends from net investment income .......................... (0.08) (0.03) (0.07) (0.01)
Distributions from net realized capital gains ................. (0.01) -- (0.55) --
---------- ---------- ---------- ----------
Total Distributions ......................................... (0.09) (0.03) (0.62) (0.01)
---------- ---------- ---------- ----------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................................. $ 8.93 $ 9.70 $ 11.97 $ 10.73
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return .................................................. (6.89)% (2.70)% 17.63% 7.44%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ........................... $ 38,378 $ 8,658 $ 38,722 $ 8,647
Net expenses to average net assets (note 3)(1) ................ 0.91% 0.70% 0.72% 0.68%
Operating expenses to average net assets before voluntary
expense reimbursements (note 3)(1) ........................... 1.15% 1.79% 1.18% 1.86%
Net investment income to average net assets (1) ............... 1.63% 2.47% 0.86% 2.61%
Net investment income to average net assets before voluntary
expense reimbursements (note 3)(1) ........................... 1.39% 1.38% 0.40% 1.42%
Portfolio Turnover(2) ......................................... 16.59% 0.00% 134.37% 20.81%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the two months ended December 31, 1998 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to: $37,718,312
and $3,866,011 for the Harris Oakmark Large Cap Value Portfolio, $56,456,718
and $30,593,570 for the Neuberger Berman Partners Mid Cap Value Portfolio,
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-100
<PAGE>
METROPOLITAN SERIES FUND, INC.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
T. Rowe Price Lehman Brothers
Large Cap Aggregate Bond
Growth Portfolio Index Portfolio
------------------------ ------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
------------------------ ------------------------
1999 1998(3) 1999 1998(3)
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: Beginning of period .............................. $ 11.02 $10.00 $ 10.06 $ 10.00
----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ........................................... 0.02 0.01 0.48 0.07
Net realized and unrealized gain (loss) ......................... 2.43 1.02 (0.62) 0.07
----------- ----------- ----------- -----------
Total From Investment Operations ............................. 2.45 1.03 (0.14) 0.14
----------- ----------- ----------- -----------
Less Distributions:
Dividends from net investment income ............................ (0.03) (0.01) (0.47) (0.08)
Distributions from net realized capital gains ................... (0.03) -- --(4) --
----------- ----------- ----------- -----------
Total Distributions .......................................... (0.06) (0.01) (0.47) (0.08)
----------- ----------- ----------- -----------
----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period .................................... $ 13.41 $11.02 $ 9.45 $ 10.08
----------------------------------------------------------------------------------------------------------------------------------
Total Return .................................................... 22.23% 10.28% (1.37)% 1.38%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ............................. $51,402 $6,740 $129,339 $58,810
Net expenses to average net assets (note 3)(1) .................. 0.87% 0.50% 0.40% 0.42%
Operating expenses to average net assets before
voluntary expense reimbursements (note 3)(1) ................... 1.31% 2.62% NA 0.59%
Net investment income to average net assets(1) .................. 0.23% 0.93% 6.06% 5.28%
Net investment income to average net assets
before voluntary expense reimbursements (note 3)(1) ............ (0.21)% (1.19)% NA 5.11%
Portfolio Turnover(2) .......................................... 46.48% 5.69% 96.19% 11.08%
</TABLE>
- --------------------------------------------------------------------------------
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the two months ended December 31, 1998 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to: $48,659,861
and $11,618,731 for the T. Rowe Price Large Cap Growth Portfolio,
$160,310,362 and $90,216,457 for the Lehman Brothers Aggregate Bond Index
Porfolio, respectively.
(3) Ratios for the period November 9, 1998 to December 31, 1998 have been
determined on annualized operating results.
(4) Less than $0.005 per share.
See Notes to Financial Statements.
MSF-101
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Morgan Stanley
EAFE Index Russell 2000
Portfolio Index Portfolio
--------------------------- -----------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
--------------------------- -----------------------------
1999 1998(3) 1999 1998(3)
----------- ----------- ----------- -----------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE: Beginning of period ......................... $ 10.80 $ 10.00 $ 10.53 $ 10.00
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
Net investment income ...................................... 0.10 0.01 0.08 0.02
Net realized and unrealized gain (loss) .................... 2.58 0.80 2.29 0.53
----------- ----------- ----------- -----------
Total From Investment Operations ......................... 2.68 0.81 2.37 0.55
----------- ----------- ----------- -----------
Less Distributions:
Dividends from net investment income ....................... (0.06) (0.01) (0.08) (0.02)
Distributions from net realized capital gains .............. (0.08) -- (0.30) --
----------- ----------- ----------- -----------
Total Distributions ...................................... (0.14) (0.01) (0.38) (0.02)
----------- ----------- ----------- -----------
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE: End of period ............................... $ 13.34 $ 10.80 $ 12.52 $ 10.53
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return ............................................... 24.90% 8.11% 22.73% 5.48%
Supplemental Data/Significant Ratios:
Net assets at end of period (000's) ........................ $ 82,355 $ 25,453 $ 111,729 $ 38,147
Net expenses to average net assets (note 3) (1) ............ 0.50% 0.49% 0.45% 0.40%
Operating expenses to average net assets before
voluntary expense reimbursements (note 3) (1) ............ 1.77% 1.41% 0.89% 1.04%
Net investment income to average net assets (1) ............ 1.25% 0.71% 1.04% 1.46%
Net investment income (loss) to average net assets before
voluntary expense reimbursements (note 3) (1) ............ (0.02)% (0.21)% 0.59% 0.82%
Portfolio Turnover (2) .................................... 43.67% 12.68% 67.01% 2.80%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
Total return information shown in the Financial Highlights tables does not
reflect expenses that apply at the separate account level or to related
insurance products. Inclusion of these charges would reduce the total return
figures for all periods shown.
(1) Ratios for the two months ended December 31, 1998 have been determined on
annualized operating results for the period. Twelve-month results may be
different.
(2) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of securities (excluding short-term
securities) for the year ended December 31, 1999 amounted to: $65,340,616
and $21,570,722 for the Morgan Stanley EAFE Index Portfolio, $102,489,864
and $46,437,402 for the Russell 2000 Index Portfolio, 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-102
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
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 carryovers 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-103
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
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:
The Fund directed certain portfolio trades to brokers who paid a portion of
the Fund'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. Subsequent Event:
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.
J. "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.
K. 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
December 31, 1999 are footnoted at the end of each applicable Portfolio's
schedule of investments.
- --------------------------------------------------------------------------------
MSF-104
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
3. EXPENSES:
A. Investment Management Agreements:
The Fund has entered into investment management agreements with
Metropolitan Life. For providing investment management services to the
Fund, Metropolitan Life receives monthly compensation at the annual rate
of:
<TABLE>
<CAPTION>
PORTFOLIO FIRST TIER SECOND TIER THIRD TIER FOURTH TIER
--------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
State Street Research Growth .... 55% up to $500 mil. .50% next $500 mil. .45% above $1 bil.
State Street Research Income .... 35% up to $250 mil. .30% next $250 mil. .25% above $500 mil.
State Street Research Money
Market ........................ 25% all asset levels
State Street Research
Diversified ................... 50% up to $500 mil. .45% next $500 mil. .40% above $1 bil.
State Street Research Aggressive
Growth ........................ 75% up to $500 mil. .70% next $500 mil. .65% above $1 bil.
Metlife Stock Index ............. 25% all asset levels
Santander International Stock ... 75% up to $500 mil. .70% next $500 mil. .65% above $1 bil.
Loomis Sayles High Yield Bond ... 70% all assets 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
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.
T. Rowe Price Large Cap Growth .. 70% up to $50 mil. .60% above $50 mil.
Lehman Brothers Aggregate Bond
Index ........................ 25% all assets levels
Morgan Stanley Eafe Index ....... 30% all assets levels
Russell 2000 Index .............. 25% all asset levels
<CAPTION>
PORTFOLIO FIFTH TIER
--------- ----------
<S> <C>
State Street Research Growth ....
State Street Research Income ....
State Street Research Money
Market ........................
State Street Research
Diversified ...................
State Street Research Aggressive
Growth ........................
Metlife Stock Index .............
Santander International Stock ...
Loomis Sayles High Yield Bond ...
Janus Mid Cap ...................
T. Rowe Price Small Cap Growth ..
Scudder Global Equity ...........
Harris Oakmark Large Cap Value ..
Neuberger Berman Partners Mid
Cap Value .................... .60% above $1.6 bil.
T. Rowe Price Large Cap Growth ..
Lehman Brothers Aggregate Bond
Index ........................
Morgan Stanley Eafe Index .......
Russell 2000 Index ..............
</TABLE>
The Fund and Metropolitan Life have entered into various sub-investment
management agreements. State Street Research & Management Company, a
subsidiary of Metropolitan Life, is compensated to provide sub-investment
management services for the State Street Research Growth, State Street
Research Income, State Street Research Money Market, State Street Research
Diversified, and State Street Research Aggressive Growth Portfolios.
Santander Global Advisors, Inc., an affiliated company of Metropolitan Life
Insurance Co. for part of the year, is compensated to provide
sub-investment management services for the Santander International Stock
Portfolio. Loomis, Sayles & Company, L.P., whose general partner is
indirectly owned by Metropolitan Life, is compensated to provide
sub-investment management services for the Loomis Sayles High Yield Bond
Portfolio. Janus Capital Corporation is compensated to provide
sub-investment management services for the Janus Mid Cap Portfolio. T. Rowe
Price Associates, Inc. is compensated to provide sub-investment management
services for the T. Rowe Price Small Cap Growth and the T. Rowe Price Large
Cap Growth Portfolios. Scudder Kemper Investments, Inc. is compensated to
provide sub-investment management services for the Scudder Global Equity
Portfolio. Harris Associates, L.P., whose general partner is indirectly
owned by Metropolitan Life, is compensated to provide sub-investment
management services for the Harris Oakmark Large Cap Value Portfolio.
Neuberger Berman Management, Inc. is compensated to provide sub-investment
management services for the Neuberger Berman Partners Mid Cap Value
Portfolio.
B. Subsidization of Portfolios:
Metropolitan Life has agreed to subsidize all expenses, excluding those
listed below, in excess of .20% of the net assets of Loomis Sayles High
Yield Bond, Janus Mid Cap, T. Rowe Price Small Cap Growth, Scudder Global
Equity, Harris Oakmark Large Cap Value, Neuberger Berman Partners Mid Cap
Value, T. Rowe Price Large Cap Growth, Lehman Brothers Aggregate Bond
Index, and Russell 2000 Index Portfolios. For the Morgan Stanley EAFE Index
Portfolio, subsidization is capped at .25%. Subsidization will continue
until either each Portfolio's total net assets are at least $100 million,
or after two years from inception, whichever is earlier. Subsidization
ceased December 31, 1997 for the Janus Mid Cap, January 22, 1998 for the T.
Rowe Price Small Cap Growth, 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, and December 3, 1999 for Russell 2000
Index 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-105
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
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 December 31, 1999, the value of Metropolitan Life's investment in
these Portfolios totaled $129,384,861.
- --------------------------------------------------------------------------------
6. PORTFOLIO NAME CHANGES:
On November 9, 1998 the name of the State Street Research International
Stock Portfolio was changed to the Santander International Stock Portfolio.
- --------------------------------------------------------------------------------
7. SECURITIES LENDING:
On December 15, 1997, the Fund entered into a securities lending
arrangement with the Fund's custodian, State Street Bank and Trust Co. (the
"custodian"). Under the agreement, the custodian is authorized to loan
securities on the Fund's behalf. In exchange, the Fund receives collateral
against the loaned securities. Each Portfolio receives collateral at least
equal to 102% of the market value of the loaned securities (105% for
foreign securities), at each loan's inception. Collateral must be
maintained at least at 100% of the market value of the loaned securities
for the duration of the loan. The collateral is invested in the Navigator
Securities Lending Prime Portfolio, which invests in a variety of high
quality U.S. dollar-denominated instruments. 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 December 31, 1999
are footnoted at the end of each applicable Portfolio's schedule of
investments.
- --------------------------------------------------------------------------------
MSF-106
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
8. NET UNREALIZED APPRECIATION (DEPRECIATION):
As of December 31, 1999, gross unrealized appreciation and depreciation on
investments and foreign currency were as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
GROSS UNREALIZED GROSS UNREALIZED APPRECIATION
PORTFOLIO APPRECIATION DEPRECIATION (DEPRECIATION)*
- --------- ---------------- ---------------- ---------------
<S> <C> <C> <C>
State Street Research Growth................ $ 1,030,161,934 $ (76,595,152) $ 953,566,782
State Street Research Income................ 408,839 (24,103,815) (23,694,976)
State Street Research Diversified........... 451,691,018 (94,767,539) 356,923,479
State Street Research Aggressive Growth..... 489,744,257 (9,219,990) 480,524,267
Metlife Stock Index......................... 1,785,473,353 (130,398,110) 1,655,075,243
Santander International Stock............... 61,822,814 (18,426,416) 43,396,398
Loomis Sayles High Yield Bond............... 4,261,293 (7,491,915) (3,230,622)
Janus Mid Cap............................... 760,457,790 (28,794,922) 731,662,868
T. Rowe Price Small Cap Growth.............. 84,395,134 (12,968,691) 71,426,443
Scudder Global Equity....................... 45,949,116 (7,867,191) 38,081,925
Harris Oakmark Large Cap Value.............. 745,094 (6,393,059) (5,647,965)
Neuberger Berman Partners Mid Cap Value..... 4,486,723 (2,891,823) 1,594,900
T. Rowe Price Large Cap Growth.............. 8,960,844 (2,353,853) 6,606,991
Lehman Brothers Aggregate Bond Index........ 374 (5,066,435) (5,066,061)
Morgan Stanley Eafe Index................... 18,399,269 (3,075,522) 15,323,747
Russell 2000 Index.......................... 27,210,112 (9,508,677) 17,701,435
</TABLE>
* Does not include unrealized gains and (losses) related to foreign currency
contracts, foreign currency translations, and futures contracts of $(151,777),
$(405,956), $(759,125), $580, $39, $66,375, $(7,934), $(27), and $(1,357) for
the State Street Research Income, State Street Research Diversified, Santander
International Stock, Loomis Sayles High Yield Bond, Janus Mid Cap, T. Rowe
Price Small Cap Growth, Scudder Global Equity, T. Rowe Price Large Cap Growth,
and Morgan Stanley EAFE Index Portfolios, respectively (see Note 10).
- --------------------------------------------------------------------------------
9. CAPITAL STOCK ACTIVITY:
At December 31, 1999, there were 3,000,000,000 shares of $0.01 par value
common stock authorized for the Fund. The shares of common stock are
divided into seventeen series: State Street Research Growth, State Street
Research Income, State Street Research Money Market, State Street Research
Diversified, State Street Research Aggressive Growth, MetLife Stock Index,
Santander International Stock, Loomis Sayles High Yield Bond, Janus Mid
Cap, T. Rowe Price Small Cap Growth, Scudder Global Equity, Harris Oakmark
Large Cap Value, Neuberger Berman Partners Mid Cap Value, T. Rowe Price
Large Cap Growth, Lehman Brothers Aggregate Bond Index, Morgan Stanley EAFE
Index, and Russell 2000 Index Portfolios. Transactions in shares were as
follows:
<TABLE>
<CAPTION>
FOR THE 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...................................... ---------- ---------- ---------- ---------- ----------- ----------
Shares redeemed............................ 13,038,243 5,030,912 4,742,736 20,186,471 6,343,683 20,977,474
Net increase (decrease).................... (4,351,207) (5,354,252) (3,737,432) (7,402,830) (13,167,417) (5,329,460)
---------- ---------- ---------- ---------- ----------- ----------
8,687,036 (323,340) 1,005,304 12,783,641 (6,823,734) 15,648,014
========== ========== ========== ========== =========== ==========
</TABLE>
MSF-107
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
9. CAPITAL STOCK ACTIVITY (Continued)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1999
------------------------------------------------------------------------------------------------------------------------
SANTANDER LOOMIS SAYLES T. ROWE PRICE SCUDDER
INTERNATIONAL HIGH YIELD JANUS SMALL CAP GLOBAL
STOCK 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
========== ========== ========== ========== ========== ==========
<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 ...................... 5,102,533 7,477,573 3,845,200 15,958,606 4,160,571 17,844,211
Shares issued in reinvestment of
dividends ....................... 7,817,372 3,153,420 206,800 13,555,996 2,915,793 3,629,852
----------- ----------- ---------- ----------- ----------- -----------
Total ............................ 12,919,905 10,630,993 4,052,000 29,514,602 7,076,364 21,474,063
Shares redeemed .................. (2,631,861) (1,962,957) (3,877,485) (1,719,344) (9,025,121) (3,717,661)
----------- ---------- ----------- ----------- -----------
Net increase (decrease) .......... 10,288,044 8,668,036 174,515 27,795,258 (1,948,757) 17,756,402
=========== =========== ========== =========== =========== ===========
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1998
-------------------------------------------------------------------------------------------------------------------------
SANTANDER LOOMIS SAYLES T. ROWE PRICE SCUDDER
INTERNATIONAL HIGH YIELD JANUS SMALL CAP GLOBAL
STOCK BOND MID CAP GROWTH EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ----------- --------------- -----------
<S> <C> <C> <C> <C> <C>
Shares sold ...................... 13,289,786 2,279,157 15,312,519 14,274,228 7,095,699
Shares issued in reinvestment of
dividends ....................... 240,269 524,895 108,974 -- 143,372
----------- ----------- ----------- ----------- -----------
Total ............................ 13,530,055 2,804,052 15,421,493 14,274,228 7,239,071
Shares redeemed .................. (15,388,430) (490,894) (2,249,439) (6,801,840) (3,646,289)
----------- ----------- ----------- ----------- -----------
Net increase (decrease) .......... (1,858,375) 2,313,158 13,172,054 7,472,388 3,592,782
=========== =========== =========== =========== ===========
<CAPTION>
FOR THE PERIOD NOVEMBER 9, 1998 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 1998
---------------------------------------------------------------------------------------------------------------------------
NEUBERGER
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 ...................... 890,538 819,020 611,872 5,978,010 2,373,243 3,615,979
Shares issued in reinvestment of
dividends ....................... 2,444 999 358 43,481 2,334 5,907
---------- ---------- ---------- ---------- ---------- ----------
Total ............................ 892,982 820,019 612,230 6,021,491 2,375,577 3,621,886
Shares redeemed .................. (243) (14,292) (725) (173,326) (18,562) (78)
---------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) .......... 892,739 805,727 611,505 5,848,165 2,357,015 3,621,808
========== ========== ========== ========== ========== ==========
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
MSF-108
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
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 December 31, 1999, the State Street Research Income Portfolio
experienced an unrealized net loss of $154,373 based on the following
foreign currency exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT DECEMBER 31, APPRECIATION
SOLD DATE AMOUNT 1999 (DEPRECIATION)
------------------ --------------- -------------------- -------------------- -----------------------
<S> <C> <C> <C> <C>
New Zealand Dollar 1/25/00 $2,489,503 $2,524,933 $ (35,430)
New Zealand Dollar 1/25/00 3,703,149 3,756,034 (52,885)
New Zealand Dollar 2/18/00 2,549,403 2,609,919 (60,516)
New Zealand Dollar 2/18/00 547,740 561,622 (13,882)
---------- ---------- ------------
$9,289,795 $9,452,508 $ (162,713)
PURCHASED
------------------
New Zealand Dollar 2/18/00 $ 385,423 $ 393,763 $ 8,340
---------- ---------- ------------
Net unrealized (depreciation) .................................................................... $ (154,373)
============
</TABLE>
The State Street Research Income Portfolio had an unrealized net translation
gain on foreign currency receivables as follows:
Net unrealized translation gain (loss):
Interest receivables ............................. $2,596
------
Net unrealized translation gain (loss) ........ $2,596
======
As of December 31, 1999 the State Street Research Diversified Portfolio
experienced an unrealized net loss of $412,396 based on the following foreign
currency exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT DECEMBER 31, APPRECIATION
SOLD DATE AMOUNT 1999 (DEPRECIATION)
------------------ --------------- --------------------- --------------------- ----------------------
<S> <C> <C> <C> <C>
New Zealand Dollar 1/25/00 $ 7,554,218 $ 7,662,100 $ (107,882)
New Zealand Dollar 1/25/00 5,406,808 5,483,757 (76,949)
New Zealand Dollar 2/18/00 6,944,837 7,109,689 (164,852)
New Zealand Dollar 2/18/00 390,150 400,038 (9,888)
New Zealand Dollar 2/18/00 2,940,150 3,014,663 (74,513)
----------- ----------- -------------
$23,236,163 $23,670,247 $ (434,084)
PURCHASED
------------------
New Zealand Dollar 2/18/00 $ 959,011 $ 980,699 $ 21,688
----------- ----------- -------------
Net unrealized (depreciation) .................................................................... $ (412,396)
=============
</TABLE>
The State Street Research Diversified Portfolio had an unrealized net
translation gain on foreign currency receivables as follows:
Net unrealized translation gain (loss):
Interest receivables ............................. $6,440
------
Net unrealized translation gain (loss) ........ $6,440)
======
MSF-109
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS (Continued)
As of December 31, 1999, the Santander International Stock Portfolio
experienced an unrealized net loss of $746,539 based on the following
foreign currency exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT DECEMBER 31, APPRECIATION
SOLD DATE AMOUNT 1999 (DEPRECIATION)
----------------- --------------- --------------------- --------------------- ------------------------
<S> <C> <C> <C> <C>
Australian Dollar 1/31/00 $ 7,921,666 $ 8,079,072 $ (157,406)
Japanese Yen 1/31/00 5,765,845 5,814,640 (48,795)
Singapore Dollar 1/31/00 8,015,018 7,998,797 16,221
Singapore Dollar 1/31/00 2,937,881 2,946,925 (9,044)
----------- ----------- -------------
$24,640,410 $24,839,434 $ (199,024)
=========== ===========
PURCHASED
-----------------
Euro Currency 1/31/00 $ 2,937,881 $ 2,816,399 $ (121,482)
Pound Sterling 1/31/00 8,015,018 7,857,679 (157,339)
Pound Sterling 1/31/00 5,765,845 5,652,658 (113,187)
Pound Sterling 1/31/00 7,921,667 7,766,160 (155,507)
----------- ----------- -------------
$24,640,411 $24,092,896 $ (547,515)
=========== =========== -------------
Net unrealized (depreciation) ..................................................................... $ (746,539)
=============
</TABLE>
The Santander International Stock Portfolio had an unrealized net translation
(loss) on foreign currency receivables and payables as follows:
Net unrealized translation gain (loss):
Dividend receivables ..................... $ (403)
Dividend reclaim receivables ............. (12,224)
Tax expense payables ..................... 41
---------
Net unrealized translation gain (loss). ($12,586)
=========
The Loomis Sayles High Yield Bond Portfolio had an unrealized net translation
gain on foreign currency receivables and payables as follows:
Net unrealized translation gain (loss):
Interest receivables ..................... $580
----
Net unrealized translation gain (loss). $580
====
As of December 31, 1999, the Janus Mid Cap Portfolio experienced an unrealized
net loss of $420 based on the following foreign currency exchange contracts
outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT DECEMBER 31, APPRECIATION
SOLD DATE AMOUNT 1999 (DEPRECIATION)
-------------- ------------ -------------- -------------- ---------------
<S> <C> <C> <C> <C>
Pound Sterling 1/4/00 $ 81,089 $ 80,669 $ (420)
-------- -------- ------
Net unrealized (depreciation) ........................................................... $ (420)
======
</TABLE>
The Janus Mid Cap Portfolio had an unrealized net translation gain on foreign
currency receivables and payables as follows:
Net unrealized translation gain (loss):
Sales receivables .......................... $ 459
-----
Net unrealized translation gain (loss) .. $ 459
=====
The Scudder Global Equity Portfolio had an unrealized net translation (loss) on
foreign currency receivables and payables as follows:
Net unrealized translation gain (loss):
Dividend receivables ....................... $485
Dividend reclaim receivables ............... (2,404)
Interest receivables ....................... (6,200)
Sales receivables .......................... 241
Tax expense payables ....................... (56)
-------
Net unrealized translation gain (loss) .. $(7,934)
=======
MSF-110
<PAGE>
Metropolitan Series Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999
- --------------------------------------------------------------------------------
10. FOREIGN CURRENCY TRANSLATIONS (Continued)
The T. Rowe Price Large Cap Growth Portfolio had an unrealized net
translation (loss) on foreign currency receivables and payables as follows:
Net unrealized translation gain (loss):
Dividend reclaim receivables .................... $ (27)
-------
Net unrealized translation gain (loss) ....... $ (27)
=======
As of December 31, 1999, the Morgan Stanley EAFE Index Portfolio
experienced an unrealized net loss of $408 based on the following foreign
currency exchange contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
EXPIRATION CONTRACT DECEMBER 31, APPRECIATION
PURCHASED DATE AMOUNT 1999 (DEPRECIATION)
-------------- ------------- --------------- --------------- -----------------
<S> <C> <C> <C> <C>
Euro Currency 1/3/00 $ 23,166 $ 22,964 $ (202)
Euro Currency 1/5/00 10,665 10,570 (95)
Japanese Yen 1/4/00 6,348 6,351 3
Pound Sterling 1/5/00 102,115 102,001 (114)
--------- --------- ----------
$ 142,294 $ 141,886 $ (408)
========= ========= ---------
Net unrealized (depreciation) ............................................................. $ (408)
=========
</TABLE>
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 ............................ $ 36
Dividend reclaim receivables .................... (1,169)
Purchase payables ............................... 792
Sales receivables ............................... (597)
Tax expense payables ............................ (11)
-------
Net unrealized translation gain (loss) ....... $ (949)
=======
- --------------------------------------------------------------------------------
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 December 31, 1999, the T.Rowe Price Small Cap Growth Portfolio
experienced an unrealized net gain of $66,375 based on the following
futures contracts outstanding:
<TABLE>
<CAPTION>
VALUATION
AS OF UNREALIZED
NUMBER OF EXPIRATION CONTRACT DECEMBER 31, APPRECIATION
PURCHASED CONTRACTS DATE AMOUNT 1999 (DEPRECIATION)
------------------ ----------- -------------- -------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
Russell 2000 Index 13 3/16/00 $ 3,248,300 $ 3,314,675 $ 66,375
----------- ----------- --------
Net unrealized appreciation (depreciation) ......................................................... $ 66,375
========
</TABLE>
MSF-111
<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, Chief Operating Officer, and Secretary
Malcolm T. Hopkins--Director Barbara A. Hume--Vice-President
Dean O. Morton--Director Lawrence A. Vranka--Vice-President
Michael S. Scott Morton--Director Dianne K. Johnson--Controller
Arthur G. Typermass--Director Janet M. Morgan--Treasurer
Patricia S. Worthington--Assistant Secretary
Nancy A. Turchio--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.
- --------------------------------------------------------------------------------
-------------------
[LOGO of MetLife(R)] PRSRT STD
U.S. Postage Paid
Metropolitan Life Insurance Company METLIFE
Johnstown Office, 500 Schoolhouse Road -------------------
Johnstown, PA 15904-2914
Address Service Requested
MSFAnnual(0200)
Date of First Use: 2/18/2000 E00028MPE(exp0800)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 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.
- --------------------------------------------------------------------------------
[LOGO OF METLIFE(R)] ---------------------
Metropolitan Life Customer Service Center PRSRT STD
177 South Commons Drive U.S. Postage Paid
Aurora, IL 60504 METLIFE
Address Service Requested ---------------------
MSFAnnualGVUL(0200)
Date of First Use 2/18/2000 E00028MPE(exp0800)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 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.
- --------------------------------------------------------------------------------
[LOGO OF METLIFE(R)] ---------------------
Metropolitan Life Customer Service Center - Tulsa PRSRT STD
P.O. Box 21889 U.S. Postage Paid
Tulsa, OK 74212-1889 METLIFE
Address Service Requested ---------------------
MSFAnnual(0200)
Date of First Use 2/18/2000 E00028MPE(exp0800)MLIC-LD
