<PAGE>
PROSPECTUS
FOR
METROPOLITAN SERIES FUND, INC.
September 1, 2000
The investment options currently offered by the Metropolitan Series Fund (the
"Fund") are:
Putnam International Putnam Large Cap
Stock Portfolio Growth Portfolio
(formerly
Santander
International
Stock Portfolio)
TABLE OF CONTENTS FOR THIS PROSPECTUS
<TABLE>
<CAPTION>
Page
in this
Subject Prospectus
------- ----------
<S> <C>
Risk/Return Summary.............................................. 2
Performance and Volatility....................................... 3
About the Investment Managers.................................... 5
Portfolio Turnover Rates......................................... 7
Dividends, Distributions and Taxes............................... 7
General Information About the Fund and its Purpose............... 7
Sale and Redemption of Shares.................................... 8
Financial Highlights............................................. 9
Appendix A--Portfolio Manager Prior Performance.................. 11
Appendix B--Certain Investment Practices......................... 12
Appendix C--Description of Some Investments, Techniques, and
Risks........................................................... 15
</TABLE>
As with all mutual fund shares, neither the Securities and Exchange Commission
nor any state securities authority have approved or disapproved these
securities, nor have they determined if this Prospectus is accurate or
complete. Any representation otherwise is a criminal offense.
[LOGO OF METLIFE]
[LOGO OF PUTNAM INVESTMENTS]
<PAGE>
Carefully review the objectives and investment practices of the
Portfolios and consider your ability to assume the risks involved before
allocating payments to either Portfolio.
Risk/Return Summary
About Both the Portfolios
Each Portfolio of the Fund has its own investment objective. Since investment
in any Portfolio involves both opportunities for gain and risks of loss, we
cannot give you assurance that the Portfolio will achieve its objectives. You
should carefully review the objectives and investment practices of the
Portfolios and consider your ability to assume the risks involved before
allocating payments to particular Portfolios. The loss of money is a risk of
investing in the Fund.
While certain of the investment techniques, instruments and risks associated
with each Portfolio are referred to in the discussion that follows, additional
information on these subjects appears in Appendix B and C to this Prospectus.
However, those discussions do not list every type of investment, technique, or
risk to which a Portfolio may be exposed. Further, the Portfolios may change
their investment practices at any time without notice, except for those
policies that this Prospectus or the Statement of Additional Information
("SAI") specifically identify as requiring a shareholder vote to change. Unless
otherwise indicated, all percentage limitations, as well as characterization of
a company's capitalization, are evaluated as of the date of purchase of the
security.
Putnam International Stock Portfolio
About the Putnam International Stock Portfolio:
(formerly, the Santander International Stock Portfolio).
Investment objective: long-term growth of capital.
Principal investment strategies: The Portfolio normally invests mostly in the
common stocks of companies outside the United States. The portfolio manager
selects countries and industries it believes are attractive. The portfolio
manager then seeks stocks offering opportunity for gain. These may include both
growth and value stocks. The Portfolio invests mainly in mid-sized and large
companies, although the Portfolio can invest in companies of any size. The
Portfolio will usually be invested in issuers located in at least three
countries, not including the U.S. Under normal conditions, the Portfolio will
not invest more than 15% of its net assets in the equity securities of
companies domiciled in "emerging countries," as defined by Morgan Stanley
Capital International.
Principal risks: The risks described after the following captions under
"Principal Risks of Investing in the Fund:" Equity investing;" "Investing in
larger companies;" "Investing in securities of foreign issuers;" "Value
investing;" and "Growth investing." Volatility may be indicative of risk.
Please refer to the discussion under "Performance and Volatility."
Putnam Large Cap Growth Portfolio
About the Putnam Large Cap Growth Portfolio:
Investment objective: capital appreciation.
Principal investment strategies: The portfolio normally invests in the common
stocks of U.S. companies, with a focus on growth stocks. The portfolio managers
look for stocks issued by companies that are likely to grow faster than the
economy as a whole. The Portfolio invests in a relatively small number of
companies that the managers believe will benefit from long-term trends in the
economy, business conditions, consumer
2
<PAGE>
behavior or public perceptions of the economic environment. The Portfolio
invests mainly in large companies.
Principal risks: Since the Portfolio invests in fewer issuers than a fund that
invests more broadly, there is vulnerablility to factors affecting a single
investment that can result in greater Portfolio losses and volatility. The
Portfolio's other principal risks are described after the following captions
under "Principal Risks of Investing in the Fund:" "Equity investing;"
"Investing in larger companies;" "Investing in securities of foreign issuers;"
and "Growth investing." Volatility may be indicative of risk.
Performance and Volatility
The following table and chart are provided to illustrate the variability of the
investment returns that the Putman International Stock Portfolio has earned in
the past.
. Average annual total return measures the Portfolio's performance over time,
and compares those returns to a representative index. Periods of 1, 5, and
since inception are presented.
. The graph of year-by-year returns examines volatility by illustrating the
Portfolio's historic highs and lows, as well as the consistency of returns.
. Return calculations do not reflect insurance product fees or other charges,
and if included these charges would reduce the Portfolio's past performance.
Also, past performance does not necessarily indicate how the Portfolio will
perform in the future.
[GRAPH]
Putnam International Stock1
----------------------------------------------------
Investment Resuts
Average Annual Total Returns
As of December 31, 1999
----------------------------
1 Year 5 Years Inception
------ ------- ---------
Santander
International Stock 16.44% 6.66% 7.80%
----------------------------------------------------
MSCI EAFE 29.96% 12.83% 10.07%
----------------------------------------------------
92 -10.21
93 47.76
94 5.08
95 0.84
96 -1.77
97 -2.34
98 22.56
99 16.44
During the period shown in the bar chart, the highest return for a quarter was
19.4% (quarter ended March 31, 1993) and the lowest return for a quarter was
-12.8% (quarter ended September 30, 1998).
--------
1. Putnam became the sub-investment manager of the Putnam International Stock
Portfolio on January 24, 2000. Performance for all prior periods reflects
results under other sub-investment managers.
Putnam Large Cap Growth
Since the Portfolio did not commence operations until May 1, 2000,
no volatility or performance information is available.
3
<PAGE>
Principal Risks of Investing in the Fund
Carefully review the principal risks associated with investing in the
Portfolios.
The following briefly describes the principal risks that are associated with
the Putnam International Stock Portfolio or the Putnam Large Cap Growth
Portfolio.
Equity investing: Portfolios that invest in equities could lose money due to
sudden unpredictable drops in value and the potential for periods of lackluster
performance. Such adverse developments could result from general market or
economic conditions and/or developments at a particular company that the
portfolio managers do not foresee or circumstances that they do not evaluate
correctly. Historically, investments in equities have been more volatile than
many other investments.
This is a principal risk for both the Putnam International Stock Portfolio and
the Putnam Large Cap Growth Portfolio.
Investing in larger companies: Larger more established companies may be unable
to respond quickly to new competitive challenges such as changes in technology
and consumer tastes. Many larger companies also may not be able to attain the
high growth rates of successful smaller companies, especially during extended
periods of economic expansion.
This is a principal risk for both the Putnam International Stock Portfolio and
the Putnam Large Cap Growth Portfolio.
Investing in securities of foreign issuers: Investments in securities that are
traded outside the U.S. have additional risks beyond those of investing in U.S.
securities. Foreign securities are frequently more volatile and less liquid
than their U.S. counterparts for reasons that may include unstable political
and economic climates, lack of standardized accounting practices, limited
information available to investors and smaller markets that are more sensitive
to trading activity. Also, changes in currency exchange rates have the
potential of reducing gains or creating losses. There also can be risks of
expropriation, currency controls, foreign taxation or withholding, and less
secure procedures for transacting business in securities. The risks of
investing in foreign securities are usually higher in emerging markets such as
most countries in Southeast Asia, Eastern Europe, Latin America and Africa.
This is a principal risk for the Putnam International Stock Portfolio.
Value investing: This investment approach has additional risk associated with
it because the portfolio manager's judgement that a particular security is
undervalued in relation to the company's fundamental economic values may prove
incorrect.
This is a principal risk for the Putnam International Stock Portfolio.
Growth investing: This investment approach has additional risk associated with
it due to the volatility of growth stocks. Growth companies usually invest a
high portion of earnings in their businesses, and may lack the dividends of
value stocks that can cushion prices in a falling market. Also, earnings
disappointments often lead to sharply falling prices because investors buy
growth stocks in anticipation of superior earnings growth.
This is a principal risk for both the Putnam International Stock Portfolio and
the Putnam Large Cap Growth Portfolio.
4
<PAGE>
Defensive Strategies
The portfolio managers generally may use defensive strategies. These include
holding greater cash positions, short-term money market instruments or similar
investments that are not within the Portfolio's usual investment strategy, but
do not violate any prohibition to which the Portfolio is subject. Portfolio
managers may use defensive strategies when they believe that market conditions
are not favorable for profitable investing or when the portfolio manager is
otherwise unable to locate favorable investment opportunities. Adopting a
defensive position, however, can mean that a Portfolio would be unable to meet
its investment objective.
About The Investment Managers
About MetLife
Metropolitan Life Insurance Company ("MetLife") has overall responsibility for
investment management for each Portfolio. (MetLife also performs general
administrative and management services for the Fund.) In addition, MetLife is
the Fund's principal underwriter and distributor. MetLife also manages its own
investment assets and those of certain affiliated companies and other entities.
MetLife is a life insurance company which sells insurance policies and annuity
contracts. As of March 31, 2000 MetLife had $429 billion in assets under
management. This includes assets managed by the Nvest Companies. MetLife has
agreed to sell its interests in these companies. MetLife is the parent of Cova
Financial Services Life Insurance Company.
Portfolio management of the Putnam Portfolios
Putnam Investment Management, Inc. ("Putnam") is the sub-investment manager of
the Putnam Portfolios. Putnam, a Massachusetts corporation, has managed mutual
funds since 1937. As of December 31, 1999, Putnam and its affiliates managed in
excess of $391 billion of retail and institutional investors worldwide. All of
the outstanding voting and nonvoting securities of Putnam are held of record by
Putnam Investments, Inc., which is, in turn, except for a minority interest
owned by employees, owned by Marsh & McLennan Companies, Inc., an NYSE listed
public company whose business is insurance brokerage, investment management and
consulting.
The following gives you information on the portfolio managers for the Putnam
Portfolios:.
Putnam International Stock Portfolio:
The Portfolio is managed by Putnam's Core International team, with Omid
Kamshad, Managing Director, as the lead manager. Mr. Kamshad has been employed
by Putnam since 1996. Prior to 1996, Mr. Kamshad was employed at Lombard Odier
International Portfolio Management Limited. Prior to April, 1995 he was
employed at Baring Asset Management Company. He also has portfolio management
responsibilities on the Putnam teams that manage European Core, Global Core,
and Core International Small Cap institutional portfolios.
Until January 24, 2000, Santander Global Advisors, Inc. ("Santander") was the
sub-investment manager for the Portfolio (then known as the Santander
International Stock Portfolio). On January 11, 2000, the Board of Directors of
the Fund voted to terminate the sub-investment management agreement with
Santander relating to the Portfolio effective January 24, 2000. The Board also
voted to retain Putnam as the new sub-investment manager effective the same
date. The shareholders of the Portfolio approved Putnam as the new sub-
investment manager at a special meeting of shareholders on March 31, 2000.
5
<PAGE>
Putnam Large Cap Growth Portfolio:
The Portfolio is managed by Putnam's Large Cap Growth team, with Jeffrey R.
Lindsey, Senior Vice President, as the lead manager. Mr. Lindsey has been
employed by Putnam since 1994. He is responsible for Core Growth Equity and
Concentrated Growth Equity institutional portfolios, is lead manager of Putnam
Growth Opportunities Fund and co-manager of Voyager II and New Opportunities
Fund.
Investment Management Fees
The Fund pays MetLife monthly for its investment management services. MetLife
pays Putnam for its investment management services to each Portfolio. There is
no separate charge to the Fund for such services.
The following table shows the investment management and sub-investment
management fees for the year ending December 31, 1999 as an annual percentage
of the average daily net assets of the Putnam International Stock Portfolio.
<TABLE>
<CAPTION>
% of Average
Daily Net Assets
% of Average Paid by
Daily Net Assets Investment
Paid to Manager to
Investment Sub-Investment
Portfolio Manager Manager
-------------------------------------------------------------------------------------
<S> <C> <C>
Putnam International Stock/1/ .75% .55%
</TABLE>
The Putnam Large Cap Growth Portfolio did not commence operations until May 1,
2000. The following shows the investment management and sub-investment
management fee schedules as an annual percentage of the average daily net
assets of that Portfolio.
<TABLE>
<CAPTION>
% per
% per annum
annum Paid to
Average paid to Average Sub-
Daily Net Investment Daily Net Investment
Portfolio Assets Manager Assets Manager
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Putnam Large Cap 1st $500 million .80% first $150 million .50%
Growth next $500 million .75% next $150 million .45%
over $1 billion .70% over $300 million .35%
</TABLE>
/1/For the year ending December 31, 1999, Santander Global Advisors, Inc.
("Santander") was sub-investment manager. Beginning January 24, 2000, Putnam
replaced Santander as sub-investment manager. MetLife paid all sub-investment
management fees to Santander.
Fund Expenses
The Fund is responsible for paying its own expenses. However, MetLife
voluntarily pays expenses of the Putnam Large Cap Growth Portfolio in excess of
.20% of the average net assets of that Portfolio until the earlier of either
total net assets of the Portfolio reaching $100 million or July 1, 2002:
Expenses for this purpose exclude the investment management fees payable to
MetLife, brokerage commissions on portfolio transactions (including any other
direct costs related to portfolio investment transactions), taxes, interest and
other loan costs owed by the Fund and any unusual one-time expenses (such as
legal related expenses).
These subsidies and other prior expense reimbursement arrangements can increase
the performance of the Portfolios. MetLife also has the right to stop these
payments at any time upon notice to the Board of Directors and to Fund
shareholders.
6
<PAGE>
Portfolio Turnover Rates
The rate of portfolio turnover is the annual amount, expressed as a percentage,
of a Portfolio's securities that it replaces in one year. The portfolio
turnover rate will not be a limiting factor when it is deemed appropriate to
purchase or sell securities for a Portfolio. Portfolio turnover may vary from
year to year or within a year, depending upon economic, market or business
conditions and client contributions and withdrawals. To the extent that
brokerage commissions and transaction costs are incurred in buying and selling
portfolio securities, the rate of portfolio turnover could affect each
Portfolio's net asset value. The historical rates of portfolio turnover for all
of the Portfolios are set forth in the Prospectus under the Financial
Highlights.
Dividends, Distributions and Taxes
Dividends are reinvested.
The Fund intends to qualify as a regulated investment company under the tax law
and, as such distributes substantially all of each Portfolio's ordinary net
income and capital gains each calendar year as a dividend to the separate
accounts funding the Contracts to avoid an excise tax on certain undistributed
amounts. The Fund expects to pay no income tax. Dividends are reinvested in
additional full and partial shares of the Portfolio as of the dividend payment
date.
The Fund and its Portfolios intend to comply with special diversification and
other tax law requirements that apply to investments under variable life
insurance and annuity contracts. Under these rules, shares of the Fund will
generally only be available through the purchase of a variable life insurance
or annuity contract. Income tax consequences to Contract owners who allocate
premiums to Fund shares are discussed in the prospectus for the Contracts that
is attached at the front of this Prospectus.
General Information about the Fund and its Purpose
The Fund is an open-end management investment company (or "mutual fund"). The
Fund is a "series" type of mutual fund, which issues separate classes (or
series) of stock. Each class or series represents an interest in a separate
portfolio of Fund investments.
The Fund offers its shares to MetLife and its affiliated insurance companies
("Insurance Companies"), including Cova Financial Services Life Insurance
Company. The Insurance Companies hold the Fund's shares in separate accounts
that they use to support variable life insurance policies and variable annuity
contracts (together, the "Contracts"). Not all of the Portfolios of the Fund
are available to each of these separate accounts. An Insurance Company holding
Fund shares for a separate account has different rights from those of the owner
of a Contract. The terms "shareholder" or "shareholders" in this Prospectus
refer to the Insurance Companies, and not to any Contract owner.
Contract owners may allocate the amounts under the Contracts for ultimate
investment in the Portfolios.
Within limitations described in the appropriate Contract, owners may allocate
the amounts under the Contracts for ultimate investment in the Portfolios. See
the prospectus which is attached at the front of this Prospectus for a
description of (a) the Contract, (b) the Portfolios of the Fund that are
available under that Contract and (c) the relationship between increases or
decreases in the net asset value of Fund shares (and any
7
<PAGE>
dividends and distributions on such shares) and the benefits provided under
that Contract.
Some of the Portfolios have names and investment objectives that are very
similar to certain publicly available mutual funds that are managed by the
same money managers. These Portfolios are not those publicly available mutual
funds and will not have the same performance. Different performance will
result from such factors as different implementation of investment policies,
different cash flows into and out of the Portfolios, different fees, and
different sizes.
It is conceivable that in the future it may be disadvantageous for different
types of variable life insurance and variable annuity separate accounts to
invest simultaneously in the Fund. However, the Fund and the Insurance
Companies do not currently foresee any such disadvantages. The Fund's Board of
Directors intends to monitor for the existence of any material irreconcilable
conflict between or among such owners, and the Insurance Companies will take
whatever remedial action may be necessary.
Sale and Redemption of Shares
Fund shares are available only through variable life and variable annuity
contracts.
Shares are sold and redeemed at a price equal to the net asset value without
any sales charges. The Insurance Companies purchase or redeem shares of each
Portfolio, based on, among other things: (a) the amount of net Contract
premiums or purchase payments transferred to the separate accounts; (b)
transfers to or from separate account investment divisions; (c) policy loans;
(d) loan repayments; and (e) benefit payments to be effected on a given date
under the Contracts. Generally, these purchases and redemptions are priced
using the Portfolio net asset value computed for the same date and time as are
used to price the corresponding Contract transaction.
The Portfolios are not designed for market timers, or large or frequent
transfers. The Fund may restrict or refuse purchases or exchanges by market
timers. You will be considered a market timer if you have (a) requested an
exchange out of the Portfolios within two weeks of an earlier exchange
request, or (b) exchanged shares out of the Portfolios more than twice in a
calendar quarter, or (c) exchanged shares equal to at least $5 million, or
more than 1% of the Portfolios net assets, or (d) otherwise seem to follow a
timing pattern. Accounts under common ownership or control are combined for
these limits.
Each Portfolio's net asset value per share is calculated by taking its assets
(including dividends and interest received or accrued), deducting its
liabilities (including accrued expenses and dividends payable) and dividing
the result by the total number of the Portfolio's outstanding shares. To
determine the value of a Portfolio's assets, cash and receivables are valued
at their face amounts. Interest is recorded as accrued and dividends are
recorded on the ex-dividend date.
Securities, options and futures contracts held by the Portfolios are valued at
market value. Short-term debt instruments with a maturity of 60 days or less
held by all Portfolios are valued on an amortized cost basis. When market
quotations are not readily available for securities and assets, or when the
Board of Directors determines that customary pricing procedures would result
in an unreliable valuation, they are valued at fair value as determined by the
Board of Directors. Such a fair value procedure could be followed, for
8
<PAGE>
example, if (a) an event occurs after the time of the most recent available
market quotations that is likely to have affected the value of those securities
or (b) such market quotations for other reasons do not reflect information
material to the value of those securities. The possibility of fair value
pricing means that changes in a Portfolio's net asset value may not always
correspond to changes in quoted prices of a Portfolio's investments.
A Portfolio's net asset value per share is determined once daily.
A Portfolio's net asset value per share is determined once daily immediately
after any dividends are declared and is currently determined at the close of
regular trading on the New York Stock Exchange. When it is open, regular
trading on the New York Stock Exchange usually ends at 4:00 p.m., Eastern time.
The net asset value may also be determined on days when the New York Stock
Exchange is closed when there has been trading in a Portfolio's securities
which would result in a material change in the net asset value.
Financial Highlights
The financial highlights table is intended to help you understand each
Portfolio's financial performance for the past 5 years, or since inception of
the Portfolio if shorter. Certain information reflects financial results for a
single share of the Portfolio. The total returns in the table represent the
rate that a shareholder would have earned or lost on an investment in a
Portfolio (assuming reinvestment of all dividends and distributions). This
information has been audited by Deloitte & Touche LLP, whose report, along with
the Fund's financial statements, are included in the annual report, which is
available upon request.
9
<PAGE>
FINANCIAL HIGHLIGHTS
The table below has been audited by Deloitte & Touche LLP, independent auditors,
as stated in their report appearing with the full financial statements and notes
thereto. For further information about the performance of the Portfolios, see
the Fund's December 31, 1999 Management Discussion and Analysis which appears in
the Fund's annual report, which is incorporated by reference into the Statement
of Additional Information.
<TABLE>
<CAPTION>
Selected Data For a Share of Capital SANTANDER INTERNATIONAL STOCK PORTFOLIO +
----------------------------------------------------------------------
Stock Outstanding Throughout Period: 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
Net assets at end of period (000's) $317,831 $297,381 $267,089 $303,826 $297,461
Supplemental Data/Significant Ratios:
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>
---------------------
+ Now, Putnam International Stock Portfolio.
(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 are as follows:
Portfolio Purchases Sales of Securities
--------- --------- -------------------
Santander International Stock.. $255,774,543 $281,516,698
See Notes to Financial Statements.
10
<PAGE>
Appendix A To Prospectus
Portfolio Manager Prior Performance
Because Putnam Large Cap Growth did not commence operations until May 1, 2000,
no performance history is available for this Portfolio. The following, however,
sets forth total return information for the one-year, three-year, five-year and
ten-year periods ended December 31, 1999 (or since inception if more recent)
for certain similar accounts that are managed by the same sub-investment
manager as is this Portfolio. Year-to-date information is also given for the
two months ended February 29, 2000. Results are shown on a "total return" basis
and include reinvestment of all dividends and capital gain distributions.
The tables also show the total return information for appropriate indices for
the same periods. The index performance information set forth below does not
reflect any fees and expenses that the Portfolio will bear. Finally each table
also shows the Portfolio over the period of its existence.
The sub-investment manager has represented to the Fund that, except as
otherwise noted, the similar accounts for which performance figures are shown
include all of the sub-investment manager's investment company and other
accounts that (a) have been managed with investment objectives, policies, and
strategies substantially similar to those used in managing the corresponding
Portfolio, (b) are of sufficient size that their performance would be
considered relevant to the owner of a policy or contract investing in that
Portfolio and (c) are otherwise deemed sufficiently comparable to warrant
including their performance.
The similar accounts are shown for illustrative purposes only and do not
necessarily predict future performance of the Portfolio. You should be aware
that the Portfolio is likely to differ from other accounts managed by the same
sub-investment manager in such matters as size, cash flow pattern, expense
levels and certain tax matters. Accordingly, the portfolio holdings and
performance of the Portfolio will vary from those of such other accounts.
The performance figures set forth below do not reflect any of the charges and
deductions under the terms of the variable annuity contracts and variable life
insurance policies that may invest in the Portfolio. These charges may be
substantial and will cause the investment return under such a contract or
policy to be less than that of the Portfolio. Such charges are discussed in
detail in the appropriate Contract prospectus.
THE FOLLOWING PERFORMANCE INFORMATION DOES NOT REPRESENT THE PERFORMANCE OF THE
PORTFOLIO EXCEPT IN THE RIGHT HAND COLUMN OF THE TABLE.
Putnam
<TABLE>
<CAPTION>
Putnam Lipper
Growth Variable Funds
Total Return for Opportunities Underlying Growth Putnam Large Cap
Period (unaudited) Fund/1/ Funds Average/2/ S&P 500/2/ Growth Portfolio
------------------ ------------- ----------------- ---------- ----------------
<S> <C> <C> <C> <C>
Year to Date (ended
2/29/2000) 1.78% 1.73% -6.82% --
One Year (12/31/98 to
12/31/99) 51.37% 29.97% 21.04% --
Three Year (12/31/96 to
12/31/99, annualized) 46.62% 26.79% 27.56% --
10/2/95 to 12/99,
annualized (since
inception of the
Putnam Growth
Opportunities Fund) 38.20% 23.13% 26.55% --
</TABLE>
--------
/1/ As of December 31, 1999 the Putnam Growth Opportunities Fund, a mutual
fund, had assets of $5.3 billion. The total returns were calculated using the
actual fees and expenses of the fund whose performance is shown. Had the
Portfolio's estimated fees and expenses been used (whether before or after
estimated expense reimbursement), the performance figures would have been
lower. Performance figures are based on historical performance and do not
guarantee future results.
/2/ The Lipper Variable Funds Underlying Growth Funds Average represents the
average total return based on net asset values of all underlying growth funds.
The S&P 500 Index is an unmanaged index of common stocks that are primarily
issued by companies with large aggregate market values. Performance for the
indices has been obtained from public sources and has not been audited.
11
<PAGE>
Appendix B To Prospectus
Certain Investment Practices
The Table that follows sets forth certain investment practices in which some or
all of the Portfolios may engage. These practices will not be the primary
activity of any Portfolio, however, except if noted under "Risk/Return Summary"
in the Prospectus. The following Portfolio numbers are used in the table:
<TABLE>
<CAPTION>
Portfolio Portfolio
Number Portfolio Name Number Portfolio Name
--------- -------------- --------- --------------
<C> <S> <C> <C>
1. Putnam International Stock 2. Putnam Large Cap Growth
</TABLE>
<TABLE>
<CAPTION>
Percentage limit per Portfolio
Item Investment practice Portfolios on assets/1/
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 Sell covered call options on securities and Both None
stock indices as a hedge against or to
minimize anticipated loss in value.
----------------------------------------------------------------------------------------------------
2 Sell covered put options on securities and Both None
stock indices to earn additional income, as a
hedge against or to minimize anticipated loss
in value.
----------------------------------------------------------------------------------------------------
3 Sell covered put and covered call options on 1 None
currencies as a hedge against anticipated
declines in currency exchange rates in which
securities are held or to be purchased or to
earn additional income.
----------------------------------------------------------------------------------------------------
4 Purchase put options on securities and Both None
indices that correlate with a Portfolio's
securities for defensive purposes in order to
protect against anticipated declines in
values.
----------------------------------------------------------------------------------------------------
5 Purchase call options on securities and Both None
indices that correlate with that Portfolio's
securities.
----------------------------------------------------------------------------------------------------
6 Purchase put options on currencies for 1 None
defensive purposes in order to protect
against anticipated declines in values on
currencies in which a Portfolio's securities
are or may be denominated.
----------------------------------------------------------------------------------------------------
7 Purchase call options on currencies that 1 None
correlate with the currencies in which the
Portfolio's securities may be denominated.
----------------------------------------------------------------------------------------------------
8 Purchase and sell otherwise permitted stock, 1 None
currency, and index put and call options
"over-the-counter" (rather than only on
established exchanges).
----------------------------------------------------------------------------------------------------
9 Purchase and sell futures contracts (on Both Combined limit on the sum of
recognized futures exchanges) on debt the initial margin for
securities and indices of debt securities as futures and options sold on
a hedge against or to minimize adverse futures, plus premiums paid
principal fluctuations resulting from for unexpired options on
anticipated interest rate changes or to futures, is 5% of total
adjust exposure to the bond market. assets (excluding "in the
money" as defined by the
Commodity Futures Trading
Commission)
----------------------------------------------------------------------------------------------------
10 Purchase and sell future contracts (on Both Same as Item 9
recognized futures exchanges) on equity
securities or stock indices as a hedge or to
enhance return.
----------------------------------------------------------------------------------------------------
11 Purchase and sell currency futures contracts 1 Same as Item 9
(on recognized futures exchanges) as a hedge
or to adjust exposure to the currency market.
----------------------------------------------------------------------------------------------------
12 Sell covered call options on and purchase put Both Same as Item 9
and call options contracts on futures
contracts (on recognized futures exchanges)
of the type and for the same reasons the
Portfolio is permitted to enter futures
contracts.
----------------------------------------------------------------------------------------------------
13 Sell covered put options on futures contracts Both Same as Item 9
(on recognized futures exchanges) of the type
and for the same reasons the Portfolio is
permitted to enter into futures contracts.
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
Percentage limit per Portfolio
Item Investment practice Portfolios on assets/1/
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
14 Enter into forward foreign currency exchange Both None
contracts to hedge currency risk relating to
securities denominated, exposed to, or traded
in a foreign currency in which the Portfolio
may invest.
----------------------------------------------------------------------------------------------------
15 Enter into forward foreign currency exchange 1 5% of total assets
contracts for non hedging purposes.
----------------------------------------------------------------------------------------------------
16 Enter into transactions to offset or close Both None
out any of the above.
----------------------------------------------------------------------------------------------------
17 Mortgage-related securities (except for IOs Both None
and POs).
----------------------------------------------------------------------------------------------------
18 Mortgage related interest only (IOs) and Both None
principal only (POs) securities.
----------------------------------------------------------------------------------------------------
19 Use swaps, caps, floors and collars on Both None
interest rates, currencies and indices as a
risk management tool or to enhance return.
----------------------------------------------------------------------------------------------------
20 Invest in foreign securities (including A. 2 A. 10% of total assets in
investments through European Depository securities of foreign
Receipts ("EDRs") and International issuers except 25% of
Depository Receipts ("IDRs")). total assets may be
invested in securities
issued, assumed, or
guaranteed by foreign
governments or their
political subdivisions or
instrumentalities; assumed
or guaranteed by domestic
issuers; or issued,
assumed, or guaranteed by
foreign issuers with a
class of securities listed
on the New York Stock
Exchange.*
B. 1 B. None
----------------------------------------------------------------------------------------------------
21 Lend Portfolio securities. A. 1 A. 20% of total assets*
B. 2 B. 33 1/3% of total assets*
----------------------------------------------------------------------------------------------------
22 Invest in securities that are illiquid. Both 15% of total assets
----------------------------------------------------------------------------------------------------
23 Invest in other investment companies, which Both 10% of total assets except
may involve payment of duplicate fees. as in B below (except that
only 5% of total assets may
be invested in a single
investment company and no
portfolio can purchase more
than 3% of the total
outstanding voting
securities of any one
investment company or,
together with other
investment companies having
the same investment adviser,
purchase more than 10% of
the voting stock of any
"closed-end" investment
company).
----------------------------------------------------------------------------------------------------
24 Invest in money market instruments issued by Both None
a commercial bank or savings and loan
associations (or its foreign branch or
agency) notwithstanding that the bank or
association has less than $1 billion in total
assets, is not a member of the Federal
Deposit Insurance Corporation, is not
organized in the U.S., and/or is not
operating in the U.S.
----------------------------------------------------------------------------------------------------
25 Invest assets in securities issued by Both 25% of total assets.* (The
companies primarily engaged in any one Fund will disclose when more
industry. Provided that: (a) utilities will than 25% of a Portfolio's
be considered separate industries according total assets are invested in
to type of service; (b) oil and oil related four oil related
companies will be considered separate industries).
industries according to type; and (c)
savings, loan associations, and finance
companies will be considered separate
industries.
----------------------------------------------------------------------------------------------------
26 Borrow in the form of short-term credits Both Together with item 27, up to
necessary to clear Portfolio transactions; 1/3 of the amount by which
enter into reverse repurchase arrangements total assets exceed total
with banks. liabilities (excluding the
liabilities represented by
such obligations).*
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
Percentage limit per Portfolio
Item Investment practice Portfolios on assets/1/
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
27 Borrow money for extraordinary or emergency A. Both A. 5% of total assets*
purposes (e.g.
to honor redemption requests which might B. Both B. Together with item 26, up
otherwise require the sale of securities at to 1/3 of the amount by
an inopportune time). which total assets exceed
total liabilities
(excluding the liabilities
represented by such
obligations).*
----------------------------------------------------------------------------------------------------
28 Purchase securities on a "when-issued" basis. Both None
----------------------------------------------------------------------------------------------------
29 Invest in real estate interests, including Both 10% of total assets.* This
real estate mortgage loans. limit shall not restrict
investments in exchange-
traded real estate
investment trusts and shares
of other real estate
companies.
----------------------------------------------------------------------------------------------------
30 Purchase American Depository Receipts A. 2 A. Together with the assets
("ADRs"). referred to in Item 20 A
above, 35% of total assets
B. 1 B. None
----------------------------------------------------------------------------------------------------
31 Invest in debt securities. Both None on investment grade
securities but 5% in below
investment grade securities.
----------------------------------------------------------------------------------------------------
32 Invest in preferred stocks. Both None
----------------------------------------------------------------------------------------------------
33 Invest in common stocks. Both None
----------------------------------------------------------------------------------------------------
34 Invest in hybrid instruments. Both None
----------------------------------------------------------------------------------------------------
35 Enter into forward contracts on debt Both None
securities.
</TABLE>
-----------
/1/ At time of investment, unless otherwise noted.
* Policy may be changed only by shareholder vote.
14
<PAGE>
Appendix C To Prospectus
Description Of Some Investments, Techniques, And Risks
Investment Styles
To varying extents, the portfolio managers may use the following techniques and
investments in managing the Portfolios.
A value investing approach concentrates on securities that are undervalued in
relation to a company's fundamental economic values. Securities may be
undervalued for various reasons including special situations (i.e., where the
portfolio manager believes that a company's securities will appreciate when the
market recognizes a specific development at the company, such as a new product
or process, a management change or a technological breakthrough). A growth
investing approach emphasizes stocks of companies that are projected to grow at
above-average rates based on the company's earnings growth potential.
Capitalization measures the size of a company, based on the aggregate market
value of the company's outstanding stock. Different Portfolios may use
different definitions with respect to whether a company is classified as a
small-cap, mid-cap or large-cap company. Investments in companies that are less
mature or are small or mid-cap may present greater opportunities for capital
appreciation than investments in larger, more mature companies, but also
present greater risks including:
. greater price volatility because they are less broadly traded
. less available public information
. greater price volatility due to limited product lines, markets, financial
resources, and management experience.
Equity Securities
Equity securities include common stocks, preferred stocks, convertible
securities and warrants. Equity securities may offer a higher rate of return
than debt securities. However, the risks associated with investments in equity
securities may also be higher, because the investment performance of equity
securities depends upon factors which are difficult to predict. Equity security
values may fluctuate in response to the activities of an individual company or
in response to general market, interest rate, and/or economic conditions.
Historically, equity securities have provided greater long-term returns and
have entailed greater short-term risk than other securities choices. Depending
on their terms, however, preferred stock and convertible securities may have
investment and risk characteristics more closely resembling those of debt
securities than those of other equity securities.
Common stocks represent ownership in a company and participate in company
profits through dividend payments or capital appreciation after other claims
are satisfied. Common stock generally has the greatest potential for
appreciation and depreciation of all corporate securities (other than warrants)
since the share price reflects the company's earnings.
Preferred stocks represent an ownership interest in a company of a specified
rank (after bonds and before common stocks) with respect to dividend payments
and company assets. Preferred stock generally receives a dividend, but may also
omit or be in danger of omitting a dividend payment, in which case it would be
purchased for its capital appreciation potential.
Convertible securities generally are bonds or preferred stocks which can be
exchanged, through warrants or otherwise, into a specified number of shares
15
<PAGE>
of the issuer's common stock. Convertible securities generally pay higher
interest or dividends than common stock but lower interest or dividends than
non-convertible securities.
Warrants are rights issued by the issuer of a security (usually common stock)
to purchase that security at a specified price for a specified period of time.
They do not represent an ownership interest in the issuing company, and their
prices do not necessarily parallel the prices of the underlying security.
Mortgage-related securities represent a direct or indirect interest in a pool
of mortgages such as FNMAs, FHLMCs, Collateralized Mortgage Obligations
("CMOs"), and related securities including GNMAs and mortgage-backed
securities. They may be issued or guaranteed by U.S. government
instrumentalities or other entities whose obligation is securitized by the
underlying portfolio of mortgages or mortgage-backed securities. These
securities are valued based on expected prepayment rates. The risks associated
with prepayment of the obligations makes these securities more volatile in
response to changing interest rates than other fixed-income securities.
Interest only securities ("IOs") are entitled to interest payments from a class
of these securities and principal only securities ("POs") are entitled to
principal payments from a class of these securities. POs are more volatile in
response to changing interest rates than mortgage-related securities that
provide for interest payments. IOs also are extremely volatile and generally
experience a loss in value in the event prepayment rates are greater than
anticipated, which occurs generally when interest rates fall, and an increase
in value when interest rates rise.
Asset-backed securities represent a direct or indirect interest in a pool of
receivables such as automobile, credit cards, equipment leases, or student
loans. The issuers of the asset-backed securities are special purpose entities
that do not have significant assets other than the receivables securitizing the
securities. The collateral supporting these securities generally is of shorter
maturity than mortgage-related securities, but exposes a Portfolio to similar
risks associated with prepayment of the receivables prior to maturity.
Zero coupon securities credit interest at a specified rate but do not
distribute cash payments for interest as it falls due. These securities
fluctuate in value due to changes in interest rates more than comparable debt
obligations that pay periodic interest.
Foreign Investments
Foreign securities include equity securities and debt securities of non-U.S.
domiciled issuers. A few of the many varieties of foreign investments are
described below.
EDRs and IDRs are receipts issued in Europe, generally by a non-U.S. bank or
trust company, that evidence ownership of non-U.S. securities.
GDRs are securities convertible into equity securities of foreign issuers.
Forward Foreign Currency Exchange Contracts obligate a Portfolio to purchase or
sell a specific currency on a specified date for a specified amount. They can
be used to hedge the currency risk relating to securities traded in or exposed
to a foreign currency. When used as a hedge, substitute or proxy currency can
also be used instead of the currency in which the investment is actually
denominated. This is known as proxy hedging. These contracts can also be used
to generate income or adjust a Portfolio's exposure to various currencies.
16
<PAGE>
Synthetic Non-U.S. Money Market positions are created through the simultaneous
purchase of a U.S. dollar-denominated money market instrument and a forward
foreign currency exchange contract to deliver U.S. dollars for a foreign
currency. These are purchased instead of foreign currency denominated money
market securities because they can provide greater liquidity.
Foreign Securities Risk Considerations.
Although Portfolios that invest in foreign securities may reduce their overall
risk by providing further diversification, the Portfolios will be exposed to
the risks listed below. In addition, these risks may be heightened for
investments in developing countries:
. adverse effects from changing political, social or economic conditions,
diplomatic relations, taxation or investment regulations
. limitations on repatriation of assets
. expropriation
. costs associated with currency conversions
. less publicly available information because foreign securities and issuers
are generally not subject to the reporting requirements of the SEC
. differences in financial evaluation because foreign issuers are not subject
to the domestic accounting, auditing and financial reporting standards and
practices
. lack of development or efficiency with respect to non-domestic securities
markets and brokerage practices (including higher, non-negotiable brokerage
costs)
. less liquidity (including due to delays in transaction settlement)
. more price volatility
. smaller options and futures markets, causing lack of liquidity for these
securities
. higher custodial and settlement costs
. change in net asset value of the Portfolio's shares on days when shareholders
will not be able to purchase or redeem Fund shares.
American Depository Receipts ("ADRs")
ADRs are U.S. dollar-denominated certificates issued by a U.S. bank or trust
company which represent the right to receive securities of a foreign issuer
deposited in a domestic bank or foreign branch of a U.S. bank. ADRs are traded
on domestic exchanges or in the U.S. over-the-counter market and are registered
domestically. These factors eliminate certain risks associated with investing
in foreign securities.
U.S. Dollar-Denominated Money Market Securities of Foreign Issuers
These securities may be registered domestically and traded on domestic
exchanges or in the U.S. over-the-counter market (e.g., Yankee securities). If
the securities are registered domestically, certain risk factors of investing
in foreign securities are eliminated. These securities may also be registered
abroad and traded exclusively in foreign markets (e.g., Eurodollar securities).
17
<PAGE>
Derivative Instruments
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.
Special skill is required in order to effectively use futures contracts. No
Portfolio will use futures contracts or options thereon for leveraging
purposes. Certain risks exist when a Portfolio uses futures contracts including
the:
. inability to close out or offset futures contract transactions at favorable
prices
. reduction of the Portfolio's income
. reduction in the value of the subject of the futures contract or of the
contract itself
. imperfect correlation between the value of the futures contract and the value
of the subject of the contract
. prices moving contrary to the portfolio manager's expectation
Call options give the purchaser the right to buy and obligate the seller to
sell an underlying security, currency, stock index (which is based on the
weighted average of the securities in the index), or futures contract at a
specified "exercise" price during the option period. There are certain risks to
a Portfolio that sells call options, including the inability to effect closing
transactions at favorable prices or to participate in the appreciation of the
subject of the call option above the exercise price. Purchasing call options
exposes a Portfolio to the risk of losing the entire premium it has paid for
the option.
Put options give the purchaser the right to sell and obligate the seller to
purchase an underlying security, currency, stock index (which is based on the
weighted average of the securities in the index) or futures contract at a
specified "exercise" price during the option period. There are certain risks to
a Portfolio that sells put options, including the inability to effect closing
transactions at favorable prices and the obligation to purchase the subject of
the put option at prices which may be greater than current market values or
exchange rates. Purchasing put options exposes a Portfolio to the risk of
losing the entire premium it has paid for the option if the option cannot be
exercised profitably.
Covered options involve a Portfolio's (a) segregating liquid assets with its
custodian that at all times at least equal the Portfolio's obligations under
such options, (b) holding an appropriate offsetting option or other derivative
instrument, or, (c) in the case of a call option sold by the Fund, owning the
securities or other investments subject to the option.
Hybrid instruments combine elements of futures contracts or options with
elements of debt, preferred equity, depository instruments, or other evidence
of indebtedness. A portion of or all interest payments to the Portfolio and/or
the principal or stated amount payable to the Portfolio at maturity,
redemption, or retirement of the hybrid instrument are determined by reference
to prices, changes in prices, or differences between prices of securities,
currencies, intangibles, goods, articles, or commodities or by another
benchmark such as an index or interest rate.
18
<PAGE>
Hybrid instruments can be an efficient means of exposing a Portfolio to a
particular market in order to enhance total return. Hybrid instruments are
potentially more volatile and carry greater market risks than traditional debt
instruments. The risks of investing in these instruments reflect a combination
of the risks of investing in securities, options, futures and currencies.
Hybrid securities typically do not trade on exchanges. Hybrid instruments are
frequently (or may become) less liquid than other types of investments. They
also expose the Portfolio to losses if the other party to the transaction fails
to meet its obligations.
Portfolios use swaps, caps, floors and collars as risk management tools to
protect against changes in interest rates or in security or currency values, or
to gain exposure to certain markets in an economical way. Swap transactions
involve an agreement where one party exchanges payments equal to a floating
interest rate, currency exchange rate or variation in interest rates or
currency indexes on a specified amount (the "notional amount"), and the other
party agrees to make payments equal to a fixed rate on the same amount for a
specified period. Caps give the purchaser the right to receive payments from
the seller to the extent a specified interest rate, currency exchange rate or
index exceeds a specified level during a specified period of time. Floors give
the purchaser the right to receive payments from the seller to the extent a
specified interest rate, currency exchange rate or index is less than a
specified level during a specified period of time. Collars give the purchaser
the right to receive payments from the seller to the extent a specified
interest rate, currency exchange rate or index is outside an agreed upon range
during a specified period of time.
A Portfolio will not use swaps, caps, floors or collars to leverage its
exposure to changing interest rates, currency rates, or security values. Nor
will a Portfolio sell interest rate caps, floors or collars unless it owns
securities that will provide the interest that the Portfolio may be required to
pay.
The use of swaps, caps and floors exposes the Portfolio to investment risks
different than those associated with other security transactions including:
. total loss of the Portfolio's investment in swaps and the sale of caps,
floors and collars (a Portfolio's purchase of caps, floors and collars can
result only in the loss of the purchase price)
. investment performance of the Portfolio can be worse than if these techniques
were not used if the assumptions used in entering into the transactions were
incorrect
. since these instruments generally do not trade on exchanges, a Portfolio may
not be able to enter into offsetting positions, or may suffer other losses,
if the other party to the transaction fails to meet its obligations
. more market volatility than other types of investments
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.
19
<PAGE>
Securities Lending
Securities lending involves lending some of a Portfolio's securities to
brokers, dealers and financial institutions. As collateral for the loan, the
Portfolio receives an amount that is at all times equal to at least 100% of the
current market value of the loaned securities. The Portfolio invests the
collateral in short-term high investment grade securities, or in a mutual fund
that invests in such securities. Securities lending can increase current income
for a Portfolio because the Portfolio continues to receive payments equal to
the interest and dividends on loaned securities. Also, the investment
experience of the cash collateral will inure to the Portfolio. Loans will not
have a term longer than 30 days and will be terminable at any time. As with any
extension of credit, securities lending exposes a Portfolio to some risks
including delay in recovery and loss of rights in the collateral if the
borrower fails financially.
20
<PAGE>
Metropolitan Series Fund, Inc.
---------------------
Principal Office of the Fund
1 Madison Avenue
New York, New York 10010
---------------------
Investment Manager and Principal Underwriter
Metropolitan Life Insurance Company
1 Madison Avenue
New York, New York 10010
(Principal Business Address)
Sub-Investment Managers
Putnam Investment Management, Inc.
One Post Office Square
Boston, Massachusetts 02109
(Principal Executive Office)
Custodian, Transfer Agent and
Dividend Paying Agent
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
(Principal Business Address)
No dealer, salesman, or other person has been authorized to give any
information or to make any representations, other than those contained in this
Prospectus, in connection with the offer made by this Prospectus, and, if given
or made, such other information or representations must not be relied upon as
having been authorized by the Fund, Metropolitan Life, Cova Financial Services
Life Insurance Company or Putnam. This Prospectus does not constitute an
offering in any state in which such offering may not lawfully be made.
<PAGE>
How to learn more:
We have incorporated the Statement of Additional Information ("SAI") into this
Prospectus. That means the SAI is considered part of this Prospectus as though
it were included in it. The SAI contains more information about the Fund. Also,
the Fund's annual and semi-annual reports to shareholders (the "reports")
contain more information including information on each Portfolio's investments
and a discussion of the market conditions and investment strategies that
affected each Portfolio's performance for the period covered by the report.
How to get copies:
To request a free copy of the SAI or the reports or to make any other
inquiries, write or call:
Metropolitan Life Insurance Company
One Madison Avenue
New York, NY 10010
Phone: (800) 553-4459
You can also get information about the Fund (including the SAI) from the
Securities and Exchange Commission (a copying fee may apply) by visiting or
writing to its Public Reference Room or using its Internet site at:
Securities and Exchange Commission
Public Reference Room
Washington, D.C. 20549
Call 1-800-SEC-0330 (for information about
using the Public Reference Room)
Internet site: http://www.sec.gov
IC# 811-3618
