Certified Annual Shareholder Report of a Management Investment Company — Form N-CSR
Filing Table of Contents
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1: N-CSR Metlife Investment Funds, Inc. 171 831K
4: EX-99.906CERT Miscellaneous Exhibit 1 6K
3: EX-99.CERT Certifications 4 15K
2: EX-99.CODE ETH Code of Ethics 6 20K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-7450
METLIFE INVESTMENT FUNDS, INC.
(Exact name of registrant as specified in charter)
400 Atrium Drive, Somerset, NJ 08873-4172
(Address of principal executive offices) (Zip code)
Alan C. Leland, President
MetLife Investment Funds, Inc.
400 Atrium Drive
Somerset, New Jersey 08873-4172
(Name and address of agent for service)
Copy To:
Christopher E. Palmer
Goodwin Procter LLP
901 New York Avenue, N.W.
Washington, D.C. 20001
(Name and address of agent for service)
Registrant's telephone number, including area code: 732-514-2000
Date of fiscal year end: December 31
Date of reporting period: January 1, 2006 through December 31, 2006
[LOGO] MetLife Investment
Funds, Inc.
[GRAPHIC]
Annual Report December 31, 2006
MetLife Investment International Stock Fund
MetLife Investment Small Company Stock Fund
MetLife Investment Large Company Stock Fund
MetLife Investment Diversified Bond Fund
Letter from the Chairman of the Board
February 2007
To Our Investors:
We are pleased to provide you with the December 31, 2006 Annual Report for
the MetLife Investment Funds, Inc. The Report is designed to help you make
informed decisions on how to allocate your money within your variable product
or Qualified Plan.
Like world events and the economy, the capital markets are subject to
volatility and the possibility of rapid change. We encourage you to work with
your registered representative to develop an investment program to meet your
long-term retirement, investment, and insurance needs.
We look forward to serving your future investment needs.
Sincerely,
/s/
Elizabeth M. Forget
Elizabeth M. Forget
Chairman of the Board
MetLife Investment Funds, Inc.
METLIFE INVESTMENT INTERNATIONAL STOCK FUND
The MetLife Investment International Stock Fund (I Shares) returned 26.50%
for the year ended December 31, 2006. The MSCI EAFE Index returned 26.34% for
the same period.
The following commentary was provided by ALLIANCEBERNSTEIN L.P.
("ALLIANCE"), subadviser to the MetLife Investment International Stock Fund.
Alliance managed 35% of the Fund as of December 31, 2006. Alliance uses a
"value" approach in the management of its portion of the Fund.
The strong gains by global equity markets in 2006 were underpinned by
favorable economic developments. During the second quarter, the market's upward
trajectory was temporarily interrupted by concerns that sharply rising
commodity prices, especially oil, would stoke inflationary pressure, prompting
central banks to ratchet up interest rates. Investors feared that already
slowing growth might grind to a halt. But benign inflation data over the summer
allowed the US Federal Reserve to pause in August after two years of raising
rates at every meeting and investors eventually began to believe in a soft
landing for the US. At the same time, investors took comfort from the
resilience of growth outside the US. In Europe, for example, exports remained
surprisingly buoyant in the face of the US slowdown and domestic demand
strengthened, suggesting that the euro-area recovery was gradually becoming
more self sustaining. Germany's IFO Institute survey, which is a good indicator
of euro-area growth, is at an all-time high. Economic indicators in Japan left
more room for doubt, with Gross Domestic Product (GDP) growth falling below
trend in the third quarter due to sluggish consumption. But with employee
salaries growing at the fastest rate in 14 years, the outlook for consumers
seemed to be improving. As the year ended, most observers expected Japanese
interest rates to rise and the economy to recover from its mid-year slowdown.
At the end of 2006, the small cap value portion of the MetLife Investment
International Stock Fund outperformed its benchmark, the Citigroup PMI EPAC
Value Index, before fees. Relative performance was driven by strong stock
selection within the industrial commodities and capital equipment sectors. On
the other hand, the portfolio's stock selection in the medical sector detracted
from relative returns.
Key contributors to relative performance were ARCELOR and XSTRATA. ARCELOR
benefited throughout 2006 from investor enthusiasm surrounding the company's
merger with MITTAL STEEL. Similarly, shares of XSTRATA gained after the market
reacted favorably to the company's purchase of Canadian copper and nickel
producer FALCONBRIDGE. XSTRATA also benefited from strong demand for iron ore.
Chief detractors were SANOFI-AVENTIS and EADS. Pharmaceutical manufacturer
SANOFI-AVENTIS traded lower following its failure to legally block a generic
version of its best-selling drug, Plavix. Aerospace company EADS fell following
continuing delays to the A380 superjumbo jet program.
1
The following commentary was provided by OECHSLE INTERNATIONAL ADVISORS LLC
("OECHSLE"), subadviser to the MetLife Investment International Stock Fund.
Oechsle managed 33% of the Fund as of December 31, 2006. Oeschsle uses a
"growth" approach in the management of its portion of the Fund.
Against a backdrop of strong liquidity, robust corporate earnings, healthy
global growth and a seemingly relentless wave of merger and acquisition
activity, non-U.S. equities closed their strongest year since 2003. The
Citigroup PMI EPAC Index rose 25% in U.S. dollar terms to close the fourth
straight year of double-digit gains. The bull market rally has yielded an
annualized return of 24.5% since December 31, 2002. As value stocks extended
their run of outperformance over their growth counterparts, the Citigroup PMI
EPAC Growth Index posted a return for the year of 22.4%.
In this environment, the growth portion of the MetLife Investment
International Stock Fund outperformed the benchmark over the course of the
year. While country allocations were hampered by an overweight allocation to
the underperforming Japanese equity market and underweights to Hong Kong and
Australia, strong stock selection in Japan and among the larger of the European
markets generated the lion's share of the outperformance for the year.
Stock selection was strongest in the United Kingdom behind strength in the
consumer discretionary sector (WHITBREAD and BERKELEY GROUP) and among the
portfolio's financial stocks (LAND SECURITIES, LLOYDS TSB).
In Continental Europe, the most notable contributions stemmed from
outperformance in France and Germany. During a record year for merger and
acquisitions, the top performing holdings in these markets tended to be those
stocks touched by consolidation. In Germany, the top contributor was SCHERING,
a pharmaceutical company that was acquired in the first half of the year by
BAYER, another German company that has three key divisions: healthcare, crop
sciences and chemical materials. Similarly, in France, the announced
acquisition of SUEZ, a water utility, by GAZ DE FRANCE boosted the share price
of the portfolio's stake in SUEZ.
In Asia, performance was mixed as gains from a favorable mix of Japanese
stocks were offset by the unfavorable country mix behind the overweight
exposure to the underperforming Japanese market and underweights to Hong Kong
and Australia--two strong markets in 2006.
The Japanese equity market was a disappointment in 2006 as it sharply
trailed global benchmarks. The Japanese stock market has recently performed in
sync with leading Japanese and global economic indicators. As these indicators
were accelerating during the second half of 2005 and into 2006, the Japanese
stock market performed well. Once the inflation and growth scare took hold of
markets this past May and June and indicators pointed to softer growth, the
Japanese stock market notably underperformed the world benchmarks. While our
optimism for the Japanese recovery story was rewarded in 2005, it marked time
in 2006.
2
The following commentary was provided by SSGA FUNDS MANAGEMENT, INC.
("SSGA"), subadviser to the MetLife Investment International Stock Fund. SSgA
managed 32% of the Fund as of December 31, 2006. SSgA uses a "core" approach in
the management of its portion of the Fund.
The MSCI EAFE(R) index ended 2006 with a 26.3% return, outperforming the
S&P 500(R) index by more than 10%. The portion of the MetLife Investment
International Stock Fund managed by SSgA outperformed both of these indicies.
This solid performance in 2006 was driven primarily by robust stock
selection in Europe and Japan. From a sector standpoint, materials, consumer
staples, telecommunications, health care and industrials holdings accounted for
the largest share of excess returns. However, the portfolio delivered
outperformance as a result of holdings in nine of ten sector groups. The
portfolio benefited from several notable individual positions in 2006. The
largest boost was delivered by an overweight in European steelmaker, ARCELOR
NPV, which gained 140% as a result of the company being acquired by industry
rival MITTAL STEEL CO. during the third quarter. The portfolio also benefited
from an overweight in VALLOUREC, a European industrial tube manufacturer whose
primary business is to supply finished products used in the construction of
energy infrastructure. Overall, VALLOUREC gained just shy of 170% in 2006 which
translated to approximately 40 bps (0.40%) in portfolio excess returns over the
12 month period. Irish beverage maker C&C GROUP enjoyed significant organic
growth and improving analyst sentiment in 2006, driven primarily by the ongoing
expansion of its Magner's Irish Cider product. Overall, C&C shares returned
more than 180% over the period and contributed approximately 30 bps (0.30%) in
excess returns by virtue of its overweight position in the portfolio. Other
notable European industrial equity positions adding value in 2006 were
overweights in BRITISH AIRWAYS and AIR FRANCE, which gained 80% and 100%,
respectively over the period driven by sharply improving fundamentals and
improving earnings expectations.
On the downside, utilities was the lone sector offsetting positive relative
returns in the portfolio. Individual names that detracted from full year excess
gains included the EUROPEAN AERONAUTIC DEFENSE & SPACE CO. (EADS), parent of
Airbus, which declined 7% amid further delays in the much heralded A-380 jumbo
jet platform. ASTRAZENECA also offset gains elsewhere mostly as a result of the
October termination of what was hoped would be a blockbuster stroke medication
(NXY-059) and growing concern about the company's already weak pipeline.
Finally, the portfolio was hurt by not owning ENDESA a Spanish utility which
gained a robust 97.5%, largely as a result of it being the recipient of
multiple takeover offers during the year.
THE VIEWS EXPRESSED ABOVE ARE THOSE OF THE SUBADVISORY FIRMS AS OF DECEMBER
31, 2006, AND ARE SUBJECT TO CHANGE BASED ON MARKET AND OTHER CONDITIONS.
INFORMATION ABOUT THE FUND'S HOLDINGS, ASSET ALLOCATION, INDUSTRY ALLOCATION,
OR COUNTRY DIVERSIFICATION IS HISTORICAL AND IS NOT AN INDICATION OF FUTURE
FUND COMPOSITION, WHICH WILL VARY.
3
METLIFE INVESTMENT INTERNATIONAL STOCK FUND
TOP TEN HOLDINGS BY MARKET VALUE
As of December 31, 2006
[Download Table]
Percent of
DESCRIPTION Net Assets
--------------------------------------------------------
ING Groep NV 2.11%
Total SA 1.80
ENI SpA 1.69
Toyota Motor Corp. 1.38
Muenchener Rueckversicherungs-Gesellschaft AG 1.35
Sumitomo Mitsui Financial Group, Inc. 1.33
Repsol YPF SA 1.32
BNP Paribas SA 1.31
Allianz AG 1.29
Barclays PLC 1.27
PORTFOLIO COUNTRY INFORMATION
As of December 31, 2006
Reflected as a percentage of total long-term investments
[CHART]
Japan 24.7%
Great Britain 21.6%
France 11.3%
Germany 10.7%
Netherlands 6.5%
Switzerland 4.2%
Italy 3.5%
Spain 3.1%
Australia 2.8%
Other 11.6%
4
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN THE METLIFE INVESTMENT INTERNATIONAL STOCK FUND (I SHARES)
AND MSCI EAFE INDEX*
[CHART]
International Stock MSCI EAFE Index
------------------- ---------------
Dec-1996 $10,000.00 $10,000.00
Jun-1997 10,895.23 11,120.75
Dec-1997 10,500.73 10,177.76
Jun-1998 12,137.79 11,798.87
Dec-1998 12,066.18 12,207.53
Jun-1999 12,925.49 12,721.43
Dec-1999 15,990.37 15,506.40
Jun-2000 15,967.63 14,903.22
Dec-2000 14,706.44 13,309.25
Jun-2001 12,371.73 11,364.87
Dec-2001 11,553.84 10,455.40
Jun-2002 10,551.58 10,285.82
Dec-2002 8,976.29 8,788.80
Jun-2003 9,576.65 9,621.32
Dec-2003 11,673.06 12,180.03
Jun-2004 11,936.58 12,735.87
Dec-2004 13,405.35 14,646.14
Jun-2005 13,118.24 14,474.55
Dec-2005 15,368.55 16,628.58
Jun-2006 16,963.59 18,318.33
Dec-2006 19,440.71 21,008.64
[Download Table]
-------------------------------------------------------------------
Average Annual Return
(for the periods ended 12/31/06)
-------------------------------------------------------------------
1 Year 5 Year 10 Year
-------------------------------------------------------------------
-- International Stock Fund--I Shares 26.50% 10.97% 6.87%
--R Shares** 26.05% 10.64% 6.71%
-------------------------------------------------------------------
- - MSCI EAFE Index(1) 26.34% 14.98% 7.71%
-------------------------------------------------------------------
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. PERSONS WHO
INVEST IN THE FUND THROUGH A VARIABLE ANNUITY CONTRACT SHOULD NOTE THIS
GRAPH DOES NOT REFLECT SEPARATE ACCOUNT EXPENSES DEDUCTED BY THE INSURANCE
COMPANY.
----
*THE GRAPH SHOWS THE CHANGE IN VALUE OF AN INVESTMENT IN THE I SHARES
CLASS OF THE FUND. THE DOLLAR VALUE OF AN INVESTMENT IN THE R SHARES
WOULD HAVE BEEN LOWER DUE TO THE HIGHER OPERATING EXPENSES OF THE R
SHARES. SEE YOUR PROSPECTUS FOR MORE INFORMATION.
**RETURNS SHOWN IN THE TABLE FOR R SHARES PRIOR TO THEIR COMMENCEMENT DATE
(10/1/02) ARE DERIVED FROM THE HISTORICAL PERFORMANCE OF THE I SHARES,
ADJUSTED TO REFLECT THE HIGHER OPERATING EXPENSES OF THE R SHARES.
(1)THE MORGAN STANLEY CAPITAL INTERNATIONAL EAFE INDEX IS A MARKET
CAPITALIZATION WEIGHTED INDEX COMPOSED OF COMPANIES REPRESENTATIVE OF THE
MARKET STRUCTURE OF 21 DEVELOPED MARKETS IN EUROPE, AUSTRALASIA AND THE
FAR EAST. THE INDEX DOES NOT HAVE EXPENSES AND IS NOT AN ACTUAL
INVESTMENT.
5
METLIFE INVESTMENT SMALL COMPANY STOCK FUND
The MetLife Investment Small Company Stock Fund (I Shares) returned 13.40%
for the year ended December 31, 2006. The Russell 2500 Index returned 16.17%
for the same period.
The following commentary was provided by OFI INSTITUTIONAL ASSET
MANAGEMENT, INC. ("OFI INSTITUTIONAL"), subadviser to the MetLife Investment
Small Company Stock Fund. OFI Institutional managed 32% of the Fund as of
December 31, 2006. OFI Institutional uses a "growth" approach in the management
of its portion of the Fund. Babson Capital Management LLC ("Babson") served as
subadviser of the Fund until April 30, 2006. OFI Institutional, an affiliate of
Babson, began managing assets of the Fund on May 1, 2006.
2006 began auspiciously with the economy making a smooth transition from
housing to industrial production. The Russell 2000 Growth(R) Index (R2G)
climbed rapidly through the first quarter, up 15%, on the belief that the
Federal Reserve Board (FRB) was finished with short-term rate increases. This
belief was torn asunder early in the second quarter as the FRB spoke forcefully
about the need to control inflation. In a matter of weeks the R2G gave up half
of its performance, shortly after the peak in early May. The R2G finished the
second quarter down 6.5% after rising 5.7% in the final two trading days of the
quarter. The roller coaster behavior of the R2G suggested a transition was
underway from lower quality, higher beta, and lower earnings visibility
companies to higher quality, more certain earnings companies.
The volatility of the R2G continued into the third quarter as the index
lost 5.2% in July, regained 2.9% in August and another 0.6% in September, thus
losing 2.9% for the quarter. This volatility coincided with the rise and fall
of oil prices. Meanwhile, the economy continued to slow, as the impact of
relatively high real and nominal interest rates began to take effect.
The fourth quarter began as the first quarter did, with a rapid escalation
in index values, reflecting investors' belief that the next move in the rate
cycle would be downward. During the month of October the R2G rose 7.5%. The
remainder of the final quarter saw a quiescent behavior, as investors sought to
lock in their annual gains.
The portfolio's performance came in waves opposite to the index. Throughout
the year, your portfolio added value from strong stock selection and favorable
weightings relative to the index in the Health Care, Information Technology and
Industrials sectors. Conversely, the relative underperformance of Materials,
Consumer Discretionary and Financials had a negative impact on performance, as
these sectors suffered in 2006 from the decline of housing stocks and concerns
over the slowing economy.
The following commentary was provided by DELAWARE MANAGEMENT COMPANY
("DELAWARE"), subadviser to the MetLife Investment Small Company Stock Fund.
Delaware managed 32% of the Fund as of December 31, 2006. Delaware uses a
"value" approach in the
6
management of its portion of the Fund. Delaware began managing assets of the
Fund on May 1, 2006.
The period from May 1, 2006 through December 31, 2006 was generally a
positive one for small cap value equities, although essentially all of the
gains came during the last three months of this period. Following a very strong
first quarter of 2006 when the small cap market had a return of 14%, as
measured by the Russell 2000, the markets appeared to focus more on the Federal
Reserve, which increased short-term interest rates through June, as well as the
inflation and productivity measures that were showing mixed readings for the
financial markets. This led to a volatile investment period from May through
September. With corporate profits continuing to grow at a solid pace and with
merger and acquisition activity remaining strong, the markets seemed to push
aside the fears of an economic slowdown and potential inflation, thus creating
a strong environment for investments during the fourth quarter of 2006.
During the eight-month period ending on December 31, 2006 the Russell 2000
Value Index had a return of 8.42%. Several sectors had returns well above 10%,
including Consumer Staples and Real Estate Investment Trusts (REITs), which
both had returns exceeding 20% during this period. The only sectors with
negative returns were Consumer Cyclicals, which primarily declined on the
lowered outlook for housing, and Technology, which was slightly negative for
the period. The small cap value portion of the fund significantly
underperformed the index during the period. The bulk of the underperformance
occurred during the last three months of the period when poor stock selection
in Basic Industries, Technology and Financial Services hurt performance. For
the full period, stock selection in Capital Spending had a negative impact on
performance while the underweight in REITs, which continue to look expensive on
a valuation basis, also hurt performance.
The following commentary was provided by TCW INVESTMENT MANAGEMENT COMPANY
("TCW"). TCW served as a subadviser to the MetLife Investment Small Company
Stock Fund until April 30, 2006. TCW used a "value" approach in the management
of its portion of the Fund.
Holdings within the Consumer Staples and Autos and Transportation sectors
as well as the portfolio's underweight position in Financial Services stocks
were the strongest contributors to performance during the year to date period
ending April 30, 2006. Strong performers within the Consumer Staples sector
include WILD OATS MARKETS, and LONGS DRUG STORES. Within the Autos and
Transportation sector, top performers include WABTEC, and barge operator KIRBY
CORP.
Stock selection was also strong in the Energy sector led by alternative
energy company FuelCell Energy. However, individual stock picks in both Health
Care and Technology dampened returns. Underperforming names in the portfolio
for the period under review include technology company DOT HILL, recreational
vehicle marker FLEETWOOD ENTERPRISES, LEAR CORP., and MATRIA HEALTHCARE. Both
LEAR and MATRIA were completely sold after triggering a fundamental review
based on price decline.
7
The following commentary was provided by SSGA FUNDS MANAGEMENT, Inc.
("SSGA"), subadviser to the MetLife Investment Small Company Stock Fund. SSgA
managed 36% of the Fund as of December 31, 2006. SSgA uses an "index" approach
in the management of its portion of the Fund.
The goal of our portion of the MetLife Investment Small Company Stock Fund
is to match the returns and characteristics of the Russell 2500(R) index as
closely as possible while providing daily liquidity. During the year we
achieved our investment objective. We employ a replication process; therefore,
as economic conditions impacted the index, so too did they impact the fund
itself in a similar fashion.
Global financial markets enjoyed a strong fourth quarter of 2006. Stocks
rallied consistently through the period, and bonds generated nicely positive
returns before retreating a bit in December. After soft activity data boosted
government debt at the end of November, yields rose steadily into the end of
the year as employment and wages continued to climb. Fresh inflation data came
in mixed, but core measures remained well above the 2% level deemed comfortable
by the Federal Reserve. Even though broad market strength helped the Russell
2500(R) Index to finish 2006 at a record high, the benchmark only eked out a
0.44% gain for December. Its earlier strength, however, lifted the Russell 2500
to an 8.7% return for the fourth quarter and a 16.2% result for the whole of
the year. Top performing sectors included telecommunications services, up 41.1%
and materials, rising nearly 30%.
The weakest performing sector was healthcare, still in positive territory,
but returning a relatively weak 4.8%. The often defensive healthcare group was
anything but in 2006. While shares of drug makers have stabilized after
liability fears gripped the industry in 2005, manufacturers of medical devices
took it on the chin in 2006. In addition, stock option incentive schemes, which
proved at best embarrassing and at worst dishonest, helped add to the sector's
woes.
THE VIEWS EXPRESSED ABOVE ARE THOSE OF THE SUBADVISORY FIRMS AS OF DECEMBER
31, 2006, AND ARE SUBJECT TO CHANGE BASED ON MARKET AND OTHER CONDITIONS.
INFORMATION ABOUT THE FUND'S HOLDINGS, ASSET ALLOCATION, INDUSTRY ALLOCATION,
OR COUNTRY DIVERSIFICATION IS HISTORICAL AND IS NOT AN INDICATION OF FUTURE
FUND COMPOSITION, WHICH WILL VARY.
8
METLIFE INVESTMENT SMALL COMPANY STOCK FUND
TOP TEN HOLDINGS BY MARKET VALUE
As of December 31, 2006
[Download Table]
Percent of
DESCRIPTION Net Assets
--------------------------------------------------
W-H Energy Services, Inc. 1.15%
Roper Industries, Inc. 1.13
inVentiv Health, Inc. 1.06
Boston Private Financial Holdings, Inc. 1.02
Entegris, Inc. 0.98
Macrovision Corp. 0.95
First Community Bancorp, Inc. 0.95
Advisory Board Co. 0.90
II-VI, Inc. 0.90
Respironics, Inc. 0.89
PORTFOLIO SECTOR INFORMATION
As of December 31, 2006
Reflected as a percentage of total long-term investments
[CHART]
Financial 19.6%
Consumer, Non-Cyclical 18.9%
Industrials 16.3%
Consumer, Cyclical 14.1%
Technology 9.3%
Communications 8.0%
Energy 6.6%
Basic Materials 4.1%
Utilities 3.1%
9
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN THE METLIFE INVESTMENT SMALL COMPANY STOCK FUND (I SHARES)
AND RUSSELL 2500 INDEX*
[CHART]
Small Company Russell 2500
------------- ------------
Dec-1996 $10,000.00 $10,000.00
Jun-1997 10,081.97 11,125.33
Dec-1997 10,678.09 12,435.75
Jun-1998 11,080.48 13,139.44
Dec-1998 9,754.10 12,483.62
Jun-1999 11,101.62 13,842.31
Dec-1999 13,334.94 15,497.76
Jun-2000 14,900.93 16,380.19
Dec-2000 14,679.41 16,159.09
Jun-2001 14,892.41 16,780.14
Dec-2001 14,910.25 16,356.23
Jun-2002 13,932.10 15,502.61
Dec-2002 11,373.98 13,445.61
Jun-2003 13,151.58 15,720.93
Dec-2003 16,271.40 19,564.62
Jun-2004 17,221.46 20,785.24
Dec-2004 18,702.08 23,143.76
Jun-2005 18,702.08 23,430.62
Dec-2005 20,059.89 25,020.24
Jun-2006 21,235.77 26,601.11
Dec-2006 22,747.25 29,064.87
[Download Table]
---------------------------------------------------------------------------
Average Annual Return
(for the periods ended 12/31/06)
---------------------------------------------------------------------------
1 Year 5 Year 10 Year
---------------------------------------------------------------------------
-- Small Company Stock Fund--I Shares 13.40% 8.82% 8.57%
--R Shares** 13.07% 8.51% 8.41%
---------------------------------------------------------------------------
- - Russell 2500 Index(1) 16.17% 12.19% 11.26%
---------------------------------------------------------------------------
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. PERSONS WHO
INVEST IN THE FUND THROUGH A VARIABLE ANNUITY CONTRACT SHOULD NOTE THIS
GRAPH DOES NOT REFLECT SEPARATE ACCOUNT EXPENSES DEDUCTED BY THE INSURANCE
COMPANY.
----
*THE GRAPH SHOWS THE CHANGE IN VALUE OF AN INVESTMENT IN THE I SHARES
CLASS OF THE FUND. THE DOLLAR VALUE OF AN INVESTMENT IN THE R SHARES
WOULD HAVE BEEN LOWER DUE TO THE HIGHER OPERATING EXPENSES OF THE R
SHARES. SEE YOUR PROSPECTUS FOR MORE INFORMATION.
**RETURNS SHOWN IN THE TABLE FOR R SHARES PRIOR TO THEIR COMMENCEMENT DATE
(10/1/02) ARE DERIVED FROM THE HISTORICAL PERFORMANCE OF THE I SHARES,
ADJUSTED TO REFLECT THE HIGHER OPERATING EXPENSES OF THE R SHARES.
(1)THE RUSSELL 2500 INDEX IS A MARKET CAPITALIZATION WEIGHTED INDEX OF THE
2,500 SMALLEST COMPANIES IN THE RUSSELL 3000 INDEX. (THE RUSSELL 3000
INDEX INCLUDES THE 3000 LARGEST U.S. COMPANIES BASED ON TOTAL MARKET
CAPITALIZATION.) THE RUSSELL 2500 IS A MEASURE OF SMALL TO MEDIUM-SMALL
COMPANY STOCK PERFORMANCE. THE INDEX DOES NOT HAVE EXPENSES AND IS NOT AN
ACTUAL INVESTMENT.
10
METLIFE INVESTMENT LARGE COMPANY STOCK FUND
The MetLife Investment Large Company Stock Fund (I Shares) returned 12.56%
for the year ended December 31, 2006. The S&P 500 Index returned 15.80% for the
same period.
The following commentary was provided by WELLINGTON MANAGEMENT COMPANY LLP
("WELLINGTON MANAGEMENT"), subadviser to the MetLife Investment Large Company
Stock Fund. Wellington Management managed 32% of the Fund as of December 31,
2006. Wellington Management uses a "value" approach in the management of its
portion of the Fund.
Equity markets rose early in 2006 as the US Federal Reserve hinted at an
end to its policy of rate hikes, then the markets sold off during the second
quarter amid concerns that higher energy prices and rising US interest rates
would halt economic growth. Markets regained their footing in the third quarter
as investors focused on an end to interest rate hikes, falling energy prices,
and continued strong corporate earnings growth. In the fourth quarter, markets
rallied sharply on higher corporate earnings and robust merger and acquisition
activity.
The Russell 1000 Value Index posted its fourth consecutive year of positive
returns [+22.3%] versus the Russell 1000 Growth Index [+9.1%]. Value has
outpaced growth in each of the past seven years. The Russell 1000 Value Index
was led by the Telecom Services, Energy, Consumer Discretionary, and Consumer
Staples sectors. In addition, large cap value stocks surpassed the strong
performance of small cap stocks as measured by the Russell 2000.
The portion of the MetLife Investment Large Company Stock Fund managed by
Wellington Management lagged the return of the Russell 1000 Value Index due to
negative relative performance in Industrials, Materials, Consumer
Discretionary, and Telecommunication Services, which stocks outweighed
favorable relative results in the Information Technology and Utilities sectors.
For the full year, the bottom-up investment approach used by Wellington
produced positive absolute returns in all ten of the broad market sectors.
However, in comparison to the strong returns of the Russell 1000 Value during
2006, the Wellington managed segment of the Portfolio outperformed the
benchmark in only two sectors. Weak stock selection within Industrials,
Materials, Consumer Discretionary and Telecommunication Services were the main
detractors to relative performance.
The Information Technology sector was the best performing both on an
absolute and relative basis as a result of strong stock selection. One top
performer from this sector, HEWLETT-PACKARD, reported a sharp rise in its
quarterly profits as the company continued to gain PC market share from its
rival DELL. The personal computer maker attributed the consensus-beating
earnings to solid revenue growth, margin expansion, and continued cost cutting.
11
Other top performers that contributed to performance include KIMCO REALTY,
GOLDMAN SACHS GROUP, and FPL GROUP. The Florida utility holding company, FPL
GROUP, is considered the largest wind energy producer in the country and has
one of the best growth profiles in the Utilities sector. Recent buyouts of
single-owned nuclear plants helped add to its existing nuclear and wind assets
in the Midwest and provides FPL with another low-cost, base-load generation
source.
On the negative side, Industrials detracted the most from performance on a
relative basis. LANDSTAR SYSTEMS, a provider of transportation capacity and
services to shippers throughout the US and Canada, traded down after the
company lowered its fourth quarter earnings forecast on signs of a slowing US
economy. We added to our position in this stock on this weakness as we believe
longer term this company should contribute positively to returns.
As noted, underperformance occurred in a number of sectors and was not
caused by any one stock. Other detractors to performance include the newsprint
manufacturer, BOWATER, and the global entertainment conglomerate, VIACOM.
UNIONBANCAL was the largest detractor for the year and we sold out of the
position in November to fund a new position in BANK OF MONTREAL.
The following commentary was provided by CLEARBRIDGE ADVISERS, LLC
("CLEARBRIDGE"), (formerly known as Smith Barney Fund Management LLC),
subadviser to the MetLife Investment Large Company Stock Fund. ClearBridge
managed 31% of the Fund as of December 31, 2006. ClearBridge uses a "growth"
approach in the management of its portion of the Fund.
After early weakness in the first and second quarters, large cap stocks had
a very good third quarter and an even better fourth quarter, with the Dow Jones
Industrial Average setting all time highs in the final week of the year. We
feel the appreciation in the second half of the year was largely fueled by a
more dovish Federal Reserve ("Fed") policy beginning in June, declining
commodity prices (oil, industrial metals), record share buyback programs,
strong merger and acquisition activity, and most importantly, record corporate
profits.
Seven out of its twelve sectors outperformed the Russell 1000 Growth Index
benchmark for the year with the Utilities and Materials and Processing groups
leading the advance. We believe that the utility sector benefited from industry
consolidation and asset sales while materials benefited from strength in global
GDP. The benchmark's three largest sectors, Technology, Healthcare, and
Consumer Discretionary, all underperformed the Russell 1000 Growth Index for
the full year. The worst performing sector was the oil services dominated Other
Energy sector.
The ClearBridge managed portion of the Portfolio demonstrated positive
absolute performance, but trailed the Russell 1000 Growth Index for the full
year. It was not sector allocation, but security selection that dictated our
relative underperformance. In particular,
12
weak selection in the technology sector represented greater than 100% of our
shortfall relative to the index for the full year.
Despite being overweight GOOGLE, the Internet industry was the largest
detractor to results (such as YAHOO, EBAY). Healthcare issues GENENTECH and
UNITED HEALTHCARE also adversely impacted returns. On the plus side, security
selection in three unrelated issues--GOLDMAN SACHS, COACH, and HILTON--added
value and contributed to results. In addition, our trading in the volatile oil
services industry, specifically HALLIBURTON and ENSCO, enabled us to benefit
from short term pricing and add value in the challenging Other Energy sector.
The following commentary was provided by SSGA FUNDS MANAGEMENT, INC.
("SSGA"), subadviser to the MetLife Investment Large Company Stock Fund. SSgA
managed 37% of the Fund as of December 31, 2006. SSgA uses an "index" approach
in the management of its portion of the Fund.
The goal of our portion of the MetLife Large Company Stock Fund is to match
the returns and characteristics of the S&P 500(R) index as closely as possible
while providing daily liquidity. During the year we achieved our investment
objective. We employ a replication process; therefore, as economic conditions
impacted the index, so too did they impact the fund itself in a similar fashion.
Global financial markets enjoyed a strong fourth quarter in 2006. With
enthusiasm for stocks resilient through December, the S&P 500(R) marked its
seventh consecutive month in positive territory; its only negative month during
2006 came way back in May. The S&P returned 1.4% for December, 6.7% for the
fourth quarter, and 15.8% for the whole of 2006. As far as sectors are
concerned, the telecommunications services group was the full-year winner with
a 36.8% gain. Solid dividends, stable cash flow, and the prospective
consolidation of BELLSOUTH into AT&T helped the sector recover from several
years of sluggish performance. Energy was the second best performer in 2006,
adding 24.6% on the year. Even though oil prices stabilized in the second half,
their average level through the year was easily high enough to bring gushing
profits to energy firms.
The weakest sectors in 2006, ironically enough, were two traditional growth
areas: health care and information technology. With respective full-year gains
of 7.5% and 8.4%, they were the only S&P sectors to post single digits returns.
A lingering legacy of ample past successes, many stock option incentive schemes
proved at best embarrassing and at worst dishonest.
THE VIEWS EXPRESSED ABOVE ARE THOSE OF THE SUBADVISORY FIRMS AS OF DECEMBER
31, 2006, AND ARE SUBJECT TO CHANGE BASED ON MARKET AND OTHER CONDITIONS.
INFORMATION ABOUT THE FUND'S HOLDINGS, ASSET ALLOCATION, INDUSTRY ALLOCATION,
OR COUNTRY DIVERSIFICATION IS HISTORICAL AND IS NOT AN INDICATION OF FUTURE
FUND COMPOSITION, WHICH WILL VARY.
13
METLIFE INVESTMENT LARGE COMPANY STOCK FUND
TOP TEN HOLDINGS BY MARKET VALUE
As of December 31, 2006
[Download Table]
Percent of
DESCRIPTION Net Assets
---------------------------------------------
General Electric Co. 2.94%
Exxon Mobil Corp. 2.52
Citigroup, Inc. 2.44
Bank of America Corp. 2.30
American International Group, Inc. 2.06
Procter & Gamble Co. 1.70
Microsoft Corp. 1.66
Johnson & Johnson 1.37
ConocoPhillips 1.31
Apple Computer, Inc. 1.26
PORTFOLIO SECTOR INFORMATION
As of December 31, 2006
Reflected as a percentage of total long-term investments
[CHART]
Financial 23.2%
Consumer, Non-Cyclical 21.8%
Communications 12.9%
Technology 9.9%
Energy 9.4%
Industrials 9.3%
Consumer, Cyclical 8.3%
Utilities 3.1%
Basic Materials 2.1%
14
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN THE METLIFE INVESTMENT LARGE COMPANY STOCK FUND
(I SHARES) AND S&P 500 INDEX*
[CHART]
Large Company S&P 500
------------- -------
Dec-1996 $10,000.00 $10,000.00
Jun-1997 11,665.59 12,060.72
Dec-1997 13,162.17 13,336.66
Jun-1998 15,222.75 15,698.87
Dec-1998 15,207.99 17,148.05
Jun-1999 16,439.85 19,270.88
Dec-1999 15,165.31 20,758.46
Jun-2000 14,049.03 20,665.62
Dec-2000 12,895.96 18,864.09
Jun-2001 11,733.66 17,600.82
Dec-2001 10,866.56 16,622.62
Jun-2002 9,358.14 14,435.59
Dec-2002 8,384.40 12,949.12
Jun-2003 9,393.73 14,471.71
Dec-2003 10,744.10 16,663.46
Jun-2004 10,985.54 17,237.26
Dec-2004 11,822.48 18,476.22
Jun-2005 11,893.52 18,326.75
Dec-2005 12,611.10 19,385.86
Jun-2006 12,723.97 19,910.69
Dec-2006 14,195.45 22,448.77
[Download Table]
-------------------------------------------------------------------
Average Annual Return
(for the periods ended 12/31/06)
-------------------------------------------------------------------
1 Year 5 Year 10 Year
-------------------------------------------------------------------
-- Large Company Stock Fund--I Shares 12.56% 5.49% 3.57%
--R Shares** 12.21% 5.17% 3.41%
-------------------------------------------------------------------
- - S&P 500 Index(1) 15.80% 6.19% 8.42%
-------------------------------------------------------------------
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. PERSONS WHO
INVEST IN THE FUND THROUGH A VARIABLE ANNUITY CONTRACT SHOULD NOTE THIS
GRAPH DOES NOT REFLECT SEPARATE ACCOUNT EXPENSES DEDUCTED BY THE INSURANCE
COMPANY.
----
*THE GRAPH SHOWS THE CHANGE IN VALUE OF AN INVESTMENT IN THE I SHARES
CLASS OF THE FUND. THE DOLLAR VALUE OF AN INVESTMENT IN THE R SHARES
WOULD HAVE BEEN LOWER DUE TO THE HIGHER OPERATING EXPENSES OF THE R
SHARES. SEE YOUR PROSPECTUS FOR MORE INFORMATION.
**RETURNS SHOWN IN THE TABLE FOR R SHARES PRIOR TO THEIR COMMENCEMENT DATE
(10/1/02) ARE DERIVED FROM THE HISTORICAL PERFORMANCE OF THE I SHARES,
ADJUSTED TO REFLECT THE HIGHER OPERATING EXPENSES OF THE R SHARES.
(1)THE S&P 500 INDEX IS A MARKET CAPITALIZATION WEIGHTED INDEX OF 500 STOCKS
CHOSEN FOR MARKET SIZE, LIQUIDITY, AND INDUSTRY GROUP REPRESENTATION. THE
INDEX DOES NOT HAVE EXPENSES AND IS NOT AN ACTUAL INVESTMENT.
15
METLIFE INVESTMENT DIVERSIFIED BOND FUND
The MetLife Investment Diversified Bond Fund (I Shares) returned 4.31% for
the year ended December 31, 2006. The Lehman Brothers Aggregate Bond Index
returned 4.33% for the same period.
The following commentary was provided by WESTERN ASSET MANAGEMENT COMPANY,
LLP ("WESTERN"), subadviser to the MetLife Investment Diversified Bond Fund.
Western managed 33% of the Fund as of December 31, 2006. Western uses a "core"
approach in the management of its portion of the Fund.
Interest rates rose across the yield curve this year, driven by a
tighter-than-expected Federal Reserve Policy and a stronger-than-expected
economy in the first half of the year. Short-term rates rose more than
long-term rates, leaving the yield curve inverted out to the 5-year area, but
still positively-sloped beyond that. The Federal Reserve raised its target
funds rate by 25 basis points (0.25%) at each of its first four meetings,
exceeding the market's expectation in late 2005 that only one or two more
tightenings were likely to occur in 2006. Alan Greenspan was replaced by Ben
Bernanke as the Fed's new Chairman, but Bernanke gave no indication of any
significant shift in Fed policy. Beginning with the August FOMC (Federal Open
Market Committee) meeting, the Fed adopted a wait-and-see attitude to judge the
extent to which the housing slowdown would impact the rest of the economy.
Following a strong first quarter, economic growth decelerated to a moderate
pace over the course of the year, and a big drop in energy prices resulted in a
substantial decline in headline inflation. Core inflation drifted higher to the
2.5% range, but Treasury Inflation Protected Securities' (TIPS) forward
breakeven spreads were unchanged on balance at 2.4%. Inflation pressures were
reflected in gains in gold and industrial commodity prices, and a decline in
the dollar against most major currencies. Mirroring the relatively strong
economy, corporate profits exceeded expectations, and federal and state
revenues registered some of the strongest gains in real terms in history.
Higher rates in the first half of the year led to a sharp decline in new
mortgage applications and refinancing activity, but lower rates in the second
half of the year helped to stabilize activity. A significant downturn in the
housing market coupled with some developing weakness in the manufacturing
sector gave rise to the widely held perception that the economy was likely to
slow enough to reduce inflation pressures and allow the Fed to adopt an easing
posture in 2007. Mortgage rates first rose and then fell, ending the period
roughly unchanged, but still some 80 basis points above the lows of 2005. The
labor market exhibited modest but steady growth in jobs, and the unemployment
rate declined from 4.9% to 4.5%. Credit spreads were tighter on balance, thanks
to the relatively stable economy, low default rates, and strong profits growth.
Mortgage spreads tightened as volatility trended lower over the course of the
period.
Within the segment of the Fund managed by Western, a long duration posture
detracted from returns in the first half of the period as interest rates rose
more than expected, but recovered most of those losses as rates declined in the
second half. A modestly bulleted yield
16
curve exposure centered on the front end of the yield curve suffered as
short-term rates moved higher than expected. Overweight exposure to the
mortgage-backed sector was a positive, thanks to tighter spreads and low
volatility. Underweight exposure to investment grade credits was a modest
negative as the sector outperformed, but an overweight to lower quality credits
added to returns since they outperformed. A moderate exposure to TIPS detracted
from performance due to a weaker than expected inflation adjustment for the
period and a modest tightening of breakeven spreads. Fallen angels (former
investment quality bonds that have had their credit rating dropped to
below-investment quality status), in particular GENERAL MOTORS and FORD issues,
were substantially rewarded as spreads narrowed.
Based on our belief that interest rates are likely to continue to meander
in a relatively flat trend, we plan to follow a tactical duration posture,
increasing duration as rates rise and reducing duration as rates fall. In
deference to the downside risks still lurking in the housing market, and
because we think stable short-term interest rates are likely to allow a more
normal term premium to reestablish itself with time, we were holding a modest
overweight exposure to the front end of the yield curve at the end of 2006. Our
primary sector overweight was to mortgage-backed securities, since we believe
they should continue to benefit from a relatively stable interest rate
environment and low volatility. With credit spreads generally low, we are
holding an underweight exposure to the overall credit sector, with an
overweight to lower quality credits where spreads still appear somewhat
attractive. At December 31, 2006, we continued to hold a moderate exposure to
TIPS as an inflation hedge.
The following commentary was provided by WELLINGTON MANAGEMENT COMPANY LLP
("WELLINGTON MANAGEMENT"), subadviser to the MetLife Investment Diversified
Bond Fund. Wellington Management managed 32% of the Fund as of December 31,
2006. Wellington Management began managing assets of the Fund in May 2006.
Wellington Management uses a "core plus" approach in the management of its
portion of the Fund. Wellington began managing assets of the Fund on May 1,
2006.
The eight month period ending December 31, 2006 got off to a rocky start as
the equity market correction and uncertainty around the direction of US
monetary policy under the new Fed chairman led to a volatile bond market in May
and June, with spreads widening across all sectors. In August, after more than
two years of raising rates, the Federal Reserve left its target rate unchanged,
citing a cooling housing market and high energy prices as primary factors in
the economic slowdown. Lower Treasury yields coupled with a continuation in
strong corporate fundamentals resulted in lower market volatility and a
reversal of the performance of the prior months. Over the eight month period,
the 10 year Treasury yield dropped 35 basis points (0.35%) to end the year at
4.70%. The US Bond market, as measured the Lehman Brothers Aggregate Index,
posted a return of 5.20% over that eight-month period, with all major sectors
posting positive returns, both on an absolute basis and versus duration
equivalent Treasuries.
17
During the eight-month period, the portion of the Fund managed by
Wellington benefited from an overweight to the investment-grade corporate
sector, which outperformed the index. Within its investment-grade corporates,
performance was helped by good security selection, particularly in BBB-rated
bonds. An allocation to high yield bonds, including several auto-related
issues, also added to relative performance. A modestly shorter than index
duration during a period in which Treasury yields fell, detracted somewhat from
index-relative returns.
As of year-end, the portion of the Fund managed by Wellington had a neutral
duration posture relative to the index. The Wellington managed portion of the
Fund remains overweight investment-grade credit, with an emphasis on BBB-rated
bonds. The investment-grade corporate sector is one of few in the bond market
where spreads are not near their historical lows. The Wellington managed
portion of the Fund also held an overweight to the Commercial Mortgage Backed
Securities (CMBS) sector, which have attractive valuations relative to other
AAA-rated investments. The current low volatility environment is typically a
good one for residential mortgage pass-throughs. But with spreads currently
near their historical lows, a neutral allocation to the sector was being held
at the end of the year.
The following commentary was provided by SALOMON BROTHERS ASSET MANAGEMENT
INC. ("SALOMON"). Salomon served as subadviser to the MetLife Investment
Diversified Bond Fund until April 30, 2006.
The U.S. economy strengthened during the four-month period ended April 30,
2006. After a 4.1% advance in the third quarter of 2005, according to the U.S.
Bureau of Economic Analyses, fourth quarter gross domestic product (GDP)
slipped to 1.7%. This marked the first quarter that GDP growth didn't surpass
3.0% since the first three months of 2003. However, as expected, the economy
rebounded sharply in the first quarter of 2006, with GDP rising 5.6%. The
economic turnaround was prompted by both strong consumer and business spending.
In addition, the Labor Department reported that unemployment hit a five-year
low in March 2006.
The Federal Reserve Board ("Fed") continued to raise interest rates during
the reporting period. Despite the changing of the guard from Fed Chairman
Greenspan to Ben Bernanke in early 2006, it was business as usual for the Fed,
as it raised short-term interest rates during its meetings in January and
March. Since it began its tightening campaign in June 2004, the Fed has
increased rates 15 consecutive times, bringing the federal funds rate from
1.00% to 4.75%.
Both short- and long term yields rose over the reporting period. During the
four-months ended April 2006, two-year Treasury yields increased from 4.41% to
4.87%. Over the same period, 10-year Treasury yields moved from 4.39% to 5.07%.
During part of the reporting period the yield curve was inverted, with the
yield on two-year Treasuries surpassing that of 10-year Treasuries. An inverted
yield curve has historically foreshadowed an economic slowdown or recession.
However, some experts, including new Fed Chairman Bernanke, believe the
inverted yield curve was largely a function of strong foreign demand for longer-
18
term bonds. Looking at the four-month period as a whole, the overall bond
market, as measured by the Lehman Aggregate Bond Index, returned -0.83%.
While the overall bond market was weak during the reporting period, there
were pockets of opportunity. For example, the high yield market generated
positive returns during the period, supported by generally strong corporate
profits and low default rates. In addition, there was overall solid demand and
limited supply as new issuance waned. These factors tended to overshadow
several company specific issues, mostly surrounding the automobile industry.
In terms of the Fund's performance, its allocation to high yield debt,
which significantly outperformed U.S. investment grade debt, enhanced results.
In contrast, the Fund's allocation to investment grade corporate and U.S.
Treasury securities detracted from relative performance in the investment grade
portion of the portfolio. During the period, we decreased the Fund's allocation
to mortgage-backed securities, taking some profit due to the recent strong
performance in mortgage markets.
The following commentary was provided by SSGA FUNDS MANAGEMENT, INC.
("SSGA"), subadviser to the MetLife Investment Diversified Bond Fund. SSgA
managed 35% of the Fund as of December 31, 2006. SSgA uses an "index" approach
in the management of its portion of the Fund.
The goal of the portion of the MetLife Diversified Bond Fund managed by
SSgA is to match the returns of the Lehman Brothers Aggregate Bond Index. The
cornerstone to this strategy is stratified sampling executed under strict
guidelines that are designed to eliminate active over/underweight positions.
Our portfolio is built with no active management bias and seeks to match the
index in all major characteristics, such as duration, sector exposure and
quality. In 2006, the Lehman Brothers Aggregate Bond Index returned 4.33%.
2006 was characterized by higher yields and healthy excess returns. The
Federal Reserve raised the Fed Funds target 100 basis points (bps) with four 25
bps hikes early in the year. However, in the third quarter, they ended their
two-year rate hiking campaign and have since left interest rates unchanged at
5.25%, while continuing to monitor the macro data for signs of inflation. Fed
chairman Ben Bernanke remained on the hawkish side despite weak housing market
figures. The 10-year U.S. Treasury yield fluctuated between 4.34 to 5.25%
throughout the year, closing at 4.71%, up 32 basis points from the end of 2005.
Although rates moved higher and uncertainty persisted in the marketplace,
2006 was a year of healthy excess returns. In addition to uncertainty in the
U.S. economy and Fed policy, geopolitical risk arose around the globe with the
North Korea missile testing and the war between the Israelis and Hezbollah
commencing. Later in the year, markets were tested by the collapse of the
Amaranth hedge fund and a bloodless coup in Thailand. However, nothing seemed
to be able to stop the grind to ever-narrowing historic spread levels. A
voracious global
19
appetite for spread product and healthy corporate profitability numbers are but
just two reasons the market was able to digest a large issuance of investment
grade securities in 2006.
Our portfolio construction process was a key factor in effectively tracking
the index in 2006. Risk management and efficient implementation of cost saving
efforts are integral parts of our daily procedures. Senior management and
portfolio managers have the ability to monitor exposures on a daily basis.
Monthly reviews are performed that ensure strict compliance to procedures and
our philosophy. Reducing costs to enter and exit the market is an important
component of index tracking for index portfolio management. Procedures and
reporting are continuously being developed and enhanced to protect our
investors' interests in the marketplace.
THE VIEWS EXPRESSED ABOVE ARE THOSE OF THE SUBADVISORY FIRMS AS OF DECEMBER
31, 2006, AND ARE SUBJECT TO CHANGE BASED ON MARKET AND OTHER CONDITIONS.
INFORMATION ABOUT THE FUND'S HOLDINGS, ASSET ALLOCATION, INDUSTRY ALLOCATION,
OR COUNTRY DIVERSIFICATION IS HISTORICAL AND IS NOT AN INDICATION OF FUTURE
FUND COMPOSITION, WHICH WILL VARY.
20
METLIFE INVESTMENT DIVERSIFIED BOND FUND
TOP TEN HOLDINGS BY MARKET VALUE
As of December 31, 2006
[Download Table]
Percent of
DESCRIPTION Net Assets
----------------------------------------------------------------------
Federal National Mortgage Association (5.500%, 11/01/33) 1.73%
Federal National Mortgage Association (6.000%, TBA) 1.49%
United States Treasury Notes (5.125%, 06/30/11) 1.22%
Federal National Mortgage Association (5.500%, TBA) 1.22%
United States Treasury Notes (4.500%, 11/30/11) 1.19%
United States Treasury Notes (3.125%, 09/15/08) 1.14%
Government National Mortgage Association (5.500%, 02/15/35) 1.01%
Federal National Mortgage Association (6.500%, 02/01/34) 0.99%
Federal National Mortgage Association (6.500%, TBA) 0.98%
Federal National Mortgage Association (5.000%, 09/01/35) 0.86%
PORTFOLIO SECTOR INFORMATION
As of December 31, 2006
Reflected as a percentage of total long term investments
[CHART]
U.S. Government 57.4%
Corporate Bonds & Notes 24.9%
Asset Backed 12.1%
Other 4.6%
Foreign Government 0.9%
Municipals 0.1%
21
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN THE METLIFE INVESTMENT DIVERSIFIED BOND FUND (I SHARES)
AND THE LEHMAN BROTHERS AGGREGATE BOND INDEX*
[CHART]
Diversified Bond Fund Lehman Aggregate
--------------------- ----------------
Dec-1996 $10000.00 $10000.00
Jun-1997 10305.42 10309.34
Dec-1997 11200.15 10965.45
Jun-1998 11681.50 11396.15
Dec-1998 12212.96 11918.00
Jun-1999 11819.59 11754.68
Dec-1999 11877.93 11820.04
Jun-2000 12350.71 12291.28
Dec-2000 13344.73 13194.21
Jun-2001 13692.64 13671.41
Dec-2001 14260.56 14308.38
Jun-2002 14660.27 14850.79
Dec-2002 15539.03 15775.69
Jun-2003 16305.23 16395.37
Dec-2003 16406.78 16423.15
Jun-2004 16448.89 16447.82
Dec-2004 17169.39 17135.69
Jun-2005 17546.74 17566.53
Dec-2005 17523.42 17551.92
Jun-2006 17373.39 17425.04
Dec-2006 18278.40 18312.52
[Download Table]
------------------------------------------------------------------------
Average Annual Return
(for the periods ended 12/31/06)
------------------------------------------------------------------------
1 Year 5 Year 10 Year
------------------------------------------------------------------------
-- Diversified Bond Fund--I Shares 4.31% 5.09% 6.22%
--R Shares** 4.00% 4.78% 6.06%
------------------------------------------------------------------------
- - Lehman Brothers Aggregate Bond Index(1) 4.33% 5.06% 6.24%
------------------------------------------------------------------------
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. PERSONS WHO
INVEST IN THE FUND THROUGH A VARIABLE ANNUITY CONTRACT SHOULD NOTE THIS
GRAPH DOES NOT REFLECT SEPARATE ACCOUNT EXPENSES DEDUCTED BY THE INSURANCE
COMPANY.
----
*THE GRAPH SHOWS THE CHANGE IN VALUE OF AN INVESTMENT IN THE I SHARES
CLASS OF THE FUND. THE DOLLAR VALUE OF AN INVESTMENT IN THE R SHARES
WOULD HAVE BEEN LOWER DUE TO THE HIGHER OPERATING EXPENSES OF THE R
SHARES. SEE YOUR PROSPECTUS FOR MORE INFORMATION.
**RETURNS SHOWN IN THE TABLE FOR R SHARES PRIOR TO THEIR COMMENCEMENT DATE
(10/1/02) ARE DERIVED FROM THE HISTORICAL PERFORMANCE OF THE I SHARES,
ADJUSTED TO REFLECT THE HIGHER OPERATING EXPENSES OF THE R SHARES.
(1)THE LEHMAN BROTHERS AGGREGATE INDEX IS AN INDEX OF U.S. INVESTMENT- GRADE
FIXED-RATE BONDS WITH MATURITIES GREATER THAN ONE YEAR, INCLUDING
GOVERNMENT AND CORPORATE BONDS. THE INDEX DOES NOT HAVE EXPENSES AND IS
NOT AN ACTUAL INVESTMENT.
22
FUND EXPENSES
As an investor in the MetLife Investment Funds through a variable contract
or a qualified plan, you incur ongoing costs, including management fees and
other Fund expenses. Investors in the R Shares also incur ongoing distribution
and service (12b-1) fees and administrative fees. This Example is intended to
help you understand your ongoing costs (in dollars) of investing in I Shares
and R Shares of the Funds and to compare these costs with the ongoing costs of
investing in other funds. This example does not reflect fees and charges under
your variable contract or qualified plan. If contract or plan charges were
included, the costs shown below would be higher. For variable contract
investors, please consult the prospectus for your contract for more information
about contract fees and charges. For retirement plan investors, please contact
your retirement plan sponsor or recordkeeper for more information about any
plan fees and charges.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period as indicated below.
ACTUAL EXPENSES
The first line under each share class in the table below provides
information about actual account values and actual expenses. You may use the
information in this line, together with the amount you invested, to estimate
the Fund expenses that you paid over the period. Simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6),
then multiply the result by the number in the first line under the heading
entitled "Expenses Paid During Period" to estimate the Fund expenses you paid
on your account for this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line under each share class in the table below provides
information about hypothetical account values and hypothetical expenses based
on the Fund's actual expense ratio and an assumed rate of return of 5% per year
before expenses, which is not the Fund's actual return. The hypothetical
account values and expenses may not be used to estimate the actual ending
account balance or expenses you paid for the period. You may use this
information to compare the ongoing costs of investing in the Funds and other
funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any contract or plan fees and
charges, such as sales charges (loads), insurance charges or administrative or
recordkeeping charges. Therefore, the second line of the table is useful in
comparing ongoing costs only, and will not help you determine the relative
total costs of owning different funds. In addition, if contract or plan fees or
charges were included, your costs would have been higher.
23
FUND EXPENSES
METLIFE INVESTMENT INTERNATIONAL STOCK FUND
[Enlarge/Download Table]
BEGINNING ENDING
ACCOUNT VALUE ACCOUNT VALUE EXPENSES PAID
JULY 1, 2006 DECEMBER 31, 2006 DURING PERIOD*
---------------------------------------------------------------------------------------
I SHARES
Actual $1,000.00 $1,146.00 $5.12
Hypothetical (5% return before expenses) $1,000.00 $1,020.44 $4.82
---------------------------------------------------------------------------------------
R SHARES
Actual $1,000.00 $1,144.20 $7.03
Hypothetical (5% return before expenses) $1,000.00 $1,018.65 $6.62
---------------------------------------------------------------------------------------
METLIFE INVESTMENT SMALL COMPANY STOCK FUND
[Enlarge/Download Table]
BEGINNING ENDING
ACCOUNT VALUE ACCOUNT VALUE EXPENSES PAID
JULY 1, 2006 DECEMBER 31, 2006 DURING PERIOD*
---------------------------------------------------------------------------------------
I SHARES
Actual $1,000.00 $1,071.20 $3.92
Hypothetical (5% return before expenses) $1,000.00 $1,021.42 $3.83
---------------------------------------------------------------------------------------
R SHARES
Actual $1,000.00 $1,069.70 $5.75
Hypothetical (5% return before expenses) $1,000.00 $1,019.65 $5.61
---------------------------------------------------------------------------------------
METLIFE INVESTMENT LARGE COMPANY STOCK FUND
[Enlarge/Download Table]
BEGINNING ENDING
ACCOUNT VALUE ACCOUNT VALUE EXPENSES PAID
JULY 1, 2006 DECEMBER 31, 2006 DURING PERIOD*
---------------------------------------------------------------------------------------
I SHARES
Actual $1,000.00 $1,115.60 $3.09
Hypothetical (5% return before expenses) $1,000.00 $1,022.28 $2.95
---------------------------------------------------------------------------------------
R SHARES
Actual $1,000.00 $1,113.90 $4.95
Hypothetical (5% return before expenses) $1,000.00 $1,020.52 $4.73
---------------------------------------------------------------------------------------
24
FUND EXPENSES (CONTINUED)
METLIFE INVESTMENT DIVERSIFIED BOND FUND
[Enlarge/Download Table]
BEGINNING ENDING
ACCOUNT VALUE ACCOUNT VALUE EXPENSES PAID
JULY 1, 2006 DECEMBER 31, 2006 DURING PERIOD*
---------------------------------------------------------------------------------------
I SHARES
Actual $1,000.00 $1,052.10 $2.46
Hypothetical (5% return before expenses) $1,000.00 $1,022.80 $2.43
---------------------------------------------------------------------------------------
R SHARES
Actual $1,000.00 $1,050.90 $4.27
Hypothetical (5% return before expenses) $1,000.00 $1,021.04 $4.21
---------------------------------------------------------------------------------------
* Expenses are equal to each Shares' annualized expense ratio, shown in the
table below, multiplied by the number of days in the most recent fiscal
half-years/365 (to reflect the one-half year period).
[Download Table]
ANNUALIZED EXPENSE RATIO
-----------------------------------------------------
METLIFE METLIFE METLIFE METLIFE
INVESTMENT INVESTMENT INVESTMENT INVESTMENT
INTERNATIONAL SMALL COMPANY LARGE COMPANY DIVERSIFIED
STOCK FUND STOCK FUND STOCK FUND BOND FUND
--------------------------------------------------------------
I SHARES 0.95% 0.75% 0.58% 0.48%
R SHARES 1.30% 1.10% 0.93% 0.83%
--------------------------------------------------------------
25
Portfolio of Investments
MetLife Investment Funds, Inc. / International Stock Fund / December 31, 2006
[Download Table]
Shares Value
---------------------------------------------------
COMMON STOCKS -- 99.1%
AUSTRALIA -- 2.8%
4,522 AGL Energy Ltd.#*......... $ 57,642
8,446 Alesco Corp. Ltd.......... 76,726
9,189 Alinta Ltd................ 85,691
35,206 AMP Ltd.#................. 279,621
23,460 APN News & Media Ltd.#.... 111,177
32,924 Australia & New Zealand
Banking Group Ltd.#....... 729,376
696 Australian Stock Exchange
Ltd....................... 20,872
13,776 AXA Asia Pacific Holdings
Ltd....................... 78,974
53,546 BHP Billiton Ltd.......... 1,063,098
16,967 BlueScope Steel Ltd....... 114,997
3,793 Caltex Australia Ltd.#.... 68,715
35,385 Centro Properties Group#.. 252,789
1,120 Cochlear Ltd.............. 51,246
24,360 Commonwealth Bank of
Australia................. 947,314
23,974 Commonwealth Property
Office Fund............... 27,727
744 CSL Ltd................... 38,204
24,320 David Jones Ltd.#......... 79,688
106,307 DB RREEF Trust#........... 148,841
13,513 Downer EDI Ltd............ 74,168
26,148 Foster's Group Ltd........ 142,376
18,642 General Property Trust.... 82,117
54,409 Goodman Fielder Ltd....... 95,263
41,720 Great Southern Plantations
Ltd....................... 92,280
18,778 Harvey Norman Holdings
Ltd....................... 56,096
105,600 ING Industrial Fund#...... 196,963
14,620 John Fairfax Holdings
Ltd.#..................... 55,682
15,656 Just Group Ltd.#.......... 45,574
16,298 Leighton Holdings Ltd.#... 260,059
[Download Table]
Shares Value
---------------------------------------------------
9,502 Lend Lease Corp. Ltd...... $ 137,813
9,321 Macarthur Coal Ltd........ 40,301
490,329 Macquarie Airports#....... 1,392,313
5,478 Macquarie Bank Ltd.#...... 339,458
75,819 Macquarie DDR Trust....... 79,118
1,117 Macquarie Goodman
Group#.................... 6,699
19,581 Macquarie Infrastructure
Group#.................... 53,300
220,206 Macquarie Office Trust.... 266,748
21,821 Minara Resources Ltd.#.... 100,202
11,178 Mirvac Group REIT#........ 49,069
92,895 National Australia Bank
Ltd....................... 2,951,779
9,418 OneSteel Ltd.............. 34,729
4,090 Orica Ltd................. 78,110
19,715 Oxiana Ltd.#.............. 49,259
68,913 Pacific Brands Ltd........ 141,347
17,480 Perilya Ltd............... 75,304
4,149 Promina Group Ltd......... 22,575
66,787 Qantas Airways Ltd........ 273,756
122,613 QBE Insurance Group
Ltd....................... 2,793,014
9,184 Rinker Group Ltd.......... 130,455
31,466 Santos Ltd................ 244,804
13,353 Suncorp-Metway Ltd.#...... 213,628
40,859 Tattersall's Ltd.#........ 125,685
43,716 Telstra Corp. Ltd......... 142,720
2,272 United Group Ltd.......... 24,891
2,357 West Australian Newspapers
Holdings Ltd.............. 21,641
30,734 Westpac Banking Corp.#*... 585,193
2,559 Woodside Petroleum Ltd.... 76,752
25,190 Woolworths Ltd............ 473,199
70,405 Zinifex Ltd............... 1,040,376
-------------
17,297,514
-------------
The accompanying notes are an integral part of the financial statements.
26
Portfolio of Investments
MetLife Investment Funds, Inc. / International Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
--------------------------------------------------
AUSTRIA -- 0.7%
39,000 OMV AG................... $ 2,203,161
36,000 Voestalpine AG........... 2,031,479
-------------
4,234,640
-------------
BELGIUM -- 1.6%
15,233 Delhaize Group........... 1,268,711
54,308 Fortis................... 2,308,282
119,304 Fortis................... 5,074,130
7,364 Solvay SA................ 1,128,998
-------------
9,780,121
-------------
BERMUDA -- 0.1%
15,000 Esprit Holdings Ltd...... 166,921
32,200 Li & Fung Ltd............ 100,069
16,000 Orient Overseas
International Ltd.#...... 101,561
358,000 Pacific Basin Shipping
Ltd...................... 225,229
20,000 Shangri-La Asia Ltd...... 52,229
44,000 Texwinca Holdings Ltd.... 30,501
16,000 VTech Holdings Ltd....... 98,920
16,000 Yue Yuen Industrial
Holdings................. 50,670
-------------
826,100
-------------
CANADA -- 1.2%
103,100 Gerdau Ameristeel Corp... 920,946
33,146 ING Canada, Inc.......... 1,490,916
6,513 IPSCO, Inc............... 612,403
16,615 Nexen, Inc............... 915,293
32,400 Teck Cominco Ltd. Class B 2,443,762
22,400 TELUS Corp.#............. 1,000,062
-------------
7,383,382
-------------
CAYMAN ISLANDS -- 0.1%
2,500 ASM Pacific Technology
Ltd.#.................... 13,888
176,000 Far East Consortium
International Ltd.#...... 85,596
[Download Table]
Shares Value
----------------------------------------------------
11,000 Foxconn International
Holdings Ltd.*........... $ 36,240
22,000 Kingboard Chemical
Holdings Ltd............. 86,143
23,100 Subsea 7, Inc.*.......... 424,773
-------------
646,640
-------------
CHINA -- 0.4%
898,000 Air China Ltd............ 483,692
209,000 China Communications
Construction Co. Ltd.*... 206,377
2,555,000 Industrial & Commercial
Bank of China#*.......... 1,588,764
-------------
2,278,833
-------------
DENMARK -- 0.3%
16,767 Novo-Nordisk A/S......... 1,396,273
2,698 Novo-Nordisk A/S Class B. 224,576
-------------
1,620,849
-------------
FINLAND -- 0.7%
23,258 Metso Corp. OYJ.......... 1,168,868
139,872 Nokia OYJ................ 2,843,709
-------------
4,012,577
-------------
FRANCE -- 11.3%
27,753 Air France-KLM#.......... 1,167,559
141,237 Alcatel SA#.............. 2,023,696
73,925 BNP Paribas SA#.......... 8,027,050
22,369 Cap Gemini SA#........... 1,398,715
35,657 Carrefour SA*#........... 2,161,061
22,748 Casino Guichard-Perrachon
et Compagnie SA#......... 2,112,885
8,146 Christian Dior........... 864,161
47,309 Compagnie de Saint Gobain
SA#...................... 3,971,805
72,730 Credit Agricole SA#...... 3,046,855
121,147 France Telecom SA#....... 3,335,189
The accompanying notes are an integral part of the financial statements.
27
Portfolio of Investments
MetLife Investment Funds, Inc. / International Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
--------------------------------------------------
9,825 Gaz De France#........... $ 450,889
4,471 Nexans SA................ 572,168
13,657 Pinault-Printemps-Redoute
SA#...................... 2,039,175
39,100 Renault SA#.............. 4,692,585
59,899 Sanofi-Aventis#.......... 5,513,825
43,390 Societe Generale#........ 7,338,784
78,213 Suez SA#................. 4,047,674
152,955 Total SA#................ 11,025,721
3,165 Unibail REIT#............ 771,320
2,401 Vallourec SA............. 693,195
3,369 Vinci SA#................ 429,073
89,202 Vivendi SA#.............. 3,473,169
-------------
69,156,554
-------------
GERMANY -- 10.7%
38,805 Allianz AG............... 7,923,132
12,615 Altana AG#............... 782,210
59,954 BASF AG.................. 5,833,226
34,671 Bayer AG................. 1,859,436
18,600 Continental AG........... 2,161,603
13,748 DaimlerChrysler AG....... 848,629
48,443 Deutsche Bank AG#........ 6,473,350
73,500 Deutsche Lufthansa AG.... 2,021,341
18,542 Deutsche Postbank AG..... 1,561,235
89,500 Deutsche Telekom AG...... 1,633,901
46,163 E.ON AG.................. 6,260,935
28,900 Epcos AG*................ 577,299
44,000 Infineon Technologies
AG*...................... 617,470
23,759 KarstadtQuelle AG#*...... 688,151
22,080 Metro AG................. 1,406,910
47,914 Muenchener
Rueckversicherungs-
Gesellschaft AG.......... 8,231,680
51,611 RWE AG................... 5,683,761
6,481 Salzgitter AG............ 846,854
[Download Table]
Shares Value
-----------------------------------------------------
57,126 SAP AG#..................... $ 3,032,952
36,127 Siemens AG.................. 3,580,023
42,271 ThyssenKrupp AG............. 1,989,701
48,500 TUI AG#..................... 968,577
5,234 Volkswagen AG#.............. 592,817
-------------
65,575,193
-------------
GREAT BRITAIN -- 21.6%
103,533 AstraZeneca PLC............. 5,555,273
196,200 Aviva PLC................... 3,151,058
521,824 BAE Systems PLC............. 4,329,105
546,120 Barclays PLC................ 7,778,843
16,708 Barratt Developments
PLC......................... 403,905
42,488 Berkeley Group Holdings
PLC*........................ 1,414,797
400,452 BP PLC...................... 4,475,488
204,728 British Airways PLC*........ 2,115,154
76,586 British American Tobacco
PLC......................... 2,142,801
483,353 BT Group PLC................ 2,847,239
220,187 Cable & Wireless PLC........ 678,497
184,716 Cadbury Schweppes PLC....... 1,976,938
23,755 Carnival PLC................ 1,199,703
29,898 Charter PLC*................ 527,639
52,287 Cookson Group PLC........... 643,025
5,552 Corus Group PLC............. 57,556
44,454 Countrywide PLC............. 468,997
6,387 EMI Group PLC............... 33,112
557,000 Friends Provident PLC....... 2,361,309
73,679 Gallaher Group PLC.......... 1,655,221
252,504 GlaxoSmithKline PLC......... 6,657,445
200,500 HBOS PLC.................... 4,437,079
37,847 HSBC Holdings PLC........... 689,907
2,137 HSBC Holdings PLC
(HKD)#...................... 39,169
231,394 Imperial Chemical Industries
PLC......................... 2,047,418
The accompanying notes are an integral part of the financial statements.
28
Portfolio of Investments
MetLife Investment Funds, Inc. / International Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
64,383 Imperial Tobacco Group
PLC....................... $ 2,537,536
187,612 ITV PLC................... 391,132
692,382 J Sainsbury PLC........... 5,549,331
176,527 Kesa Electricals PLC...... 1,168,722
329,908 Kingfisher PLC............ 1,538,462
96,197 Land Securities Group
PLC....................... 4,364,451
194,810 Lloyds TSB Group PLC...... 2,173,813
100,349 Marks & Spencer Group
PLC....................... 1,405,712
27,003 Michael Page International
PLC....................... 239,096
132,487 Mitchells & Butlers PLC... 1,836,715
112,847 National Grid PLC......... 1,635,519
199,577 Premier Farnell PLC....... 771,790
177,396 Prudential PLC............ 2,423,886
53,940 Punch Taverns PLC......... 1,346,677
27,031 Reckitt Benckiser PLC..... 1,235,463
55,101 Reuters Group PLC......... 480,049
52,268 Rio Tinto PLC............. 2,777,924
276,794 Rolls-Royce Group PLC*.... 2,426,246
612,027 Royal & Sun Alliance
Insurance Group PLC....... 1,827,247
178,654 Royal Bank of Scotland
Group PLC................. 6,945,559
66,375 Royal Dutch Shell PLC
Class A................... 2,335,231
201,529 Royal Dutch Shell PLC
Class A (EUR)#............ 7,105,858
80,630 Royal Dutch Shell PLC
Class B................... 2,846,902
29,108 Smith & Nephew PLC........ 303,803
81,609 Smiths Group PLC.......... 1,581,990
111,121 Tate & Lyle PLC........... 1,667,722
159,500 Taylor Woodrow PLC........ 1,330,973
171,600 TI Automotive Ltd.
Class A(a)................ 0
[Download Table]
Shares Value
---------------------------------------------------
36,253 Unilever PLC............... $ 1,013,614
6,662 Venture Production PLC*.... 115,177
2,108,030 Vodafone Group PLC......... 5,816,926
65,780 Whitbread PLC.............. 2,157,007
43,663 William Hill PLC........... 539,106
282,123 WM Morrison Supermarkets
PLC........................ 1,403,195
810,920 Woolworths Group PLC....... 543,678
55,110 Xstrata PLC................ 2,750,506
-------------
132,273,696
-------------
GREECE -- 0.4%
79,493 Hellenic Telecommunication
Organisation SA*........... 2,376,080
-------------
2,376,080
-------------
HONG KONG -- 0.6%
15,200 Bank of East Asia Ltd...... 86,037
29,000 BOC Hong Kong (Holdings)
Ltd.#...................... 78,478
60,500 CLP Holdings Ltd........... 446,797
27,000 Hang Lung Group Ltd........ 81,909
28,000 Hang Lung Properties
Ltd........................ 70,149
13,000 Hang Seng Bank Ltd.#....... 177,370
5,000 Henderson Land
Development Co. Ltd.#...... 27,784
31,000 Hong Kong & China Gas
Ltd........................ 69,595
34,000 Hong Kong Electric Holdings
Ltd........................ 165,405
10,000 Hong Kong Exchanges &
Clearing Ltd............... 109,244
35,500 Hong Kong & Shanghai
Hotels Ltd................. 59,869
17,000 Hopewell Holdings Ltd...... 59,532
23,000 Hutchison Whampoa Ltd...... 232,839
13,500 Link REIT.................. 27,919
The accompanying notes are an integral part of the financial statements.
29
Portfolio of Investments
MetLife Investment Funds, Inc. / International Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
12,000 Melco International
Development Ltd........... $ 28,393
40,000 New World Development Co.
Ltd....................... 80,221
58,000 PCCW Ltd.#................ 35,180
616,634 Sino Land Co. Ltd.#....... 1,431,607
11,000 Sun Hung Kai Properties
Ltd....................... 125,931
14,700 Swire Pacific Ltd......... 158,049
5,000 Television Broadcasts Ltd. 30,553
30,000 Wharf (Holdings) Ltd...... 110,348
4,400 Wing Lung Bank Ltd........ 45,876
-------------
3,739,085
-------------
IRELAND -- 0.6%
52,892 Anglo Irish Bank Corp.
PLC....................... 1,096,288
54,494 Bank of Ireland........... 1,255,292
64,973 C&C Group PLC............. 1,153,738
-------------
3,505,318
-------------
ITALY -- 3.5%
51,523 Assicurazioni Generali
SpA#...................... 2,255,241
27,025 Autogrill SpA#............ 495,480
15,000 Buzzi Unicem SpA.......... 425,241
240,774 Enel SpA.................. 2,478,215
307,179 ENI SpA#.................. 10,331,560
18,805 Fiat SpA*................. 357,557
37,500 Fondiaria-Sai SpA......... 1,792,916
57,700 Italcementi SpA#.......... 1,623,741
32,984 UniCredito Italiano SpA... 288,213
151,309 UniCredito Italiano SpA
new....................... 1,327,228
-------------
21,375,392
-------------
JAPAN -- 24.7%
2,400 Acom Co. Ltd.#............ 80,463
[Download Table]
Shares Value
------------------------------------------------
26,000 Aioi Insurance Co. Ltd.... $ 183,714
28,000 Amada Co. Ltd............. 297,090
4,500 Aoyama Trading Co. Ltd.... 135,058
18,100 Asahi Breweries Ltd.#..... 289,981
35,000 Asahi Kasei Corp.......... 229,397
4,700 Astellas Pharma, Inc...... 214,029
2,800 Autobacs Seven Co. Ltd.... 102,415
39,000 Bank of Yokohama Ltd...... 305,831
74,600 Bridgestone Corp.#........ 1,668,552
24,000 Brother Industries Ltd.... 325,195
13,000 Calsonic Kansei Corp...... 76,048
99,100 Canon, Inc.#.............. 5,611,850
9,800 Capcom Co. Ltd.#.......... 175,766
3,600 Casio Computer Co. Ltd.#.. 81,765
28,000 Central Glass Co. Ltd..... 160,533
35 Central Japan Railway
Co........................ 361,469
17,000 Chiba Bank Ltd............ 143,866
11,200 Chubu Electric Power Co.,
Inc....................... 334,478
67,000 Cosmo Oil Co. Ltd.#....... 272,906
3,700 CSK Corp.#................ 157,173
15,000 Dai Nippon Printing Co.
Ltd....................... 231,900
10,000 Daikyo, Inc.*............. 51,338
137,000 Daiwa Securities Group,
Inc....................... 1,524,466
78,000 Denki Kagaku Kogyo
Kabushiki Kaisha.......... 323,662
8,500 Denso Corp................ 337,512
382 East Japan Railway Co..... 2,547,238
69,300 EDION Corp.#.............. 1,029,154
5,400 Eisai Co. Ltd............. 296,905
3,300 Electric Power Development
Co. Ltd................... 145,436
15,100 Fanuc Ltd................. 1,480,620
22,500 Fast Retailing Co. Ltd.... 2,152,409
The accompanying notes are an integral part of the financial statements.
30
Portfolio of Investments
MetLife Investment Funds, Inc. / International Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
37,000 Fuji Electric Holdings Co.
Ltd....................... $ 200,849
44,000 Fujitsu Ltd.#............. 345,842
17,000 Hankyu Department Stores,
Inc....................... 141,356
3,800 Hisamitsu Pharmaceutical
Co., Inc.#................ 120,444
4,500 Hitachi Capital Corp...... 85,922
193,000 Hitachi Ltd.#............. 1,204,960
118,700 Honda Motor Co. Ltd.#..... 4,695,224
10,300 Isetan Co. Ltd............ 185,285
885 Japan Tobacco, Inc........ 4,268,778
110,400 JFE Holdings, Inc.#....... 5,658,085
37,000 Joyo Bank Ltd............. 204,465
65,700 JSR Corp.................. 1,702,405
18,000 Kamigumi Co. Ltd.......... 147,483
11,200 Kansai Electric Power Co.,
Inc....................... 302,213
22,000 Kawasaki Kisen Kaisha
Ltd.#..................... 172,246
48 KDDI Corp................. 325,749
6,600 Keyence Corp.............. 1,630,646
9,000 Kikkoman Corp.#........... 108,746
11,000 Kitz Corp................. 91,896
9,400 Koa Corp.#................ 132,415
26,000 Kobe Steel Ltd............ 89,260
30,300 Komatsu Ltd............... 610,245
45,000 Kubota Corp............... 418,437
22,000 KUREHA Corp............... 101,163
2,700 Kyocera Corp.............. 254,962
12,000 Kyowa Exeo Corp........... 121,837
38,400 Leopalace21 Corp.......... 1,223,182
19,000 Maeda Road Construction
Co. Ltd................... 138,048
9,500 Makita Corp............... 291,867
73,000 Marubeni Corp............. 369,034
76,700 Marui Co. Ltd............. 889,288
[Download Table]
Shares Value
------------------------------------------------
130,000 Matsushita Electric
Industrial Co. Ltd........ $ 2,614,203
25,000 Mazda Motor Corp.......... 171,039
83,500 Millea Holdings, Inc...... 2,934,442
60,000 Mitsubishi Chemical
Holdings Corp............. 378,505
50,000 Mitsubishi Corp........... 938,265
47,000 Mitsubishi Electric Corp.. 429,454
183,000 Mitsubishi Estate Co. Ltd. 4,744,899
22,000 Mitsubishi Gas Chemical
Co., Inc.................. 230,532
63,000 Mitsubishi Materials
Corp.#.................... 236,957
27,000 Mitsubishi Rayon Co.
Ltd.#..................... 181,756
540 Mitsubishi Tokyo Financial
Group, Inc................ 6,717,906
30,000 Mitsui & Co. Ltd.......... 446,477
268,000 Mitsui Chemicals, Inc..... 2,055,906
5,000 Mitsui Fudosan Co. Ltd.
REIT...................... 122,273
38,000 Mitsui Mining & Smelting
Co. Ltd................... 190,520
339,000 Mitsui OSK Lines Ltd...... 3,348,141
12,000 Mitsui Sumitomo Insurance
Co. Ltd................... 131,459
147 Mizuho Financial Group,
Inc....................... 1,051,292
9,000 NGK Spark Plug Co. Ltd.#.. 169,706
81,500 Nikko Cordial Corp.#...... 936,891
14,000 Nikon Corp.#.............. 304,274
1,100 Nintendo Co. Ltd.......... 285,143
273,000 Nippon Mining Holdings,
Inc....................... 1,964,155
24,000 Nippon Paint Co. Ltd...... 125,912
66,000 Nippon Sheet Glass Co.
Ltd.#..................... 309,868
17,000 Nippon Shokubai Co........ 180,864
The accompanying notes are an integral part of the financial statements.
31
Portfolio of Investments
MetLife Investment Funds, Inc. / International Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
-----------------------------------------------
160,000 Nippon Steel Corp........ $ 920,424
599 Nippon Telegraph &
Telephone Corp........... 2,959,665
42,000 Nippon Yusen Kabushiki
Kaisha#.................. 307,308
299,900 Nissan Motor Co. Ltd.#... 3,642,629
17,000 Nisshin Oillio Group Ltd. 110,534
197,300 Nomura Holdings, Inc.#... 3,732,432
30,000 NSK Ltd.................. 295,303
630 NTT Data Corp.#.......... 3,159,436
1,132 NTT DoCoMo, Inc.......... 1,790,088
30,000 Obayashi Corp............ 194,805
16,780 Orix Corp................ 4,868,283
62,000 Osaka Gas Co. Ltd........ 231,372
14,000 Pacific Metals Co. Ltd... 137,264
113,800 Pioneer Corp.#........... 1,564,690
108,000 Rengo Co. Ltd.#.......... 688,658
67 Resona Holdings, Inc.#... 183,275
22,000 Ricoh Co. Ltd............ 449,847
11,800 Sankyo Co. Ltd........... 653,958
4,600 Santen Pharmaceutical Co.
Ltd...................... 129,315
14,000 Sanwa Shutter Corp....... 82,468
31,000 Secom Co. Ltd............ 1,609,119
76,300 Seven & I Holdings Co.
Ltd...................... 2,375,194
269,000 Sharp Corp.#............. 4,638,337
5,700 Shimachu Co. Ltd......... 165,471
36,000 Shimizu Corp.#........... 180,204
5,700 Shin-Etsu Chemical Co.
Ltd...................... 379,412
14,500 Showa Shell Sekiyu K.K.#. 162,376
5,000 Softbank Corp.#.......... 97,495
9,300 Sony Corp.#.............. 398,631
58,000 Sumitomo Chemical Co.
Ltd...................... 450,646
46,000 Sumitomo Corp............ 685,742
[Download Table]
Shares Value
--------------------------------------------------
13,300 Sumitomo Electric Industries
Ltd......................... $ 208,092
301,000 Sumitomo Heavy Industries
Ltd......................... 3,166,297
95,000 Sumitomo Metal Industries
Ltd......................... 413,172
14,000 Sumitomo Metal Mining Co.
Ltd.#....................... 179,779
800 Sumitomo Mitsui Financial
Group, Inc.#................ 8,160,049
5,000 Sumitomo Realty &
Development Co. Ltd.#....... 160,778
24,000 Sumitomo Trust and
Banking Co. Ltd............. 250,229
28,650 T&D Holdings, Inc........... 1,897,629
39,000 Taiheiyo Cement Corp........ 152,866
15,200 Takeda Pharmaceutical Co.
Ltd......................... 1,044,268
23,000 Tanabe Seiyaku Co. Ltd...... 300,664
15,400 TDK Corp.................... 1,226,030
46,000 Teijin Ltd.................. 283,676
25,000 Toagosei Co. Ltd............ 90,648
32,000 Tobu Railway Co. Ltd........ 154,686
6,200 Tohoku Electric Power Co.,
Inc......................... 154,789
91,600 Tokyo Electric Power Co.,
Inc.#....................... 2,964,723
27,100 Tokyo Electron Ltd.#........ 2,139,906
316,000 Tokyo Gas Co. Ltd........... 1,680,828
88,000 Toshiba Corp.#.............. 573,546
43,000 Tosoh Corp.................. 190,228
12,000 Toyo Suisan Kaisha Ltd...... 192,472
128,900 Toyota Motor Corp........... 8,453,715
23,000 UNY Co. Ltd................. 299,713
1,880 USS Co. Ltd................. 122,504
40 West Japan Railway Co....... 171,220
18,000 Yamaha Corp.#............... 381,500
The accompanying notes are an integral part of the financial statements.
32
Portfolio of Investments
MetLife Investment Funds, Inc. / International Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
8,700 Yamaha Motor Co. Ltd.#.... $ 273,834
25,000 Yokohama Rubber Co.
Ltd....................... 150,937
-------------
151,444,549
-------------
NETHERLANDS -- 6.5%
109,666 ABN AMRO Holding NV....... 3,517,010
77,555 Aegon NV.................. 1,476,962
27,781 Akzo Nobel NV............. 1,693,912
15,678 ASML Holding NV*.......... 387,479
66,800 Buhrmann NV............... 992,122
106,673 European Aeronautic
Defence and Space Co.
NV#....................... 3,670,353
290,768 ING Groep NV.............. 12,881,470
82,352 Mittal Steel Co. NV....... 3,456,737
22,000 Mittal Steel Co. NV....... 923,613
9,695 Randstad Holding NV....... 667,188
438,233 Royal KPN NV.............. 6,210,535
42,074 Royal Philips Electronics
NV........................ 1,585,541
20,525 Unilever NV............... 560,400
56,800 Wolters Kluwer NV......... 1,632,779
-------------
39,656,101
-------------
NEW ZEALAND -- 0.1%
30,979 Auckland International
Airport Ltd............... 47,780
12,655 Fletcher Building Ltd..... 98,626
12,831 Kiwi Income Property Trust
REIT...................... 13,930
93,946 Telecom Corp. of New
Zealand Ltd............... 318,701
-------------
479,037
-------------
NORWAY -- 1.2%
4,260 Aker Kvaerner ASA......... 530,378
28,077 Orkla ASA................. 1,590,862
350,000 Pan Fish ASA*............. 320,212
[Download Table]
Shares Value
------------------------------------------------
48,420 Petroleum Geo-Services
ASA*...................... $ 1,134,256
101,879 Statoil ASA............... 2,689,034
22,144 Telenor ASA............... 413,863
18,600 TGS Nopec Geophysical Co.
ASA*...................... 384,084
-------------
7,062,689
-------------
PORTUGAL -- 0.3%
383,680 Energias de Portugal SA... 1,943,910
-------------
1,943,910
-------------
SINGAPORE -- 0.8%
10,000 Chartered Semiconductor
Manufacturing Ltd.#*...... 8,315
9,000 City Developments Ltd..... 74,109
39,000 ComfortDelGro Corp. Ltd... 40,926
211,000 DBS Group Holdings
Ltd.#..................... 3,107,873
21,600 Elec & Eltek International
Co. Ltd................... 60,219
50,000 Flextronics International
Ltd.#*.................... 574,000
13,000 Fraser and Neave Ltd...... 37,995
6,000 Keppel Corp. Ltd.......... 68,678
214,000 MMI Holding Ltd........... 146,445
7,000 Neptune Orient Lines
Ltd.#..................... 9,536
40,000 Overseas-Chinese Banking
Corp. Ltd................. 200,330
28,000 SembCorp Industries Ltd... 69,875
7,000 SIA Engineering Co........ 19,621
12,000 Singapore Airlines Ltd.*.. 136,877
13,000 Singapore Exchange Ltd.#.. 48,056
6,000 Singapore Land Ltd........ 33,628
50,000 Singapore Petroleum Co.
Ltd.#..................... 142,074
23,000 Singapore Post Ltd........ 16,313
The accompanying notes are an integral part of the financial statements.
33
Portfolio of Investments
MetLife Investment Funds, Inc. / International Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
23,000 Singapore Press Holdings
Ltd.#..................... $ 64,165
16,000 Singapore Technologies
Engineering Ltd........... 32,121
6,000 Singapore
Telecommunications Ltd.... 12,814
52,000 SMRT Corp. Ltd............ 40,335
21,000 STATS ChipPAC Ltd.#*...... 15,916
29,000 Suntec REIT............... 34,331
3,000 United Overseas Bank
Ltd....................... 37,840
19,000 United Overseas Land
Ltd.*..................... 53,671
7,000 Want Want Holdings Ltd.... 11,408
-------------
5,097,471
-------------
SPAIN -- 3.1%
121,372 Banco Bilbao Vizcaya
Argentaria SA............. 2,911,424
116,500 Banco Santander Central
Hispano SA................ 2,166,727
18,102 Gestevision Telecinco SA.. 515,456
14,596 Industria de Diseno Textil
SA........................ 784,051
233,379 Repsol YPF SA#............ 8,051,414
224,992 Telefonica SA............. 4,773,018
-------------
19,202,090
-------------
SWEDEN -- 1.6%
318,885 Nordea Bank AB............ 4,906,908
37,100 Svenska Cellulosa AB
Class B................... 1,934,467
608,133 Telefon LM Ericsson AB.... 2,453,749
6,194 Volvo AB Class B#......... 426,812
-------------
9,721,936
-------------
SWITZERLAND -- 4.2%
3,567 Actelion Ltd.*............ 783,900
6,389 Compagnie Financiere
Richmont AG Class A....... 370,742
[Download Table]
Shares Value
-----------------------------------------------
96,272 Credit Suisse Group...... $ 6,710,622
7,521 Logitech International
SA*...................... 215,690
5,895 Nestle SA................ 2,088,581
101,473 Novartis AG.............. 5,825,854
1,665 OC Oerlikon Corp. AG#*... 820,925
19,274 Roche Holding AG......... 3,445,274
742 Serono SA................ 663,607
23,840 Swiss Reinsurance........ 2,017,968
10,487 Zurich Financial Services
AG....................... 2,810,848
-------------
25,754,011
-------------
TOTAL COMMON STOCKS
(Cost $449,615,530)............. 606,443,768
-------------
PREFERRED STOCKS -- 0.1%
GERMANY -- 0.1%
2,351 Fresenius Medical Care AG
Pfd. 0.88%............... 505,065
-------------
505,065
-------------
TOTAL PREFERRED STOCKS
(Cost $305,932 )................ 505,065
-------------
DEPOSITARY RECEIPTS -- 0.1%
HOTELS & RESTAURANTS -- 0.0%
3,812 Melco PBL Entertainment
Macau Ltd. ADR#*......... 81,043
-------------
81,043
-------------
TELECOMMUNICATIONS -- 0.1%
31,240 Nokia OYJ ADR............ 634,797
20,203 Telstra Corp. Ltd. ADR... 42,838
-------------
677,635
-------------
TOTAL DEPOSITARY RECEIPTS
(Cost $615,514)................. 758,678
-------------
The accompanying notes are an integral part of the financial statements.
34
Portfolio of Investments
MetLife Investment Funds, Inc. / International Stock Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
--------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 0.1%
MUTUAL FUND -- 0.1%
$505,988 Goldman Sachs Prime
Obligations Fund
5.210%(b).................. $ 505,988
-------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $505,988)............................. 505,988
-------------
TOTAL INVESTMENTS -- 99.4%
(Cost $451,042,964)......................... 608,213,499
Assets in excess of other liabilities -- 0.6% 3,681,973
-------------
TOTAL NET ASSETS -- 100.0% $ 611,895,472
=============
FOOTNOTES TO THE PORTFOLIO OF INVESTMENTS:
[Download Table]
* -- Non-income producing security.
# -- A portion of the security was held on loan. As of
December 31, 2006, the market value of the
securities loaned was $123,283,269 and the collateral
received consisted of cash in the amount of
$127,998,067.
(a) -- Represents a security which is fair-valued.
(b) -- Rate quoted represents the seven day yield of the
Fund.
SECURITY ABBREVIATIONS:
ADR-- American Depositary Receipt
REIT-- Real Estate Investment Trust
EUR-- Euro Dollar
HKD-- Hong Kong Dollar
The accompanying notes are an integral part of the financial statements.
35
METLIFE INVESTMENT INTERNATIONAL STOCK FUND
Summary of Total Foreign Securities by Industry Classification 12/31/06
[Download Table]
Value Percent of
INDUSTRY (000) Net Assets
----------------------------------------------------
Aerospace & Defense 10,426 1.7%
Airlines 6,198 1.0
Apparel & Textiles 547 0.1
Automotive 28,445 4.6
Banking 107,841 17.7
Building & Construction 12,367 2.0
Business Services & Supplies 6,387 1.0
Chemicals 19,089 3.1
Commercial Services 1,305 0.2
Computers & Information 3,344 0.5
Cosmetics & Personal Care 864 0.1
Distribution & Wholesale 3,775 0.6
Diversified Financial Services 13,350 2.2
Diversified Operations 440 0.1
Electrical Equipment 7,708 1.3
Electronics 7,091 1.2
Entertainment & Leisure 4,595 0.8
Food, Beverage & Tobacco 36,341 5.9
Forest Products & Paper 2,715 0.4
Health Care 860 0.1
Hotels & Restaurants 2,350 0.4
Household Products 6,336 1.0
Industrial Machinery 6,596 1.1
Insurance 58,966 9.7
Internet Services & Applications 97 0.0*
Manufacturing 6,715 1.1
Metals & Mining 29,940 4.9
Multimedia 6,260 1.0
Oil & Gas 56,970 9.3
Pharmaceuticals 32,992 5.4
Real Estate 15,355 2.5
Retail 19,997 3.3
Semiconductors 4,004 0.7
Software 3,209 0.5
Telecommunications 47,549 7.8
Transportation 7,544 1.2
Utilities--Electric 22,574 3.7
Utilities--Gas 2,518 0.4
Utilities--Water 4,048 0.7
-------- ----
TOTAL $607,708 99.3%
======== ====
*Percentage is less than 0.1%
36
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
[Download Table]
Shares Value
------------------------------------------------
COMMON STOCKS -- 98.7%
ADVERTISING -- 1.3%
1,797 Advo, Inc................. $ 58,582
2,626 Catalina Marketing Corp... 72,215
500 FTD Group, Inc.*.......... 8,945
900 Gaiam, Inc. Class A*...... 12,312
3,000 Getty Images, Inc.*....... 128,460
3,314 Harte-Hanks, Inc.......... 91,831
25,200 Interpublic Group of Cos.,
Inc.*..................... 308,448
139,965 inVentiv Health, Inc.#*... 4,947,763
1,328 Marchex, Inc. Class B*.... 17,769
3,776 R.H. Donnelley Corp....... 236,868
3,900 SITEL Corp.*.............. 16,458
2,076 Valuevision Media, Inc.*.. 27,279
-------------
5,926,930
-------------
AEROSPACE & DEFENSE -- 0.7%
2,105 AAR Corp.*................ 61,445
1,869 Alliant Techsystems, Inc.* 146,137
600 ARGON ST, Inc.*........... 12,924
1,784 Armor Holdings, Inc.*..... 97,852
4,341 BE Aerospace, Inc.*....... 111,477
2,438 Curtiss-Wright Corp....... 90,401
2,247 DRS Technologies, Inc..... 118,372
885 EDO Corp.................. 21,010
1,380 Esterline Technologies
Corp.*.................... 55,517
3,175 GenCorp, Inc.*............ 44,514
52,265 Heico Corp.#.............. 2,029,450
669 Herley Industries, Inc.*.. 10,831
831 Innovative Solutions &
Support, Inc.*............ 14,152
1,200 K&F Industries Holdings,
Inc.*..................... 27,252
1,292 Kaman Corp................ 28,928
2,290 Moog, Inc.*............... 87,455
[Download Table]
Shares Value
--------------------------------------------------
400 MTC Technologies, Inc.*..... $ 9,420
3,352 Orbital Sciences Corp.*..... 61,811
435 Sequa Corp.*................ 50,051
3,600 Spirit Aerosystems Holdings,
Inc. Class A*............... 120,492
2,115 Teledyne Technologies,
Inc.*....................... 84,875
700 TransDigm Group, Inc.*...... 18,557
933 Triumph Group, Inc.......... 48,917
639 United Industrial Corp...... 32,429
-------------
3,384,269
-------------
AIRLINES -- 0.9%
5,635 Airtran Holdings, Inc.*..... 66,155
2,363 Alaska Air Group, Inc.*..... 93,338
5,091 Continental Airlines, Inc.
Class B*.................... 210,004
3,439 ExpressJet Holdings, Inc.*.. 27,856
2,269 Frontier Airlines Holdings,
Inc.*....................... 16,791
10,095 JetBlue Airways Corp.*...... 143,349
1,688 Mesa Air Group, Inc.*....... 14,466
2,000 Republic Airways Holdings,
Inc.*....................... 33,560
117,358 Skywest, Inc.#.............. 2,993,802
6,200 UAL Corp.*.................. 272,800
3,500 US Airways Group, Inc.*..... 188,475
-------------
4,060,596
-------------
APPAREL & TEXTILES -- 1.3%
81,182 Carter's, Inc.#*............ 2,070,141
491 Cherokee, Inc............... 21,069
855 Columbia Sportswear Co...... 47,624
700 Crocs, Inc.*................ 30,240
710 Deckers Outdoor Corp.*...... 42,565
1,121 G&K Services, Inc........... 43,596
1,307 Guess ?, Inc.*.............. 82,903
1,843 Gymboree Corp.*............. 70,329
The accompanying notes are an integral part of the financial statements.
37
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
-----------------------------------------------
1,189 Hartmarx Corp.*........... $ 8,394
2,100 Iconix Brand Group, Inc.*. 40,719
6,600 Jones Apparel Group, Inc.. 220,638
1,524 K-Swiss, Inc.............. 46,848
1,621 Kellwood Co............... 52,715
6,130 Liz Claiborne, Inc........ 266,410
1,000 Maidenform Brands, Inc.*.. 18,120
857 Oxford Industries, Inc.... 42,550
341 Perry Ellis International,
Inc.*..................... 13,981
3,191 Phillips-Van Heusen
Corp...................... 160,092
7,286 Quiksilver, Inc.*......... 114,755
657 Skechers U.S.A., Inc.*.... 21,885
1,191 Steven Madden Ltd......... 41,792
2,329 Stride Rite Corp.......... 35,121
31,700 Timberland Co.#*.......... 1,001,086
900 True Religion Apparel,
Inc.*..................... 13,779
679 Unifirst Corp............. 26,080
2,753 Warnaco Group, Inc.*...... 69,871
544 Weyco Group, Inc.......... 13,518
46,468 Wolverine World Wide,
Inc.#..................... 1,325,267
-------------
5,942,088
-------------
AUTOMOTIVE -- 0.4%
900 Accuride Corp.*........... 10,134
1,366 Aftermarket Technology
Corp.*.................... 29,068
3,237 American Axle &
Manufacturing Holdings,
Inc....................... 61,471
4,073 ArvinMeritor, Inc......... 74,251
1,306 ASV, Inc.*................ 21,249
4,809 Autoliv, Inc.............. 289,983
594 Bandag, Inc............... 29,955
3,258 BorgWarner, Inc........... 192,287
[Download Table]
Shares Value
-------------------------------------------------
1,300 Commercial Vehicle Group,
Inc.*.................... $ 28,340
3,868 Cooper Tire & Rubber Co.. 55,312
750 Fuel Systems Solutions,
Inc.*.................... 16,560
10,300 Goodyear Tire & Rubber
Co.*..................... 216,197
963 Keystone Automotive
Industries, Inc.*........ 32,732
3,800 Lear Corp................ 112,214
700 Miller Industries, Inc.*. 16,800
2,093 Modine Manufacturing
Co....................... 52,388
3,576 Navistar International
Corp.*................... 119,546
885 Noble International Ltd.. 17,744
4,252 Oshkosh Truck Corp....... 205,882
1,550 Superior Industries
International............ 29,868
2,491 Tenneco Automotive, Inc.* 61,578
900 Titan International, Inc. 18,135
2,477 TRW Automotive Holdings
Corp.*................... 64,080
7,599 Visteon Corp.*........... 64,440
1,854 Wabash National Corp..... 27,995
-------------
1,848,209
-------------
BANKING -- 7.8%
773 1st Source Corp.......... 24,836
920 Alabama National
Bancorp.................. 63,232
1,256 Amcore Financial, Inc.... 41,033
660 AmericanWest Bancorp..... 15,985
600 Ameris Bancorp........... 16,908
678 Arrow Financial Corp..... 16,794
7,793 Associated Banc-Corp..... 271,820
400 Bancfirst Corp........... 21,600
4,596 Bancorpsouth, Inc........ 123,265
The accompanying notes are an integral part of the financial statements.
38
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
400 BancTrust Financial Group,
Inc....................... $ 10,208
996 Bank of Granite Corp...... 18,894
42,441 Bank of Hawaii Corp....... 2,289,692
674 Bank of the Ozarks, Inc... 22,282
1,600 BankFinancial Corp........ 28,496
749 Banner Corp............... 33,211
1,242 BOK Financial Corp........ 68,285
169,128 Boston Private Financial
Holdings, Inc.#........... 4,771,101
400 Cadence Financial Corp.... 8,668
400 Camden National Corp...... 18,448
850 Capital City Bank Group,
Inc....................... 30,005
540 Capital Corp. of the West. 17,329
800 Capitol Bancorp Ltd....... 36,960
1,000 Cardinal Financial Corp... 10,250
1,796 Cascade Bancorp........... 55,730
450 Cass Information Systems,
Inc....................... 16,281
3,046 Cathay General Bancorp.... 105,117
3,600 Centennial Bank Holdings,
Inc.*..................... 34,056
800 Center Financial Corp..... 19,176
600 Centerstate Banks of
Florida, Inc.............. 12,540
1,776 Central Pacific Financial
Corp...................... 68,838
1,393 Chemical Financial Corp... 46,387
2,641 Chittenden Corp........... 81,052
2,526 Citizens Banking Corp..... 66,939
752 City Bank................. 26,904
1,118 City Holding Co........... 45,715
2,427 City National Corp........ 172,802
899 Coastal Financial Corp.... 15,058
967 CoBiz, Inc................ 21,313
100,508 Colonial BancGroup, Inc... 2,587,076
[Download Table]
Shares Value
------------------------------------------------
700 Columbia Bancorp........... $ 18,515
1,007 Columbia Banking System,
Inc........................ 35,366
4,064 Commerce Bancshares,
Inc........................ 196,738
360 Community Bancorp,
Inc.*...................... 10,868
1,624 Community Bank System,
Inc........................ 37,352
1,385 Community Banks, Inc....... 38,448
971 Community Trust Bancorp,
Inc........................ 40,326
2,162 Corus Bankshares, Inc...... 49,877
3,369 Cullen/Frost Bankers, Inc.. 188,058
3,510 CVB Financial Corp......... 50,755
3,576 East-West Bancorp, Inc..... 126,662
621 Enterprise Financial
Services Corp.............. 20,232
400 Farmers Capital Bank
Corp....................... 13,652
727 First Bancorp (North
Carolina).................. 15,878
3,962 First Bancorp (Puerto
Rico)...................... 37,758
1,005 First Busey Corp........... 23,165
1,688 First Charter Corp......... 41,525
300 First Citizens BancShares,
Inc........................ 60,792
4,118 First Commonwealth
Financial Corp............. 55,305
84,732 First Community Bancorp,
Inc.#...................... 4,428,942
622 First Community
Bancshares, Inc............ 24,606
2,037 First Financial Bancorp.... 33,835
1,300 First Financial Bankshares,
Inc........................ 54,418
880 First Financial Corp....... 31,196
The accompanying notes are an integral part of the financial statements.
39
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
----------------------------------------------
7,300 First Horizon National
Corp..................... $ 304,994
586 First Indiana Corp....... 14,861
1,219 First Merchants Corp..... 33,145
28,828 First Midwest Bancorp,
Inc.#.................... 1,115,067
387 First Regional Bancorp*.. 13,193
44,579 First Republic Bank...... 1,742,147
481 First South Bancorp, Inc. 15,339
1,200 First State Bancorp...... 29,700
4,572 FirstMerit Corp.......... 110,368
3,622 FNB Corp. (Pennsylvania). 66,174
545 FNB Corp. (Virginia)..... 22,645
4,012 Fremont General Corp..... 65,034
2,407 Frontier Financial Corp.. 70,357
9,949 Fulton Financial Corp.... 166,148
875 GB&T Bancshares, Inc..... 19,399
2,655 Glacier Bancorp, Inc..... 64,888
674 Great Southern Bancorp,
Inc...................... 19,890
60,986 Greater Bay Bancorp#..... 1,605,761
493 Greene County Bancshares,
Inc...................... 19,587
1,662 Hancock Holding Co....... 87,820
2,392 Hanmi Financial Corp..... 53,892
1,863 Harleysville National
Corp..................... 35,975
900 Heartland Financial USA,
Inc...................... 25,965
605 Heritage Commerce Corp... 16,117
625 IBERIA BANK Corp......... 36,906
18,601 Independent Bank Corp.
(Massachusetts).......... 670,194
1,339 Independent Bank Corp.
(Michigan)............... 33,863
980 Integra Bank Corp........ 26,970
1,219 Interchange Financial
Services Corp. (New
Jersey).................. 28,025
[Download Table]
Shares Value
-------------------------------------------------
2,632 International Bancshares
Corp........................ $ 81,355
300 Intervest Bancshares
Corp.*...................... 10,323
3,933 Investors Financial Services
Corp........................ 167,821
1,138 Irwin Financial Corp........ 25,753
1,363 Lakeland Bancorp, Inc....... 20,309
800 Lakeland Financial Corp..... 20,424
693 Macatawa Bank Corp.......... 14,733
1,070 MainSource Financial Group,
Inc......................... 18,125
82,022 MB Financial Corp.#......... 3,084,847
928 MBT Financial Corp.......... 14,217
551 Mercantile Bank Corp........ 20,773
7,186 Mercantile Bankshares
Corp........................ 336,233
450 MetroCorp Bancshares,
Inc......................... 9,468
1,306 Mid-State Bancshares........ 47,525
1,077 Midwest Banc Holdings,
Inc......................... 25,579
1,200 Nara Bancorp, Inc........... 25,104
2,725 National Penn Bancshares,
Inc......................... 55,181
30,703 NBT Bancorp, Inc.#.......... 783,233
572 Northern Empire
Bancshares*................. 16,897
3,798 Old National Bancorp........ 71,858
760 Old Second Bancorp, Inc..... 22,268
882 Omega Financial Corp........ 28,153
1,065 Oriental Financial Group.... 13,792
2,841 Pacific Capital Bancorp..... 95,401
746 Park National Corp.......... 73,854
640 Peoples Bancorp, Inc........ 19,008
52,405 Pinnacle Financial Partners,
Inc.#*...................... 1,738,798
500 Placer Sierra Bancshares.... 11,885
The accompanying notes are an integral part of the financial statements.
40
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
-----------------------------------------------
300 Preferred Bank
(Los Angeles)............. $ 18,027
578 Premierwest Bancorp....... 9,225
1,100 PrivateBancorp, Inc....... 45,793
1,426 Prosperity Bancshares,
Inc....................... 49,211
45,791 Provident Bankshares
Corp.#.................... 1,630,160
1,837 R-G Financial Corp.
Class B................... 14,053
975 Renasant Corp............. 29,864
599 Republic Bancorp, Inc.
(Kentucky)................ 15,029
4,612 Republic Bancorp, Inc.
(Michigan)................ 62,077
279 Royal Bancshares of
Pennsylvania.............. 7,340
1,576 S&T Bancorp, Inc.......... 54,640
887 Sandy Spring Bancorp,
Inc....................... 33,866
427 Santander BanCorp......... 7,622
603 SCBT Financial Corp....... 25,163
991 Seacoast Banking Corp. of
Florida................... 24,577
906 Security Bank Corp........ 20,675
600 Shore Bancshares, Inc..... 18,096
283 Sierra Bancorp............ 8,303
1,773 Signature Bank*........... 54,928
957 Simmons First National
Corp...................... 30,193
5,786 Sky Financial Group, Inc.. 165,132
500 Smithtown Bancorp, Inc.... 13,560
4,534 South Financial Group,
Inc....................... 120,559
606 Southside Bancshares,
Inc....................... 15,592
1,000 Southwest Bancorp, Inc.... 27,860
700 State National Bancshares,
Inc....................... 26,943
[Download Table]
Shares Value
------------------------------------------------
1,203 Sterling Bancorp........... $ 23,699
4,082 Sterling Bancshares, Inc... 53,141
1,352 Sterling Financial Corp.... 32,002
670 Suffolk Bancorp............ 25,547
1,106 Sun Bancorp, Inc.*......... 23,303
1,000 Superior Bancorp*.......... 11,340
2,841 Susquehanna Bancshares,
Inc........................ 76,366
2,084 SVB Financial Group*....... 97,156
598 SY Bancorp, Inc............ 16,744
300 Taylor Capital Group, Inc.. 10,983
7,878 TCF Financial Corp......... 216,015
1,410 Texas Capital Bancshares,
Inc.*...................... 28,031
600 Texas United Bancshares,
Inc........................ 20,604
425 The Bancorp, Inc.*......... 12,580
368 Tompkins Trustco, Inc...... 16,726
1,000 Trico Bancshares........... 27,210
4,298 Trustco Bank Corp.......... 47,794
2,893 Trustmark Corp............. 94,630
5,722 UCBH Holdings, Inc......... 100,478
1,982 UMB Financial Corp......... 72,363
3,328 Umpqua Holdings Corp....... 97,943
783 Union Bankshares Corp...... 23,952
2,085 United Bankshares, Inc..... 80,585
2,100 United Community Banks,
Inc........................ 67,872
500 United Security Bancshares/
CA......................... 12,050
840 Univest Corp. of
Pennsylvania............... 25,603
487 USB Holding Co., Inc....... 11,737
6,946 Valley National Bancorp.... 184,138
437 Vineyard National
Bancorp.................... 10,060
23,389 Virginia Commerce Bancorp,
Inc.#*..................... 464,973
The accompanying notes are an integral part of the financial statements.
41
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
----------------------------------------------
711 Virginia Financial Group,
Inc...................... $ 19,901
6,534 W Holding Co., Inc....... 38,943
495 Washington Trust Bancorp,
Inc...................... 13,806
3,080 Webster Financial Corp... 150,058
1,250 WesBanco, Inc............ 41,912
1,088 West Bancorp, Inc........ 19,345
1,013 West Coast Bancorp....... 35,090
1,803 Westamerica Bancorp...... 91,286
800 Western Alliance
Bancorp*................. 27,816
3,953 Whitney Holding Corp..... 128,947
3,999 Wilmington Trust Corp.... 168,638
652 Wilshire Bancorp, Inc.... 12,368
22,509 Wintrust Financial Corp.# 1,080,882
597 Yardville National
Bancorp.................. 22,519
-------------
36,701,520
-------------
BIOTECHNOLOGY -- 0.6%
500 Advanced Magnetics, Inc.* 29,860
3,800 ADVENTRX
Pharmaceuticals, Inc.*... 11,210
3,901 Affymetrix, Inc.*........ 89,957
1,738 Alexion Pharmaceuticals,
Inc.*.................... 70,198
3,000 American Oriental
Bioengineering, Inc.*.... 35,010
4,342 Applera Corp. -- Celera
Genomics Group*.......... 60,745
2,600 Arena Pharmaceuticals,
Inc.*.................... 33,566
3,113 Ariad Pharmaceuticals,
Inc.*.................... 16,001
1,132 Bio-Rad Laboratories,
Inc.*.................... 93,413
1,676 Cambrex Corp............. 38,079
[Download Table]
Shares Value
------------------------------------------------
2,405 Cell Genesys, Inc.*........ $ 8,153
4,016 Charles River Laboratories
International, Inc.*....... 173,692
1,200 Coley Pharmaceutical Group,
Inc.*...................... 11,628
1,112 Cotherix, Inc.*............ 15,001
1,800 Cytokinetics, Inc.*........ 13,464
3,000 deCODE genetics, Inc.*..... 13,590
1,134 Digene Corp.*.............. 54,341
2,181 Diversa Corp.*............. 23,729
3,361 Encysive Pharmaceuticals,
Inc.*...................... 14,150
1,604 Enzo Biochem, Inc.*........ 22,889
2,704 Enzon Pharmaceuticals,
Inc.*...................... 23,011
4,925 Exelixis, Inc.*............ 44,325
1,377 Genitope Corp.*............ 4,847
900 Genomic Health, Inc.*...... 16,740
4,403 Geron Corp.*............... 38,658
483 GTx, Inc.*................. 8,617
1,900 Hana Biosciences, Inc.*.... 12,103
8,100 Human Genome Sciences,
Inc.*...................... 100,764
3,656 ICOS Corp.*................ 123,536
2,575 Illumina, Inc.*............ 101,223
5,463 Incyte Corp.*.............. 31,904
1,185 Integra LifeSciences
Holdings Corp.*............ 50,469
1,659 InterMune, Inc.*........... 51,014
2,733 Invitrogen Corp.*.......... 154,660
2,869 Keryx Biopharmaceuticals,
Inc.*...................... 38,158
4,391 Lexicon Genetics, Inc.*.... 15,851
1,984 Lifecell Corp.*............ 47,894
1,980 Martek Biosciences Corp.*.. 46,213
1,458 Maxygen, Inc.*............. 15,703
1,400 Metabasis Therapeutics,
Inc.*...................... 10,528
The accompanying notes are an integral part of the financial statements.
42
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
-----------------------------------------------
18,600 Millennium
Pharmaceuticals, Inc.*.... $ 202,740
2,987 Millipore Corp.*.......... 198,934
1,400 Momenta Pharmaceuticals,
Inc.*..................... 22,022
8,000 Monogram Biosciences,
Inc.*..................... 14,240
2,237 Myriad Genetics, Inc.*.... 70,018
5,234 Nektar Therapeutics*...... 79,609
1,739 Northfield Laboratories,
Inc.*..................... 7,078
4,000 Novavax, Inc.*............ 16,400
3,300 Panacos Pharmaceuticals,
Inc.*..................... 13,233
6,516 PDL BioPharma, Inc.*...... 131,232
11,300 Peregrine Pharmaceuticals,
Inc.*..................... 13,108
2,934 Regeneron Pharmaceuticals,
Inc.*..................... 58,885
1,800 Sangamo BioSciences,
Inc.*..................... 11,880
2,720 Savient Pharmaceuticals,
Inc.*..................... 30,491
2,700 Sirna Therapeutics, Inc.*. 35,127
2,637 SuperGen, Inc.*........... 13,396
3,085 Telik, Inc.*.............. 13,667
6,990 Vertex Pharmaceuticals,
Inc.*..................... 261,566
-------------
2,958,520
-------------
BUILDING & CONSTRUCTION -- 2.3%
527 Aaon, Inc................. 13,849
1,804 Apogee Enterprises, Inc... 34,835
32,427 Beazer Homes USA, Inc.#... 1,524,393
763 Brookfield Homes Corp..... 28,651
900 Builders FirstSource,
Inc.*..................... 16,047
400 Cavco Industries, Inc.*... 14,016
[Download Table]
Shares Value
------------------------------------------------
4,311 Champion Enterprises,
Inc.*...................... $ 40,351
2,459 Comfort Systems USA,
Inc........................ 31,082
1,120 Drew Industries, Inc.*..... 29,131
2,343 Dycom Industries, Inc.*.... 49,484
2,893 Eagle Materials, Inc....... 125,064
1,220 ElkCorp.................... 50,130
1,896 EMCOR Group, Inc.*......... 107,788
1,400 ENGlobal Corp.*............ 9,002
3,478 Fleetwood Enterprises,
Inc.*...................... 27,511
2,916 Florida Rock Industries,
Inc........................ 125,534
1,434 Genlyte Group, Inc.*....... 112,010
1,500 Goodman Global, Inc.*...... 25,800
2,112 Granite Construction, Inc.. 106,276
2,400 Home Solutions of America,
Inc.*...................... 14,064
2,962 Hovnanian Enterprises,
Inc.*...................... 100,412
1,600 Infrasource Services, Inc.* 34,832
24,236 Insituform Technologies,
Inc.#*..................... 626,743
1,600 Interline Brands, Inc.*.... 35,952
3,454 Jacobs Engineering Group,
Inc.*...................... 281,639
20,200 KB Home#................... 1,035,856
718 Layne Christensen Co.*..... 23,572
3,206 Lennox International, Inc.. 98,136
957 Levitt Corp................ 11,714
1,194 LSI Industries, Inc........ 23,701
686 M/I Homes, Inc............. 26,198
2,672 Martin Marietta Materials,
Inc........................ 277,647
20,636 MDC Holdings, Inc.#........ 1,177,284
1,272 Meritage Homes Corp.*...... 60,700
1,757 Monaco Coach Corp.......... 24,879
The accompanying notes are an integral part of the financial statements.
43
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
1,165 NCI Building Systems,
Inc.*..................... $ 60,289
300 NVR, Inc.*................ 193,500
380 Palm Harbor Homes, Inc.*.. 5,328
1,100 Perini Corp.*............. 33,858
2,446 Ryland Group, Inc......... 133,600
4,584 Shaw Group, Inc.*......... 153,564
2,282 Simpson Manufacturing Co.,
Inc....................... 72,225
288 Skyline Corp.............. 11,583
3,822 Standard-Pacific Corp..... 102,391
600 Sterling Construction Co.,
Inc.*..................... 13,056
892 Technical Olympic USA,
Inc....................... 9,072
17,821 Texas Industries, Inc.#... 1,144,643
23,523 Thor Industries, Inc.#.... 1,034,777
7,500 Toll Brothers, Inc.*...... 241,725
547 Trex Co., Inc.*........... 12,521
2,100 U.S. Concrete, Inc.*...... 14,952
909 Universal Forest Products,
Inc....................... 42,377
2,967 URS Corp.*................ 127,136
4,426 USG Corp.*................ 242,545
1,600 Washington Group
International, Inc.*...... 95,664
35,156 WCI Communities, Inc.#*... 674,292
1,800 Williams Scotsman
International, Inc.*...... 35,316
2,018 Winnebago Industries...... 66,412
-------------
10,845,109
-------------
BUSINESS SERVICES & SUPPLIES -- 1.1%
1,456 Administaff, Inc.......... 62,273
838 CDI Corp.................. 20,866
168,700 Cross Country Healthcare,
Inc.#*.................... 3,681,034
1,476 Gevity HR, Inc............ 34,966
[Download Table]
Shares Value
----------------------------------------------
3,242 Global Imaging Systems,
Inc.*.................... $ 71,162
1,150 Heidrick & Struggles
International, Inc.*..... 48,714
3,844 Herman Miller, Inc....... 139,768
6,359 Hewitt Associates, Inc.*. 163,744
2,800 HNI Corp................. 124,348
1,262 Hudson Highland Group,
Inc.*.................... 21,050
6,696 IKON Office Solutions,
Inc...................... 109,614
2,484 Interface, Inc.*......... 35,322
1,136 Kelly Services, Inc...... 32,876
1,610 Kforce, Inc.*............ 19,594
2,000 Knoll, Inc............... 44,000
2,630 Korn/Ferry International* 60,385
3,029 Labor Ready, Inc.*....... 55,522
5,866 MPS Group, Inc.*......... 83,180
2,698 Resources Connection,
Inc.*.................... 85,904
2,851 Spherion Corp.*.......... 21,183
4,536 Steelcase, Inc........... 82,374
-------------
4,997,879
-------------
CHEMICALS -- 2.4%
3,990 Airgas, Inc.............. 161,675
26,603 Albemarle Corp.#......... 1,910,095
1,021 American Vanguard Corp... 16,234
1,280 Arch Chemicals, Inc...... 42,637
3,700 Ashland, Inc............. 255,966
472 Balchem Corp............. 12,121
3,566 Cabot Corp............... 155,371
1,463 Cabot Microelectronics
Corp.*................... 49,654
4,400 Celanese Corp............ 113,872
3,300 CF Industries Holdings,
Inc...................... 84,612
13,601 Chemtura Corp............ 130,978
The accompanying notes are an integral part of the financial statements.
44
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
---------------------------------------------
2,343 Cytec Industries, Inc... $ 132,403
4,700 Eastman Chemical Co..... 278,757
2,530 Ferro Corp.............. 52,346
21,947 FMC Corp................ 1,680,043
2,017 Georgia Gulf Corp....... 38,948
3,560 HB Fuller Co............ 91,919
6,469 Hercules, Inc.*......... 124,916
5,300 Huntsman Corp.*......... 100,541
641 Innospec, Inc........... 29,839
5,358 International Flavors &
Fragrances, Inc......... 263,399
272 Kronos Worldwide, Inc... 8,856
4,066 Lubrizol Corp........... 203,829
1,761 MacDermid, Inc.......... 60,050
1,152 Minerals Technologies,
Inc..................... 67,726
1,100 NewMarket Corp.......... 64,955
521 NL Industries........... 5,387
4,098 Olin Corp............... 67,699
1,634 OM Group, Inc.*......... 73,988
2,700 Omnova Solutions, Inc.*. 12,366
500 Pioneer Cos., Inc.*..... 14,330
93,052 PolyOne Corp.#*......... 697,890
2,100 Rockwood Holdings, Inc.* 53,046
6,907 RPM International, Inc.. 144,287
1,388 Schulman A, Inc......... 30,883
2,707 Sensient Technologies
Corp.................... 66,592
3,900 Sigma-Aldrich Corp...... 303,108
42,095 Spartech Corp.#......... 1,103,731
273 Stepan Co............... 8,646
1,978 Symyx Technologies*..... 42,705
5,563 Terra Industries, Inc.*. 66,645
2,500 Tronox, Inc. Class B.... 39,475
3,000 UAP Holding Corp........ 75,540
248 Valhi, Inc.............. 6,443
48,460 Valspar Corp.#.......... 1,339,434
[Download Table]
Shares Value
-----------------------------------------------
31,150 Westlake Chemical Corp.#.. $ 977,487
3,868 WR Grace & Co.*........... 76,586
800 Zoltek Companies, Inc.*... 15,736
-------------
11,353,746
-------------
COMMERCIAL SERVICES -- 7.2%
2,630 Aaron Rents, Inc.......... 75,691
2,737 ABM Industries, Inc....... 62,157
5,188 Adesa, Inc................ 143,967
4,000 Advance America Cash
Advance Centers, Inc...... 58,600
79,100 Advisory Board Co.#*...... 4,235,014
1,722 Albany Molecular Research,
Inc.*..................... 18,184
4,658 Alliance Data Systems
Corp.*.................... 290,985
1,834 Arbitron, Inc............. 79,669
600 Bankrate, Inc.*........... 22,770
1,371 Banta Corp................ 49,904
500 Barrett Business Services,
Inc....................... 11,710
11,376 BearingPoint, Inc.*....... 89,529
1,543 Bowne & Co., Inc.......... 24,595
5,600 Career Education Corp.*... 138,768
3,917 Cbiz, Inc.*............... 27,302
400 Central Parking Corp...... 7,200
3,100 Cenveo, Inc.*............. 65,720
1,608 Chemed Corp............... 59,464
88,800 ChoicePoint, Inc.#*....... 3,496,944
900 Clark, Inc................ 14,967
800 Clayton Holdings, Inc.*... 14,968
1,800 Coinmach Service Corp.
Class A................... 21,420
1,512 Coinstar, Inc.*........... 46,222
900 Compass Diversified Trust. 15,435
618 Consolidated Graphics,
Inc.*..................... 36,505
8,124 Convergys Corp.*.......... 193,189
The accompanying notes are an integral part of the financial statements.
45
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
800 Cornell Cos., Inc.*....... $ 14,664
2,363 Corporate Executive Board
Co........................ 207,235
3,542 Corrections Corp. of
America*.................. 160,205
996 CoStar Group, Inc.*....... 53,346
699 CRA International, Inc.*.. 36,628
500 Dawson Geophysical Co.*... 18,215
2,903 Deluxe Corp............... 73,156
1,617 Diamond Management &
Technology Consultants,
Inc....................... 20,115
700 Dollar Financial Corp.*... 19,502
1,428 Dollar Thrifty Automotive
Group*.................... 65,131
1,600 DynCorp International,
Inc.*..................... 25,392
1,323 Electro Rent Corp.*....... 22,094
2,900 Enersys*.................. 46,400
7,416 Equifax, Inc.............. 301,090
1,913 Euronet Worldwide, Inc.*.. 56,797
674 Exponent, Inc.*........... 12,577
570 First Advantage Corp.*.... 13,087
1,500 First Consulting Group,
Inc.*..................... 20,640
796 Forrester Research, Inc.*. 21,580
138,544 FTI Consulting, Inc.#*.... 3,863,992
168,758 Gartner, Inc.#*........... 3,339,721
1,227 Geo Group, Inc.*.......... 46,037
2,000 Global Cash Access, Inc.*. 32,460
3,100 Gold Kist, Inc.*.......... 65,162
800 H&E Equipment Services,
Inc.*..................... 19,816
131,925 Healthcare Services
Group#.................... 3,820,548
1,000 Heartland Payment Systems,
Inc....................... 28,250
1,100 Huron Consulting Group,
Inc.*..................... 49,874
[Download Table]
Shares Value
-------------------------------------------------
500 ICT Group, Inc.*........... $ 15,795
2,242 Interactive Data Corp...... 53,898
6,604 Iron Mountain, Inc.*....... 273,009
2,100 Jackson Hewitt Tax Service,
Inc........................ 71,337
800 Kendle International,
Inc.*...................... 25,160
1,000 Kenexa Corp.*.............. 33,260
590 Landauer, Inc.............. 30,957
1,598 LECG Corp.*................ 29,531
3,700 Live Nation, Inc.*......... 82,880
2,127 Magellan Health Services,
Inc.*...................... 91,929
1,396 MAXIMUS, Inc............... 42,969
1,422 McGrath Rentcorp........... 43,556
995 Midas, Inc.*............... 22,885
600 Monro Muffler, Inc......... 21,060
900 Morningstar, Inc.*......... 40,545
165,449 Navigant Consulting,
Inc.#*..................... 3,269,272
2,800 Net 1 UEPS Technologies,
Inc.*...................... 82,768
1,700 On Assignment, Inc.*....... 19,975
1,564 Parexel International
Corp.*..................... 45,309
1,200 PeopleSupport, Inc.*....... 25,260
6,030 Pharmaceutical Product
Development, Inc........... 194,287
1,196 Pharmanet Development
Group, Inc.*............... 26,396
3,000 PHH Corp.*................. 86,610
620 Pre-Paid Legal Services,
Inc.*...................... 24,261
720 Providence Service Corp.*.. 18,094
6,417 Quanta Services, Inc.*..... 126,222
4,028 Rent-A-Center, Inc.*....... 118,866
1,800 Rewards Network, Inc.*..... 12,510
1,755 Rollins, Inc............... 38,803
The accompanying notes are an integral part of the financial statements.
46
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
-------------------------------------------------
5,100 SAIC, Inc.*................ $ 90,729
1,582 Senomyx, Inc.*............. 20,550
176,851 Service Corp.
International.............. 1,812,723
17,010 ServiceMaster Co........... 223,001
3,654 Sotheby's Holdings......... 113,347
2,152 Source Interlink Companies,
Inc.*...................... 17,560
400 Standard Parking Corp.*.... 15,364
717 Startek, Inc............... 9,708
6,595 Stewart Enterprises, Inc... 41,219
400 Team, Inc.*................ 13,932
1,730 TeleTech Holdings, Inc.*... 41,312
1,481 TNS, Inc.*................. 28,509
3,871 United Rentals, Inc.*...... 98,440
2,719 Valassis Communications,
Inc.*...................... 39,426
500 Vertrue, Inc.*............. 19,205
1,378 Viad Corp.................. 55,947
496 Volt Information Sciences,
Inc.*...................... 24,904
6,000 Waters Corp.*.............. 293,820
2,568 Watson Wyatt & Co.
Holdings................... 115,945
2,700 Weight Watchers
International, Inc......... 141,831
116,100 Wright Express Corp.#*..... 3,618,837
-------------
33,558,306
-------------
COMPUTERS & INFORMATION -- 1.3%
945 3D Systems Corp.*.......... 15,082
1,544 Agilysys, Inc.............. 25,847
1,098 Ansoft Corp.*.............. 30,524
7,421 BISYS Group, Inc.*......... 95,805
112,071 Brocade Communications
Systems, Inc.#*............ 920,103
1,725 CACI International, Inc.*.. 97,463
8,157 Ceridian Corp.*............ 228,233
[Download Table]
Shares Value
------------------------------------------------
3,140 Ciber, Inc.*............... $ 21,289
1,080 COMSYS IT Partners,
Inc.*...................... 21,827
2,022 Covansys Corp.*............ 46,405
4,033 Diebold, Inc............... 187,938
3,200 DST Systems, Inc.*......... 200,416
1,650 Echelon Corp.*............. 13,200
3,368 Electronics for Imaging*... 89,521
2,409 Factset Research Systems,
Inc........................ 136,060
18,828 Gateway, Inc.*............. 37,844
1,738 Hutchinson Technology,
Inc.*...................... 40,965
1,200 iGate Corp.*............... 8,256
1,400 IHS, Inc.*................. 55,272
2,130 Imation Corp............... 98,896
508 Integral Systems, Inc...... 11,770
2,279 InterVoice, Inc.*.......... 17,457
4,606 Jack Henry & Associates,
Inc........................ 98,568
1,800 Kanbay International,
Inc.*...................... 51,786
1,748 Komag, Inc.*............... 66,214
1,850 Kronos, Inc.*.............. 67,969
1,500 Magma Design Automation,
Inc.*...................... 13,395
1,552 Manhattan Associates,
Inc.*...................... 46,684
900 Maxwell Technologies,
Inc.*...................... 12,555
9,331 McData Corp.*.............. 51,787
4,425 Mentor Graphics Corp.*..... 79,783
871 Mercury Computer Systems,
Inc.*...................... 11,637
2,288 Micros Systems, Inc.*...... 120,578
1,922 Mobility Electronics, Inc.* 6,439
1,153 MTS Systems Corp........... 44,529
The accompanying notes are an integral part of the financial statements.
47
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
3,457 National Instruments
Corp....................... $ 94,169
1,900 Ness Technologies, Inc.*... 27,094
1,196 Netscout Systems, Inc.*.... 9,927
5,368 Palm, Inc.*................ 75,635
5,355 Perot Systems Corp.*....... 87,769
14,462 Quantum Corp.*............. 33,552
1,600 Rackable Systems, Inc.*.... 49,552
1,588 Radiant Systems, Inc.*..... 16,579
1,321 Radisys Corp.*............. 22,021
898 SI International, Inc.*.... 29,113
1,500 Sigma Designs, Inc.*....... 38,175
5,492 Silicon Storage Technology,
Inc.*...................... 24,769
2,258 SRA International, Inc.*... 60,379
542 Stratasys, Inc.*........... 17,024
1,917 SYKES Enterprises, Inc.*... 33,816
1,380 Synaptics, Inc.*........... 40,972
66,525 Synopsys, Inc.*............ 1,778,213
413 Syntel, Inc................ 11,068
1,721 Talx Corp.................. 47,241
2,392 Tyler Technologies, Inc.*.. 33,632
19,700 Unisys Corp.*.............. 154,448
12,677 Western Digital Corp.*..... 259,371
-------------
6,016,616
-------------
CONTAINERS & PACKAGING -- 0.9%
300 AEP Industries, Inc.*...... 15,993
6,154 Ball Corp.................. 268,314
5,994 Bemis Co................... 203,676
1,088 Chesapeake Corp............ 18,518
98,669 Crown Holdings, Inc.#*..... 2,064,155
3,649 Graphic Packaging Corp.*... 15,800
909 Greif, Inc................. 107,626
2,034 Mobile Mini, Inc.*......... 54,796
9,231 Owens-Illinois, Inc.*...... 170,312
4,731 Packaging Corp. of
America.................... 104,555
[Download Table]
Shares Value
------------------------------------------------
7,753 Pactiv Corp.*.............. $ 276,705
4,800 Sealed Air Corp............ 311,616
1,466 Silgan Holdings, Inc....... 64,387
15,200 Smurfit-Stone Container
Corp.*..................... 160,512
5,655 Sonoco Products Co......... 215,229
-------------
4,052,194
-------------
COSMETICS & PERSONAL CARE -- 0.0%
4,700 Alberto-Culver Co.*........ 100,815
903 Chattem, Inc.*............. 45,222
1,635 Elizabeth Arden, Inc.*..... 31,147
247 Inter Parfums, Inc......... 4,740
800 Parlux Fragrances, Inc.*... 4,456
6,758 Revlon, Inc.*.............. 8,650
-------------
195,030
-------------
DISTRIBUTION & WHOLESALE -- 1.3%
2,550 Beacon Roofing Supply,
Inc.*...................... 47,991
75,026 Bell Microproducts, Inc.#*. 528,933
700 BlueLinx Holdings, Inc..... 7,280
2,776 Brightpoint, Inc.*......... 37,337
1,708 Building Material Holding
Corp....................... 42,171
3,400 CDW Corp................... 239,088
1,770 Central European
Distribution Corp.*........ 52,569
600 Core-Mark Holding Co.,
Inc.*...................... 20,070
700 Directed Electronics, Inc.* 8,015
8,162 Ingram Micro, Inc.*........ 166,586
25,500 Lenox Group, Inc.#*........ 163,200
2,618 LKQ Corp.*................. 60,188
400 MWI Veterinary Supply,
Inc.*...................... 12,920
1,065 Nuco2, Inc.*............... 26,188
44,889 Owens & Minor, Inc. #...... 1,403,679
2,938 Pool Corp.................. 115,081
The accompanying notes are an integral part of the financial statements.
48
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
1,408 Scansource, Inc.*.......... $ 42,803
3,265 Tech Data Corp. *.......... 123,646
29,526 Triad Guaranty, Inc. #*.... 1,620,092
25,207 United Stationers, Inc.*... 1,176,915
1,637 Watsco, Inc................ 77,201
2,768 WESCO International,
Inc.*...................... 162,786
-------------
6,134,739
-------------
DIVERSIFIED FINANCIAL SERVICES -- 2.2%
1,146 Accredited Home Lenders
Holding Co.*............... 31,263
1,157 Advanta Corp. Class B...... 50,480
1,871 Affiliated Managers
Group*..................... 196,698
4,400 AG Edwards, Inc............ 278,476
8,330 Allied Capital Corp........ 272,224
8,391 American Capital Strategies
Ltd........................ 388,168
6,698 AmeriCredit Corp.*......... 168,589
4,935 Apollo Investment Corp..... 110,544
2,704 Ares Capital Corp.......... 51,673
1,089 Asset Acceptance Capital
Corp.*..................... 18,317
684 Asta Funding, Inc.......... 20,821
1,400 Calamos Asset Management,
Inc. Class A............... 37,562
200 Capital Southwest Corp..... 25,248
5,627 CapitalSource, Inc......... 153,673
3,063 CharterMac................. 65,763
600 Cohen & Steers, Inc........ 24,102
1,267 CompuCredit Corp.*......... 50,439
583 Credit Acceptance Corp.*... 19,431
5,507 Doral Financial Corp....... 15,805
6,726 Eaton Vance Corp........... 222,025
1,654 eSpeed, Inc.*.............. 14,439
10,800 Evercore Partners, Inc.
Class A#*.................. 397,980
[Download Table]
Shares Value
----------------------------------------------
706 Federal Agricultural
Mortgage Corp. Class C... $ 19,154
5,281 Federated Investors, Inc.
Class B.................. 178,392
1,690 Financial Federal Corp... 49,703
2,617 First Marblehead Corp.... 143,019
9,019 Friedman Billings Ramsey
Group, Inc............... 72,152
468 GAMCO Investors, Inc..... 17,999
700 GFI Group, Inc.*......... 43,582
500 Gladstone Capital Corp... 11,930
500 Gladstone Investment
Corp..................... 7,655
1,000 Greenhill & Co., Inc..... 73,800
975 Harris & Harris Group,
Inc.*.................... 11,788
3,822 IndyMac Bancorp, Inc..... 172,602
1,200 IntercontinentalExchange,
Inc.*.................... 129,480
2,193 International Securities
Exchange, Inc............ 102,610
2,557 Investment Technology
Group, Inc.*............. 109,644
11,484 Janus Capital Group, Inc. 247,940
6,952 Jefferies Group, Inc..... 186,453
2,600 KBW, Inc.*............... 76,414
5,998 Knight Capital Group,
Inc.*.................... 114,982
3,084 LaBranche & Co., Inc.*... 30,316
1,600 MarketAxess Holdings,
Inc.*.................... 21,712
809 Marlin Business Services,
Inc.*.................... 19,440
2,969 MCG Capital Corp......... 60,330
1,000 Medallion Financial Corp. 12,370
5,012 MoneyGram International,
Inc...................... 157,176
1,100 MVC Capital, Inc......... 14,696
The accompanying notes are an integral part of the financial statements.
49
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
-------------------------------------------------
5,500 Nasdaq Stock Market,
Inc.*...................... $ 169,345
2,104 National Financial Partners
Corp....................... 92,513
1,037 Nelnet, Inc.*.............. 28,372
1,029 NGP Capital Resources
Co......................... 17,236
4,548 Nuveen Investments, Inc.... 235,950
2,268 Ocwen Financial Corp.*..... 35,971
1,200 optionsXpress Holdings,
Inc........................ 27,228
135,200 Penson Worldwide, Inc.#*... 3,705,832
1,128 Piper Jaffray Cos.*........ 73,489
900 Portfolio Recovery
Associates, Inc.*.......... 42,021
5,184 Raymond James Financial,
Inc........................ 157,127
484 Sanders Morris Harris
Group, Inc................. 6,181
590 Stifel Financial Corp.*.... 23,146
242 Student Loan Corp.......... 50,167
826 SWS Group, Inc............. 29,488
1,071 Technology Investment
Capital Corp............... 17,286
500 Thomas Weisel Partners
Group, Inc.*............... 10,550
625 United PanAm Financial
Corp.*..................... 8,600
4,956 Waddell & Reed Financial,
Inc........................ 135,596
23,178 Walter Industries, Inc.#... 626,965
1,152 World Acceptance Corp.*.... 54,086
-------------
10,246,208
-------------
DIVERSIFIED OPERATIONS -- 0.0%
1,400 Star Maritime Acquisition
Corp.*..................... 13,734
-------------
[Download Table]
Shares Value
------------------------------------------------
EDUCATION -- 0.2%
1,582 Bright Horizons Family
Solutions, Inc.*........... $ 61,160
5,034 Corinthian Colleges, Inc.*. 68,613
3,693 DeVry, Inc................. 103,404
1,100 Educate, Inc.*............. 7,832
2,313 ITT Educational Services,
Inc.*...................... 153,514
2,539 Laureate Education, Inc.*.. 123,472
851 Strayer Education, Inc..... 90,248
21,986 Universal Technical
Institute, Inc.#*.......... 488,309
-------------
1,096,552
-------------
ELECTRICAL EQUIPMENT -- 0.4%
2,196 Advanced Energy Industries,
Inc.*...................... 41,439
1,429 Allete, Inc................ 66,506
10,000 American Power Conversion
Corp....................... 305,900
1,541 American Superconductor
Corp.*..................... 15,117
6,339 Ametek, Inc................ 201,834
2,420 Belden CDT, Inc............ 94,598
6,800 Capstone Turbine Corp.*.... 8,364
500 Color Kinetics, Inc.*...... 10,675
1,373 Encore Wire Corp.*......... 30,220
3,352 Energizer Holdings, Inc.*.. 237,958
2,309 Energy Conversion Devices,
Inc.*...................... 78,460
2,895 General Cable Corp.*....... 126,540
6,158 GrafTech International
Ltd.*...................... 42,613
3,623 Hubbell, Inc. Class B...... 163,796
900 Insteel Industries, Inc.... 16,011
900 Lamson & Sessions Co.*..... 21,834
1,350 Littelfuse, Inc.*.......... 43,038
1,385 Medis Technologies Ltd.*... 24,141
The accompanying notes are an integral part of the financial statements.
50
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
----------------------------------------------------
285 Powell Industries, Inc.*...... $ 8,997
4,436 Power-One, Inc.*.............. 32,294
1,400 Raser Technologies, Inc.*..... 8,568
1,060 Superior Essex, Inc.*......... 35,245
1,073 Universal Display Corp.*...... 16,106
1,150 Vicor Corp.................... 12,776
1,364 Wilson Greatbatch
Technologies, Inc.*........... 36,719
-------------
1,679,749
-------------
ELECTRONICS -- 4.3%
500 American Science &
Engineering, Inc.*............ 29,755
752 Analogic Corp................. 42,217
7,194 Arrow Electronics, Inc.*...... 226,971
7,439 Avnet, Inc.*.................. 189,918
2,900 AVX Corp...................... 42,891
814 Badger Meter, Inc............. 22,548
648 Bel Fuse, Inc. Class B........ 22,544
3,880 Benchmark Electronics,
Inc.*......................... 94,517
2,684 Brady Corp.................... 100,060
52,220 Checkpoint Systems, Inc.*..... 1,054,844
1,800 China BAK Battery, Inc.*...... 11,736
2,600 Cogent, Inc.*................. 28,626
112,997 Coherent, Inc.#*.............. 3,567,315
2,178 CTS Corp...................... 34,195
1,040 Cubic Corp.................... 22,568
2,105 Cymer, Inc.*.................. 92,515
28,624 Daktronics, Inc.#............. 1,054,794
1,162 Dionex Corp.*................. 65,897
2,100 Dolby Laboratories, Inc.*..... 65,142
700 Eagle Test Systems, Inc.*..... 10,206
1,840 Electro Scientific Industries,
Inc.*......................... 37,058
554 Excel Technology, Inc.*....... 14,177
1,438 FEI Co.*...................... 37,920
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Shares Value
---------------------------------------------------
3,664 Flir Systems, Inc.*.......... $ 116,625
8,134 Gentex Corp.................. 126,565
150,662 II-VI, Inc.#*................ 4,209,496
1,700 Ionatron, Inc.*.............. 6,970
1,570 Itron, Inc.*................. 81,389
110,100 Keithley Instruments, Inc.... 1,447,815
4,940 Kemet Corp.*................. 36,062
3,455 L-1 Identity Solutions,
Inc.*........................ 52,274
1,025 LoJack Corp.*................ 17,507
795 Measurement Specialties,
Inc.*........................ 17,204
2,280 Methode Electronics, Inc..... 24,692
2,368 Mettler Toledo International,
Inc.*........................ 186,717
908 Molecular Devices Corp.*..... 19,132
500 Multi-Fineline Electronix,
Inc.*........................ 10,145
979 OSI Systems, Inc.*........... 20,490
300 OYO Geospace Corp.*.......... 17,427
1,102 Park Electrochemical
Corp......................... 28,266
2,402 Paxar Corp.*................. 55,390
7,450 PerkinElmer, Inc............. 165,614
1,096 Photon Dynamics, Inc.*....... 12,812
2,672 Plexus Corp.*................ 63,807
2,800 RAE Systems, Inc.*........... 8,960
837 Rofin-Sinar Technologies,
Inc.*........................ 50,605
48,329 Rogers Corp.#*............... 2,858,660
30,600 Sanmina-SCI Corp.*........... 105,570
53,300 Solectron Corp.*............. 171,626
1,571 Sonic Solutions, Inc.*....... 25,607
14,817 Symbol Technologies, Inc..... 221,366
4,210 Taser International, Inc.*... 32,038
54,776 Technitrol, Inc.#............ 1,308,599
4,704 Tektronix, Inc............... 137,216
The accompanying notes are an integral part of the financial statements.
51
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
------------------------------------------------
3,722 Thomas & Betts Corp.*...... $ 175,976
3,244 Trimble Navigation Ltd.*... 164,568
2,825 TTM Technologies, Inc.*.... 32,007
1,817 Varian, Inc.*.............. 81,383
74,092 Vishay Intertechnology,
Inc.*...................... 1,003,206
1,431 Watts Water Technologies,
Inc........................ 58,828
1,863 Woodward Governor Co....... 73,980
1,209 X-Rite, Inc................ 14,871
1,200 Zygo Corp.*................ 19,740
-------------
20,129,619
-------------
ENTERTAINMENT & LEISURE -- 1.8%
1,132 Ambassadors Group, Inc..... 34,356
500 Ambassadors International,
Inc........................ 22,810
618 Arctic Cat, Inc............ 10,871
2,932 Bally Technologies, Inc.*.. 54,770
2,400 Bally Total Fitness Holding
Corp.*..................... 5,880
1,241 Bluegreen Corp.*........... 15,922
41,299 Brunswick Corp............. 1,317,438
4,302 Callaway Golf Co........... 61,992
586 Carmike Cinemas, Inc....... 11,949
1,400 Century Casinos, Inc.*..... 15,624
567 Churchill Downs, Inc....... 24,234
987 Dover Downs Gaming &
Entertainment, Inc......... 13,196
981 Dover Motorsports, Inc..... 5,209
2,300 DreamWorks Animation
SKG, Inc.*................. 67,827
2,280 Gaylord Entertainment
Co.*....................... 116,120
1,200 Great Wolf Resorts, Inc.*.. 16,752
9,257 Hasbro, Inc................ 252,253
2,104 International Speedway
Corp....................... 107,388
[Download Table]
Shares Value
----------------------------------------------
1,092 Isle of Capri Casinos,
Inc.*................... $ 29,025
1,653 Jakks Pacific, Inc.*.... 36,101
3,034 K2, Inc.*............... 40,018
1,500 Lakes Entertainment,
Inc.*................... 16,185
2,199 Leapfrog Enterprises,
Inc.*................... 20,847
1,800 Life Time Fitness, Inc.* 87,318
156,830 Macrovision Corp.#*..... 4,432,016
2,500 Magna Entertainment
Corp.*.................. 11,275
1,024 Marine Products Corp.... 12,022
2,846 Marvel Entertainment,
Inc.*................... 76,586
1,582 Multimedia Games, Inc.*. 15,187
1,872 Nautilus Group, Inc..... 26,208
4,216 Penn National Gaming,
Inc.*................... 175,470
2,901 Pinnacle Entertainment,
Inc.*................... 96,139
2,219 Polaris Industries, Inc. 103,916
2,500 Progressive Gaming
International Corp.*.... 22,675
1,179 RC2 Corp.*.............. 51,876
3,700 Regal Entertainment
Group................... 78,884
7,664 Sabre Holdings Corp..... 244,405
3,816 Scientific Games Corp.*. 115,358
1,950 Shuffle Master, Inc.*... 51,090
3,511 Six Flags, Inc.*........ 18,398
938 Speedway Motorsports,
Inc..................... 36,019
464 Steinway Musical
Instruments*............ 14,407
1,768 Topps Co., Inc.......... 15,735
1,889 Vail Resorts, Inc.*..... 84,665
The accompanying notes are an integral part of the financial statements.
52
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
-----------------------------------------------
5,300 Warner Music Group
Corp...................... $ 121,635
1,602 WMS Industries, Inc.*..... 55,846
-------------
8,243,897
-------------
ENVIRONMENTAL SERVICES -- 0.5%
14,500 Allied Waste Industries,
Inc.*..................... 178,205
1,013 American Ecology Corp..... 18,751
1,800 Aventine Renewable Energy
Holdings, Inc.*........... 42,408
2,076 Calgon Carbon Corp.*...... 12,871
67,072 Casella Waste Systems,
Inc.#*.................... 820,290
1,000 Clean Harbors, Inc.*...... 48,410
6,774 Covanta Holding Corp.*.... 149,299
5,700 Darling International,
Inc.*..................... 31,407
4,000 Evergreen Solar, Inc.*.... 30,280
2,838 FuelCell Energy, Inc.*.... 18,333
2,355 Headwaters, Inc.*......... 56,426
1,448 Metal Management, Inc..... 54,807
1,675 Mine Safety Appliances
Co........................ 61,389
6,200 Nalco Holding Co.*........ 126,852
1,310 Pacific Ethanol, Inc.*.... 20,161
4,617 Plug Power, Inc.*......... 17,960
3,200 Quantum Fuel Systems
Technologies Worldwide,
Inc.*..................... 5,120
8,400 Rentech, Inc.*............ 31,668
2,558 Stericycle, Inc.*......... 193,129
700 Sunpower Corp.*........... 26,019
4,000 Synagro Technologies, Inc. 17,680
2,074 Syntroleum Corp.*......... 7,176
3,562 Tetra Tech, Inc.*......... 64,436
900 VeraSun Energy Corp.*..... 17,775
2,567 Waste Connections, Inc.*.. 106,659
[Download Table]
Shares Value
--------------------------------------------------
507 Waste Industries USA,
Inc......................... $ 15,474
1,433 Waste Services, Inc.*....... 14,115
-------------
2,187,100
-------------
FOOD, BEVERAGE & TOBACCO -- 1.3%
300 Alico, Inc.................. 15,189
5,749 Alliance One International,
Inc.*....................... 40,588
732 Andersons, Inc.............. 31,029
100 Arden Group, Inc............ 12,381
549 Boston Beer Co., Inc.*...... 19,753
900 Chipotle Mexican Grill,
Inc.*....................... 46,800
2,479 Chiquita Brands
International, Inc.......... 39,590
327 Coca-Cola Bottling Co.
Consolidated................ 22,377
48,960 Constelllation Brands,
Inc.#*...................... 1,420,819
4,418 Corn Products International,
Inc......................... 152,598
7,900 Dean Foods Co.*............. 334,012
128,065 Del Monte Foods Co.......... 1,412,557
2,161 Delta & Pine Land Co........ 87,412
1,100 Diamond Foods, Inc.......... 20,911
500 Farmer Bros Co.............. 10,675
3,112 Flowers Foods, Inc.......... 83,993
1,080 Great Atlantic & Pacific Tea
Co.......................... 27,799
322 Green Mountain Coffee
Roasters, Inc.*............. 15,852
1,722 Hain Celestial Group,
Inc.*....................... 53,744
3,544 Hansen Natural Corp.*....... 119,362
700 Imperial Sugar Co........... 16,947
600 Ingles Markets, Inc......... 17,874
740 J&J Snack Foods Corp........ 30,636
3,346 JM Smucker Co............... 162,181
The accompanying notes are an integral part of the financial statements.
53
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
-----------------------------------------------
1,500 Jones Soda Co.*........... $ 18,450
1,692 Lance, Inc................ 33,975
500 M&F Worldwide Corp.*...... 12,630
78 Maui Land & Pineapple Co.,
Inc.*..................... 2,646
7,600 McCormick & Co., Inc...... 293,056
600 MGP Ingredients, Inc...... 13,566
2,839 Molson Coors Brewing Co.
Class B................... 217,013
685 Nash Finch Co............. 18,700
728 National Beverage Corp.... 10,214
3,147 Pathmark Stores, Inc.*.... 35,089
904 Peet's Coffee & Tea, Inc.* 23,721
3,753 PepsiAmericas, Inc........ 78,738
2,059 Performance Food Group
Co.*...................... 56,911
2,394 Pilgrim's Pride Corp...... 70,455
800 Premium Standard Farms,
Inc....................... 14,856
1,468 Ralcorp Holdings, Inc.*... 74,707
2,359 Ruddick Corp.............. 65,462
1,121 Sanderson Farms, Inc...... 33,955
11 Seaboard Corp............. 19,415
5,590 Smithfield Foods, Inc.*... 143,439
1,400 Spartan Stores, Inc....... 29,302
11,900 Supervalu, Inc............ 425,425
715 Tejon Ranch Co.*.......... 39,926
2,148 Tootsie Roll Industries,
Inc....................... 70,240
1,900 TreeHouse Foods, Inc.*.... 59,280
2,606 United Natural Foods,
Inc.*..................... 93,607
1,553 Universal Corp............ 76,113
2,097 Vector Group Ltd.......... 37,222
100 Village Super Market, Inc. 8,549
509 Weis Markets, Inc......... 20,416
1,559 Wild Oats Markets, Inc.*.. 22,418
-------------
6,314,575
-------------
[Download Table]
Shares Value
----------------------------------------------
FOREST PRODUCTS & PAPER -- 0.5%
53,666 Bowater, Inc.#........... $ 1,207,485
1,829 Buckeye Technologies,
Inc.*.................... 21,911
1,734 Caraustar Industries,
Inc.*.................... 14,028
597 Deltic Timber Corp....... 33,301
2,617 Glatfelter............... 40,564
3,801 Longview Fibre Co........ 83,432
6,312 Louisiana-Pacific Corp... 135,897
2,000 Mercer International,
Inc.*.................... 23,740
900 Neenah Paper, Inc........ 31,788
2,187 Potlatch Corp............ 95,834
4,536 Rayonier, Inc............ 186,203
1,709 Rock-Tenn Co............. 46,331
896 Schweitzer-Mauduit
International, Inc....... 23,341
6,368 Temple-Inland, Inc....... 293,119
2,524 Wausau-Mosinee Paper
Corp..................... 37,835
1,000 Xerium Technologies, Inc. 9,790
-------------
2,284,599
-------------
HEALTH CARE -- 5.9%
1,104 Abaxis, Inc.*............ 21,252
1,588 Abiomed, Inc.*........... 22,391
1,000 Adeza Biomedical Corp.*.. 14,910
3,435 Advanced Medical Optics,
Inc.*.................... 120,912
700 Air Methods Corp.*....... 19,544
2,951 Align Technology, Inc.*.. 41,225
241 Alliance Imaging, Inc.*.. 1,603
1,169 Amedisys, Inc.*.......... 38,425
4,322 American Medical Systems
Holdings, Inc.*.......... 80,043
2,914 AMERIGROUP Corp.*........ 104,583
1,993 AMN Healthcare Services,
Inc.*.................... 54,887
The accompanying notes are an integral part of the financial statements.
54
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
------------------------------------------------
1,659 Amsurg Corp.*............. $ 38,157
800 AngioDynamics, Inc.*...... 17,192
2,320 Apria Healthcare Group,
Inc.*..................... 61,828
39,319 Arrow International, Inc.# 1,391,106
1,521 Arthrocare Corp.*......... 60,718
729 Aspect Medical Systems,
Inc.*..................... 13,713
3,139 Bausch & Lomb, Inc........ 163,416
3,680 Beckman Coulter, Inc...... 220,064
131,400 Bio-Reference Labs, Inc.#* 2,955,186
978 Biosite, Inc.*............ 47,775
1,200 Brookdale Senior Living,
Inc....................... 57,600
2,795 Bruker BioSciences Corp.*. 20,990
1,611 Candela Corp.*............ 19,928
1,500 Capital Senior Living
Corp.*.................... 15,960
2,450 Centene Corp.*............ 60,197
3,309 Cepheid, Inc.*............ 28,127
1,900 Cerus Corp.*.............. 11,134
37,575 Community Health Systems,
Inc.#*.................... 1,372,239
1,500 Conceptus, Inc.*.......... 31,935
1,590 Conmed Corp.*............. 36,761
2,592 Cooper Cos, Inc........... 115,344
453 Corvel Corp.*............. 21,549
2,818 Covance, Inc.*............ 166,008
1,069 Cyberonics, Inc.*......... 22,064
6,753 Cytyc Corp.*.............. 191,110
4,946 Dade Behring Holdings,
Inc....................... 196,900
696 Datascope Corp............ 25,362
9,300 DENTSPLY International,
Inc....................... 277,605
1,200 DexCom, Inc.*............. 11,832
1,400 DJ Orthopedics, Inc.*..... 59,948
[Download Table]
Shares Value
----------------------------------------------
3,487 Edwards Lifesciences
Corp.*................... $ 164,028
500 Emeritus Corp.*.......... 12,425
826 ev3, Inc.*............... 14,232
2,000 Five Star Quality Care,
Inc.*.................... 22,300
1,200 Foxhollow Technologies,
Inc.*.................... 25,896
3,056 Gen-Probe, Inc.*......... 160,043
1,131 Genesis HealthCare
Corp.*................... 53,417
1,609 Gentiva Health Services,
Inc.*.................... 30,668
1,671 Haemonetics Corp.*....... 75,228
1,200 Healthspring, Inc.*...... 24,420
2,200 HealthTronics, Inc.*..... 14,652
1,977 Healthways, Inc.*........ 94,323
5,070 Henry Schein, Inc.*...... 248,329
3,542 Hillenbrand Industries,
Inc...................... 201,646
3,020 Hologic, Inc.*........... 142,786
800 Horizon Health Corp.*.... 15,656
1,800 Hythiam, Inc.*........... 16,632
896 ICU Medical, Inc.*....... 36,449
1,897 Idexx Laboratories, Inc.* 150,432
3,854 Immucor, Inc.*........... 112,652
1,400 IntraLase Corp.*......... 31,332
2,100 Intuitive Surgical, Inc.* 201,390
1,834 Invacare Corp............ 45,025
1,700 Inverness Medical
Innovations, Inc.*....... 65,790
1,100 Iris International, Inc.* 13,915
800 Kensey Nash Corp.*....... 25,440
1,602 Kindred Healthcare, Inc.* 40,451
2,677 Kinetic Concepts, Inc.*.. 105,875
2,600 Kyphon, Inc.*............ 105,040
1,190 LCA-Vision, Inc.......... 40,888
The accompanying notes are an integral part of the financial statements.
55
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
-----------------------------------------------
500 LHC Group, Inc.*.......... $ 14,255
3,439 LifePoint Hospitals, Inc.* 115,894
5,514 Lincare Holdings, Inc.*... 219,678
1,918 Luminex Corp.*............ 24,359
4,342 Manor Care, Inc........... 203,727
1,400 Matria Healthcare, Inc.*.. 40,222
366 Medcath Corp.*............ 10,014
600 Medical Action Industries,
Inc.*..................... 19,344
800 Medifast, Inc.*........... 10,064
2,226 Mentor Corp............... 108,785
1,277 Merge Technologies, Inc.*. 8,377
1,159 Meridian Bioscience, Inc.. 28,430
1,568 Merit Medical Systems,
Inc.*..................... 24,837
668 Molina Healthcare, Inc.*.. 21,717
379 National Healthcare Corp.. 20,921
1,200 Natus Medical, Inc.*...... 19,932
800 Neurometrix, Inc.*........ 11,928
500 Nighthawk Radiology
Holdings, Inc.*........... 12,750
900 Northstar Neuroscience,
Inc.*..................... 12,942
2,000 NuVasive, Inc.*........... 46,200
1,100 NxStage Medical, Inc.*.... 9,218
1,592 Oakley, Inc............... 31,936
2,125 Odyssey HealthCare, Inc.*. 28,178
1,317 Option Care, Inc.......... 18,767
2,592 OraSure Technologies,
Inc.*..................... 21,410
30,600 Orthofix International
N.V.#*.................... 1,530,000
1,105 Palomar Medical
Technologies, Inc.*....... 55,990
8,000 Patterson Cos., Inc.*..... 284,080
40,298 Pediatrix Medical Group,
Inc.#*.................... 1,970,572
1,274 PolyMedica Corp........... 51,482
[Download Table]
Shares Value
-------------------------------------------------
4,178 PSS World Medical, Inc.*... $ 81,596
3,216 Psychiatric Solutions,
Inc.*...................... 120,664
1,900 Quidel Corp.*.............. 25,878
700 Radiation Therapy Services,
Inc.*...................... 22,064
1,197 RehabCare Group, Inc.*..... 17,775
1,262 Res-Care, Inc.*............ 22,905
4,470 Resmed, Inc.*.............. 220,013
110,488 Respironics, Inc.#*........ 4,170,922
3,292 Sierra Health Services*.... 118,644
1,000 Sirona Dental Systems,
Inc........................ 38,510
1,600 Solexa, Inc.*.............. 21,040
998 SonoSite, Inc.*............ 30,868
1,900 Spectranetics Corp.*....... 21,451
1,200 Stereotaxis, Inc.*......... 12,384
57,506 Steris Corp................ 1,447,426
1,600 Sun Healthcare Group,
Inc.*...................... 20,208
2,628 Sunrise Senior Living,
Inc.*...................... 80,732
925 SurModics, Inc.*........... 28,786
173,717 Symbion, Inc.#*............ 3,215,502
2,100 Symmetry Medical, Inc.*.... 29,043
2,310 Techne Corp.*.............. 128,090
26,800 Tenet Healthcare Corp.*.... 186,796
3,328 ThermoGenesis Corp.*....... 14,344
2,978 Thoratec Corp.*............ 52,353
5,165 Triad Hospitals, Inc.*..... 216,052
2,550 United Surgical Partners
International, Inc.*....... 72,293
24,320 Universal Health Services,
Inc. Class B#.............. 1,348,058
1,730 Ventana Medical
Systems*................... 74,442
1,858 Viasys Healthcare, Inc.*... 51,690
600 Visicu, Inc.*.............. 6,720
The accompanying notes are an integral part of the financial statements.
56
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
-------------------------------------------------
700 VistaCare, Inc.*............ $ 7,105
800 Vital Images, Inc.*......... 27,840
323 Vital Signs, Inc............ 16,124
1,900 WellCare Health Plans,
Inc.*....................... 130,910
1,970 West Pharmaceutical
Services, Inc............... 100,923
2,145 Wright Medical Group,
Inc.*....................... 49,936
240 Young Innovations, Inc...... 7,992
616 Zoll Medical Corp.*......... 35,876
-------------
27,772,847
-------------
HOTELS & RESTAURANTS -- 2.2%
1,316 Ameristar Casinos, Inc...... 40,454
67,254 Applebees International,
Inc.#....................... 1,659,156
2,158 Aztar Corp.*................ 117,438
1,000 BJ's Restaurants, Inc.*..... 20,210
2,064 Bob Evans Farms, Inc........ 70,630
2,500 Boyd Gaming Corp............ 113,275
412 Buffalo Wild Wings, Inc.*... 21,918
1,600 Burger King Holdings,
Inc.*....................... 33,760
1,295 California Pizza Kitchen,
Inc.*....................... 43,136
1,822 CBRL Group, Inc............. 81,553
41,290 CEC Entertainment, Inc.*.... 1,661,922
4,740 Cheesecake Factory*......... 116,604
500 Chipotle Mexican Grill, Inc.
Class A*.................... 28,500
1,996 Choice Hotels International,
Inc......................... 84,032
3,500 CKE Restaurants, Inc........ 64,400
2,300 Cosi, Inc.*................. 11,707
5,900 Denny's Corp.*.............. 27,789
2,300 Domino's Pizza, Inc......... 64,400
1,124 IHOP Corp................... 59,235
[Download Table]
Shares Value
------------------------------------------------
1,701 Jack in the Box, Inc.*.... $ 103,829
3,397 Krispy Kreme Doughnuts,
Inc.*..................... 37,707
1,010 Landry's Restaurants, Inc. 30,391
912 Lodgian, Inc.*............ 12,403
1,392 Marcus Corp............... 35,607
132,540 McCormick & Schmick's
Seafood Restaurants,
Inc.#*.................... 3,186,262
600 Monarch Casino & Resort,
Inc.*..................... 14,328
1,200 Morgans Hotel Group Co.*.. 20,316
700 Morton's Restaurant Group,
Inc.*..................... 11,655
1,476 MTR Gaming Group, Inc.*... 18,037
1,271 O'Charleys, Inc.*......... 27,047
3,794 OSI Restaurant Partners,
Inc....................... 148,725
1,780 Panera Bread Co.*......... 99,520
1,358 Papa John's International,
Inc.*..................... 39,396
1,457 PF Chang's China Bistro,
Inc.*..................... 55,920
1,875 Rare Hospitality
International, Inc.*...... 61,744
883 Red Robin Gourmet Burgers,
Inc.*..................... 31,655
600 Riviera Holdings Corp.*... 14,496
3,400 Ruby Tuesday, Inc......... 93,296
1,100 Ruth's Chris Steak
House*.................... 20,108
3,684 Sonic Corp.*.............. 88,232
2,838 Station Casinos, Inc...... 231,779
1,939 Steak N Shake Co.*........ 34,126
117,200 Texas Roadhouse, Inc.#*... 1,554,072
3,674 Triarc Cos. Class B....... 73,480
1,700 Trump Entertainment
Resorts, Inc.*............ 31,008
-------------
10,395,258
-------------
The accompanying notes are an integral part of the financial statements.
57
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
-------------------------------------------------
HOUSEHOLD PRODUCTS -- 1.4%
2,700 Acco Brands Corp.*......... $ 71,469
47,687 American Greetings
Corp.#..................... 1,138,289
668 American Woodmark
Corp....................... 27,956
1,380 Blyth, Inc................. 28,635
1,320 Central Garden and Pet
Co.*....................... 63,914
3,733 Church & Dwight, Inc....... 159,212
476 CSS Industries, Inc........ 16,836
999 Digital Theater Systems,
Inc.*...................... 24,166
1,600 Ennis Business Forms....... 39,136
1,930 Ethan Allen Interiors, Inc. 69,692
140,275 Fossil, Inc.#*............. 3,167,410
35,026 Furniture Brands
International, Inc.#....... 568,472
300 Hooker Furniture Corp...... 4,704
2,828 Jarden Corp.*.............. 98,386
1,617 John H Harland Co.......... 81,173
1,358 Kimball International, Inc.
Class B.................... 32,999
3,120 La-Z-Boy, Inc.............. 37,034
10,500 Leggett & Platt, Inc....... 250,950
619 Lifetime Brands, Inc....... 10,170
169 National Presto Industries,
Inc........................ 10,118
3,376 Playtex Products, Inc.*.... 48,581
625 Russ Berrie & Co., Inc.*... 9,656
2,838 Scotts Co.................. 146,583
1,300 Sealy Corp................. 19,175
2,205 Spectrum Brands, Inc.*..... 24,035
980 Standard Register Co....... 11,760
528 Stanley Furniture Co.,
Inc........................ 11,326
3,052 Tempur-Pedic International,
Inc.*...................... 62,444
[Download Table]
Shares Value
------------------------------------------------
4,712 Tivo, Inc.*................ $ 24,125
2,584 Toro Co.................... 120,492
3,553 Tupperware Corp............ 80,333
823 Universal Electronics,
Inc.*...................... 17,300
996 WD-40 Co................... 34,731
2,439 Yankee Candle Co., Inc..... 83,609
-------------
6,594,871
-------------
INDUSTRIAL MACHINERY -- 1.4%
5,344 AGCO Corp.*................ 165,343
1,692 Albany International
Corp....................... 55,684
2,787 Applied Industrial
Technologies, Inc.......... 73,326
1,025 Astec Industries, Inc.*.... 35,977
1,905 Baldor Electric Co......... 63,665
3,110 Briggs & Stratton Corp..... 83,814
1,900 Bucyrus International,
Inc........................ 98,344
687 Cascade Corp............... 36,342
66,030 Cognex Corp.#.............. 1,572,835
1,100 Columbus McKinnon
Corp.*..................... 23,122
3,330 Flowserve Corp.*........... 168,065
1,252 Franklin Electric Co., Inc. 64,340
3,154 Gardner Denver, Inc.*...... 117,676
519 Gehl Co.*.................. 14,288
1,500 Gerber Scientific, Inc.*... 18,840
601 Gorman-Rupp Co............. 22,228
4,073 Graco, Inc................. 161,372
3,170 IDEX Corp.................. 150,290
3,143 Intermec, Inc.*............ 76,281
970 Intevac, Inc.*............. 25,171
500 iRobot Corp.*.............. 9,030
794 Kadant, Inc.*.............. 19,358
2,347 Kennametal, Inc............ 138,121
The accompanying notes are an integral part of the financial statements.
58
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
-----------------------------------------------
2,417 Lincoln Electric Holdings,
Inc....................... $ 146,035
684 Lindsay Manufacturing
Co........................ 22,333
3,626 Manitowoc Co.............. 215,493
439 Middleby Corp.*........... 45,950
350 NACCO Industries, Inc..... 47,810
1,747 Nordson Corp.............. 87,053
1,963 Presstek, Inc.*........... 12,485
1,817 Regal-Beloit Corp......... 95,411
699 Robbins & Myers, Inc...... 32,098
699 Sauer-Danfoss, Inc........ 22,543
3,329 Snap-On, Inc.............. 158,594
4,706 Stanley Works............. 236,665
1,080 Tecumseh Products Co.*.... 18,252
1,050 Tennant Co................ 30,450
5,864 Terex Corp.*.............. 378,697
900 TurboChef Technologies,
Inc.*..................... 15,318
57,617 Wabtec Corp............... 1,750,404
4,077 Zebra Technologies Corp.*. 141,839
-------------
6,650,942
-------------
INSURANCE -- 3.3%
2,017 21st Century Insurance
Group..................... 35,600
600 Affirmative Insurance
Holdings, Inc............. 9,762
2,002 Alfa Corp................. 37,658
276 Alleghany Corp.*.......... 100,354
3,392 American Equity Investment
Life Holding Co........... 44,198
4,995 American Financial Group,
Inc....................... 179,370
795 American National
Insurance Co.............. 90,717
600 American Physicians
Capital, Inc.*............ 24,024
[Download Table]
Shares Value
-------------------------------------------------
1,909 Argonaut Group, Inc.*....... $ 66,548
5,681 Arthur J Gallagher & Co..... 167,874
370 Baldwin & Lyons, Inc.
Class B..................... 9,450
671 Bristol West Holdings,
Inc......................... 10,622
6,568 Brown & Brown, Inc.......... 185,283
709 CNA Surety Corp.*........... 15,243
3,268 Commerce Group, Inc......... 97,223
8,616 Conseco, Inc.*.............. 172,148
1,931 Crawford & Co. Class B...... 14,096
500 Darwin Professional
Underwriters, Inc.*......... 11,725
2,350 Delphi Financial Group...... 95,081
1,003 Direct General Corp......... 20,702
561 Donegal Group, Inc.......... 10,990
507 EMC INS Group, Inc.......... 17,299
200 Enstar Group, Inc.*......... 19,180
2,906 Erie Indemnity Co........... 168,490
696 FBL Financial Group, Inc.... 27,200
12,700 Fidelity National Title
Group, Inc. ClassA.......... 303,276
730 First Acceptance Corp.*..... 7,826
5,081 First American Corp......... 206,695
690 FPIC Insurance Group,
Inc.*....................... 26,889
283 Great American Financial
Resources, Inc.............. 6,523
2,997 Hanover Insurance Group,
Inc......................... 146,254
24,516 Harleysville Group, Inc..... 853,647
6,337 HCC Insurance Holdings,
Inc......................... 203,354
2,125 Hilb Rogal & Hobbs Co....... 89,505
2,414 Horace Mann Educators
Corp........................ 48,763
360 Independence Holding Co..... 7,859
30,134 Infinity Property & Casualty
Corp.#...................... 1,458,184
The accompanying notes are an integral part of the financial statements.
59
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
-----------------------------------------------
400 James River Group, Inc.*.. $ 12,928
202 Kansas City Life Ins Co... 10,116
1,038 LandAmerica Financial
Group, Inc................ 65,508
554 Markel Corp.*............. 265,975
1,700 Meadowbrook Insurance
Group, Inc.*.............. 16,813
1,487 Mercury General Corp...... 78,409
666 Midland Co................ 27,939
1,000 National Interstate Corp.. 24,300
100 National Western Life
Insurance Co.............. 23,014
698 Navigators Group, Inc.*... 33,630
400 NYMAGIC, Inc.............. 14,640
700 Odyssey Re Holdings
Corp...................... 26,110
54,046 Ohio Casualty Corp.#...... 1,611,111
13,525 Old Republic International
Corp...................... 314,862
3,249 Philadelphia Consolidated
Holding Co.*.............. 144,775
6,900 Phoenix Cos, Inc.......... 109,641
51,900 Platinum Underwriters
Holdings Ltd.#............ 1,605,786
1,480 PMA Capital Corp.*........ 13,646
4,600 PMI Group, Inc............ 216,982
1,441 Presidential Life Corp.... 31,630
1,994 ProAssurance Corp.*....... 99,540
30,568 Protective Life Corp...... 1,451,980
1,792 Reinsurance Group of
America, Inc.(c).......... 99,814
1,293 RLI Corp.................. 72,951
900 Safety Insurance Group,
Inc....................... 45,639
700 SCPIE Holdings, Inc.*..... 18,298
673 SeaBright Insurance
Holdings, Inc.*........... 12,121
1,734 Selective Insurance Group,
Inc....................... 99,341
[Download Table]
Shares Value
-------------------------------------------------
31,682 Stancorp Financial Group,
Inc......................... $ 1,427,274
796 State Auto Financial
Corp........................ 27,645
1,025 Stewart Information Services
Corp........................ 44,444
1,100 Tower Group, Inc............ 34,177
1,600 Transatlantic Holdings,
Inc......................... 99,360
1,360 United Fire & Casualty
Co.......................... 47,940
2,745 Unitrin, Inc................ 137,552
2,306 Universal American
Financial Corp.*............ 42,984
2,400 USI Holdings Corp.*......... 36,864
100 Wesco Financial Corp........ 46,000
56,430 WR Berkley Corp............. 1,947,399
2,137 Zenith National Insurance
Corp........................ 100,247
-------------
15,528,997
-------------
INTERNET SERVICES & APPLICATIONS -- 2.2%
1,266 1-800-FLOWERS.COM,
Inc.*....................... 7,799
3,100 24/7 Real Media, Inc.*...... 28,055
3,900 @Road, Inc.*................ 28,470
1,100 Access Integrated
Technologies, Inc.*......... 9,592
3,134 Agile Software Corp.*....... 19,274
8,926 Akamai Technologies,
Inc.*....................... 474,149
4,400 aQuantive, Inc.*............ 108,504
4,923 Ariba, Inc.*................ 38,104
7,100 Art Technology Group,
Inc.*....................... 16,543
1,600 Audible, Inc.*.............. 12,688
2,558 Avocent Corp.*.............. 86,588
1,065 Blue Coat Systems, Inc.*.... 25,507
The accompanying notes are an integral part of the financial statements.
60
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
-----------------------------------------------
900 Blue Nile, Inc.*......... $ 33,201
4,903 Checkfree Corp.*......... 196,904
25,527 CMGI, Inc.*.............. 34,206
8,819 CNET Networks, Inc.*..... 80,165
944 Cogent Communications
Group, Inc.*............. 15,312
17,800 Covad Communications
Group, Inc.*............. 24,564
1,724 Cybersource Corp.*....... 18,998
108,100 DealerTrack Holdings,
Inc.#*................... 3,180,302
1,969 Digital Insight Corp.*... 75,787
2,391 Digital River, Inc.*..... 133,394
4,934 Digitas, Inc.*........... 66,165
5,700 Drugstore.com*........... 20,862
6,563 Earthlink, Inc.*......... 46,597
1,000 eCollege.com, Inc.*...... 15,650
16,177 Emdeon Corp.*............ 200,433
1,629 Equinix, Inc.*........... 123,185
2,821 eResearch Technology,
Inc.*.................... 18,985
2,322 F5 Networks, Inc.*....... 172,316
2,543 GSI Commerce, Inc.*...... 47,681
2,875 Harris Interactive, Inc.* 14,490
800 I.D. Systems, Inc.*...... 15,056
1,000 i2 Technologies, Inc.*... 22,820
1,819 Infospace, Inc.*......... 37,308
1,940 Internap Network Services
Corp.*................... 38,548
2,300 Internet Capital Group,
Inc.*.................... 23,598
2,214 Interwoven, Inc.*........ 32,479
4,512 Ipass, Inc.*............. 26,531
3,000 j2 Global Communications,
Inc.*.................... 81,750
1,203 Jupitermedia Corp.*...... 9,528
1,000 Knot, Inc.*.............. 26,240
[Download Table]
Shares Value
-----------------------------------------------
3,956 Lionbridge Technologies*. $ 25,477
700 Liquidity Services, Inc.* 12,047
9,200 McAfee, Inc.*............ 261,096
6,186 Move, Inc.*.............. 34,085
3,206 Netbank, Inc............. 14,876
2,489 NetFlix, Inc.*........... 64,366
642 Netratings, Inc.*........ 11,241
2,032 NIC, Inc.*............... 10,099
1,900 Nutri/System, Inc.*...... 120,441
182,792 Online Resources Corp.#*. 1,866,306
5,572 Openwave Systems, Inc.*.. 51,430
4,555 Opsware, Inc.*........... 40,175
634 Overstock.com, Inc.*..... 10,017
1,200 Perficient, Inc.*........ 19,692
1,362 Priceline.com, Inc.*..... 59,397
1,210 ProQuest Co.*............ 12,644
6,400 RealNetworks, Inc.*...... 70,016
3,532 Redback Networks, Inc.*.. 88,088
800 RightNow Technologies,
Inc.*.................... 13,776
4,445 S1 Corp.*................ 24,492
7,900 Safeguard Scientifics,
Inc.*.................... 19,118
4,931 Sapient Corp.*........... 27,071
2,748 Secure Computing Corp.*.. 18,027
67,900 Shutterfly, Inc.#*....... 977,760
1,554 Sohu.com, Inc.*.......... 37,296
3,465 SonicWALL, Inc.*......... 29,175
1,217 Stamps.com, Inc.*........ 19,168
6,000 Stratex Networks, Inc.*.. 28,980
1,550 Terremark Worldwide,
Inc.*.................... 10,416
1,200 TheStreet.com, Inc....... 10,680
12,070 TIBCO Software, Inc.*.... 113,941
125 Travelzoo, Inc.*......... 3,744
2,663 Trizetto Group*.......... 48,919
3,727 United Online, Inc....... 49,495
The accompanying notes are an integral part of the financial statements.
61
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
-------------------------------------------------
5,500 Valueclick, Inc.*........... $ 129,965
1,600 VASCO Data Security
International, Inc.*........ 18,960
1,550 Vignette Corp.*............. 26,458
2,426 WebEx Communications,
Inc.*....................... 84,643
500 WebMD Health Corp.*......... 20,010
3,170 webMethods, Inc.*........... 23,331
2,800 Websense, Inc.*............. 63,924
700 WebSideStory, Inc.*......... 8,862
-------------
10,268,032
-------------
MANUFACTURING -- 3.0%
1,660 Actuant Corp................ 79,099
2,643 Acuity Brands, Inc.......... 137,542
600 American Railcar Industries,
Inc......................... 20,424
500 Ameron International
Corp........................ 38,185
1,234 AO Smith Corp............... 46,349
2,130 Aptargroup, Inc............. 125,755
2,076 Barnes Group, Inc........... 45,153
1,900 Blount International,
Inc.*....................... 25,574
34,039 Brink's Co.#................ 2,175,773
1,847 Carlisle Cos., Inc.......... 144,989
1,595 Ceradyne, Inc.*............. 90,118
3,068 Clarcor, Inc................ 103,729
35,091 Crane Co.................... 1,285,734
4,258 Donaldson Co., Inc.......... 147,795
1,300 EnPro Industries, Inc.*..... 43,173
1,586 ESCO Technologies, Inc.*.... 72,068
2,884 Federal Signal Corp......... 46,259
1,100 Flanders Corp.*............. 10,890
800 Freightcar America, Inc..... 44,360
700 GenTek, Inc.*............... 24,213
41,842 Griffon Corp.#*............. 1,066,971
[Download Table]
Shares Value
-------------------------------------------------
21,982 Harsco Corp................ $ 1,672,830
5,450 Hexcel Corp.*.............. 94,885
4,631 Jacuzzi Brands, Inc.*...... 57,563
700 Koppers Holdings, Inc...... 18,249
1,347 Lancaster Colony Corp...... 59,686
1,876 Matthews International
Corp....................... 73,821
1,425 Myers Industries, Inc...... 22,316
7,282 Pall Corp.................. 251,593
6,004 Pentair, Inc............... 188,526
700 PW Eagle, Inc.............. 24,150
800 Raven Industries, Inc...... 21,440
1,100 Reddy Ice Holdings, Inc.... 28,402
104,918 Roper Industries, Inc.#.... 5,271,080
1,900 Smith & Wesson Holding
Corp.*..................... 19,646
3,425 SPX Corp................... 209,473
696 Standex International
Corp....................... 20,970
2,372 Teleflex, Inc.............. 153,136
1,869 Tredegar Corp.............. 42,258
4,558 Trinity Industries, Inc.... 160,442
-------------
14,164,619
-------------
METALS & MINING -- 3.5%
6,685 AK Steel Holding Corp.*.... 112,976
54,600 Alpha Natural Resources,
Inc.#*..................... 776,958
669 AM Castle & Co............. 17,026
1,121 Amcol International Corp... 31,096
500 Ampco-Pittsburgh Corp...... 16,740
22,360 Arch Coal, Inc.#........... 671,471
1,009 Brush Engineered Materials,
Inc.*...................... 34,074
1,511 Carpenter Technology
Corp....................... 154,908
1,238 Century Aluminum Co.*...... 55,277
The accompanying notes are an integral part of the financial statements.
62
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
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Shares Value
--------------------------------------------------
23,144 Chaparral Steel Co.......... $ 1,024,585
1,028 CIRCOR International,
Inc......................... 37,820
2,404 Cleveland-Cliffs, Inc....... 116,450
17,122 Coeur d'Alene Mines
Corp.*...................... 84,754
7,140 Commercial Metals Co........ 184,212
1,950 Compass Minerals
International, Inc.......... 61,542
700 Dynamic Materials Corp...... 19,670
2,700 Foundation Coal Holdings,
Inc......................... 85,752
42,570 Gibraltar Industries, Inc... 1,000,821
6,776 Hecla Mining Co.*........... 51,904
6,800 International Coal Group,
Inc.*....................... 37,060
17,070 IPSCO, Inc.................. 1,602,361
800 James River Coal Co.*....... 7,424
57,205 Kaydon Corp.#............... 2,273,327
700 L.B. Foster Co. Class A*.... 18,137
900 Ladish Co., Inc.*........... 33,372
149 Lawson Products............. 6,838
4,872 Massey Energy Co............ 113,176
41,492 Mueller Industries, Inc.#... 1,315,296
38,300 Mueller Water Products,
Inc.#*...................... 570,669
43,900 Mueller Water Products, Inc.
Class A..................... 652,793
1,206 NN, Inc..................... 14,991
500 Olympic Steel, Inc.......... 11,115
2,116 Oregon Steel Mills, Inc.*... 132,059
2,166 Quanex Corp................. 74,922
100,100 RBC Bearings, Inc.#*........ 2,868,866
3,882 Reliance Steel & Aluminum
Co.......................... 152,873
1,232 Royal Gold, Inc............. 44,327
1,272 RTI International Metals,
Inc.*....................... 99,496
[Download Table]
Shares Value
-------------------------------------------------
1,350 Ryerson Tull, Inc.......... $ 33,871
1,277 Schnitzer Steel Industries,
Inc........................ 50,697
5,350 Steel Dynamics, Inc........ 173,607
656 Steel Technologies, Inc.... 11,513
2,177 Stillwater Mining Co.*..... 27,191
37,910 Timken Co.................. 1,106,214
5,015 USEC, Inc.*................ 63,791
1,057 Valmont Industries, Inc.... 58,653
500 Westmoreland Coal Co.*..... 9,835
500 Wheeling-Pittsburgh
Corp.*..................... 9,365
4,330 Worthington Industries..... 76,728
-------------
16,188,603
-------------
MULTIMEDIA -- 1.3%
1,800 Acacia Research - Acacia
Technologies*.............. 24,084
47,073 Belo Corp.#................ 864,731
21,094 Charter Communications,
Inc.*...................... 64,548
177,632 Citadel Broadcasting
Corp.#..................... 1,769,215
3,116 CKX, Inc.*................. 36,551
450 Courier Corp............... 17,537
2,431 Cox Radio, Inc.*........... 39,625
1,083 Crown Media Holdings,
Inc.*...................... 3,931
1,500 CTC Media, Inc.*........... 36,015
3,022 Cumulus Media, Inc.*....... 31,399
16,100 Discovery Holding Co.*..... 259,049
3,400 Dow Jones & Co., Inc....... 129,200
2,046 Emmis Communications
Corp....................... 16,859
1,766 Entercom Communications
Corp....................... 49,766
4,019 Entravision Communications
Corp.*..................... 33,036
The accompanying notes are an integral part of the financial statements.
63
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
-------------------------------------------------
425 Fisher Communications,
Inc.*....................... $ 18,789
14,474 Gemstar-TV Guide
International, Inc.*........ 58,041
2,761 Gray Television, Inc........ 20,238
1,735 Hearst-Argyle Television,
Inc......................... 44,242
2,550 John Wiley & Sons, Inc...... 98,098
2,691 Journal Communications,
Inc......................... 33,934
1,924 Journal Register Co......... 14,045
2,507 Lee Enterprises, Inc........ 77,867
1,862 Lin TV Corp.*............... 18,527
825 Lodgenet Entertainment
Corp.*...................... 20,650
1,405 Martha Stewart Living
Omnimedia................... 30,769
3,258 McClatchy Co................ 141,071
1,357 Media General, Inc.......... 50,440
3,721 Mediacom Communications
Corp.*...................... 29,917
26,628 Meredith Corp............... 1,500,488
7,700 New York Times Co.
Class A..................... 187,572
1,200 Outdoor Channel Holdings,
Inc.*....................... 15,396
804 Playboy Enterprises, Inc.
Class B*.................... 9,214
9,323 Primedia, Inc.*............. 15,756
2,300 Private Media Group
Ltd.*....................... 9,269
4,700 Radio One, Inc. Class D*.... 31,678
5,539 Reader's Digest Association,
Inc......................... 92,501
571 Salem Communications
Corp........................ 6,823
1,976 Scholastic Corp.*........... 70,820
2,521 Sinclair Broadcast Group,
Inc......................... 26,471
[Download Table]
Shares Value
-------------------------------------------------
2,194 Spanish Broadcasting
System*..................... $ 9,017
3,301 Sun-Times Media Group,
Inc......................... 16,208
71 Value Line, Inc............. 3,227
3,675 Westwood One, Inc........... 25,946
1,361 World Wrestling
Entertainment, Inc.......... 22,184
16,800 XM Satellite Radio Holdings,
Inc.*....................... 242,760
-------------
6,317,504
-------------
OIL & GAS -- 6.0%
1,000 Allis-Chalmers Energy,
Inc.*....................... 23,040
700 Alon USA Energy, Inc........ 18,417
700 Arena Resources, Inc.*...... 29,897
1,103 Atlas America, Inc.*........ 56,220
1,100 ATP Oil & Gas Corp.*........ 43,527
1,554 Atwood Oceanics, Inc.*...... 76,099
4,300 Aurora Oil & Gas Corp.*..... 13,803
800 Basic Energy Services,
Inc.*....................... 19,720
96,818 Berry Petroleum Co.#........ 3,002,326
1,700 Bill Barrett Corp.*......... 46,257
1,000 Bois d'Arc Energy, Inc.*.... 14,630
2,850 Brigham Exploration Co.*.... 20,834
1,000 Bronco Drilling Co., Inc.*.. 17,190
2,851 Cabot Oil & Gas Corp........ 172,913
1,336 Callon Petroleum Co.*....... 20,080
1,086 CARBO Ceramics, Inc......... 40,584
1,200 Carrizo Oil & Gas, Inc.*.... 34,824
3,200 Cheniere Energy, Inc.*...... 92,384
4,829 Cimarex Energy Co........... 176,258
244 Clayton Williams Energy,
Inc.*....................... 8,860
1,600 CNX Gas Corp.*.............. 40,800
The accompanying notes are an integral part of the financial statements.
64
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
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Shares Value
------------------------------------------------
154,700 Complete Production
Services, Inc.*........... $ 3,279,640
2,450 Comstock Resources, Inc.*. 76,097
1,890 Crosstex Energy, Inc...... 59,894
800 Delek US Holdings, Inc.... 13,112
3,196 Delta Petroleum Corp.*.... 74,019
6,800 Denbury Resources, Inc.*.. 188,972
2,000 Dresser-Rand Group, Inc.*. 48,940
1,266 Dril-Quip, Inc.*.......... 49,577
22,567 Dynegy, Inc.*............. 163,385
1,039 Edge Petroleum Corp.*..... 18,951
3,051 Encore Acquisition Co.*... 74,841
2,097 Energy Partners Ltd.*..... 51,209
6,984 Equitable Resources, Inc.. 291,582
4,396 Evergreen Energy, Inc.*... 43,476
3,000 EXCO Resources, Inc.*..... 50,730
1,900 Exploration Co. of
Delaware*................. 25,346
3,986 FMC Technologies, Inc.*... 245,657
3,099 Forest Oil Corp.*......... 101,275
6,620 Frontier Oil Corp......... 190,259
4,400 Gasco Energy, Inc.*....... 10,780
2,100 GeoGlobal Resourses,
Inc.*..................... 16,485
900 Giant Industries, Inc.*... 67,455
5,310 Global Industries Ltd.*... 69,242
500 GMX Resources, Inc.*...... 17,750
700 Goodrich Petroleum
Corp.*.................... 25,326
141,009 Grey Wolf, Inc.#*......... 967,322
554 Gulf Island Fabrication,
Inc....................... 20,443
1,100 Gulfport Energy Corp.*.... 14,949
6,009 Hanover Compressor Co.*... 113,510
2,400 Harvest Natural Resources,
Inc.*..................... 25,512
5,205 Helix Energy Solutions
Group, Inc.*.............. 163,281
[Download Table]
Shares Value
------------------------------------------------
5,970 Helmerich & Payne, Inc..... $ 146,086
1,200 Hercules Offshore, Inc.*... 34,680
2,754 Holly Corp................. 141,556
1,487 Hornbeck Offshore Services,
Inc.*...................... 53,086
1,754 Houston Exploration Co.*... 90,822
969 Hydril Co.*................ 72,859
4,201 Input/Output, Inc.*........ 57,260
1,833 Lone Star Technologies*.... 88,736
854 Lufkin Industries, Inc..... 49,600
4,300 Mariner Energy, Inc.*...... 84,280
426 Markwest Hydrocarbon,
Inc........................ 20,682
1,400 Matrix Service Co.*........ 22,540
1,500 McMoRan Exploration
Co.*....................... 21,330
3,839 Meridian Resource Corp.*... 11,863
1,000 Metretek Technologies,
Inc.*...................... 12,320
900 NATCO Group, Inc.*......... 28,692
4,760 National Fuel Gas Co....... 183,450
38,300 Newfield Exploration
Co.#*...................... 1,759,885
5,190 Newpark Resources*......... 37,420
3,226 Oceaneering International,
Inc.*...................... 128,072
2,861 Oil States International,
Inc.*...................... 92,210
2,400 Parallel Petroleum Corp.*.. 42,168
6,373 Parker Drilling Co.*....... 52,067
1,066 Penn Virginia Corp......... 74,663
600 PetroCorp, Inc. (a),#...... 0
8,136 Petrohawk Energy Corp.*.... 93,564
704 Petroleum Development
Corp.*..................... 30,307
2,600 Petroquest Energy, Inc.*... 33,124
2,500 Pioneer Drilling Co.*...... 33,200
The accompanying notes are an integral part of the financial statements.
65
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
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Shares Value
------------------------------------------------
4,609 Plains Exploration &
Production Co.*............ $ 219,066
3,437 Pogo Producing Co.......... 166,488
1,300 Quest Resource Corp.*...... 13,130
3,618 Quicksilver Resources,
Inc.*...................... 132,383
1,900 RAM Energy Resources,
Inc.*...................... 10,469
7,952 Range Resources Corp....... 218,362
1,015 Resource America, Inc...... 26,796
2,900 Rosetta Resources, Inc.*... 54,143
6,556 Rowan Cos., Inc............ 217,659
1,647 RPC, Inc................... 27,801
1,308 SEACOR Holdings, Inc.*..... 129,675
3,336 St. Mary Land & Exploration
Co......................... 122,898
1,633 Stone Energy Corp.*........ 57,727
2,300 SulphCo, Inc.*............. 10,856
5,055 Superior Energy Services*.. 165,197
500 Superior Well Services,
Inc.*...................... 12,780
1,763 Swift Energy Co.*.......... 79,000
4,057 Tesoro Petroleum Corp...... 266,829
4,118 Tetra Technologies, Inc.*.. 105,338
3,435 Tidewater, Inc............. 166,117
28,730 Todco#*.................... 981,704
900 Toreador Resources
Corp.*..................... 23,193
4,400 Transmeridian Exploration,
Inc.*...................... 15,180
700 Trico Marine Services,
Inc.*...................... 26,817
700 Union Drilling, Inc.*...... 9,856
61,159 Unit Corp.*................ 2,963,154
1,777 Universal Compression
Holdings, Inc.*............ 110,369
3,600 VAALCO Energy, Inc.*....... 24,300
2,047 Veritas DGC, Inc.*......... 175,285
[Download Table]
Shares Value
-----------------------------------------------
1,100 W&T Offshore, Inc........ $ 33,792
110,635 W-H Energy Services,
Inc.#*................... 5,386,818
3,200 Warren Resources, Inc.*.. 37,504
1,400 Western Refining, Inc.... 35,644
46,906 Whiting Petroleum
Corp.#*.................. 2,185,820
-------------
28,236,352
-------------
PHARMACEUTICALS -- 1.3%
1,579 Abraxis Bioscience, Inc.* 43,170
1,200 Acadia Pharmaceuticals,
Inc.*.................... 10,548
1,800 Adams Respiratory
Therapeutics, Inc.*...... 73,458
2,755 Adolor Corp.*............ 20,718
3,100 Akorn, Inc.*............. 19,375
5,462 Alkermes, Inc.*.......... 73,027
2,000 Alnylam Pharmaceuticals,
Inc.*.................... 42,800
2,676 Alpharma, Inc............ 64,492
500 Altus Pharmaceuticals,
Inc.*.................... 9,425
1,900 Anadys Pharmaceuticals,
Inc.*.................... 9,348
1,913 Array Biopharma, Inc.*... 24,716
2,600 Atherogenics, Inc.*...... 25,766
1,500 Auxilium Pharmaceuticals,
Inc.*.................... 22,035
1,800 AVANIR Pharmaceuticals
Class A*................. 4,158
3,400 AVI BioPharma, Inc.*..... 10,812
972 Bentley Pharmaceuticals,
Inc.*.................... 9,885
1,500 BioCryst Pharmaceuticals,
Inc.*.................... 17,340
1,700 Bioenvision, Inc.*....... 7,888
4,909 BioMarin Pharmaceuticals,
Inc.*.................... 80,459
The accompanying notes are an integral part of the financial statements.
66
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
----------------------------------------------
1,000 Bradley Pharmaceuticals,
Inc.*.................... $ 20,580
971 Caraco Pharmaceutical
Laboratories Ltd.*....... 13,594
3,541 Cephalon, Inc.*.......... 249,322
1,700 Combinatorx, Inc.*....... 14,722
1,900 Conor Medsystems, Inc.*.. 59,527
3,053 Cubist Pharmaceuticals,
Inc.*.................... 55,290
3,609 CV Therapeutics, Inc.*... 50,382
1,845 Cypress Bioscience, Inc.* 14,299
3,584 Dendreon Corp.*.......... 14,945
2,500 DepoMed, Inc.*........... 8,625
4,202 Durect Corp.*............ 18,657
1,600 Emisphere Technologies,
Inc.*.................... 8,464
7,583 Endo Pharmaceuticals
Holdings, Inc.*.......... 209,139
9,000 Genta, Inc.*............. 3,983
1,685 HealthExtras, Inc.*...... 40,608
600 Hi-Tech Pharmacal Co.,
Inc.*.................... 7,302
1,377 I-Flow Corp.*............ 20,586
1,800 Idenix Pharmaceuticals,
Inc.*.................... 15,642
4,200 ImClone Systems, Inc.*... 112,392
3,100 Indevus Pharmaceuticals,
Inc.*.................... 22,010
4,392 Isis Pharmaceuticals,
Inc.*.................... 48,839
14,176 King Pharmaceuticals,
Inc.*.................... 225,682
81,600 KV Pharmaceutical Co.#*.. 1,940,448
1,040 Mannatech, Inc........... 15,319
1,100 Mannkind Corp.*.......... 18,139
7,193 Medarex, Inc.*........... 106,384
2,849 Medicines Co.*........... 90,370
3,318 Medicis Pharmaceutical
Corp..................... 116,561
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Shares Value
------------------------------------------------
4,318 MGI Pharma, Inc.*.......... $ 79,494
12,400 Mylan Laboratories, Inc.... 247,504
3,634 Nabi Biopharmaceuticals*... 24,639
1,200 Nastech Pharmaceutical Co.,
Inc.*...................... 18,156
3,166 NBTY, Inc.*................ 131,611
1,964 Neurocrine Biosciences,
Inc.*...................... 20,465
812 New River Pharmaceuticals,
Inc.*...................... 44,425
1,401 Noven Pharmaceuticals,
Inc.*...................... 35,655
2,229 NPS Pharmaceuticals,
Inc.*...................... 10,097
3,205 Nuvelo, Inc.*.............. 12,820
2,449 Onyx Pharmaceuticals,
Inc.*...................... 25,910
3,319 OSI Pharmaceuticals,
Inc.*...................... 116,099
2,438 Pain Therapeutics, Inc.*... 21,698
2,048 Par Pharmaceutical Cos,
Inc.*...................... 45,814
1,449 Penwest Pharmaceuticals
Co.,*...................... 24,082
4,681 Perrigo Co................. 80,981
1,200 PetMed Express, Inc.*...... 16,020
1,583 Pharmion Corp.*............ 40,746
1,540 Pozen, Inc.*............... 26,165
1,100 PRA International*......... 27,797
1,700 Prestige Brands Holdings,
Inc.*...................... 22,134
1,228 Progenics Pharmaceuticals,
Inc.*...................... 31,609
1,145 Renovis, Inc.*............. 3,618
1,595 Rigel Pharmaceuticals,
Inc.*...................... 18,933
2,400 Salix Pharmaceuticals
Ltd.*...................... 29,208
The accompanying notes are an integral part of the financial statements.
67
Portfolio of Investments
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3,000 Santarus, Inc.*.......... $ 23,490
1,736 Sciele Pharma, Inc.*..... 41,664
1,521 Tanox, Inc.*............. 30,268
921 Trimeris, Inc.*.......... 11,706
1,293 United Therapeutics
Corp.*................... 70,300
600 USANA Health Sciences,
Inc.*.................... 30,996
5,480 Valeant Pharmaceuticals
International............ 94,475
4,774 VCA Antech, Inc.*........ 153,675
4,200 ViroPharma, Inc.*........ 61,488
5,900 Watson Pharmaceuticals,
Inc.*.................... 153,577
1,100 Xenoport, Inc.*.......... 27,005
2,300 Zymogenetics, Inc.*...... 35,811
-------------
5,981,366
-------------
REAL ESTATE -- 4.3%
2,079 Acadia Realty Trust REIT. 52,017
2,292 Affordable Residential
Communities REIT*........ 26,702
539 Agree Realty Corp. REIT.. 18,525
108 Alexander's, Inc. REIT*.. 45,322
1,628 Alexandria Real Estate
Equities, Inc. REIT...... 163,451
5,218 AMB Property Corp. REIT.. 305,827
1,000 American Campus
Communities, Inc. REIT... 28,470
7,998 American Financial Realty
Trust REIT............... 91,497
2,437 American Home Mortgage
Investment Corp. REIT.... 85,587
11,571 Annaly Mortgage
Management, Inc. REIT.... 160,953
3,225 Anthracite Capital, Inc.
REIT..................... 41,054
2,623 Anworth Mortgage Asset
Corp. REIT............... 24,945
[Download Table]
Shares Value
-------------------------------------------------
5,718 Apartment Investment &
Management Co. REIT......... $ 320,322
596 Arbor Realty Trust, Inc.
REIT........................ 17,934
81,650 Ashford Hospitality Trust,
Inc. REIT................... 1,016,543
392 Avatar Holdings, Inc.
REIT*....................... 31,693
4,000 BioMed Realty Trust, Inc.
REIT........................ 114,400
66,297 Brandywine Realty Trust
REIT#....................... 2,204,375
2,884 BRE Properties REIT......... 187,518
725 California Coastal
Communities, Inc. REIT*..... 15,551
3,275 Camden Property Trust
REIT........................ 241,859
2,325 Capital Lease Funding, Inc.
REIT........................ 26,970
484 Capital Trust, Inc. REIT.... 24,171
3,686 CBL & Associates Properties,
Inc. REIT................... 159,788
2,062 Cedar Shopping Centers, Inc.
REIT........................ 32,806
578 CentraCore Properties Trust
REIT........................ 18,687
2,594 Colonial Properties Trust
REIT........................ 121,607
3,551 Commercial Net Lease
Realty REIT................. 81,495
319 Consolidated-Tomoka Land
Co. REIT.................... 23,096
2,039 Corporate Office Properties
Trust SBI MD REIT........... 102,908
2,319 Cousins Properties, Inc.
REIT........................ 81,791
4,769 Crescent Real Estate Equity
Co. REIT.................... 94,188
3,100 Deerfield Triarc Capital
Corp. REIT.................. 52,483
The accompanying notes are an integral part of the financial statements.
68
Portfolio of Investments
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Shares Value
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3,800 DiamondRock Hospitality
Co. REIT...................... $ 68,438
1,200 Digital Realty Trust, Inc.
REIT.......................... 41,076
4,500 Douglas Emmett, Inc.
REIT.......................... 119,655
7,800 Duke Realty Corp. REIT........ 319,020
1,367 Eastgroup Properties
REIT.......................... 73,217
40,240 Education Realty Trust, Inc.
REIT#......................... 594,345
1,638 Entertainment Properties
Trust REIT.................... 95,725
3,454 Equity Inns, Inc. REIT........ 55,126
1,112 Equity Lifestyle Properties,
Inc. REIT..................... 60,526
2,204 Equity One, Inc. REIT......... 58,759
1,297 Essex Property Trust, Inc.
REIT.......................... 167,637
2,900 Extra Space Storage, Inc.
REIT.......................... 52,954
3,152 Federal Realty Investment
Trust REIT.................... 267,920
3,628 FelCor Lodging Trust, Inc.
REIT.......................... 79,236
2,900 Fieldstone Investment Corp.
REIT.......................... 12,702
2,701 First Industrial Realty Trust,
Inc. REIT..................... 126,650
1,583 First Potomac Realty Trust
REIT.......................... 46,081
4,090 Forest City Enterprises, Inc.
REIT.......................... 238,856
3,200 Franklin Street Properties
Corp. REIT.................... 67,360
994 Getty Realty Corp. REIT....... 30,715
1,976 Glimcher Realty Trust
REIT.......................... 52,779
1,100 Global Signal, Inc. REIT...... 57,937
[Download Table]
Shares Value
--------------------------------------------------
2,600 GMH Communities Trust
REIT......................... $ 26,390
1,100 Gramercy Capital Corp.
REIT......................... 33,979
11,610 Health Care Property
Investors, Inc. REIT......... 427,480
4,082 Health Care, Inc. REIT....... 175,615
2,648 Healthcare Realty Trust, Inc.
REIT......................... 104,702
1,400 Hersha Hospitality Trust
REIT......................... 15,876
80,419 Highland Hospitality Corp.
REIT......................... 1,145,971
33,923 Highwoods Properties, Inc.
REIT......................... 1,382,702
2,028 Home Properties, Inc.
REIT......................... 120,200
3,600 HomeBanc Corp. REIT.......... 15,228
4,268 Hospitality Properties Trust
REIT......................... 202,858
12,267 HRPT Properties Trust
REIT......................... 151,497
4,506 IMPAC Mortgage Holdings,
Inc. REIT.................... 39,653
3,900 Inland Real Estate Corp.
REIT......................... 73,008
2,298 Innkeepers USA Trust
REIT......................... 35,619
2,966 Investors Real Estate Trust
REIT......................... 30,431
7,400 iStar Financial, Inc. REIT... 353,868
1,600 JER Investors Trust, Inc.
REIT......................... 33,072
2,101 Jones Lang LaSalle, Inc.
REIT......................... 193,649
1,934 Kilroy Realty Corp. REIT..... 150,852
1,800 Kite Realty Group Trust
REIT......................... 33,516
4,700 KKR Financial Corp.
REIT......................... 125,913
The accompanying notes are an integral part of the financial statements.
69
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
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Shares Value
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2,364 LaSalle Hotel Properties
REIT....................... $ 108,389
2,924 Lexington Corporate
Properties Trust REIT...... 65,556
5,277 Liberty Property Trust
REIT....................... 259,312
1,295 LTC Properties, Inc. REIT.. 35,366
2,259 Luminent Mortgage Capital,
Inc. REIT.................. 21,935
3,626 Mack-Cali Realty Corp.
REIT....................... 184,926
2,308 Maguire Properties, Inc.
REIT....................... 92,320
2,500 Medical Properties Trust,
Inc. REIT.................. 38,250
4,700 MFA Mortgage Investments,
Inc. REIT.................. 36,143
1,475 Mid-America Apartment
Communities, Inc. REIT..... 84,429
3,209 Mills Corp. REIT........... 64,180
1,600 MortgageIT Holdings, Inc.
REIT....................... 23,600
1,376 National Health Investors,
Inc. REIT.................. 45,408
4,629 Nationwide Health
Properties, Inc. REIT...... 139,888
2,835 New Century Financial Corp.
REIT....................... 89,558
6,298 New Plan Excel Realty Trust
REIT....................... 173,069
2,600 Newcastle Investment Corp.
REIT....................... 81,432
900 Newkirk Realty Trust, Inc.
REIT....................... 16,236
2,700 NorthStar Realty Finance
Corp. REIT................. 44,739
2,053 Novastar Financial, Inc.
REIT....................... 54,712
3,518 Omega Healthcare Investors,
Inc. REIT.................. 62,339
[Download Table]
Shares Value
--------------------------------------------------
869 Parkway Properties, Inc.
REIT......................... $ 44,328
2,244 Pennsylvania Real Estate
Investment Trust REIT........ 88,369
2,572 Post Properties, Inc. REIT... 117,540
968 PS Business Parks, Inc.
REIT......................... 68,447
1,786 RAIT Investment Trust
REIT......................... 61,581
1,092 Ramco-Gershenson
Properties REIT.............. 41,649
5,712 Realty Income Corp. REIT..... 158,222
4,910 Reckson Associates Realty
Corp. REIT................... 223,896
1,054 Redwood Trust, Inc. REIT..... 61,216
3,916 Regency Centers Corp.
REIT......................... 306,114
1,600 Republic Property Trust
REIT......................... 18,464
543 Saul Centers, Inc. REIT...... 29,968
3,950 Senior Housing Properties
Trust REIT................... 96,696
2,625 SL Green Realty Corp.
REIT......................... 348,548
950 Sovran Self Storage, Inc.
REIT......................... 54,416
5,900 Spirit Finance Corp. REIT.... 73,573
4,300 St. Joe Co................... 230,351
4,300 Strategic Hotel Capital, Inc.
REIT......................... 93,697
1,180 Sun Communities, Inc.
REIT......................... 38,185
3,400 Sunstone Hotel Investors,
Inc. REIT.................... 90,882
1,926 Tanger Factory Outlet
Centers REIT................. 75,268
744 Tarragon Corp. REIT.......... 9,054
3,143 Taubman Centers, Inc.
REIT......................... 159,853
The accompanying notes are an integral part of the financial statements.
70
Portfolio of Investments
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Shares Value
------------------------------------------------
6,713 Thornburg Mortgage, Inc.
REIT....................... $ 168,698
4,127 Trustreet Properties, Inc.
REIT....................... 69,540
2,600 U-Store-It Trust REIT...... 53,430
7,963 United Dominion Realty
Trust, Inc. REIT........... 253,144
532 Universal Health Realty
Trust Income REIT.......... 20,737
1,458 Urstadt Biddle Properties,
Inc. REIT.................. 27,833
6,148 Ventas, Inc. REIT.......... 260,183
31,549 Washington Real Estate
Investment Trust REIT#..... 1,261,960
4,612 Weingarten Realty Investors
REIT....................... 212,659
1,794 Winston Hotels, Inc. REIT.. 23,771
1,700 Winthrop Realty Trust
REIT....................... 11,645
-------------
20,149,032
-------------
RETAIL -- 4.7%
2,633 99 Cents Only Stores*...... 32,044
900 AC Moore Arts & Crafts,
Inc.*...................... 19,503
6,206 Advance Auto Parts......... 220,685
3,100 Aeropostale, Inc.*......... 95,697
1,300 AFC Enterprises, Inc.*..... 22,971
430 America's Car Mart, Inc.*.. 5,100
10,059 American Eagle Outfitters.. 313,941
4,236 AnnTaylor Stores Corp.*.... 139,110
700 Asbury Automotive Group,
Inc........................ 16,492
9,200 AutoNation, Inc.*.......... 196,144
3,110 Barnes & Noble, Inc........ 123,498
1,544 Bebe Stores, Inc........... 30,556
1,300 Big 5 Sporting Goods
Corp....................... 31,746
[Download Table]
Shares Value
------------------------------------------------
6,808 Big Lots, Inc.*............ $ 156,039
4,007 BJ's Wholesale Club, Inc.*. 124,658
11,110 Blockbuster, Inc.*......... 58,772
500 Bon-Ton Stores, Inc........ 17,325
900 Books-A-Million, Inc....... 20,412
67,310 Borders Group, Inc.#....... 1,504,378
7,570 Brinker International,
Inc........................ 228,311
1,738 Brown Shoe Co., Inc.*...... 82,972
533 Buckle, Inc................ 27,103
900 Build-A-Bear Workshop,
Inc.*...................... 25,218
1,900 Cabela's, Inc.*............ 45,847
745 Cache, Inc.*............... 18,804
6,193 Carmax, Inc.*.............. 332,131
2,772 Casey's General Stores,
Inc........................ 65,281
1,721 Cash America International,
Inc........................ 80,715
1,900 Casual Male Retail Group,
Inc.*...................... 24,795
63,447 Cato Corp.#................ 1,453,571
1,087 Charlotte Russe Holding,
Inc.*...................... 33,425
6,858 Charming Shoppes*.......... 92,789
1,250 Childrens Place*........... 79,400
2,156 Christopher & Banks
Corp....................... 40,231
300 Citi Trends, Inc.*......... 11,892
5,702 Claire's Stores, Inc....... 188,964
3,543 Coldwater Creek, Inc.*..... 86,874
584 Conn's, Inc.*.............. 13,590
4,036 Copart, Inc.*.............. 121,080
1,436 Cost Plus, Inc.*........... 14,791
2,324 CSK Auto Corp.*............ 39,857
164 DEB Shops, Inc............. 4,330
1,105 dELiA*s, Inc.*............. 11,591
The accompanying notes are an integral part of the financial statements.
71
Portfolio of Investments
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------------------------------------------------
2,240 Dick's Sporting Goods,
Inc.*...................... $ 109,738
3,527 Dillard's, Inc............. 123,339
53,274 Dollar Tree Stores, Inc.#*. 1,603,547
2,480 Dress Barn, Inc.*.......... 57,858
1,000 DSW, Inc.*................. 38,570
2,100 EZCORP, Inc. Class A*...... 34,125
9,100 Family Dollar Stores, Inc.. 266,903
2,334 Finish Line, Inc........... 33,330
1,486 First Cash Financial
Services, Inc.*............ 38,443
9,114 Foot Locker, Inc........... 199,870
2,503 Fred's, Inc................ 30,136
2,507 GameStop Corp.*............ 138,161
1,363 GameStop Corp. Class B*.... 74,638
1,221 Genesco, Inc.*............. 45,543
1,509 Group 1 Automotive, Inc.... 78,045
1,692 Guitar Center, Inc.*....... 76,918
1,101 Haverty Furniture Cos.,
Inc........................ 16,295
1,795 Hibbett Sporting Goods,
Inc.*...................... 54,801
2,597 HOT Topic, Inc.*........... 34,644
46,769 Insight Enterprises, Inc. * 882,531
1,300 J. Crew Group, Inc.*....... 50,115
1,381 Jo-Ann Stores, Inc.*....... 33,973
1,034 JOS A Bank Clothiers,
Inc.*...................... 30,348
24,427 Kenneth Cole Productions,
Inc........................ 586,004
906 Lithia Motors, Inc......... 26,057
1,876 Longs Drug Stores Corp..... 79,505
1,600 Luby's, Inc.*.............. 17,424
900 MarineMax, Inc.*........... 23,337
32,452 Men's Wearhouse, Inc....... 1,241,613
982 Movado Group, Inc.......... 28,478
2,159 MSC Industrial Direct Co... 84,525
[Download Table]
Shares Value
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1,600 New York & Co., Inc.*..... $ 20,928
3,224 Nu Skin Enterprises, Inc.. 58,773
6,496 O'Reilly Automotive, Inc.* 208,262
4,086 OfficeMax, Inc............ 202,870
4,205 Pacific Sunwear of
California*............... 82,334
1,302 Pantry, Inc.*............. 60,986
3,760 Payless Shoesource, Inc.*. 123,403
3,271 PEP Boys-Manny Moe &
Jack...................... 48,607
42,000 PETsMART, Inc.#........... 1,212,120
4,849 Pier 1 Imports, Inc....... 28,852
200 PriceSmart, Inc.*......... 3,582
7,900 RadioShack Corp........... 132,562
2,508 Regis Corp................ 99,166
1,181 Restoration Hardware,
Inc.*..................... 10,050
962 Retail Ventures, Inc.*.... 18,316
30,218 Rite Aid Corp.*........... 164,386
54,200 Ross Stores, Inc.......... 1,588,060
1,400 Rush Enterprises, Inc.*... 23,688
8,002 Saks, Inc................. 142,596
4,700 Sally Beauty Holdings,
Inc.*..................... 36,660
1,334 School Specialty, Inc.*... 50,012
3,000 Select Comfort Corp.*..... 52,170
400 Shoe Carnival, Inc.*...... 12,640
759 Smart & Final, Inc.*...... 14,345
1,763 Sonic Automotive, Inc..... 51,197
44,809 Stage Stores, Inc.#....... 1,361,745
1,464 Stein Mart, Inc........... 19,413
282 Syms Corp.*............... 5,615
610 Systemax, Inc.*........... 10,644
1,192 Talbots, Inc.............. 28,727
8,200 Tiffany & Co.............. 321,768
2,129 Tractor Supply Co.*....... 95,188
49,325 Tuesday Morning Corp.#.... 767,004
The accompanying notes are an integral part of the financial statements.
72
Portfolio of Investments
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Shares Value
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1,868 Tween Brands, Inc.*...... $ 74,589
1,238 Under Armour, Inc.*...... 62,457
3,062 United Auto Group, Inc... 72,171
6,792 Urban Outfitters, Inc.*.. 156,420
800 Volcom, Inc.*............ 23,656
770 West Marine, Inc.*....... 13,298
4,800 Wet Seal, Inc.*.......... 32,016
5,568 Williams-Sonoma, Inc..... 175,058
1,600 World Fuel Services Corp. 71,136
61,252 Zale Corp.#*............. 1,727,919
900 Zumiez, Inc.*............ 26,586
-------------
21,883,422
-------------
SAVINGS & LOAN -- 1.4%
700 Abington Community
Bancorp, Inc............. 13,426
1,292 Anchor Bancorp Wisconsin,
Inc...................... 37,235
5,295 Astoria Financial Corp... 159,697
3,834 Bank Mutual Corp......... 46,430
2,692 BankAtlantic Bancorp,
Inc...................... 37,177
53,879 BankUnited Financial
Corp.#................... 1,506,457
400 Berkshirehill Bancorp,
Inc...................... 13,384
358 BFC Financial Corp.*..... 2,288
3,650 Brookline Bancorp, Inc... 48,071
1,194 Capitol Federal Financial 45,873
300 Charter Financial Corp... 15,456
600 Citizens First Bancorp,
Inc...................... 18,444
1,100 Clifton Savings Bancorp,
Inc...................... 13,409
1,351 Dime Community
Bancshares............... 18,928
1,230 Downey Financial Corp.... 89,273
1,564 Fidelity Bankshares, Inc. 62,044
[Download Table]
Shares Value
--------------------------------------------------
767 First Financial Holdings,
Inc.......................... $ 30,051
6,318 First Niagara Financial
Group, Inc................... 93,885
1,194 First Place Financial
Corp......................... 28,047
961 FirstFed Financial Corp.*.... 64,358
2,088 Flagstar Bancorp, Inc........ 30,986
879 Flushing Financial Corp...... 15,005
1,394 Franklin Bank Corp.*......... 28,633
600 Home Federal Bancorp,
Inc.......................... 10,296
711 Horizon Financial Corp....... 17,107
3,100 Investors Bancorp, Inc.*..... 48,763
400 Itla Capital Corp............ 23,164
1,300 Kearny Financial Corp........ 20,878
1,908 KNBT Bancorp, Inc............ 31,921
29,402 MAF Bancorp, Inc............. 1,313,975
200 NASB Financial, Inc.......... 8,270
16,900 New York Community
Bancorp, Inc................. 272,090
6,396 NewAlliance Bancshares,
Inc.......................... 104,894
1,238 Northwest Bancorp, Inc....... 33,995
306 OceanFirst Financial
Corp......................... 7,017
3,069 Partners Trust Financial
Group, Inc................... 35,723
766 Pennfed Financial Services,
Inc.......................... 14,799
3,418 People's Bank................ 152,511
1,459 PFF Bancorp, Inc............. 50,350
3,564 Provident Financial Services,
Inc.......................... 64,615
2,473 Provident New York
Bancorp...................... 37,046
700 Rockville Financial, Inc..... 12,495
46,058 Sterling Financial Corp.#.... 1,557,221
The accompanying notes are an integral part of the financial statements.
73
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964 TierOne Corp............... $ 30,472
1,776 United Community Financial
Corp....................... 21,738
5,175 Washington Federal, Inc.... 121,768
900 Wauwatosa Holdings,
Inc.*...................... 16,038
267 Westfield Financial, Inc... 9,238
1,000 Willow Grove Bancorp,
Inc........................ 14,920
400 WSFS Financial Corp........ 26,772
-------------
6,476,633
-------------
SEMICONDUCTORS -- 3.2%
1,416 Actel Corp.*............... 25,715
2,300 Advanced Analogic
Technologies, Inc.*........ 12,397
9,700 Agere Systems, Inc.*....... 185,949
2,921 AMIS Holdings, Inc.*....... 30,875
6,100 Amkor Technology, Inc.*.... 56,974
3,000 ANADIGICS, Inc.*........... 26,580
17,071 Applied Micro Circuits
Corp.*..................... 60,773
2,246 Asyst Technologies, Inc.*.. 16,418
24,876 Atmel Corp.*............... 150,500
2,121 ATMI, Inc.*................ 64,754
10,800 Avanex Corp.*.............. 20,412
6,200 Axcelis Technologies, Inc.* 36,146
4,000 Bookham, Inc.*............. 16,280
4,111 Brooks Automation, Inc.*... 59,198
4,842 Cirrus Logic, Inc.*........ 33,313
1,260 Cohu, Inc.................. 25,402
29,782 Conexant Systems, Inc.*.... 60,755
4,469 Credence Systems Corp.*.... 23,239
4,489 Cree, Inc.*................ 77,749
8,400 Cypress Semiconductor
Corp.*..................... 141,708
1,236 Diodes, Inc.*.............. 43,853
1,716 DSP Group, Inc.*........... 37,237
[Download Table]
Shares Value
-------------------------------------------------
2,600 Emcore Corp.*.............. $ 14,378
103,929 Emulex Corp.*.............. 2,027,655
425,371 Entegris, Inc.#*........... 4,602,514
1,583 Exar Corp.*................ 20,579
7,137 Fairchild Semiconductor
International, Inc.*....... 119,973
2,683 Formfactor, Inc.*.......... 99,942
1,821 Genesis Microchip, Inc.*... 18,465
800 Hittite Microwave Corp.*... 25,856
1,300 Ikanos Communications,
Inc.*...................... 11,297
11,845 Integrated Device
Technology, Inc.*.......... 183,361
4,268 International Rectifier
Corp.*..................... 164,446
8,317 Intersil Corp.............. 198,943
4,500 IPG Photonics Corp.*....... 108,000
2,048 IXYS Corp.*................ 18,227
12,175 JDS Uniphase Corp.*........ 202,835
4,487 Kopin Corp.*............... 16,019
3,640 Kulicke & Soffa Industries,
Inc.*...................... 30,576
6,745 Lattice Semiconductor
Corp.*..................... 43,708
23,510 LSI Logic Corp.*........... 211,590
4,201 LTX Corp.*................. 23,526
3,414 Mattson Technology, Inc.*.. 31,818
300,900 Micrel, Inc.#*............. 3,243,702
4,316 Microsemi Corp.*........... 84,809
2,400 Microtune, Inc.*........... 11,280
7,200 Mindspeed Technologies,
Inc.*...................... 13,752
2,565 MIPS Technologies, Inc.*... 21,289
2,293 MKS Instruments, Inc.*..... 51,776
800 Monolithic Power Systems,
Inc.*...................... 8,888
1,600 MoSys, Inc.*............... 14,800
The accompanying notes are an integral part of the financial statements.
74
Portfolio of Investments
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Shares Value
------------------------------------------------
1,100 Netlogic Microsystems,
Inc.*...................... $ 23,859
600 Nextest Systems Corp.*..... 6,762
7,500 Novellus Systems, Inc.*.... 258,150
2,900 Omnivision Technologies,
Inc.*...................... 39,585
9,608 ON Semiconductor Corp.*.... 72,733
1,250 Pericom Semiconductor
Corp.*..................... 14,337
2,463 Photronics, Inc.*.......... 40,245
1,221 PLX Technology, Inc.*...... 15,922
11,427 PMC - Sierra, Inc.*........ 76,675
1,700 Portalplayer, Inc.*........ 22,865
9,606 QLogic Corp.*.............. 210,564
5,125 Rambus, Inc.*.............. 97,016
1,532 Rudolph Technologies,
Inc.*...................... 24,389
921 Semitool, Inc.*............ 12,259
4,177 Semtech Corp.*............. 54,593
4,691 Silicon Image, Inc.*....... 59,670
2,955 Silicon Laboratories, Inc.* 102,391
3,009 Sirf Technology Holdings,
Inc.*...................... 76,790
8,877 Skyworks Solutions, Inc.*.. 62,849
2,500 Spansion, Inc. - Class A*.. 37,150
1,206 Standard Microsystems
Corp.*..................... 33,744
692 Supertex, Inc.*............ 27,161
11,800 Teradyne, Inc.*............ 176,528
2,809 Tessera Technologies,
Inc.*...................... 113,315
12,600 Transmeta Corp.*........... 13,986
7,200 Transwitch Corp.*.......... 10,080
8,306 Triquint Semiconductor,
Inc.*...................... 37,377
1,426 Ultratech, Inc.*........... 17,796
3,302 Varian Semiconductor
Equipment Associates,
Inc.*...................... 150,307
[Download Table]
Shares Value
------------------------------------------------
1,963 Veeco Instruments, Inc.*.. $ 36,767
1,000 Virage Logic Corp.*....... 9,290
1,000 Volterra Semiconductor
Corp.*.................... 15,000
2,701 Zoran Corp.*.............. 39,381
-------------
14,819,767
-------------
SOFTWARE -- 4.7%
15,888 Activision, Inc.*......... 273,909
3,700 Actuate Corp.*............ 21,978
66,874 Acxiom Corp............... 1,715,318
1,229 Advent Software, Inc.*.... 43,371
2,506 Allscripts Healthcare
Solutions, Inc.*.......... 67,637
1,300 Altiris, Inc.*............ 32,994
1,600 American Reprographics
Co.*...................... 53,296
1,912 Ansys, Inc.*.............. 83,153
3,209 Aspen Technology, Inc.*... 35,363
2,555 Avid Technology, Inc.*.... 95,199
122,200 BEA Systems, Inc.*........ 1,537,276
2,641 Blackbaud, Inc............ 68,666
119,900 Blackboard, Inc.#*........ 3,601,796
12,300 BMC Software, Inc.*....... 396,060
4,681 Borland Software Corp.*... 25,465
851 Bottomline Technologies,
Inc.*..................... 9,744
3,834 Cerner Corp.*............. 174,447
5,300 Chordiant Software, Inc.*. 17,543
67,022 Commvault Systems,
Inc.#*.................... 1,341,110
614 Computer Programs &
Systems, Inc.............. 20,870
237,904 Compuware Corp.*.......... 1,981,740
2,200 Concur Technologies, Inc.* 35,288
1,900 Convera Corp. Class A*.... 8,721
2,939 CSG Systems
International*............ 78,559
The accompanying notes are an integral part of the financial statements.
75
Portfolio of Investments
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(continued)
[Download Table]
Shares Value
-----------------------------------------------
2,576 Dendrite International,
Inc.*..................... $ 27,589
1,328 Digi International, Inc.*. 18,313
3,634 Dun & Bradstreet Corp.*... 300,859
2,784 Eclipsys Corp.*........... 57,239
2,522 eFunds Corp.*............. 69,355
1,000 Emageon, Inc.*............ 15,360
3,380 Epicor Software Corp.*.... 45,664
801 EPIQ Systems, Inc.*....... 13,593
3,764 Fair Isaac Corp........... 153,007
2,618 FalconStor Software, Inc.* 22,646
4,034 Global Payments, Inc...... 186,774
3,310 Hyperion Solutions Corp.*. 118,961
1,245 Infocrossing, Inc.*....... 20,294
5,310 Informatica Corp.*........ 64,835
1,648 infoUSA, Inc.............. 19,628
1,900 InPhonic, Inc.*........... 21,071
1,311 Inter-Tel, Inc............ 29,052
2,800 INVESTools, Inc.*......... 38,612
1,893 JDA Software Group,
Inc.*..................... 26,067
2,510 Keane, Inc.*.............. 29,894
7,464 Lawson Software, Inc.*.... 55,159
1,200 Mantech International
Corp.*.................... 44,196
1,546 Mapinfo Corp.*............ 20,175
522 MicroStrategy, Inc.*...... 59,513
2,467 Midway Games, Inc.*....... 17,220
5,400 NAVTEQ Corp.*............. 188,838
1,200 Neoware, Inc.*............ 15,852
19,567 Novell, Inc.*............. 121,315
7,311 Nuance Communications,
Inc.*..................... 83,784
1,700 Omnicell, Inc.*........... 31,671
1,239 Open Solutions, Inc.*..... 46,636
900 OPNET Technologies,
Inc.*..................... 13,005
[Download Table]
Shares Value
------------------------------------------------
1,609 Packeteer, Inc.*.......... $ 21,882
99,396 Parametric Technology
Corp.#*................... 1,791,116
196,700 PDF Solutions, Inc.#*..... 2,842,315
573 Pegasystems, Inc.......... 5,656
1,834 Per-Se Technologies, Inc.* 50,949
1,600 Phase Forward, Inc.*...... 23,968
2,571 Progress Software Corp.*.. 71,808
48,926 QAD, Inc.#................ 410,489
876 Quality Systems, Inc...... 32,649
4,299 Quest Software, Inc.*..... 62,980
10,500 Red Hat, Inc.*............ 241,500
506 Renaissance Learning,
Inc....................... 8,971
4,900 Salesforce.com, Inc.*..... 178,605
1,104 Schawk, Inc............... 21,572
3,647 SEI Investments Co........ 217,215
1,300 Smith Micro Software,
Inc.*..................... 18,447
1,164 SPSS, Inc.*............... 35,001
66,650 Sybase, Inc.#*............ 1,646,255
955 SYNNEX Corp.*............. 20,953
4,012 Take-Two Interactive
Software, Inc.*........... 71,253
1,000 Taleo Corp.*.............. 13,670
3,871 THQ, Inc.*................ 125,885
2,300 Total System Services,
Inc....................... 60,697
1,772 TradeStation Group, Inc.*. 24,365
2,146 Transaction Systems
Architects, Inc.*......... 69,895
3,188 Trident Microsystems,
Inc.*..................... 57,958
413 Ulticom, Inc.*............ 3,961
1,603 Ultimate Software Group,
Inc.*..................... 37,286
4,100 VA Software Corp.*........ 20,623
The accompanying notes are an integral part of the financial statements.
76
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
----------------------------------------------
2,300 VeriFone Holdings, Inc.*. $ 81,420
800 Verint Systems, Inc.*.... 27,424
4,394 Wind River Systems, Inc.* 45,039
1,747 Witness Systems, Inc.*... 30,625
-------------
22,068,112
-------------
TELECOMMUNICATIONS -- 3.1%
22,531 3Com Corp.*.............. 92,602
7,207 Adaptec, Inc.*........... 33,585
7,214 ADC Telecommunications,
Inc.*.................... 104,819
3,701 Adtran, Inc.............. 84,013
4,312 Aeroflex, Inc.*.......... 50,537
2,439 Alaska Communications
Systems Group, Inc....... 37,048
1,169 Anaren, Inc.*............ 20,761
9,741 Andrew Corp.*............ 99,650
1,935 Anixter International,
Inc.*.................... 105,071
5,888 Arris Group, Inc.*....... 73,659
3,041 Atheros Communications,
Inc.*.................... 64,834
500 Atlantic Tele-Network,
Inc...................... 14,650
1,030 Audiovox Corp.*.......... 14,513
950 Black Box Corp........... 39,891
4,184 Broadwing Corp.*......... 65,354
2,433 C-COR.net Corp.*......... 27,104
1,600 CalAmp Corp.*............ 13,504
1,500 Carrier Access Corp.*.... 9,840
1,100 Cbeyond Communications,
Inc.*.................... 33,649
1,454 Centennial Communications
Corp..................... 10,454
6,900 CenturyTel, Inc.......... 301,254
4,655 Ciena Corp.*............. 128,990
14,192 Cincinnati Bell, Inc.*... 64,857
18,600 Citizens Communications
Co....................... 267,282
[Download Table]
Shares Value
------------------------------------------------
1,292 Commonwealth Telephone
Enterprises, Inc........... $ 54,083
59,097 CommScope, Inc.#*.......... 1,801,277
1,000 Comtech Group, Inc.*....... 18,190
1,244 Comtech
Telecommunications
Corp.*..................... 47,359
11,600 Comverse Technology,
Inc.*...................... 244,876
1,200 Consolidated
Communications Holdings,
Inc........................ 25,080
700 CPI International, Inc.*... 10,500
938 CT Communications, Inc..... 21,499
1,824 Ditech Networks, Inc.*..... 12,622
9,230 Dobson Communications
Corp.*..................... 80,393
1,000 EMS Technologies, Inc.*.... 20,030
700 Eschelon Telecom, Inc.*.... 13,867
1,100 Essex Corp.*............... 26,301
6,634 Extreme Networks*.......... 27,797
44,800 FairPoint Communications,
Inc.#...................... 848,960
7,100 FiberTower Corp.*.......... 41,748
14,700 Finisar Corp.*............. 47,481
8,484 Foundry Networks, Inc.*.... 127,090
3,101 General Communication,
Inc.*...................... 48,779
1,313 Golden Telecom, Inc........ 61,501
4,685 Harmonic, Inc.*............ 34,060
3,500 Hypercom Corp.*............ 22,225
2,300 IDT Corp. Class B*......... 30,084
2,939 Interdigital Communications
Corp.*..................... 98,603
1,900 Iowa Telecommunications
Services, Inc.............. 37,449
1,000 iPCS, Inc.*................ 55,360
2,943 Ixia*...................... 28,253
The accompanying notes are an integral part of the financial statements.
77
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
--------------------------------------------------
2,600 Leap Wireless International,
Inc.*....................... $ 154,622
67,867 Level 3 Communications,
Inc.*....................... 380,055
1,700 Lightbridge, Inc.*.......... 23,018
700 Loral Space &
Communications, Inc.*....... 28,504
2,150 Mastec, Inc.*............... 24,811
6,913 MRV Communications,
Inc.*....................... 24,472
39,101 Netgear, Inc.#*............. 1,026,401
122,500 NeuStar, Inc.#*............. 3,973,900
2,215 Newport Corp.*.............. 46,404
938 North Pittsburgh Systems,
Inc......................... 22,643
1,943 Novatel Wireless, Inc.*..... 18,789
1,000 NTELOS Holdings Corp.*...... 17,880
886 Oplink Communications,
Inc.*....................... 18,216
1,024 Optical Communication
Products, Inc.*............. 1,679
1,300 ParkerVision, Inc.*......... 14,495
2,697 Plantronics, Inc............ 57,176
5,025 Polycom, Inc.*.............. 155,323
7,260 Powerwave Technologies,
Inc.*....................... 46,827
131,551 Premiere Global Services,
Inc.#*...................... 1,241,841
1,200 Radyne Corp.*............... 12,888
1,831 RCN Corp.*.................. 55,205
11,865 RF Micro Devices, Inc.*..... 80,563
1,379 SafeNet, Inc.*.............. 33,013
2,000 SAVVIS, Inc.*............... 71,420
6,149 SBA Communications
Corp.*...................... 169,098
488 Shenandoah Telecom Co....... 22,941
1,600 Sirenza Microdevices,
Inc.*....................... 12,576
[Download Table]
Shares Value
------------------------------------------------
14,100 Sonus Networks, Inc. *..... $ 92,919
978 SureWest
Communications............. 26,934
10,800 Sycamore Networks, Inc.*... 40,608
2,430 Symmetricom, Inc.*......... 21,676
1,100 Syniverse Holdings, Inc.*.. 16,489
3,359 Tekelec*................... 49,814
6,400 Telephone & Data Systems,
Inc........................ 347,712
8,187 Time Warner Telecom,
Inc.*...................... 163,167
1,523 USA Mobility, Inc.......... 34,070
7,354 UTStarcom, Inc.*........... 64,348
1,384 Viasat, Inc.*.............. 41,257
2,000 Vonage Holdings Corp.*..... 13,880
3,840 Wireless Facilities, Inc.*. 10,944
8,050 Zhone Technologies, Inc.*.. 10,546
-------------
14,312,512
-------------
TRANSPORTATION -- 2.1%
3,800 ABX Air, Inc.*............. 26,334
40,555 Alexander & Baldwin,
Inc.#...................... 1,798,209
574 Amerco, Inc.*.............. 49,944
1,800 American Commercial Lines,
Inc.*...................... 117,918
1,434 Arkansas Best Corp......... 51,624
1,200 Atlas Air Worldwide
Holdings, Inc.*............ 53,400
1,421 Bristow Group, Inc.*....... 51,284
1,400 Celadon Group, Inc.*....... 23,450
16,800 CH Robinson Worldwide,
Inc.#...................... 686,952
2,801 Con-way, Inc............... 123,356
614 Dynamex, Inc.*............. 14,343
1,802 EGL, Inc.*................. 53,664
17,000 Expeditors International of
Washington, Inc.#.......... 688,500
The accompanying notes are an integral part of the financial statements.
78
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
------------------------------------------------
2,067 Florida East Coast
Industries, Inc............ $ 123,193
1,821 Forward Air Corp........... 52,682
2,747 GATX Corp.................. 119,027
2,100 Genesee & Wyoming,
Inc.*...................... 55,104
881 Greenbrier Cos, Inc........ 26,430
1,028 Gulfmark Offshore, Inc.*... 38,457
3,517 Heartland Express, Inc..... 52,825
5,200 Hertz Global Holdings,
Inc.*...................... 90,428
700 Horizon Lines, Inc......... 18,872
2,188 HUB Group, Inc.*........... 60,279
700 Interpool, Inc............. 16,352
5,750 JB Hunt Transport Services,
Inc........................ 119,427
4,355 Kansas City Southern*...... 126,208
46,482 Kirby Corp.*............... 1,586,431
62,712 Knight Transportation,
Inc.#...................... 1,069,240
4,795 Laidlaw International,
Inc........................ 145,912
3,432 Landstar System, Inc....... 131,034
1,054 Marten Transport Ltd.*..... 19,320
1,575 Old Dominion Freight
Line*...................... 37,910
1,766 Overseas Shipholding
Group...................... 99,426
484 P.A.M. Transportation
Services, Inc.*............ 10,658
2,071 Pacer International, Inc... 61,654
100 Patriot Transportation
Holding, Inc.*............. 9,336
800 PHI, Inc.*................. 26,184
700 Quality Distribution, Inc.* 9,324
2,128 RailAmerica, Inc.*......... 34,218
3,542 Ryder System, Inc.......... 180,855
20,631 Saia, Inc.#*............... 478,845
[Download Table]
Shares Value
----------------------------------------------
3,200 Sirva, Inc.*............. $ 11,136
3,082 Swift Transportation Co.,
Inc.*.................... 80,964
800 TAL International Group,
Inc...................... 21,352
200 Universal Truckload
Services, Inc.*.......... 4,750
745 US Xpress Enterprises,
Inc.*.................... 12,270
400 USA Truck, Inc.*......... 6,420
2,975 Werner Enterprises, Inc.. 52,003
24,480 YRC Worldwide, Inc.#*.... 923,630
-------------
9,651,134
-------------
UTILITIES-ELECTRIC -- 2.2%
6,744 Alliant Energy Corp...... 254,721
22,859 Aquila, Inc.*............ 107,437
2,820 Avista Corp.............. 71,374
23,893 Black Hills Corp.#....... 882,607
18,000 Centerpoint Energy, Inc.. 298,440
1,004 CH Energy Group, Inc..... 53,011
3,184 Cleco Corp............... 80,332
13,100 CMS Energy Corp.*........ 218,770
6,712 DPL, Inc................. 186,459
4,822 Duquesne Light Holdings,
Inc...................... 95,717
54,608 El Paso Electric Co.#*... 1,330,797
1,894 Empire District Electric
Co....................... 46,763
8,613 Energy East Corp......... 213,602
4,564 Great Plains Energy, Inc. 145,135
4,778 Hawaiian Electric
Industries............... 129,723
2,601 Idacorp, Inc............. 100,529
1,000 Integrated Electrical
Services, Inc.*.......... 17,790
800 ITC Holdings Corp........ 31,920
10,697 MDU Resources Group,
Inc...................... 274,271
The accompanying notes are an integral part of the financial statements.
79
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
----------------------------------------------
1,324 MGE Energy, Inc.......... $ 48,432
9,000 Northeast Utilities...... 253,440
1,981 NorthWestern Corp........ 70,088
6,120 NSTAR.................... 210,283
5,173 OGE Energy Corp.......... 206,920
500 Ormat Technologies, Inc.. 18,410
33,181 Otter Tail Corp.#........ 1,033,920
11,149 Pepco Holdings, Inc...... 289,986
1,000 Pike Electric Corp.*..... 16,330
5,732 Pinnacle West Capital
Corp..................... 290,555
53,188 PNM Resources, Inc.#..... 1,654,147
1,600 Portland General Electric
Co....................... 43,600
6,727 Puget Energy, Inc........ 170,597
17,644 Reliant Energy, Inc.*.... 250,721
6,800 SCANA Corp............... 276,216
13,160 Sierra Pacific Resources* 221,483
12,365 TECO Energy, Inc......... 213,049
1,406 UIL Holdings Corp........ 59,319
1,947 Unisource Energy Corp.... 71,124
5,146 Westar Energy, Inc....... 133,590
6,869 Wisconsin Energy Corp.... 326,003
2,522 WPS Resources Corp....... 136,264
-------------
10,533,875
-------------
UTILITIES-GAS -- 0.7%
4,439 AGL Resources, Inc....... 172,721
4,701 Atmos Energy Corp........ 150,009
696 Cascade Natural Gas
Corp..................... 18,040
4,252 Energen Corp............. 199,589
352 EnergySouth, Inc......... 14,115
1,250 Laclede Group, Inc....... 43,788
1,670 New Jersey Resources
Corp..................... 81,129
2,555 Nicor, Inc............... 119,574
1,605 Northwest Natural Gas
Co....................... 68,116
[Download Table]
Shares Value
-----------------------------------------------
6,429 Oneok, Inc................ $ 277,218
2,353 Peoples Energy Corp....... 104,873
4,610 Piedmont Natural Gas Co... 123,317
1,636 South Jersey Industries,
Inc....................... 54,659
5,902 Southern Union Co......... 164,961
39,692 Southwest Gas Corp.#...... 1,522,982
5,964 UGI Corp.................. 162,698
4,477 Vectren Corp.............. 126,610
2,755 WGL Holdings, Inc......... 89,758
-------------
3,494,157
-------------
UTILITIES-WATER -- 0.1%
944 American States Water
Co........................ 36,457
7,697 Aqua America, Inc......... 175,338
1,009 California Water Service
Group..................... 40,764
616 Pico Holdings, Inc.*...... 21,418
968 SJW Corp.................. 37,520
1,082 Southwest Water Co........ 14,888
-------------
326,385
-------------
TOTAL COMMON STOCKS
(Cost $401,572,530)............. 461,986,204
-------------
RIGHTS -- 0.0%
COSMETICS & PERSONAL CARE -- 0.0%
6,758 Revlon, Inc. $1.05 Expire
01/19/07* (conv. 0.2308:1) 338
-------------
REAL ESTATE -- 0.0%
2,292 Affordable Residental
Communities, $8 Expire
01/23/07 (conv. 0.242:1).. 2,025
-------------
TOTAL RIGHTS
(Cost $0)....................... $ 2,363
-------------
The accompanying notes are an integral part of the financial statements.
80
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares/
Principal
Amount Value
---------------------------------------------------
WARRANTS -- 0.0%
BUSINESS SERVICES & SUPPLIES -- 0.0%
108 American Banknote Corp.
0.000% , 10/01/07(a)....... $ 0
108 American Banknote Corp.
0.000%, 10/01/07(a)........ 0
------------
0
------------
TELECOMMUNICATIONS -- 0.0%
340 Pegasus Wireless Corp.
1.000% , 02/15/20(a)....... 0
------------
TOTAL WARRANTS
(Cost $0)............................ 0
------------
SHORT-TERM INVESTMENTS -- 0.7%
GOVERNMENT & AGENCY SECURITIES -- 0.0%
$ 150,000 United States Treasury Bill
4.620%, 03/08/07(d)(e)..... 148,707
------------
MUTUAL FUND -- 0.7%
3,415,334 Goldman Sachs Prime
Obligations Fund
5.210%(b).................. 3,415,334
------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,564,006).................... 3,564,041
------------
TOTAL INVESTMENTS - 99.4%
(Cost $405,136,536).................. 465,552,608
Assets in excess of
other liabilities -- 0.6%............. 2,658,026
------------
TOTAL NET ASSETS -- 100.0%............ $468,210,634
============
FOOTNOTES TO THE PORTFOLIO OF INVESTMENTS:
[Download Table]
* -- Non-income producing security.
# -- A portion or all of the security was held on loan. As of
December 31, 2006, the market value of securities
loaned was $110,087,647 and the collateral received
consisted of cash in the amount of $112,923,632.
(a) -- Represents a security which is fair-valued.
(b) -- Rate quoted represents the seven day yield of the
Fund.
(c) -- Affiliated issuer. See table below for more
information.
(d) -- Zero coupon bond--Interest rate represents current
yield to maturity.
(e) -- All or a portion of these securities have been pledged
to cover collateral requirements for open futures.
SECURITY ABBREVIATION:
REIT-- Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
81
Portfolio of Investments
MetLife Investment Funds, Inc. / Small Company Stock Fund / December 31, 2006
(continued)
FUTURES CONTRACTS:
[Enlarge/Download Table]
Number of Underlying Expiration Notional Notional Unrealized
Contracts Face Value Securities Date Cost Value Depreciation
------------- ---------- -------------------- ---------- ---------- ---------- ------------
Long Position
-------------
26 2,600 Russell 2000 Index Mar-2007 $2,077,850 $2,066,740 $(11,110)
24 2,400 S&P Midcap 400 Index Mar-2007 1,977,175 1,947,120 (30,055)
--------
$(41,165)
========
AFFILIATED ISSUERS:
[Enlarge/Download Table]
Unrealized
Gain on
Number of Shares Purchased Shares Sold Number of Income Earned Shares
Security Shares held For the year For the year Shares held For the year held at Realized Gain
Description at 12/31/05 ended 12/31/06 ended 12/31/06 at 12/31/06 ended 12/31/06 12/31/06 on shares sold
-------------------- ----------- ---------------- -------------- ----------- -------------- ---------- --------------
Reinsurance Group of
America, Inc. 1692 400 300 1,792 $591 $33,529 $5,066
The accompanying notes are an integral part of the financial statements.
82
Portfolio of Investments
MetLife Investment Funds, Inc. / Large Company Stock Fund / December 31, 2006
[Download Table]
Shares Value
------------------------------------------------
COMMON STOCKS -- 97.4%
ADVERTISING -- 0.4%
10,100 Interpublic Group of Cos.,
Inc.*..................... $ 123,624
20,375 Omnicom Group............. 2,130,002
17,600 R.H. Donnelley Corp....... 1,104,048
-------------
3,357,674
-------------
AEROSPACE & DEFENSE -- 2.2%
107,800 Boeing Co................. 9,576,952
37,290 General Dynamics Corp..... 2,772,512
3,100 Goodrich Corp............. 141,205
2,900 L-3 Communications
Holdings, Inc............. 237,162
8,842 Lockheed Martin Corp...... 814,083
8,456 Northrop Grumman Corp..... 572,471
40,500 Raytheon Co............... 2,138,400
4,000 Rockwell Collins, Inc..... 253,160
44,600 United Technologies Corp.. 2,788,392
-------------
19,294,337
-------------
AIRLINES -- 0.2%
93,250 Southwest Airlines Co..... 1,428,590
-------------
APPAREL & TEXTILES -- 1.0%
3,200 Cintas Corp............... 127,072
178,300 Coach, Inc.*.............. 7,659,768
2,700 Jones Apparel Group, Inc.. 90,261
2,500 Liz Claiborne, Inc........ 108,650
4,700 Nike, Inc. Class B........ 465,441
2,300 VF Corp................... 188,784
-------------
8,639,976
-------------
AUTOMOTIVE -- 0.6%
223,253 Ford Motor Co............. 1,676,630
14,074 General Motors Corp....... 432,353
4,400 Goodyear Tire & Rubber
Co.*...................... 92,356
4,800 Johnson Controls, Inc..... 412,416
[Download Table]
Shares Value
----------------------------------------------
6,300 Paccar, Inc............. $ 408,870
92,300 TRW Automotive Holdings
Corp. *................. 2,387,801
-------------
5,410,426
-------------
BANKING -- 6.0%
376,279 Bank of America Corp.... 20,089,536
30,100 Bank of Montreal........ 1,781,619
19,000 Bank of New York Co.,
Inc..................... 748,030
13,115 BB&T Corp............... 576,142
33,900 Comerica, Inc........... 1,989,252
4,500 Commerce Bancorp, Inc... 158,715
3,300 Compass Bancshares, Inc. 196,845
13,791 Fifth Third Bancorp..... 564,466
3,300 First Horizon National
Corp.................... 137,874
40,560 Huntington Bancshares,
Inc..................... 963,300
10,000 Keycorp................. 380,300
1,900 M&T Bank Corp........... 232,104
6,300 Marshall & Ilsley Corp.. 303,093
10,400 Mellon Financial Corp... 438,360
15,060 National City Corp...... 550,594
4,700 Northern Trust Corp..... 285,243
73,800 PNC Financial Services
Group, Inc.............. 5,464,152
18,269 Regions Financial Corp.. 683,260
8,700 SunTrust Banks, Inc..... 734,715
8,200 Synovus Financial Corp.. 252,806
113,945 US Bancorp.............. 4,123,669
80,140 Wachovia Corp........... 4,563,973
11,700 Webster Financial Corp.. 570,024
187,106 Wells Fargo & Co........ 6,653,489
2,500 Zions Bancorp........... 206,100
-------------
52,647,661
-------------
The accompanying notes are an integral part of the financial statements.
83
Portfolio of Investments
MetLife Investment Funds, Inc. / Large Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
--------------------------------------------------
BIOTECHNOLOGY -- 3.0%
94,057 Amgen, Inc.*............. $ 6,425,034
8,458 Biogen Idec, Inc.*....... 416,049
128,300 Celgene Corp.*........... 7,381,099
89,300 Genentech, Inc.*......... 7,244,909
6,300 Genzyme Corp.*........... 387,954
5,900 Medimmune, Inc.*......... 190,983
1,300 Millipore Corp.*......... 86,580
104,900 Vertex Pharmaceuticals,
Inc.*.................... 3,925,358
-------------
26,057,966
-------------
BUILDING & CONSTRUCTION -- 0.2%
4,500 American Standard Cos.,
Inc...................... 206,325
3,100 Centex Corp.............. 174,437
6,700 D.R. Horton, Inc......... 177,483
2,200 Fluor Corp............... 179,630
2,000 KB Home.................. 102,560
3,300 Lennar Corp.............. 173,118
10,000 Masco Corp............... 298,700
5,000 Pulte Homes, Inc......... 165,600
2,400 Vulcan Materials Co...... 215,688
-------------
1,693,541
-------------
BUSINESS SERVICES & SUPPLIES -- 0.3%
24,100 Pitney Bowes, Inc........ 1,113,179
88,500 Xerox Corp.*............. 1,500,075
-------------
2,613,254
-------------
CHEMICALS -- 1.1%
5,400 Air Products & Chemicals,
Inc...................... 379,512
1,300 Ashland, Inc............. 89,934
93,349 Dow Chemical Co.......... 3,728,359
1,900 Eastman Chemical Co...... 112,689
4,500 Ecolab, Inc.............. 203,400
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Shares Value
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51,200 EI Du Pont de Nemours &
Co........................... $ 2,493,952
3,000 Hercules, Inc.*.............. 57,930
11,700 International Flavors &
Fragrances, Inc.............. 575,172
4,200 PPG Industries, Inc.......... 269,682
7,900 Praxair, Inc................. 468,707
3,600 Rohm & Haas Co............... 184,032
2,600 Sherwin-Williams Co.......... 165,308
1,600 Sigma-Aldrich Corp........... 124,352
40,400 Valspar Corp................. 1,116,656
-------------
9,969,685
-------------
COMMERCIAL SERVICES -- 0.8%
28,300 Accenture Ltd................ 1,045,119
3,400 Apollo Group, Inc.*.......... 132,498
3,400 Convergys Corp.*............. 80,852
3,300 Equifax, Inc................. 133,980
4,000 Fidelity National
Information Services, Inc.... 160,360
8,000 H&R Block, Inc............... 184,320
61,206 McKesson Corp................ 3,103,144
5,900 Moody's Corp................. 407,454
8,400 Paychex, Inc................. 332,136
5,200 R.R. Donnelley & Sons Co..... 184,808
4,100 Robert Half International,
Inc.......................... 152,192
2,400 Waters Corp.*................ 117,528
63,478 Western Union Co............. 1,423,177
-------------
7,457,568
-------------
COMPUTERS & INFORMATION -- 4.2%
3,000 Affiliated Computer Services,
Inc.*........................ 146,520
129,800 Apple Computer, Inc.*........ 11,012,232
87,700 BISYS Group, Inc.*........... 1,132,207
3,400 Cognizant Technology
Solutions Corp.*............. 262,344
The accompanying notes are an integral part of the financial statements.
84
Portfolio of Investments
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4,100 Computer Sciences Corp.* $ 218,817
56,187 Dell, Inc.*............. 1,409,732
12,800 Electronic Data Systems
Corp.................... 352,640
168,848 EMC Corp.*.............. 2,228,794
187,245 Hewlett-Packard Co...... 7,712,621
37,173 International Business
Machines Corp........... 3,611,357
2,500 Lexmark International,
Inc.*................... 183,000
4,400 NCR Corp.*.............. 188,144
9,300 Network Appliance, Inc.* 365,304
165,700 SanDisk Corp.*.......... 7,130,071
85,900 Sun Microsystems, Inc.*. 465,578
9,418 Unisys Corp.*........... 73,837
-------------
36,493,198
-------------
CONTAINERS & PACKAGING -- 0.2%
2,600 Ball Corp............... 113,360
2,800 Bemis Co................ 95,144
67,400 Owens-Illinois, Inc.*... 1,243,530
3,400 Pactiv Corp.*........... 121,346
2,100 Sealed Air Corp......... 136,332
-------------
1,709,712
-------------
COSMETICS & PERSONAL CARE -- 2.6%
10,800 Avon Products, Inc...... 356,832
56,400 Colgate-Palmolive Co.... 3,679,536
3,100 Estee Lauder Cos., Inc.
Class A................. 126,542
57,100 Kimberly-Clark Corp..... 3,879,945
231,040 Procter & Gamble Co..... 14,848,941
-------------
22,891,796
-------------
DISTRIBUTION & WHOLESALE -- 0.0%
4,200 Genuine Parts Co........ 199,206
1,900 WW Grainger, Inc........ 132,886
-------------
332,092
-------------
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Shares Value
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DIVERSIFIED FINANCIAL SERVICES-- 10.4%
145,500 American Express Co....... $ 8,827,485
6,080 Ameriprise Financial, Inc. 331,360
2,900 Bear Stearns Cos., Inc.... 472,062
104,892 Capital One Financial
Corp...................... 8,057,803
25,500 Charles Schwab Corp....... 493,170
855 Chicago Mercantile
Exchange Holdings, Inc.... 435,836
4,900 CIT Group, Inc............ 273,273
383,017 Citigroup, Inc............ 21,334,047
67,596 Countrywide Financial
Corp...................... 2,869,450
96,700 E*Trade Financial Corp.*.. 2,168,014
23,824 Fannie Mae................ 1,414,907
2,200 Federated Investors, Inc.
Class B................... 74,316
4,200 Franklin Resources, Inc... 462,714
65,252 Freddie Mac............... 4,430,611
52,073 Goldman Sachs Group,
Inc....................... 10,380,753
4,800 Janus Capital Group, Inc.. 103,632
85,620 JPMorgan Chase & Co....... 4,135,446
3,300 Legg Mason, Inc........... 313,665
13,000 Lehman Brothers Holdings,
Inc....................... 1,015,560
111,090 Merrill Lynch & Co., Inc.. 10,342,479
58,631 Morgan Stanley............ 4,774,322
10,300 SLM Corp.................. 502,331
45,400 State Street Corp......... 3,061,776
6,600 T Rowe Price Group, Inc... 288,882
79,235 UBS AG.................... 4,780,248
-------------
91,344,142
-------------
ELECTRICAL EQUIPMENT -- 0.1%
4,300 American Power Conversion
Corp...................... 131,537
19,724 Emerson Electric Co....... 869,631
3,700 Molex, Inc................ 117,031
-------------
1,118,199
-------------
The accompanying notes are an integral part of the financial statements.
85
Portfolio of Investments
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ELECTRONICS -- 0.2%
9,870 Agilent Technologies,
Inc.*.................... $ 343,969
4,300 Applera Corp. - Applied
Biosystems Group......... 157,767
1,700 Harman International
Industries, Inc.......... 169,847
4,300 Jabil Circuit, Inc....... 105,565
2,900 Parker Hannifin Corp..... 222,952
3,000 PerkinElmer, Inc......... 66,690
13,900 Sanmina-SCI Corp.*....... 47,955
21,900 Solectron Corp.*......... 70,518
5,750 Symbol Technologies, Inc. 85,905
1,900 Tektronix, Inc........... 55,423
9,900 Thermo Electron Corp.*... 448,371
-------------
1,774,962
-------------
ENTERTAINMENT & LEISURE -- 0.2%
2,400 Brunswick Corp........... 76,560
11,200 Carnival Corp............ 549,360
6,400 Harley-Davidson, Inc..... 451,008
3,600 Hasbro, Inc.............. 98,100
8,368 International Game
Technology............... 386,602
9,100 Mattel, Inc.............. 206,206
3,200 Sabre Holdings Corp...... 102,048
-------------
1,869,884
-------------
ENVIRONMENTAL SERVICES -- 0.1%
6,412 Allied Waste Industries,
Inc.*.................... 78,804
12,998 Waste Management, Inc.... 477,936
-------------
556,740
-------------
FOOD, BEVERAGE & TOBACCO -- 4.8%
107,991 Altria Group, Inc........ 9,267,788
18,752 Anheuser-Busch Cos., Inc. 922,598
16,045 Archer-Daniels-Midland
Co....................... 512,798
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---------------------------------------------------
2,100 Brown-Forman Corp.
Class B................... $ 139,104
5,700 Campbell Soup Co.......... 221,673
109,317 Coca-Cola Co.............. 5,274,545
6,500 Coca-Cola Enterprises,
Inc....................... 132,730
12,690 ConAgra Foods, Inc........ 342,630
134,200 Constelllation Brands,
Inc.*..................... 3,894,484
3,300 Dean Foods Co.*........... 139,524
8,671 General Mills, Inc........ 499,450
4,500 Hershey Foods Corp........ 224,100
8,400 HJ Heinz Co............... 378,084
6,373 Kellogg Co................ 319,032
17,985 Kroger Co................. 414,914
3,300 McCormick & Co., Inc...... 127,248
1,000 Molson Coors Brewing Co.
Class B................... 76,440
13,222 Monsanto Co............... 694,552
3,100 Pepsi Bottling Group, Inc. 95,821
145,799 PepsiCo, Inc.............. 9,119,727
67,300 Reynolds American, Inc.... 4,406,131
11,000 Safeway, Inc.............. 380,160
19,070 Sara Lee Corp............. 324,762
4,847 Supervalu, Inc............ 173,280
76,000 Sysco Corp................ 2,793,760
6,200 Tyson Foods, Inc.......... 101,990
4,000 UST, Inc.................. 232,800
3,400 Whole Foods Market, Inc... 159,562
5,512 WM Wrigley Jr. Co......... 285,081
-------------
41,654,768
-------------
FOREST PRODUCTS & PAPER -- 0.3%
46,000 Bowater, Inc.............. 1,035,000
11,494 International Paper Co.... 391,946
4,652 MeadWestvaco Corp......... 139,839
4,500 Plum Creek Timber Co.,
Inc....................... 179,325
The accompanying notes are an integral part of the financial statements.
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Portfolio of Investments
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2,600 Temple-Inland, Inc......... $ 119,678
6,000 Weyerhaeuser Co............ 423,900
-------------
2,289,688
-------------
HEALTH CARE -- 5.4%
12,800 Aetna, Inc................. 552,704
1,400 Bausch & Lomb, Inc......... 72,884
16,097 Baxter International, Inc.. 746,740
6,127 Becton Dickinson & Co...... 429,809
6,300 Biomet, Inc................ 260,001
28,740 Boston Scientific Corp.*... 493,753
3,900 Coventry Health Care,
Inc.*...................... 195,195
2,600 CR Bard, Inc............... 215,722
5,900 Health Management
Associates, Inc............ 124,549
4,100 Humana, Inc.*.............. 226,771
181,352 Johnson & Johnson.......... 11,972,859
3,200 Laboratory Corp. of America
Holdings*.................. 235,104
2,000 Manor Care, Inc............ 93,840
82,690 Medtronic, Inc............. 4,424,742
3,200 Patterson Cos., Inc.*...... 113,632
4,096 Quest Diagnostics.......... 217,088
89,600 St. Jude Medical, Inc.*.... 3,275,776
72,793 Stryker Corp............... 4,011,622
11,000 Tenet Healthcare Corp.*.... 76,670
199,416 UnitedHealth Group, Inc.... 10,714,622
102,200 WellPoint, Inc.*........... 8,042,118
5,851 Zimmer Holdings, Inc.*..... 458,601
-------------
46,954,802
-------------
HOTELS & RESTAURANTS -- 1.6%
3,650 Darden Restaurants, Inc.... 146,620
4,600 Harrah's Entertainment,
Inc........................ 380,512
219,900 Hilton Hotels Corp......... 7,674,510
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Shares Value
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8,300 Marriott International,
Inc...................... $ 396,076
30,658 McDonald's Corp.......... 1,359,069
18,400 Starbucks Corp.*......... 651,728
28,400 Starwood Hotels & Resorts
Worldwide, Inc........... 1,775,000
2,800 Wendy's International,
Inc...................... 92,652
4,860 Wyndham Worldwide
Corp.*................... 155,617
25,447 Yum! Brands, Inc......... 1,496,284
-------------
14,128,068
-------------
HOUSEHOLD PRODUCTS -- 0.4%
2,200 Avery Dennison Corp...... 149,446
35,300 Clorox Co................ 2,264,495
3,600 Fortune Brands, Inc...... 307,404
4,200 Leggett & Platt, Inc..... 100,380
6,700 Newell Rubbermaid, Inc... 193,965
1,951 Whirlpool Corp........... 161,972
-------------
3,177,662
-------------
INDUSTRIAL MACHINERY -- 0.4%
1,700 Black & Decker Corp...... 135,949
16,146 Caterpillar, Inc......... 990,234
1,400 Cummins, Inc............. 165,452
21,400 Deere & Co............... 2,034,498
4,400 Rockwell Automation, Inc. 268,752
1,400 Snap-On, Inc............. 66,696
2,000 Stanley Works............ 100,580
2,500 Terex Corp.*............. 161,450
-------------
3,923,611
-------------
INSURANCE -- 4.6%
7,973 ACE Ltd.................. 482,925
12,165 Aflac, Inc............... 559,590
5,900 Alleghany Corp.*......... 2,145,240
15,300 Allstate Corp............ 996,183
The accompanying notes are an integral part of the financial statements.
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Portfolio of Investments
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2,700 AMBAC Financial Group,
Inc........................ $ 240,489
251,690 American International
Group, Inc................. 18,036,105
7,800 AON Corp................... 275,652
10,338 Chubb Corp................. 546,984
2,600 Cigna Corp................. 342,082
4,463 Cincinnati Financial Corp.. 202,218
54,400 Conseco, Inc.*............. 1,086,912
11,300 Genworth Financial, Inc.... 386,573
7,461 Hartford Financial Services
Group, Inc................. 696,186
7,085 Lincoln National Corp...... 470,444
11,400 Loews Corp................. 472,758
13,600 Marsh & McLennan Cos.,
Inc........................ 416,976
85,868 MBIA, Inc.................. 6,273,516
18,600 MetLife, Inc.(a)........... 1,097,586
2,000 MGIC Investment Corp....... 125,080
6,577 Principal Financial Group.. 386,070
18,600 Progressive Corp........... 450,492
11,872 Prudential Financial, Inc.. 1,019,330
2,500 Safeco Corp................ 156,375
16,877 St. Paul Travelers Cos.,
Inc........................ 906,126
2,500 Torchmark Corp............. 159,400
98,855 UnumProvident Corp......... 2,054,207
4,600 XL Capital Ltd............. 331,292
-------------
40,316,791
-------------
INTERNET SERVICES & APPLICATIONS -- 2.9%
67,500 Amazon.Com, Inc.*.......... 2,663,550
117,612 eBay, Inc.*................ 3,536,593
22,030 Google, Inc.*.............. 10,144,374
5,500 IAC/InterActiveCorp*....... 204,380
3,400 Monster Worldwide, Inc.*... 158,576
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22,868 Symantec Corp.*.......... $ 476,798
6,100 VeriSign, Inc.*.......... 146,705
307,551 Yahoo!, Inc.*............ 7,854,853
-------------
25,185,829
-------------
MANUFACTURING -- 4.1%
18,284 3M Co.................... 1,424,872
2,200 Cooper Industries Ltd.... 198,946
5,800 Danaher Corp............. 420,152
5,000 Dover Corp............... 245,100
7,100 Eastman Kodak Co......... 183,180
3,600 Eaton Corp............... 270,504
690,800 General Electric Co...... 25,704,668
97,500 Honeywell International,
Inc...................... 4,410,900
10,200 Illinois Tool Works, Inc. 471,138
7,600 Ingersoll-Rand Co........ 297,388
4,600 ITT Industries, Inc...... 261,372
3,000 Pall Corp................ 103,650
3,000 Textron, Inc............. 281,310
48,767 Tyco International Ltd... 1,482,517
-------------
35,755,697
-------------
METALS & MINING -- 0.7%
114,507 Alcoa, Inc............... 3,436,355
2,500 Allegheny Technologies,
Inc...................... 226,700
4,500 Consol Energy, Inc....... 144,585
5,000 Freeport-McMoRan Copper
& Gold, Inc. Class B..... 278,650
11,300 Newmont Mining Corp...... 510,195
7,400 Nucor Corp............... 404,484
6,500 Peabody Energy Corp...... 262,665
5,000 Phelps Dodge Corp........ 598,600
2,800 United States Steel Corp. 204,792
-------------
6,067,026
-------------
The accompanying notes are an integral part of the financial statements.
88
Portfolio of Investments
MetLife Investment Funds, Inc. / Large Company Stock Fund / December 31, 2006
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-----------------------------------------------
MULTIMEDIA -- 2.8%
19,103 CBS Corp. Class B........ $ 595,631
12,300 Clear Channel
Communications, Inc...... 437,142
51,123 Comcast Corp.*........... 2,164,037
49,700 Comcast Corp. Special
Class A*................. 2,081,436
19,000 DIRECTV Group, Inc.*..... 473,860
1,700 Dow Jones & Co., Inc..... 64,600
2,100 EW Scripps Co............ 104,874
5,600 Gannett Co., Inc......... 338,576
8,900 McGraw-Hill Cos., Inc.... 605,378
1,000 Meredith Corp............ 56,350
3,400 New York Times Co. Class
A........................ 82,824
57,600 News Corp................ 1,237,248
249,082 Time Warner, Inc......... 5,425,006
4,720 Tribune Co............... 145,282
6,200 Univision Communications,
Inc.*.................... 219,604
55,403 Viacom, Inc. Class A*.... 2,273,185
232,500 Walt Disney Co........... 7,967,775
-------------
24,272,808
-------------
OIL & GAS -- 9.2%
11,474 Anadarko Petroleum
Corp..................... 499,349
8,180 Apache Corp.............. 544,052
8,064 Baker Hughes, Inc........ 602,058
7,200 BJ Services Co........... 211,104
9,400 Chesapeake Energy Corp... 273,070
53,759 ChevronTexaco Corp....... 3,952,899
159,700 ConocoPhillips........... 11,490,415
11,000 Devon Energy Corp........ 737,880
7,900 Dynegy, Inc.*............ 57,196
17,521 El Paso Corp............. 267,721
6,000 EOG Resources, Inc....... 374,700
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Shares Value
------------------------------------------------
288,270 ExxonMobil Corp........... $ 22,090,130
83,900 Halliburton Co............ 2,605,095
6,100 Hess Corp................. 302,377
2,627 Kinder Morgan, Inc........ 277,805
8,554 Marathon Oil Corp......... 791,245
125,200 Murphy Oil Corp........... 6,366,420
7,800 Nabors Industries Ltd.*... 232,284
4,400 National-Oilwell Varco,
Inc.*..................... 269,192
3,400 Noble Corp................ 258,910
13,200 Noble Energy, Inc......... 647,724
175,612 Occidental Petroleum
Corp...................... 8,575,134
56,400 Pride International, Inc.* 1,692,564
2,100 Questar Corp.............. 174,405
2,600 Rowan Cos., Inc........... 86,320
119,600 Schlumberger Ltd.......... 7,553,936
4,900 Smith International, Inc.. 201,243
2,900 Sunoco, Inc............... 180,844
7,300 Transocean, Inc.*......... 590,497
15,100 Valero Energy Corp........ 772,516
99,200 Weatherford International
Ltd.*..................... 4,145,568
123,500 Williams Cos., Inc........ 3,225,820
9,033 XTO Energy, Inc........... 425,003
-------------
80,475,476
-------------
PHARMACEUTICALS -- 4.7%
124,165 Abbott Laboratories....... 6,048,077
3,848 Allergan, Inc............. 460,759
4,832 AmerisourceBergen Corp.... 217,247
2,700 Barr Pharmaceuticals,
Inc.*..................... 135,324
132,358 Bristol-Myers Squibb Co... 3,483,663
9,972 Cardinal Health, Inc...... 642,496
10,454 Caremark Rx, Inc.......... 597,028
67,246 Eli Lilly & Co............ 3,503,517
3,300 Express Scripts, Inc.*.... 236,280
The accompanying notes are an integral part of the financial statements.
89
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7,700 Forest Laboratories, Inc.*.. $ 389,620
87,800 Gilead Sciences, Inc.*...... 5,700,854
3,935 Hospira, Inc.*.............. 132,137
6,366 King Pharmaceuticals,
Inc.*....................... 101,347
7,198 Medco Health Solutions,
Inc.*....................... 384,661
122,594 Merck & Co., Inc............ 5,345,098
4,900 Mylan Laboratories, Inc..... 97,804
177,974 Pfizer, Inc................. 4,609,527
219,124 Schering-Plough Corp........ 5,180,091
2,800 Watson Pharmaceuticals,
Inc.*....................... 72,884
72,264 Wyeth....................... 3,679,683
-------------
41,018,097
-------------
REAL ESTATE -- 1.4%
2,500 Apartment Investment &
Management Co. REIT......... 140,050
5,200 Archstone-Smith Trust
REIT........................ 302,692
2,800 Boston Properties, Inc.
REIT........................ 313,264
4,500 CB Richard Ellis Group, Inc.
REIT*....................... 149,400
8,500 Equity Office Properties
Trust REIT.................. 409,445
6,998 Equity Residential REIT..... 355,148
80,830 General Growth Properties,
Inc. REIT................... 4,221,751
96,000 Kimco Realty Corp. REIT..... 4,315,200
6,100 ProLogis REIT............... 370,697
3,000 Public Storage, Inc. REIT... 292,500
5,587 Realogy Corp.*.............. 169,398
5,471 Simon Property Group, Inc.
REIT........................ 554,158
2,900 Vornado Realty Trust
REIT........................ 352,350
-------------
11,946,053
-------------
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Shares Value
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RETAIL -- 4.0%
4,057 AutoNation, Inc.*......... $ 86,495
1,300 Autozone, Inc.*........... 150,228
7,200 Bed Bath & Beyond, Inc.*.. 274,320
10,050 Best Buy Co., Inc......... 494,359
2,700 Big Lots, Inc.*........... 61,884
3,500 Circuit City Stores, Inc.. 66,430
11,221 Costco Wholesale Corp..... 593,254
203,000 CVS Corp.................. 6,274,730
1,200 Dillard's, Inc............ 41,964
7,650 Dollar General Corp....... 122,859
3,500 Family Dollar Stores, Inc. 102,655
12,846 Federated Department
Stores, Inc............... 489,818
87,868 Gap, Inc.................. 1,713,426
50,312 Home Depot, Inc........... 2,020,530
5,500 JC Penney Co., Inc........ 425,480
8,000 Kohl's Corp.*............. 547,440
8,772 Limited Brands, Inc....... 253,862
190,100 Lowe's Cos., Inc.......... 5,921,615
5,700 Nordstrom, Inc............ 281,238
7,000 Office Depot, Inc.*....... 267,190
2,000 OfficeMax, Inc............ 99,300
3,600 RadioShack Corp........... 60,408
2,028 Sears Holdings Corp.*..... 340,562
138,150 Staples, Inc.............. 3,688,605
2,300 Talbots, Inc.............. 55,430
94,325 Target Corp............... 5,381,241
3,382 Tiffany & Co.............. 132,710
48,800 TJX Cos., Inc............. 1,391,776
60,865 Wal-Mart Stores, Inc...... 2,810,746
24,600 Walgreen Co............... 1,128,894
-------------
35,279,449
-------------
SAVINGS & LOAN -- 0.1%
9,135 Sovereign Bancorp, Inc.... 231,938
The accompanying notes are an integral part of the financial statements.
90
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23,259 Washington Mutual, Inc.... $ 1,058,052
-------------
1,289,990
-------------
SEMICONDUCTORS -- 2.4%
13,883 Advanced Micro Devices,
Inc.*..................... 282,519
9,100 Altera Corp.*............. 179,088
8,300 Analog Devices, Inc....... 272,821
34,061 Applied Materials, Inc.... 628,425
11,450 Broadcom Corp.*........... 369,950
395,635 Intel Corp................ 8,011,609
4,725 JDS Uniphase Corp.*....... 78,719
35,000 Kla-Tencor Corp........... 1,741,250
7,700 Linear Technology Corp.... 233,464
10,000 LSI Logic Corp.*.......... 90,000
8,000 Maxim Integrated Products,
Inc....................... 244,960
18,200 Micron Technology, Inc.*.. 254,072
7,100 National Semiconductor
Corp...................... 161,170
2,800 Novellus Systems, Inc.*... 96,376
8,900 Nvidia Corp.*............. 329,389
5,700 PMC - Sierra, Inc.*....... 38,247
4,000 QLogic Corp.*............. 87,680
4,718 Teradyne, Inc.*........... 70,581
273,908 Texas Instruments, Inc.... 7,888,550
8,400 Xilinx, Inc............... 200,004
-------------
21,258,874
-------------
SOFTWARE -- 3.0%
14,100 Adobe Systems, Inc.*...... 579,792
5,600 Autodesk, Inc.*........... 226,576
13,600 Automatic Data Processing,
Inc....................... 669,800
5,300 BMC Software, Inc.*....... 170,660
9,693 CA, Inc................... 219,546
4,600 Citrix Systems, Inc.*..... 124,430
10,200 Compuware Corp.*.......... 84,966
[Download Table]
Shares Value
------------------------------------------------
112,000 Electronic Arts, Inc.*. $ 5,640,320
63,478 First Data Corp........ 1,619,959
4,200 Fiserv, Inc.*.......... 220,164
5,223 IMS Health, Inc........ 143,528
8,200 Intuit, Inc.*.......... 250,182
487,620 Microsoft Corp......... 14,560,333
7,300 Novell, Inc.*.......... 45,260
98,455 Oracle Corp.*.......... 1,687,519
-------------
26,243,035
-------------
TELECOMMUNICATIONS -- 6.2%
3,085 ADC Telecommunications,
Inc.*.................. 44,825
9,100 Alltel Corp............ 550,368
222,324 AT&T, Inc.............. 7,948,083
11,341 Avaya, Inc.*........... 158,547
147,068 BellSouth Corp......... 6,928,374
3,000 CenturyTel, Inc........ 130,980
1,957 Ciena Corp.*........... 54,228
400,319 Cisco Systems, Inc.*... 10,940,718
7,400 Citizens Communications
Co..................... 106,338
4,800 Comverse Technology,
Inc.*.................. 101,328
272,400 Corning, Inc.*......... 5,096,604
3,630 Embarq Corp............ 190,793
13,700 Juniper Networks, Inc.* 259,478
306,400 Motorola, Inc.......... 6,299,584
207,153 Qualcomm, Inc.......... 7,828,312
38,958 Qwest Communications
International*......... 326,078
212,966 Sprint Nextel Corp..... 4,022,928
11,100 Tellabs, Inc.*......... 113,886
71,670 Verizon Communications,
Inc.................... 2,668,991
12,325 Windstream Corp.*...... 175,262
-------------
53,945,705
-------------
The accompanying notes are an integral part of the financial statements.
91
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TRANSPORTATION -- 1.5%
9,012 Burlington Northern Santa
Fe Corp..................... $ 665,176
10,500 CSX Corp.................... 361,515
48,200 FedEx Corp.................. 5,235,484
52,600 Landstar System, Inc........ 2,008,268
9,900 Norfolk Southern Corp....... 497,871
1,600 Ryder System, Inc........... 81,696
6,700 Union Pacific Corp.......... 616,534
53,887 United Parcel Service, Inc.
Class B..................... 4,040,447
-------------
13,506,991
-------------
UTILITIES-ELECTRIC -- 2.8%
16,400 AES Corp.*.................. 361,456
4,000 Allegheny Energy, Inc.*..... 183,640
5,000 Ameren Corp................. 268,650
9,800 American Electric Power Co.,
Inc......................... 417,284
7,200 Centerpoint Energy, Inc..... 119,376
5,800 CMS Energy Corp.*........... 96,860
6,000 Consolidated Edison, Inc.... 288,420
4,300 Constellation Energy Group,
Inc......................... 296,141
18,600 Dominion Resources, Inc..... 1,559,424
4,363 DTE Energy Co............... 211,213
31,154 Duke Energy Corp............ 1,034,624
8,000 Edison International........ 363,840
5,100 Entergy Corp................ 470,832
121,874 Exelon Corp................. 7,542,782
7,793 FirstEnergy Corp............ 469,918
57,900 FPL Group, Inc.............. 3,150,918
6,884 NiSource, Inc............... 165,904
40,700 Northeast Utilities......... 1,146,112
42,400 PG&E Corp................... 2,006,792
2,400 Pinnacle West Capital
Corp........................ 121,656
[Download Table]
Shares Value
--------------------------------------------------
9,310 PPL Corp................. $ 333,670
6,119 Progress Energy, Inc..... 300,321
6,100 Public Service Enterprise
Group, Inc............... 404,918
18,400 Southern Co.............. 678,224
4,800 TECO Energy, Inc......... 82,704
40,832 TXU Corp................. 2,213,503
10,260 Xcel Energy, Inc......... 236,596
-------------
24,525,778
-------------
UTILITIES-GAS -- 0.3%
4,200 KeySpan Corp............. 172,956
1,000 Nicor, Inc............... 46,800
900 Peoples Energy Corp...... 40,113
6,300 Sempra Energy............ 353,052
59,000 UGI Corp................. 1,609,520
-------------
2,222,441
-------------
TOTAL COMMON STOCKS
(Cost $701,883,385)............. 852,100,042
-------------
DEPOSITARY RECEIPTS -- 1.2%
AEROSPACE & DEFENSE -- 0.2%
32,200 Rolls-Royce Group PLC
ADR...................... 1,425,655
-------------
INSURANCE -- 0.3%
62,800 ING Groep N.V. ADR....... 2,773,876
-------------
PHARMACEUTICALS -- 0.1%
30,800 Sanofi-Aventis ADR....... 1,422,036
-------------
TELECOMMUNICATIONS -- 0.6%
282,900 Deutsche Telekom AG
ADR...................... 5,148,780
-------------
TOTAL DEPOSITARY RECEIPTS
(Cost $10,506,719).............. 10,770,347
-------------
The accompanying notes are an integral part of the financial statements.
92
Portfolio of Investments
MetLife Investment Funds, Inc. / Large Company Stock Fund / December 31, 2006
(continued)
[Download Table]
Shares/Principal
Amount Value
--------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 0.4%
GOVERNMENT & AGENCY SECURITIES -- 0.0%
$ 323,000 United States Treasury Bill
4.758% , 03/08/07(c)(d)....... $ 320,215
-------------
MUTUAL FUND -- 0.4%
3,162,500 Goldman Sachs Prime
Obligations Fund
5.210%(b)..................... 3,162,500
-------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,482,640)........................... 3,482,715
-------------
TOTAL INVESTMENTS -- 99.0%
(Cost $715,872,744)......................... 866,353,104
Assets in excess of other liabilities -- 1.0% 8,950,766
-------------
TOTAL NET ASSETS -- 100.0%................... $ 875,303,870
=============
FOOTNOTES TO THE PORTFOLIO OF INVESTMENTS:
[Download Table]
* -- Non-income producing security
(a) -- Affiliated issuer. See table below for more
information.
(b) -- Rate quoted represents the seven day yield of the
Fund.
(c) -- Zero coupon bond--Interest rate represents current
yield to maturity.
(d) -- All or a portion of these securities have been pledged
to cover collateral requirements for open futures.
SECURITY ABBREVIATIONS:
ADR-- American Depositary Receipt
REIT-- Real Estate Investment Trust
FUTURES CONTRACTS:
[Enlarge/Download Table]
Unrealized
Number of Underlying Expiration Notional Notional Appreciation
Contracts Face Value Securities Date Cost Value (Depreciation)
------------- ---------- ------------- ---------- ---------- ---------- --------------
Long Position
-------------
20 5,000 S&P 500 Index Mar-2007 $7,125,823 $7,142,000 $16,177
40 2,000 S&P 500 Index Mar-2007 2,864,091 2,856,800 (7,291)
-------
$ 8,886
=======
AFFILIATED ISSUER:
[Enlarge/Download Table]
Unrealized
Gain on
Number of Shares Purchased Shares Sold Number of Income earned Shares
Security Shares held For the year For the year Shares held For the year held at Realized Gain
Description at 12/31/05 ended 12/31/06 ended 12/31/06 at 12/31/06 ended 12/31/06 12/31/06 on shares sold
------------- ----------- ---------------- -------------- ----------- -------------- ---------- --------------
MetLife, Inc. 19,100 1,400 1,900 18,600 $10,974 $442,043 $25,414
The accompanying notes are an integral part of the financial statements.
93
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
[Download Table]
Principal
Amount Value
-----------------------------------------------------------
CORPORATE BONDS & NOTES -- 39.3%
AEROSPACE & DEFENSE -- 0.1%
$ 200,000 Boeing Co.
6.125%, 02/15/33............. $ 215,745
General Dynamics Corp.
50,000 3.000%, 05/15/08............. 48,413
50,000 4.250%, 05/15/13............. 47,251
25,000 4.500%, 08/15/10............. 24,469
25,000 5.375%, 08/15/15............. 25,110
25,000 Goodrich Corp.
7.625%, 12/15/12............. 27,608
50,000 Lockheed Martin Corp.
7.200%, 05/01/36............. 58,977
150,000 Northrop Grumman
Corp.
7.750%, 02/15/31............. 185,925
Raytheon Co.
100,000 4.850%, 01/15/11............. 98,378
50,000 6.400%, 12/15/18............. 53,500
United Technologies
Corp.
150,000 4.375%, 05/01/10............. 146,527
120,000 5.400%, 05/01/35............. 115,940
50,000 7.500%, 09/15/29............. 61,081
-------------
1,108,924
-------------
AIRLINES -- 0.2%
294,028 American Airlines, Inc.
3.857%, 07/09/10............. 285,354
Continental Airlines, Inc.
319,890 6.545%, 02/02/19............. 331,118
1,224,724 6.648%, 09/15/17............. 1,270,652
50,000 Southwest Airlines Co.
5.125%, 03/01/17............. 46,362
-------------
1,933,486
-------------
[Download Table]
Principal
Amount Value
-------------------------------------------------------
APPAREL & TEXTILES -- 0.0%
Jones Apparel Group,
Inc.
$ 25,000 4.250%, 11/15/09.......... $ 24,111
25,000 5.125%, 11/15/14.......... 23,112
25,000 6.125%, 11/15/34.......... 21,865
100,000 Mohawk Industries, Inc.
5.750%, 01/15/11.......... 100,069
-------------
169,157
-------------
ASSET BACKED & MORTGAGE BACKED
OBLIGATIONS -- 12.8%
2,150,000 AESOP Funding II LLC
3.720%, 07/20/09(a)....... 2,105,867
22,637 AFC Home Equity Loan
Trust
5.650%, 06/25/30(b)....... 22,694
AmeriCredit Automobile
Receivables Trust
2,610,058 2.870%, 02/07/11.......... 2,575,415
200,000 3.430%, 07/06/11.......... 194,845
24,268 Amortizing Residential
Collateral Trust
5.630%, 01/01/32(b)....... 24,243
2,700,000 ARG Funding Corp.
2005-1A A3
4.290%, 04/20/11(a)....... 2,631,156
Banc of America
Commercial Mortgage,
Inc.
225,000 4.933%, 07/10/45.......... 218,846
2,340,000 5.889%, 07/10/44.......... 2,432,479
300,000 Banc of America
Commercial Mortgage,
Inc. 2002-2 A2
4.772%, 07/11/43.......... 296,446
500,000 Banc of America
Commercial Mortgage,
Inc. 2003-2 A4
5.061%, 03/11/41.......... 494,206
The accompanying notes are an integral part of the financial statements.
94
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
----------------------------------------------------------
$ 2,100,000 Banc of America
Commercial Mortgage,
Inc. 2005-3 A4
4.668%, 07/10/43............ $ 2,008,315
210,000 Banc of America
Commercial Mortgage,
Inc. 2005-5 A4
5.115%, 10/10/45............ 206,830
1,205,000 Banc of America
Commercial Mortgage,
Inc. 2005-6 A4
5.180%, 09/10/47(b)......... 1,197,365
1,924,238 Banc of America
Mortgage Securities, Inc.
2006 A1
5.431%, 02/25/36(b)......... 1,921,835
866,771 Bay View Auto Trust
3.440%, 04/25/12............ 846,327
1,100,000 Bear Stearns Adjustable
Rate Mortgage Trust
3.517%, 06/25/34(b)......... 1,072,432
468,335 Bear Stearns Asset
Backed Securities, Inc.
5.800%, 10/27/32(b)......... 470,468
2,500,000 Bear Stearns
Commercial Mortgage
Securities
5.537%, 10/12/41............ 2,535,033
1,478,500 Bear Stearns
Commercial Mortgage
Securities 1999-WF2 A2
7.080%, 07/15/31(b)......... 1,526,248
500,000 Bear Stearns
Commercial Mortgage
Securities 2002-TOP6 A2
6.460%, 10/15/36............ 525,470
500,000 Bear Stearns
Commercial Mortgage
Securities 2004-T14 A3
4.800%, 01/12/41............ 491,302
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 500,000 Bear Stearns
Commercial Mortgage
Securities 2005-PW10 A4
5.405%, 12/11/40.......... $ 502,382
2,150,000 Bear Stearns
Commercial Mortgage
Securities 2005-PWR
A4A
4.871%, 09/11/42(b)....... 2,083,760
500,000 Bear Stearns
Commercial Mortgage
Securities 2005-PWR7
AAB
4.980%, 02/11/41.......... 492,794
1,466,857 Bear Stearns
Commercial Mortgage
Securities 2005-T20 A2
5.127%, 10/12/42(b)....... 1,460,867
1,000,000 Bear Stearns
Commercial Mortgage
Securities 2005-T20 A4A
5.155%, 10/12/42(b)....... 993,291
915,000 Bear Stearns Commercial
Mortgage Securities
2006-PW13 AM
5.582%, 09/11/41.......... 928,674
225,000 Capital One Multi Asset
Execution Trust
5.150%, 06/16/14.......... 226,138
425,523 Centex Home Equity
3.235%, 02/25/32.......... 418,621
150,000 Chase Manhattan Auto
Owner Trust
5.110%, 04/15/14.......... 150,268
659,311 CIGNA CBO 1996-1 Ltd.
6.460%, 11/15/08(a)....... 658,869
Citibank Credit Card
Issuance Trust
100,000 2.900%, 05/17/10.......... 96,944
500,000 4.900%, 12/12/16.......... 491,056
180,000 4.950%, 02/09/09.......... 179,972
The accompanying notes are an integral part of the financial statements.
95
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 150,000 Comed Transitional
Funding Trust
5.740%, 12/25/10.......... $ 150,910
686,489 Commercial Mortgage
Acceptance Corp.
6.735%, 12/15/30.......... 689,899
611,034 Commercial Mortgage
Lease Backed
Certificates
6.746%, 06/20/31(a)....... 645,599
Countrywide Alternative
Loan Trust
3,064,370 5.545%, 12/25/46(b)(d).... 3,061,330
1,888,201 5.610%, 07/25/35(b)(d).... 1,892,894
1,511,843 5.700%, 09/25/35(b)(d).... 1,517,144
45,331 Countrywide Asset-
Backed Certificates
2002-BC1 A
6.010%, 04/25/32(b)....... 45,344
100,000 Countrywide Asset-
Backed Certificates
2005-11 AF3
4.778%, 02/25/36.......... 98,500
100,000 Countrywide Asset-
Backed Certificates
2005-7 AF4
4.867%, 11/25/35.......... 97,767
1,028,248 Countrywide Home Loan
Mortgage Pass Through
Trust
6.250%, 09/25/36.......... 1,034,154
1,381,087 Countrywide Home
Loans, Inc. 2005-3 1A2
5.640%, 04/25/35(b)....... 1,385,477
1,752,692 Countrywide Home
Loans, Inc. 2006-HYB1
1A1
5.385%, 03/20/36(b)....... 1,746,468
[Download Table]
Principal
Amount Value
-------------------------------------------------------
Credit Suisse Mortgage
Capital Certificates
$ 2,275,000 5.512%, 02/15/39......... $ 2,293,276
3,000,000 5.556%, 02/15/39(b)...... 3,048,203
500,000 5.828%, 06/15/38......... 519,876
705,906 Crimmi Mae Commercial
Mortgage Trust
7.000%, 06/02/33(a)...... 710,995
555,653 Crusade Global Trust
5.574%, 01/17/34(b)...... 556,528
CS First Boston
Mortgage Securities
Corp.
500,000 4.609%, 02/15/38......... 490,993
150,000 5.100%, 08/15/38......... 149,173
550,000 5.230%, 12/15/40......... 544,694
3,000,000 7.545%, 04/15/62......... 3,170,354
1,615,000 DaimlerChrysler Auto
Trust 2006 B A4
5.380%, 03/08/11......... 1,625,874
2,375,000 E-Trade RV and Marine
Trust
3.620%, 10/08/18......... 2,289,771
74,765 EMC Mortgage Loan
Trust
5.820%, 05/25/39(a)(b)... 75,124
101,518 EQCC Trust
5.650%, 11/25/31(b)...... 101,525
1,141,607 First Union-Lehman
Brothers-Bank of
America
6.560%, 11/18/35......... 1,153,446
750,000 Ford Credit Auto Owner
Trust 2005-B A4
4.380%, 01/15/10......... 741,370
230,551 Franklin Auto Trust
3.570%, 03/16/09......... 230,012
The accompanying notes are an integral part of the financial statements.
96
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
-------------------------------------------------------------
GE Capital Commercial
Mortgage Corp.
$ 434,236 5.082%, 11/10/45............ $ 432,480
2,200,000 5.333%, 11/10/45............ 2,209,724
393,423 5.994%, 12/10/35............ 398,939
350,000 6.531%, 05/15/33............ 366,152
GMAC Commercial
Mortgage Securities, Inc.
1,000,000 4.865%, 09/25/34............ 982,821
66,037 5.389%, 10/15/38............ 66,087
1,285,208 6.700%, 05/15/30 -
04/15/34.................... 1,314,780
100,866 Green Tree Financial
Corp.
8.100%, 07/15/26............ 27,375
Greenwich Capital
Commercial Funding
Corp.
200,000 4.948%, 01/11/35............ 197,125
250,000 5.426%, 06/10/36............ 249,620
625,000 Hertz Vehicle Financing
LLC
2.380%, 05/25/08(a)......... 622,272
240,129 Honda Auto Receivables
2003-4 A4
2.790%, 03/16/09............ 237,888
168,826 Indy Mac Home Equity
Loan Asset-Backed
Trust
5.610%, 03/25/31(b)......... 170,435
Indy Mac Index
Mortgage Loan Trust
559,578 5.099%, 09/25/35............ 543,143
1,250,000 5.665%, 12/25/35............ 1,225,559
2,500,000 JP Morgan Chase & Co.
4.625%, 03/15/46............ 2,456,555
JP Morgan Chase
Commercial Mortgage
Securities Corp.
150,000 4.895%, 09/12/37............ 145,560
1,100,000 4.918%, 10/15/42............ 1,067,892
500,000 5.294%, 01/12/43(b)......... 500,453
[Download Table]
Principal
Amount Value
----------------------------------------------------------
$ 250,000 5.373%, 06/12/41(b)......... $ 252,077
2,000,000 5.481%, 12/12/44............ 2,018,972
500,000 5.875%, 04/15/45(b)......... 522,361
LB-UBS Commercial
Mortgage Trust
256,704 0.948%, 06/15/36(a)(b)...... 9,222
250,000 5.020%, 08/15/29............ 245,288
1,580,000 5.347%, 11/15/38............ 1,579,960
500,000 5.372%, 09/15/39............ 500,839
1,650,000 Merrill Auto Trust
Securitization 2005 1 A3
4.100%, 08/25/09............ 1,637,231
1,970,030 Merrill Lynch Mortgage
Investors, Inc. 2006-2 2a
5.506%, 05/25/36(b)......... 1,975,002
400,000 Merrill Lynch Mortgage
Trust 2003-KEY1 A4
5.236%, 11/12/35............ 398,253
2,100,000 Merrill Lynch Mortgage
Trust 2005-CIP1 A4
5.047%, 07/12/38............ 2,059,499
500,000 Merrill Lynch Mortgage
Trust 2005-CKI1 A6
5.244%, 11/12/37(b)......... 499,192
267,777 Mesa Trust Asset
Backed Certificates
5.750%, 12/25/31(a)(b)...... 268,937
600,000 Morgan Stanley Capital I
5.328%, 11/12/41............ 599,056
1,555,648 Morgan Stanley Capital I,
Inc. 2004-IQ7 A1
4.030%, 06/15/38............ 1,523,908
Morgan Stanley Capital I,
Inc. 2005-HQ6 A4A
930,000 4.946%, 08/13/42............ 908,599
250,000 4.989%, 08/13/42............ 244,247
1,500,000 Morgan Stanley Capital I,
Inc. 2005-IQ9 A5
4.700%, 07/15/56............ 1,440,044
The accompanying notes are an integral part of the financial statements.
97
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
----------------------------------------------------------
$ 150,000 Morgan Stanley Capital I,
Inc. 2005-T19 AAB
4.852%, 06/12/47............ $ 146,867
173,749 Morgan Stanley Dean
Witter Capital Corp.
Heloc Trust 2005-1 A
5.540%, 07/25/17(b)(d)...... 173,887
Morgan Stanley Dean
Witter Capital I
150,000 4.050%, 01/13/41............ 145,596
3,000,000 7.200%, 10/15/33............ 3,149,011
537,782 Nationslink Funding
Corp.
6.867%, 01/22/26............ 557,230
1,855,000 Navistar Financial Corp.
Owner Trust
3.530%, 10/15/12............ 1,801,419
Nomura Asset Securities
Corp.
2,201,122 6.590%, 03/15/30............ 2,227,597
525,000 6.690%, 03/15/30............ 556,397
4,744,065 Oakwood Mortgage
Investors, Inc.
6.000%, 05/15/08 -
08/15/10.................... 437,745
1,155,592 Onyx Acceptance
Grantor Trust
2.940%, 12/15/10............ 1,140,376
350,000 PNC Mortgage
Acceptance Corp.
6.360%, 03/12/34............ 363,808
Prime Mortgage Trust
979,331 5.500%, 05/25/35(a)......... 971,919
3,430,083 6.000%, 05/25/35(a)......... 3,420,410
2,695,382 7.428%, 10/25/32(b)......... 2,762,285
515,244 Provident Bank Home
Equity Loan Trust
5.620%, 08/25/31(b)......... 515,508
[Download Table]
Principal
Amount Value
---------------------------------------------------------
$ 550,000 Providian Gateway
Master Trust
3.650%, 11/15/11(a)........ $ 542,008
500,000 Renaissance Home
Equity Loan Trust
6.066%, 02/25/36........... 506,775
Residential Asset
Mortgage Products, Inc.
133,112 4.546%, 10/25/32(a)(b)..... 133,819
146,338 6.553%, 03/25/33(a)(b)..... 146,461
113,385 Residential Asset
Securities Corp.
5.950%, 04/25/33(b)(d)..... 113,413
500,000 Residential Asset
Securitization Trust
5.500%, 12/25/35........... 485,100
15,651 Sail Net Interest Margin
Notes
7.750%, 04/27/33(a)........ 9,488
2,700,000 Susquehanna Auto
Lease Trust 2005-1 A3
4.430%, 06/16/08(a)........ 2,681,389
220,815 UCFC Home Equity
Loan 6.905%, 04/15/30...... 220,360
696,867 Wachovia Asset
Securitization, Inc.
5.720%, 09/27/32(b)........ 698,255
Wachovia Bank
Commercial Mortgage
Trust
150,000 4.748%, 02/15/41........... 144,857
250,000 5.242%, 12/15/44........... 249,973
225,000 5.417%, 01/15/45........... 226,137
500,000 5.572%, 10/15/48........... 507,302
600,000 5.765%, 07/15/45........... 617,557
991,620 Washington Mutual, Inc.
2005-AR6 2A1A
5.580%, 04/25/45(b)........ 994,250
The accompanying notes are an integral part of the financial statements.
98
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 1,737,829 Washington Mutual, Inc.
2006-AR10 1A1
5.974%, 09/25/36.......... $ 1,752,787
1,889,962 Wells Fargo Mortgage
Backed Securities Trust
2006-AR5 2A1
5.540%, 04/25/36(b)....... 1,884,777
58,469 WFS Financial Owner
Trust
2.740%, 09/20/10.......... 58,399
-------------
122,788,867
-------------
AUTOMOTIVE -- 0.5%
DaimlerChrysler NA
Holding Corp.
150,000 4.050%, 06/04/08.......... 146,796
200,000 4.875%, 06/15/10.......... 194,961
790,000 5.875%, 03/15/11.......... 792,974
40,000 6.500%, 11/15/13.......... 41,068
190,000 7.200%, 09/01/09.......... 197,098
90,000 7.300%, 01/15/12.......... 95,537
350,000 7.750%, 01/18/11.......... 374,639
780,000 8.500%, 01/18/31.......... 928,538
1,280,000 Ford Motor Co.
7.450%, 07/16/31#......... 1,004,800
1,080,000 General Motors Corp.
8.375%, 07/15/33#......... 999,000
100,000 Johnson Controls, Inc.
5.500%, 01/15/16.......... 98,049
-------------
4,873,460
-------------
BANKING -- 2.6%
100,000 Abbey National Capital
Trust I
8.963%, 12/29/49.......... 133,405
50,000 ABN Amro Bank NV
4.650%, 06/04/18.......... 46,178
African Development
Bank
100,000 3.250%, 08/01/08.......... 97,524
25,000 3.750%, 01/15/10.......... 24,132
50,000 4.875%, 11/06/09.......... 49,769
[Download Table]
Principal
Amount Value
------------------------------------------------------
$ 30,000 American Express
Centurion Bank
4.375%, 07/30/09........ $ 29,461
Asian Development
Bank
100,000 4.125%, 09/15/10........ 97,095
350,000 4.250%, 10/20/14........ 331,498
25,000 Banco Bradesco SA
8.750%, 10/24/13........ 28,500
Bank of America Corp.
50,000 3.375%, 02/17/09........ 48,236
50,000 3.875%, 01/15/08........ 49,246
500,000 4.750%, 08/15/13........ 483,275
100,000 5.125%, 11/15/14........ 98,403
25,000 5.375%, 06/15/14........ 24,991
1,400,256 5.420%, 03/15/17(a)..... 1,385,481
100,000 5.625%, 10/14/16........ 101,811
200,000 6.800%, 03/15/28........ 221,849
50,000 Bank of America Corp.
Capital Trust VI
5.625%, 03/08/35........ 47,331
70,000 Bank of Tokyo-
Mitsubishi Ltd.
8.400%, 04/15/10........ 76,170
300,000 Bank One Corp.
7.875%, 08/01/10........ 325,413
25,000 Banque Centrale de
Tunisie
7.375%, 04/25/12........ 27,075
BB&T Corp.
50,000 4.750%, 10/01/12........ 48,436
100,000 5.250%, 11/01/19........ 96,564
China Development
Bank
25,000 4.750%, 10/08/14........ 23,997
100,000 5.000%, 10/15/15........ 97,306
350,000 Citigroup, Inc.
6.500%, 01/18/11........ 366,204
50,000 Corporacion Andina de
Fomento
6.875%, 03/15/12........ 53,171
The accompanying notes are an integral part of the financial statements.
99
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
----------------------------------------------------------
$ 50,000 Deutsche Bank
Financial, Inc.
7.500%, 04/25/09............ $ 52,290
100,000 Development Bank of
Japan
4.250%, 06/09/15............ 93,854
European Investment
Bank
300,000 3.500%, 03/14/08............ 294,164
100,000 4.000%, 03/03/10............ 97,351
200,000 4.625%, 10/20/15............ 194,592
150,000 4.875%, 02/15/36............ 141,541
Export-Import Bank of
Korea
50,000 4.625%, 03/16/10............ 49,010
50,000 5.125%, 03/16/15............ 48,907
Fifth Third Bancorp
100,000 4.200%, 02/23/10............ 97,068
25,000 4.500%, 06/01/18............ 22,570
200,000 First Union Institutional
Capital I
8.040%, 12/01/26............ 208,553
Glitnir Banki HF
460,000 6.330%, 07/28/11(a)......... 472,333
650,000 6.693%, 06/15/16(a)(b)...... 671,042
250,000 HSBC Bank PLC
6.950%, 03/15/11............ 264,729
HSBC Bank USA NA
275,000 3.875%, 09/15/09............ 266,636
200,000 5.875%, 11/01/34............ 200,117
200,000 HSBC Capital Funding
LP
4.610%, 12/29/49(a)(b)...... 186,264
50,000 HSBC Holdings PLC
5.250%, 12/12/12............ 49,816
25,000 Huntington National
Bank
4.375%, 01/15/10............ 24,248
[Download Table]
Principal
Amount Value
----------------------------------------------------------
Inter-American
Development Bank
$ 150,000 4.250%, 09/14/15......... $ 142,641
50,000 4.375%, 09/20/12......... 48,872
100,000 4.500%, 09/15/14......... 97,471
600,000 7.375%, 01/15/10......... 640,584
50,000 International Bank for
Reconstruction &
Development
4.750%, 02/15/35......... 46,762
100,000 Japan Bank for
International
Cooperation
4.750%, 05/25/11......... 98,715
50,000 KeyBank National
Association
5.800%, 07/01/14......... 50,729
200,000 Keycorp Capital VII
5.700%, 06/15/35......... 186,829
KFW - Bankengruppe
300,000 3.500%, 03/14/08......... 293,314
50,000 3.750%, 01/24/08......... 49,144
50,000 3.875%, 06/30/09......... 48,642
Korea Development
Bank
100,000 4.750%, 07/20/09......... 98,720
75,000 5.500%, 11/13/12......... 75,689
50,000 5.750%, 09/10/13......... 51,180
200,000 Kreditanstalt fuer
Wiederaufbau
2.673%, 04/18/36(c)...... 43,656
300,000 Landesbank Baden-
Wuerttemberg/New York
6.350%, 04/01/12......... 313,992
1,040,000 Landsbanki Islands HF
6.100%, 08/25/11(a)...... 1,057,337
Landwirtschaftliche
Rentenbank
150,000 3.625%, 10/20/09......... 144,487
250,000 4.125%, 07/15/08......... 246,080
The accompanying notes are an integral part of the financial statements.
100
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 100,000 4.875%, 11/16/15.......... $ 98,001
100,000 5.000%, 11/08/16.......... 99,166
1,250,000 Lloyds TSB Group PLC
ADR
6.267%, 12/31/49(a)(b).... 1,249,951
Marshall & Ilsley Bank
50,000 4.375%, 08/01/09.......... 48,902
150,000 5.000%, 01/17/17.......... 143,876
25,000 5.250%, 09/04/12.......... 25,072
100,000 Marshall & Ilsley Corp.
5.350%, 04/01/11.......... 100,066
200,000 Mellon Bank NA
4.750%, 12/15/14.......... 191,424
1,540,000 Mizuho Financial Group
Cayman Ltd.
5.790%, 04/15/14(a)....... 1,549,031
50,000 National City Bank
4.250%, 07/01/18.......... 44,510
Nordic Investment Bank
100,000 3.875%, 06/15/10.......... 96,773
200,000 4.875%, 03/15/11.......... 198,661
50,000 Oesterreichische
Kontrollbank AG
4.500%, 03/09/15.......... 48,244
830,000 Oversea-Chinese
Banking Corp.
7.750%, 09/06/11(a)....... 914,350
25,000 PNC Bank NA
5.250%, 01/15/17.......... 24,467
25,000 Popular North America
Capital Trust I
6.564%, 09/15/34.......... 24,930
Popular North America,
Inc.
100,000 3.875%, 10/01/08.......... 97,413
25,000 4.700%, 06/30/09.......... 24,473
Rabobank Capital
Funding Trust
280,000 5.254%, 12/29/49(a)(b).... 269,963
40,000 5.260%, 12/31/49(a)(b)#... 39,118
[Download Table]
Principal
Amount Value
--------------------------------------------------------
RBS Capital Trust I
$ 25,000 5.512%, 09/29/49.......... $ 24,710
100,000 6.425%, 12/29/49.......... 103,129
30,000 Regions Financial Corp.
6.375%, 05/15/12.......... 31,358
30,000 Royal Bank of Canada
3.875%, 05/04/09.......... 29,153
Royal Bank of Scotland
Group PLC
10,000 4.700%, 07/03/18.......... 9,276
100,000 5.000%, 11/12/13 -
10/01/14.................. 97,180
750,000 RSHB Capital SA for
Russian Agricultural
Bank
7.175%, 05/16/13.......... 788,467
100,000 Santander Central
Hispano Issuances
7.625%, 09/14/10.......... 108,037
600,000 Shinsei Finance Cayman
Ltd.
6.418%, 01/29/49(a)(b).... 599,308
25,000 SouthTrust Corp.
5.800%, 06/15/14.......... 25,379
50,000 Sumitomo Mitsui
Banking Corp.
8.000%, 06/15/12.......... 55,790
SunTrust Banks, Inc.
25,000 4.000%, 10/15/08.......... 24,431
50,000 5.450%, 12/01/17.......... 49,629
820,000 SunTrust Capital VIII
6.100%, 12/01/66(b)....... 797,637
400,000 Swiss Bank Corp. NY
7.500%, 07/15/25.......... 475,296
125,000 UFJ Bank Ltd.
7.400%, 06/15/11.......... 135,045
25,000 Union Planters Corp.
4.375%, 12/01/10.......... 24,304
25,000 UnionBancal Corp.
5.250%, 12/16/13.......... 24,537
The accompanying notes are an integral part of the financial statements.
101
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
-------------------------------------------------------
US Bancorp
$ 710,000 3.125%, 03/15/08......... $ 691,770
50,000 5.300%, 04/28/09......... 50,123
US Bank National
Association
10,000 3.750%, 02/06/09......... 9,717
100,000 4.950%, 10/30/14......... 97,379
50,000 6.300%, 02/04/14......... 52,725
775,000 VTB Capital SA
6.250%, 06/30/35(a)...... 790,500
Wachovia Bank National
Association
50,000 5.000%, 08/15/15......... 48,433
50,000 5.600%, 03/15/16......... 50,489
410,000 Wachovia Capital
Trust III
5.800%, 08/29/49......... 413,385
Wachovia Corp.
350,000 3.500%, 08/15/08......... 340,286
40,000 3.625%, 02/17/09......... 38,730
30,000 4.875%, 02/15/14......... 28,917
50,000 5.250%, 08/01/14......... 49,391
50,000 5.350%, 03/15/11......... 50,141
50,000 7.500%, 04/15/35......... 59,562
Wells Fargo & Co.
200,000 4.125%, 03/10/08......... 197,387
250,000 4.200%, 01/15/10......... 243,549
15,000 4.625%, 04/15/14......... 14,208
250,000 4.875%, 01/12/11......... 247,517
100,000 5.125%, 09/15/16......... 97,716
100,000 6.450%, 02/01/11......... 104,432
200,000 Wells Fargo Capital X
5.950%, 12/15/36......... 196,018
200,000 Yell Finance BV
4.125%, 10/15/14......... 189,516
[Download Table]
Principal
Amount Value
----------------------------------------------------
Zions Bancorp.
$ 25,000 5.650%, 05/15/14...... $ 24,948
25,000 6.000%, 09/15/15...... 25,458
-------------
24,385,804
-------------
BIOTECHNOLOGY -- 0.0%
100,000 Amgen, Inc.
4.850%, 11/18/14...... 96,823
Genentech, Inc.
50,000 4.400%, 07/15/10...... 48,881
100,000 4.750%, 07/15/15...... 95,733
-------------
241,437
-------------
BUILDING & CONSTRUCTION -- 0.3%
100,000 Centex Corp.
5.125%, 10/01/13...... 95,650
200,000 CRH America, Inc.
5.300%, 10/15/13...... 194,703
D.R. Horton, Inc.
100,000 5.375%, 06/15/12...... 96,720
100,000 6.000%, 04/15/11...... 100,438
1,200,000 6.875%, 05/01/13...... 1,239,385
Lafarge SA
25,000 6.150%, 07/15/11...... 25,589
50,000 6.500%, 07/15/16...... 52,206
Lennar Corp.
25,000 5.500%, 09/01/14...... 24,006
25,000 5.950%, 10/17/11...... 25,148
25,000 6.500%, 04/15/16...... 25,365
Masco Corp.
100,000 4.800%, 06/15/15...... 91,318
50,000 5.875%, 07/15/12...... 50,055
50,000 MDC Holdings, Inc.
5.375%, 12/15/14...... 46,521
Owens Corning, Inc.
25,000 6.500%, 12/01/16(a)... 25,396
25,000 7.000%, 12/01/36(a)... 25,245
The accompanying notes are an integral part of the financial statements.
102
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
--------------------------------------------------------
Pulte Homes, Inc.
$ 30,000 4.875%, 07/15/09.......... $ 29,541
50,000 5.200%, 02/15/15.......... 47,638
25,000 6.375%, 05/15/33.......... 23,342
910,000 7.875%, 08/01/11 -
06/15/32.................. 985,386
-------------
3,203,652
-------------
BUSINESS SERVICES & SUPPLIES -- 0.0%
Pitney Bowes, Inc.
50,000 4.625%, 10/01/12.......... 48,165
25,000 4.750%, 05/15/18.......... 23,309
25,000 4.875%, 08/15/14.......... 24,103
-------------
95,577
-------------
CHEMICALS -- 0.3%
920,000 Agrium, Inc.
7.125%, 05/23/36.......... 969,233
840,000 Cytec Industries, Inc.
5.500%, 10/01/10.......... 834,886
200,000 Dow Chemical Co.
6.125%, 02/01/11.......... 205,598
E.I. Du Pont de Nemours
& Co.
250,000 4.125%, 04/30/10.......... 242,572
30,000 4.875%, 04/30/14.......... 29,032
50,000 5.600%, 12/15/36.......... 47,969
125,000 FMC Corp.
7.750%, 07/01/11.......... 133,249
50,000 Lubrizol Corp.
5.500%, 10/01/14.......... 48,743
200,000 Potash Corp. of
Saskatchewan, Inc.
7.750%, 05/31/11.......... 217,907
75,000 Rohm and Haas Co.
7.850%, 07/15/29.......... 90,538
-------------
2,819,727
-------------
[Download Table]
Principal
Amount Value
--------------------------------------------------------
COMMERCIAL SERVICES -- 0.0%
$ 150,000 RR Donnelley & Sons Co.
5.500%, 05/15/15.......... $ 141,719
-------------
COMPUTERS & INFORMATION -- 0.3%
Electronic Data Systems
Corp.
75,000 6.500%, 08/01/13.......... 75,505
1,695,000 7.125%, 10/15/09.......... 1,767,042
650,000 7.450%, 10/15/29#......... 711,290
International Business
Machines Corp.
30,000 4.375%, 06/01/09.......... 29,484
100,000 6.220%, 08/01/27.......... 105,126
200,000 7.500%, 06/15/13.......... 223,073
-------------
2,911,520
-------------
CONTAINERS & PACKAGING -- 0.1%
Pactiv Corp.
25,000 7.950%, 12/15/25.......... 27,852
200,000 8.375%, 04/15/27.......... 227,745
600,000 Sealed Air Corp.
5.375%, 04/15/08(a)....... 597,115
-------------
852,712
-------------
COSMETICS & PERSONAL CARE -- 0.1%
Avon Products, Inc.
20,000 4.200%, 07/15/18.......... 17,474
150,000 5.125%, 01/15/11.......... 148,574
Gillette Co.
50,000 2.500%, 06/01/08.......... 48,074
10,000 3.800%, 09/15/09.......... 9,677
Procter & Gamble Co.
30,000 4.950%, 08/15/14.......... 29,299
25,000 5.800%, 08/15/34.......... 25,768
200,000 6.875%, 09/15/09.......... 208,658
-------------
487,524
-------------
The accompanying notes are an integral part of the financial statements.
103
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
--------------------------------------------------------
DIVERSIFIED FINANCIAL
SERVICES -- 6.0%
AIFUL Corp.
$ 800,000 4.450%, 02/16/10(a)....... $ 767,305
400,000 5.000%, 08/10/10(a)....... 388,159
38,000 Alamosa Delaware, Inc.
11.000%, 07/31/10......... 41,062
50,000 Allied Capital Corp.
6.625%, 07/15/11.......... 50,844
30,000 Allstate Life Global
Funding Trust I
4.500%, 05/29/09.......... 29,556
American Express Co.
50,000 4.750%, 06/17/09.......... 49,604
150,000 6.800%, 09/01/66(b)....... 159,951
American Express
Credit Corp.
100,000 3.000%, 05/16/08.......... 97,057
100,000 5.000%, 12/02/10.......... 99,333
American General
Finance Corp.
125,000 2.750%, 06/15/08.......... 120,657
100,000 3.875%, 10/01/09.......... 96,237
1,340,000 5.400%, 12/01/15.......... 1,326,522
100,000 Banque Paribas-NY
6.875%, 03/01/09.......... 103,418
Bear Stearns Cos., Inc.
25,000 2.875%, 07/02/08.......... 24,153
75,000 4.500%, 10/28/10.......... 73,115
10,000 4.650%, 07/02/18.......... 9,186
50,000 5.700%, 11/15/14.......... 50,756
Boeing Capital Corp.
200,000 4.750%, 08/25/08.......... 198,479
65,000 5.800%, 01/15/13#......... 66,726
70,000 6.500%, 02/15/12#......... 73,807
Bunge Ltd. Finance
Corp.
100,000 5.100%, 07/15/15.......... 93,127
15,000 5.875%, 05/15/13.......... 14,900
[Download Table]
Principal
Amount Value
------------------------------------------------------
Canada Mortgage &
Housing Corp.
$ 75,000 3.875%, 04/01/10........ $ 72,558
50,000 5.000%, 09/01/11........ 49,947
Capital One Bank
50,000 4.875%, 05/15/08........ 49,692
25,000 5.000%, 06/15/09........ 24,858
10,000 5.125%, 02/15/14........ 9,835
25,000 6.500%, 06/13/13........ 26,353
Capital One Financial
Corp.
50,000 5.250%, 02/21/17........ 48,650
60,000 5.700%, 09/15/11........ 60,889
25,000 6.250%, 11/15/13........ 26,121
Caterpillar Financial
Services Corp.
100,000 2.700%, 07/15/08........ 96,262
10,000 3.700%, 08/15/08........ 9,752
100,000 4.300%, 06/01/10........ 97,150
CIT Group, Inc.
50,000 3.875%, 11/03/08........ 48,796
20,000 4.125%, 11/03/09........ 19,396
100,000 4.250%, 02/01/10........ 96,852
100,000 4.750%, 08/15/08........ 99,151
75,000 5.125%, 09/30/14........ 72,848
100,000 6.000%, 04/01/36........ 98,598
50,000 7.750%, 04/02/12........ 55,125
Citigroup, Inc.
2,000,000 5.000%, 09/15/14........ 1,952,794
150,000 5.125%, 02/14/11........ 149,575
500,000 5.850%, 08/02/16........ 517,031
50,000 Countrywide Financial
Corp.
6.250%, 05/15/16........ 50,962
100,000 Countrywide Home
Loans, Inc.
4.125%, 09/15/09........ 97,119
The accompanying notes are an integral part of the financial statements.
104
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
---------------------------------------------------------
Credit Suisse First
Boston USA, Inc.
$ 100,000 4.700%, 06/01/09........... $ 99,000
200,000 4.875%, 08/15/10 -
01/15/15................... 195,885
1,700,000 5.125%, 08/15/15........... 1,673,325
150,000 6.125%, 11/15/11........... 155,318
100,000 7.125%, 07/15/32........... 117,753
150,000 Credit Suisse USA, Inc.
5.250%, 03/02/11........... 150,084
Eksportfinans A/S
30,000 4.375%, 07/15/09........... 29,468
150,000 4.750%, 12/15/08........... 149,224
690,000 5.500%, 05/25/16........... 710,452
1,560,000 Farmers Exchange
Capital
7.050%, 07/15/28(a)........ 1,627,913
Financing Corp. FICO
800,000 4.321%, 11/30/17(c)........ 460,470
400,000 8.600%, 09/26/19........... 527,348
140,000 9.650%, 11/02/18........... 195,562
630,000 Ford Motor Bank Term
Loan B
8.360%, 12/15/13........... 630,787
Ford Motor Credit Co.
1,260,000 6.625%, 06/16/08........... 1,259,141
1,030,000 7.250%, 10/25/11........... 1,008,650
5,300,000 7.375%, 10/28/09 -
02/01/11................... 5,293,496
755,000 7.875%, 06/15/10........... 761,271
20,000 Franklin Resources, Inc.
3.700%, 04/15/08........... 19,588
15,000 Fund American
Cos., Inc.
5.875%, 05/15/13........... 14,910
General Electric
Capital Corp.
50,000 3.125%, 04/01/09........... 47,891
50,000 3.500%, 05/01/08........... 48,892
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 300,000 4.250%, 01/15/08 -
06/15/12.................. $ 293,410
650,000 4.375%, 11/21/11 -
03/03/12.................. 624,188
250,000 5.000%, 11/15/11.......... 248,167
325,000 5.450%, 01/15/13#......... 328,109
150,000 6.750%, 03/15/32.......... 171,792
500,000 7.375%, 01/19/10.......... 529,977
General Motors
Acceptance Corp.
1,005,000 5.625%, 05/15/09.......... 997,066
730,000 6.125%, 08/28/07.......... 730,143
905,000 6.875%, 09/15/11.......... 928,257
450,000 7.750%, 01/19/10.......... 470,999
50,000 Genworth Global
Funding
5.750%, 05/15/13.......... 51,043
80,000 Goldman Sachs Capital I
6.345%, 02/15/34.......... 80,980
Goldman Sachs Group,
Inc.
100,000 4.125%, 01/15/08.......... 98,857
50,000 4.750%, 07/15/13.......... 48,265
100,000 5.000%, 10/01/14.......... 97,213
250,000 5.150%, 01/15/14.......... 246,276
250,000 5.250%, 04/01/13.......... 248,368
50,000 5.950%, 01/15/27.......... 49,406
150,000 6.125%, 02/15/33.......... 152,844
1,190,000 6.450%, 05/01/36.......... 1,238,091
400,000 6.875%, 01/15/11.......... 423,428
Household Finance Corp.
430,000 6.375%, 11/27/12.......... 452,781
30,000 6.400%, 06/17/08.......... 30,460
20,000 7.000%, 05/15/12.......... 21,564
100,000 HSBC Finance Capital
Trust IX
5.911%, 11/30/35.......... 100,495
The accompanying notes are an integral part of the financial statements.
105
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
--------------------------------------------------------
HSBC Finance Corp.
$ 300,000 4.125%, 03/11/08.......... $ 296,006
2,000,000 6.750%, 05/15/11.......... 2,116,680
200,000 ILFC E-Capital Trust II
6.250%, 12/21/65(a)(b).... 203,171
50,000 International Finance
Corp.
5.125%, 05/02/11.......... 50,250
International Lease
Finance Corp.
50,000 3.750%, 06/30/09.......... 48,747
100,000 4.750%, 01/13/12.......... 97,231
50,000 5.400%, 02/15/12.......... 50,046
100,000 5.450%, 03/24/11.......... 100,336
1,150,000 5.875%, 05/01/13.......... 1,174,240
250,000 6.375%, 03/15/09.......... 255,384
100,000 Japan Finance Corp. for
Municipal Enterprises
4.625%, 04/21/15.......... 96,688
Jefferies Group, Inc.
25,000 5.500%, 03/15/16.......... 24,344
100,000 6.250%, 01/15/36.......... 97,005
John Deere Capital
Corp.
20,000 3.900%, 01/15/08.......... 19,721
470,000 5.100%, 01/15/13.......... 461,789
100,000 5.400%, 04/07/10.......... 100,179
100,000 7.000%, 03/15/12.......... 107,014
JP Morgan Chase & Co.
20,000 3.625%, 05/01/08.......... 19,537
250,000 3.750%, 04/15/27(c)....... 53,994
250,000 3.764%, 07/01/27(c)....... 51,151
20,000 3.800%, 10/02/09.......... 19,301
100,000 4.000%, 02/01/08.......... 98,673
100,000 4.750%, 03/01/15.......... 96,068
290,000 5.125%, 09/15/14.......... 285,162
1,190,000 5.150%, 10/01/15.......... 1,167,761
30,000 5.250%, 05/01/15.......... 29,502
300,000 6.000%, 01/15/09.......... 304,266
[Download Table]
Principal
Amount Value
----------------------------------------------------------
$ 1,885,000 6.625%, 03/15/12............ $ 1,988,281
300,000 6.750%, 02/01/11............ 315,393
100,000 JP Morgan Chase
Capital XVII
5.850%, 08/01/35............ 97,357
130,000 Kaupthing Bank HF
5.750%, 10/04/11(a)#........ 129,859
Lehman Brothers
Holdings, Inc.
150,000 3.500%, 08/07/08............ 145,816
600,000 4.000%, 01/22/08............ 591,734
100,000 5.500%, 04/04/16............ 99,986
50,000 5.750%, 05/17/13............ 50,789
300,000 7.000%, 02/01/08............ 305,071
1,468,668 Lilacs Repackaging Co.
5.138%, 04/15/15(a)......... 1,424,843
MBNA America Bank
30,000 4.625%, 08/03/09............ 29,590
30,000 7.125%, 11/15/12............ 32,685
MBNA Corp.
100,000 6.125%, 03/01/13............ 103,835
15,000 7.500%, 03/15/12............ 16,431
Merrill Lynch & Co., Inc.
190,000 3.125%, 07/15/08#........... 184,040
295,000 3.375%, 09/14/07............ 291,113
300,000 3.700%, 04/21/08............ 293,534
100,000 4.125%, 09/10/09............ 97,343
100,000 4.831%, 10/27/08............ 99,361
50,000 5.000%, 02/03/14............ 48,932
100,000 6.000%, 02/17/09............ 101,629
100,000 6.220%, 09/15/26............ 103,047
160,000 6.375%, 10/15/08............ 162,858
300,000 6.875%, 11/15/18............ 333,246
Morgan Stanley
350,000 4.000%, 01/15/10............ 338,662
2,985,000 4.750%, 04/01/14............ 2,854,039
250,000 5.050%, 01/21/11............ 248,375
The accompanying notes are an integral part of the financial statements.
106
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
---------------------------------------------------------
$ 400,000 5.300%, 03/01/13........... $ 398,803
220,000 5.824%, 10/18/16(b)........ 221,142
25,000 6.600%, 04/01/12........... 26,402
25,000 7.250%, 04/01/32........... 29,362
310,000 MUFG Capital Finance 1
Ltd.
6.346%, 07/29/49........... 314,615
National Rural Utilities
Cooperative Finance
10,000 4.375%, 10/01/10........... 9,704
10,000 4.750%, 03/01/14........... 9,648
30,000 7.250%, 03/01/12........... 32,600
70,000 8.000%, 03/01/32........... 89,631
50,000 ORIX Corp.
5.480%, 11/22/11........... 49,904
Residential Capital
Corp.
100,000 6.000%, 02/22/11........... 99,811
680,000 6.125%, 11/21/08........... 683,369
100,000 6.375%, 06/30/10........... 101,164
100,000 6.875%, 06/30/15........... 103,669
465,000 Resona Preferred Global
Services
7.191%, 12/29/49(a)(b)..... 485,196
25,000 Rio Tinto Finance USA
Ltd. 2.625%, 09/30/08...... 23,913
1,100,000 SB Treasury Co. LLC
9.400%, 12/29/49(a)(b)..... 1,157,773
SLM Corp.
850,000 2.430%, 04/01/09(b)........ 826,463
150,000 4.500%, 07/26/10........... 146,004
200,000 5.375%, 05/15/14........... 198,413
100,000 5.450%, 04/25/11........... 100,389
Swedish Export Credit
Corp.
100,000 3.500%, 01/15/08........... 98,503
100,000 4.125%, 10/15/08........... 98,538
80,000 Textron Financial Corp.
6.000%, 11/20/09........... 81,703
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 470,000 TNK-BP Finance SA
7.500%, 07/18/16(a)....... $ 499,962
Toyota Motor Credit
Corp.
50,000 5.450%, 05/18/11.......... 50,688
25,000 5.500%, 12/15/08.......... 25,073
1,600,000 UFJ Finance Aruba AEC
6.750%, 07/15/13.......... 1,707,470
50,000 Unilever Capital Corp.
5.900%, 11/15/32.......... 50,427
Western Union Co.
75,000 5.930%, 10/01/16(a)....... 74,282
50,000 6.200%, 11/17/36(a)....... 46,968
-------------
57,356,559
-------------
EDUCATION -- 0.0%
50,000 President & Fellows of
Harvard
6.300%, 10/01/37.......... 53,487
-------------
ELECTRICAL EQUIPMENT -- 0.0%
125,000 Emerson Electric Co.
4.500%, 05/01/13.......... 119,698
-------------
ELECTRONICS -- 0.1%
1,040,000 Avnet, Inc.
6.625%, 09/15/16.......... 1,069,433
-------------
ENVIRONMENTAL SERVICES -- 0.2%
25,000 Republic Services, Inc.
6.750%, 08/15/11.......... 26,205
Waste Management, Inc.
10,000 5.000%, 03/15/14.......... 9,612
370,000 6.500%, 11/15/08.......... 376,953
1,480,000 7.000%, 07/15/28.......... 1,588,385
100,000 7.375%, 08/01/10.......... 106,371
105,000 7.750%, 05/15/32.......... 123,843
-------------
2,231,369
-------------
FOOD, BEVERAGE & TOBACCO -- 1.1%
Altria Group, Inc.
25,000 5.625%, 11/04/08.......... 25,084
1,440,000 7.000%, 11/04/13.......... 1,564,583
The accompanying notes are an integral part of the financial statements.
107
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
----------------------------------------------------------
Anheuser-Busch Cos.,
$ 100,000 Inc. 6.500%, 02/01/43.... $ 104,298
100,000 9.000%, 12/01/09......... 109,781
150,000 Archer-Daniels-Midland
7.500%, 03/15/27......... 179,487
100,000 Bottling Group LLC
4.625%, 11/15/12......... 96,569
120,000 Brown-Forman Corp.
3.000%, 03/15/08......... 116,317
75,000 Campbell Soup Co.
5.000%, 12/03/12......... 73,378
25,000 Coca Cola HBC Finance
BV 5.500%, 09/17/15...... 24,895
Coca-Cola Enterprises,
Inc.
25,000 4.250%, 09/15/10......... 24,193
300,000 8.500%, 02/01/22......... 380,571
275,000 ConAgra Foods, Inc.
6.750%, 09/15/11......... 289,611
30,000 Coors Brewing Co.
6.375%, 05/15/12......... 31,044
Diageo Capital PLC
50,000 3.375%, 03/20/08......... 48,833
50,000 4.375%, 05/03/10......... 48,634
Diageo Finance BV
15,000 3.875%, 04/01/11......... 14,201
150,000 5.300%, 10/28/15......... 146,959
50,000 General Mills, Inc.
6.000%, 02/15/12......... 51,215
50,000 Hershey Co.
5.450%, 09/01/16......... 50,145
400,000 Kellogg Co.
6.600%, 04/01/11......... 419,480
Kraft Foods, Inc.
25,000 4.000%, 10/01/08......... 24,451
25,000 5.250%, 10/01/13......... 24,684
150,000 5.625%, 11/01/11......... 151,594
1,460,000 6.250%, 06/01/12......... 1,516,650
[Download Table]
Principal
Amount Value
--------------------------------------------------------
Kroger Co.
$ 200,000 6.750%, 04/15/12.......... $ 209,863
100,000 6.800%, 12/15/18.......... 104,920
50,000 PepsiAmericas, Inc.
4.875%, 01/15/15.......... 47,869
Reynolds American, Inc.
770,000 7.250%, 06/01/13.......... 800,412
1,170,000 7.875%, 05/15/09.......... 1,218,698
1,330,000 SABMiller PLC
6.500%, 07/01/16(a)....... 1,387,358
Safeway, Inc.
50,000 4.950%, 08/16/10.......... 49,056
50,000 7.250%, 02/01/31.......... 54,272
Sara Lee Corp.
25,000 6.125%, 11/01/32.......... 22,621
50,000 6.250%, 09/15/11.......... 50,923
930,000 Tyson Foods, Inc.
6.850%, 04/01/16.......... 954,945
50,000 WM Wrigley, Jr. Co.
4.650%, 07/15/15.......... 47,528
-------------
10,465,122
-------------
FOREST PRODUCTS & PAPER -- 0.2%
100,000 Celulosa Arauco y
Constitucion SA
5.625%, 04/20/15.......... 98,284
International Paper Co.
125,000 4.250%, 01/15/09.......... 122,326
100,000 5.250%, 04/01/16.......... 95,137
25,000 5.850%, 10/30/12.......... 25,512
50,000 MeadWestvaco Corp.
6.850%, 04/01/12.......... 52,396
20,000 Stora Enso Oyj
7.375%, 05/15/11.......... 21,328
Temple-Inland, Inc.
600,000 6.625%, 01/15/18.......... 622,172
25,000 7.875%, 05/01/12.......... 27,170
The accompanying notes are an integral part of the financial statements.
108
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
--------------------------------------------------------
Weyerhaeuser Co.
$ 129,000 5.950%, 11/01/08.......... $ 130,031
50,000 6.750%, 03/15/12.......... 52,438
230,000 7.375%, 03/15/32.......... 240,080
-------------
1,486,874
-------------
HEALTH CARE -- 0.2%
25,000 Anthem, Inc.
6.800%, 08/01/12.......... 26,517
100,000 Baxter FinCo BV
4.750%, 10/15/10.......... 98,098
Boston Scientific Corp.
25,000 4.250%, 01/12/11.......... 23,713
25,000 5.125%, 01/12/17.......... 22,893
25,000 5.450%, 06/15/14.......... 24,003
1,000,000 HCA, Inc.
5.750%, 03/15/14.......... 830,000
25,000 Hillenbrand
Industries, Inc.
4.500%, 06/15/09.......... 24,493
100,000 Johnson & Johnson
4.950%, 05/15/33.......... 94,107
100,000 Quest Diagnostics, Inc.
5.450%, 11/01/15.......... 96,530
340,000 Tenet Healthcare Corp.
7.375%, 02/01/13#......... 312,375
UnitedHealth Group,
Inc.
10,000 3.750%, 02/10/09.......... 9,688
50,000 4.125%, 08/15/09.......... 48,534
10,000 4.750%, 02/10/14.......... 9,597
30,000 4.875%, 04/01/13.......... 29,010
50,000 5.000%, 08/15/14.......... 48,470
150,000 5.250%, 03/15/11.......... 149,486
100,000 5.800%, 03/15/36.......... 98,332
175,000 WellPoint, Inc.
5.000%, 01/15/11 -
12/15/14.................. 171,391
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 100,000 5.850%, 01/15/36.......... $ 97,145
50,000 5.950%, 12/15/34.......... 49,195
-------------
2,263,577
-------------
HOLDING COMPANIES-DIVERSIFIED -- 0.1%
25,000 Canadian Pacific Ltd.
9.450%, 08/01/21.......... 33,997
50,000 EnCana Holdings
Finance Corp.
5.800%, 05/01/14.......... 50,297
760,000 Hutchison Whampoa
International
5.450%, 11/24/10(a)....... 762,218
-------------
846,512
-------------
HOTELS & RESTAURANTS -- 0.1%
935,000 Harrah's Operating
Co., Inc.
6.500%, 06/01/16.......... 837,152
460,000 Wyndham Worldwide
Corp.
6.000%, 12/01/16(a)....... 451,908
-------------
1,289,060
-------------
HOUSEHOLD PRODUCTS -- 0.0%
45,000 Clorox Co.
5.000%, 01/15/15.......... 43,582
Fortune Brands, Inc.
25,000 4.875%, 12/01/13.......... 23,537
100,000 5.125%, 01/15/11.......... 98,129
45,000 Kimberly-Clark Corp.
5.625%, 02/15/12.......... 45,751
25,000 Newell Rubbermaid, Inc.
6.750%, 03/15/12.......... 26,260
-------------
237,259
-------------
INDUSTRIAL MACHINERY -- 0.0%
15,000 Black & Decker Corp.
4.750%, 11/01/14.......... 13,923
150,000 Caterpillar, Inc.
6.950%, 05/01/42.......... 174,509
The accompanying notes are an integral part of the financial statements.
109
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
-------------------------------------------------------
$ 30,000 Deere & Co.
6.950%, 04/25/14.......... $ 32,636
-------------
221,068
-------------
INSURANCE -- 1.7%
1,180,000 Ace Capital Trust II
9.700%, 04/01/30.......... 1,617,668
Ace INA Holdings, Inc.
25,000 5.875%, 06/15/14.......... 25,480
50,000 6.700%, 05/15/36.......... 53,783
100,000 Aegon Funding Corp.
5.750%, 12/15/20.......... 101,074
50,000 Aegon NV
4.750%, 06/01/13.......... 48,205
910,000 Allied World Assurance
Holdings Ltd.
7.500%, 08/01/16.......... 976,637
Allstate Corp.
50,000 5.000%, 08/15/14.......... 48,793
75,000 5.350%, 06/01/33.......... 70,381
35,000 American International
Group, Inc.
6.250%, 05/01/36.......... 37,187
50,000 American Re Corp.
7.450%, 12/15/26.......... 57,002
20,000 Arch Capital Group Ltd.
7.350%, 05/01/34.......... 22,061
70,000 ASIF Global Financing
4.900%, 01/17/13(a)....... 68,264
1,300,000 Axa 8.600%, 12/15/30...... 1,685,528
Berkshire Hathaway
Finance Corp.
50,000 3.375%, 10/15/08.......... 48,459
100,000 4.125%, 01/15/10.......... 97,188
75,000 5.100%, 07/15/14.......... 74,090
50,000 Cigna Corp.
6.150%, 11/15/36.......... 49,396
30,000 Cincinnati Financial
Corp.
6.125%, 11/01/34.......... 30,549
[Download Table]
Principal
Amount Value
-----------------------------------------------------------
$ 50,000 Commerce Group, Inc.
5.950%, 12/09/13........... $ 49,721
25,000 Endurance Specialty
Holdings Ltd.
7.000%, 07/15/34........... 25,695
285,000 Everest Reinsurance
Holdings, Inc.
5.400%, 10/15/14........... 279,109
Genworth Financial, Inc.
20,000 5.750%, 06/15/14........... 20,379
980,000 6.150%, 11/15/66(b)........ 978,619
10,000 6.500%, 06/15/34........... 10,861
15,000 Hartford Financial
Services Group, Inc.
4.625%, 07/15/13........... 14,315
100,000 ING Groep NV
5.775%, 12/29/49........... 98,953
410,000 Liberty Mutual
Group, Inc.
7.500%, 08/15/36(a)........ 448,570
790,000 Liberty Mutual
Insurance Co. 7.697%,
10/15/97(a)................ 808,434
Lincoln National Corp.
50,000 6.150%, 04/07/36........... 51,655
930,000 7.000%, 05/17/66#.......... 985,694
25,000 Loews Corp.
5.250%, 03/15/16........... 24,358
Marsh & McLennan
Cos., Inc.
100,000 3.625%, 02/15/08........... 97,839
100,000 5.150%, 09/15/10........... 98,246
50,000 5.375%, 07/15/14........... 48,112
25,000 MBIA, Inc.
5.700%, 12/01/34........... 23,796
100,000 Mony Group, Inc.
8.350%, 03/15/10........... 108,353
Principal Life Income
Funding Trust
15,000 3.200%, 04/01/09........... 14,349
100,000 5.125%, 03/01/11........... 99,530
The accompanying notes are an integral part of the financial statements.
110
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
----------------------------------------------------------
$ 25,000 Progressive Corp.
6.250%, 12/01/32............. 26,532
Protective Life Secured
Trust
15,000 4.000%, 04/01/11............. 14,277
100,000 4.850%, 08/16/10............. 98,843
Prudential Financial, Inc.
20,000 3.750%, 05/01/08............. 19,527
25,000 4.500%, 07/15/13............. 23,823
465,000 5.100%, 12/14/11 -
09/20/14..................... 455,231
50,000 5.400%, 06/13/35............. 46,702
100,000 5.500%, 03/15/16............. 99,972
10,000 5.750%, 07/15/33............. 9,853
20,000 Radian Group, Inc.
5.625%, 02/15/13............. 20,000
60,000 Safeco Corp.
4.875%, 02/01/10............. 59,348
St. Paul Travelers Cos.,
Inc.
100,000 5.500%, 12/01/15............. 99,615
1,050,000 8.125%, 04/15/10............. 1,138,899
940,000 Symetra Financial Corp.
6.125%, 04/01/16 (a)......... 950,795
100,000 Transatlantic
Holdings, Inc.
5.750%, 12/14/15............. 99,582
640,000 Unitrin, Inc.
4.875%, 11/01/10............. 623,849
1,250,000 W.R. Berkley Corp.
5.875%, 02/15/13............. 1,255,742
XL Capital Europe PLC
50,000 5.250%, 09/15/14............. 49,001
50,000 6.375%, 11/15/24............. 51,978
1,300,000 6.500%, 01/15/12............. 1,354,244
------------
15,896,146
------------
INTERNET SERVICES &
APPLICATIONS -- 0.0%
20,000 InterActiveCorp
7.000%, 01/15/13............. 20,712
------------
[Download Table]
Principal
Amount Value
---------------------------------------------------------
MANUFACTURING -- 0.5%
$ 50,000 Dover Corp.
4.875%, 10/15/15........... $ 47,943
810,000 Eastman Kodak Co.
7.250%, 11/15/13........... 805,246
Honeywell International,
Inc.
50,000 5.400%, 03/15/16........... 49,996
50,000 5.700%, 03/15/36........... 49,714
100,000 7.500%, 03/01/10........... 106,630
25,000 Textron, Inc.
4.500%, 08/01/10........... 24,346
Tyco International
Group SA
230,000 6.000%, 11/15/13........... 237,975
25,000 6.125%, 01/15/09........... 25,370
1,280,000 6.375%, 10/15/11........... 1,339,509
70,000 6.750%, 02/15/11........... 73,808
1,400,000 6.875%, 01/15/29........... 1,591,499
370,000 7.000%, 06/15/28........... 424,572
-------------
4,776,608
-------------
METALS & MINING -- 0.4%
Alcan, Inc.
40,000 4.500%, 05/15/13........... 37,654
25,000 4.875%, 09/15/12........... 24,248
50,000 5.750%, 06/01/35........... 47,008
450,000 Alcoa, Inc.
7.375%, 08/01/10........... 479,721
25,000 Barrick Gold Finance Co.
4.875%, 11/15/14........... 23,692
BHP Billiton Finance
USA Ltd.
150,000 4.800%, 04/15/13........... 145,193
100,000 5.250%, 12/15/15........... 98,409
130,000 Codelco, Inc.
4.750%, 10/15/14(a)........ 123,586
Falconbridge Ltd.
20,000 5.375%, 06/01/15........... 19,559
20,000 7.350%, 06/05/12........... 21,611
The accompanying notes are an integral part of the financial statements.
111
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
------------------------------------------------------
Inco Ltd.
$ 290,000 7.200%, 09/15/32........ $ 309,106
10,000 7.750%, 05/15/12........ 10,938
50,000 Noranda, Inc.
5.500%, 06/15/17........ 48,690
30,000 Nucor Corp.
4.875%, 10/01/12........ 29,135
Peabody Energy Corp.
255,000 5.875%, 04/15/16........ 248,625
505,000 7.375%, 11/01/16........ 537,825
50,000 Reliance Steel &
Aluminum Co.
6.200%, 11/15/16(a)..... 49,633
Vale Overseas Ltd.
100,000 6.250%, 01/11/16........ 100,972
910,000 6.875%, 11/21/36........ 933,338
15,000 WMC Financial
USA Ltd.
5.125%, 05/15/13........ 14,741
-------------
3,303,684
-------------
MULTIMEDIA -- 1.9%
1,020,000 AMFM, Inc.
8.000%, 11/01/08........ 1,060,452
AOL Time Warner, Inc.
200,000 6.750%, 04/15/11........ 209,362
555,000 7.625%, 04/15/31........ 620,024
685,000 7.700%, 05/01/32........ 772,881
1,424,000 AT&T Broadband
8.375%, 03/15/13........ 1,622,028
CBS Corp.
430,000 7.700%, 07/30/10........ 459,296
850,000 7.875%, 07/30/30........ 890,740
Clear Channel
Communications, Inc.
190,000 4.250%, 05/15/09........ 184,019
410,000 6.250%, 03/15/11........ 398,444
150,000 7.650%, 09/15/10........ 157,043
[Download Table]
Principal
Amount Value
---------------------------------------------------------
Comcast Corp.
$ 100,000 4.950%, 06/15/16........ $ 93,550
50,000 5.875%, 02/15/18........ 49,463
100,000 5.900%, 03/15/16........ 100,285
1,360,000 6.500%, 11/15/35........ 1,369,606
100,000 7.050%, 03/15/33........ 106,930
Cox Communications,
Inc.
100,000 4.625%, 01/15/10........ 97,883
220,000 7.125%, 10/01/12........ 234,535
1,700,000 7.750%, 11/01/10........ 1,828,318
Gannett Co., Inc.
200,000 4.125%, 06/15/08........ 195,997
10,000 6.375%, 04/01/12........ 10,294
Liberty Media Corp.
40,000 3.750%, 02/15/30........ 24,600
710,000 7.750%, 07/15/09........ 736,839
540,000 7.875%, 07/15/09........ 563,125
25,000 News America Holdings
8.000%, 10/17/16........ 28,713
News America, Inc.
50,000 5.300%, 12/15/14........ 49,153
120,000 6.200%, 12/15/34........ 115,826
290,000 6.400%, 12/15/35........ 288,096
320,000 6.625%, 01/09/08........ 323,483
940,000 7.280%, 06/30/28........ 1,011,629
800,000 Tele-Communications-
TCI Group
7.875%, 08/01/13........ 889,564
100,000 Thomson Corp.
5.500%, 08/15/35........ 90,980
680,000 Time Warner
Entertainment Co. LP
8.375%, 03/15/23-
07/15/33................ 798,103
Time Warner, Inc.
80,000 6.875%, 05/01/12........ 84,540
100,000 9.125%, 01/15/13........ 116,499
150,000 9.150%, 02/01/23........ 185,563
The accompanying notes are an integral part of the financial statements.
112
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 660,000 Turner Broadcasting
System, Inc.
8.375%, 07/01/13.......... $ 742,171
320,000 Univision
Communications, Inc.
3.875%, 10/15/08.......... 305,207
Viacom, Inc.
25,000 5.625%, 08/15/12.......... 24,661
320,000 5.750%, 04/30/11.......... 320,163
1,140,000 6.250%, 04/30/16.......... 1,132,103
50,000 6.875%, 04/30/36.......... 49,434
Walt Disney Co.
100,000 5.625%, 09/15/16.......... 100,696
75,000 6.375%, 03/01/12.......... 78,603
15,000 7.000%, 03/01/32.......... 17,321
-------------
18,538,222
-------------
OIL & GAS -- 2.4%
30,000 Alberta Energy Co. Ltd.
7.375%, 11/01/31.......... 33,751
Amerada Hess Corp.
50,000 6.650%, 08/15/11.......... 52,064
1,110,000 7.300%, 08/15/31.......... 1,238,810
100,000 Anadarko Finance Co.
7.500%, 05/01/31.......... 113,461
Anadarko Petroleum
Corp.
740,000 5.760%, 09/15/09(b)....... 743,018
160,000 5.950%, 09/15/16.......... 160,335
1,750,000 6.450%, 09/15/36.......... 1,768,368
25,000 Apache Corp.
6.250%, 04/15/12.......... 25,958
25,000 Apache Finance Canada
Corp.
7.750%, 12/15/29.......... 30,412
50,000 Boardwalk Pipelines LP
5.875%, 11/15/16.......... 49,500
Buckeye Partners
25,000 4.625%, 07/15/13.......... 23,304
15,000 5.300%, 10/15/14.......... 14,373
[Download Table]
Principal
Amount Value
------------------------------------------------------
$ 100,000 Burlington Resources
Finance Co.
7.400%, 12/01/31........ $ 119,888
Canadian Natural
Resources Ltd.
25,000 4.900%, 12/01/14........ 23,576
50,000 5.850%, 02/01/35........ 46,038
100,000 ChevronTexaco
Capital Co.
3.375%, 02/15/08........ 98,014
Conoco Funding Co.
190,000 6.350%, 10/15/11........ 198,635
65,000 7.250%, 10/15/31........ 76,629
1,015,000 Conoco, Inc.
6.950%, 04/15/29........ 1,152,914
810,000 ConocoPhillips
4.750%, 10/15/12........ 789,809
340,000 Devon Energy Corp.
7.950%, 04/15/32........ 413,913
25,000 Diamond Offshore
Drilling, Inc.
5.150%, 09/01/14........ 23,995
Duke Capital Corp.
1,460,000 6.250%, 02/15/13........ 1,504,298
50,000 6.750%, 02/15/32........ 53,068
50,000 Duke Energy Field
Services LLC
7.875%, 08/16/10........ 53,782
940,000 Dynegy Holdings, Inc.
8.750%, 02/15/12........ 996,400
El Paso Corp.
560,000 7.750%, 01/15/32........ 613,200
690,000 7.800%, 08/01/31#....... 753,825
220,000 El Paso Natural Gas
8.375%, 06/15/32........ 266,407
EnCana Corp.
20,000 4.600%, 08/15/09........ 19,624
50,000 4.750%, 10/15/13........ 47,469
30,000 6.500%, 08/15/34........ 30,918
The accompanying notes are an integral part of the financial statements.
113
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
-----------------------------------------------------------
Energy Transfer Partners LP
$ 265,000 6.125%, 02/15/17.............. 268,687
290,000 6.625%, 10/15/36#............. 298,604
100,000 Enterprise Products
Operating LP
6.375%, 02/01/13.............. 102,739
900,000 Gaz Capital for Gazprom
6.212%, 11/22/16(a)........... 906,300
50,000 Halliburton Co.
5.500%, 10/15/10.............. 49,911
30,000 Kerr-McGee Corp.
6.950%, 07/01/24.............. 31,950
Kinder Morgan Energy
Partners
240,000 5.000%, 12/15/13.............. 228,097
25,000 5.125%, 11/15/14.............. 23,810
75,000 5.800%, 03/15/35.............. 68,155
85,000 6.750%, 03/15/11.............. 88,441
280,000 7.125%, 03/15/12.............. 297,236
Kinder Morgan Finance
100,000 5.350%, 01/05/11.............. 97,532
100,000 6.400%, 01/05/36.............. 89,158
Kinder Morgan, Inc.
40,000 6.500%, 09/01/12.............. 40,190
20,000 7.250%, 03/01/28.............. 19,297
10,000 Marathon Oil Corp.
6.125%, 03/15/12.............. 10,298
25,000 Murphy Oil Corp.
6.375%, 05/01/12.............. 25,553
10,000 Nabors Industries, Inc.
5.375%, 08/15/12.............. 9,776
25,000 National Fuel Gas Co.
5.250%, 03/01/13.............. 24,451
1,570,000 National Gas Co. of
Trinidad & Tobago Ltd.
6.050%, 01/15/36 (a).......... 1,531,216
Nexen, Inc.
50,000 5.050%, 11/20/13.............. 48,257
50,000 5.875%, 03/10/35.............. 46,804
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 100,000 Occidental
Petroleum Corp.
6.750%, 01/15/12........... 106,093
150,000 ONEOK Partners LP
6.150%, 10/01/16........... 152,199
50,000 PC Financial Partnership
5.000%, 11/15/14........... 47,624
Pemex Project Funding
Master Trust
100,000 5.750%, 12/15/15........... 99,300
1,385,000 6.625%, 06/15/35........... 1,416,855
100,000 7.375%, 12/15/14........... 110,100
200,000 8.500%, 02/15/08........... 206,000
100,000 8.625%, 02/01/22........... 123,600
Petro-Canada
25,000 4.000%, 07/15/13........... 22,700
50,000 5.350%, 07/15/33........... 43,827
600,000 Petrobras Iinternational
Finance Co.
6.125%, 10/06/16........... 606,000
230,000 Petronas Capital Ltd.
7.875%, 05/22/22(a)........ 283,051
390,000 Petrozuata Finance, Inc.
8.220%, 04/01/17(a)........ 389,025
50,000 Plains All American
Pipeline LP
6.650%, 01/15/37(a)........ 50,764
25,000 Plains All American
Pipeline LP/PAA Finance
Corp.
5.625%, 12/15/13........... 24,599
Praxair, Inc.
25,000 3.950%, 06/01/13........... 23,101
50,000 5.375%, 11/01/16........... 49,789
40,000 6.375%, 04/01/12........... 41,824
60,000 Sonat, Inc.
7.625%, 07/15/11........... 63,600
60,000 Southern Natural Gas Co.
8.000%, 03/01/32........... 70,110
25,000 Suncor Energy, Inc.
7.150%, 02/01/32........... 28,935
The accompanying notes are an integral part of the financial statements.
114
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
-------------------------------------------------------
$ 100,000 Sunoco, Inc.
5.750%, 01/15/17......... $ 97,829
Talisman Energy, Inc.
100,000 5.850%, 02/01/37......... 91,271
50,000 6.250%, 02/01/38......... 48,241
10,000 Tennessee Gas Pipeline
Co. 8.375%, 06/15/32#.... 12,152
25,000 Texaco Capital, Inc.
9.750%, 03/15/20......... 34,705
25,000 Texas Gas Transmission
LLC
4.600%, 06/01/15......... 23,166
Trans-Canada Pipelines
Ltd.
150,000 4.875%, 01/15/15......... 143,903
20,000 5.600%, 03/31/34......... 18,893
Valero Energy Corp.
100,000 6.875%, 04/15/12......... 105,731
85,000 7.500%, 04/15/32......... 96,977
100,000 Weatherford
International, Inc.
4.950%, 10/15/13......... 95,790
100,000 Weatherford
International, Ltd.
5.500%, 02/15/16......... 97,136
Williams Cos., Inc.
1,000,000 7.750%, 06/15/31......... 1,050,000
140,000 8.750%, 03/15/32......... 158,200
XTO Energy, Inc.
25,000 5.000%, 01/31/15......... 23,740
100,000 5.650%, 04/01/16......... 98,858
715,000 7.500%, 04/15/12......... 776,816
-------------
22,774,722
-------------
PHARMACEUTICALS -- 0.2%
Abbott Laboratories
10,000 3.500%, 02/17/09......... 9,677
100,000 3.750%, 03/15/11......... 94,445
100,000 5.875%, 05/15/16......... 103,003
[Download Table]
Principal
Amount Value
------------------------------------------------------------
AmerisourceBergen
Corp.
$ 555,000 5.625%, 09/15/12........... $ 545,606
385,000 5.875%, 09/15/15........... 376,444
100,000 Bristol-Myers Squibb Co.
5.875%, 11/15/36........... 98,403
Cardinal Health, Inc.
10,000 4.000%, 06/15/15........... 8,866
100,000 5.850%, 12/15/17........... 99,438
50,000 6.750%, 02/15/11........... 52,382
20,000 GlaxoSmithKline
Capital, Inc.
5.375%, 04/15/34........... 19,373
Hospira, Inc.
10,000 4.950%, 06/15/09........... 9,803
10,000 5.900%, 06/15/14........... 9,716
Merck & Co., Inc.
50,000 4.750%, 03/01/15........... 47,626
100,000 5.750%, 11/15/36........... 98,926
25,000 Pfizer, Inc.
4.500%, 02/15/14........... 24,111
Schering-Plough Corp.
40,000 5.550%, 12/01/13........... 40,116
130,000 6.750%, 12/01/33........... 141,001
100,000 Teva Pharmaceutical
Finance LLC
5.550%, 02/01/16........... 97,782
200,000 Warner-Lambert Co.
6.000%, 01/15/08........... 200,585
Wyeth
150,000 5.500%, 03/15/13 -
02/01/14................... 150,836
100,000 6.000%, 02/15/36........... 102,361
-------------
2,330,500
-------------
REAL ESTATE -- 1.5%
470,000 AMB Property LP
5.450%, 12/01/10........... 470,478
500,000 AMB Property LP REIT
7.100%, 06/30/08........... 511,284
The accompanying notes are an integral part of the financial statements.
115
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
------------------------------------------------------------
$ 50,000 Archstone-Smith
Operating Trust REIT
3.000%, 06/15/08........... $ 48,311
50,000 AvalonBay
Communities, Inc. REIT
6.125%, 11/01/12........... 51,802
50,000 Boston Properties, Inc.
REIT
6.250%, 01/15/13........... 52,036
Brandywine Operating
Partnership LP REIT
15,000 4.500%, 11/01/09........... 14,603
15,000 5.400%, 11/01/14........... 14,727
680,000 5.750%, 04/01/12........... 684,668
100,000 6.000%, 04/01/16........... 101,742
Brookfield Asset
Management, Inc. Class A
50,000 7.125%, 06/15/12........... 53,273
100,000 7.375%, 03/01/33........... 113,472
Colonial Realty LP
100,000 5.500%, 10/01/15........... 97,518
1,090,000 6.050%, 09/01/16........... 1,103,856
Developers Diversified
Realty Corp. REIT
770,000 5.000%, 05/03/10........... 759,459
520,000 5.375%, 10/15/12........... 515,010
25,000 Duke Realty LP
5.400%, 08/15/14........... 24,628
EOP Operating LP
50,000 4.650%, 10/01/10........... 49,652
50,000 7.875%, 07/15/31........... 58,925
1,200,000 EOP Operating LP REIT
6.800%, 01/15/09........... 1,240,018
ERP Operating LP
25,000 4.750%, 06/15/09........... 24,596
50,000 5.250%, 09/15/14........... 49,440
Health Care Property
Investors, Inc. REIT
160,000 5.650%, 12/15/13........... 157,843
1,090,000 6.300%, 09/15/16........... 1,107,377
[Download Table]
Principal
Amount Value
-----------------------------------------------------------
$ 20,000 Health Care, Inc. REIT
6.000%, 11/15/13............. $ 19,958
15,000 Healthcare Realty Trust,
Inc. REIT
5.125%, 04/01/14............. 14,313
20,000 HRPT Properties Trust
REIT
6.250%, 08/15/16............. 20,615
iStar Financial, Inc. REIT
20,000 4.875%, 01/15/09............. 19,777
50,000 5.650%, 09/15/11............. 49,891
50,000 5.875%, 03/15/16............. 49,558
20,000 6.000%, 12/15/10............. 20,251
950,000 Kimco Realty Corp.
REIT
5.584%, 11/23/15............. 943,918
960,000 Liberty Property-LP
REIT
8.500%, 08/01/10............. 1,051,988
ProLogis REIT
100,000 5.250%, 11/15/10............. 99,427
30,000 5.500%, 03/01/13............. 29,905
100,000 5.625%, 11/15/15............. 99,507
50,000 Realty Income Corp. REIT
5.950%, 09/15/16............. 50,361
780,000 Reckson Operating
Partnership LP REIT
6.000%, 03/31/16............. 761,226
Regency Centers LP REIT
850,000 5.250%, 08/01/15............. 824,100
10,000 6.750%, 01/15/12............. 10,534
Simon Property Group
LP REIT
810,000 4.600%, 06/15/10............. 790,011
75,000 4.875%, 03/18/10 -
08/15/10..................... 74,041
100,000 5.000%, 03/01/12............. 98,240
720,000 5.100%, 06/15/15............. 700,251
75,000 5.250%, 12/01/16............. 73,079
790,000 United Dominion Realty
Trust, Inc. REIT
6.050%, 06/01/13............. 799,504
The accompanying notes are an integral part of the financial statements.
116
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
------------------------------------------------------
$ 100,000 Vornado Realty L.P.
REIT
5.600%, 02/15/11........ $ 99,698
20,000 Weingarten Realty
Investments REIT
4.857%, 01/15/14........ 19,175
-------------
14,024,046
-------------
RETAIL -- 0.4%
Autozone, Inc.
50,000 5.500%, 11/15/15........ 47,998
20,000 5.875%, 10/15/12........ 20,038
CVS Corp.
40,000 4.000%, 09/15/09........ 38,671
150,000 4.875%, 09/15/14........ 143,379
460,000 6.036%, 12/10/28(a)..... 458,096
85,000 Federated Department
Stores
6.625%, 04/01/11........ 87,819
544,000 Federated Retail
Holdings, Inc.
5.900%, 12/01/16........ 543,154
Home Depot, Inc.
80,000 3.750%, 09/15/09........ 77,119
50,000 5.200%, 03/01/11........ 49,738
100,000 5.250%, 12/16/13........ 99,256
125,000 5.400%, 03/01/16........ 122,256
100,000 5.875%, 12/16/36........ 98,132
JC Penney Corp., Inc.
50,000 7.400%, 04/01/37........ 54,504
50,000 7.950%, 04/01/17........ 56,110
Limited Brands
25,000 5.250%, 11/01/14........ 23,753
25,000 6.125%, 12/01/12........ 25,274
Lowe's Cos., Inc.
100,000 5.500%, 10/15/35........ 92,919
50,000 8.250%, 06/01/10........ 54,641
May Department
Stores Co.
50,000 4.800%, 07/15/09........ 49,202
50,000 5.750%, 07/15/14........ 48,909
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 20,000 McDonald's Corp.
5.750%, 03/01/12.......... $ 20,502
Target Corp.
520,000 4.000%, 06/15/13.......... 483,495
30,000 5.400%, 10/01/08.......... 30,134
50,000 7.000%, 07/15/31.......... 57,832
Wal-Mart Stores, Inc.
50,000 4.000%, 01/15/10.......... 48,449
100,000 4.550%, 05/01/13.......... 96,388
150,000 5.250%, 09/01/35.......... 137,745
500,000 6.875%, 08/10/09.......... 520,913
-------------
3,586,426
-------------
SAVINGS & LOAN -- 0.1%
50,000 AmSouth Bank NA
4.850%, 04/01/13.......... 48,354
50,000 Charter One Bank FSB
6.375%, 05/15/12.......... 52,766
25,000 Greenpoint Financial
Corp.
3.200%, 06/06/08.......... 24,143
250,000 Washington Mutual
Bank
6.875%, 06/15/11.......... 263,590
Washington Mutual, Inc.
50,000 4.000%, 01/15/09.......... 48,749
25,000 4.375%, 01/15/08.......... 24,743
10,000 World Savings
Bank FSB
4.500%, 06/15/09.......... 9,815
-------------
472,160
-------------
SOFTWARE -- 0.1%
50,000 Dun & Bradstreet Corp.
5.500%, 03/15/11.......... 50,125
First Data Corp.
150,000 3.375%, 08/01/08.......... 145,438
150,000 4.950%, 06/15/15.......... 142,632
200,000 Oracle Corp.
5.000%, 01/15/11.......... 197,987
-------------
536,182
-------------
The accompanying notes are an integral part of the financial statements.
117
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
---------------------------------------------------------
TELECOMMUNICATIONS -- 2.9%
ALLTEL Corp.
$ 35,000 7.000%, 07/01/12........... $ 36,361
50,000 7.875%, 07/01/32........... 52,321
America Movil SA de CV
10,000 4.125%, 03/01/09........... 9,731
100,000 5.500%, 03/01/14........... 97,752
50,000 6.375%, 03/01/35........... 48,782
200,000 AT&T Corp.
8.000%, 11/15/31........... 248,136
AT&T Wireless Services,
Inc.
840,000 7.875%, 03/01/11........... 916,245
1,000,000 8.750%, 03/01/31........... 1,299,565
910,000 AT&T, Inc.
5.300%, 11/15/10........... 910,126
BellSouth Corp.
50,000 4.200%, 09/15/09........... 48,607
240,000 4.750%, 11/15/12#.......... 231,605
50,000 5.200%, 09/15/14........... 48,796
150,000 6.000%, 11/15/34........... 144,017
25,000 6.550%, 06/15/34........... 25,628
British
Telecommunications PLC
150,000 8.125%, 12/15/10(b)........ 167,402
150,000 8.625%, 12/15/30(b)........ 205,181
40,000 CenturyTel, Inc.
7.875%, 08/15/12........... 43,379
30,000 Cingular Wireless LLC
6.500%, 12/15/11........... 31,435
Cisco Systems, Inc.
150,000 5.250%, 02/22/11........... 150,376
100,000 5.500%, 02/22/16........... 100,064
Deutsche Telekom
International Finance BV
150,000 5.250%, 07/22/13........... 146,445
460,000 5.750%, 03/23/16#.......... 453,241
950,000 8.000%, 06/15/10........... 1,028,691
750,000 8.250%, 06/15/30........... 922,005
[Download Table]
Principal
Amount Value
-------------------------------------------------------
$ 150,000 9.250%, 06/01/32......... $ 196,034
Embarq Corp.
50,000 6.738%, 06/01/13......... 51,175
995,000 7.082%, 06/01/16......... 1,012,930
50,000 7.995%, 06/01/36......... 52,031
France Telecom SA
1,130,000 7.750%, 03/01/11......... 1,230,879
610,000 8.500%, 03/01/31......... 800,764
GTE Corp.
100,000 6.940%, 04/15/28......... 104,842
48,000 7.510%, 04/01/09......... 50,061
100,000 GTE North, Inc.
5.650%, 11/15/08......... 100,300
50,000 Harris Corp.
5.000%, 10/01/15......... 47,021
Nextel Communications,
Inc.
125,000 6.875%, 10/31/13......... 126,291
525,000 7.375%, 08/01/15......... 538,348
50,000 Pacific Bell
7.125%, 03/15/26......... 53,880
Royal KPN NV
630,000 8.000%, 10/01/10......... 679,760
100,000 8.375%, 10/01/30......... 114,576
SBC Communications,
Inc.
150,000 4.125%, 09/15/09......... 145,688
2,270,000 5.100%, 09/15/14......... 2,204,054
50,000 5.625%, 06/15/16......... 49,770
50,000 6.450%, 06/15/34......... 50,741
Sprint Capital Corp.
100,000 6.875%, 11/15/28......... 100,101
420,000 8.375%, 03/15/12......... 466,781
1,270,000 8.750%, 03/15/32......... 1,528,586
910,000 Sprint Nextel Corp.
6.000%, 12/01/16......... 886,911
1,560,000 TCI Communications
Finance
9.650%, 03/31/27......... 1,645,948
The accompanying notes are an integral part of the financial statements.
118
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
----------------------------------------------------------
Telecom Italia Capital SA
$ 50,000 4.000%, 01/15/10............ $ 47,745
170,000 4.950%, 09/30/14............ 157,495
935,000 5.250%, 11/15/13 -
10/01/15.................... 878,915
50,000 6.000%, 09/30/34............ 45,348
1,220,000 6.200%, 07/18/11............ 1,238,022
50,000 6.375%, 11/15/33............ 47,241
Telefonica Emisones
SAU
960,000 6.421%, 06/20/16............ 990,353
710,000 7.045%, 06/20/36............ 754,139
Telefonica Europe BV
200,000 7.750%, 09/15/10............ 214,809
270,000 8.250%, 09/15/30............ 321,680
Telefonos de Mexico SA
50,000 4.750%, 01/27/10............ 48,881
100,000 5.500%, 01/27/15............ 97,346
100,000 Telus Corp.
8.000%, 06/01/11............ 109,354
100,000 Verizon Florida, Inc.
6.125%, 01/15/13............ 102,100
Verizon Global
Funding Corp.
50,000 4.000%, 01/15/08............ 49,331
55,000 6.875%, 06/15/12#........... 58,743
200,000 7.250%, 12/01/10............ 213,191
1,710,000 7.750%, 12/01/30............ 2,005,791
100,000 Verizon Maryland, Inc.
6.125%, 03/01/12............ 102,386
30,000 Verizon New
England, Inc.
6.500%, 09/15/11............ 30,844
Vodafone Group PLC
200,000 7.750%, 02/15/10............ 213,137
100,000 7.875%, 02/15/30............ 117,324
-------------
27,447,538
-------------
[Download Table]
Principal
Amount Value
-------------------------------------------------------
TRANSPORTATION -- 0.1%
Burlington Northern
Santa Fe Corp.
$ 50,000 4.875%, 01/15/15......... $ 47,961
175,000 7.125%, 12/15/10......... 186,298
25,000 Canadian National
Railway Co.
4.250%, 08/01/09......... 24,434
CSX Corp.
50,000 6.000%, 10/01/36......... 49,993
100,000 7.950%, 05/01/27......... 123,255
FedEx Corp.
25,000 3.500%, 04/01/09......... 24,011
40,000 5.500%, 08/15/09......... 40,152
35,000 Kowloon Canton
Railway Corp.
8.000%, 03/15/10......... 37,821
50,000 MTR Corp.
7.500%, 02/04/09......... 52,343
200,000 Norfolk Southern Corp.
7.250%, 02/15/31......... 233,585
Union Pacific Corp.
20,000 5.375%, 05/01/14......... 19,857
10,000 6.500%, 04/15/12......... 10,502
-------------
850,212
-------------
UTILITIES- ELECTRIC -- 1.8%
1,335,000 Abu Dhabi National
Energy Co.
6.500%, 10/27/36(a)#..... 1,376,958
25,000 Alabama Power Co.
3.125%, 05/01/08......... 24,290
Appalachian Power Co.
100,000 5.000%, 06/01/17......... 93,750
50,000 5.800%, 10/01/35......... 47,231
Arizona Public Service
25,000 5.800%, 06/30/14......... 24,943
50,000 6.500%, 03/01/12......... 51,652
The accompanying notes are an integral part of the financial statements.
119
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
---------------------------------------------------------
Baltimore Gas & Electric
$ 25,000 5.900%, 10/01/16(a)........ $ 25,111
515,000 6.350%, 10/01/36(a)........ 525,724
50,000 Centerpoint Energy
Houston
5.750%, 01/15/14........... 50,119
20,000 Cincinnati Gas &
Electric
5.700%, 09/15/12........... 20,188
10,000 Cleveland Electric
Illuminating Co.
5.650%, 12/15/13........... 9,967
50,000 Commonwealth
Edison Co.
5.400%, 12/15/11........... 49,605
50,000 Consolidated Edison Co.
of New York
4.700%, 06/15/09........... 49,419
15,000 Constellation Energy
Group, Inc.
7.600%, 04/01/32........... 17,520
Consumers Energy Co.
20,000 4.000%, 05/15/10........... 19,117
25,000 4.250%, 04/15/08........... 24,619
50,000 5.150%, 02/15/17........... 47,507
25,000 5.375%, 04/15/13........... 24,758
25,000 5.500%, 08/15/16........... 24,545
20,000 Dayton Power &
Light Co.
5.125%, 10/01/13........... 19,660
Dominion Resources, Inc.
130,000 4.125%, 02/15/08........... 128,060
50,000 4.750%, 12/15/10........... 48,851
220,000 5.125%, 12/15/09........... 218,596
65,000 5.250%, 08/01/33........... 63,647
50,000 5.600%, 11/15/16........... 49,593
230,000 5.700%, 09/17/12........... 232,607
15,000 6.750%, 12/15/32........... 16,272
100,000 7.195%, 09/15/14........... 109,731
100,000 Duke Energy Corp.
5.300%, 10/01/15........... 99,041
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 50,000 Empresa Nacional de
Electricidad SA
8.500%, 04/01/09.......... $ 53,087
30,000 Energy East Corp.
6.750%, 06/15/12.......... 31,464
Exelon Corp.
50,000 4.450%, 06/15/10.......... 48,365
470,000 5.625%, 06/15/35.......... 442,721
200,000 Exelon Generation Co.
LLC 6.950%, 06/15/11...... 210,694
FirstEnergy Corp.
100,000 6.450%, 11/15/11.......... 104,281
1,230,000 7.375%, 11/15/31.......... 1,400,768
Florida Power &
Light Co.
250,000 4.850%, 02/01/13.......... 244,619
75,000 4.950%, 06/01/35.......... 66,694
100,000 5.400%, 09/01/35.......... 95,171
Florida Power Corp.
50,000 4.500%, 06/01/10.......... 48,609
50,000 4.800%, 03/01/13.......... 48,448
Hydro-Quebec
500,000 6.300%, 05/11/11.......... 522,628
100,000 8.050%, 07/07/24.......... 129,563
20,000 Jersey Central Power
& Light
5.625%, 05/01/16.......... 19,908
550,000 Korea Electric
Power Corp.
4.250%, 09/12/07(a)....... 545,163
15,000 Metropolitan Edison Co.
4.875%, 04/01/14.......... 14,292
MidAmerican Energy Co.
15,000 4.650%, 10/01/14.......... 14,197
100,000 5.125%, 01/15/13.......... 98,559
50,000 5.800%, 10/15/36.......... 49,125
50,000 6.750%, 12/30/31.......... 55,413
The accompanying notes are an integral part of the financial statements.
120
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
------------------------------------------------------
MidAmerican Energy
Holdings Co.
$ 80,000 3.500%, 05/15/08.......... $ 78,003
50,000 5.000%, 02/15/14.......... 48,149
50,000 6.125%, 04/01/36.......... 50,403
1,050,000 Niagara Mohawk Power
Corp.
7.750%, 10/01/08.......... 1,088,113
Nisource Finance Corp.
50,000 5.400%, 07/15/14.......... 48,448
100,000 5.450%, 09/15/20.......... 93,135
100,000 Northern States Power
Corp.
5.250%, 07/15/35.......... 92,962
Oncor Electric Delivery
Co.
70,000 6.375%, 01/15/15.......... 72,154
160,000 7.000%, 09/01/22 -
05/01/32.................. 173,933
Pacific Gas & Electric
Co.
15,000 3.600%, 03/01/09.......... 14,489
20,000 4.200%, 03/01/11.......... 19,149
25,000 4.800%, 03/01/14.......... 23,963
315,000 6.050%, 03/01/34.......... 317,701
50,000 Pacificorp
5.250%, 06/15/35.......... 45,768
50,000 Peco Energy Co.
3.500%, 05/01/08.......... 48,817
80,000 PPL Electric Utilities
Corp.
6.250%, 08/15/09.......... 81,843
PPL Energy Supply LLC
25,000 5.400%, 08/15/14.......... 24,528
100,000 6.400%, 11/01/11.......... 103,526
PSE&G Power LLC
1,145,000 3.750%, 04/01/09.......... 1,105,795
20,000 5.000%, 04/01/14.......... 19,077
25,000 5.500%, 12/01/15.......... 24,469
150,000 7.750%, 04/15/11.......... 162,075
100,000 PSI Energy, Inc.
5.000%, 09/15/13.......... 96,637
[Download Table]
Principal
Amount Value
--------------------------------------------------------
Public Service Co. of
Colorado
$ 50,000 4.375%, 10/01/08............ $ 49,194
35,000 7.875%, 10/01/12............ 39,269
Public Service Electric &
Gas Co.
50,000 4.000%, 11/01/08............ 48,820
25,000 5.000%, 08/15/14............ 24,278
100,000 Puget Sound Energy,
Inc.
6.274%, 03/15/37............ 101,474
Scottish Power PLC
50,000 4.910%, 03/15/10............ 49,280
25,000 5.810%, 03/15/25............ 24,735
50,000 South Carolina Electric
& Gas
5.300%, 05/15/33............ 46,993
Southern California
Edison Co.
50,000 5.000%, 01/15/16............ 48,246
50,000 5.625%, 02/01/36............ 48,400
40,000 6.000%, 01/15/34............ 40,782
600,000 Southwestern Public
Service Co.
6.000%, 10/01/36............ 593,775
TXU Corp.
1,100,000 4.800%, 11/15/09............ 1,073,533
320,000 5.550%, 11/15/14............ 303,789
835,000 6.550%, 11/15/34#........... 780,915
2,190,000 TXU Energy Co. LLC
7.000%, 03/15/13............ 2,291,524
15,000 Union Electric Co.
5.100%, 10/01/19............ 13,950
Virginia Electric &
Power Co.
200,000 4.750%, 03/01/13............ 192,061
100,000 5.400%, 01/15/16............ 98,679
30,000 Wisconsin Electric
Power
4.500%, 05/15/13............ 28,471
25,000 Wisconsin Electric
Power Co.
5.700%, 12/01/36............ 24,803
-------------
17,492,958
-------------
The accompanying notes are an integral part of the financial statements.
121
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
------------------------------------------------------
UTILITIES- GAS -- 0.0%
$ 20,000 AGL Capital Corp.
6.000%, 10/01/34.......... $ 18,940
30,000 Atmos Energy Corp.
5.125%, 01/15/13.......... 28,970
200,000 KeySpan Corp.
7.625%, 11/15/10.......... 214,915
50,000 Oneok, Inc.
6.000%, 06/15/35.......... 46,079
50,000 Sempra Energy
4.750%, 05/15/09.......... 49,382
50,000 Southern California Gas
Co. 4.375%, 01/15/11...... 48,387
20,000 Southern Union Co.
7.600%, 02/01/24.......... 20,747
-------------
427,420
-------------
UTILITIES- WATER -- 0.0%
United Utilities PLC
25,000 4.550%, 06/19/18.......... 22,107
50,000 5.375%, 02/01/19.......... 47,390
-------------
69,497
-------------
TOTAL CORPORATE BONDS & NOTES
(Cost $372,944,319 ) 376,200,617
-------------
U.S. GOVERNMENT & AGENCY
OBLIGATIONS -- 61.1%
FEDERAL FARM CREDIT BANK -- 0.1%
Federal Farm Credit
Bank
100,000 3.000%, 04/15/08.......... 97,356
100,000 4.125%, 07/17/09.......... 97,936
200,000 4.250%, 10/10/08.......... 197,401
200,000 4.875%, 02/18/11.......... 199,277
100,000 5.000%, 10/23/09.......... 100,009
-------------
691,979
-------------
[Download Table]
Principal
Amount Value
--------------------------------------------------
FEDERAL HOME LOAN BANK SYSTEM -- 1.2%
Federal Home Loan
Bank System
$1,590,000 3.625%,
01/15/08 - 11/14/08... $ 1,552,943
500,000 3.750%, 08/18/09...... 485,189
300,000 3.875%, 08/22/08#..... 294,405
500,000 4.000%, 03/10/08...... 493,279
1,250,000 4.250%,
09/26/08 - 11/02/10... 1,230,753
750,000 4.375%, 03/17/10...... 737,458
500,000 4.500%, 09/16/13...... 486,505
300,000 4.625%, 01/18/08...... 298,217
50,000 4.650%, 08/22/08...... 49,669
1,200,000 5.000%,
10/16/09 - 10/13/11... 1,200,710
1,000,000 5.125%, 08/08/08...... 1,000,676
500,000 5.250%, 06/10/11...... 505,938
700,000 5.375%,
10/02/08 - 08/15/18... 705,076
640,000 5.400%, 01/02/09...... 639,043
600,000 5.500%,
08/28/08 - 10/19/16... 599,636
100,000 5.550%, 10/19/09...... 99,874
75,000 5.625%, 06/13/16...... 77,189
500,000 6.000%, 04/25/16...... 502,555
-------------
10,959,115
-------------
FEDERAL HOME LOAN MORTGAGE CORP. -- 8.5%
Federal Home Loan
Mortgage Corp.
1,000,000 2.750%, 03/15/08...... 972,119
825,424 4.000%,
11/01/19 - 02/01/20... 776,918
1,000,000 4.125%, 07/12/10...... 974,504
250,000 4.250%, 05/23/08...... 247,134
250,000 4.375%, 07/17/15...... 239,576
The accompanying notes are an integral part of the financial statements.
122
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
-------------------------------------------------
$1,885,579 4.500%, 11/15/11 -
08/01/35............. $ 1,799,075
250,000 4.625%, 12/19/08..... 248,156
2,570,000 4.650%, 10/10/13..... 2,477,431
450,000 4.750%, 01/18/11..... 447,016
1,500,000 4.875%, 02/17/09 -
11/15/13............. 1,492,562
27,718,339 5.000%, 01/30/14 -
TBA.................. 26,779,405
100,000 5.050%, 01/26/15..... 99,978
200,000 5.100%, 03/14/08..... 199,692
890,000 5.125%, 10/15/08 -
05/13/13............. 890,566
100,000 5.200%, 03/05/19..... 97,221
1,940,000 5.250%, 02/24/11 -
04/18/16............. 1,955,981
710,000 5.300%, 05/12/20..... 677,621
100,000 5.375%, 12/27/11..... 99,680
1,010,000 5.450%, 09/02/11 -
11/21/13............. 1,007,178
22,030,182 5.500%, 04/24/09 -
TBA.................. 21,880,268
540,000 5.550%, 12/11/08 -
10/04/16............. 540,383
350,000 5.600%, 09/26/13 -
10/17/13............. 350,247
170,000 5.625%, 03/15/11#.... 174,368
1,040,000 5.625%, 11/23/35..... 1,002,075
9,646,969 6.000%, 06/15/11 -
TBA.................. 9,757,586
400,000 6.250%, 07/15/32..... 460,340
3,094,528 6.500%, 05/01/29 -
TBA.................. 3,156,486
1,500,000 6.875%, 09/15/10..... 1,597,798
710,303 7.000%, 05/01/30 -
12/01/33............. 730,092
213,267 7.500%, 09/01/29 -
05/01/31............. 222,117
199,184 8.000%, 07/01/30 -
05/01/31............. 209,322
-------------
81,562,895
-------------
[Download Table]
Principal
Amount Value
---------------------------------------------------
FEDERAL HOME LOAN PC -- 0.8%
Federal Home Loan PC
$2,829,689 4.500%, 12/01/18 -
03/01/36............... $ 2,713,568
2,967,808 5.000%, 02/01/19 -
07/01/19............... 2,919,477
1,611,520 6.500%, 08/01/26....... 1,644,914
-------------
7,277,959
-------------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION -- 26.3%
Federal National
Mortgage Association
230,000 2.710%, 01/30/07....... 229,560
100,000 3.125%, 03/16/09....... 96,108
500,000 3.375%, 12/15/08....... 484,742
1,200,000 3.875%, 07/15/08....... 1,178,788
2,205,344 4.000%, 05/01/19 -
10/01/20............... 2,078,159
350,000 4.200%, 03/24/08 -
06/08/09............... 343,973
1,000,000 4.250%, 05/15/09....... 983,990
17,649,812 4.500%, 06/01/18 -
TBA.................... 16,834,846
2,370,000 4.610%, 10/10/13....... 2,281,002
800,000 4.625%, 10/15/14....... 781,398
1,000,000 4.750%, 08/25/08....... 994,922
62,384,885 5.000%, 09/15/08 -
TBA.................... 60,621,997
1,200,000 5.125%, 04/15/11....... 1,208,581
730,000 5.200%, 11/08/10....... 726,738
500,000 5.250%, 09/15/16....... 509,039
150,000 5.400%, 04/13/09#...... 149,971
100,000 5.450%, 10/18/21....... 99,427
82,374,678 5.500%, 09/29/08 -
TBA.................... 81,624,388
The accompanying notes are an integral part of the financial statements.
123
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
--------------------------------------------------------
$ 100,000 5.625%, 11/15/21....... $ 98,408
100,000 5.750%, 02/17/22....... 96,807
200,000 5.800%, 02/09/26....... 197,843
45,782,630 6.000%, 10/01/08 -
TBA.................... 46,168,213
100,000 6.070%, 05/12/16....... 100,656
100,000 6.250%, 01/25/21....... 99,277
26,533,823 6.500%, 05/01/16 -
TBA.................... 27,081,449
840,000 6.625%, 09/15/09 -
11/15/30............... 889,850
3,900,972 7.000%, 01/01/28 -
08/01/36............... 4,009,525
500,000 7.250%, 05/15/30....... 637,983
489,643 7.500%, 10/01/15 -
03/01/31............... 509,169
179,477 8.000%, 07/01/25....... 188,282
39,078 8.500%, 12/01/26 -
07/01/27............... 41,979
-------------
251,347,070
-------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION -- 6.0%
Government National
Mortgage Association
630,695 4.500%, 09/15/33 -
10/15/33............... 596,830
18,398,173 5.000%, 07/15/33 -
TBA.................... 17,910,890
19,095,825 5.500%, 02/15/33 -
TBA.................... 19,007,853
17,328,441 6.000%, 02/15/26 -
TBA.................... 17,583,128
1,710,685 6.500%, 08/15/28 -
TBA.................... 1,757,428
457,502 7.000%, 01/15/23 -
04/15/29............... 472,606
[Download Table]
Principal
Amount Value
----------------------------------------------------------
$ 306,565 7.500%, 10/15/22 -
09/15/29................. $ 320,015
73,345 8.000%, 10/15/29 -
07/15/30................. 77,733
-------------
57,726,483
-------------
TENNESSEE VALLEY AUTHORITY -- 0.0%
Tennessee Valley
Authority
100,000 4.375%, 06/15/15......... 95,881
25,000 4.650%, 06/15/35......... 22,952
100,000 6.150%, 01/15/38......... 114,467
50,000 6.250%, 12/15/17......... 55,049
125,000 6.750%, 11/01/25......... 148,321
-------------
436,670
-------------
U.S. TREASURY BONDS -- 3.3%
United States Treasury
Bonds
580,000 3.361%, 11/15/21(c)#..... 279,070
9,655,000 4.500%, 02/15/36#........ 9,181,306
1,200,000 5.250%, 02/15/29......... 1,258,500
250,000 5.375%, 02/15/31......... 267,793
700,000 6.000%, 02/15/26......... 793,899
900,000 6.125%, 11/15/27......... 1,044,211
1,950,000 6.250%, 08/15/23 -
05/15/30................. 2,294,773
400,000 6.500%, 11/15/26......... 480,500
400,000 6.875%, 08/15/25......... 495,188
500,000 7.125%, 02/15/23......... 622,422
2,900,000 7.250%, 05/15/16 -
08/15/22................. 3,532,321
850,000 7.500%, 11/15/16......... 1,032,883
400,000 7.625%, 02/15/25......... 529,406
2,750,000 8.125%, 08/15/19 -
08/15/21................. 3,627,987
2,700,000 8.750%, 05/15/17 -
08/15/20................. 3,631,547
The accompanying notes are an integral part of the financial statements.
124
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
------------------------------------------------------
$ 350,000 8.875%, 08/15/17.......... $ 468,207
500,000 9.125%, 05/15/18.......... 687,696
150,000 10.375%, 11/15/12......... 156,668
800,000 12.000%, 08/15/13......... 888,562
400,000 13.250%, 05/15/14......... 475,297
-------------
31,748,236
-------------
U.S. TREASURY INFLATION INDEXED
BONDS -- 1.2%
United States Treasury
Inflation Indexed Bonds
1,545,381 0.875%, 04/15/10(e)#...... 1,465,094
351,782 1.875%, 07/15/13(e)....... 339,855
54,636 2.000%, 01/15/14(e)....... 53,074
192,805 2.000%, 07/15/14(e)#...... 187,134
2,463,622 2.375%, 01/15/25(e)....... 2,452,747
500,320 3.375%, 01/15/12(e)....... 522,345
4,843,559 3.625%, 04/15/28(e)....... 5,848,031
737,268 3.875%, 01/15/09 -
04/15/29(e)#.............. 894,194
-------------
11,762,474
-------------
U.S. TREASURY INFLATION INDEXED
NOTES -- 1.3%
United States Treasury
Inflation Indexed Notes
249,127 1.875%, 07/15/15(e)....... 238,744
6,480,074 2.000%, 01/15/16(e)....... 6,256,816
4,679,258 2.375%, 04/15/11(e)#...... 4,660,616
1,319,710 2.500%, 07/15/16(e)#...... 1,329,710
-------------
12,485,886
-------------
U.S. TREASURY NOTES -- 12.4%
United States
Treasury Notes
1,975,000 2.625%, 05/15/08.......... 1,916,058
2,000,000 2.625%, 03/15/09#......... 1,911,328
11,250,000 3.125%, 09/15/08#......... 10,937,992
1,500,000 3.125%, 04/15/09.......... 1,446,913
1,500,000 3.250%, 08/15/08.......... 1,462,968
[Download Table]
Principal
Amount Value
--------------------------------------------------
$ 3,000,000 3.375%, 02/15/08 -
10/15/09............. $ 2,920,860
2,300,000 3.500%, 08/15/09 -
02/15/10............. 2,224,271
1,415,000 3.625%, 07/15/09#.... 1,377,691
1,600,000 3.625%, 01/15/10 -
06/15/10............. 1,549,024
6,500,000 3.750%, 05/15/08#.... 6,400,472
7,500,000 3.875%, 09/15/10#.... 7,290,525
3,000,000 3.875%, 07/15/10 -
02/15/13............. 2,887,656
4,850,000 4.000%, 06/15/09 -
02/15/14............. 4,723,154
1,950,000 4.125%, 08/15/10 -
05/15/15............. 1,893,201
4,700,000 4.250%, 08/15/13 -
11/15/14............. 4,570,163
4,250,000 4.375%, 12/15/10#.... 4,201,027
2,478,000 4.375%, 01/31/08 -
08/15/12............. 2,455,165
14,300,000 4.500%, 02/15/09 -
11/15/15............. 14,172,104
1,000,000 4.625%, 03/31/08..... 995,742
4,630,000 4.625%, 11/15/09 -
11/15/16#............ 4,612,915
5,900,000 4.750%, 11/15/08 -
05/15/14............. 5,899,129
6,300,000 4.875%, 05/31/08 -
02/15/12............. 6,327,305
10,360,000 4.875%, 08/15/09 -
08/15/16#............ 10,424,199
1,400,000 5.000%, 02/15/11 -
08/15/11............. 1,418,094
11,490,000 5.125%, 06/30/11#.... 11,683,894
1,000,000 5.500%, 02/15/08 -
05/15/09............. 1,011,134
1,000,000 5.625%, 05/15/08..... 1,009,141
400,000 5.750%, 08/15/10..... 413,797
-------------
118,135,922
-------------
The accompanying notes are an integral part of the financial statements.
125
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Principal
Amount Value
-----------------------------------------------------
TOTAL U.S. GOVERNMENT & AGENCY
OBLIGATIONS
(Cost $587,380,318)................... $ 584,134,689
-------------
FOREIGN GOVERNMENT OBLIGATIONS -- 1.0%
$ 50,000 Hellenic Republic
6.950%, 03/04/08.......... 51,022
250,000 Malaysia
7.500%, 07/15/11.......... 272,046
100,000 Poland Government
International Bond
5.000%, 10/19/15.......... 98,257
50,000 Province of British
Columbia
4.300%, 05/30/13.......... 48,212
Province of Manitoba
50,000 4.450%, 04/12/10.......... 49,067
200,000 9.625%, 12/01/18.......... 276,980
20,000 Province of Nova Scotia
5.750%, 02/27/12.......... 20,591
Province of Ontario
100,000 3.125%, 05/02/08.......... 97,317
50,000 3.625%, 10/21/09.......... 48,135
100,000 4.500%, 02/03/15.......... 96,655
50,000 5.450%, 04/27/16.......... 51,325
Province of Quebec
50,000 4.600%, 05/26/15.......... 48,084
50,000 4.875%, 05/05/14.......... 49,231
200,000 7.125%, 02/09/24.......... 237,557
50,000 7.500%, 09/15/29.......... 63,443
100,000 Region of Lombardy
5.804%, 10/25/32.......... 103,383
100,000 Republic of Egypt
4.450%, 09/15/15.......... 96,631
Republic of Chile
50,000 5.500%, 01/15/13.......... 50,370
20,000 7.125%, 01/11/12.......... 21,540
50,000 Republic of Hungary
4.750%, 02/03/15.......... 48,026
[Download Table]
Principal
Amount Value
-----------------------------------------------------
Republic of Italy
$ 100,000 3.250%, 05/15/09......... $ 96,114
500,000 4.000%, 06/16/08......... 491,692
250,000 4.375%, 06/15/13......... 240,037
200,000 6.875%, 09/27/23......... 230,878
Republic of Korea
30,000 4.250%, 06/01/13......... 28,294
50,000 4.875%, 09/22/14......... 48,486
100,000 5.625%, 11/03/25......... 100,106
100,000 8.875%, 04/15/08......... 104,822
Republic of Poland
50,000 5.250%, 01/15/14......... 49,929
25,000 6.250%, 07/03/12......... 26,207
2,090,000 Russian Federation
5.000%, 03/31/30(d)...... 2,359,401
South African Republic
35,000 6.500%, 06/02/14......... 36,794
100,000 7.375%, 04/25/12......... 107,500
State of Israel
100,000 4.625%, 06/15/13......... 95,157
295,000 5.500%, 11/09/16 -
04/26/24................. 304,311
United Mexican States
150,000 4.625%, 10/08/08......... 148,125
112,000 5.625%, 01/15/17......... 112,112
200,000 6.375%, 01/16/13......... 210,300
30,000 6.625%, 03/03/15......... 32,205
75,000 6.750%, 09/27/34......... 81,000
1,086,000 7.500%, 04/08/33......... 1,281,480
50,000 8.000%, 09/24/22......... 61,100
75,000 8.125%, 12/30/19......... 91,125
470,000 8.300%, 08/15/31#........ 600,895
300,000 8.375%, 01/14/11......... 333,750
75,000 11.375%, 09/15/16........ 108,000
20,000 11.500%, 05/15/26........ 32,350
-------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost $8,534,405)..................... 9,240,042
-------------
COMMON STOCKS -- 0.0%
The accompanying notes are an integral part of the financial statements.
126
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Shares Value
-----------------------------------------------------
1,732 Applied Extrusion
Technologies, Inc.
Class B(f)*#............. $ 6,928
880 Globix Corp.(f).......... 0
367,973 Home Interiors &
Gifts, Inc.(f)........... 99,353
-------------
TOTAL COMMON STOCKS
(Cost $213,037)....................... 106,281
-------------
PREFERRED STOCKS -- 0.0%
14,600 General Motors
Acceptance Corp.
Class B (Conv Ratio
0.3852:1) 5.250%......... 309,374
-------------
TOTAL PREFERRED STOCKS
(Cost $273,686)....................... 309,374
-------------
Principal
Amount
---------
MUNICIPALS -- 0.1%
CALIFORNIA -- 0.0%
$ 50,000 Alameda Corridor
Transportation
Authority (MBIA)
6.600%, 10/01/29......... 56,170
-------------
ILLINOIS -- 0.0%
50,000 State of Illinois G.O.
4.950%, 06/01/23......... 47,824
50,000 State of Illinois G.O.
5.100%, 06/01/33......... 47,920
-------------
95,744
-------------
NEW JERSEY -- 0.1%
100,000 New Jersey Economic
Development Authority,
Ser. A (MBIA)
7.425%, 02/15/29......... 123,957
[Download Table]
Principal
Amount Value
-------------------------------------------------------
$ 95,000 New Jersey State
Turnpike Authority Rev.
Bond Unrefunded
Balance, Ser. B
(AMBAC)
4.252%, 01/01/16........... $ 89,439
-------------
213,396
-------------
OREGON -- 0.0%
50,000 Oregon School Boards
Association, Rev.Bond
(FSA)
5.528%, 06/30/28........... 49,369
50,000 State of Oregon G.O.
5.762%, 06/01/23........... 51,456
100,000 State of Oregon G.O.
5.892%, 06/01/27........... 104,587
-------------
205,412
-------------
WISCONSIN -- 0.0%
50,000 State of Wisconsin, Rev.
Bond, Ser. A (FSA)
5.700%, 05/01/26........... 50,915
-------------
TOTAL MUNICIPALS
(Cost $615,254 )........................ 621,637
-------------
PURCHASED OPTIONS -- 0.0%
CALL OPTIONS -- 0.0%
62,500 Eurodollar Futures
Strike 94.00 Expires
03/19/2007................. 42,500
175,000 Eurodollar Futures
Strike 94.00 Expires
06/18/2007................. 134,750
115,000 Eurodollar Futures
Strike 94.75 Expires
03/19/2007................. 3,450
90,000 Eurodollar Futures
Strike 95.00 Expires
09/17/2007................. 16,650
-------------
197,350
-------------
The accompanying notes are an integral part of the financial statements.
127
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
[Download Table]
Shares/Principal
Amount Value
----------------------------------------------------------
PUT OPTIONS -- 0.0%
17,500 Eurodollar Futures
Strike 93.00 Expires
03/19/2007............... $ 44
-------------
TOTAL PURCHASED OPTIONS
(Cost $219,495)......................... 197,394
-------------
SHORT-TERM
INVESTMENTS -- 5.9%
COMMERCIAL PAPER -- 3.0%
$ 6,000,000 Alpine Securitization
Corp.
5.280%, 01/17/07......... 5,985,920
15,000,000 Fairway Finance Corp.
5.270%, 01/10/07......... 14,980,238
4,000,000 Giro Balanced Funding,
Inc.
5.290%, 01/11/07......... 3,994,122
3,500,000 St Germain Holdings
5.310%, 01/22/07......... 3,489,159
-------------
28,449,439
-------------
GOVERNMENT & AGENCY SECURITIES -- 0.1%
560,000 Federal National
Mortgage Association
4.928%, 06/25/07(c)(h)... 546,585
-------------
MUTUAL FUND -- 1.7%
16,744,364 Goldman Sachs Prime
Obligations Fund
5.210%(g)................ 16,744,364
-------------
[Download Table]
Principal
Amount Value
-----------------------------------------------------------
REPURCHASE
AGREEMENTS -- 1.1%
$ 2,300,000 Lehman Brothers
Repurchase
Agreement dated
12/29/06 at 5.200% to
be repurchased at
$2,301,329 on 01/02/07
collateralized by
$2,285,000 Federal
National Mortgage
Association 6.030%
due 08/15/16 with a
value of $2,353,653...... $ 2,300,000
8,483,000 State Street Bank &
Trust Co., Repurchase
Agreement, dated
12/29/06 at 2.500% to
be repurchased at
$8,485,356 on 01/02/07
collateralized by
$6,465,000 U.S.
Treasury Bond at
8.125% due 05/15/21
with a value of
$8,655,226............... 8,483,000
--------------
10,783,000
--------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $56,523,388)...................... 56,523,388
--------------
TOTAL INVESTMENTS -- 107.4%
(Cost $1,026,703,902)................... 1,027,333,422
Liabilities in excess of other
assets -- (7.4)%......................... (71,198,688)
--------------
TOTAL NET ASSETS -- 100.0%............... $ 956,134,734
==============
The accompanying notes are an integral part of the financial statements.
128
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
FOOTNOTES TO THE PORTFOLIO OF INVESTMENTS:
[Download Table]
# -- A portion or all of the security was held on loan. As of
December 31, 2006, the market value of the
securities loaned was $74,784,668 and the collateral
received consisted of cash in the amount of
$76,320,141.
* -- Non-income producing security.
(a) -- 144A securities. Securities restricted for resale to
Qualified Institutional Buyers. These securities
represent in the aggregate $43,413,574 of net assets.
(b) -- Indicates a variable rate security. The rate shown
reflects the current interest rate in effect at
December 31, 2006.
(c) -- Security is issued with a zero coupon. Income is
recognized through the accretion of discount.
(d) -- Step-up Bond. Coupon rate increases in increments
to maturity. Rate disclosed is as of December 31,
2006. Maturity date disclosed is the ultimate
maturity.
(e) -- Represents a Treasury Inflation--Protected Security
(TIPS). The interest and redemption payments for
TIPS are tied to inflation as measured by the
Consumer Price Index.
(f) -- Represents a security which is fair-valued.
(g) -- Rate quoted represents the seven day yield of the
Fund.
(h) -- All or a portion of these securities have been pledged
to cover collateral requirements for open futures.
Security Abbreviations:
ADR--AmericanDepositary Receipt
AMBAC--AmericanMunicipal Bond Assurance Corp.
FSA--FinancialSecurity Assurance Co.
MBIA--MunicipalBond Insurance Association
REIT--RealEstate Investment Trust
TBA--ToBe Announced Security
The accompanying notes are an integral part of the financial statements.
129
Portfolio of Investments
MetLife Investment Funds, Inc. / Diversified Bond Fund / December 31, 2006
(continued)
FUTURES CONTRACTS:
[Enlarge/Download Table]
Unrealized
Number of Face Expiration Notional Notional Appreciation /
Contracts Value Underlying Securities Date Cost Value (Depreciation)
-------------- ----------- -------------------------- ---------- ------------ ------------ --------------
Long Position
-------------
25 6,250,000 EuroDollar Futures Mar-2007 $ 5,919,225 $ 5,917,500 $ (1,725)
5 1,250,000 EuroDollar Futures Jun-2007 1,185,213 1,184,625 (588)
31 7,750,000 EuroDollar Futures Sep-2007 7,367,055 7,355,913 (11,142)
12 3,000,000 EuroDollar Futures Mar-2008 2,844,585 2,853,300 8,715
55 5,500,000 U.S. Treasury Bond Futures Mar-2007 6,241,244 6,129,063 (112,181)
U.S. Treasury Note 5 Year
344 34,400,000 Futures Mar-2007 36,337,322 36,141,500 (195,822)
---------
$(312,743)
=========
Short Position
--------------
U.S. Treasury Note 10 Year
(166) (16,600,000) Futures Mar-2007 $(18,126,835) $(17,839,813) $ 287,022
=========
WRITTEN OPTIONS:
[Download Table]
Exercise Expiration Current
Description Contracts Price Month Value
----------- --------- -------- ---------- --------
Call Options:
-------------
EuroDollar Futures (11) 95.125 Mar-2007 $ (138)
U.S. Treasury Bonds Futures (10) 115.000 Feb-2007 (1,562)
U.S. Treasury Bonds Futures (30) 116.000 Feb-2007 (2,344)
U.S. Treasury Notes 10 Year Futures (54) 110.000 Feb-2007 (4,219)
U.S. Treasury Notes 10 Year Futures (45) 109.000 Feb-2007 (9,140)
--------
$(17,403)
========
Put Options:
------------
U.S. Treasury Bonds 10 Year Futures (10) 109.000 Feb-2007 $ (2,656)
U.S. Treasury Notes 10 Year Futures (26) 104.000 Feb-2007 (813)
U.S. Treasury Notes 10 Year Futures (6) 107.000 Feb-2007 (2,906)
U.S. Treasury Notes 10 Year Futures (33) 106.000 Feb-2007 (6,703)
--------
(premiums received $119,331) $(13,078)
========
The accompanying notes are an integral part of the financial statements.
130
Statements of Assets and Liabilities
MetLife Investment Funds, Inc./ December 31, 2006
[Enlarge/Download Table]
MetLife MetLife MetLife
Investment Investment Investment
International Small Company Large Company
Stock Fund Stock Fund Stock Fund
------------- ------------- -------------
ASSETS
Investments in securities of unaffiliated issuers, at cost............. $451,042,964 $405,070,250 $715,217,201
Investments in securities of affiliated issuers, at cost............... -- 66,286 655,543
-----------------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value of unaffiliated issuers (see
accompanying Portfolio of Investments) (Note 2).......................... $608,213,499 $465,452,794 $865,255,518
Investments in securities, at value of affiliated issuers (see
accompanying Portfolio of Investments) (Note 2).......................... -- 99,814 1,097,586
Cash...................................................................... -- 38,028 --
Cash, denominated in foreign currency(1).................................. 1,283,054 2,490 --
Collateral for securities loaned (Note 2)................................. 127,998,067 112,923,632 --
Receivables for
Investment securities sold............................................. 6,477,849 3,457,040 16,241,852
Capital share subscriptions............................................ 469,285 286,742 652,195
Interest............................................................... 18,268 37,502 105,203
Dividends.............................................................. 618,067 345,628 1,168,823
Foreign tax reclaims................................................... 116,365 -- 1,825
Prepaid expenses.......................................................... 22,544 17,152 31,999
------------ ------------ ------------
Total assets........................................................... 745,216,998 582,660,822 884,555,001
------------ ------------ ------------
LIABILITIES
Payables for
Investment securities purchased........................................ 400,128 440,067 1,289,789
Capital share redemptions.............................................. 1,305,131 542,016 1,005,566
Variation margin on open futures contracts (Note 2).................... -- 29,060 34,291
Options written(2) (Note 6)............................................ -- -- --
Return of collateral for securities loaned (Note 2).................... 127,998,067 112,923,632 --
Due to custodian.......................................................... 2,906,504 -- 6,183,425
Payable to Adviser........................................................ 371,900 281,659 391,614
Payable to Administrator -- Class R....................................... 5,680 3,615 7,706
Payable to Distributor -- Class R......................................... 8,007 4,816 10,695
Payable to Directors...................................................... 4,701 4,701 4,701
Accrued expenses.......................................................... 321,408 220,622 323,344
------------ ------------ ------------
Total liabilities...................................................... 133,321,526 114,450,188 9,251,131
------------ ------------ ------------
NET ASSETS $611,895,472 $468,210,634 $875,303,870
============ ============ ============
-----------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Capital shares at par..................................................... $ 321,765 $ 326,852 $ 638,979
Additional paid-in capital................................................ 396,420,963 341,145,653 760,521,362
Undistributed net investment income....................................... 9,044,562 1,479,934 9,478,898
Accumulated net realized gain (loss) on investments, futures
contracts, option contracts and foreign currency transactions............ 48,915,038 64,883,288 (45,824,615)
Net unrealized appreciation on investments, translation of assets and
liabilities in foreign currencies, futures contracts and option contracts 157,193,144 60,374,907 150,489,246
------------ ------------ ------------
$611,895,472 $468,210,634 $875,303,870
============ ============ ============
NET ASSETS ATTRIBUTABLE TO:
I Shares............................................................... $573,251,258 $445,290,551 $824,181,011
============ ============ ============
R Shares............................................................... $ 38,644,214 $ 22,920,083 $ 51,122,859
============ ============ ============
CAPITAL SHARES OUTSTANDING
I Shares............................................................... 30,132,076 31,067,152 60,144,356
============ ============ ============
R Shares............................................................... 2,044,384 1,618,069 3,753,497
============ ============ ============
NET ASSET VALUE PER SHARE
I Shares............................................................... $ 19.02 $ 14.33 $ 13.70
============ ============ ============
R Shares............................................................... $ 18.90 $ 14.17 $ 13.62
============ ============ ============
(1) Cost of cash denominated in foreign currencies........................ $ 1,279,208 $ 2,495 --
(2) Premiums received on written options.................................. -- -- --
[Enlarge/Download Table]
MetLife
Investment
Diversified
Bond Fund
--------------
ASSETS
Investments in securities of unaffiliated issuers, at cost............. $1,026,703,902
Investments in securities of affiliated issuers, at cost............... --
-----------------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value of unaffiliated issuers (see
accompanying Portfolio of Investments) (Note 2).......................... $1,027,333,422
Investments in securities, at value of affiliated issuers (see
accompanying Portfolio of Investments) (Note 2).......................... --
Cash...................................................................... 553,201
Cash, denominated in foreign currency(1).................................. --
Collateral for securities loaned (Note 2)................................. 76,320,141
Receivables for
Investment securities sold............................................. 104,265
Capital share subscriptions............................................ 778,718
Interest............................................................... 8,860,851
Dividends.............................................................. --
Foreign tax reclaims................................................... --
Prepaid expenses.......................................................... 34,814
--------------
Total assets........................................................... 1,113,985,412
--------------
LIABILITIES
Payables for
Investment securities purchased........................................ 79,501,247
Capital share redemptions.............................................. 1,271,869
Variation margin on open futures contracts (Note 2).................... 9,516
Options written(2) (Note 6)............................................ 30,481
Return of collateral for securities loaned (Note 2).................... 76,320,141
Due to custodian.......................................................... --
Payable to Adviser........................................................ 342,386
Payable to Administrator -- Class R....................................... 14,597
Payable to Distributor -- Class R......................................... 13,195
Payable to Directors...................................................... 4,700
Accrued expenses.......................................................... 342,546
--------------
Total liabilities...................................................... 157,850,678
--------------
NET ASSETS $ 956,134,734
==============
-----------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Capital shares at par..................................................... $ 818,238
Additional paid-in capital................................................ 926,665,333
Undistributed net investment income....................................... 44,525,143
Accumulated net realized gain (loss) on investments, futures
contracts, option contracts and foreign currency transactions............ (16,566,630)
Net unrealized appreciation on investments, translation of assets and
liabilities in foreign currencies, futures contracts and option contracts 692,650
--------------
$ 956,134,734
==============
NET ASSETS ATTRIBUTABLE TO:
I Shares............................................................... $ 893,316,334
==============
R Shares............................................................... $ 62,818,400
==============
CAPITAL SHARES OUTSTANDING
I Shares............................................................... 76,422,097
==============
R Shares............................................................... 5,401,749
==============
NET ASSET VALUE PER SHARE
I Shares............................................................... $ 11.69
==============
R Shares............................................................... $ 11.63
==============
(1) Cost of cash denominated in foreign currencies........................ --
(2) Premiums received on written options.................................. $ 119,331
The accompanying notes are an integral part of the financial statements.
131
Statements of Operations
MetLife Investment Funds, Inc. / For the year ended December 31, 2006
[Enlarge/Download Table]
MetLife MetLife MetLife MetLife
Investment Investment Investment Investment
International Small Company Large Company Diversified
Stock Fund Stock Fund Stock Fund Bond Fund
------------- ------------- ------------- -----------
INVESTMENT INCOME
Dividends -- unaffiliated issuers(a)........................ $ 15,462,373 $ 4,536,162 $ 14,357,830 $ 25,078
Dividends -- affiliated issuers............................. -- 591 10,974 --
Interest -- unaffiliated issuers............................ 271,408 494,819 626,870 49,356,089
Interest -- affiliated issuers.............................. -- -- -- 4,448
Income from securities lending.............................. 485,493 161,473 -- 165,484
------------ ----------- ------------ -----------
Total income............................................... 16,219,274 5,193,045 14,995,674 49,551,099
------------ ----------- ------------ -----------
EXPENSES
Management and subadviser fees (Note 3)..................... 4,260,157 2,959,559 4,423,408 3,938,808
Distribution fee -- Class R (Note 3)........................ 78,643 50,263 108,628 138,466
Administration fee -- Class R (Note 3)...................... 31,457 20,105 43,451 55,386
Custodian fees.............................................. 754,500 280,182 359,246 356,414
Professional fees........................................... 139,916 138,539 131,468 134,456
Printing expense............................................ 92,177 77,147 177,167 189,951
Directors' fees & expenses.................................. 81,041 81,428 80,700 80,405
Transfer Agent fees......................................... 35,394 30,421 41,667 43,756
Miscellaneous expenses...................................... 50,638 43,915 73,965 90,786
------------ ----------- ------------ -----------
Total expenses before directed brokerage arrangements...... 5,523,923 3,681,559 5,439,700 5,028,428
LESS:
Expenses paid under directed brokerage arrangements (Note 4) (16,778) (6,088) (149,535) --
------------ ----------- ------------ -----------
Net expenses............................................... 5,507,145 3,675,471 5,290,165 5,028,428
------------ ----------- ------------ -----------
Net investment income...................................... 10,712,129 1,517,574 9,705,509 44,522,671
------------ ----------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on
Investments -- unaffiliated issuers...................... 58,629,041 66,802,526 36,481,972 (3,821,070)
Investments -- affiliated issuers........................ -- 5,066 25,414 --
Futures contracts........................................ -- 302,649 689,854 714,994
Options written.......................................... -- -- -- (1,708,243)
Foreign currency transactions............................ (216,137) (19) -- --
------------ ----------- ------------ -----------
Total realized gain (loss)................................. 58,412,904 67,110,222 37,197,240 (4,814,319)
------------ ----------- ------------ -----------
Net change in unrealized appreciation (depreciation) on
Investments.............................................. 67,691,811 (8,944,409) 53,947,473 571,994
Futures contracts........................................ -- 861 213,664 (192,971)
Options written.......................................... -- -- -- 131,108
Foreign currency transactions............................ 29,618 4 30 --
------------ ----------- ------------ -----------
Total net change in unrealized appreciation (depreciation). 67,721,429 (8,943,544) 54,161,167 510,131
------------ ----------- ------------ -----------
Total realized and unrealized gain (loss) on investments... 126,134,333 58,166,678 91,358,407 (4,304,188)
------------ ----------- ------------ -----------
Net increase in net assets from operations................. $136,846,462 $59,684,252 $101,063,916 $40,218,483
============ =========== ============ ===========
(a) Net of foreign taxes withheld........................... $ 1,471,583 $ 1,435 $ 131,259 $ 5,417
The accompanying notes are an integral part of the financial statements.
132
[THIS PAGE INTENTIONALLY LEFT BLANK]
133
Statements of Changes in Net Assets
MetLife Investment Funds, Inc.
[Enlarge/Download Table]
MetLife Investment
International Stock Fund
---------------------------
Year ended Year ended
December 31, December 31,
2006 2005
------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income....................................... $ 10,712,129 $ 8,367,410
Net realized gain (loss) on security transactions, futures
contracts, option contracts, and foreign currency
transactions............................................... 58,412,904 68,155,201
Net increase (decrease) in unrealized appreciation
(depreciation) of investments, futures contracts, option
contracts and foreign currency transactions................ 67,721,429 (3,560,753)
------------- ------------
Net increase in net assets resulting from operations...... 136,846,462 72,961,858
------------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
I Shares................................................... (10,128,546) (6,573,701)
R Shares................................................... (569,340) (207,861)
From net realized gains on investment transactions
I Shares................................................... -- --
R Shares................................................... -- --
------------- ------------
Total distributions to shareholders........................ (10,697,886) (6,781,562)
------------- ------------
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
I Shares................................................... 37,034,426 41,544,149
R Shares................................................... 11,515,478 11,208,998
Distributions reinvested
I Shares................................................... 10,128,546 6,573,701
R Shares................................................... 569,340 207,861
Cost of shares repurchased
I Shares................................................... (112,677,076) (71,858,797)
R Shares................................................... (5,389,740) (1,549,373)
------------- ------------
Net increase (decrease) from capital share transactions..... (58,819,026) (13,873,461)
------------- ------------
Net increase in net assets.................................. 67,329,550 52,306,835
------------- ------------
NET ASSETS
Beginning of year........................................... 544,565,922 492,259,087
------------- ------------
End of year................................................. $ 611,895,472 $544,565,922
============= ============
Undistributed net investment income......................... $ 9,044,562 $ 8,078,163
============= ============
CAPITAL SHARES I SHARES
Capital shares outstanding, beginning of year............... 33,898,315 35,418,343
Capital shares issued....................................... 2,160,099 3,015,588
Capital shares from distributions reinvested................ 600,034 469,886
Capital shares redeemed..................................... (6,526,372) (5,005,502)
------------- ------------
Capital shares outstanding, end of year..................... 30,132,076 33,898,315
============= ============
CAPITAL SHARES R SHARES
Capital shares outstanding, beginning of year............... 1,652,207 930,079
Capital shares issued....................................... 674,275 820,288
Capital shares from distributions reinvested................ 33,909 14,911
Capital shares redeemed..................................... (316,007) (113,071)
------------- ------------
Capital shares outstanding, end of year..................... 2,044,384 1,652,207
============= ============
The accompanying notes are an integral part of the financial statements.
134
Statements of Changes in Net Assets
MetLife Investment Funds, Inc.
[Enlarge/Download Table]
MetLife Investment MetLife Investment MetLife Investment
Small Company Stock Fund Large Company Stock Fund Diversified Bond Fund
-------------------------- --------------------------- ---------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
December 31, December 31, December 31, December 31, December 31, December 31,
2006 2005 2006 2005 2006 2005
------------ ------------ ------------- ------------ ------------- ------------
$ 1,517,574 $ 1,005,606 $ 9,705,509 $ 8,210,988 $ 44,522,671 $ 38,554,197
67,110,222 53,109,157 37,197,240 30,923,651 (4,814,319) (1,922,634)
(8,943,544) (22,237,887) 54,161,167 14,311,760 510,131 (18,448,944)
------------ ------------ ------------- ------------ ------------- ------------
59,684,252 31,876,876 101,063,916 53,446,399 40,218,483 18,182,619
------------ ------------ ------------- ------------ ------------- ------------
(566,275) (481,027) (7,714,681) (8,794,979) (36,327,461) (29,266,698)
-- -- (345,058) (254,117) (2,255,215) (1,217,898)
(50,819,243) (18,728,221) -- -- -- --
(2,485,302) (611,042) -- -- -- --
------------ ------------ ------------- ------------ ------------- ------------
(53,870,820) (19,820,290) (8,059,739) (9,049,096) (38,582,676) (30,484,596)
------------ ------------ ------------- ------------ ------------- ------------
23,237,632 30,127,378 51,242,378 65,373,744 94,879,910 111,196,907
7,020,429 7,206,847 13,727,796 15,513,203 20,749,066 21,711,899
51,385,519 19,209,248 7,714,681 8,794,979 36,327,461 29,266,698
2,485,302 611,042 345,058 254,117 2,255,215 1,217,898
(68,979,223) (55,378,511) (101,753,124) (89,316,709) (111,884,310) (89,895,011)
(3,385,912) (1,070,744) (4,765,313) (1,844,880) (8,553,877) (2,303,322)
------------ ------------ ------------- ------------ ------------- ------------
11,763,747 705,260 (33,488,524) (1,225,546) 33,773,465 71,195,069
------------ ------------ ------------- ------------ ------------- ------------
17,577,179 12,761,846 59,515,653 43,171,757 35,409,272 58,893,092
------------ ------------ ------------- ------------ ------------- ------------
450,633,455 437,871,609 815,788,217 772,616,460 920,725,462 861,832,370
------------ ------------ ------------- ------------ ------------- ------------
$468,210,634 $450,633,455 $ 875,303,870 $815,788,217 $ 956,134,734 $920,725,462
============ ============ ============= ============ ============= ============
$ 1,479,934 $ 1,011,606 $ 9,478,898 $ 8,149,451 $ 44,525,143 $ 38,515,236
============ ============ ============= ============ ============= ============
30,286,646 30,671,582 63,375,479 64,501,879 74,697,121 70,433,144
1,569,438 2,195,949 4,032,609 5,548,437 8,143,941 9,422,707
3,937,588 1,375,036 616,189 734,138 3,175,477 2,490,783
(4,726,520) (3,955,921) (7,879,921) (7,408,975) (9,594,442) (7,649,513)
------------ ------------ ------------- ------------ ------------- ------------
31,067,152 30,286,646 60,144,356 63,375,479 76,422,097 74,697,121
============ ============ ============= ============ ============= ============
1,181,577 690,867 3,015,079 1,832,982 4,158,276 2,403,890
477,419 524,521 1,084,532 1,316,918 1,784,678 1,846,815
192,510 44,055 27,715 21,283 198,000 103,916
(233,437) (77,866) (373,829) (156,104) (739,205) (196,345)
------------ ------------ ------------- ------------ ------------- ------------
1,618,069 1,181,577 3,753,497 3,015,079 5,401,749 4,158,276
============ ============ ============= ============ ============= ============
The accompanying notes are an integral part of the financial statements.
135
Financial Highlights
MetLife Investment Funds, Inc.
[Enlarge/Download Table]
International Stock Fund -- I Shares
------------------------------------------------
Year ended December 31,
------------------------------------------------
2006 2005 2004* 2003* 2002*
-------- -------- -------- -------- --------
NET ASSET VALUE
Beginning of year....................................................... $ 15.32 $ 13.54 $ 11.96 $ 9.27 $ 12.45
-------- -------- -------- -------- --------
OPERATIONS
Net investment income(1)................................................ 0.32+ 0.23+ 0.17+ 0.15+ 0.08
Net realized and unrealized gain (loss) on investments.................. 3.70 1.74 1.58 2.62 (2.83)
-------- -------- -------- -------- --------
Total from investment operations........................................ 4.02 1.97 1.75 2.77 (2.75)
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income.................................... (0.32) (0.19) (0.17) (0.08) (0.07)
Distributions from net realized gains on investments.................... -- -- -- -- (0.36)
-------- -------- -------- -------- --------
Total distributions..................................................... (0.32) (0.19) (0.17) (0.08) (0.43)
-------- -------- -------- -------- --------
NET ASSET VALUE
End of year............................................................. $ 19.02 $ 15.32 $ 13.54 $ 11.96 $ 9.27
======== ======== ======== ======== ========
TOTAL RETURN(2).......................................................... 26.50% 14.68% 14.84% 30.04% (22.31)%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of year (000's omitted)............................... $573,251 $519,371 $479,714 $420,060 $331,996
Ratios of expenses to average net assets:
Before repayments/reimbursements and directed brokerage arrangements.. 0.93% 0.89% 0.89% 0.90% 0.90%
After repayments/reimbursements and before directed brokerage
arrangements......................................................... 0.93% 0.89% 0.89% 0.90% 0.90%
After repayments/reimbursements and directed brokerage arrangements... 0.92% 0.89% 0.88% 0.89% 0.89%
Ratios of net investment income to average net assets:
Before repayments/reimbursements and directed brokerage arrangements.. 1.85% 1.66% 1.38% 1.50% 0.91%
After repayment/reimbursements and directed brokerage arrangements.... 1.85% 1.66% 1.39% 1.51% 0.92%
Portfolio turnover rate................................................. 35.46% 93.04% 48.47% 48.31% 54.15%
----------------------------------------------------------------------------------------------------------------------------
(1)Net of expense reimbursements, repayments and directed brokerage
arrangements.
(2)Total return is calculated assuming an initial investment made at net asset
value at the beginning of the period, all dividends and distributions are
reinvested and redemption on the last day of the period. Total returns do
not reflect charges attributable to separate account expenses deducted by
the insurance company for variable annuity contract shareholders. Inclusion
of these charges would reduce the total return shown.
+Calculated using the average share method.
*Audited by other Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of the financial statements.
136
Financial Highlights
MetLife Investment Funds, Inc.
[Enlarge/Download Table]
International Stock Fund -- R Shares
----------------------------------------------------------
For the period
Year ended December 31, October 1, 2002
--------------------------------- (commencement of operations)
2006 2005 2004* 2003* to December 31, 2002*
------- ------- ------- ------ ----------------------------
NET ASSET VALUE
Beginning of period.......................................... $ 15.25 $ 13.49 $ 11.92 $ 9.27 $ 8.67
------- ------- ------- ------ ------
OPERATIONS
Net investment income (loss)(1).............................. 0.25+ 0.17+ 0.11+ 0.01+ (0.01)
Net realized and unrealized gain on investments.............. 3.69 1.73 1.59 2.71 0.61
------- ------- ------- ------ ------
Total from investment operations............................. 3.94 1.90 1.70 2.72 0.60
------- ------- ------- ------ ------
DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income......................... (0.29) (0.14) (0.13) (0.07) --
Distributions from net realized gains on investments......... -- -- -- -- --
------- ------- ------- ------ ------
Total distributions.......................................... (0.29) (0.14) (0.13) (0.07) --
------- ------- ------- ------ ------
NET ASSET VALUE
End of period................................................ $ 18.90 $ 15.25 $ 13.49 $11.92 $ 9.27
======= ======= ======= ====== ======
TOTAL RETURN(2)............................................... 26.05% 14.26% 14.47% 29.49% 6.92%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000's omitted).................. $38,644 $25,195 $12,545 $3,793 $ 2
Ratios of expenses to average net assets:
Before repayments/reimbursements and directed brokerage
arrangements)............................................. 1.28% 1.25% 1.24% 1.24% 1.25%(3)
After repayments/reimbursements and before directed
brokerage arrangements.................................... 1.28% 1.25% 1.24% 1.24% 1.25%(3)
After repayments/reimbursements and directed brokerage
arrangements.............................................. 1.28% 1.25% 1.23% 1.24% 1.25%(3)
Ratios of net investment income (loss) to average net assets:
Before repayments/reimbursements and directed brokerage
arrangements.............................................. 1.45% 1.23% 0.93% 0.20% (0.51)%(3)
After repayments/reimbursements and directed brokerage
arrangements.............................................. 1.45% 1.23% 0.94% 0.20% (0.51)%(3)
Portfolio turnover rate...................................... 35.46% 93.04% 48.47% 48.31% 54.15%(4)
------------------------------------------------------------------------------------------------------------------------------
(1)Net of expense reimbursements, repayments and directed brokerage
arrangements.
(2)Total return is calculated assuming an initial investment made at net asset
value at the beginning of the period, all dividends and distributions are
reinvested and redemption on the last day of the period. Total return is not
annualized for periods of less than one year.
(3)Annualized
(4)Represents portfolio turnover for the fund for the entire year.
+Calculated using the average share method.
*Audited by other Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of the financial statements.
137
Financial Highlights
MetLife Investment Funds, Inc.
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Small Company Stock Fund -- I Shares
------------------------------------------------
Year ended December 31,
------------------------------------------------
2006 2005 2004* 2003* 2002*
-------- -------- -------- -------- --------
NET ASSET VALUE
Beginning of year....................................................... $ 14.32 $ 13.96 $ 12.16 $ 8.51 $ 11.28
-------- -------- -------- -------- --------
OPERATIONS
Net investment income(1)................................................ 0.05+ 0.03+ 0.03+ 0.03+ 0.01
Net realized and unrealized gain on investments......................... 1.74 0.96 1.78 3.63 (2.68)
-------- -------- -------- -------- --------
Total from investment operations........................................ 1.79 0.99 1.81 3.66 (2.67)
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income.................................... (0.02) (0.02) (0.01) (0.01) (0.05)
Distributions from net realized gains on investments.................... (1.76) (0.61) -- -- (0.05)
-------- -------- -------- -------- --------
Total distributions..................................................... (1.78) (0.63) (0.01) (0.01) (0.10)
-------- -------- -------- -------- --------
NET ASSET VALUE
End of year............................................................. $ 14.33 $ 14.32 $ 13.96 $ 12.16 $ 8.51
======== ======== ======== ======== ========
TOTAL RETURN(2).......................................................... 13.40% 7.28% 14.94% 43.06% (23.72)%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of year (000's omitted)............................... $445,291 $433,848 $428,279 $375,847 $221,015
Ratios of expenses to average net assets:
Before repayments/reimbursements and directed brokerage arrangements.. 0.77% 0.78% 0.74% 0.79% 0.76%
After repayments/reimbursements and before directed brokerage
arrangements......................................................... 0.77% 0.78% 0.74% 0.79% 0.76%
After repayments/reimbursements and directed brokerage arrangements... 0.77% 0.78% 0.74% 0.79% 0.76%
Ratios of net investment income (loss) to average net assets:
Before repayments/reimbursements and directed brokerage arrangements.. 0.34% 0.24% 0.23% 0.27% 0.24%
After repayment/reimbursements and directed brokerage arrangements.... 0.34% 0.24% 0.23% 0.27% 0.24%
Portfolio turnover rate................................................. 70.29% 69.79% 54.17% 83.46% 52.35%
----------------------------------------------------------------------------------------------------------------------------
(1)Net of expense reimbursements, repayments and directed brokerage
arrangements.
(2)Total return is calculated assuming an initial investment made at net asset
value at the beginning of the period, all dividends and distributions are
reinvested and redemption on the last day of the period. Total returns do
not reflect charges attributable to separate account expenses deducted by
the insurance company for variable annuity contract shareholders. Inclusion
of these charges would reduce the total return shown.
+Calculated using the average share method.
*Audited by other Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of the financial statements.
138
Financial Highlights
MetLife Investment Funds, Inc.
[Enlarge/Download Table]
Small Company Stock Fund -- R Shares
------------------------------------------------------------------
For the period
Year ended December 31, October 1, 2002
------------------------------------- (commencement of operations)
2006 2005 2004* 2003* to December 31, 2002*
------- ------- ------ ------ ----------------------------
NET ASSET VALUE
Beginning of period.................... $ 14.21 $ 13.89 $12.12 $ 8.50 $ 8.19
------- ------- ------ ------ ------
OPERATIONS
Net investment income (loss)(1)........ --+(5) (0.02)+ (0.01)+ (0.01)+ 0.01
Net realized and unrealized gain
(loss) on investments................. 1.72 0.95 1.78 3.63 0.30
------- ------- ------ ------ ------
Total from investment operations....... 1.72 0.93 1.77 3.62 0.31
------- ------- ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income... -- -- -- (0.00)(5) --
Distributions from net realized gains
on investments........................ (1.76) (0.61) -- -- --
------- ------- ------ ------ ------
Total distributions.................... (1.76) (0.61) -- (0.00) --
------- ------- ------ ------ ------
NET ASSET VALUE
End of period.......................... $ 14.17 $ 14.21 $13.89 $12.12 $ 8.50
======= ======= ====== ====== ======
TOTAL RETURN(2)......................... 13.07% 6.81% 14.60% 42.64% 3.79%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000's
omitted).............................. $22,920 $16,785 $9,593 $2,916 $ 1
Ratios of expenses to average net
assets:
Before repayments/reimbursements and
directed brokerage arrangements..... 1.12% 1.14% 1.09% 1.14% 1.11%(3)
After repayments/reimbursements and
before directed brokerage
arrangements........................ 1.12% 1.14% 1.09% 1.14% 1.11%(3)
After repayments/reimbursements and
directed brokerage arrangements..... 1.12% 1.13% 1.09% 1.14% 1.11%(3)
Ratios of net investment income (loss)
to average net assets:
Before repayments/reimbursements and
directed brokerage arrangements..... 0.01% (0.11)% (0.10)% (0.10)% 0.20%(3)
After repayments/reimbursements and
directed brokerage arrangements..... 0.01% (0.11)% (0.10)% (0.10)% 0.20%(3)
Portfolio turnover rate................ 70.29% 69.79% 54.17% 83.46% 52.35%(4)
---------------------------------------------------------------------------------------------------------------
(1)Net of expense reimbursements, repayments and directed brokerage
arrangements.
(2)Total return is calculated assuming an initial investment made at net asset
value at the beginning of period, all dividends and distributions are
reinvested and redemptions on the last day of the period. Total return is
not annualized for periods of less than one year.
(3)Annualized
(4)Represents portfolio turnover for the fund for the entire year.
(5)Amount is less than $.005 per share.
+Calculated using the average share method.
*Audited by other Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of the financial statements.
139
Financial Highlights
MetLife Investment Funds, Inc.
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Large Company Stock Fund -- I Shares
------------------------------------------------
Year ended December 31,
------------------------------------------------
2006 2005 2004* 2003* 2002*
-------- -------- -------- -------- --------
NET ASSET VALUE
Beginning of year....................................................... $ 12.29 $ 11.65 $ 10.68 $ 8.39 $ 10.95
-------- -------- -------- -------- --------
OPERATIONS
Net investment income(1)................................................ 0.15+ 0.12+ 0.14+ 0.10+ 0.07
Net realized and unrealized gain (loss) on investments.................. 1.38 0.65 0.92 2.25 (2.57)
-------- -------- -------- -------- --------
Total from investment operations........................................ 1.53 0.77 1.06 2.35 (2.50)
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income.................................... (0.12) (0.13) (0.09) (0.06) (0.06)
Distributions from net realized gains on investments.................... -- -- -- -- --
-------- -------- -------- -------- --------
Total distributions..................................................... (0.12) (0.13) (0.09) (0.06) (0.06)
-------- -------- -------- -------- --------
NET ASSET VALUE
End of year............................................................. $ 13.70 $ 12.29 $ 11.65 $ 10.68 $ 8.39
======== ======== ======== ======== ========
TOTAL RETURN(2).......................................................... 12.56% 6.64% 10.04% 28.14% (22.84)%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of year (000's omitted)............................... $824,181 $778,908 $751,357 $648,073 $432,891
Ratios of expenses to average net assets:
Before repayments/reimbursements and directed brokerage arrangements.. 0.63% 0.64% 0.64% 0.63% 0.70%
After repayments/reimbursements and before directed brokerage
arrangements......................................................... 0.63% 0.64% 0.64% 0.63% 0.70%
After repayments/reimbursements and directed brokerage arrangements... 0.61% 0.63% 0.62% 0.62% 0.67%
Ratios of net investment income to average net assets:
Before repayments/reimbursements and directed brokerage arrangements.. 1.15% 1.03% 1.30% 1.10% 0.85%
After repayment/reimbursements and directed brokerage arrangements.... 1.17% 1.03% 1.32% 1.12% 0.88%
Portfolio turnover rate................................................. 34.44% 35.20% 37.75% 26.89% 60.04%
----------------------------------------------------------------------------------------------------------------------------
(1)Net of expense reimbursements, repayments and directed brokerage
arrangements.
(2)Total return is calculated assuming an initial investment made at net asset
value at the beginning of the period, all dividends and distributions are
reinvested and redemption on the last day of the period. Total returns do
not reflect charges attributable to separate account expenses deducted by
the insurance company for variable annuity contract shareholders. Inclusion
of these charges would reduce the total return shown.
+Calculated using the average share method.
*Audited by other Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of the financial statements.
140
Financial Highlights
MetLife Investment Funds, Inc.
[Enlarge/Download Table]
Large Company Stock Fund -- R Shares
-----------------------------------------------------------
For the period
Year ended December 31, October 1, 2002
--------------------------------- (commencement of operations)
2006 2005 2004* 2003* to December 31, 2002*
------- ------- ------- ------ ----------------------------
NET ASSET VALUE
Beginning of period........................................ $ 12.23 $ 11.60 $ 10.64 $ 8.38 $ 7.76
------- ------- ------- ------ ------
OPERATIONS
Net investment income(1)................................... 0.10+ 0.08+ 0.12+ 0.04+ 0.01
Net unrealized and unrealized gain on investments.......... 1.39 0.65 0.90 2.28 0.61
------- ------- ------- ------ ------
1.49 0.73 1.02 2.32 0.62
------- ------- ------- ------ ------
DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income....................... (0.10) (0.10) (0.06) (0.06) --
Distributions from net realized gains on investments....... -- -- -- -- --
------- ------- ------- ------ ------
Total distributions........................................ (0.10) (0.10) (0.06) (0.06) --
------- ------- ------- ------ ------
NET ASSET VALUE
End of period.............................................. $ 13.62 $ 12.23 $ 11.60 $10.64 $ 8.38
======= ======= ======= ====== ======
TOTAL RETURN(2)............................................. 12.21% 6.22% 9.64% 27.71% 7.99%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted).................. $51,123 $36,880 $21,259 $6,516 $ 2
Ratios of expenses to average net assets:
Before repayments/reimbursements and directed brokerage
arrangements............................................ 0.98% 0.99% 0.99% 0.98% 1.05%(3)
After repayments/reimbursements and before directed
brokerage arrangements.................................. 0.98% 0.99% 0.99% 0.98% 1.05%(3)
After repayments/reimbursements and directed brokerage
arrangements............................................ 0.96% 0.99% 0.97% 0.96% 1.05%(3)
Ratios of net investment income to average net assets:
Before repayments/reimbursements and directed brokerage
arrangements............................................ 0.80% 0.68% 1.08% 0.72% 0.59%(3)
After repayments/reimbursements and directed brokerage
arrangements............................................ 0.82% 0.69% 1.10% 0.74% 0.59%(3)
Portfolio turnover rate.................................... 34.44% 35.20% 37.75% 26.89% 60.04%(4)
----------------------------------------------------------------------------------------------------------------------------
(1)Net of expense reimbursements, repayments and directed brokerage
arrangements.
(2)Total return is calculated assuming an initial investment made at net asset
value at the beginning of the period, all dividends and distributions are
reinvested and redemption on the last day of the period. Total return is not
annualized for periods of less than one year.
(3)Annualized
(4)Represents portfolio turnover for the fund for the entire year.
+Calculated using the average share method.
*Audited by other Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of the financial statements.
141
Financial Highlights
MetLife Investment Funds, Inc.
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Diversified Bond Fund -- I Shares
------------------------------------------------
Year ended December 31,
------------------------------------------------
2006 2005 2004* 2003* 2002*
-------- -------- -------- -------- --------
NET ASSET VALUE
Beginning of year....................................................... $ 11.68 $ 11.83 $ 11.69 $ 11.56 $ 11.06
-------- -------- -------- -------- --------
OPERATIONS
Net investment income(1)................................................ 0.55+ 0.50+ 0.45+ 0.47+ 0.52+
Net realized and unrealized gain (loss) on investments.................. (0.06) (0.25) 0.09 0.16 0.45
-------- -------- -------- -------- --------
Total from investment operations........................................ 0.49 0.25 0.54 0.63 0.97
-------- -------- -------- -------- --------
DISTRIBUTIONS
Dividends from net investment income.................................... (0.48) (0.40) (0.40) (0.50) (0.47)
Distributions from net realized gains on investments.................... -- -- -- -- --
-------- -------- -------- -------- --------
Total distributions..................................................... (0.48) (0.40) (0.40) (0.50) (0.47)
-------- -------- -------- -------- --------
NET ASSET VALUE
End of year............................................................. $ 11.69 $ 11.68 $ 11.83 $ 11.69 $ 11.56
======== ======== ======== ======== ========
TOTAL RETURN(2).......................................................... 4.31% 2.09% 4.65% 5.58% 8.97%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of year (000's omitted)............................... $893,316 $872,349 $833,489 $699,392 $628,639
Ratios of expenses to average net assets:
Before repayments/reimbursements and directed brokerage arrangements.. 0.51% 0.54% 0.54% 0.55% 0.56%
After repayments/reimbursements and before directed brokerage
arrangements......................................................... 0.51% 0.54% 0.54% 0.55% 0.56%
After repayments/reimbursements and directed brokerage arrangements... 0.51% 0.54% 0.54% 0.55% 0.56%
Ratios of net investment income to average net assets:
Before repayments/reimbursements and directed brokerage arrangements.. 4.75% 4.24% 3.85% 4.09% 4.61%
After repayments/reimbursements and directed brokerage arrangements... 4.75% 4.24% 3.85% 4.09% 4.61%
Portfolio turnover rate................................................. 161.91% 177.27% 125.02% 197.49% 211.37%
---------------------------------------------------------------------------------------------------------------------------
(1)Net of expense reimbursements, repayments and directed brokerage
arrangements.
(2)Total return is calculated assuming an initial investment made at net asset
value at the beginning of the period, all dividends and distributions are
reinvested and redemption on the last day of the period. Total returns do
not reflect changes attributable to separate account expenses deducted by
the insurance company for variable annuity contract shareholders. Inclusion
of these charges would reduce the total return shown.
+Calculated using the average share method.
*Audited by other Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of the financial statements.
142
Financial Highlights
MetLife Investment Funds, Inc.
[Enlarge/Download Table]
Diversified Bond Fund -- R Shares
------------------------------------------------------------
For the period
Year ended December 31, October 1, 2002
---------------------------------- (commencement of operations)
2006 2005 2004* 2003* to December 31, 2002*
------- ------- ------- ------- ----------------------------
NET ASSET VALUE
Beginning of period........................................ $ 11.63 $ 11.79 $ 11.65 $ 11.55 $ 11.32
------- ------- ------- ------- -------
OPERATIONS
Net investment income(1)................................... 0.51+ 0.46+ 0.41+ 0.23+ 0.11+
Net realized and unrealized gain (loss) on investments..... (0.05) (0.26) 0.09 0.36 0.12
------- ------- ------- ------- -------
Total from investment operations........................... 0.46 0.20 0.50 0.59 0.23
------- ------- ------- ------- -------
DISTRIBUTIONS
Dividends from net investment income....................... (0.46) (0.36) (0.36) (0.49) --
Distributions from net realized gains on investments....... -- -- -- -- --
------- ------- ------- ------- -------
Total distributions........................................ (0.46) (0.36) (0.36) (0.49) --
------- ------- ------- ------- -------
NET ASSET VALUE
End of period.............................................. $ 11.63 $ 11.63 $ 11.79 $ 11.65 $ 11.55
======= ======= ======= ======= =======
TOTAL RETURN(2)............................................. 4.00% 1.59% 4.30% 5.24% 2.03%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000's omitted)................ $62,818 $48,376 $28,343 $ 7,898 $ 2
Ratios of expenses to average net assets:
Before repayments/reimbursements and directed brokerage
arrangements............................................ 0.86% 0.89% 0.89% 0.90% 0.91%(3)
After repayments/reimbursements and before directed
brokerage arrangements.................................. 0.86% 0.89% 0.89% 0.90% 0.91%(3)
After repayments/reimbursements and directed brokerage
arrangements............................................ 0.86% 0.89% 0.89% 0.90% 0.91%(3)
Ratios of net investment income to average net assets:
Before repayments/reimbursements and directed brokerage
arrangements............................................ 4.40% 3.92% 3.50% 3.54% 3.94%(3)
After repayments/reimbursements and directed brokerage
arrangements............................................ 4.40% 3.92% 3.50% 3.54% 3.94%(3)
Portfolio turnover rate.................................... 161.91% 177.27% 125.02% 197.49% 211.37%(4)
-----------------------------------------------------------------------------------------------------------------------------
(1)Net of expense reimbursements, repayment and directed brokerage arrangements.
(2)Total return is calculated assuming an initial investment made at net asset
value at the beginning of the period, all dividends and distributions are
reinvested and redemption on the last day of the period. Total returns are
not annualized for periods of less than one year.
(3)Annualized
(4)Represents portfolio turnover for the fund for the entire year.
+Calculated using the average share method.
*Audited by other Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of the financial statements.
143
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006
NOTE 1. ORGANIZATION
MetLife Investment Funds, Inc. (Formerly the CitiStreet Funds, Inc.) (the
"Company") is organized as a Maryland corporation and is registered under the
Investment Company Act of 1940 as an open-end diversified management investment
company. It consists of four separate funds (each a "Fund", collectively the
"Funds"): MetLife Investment International Stock Fund ("International Stock
Fund") (Formerly CitiStreet International Company Stock Fund), MetLife
Investment Small Company Stock Fund ("Small Company Stock Fund") (Formerly
CitiStreet Small Company Stock Fund), MetLife Investment Large Company Stock
Fund ("Large Company Stock Fund") (Formerly CitiStreet Large Company Stock
Fund) and MetLife Investment Diversified Bond Fund ("Diversified Bond Fund")
(Formerly CitiStreet Diversified Bond Fund).
The Funds currently offer two classes of shares: I Shares and R Shares. Both
the I Shares and R Shares are authorized to issue up to 100,000,000 shares at a
par value of $.01 each. Each class votes separately as a class only with
respect to its own distribution plan (R Shares only) or other matters that
relate only to that class. Shares of each class would receive their pro-rata
share of the net assets of the Funds (after satisfaction of any class-specific
expenses) if the Funds were liquidated. In addition, the Company declares
separate dividends on each class of shares.
For each Fund, I Shares are offered only to life insurance company separate
accounts to serve as the underlying investment vehicle for variable annuity and
variable life insurance contracts; qualified retirement plans, (including
arrangements under section 403(b) of the Internal Revenue Code), as permitted
by Treasury regulations; and insurance companies and their affiliates. The R
Shares are available only through qualified retirement plans (including
arrangements under section 403(b) of the Internal Revenue Code), as permitted
by Treasury regulations, that require a fee from Fund assets to procure
distribution and administrative services to plan participants.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities at 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.
A) SECURITY VALUATION
Equity securities for which the primary market is on an exchange are generally
valued at the last sale price on such exchange as of the close of the New York
Stock Exchange (NYSE) or, in
144
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
A) SECURITY VALUATION (CONTINUED)
the absence of recorded sales, at the mean between the most recently quoted bid
and asked prices. For some foreign securities, the exchange provides an
official closing price, and in those cases the Funds generally use that price.
NASDAQ National Market System equity securities are valued at the official
closing price (NOCP) or, if there was no NOCP on such day, at the last sale
price or, if there was no sale on such day, at the mean between the most
recently quoted bid and asked prices. Other over-the-counter equity securities
are generally valued at the at the last sale price.
Debt obligations (other than certain securities with remaining maturities of
less than 60 days) are valued utilizing independent pricing services to
determine valuations for normal institutional size trading units of securities.
The pricing services consider such factors as security prices, yields,
maturities, call features, ratings, and developments relating to specific
securities. Short-term debt obligations with remaining maturities of less than
60 days are valued at amortized cost, which approximates market value. This
means that each obligation will be valued initially at its purchase price (or
its market value as of the 60th day prior to maturity) and thereafter by
amortizing any discount or premium uniformly to maturity, unless this method
does not represent fair market value. In such cases, the security will be
valued at its fair value as determined under the procedures established by and
under general supervision of the Board of Directors of the Company.
Options traded on national securities exchanges are valued at their last sale
price as of the close of option trading on such exchanges. Futures contracts
are marked to market daily, and options thereon are valued at their last sale
price, as of the close of the applicable commodities exchanges. Quotations of
foreign securities in a foreign currency are converted to U.S. dollar
equivalents at the current rate obtained by a recognized bank, dealer, or
pricing service. Forward contracts are valued at the current cost of covering
or offsetting such contracts. Securities or assets for which market quotations
are not readily available will be valued at fair value as determined under
procedures established by and under the direction of the Board of Directors of
the Company.
Generally, trading in foreign securities, as well as corporate bonds, U.S.
government securities, and money market instruments, is substantially completed
each day at various times prior to the close of the NYSE. The value of any such
securities are generally determined as of such times for purposes of computing
a Fund's net asset value. Foreign currency exchange rates are also generally
determined prior to the close of the NYSE. If, however, a significant event
occurs after the close of an exchange on which that security is traded, the
security will be valued at fair value as determined under procedures
established by and under the general supervision of the Company's Board of
Directors.
145
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
B) FINANCIAL INSTRUMENTS
The Funds may utilize futures contracts, options, and forward foreign currency
contracts to manage their exposure to the equity and bond markets and to
fluctuations in interest rates and currency values and for investment purposes.
The primary risks associated with the use of these financial instruments are
(a) an imperfect correlation between the change in market value of the other
securities held by the Funds and the change in market value of these financial
instruments, (b) the possibility of an illiquid market, and (c) the
non-performance of the counterparties under the terms of the contract. As a
result, the use of these financial instruments may involve, to a varying
degree, risk of loss in excess of the amounts recognized in the statements of
assets and liabilities.
C) FUTURES CONTRACTS
Initial margin deposits made upon entering into futures contracts, if
applicable, are recognized as assets due from the broker. During the period the
futures contract is open, changes in the value of the contract are recognized
as unrealized gains or losses by "marking to market" on a daily basis to
reflect the value of the contract at the end of each day's trading. Changes in
unrealized gains or losses are recorded as a variation margin and settled daily
with the broker through cash receipts or cash payments, respectively. Gains and
losses are realized upon the expiration or closing of the futures contract. At
December 31, 2006, the Funds had segregated sufficient cash and/or securities
to cover margin requirements on open future contracts.
D) OPTIONS
The premium paid by a Fund for the purchase of a call or put option is included
in the Fund's statement of assets and liabilities as an investment and
subsequently marked-to-market to reflect the current market value of the option
purchased. If an option which the Fund has purchased expires on its stipulated
expiration date, the Fund realizes a loss for the amount of the cost of the
option. If the Fund enters into a closing transaction, it realizes a gain or
loss, depending on whether the proceeds from the sale are greater or less than
the cost of the option. If the Fund exercises a put option, it realizes a gain
or loss from the sale of the underlying security and the proceeds from such
sale will be decreased by the premium originally paid. If the Fund exercises a
call option, the cost of the security which the Fund purchases upon exercise
will be increased by the premium originally paid.
The premium received by a Fund for a written option is recorded as a liability.
The liability is marked-to-market based on the option's quoted daily settlement
price. When an option expires or the Fund enters into a closing purchase
transaction, the Fund realizes a gain (or loss if the cost of the closing
purchase transaction exceeds the premium received when the option was sold)
without regard to any unrealized gain or loss on the underlying security and
the liability related to such option is eliminated. When a written call option
is exercised, the Fund realizes
146
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
D) OPTIONS (CONTINUED)
a gain or loss from the sale of the underlying security and the proceeds from
such sale are increased by the premium originally received. If a written put
option is exercised, the amount of the premium originally received will reduce
the cost of the security which the Fund is obligated to purchase.
E) FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts to manage their
exposure to fluctuations in certain foreign currencies. The Diversified Bond
Fund may enter into forward foreign currency contracts for investment purposes
as well. A forward currency contract is a commitment to purchase or sell a
foreign currency at a future date at a set price. The forward currency
contracts are valued at the forward rate and are marked-to-market daily. The
change in market value is recorded by the Fund as an unrealized gain or loss.
When the contract is closed, the Fund records a realized gain or loss equal to
the difference between the value of the contract at the time it was opened and
the value at the time it was closed. In addition to the risks of financial
investments mentioned above, risks arise from unanticipated movements in
currency values.
F) CURRENCY TRANSLATION
Assets and liabilities denominated in foreign currencies are translated into
U.S. dollars at the rate of exchange at the end of the period. Purchases and
sales of securities are translated at the rates of exchange prevailing when
such securities were acquired or sold. Income is translated at rates of
exchange prevailing when accrued. The Funds do not isolate that portion of
currency gains and losses resulting from changes in foreign exchange rates on
investments denominated in foreign currencies from the fluctuations arising
from changes in market prices of these investments held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of foreign short-term securities and foreign currencies, including
forward contracts, currency gains or losses realized between the trade and
settlement dates on securities transactions and the difference in the amounts
of dividends, interest, and foreign withholding taxes recorded on the Fund's
books, from the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in
the value of assets and liabilities denominated in foreign currencies other
than investments in securities at fiscal year end, resulting from changes in
the exchange rate and changes in the value of forward foreign currency exchange
contracts held.
147
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
G) REPURCHASE AGREEMENTS
The Funds may enter into repurchase agreements with institutions that the
MetLife Investment Funds Management LLC or the relevant subadviser has
determined are creditworthy wherein the seller and the buyer agree at the time
of sale to a repurchase of the security at a mutually agreed upon time and
price. The Funds will not enter into repurchase agreements unless the agreement
is fully collateralized. Securities purchased subject to the repurchase
agreement are deposited with the custodian and, pursuant to the terms of the
repurchase agreement, must have an aggregate market value at least equal to the
repurchase price plus accrued interest. If the value of the underlying
securities falls below the value of the repurchase price plus accrued interest,
the seller is required to deposit additional collateral by the next business
day. If the request for additional collateral is not met, or the seller
defaults on its repurchase obligation, the Funds maintain the right to sell the
underlying securities at market value and may claim any resulting loss against
the seller. Repurchase agreements could involve certain risks in the event of
default or insolvency of the other party, including possible delays or
restrictions upon the Fund's ability to dispose of the underlying securities.
H) DOLLAR ROLL TRANSACTIONS
The Funds may enter into dollar roll transactions with financial institutions
to take advantage of opportunities in the mortgage backed securities market. A
dollar roll transaction involves a simultaneous sale by the Fund of securities
that it holds with an agreement to repurchase substantially similar securities
at an agreed upon price and date, but generally will be collateralized at time
of delivery by different pools of mortgages with different prepayment histories
than those securities sold. These transactions are accounted for as purchase
and sales transactions. During the period between the sale and repurchase, the
Fund will not be entitled to receive interest and principal payments on the
securities sold. Dollar roll transactions involve risk that the market value of
the security sold by the Fund may decline below the repurchase price of the
security. These transactions also present a risk from the potential inability
of counterparties to meet their contractual obligations. The average monthly
balance of dollar rolls outstanding during the year ended December 31, 2006 was
approximately $71,342,530 for the Diversified Bond Fund.
I) TAXES
It is the Funds' policy to comply with the provisions of the Internal Revenue
Code (the "Code") Subchapter M applicable to a regulated investment company.
Under such provisions, the Funds will not be subject to federal income tax
provided each Fund distributes as dividends substantially all of its net
investment income, if any, and meets certain other requirements. The Funds also
intend to distribute annually all of its net realized capital gains of each
Fund. Such dividends and distributions are automatically reinvested in
additional shares of the Funds.
148
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
The Funds also intend to comply with the tax diversification requirements of
the code so that variable annuity and variable life contracts investing in a
Fund will not fail to qualify as annuity and life insurance contracts for tax
purposes.
J) DISTRIBUTIONS
Dividends from net investment income and capital gains distributions are
determined in accordance with U.S. federal income tax regulations which may
differ from U.S. generally accepted accounting principles. As a result,
dividends and distributions differ from net investment income and net realized
capital gains due to permanent and temporary differences, primarily the
deferral of losses due to wash sales and the differing treatment of market to
market adjustments on investments in Passive Foreign Investment Companies.
Distributions which were the result of permanent differences between book and
tax amounts, primarily due to the differing treatment of foreign currency
transactions and the inability to carry net operating losses forward to future
years, have been reclassified among additional paid-in capital, undistributed
net investment income and accumulated net realized gains.
K) SECURITIES TRANSACTIONS
Investment transactions are recorded based on the trade date. Realized gains
and losses are determined on the identified cost basis. Dividend income is
recorded on the ex-dividend date. Foreign dividend income is recorded on the
ex-dividend date or as soon as practical after the Funds determine the
existence of a dividend declaration after exercising reasonable due diligence.
Foreign income and foreign capital gains on some foreign securities may be
subject to foreign withholding taxes, which are accrued as applicable. Interest
income, including amortization of premium and accretion of discount on
securities, is recorded daily.
L) SECURITIES LENDING
The Company has entered into a securities lending arrangement with the
Company's custodian, State Street Bank and Trust Company (the "custodian").
Under the agreement, the custodian is authorized to loan securities on the
Funds' behalf. In exchange, the Fund receives either cash or securities
collateral against the loaned securities. Each Fund 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 cash collateral is invested in the Navigator Securities Lending
Prime Portfolio an affiliate of the custodian, which invests in a variety of
high quality U.S. dollar-denominated instruments. 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 close of business on the following
business day, an additional amount of collateral, equal to at least 100% of the
market value of all the loaned securities as of such preceding day. The
149
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
L) SECURITIES LENDING (CONTINUED)
Funds receive 70% of the annual net income from securities lending
transactions, which is included in interest income of the respective Funds. The
remaining 30% is paid to the custodian as compensation for its securities
lending services. On loans collateralized by U.S. Treasuries, a fee is received
from the Borrower and is allocated between the Fund and the lending agent. The
Funds bear the risk of any deficiency in the amount of collateral available for
return to a borrower due to loss in an approved investment. Funds with
outstanding loans at December 31, 2006 are footnoted in the Portfolio of
Investments.
M) ALLOCATION OF OPERATING ACTIVITY
Investment income, common expenses and realized and unrealized gains and losses
are allocated among the share classes of the Funds based on the relative net
assets of each class. Administration service fees and distribution fees, which
are directly attributable to the R Shares, are charged to the R Shares
operations.
N) RISKS ASSOCIATED WITH FOREIGN INVESTMENTS
The Investments by the Portfolio in foreign securities may involve risks not
present in domestic investments. Since securities may be denominated in a
foreign currency and may require settlement in foreign currencies and pay
interest or dividends in foreign currencies, changes in the relationship of
those foreign currencies to the U.S. dollar can significantly affect the value
of the investments and earnings of the Portfolio. Foreign investments may also
subject the Portfolio to foreign government exchange restrictions,
expropriation, taxation or other political, social or economic developments,
all of which could affect the market and/or credit risk of the investments. In
addition to the risks described above, risks may arise from forward foreign
currency contracts with respect to the potential inability of counterparties to
meet the terms of their contracts.
O) DELAYED DELIVERY TRANSACTIONS
The Funds may purchase and sell securities on a when-issued or forward
commitment basis. Payment and delivery may take place a month or more after the
date of the transactions. The price of the underlying securities and the date
when the securities will be delivered and paid for are fixed at the time the
transaction is negotiated. The Fund instructs its custodian to segregate
securities having a value at least equal to the net amount of the purchase
commitments.
NOTE 3. MANAGEMENT, SUBADVISORY AND TRANSACTIONS WITH AFFILIATES
The Company has entered into a management agreement with MetLife Investment
Funds Management LLC ("MIFM"), pursuant to which MIFM manages the investment
operations of the Funds and administers the Company's affairs. Each Fund pays
MIFM a fee for its services
150
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
that is computed daily and paid monthly at an annual rate of 0.25% of each
Fund's average net assets. The Funds and MIFM have entered into subadvisory
agreements for investment advisory services in connection with the management
of each of the Funds. MIFM supervises the subadvisers' performance of advisory
services and makes recommendations to the Company's Board of Directors with
respect to the retention or renewal of the subadvisory agreements. MIFM pays
for the cost of compensating officers of the Company, occupancy, and certain
clerical and accounting costs of the Company. The Company bears all other costs
and expenses. Each Fund pays its respective subadviser(s) directly.
MIFM's management fees and subadviser fees for the year ended December 31, 2006
were as follows:
[Download Table]
MANAGEMENT SUBADVISER
FEES FEES
---------- ----------
International Stock Fund $1,462,101 $2,798,056
Small Company Stock Fund 1,166,495 1,793,064
Large Company Stock Fund 2,106,318 2,317,090
Diversified Bond Fund 2,356,242 1,582,566
Each Fund pays its subadviser a fee that is computed daily and paid monthly at
the annual rates specified below based upon the value of the Fund's average
daily net assets allocated to that subadviser.
[Enlarge/Download Table]
FUND & SUBADVISER SUBADVISER'S FEE
--------------------------------------------- ----------------------------------------------
International Stock Fund
- Alliance Bernstein L.P. . 0.55% for first $100 million in assets, plus
. 0.50% for next $50 million in assets, plus
. 0.40% for assets over $150 million
- Oeschle International Advisors, L.L.C. . 0.50% for first $100 million in assets, plus
. 0.45% for next $50 million in assets, plus
. 0.40% for assets over $150 million
- SSgA Funds Management, Inc. . 0.50% for first $50 million in assets, plus
. 0.45% for next $100 million in assets, plus
. 0.40% for assets over $150 million
Small Company Stock Fund
- TCW Investment Management Company . 0.50% for first $50 million in assets, plus
(through 4/30/06) . 0.45% for next $50 million in assets, plus
. 0.40% for assets over $100 million
- Delaware Management Company (began 5/01/06) . 0.50% of assets
151
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
[Enlarge/Download Table]
FUND & SUBADVISER SUBADVISER'S FEE
--------------------------------------------------- ----------------------------------------------------------
- OFI Institutional Asset Management, Inc. . 0.70% for first $100 million in assets, plus
(began 5/01/06, through 4/30/06 Babson Capital . 0.65% for next $50 million in assets, plus
Management LLC) . 0.60% for assets over $150 million
. The above fee is reduced by 10% for the period beginning
October 1, 2005, and extending to and including
September 30, 2007.
- SSgA Funds Management, Inc. . 0.08% for first $50 million in assets, plus
. 0.06% for next $50 million in assets, plus
. 0.04% for assets over $100 million
. (minimum $50,000 on an annualized basis)
Large Company Stock Fund
- Smith Barney Fund Management LLC . 0.45% for first $45 million in assets, plus
(through 11/30/06) . 0.35% for assets over $45 million
- ClearBridge Advisors, LLC . 0.45% for first $45 million in assets, plus
(began 12/1/06) . 0.35% for assets over $45 million
- SSgA Funds Management, Inc. . 0.05% for first $50 million in assets, plus
. 0.04% for next $50 million in assets, plus
. 0.02% for assets over $100 million
. (minimum $50,000 on an annualized basis)
- Wellington Management Company LLP . 0.45% of assets
Diversified Bond Fund
- Salomon Brothers Asset Management, Inc. . 0.35% for first $50 million in assets, plus
(through 4/30/06) . 0.30% for next $50 million in assets, plus
. 0.25% for assets over $100 million
- Wellington Management Company LLP (began 5/01/06) . 0.35% for first $50 million in assets, plus
. 0.30% for next $50 million in assets, plus
. 0.15% for assets over $100 million
- SSgA Funds Management, Inc. . 0.05% in assets
- Western Asset Management Company LLP . 0.25% for first $250 million in assets, plus
. 0.15% for assets over $250 million
152
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
The Company has entered into an administrative agreement with MIFM pursuant to
which MIFM is responsible for providing or obtaining recordkeeping,
subaccounting and other administrative services for R Shares shareholders. MIFM
receives an administrative services fee at an annual rate of up to 0.10% of the
average daily net assets of the R Shares for such services to investors in the
R Shares. MIFM does not currently charge an administrative service fee to
investors in the I Shares.
Effective September 1, 2006, the Company has entered into a distribution and
shareholder servicing plan (the "Plan") with MetLife Securities, Inc., the
Funds' distributor pursuant to Rule 12b-1 under the Investment Company Act of
1940. Under the Plan, the R shares of each Fund may pay MetLife Securities,
Inc. an annual rate of up to 0.25% of the average daily net assets of the R
Shares as compensation for distribution and shareholder services. CitiStreet
Equities LLC served as the Funds' distributor until August 31, 2006.
The chart below sets forth the brokerage commissions paid by the Funds to
affiliated broker-dealers during the year ended December 31, 2006:
[Download Table]
Fund Affiliated Broker-Dealer Commissions
---- ---------------------------- -----------
Small Company Stock Fund Jefferies & Co., Inc. $550
Legg Mason Wood Walker, Inc. 48
International Stock Fund State Street Global Markets 230
NOTE 4. BROKER RECAPTURE ARRANGEMENT
The International Stock Fund, Small Company Stock Fund and Large Company Stock
Fund have entered into brokerage recapture arrangements with certain
broker-dealers. The broker-dealers have agreed to pay certain Fund expenses in
exchange for the Fund directing a portion of the fund brokerage to these
broker-dealers. The selection of broker-dealers and the payment of commissions
is subject to the standard of best execution.
Under these arrangements for the year ended December 31, 2006, broker dealers
paid custodian expenses for the International Stock Fund, the Small Company
Stock Fund and the Large Company Stock Fund of $16,778, $6,088 and $149,535,
respectively.
153
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
NOTE 5. SECURITIES TRANSACTIONS
The cost of purchases and proceeds from sales of investment securities
(excluding short-term investments and repurchase agreements), for the year
ended December 31, 2006 were as follows:
[Download Table]
International Small Company Large Company Diversified
Stock Fund Stock Fund Stock Fund Bond Fund
------------- ------------- ------------- --------------
Purchases
U.S. Government $ -- $ -- $ 80,655 $1,348,286,210
Non-U.S. Government 205,969,221 323,238,650 287,206,872 241,189,709
------------ ------------ ------------ --------------
Total 205,969,221 323,238,650 287,287,527 1,589,475,919
============ ============ ============ ==============
Sales
U.S. Government -- -- 3,659,713 1,360,753,022
Non-U.S. Government 284,338,769 366,408,711 350,468,517 176,033,121
------------ ------------ ------------ --------------
Total $284,338,769 $366,408,711 $354,128,230 $1,536,786,143
============ ============ ============ ==============
At December 31, 2006, the cost of securities for federal income tax purposes
and the unrealized appreciation (depreciation) of investments for federal
income tax purposes for each Fund were as follows:
[Enlarge/Download Table]
International Small Company Large Company Diversified
Stock Fund Stock Fund Stock Fund Bond Fund
------------- ------------- ------------- --------------
Federal Income Tax Cost $456,586,111 $406,513,803 $728,343,671 $1,027,097,461
Gross Unrealized Appreciation 154,625,328 76,839,124 166,375,600 9,710,455
Gross Unrealized Depreciation 2,997,940 17,800,319 28,366,167 9,474,494
------------ ------------ ------------ --------------
Net Unrealized Appreciation (Depreciation) $151,627,388 $ 59,038,805 $138,009,433 $ 235,961
============ ============ ============ ==============
NOTE 6. WRITTEN OPTIONS
The Diversified Bond Fund's activity in written options during the year ended
December 31, 2006 was as follows:
[Download Table]
Number of
Options Premiums
----------- ---------
Options Outstanding at December 31, 2005 171 $ 88,886
Options Written..................... 11,601,149 573,657
Options Expired..................... (757) (293,898)
Options Bought back................. (11,600,338) (249,314)
----------- ---------
Options Outstanding at December 31, 2006 225 $ 119,331
=========== =========
154
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
155
NOTE 7. FEDERAL INCOME TAXES
For federal income tax purposes, the Funds indicated below have a capital loss
carryforward as of December 31, 2006 which is available to offset future
capital gains, if any.
[Download Table]
Capital Loss Carryforward Expiration Date
------------------------- ---------------
Large Company Stock Fund $26,781,975 2010
===========
$ 8,067,838 2011
===========
Diversified Bond Fund... $ 9,735,665 2009
===========
$ 1,596,152 2013
===========
$ 4,800,225 2014
===========
The tax character of distributions paid during 2006 was as follows:
[Download Table]
International Small Company Large Company Diversified
Stock Fund Stock Fund Stock Fund Bond Fund
------------- ------------- ------------- -----------
Distributions paid from:
Ordinary income......... $10,697,886 $ 566,275 $8,059,739 $38,582,676
Short-term capital gain. -- 15,173,863 -- --
Long-term capital gain.. -- 38,130,683 -- --
----------- ----------- ---------- -----------
$10,697,886 $53,870,821 $8,059,739 $38,582,676
=========== =========== ========== ===========
The tax character of distributions paid during 2005 was as follows:
[Download Table]
International Small Company Large Company Diversified
Stock Fund Stock Fund Stock Fund Bond Fund
------------- ------------- ------------- -----------
Distributions paid from:
Ordinary income......... $6,781,562 $ 481,027 $9,049,096 $30,484,596
Long-term capital gain.. -- 19,339,263 -- --
---------- ----------- ---------- -----------
$6,781,562 $19,820,290 $9,049,096 $30,484,596
========== =========== ========== ===========
Notes to Financial Statements
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
As of December 31, 2006, the components of distributable earnings on a tax
basis were as follows:
[Enlarge/Download Table]
International Small Company Large Company Diversified
Stock Fund Stock Fund Stock Fund Bond Fund
------------- ------------- ------------- ------------
Undistributed ordinary income......... $ 17,837,958 $ 13,054,348 $ 10,987,532 $ 44,534,676
Undistributed long-term gains......... 45,667,463 54,646,819 -- --
Unrealized appreciation (depreciation) 151,649,997 58,997,640 138,018,319 299,091
Capital Loss Carryforward............. -- -- (34,849,813) (16,132,042)
Undistributed capital................. 8 41,165 (8,886) (41,028)
------------ ------------ ------------ ------------
$215,155,426 $126,739,972 $114,147,152 $ 28,660,697
============ ============ ============ ============
The differences between book and tax basis are attributable primarily to the
tax deferral of losses on wash sales.
NOTE 8. RECENT ACCOUNTING PRONOUNCEMENTS
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48).
FIN 48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the fund's tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be
applied to all open tax years as of the effective date. On December 22, 2006,
the SEC issued a letter delaying the implementation of the interpretation for
Investment Companies to the first reporting period after adoption. At this
time, management is evaluating the implication of FIN 48 and its impact in the
financial statements has not yet been determined.
In September 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements (SFAS 157) was issued and is effective for fiscal years
beginning after November 15, 2007. SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. Management is currently evaluating the impact the adoption of
SFAS 157 will have on each Fund's financial statement disclosures.
156
Report of Independent Registered Public Accounting Firm
MetLife Investment Funds, Inc.
To the Board of Trustees and Shareholders of the MetLife Investment Funds, Inc.
(formerly, the CitiStreet Investment Funds, Inc.):
MetLife Investment International Stock Fund (formerly, the CitiStreet
International Stock Fund),
MetLife Investment Small Company Stock Fund (formerly, the CitiStreet Small
Company Stock Fund),
MetLife Investment Large Company Stock Fund (formerly, the CitiStreet Large
Company Stock Fund),
MetLife Investment Diversified Bond Fund (formerly, the CitiStreet Diversified
Bond Fund),
(individually a "Fund" and collectively the "Funds")
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of the above referenced Funds as of
December 31, 2006, and the related statements of operations for the year then
ended, the statements of changes in net assets and the financial highlights for
each of the two years in the period then ended. These financial statements and
financial highlights are the responsibility of the Funds' Management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The financial highlights for each of
the three years in the period ended December 31, 2004 were audited by other
auditors whose report, dated February 16, 2005, expressed an unqualified
opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). 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. The Funds are not required to have, nor were we engaged to
perform, an audit of their internal control over financial reporting. Our
audits included consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the
Funds' internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. Our procedures
included confirmation of securities owned as of December 31, 2006, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. 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
Funds as of December 31, 2006, the results of their operations for the year
then ended, and the changes in their net assets and the financial highlights
for each of the two years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 19, 2007
157
Additional Information
MetLife Investment Funds, Inc. / December 31, 2006
TAX INFORMATION (UNAUDITED)
For the year ended December 31, 2006, the International Stock Fund elected,
pursuant to Section 853 of the Internal Revenue Code, to pass through foreign
taxes to its shareholders. Gross foreign source income and foreign taxes passed
through with respect to this election are $16,951,730 ($0.53 per share) and
$1,400,647 ($0.04 per share), respectively.
Of the distributions made by the Funds for the year ended December 31, 2006,
the percentages which will qualify for the dividends received deduction
available to corporate shareholders for the International Stock Fund, the Small
Company Stock Fund, the Large Company Stock Fund, and the Diversified Bond Fund
are 0%, 16%, 91% and 0%, respectively.
158
DIRECTORS AND OFFICERS (UNAUDITED)
The following tables list the Company's directors and officers; their address
and age; their position with the Company; the length of time holding that
position with the Company; their principal occupation(s) during the past five
years; the number of portfolios in the fund complex they oversee; and other
directorships they hold in companies subject to registration or reporting
requirements of the Securities Exchange Act of 1934 (generally called "public
companies") or in registered investment companies. The Company's Statement of
Additional Information includes additional information about the Company's
directors and is available, without charge, upon request by calling toll free
1-800-242-7884.
INTERESTED DIRECTOR
[Enlarge/Download Table]
NUMBER OF
TERM OF PORTFOLIOS IN
OFFICE AND FUND
POSITION(S) LENGTH OF PRINCIPAL OCCUPATION(S) COMPLEX(2)
HELD WITH TIME DURING PAST 5 YEARS OVERSEEN BY
NAME, ADDRESS, AND AGE FUND SERVED(1) INCLUDING OTHER DIRECTORSHIPS DIRECTOR
---------------------- ------------ ---------- ------------------------------------------ -------------
Elizabeth M. Forget(3) Director and Since Vice President, MetLife, Inc. (July 2000 - 89
MetLife Chairman of May 17, present); President, Met Investors
260 Madison Avenue the Board 2006 Advisory LLC (December 2000 - present);
New York, NY 10016 President, MetLife Advisors LLC (May
Age: 40 2006 - present); Trustee and President of
Met Investors Series Trust, since
December 2000; Director and President
of MetLife Investment Funds
Management LLC, since June 2006;
Director, Chairman of the Board,
President and Chief Executive Officer of
Metropolitan Series Fund, Inc. (since
2006).
159
INDEPENDENT DIRECTORS
[Enlarge/Download Table]
TERM OF
OFFICE AND NUMBER OF
POSITION(S) LENGTH OF PORTFOLIOS IN
HELD WITH TIME PRINCIPAL OCCUPATION(S) FUND
NAME, ADDRESS, AND AGE FUND SERVED(1) DURING PAST 5 YEARS COMPLEX(2)
----------------------- ----------- ---------- ----------------------------------- -------------
Jane DiRenzo Pigott Director 13 years Managing Director, R3 Group LLC Four
c/o MetLife and its predecessors (consulting);
Investment Funds, Inc. prior to February 2002, Partner and
400 Atrium Drive Chairperson of the Environmental
Somerset, NJ 08873-4172 Law Department, Winston & Strawn
Age: 49 (law firm).
John G. Beam, Jr. Director 13 years Chairman of the Board, Acordia of Four
c/o MetLife Kentucky, Inc. (insurance).
Investment Funds, Inc.
400 Atrium Drive
Somerset, NJ 08873-4172
Age: 59
Nicholas D. Yatrakis Director 13 years Physician in private practice. Four
c/o MetLife
Investment Funds, Inc.
400 Atrium Drive
Somerset, NJ 08873-4172
Age: 59
Steven I. Weinstein Director 13 years Of Counsel to Florio, Perrucci, Four
c/o MetLife Steinhardt & Fader LLC; Executive
Investment Funds, Inc. Vice President of Peron Development
400 Atrium Drive LLC; from May 2001 to October 2004,
Somerset, NJ 08873-4172 Vice President and Deputy General
Age: 60 Counsel, Foster Wheeler Ltd.
Ross Jones Director Since Retired Senior Vice President and Four
c/o MetLife May 12, Chief Financial Officer of Knight
Investment Funds, Inc. 2005 Ridder, Inc.
400 Atrium Drive
Somerset, NJ 08873-4172
Age: 64
160
PRINCIPAL OFFICERS WHO ARE NOT DIRECTORS
[Enlarge/Download Table]
TERM OF
OFFICE AND
POSITION(S) LENGTH OF
HELD WITH TIME PRINCIPAL OCCUPATION(S)
NAME, ADDRESS, AND AGE FUND SERVED(1) DURING PAST 5 YEARS
---------------------- ----------- ---------- -----------------------------------------------------
Alan Leland President Since Treasurer and Chief Financial Officer, MetLife
Metropolitan November Advisers, LLC; Treasurer, Met Investors Advisory,
Life Insurance Company 18, 2005. LLC, since 2002; Vice President, MetLife Group, Inc.,
501 Boylston Street since 2003; Vice President, MetLife; Senior Vice
Boston, MA 02116 President, NELICO; Director and Vice President,
Age: 54 MetLife Investment Funds Management LLC, since
2005, Senior Vice President, Metropolitan Series
Fund, Inc. and Metropolitan Series Fund II, since
2005; Assistant Treasurer, Travelers Asset
Management International Company LLC and
Travelers Investment Adviser, Inc., since 2005.
John F. Guthrie, Jr. Vice Since Manager and Senior Vice President, MetLife
Metropolitan President November Advisers; Vice President, MetLife; Vice President,
Life Insurance Company 18, 2005 NELICO; Vice President, Met Investors Advisory,
501 Boylston Street LLC, since 2005; Director, since June 2006 and Vice
Boston, MA 02116 President, since 2005, MetLife Investment Funds
Age: 63 Management LLC, Senior Vice President,
Metropolitan Series Fund, Inc. and Metropolitan
Series Fund II, since 2002; formerly, Senior Vice
President, Zenith Fund.(4)
Thomas G. Hogan, Jr. Senior Vice Since Senior Vice President, Metropolitan Life Insurance
MetLife, Inc. President November Company.
400 Atrium Drive 18, 2005
Somerset, NJ 08873
Age: 49
Peter Duffy Treasurer, Since Senior Vice President, MetLife Advisers, since
Metropolitan Chief November December 1998; Senior Vice President, NELICO; Vice
Life Insurance Company Financial 18, 2005 President, MetLife; Vice President, Travelers Asset
501 Boylston Street Officer and Management International Company LLC and
Boston, MA 02116 Chief Travelers Investment Adviser, Inc., since 2005; Vice
Age: 51 Accounting President and Treasurer, Metropolitan Series Fund,
Officer Inc. and Metropolitan Series Fund II, since 2000;
formerly, Vice President and Treasurer, Zenith
Fund.(4)
Thomas M. Lenz Secretary Since General Counsel and Secretary, MetLife Advisers,
Metropolitan and Chief November since 1998; Assistant General Counsel, MetLife;
Life Insurance Company Legal 18, 2005 formerly, Vice President and Secretary, Metropolitan
501 Boylston Street Officer Series Fund, Inc. and Metropolitan Series Fund II,
Boston, MA 02116 since 2002; Vice President and Secretary, Zenith
Age: 48 Fund.(4)
161
[Enlarge/Download Table]
TERM OF
OFFICE AND
POSITION(S) LENGTH OF
HELD WITH TIME PRINCIPAL OCCUPATION(S)
NAME, ADDRESS, AND AGE FUND SERVED(1) DURING PAST 5 YEARS
----------------------- ----------- ------------ -----------------------------------------------------
Jeffrey Halperin Chief Since Vice President, Corporate Ethics and Compliance,
MetLife, Inc. Compliance February 18, MetLife Group, Inc.; Chief Compliance Officer of
27-01 Queens Plaza Officer 2006 Funds sponsored by MetLife and its affiliates (August
North Long Island City, 2006 - present); Interim Chief Compliance Officer of
NY 11101 Funds sponsored by MetLife and its affiliates
Age: 39 (November 2005 - August 2006)
--------
(1)There is no set term of office for the Company's directors and officers. The
table lists the number of years the person has served the Company in the
listed capacity.
(2)The fund complex includes the Metropolitan Series Fund, Inc. (38
portfolios), Metropolitan Series Fund II (one portfolio), Met Investors
Series Trust and the company (four portfolios).
(3)Ms. Forget is an interested director because she is an employee of the
Company's investment adviser and its affiliates.
(4)Following its merger into Metropolitan Series Fund, Inc. on May 1, 2003, the
Zenith Fund deregistered as an investment company with the SEC on
January 29, 2004.
162
Additional Information
MetLife Investment Funds, Inc. / December 31, 2006 (continued)
ADDITIONAL REPORTS AND PROXY VOTING
A description of the policies that the MetLife Investment Funds, Inc. (the
"Company") uses to determine how to vote proxies relating to portfolio
securities and information about how the funds of the Company voted proxies
relating to portfolio securities during the most recent twelve-month period
ended December 31, 2006 is available without charge, upon request, by calling
1-800-242-7884 and on the Securities and Exchange Commission's web-site at
www.sec.gov.
The Company files its complete schedule of portfolio holdings with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Company's Forms N-Q are available on the
Commission's website at www.sec.gov and may be reviewed and copied at the
Commission's Public Reference Room in Washington, D.C. Information on the
operation of the Commission's Public Reference Room may be obtained by calling
1-800-SEC-0330.
This report must be preceded or accompanied by the prospectus for the MetLife
Investment Funds for individuals that are not current shareholders of the Funds.
163
ITEM 2. Code of Ethics
As of the end of the period covered by this Form N-CSR, the registrant
has adopted a code of ethics (as defined in Item 2(b) of Form N-CSR)
that applies to the registrant's principal executive officers and
principal financial and accounting officer (the "Code"). The Code was
approved by the registrant's board of directors on November 14, 2003.
During the period covered by the report, there was no amendment to the
Code or any waivers granted from its provisions. A copy of the Code is
filed with this report as an exhibit.
ITEM 3. Audit Committee Financial Expert
The registrant's Board of Directors has determined that Ross Jones is
an "audit committee financial expert" as defined in Item 3 of Form
N-CSR. Mr. Jones is "independent" under the standards set forth in
Item 3 of Form N-CSR.
ITEM 4. Principal Accountant Fees and Services
The following chart shows the aggregate fees billed in each of the last
two fiscal years for services rendered by the registrant's principal
accountant, Deloitte & Touche LLP ("Deloitte"). KPMG, LLP ("KPMG")
resigned as the independent public accountant for the Company as of
September 12, 2005 because KPMG would not be independent with respect
to the Company after the MetLife acquisition of the Manager. The
Company's Audit Committee approved the selection of Deloitte as the
Company's independent public accountant on September 27, 2005.
2005 2006
------- -------
Audit Fees* KPMG $77,500 $ 0
Deloitte $ 0 $86,750***
Audit-Related Fees KPMG $ 0 $ 0
Deloitte $ 0 $ 0
Tax Fees** KPMG $12,000 $12,000
Deloitte $ 0 $17,000***
All Other Fees KPMG $ 0 $ 5,000
Deloitte $ 0 $ 0
--------
* Audit fees include all services related to the audit of the financial
statements, including review of the registration statement and the
issuance of related consents.
** Tax fees include review of the registrant's tax filings.
*** Audit and tax fees for the fiscal year ended December 31, 2006 will be
billed 2007.
(e)(1) The registrant's Audit Committee Charter provides that the Audit
Committee has the duty and power to pre-approve audit and non-audit
services provided by the independent accountant as required by law;
provided, however, that the
Chairperson of the Audit Committee shall have the authority to grant
pre-approvals of audit and non-audit services subject to the
requirement that any such pre-approval shall be presented to the full
Audit Committee at its next scheduled meeting.
(e)(2) No services in 2005 or 2006 were approved by the Audit Committee
pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following chart shows the aggregate non-audit fees billed by
Deloitte for services rendered to the registrant and rendered to
registrant's investment adviser, MetLife Investment Funds Management
LLC, and any entity controlling, controlled by, or under common control
with MetLife Investment Funds Management LLC that provides ongoing
services to the registrant for each of the last two fiscal years of the
registrant.
2005 2006
----------- ----------
Non-Audit Fees $12,900,000 $7,800,000
The amounts set out above represent the aggregate non-audit fees billed
by the registrant's accountant to MetLife, Inc., and include, among
other non-audit fees, non-audit fees for services rendered to the
registrant and rendered to the registrant's investment adviser (not
including any subadviser whose role is primarily portfolio management
and is subcontracted with or overseen by another investment adviser)
and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant.
(h) The Audit Committee of the registrant's Board of Directors considered
the provision of non-audit services that were rendered to the
registrant's investment adviser (not including any subadviser whose
role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling,
controlled by or under common control with the investment adviser that
provides ongoing services to the registrant that were not pre-approved
pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and
concluded that such services are compatible with maintaining the
principal accountant's independence.
ITEM 5. Audit Committee of Listed Registrants
Not applicable.
ITEM 6. Schedule of Investments
Not applicable.
ITEM 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies
Not applicable.
ITEM 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
ITEM 9 Purchase of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers
Not applicable.
ITEM 10 Submission of Matters to a Vote of Security Holders
Not applicable.
ITEM 11. Controls and Procedures
(a) The President and Treasurer of the registrant have concluded, based on
their evaluation of the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act) as
of a date within 90 days of the filing date of this report on Form
N-CSR, that the design and operation of such procedures provide
reasonable assurance that information required to be disclosed by the
registrant in this report on Form N-CSR is recorded, processed,
summarized, and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms.
(b) There has been no change in the registrant's internal controls over
financial reporting (as defined in Rule 30a-3(d) under the Act) that
occurred during the second fiscal quarter of the period covered by this
report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 12. Exhibits
(a)(1) Code of ethics
(a)(2) Certifications pursuant to Rule 30a-2(a) by the chief executive and
financial officers.
(b) Certification pursuant to Rule 30a-2(b) and Section 906 by the chief
executive and financial officers.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
MetLife Investment Funds, Inc.
Date: March 1, 2007 By: /s/ Alan C. Leland, Jr.
---------------------------------------
Alan C. Leland, Jr.
President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Date: March 1, 2007 By: /s/ Alan C. Leland, Jr.
---------------------------------------
Alan C. Leland, Jr.
President and Chief Executive Officer
Date: March 1, 2007 By: /s/ Peter H. Duffy
---------------------------------------
Peter H. Duffy
Treasurer and Chief
Financial and Accounting Officer
EXHIBIT LIST
____________
(a)(1) Code of ethics
(a)(2) Certifications pursuant to Rule 30a-2(a) by the chief executive and
financial officers.
(b) Certification pursuant to Rule 30a-2(b) and Section 906 by the chief
executive and financial officers.
Dates Referenced Herein and Documents Incorporated by Reference
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