Oppenheimer Capital Appreciation Portfolio to reorganize in April

By Toni Weeks

San Diego, Nov. 28 - Met Investors Series Trust will hold a meeting for shareholders of the Oppenheimer Capital Appreciation Portfolio who are on record as of the close of business on Nov. 30 to approve the reorganization of the portfolio into the Jennison Growth Portfolio, a series of Metropolitan Series Fund, Inc.

The meeting will occur at 10 a.m. ET on Feb. 24. If the reorganization is approved, the assets and liabilities of the class A, class B and class E shares of the Oppenheimer Portfolio will be exchanged for shares in the correlating classes of the Jennison Portfolio on April 30.

According to an N-14 filing with the Securities and Exchange Commission, the trustees recommend approval of the reorganization because the Jennison Portfolio currently pays lower total operating expenses than the Oppenheimer Portfolio, the combined portfolio will be more than double the size of the Oppenheimer Portfolio and better able to benefit from economies of scale, and the Jennison Portfolio has generally had better long-term performance.

Boston-based MetLife Advisers, LLC is the investment adviser for both funds.

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